WorldWideScience

Sample records for financial innovation regulation

  1. Financial Innovation: Alternatif 'Menjanjikan' Dalam Dunia Keuangan

    OpenAIRE

    Bertha

    2008-01-01

    Financial innovation has more influences for company and investor who want to borrow or lending. Financial economics, law and regulator, technology change, etc. exactly will be influences successful of financial innovation. Stimulated financial innovation was importance so that could achieve maximum success. Financial market especially capital market also being more efficient and effective. But it had been supported improvement society knowledge about how financial innovation arising, why som...

  2. INNOVATIONS IN FINANCIAL ANALYTICS

    Directory of Open Access Journals (Sweden)

    T. V. Teplova

    2012-01-01

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

  3. Veblen, Bataille and Financial Innovation

    DEFF Research Database (Denmark)

    Gammon, Earl; Wigan, Duncan

    2015-01-01

    This article advances towards the reconceptualization of financial innovation. It examines the calamitous role of financial innovation in the global financial crisis, developing a non-rational theorization of finance within the social economy that factors in the role of affect. Outlining...... the foundations for such an approach, the analysis draws on Thorstein Veblen and Georges Bataille, whose work encompasses psycho-social conceptions of political-economic agency. From the more anthropological lens of Veblen and Bataille's theorizations, it is possible to move beyond instrumentalist accounts...... of financial innovation premised on pecuniary expedients and aspirations of market completion. As we argue, in a broader affective economy, contemporary financial innovation serves invidious ends, providing a means of attaining social distinction, constituting a medium for violent expenditure and bestowing...

  4. WORLD EXPERIENCE OF FINANCIAL SUPPORT OF INNOVATIVE DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    I. Kornilova

    2014-09-01

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

  5. 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.

  6. Inbound Open Innovation in Financial Services

    Directory of Open Access Journals (Sweden)

    Andrey Martovoy

    2015-04-01

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

  7. Reconceptualizing financial innovation: frame, conjuncture and bricolage

    NARCIS (Netherlands)

    Engelen, E.; Erturk, I.; Froud, J.; Leaver, A.; Williams, K.

    2010-01-01

    This article argues for a reconceptualization of financial innovation which, as culprit and victim of the current crisis, is now damned by those who once praised it. But what is financial innovation? The dominant answers from mainstream finance and social studies of finance share variations on a

  8. Innovations in Rural Financial Services Provision

    DEFF Research Database (Denmark)

    Ndyetabula, Daniel; Temu, Andrew E.

    2013-01-01

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

  9. Innovation and Financial Inclusion in Kenya

    DEFF Research Database (Denmark)

    Omanga, Josphat; Dreyer, Johannes Kabderian

    2017-01-01

    This chapter analyzes the role of financial innovation and mobile phone technologies to financial inclusion in Kenya. In order to do so, a case study on M-PESA is conducted, the leading mobile service of money transfers in Africa, which is offered by Safaricom. M-PESA services are cheap and easy...... suggests that M-PESA services can be considered a type of disruptive innovation that promotes financial inclusion and wealth growth in Kenya....

  10. Financial prerequisites for innovative entrepreneurship development

    Directory of Open Access Journals (Sweden)

    Zyanko V.

    2013-06-01

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

  11. Financial Evaluation Techniques, Institutions and Innovation

    DEFF Research Database (Denmark)

    Howells, John

    2003-01-01

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

  12. Financial Innovation: A Permanent Agenda in Finance

    Directory of Open Access Journals (Sweden)

    Wesley Mendes-Da-Silva

    2017-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Joanna Błach

    2011-11-01

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

  14. 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

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

    Directory of Open Access Journals (Sweden)

    Christine Zumello

    2009-10-01

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

  16. Pension Funds and Financial Innovation

    OpenAIRE

    Zvi Bodie

    1989-01-01

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

  17. Financial Private Regulation and Enforcement

    OpenAIRE

    MILLER, Geoffrey

    2011-01-01

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

  18. 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.

  19. 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.

  20. The development strategy of financial and innovative technologies

    OpenAIRE

    R.V. Lavrov

    2013-01-01

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

  1. 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

  2. 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. 

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

    Directory of Open Access Journals (Sweden)

    Kotlyarevskyy Yaroslav V.

    2017-11-01

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

  4. 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.

  5. Financial Development, Government R&D Subsidies and Green Innovation

    Directory of Open Access Journals (Sweden)

    Wang Shuying

    2017-01-01

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

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

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

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

  7. 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

  8. 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...

  9. Macroprudential Policy in a Fisherian Model of Financial Innovation

    OpenAIRE

    Javier Bianchi; Emine Boz; Enrique Gabriel Mendoza

    2012-01-01

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

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

    NARCIS (Netherlands)

    Boot, A.W.A.; Marinč, M.

    2010-01-01

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

  11. 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…

  12. 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

  13. 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

  14. 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...

  15. 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.

  16. 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.

  17. 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)

  18. 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

  19. 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…

  20. 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

  1. The Financial Regulations of the Agency

    International Nuclear Information System (INIS)

    1965-01-01

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

  2. 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.

  3. 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

  4. 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

  5. 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...

  6. 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...

  7. 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.

  8. 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.

  9. 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

  10. 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

  11. 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.

  12. "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.

  13. 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...

  14. 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...

  15. 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...

  16. 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.

  17. 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

  18. 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 ...

  19. 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...

  20. 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...

  1. 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

  2. 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

  3. 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...

  4. 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...

  5. 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

  6. 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...

  7. 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 ...

  8. 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 ...

  9. 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.

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

    Directory of Open Access Journals (Sweden)

    John F. Chant

    2014-03-01

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

  11. 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

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

    Directory of Open Access Journals (Sweden)

    Folorunsho M. Ajide

    2016-01-01

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

  13. 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.

  14. 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...

  15. 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

  16. 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.

  17. 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

  18. 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.

  19. 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.

  20. 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.

  1. 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

  2. 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...

  3. 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

  4. 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.

  5. 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

  6. 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.

  7. 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...

  8. 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.

  9. 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.

  10. 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

  11. 77 FR 66918 - Iranian Financial Sanctions Regulations

    Science.gov (United States)

    2012-11-08

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

  12. Pressure and politics in financial accounting regulation

    NARCIS (Netherlands)

    van Lent, L.A.G.M.

    1995-01-01

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

  13. Capital Allocation Effects of Financial Reporting Regulation

    NARCIS (Netherlands)

    Koenigsgruber, R.

    2012-01-01

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

  14. 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...

  15. 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.

  16. 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.

  17. 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...

  18. 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 ...

  19. 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.

  20. 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...

  1. 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...

  2. 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.

  3. 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…

  4. 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.

  5. 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

  6. 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.

  7. 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.

  8. 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.

  9. 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 ).

  10. 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

  11. 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.

  12. The organisation of product innovation in the financial sector

    NARCIS (Netherlands)

    Vermeulen, P.A.M.; Dankbaar, B.

