Nonstationary frequency analysis of extreme daily precipitation amounts in Southeastern Canada using a peaks-over-threshold approach

Science.gov (United States)

Thiombiano, Alida N.; El Adlouni, Salaheddine; St-Hilaire, André; Ouarda, Taha B. M. J.; El-Jabi, Nassir

2017-07-01

In this paper, a statistical inference of Southeastern Canada extreme daily precipitation amounts is proposed using a classical nonstationary peaks-over-threshold model. Indeed, the generalized Pareto distribution (GPD) is fitted to excess time series derived from annual averages of independent precipitation amount events above a fixed threshold, the 99th percentile. Only the scale parameter of the fitted distribution is allowed to vary as a function of a covariate. This variability is modeled using B-spline function. Nonlinear correlation and cross-wavelet analysis allowed identifying two dominant climate indices as covariates in the study area, Arctic Oscillation (AO) and Pacific North American (PNA). The nonstationary frequency analysis showed that there is an east-west behavior of the AO index effects on extreme daily precipitation amounts in the study area. Indeed, the higher quantiles of these events are conditional to the AO positive phase in Atlantic Canada, while those in the more southeastern part of Canada, especially in Southern Quebec and Ontario, are negatively related to AO. The negative phase of PNA also gives the best significant correlation in these regions. Moreover, a regression analysis between AO (PNA) index and conditional quantiles provided slope values for the positive phase of the index on the one hand and the negative phase and on the other hand. This statistic allows computing a slope ratio which permits to sustain the nonlinear relation assumption between climate indices and precipitation and the development of the nonstationary GPD model for Southeastern Canada extremes precipitation modeling.

Financial Services Industry

National Research Council Canada - National Science Library

Arezo, Gullab; Billingslea, Willie D; Brooks, James V; Brown, Jeffery D; Cotton, Cheryl; Determan, Deborah A; Dzurenko, Monte S; Egentowich, John; Greenwald, Michael N; Keegan, Matthew

2006-01-01

.... The financial services industry impacts the daily lives of all Americans. They rely on it to save for their retirement and their children's education, pay their bills, insure against risks, and buy their homes and automobiles...

Introduction : Energy economics and financial markets

NARCIS (Netherlands)

Simpson, John L.; Westerman, Wim; Dorsman, André

2015-01-01

Energy issues feature frequently in the economic and financial press. It is argued that the importance of energy production, consumption and trade and raises fundamental economic issues that impact the global economy and financial markets. Specific examples of daily energy issues stem from various

Examining financial performance indicators for acute care hospitals.

Science.gov (United States)

Burkhardt, Jeffrey H; Wheeler, John R C

2013-01-01

Measuring financial performance in acute care hospitals is a challenge for those who work daily with financial information. Because of the many ways to measure financial performance, financial managers and researchers must decide which measures are most appropriate. The difficulty is compounded for the non-finance person. The purpose of this article is to clarify key financial concepts and describe the most common measures of financial performance so that researchers and managers alike may understand what is being measured by various financial ratios.

Dynamic bifurcations on financial markets

International Nuclear Information System (INIS)

Kozłowska, M.; Denys, M.; Wiliński, M.; Link, G.; Gubiec, T.; Werner, T.R.; Kutner, R.; Struzik, Z.R.

2016-01-01

We provide evidence that catastrophic bifurcation breakdowns or transitions, preceded by early warning signs such as flickering phenomena, are present on notoriously unpredictable financial markets. For this we construct robust indicators of catastrophic dynamical slowing down and apply these to identify hallmarks of dynamical catastrophic bifurcation transitions. This is done using daily closing index records for the representative examples of financial markets of small and mid to large capitalisations experiencing a speculative bubble induced by the worldwide financial crisis of 2007-08.

ECONOMIC CONSEQUENCES OF PEAK OIL FOR THE MAJOR MULTINATIONAL OIL AND GAS COMPANIES

Directory of Open Access Journals (Sweden)

Antonio García-Amate

2018-03-01

Full Text Available The main goal of this work is to analyze the financial statements of the five major multinational oil and gas companies, for the 2011-2015 period, in the framework of the peak oil phenomenon. Peak oil can affect key financial indicators (e.g., earnings volatility, leverage that are used by managers, investors, and stockholders and which may potentially lead to changes in the decision making by management. Our results show that the decline in oil production affects the decisions about investment in new oil wells, leverage, dividends paid, shares purchased and net income involving the five major companies. In addition, we study the evolution of oil prices, and its influence in several items of the financial statements. Even though oil prices were at high levels during 2011-2014, however, the net income of the five companies actually declined due to the impact of peak oil. Finally, data for the last year studied (2015 indicate a general deterioration in return ratios and other accounting variables. Although the new investments should have been profitable, they have been influenced by peak oil, compromising the economic position of the companies. The advice to these companies would be to relax their investments, especially during a period of falling oil prices. Company managers need to recognize the prolonged duration of peak oil and price trends to promote profitability recovery decisions.

Predicting volatility and correlations with Financial Conditions Indexes

NARCIS (Netherlands)

Opschoor, A.; van Dijk, D.; van der Wel, M.

2014-01-01

We model the impact of financial conditions on asset market volatilities and correlations. We extend the Spline-GARCH model for volatility and DCC model for correlation to allow for inclusion of indexes that measure financial conditions. In our empirical application we consider daily stock returns

Predicting Volatility and Correlations with Financial Conditions Indexes

NARCIS (Netherlands)

A. Opschoor (Anne); D.J.C. van Dijk (Dick); M. van der Wel (Michel)

2014-01-01

textabstractWe model the impact of financial conditions on asset market volatilities and correlations. We extend the Spline-GARCH model for volatility and DCC model for correlation to allow for inclusion of indexes that measure financial conditions. In our empirical application we consider daily

Advertising, Attention, and Financial Markets

OpenAIRE

Focke, Florens; Ruenzi, Stefan; Ungeheuer, Michael

2015-01-01

We investigate the impact of product market advertising on investor attention and financial market outcomes. Using daily advertising data allows us to identify short-term effects of advertising. We measure daily investor attention based the company's number of Wikipedia page views. We show that TV and newspaper advertising positively impacts short-term investor attention. It also positively impacts turnover and liquidity, but the effects are not economically significant. Most importantly, ass...

CO2 emissions: a peak level in 2010

International Nuclear Information System (INIS)

Anon.

2011-01-01

After a reduction of CO 2 emissions in 2009 due to the financial crisis, these emissions have again reached a peak in 2010: 30.6 Gt, it means an increase by 5% compared to the previous peak. According to IEA (International Energy Agency): 44% of the emissions come from coal, 36% from oil and 20% from natural gas, and OECD countries are responsible of 40% of the CO 2 global emissions but only of 25% of their increase since 2009. For China and India the emissions of CO 2 have increased sharply due to their strong economic growth. (A.C.)

The Impact of the Twin Peaks Model on the Insurance Industry

Directory of Open Access Journals (Sweden)

Daleen Millard

2017-02-01

Full Text Available Financial regulation in South Africa changes constantly. In the quest to find the ideal regulatory framework for optimal consumer protection, rules change all the time and international trends have an important influence on lawmakers nationally. The Financial Sector Regulation Bill, also known as the "Twin Peaks" Bill, is the latest invention from the table of the legislature, and some expect this Bill to have far-reaching consequences for the financial services industry. The question is, of course, whether the current dispensation will change so quickly and so dramatically that it will literally be the end of the world as we know it or whether there will be a gradual shift in emphasis away from the so-called silo regulatory approach to an approach that distinguishes between prudential regulation on the one hand and market conduct regulation on the other. A further question is whether insurance as a financial service will change dramatically in the light of the expected twin peak dispensation. The purpose of this paper is to discuss the implications of the FSR Bill for the insurance industry. Instead of analysing the Bill feature for feature, the method that will be used in this enquiry is to identify trends and issues from 2014 and to discuss whether the Twin Peaks model, once implemented, can successfully eradicate similar problems in future. The impact of Twin Peaks will of course have to be tested, but at this point in time it may be very useful to take an educated guess by using recent cases as examples. Recent cases before the courts, the Enforcement Committee and the FAIS Ombud will be discussed not only as examples of the most prevalent issues of the past year or so, but also as examples of how consumer issues and systemic risks are currently being dealt with and how this may change with the implementation of the FSR Bill.

How would peak rainfall intensity affect runoff predictions using conceptual water balance models?

Directory of Open Access Journals (Sweden)

B. Yu

2015-06-01

Full Text Available Most hydrological models use continuous daily precipitation and potential evapotranspiration for streamflow estimation. With the projected increase in mean surface temperature, hydrological processes are set to intensify irrespective of the underlying changes to the mean precipitation. The effect of an increase in rainfall intensity on the long-term water balance is, however, not adequately accounted for in the commonly used hydrological models. This study follows from a previous comparative analysis of a non-stationary daily series of stream flow of a forested watershed (River Rimbaud in the French Alps (area = 1.478 km2 (1966–2006. Non-stationarity in the recorded stream flow occurred as a result of a severe wild fire in 1990. Two daily models (AWBM and SimHyd were initially calibrated for each of three distinct phases in relation to the well documented land disturbance. At the daily and monthly time scales, both models performed satisfactorily with the Nash–Sutcliffe coefficient of efficiency (NSE varying from 0.77 to 0.92. When aggregated to the annual time scale, both models underestimated the flow by about 22% with a reduced NSE at about 0.71. Exploratory data analysis was undertaken to relate daily peak hourly rainfall intensity to the discrepancy between the observed and modelled daily runoff amount. Preliminary results show that the effect of peak hourly rainfall intensity on runoff prediction is insignificant, and model performance is unlikely to improve when peak daily precipitation is included. Trend analysis indicated that the large decrease of precipitation when daily precipitation amount exceeded 10–20 mm may have contributed greatly to the decrease in stream flow of this forested watershed.

Fluctuation behaviors of financial return volatility duration

Science.gov (United States)

Niu, Hongli; Wang, Jun; Lu, Yunfan

2016-04-01

It is of significantly crucial to understand the return volatility of financial markets because it helps to quantify the investment risk, optimize the portfolio, and provide a key input of option pricing models. The characteristics of isolated high volatility events above certain threshold in price fluctuations and the distributions of return intervals between these events arouse great interest in financial research. In the present work, we introduce a new concept of daily return volatility duration, which is defined as the shortest passage time when the future volatility intensity is above or below the current volatility intensity (without predefining a threshold). The statistical properties of the daily return volatility durations for seven representative stock indices from the world financial markets are investigated. Some useful and interesting empirical results of these volatility duration series about the probability distributions, memory effects and multifractal properties are obtained. These results also show that the proposed stock volatility series analysis is a meaningful and beneficial trial.

Topological data analysis of financial time series: Landscapes of crashes

Science.gov (United States)

Gidea, Marian; Katz, Yuri

2018-02-01

We explore the evolution of daily returns of four major US stock market indices during the technology crash of 2000, and the financial crisis of 2007-2009. Our methodology is based on topological data analysis (TDA). We use persistence homology to detect and quantify topological patterns that appear in multidimensional time series. Using a sliding window, we extract time-dependent point cloud data sets, to which we associate a topological space. We detect transient loops that appear in this space, and we measure their persistence. This is encoded in real-valued functions referred to as a 'persistence landscapes'. We quantify the temporal changes in persistence landscapes via their Lp-norms. We test this procedure on multidimensional time series generated by various non-linear and non-equilibrium models. We find that, in the vicinity of financial meltdowns, the Lp-norms exhibit strong growth prior to the primary peak, which ascends during a crash. Remarkably, the average spectral density at low frequencies of the time series of Lp-norms of the persistence landscapes demonstrates a strong rising trend for 250 trading days prior to either dotcom crash on 03/10/2000, or to the Lehman bankruptcy on 09/15/2008. Our study suggests that TDA provides a new type of econometric analysis, which complements the standard statistical measures. The method can be used to detect early warning signals of imminent market crashes. We believe that this approach can be used beyond the analysis of financial time series presented here.

Estimation of the peak factor based on watershed characteristics

Energy Technology Data Exchange (ETDEWEB)

Gauthier, Jean; Nolin, Simon; Ruest, Benoit [BPR Inc., Quebec, (Canada)

2010-07-01

Hydraulic modeling and dam structure design require the river flood flow as a primary input. For a given flood event, the ratio of peak flow over mean daily flow defines the peak factor. The peak factor value is dependent on the watershed and location along the river. The main goal of this study consisted in finding a relationship between watershed characteristics and this peak factor. Regression analyses were carried out on 53 natural watersheds located in the southern part of the province of Quebec using data from the Centre d'expertise hydrique du Quebec (CEHQ). The watershed characteristics included in the analyses were the watershed area, the maximum flow length, the mean slope, the lake proportion and the mean elevation. The results showed that watershed area and length are the major parameters influencing the peak factor. Nine natural watersheds were also used to test the use of a multivariable model in order to determine the peak factor for ungauged watersheds.

Daily Peak Load Forecasting of Next Day using Weather Distribution and Comparison Value of Each Nearby Date Data

Science.gov (United States)

Ito, Shigenobu; Yukita, Kazuto; Goto, Yasuyuki; Ichiyanagi, Katsuhiro; Nakano, Hiroyuki

By the development of industry, in recent years; dependence to electric energy is growing year by year. Therefore, reliable electric power supply is in need. However, to stock a huge amount of electric energy is very difficult. Also, there is a necessity to keep balance between the demand and supply, which changes hour after hour. Consequently, to supply the high quality and highly dependable electric power supply, economically, and with high efficiency, there is a need to forecast the movement of the electric power demand carefully in advance. And using that forecast as the source, supply and demand management plan should be made. Thus load forecasting is said to be an important job among demand investment of electric power companies. So far, forecasting method using Fuzzy logic, Neural Net Work, Regression model has been suggested for the development of forecasting accuracy. Those forecasting accuracy is in a high level. But to invest electric power in higher accuracy more economically, a new forecasting method with higher accuracy is needed. In this paper, to develop the forecasting accuracy of the former methods, the daily peak load forecasting method using the weather distribution of highest and lowest temperatures, and comparison value of each nearby date data is suggested.

[Study of personal best value of peak expiratory flow in patients with asthma--comparison of the highest value of daily PEF under good control and the highest value of daily PEF obtained after using repeated inhaled beta2-agonist during high-dose inhaled steroid treatment].

Science.gov (United States)

Watanabe, Naoto; Makino, Sohei; Kihara, Norio; Fukuda, Takeshi

2008-12-01

In the guideline for asthma management, it is important to find the personal best value of peak expiratory flow (best PEF). Recently, we have substituted the highest value of PEF in daily life under good control (daily highest PEF) for the best PEF. In the present study, we considered whether the daily highest PEF could be used as the best PEF or not. Subjects were 30 asthmatics who were well controlled but whose baseline PEF values were less than 80 percent of predicted values. We compared the daily highest PEF and the highest of PEF obtained after repeated inhaled beta2-agonist (salbutamol MDI every 20 minutes three times). All subjects then received 1600 microg/day of beclomethasone dipropionate (BDP) for 4 to 8 weeks. We studied the effect of high-dose inhaled steroid treatment on each PEF value and compared the daily highest PEF and the highest PEF obtained after using repeated salbutamol MDI during high dose inhaled steroid therapy on the examination day again. The baseline PEF, daily highest PEF and the highest PEF obtained after salbutamol MDI were significantly less than the each values obtained after high-dose BDP. The best PEF value of them was the value obtained after repeated salbutamol MDI during high dose BDP. We suggest that the daily highest PEF under good control is not a substitute for best PEF because it changes according to the degree of improvement of airway inflammation. We recommend that a course of high dose inhaled steroid is effective in finding the best value of PEF for each individual with moderate asthma.

Cohesiveness in financial news and its relation to market volatility.

Science.gov (United States)

Piškorec, Matija; Antulov-Fantulin, Nino; Novak, Petra Kralj; Mozetič, Igor; Grčar, Miha; Vodenska, Irena; Smuc, Tomislav

2014-05-22

Motivated by recent financial crises, significant research efforts have been put into studying contagion effects and herding behaviour in financial markets. Much less has been said regarding the influence of financial news on financial markets. We propose a novel measure of collective behaviour based on financial news on the Web, the News Cohesiveness Index (NCI), and we demonstrate that the index can be used as a financial market volatility indicator. We evaluate the NCI using financial documents from large Web news sources on a daily basis from October 2011 to July 2013 and analyse the interplay between financial markets and finance-related news. We hypothesise that strong cohesion in financial news reflects movements in the financial markets. Our results indicate that cohesiveness in financial news is highly correlated with and driven by volatility in financial markets.

Cohesiveness in Financial News and its Relation to Market Volatility

Science.gov (United States)

Piškorec, Matija; Antulov-Fantulin, Nino; Novak, Petra Kralj; Mozetič, Igor; Grčar, Miha; Vodenska, Irena; Šmuc, Tomislav

2014-01-01

Motivated by recent financial crises, significant research efforts have been put into studying contagion effects and herding behaviour in financial markets. Much less has been said regarding the influence of financial news on financial markets. We propose a novel measure of collective behaviour based on financial news on the Web, the News Cohesiveness Index (NCI), and we demonstrate that the index can be used as a financial market volatility indicator. We evaluate the NCI using financial documents from large Web news sources on a daily basis from October 2011 to July 2013 and analyse the interplay between financial markets and finance-related news. We hypothesise that strong cohesion in financial news reflects movements in the financial markets. Our results indicate that cohesiveness in financial news is highly correlated with and driven by volatility in financial markets. PMID:24849598

Estimating Dynamic Equilibrium Models using Macro and Financial Data

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Posch, Olaf; van der Wel, Michel

We show that including financial market data at daily frequency, along with macro series at standard lower frequency, facilitates statistical inference on structural parameters in dynamic equilibrium models. Our continuous-time formulation conveniently accounts for the difference in observation...... of the estimators and estimate the model using 20 years of U.S. macro and financial data....

Contribution to performing gas solutions and the complementarity of energies to address electric peak consumptions

International Nuclear Information System (INIS)

2015-01-01

This article aims at outlining the contribution that gas-based solutions may have for the reduction of the seasonal electricity peak consumption. After having recalled the principles related to electricity peak consumption (daily peak in summer and in winter due to the use of various equipment which lasts few hours, seasonal peak in winter due to the use of electric heating which may last several weeks) and the associated evolution of electricity consumptions over the last years, this article describes the main challenges related to the electric peak consumption: how to maintain the balance in real time between production and consumption. In France, the network manager must use, beside nuclear power stations, thermal productions (gas or coal-based) which result in higher CO 2 emissions. Electricity imports from Germany also degrade the French carbon footprint. Thus, the management of daily and seasonal peaks can be based on three levers of action: to act on supply by developing capacities to face the residual peak, to act on demand by smoothing the load curve by controlling the load of electric equipment, or to act on demand by a global reduction of the thermo-sensitive consumption of electricity

Non performing loans: Obstacles within financial and economy sector

Directory of Open Access Journals (Sweden)

Mitrović Ranka

2014-01-01

Full Text Available Growth and development of company depend on the adequate selection of financial resources and optimization of financial structure. In other words, the success of a company is determined by the choice of high-quality financial sources and their maturity adjustment. In developed economic and developed financial systems, companies have a wide range of financial sources: emissions of shares, bonds, emissions of other long-term and short-term securities, borrowing from the bank and alternative sources of financing. However, the developing countries and undeveloped countries addressed to financial resources of investors and loans from banking institutions. In this context, it is necessary to build a stable banking system, which will support the strategic development of the company and provide daily liquidity of companies.