    2002-01-01

    This article discusses characteristic features and problems of product development processes in the financial services sector and relates these to the models and concepts of the modern new product development literature. It is based on a series of semi-structured interviews with product managers and

  13. Financial markets and innovation in the 21st century

    NARCIS (Netherlands)

    Brouwer, M.

    2012-01-01

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

  14. 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.

  15. 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...

  16. 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...

  17. 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 ...

  18. 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 ...

  19. 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

  20. 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...

  1. 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

  2. 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)

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

    NARCIS (Netherlands)

    M. Koning (Miriam)

    2014-01-01

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

  4. 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

  5. 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.

  6. 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

  7. 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...

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

    NARCIS (Netherlands)

    Denters, H.M.G.

    2009-01-01

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

  9. 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.

  10. 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...

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

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2004-09-01

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

  12. 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.

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

    OpenAIRE

    von Kalckreuth, Ulf

    2004-01-01

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

  14. 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.

  15. 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...

  16. 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...

  17. 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...

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

    Directory of Open Access Journals (Sweden)

    T. P. Voronchenko

    2015-01-01

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

  19. 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.'.

  20. 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

  1. 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....

  2. 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

  3. 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.

  4. 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...

  5. 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...

  6. 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...

  7. 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

  8. 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.

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. 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

  14. 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)

  15. 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

  16. 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.

  17. 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.

  18. 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.

  19. 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)

  20. 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

  1. 76 FR 79025 - Privacy of Consumer Financial Information (Regulation P)

    Science.gov (United States)

    2011-12-21

    ... accountant or other tax preparation service that is in the business of completing income tax returns is a financial institution because tax preparation services is a financial activity listed in 12 CFR 225.28(b)(6... client for the purpose of obtaining tax preparation or credit counseling services from you; (I) Obtains...

  2. 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.

  3. 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。

  4. 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.

  5. 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

  6. 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.

  7. 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

  8. 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)

  9. 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

  10. 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

  11. 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.

  12. 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

  13. 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 ...

  14. 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.

  15. 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

  16. 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...

  17. 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...

  18. 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

  19. 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...

  20. 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

  1. 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.

  2. 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

  3. 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

  4. 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.

  5. 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.

  6. 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...

  7. 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.

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

    Science.gov (United States)

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

    2011-01-01

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

  9. 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...

  10. Bank regulation and financial fragility in developing countries

    NARCIS (Netherlands)

    Klomp, Jeroen; Haan, de Jakob

    2015-01-01

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

  11. 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…

  12. 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)

  13. 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.

  14. 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.

  15. 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

  16. 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

  17. Financial Regulation in an Agent Based Macroeconomic Model

    OpenAIRE

    Riccetti, Luca; Russo, Alberto; Mauro, Gallegati

    2013-01-01

    Starting from the agent-based decentralized matching macroeconomic model proposed in Riccetti et al. (2012), we explore the effects of banking regulation on macroeconomic dynamics. In particular, we study the overall credit exposure and the lending concentration towards a single counterparty, finding that the portfolio composition seems to be more relevant than the overall exposure for banking stability, even if both features are very important. We show that a too tight regulation is dangerou...

  18. 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...

  19. 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...

  20. 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...

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

    NARCIS (Netherlands)

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

    2017-01-01

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

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

    Science.gov (United States)

    Grable, John E.

    2011-01-01

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

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

    OpenAIRE

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

    2017-01-01

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

  4. 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.

  5. 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...

  6. 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...

  7. 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

  8. 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

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

    International Nuclear Information System (INIS)

    Mutschler, U.

    1991-01-01

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

  10. Innovation

    Science.gov (United States)

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

  11. 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.

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

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark

    2011-01-19

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

  13. 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.

  14. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) : Cooperative governance for network innovation, standards, and community

    OpenAIRE

    Scott, Suzan V; Zachariadis, Markos

    2014-01-01

    This book traces the history and development of a mutual organization in the financial sector called SWIFT, the Society for Worldwide Interbank Financial Telecommunication. Over the last 40 years, SWIFT has served the financial services sector as proprietary communications platform, provider of products and services, standards developer, and conference organizer (Sibos). Founded to create efficiencies by replacing telegram and telex (or “wires”) for international payments, SWIF...

  15. 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...

  16. 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.

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

    NARCIS (Netherlands)

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

    2009-01-01

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

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

    Science.gov (United States)

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

    2010-01-01

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

  19. 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...

  20. 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.

  1. Investments in product innovation using information technology : lessons from the financial services sector

    NARCIS (Netherlands)

    Deitz, R.M.H.

    1993-01-01

    Product innovation using information technology (IT) represents a very interesting object of study from an economic point of view. The existing company-information infrastructure offers numerous opportunities but also risks for product-innovation. Opportunities occur when existing or future systems

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

    International Nuclear Information System (INIS)

    Vona, Francesco; Nesta, Lionel; Nicolli, Francesco

    2012-02-01

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

  3. 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...

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

    OpenAIRE

    Zavolokina, Liudmila; Dolata, Mateusz; Schwabe, Gerhard

    2016-01-01

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

  5. Environmental regulation of tourism: impact on business innovation

    DEFF Research Database (Denmark)

    Hjalager, Anne-Mette

    1998-01-01

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

  6. Functional foods: regulation and innovations in the EU

    NARCIS (Netherlands)

    Moors, E.H.M.

    2012-01-01

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

  7. 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...

  8. Innovation

    DEFF Research Database (Denmark)

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

    2013-01-01

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

  9. 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.

  10. Innovation in regulation of rapidly changing health markets.

    Science.gov (United States)

    Bloom, Gerald; Henson, Spencer; Peters, David H

    2014-06-24

    The rapid evolution and spread of health markets across low and middle-income countries (LMICs) has contributed to a significant increase in the availability of health-related goods and services around the world. The support institutions needed to regulate these markets have lagged behind, with regulatory systems that are weak and under-resourced. This paper explores the key issues associated with regulation of health markets in LMICs, and the different goals of regulation, namely quality and safety of care, value for money, social agreement over fair access and financing, and accountability. Licensing, price controls, and other traditional approaches to the regulation of markets for health products and services have played an important role, but they have been of questionable effectiveness in ensuring safety and efficacy at the point of the user in LMICs. The paper proposes a health market systems conceptual framework, using the value chain for the production, distribution and retail of health goods and services, to examine regulation of health markets in the LMIC context. We conclude by exploring the changing context going forwards, laying out implications for future heath market regulation. We argue that the case for new approaches to the regulation of markets for health products and services in LMICs is compelling. Although traditional "command and control" approaches will have a place in the toolkit of regulators, a broader bundle of approaches is needed that is adapted to the national and market-level context of particular LMICs. The implication is that it is not possible to apply standard or single interventions across countries, as approaches proven to work well in one context will not necessarily work well elsewhere.

  11. 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.

  12. 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

  13. 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

  14. 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.

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

    Directory of Open Access Journals (Sweden)

    Qi Zhou

    2018-03-01

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

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

    OpenAIRE

    Zavolokina, Liudmila; Dolata, Mateusz; Schwabe, Gerhard

    2016-01-01

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

  17. 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

  18. 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

  19. 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...