Climate Change Impacts on Peak Electricity Consumption: US vs. Europe.

Science.gov (United States)

Auffhammer, M.

2016-12-01

It has been suggested that climate change impacts on the electric sector will account for the majority of global economic damages by the end of the current century and beyond. This finding is at odds with the relatively modest increase in climate driven impacts on consumption. Comprehensive high frequency load balancing authority level data have not been used previously to parameterize the relationship between electric demand and temperature for any major economy. Using statistical models we analyze multi-year data from load balancing authorities in the United States of America and the European Union, which are responsible for more than 90% of the electricity delivered to residential, industrial, commercial and agricultural customers. We couple the estimated response functions between total daily consumption and daily peak load with an ensemble of downscaled GCMs from the CMIP5 archive to simulate climate change driven impacts on both outcomes. We show moderate and highly spatially heterogeneous changes in consumption. The results of our peak load simulations, however, suggest significant changes in the intensity and frequency of peak events throughout the United States and Europe. As the electricity grid is built to endure maximum load, which usually occurs on the hottest day of the year, our findings have significant implications for the construction of costly peak generating and transmission capacity.

Hour-Glass Neural Network Based Daily Money Flow Estimation for Automatic Teller Machines

Science.gov (United States)

Karungaru, Stephen; Akashi, Takuya; Nakano, Miyoko; Fukumi, Minoru

Monetary transactions using Automated Teller Machines (ATMs) have become a normal part of our daily lives. At ATMs, one can withdraw, send or debit money and even update passbooks among many other possible functions. ATMs are turning the banking sector into a ubiquitous service. However, while the advantages for the ATM users (financial institution customers) are many, the financial institution side faces an uphill task in management and maintaining the cash flow in the ATMs. On one hand, too much money in a rarely used ATM is wasteful, while on the other, insufficient amounts would adversely affect the customers and may result in a lost business opportunity for the financial institution. Therefore, in this paper, we propose a daily cash flow estimation system using neural networks that enables better daily forecasting of the money required at the ATMs. The neural network used in this work is a five layered hour glass shaped structure that achieves fast learning, even for the time series data for which seasonality and trend feature extraction is difficult. Feature extraction is carried out using the Akamatsu Integral and Differential transforms. This work achieves an average estimation accuracy of 92.6%.

The impact of financial crises on the risk-return tradeoff and the leverage effect

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Nielsen, Morten Ørregaard; Zhu, Jie

50% in magnitude during …financial crises. No such changes are observed during NBER recessions, so in this sense …financial crises are special. Applications to a number of major developed and emerging international stock markets confirm the increase in the leverage effect, whereas the international......We investigate the impact of financial crises on two fundamental features of stock returns, namely, the risk-return tradeoff and the leverage effect. We apply the fractionally integrated exponential GARCH-in-mean (FIEGARCH-M) model for daily stock return data, which includes both features...... and allows the co-existence of long memory in volatility and short memory in returns. We extend this model to allow the financial parameters governing the volatility-in-mean effect and the leverage effect to change during financial crises. An application to the daily U.S. stock index return series from 1926...

The impact of financial crises on the risk-return tradeoff and the leverage effect

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Nielsen, Morten Ørregaard; Zhu, Jie

2015-01-01

% in magnitude during financial crises. No such changes are observed during NBER recessions, so in this sense financial crises are special. Applications to a number of major developed and emerging international stock markets confirm the increase in the leverage effect, whereas the international evidence......We investigate the impact of financial crises on two fundamental features of stock returns, namely, the risk-return tradeoff and the leverage effect. We apply the fractionally integrated exponential GARCH-in-mean (FIEGARCH-M) model for daily stock return data, which includes both features...... and allows the co-existence of long memory in volatility and short memory in returns. We extend this model to allow the financial parameters governing the volatility-in-mean effect and the leverage effect to change during financial crises. An application to the daily U.S. stock index return series from 1926...

Hourly peak concentration measuring the PM2.5-mortality association: Results from six cities in the Pearl River Delta study

Science.gov (United States)

Lin, Hualiang; Ratnapradipa, Kendra; Wang, Xiaojie; Zhang, Yonghui; Xu, Yanjun; Yao, Zhenjiang; Dong, Guanghui; Liu, Tao; Clark, Jessica; Dick, Rebecca; Xiao, Jianpeng; Zeng, Weilin; Li, Xing; Qian, Zhengmin (Min); Ma, Wenjun

2017-07-01

Compared with daily mean concentration of air pollution, hourly peak concentration may be more directly relevant to the acute health effects due to the high concentration levels, however, few have analyzed the acute mortality effects of hourly peak levels of air pollution. We examined the associations of hourly peak concentration of fine particulate matter air pollution (PM2.5) with mortality in six cities in Pearl River Delta, China. We used generalized additive Poisson models to examine the associations with adjustment for potential confounders in each city. We further applied random-effects meta-analyses to estimate the regional overall effects. We further estimated the mortality burden attributable to hourly peak and daily mean PM2.5. We observed significant associations between hourly peak PM2.5 and mortality. Each 10 μg/m3 increase in 4-day averaged (lag03) hourly peak PM2.5 corresponded to a 0.9% [95% confidence interval (CI): 0.7%, 1.1%] increase in total mortality, 1.2% (95% CI: 1.0%, 1.5%) in cardiovascular mortality, and 0.7% (95% CI: 0.2%, 1.1%) in respiratory mortality. We observed a greater mortality burden using hourly peak PM2.5 than daily mean PM2.5, with an estimated 12915 (95% CI: 9922, 15949) premature deaths attributable to hourly peak PM2.5, and 7951 (95% CI: 5067, 10890) to daily mean PM2.5 in the Pearl River Delta (PRD) region during the study period. This study suggests that hourly peak PM2.5 might be one important risk factor of mortality in PRD region of China; the finding provides important information for future air pollution management and epidemiological studies.

Influence of peak flow changes on the macroinvertebrate drift downstream of a Brazilian hydroelectric dam.

Science.gov (United States)

Castro, D M P; Hughes, R M; Callisto, M

2013-11-01

Successive daily peak flows from hydropower plants can disrupt aquatic ecosystems and alter the composition and structure of macroinvertebrates downstream. We evaluated the influence of peak flow changes on macroinvertebrate drift downstream of a hydroelectric plant as a basis for determining ecological flows that might reduce the disturbance of aquatic biota. The aim of this study was to assess the influence of flow fluctuations on the seasonal and daily drift patterns of macroinvertebrates. We collected macroinvertebrates during fixed flow rates (323 m3.s-1 in the wet season and 111 m3.s-1 in the dry season) and when peak flows fluctuated (378 to 481 m3.s-1 in the wet season, and 109 to 173 m3.s-1 in the dry season) in 2010. We collected 31,924 organisms belonging to 46 taxa in the four sampling periods. Taxonomic composition and densities of drifting invertebrates differed between fixed and fluctuating flows, in both wet and dry seasons, but family richness varied insignificantly. We conclude that macroinvertebrate assemblages downstream of dams are influenced by daily peak flow fluctuations. When making environmental flow decisions for dams, it would be wise to consider drifting macroinvertebrates because they reflect ecological changes in downstream biological assemblages.

Financial markets and interest rate

Directory of Open Access Journals (Sweden)

Dudić Zdenka

2012-01-01

Full Text Available The paper 'Financial Markets and Interest Rate' originated from the thesis paper. This topic is very interesting and more and more present in the recent few years. Various changes in the market, increased competition, the development of information technologies, application of innovations, all these contribute to the rapid expansion of scope and use of financial derivatives. Therefore, under these influences, oscillations in various markets are present on a daily basis, so that the vast expansion of financial contracts is present, which is mainly related to interest rates. What are the world's best-known stock markets? What are the instruments most actively traded on stock exchanges? The words LIBOR and BBA LIBOR are frequently heard in today's media. What is LIBOR? What is BBA LIBOR? How and when is it determined? Where is LIBOR used?.

When nursing takes ownership of financial outcomes: achieving exceptional financial performance through leadership, strategy, and execution.

Science.gov (United States)

Goetz, Kristopher; Janney, Michelle; Ramsey, Kristin

2011-01-01

With nurses and unlicensed supportive personnel composing the greatest percentage of the workforce at any hospital, it is not surprising nursing leadership plays an increasing role in the attainment of financial goals. The nursing leadership team at one academic medical center reduced costs by more than $10 million over 4 years while outperforming national benchmarks on nurse-sensitive quality indicators. The most critical success factor in attaining exceptional financial performance is a personal and collective accountability to achieving outcomes. Whether it is financial improvement, advancing patient safety, or ensuring a highly engaged workforce, success will not be attained without thoughtful, focused leadership. The accountability model ensures there is a culture built around financial performance where nurses and leaders think and act, on a daily basis, in a manner necessary to understand opportunities, find answers, and overcome obstacles. While structures, processes, and tools may serve as the means to achieve a target, it is leadership's responsibility to set the right goal and motivate others.

SOME CONSIDERATIONS ON LOCAL FINANCIAL AUTONOMY IN THE CONTEXT OF THE CURRENT FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

Vezure Oana Sabina

2012-03-01

Full Text Available Financing of local authorities is currently at the Centre of the political discourse is a daily concern. Romania faces, usually with an attempt to offset the need for control and reduction of public spending with greater financial autonomy of local authorities. At the time, it was searched and searches for a path, a means to achieve a fair distribution of financial resources between the various levels of administration, budget reductions to all of them. If strengthening democracy means to strengthen local autonomy, then it means you have created a system for financing local authorities to be efficient, fair and pointing towards the economic needs of States. In other words, decentralization and local financing and the principle of subsidiarity are mutually dependent. Rightly, the decentralisation of financial management is considered to be the "backbone" of the administrative system of decentralisation, the financial resources being those which are operational link between the needs of local communities and the rules necessary to satisfy them. Thus, the lack of financial resources of the local self-government can result in failure to meet the needs of its members, which at the same time failure of administrative decentralization. The decentralisation of financial management can also be seen as the Government of some specific functions on the line of management authority and the tax revenue to the local public authorities.

Developing a Big Game for Financial Education Using Service Design Approach

Science.gov (United States)

Kang, Myunghee; Yoon, Seonghye; Kang, Minjeng; Jang, JeeEun; Lee, Yujung

2018-01-01

The purpose of this study was to design and develop an educational game which facilitates building adolescents' knowledge and attitudes in financial principles of a daily life. To achieve this purpose, the authors designed a learner-centered big game for financial education by applying an experience-based triple-diamond instructional design model…

Assessment of utility side financial benefits of demand side management considering environmental impacts

Science.gov (United States)

Abeygunawardane, Saranga Kumudu

2018-02-01

Any electrical utility prefers to implement demand side management and change the shape of the demand curve in a beneficial manner. This paper aims to assess the financial gains (or losses) to the generating sector through the implementation of demand side management programs. An optimization algorithm is developed to find the optimal generation mix that minimizes the daily total generating cost. This daily total generating cost includes the daily generating cost as well as the environmental damage cost. The proposed optimization algorithm is used to find the daily total generating cost for the base case and for several demand side management programs using the data obtained from the Sri Lankan power system. Results obtained for DSM programs are compared with the results obtained for the base case to assess the financial benefits of demand side management to the generating sector.

Digital Banking: Risks of Financial Digitalization

Directory of Open Access Journals (Sweden)

Kornіvska Valerіa O.

2017-09-01

Full Text Available The paper demonstrates the results of the research into development of the digital economy in the global financial space, shows the contradictions of these processes in the context of the growth of financial inclusion of households, identifies the risks of active introduction of digital banking in poor countries of the world. The characteristics of the processes of growth of the influence of banking institutions on the operational activity and daily life of households are given, and it is proved that under conditions of digital banking, without having any other alternative ways of economic activity in terms of money circulation than non-cash turnover, clients are forced to agree to unlimited presence of financial operators in social systems. It is substantiated that in Ukraine the global risk of digitalization of the society is gradually developing as a result of the creation of unified information systems for the control of global financial flows.

Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

OpenAIRE

Škrinjarić, Tihana; Šego, Boško

2016-01-01

Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity) makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation an...

Electricity spot price dynamics: Beyond financial models

International Nuclear Information System (INIS)

Guthrie, Graeme; Videbeck, Steen

2007-01-01

We reveal properties of electricity spot prices that cannot be captured by the statistical models, commonly used to model financial asset prices, that are increasingly used to model electricity prices. Using more than eight years of half-hourly spot price data from the New Zealand Electricity Market, we find that the half-hourly trading periods fall naturally into five groups corresponding to the overnight off-peak, the morning peak, daytime off-peak, evening peak, and evening off-peak. The prices in different trading periods within each group are highly correlated with each other, yet the correlations between prices in different groups are lower. Models, adopted from the modeling of security prices, that are currently applied to electricity spot prices are incapable of capturing this behavior. We use a periodic autoregression to model prices instead, showing that shocks in the peak periods are larger and less persistent than those in off-peak periods, and that they often reappear in the following peak period. In contrast, shocks in the off-peak periods are smaller, more persistent, and die out (perhaps temporarily) during the peak periods. Current approaches to modeling spot prices cannot capture this behavior either. (author)

Metabolic disorders in dairy Simmentals - prevalence risk and effect on subsequent daily milk traits

Directory of Open Access Journals (Sweden)

Vesna Gantner

2018-01-01

Full Text Available In order to analyse metabolic disorders in Simmental cows, 2.641.223 test-day records have been used. The metabolic disorders prevalence risk was indicated by the fat to protein (F/P ratio, while the subclinical disorder was demonstrated using the F/P ratio and daily production. In terms of the ketosis prevalence risk (KPR, the highest prevalence risks occurred at the 20th lactation day in all tested cows with exception of cows in parity P4+ which experienced peak prevalence risk at 25th lactation day. A steady decrease of KPR after peak prevalence was observed in all animals except the 3rd lactation cows which experienced the second peak prevalence at the 30th lactation day, after which the prevalence risk continued to decline. The highest acidosis prevalence risk (APR was detected among 4+ parity cows. Considering the lactation stage, the highest APR occurred within the first 10 days, with the indication from 16 to 23 %, depending on parity. The peak prevalence risk was followed by a considerable decline during the ensuing 20 days. The prevalence risk began to increase among all cows after the 25th lactation day. Furthermore, there was a considerable decrease in a daily milk yield and variation of daily milk contents due to subclinical disorders. The most noticeable drop in daily milk yield, for both ketosis/acidosis, was detected in cows in 4+ parity in the amounts of 7.45 kg/day and 2.73 kg/day respectively. There was also a production decline in the subsequent milk controls. Subclinical disorders can also substantially change daily milk contents. The daily fat content was considerably reduced by the subclinical ketosis and the same parameter was considerably increased by the subclinical acidosis. The opposite trends were detected for daily protein content. Since indication criteria was set on Holstein population and considering the fact that Simmental cows produce noticeably less, some adjustment is needed before a routine use of test

Ethanol consumption and pineal melatonin daily profile in rats.

Science.gov (United States)

Peres, Rafael; do Amaral, Fernanda Gaspar; Madrigrano, Thiago Cardoso; Scialfa, Julieta Helena; Bordin, Silvana; Afeche, Solange Castro; Cipolla-Neto, José

2011-10-01

It is well known that melatonin participates in the regulation of many important physiological functions such as sleep-wakefulness cycle, motor coordination and neural plasticity, and cognition. However, as there are contradictory results regarding the melatonin production diurnal profile under alcohol consumption, the aim of this paper was to study the phenomenology and mechanisms of the putative modifications on the daily profile of melatonin production in rats submitted to chronic alcohol intake. The present results show that rats receiving 10% ethanol in drinking water for 35 days display an altered daily profile of melatonin production, with a phase delay and a reduction in the nocturnal peak. This can be partially explained by a loss of the daily rhythm and the 25% reduction in tryptophan hydroxylase activity and, mainly, by a phase delay in arylalkylamine N-acetyltransferase gene expression and a 70% reduction in its peak activity. Upstream in the melatonin synthesis pathway, the results showed that noradrenergic signaling is impaired as well, with a decrease in β1 and α1 adrenergic receptors' mRNA contents and in vitro sustained loss of noradrenergic-stimulated melatonin production by glands from alcohol-treated rats. Together, these results confirm the alterations in the daily melatonin profile of alcoholic rats and suggest the possible mechanisms for the observed melatonin synthesis modification. © 2011 The Authors, Addiction Biology © 2011 Society for the Study of Addiction.

The Use of Financial Literacy for Growing Personal Finance

Directory of Open Access Journals (Sweden)

Ardi Gunardi

2017-07-01

Full Text Available Financial literacy played an important role for everyone in managing personal finances.This research aimed to determine how the level of financial literacy in students S1 Faculty of Economics and Business, Universitas Pasundan and investigate what factors are influencing it. The observed respondents were students from the Faculty of Economics and Business, Universitas Pasundan. The research data was collected through questionnaires,descriptive analysis, and test multinominal logit. Based on the results of the research showed that the level of financial literacy from undergraduate students Universitas Pasundan was in the low category. Financial literacy was determined by gender, Greater Academic Achievement (GPA, parental education level, and parental income level;,whereas for age, year of study and residence do not contribute to the research model. The results of this study were expected to support personal financial planning of students in improving the skills of reading, analyzing, and managing their own finances, thus avoiding the daily financial problems.

Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

Directory of Open Access Journals (Sweden)

Škrinjarić Tihana

2016-09-01

Full Text Available Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation and restructuring over time.

75 FR 42411 - Orders Finding That the SP-15 Financial Day-Ahead LMP Peak Daily Contract; SP-15 Financial Day...

Science.gov (United States)

2010-07-21

...''), an exempt commercial market (``ECM'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), perform a significant price discovery function pursuant to section 2(h)(7) of the... Perform a Significant Price Discovery Function AGENCY: Commodity Futures Trading Commission. ACTION: Final...

Resting-state EEG, impulsiveness, and personality in daily and nondaily smokers.

Science.gov (United States)

Rass, Olga; Ahn, Woo-Young; O'Donnell, Brian F

2016-01-01

Resting EEG is sensitive to transient, acute effects of nicotine administration and abstinence, but the chronic effects of smoking on EEG are poorly characterized. This study measures the resting EEG profile of chronic smokers in a non-deprived, non-peak state to test whether differences in smoking behavior and personality traits affect pharmaco-EEG response. Resting EEG, impulsiveness, and personality measures were collected from daily smokers (n=22), nondaily smokers (n=31), and non-smokers (n=30). Daily smokers had reduced resting delta and alpha EEG power and higher impulsiveness (Barratt Impulsiveness Scale) compared to nondaily smokers and non-smokers. Both daily and nondaily smokers discounted delayed rewards more steeply, reported lower conscientiousness (NEO-FFI), and reported greater disinhibition and experience seeking (Sensation Seeking Scale) than non-smokers. Nondaily smokers reported greater sensory hedonia than nonsmokers. Altered resting EEG power in daily smokers demonstrates differences in neural signaling that correlated with greater smoking behavior and dependence. Although nondaily smokers share some characteristics with daily smokers that may predict smoking initiation and maintenance, they differ on measures of impulsiveness and resting EEG power. Resting EEG in non-deprived chronic smokers provides a standard for comparison to peak and trough nicotine states and may serve as a biomarker for nicotine dependence, relapse risk, and recovery. Copyright © 2015 International Federation of Clinical Neurophysiology. Published by Elsevier Ireland Ltd. All rights reserved.

Resting-state EEG, Impulsiveness, and Personality in Daily and Nondaily Smokers†

Science.gov (United States)

Rass, Olga; Ahn, Woo-Young; O’Donnell, Brian F.

2015-01-01

Objectives Resting EEG is sensitive to transient, acute effects of nicotine administration and abstinence, but the chronic effects smoking on EEG are poorly characterized. This study measures the resting EEG profile of chronic smokers in a non-deprived, non-peak state to test whether differences in smoking behavior and personality traits affect pharmaco-EEG response. Methods Resting EEG, impulsiveness, and personality measures were collected from daily smokers (n=22), nondaily smokers (n=31), and non-smokers (n=30). Results Daily smokers had reduced resting delta and alpha EEG power and higher impulsiveness (Barratt Impulsiveness Scale) compared to nondaily smokers and non-smokers. Both daily and nondaily smokers discounted delayed rewards more steeply, reported lower conscientiousness (NEO-FFI) and reported greater disinhibition and experience seeking (Sensation Seeking Scale) than non-smokers. Nondaily smokers reported greater sensory hedonia than nonsmokers. Conclusions Altered resting EEG power in daily smokers demonstrates differences in neural signaling that correlated with greater smoking behavior and dependence. Although nondaily smokers share some characteristics with daily smokers that may predict smoking initiation and maintenance, they differ on measures of impulsiveness and resting EEG power. Significance Resting EEG in non-deprived chronic smokers provides a standard for comparison to peak and trough nicotine states and may serve as a biomarker for nicotine dependence, relapse risk, and recovery. PMID:26051750

Dynamic Evolution of Financial Network and its Relation to Economic Crises

Science.gov (United States)

Gao, Ya-Chun; Wei, Zong-Wen; Wang, Bing-Hong

2013-02-01

The static topology properties of financial networks have been widely investigated since the work done by Mantegna, yet their dynamic evolution with time is little considered. In this paper, we comprehensively study the dynamic evolution of financial network by a sliding window technique. The vertices and edges of financial network are represented by the stocks from S&P500 components and correlations between pairs of daily returns of price fluctuation, respectively. Furthermore, the duration of stock price fluctuation, spanning from January 4, 1985 to September 14, 2009, makes us to carefully observe the relation between the dynamic topological properties and big financial crashes. The empirical results suggest that the financial network has the robust small-world property when the time evolves, and the topological structure drastically changes when the big financial crashes occur. This correspondence between the dynamic evolution of financial network and big financial crashes may provide a novel view to understand the origin of economic crisis.

Energy Saving by Chopping off Peak Demand Using Day Light

Directory of Open Access Journals (Sweden)

Ashok Kumar Maitra

2011-08-01

Full Text Available An artificial intelligent technique has been implemented in this research using real time datas to calculate how much energy can be chopped from peak load demand. The results are based on real time data that are taken from power delivering centers. These datas do reflect the present condition of power and a solution to those critical conditions during the peak period. These are done in such a way such that helps in judicious scheduling of load. The time based load scheduling has been done so as to understand the basic criteria for solving power crisis during morning peak and early evening peak. The sunray availability and percentage of load that will use day light saving (DLS technique has been taken into account in this work. The results shows that about 0.5% to 1% of load can be shedded off from the peak load period which otherwise is reduction of power. Thus it otherwise also means that an equivalent amount of energy is saved which amounts to a large saving of national money. This result is obtained on monthly and even daily basis. Thus this paper justifies DLS gives a new renewable technique to save energy.

Temporal variability of daily personal magnetic field exposure metrics in pregnant women.

Science.gov (United States)

Lewis, Ryan C; Evenson, Kelly R; Savitz, David A; Meeker, John D

2015-01-01

Recent epidemiology studies of power-frequency magnetic fields and reproductive health have characterized exposures using data collected from personal exposure monitors over a single day, possibly resulting in exposure misclassification due to temporal variability in daily personal magnetic field exposure metrics, but relevant data in adults are limited. We assessed the temporal variability of daily central tendency (time-weighted average, median) and peak (upper percentiles, maximum) personal magnetic field exposure metrics over 7 consecutive days in 100 pregnant women. When exposure was modeled as a continuous variable, central tendency metrics had substantial reliability, whereas peak metrics had fair (maximum) to moderate (upper percentiles) reliability. The predictive ability of a single-day metric to accurately classify participants into exposure categories based on a weeklong metric depended on the selected exposure threshold, with sensitivity decreasing with increasing exposure threshold. Consistent with the continuous measures analysis, sensitivity was higher for central tendency metrics than for peak metrics. If there is interest in peak metrics, more than 1 day of measurement is needed over the window of disease susceptibility to minimize measurement error, but 1 day may be sufficient for central tendency metrics.

Tool for Forecasting Cool-Season Peak Winds Across Kennedy Space Center and Cape Canaveral Air Force Station (CCAFS)

Science.gov (United States)

Barrett, Joe H., III; Roeder, William P.

2010-01-01

Peak wind speed is important element in 24-Hour and Weekly Planning Forecasts issued by 45th Weather Squadron (45 WS). Forecasts issued for planning operations at KSC/CCAFS. 45 WS wind advisories issued for wind gusts greater than or equal to 25 kt. 35 kt and 50 kt from surface to 300 ft. AMU developed cool-season (Oct - Apr) tool to help 45 WS forecast: daily peak wind speed, 5-minute average speed at time of peak wind, and probability peak speed greater than or equal to 25 kt, 35 kt, 50 kt. AMU tool also forecasts daily average wind speed from 30 ft to 60 ft. Phase I and II tools delivered as a Microsoft Excel graphical user interface (GUI). Phase II tool also delivered as Meteorological Interactive Data Display System (MIDDS) GUI. Phase I and II forecast methods were compared to climatology, 45 WS wind advisories and North American Mesoscale model (MesoNAM) forecasts in a verification data set.

Temporal Variability of Daily Personal Magnetic Field Exposure Metrics in Pregnant Women

OpenAIRE

Lewis, Ryan C.; Evenson, Kelly R.; Savitz, David A.; Meeker, John D.

2014-01-01

Recent epidemiology studies of power-frequency magnetic fields and reproductive health have characterized exposures using data collected from personal exposure monitors over a single day, possibly resulting in exposure misclassification due to temporal variability in daily personal magnetic field exposure metrics, but relevant data in adults are limited. We assessed the temporal variability of daily central tendency (time-weighted average, median) and peak (upper percentiles, maximum) persona...

Measuring the Behavioral Component of Financial Fluctuations

DEFF Research Database (Denmark)

Caporin, Massimiliano; Corazzini, Luca; Costola, Michele

We study the evolution of the behavioral component of the financial market by estimating a Bayesian mixture model in which two types of investors coexist: one rational, with standard subjective expected utility theory (SEUT) preferences, and one behavioral, endowed with an S-shaped utility function...... and the behavioral choices can be estimated by using a criterion function. The estimated parameter can be interpreted as an endogenous market sentiment index. This is confirmed by a number of checks controlling for the correlation of our endogenous index with measures of (implied) financial volatility, market...... sentiments and financial stress. Our results confirm the existence of a significant behavioral component that reaches its peaks during periods of recession. Moreover, after controlling for a number of covariates, we observe a significant correlation between the estimated behavioral component and the S&P 500...

Framing Financial Incentives to Increase Physical Activity Among Overweight and Obese Adults: A Randomized, Controlled Trial.

Science.gov (United States)

Patel, Mitesh S; Asch, David A; Rosin, Roy; Small, Dylan S; Bellamy, Scarlett L; Heuer, Jack; Sproat, Susan; Hyson, Chris; Haff, Nancy; Lee, Samantha M; Wesby, Lisa; Hoffer, Karen; Shuttleworth, David; Taylor, Devon H; Hilbert, Victoria; Zhu, Jingsan; Yang, Lin; Wang, Xingmei; Volpp, Kevin G

2016-03-15

Financial incentive designs to increase physical activity have not been well-examined. To test the effectiveness of 3 methods to frame financial incentives to increase physical activity among overweight and obese adults. Randomized, controlled trial. (ClinicalTrials.gov: NCT 02030119). University of Pennsylvania. 281 adult employees (body mass index ≥27 kg/m2). 13-week intervention. Participants had a goal of 7000 steps per day and were randomly assigned to a control group with daily feedback or 1 of 3 financial incentive programs with daily feedback: a gain incentive ($1.40 given each day the goal was achieved), lottery incentive (daily eligibility [expected value approximately $1.40] if goal was achieved), or loss incentive ($42 allocated monthly upfront and $1.40 removed each day the goal was not achieved). Participants were followed for another 13 weeks with daily performance feedback but no incentives. Primary outcome was the mean proportion of participant-days that the 7000-step goal was achieved during the intervention. Secondary outcomes included the mean proportion of participant-days achieving the goal during follow-up and the mean daily steps during intervention and follow-up. The mean proportion of participant-days achieving the goal was 0.30 (95% CI, 0.22 to 0.37) in the control group, 0.35 (CI, 0.28 to 0.42) in the gain-incentive group, 0.36 (CI, 0.29 to 0.43) in the lottery-incentive group, and 0.45 (CI, 0.38 to 0.52) in the loss-incentive group. In adjusted analyses, only the loss-incentive group had a significantly greater mean proportion of participant-days achieving the goal than control (adjusted difference, 0.16 [CI, 0.06 to 0.26]; P = 0.001), but the adjusted difference in mean daily steps was not significant (861 [CI, 24 to 1746]; P = 0.056). During follow-up, daily steps decreased for all incentive groups and were not different from control. Single employer. Financial incentives framed as a loss were most effective for achieving physical

Economic effects of peak oil

International Nuclear Information System (INIS)

Lutz, Christian; Lehr, Ulrike; Wiebe, Kirsten S.

2012-01-01

Assuming that global oil production peaked, this paper uses scenario analysis to show the economic effects of a possible supply shortage and corresponding rise in oil prices in the next decade on different sectors in Germany and other major economies such as the US, Japan, China, the OPEC or Russia. Due to the price-inelasticity of oil demand the supply shortage leads to a sharp increase in oil prices in the second scenario, with high effects on GDP comparable to the magnitude of the global financial crises in 2008/09. Oil exporting countries benefit from high oil prices, whereas oil importing countries are negatively affected. Generally, the effects in the third scenario are significantly smaller than in the second, showing that energy efficiency measures and the switch to renewable energy sources decreases the countries' dependence on oil imports and hence reduces their vulnerability to oil price shocks on the world market. - Highlights: ► National and sectoral economic effects of peak oil until 2020 are modelled. ► The price elasticity of oil demand is low resulting in high price fluctuations. ► Oil shortage strongly affects transport and indirectly all other sectors. ► Global macroeconomic effects are comparable to the 2008/2009 crisis. ► Country effects depend on oil imports and productivity, and economic structures.

Influence of the Time Scale on the Construction of Financial Networks

OpenAIRE

Emmert-Streib, Frank; Dehmer, Matthias

2010-01-01

BACKGROUND: In this paper we investigate the definition and formation of financial networks. Specifically, we study the influence of the time scale on their construction. METHODOLOGY/PRINCIPAL FINDINGS: For our analysis we use correlation-based networks obtained from the daily closing prices of stock market data. More precisely, we use the stocks that currently comprise the Dow Jones Industrial Average (DJIA) and estimate financial networks where nodes correspond to stocks and edges correspon...

Springs-neaps cycles in daily total seabed light: Daylength-induced changes

Science.gov (United States)

Roberts, E. M.; Bowers, D. G.; Davies, A. J.

2014-04-01

In shallow, tidal seas, daily total seabed light is determined largely by the interaction of the solar elevation cycle, the tidal cycle in water depth, and any temporal variability in turbidity. Since tidal range, times of low water, and often turbidity vary in regular ways over the springs-neaps cycle, daily total seabed light exhibits cycles of the same periodicity. Corresponding cycles are likely to be induced in the daily total primary production of benthic algae and plants, particularly those light-limited specimens occupying the lower reaches of a sub-tidal population. Consequently, this effect is an important control on the growth patterns, depth distribution and survival of, for example, macroalgal forests and seagrass meadows. Seasonal changes in daylength exert an important additional control on these cycles, as they alter the fraction of the tidal and turbidity cycles occurring within daylight hours. Bowers et al. (1997) modelled this phenomenon numerically and predicted that for a site with low water at about midday and midnight at neaps tides, 6 am and 6 pm at springs, daily total seabed light peaks at neaps in winter, but the ‘sense' of the cycle ‘switches' so that it peaks at springs in summer - the longer daylength permits the morning and evening low water springs to contribute substantially to the daily total. Observations for such a site in North Wales (UK), presented in this paper, show that no such ‘switch' occurs, and neaps tides host the largest daily totals throughout the year. The predicted ‘switch' is not observed because turbidity increases generally at spring tides, and specifically at low water springs, both of which were not accounted for in the model. Observations at a second site in Brittany (France), diametrically opposite in terms of the times of low water at neaps and at springs, indicate a peak at springs throughout the year. Analytical tools are developed to calculate the percentage of daily total sea surface irradiance

A grid-tied PV system for commercial load and peak load reduction: South African case study

CSIR Research Space (South Africa)

Senatla, Mamahloko

2017-08-01

Full Text Available -peak periods could be useful in reducing peak demand [1], battery life (if cycled every day), efficiency and cost may limit its usage. Also the TOU charges may not be high enough to justify the added expense of adding battery storage. Most of the research... work in various research communities analyse financial benefits for residential customers as opposed to commercial and industrial customers [2] [3]. For instance, the usage pattern of residential customers collected from a pilot project in India...

Financial Capacity and its Cognitive Predictors in Progressive Multiple Sclerosis.

Science.gov (United States)

Gerstenecker, Adam; Myers, Terina; Lowry, Kathleen; Martin, Roy C; Triebel, Kristen L; Bashir, Khurram; Marson, Daniel C

2017-12-01

Financial capacity is a cognitively-complex activity of daily living that has been shown to decline in a number of neurocognitive disorders. Although it has been well established that cognitive decline is common in multiple sclerosis (MS), little is known about possible financial capacity impairment in people with MS. Thus, the objective of the current study is to investigate financial capacity and its neurocognitive correlates in MS. Data from 22 people with progressive MS and a healthy comparison group composed of 18 adults were analyzed. MS diagnoses were made by a board-certified neurologist with experience in MS. Study participants were administered the Financial Capacity Instrument, a performance-based measure of financial capacity, and neuropsychological battery. Overall financial capacity and most complex financial domains were significantly poorer for people with progressive MS in relation to the healthy comparison group, and a number of cognitive variables were associated with financial capacity declines. Financial capacity is a complex cognitively-mediated functional ability that was impaired in 50% of the current sample of people with progressive MS. These results indicate that people with progressive MS are at greater risk for showing impairment in complex financial tasks and should be clinically monitored for possible deficits in financial capacity. © The Author 2017. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Structure and Connectivity Analysis of Financial Complex System Based on G-Causality Network

Science.gov (United States)

Xu, Chuan-Ming; Yan, Yan; Zhu, Xiao-Wu; Li, Xiao-Teng; Chen, Xiao-Song

2013-11-01

The recent financial crisis highlights the inherent weaknesses of the financial market. To explore the mechanism that maintains the financial market as a system, we study the interactions of U.S. financial market from the network perspective. Applied with conditional Granger causality network analysis, network density, in-degree and out-degree rankings are important indicators to analyze the conditional causal relationships among financial agents, and further to assess the stability of U.S. financial systems. It is found that the topological structure of G-causality network in U.S. financial market changed in different stages over the last decade, especially during the recent global financial crisis. Network density of the G-causality model is much higher during the period of 2007-2009 crisis stage, and it reaches the peak value in 2008, the most turbulent time in the crisis. Ranked by in-degrees and out-degrees, insurance companies are listed in the top of 68 financial institutions during the crisis. They act as the hubs which are more easily influenced by other financial institutions and simultaneously influence others during the global financial disturbance.

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...

"Am I going to be happy and financially stable?"

Directory of Open Access Journals (Sweden)

Talya Miron-Shatz

2009-02-01

Full Text Available Before the recent recession evoked general dismay and uncertainty, this study examined the relative contribution of income and the concern over financial security to life satisfaction. The degree to which such concerns permeate people's daily lives could be part of the broader concept of wealth, often measured through income and debt, and could help evaluate fiscal instruments promoting financial security. Study 1 (extit{N} = 267 used econometric methods to demonstrate that the consideration of financial security was as important to participants' life satisfaction as their monetary assets. Further, outlook on financial security adds to the prediction of life satisfaction above the contribution of income. Content analysis revealed that nearly half the participants (extit{N} = 651, Study 2 mentioned financial concerns --- retirement, college tuition, making ends meet, etc. --- when asked to think about ``the future'' in an open-ended manner. These participants reported lower life satisfaction compared with women who did not raise such concerns. The link between concerns over financial security and life satisfaction, which cannot be fully accounted for by income alone, could guide policy decisions on whether to directly allocate resources toward increasing income or to focus on creating a social and financial safety net.

Revenue Potential for Inpatient IR Consultation Services: A Financial Model.

Science.gov (United States)

Misono, Alexander S; Mueller, Peter R; Hirsch, Joshua A; Sheridan, Robert M; Siddiqi, Assad U; Liu, Raymond W

2016-05-01

Interventional radiology (IR) has historically failed to fully capture the value of evaluation and management services in the inpatient setting. Understanding financial benefits of a formally incorporated billing discipline may yield meaningful insights for interventional practices. A revenue modeling tool was created deploying standard financial modeling techniques, including sensitivity and scenario analyses. Sensitivity analysis calculates revenue fluctuation related to dynamic adjustment of discrete variables. In scenario analysis, possible future scenarios as well as revenue potential of different-size clinical practices are modeled. Assuming a hypothetical inpatient IR consultation service with a daily patient census of 35 patients and two new consults per day, the model estimates annual charges of $2.3 million and collected revenue of $390,000. Revenues are most sensitive to provider billing documentation rates and patient volume. A range of realistic scenarios-from cautious to optimistic-results in a range of annual charges of $1.8 million to $2.7 million and a collected revenue range of $241,000 to $601,000. Even a small practice with a daily patient census of 5 and 0.20 new consults per day may expect annual charges of $320,000 and collected revenue of $55,000. A financial revenue modeling tool is a powerful adjunct in understanding economics of an inpatient IR consultation service. Sensitivity and scenario analyses demonstrate a wide range of revenue potential and uncover levers for financial optimization. Copyright © 2016 SIR. Published by Elsevier Inc. All rights reserved.