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

    Science.gov (United States)

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

    2007-01-01

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

  1. 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.

  2. 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.

  3. Tightening water quality regulations produces an innovative separation technology

    International Nuclear Information System (INIS)

    Welther, P.B.; Broussard, P.C.

    1994-01-01

    The impact of the recent proposed changes in the water quality standards for offshore producing platforms is having a far reaching effect on the oil and gas industry. At a time when oil companies are cutting back their work forces and reducing capital outlays in order to stay competitive in the market, water treatment equipment manufacturing companies are aggressively seeking innovative and cost effective solutions to meet the environmental requirements. Necessity drives advancements in technology, so Monosep Corporation has accepted the challenge to improve induced gas flotation technology and to develop enhanced gravity separation. This system of improved gas flotation and enhanced gravity separation can be used to consistently meet the proposed new guideline of an ''oil and grease'' maximum monthly average of 29 mg/l (milligrams per liter) in the discharged water from offshore platforms. The results demonstrated in the field suggest that adding enhanced gravity separation upstream of existing gas flotation units can improve performance sufficient to meet the Proposed stricter discharge limits. For platforms that do not have efficient gas flotation units, the old units can be replaced or modified to include the new features improved gas flotation technology like the Veirsep. For those few platforms are having difficulty meeting the current discharge requirements, both a new improved gas flotation unit, as well as a more sophisticated upstream gravity separator like the Cyclosep, may need to be installed. Chemical additives are sometimes a required necessity, but must be used sparingly due to the potential for creating soluble oil problems

  4. 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

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

    OpenAIRE

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

    2010-01-01

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

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

    OpenAIRE

    Zvi Bodie

    1980-01-01

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

  7. Innovators.

    Science.gov (United States)

    NEA Today, 2001

    2001-01-01

    Describes various innovations that have been developed to enhance education. These innovations include: helping educators help at-risk students succeed; promoting high school journalism; ensuring quality online learning experiences; developing a student performing group that uses theater to address social issues; and having students design their…

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

    Directory of Open Access Journals (Sweden)

    Irina P. Kurochkina

    2014-01-01

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

  9. 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.

  10. 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

  11. 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. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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.

  17. 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...

  18. 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...

  19. 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.

  20. Innovation

    African Journals Online (AJOL)

    In recent years ULA has emphasized advocacy, and contributed to progress towards new legislation (freedom of information, copyright, the ... East African Community e-government strategy) of importance to the library and ... Innovation Vol.

  1. 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

  2. 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.

  3. 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).

  4. 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

  5. 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

  6. 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

  7. 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.

  8. 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.

  9. Innovation

    African Journals Online (AJOL)

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

  10. Innovation

    DEFF Research Database (Denmark)

    Torfing, Jacob; Ricard, Lykke Margot

    2017-01-01

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

  11. 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

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

    Directory of Open Access Journals (Sweden)

    林正昌 Cheng-Chang Lin

    2016-03-01

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

  13. 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

  14. 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...

  15. 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...

  16. 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...

  17. Innovation

    OpenAIRE

    2012-01-01

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

  18. INNOVATION

    DEFF Research Database (Denmark)

    Helms, Niels Henrik

    2012-01-01

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

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

    International Nuclear Information System (INIS)

    Lindskog, St.; Sjoblomb, R.

    2008-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2008-07-01

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

  1. 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.

  2. 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.

  3. 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 ...

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

    Directory of Open Access Journals (Sweden)

    Jan Marc Berk

    2002-12-01

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

  5. 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.

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

    NARCIS (Netherlands)

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

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

  9. THE PROBLEM OF REGULATING THE MARKET OF COLLECTIVE INVESTMENTS IN RUSSIA IN CONDITIONS OF FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    N. Redko

    2016-01-01

    Full Text Available At the moment the Bank of Russia became the megaregulator of the fi nancial market of Russia that opens new opportunities and prospects for development on the one hand, with another - there is a full monopolization of control and supervision of its participants. The author of article describes actual problems of regulation of the market of collective investments, relying on the existing practice of activity of management companies. Analyzing a situation from the point of view of protection of interests of the investor, and also for development of this sector of economy he suggests to shift focus in regulation. The main attention, in his opinion, needs to be turned on involvement of the experts conducting practicians and analysts in the sphere of professional and trust management for development of optimal solutions of the existing problems of the fi nancial market, and also for creation of the transparent and healthy economic environment of his activity. Aiming efforts at the development of innovative instruments of collective investment, it is possible to make signifi cant progress in overcoming of the crisis phenomena in fi nancial sector of economy

  10. 76 FR 64264 - Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies

    Science.gov (United States)

    2011-10-18

    ... emerging threats to the stability of the United States financial system.'' In the recent financial crisis... commenters suggested that the Council should assess whether failure of a nonbank financial company would... companies, private equity firms, and hedge funds, these companies may pose risks that are not well-measured...

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

    Directory of Open Access Journals (Sweden)

    Grosanu Adrian

    2011-07-01

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

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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...

  19. 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...

  20. 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...

  1. 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).

  2. 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...

  3. 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...

  4. 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...

  5. 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)

  6. 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...

  7. 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)

  8. 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.

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

    OpenAIRE

    2012-01-01

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

  10. 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

  11. 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.

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

    National Research Council Canada - National Science Library

    1994-01-01

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

  13. 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

  14. 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.

  15. 77 FR 21637 - Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies

    Science.gov (United States)

    2012-04-11

    ... engage in separate, unrelated financial transactions, or that open-end investment companies might not be... company as a source of credit for households, businesses, and State and local governments and as a source of liquidity for the U.S. financial system; (E) The importance of the company as a source of credit...

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

    NARCIS (Netherlands)

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

    2016-01-01

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

  17. Connection, regulation, and care plan innovation: a case study of four nursing homes.

    Science.gov (United States)

    Colón-Emeric, Cathleen S; Lekan-Rutledge, Deborah; Utley-Smith, Queen; Ammarell, Natalie; Bailey, Donald; Piven, Mary L; Corazzini, Kirsten; Anderson, Ruth A

    2006-01-01

    We describe how connections among nursing home staff impact the care planning process using a complexity science framework. We completed six-month case studies of four nursing homes. Field observations (n = 274), shadowing encounters (n = 69), and in-depth interviews (n = 122) of 390 staff at all levels were conducted. Qualitative analysis produced a conceptual/thematic description and complexity science concepts were used to produce conceptual insights. We observed that greater levels of staff connection were associated with higher care plan specificity and innovation. Connection of the frontline nursing staff was crucial for (1) implementation of the formal care plan and (2) spontaneous informal care planning responsive to changing resident needs. Although regulations could theoretically improve cognitive diversity and information flow in care planning, we observed instances of regulatory oversight resulting in less specific care plans and abandonment of an effective care planning process. Interventions which improve staff connectedness may improve resident outcomes.

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

    International Nuclear Information System (INIS)

    Mitchell, E.P.

    1991-01-01

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

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

    Science.gov (United States)

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

    2018-02-01

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

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

    Directory of Open Access Journals (Sweden)

    Jian Hou

    2017-02-01

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

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

    OpenAIRE

    Coste Andreea Ioana; Fekete Pali-Pista Szilveszter

    2013-01-01

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

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

    OpenAIRE

    Coste Andreea Ioana; Fekete Pali-Pista Szilveszter

    2013-01-01

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

  3. 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...

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

    NARCIS (Netherlands)

    Chiwamit, Pimsiri; Modell, Sven; Scapens, Robert

    2017-01-01

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

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

    NARCIS (Netherlands)

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

    2015-01-01

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

  6. 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

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

    Science.gov (United States)

    Sinebo, Woldeyesus; Maredia, Karim

    2016-01-02

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

  8. 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

  9. 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.

  10. 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.

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

    Science.gov (United States)

    Center for Postsecondary and Economic Success, 2014

    2014-01-01

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

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

    NARCIS (Netherlands)

    Camfferman, C.; Zeff, S.A.

    2003-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Isac BORS

    2011-11-01

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

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

    National Research Council Canada - National Science Library

    1997-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Giuseppina Nicolosi

    2017-05-01

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

  16. 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

  17. 75 FR 36589 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations-Definitions...

    Science.gov (United States)

    2010-06-28

    ... exempting certain categories of prepaid access products and services posing lower risks of money laundering... potential for the use of prepaid access as a means for furthering money laundering, terrorist financing, and... abuses of terrorist financing, money laundering, and other financial crime. In the course of our...

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2015-06-01

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

  19. 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...

  20. 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

  1. Naming and Shaming in Financial Market Regulations: A Violation of the Presumption of Innocence?

    Directory of Open Access Journals (Sweden)

    Juliette J.W. Pfaeltzer

    2014-01-01

    Full Text Available Naming and shaming in the financial markets has become a well-known enforcement tool by national supervisors both within and outside the EU. The Netherlands is one of the Member States which permits the publication of offences and administrative sanctions including the name of the offender. However, such publication practice might raise some concerns in the light of certain fundamental human rights. For instance, does naming and shaming violate the presumption of innocence? This article tries to answer this question by evaluating the Dutch publication regime under the Financial Supervision Act. Are the legal safeguards as provided under this Act sufficiently adequate to prevent an infringement of the presumption of innocence?

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

    Directory of Open Access Journals (Sweden)

    Kevin P. Gallagher

    2017-12-01

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

  3. Radical prosumer innovations in the electricity sector and the impact on prosumer 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, enabling social innovations such as peer to peer trading and the participation in local

  4. 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.

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

    Directory of Open Access Journals (Sweden)

    Anne M. Farrell

    2018-02-01

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

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

    Science.gov (United States)

    Farrell, Anne M; Goh, Joshua O S; White, Brian J

    2018-01-01

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

  7. 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.

  8. 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.

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

    Directory of Open Access Journals (Sweden)

    Adwin Surja Atmadja

    2004-01-01

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

  10. 15 CFR 801.11 - Rules and regulations for the BE-80, Benchmark Survey of Financial Services Transactions Between...

    Science.gov (United States)

    2010-01-01

    ..., Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and..., Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Unaffiliated Foreign Persons. A BE-80, Benchmark Survey of Financial Services Transactions Between U.S...

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

    International Nuclear Information System (INIS)

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

    2001-10-01

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

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

    National Research Council Canada - National Science Library

    1998-01-01

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

  13. 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

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

    Directory of Open Access Journals (Sweden)

    Jeroen Klomp

    2015-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Tamar Frankel

    2016-08-01

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

  16. 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

  17. Market Regulators of Service Spheres Innovative Development as a Tool of Regional Socio-Economic Policy

    OpenAIRE

    Pugacheva, Anna S.; Filippova, Viktoriya P.; Kon, Andrei Y.; Dorzhieva, Lyudmila B.; Silchenok, Igor S.; Pugacheva, Natalya B.; Lunev, Alexander N.; Mustafina, Alfiya A.

    2016-01-01

    The relevance of the study is conditioned by the innovative development of service spheres as the reduction of territorial social and economic differentiation to the level, due to objective differences of the regions and to balance of their revenue base and expenditure commitments. The service sector is one of the most dynamic and growing segments of regional markets and one of the characteristics of effective socio-economic policy in the region. Innovative development of service spheres as a...

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

    International Nuclear Information System (INIS)

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

    2013-01-01

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

  19. Financial effects of pharmaceutical price regulation on R&D spending by EU versus US firms.

    Science.gov (United States)

    Golec, Joseph; Vernon, John A

    2010-01-01

    EU countries closely regulate pharmaceutical prices, whereas the US does not. This paper shows how price constraints affect the profitability, stock returns and R&D spending of EU and US firms. Compared with EU firms, US firms are more profitable, earn higher stock returns and spend more on R&D. We tested the relationship between price regulation and R&D spending, and estimated the costs of tight EU price regulation. Although results show that EU consumers enjoyed much lower pharmaceutical price inflation, we estimated that price controls cost EU firms 46 fewer new medicines and 1680 fewer research jobs during our 19-year sample period. Had the US used controls similar to those used in the EU, we estimate it would have led to 117 fewer new medicines and 4368 fewer research jobs in the US.

  20. Scope for innovation in immunotherapy from the financial market's point of view: Phacilitate Immunotherapy Leaders' Forum 2012.

    Science.gov (United States)

    Zilian, Olav

    2012-10-01

    In the vast area of immunotherapies, the development of monoclonal antibodies as a therapeutic concept emerged as a quantum leap out of the area of traditional vaccines (Köhler and Milstein) in vitro selection and optimisation made it possible to elaborate a single biological molecule from the molecular plethora of an individual adaptive immune response and to utilize such a cloned antibody repeatedly in a generalized fashion whenever the therapeutic indication is given to humans. At present, some 25 therapeutic monoclonal antibodies are currently being marketed in oncology, exceeding sales of USD20bn in 2011. A total of about 270 antibodies are currently in Phase II and III clinical development. Working on the assumption of usually lower attrition rates for antibody candidates, we expect approximately 120 of these 270 antibodies to be finally approved. This poses some key questions. What level of differentiation is required so that the coming new antibody drugs can command premium pricing when members of the founding generation become generic and inexpensive? What will global demand for antibody drugs be in view of the rising buying power in emerging pharmaceutical ('pharmerging') markets, but which is still not comparable with that of developed ones? What would the next quantum leaps be that might potentially push antibody technology on to a next level by disruptive innovation? Presentations given at the Phacilitate Immunotherapy Leaders' Forum 2012 (9-11 May in Barcelona) reflected on these questions and provided some stimulating perspectives.

  1. 75 FR 19241 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations; Defining...

    Science.gov (United States)

    2010-04-14

    ... definition of mutual fund in the rule requiring mutual funds to establish anti-money laundering (``AML...-money laundering programs and compliance procedures.\\1\\ Regulations implementing the BSA appear at 31... transactions.\\7\\ \\5\\ Anti-Money Laundering Programs for Mutual Funds, 67 FR 21117 (April 29, 2002); Customer...