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.

Interplay between daily rhythmic serum-mediated bacterial killing activity and immune defence factors in rainbow trout (Oncorhynchus mykiss)

DEFF Research Database (Denmark)

Lazado, Carlo Cabacang; Gesto, Manuel; Madsen, Lone

2018-01-01

manifested variations during the LD cycle, where anti-protease (ANTI) and myeloperoxidase (MPO) activities exhibited significant daily oscillation. However, there were no remarkable differences in the daily changes of serum factors amongst emergence fractions. Acrophase analysis revealed that the peaks...

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.

Daily disaggregation of simulated monthly flows using different rainfall datasets in southern Africa

Directory of Open Access Journals (Sweden)

D.A. Hughes

2015-09-01

New hydrological insights for the region: There are substantial regional differences in the success of the monthly hydrological model, which inevitably affects the success of the daily disaggregation results. There are also regional differences in the success of using global rainfall data sets (Climatic Research Unit (CRU datasets for monthly, National Oceanic and Atmospheric Administration African Rainfall Climatology, version 2 (ARC2 satellite data for daily. The overall conclusion is that the disaggregation method presents a parsimonious approach to generating daily flow simulations from existing monthly simulations and that these daily flows are likely to be useful for some purposes (e.g. water quality modelling, but less so for others (e.g. peak flow analysis.

Structure and Connectivity Analysis of Financial Complex System Based on G-Causality Network

International Nuclear Information System (INIS)

Xu Chuan-Ming; Yan Yan; Zhu Xiao-Wu; Li Xiao-Teng; Chen Xiao-Song

2013-01-01

The recent financial crisis highlights the inherent weaknesses of the financial market. To explore the mechanism that maintains the financial market as a system, we study the interactions of U.S. financial market from the network perspective. Applied with conditional Granger causality network analysis, network density, in-degree and out-degree rankings are important indicators to analyze the conditional causal relationships among financial agents, and further to assess the stability of U.S. financial systems. It is found that the topological structure of G-causality network in U.S. financial market changed in different stages over the last decade, especially during the recent global financial crisis. Network density of the G-causality model is much higher during the period of 2007–2009 crisis stage, and it reaches the peak value in 2008, the most turbulent time in the crisis. Ranked by in-degrees and out-degrees, insurance companies are listed in the top of 68 financial institutions during the crisis. They act as the hubs which are more easily influenced by other financial institutions and simultaneously influence others during the global financial disturbance. (interdisciplinary physics and related areas of science and technology)

The Nature of Double-peaked [O III] Active Galactic Nuclei

Science.gov (United States)

Fu, Hai; Yan, Lin; Myers, Adam D.; Stockton, Alan; Djorgovski, S. G.; Aldering, G.; Rich, Jeffrey A.

2012-01-01

Active galactic nuclei (AGNs) with double-peaked [O III] lines are suspected to be sub-kpc or kpc-scale binary AGNs. However, pure gas kinematics can produce the same double-peaked line profile in spatially integrated spectra. Here we combine integral-field spectroscopy and high-resolution imaging of 42 double-peaked [O III] AGNs from the Sloan Digital Sky Survey to investigate the constituents of the population. We find two binary AGNs where the line splitting is driven by the orbital motion of the merging nuclei. Such objects account for only ~2% of the double-peaked AGNs. Almost all (~98%) of the double-peaked AGNs were selected because of gas kinematics; and half of those show spatially resolved narrow-line regions that extend 4-20 kpc from the nuclei. Serendipitously, we find two spectrally unresolved binary AGNs where gas kinematics produced the double-peaked [O III] lines. The relatively frequent serendipitous discoveries indicate that only ~1% of binary AGNs would appear double-peaked in Sloan spectra and 2.2+2.5 -0.8% of all Sloan AGNs are binary AGNs. Therefore, the double-peaked sample does not offer much advantage over any other AGN samples in finding binary AGNs. The binary AGN fraction implies an elevated AGN duty cycle (8+8 -3%), suggesting galaxy interactions enhance nuclear accretion. We illustrate that integral-field spectroscopy is crucial for identifying binary AGNs: several objects previously classified as "binary AGNs" with long-slit spectra are most likely single AGNs with extended narrow-line regions (ENLRs). The formation of ENLRs driven by radiation pressure is also discussed. Some of the data presented herein were obtained at the W.M. Keck Observatory, which is operated as a scientific partnership among the California Institute of Technology, the University of California, and the National Aeronautics and Space Administration. The Observatory was made possible by the generous financial support of the W. M. Keck Foundation.

Asymmetric and symmetric meta-correlations in financial markets

International Nuclear Information System (INIS)

Li Xiaohui; Shen Xiangying; Huang Jiping

2016-01-01

In financial markets, the relation between fluctuations of stock prices and trading behaviors is complex. It is intriguing to quantify this kind of meta-correlation between market fluctuations and the synchronous behaviors. We refine the theoretical index leverage model proposed by Reigneron et al. , to exactly quantify the meta-correlation under various levels of price fluctuations [Reigneron P A, Allez R and Bouchaud J P 2011 Physica A 390 3026]. The characteristics of meta-correlations in times of market losses, are found to be significantly different in Chinese and American financial markets. In addition, unlike the asymmetric results at the daily scale, the correlation behaviors are found to be symmetric at the high-frequency scale. (paper)

The critical role of the routing scheme in simulating peak river discharge in global hydrological models

Science.gov (United States)

Zhao, F.; Veldkamp, T.; Frieler, K.; Schewe, J.; Ostberg, S.; Willner, S. N.; Schauberger, B.; Gosling, S.; Mueller Schmied, H.; Portmann, F. T.; Leng, G.; Huang, M.; Liu, X.; Tang, Q.; Hanasaki, N.; Biemans, H.; Gerten, D.; Satoh, Y.; Pokhrel, Y. N.; Stacke, T.; Ciais, P.; Chang, J.; Ducharne, A.; Guimberteau, M.; Wada, Y.; Kim, H.; Yamazaki, D.

2017-12-01

Global hydrological models (GHMs) have been applied to assess global flood hazards, but their capacity to capture the timing and amplitude of peak river discharge—which is crucial in flood simulations—has traditionally not been the focus of examination. Here we evaluate to what degree the choice of river routing scheme affects simulations of peak discharge and may help to provide better agreement with observations. To this end we use runoff and discharge simulations of nine GHMs forced by observational climate data (1971-2010) within the ISIMIP2a project. The runoff simulations were used as input for the global river routing model CaMa-Flood. The simulated daily discharge was compared to the discharge generated by each GHM using its native river routing scheme. For each GHM both versions of simulated discharge were compared to monthly and daily discharge observations from 1701 GRDC stations as a benchmark. CaMa-Flood routing shows a general reduction of peak river discharge and a delay of about two to three weeks in its occurrence, likely induced by the buffering capacity of floodplain reservoirs. For a majority of river basins, discharge produced by CaMa-Flood resulted in a better agreement with observations. In particular, maximum daily discharge was adjusted, with a multi-model averaged reduction in bias over about 2/3 of the analysed basin area. The increase in agreement was obtained in both managed and near-natural basins. Overall, this study demonstrates the importance of routing scheme choice in peak discharge simulation, where CaMa-Flood routing accounts for floodplain storage and backwater effects that are not represented in most GHMs. Our study provides important hints that an explicit parameterisation of these processes may be essential in future impact studies.

[A peak recognition algorithm designed for chromatographic peaks of transformer oil].

Science.gov (United States)

Ou, Linjun; Cao, Jian

2014-09-01

In the field of the chromatographic peak identification of the transformer oil, the traditional first-order derivative requires slope threshold to achieve peak identification. In terms of its shortcomings of low automation and easy distortion, the first-order derivative method was improved by applying the moving average iterative method and the normalized analysis techniques to identify the peaks. Accurate identification of the chromatographic peaks was realized through using multiple iterations of the moving average of signal curves and square wave curves to determine the optimal value of the normalized peak identification parameters, combined with the absolute peak retention times and peak window. The experimental results show that this algorithm can accurately identify the peaks and is not sensitive to the noise, the chromatographic peak width or the peak shape changes. It has strong adaptability to meet the on-site requirements of online monitoring devices of dissolved gases in transformer oil.

Objectively measured daily physical activity related to aerobic fitness in young children

DEFF Research Database (Denmark)

Dencker, Magnus; Bugge, Anna; Hermansen, Bianca

2010-01-01

The purpose of this study was to investigate by direct measurement the cross-sectional relationship between accelerometer-measured physical activity and peak oxygen uptake (VO(2peak): ml x min(-1) x kg(-1)), in a population-based cohort of young children, since such data are scarce. The study...... analyses indicated that the various physical activity variables explained between 2 and 8% of the variance in VO(2peak) in boys. In this population-based cohort, most daily activity variables were positively related to aerobic fitness in boys, whereas less clear relationships were observed in girls. Our...... finding that physical activity was only uniformly related to aerobic fitness in boys partly contradicts previous studies in older children and adolescents....

Effect of daily fluctuations in ambient temperature on reproductive failure traits of Landrace and Yorkshire sows under Thai tropical environmental conditions.

Science.gov (United States)

Jaichansukkit, Teerapong; Suwanasopee, Thanathip; Koonawootrittriron, Skorn; Tummaruk, Padet; Elzo, Mauricio A

2017-03-01

The aim of this study was to determine the effects of daily ranges and maximum ambient temperatures, and other risk factors on reproductive failure of Landrace (L) and Yorkshire (Y) sows under an open-house system in Thailand. Daily ambient temperatures were added to information on 35,579 litters from 5929 L sows and 1057 Y sows from three commercial herds. The average daily temperature ranges (ADT) and the average daily maximum temperatures (PEAK) in three gestation periods from the 35th day of gestation to parturition were classified. The considered reproductive failure traits were the occurrences of mummified fetuses (MM), stillborn piglets (STB), and piglet death losses (PDL) and an indicator trait for number of piglets born alive below the population mean (LBA). A multiple logistic regression model included farrowing herd-year-season (HYS), breed group of sow (BG), parity group (PAR), number of total piglets born (NTB), ADT1, ADT2, ADT3, PEAK1, PEAK2, and PEAK3 as fixed effects, while random effects were animal, repeated observations, and residual. Yorkshire sows had a higher occurrence of LBA than L sows (P = 0.01). The second to fifth parities sows had lower reproductive failures than other parities. The NTB regression coefficients of log-odds were positive (P reproductive failures, particularly late in gestation, producers would need to closely monitor their temperature management strategies.

daily nigerian nigerian nigerian peak load forec peak load forec

African Journals Online (AJOL)

User

company. Basic operating functions such as u commitment, economic dispatch, fuel scheduli and unit ... analysis or contingency analysis [1]. 8035134769 ... A neural network of relatively smaller size than the main prediction relatively smaller ...

2 Dailies Battle for Readers and Advertisers in U. of Wisconsin Student-Newspaper War.

Science.gov (United States)

Hirschorn, Michael W.

1987-01-01

Two student newspapers at the University of Wisconsin at Madison are in fierce competition for readers and advertisers. A proposal of the Badger Herald, an 18-year-old conservative weekly, that the two merge their financial operations was rejected by the liberal Daily Cardinal and the newspaper war was on. (MLW)

Conversion From Twice-Daily Tacrolimus Capsules to Once-Daily Extended-Release Tacrolimus (LCPT): A Phase 2 Trial of Stable Renal Transplant Recipients

Science.gov (United States)

Gaber, A. Osama; Alloway, Rita R.; Bodziak, Kenneth; Kaplan, Bruce; Bunnapradist, Suphamai

2013-01-01

Background LCP-Tacro is an extended-release formulation of tacrolimus designed for once-daily dosing. Phase 1 studies demonstrated greater bioavailability to twice-daily tacrolimus capsules and no new safety concerns. Methods In this phase 2 study, adult stable kidney transplant patients on tacrolimus capsules (Prograf) twice-daily were converted to tacrolimus tablets (LCP-Tacro) once-daily; patients continued on LCP-Tacro once-daily for days 8 to 21; trough levels were to be maintained between 5 and 15 ng/mL; 24-hr pharmacokinetic assessments were done on days 7 (baseline pre-switch), 14, and 21. Results Forty-seven patients completed LCP-Tacro dosing per protocol. The mean conversion ratio was 0.71. Pharmacokinetic data demonstrated consistent exposure (AUC) at the lower conversion dose. Cmax (P=0.0001), Cmax/Cmin ratio (P<0.001), percent fluctuation (P<0.0001), and swing (P=0.0004) were significantly lower and Tmax significantly (P<0.001) longer for LCP-Tacro versus Prograf. AUC24 and Cmin correlation coefficients after 7 and 14 days of therapy were 0.86 or more, demonstrating a robust correlation between LCP-Tacro tacrolimus exposure and trough levels. There were three serious adverse events; none were related to study drug and all were resolved. Conclusions Stable kidney transplant patients can be safely converted from Prograf twice-daily to LCP-Tacro. The greater bioavailability of LCP-Tacro allows for once-daily dosing and similar (AUC) exposure at a dose approximately 30% less than the total daily dose of Prograf. LCP-Tacro displays flatter kinetics characterized by significantly lower peak-trough fluctuations. PMID:23715050

Effects of Financial Crises on the Long Memory Volatility Dependency of Foreign Exchange Rates: the Asian Crisis vs. the Global Crisis

Directory of Open Access Journals (Sweden)

Young Wook Han

2014-03-01

Full Text Available This paper examines the effects of financial crises on the long memory volatility dependency of daily exchange returns focusing on the Asian crisis in 97-98 and the Global crisis in 08-09. By using the daily KRW-USD and JPY-USD exchange rates which have different trading regions and volumes, this paper first applies both the parametric FIGARCH model and the semi-parametric Local Whittle method to estimate the long memory volatility dependency of the daily returns and the temporally aggregated returns of the two exchange rates. Then it compares the effects of the two financial crises on the long memory volatility dependency of the daily returns. The estimation results reflect that the long memory volatility dependency of the KRW-USD is generally greater than that of the JPY-USD returns and the long memory dependency of the two returns appears to be invariant to temporal aggregation. And, the two financial crises appear to affect the volatility dynamics of all the returns by inducing greater long memory dependency in the volatility process of the exchange returns, but the degree of the effects of the two crises seems to be different on the exchange rates.

Big data prediction of durations for online collective actions based on peak's timing

Science.gov (United States)

Nie, Shizhao; Wang, Zheng; Pujia, Wangmo; Nie, Yuan; Lu, Peng

2018-02-01

Peak Model states that each collective action has a life circle, which contains four periods of "prepare", "outbreak", "peak", and "vanish"; and the peak determines the max energy and the whole process. The peak model's re-simulation indicates that there seems to be a stable ratio between the peak's timing (TP) and the total span (T) or duration of collective actions, which needs further validations through empirical data of collective actions. Therefore, the daily big data of online collective actions is applied to validate the model; and the key is to check the ratio between peak's timing and the total span. The big data is obtained from online data recording & mining of websites. It is verified by the empirical big data that there is a stable ratio between TP and T; furthermore, it seems to be normally distributed. This rule holds for both the general cases and the sub-types of collective actions. Given the distribution of the ratio, estimated probability density function can be obtained, and therefore the span can be predicted via the peak's timing. Under the scenario of big data, the instant span (how long the collective action lasts or when it ends) will be monitored and predicted in real-time. With denser data (Big Data), the estimation of the ratio's distribution gets more robust, and the prediction of collective actions' spans or durations will be more accurate.

Peak activation of lower limb musculature during high flexion kneeling and transitional movements.

Science.gov (United States)

Kingston, David C; Tennant, Liana M; Chong, Helen C; Acker, Stacey M

2016-09-01

Few studies have measured lower limb muscle activation during high knee flexion or investigated the effects of occupational safety footwear. Therefore, our understanding of injury and disease mechanisms, such as knee osteoarthritis, is limited for these high-risk postures. Peak activation was assessed in eight bilateral lower limb muscles for twelve male participants, while shod or barefoot. Transitions between standing and kneeling had peak quadriceps and tibialis anterior (TA) activations above 50% MVC. Static kneeling and simulated tasks performed when kneeling had peak TA activity above 15% MVC but below 10% MVC for remaining muscles. In three cases, peak muscle activity was significantly higher (mean 8.9% MVC) when shod. However, net compressive knee joint forces may not be significantly increased when shod. EMG should be used as a modelling input when estimating joint contact forces for these postures, considering the activation levels in the hamstrings and quadriceps muscles during transitions. Practitioner Summary: Kneeling transitional movements are used in activities of daily living and work but are linked to increased knee osteoarthritis risk. We found peak EMG activity of some lower limb muscles to be over 70% MVC during transitions and minimal influence of wearing safety footwear.

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…

Impact on the aquatic environment of hydro-peaking in hydroelectric plants

International Nuclear Information System (INIS)

Sabaton, C.; Lauters, F.; Valentin, S.

1996-01-01

There are a number of types of hydroelectric installations on French rivers. Some of these intermittently turbine water stored in dammed reservoirs, in order to use available reserves at the most opportune moment for power generation. These plants, run under 'hydro-peaking' management procedures, cause variations in discharge in river sections downstream of the restitution, on a daily or weekly scale. To answer questions concerning the impact of such variations in discharge on the aquatic environment, EDF launched a research program aimed at describing and better understanding the physical and biological phenomena related to hydro-peaking and assessing the possible impact of this type of plant management on French streams. Seven sites subjects to hydro-peaking were studied on rivers with mean flow rates lower than 20 m 3 /s (which corresponds to over 65 % of EDF hydro-peaking sites). Four themes in particular were examined: hydraulic characterization of hydro-peaking, modifications in thermal regime and water quality, response of benthic invertebrates and response of fish populations to hydro-peaking. For fish as well as for invertebrates, the role of the base discharge - in the absence of peaking flow - and that of the morphology of the river bed (and, in particular, the presence of shelter for fish) during periods of strong discharge were clearly highlighted. Impact assessment requires a precise diagnosis of the state of biocenoses. To carry out such a diagnosis, one must reason in terms of species, life phase (particularly the most sensitive phases) and population structure as well as the type of stream and the faunizone involved. A risk assessment is possible by means of simultaneous study of the morphology of the river bed and the response of the signal generated by hydro-peaking in terms of hydrology and physical characteristics downstream of the restitution. (authors)

Modelling of Sub-daily Hydrological Processes Using Daily Time-Step Models: A Distribution Function Approach to Temporal Scaling

Science.gov (United States)

Kandel, D. D.; Western, A. W.; Grayson, R. B.