  2. Wake Me Up Before You CoCo : Implications of contingent convertible capital for financial regulation

    NARCIS (Netherlands)

    Chan, S.

    2017-01-01

    Contingent convertible capital (CoCo) is designed to improve the loss absorption capacity of the issuing bank without resorting to new equity or taxpayer-funded bailouts. However attractive they might seem to the regulator, they may have undesirable and unexpected consequences. This dissertation

  3. Financial Sector Assessment Program : Malaysia - IOSCO Objectives and Principles of Securities Regulation

    OpenAIRE

    World Bank; International Monetary Fund

    2013-01-01

    The Securities Commission Malaysia (SC), as the supervisor of the capital markets, has developed a robust supervisory framework that exhibits high levels of implementation of the International Organization of Securities Commissions Objectives and Principles of Securities Regulation (IOSCO Principles) in most areas. The SC's independence will be buttressed by some changes to the legal provi...

  4. Financial Market Regulation-Security Scams In India with historical evidence and the role of corporate governance

    OpenAIRE

    Supreena Narayanan

    2005-01-01

    The financial system consists of specialized and non-specialized financial institutions, of organized and unorganized financial markets, of financial instruments and services, which facilitate transfer of funds. Procedures and practices adopted in the markets, and financial interrelationships are also parts of this system. In product or other service markets, purchasers part with their money in exchange for something now. In finance, money “now” is exchanged for a “promise to pay in the futur...

  5. Regenerative medicine in India: trends and challenges in innovation and regulation.

    Science.gov (United States)

    Tiwari, Shashank S; Raman, Sujatha; Martin, Paul

    2017-10-01

    The government of India has heavily promoted research and development in regenerative medicine together with domestic innovation and business development initiatives. Together, these promise a revolution in healthcare and public empowerment in India. Several national and transnational linkages have emerged to develop innovative capacity, most prominently in stem cell and cord blood banking, as well as in gene therapy, tissue engineering, biomaterials and 3D printing. However, challenges remain of achieving regulatory oversight, viable outputs and equitable impacts. Governance of private cord blood banking, nanomaterials and 3D bioprinting requires more attention. A robust social contract is also needed in healthcare more generally, so that participation in research and innovation in regenerative medicine is backed up by treatments widely accessible to all.

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

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2010-03-01

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

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

    CERN Document Server

    Grbac, Zorana; Scherer, Matthias; Zagst, Rudi

    2016-01-01

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

  9. Internal Controls and Compliance with Laws and Regulations for the National Defense Stockpile Transaction Fund Financial Statements for FY 1996

    National Research Council Canada - National Science Library

    Lane, F

    1997-01-01

    The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires an annual audit of revolving funds such as the National Defense Stockpile Transaction Fund...

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

    National Research Council Canada - National Science Library

    Lane, Frederick

    1996-01-01

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

  11. Liberalisation and regulation in the financial crisis – is behavioural economics a solution?

    Directory of Open Access Journals (Sweden)

    Liviu-George MAHA

    2013-03-01

    Full Text Available The causes of economic crisis are a subject of intense debate, most opinions of economists ranging from the liberalization of the market to its regulation. We believe that usually there is “sufficient state” and that a change in its level does not have the expected effects. Although on the long term the reduction of the state presence would be preferable, on the medium and short term this would have negative effects, such as the reduction of the number of employees. One solution would be abandoning the simplistic neoclassical economic models, and replacing them with models developed in behavioural economics that would allow state and companies to develop more effective strategies.

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

    Directory of Open Access Journals (Sweden)

    Miriam Hartlapp

    2013-06-01

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

  13. 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, ...

  14. 78 FR 11745 - Small Business Size Regulations, Small Business Innovation Research (SBIR) Program and Small...

    Science.gov (United States)

    2013-02-20

    .... As published, the final regulations contain two points where the word ``small'' was inadvertently... and procedure, Government procurement, Government property, Loan programs-business, Small businesses...

  15. 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.

  16. 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

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

    Science.gov (United States)

    De Vogli, Roberto

    2014-07-25

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

  18. 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.

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

    NARCIS (Netherlands)

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

    2014-01-01

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

  20. 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.

  1. 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.

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

    Directory of Open Access Journals (Sweden)

    Bogdan Olteanu

    2012-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Ademir Antonio Pereira Júnior

    2008-12-01

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

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

    International Nuclear Information System (INIS)

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

    2006-01-01

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

  5. 77 FR 76215 - Small Business Size Regulations, Small Business Innovation Research (SBIR) Program and Small...

    Science.gov (United States)

    2012-12-27

    ... overall goal of simplification and maximization of benefits for small businesses, SBA proposed amendments... franchisee. F. Section 121.704--When SBA Determines Size and Eligibility SBA's proposed regulations for the...

  6. Financialization and financial profit

    Directory of Open Access Journals (Sweden)

    Arturo Guillén

    2014-09-01

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

  7. Financial Investment Services Regulation

    Directory of Open Access Journals (Sweden)

    Gabriela Anghelache

    2006-02-01

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

  8. Civil Law Obligations in the Financial Law Regulations A seminar at the Faculty of Law and Administration, Torun, 24 March 2015

    Directory of Open Access Journals (Sweden)

    Mirosław Bączyk

    2015-06-01

    Full Text Available The problem, which is examined in the study, is the legal way of creation of civil law obligations. Civil law obligations are created by civil law transactions (especially by contracts. There is the question, if civil law obligations can be created directly by the legal regulations? This issue is important for the legal and financial relations between the Treasury, local government and other legal persons.

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

    OpenAIRE

    International Monetary Fund

    2008-01-01

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

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

    Science.gov (United States)

    Taylor, Patrick L

    2013-01-01

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

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

    International Nuclear Information System (INIS)

    1999-01-01

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

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

    National Research Council Canada - National Science Library

    Lane, Frederick

    1996-01-01

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

  13. 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

    The objective of the audit was to determine whether the DoD Military Retirement Trust Fund Financial Statements for FY 1995 were fairly presented in accordance with Office of Management and Budget Bulletin...

  14. 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

    The objective of the audit was to determine whether the DoD Military Retirement Trust Fund Financial Statements for FY 1996 were fairly presented in accordance with Office of Management and Budget Bulletin...

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

    OpenAIRE

    International Monetary Fund

    2006-01-01

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

  16. 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

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

    Directory of Open Access Journals (Sweden)

    Speriusi-Vlad Alin

    2014-01-01

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

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

    Science.gov (United States)

    Jekunen, Antti

    2014-01-01

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

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

    Science.gov (United States)

    Jekunen, Antti

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Assunta Di Vaio

    2018-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Jekunen A

    2014-10-01

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

  2. 76 FR 72878 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations-Imposition of...

    Science.gov (United States)

    2011-11-28

    ... Iran as a Jurisdiction of Primary Money Laundering Concern AGENCY: Financial Crimes Enforcement Network... Republic of Iran (``Iran'') is a jurisdiction of primary money laundering concern pursuant to 31 U.S.C... Act amends the anti- money laundering provisions of the Bank Secrecy Act (``BSA''), codified at 12 U.S...