2004-12-01

Mismatches in scale between the fundamental processes, the model and supporting data are a major limitation in hydrologic modelling. Surface runoff generation via infiltration excess and the process of soil erosion are fundamentally short time-scale phenomena and their average behaviour is mostly determined by the short time-scale peak intensities of rainfall. Ideally, these processes should be simulated using time-steps of the order of minutes to appropriately resolve the effect of rainfall intensity variations. However, sub-daily data support is often inadequate and the processes are usually simulated by calibrating daily (or even coarser) time-step models. Generally process descriptions are not modified but rather effective parameter values are used to account for the effect of temporal lumping, assuming that the effect of the scale mismatch can be counterbalanced by tuning the parameter values at the model time-step of interest. Often this results in parameter values that are difficult to interpret physically. A similar approach is often taken spatially. This is problematic as these processes generally operate or interact non-linearly. This indicates a need for better techniques to simulate sub-daily processes using daily time-step models while still using widely available daily information. A new method applicable to many rainfall-runoff-erosion models is presented. The method is based on temporal scaling using statistical distributions of rainfall intensity to represent sub-daily intensity variations in a daily time-step model. This allows the effect of short time-scale nonlinear processes to be captured while modelling at a daily time-step, which is often attractive due to the wide availability of daily forcing data. The approach relies on characterising the rainfall intensity variation within a day using a cumulative distribution function (cdf). This cdf is then modified by various linear and nonlinear processes typically represented in hydrological and

Seasonal and daily plasma corticosterone rhythms in American toads, Bufo americanus

International Nuclear Information System (INIS)

Pancak, M.K.; Taylor, D.H.

1983-01-01

Concentrations of corticosterone were measured in the plasma of American toads, Bufo americanus, on a seasonal basis using a radioimmunoassay technique. Two populations of toads, maintained under different light conditions, were monitored to observe the effects of photoperiod on the seasonal rhythm of plasma corticosterone. Under a natural photoperiod toads demonstrated a rhythm consisting of a spring peak and a fall peak in corticosterone concentration. Toads maintained under a 12L:12D photoperiod all year round demonstrated a similar rhythm with peaks in the spring and fall. This suggests that an endogenous (circannual) rhythm of corticosterone may be playing an important role in the seasonal change of overt behavior and physiology of Bufo americanus. A daily rhythm of corticosterone was also detected in toads when blood samples were taken every 4 hr. When compared to a previously published circadian rhythm study of locomotor activity, the surge in corticosterone concentration for the day occurred at 1730 just prior to the peak in locomotor activity

Timing matters: length of leave and working mothers' daily reentry regrets.

Science.gov (United States)

Wiese, Bettina S; Ritter, Johannes O

2012-11-01

Dealing with developmental tasks in work and family domains is an important challenge for young and middle-aged adults. We investigated a transition that has evolved into a normative task for women, namely, the retransition back to paid work following maternity leave. In a diary study with 149 mothers who had just returned to work, we examined the daily experienced regrets concerning this return. In addition to personal resources (i.e., emotional stability, feeling prepared for the transition) and financial requirements needed to return to work, daily experienced family stress predicted decisional regrets. Moreover, our results suggest that leave length is related to psychological resilience in the face of day-to-day stress experiences: Late returners reported fewer regrets in general and were unaffected by daily family stress. Return-to-work regrets, in turn, were predictive of withdrawal intentions. This underlines the relevancy of the timing of the transition back to work in terms of successful development during this life phase.

Once-daily dose regimen of ribavirin is interchangeable with a twice-daily dose regimen: randomized open clinical trial

Directory of Open Access Journals (Sweden)

Balk JM

2015-08-01

Full Text Available Jiska M Balk,1 Guido RMM Haenen,1 Özgür M Koc,2 Ron Peters,3 Aalt Bast,1 Wim JF van der Vijgh,1 Ger H Koek,4 1Department of Toxicology, NUTRIM School for Nutrition, Toxicology and Metabolism, Maastricht University Medical Centre, 2Faculty of Health, Medicine and Life Sciences, Maastricht University, Maastricht, 3DSM Resolve, Geleen, 4Department of Internal Medicine, Division of Gastroenterology and Hepatology, Maastricht University Medical Centre, Maastricht, the Netherlands Background: The combination of ribavirin (RBV and pegylated interferon (PEG-IFN is effective in the treatment of chronic hepatitis C infection. Reducing the frequency of RBV intake from twice to once a day will improve compliance and opens up the opportunity to combine RBV with new and more specific direct-acting agents in one pill. Therefore, the purpose of this study was to evaluate the pharmacokinetic profile of RBV in a once-daily to twice-daily regimen. The secondary aim was to determine tolerability as well as the severity and differences in side effects of both treatment regimens. Methods: In this randomized open-label crossover study, twelve patients with chronic type 1 hepatitis C infection and weighing more than 75 kg were treated with 180 µg of PEG-IFN weekly and 1,200 mg RBV daily for 24 weeks. The patients received RBV dosed as 1,200 mg once-daily for 12 weeks followed by RBV dosed as 600 mg twice-daily for 12 weeks, or vice versa. In addition to the pharmacokinetic profile, the hematological profile and side effects were recorded. The RBV concentrations in plasma were determined using liquid chromatography-tandem mass spectrometry. Results: Eight of twelve patients completed the study. Neither the time taken for RBV to reach peak plasma concentration nor the AUC0-last (adjusted for difference in dose was significantly different between the two groups (P>0.05. Furthermore, the once-daily regimen did not give more side effects than the twice-daily regimen (P>0

Accelerometer-measured daily physical activity related to aerobic fitness in children and adolescents

DEFF Research Database (Denmark)

Dencker, Magnus; Andersen, Lars Bo

2011-01-01

Maximum oxygen uptake ([Vdot]O(2PEAK)) is generally considered to be the best single marker for aerobic fitness. While a positive relationship between daily physical activity and aerobic fitness has been established in adults, the relationship appears less clear in children and adolescents...

Characteristics of sub-daily precipitation extremes in observed data and regional climate model simulations

Science.gov (United States)

Beranová, Romana; Kyselý, Jan; Hanel, Martin

2018-04-01

The study compares characteristics of observed sub-daily precipitation extremes in the Czech Republic with those simulated by Hadley Centre Regional Model version 3 (HadRM3) and Rossby Centre Regional Atmospheric Model version 4 (RCA4) regional climate models (RCMs) driven by reanalyses and examines diurnal cycles of hourly precipitation and their dependence on intensity and surface temperature. The observed warm-season (May-September) maxima of short-duration (1, 2 and 3 h) amounts show one diurnal peak in the afternoon, which is simulated reasonably well by RCA4, although the peak occurs too early in the model. HadRM3 provides an unrealistic diurnal cycle with a nighttime peak and an afternoon minimum coinciding with the observed maximum for all three ensemble members, which suggests that convection is not captured realistically. Distorted relationships of the diurnal cycles of hourly precipitation to daily maximum temperature in HadRM3 further evidence that underlying physical mechanisms are misrepresented in this RCM. Goodness-of-fit tests indicate that generalised extreme value distribution is an applicable model for both observed and RCM-simulated precipitation maxima. However, the RCMs are not able to capture the range of the shape parameter estimates of distributions of short-duration precipitation maxima realistically, leading to either too many (nearly all for HadRM3) or too few (RCA4) grid boxes in which the shape parameter corresponds to a heavy tail. This means that the distributions of maxima of sub-daily amounts are distorted in the RCM-simulated data and do not match reality well. Therefore, projected changes of sub-daily precipitation extremes in climate change scenarios based on RCMs not resolving convection need to be interpreted with caution.

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

Directory of Open Access Journals (Sweden)

Igor Masten

2011-12-01

Full Text Available

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

Daily rhythms of behavioral and hormonal patterns in male dromedary camels housed in boxes

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Lydiane Aubè

2017-03-01

Full Text Available Background Daily rhythmicity has been observed for a number of hormonal and behavioral variables in mammals. It can be entrained by several external factors, such as light-dark cycle and scheduled feeding. In dromedary camels, daily rhythmicity has been documented only for melatonin secretion and body temperature. In this study, the daily rhythmicity of behavioral repertoire, cortisol and testosterone levels was investigated in captive male camels. Methods Six clinically healthy male dromedary camels (Camelus dromedarius were used. The animals were housed in single boxes for 24 h daily and fed twice a day. Over a period of 48 h, behavioral observations were made and blood samples taken every two hours. The data were analyzed using diurnality index, conisor analysis and PROC mixed procedure. Results The diurnality index for rumination and lying down was close to 0 (respectively, 0.09 and 0.19, while the indices for stereotypy, standing, feeding and walking were close to 1 (respectively, 0.74, 0.84, 0.92 and 0.85. Cosinor analysis revealed daily rhythmicity for all behaviors and for cortisol levels (acrophase at 12:57 but not for testosterone. Rumination and lying down (inactive behaviors reached a peak during the scotophase, whereas feeding, walking and stereotypy (active behaviors reached a peak during the photophase around midday. Cortisol level and expression of stereotypies peaked before and after food distribution and were negatively correlated (r =  − 0.287, P = 0.005. Testosterone levels and expression of sexual behaviors were stimulated by the visual and olfactory contacts with the females and were positively correlated (r = 0.164, P = 0.040. Testosterone was also negatively correlated with cortisol (r =  − 0.297; P = 0.003. Discussion These preliminary results provided new knowledge about the daily rhythm of behaviors in camels housed in boxes, suggesting that camels exhibit diurnal behavior pattern in the maintenance

The Historical Complementarity of Both the Real and the Financial Sectors of Economy

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Kornivska Valeria О.

2017-10-01

Full Text Available The publication presents the results of an analysis of evolution of complementarity of the financial and the real sectors from the simple credit through the formation and allocation of intermediary activity to establishment of the exchange as a prototype of all the financial markets known to date. The author characterizes the European financial tradition, which is emerging from the first exchanges, linked to the mutual dependence of the banking and the securities sectors. The institutional basis for the predominantly speculative nature of securities transactions has been demonstrated, it has been shown that the current activity of banking structures in the fund space has historical roots. It has been proven that the peak of complementarity both in the financial and in the real sectors takes place in the capitalist economy, where synergy between the financial and the real economic processes has been maximized and expressed in innovative development, economic growth, and social well-being.

Financial Village Standing in Indonesian Financial System

Directory of Open Access Journals (Sweden)

Herry Purnomo

2015-12-01

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

Peak-interviewet

DEFF Research Database (Denmark)

Raalskov, Jesper; Warming-Rasmussen, Bent

Peak-interviewet er en særlig effektiv metode til at gøre ubevidste menneskelige ressourcer bevidste. Fokuspersonen (den interviewede) interviewes om en selvvalgt, personlig succesoplevelse. Terapeuten/coachen (intervieweren) spørger ind til processen, som ledte hen til denne succes. Herved afdæk...... fokuspersonen ønsker at tage op (nye mål eller nye processer). Nærværende workingpaper beskriver, hvad der menes med et peak-interview, peakinterviwets teoretiske fundament samt metodikken til at foretage et tillidsfuldt og effektiv peak-interview....

'Peak oil' or 'peak demand'?

International Nuclear Information System (INIS)

Chevallier, Bruno; Moncomble, Jean-Eudes; Sigonney, Pierre; Vially, Rolland; Bosseboeuf, Didier; Chateau, Bertrand

2012-01-01

This article reports a workshop which addressed several energy issues like the objectives and constraints of energy mix scenarios, the differences between the approaches in different countries, the cost of new technologies implemented for this purposes, how these technologies will be developed and marketed, which will be the environmental and societal acceptability of these technical choices. Different aspects and issues have been more precisely presented and discussed: the peak oil, development of shale gases and their cost (will non conventional hydrocarbons modify the peak oil and be socially accepted?), energy efficiency (its benefits, its reality in France and other countries, its position in front of the challenge of energy transition), and strategies in the transport sector (challenges for mobility, evolution towards a model of sustainable mobility)

Characteristics of the transmission of autoregressive sub-patterns in financial time series

Science.gov (United States)

Gao, Xiangyun; An, Haizhong; Fang, Wei; Huang, Xuan; Li, Huajiao; Zhong, Weiqiong

2014-09-01

There are many types of autoregressive patterns in financial time series, and they form a transmission process. Here, we define autoregressive patterns quantitatively through an econometrical regression model. We present a computational algorithm that sets the autoregressive patterns as nodes and transmissions between patterns as edges, and then converts the transmission process of autoregressive patterns in a time series into a network. We utilised daily Shanghai (securities) composite index time series to study the transmission characteristics of autoregressive patterns. We found statistically significant evidence that the financial market is not random and that there are similar characteristics between parts and whole time series. A few types of autoregressive sub-patterns and transmission patterns drive the oscillations of the financial market. A clustering effect on fluctuations appears in the transmission process, and certain non-major autoregressive sub-patterns have high media capabilities in the financial time series. Different stock indexes exhibit similar characteristics in the transmission of fluctuation information. This work not only proposes a distinctive perspective for analysing financial time series but also provides important information for investors.

Automated Peak Picking and Peak Integration in Macromolecular NMR Spectra Using AUTOPSY

Science.gov (United States)

Koradi, Reto; Billeter, Martin; Engeli, Max; Güntert, Peter; Wüthrich, Kurt

1998-12-01

A new approach for automated peak picking of multidimensional protein NMR spectra with strong overlap is introduced, which makes use of the program AUTOPSY (automatedpeak picking for NMRspectroscopy). The main elements of this program are a novel function for local noise level calculation, the use of symmetry considerations, and the use of lineshapes extracted from well-separated peaks for resolving groups of strongly overlapping peaks. The algorithm generates peak lists with precise chemical shift and integral intensities, and a reliability measure for the recognition of each peak. The results of automated peak picking of NOESY spectra with AUTOPSY were tested in combination with the combined automated NOESY cross peak assignment and structure calculation routine NOAH implemented in the program DYANA. The quality of the resulting structures was found to be comparable with those from corresponding data obtained with manual peak picking.

Detection of the relationship between peak temperature and extreme precipitation

Science.gov (United States)

Yu, Y.; Liu, J.; Zhiyong, Y.

2017-12-01

Under the background of climate change and human activities, the characteristics and pattern of precipitation have changed significantly in many regions. As the political and cultural center of China, the structure and character of precipitation in Jingjinji District has varied dramatically in recent years. In this paper, the daily precipitation data throughout the period 1960-2013 are selected for analyzing the spatial-temporal variability of precipitation. The results indicate that the frequency and intensity of precipitation presents an increasing trend. Based on the precipitation data, the maximum, minimum and mean precipitation in different temporal and spatial scales is calculated respectively. The temporal and spatial variation of temperature is obtained by using statistical methods. The relationship between temperature and precipitation in different range is analyzed. The curve relates daily precipitation extremes with local temperatures has a peak structure, increasing at the low-medium range of temperature variations but decreasing at high temperatures. The relationship between extreme precipitation is stronger in downtown than that in suburbs.

FINANCIAL INSTABILITY, FINANCIAL DEVELOPMENT AND POVERTY

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Ionescu Cristian

2012-12-01

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

Financial Literacy and Financial Behaviour

NARCIS (Netherlands)

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

2016-01-01

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

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

Directory of Open Access Journals (Sweden)

Sigit Setiawan

2015-05-01

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

Climate change is projected to have severe impacts on the frequency and intensity of peak electricity demand across the United States.

Science.gov (United States)

Auffhammer, Maximilian; Baylis, Patrick; Hausman, Catherine H

2017-02-21

It has been suggested that climate change impacts on the electric sector will account for the majority of global economic damages by the end of the current century and beyond [Rose S, et al. (2014) Understanding the Social Cost of Carbon: A Technical Assessment ]. The empirical literature has shown significant increases in climate-driven impacts on overall consumption, yet has not focused on the cost implications of the increased intensity and frequency of extreme events driving peak demand, which is the highest load observed in a period. We use comprehensive, high-frequency data at the level of load balancing authorities to parameterize the relationship between average or peak electricity demand and temperature for a major economy. Using statistical models, we analyze multiyear data from 166 load balancing authorities in the United States. We couple the estimated temperature response functions for total daily consumption and daily peak load with 18 downscaled global climate models (GCMs) to simulate climate change-driven impacts on both outcomes. We show moderate and heterogeneous changes in consumption, with an average increase of 2.8% by end of century. The results of our peak load simulations, however, suggest significant increases in the intensity and frequency of peak events throughout the United States, assuming today's technology and electricity market fundamentals. As the electricity grid is built to endure maximum load, our findings have significant implications for the construction of costly peak generating capacity, suggesting additional peak capacity costs of up to 180 billion dollars by the end of the century under business-as-usual.

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

Trend Switching Processes in Financial Markets

Science.gov (United States)

Preis, Tobias; Stanley, H. Eugene

For an intriguing variety of switching processes in nature, the underlying complex system abruptly changes at a specific point from one state to another in a highly discontinuous fashion. Financial market fluctuations are characterized by many abrupt switchings creating increasing trends ("bubble formation") and decreasing trends ("bubble collapse"), on time scales ranging from macroscopic bubbles persisting for hundreds of days to microscopic bubbles persisting only for very short time scales. Our analysis is based on a German DAX Future data base containing 13,991,275 transactions recorded with a time resolution of 10- 2 s. For a parallel analysis, we use a data base of all S&P500 stocks providing 2,592,531 daily closing prices. We ask whether these ubiquitous switching processes have quantifiable features independent of the time horizon studied. We find striking scale-free behavior of the volatility after each switching occurs. We interpret our findings as being consistent with time-dependent collective behavior of financial market participants. We test the possible universality of our result by performing a parallel analysis of fluctuations in transaction volume and time intervals between trades. We show that these financial market switching processes have features similar to those present in phase transitions. We find that the well-known catastrophic bubbles that occur on large time scales - such as the most recent financial crisis - are no outliers but in fact single dramatic representatives caused by the formation of upward and downward trends on time scales varying over nine orders of magnitude from the very large down to the very small.

Effect of 1,6-hexamethylene diisocyanate exposure on peak flowmetry in automobile paint shop workers in Iran.

Science.gov (United States)

Pourabedian, Siyamak; Barkhordari, Abdullah; Habibi, Ehsanallah; Rismanchiyan, Masoud; Zare, Mohsen

2010-06-01

The aim of this study was to investigate the effects of occupational exposure to 1,6-hexamethylene diisocyanate (HDI) on peak flowmetry in automobile body paint shop workers in Iran. We studied a population of 43 car painters exposed to HDI at their workplaces. Peak expiratory flow was tested for one working week, from the start to the end of each shift. Air was sampled and HDI analysed in parallel, according to the OSHA 42 method. Daily and weekly HDI exposure averages were (0.42+/-0.1) mg m(-3) and (0.13+/-0.05) mg m(-3), respectively. On painting days, 72 % of workers showed more than a 10 % variation in peak expiratory flow. Inhalation exposure exceeded the threshold limit value (TLV) ten times over. This strongly suggests that HDI affected the peak flowmetry in the studied workers.

Volatility Behaviors of Financial Time Series by Percolation System on Sierpinski Carpet Lattice

Science.gov (United States)

Pei, Anqi; Wang, Jun

2015-01-01

The financial time series is simulated and investigated by the percolation system on the Sierpinski carpet lattice, where percolation is usually employed to describe the behavior of connected clusters in a random graph, and the Sierpinski carpet lattice is a graph which corresponds the fractal — Sierpinski carpet. To study the fluctuation behavior of returns for the financial model and the Shanghai Composite Index, we establish a daily volatility measure — multifractal volatility (MFV) measure to obtain MFV series, which have long-range cross-correlations with squared daily return series. The autoregressive fractionally integrated moving average (ARFIMA) model is used to analyze the MFV series, which performs better when compared to other volatility series. By a comparative study of the multifractality and volatility analysis of the data, the simulation data of the proposed model exhibits very similar behaviors to those of the real stock index, which indicates somewhat rationality of the model to the market application.

Financial satisfaction and financial stressors in marital satisfaction.

Science.gov (United States)

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

2011-04-01

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

Measuring the financial impact of demand response for electricity retailers

International Nuclear Information System (INIS)

Feuerriegel, Stefan; Neumann, Dirk

2014-01-01

Due to the integration of intermittent resources of power generation such as wind and solar, the amount of supplied electricity will exhibit unprecedented fluctuations. Electricity retailers can partially meet the challenge of matching demand and volatile supply by shifting power demand according to the fluctuating supply side. The necessary technology infrastructure such as Advanced Metering Infrastructures for this so-called Demand Response (DR) has advanced. However, little is known about the economic dimension and further effort is strongly needed to realistically quantify the financial impact. To succeed in this goal, we derive an optimization problem that minimizes procurement costs of an electricity retailer in order to control Demand Response usage. The evaluation with historic data shows that cost volatility can be reduced by 7.74%; peak costs drop by 14.35%; and expenditures of retailers can be significantly decreased by 3.52%. - Highlights: • Ex post simulation to quantify financial impacts of demand response. • Effects of Demand Response are simulated based on real-world data. • Procurement costs of an average electricity retailer decrease by 3.4%. • Retailers can cut hourly peak expenditures by 12.1%. • Cost volatility is reduced by 12.2%

Information-theoretic approach to lead-lag effect on financial markets

Science.gov (United States)

Fiedor, Paweł

2014-08-01

Recently the interest of researchers has shifted from the analysis of synchronous relationships of financial instruments to the analysis of more meaningful asynchronous relationships. Both types of analysis are concentrated mostly on Pearson's correlation coefficient and consequently intraday lead-lag relationships (where one of the variables in a pair is time-lagged) are also associated with them. Under the Efficient-Market Hypothesis such relationships are not possible as all information is embedded in the prices, but in real markets we find such dependencies. In this paper we analyse lead-lag relationships of financial instruments and extend known methodology by using mutual information instead of Pearson's correlation coefficient. Mutual information is not only a more general measure, sensitive to non-linear dependencies, but also can lead to a simpler procedure of statistical validation of links between financial instruments. We analyse lagged relationships using New York Stock Exchange 100 data not only on an intraday level, but also for daily stock returns, which have usually been ignored.

Novel indexes based on network structure to indicate financial market

Science.gov (United States)

Zhong, Tao; Peng, Qinke; Wang, Xiao; Zhang, Jing

2016-02-01

There have been various achievements to understand and to analyze the financial market by complex network model. However, current studies analyze the financial network model but seldom present quantified indexes to indicate or forecast the price action of market. In this paper, the stock market is modeled as a dynamic network, in which the vertices refer to listed companies and edges refer to their rank-based correlation based on price series. Characteristics of the network are analyzed and then novel indexes are introduced into market analysis, which are calculated from maximum and fully-connected subnets. The indexes are compared with existing ones and the results confirm that our indexes perform better to indicate the daily trend of market composite index in advance. Via investment simulation, the performance of our indexes is analyzed in detail. The results indicate that the dynamic complex network model could not only serve as a structural description of the financial market, but also work to predict the market and guide investment by indexes.

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

OpenAIRE

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

2017-01-01

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

Financial Literacy and Financial Planning in France

Directory of Open Access Journals (Sweden)

Luc Arrondel

2013-07-01

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

Daily physical activity and its relation to aerobic fitness in children aged 8-11 years

DEFF Research Database (Denmark)

Dencker, Magnus; Thorsson, Ola; Karlsson, Magnus K.

2006-01-01

and fitness in children has been published, where fitness has been assessed by direct measurement of maximum oxygen uptake and related to daily physical activity intensities by accelerometers. We examined 248 children (140 boys and 108 girls), aged 7.9-11.1 years. Maximum workload and maximal oxygen uptake...... in vigorous physical activity were calculated. VO2PEAK was correlated with mean accelerometer counts (r=0.23 for boys and r=0.23 for girls, both Pactivity (r=0.32 for boys, r=0.30 for girls, both P...Abstract  A positive relationship between daily physical activity and aerobic fitness exists in adults. Studies in children have given conflicting results, possibly because of differences in methods used to assess daily physical activity and fitness. No study regarding daily physical activity...

THE INTERFACE BETWEEN FINANCIAL AND MANAGEMENT ACCOUNTING

Directory of Open Access Journals (Sweden)

Elena HLACIUC

2017-12-01

Full Text Available The purpose of this article is to offer useful information about the about the two branches of accounting, management accounting and financial accounting. The role of management accounting is to make the life easier for managers and to facilitate decisions that have to take on the production process or the smooth running of the business. The managers are in a continues need of various information, from the evolution of economics processes of the companies they are leading, up to the external environment. They required data information by different techniques, statistics, graphs, mathematical calculations, to substantiate the decision to take by data value, and not just rely on technical or quantitative. Financial accounting do not offer detailed information about the evolution or informational needs of managers, this is designed external users, like: state institutions, the competition, banks, suppliers, customers who do not require daily information about the entity. Instead, the manager request the detailed information, at irregular intervals, about the production process, the labor productivity, activity reports, internal entity, which often is not available to external users of accounting information. The financial accounting is based on several conventions, laws, standards, helping financial data are comparable over time or between similar entities. The financial accounting offers information about the performance and financial position of the entity and making it intelligible at the same time by all the users. In the case of management accounting, the information do not have an standard presentation, the reports offers information about money, the moment when those have to be paid and the moment when they come back, as receipts. The management accounting it provides futures information and what will happen, in contrast to financial accounting, who provides information about the past and what just happened. Management information uses tools

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

OpenAIRE

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

2013-01-01

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

Ultrasonic Transducer Peak-to-Peak Optical Measurement

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Pavel Skarvada

2012-01-01

Full Text Available Possible optical setups for measurement of the peak-to-peak value of an ultrasonic transducer are described in this work. The Michelson interferometer with the calibrated nanopositioner in reference path and laser Doppler vibrometer were used for the basic measurement of vibration displacement. Langevin type of ultrasonic transducer is used for the purposes of Electro-Ultrasonic Nonlinear Spectroscopy (EUNS. Parameters of produced mechanical vibration have to been well known for EUNS. Moreover, a monitoring of mechanical vibration frequency shift with a mass load and sample-transducer coupling is important for EUNS measurement.

Online financial management systems and business administration processes

OpenAIRE

Atik, Tafi

2015-01-01

The objective of the thesis was to analyse everyday responsibilities of an e-accountant employed in a modern fast-paced industry. The thesis was conducted by reflecting on daily activities for a period of 10 weeks in the form of a work dairy. The diary covers every day task set, experiences as well as performing processes of various financial management tasks. The result of this study provided with a track of personal progress and an opportunity to study different processes and work environme...

Assessment of end-use electricity consumption and peak demand by Townsville's housing stock

International Nuclear Information System (INIS)

Ren, Zhengen; Paevere, Phillip; Grozev, George; Egan, Stephen; Anticev, Julia

2013-01-01

We have developed a comprehensive model to estimate annual end-use electricity consumption and peak demand of housing stock, considering occupants' use of air conditioning systems and major appliances. The model was applied to analyse private dwellings in Townsville, Australia's largest tropical city. For the financial year (FY) 2010–11 the predicted results agreed with the actual electricity consumption with an error less than 10% for cooling thermostat settings at the standard setting temperature of 26.5 °C and at 1.0 °C higher than the standard setting. The greatest difference in monthly electricity consumption in the summer season between the model and the actual data decreased from 21% to 2% when the thermostat setting was changed from 26.5 °C to 27.5 °C. Our findings also showed that installation of solar panels in Townville houses could reduce electricity demand from the grid and would have a minor impact on the yearly peak demand. A key new feature of the model is that it can be used to predict probability distribution of energy demand considering (a) that appliances may be used randomly and (b) the way people use thermostats. The peak demand for the FY estimated from the probability distribution tracked the actual peak demand at 97% confidence level. - Highlights: • We developed a model to estimate housing stock energy consumption and peak demand. • Appliances used randomly and thermostat settings for space cooling were considered. • On-site installation of solar panels was also considered. • Its' results agree well with the actual electricity consumption and peak demand. • It shows the model could provide the probability distribution of electricity demand

Understanding Financial Statements. Financial Matters. Board Basics.

Science.gov (United States)

McCarthy, John H.; Turner, Robert M.

1998-01-01

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

Does financial literacy improve financial inclusion? Cross country evidence

OpenAIRE

Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas

2017-01-01

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

"It's at a time in your life when you are most vulnerable": a qualitative exploration of the financial impact of a cancer diagnosis and implications for financial protection in health.

Directory of Open Access Journals (Sweden)

Aileen Timmons

Full Text Available Although cancer patients may incur a wide range of cancer-related out-of-pocket costs and experience reduced income, the consequences of this financial burden are poorly understood. We investigated: financial adjustments needed to cope with the cancer-related financial burden; financial distress (defined as a reaction to the state of personal finances; and factors that increase risk of financial difficulties. Two sets of semi-structured face-to-face interviews were conducted with 20 patients with breast, lung and prostate cancer and 21 hospital-based oncology social workers (OSWs in Ireland, which has a mixed public-private healthcare system. Participants were asked about: strategies to cope with the cancer-related financial burden; the impact of the financial burden on the family budget, other aspects of daily life, and wellbeing. OSWs were also asked about patient groups they thought were more likely to experience financial difficulties. The two interview sets were analysed separately using a thematic approach. Financial adjustments included: using savings; borrowing money; relying on family and friends for direct and indirect financial help; and cutting back on household spending. Financial distress was common. Financial difficulties were more likely for patients who were older or younger, working at diagnosis, lacked social support, had dependent children, had low income or had few savings. These issues often interacted with one another. As has been seen in predominantly publically and predominantly privately-funded healthcare settings, a complex mixed public-private healthcare system does not always provide adequate financial protection post-cancer. Our findings highlight the need for a broader set of metrics to measure the financial impact of cancer (and to assess financial protection in health more generally; these should include: out-of-pocket direct medical and non-medical costs; changes in income; financial adjustments (including

"It's at a time in your life when you are most vulnerable": a qualitative exploration of the financial impact of a cancer diagnosis and implications for financial protection in health.

Science.gov (United States)

Timmons, Aileen; Gooberman-Hill, Rachael; Sharp, Linda

2013-01-01

Although cancer patients may incur a wide range of cancer-related out-of-pocket costs and experience reduced income, the consequences of this financial burden are poorly understood. We investigated: financial adjustments needed to cope with the cancer-related financial burden; financial distress (defined as a reaction to the state of personal finances); and factors that increase risk of financial difficulties. Two sets of semi-structured face-to-face interviews were conducted with 20 patients with breast, lung and prostate cancer and 21 hospital-based oncology social workers (OSWs) in Ireland, which has a mixed public-private healthcare system. Participants were asked about: strategies to cope with the cancer-related financial burden; the impact of the financial burden on the family budget, other aspects of daily life, and wellbeing. OSWs were also asked about patient groups they thought were more likely to experience financial difficulties. The two interview sets were analysed separately using a thematic approach. Financial adjustments included: using savings; borrowing money; relying on family and friends for direct and indirect financial help; and cutting back on household spending. Financial distress was common. Financial difficulties were more likely for patients who were older or younger, working at diagnosis, lacked social support, had dependent children, had low income or had few savings. These issues often interacted with one another. As has been seen in predominantly publically and predominantly privately-funded healthcare settings, a complex mixed public-private healthcare system does not always provide adequate financial protection post-cancer. Our findings highlight the need for a broader set of metrics to measure the financial impact of cancer (and to assess financial protection in health more generally); these should include: out-of-pocket direct medical and non-medical costs; changes in income; financial adjustments (including financial coping

New daily persistent headache

Directory of Open Access Journals (Sweden)

Alok Tyagi

2012-01-01

Full Text Available New daily persistent headache (NDPH is a chronic headache developing in a person who does not have a past history of headaches. The headache begins acutely and reaches its peak within 3 days. It is important to exclude secondary causes, particularly headaches due to alterations in cerebrospinal fluid (CSF pressure and volume. A significant proportion of NDPH sufferers may have intractable headaches that are refractory to treatment. The condition is best viewed as a syndrome rather than a diagnosis. The headache can mimic chronic migraine and chronic tension-type headache, and it is also important to exclude secondary causes, particularly headaches due to alterations in CSF pressure and volume. A large proportion of NDPH sufferers have migrainous features to their headache and should be managed with treatments used for treating migraine. A small group of NDPH sufferers may have intractable headaches that are refractory to treatment.

Tobacco expenditure, smoking-induced deprivation and financial stress: results from the International Tobacco Control (ITC) Four-Country Survey.

Science.gov (United States)

Siahpush, Mohammad; Borland, Ron; Yong, Hua-Hie; Cummings, K Michael; Fong, Geoffrey T

2012-07-01

While higher tobacco prices lead to a reduction in smoking prevalence, there is a concern that paying more for cigarettes can lead to excess financial burden. Our primary aim was to examine the association of daily cigarette expenditure with smoking-induced deprivation (SID) and financial stress (FS). We used data from wave 7 (2008-2009) of the International Tobacco Control (ITC) Four-Country Survey which is a survey of smokers in Canada, the USA, the UK and Australia (n = 5887). Logistic regressions were used to assess the association of daily cigarette expenditure with SID and FS. In multivariate analyses, a one standard deviation increase in daily cigarette expenditure was associated with an increase of 24% (P = 0.004) in the probability of experiencing SID. While we found no association between daily cigarette expenditure and FS, we found that SID is a strong predictor of FS (odds ratio 6.25; P < 0.001). This suggests that cigarette expenditure indirectly affects FS through SID. Results showed no evidence of an interaction between cigarette expenditure and income or education in their effect on SID or FS. Our results imply that spending more on tobacco may result in SID but surprisingly has no direct effect on FS. While most smokers may be adjusting their incomes and consumption to minimise FS, some fail to do so occasionally as indexed by the SID measure. Future studies need to prospectively examine the effect of increased tobacco expenditure on financial burden of smokers. © 2012 Australasian Professional Society on Alcohol and other Drugs.

Quality of Financial Policies and Financial System Stress

OpenAIRE

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

2005-01-01

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

Why Financial Advice Cannot Substitute for Financial Literacy?

OpenAIRE

M. Debbich

2015-01-01

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

Financial profile of Hydro-Quebec : 1998-2001

International Nuclear Information System (INIS)

1999-01-01

Hydro-Quebec is a publicly owned company with a single shareholder, the Quebec government. It is ranked among North America's largest distributors of green energy. This report provides financial highlights including revenue, expenditure, net income, total assets, long term debt, shareholder's equity and the financial position of the utility. Operating statistics are also provided. This includes electricity sold both in and out of Quebec, total installed capacity, peak requirements for winter, total number of customer accounts, and the number of permanent employees. Because of the January ice storm, Hydro-Quebec's major priority in 1998 was to reinforce its transmission and distribution system to meet customer expectations. From February to December 1998, about 3,000 km of line were built, rebuilt or consolidated. By 2001, the utility will have looped several of its high-voltage transmission systems. Plans are also underway to build four new high-voltage lines and an interconnection with Ontario, using advanced technologies. tabs., figs

An Analysis of Financial Stability Indicators in European Banking: The Role of Common Factors

NARCIS (Netherlands)

Kool, C.J.M.

2006-01-01

In this paper, we investigate the information content of three market indicators of financial instability using daily data on subordinated debt spreads (SND), credit default swap spreads (CDS) and implied option volatility (IV) over the period January 2001 – January 2004 for a sample of twenty major

The grateful are patient: Heightened daily gratitude is associated with attenuated temporal discounting.

Science.gov (United States)

Dickens, Leah; DeSteno, David

2016-06-01

Past research has regularly linked the experience of affect to increased impatience and, thereby, decreased self-control. Given emerging work identifying the emotion gratitude as a fairly unique affective state capable of enhancing, rather than inhibiting, patience, the present study examined the association between chronically elevated gratitude and individual differences in temporal discounting. Participants' levels of gratitude were assessed in response to a standardized lab induction and then over a 3-week period prior to measurement of their financial patience in the form of an incentivized delay discounting task. Analyses revealed a strong relation between lab-based and naturally occurring gratitude levels, thereby confirming the validity of the daily online measures. Of import, mean levels of daily gratitude were significantly associated with increased patience in the form of decreased temporal discounting. As expected, no similar relation emerged for daily levels of happiness, thereby confirming the relative specificity of the positive state of gratitude. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

Jealousy in adolescents' daily lives: How does it relate to interpersonal context and well-being?

NARCIS (Netherlands)

Lennarz, H.K.; Lichtwarck-Aschoff, A.; Finkenauer, C.; Granic, I.

2017-01-01

Past studies have shown that jealousy peaks in adolescence. However, little is known about how and when adolescents experience jealousy in their daily lives. The current study aimed to examine the relation between state jealousy, the more general propensity to feel jealous, the interpersonal

Relationship Service Marketing and Investment in Financial Market of Iran

OpenAIRE

Mehrdad Alipour; Reza Ahmadi; Hamed Abasi Nami

2012-01-01

In competitive world, having expertise, knowledge and marketing experience for financial market activities, especially brokerage firms has proven inevitable. This should be accompanied by performing marketing operations along with intermediary roles and carrying on the daily transactions of shares in the Tehran stock exchange market. The current study aims investigating the level of marketing knowledge used in stock exchange market, identifying the reasons behind deficient use of the marketin...

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

The Usefulness of Financial Statements in Making Financial Diagnosis

Directory of Open Access Journals (Sweden)

Mitica Pepi

2016-01-01

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

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

OpenAIRE

Kaiser, Tim; Menkhoff, Lukas

2017-01-01

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

Measuring financial performance: an overview of financial statements.