  3. Early Central Regulation, Slow Financial Participation: Relations between Primary Education and the Dutch State from ± 1750-1920

    Science.gov (United States)

    van Gijlswijk, Dick

    2016-01-01

    The declining economy of the Dutch Republic obliged city governments in the eighteenth century to take measures to undo the effects of the social deterioration. They therefore founded schools for the poor and sometimes gave full financial support. After 1795, the Batavian Revolution proclaimed that primary education was a state affair, but after a…

  4. 76 FR 37000 - Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial Accounts; Correction

    Science.gov (United States)

    2011-06-24

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

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

    International Nuclear Information System (INIS)

    Staude, Fabio

    2014-01-01

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

  6. 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 ...

  7. 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...

  8. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

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

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

    International Nuclear Information System (INIS)

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

    1994-01-01

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

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

    OpenAIRE

    Wilson, Emma

    2018-01-01

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

  11. 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 ...

  12. The influence of corporate social responsibility basing on technological innovation on financial performance: an empirical research%基于技术创新的企业社会责任对绩效影响研究

    Institute of Scientific and Technical Information of China (English)

    付强; 刘益

    2013-01-01

    以公共事件为切入点,从绿色创新角度出发,将从基于技术创新的企业社会责任对企业财务绩效影响这条意识的路径来研究,而不是基于社会责任的创新对企业财务绩效的影响.从大量文献研究发现,创新的绿色也就是基于技术创新的社会责任,我们将剖析基于技术创新尤其是产品和工艺创新的企业社会责任对于企业社会绩效和财务绩效的影响机制和媒体曝光度在这种影响机制中所起到的调节作用.研究认为,基于技术创新的企业社会责任会积极影响企业社会绩效,社会绩效会积极影响企业财务绩效,而媒体曝光度则会正向调节基于技术创新的企业社会责任对社会绩效影响机制.%In this paper, public events as the starting point, we analye the influence of corporate social responsibility basing on product and process innovation on corporate social performance and financial performance, and the role of media influence in the impact mechanism. We suggest that, corporate social responsibility basing on technological innovation affects the financial performance. Corporate social responsibility basing on product and process innovation will affect corporate social performance, that this effect may be moderated positively by media, corporate social performance will positively impact corporate financial performance.

  13. 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

  14. Empowering supervisors with more principles and discretion to implement them will not reduce the dangers of the prudential approach to financial regulation

    Directory of Open Access Journals (Sweden)

    Mario Tonveronachi

    2010-01-01

    Full Text Available The paper addresses two main points: the deficiencies of the past regulatory design and the additional dangers coming from financial reforms that increase the regulatory powers of supervisors. The first point is briefly dealt with reference to past experience and alternative theoretical approaches. For the second point I argue that a prudential regulatory design necessarily leaves large discretionary powers to supervisors, who use them to shape the effective direction impressed to regulation. The current crisis has shown that the force of its first impact much depended on how supervisors had formerly utilised their discretion. Recent reforms and proposals are not changing the basic design of prudential regulation, while give additional regulatory powers to supervisors. If, as a consequence, we will experience in the short-run some regulatory uncertainty, lobbying pressures and international regulatory arbitrage will most probably guide the final result towards few additional regulatory costs and an unchanged systemic fragility. As an alternative we could go back to the methodology, not the specific design, of the Glass-Steagall Act, shaping the financial system by means of structural rules aided by few simple prudential ones.

  15. Internal Controls and Compliance with Laws and Regulations for the Defense Logistics Agency Working Capital Fund Financial Statements for FY 1999

    National Research Council Canada - National Science Library

    Lane, F

    2000-01-01

    Public Law 101-576, the "Chief Financial Officers Act of 1990," as amended by Public Law 103-356, the "Federal Financial Management Act of 1994," requires financial statement audits by the Inspector...

  16. Internal Controls and Compliance With Laws and Regulations for the Defense Logistics Agency Working Capital Fund Financial Statements for FY 1998

    National Research Council Canada - National Science Library

    1999-01-01

    Public Law 101-576, the "Chief Financial Officers Act of 1990," as amended by Public Law 103-356, the "Federal Financial Management Act of 1994," requires financial statement audits by the Inspector...

  17. 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

  18. 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.

  19. 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

  20. 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

  1. 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.

  2. 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.

  3. 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...

  4. "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…

  5. 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.

  6. 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.

  7. 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...

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

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

    2010-07-01

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

  10. 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.

  11. Will the EU Clinical Trials Regulation Support the Innovative Industry in Bringing New Medicines Faster to Patients?

    Science.gov (United States)

    Atzor, Sabine; Gokhale, Surendra; Doherty, Michael

    2013-04-01

    A perspective from the innovative industry is provided in this article about the long awaited legal proposal for a Clinical Trial Regulation ("Proposal"), adopted in July 2012. With this Proposal, the European Commission reacted to a call by all stakeholders for more harmonization and streamlining of the provisions for conducting clinical trials in the EU. Discrepant approaches between Member States, a failure to respect legal timelines, and a lack of formal coordination mechanisms within and between Member States have resulted in an increased workload for the industry and contributed to a decline in Europe's attractiveness as a place to carry out research and development. The Proposal introduces a concept whereby the sponsor makes a single submission of the clinical trial application dossier to an EU portal, which is followed by a single assessment based on cooperation between Member States. A possibility for the sponsor to choose a 'reporting Member State' to take the lead on key aspects of the assessment is expected to support excellence building and work sharing of Competent Authorities in the EU. The Proposal respects the fact that certain aspects need to be reviewed nationally. The new process aims to lead to a single decision per clinical trial per concerned Member State. The rules are built on the principle of strict adherence to timelines for authorization. The timelines are ambitious but at the same time competitive, as the process builds in mechanisms that strengthen compliance. The rules have been designed to encourage sponsors to file complete submission packages, since any substantial modification to a trial would lead to delays in its commencement. Sponsors need to streamline their internal processes accordingly. In the end, streamlining is an effort that needs to be accepted by all parties involved. The Proposal does not detail how Member States organize the involvement of different bodies, such as Competent Authorities and Ethics Committees

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

    Directory of Open Access Journals (Sweden)

    Hagen, Anja

    2007-01-01

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

  13. 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.