Science.gov (United States)

Dalsted, N L

1995-07-01

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

Financial Stress Indices and Financial Crises

NARCIS (Netherlands)

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

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

Financial Analysis of the Financial Institutions Sector in Kosovo

Directory of Open Access Journals (Sweden)

Vlora Prenaj

2015-12-01

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

Price, environment and security: Exploring multi-modal motivation in voluntary residential peak demand response

International Nuclear Information System (INIS)

Gyamfi, Samuel; Krumdieck, Susan

2011-01-01

Peak demand on electricity grids is a growing problem that increases costs and risks to supply security. Residential sector loads often contribute significantly to seasonal and daily peak demand. Demand response projects aim to manage peak demand by applying price signals and automated load shedding technologies. This research investigates voluntary load shedding in response to information about the security of supply, the emission profile and the cost of meeting critical peak demand in the customers' network. Customer willingness to change behaviour in response to this information was explored through mail-back survey. The diversified demand modelling method was used along with energy audit data to estimate the potential peak load reduction resulting from the voluntary demand response. A case study was conducted in a suburb of Christchurch, New Zealand, where electricity is the main source for water and space heating. On this network, all water heating cylinders have ripple-control technology and about 50% of the households subscribe to differential day/night pricing plan. The survey results show that the sensitivity to supply security is on par with price, with the emission sensitivity being slightly weaker. The modelling results show potential 10% reduction in critical peak load for aggregate voluntary demand response. - Highlights: → Multiple-factor behaviour intervention is necessarily for effective residential demand response. → Security signals can achieve result comparable to price. → The modelling results show potential 10% reduction in critical peak load for aggregate voluntary demand response. → New Zealand's energy policy should include innovation and development of VDR programmes and technologies.

Decreased peak expiratory flow in pediatric passive smokers

Directory of Open Access Journals (Sweden)

Fitri Yanti

2011-08-01

Full Text Available Background Indonesia ranks fifth among countries with the highest aggregate levels of tobacco consumption in the world. Infants and children exposed to environmental tobacco smoke have increased rates of asthma, respiratory and ear infections, as well as reduced lung function. The effects of tobacco smoke exposure on lung function in children have been reported to be dependent on the source of smoke and the length and dose of exposure. Lung function may also be affected by a child’s gender and asthma status. Objective To compare peak expiratory flow (PEF in pediatric passive smokers to that of children not exposed to second hand smoke, and to define factors that may affect PEF in passive smokers. Methods In August 2009 we conducted a cross-sectional study at an elementary school in the Langkat district. Subjects were aged 6 to 12 years, and divided into two groups: passive smokers and those not exposed to secondhand smoke. Subjects’ PEFs were measured with a Mini-Wright peak flow meter. Measurements were performed in triplicate with the highest value recorded as the PEF. Demographic data including age, sex, weight, height, family income, parental education levels and occupations were obtained through questionnaires. Results Of the 170 participants, 100 were passive smokers and 70 were not exposed to secondhand smoke. Age distribution, weight and height were similar in both groups. We observed a significant difference in PEFs between the group of passive smokers and the group not exposed to secondhand smoke, 211.3 L/minute (SD 61.08 and 242.7 L/minute (SD 77.09, respectively (P < 0.005. The number of years of exposure to smoke (P = 0.079 and the number of cigarettes smoked daily in the household (P = 0.098 did not significantly influence PEF. Conclusion The PEF in pediatric passive smokers was significantly lower than that of children not exposed to secondhand smoke. PEF in passive smokers was not influenced by the number of years of smoke

Three-dimensional dynamic hip contact area and pressure distribution during activities of daily living.

Science.gov (United States)

Yoshida, H; Faust, A; Wilckens, J; Kitagawa, M; Fetto, J; Chao, Edmund Y-S

2006-01-01

Estimation of the hip joint contact area and pressure distribution during activities of daily living is important in predicting joint degeneration mechanism, prosthetic implant wear, providing biomechanical rationales for preoperative planning and postoperative rehabilitation. These biomechanical data were estimated utilizing a generic hip model, the Discrete Element Analysis technique, and the in vivo hip joint contact force data. The three-dimensional joint potential contact area was obtained from the anteroposterior radiograph of a subject and the actual joint contact area and pressure distribution in eight activities of daily living were calculated. During fast, normal, and slow walking, the peak pressure of moderate magnitude was located at the lateral roof of the acetabulum during mid-stance. In standing up and sitting down, and during knee bending, the peak pressures were located at the edge of the posterior horn and the magnitude of the peak pressure during sitting down was 2.8 times that of normal walking. The peak pressure was found at the lateral roof in climbing up stairs which was higher than that in going down stairs. These results can be used to rationalize rehabilitation protocols, functional restrictions after complex acetabular reconstructions, and prosthetic component wear and fatigue test set up. The same model and analysis can provide further insight to soft tissue loading and pathology such as labral injury. When the pressure distribution on the acetabulum is inverted onto the femoral head, prediction of subchondral bone collapse associated with avascular necrosis can be achieved with improved accuracy.

Electricity Portfolio Management: Optimal Peak / Off-Peak Allocations

OpenAIRE

Huisman, Ronald; Mahieu, Ronald; Schlichter, Felix

2007-01-01

textabstractElectricity purchasers manage a portfolio of contracts in order to purchase the expected future electricity consumption profile of a company or a pool of clients. This paper proposes a mean-variance framework to address the concept of structuring the portfolio and focuses on how to allocate optimal positions in peak and off-peak forward contracts. It is shown that the optimal allocations are based on the difference in risk premiums per unit of day-ahead risk as a measure of relati...

Financial Economy and Financial System: Basis of Structural Interconnection

Directory of Open Access Journals (Sweden)

Khorosheva Olena I.

2014-02-01

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

East Asian Financial Cycles: Asian vs. Global Financial Crises

OpenAIRE

Akira Kohsaka; Jun-ichi Shinkai

2014-01-01

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

Peak regulation right

International Nuclear Information System (INIS)

Gao, Z. |; Ren, Z.; Li, Z.; Zhu, R.

2005-01-01

A peak regulation right concept and corresponding transaction mechanism for an electricity market was presented. The market was based on a power pool and independent system operator (ISO) model. Peak regulation right (PRR) was defined as a downward regulation capacity purchase option which allowed PRR owners to buy certain quantities of peak regulation capacity (PRC) at a specific price during a specified period from suppliers. The PRR owner also had the right to decide whether or not they would buy PRC from suppliers. It was the power pool's responsibility to provide competitive and fair peak regulation trading markets to participants. The introduction of PRR allowed for unit capacity regulation. The PRR and PRC were rated by the supplier, and transactions proceeded through a bidding process. PRR suppliers obtained profits by selling PRR and PRC, and obtained downward regulation fees regardless of whether purchases are made. It was concluded that the peak regulation mechanism reduced the total cost of the generating system and increased the social surplus. 6 refs., 1 tab., 3 figs

Corporate financial restructuring in Asia: implications for financial stability

OpenAIRE

Michael Pomerleano

2007-01-01

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

FINANCIAL INFORMATION, EFFECTS OF FINANCIAL INFORMATION ON ECONOMIC DECISION

Directory of Open Access Journals (Sweden)

TAK ISA

2010-12-01

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

Financial Liberalization and Financial Fragility

OpenAIRE

Enrica Detragiache; Asli Demirgüç-Kunt

1998-01-01

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

VOLATILITY AND KURTOSIS OF DAILY STOCK RETURNS AT MSE

Directory of Open Access Journals (Sweden)

Zoran Ivanovski

2015-12-01

Full Text Available Prominent financial stock pricing models are built on assumption that asset returns follow a normal (Gaussian distribution. However, many authors argue that in the practice stock returns are often characterized by skewness and kurtosis, so we test the existence of the Gaussian distribution of stock returns and calculate the kurtosis of several stocks at the Macedonian Stock Exchange (MSE. Obtaining information about the shape of distribution is an important step for models of pricing risky assets. The daily stock returns at Macedonian Stock Exchange (MSE are characterized by high volatility and non-Gaussian behaviors as well as they are extremely leptokurtic. The analysis of MSE time series stock returns determine volatility clustering and high kurtosis. The fact that daily stock returns at MSE are not normally distributed put into doubt results that rely heavily on this assumption and have significant implications for portfolio management. We consider this stock market as good representatives of emerging markets. Therefore, we argue that our results are valid for other similar emerging stock markets.

Work engagement and financial returns : a diary study on the role of job and personal resources

NARCIS (Netherlands)

Xanthopoulou, D.; Bakker, A.B.; Demerouti, E.; Schaufeli, W.B.

2009-01-01

This study investigates how daily fluctuations in job resources (autonomy, coaching, and team climate) are related to employees' levels of personal resources (self-efficacy, self-esteem, and optimism), work engagement, and financial returns. Forty-two employees working in three branches of a

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

OpenAIRE

ORENS, Raf; LYBAERT, Nadine

2013-01-01

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

Financial globalisation uncertainty/instability is good for financial development

OpenAIRE

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

2015-01-01

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

Global Historical Climatology Network - Daily (GHCN-Daily), Version 3

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — The Global Historical Climatology Network - Daily (GHCN-Daily) dataset integrates daily climate observations from approximately 30 different data sources. Version 3...

Development and Creation of Competitive Advantages in the Function of Marketing Services in Financial Institutions

Directory of Open Access Journals (Sweden)

Fatos UKAJ

2016-09-01

Full Text Available The marketing of the financial services by financial institution is regarded as an easier job. This is due to the fact that, in most cases, when a client is gained, he/she remains loyal to the institution on a long term. Nowadays, taking into consideration the needs of the consumers - clients who are undergoing a constant change - financial institutions are faced with a necessity to have the required knowledge and information regarding what and how to meet the needs of their clients. Financial institutions have reached a stage of adapting their daily activities with the demands of their clients. Thus, this is due to the available information which deals with the needs of the clients, opportunities of financial institution themselves, structural changes in the services provided, and the changes in the market which includes competition. This paper will strive to present the stages of the marketing development in financial institutions through the acquisition of knowledge regarding the finances and marketing of these services. It also involves the current concept and approach towards marketing by financial institutions in Kosovo. Adopting new approaches would satisfy the client and would strengthen the position of financial institution. In addition, through this analysis, we will try to show the importance of including the concept of marketing in the operations and strategies of financial institutions for a successful business.

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

Science.gov (United States)

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

2013-01-01

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

Evaluating a Financial Assessment Tool: The Financial Checkup

OpenAIRE

Johnson, Alena C.

2001-01-01

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

Air-conditioning Australian households: The impact of dynamic peak pricing

International Nuclear Information System (INIS)

Strengers, Yolande

2010-01-01

International mandates for smart metering are enabling variable and real-time pricing regimes such as dynamic peak pricing (DPP), which charges 10-40 times the off-peak rate for electricity during short periods. This regime aims to reduce peak electricity demand (predominantly due to increase in residential air-conditioning usage) and curb greenhouse gas emissions. Although trials indicate that DPP can achieve significant demand reductions, particularly in summer, little is known about how or why households change their cooling practices in response to this strategy. This paper discusses the outcomes of a small qualitative study assessing the impact of a DPP trial on household cooling practices in the Australian state of New South Wales. The study challenges common assumptions about the necessity of air-conditioning and impact of price signals. It finds that DPP engages households as co-managers of their cooling practices through a series of notification signals (SMS, phone, in-home display, email, etc.). Further, by linking the price signal to air-conditioning, some householders consider this practice discretionary for short periods of time. The paper concludes by warning that policy makers and utilities may serve to legitimise air-conditioning usage and/or negate demand reductions by failing to acknowledge the non-rational dynamics of DPP and household cooling practices. - Research highlights: →Most householders consider air-conditioning discretionary during DPP events →DPP engages householders as co-managers of their demand →Notification of an upcoming DPP event is significant to the response →Householders feel obligated to respond to DPP for a range of non-financial reasons

Peak detection method evaluation for ion mobility spectrometry by using machine learning approaches.

Science.gov (United States)

Hauschild, Anne-Christin; Kopczynski, Dominik; D'Addario, Marianna; Baumbach, Jörg Ingo; Rahmann, Sven; Baumbach, Jan

2013-04-16

Ion mobility spectrometry with pre-separation by multi-capillary columns (MCC/IMS) has become an established inexpensive, non-invasive bioanalytics technology for detecting volatile organic compounds (VOCs) with various metabolomics applications in medical research. To pave the way for this technology towards daily usage in medical practice, different steps still have to be taken. With respect to modern biomarker research, one of the most important tasks is the automatic classification of patient-specific data sets into different groups, healthy or not, for instance. Although sophisticated machine learning methods exist, an inevitable preprocessing step is reliable and robust peak detection without manual intervention. In this work we evaluate four state-of-the-art approaches for automated IMS-based peak detection: local maxima search, watershed transformation with IPHEx, region-merging with VisualNow, and peak model estimation (PME).We manually generated Metabolites 2013, 3 278 a gold standard with the aid of a domain expert (manual) and compare the performance of the four peak calling methods with respect to two distinct criteria. We first utilize established machine learning methods and systematically study their classification performance based on the four peak detectors' results. Second, we investigate the classification variance and robustness regarding perturbation and overfitting. Our main finding is that the power of the classification accuracy is almost equally good for all methods, the manually created gold standard as well as the four automatic peak finding methods. In addition, we note that all tools, manual and automatic, are similarly robust against perturbations. However, the classification performance is more robust against overfitting when using the PME as peak calling preprocessor. In summary, we conclude that all methods, though small differences exist, are largely reliable and enable a wide spectrum of real-world biomedical applications.

Financial Coaching's Potential for Enhancing Family Financial Security

Science.gov (United States)

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

2013-01-01

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

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

OpenAIRE

Sigit Setiawan

2015-01-01

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

Materiality from financial towards non-financial reporting

OpenAIRE

Chiara Mio

2013-01-01

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

Limitation of peak fitting and peak shape methods for determination of activation energy of thermoluminescence glow peaks

CERN Document Server

Sunta, C M; Piters, T M; Watanabe, S

1999-01-01

This paper shows the limitation of general order peak fitting and peak shape methods for determining the activation energy of the thermoluminescence glow peaks in the cases in which retrapping probability is much higher than the recombination probability and the traps are filled up to near saturation level. Right values can be obtained when the trap occupancy is reduced by using small doses or by post-irradiation partial bleaching. This limitation in the application of these methods has not been indicated earlier. In view of the unknown nature of kinetics in the experimental samples, it is recommended that these methods of activation energy determination should be applied only at doses well below the saturation dose.

Late Financial Distress Process Stages and Financial Ratios

DEFF Research Database (Denmark)

Sormunen, Nina; Laitinen, Teija

2012-01-01

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

Make peak flow a habit

Science.gov (United States)

Asthma - make peak flow a habit; Reactive airway disease - peak flow; Bronchial asthma - peak flow ... 2014:chap 55. National Asthma Education and Prevention Program website. How to use a peak flow meter. ...

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

OpenAIRE

Sigit Setiawan

2015-01-01

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

Financial Depth and Financial Access in Indonesia

OpenAIRE

Setiawan, Sigit

2015-01-01

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

Peak Wind Tool for General Forecasting

Science.gov (United States)

Barrett, Joe H., III

2010-01-01

The expected peak wind speed of the day is an important forecast element in the 45th Weather Squadron's (45 WS) daily 24-Hour and Weekly Planning Forecasts. The forecasts are used for ground and space launch operations at the Kennedy Space Center (KSC) and Cape Canaveral Air Force Station (CCAFS). The 45 WS also issues wind advisories for KSC/CCAFS when they expect wind gusts to meet or exceed 25 kt, 35 kt and 50 kt thresholds at any level from the surface to 300 ft. The 45 WS forecasters have indicated peak wind speeds are challenging to forecast, particularly in the cool season months of October - April. In Phase I of this task, the Applied Meteorology Unit (AMU) developed a tool to help the 45 WS forecast non-convective winds at KSC/CCAFS for the 24-hour period of 0800 to 0800 local time. The tool was delivered as a Microsoft Excel graphical user interface (GUI). The GUI displayed the forecast of peak wind speed, 5-minute average wind speed at the time of the peak wind, timing of the peak wind and probability the peak speed would meet or exceed 25 kt, 35 kt and 50 kt. For the current task (Phase II ), the 45 WS requested additional observations be used for the creation of the forecast equations by expanding the period of record (POR). Additional parameters were evaluated as predictors, including wind speeds between 500 ft and 3000 ft, static stability classification, Bulk Richardson Number, mixing depth, vertical wind shear, temperature inversion strength and depth and wind direction. Using a verification data set, the AMU compared the performance of the Phase I and II prediction methods. Just as in Phase I, the tool was delivered as a Microsoft Excel GUI. The 45 WS requested the tool also be available in the Meteorological Interactive Data Display System (MIDDS). The AMU first expanded the POR by two years by adding tower observations, surface observations and CCAFS (XMR) soundings for the cool season months of March 2007 to April 2009. The POR was expanded

Peak tree: a new tool for multiscale hierarchical representation and peak detection of mass spectrometry data.

Science.gov (United States)

Zhang, Peng; Li, Houqiang; Wang, Honghui; Wong, Stephen T C; Zhou, Xiaobo

2011-01-01

Peak detection is one of the most important steps in mass spectrometry (MS) analysis. However, the detection result is greatly affected by severe spectrum variations. Unfortunately, most current peak detection methods are neither flexible enough to revise false detection results nor robust enough to resist spectrum variations. To improve flexibility, we introduce peak tree to represent the peak information in MS spectra. Each tree node is a peak judgment on a range of scales, and each tree decomposition, as a set of nodes, is a candidate peak detection result. To improve robustness, we combine peak detection and common peak alignment into a closed-loop framework, which finds the optimal decomposition via both peak intensity and common peak information. The common peak information is derived and loopily refined from the density clustering of the latest peak detection result. Finally, we present an improved ant colony optimization biomarker selection method to build a whole MS analysis system. Experiment shows that our peak detection method can better resist spectrum variations and provide higher sensitivity and lower false detection rates than conventional methods. The benefits from our peak-tree-based system for MS disease analysis are also proved on real SELDI data.

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

Science.gov (United States)

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

2012-01-01

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

Linear relationship between peak and season-long abundances in insects.

Directory of Open Access Journals (Sweden)

Ksenia S Onufrieva

Full Text Available An accurate quantitative relationship between key characteristics of an insect population, such as season-long and peak abundances, can be very useful in pest management programs. To the best of our knowledge, no such relationship has yet been established. Here we establish a predictive linear relationship between insect catch Mpw during the week of peak abundance, the length of seasonal flight period, F (number of weeks and season-long cumulative catch (abundance A = 0.41MpwF. The derivation of the equation is based on several general assumptions and does not involve fitting to experimental data, which implies generality of the result. A quantitative criterion for the validity of the model is presented. The equation was tested using extensive data collected on captures of male gypsy moths Lymantria dispar (L. (Lepidoptera: Erebidae in pheromone-baited traps during 15 years. The model was also tested using trap catch data for two species of mosquitoes, Culex pipiens (L. (Diptera: Culicidae and Aedes albopictus (Skuse (Diptera: Culicidae, in Gravid and BG-sentinel mosquito traps, respectively. The simple, parameter-free equation approximates experimental data points with relative error of 13% and R2 = 0.997, across all of the species tested. For gypsy moth, we also related season-long and weekly trap catches to the daily trap catches during peak flight. We describe several usage scenarios, in which the derived relationships are employed to help link results of small-scale field studies to the operational pest management programs.