  14. 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

  15. Evaluating the implementation of health and safety innovations under a regulatory context: A collective case study of Ontario’s safer needle regulation

    Directory of Open Access Journals (Sweden)

    Chambers Andrea

    2013-01-01

    Full Text Available Abstract Background Implementation effectiveness models have identified important factors that can promote the successful implementation of an innovation; however, these models have been examined within contexts where innovations are adopted voluntarily and often ignore the socio-political and environmental context. In the field of occupational health and safety, there are circumstances where organizations must adopt innovations to comply with a regulatory standard. Examining how the external environment can facilitate or challenge an organization’s change process may add to our understanding of implementation effectiveness. The objective of this study is to describe implementation facilitators and barriers in the context of a regulation designed to promote the uptake of safer engineered medical devices in healthcare. Methods The proposed study will focus on Ontario’s safer needle regulation (2007 which requires healthcare organizations to transition to the use of safer engineered medical devices for the prevention of needlestick injuries. A collective case study design will be used to learn from the experiences of three acute care hospitals in the province of Ontario, Canada. Interviews with management and front-line healthcare workers and analysis of supporting documents will be used to describe the implementation experience and examine issues associated with the integration of these devices. The data collection and analysis process will be influenced by a conceptual framework that draws from implementation science and the occupational health and safety literature. Discussion The focus of this study in addition to the methodology creates a unique opportunity to contribute to the field of implementation science. First, the study will explore implementation experiences under circumstances where regulatory pressures are influencing the organization's change process. Second, the timing of this study provides an opportunity to focus on issues

  16. Evaluating the implementation of health and safety innovations under a regulatory context: a collective case study of Ontario's safer needle regulation.

    Science.gov (United States)

    Chambers, Andrea; Mustard, Cameron A; Breslin, Curtis; Holness, Linn; Nichol, Kathryn

    2013-01-22

    Implementation effectiveness models have identified important factors that can promote the successful implementation of an innovation; however, these models have been examined within contexts where innovations are adopted voluntarily and often ignore the socio-political and environmental context. In the field of occupational health and safety, there are circumstances where organizations must adopt innovations to comply with a regulatory standard. Examining how the external environment can facilitate or challenge an organization's change process may add to our understanding of implementation effectiveness. The objective of this study is to describe implementation facilitators and barriers in the context of a regulation designed to promote the uptake of safer engineered medical devices in healthcare. The proposed study will focus on Ontario's safer needle regulation (2007) which requires healthcare organizations to transition to the use of safer engineered medical devices for the prevention of needlestick injuries. A collective case study design will be used to learn from the experiences of three acute care hospitals in the province of Ontario, Canada. Interviews with management and front-line healthcare workers and analysis of supporting documents will be used to describe the implementation experience and examine issues associated with the integration of these devices. The data collection and analysis process will be influenced by a conceptual framework that draws from implementation science and the occupational health and safety literature. The focus of this study in addition to the methodology creates a unique opportunity to contribute to the field of implementation science. First, the study will explore implementation experiences under circumstances where regulatory pressures are influencing the organization's change process. Second, the timing of this study provides an opportunity to focus on issues that arise during later stages of implementation, a phase

  17. 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.

  18. Funding innovation

    CERN Multimedia

    Marina Giampietro

    2012-01-01

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

  19. 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.

  20. Financial Statements

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

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

  1. Internal Controls and Compliance with Laws and Regulations for the FY 2000 Financial Statements for Other Defense Organizations-General Funds

    National Research Council Canada - National Science Library

    2001-01-01

    We performed the audit in response to the Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, which requires DoD and other Government agencies to prepare...

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

    National Research Council Canada - National Science Library

    1999-01-01

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

  3. Innovative learning for innovation

    NARCIS (Netherlands)

    Dr.Ir. Hay Geraedts

    2010-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Elena B. Krylova

    2015-01-01

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

  5. 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.

  6. 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.

  7. 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.

  8. 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 ...

  9. 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 ...

  10. 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...

  11. Financial Literacy and Financial Behaviour

    NARCIS (Netherlands)

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

    2016-01-01

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

  12. 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.

  13. 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

  14. Financial mathematics

    CERN Document Server

    Jothi, A Lenin

    2009-01-01

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

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

    National Research Council Canada - National Science Library

    1997-01-01

    .... Our audit of the "Other Defense Organizations" principal financial statements was delayed until January 9, 1997, because of difficulties that the Defense Finance and Accounting Services Indianapolis...

  16. Innovation af innovation

    DEFF Research Database (Denmark)

    Harste, Gorm

    2009-01-01

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

  17. 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...

  18. 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.

  19. 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...

  20. 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.

  1. Orchestrating innovation

    NARCIS (Netherlands)

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

    2015-01-01

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

  2. 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.

  3. Financial Liberalization and Financial Fragility

    OpenAIRE

    Enrica Detragiache; Asli Demirgüç-Kunt

    1998-01-01

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

  4. Innovation agenda

    International Nuclear Information System (INIS)

    Kammen, Daniel M.

    2008-01-01

    Retooling the global economy for a low-carbon and environmentally responsible future must begin immediately - and a major new United States initiative in this area is vital. The recent downturn in the economy makes this change all the more necessary: energy efficiency and renewable energy can be an engine of dramatic new economic growth and job creation. It will be up to the incoming president to marshal public and industry sentiment behind such a reinvestment in our future. We are at last seeing a global explosion of financial and political interest in energy, focused largely - but, ominously, not exclusively - on clean energy, since, in addition, to solar, wind and other low-carbon sources, investments in some of the most CO 2 -intensive sources are also on the rise. Innovation is the life-blood of economic growth and renewal. It has been known for decades that the bulk of new growth results from the invention, and re-invention, of new scientific and technological opportunities. Over 50 years ago Economics Nobel Laureate Robert Solow concluded that over 90 per cent of new economic growth results from public and private sector investments in innovation. Yet energy is very short of investment in research and development (R and D) despite arguably now posing our top environmental and geopolitical security threat. Total investment on R and D in the U.S. as a whole stands at roughly three per cent of the U.S. gross domestic product, but, for energy, it is proportionally only about one-tenth of that level. By contrast, research and development investments in the medical and biotechnology field are roughly 15 per cent of sales - almost a staggering 40 times more than for energy. This argues that, at minimum, energy R and D should be increased to the three per cent national average

  5. 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 ...

  6. Financial Statements

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

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

  7. 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.

  8. Financial Literacy, Financial Education, and Economic Outcomes

    Science.gov (United States)

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

    2013-01-01

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

  9. Mapping your innovation strategy.

    Science.gov (United States)

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

    2006-05-01

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

  10. 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 ...

  11. 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

  12. Orchestrating innovation

    OpenAIRE

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

    2015-01-01

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

  13. Mindful innovation

    DEFF Research Database (Denmark)

    Olsen, Poul Bitsch

    2008-01-01

    Mindful innovation is an approach to innovation that pays attention to people's experience in an organization rather than to formal organization or social role.......Mindful innovation is an approach to innovation that pays attention to people's experience in an organization rather than to formal organization or social role....

  14. Innovative didaktik

    DEFF Research Database (Denmark)

    Lund, Birthe

    Innovative didaktik. This deals with innovative didaktik from at methodological point of view in three ways - how to define the concept, how to develop it and how analyse it. Issues analysed: How to create innovative students? How to create innovative learning envoriments? These are core question...... in "Projekt Innovativ didaktik". The hidden curriculum is to inspire students to develop entreprenuership and creativty....

  15. Solarbus Solar Array Innovative Light Weight Mechanical Architecture with Thin Lateral Panels Deployed with Shape Memory Alloy Regulator

    Science.gov (United States)

    D'Abrigeon, Laurent; Carpine, Anne; Laduree, Gregory

    2005-05-01

    The standard ALCATEL SOLAR ARRAY PLANAR CONCEPT on the TELECOM market today on flight is named SOLARBUS.This concept is:• 3 to 10 identical panels covered with Si Hi-η celltechnology.• A central mast constitute by 3 to 4 panels and 1yoke linked together by hinges and synchronizedby cables.• From 2 to 6 lateral panelsThis concept is able to fit with the customer requirements in order to have a competitive "global offer at system level" (mass to power ratio 48-50 W/Kg)But, for the near future, in line with the market trend, and based on the previous experience, an improvement of the SOLARBUS Solar Array concept in term of W/kg/€ is essential in order to maintain the competitiveness of the global ALCATEL offer at system level.In order to increase the W/Kg performance Alcatel has developed a new architecture named Lightweight Panel Structure (LPS). The objectives of this new structure are :• To decrease the kg/m2 ratio • To be compatible of all promising cells technology including Si Hi-n, GaAs, GaAs+ small reflectors. This new architecture is based on the fact that during the 3 major life phases of a Solar Array (Launch/Deployment/Deployed orbital life), the structural needs are more important for the central panels than for the lateral panels.So two different panels have been designed :• Central panels (named LPS1)• Lateral panels (named LPS2)The stowing configuration as been adapted : 2 thin lateral panels LPS2 between 2 structural central panels LPS1, and local bumpers to transfer the loads from LPS2 to LPS1.Also one of the more stringent loads applied to the panels are corresponding to deployment loads. In order to limit the mass of reinforcement of the panels, a deployment speed regulator shall be used. In the frame of the new generation of solar arrays, Alcatel has developed a new actuator based on shape memory alloy torsional rod. This light weight component is directly connected to heaters lines and is able to provide great actuation torque

  16. 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.

  17. Internal Controls and Compliance With Laws and Regulations for Expense Account Line Items on the FY 1996 Defense Business Operations Fund Consolidated Financial Statements

    National Research Council Canada - National Science Library

    1998-01-01

    .... The primary audit objective was to determine whether the expenses on the FY 1996 DBOF consolidated financial statements were presented fairly in accordance with Office of Management and Budget Bulletin...

  18. The determinants of success in the new financial services environment: now that firms can do everything, what should they do and why should regulators care?

    OpenAIRE

    Anthony M. Santomero; David L. Eckles

    2000-01-01

    The United States government enacted the Banking Act of 1933, commonly known as the Glass-Steagall Act, at least partially in an effort to calm fears stemming from bank failures during the Great Depression. While there has been a recent debate concerning the historic realism of characterizing the banking industry structure as the cause of the financial crisis (Benston, 1990), the perception of bank activities in the financial market as risky (Puri, 1994), and the motivation of the legislators...

  19. Nigeria; Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation

    OpenAIRE

    International Monetary Fund

    2013-01-01

    An assessment of the level of implementation of the International Organization of Securities Commissions (IOSCO) Principles in Nigeria was conducted as part of the International Monetary Fund (IMF)-World Bank Financial Sector Assessment Program (FSAP). The ongoing global financial crisis has reinforced the need for assessors to make a judgment about supervisory practices and to determine whether they are sufficiently effective. The assessment methodology provides a set of assessment criteria ...

  20. Financial assurances

    International Nuclear Information System (INIS)

    Paton, R.F.

    1990-01-01

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

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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.

  8. 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.

  9. Privacy and Innovation

    OpenAIRE

    Avi Goldfarb; Catherine Tucker

    2011-01-01

    Information and communication technology now enables firms to collect detailed and potentially intrusive data about their customers both easily and cheaply. This means that privacy concerns are no longer limited to government surveillance and public figures' private lives. The empirical literature on privacy regulation shows that privacy regulation may affect the extent and direction of data-based innovation. We also show that the impact of privacy regulation can be extremely heterogeneous. T...

  10. [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.

  11. 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.

  12. 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 ...

  13. 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.

  14. 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...

  15. 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.

  16. Innovation in nuclear technology

    International Nuclear Information System (INIS)

    Bertel, E.

    2007-01-01

    Innovation has been a driving force for the success of nuclear energy and remains essential for its future. For the continued safe and economically effective operation and maintenance of existing nuclear systems, and to meet the goals set out by projects aiming at designing and implementing advanced systems for the future, efficient innovation systems are needed. Consequently, analysing innovation systems is essential to understand their characteristics and enhance their performance in the nuclear sector. Lessons learnt from innovation programmes that have already been completed can help enhance the effectiveness of future programmes. The analysis of past experience provides a means for identifying causes of failure as well as best practices. Although national and local conditions are important factors, the main drivers for the success of innovative endeavors are common to all countries. Cooperation and coordination among the various actors are major elements promoting success. All interested stakeholders, including research organisations, industrial actors, regulators and civil society, have a role to play in supporting the success of innovation, but governments are an essential trigger, especially for projects with long durations and very ambitious objectives. Governments have a major role to play in promoting innovation because they are responsible for the overall national energy policy which sets the stage for the eventual deployment of innovative products and processes. Moreover, only governments can create the stable legal and regulatory framework favourable to the undertaking and successful completion of innovation programmes. International organisations such as the NEA may help enhance the effectiveness of national policies and innovation programmes by providing a forum for exchanging information, facilitating multilateral collaboration and joint endeavors, and offering technical support for the management of innovative programmes

  17. Science Innovation

    Science.gov (United States)

    EPA provides innovative research activities that help transform the protection of human health and the environment with high-risk, high-reward Pathfinder Innovation Projects, the P3 student competition, and low-cost air monitoring.

  18. Technology Innovation

    Science.gov (United States)

    EPA produces innovative technologies and facilitates their creation in line with the Agency mission to create products such as the stormwater calculator, remote sensing, innovation clusters, and low-cost air sensors.

  19. “Europa 2020”, nuovo governo economico e ri-regolamentazione finanziaria:incentivi o vincoli alla crescita?(“Europe 2010”, a new economic governance and financial re-regulation: incentives or constraints to growth?

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2010-12-01

    Full Text Available Despite the launch of a new strategy for growth in Europe (the Europe 2020 strategy and the ongoing efforts to design a new international financial architecture, prospects for an economic recovery of Europe remain dim. Public deficits and debts will have to be reduced at a faster pace, with contractionary effects unless a strong recovery of private expenditure will materialize. Financial re-regulation is projected to further depress the economy by imposing higher capital ratios, lower leverage, a late (though welcome discipline of liquidity. The compound effect of the two policy trends pose a serious threat on the social sustainability of the European social market economy.   JEL: H6, F3, O52

  20. Political innovations

    DEFF Research Database (Denmark)

    Sørensen, Eva

    2017-01-01

    are mainly interested in assessing and promoting innovations in public service delivery, but have paid little or no attention to the need for innovations in polity, politics and policy. This article develops a research agenda for studying innovations in political institutions, in the political process...... and in policy outputs. It proposes a number of research themes related to political innovations that call for scholarly attention, and identifies push and pull factors influencing the likelihood that these themes will be addressed in future research....