Quantifying meta-correlations in financial markets

Science.gov (United States)

Kenett, Dror Y.; Preis, Tobias; Gur-Gershgoren, Gitit; Ben-Jacob, Eshel

2012-08-01

Financial markets are modular multi-level systems, in which the relationships between the individual components are not constant in time. Sudden changes in these relationships significantly affect the stability of the entire system, and vice versa. Our analysis is based on historical daily closing prices of the 30 components of the Dow Jones Industrial Average (DJIA) from March 15th, 1939 until December 31st, 2010. We quantify the correlation among these components by determining Pearson correlation coefficients, to investigate whether mean correlation of the entire portfolio can be used as a precursor for changes in the index return. To this end, we quantify the meta-correlation - the correlation of mean correlation and index return. We find that changes in index returns are significantly correlated with changes in mean correlation. Furthermore, we study the relationship between the index return and correlation volatility - the standard deviation of correlations for a given time interval. This parameter provides further evidence of the effect of the index on market correlations and their fluctuations. Our empirical findings provide new information and quantification of the index leverage effect, and have implications to risk management, portfolio optimization, and to the increased stability of financial markets.

Foreign exchange risk in terms of global financial crisis

Directory of Open Access Journals (Sweden)

Michał Buszko

2009-12-01

Full Text Available Fx risk is one of the most important types of risk of financial activity. In practice, this risk comprises several risk aspects related to currencies exchanging, however most often it is identified with unexpected changes of their prices. In terms of the global financial crisis of 2007–2009, the fx risk has raised significantly, revealing a high daily volatility, increased spreads and the reversal of long-term exchange rate trends. Such increased risk especially influenced emerging markets economies, including Poland. Its consequence was quick strengthening of Polish currency at the beginning of the global crisis followed by a very sudden fall of its value. This event led to a substantial increase of banking risk, investment funds and corporate operations. It changed the structure of GDP sources as well as generated huge losses for exporting companies, using currency options hedging strategies.

Financial Ratios and Perceived Household Financial Satisfaction

Directory of Open Access Journals (Sweden)

Scott Garrett

2013-08-01

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

Prospect for the oil market as a consequence of the financial crisis

International Nuclear Information System (INIS)

Koppelaar, R.

2008-11-01

The Peak Oil Netherlands Foundation shines its light on the consequences of the financial crisis for the global oil market and the relation between oil prices and the credit crisis; short term supply and demand on the oil market; supply and demand of petroleum up to 2015; the volatility of the oil price and the meaning of volatility for the energy transition [mk] [nl

THE FINANCIAL SECTOR IN THE FINANCIAL SYSTEM ECONOMY: THEORETICAL ASPECTS

Directory of Open Access Journals (Sweden)

Yu. Kovalenko

2015-06-01

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

Intent to Quit among Daily and Non-Daily College Student Smokers

Science.gov (United States)

Pinsker, E. A.; Berg, C. J.; Nehl, E. J.; Prokhorov, A. V.; Buchanan, T. S.; Ahluwalia, J. S.

2013-01-01

Given the high prevalence of young adult smoking, we examined (i) psychosocial factors and substance use among college students representing five smoking patterns and histories [non-smokers, quitters, native non-daily smokers (i.e. never daily smokers), converted non-daily smokers (i.e. former daily smokers) and daily smokers] and (ii) smoking…

Strengthening financial management, providing financial safeguard mechanism

International Nuclear Information System (INIS)

Sun Wumei

2010-01-01

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

Peak Experience Project

Science.gov (United States)

Scott, Daniel G.; Evans, Jessica

2010-01-01

This paper emerges from the continued analysis of data collected in a series of international studies concerning Childhood Peak Experiences (CPEs) based on developments in understanding peak experiences in Maslow's hierarchy of needs initiated by Dr Edward Hoffman. Bridging from the series of studies, Canadian researchers explore collected…

A hybrid approach EMD-HW for short-term forecasting of daily stock market time series data

Science.gov (United States)

Awajan, Ahmad Mohd; Ismail, Mohd Tahir

2017-08-01

Recently, forecasting time series has attracted considerable attention in the field of analyzing financial time series data, specifically within the stock market index. Moreover, stock market forecasting is a challenging area of financial time-series forecasting. In this study, a hybrid methodology between Empirical Mode Decomposition with the Holt-Winter method (EMD-HW) is used to improve forecasting performances in financial time series. The strength of this EMD-HW lies in its ability to forecast non-stationary and non-linear time series without a need to use any transformation method. Moreover, EMD-HW has a relatively high accuracy and offers a new forecasting method in time series. The daily stock market time series data of 11 countries is applied to show the forecasting performance of the proposed EMD-HW. Based on the three forecast accuracy measures, the results indicate that EMD-HW forecasting performance is superior to traditional Holt-Winter forecasting method.

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

Directory of Open Access Journals (Sweden)

Adam Steen

2013-09-01

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

Financial Viability of Emergency Department Observation Unit Billing Models.

Science.gov (United States)

Baugh, Christopher W; Suri, Pawan; Caspers, Christopher G; Granovsky, Michael A; Neal, Keith; Ross, Michael A

2018-05-16

Outpatients receive observation services to determine the need for inpatient admission. These services are usually provided without the use of condition-specific protocols and in an unstructured manner, scattered throughout a hospital in areas typically designated for inpatient care. Emergency department observation units (EDOUs) use protocolized care to offer an efficient alternative with shorter lengths of stay, lower costs and higher patient satisfaction. EDOU growth is limited by existing policy barriers that prevent a "two-service" model of separate professional billing for both emergency and observation services. The majority of EDOUs use the "one-service" model, where a single composite professional fee is billed for both emergency and observation services. The financial implications of these models are not well understood. We created a Monte Carlo simulation by building a model that reflects current clinical practice in the United States and uses inputs gathered from the most recently available peer-reviewed literature, national survey and payer data. Using this simulation, we modeled annual staffing costs and payments for professional services under two common models of care in an EDOU. We also modeled cash flows over a continuous range of daily EDOU patient encounters to illustrate the dynamic relationship between costs and revenue over various staffing levels. We estimate the mean (±SD) annual net cash flow to be a net loss of $315,382 ±$89,635 in the one-service model and a net profit of $37,569 ±$359,583 in the two-service model. The two-service model is financially sustainable at daily billable encounters above 20 while in the one-service model, costs exceed revenue regardless of encounter count. Physician cost per hour and daily patient encounters had the most significant impact on model estimates. In the one-service model, EDOU staffing costs exceed payments at all levels of patient encounters, making a hospital subsidy necessary to create a

Standalone Photovoltaic System Sizing using Peak Sun Hour Method and Evaluation by TRNSYS Simulation

OpenAIRE

Riza, Dimas Firmanda Al; Gilani, Syed Ihtshamul-Haq

2016-01-01

This paper presents sizing and evaluation of a standalone photovoltaic system for residential load. Peak Sun Hour method is used to determine photovoltaic panel and battery capacity, then the sizing results is tested and evaluated using hourly time-step transient simulation model by using TRNSYS 16.0. The results shows for typical Malaysian terraced house that have about 6 kWh daily electricity load, the photovoltaic system requirement consist of 1.9 kWp photovoltaic panel and 2200 Ah battery...

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

Science.gov (United States)

2010-07-01

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

A simple approach to estimate daily loads of total, refractory, and labile organic carbon from their seasonal loads in a watershed.

Science.gov (United States)

Ouyang, Ying; Grace, Johnny M; Zipperer, Wayne C; Hatten, Jeff; Dewey, Janet

2018-05-22

Loads of naturally occurring total organic carbons (TOC), refractory organic carbon (ROC), and labile organic carbon (LOC) in streams control the availability of nutrients and the solubility and toxicity of contaminants and affect biological activities through absorption of light and complex metals with production of carcinogenic compounds. Although computer models have become increasingly popular in understanding and management of TOC, ROC, and LOC loads in streams, the usefulness of these models hinges on the availability of daily data for model calibration and validation. Unfortunately, these daily data are usually insufficient and/or unavailable for most watersheds due to a variety of reasons, such as budget and time constraints. A simple approach was developed here to calculate daily loads of TOC, ROC, and LOC in streams based on their seasonal loads. We concluded that the predictions from our approach adequately match field measurements based on statistical comparisons between model calculations and field measurements. Our approach demonstrates that an increase in stream discharge results in increased stream TOC, ROC, and LOC concentrations and loads, although high peak discharge did not necessarily result in high peaks of TOC, ROC, and LOC concentrations and loads. The approach developed herein is a useful tool to convert seasonal loads of TOC, ROC, and LOC into daily loads in the absence of measured daily load data.

Financial Statements Analysis

OpenAIRE

Tănase Alin-Eliodor

2014-01-01

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

Chronic and Daily Stressors Along With Negative Affect Interact to Predict Daily Tiredness.

Science.gov (United States)

Hartsell, Elizabeth N; Neupert, Shevaun D

2017-11-01

The present study examines the within-person relationship of daily stressors and tiredness and whether this depends on daily negative affect and individual differences in chronic stress. One hundred sixteen older adult participants were recruited via Amazon's Mechanical Turk for a 9-day daily diary study. Daily tiredness, daily stressors, and negative affect were measured each day, and chronic stress was measured at baseline. Daily stressors, daily negative affect, and chronic stress interacted to predict daily tiredness. People with high chronic stress who experienced an increase in daily negative affect were the most reactive to daily stressors in terms of experiencing an increase in daily tiredness. We also found that people with low levels of chronic stress were the most reactive to daily stressors when they experienced low levels of daily negative affect. Our results highlight the need for individualized and contextualized approaches to combating daily tiredness in older adults.

Peak Oil and other threatening peaks-Chimeras without substance

International Nuclear Information System (INIS)

Radetzki, Marian

2010-01-01

The Peak Oil movement has widely spread its message about an impending peak in global oil production, caused by an inadequate resource base. On closer scrutiny, the underlying analysis is inconsistent, void of a theoretical foundation and without support in empirical observations. Global oil resources are huge and expanding, and pose no threat to continuing output growth within an extended time horizon. In contrast, temporary or prolonged supply crunches are indeed plausible, even likely, on account of growing resource nationalism denying access to efficient exploitation of the existing resource wealth.

Financial Benefits of Process Data Reconciliation in Power Generating Plants

International Nuclear Information System (INIS)

Jansky, Andy

2006-01-01

Process Data Reconciliation (PDR) is a certified method that calculates the most likely values considering process measurement uncertainties and closing all energy- and material balances where all inter-dependencies within the entire plant process are fulfilled in a covariance matrix. There are three main factors that generate the financial benefits for the user of reconciled data, depending on the type of plant and base/peak load behaviour: Increased efficiency / maximized output, Time advantage in retrieving 'lost' megawatts, Reduction of maintenance costs. (author)

High Electricity Demand in the Northeast U.S.: PJM Reliability Network and Peaking Unit Impacts on Air Quality.

Science.gov (United States)

Farkas, Caroline M; Moeller, Michael D; Felder, Frank A; Henderson, Barron H; Carlton, Annmarie G

2016-08-02

On high electricity demand days, when air quality is often poor, regional transmission organizations (RTOs), such as PJM Interconnection, ensure reliability of the grid by employing peak-use electric generating units (EGUs). These "peaking units" are exempt from some federal and state air quality rules. We identify RTO assignment and peaking unit classification for EGUs in the Eastern U.S. and estimate air quality for four emission scenarios with the Community Multiscale Air Quality (CMAQ) model during the July 2006 heat wave. Further, we population-weight ambient values as a surrogate for potential population exposure. Emissions from electricity reliability networks negatively impact air quality in their own region and in neighboring geographic areas. Monitored and controlled PJM peaking units are generally located in economically depressed areas and can contribute up to 87% of hourly maximum PM2.5 mass locally. Potential population exposure to peaking unit PM2.5 mass is highest in the model domain's most populated cities. Average daily temperature and national gross domestic product steer peaking unit heat input. Air quality planning that capitalizes on a priori knowledge of local electricity demand and economics may provide a more holistic approach to protect human health within the context of growing energy needs in a changing world.

THE ROLE OF FINANCIAL EDUCATION IN DEVELOPING THE FINANCIAL SERVICES MARKET

OpenAIRE

Ivanka Daneva

2015-01-01

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

Wavelet transform approach for fitting financial time series data

Science.gov (United States)

Ahmed, Amel Abdoullah; Ismail, Mohd Tahir

2015-10-01

This study investigates a newly developed technique; a combined wavelet filtering and VEC model, to study the dynamic relationship among financial time series. Wavelet filter has been used to annihilate noise data in daily data set of NASDAQ stock market of US, and three stock markets of Middle East and North Africa (MENA) region, namely, Egypt, Jordan, and Istanbul. The data covered is from 6/29/2001 to 5/5/2009. After that, the returns of generated series by wavelet filter and original series are analyzed by cointegration test and VEC model. The results show that the cointegration test affirms the existence of cointegration between the studied series, and there is a long-term relationship between the US, stock markets and MENA stock markets. A comparison between the proposed model and traditional model demonstrates that, the proposed model (DWT with VEC model) outperforms traditional model (VEC model) to fit the financial stock markets series well, and shows real information about these relationships among the stock markets.

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

OpenAIRE

Lee, Nirmala

2010-01-01

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

Universal behaviour of interoccurrence times between losses in financial markets: An analytical description

Science.gov (United States)

Ludescher, J.; Tsallis, C.; Bunde, A.

2011-09-01

We consider 16 representative financial records (stocks, indices, commodities, and exchange rates) and study the distribution PQ(r) of the interoccurrence times r between daily losses below negative thresholds -Q, for fixed mean interoccurrence time RQ. We find that in all cases, PQ(r) follows the form PQ(r)~1/[(1+(q- 1)βr]1/(q-1), where β and q are universal constants that depend only on RQ, but not on a specific asset. While β depends only slightly on RQ, the q-value increases logarithmically with RQ, q=1+q0 ln(RQ/2), such that for RQ→2, PQ(r) approaches a simple exponential, PQ(r)cong2-r. The fact that PQ does not scale with RQ is due to the multifractality of the financial markets. The analytic form of PQ allows also to estimate both the risk function and the Value-at-Risk, and thus to improve the estimation of the financial risk.

Financial Literacy as the Foundation for Individual Financial Behavior

Science.gov (United States)

Dwiastanti, Anis

2015-01-01

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

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

Science.gov (United States)

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

2012-01-01

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

Monitoring daily and sub-daily variations in crustal strain with seismic arrays

Science.gov (United States)

Mao, S.; Campillo, M.; van der Hilst, R. D.; Brenguier, F.; Hillers, G.

2017-12-01

We demonstrate that we can monitor deformation of the shallow crust (with hourly temporal resolution) directly with seismic waves, by measuring relative seismic wave speed changes (dv/v) due to relatively known periodical forcing (tides and changes in atmospheric temperature) at Piton de la Fournaise Volcano (PdF), La Réunion. We use ambient seismic noise recorded (for one month) at VolcArray, an experiment with three arrays of 49 vertical-component geophones deployed on a 7x7 grid of approximately 80 m spacing. Through noise-based coda wave interferometry we infer for each array the average relative changes in propagation speed of seismic waves (dv/v) as a function of time, which relate to temporal changes in medium properties within 100m depth. The variations in dv/v ( 0.05%) on time-scales longer than a day are best explained by effects of precipitation on pore pressure. In contrast, the (weaker) daily and sub-daily fluctuations of dv/v ( 0.01%) are likely to be caused by tidal and thermal effects. We verify that the inferred variations of dv/v are unrelated to spatiotemporal changes of noise wavefields. We further compare the power spectrum of dv/v with spectra of simulated tide-induced volumetric strain, temperature records, very broadband (VBB) seismograms, and borehole tilt records. In all five types of data, dominant peaks are found at around diurnal, semi-diurnal, and ter-diurnal frequencies. A comparison of phase and spectra of the data suggests that the tidal and thermal effects on dv/v are of similar magnitude but vary with frequency. Theoretical modeling of tide- and temperature-induced strain in different frequency bands agrees with the relative magnitude of the two effects on dv/v from passive monitoring.

Intent to quit among daily and non-daily college student smokers

OpenAIRE

Pinsker, E. A.; Berg, C. J.; Nehl, E. J.; Prokhorov, A. V.; Buchanan, T. S.; Ahluwalia, J. S.

2012-01-01

Given the high prevalence of young adult smoking, we examined (i) psychosocial factors and substance use among college students representing five smoking patterns and histories [non-smokers, quitters, native non-daily smokers (i.e. never daily smokers), converted non-daily smokers (i.e. former daily smokers) and daily smokers] and (ii) smoking category as it relates to readiness to quit among current smokers. Of the 4438 students at six Southeast colleges who completed an online survey, 69.7%...

Multiplexing of ChIP-Seq Samples in an Optimized Experimental Condition Has Minimal Impact on Peak Detection.

Directory of Open Access Journals (Sweden)

Thadeous J Kacmarczyk

Full Text Available Multiplexing samples in sequencing experiments is a common approach to maximize information yield while minimizing cost. In most cases the number of samples that are multiplexed is determined by financial consideration or experimental convenience, with limited understanding on the effects on the experimental results. Here we set to examine the impact of multiplexing ChIP-seq experiments on the ability to identify a specific epigenetic modification. We performed peak detection analyses to determine the effects of multiplexing. These include false discovery rates, size, position and statistical significance of peak detection, and changes in gene annotation. We found that, for histone marker H3K4me3, one can multiplex up to 8 samples (7 IP + 1 input at ~21 million single-end reads each and still detect over 90% of all peaks found when using a full lane for sample (~181 million reads. Furthermore, there are no variations introduced by indexing or lane batch effects and importantly there is no significant reduction in the number of genes with neighboring H3K4me3 peaks. We conclude that, for a well characterized antibody and, therefore, model IP condition, multiplexing 8 samples per lane is sufficient to capture most of the biological signal.

Multiplexing of ChIP-Seq Samples in an Optimized Experimental Condition Has Minimal Impact on Peak Detection

Science.gov (United States)

Kacmarczyk, Thadeous J.; Bourque, Caitlin; Zhang, Xihui; Jiang, Yanwen; Houvras, Yariv; Alonso, Alicia; Betel, Doron

2015-01-01

Multiplexing samples in sequencing experiments is a common approach to maximize information yield while minimizing cost. In most cases the number of samples that are multiplexed is determined by financial consideration or experimental convenience, with limited understanding on the effects on the experimental results. Here we set to examine the impact of multiplexing ChIP-seq experiments on the ability to identify a specific epigenetic modification. We performed peak detection analyses to determine the effects of multiplexing. These include false discovery rates, size, position and statistical significance of peak detection, and changes in gene annotation. We found that, for histone marker H3K4me3, one can multiplex up to 8 samples (7 IP + 1 input) at ~21 million single-end reads each and still detect over 90% of all peaks found when using a full lane for sample (~181 million reads). Furthermore, there are no variations introduced by indexing or lane batch effects and importantly there is no significant reduction in the number of genes with neighboring H3K4me3 peaks. We conclude that, for a well characterized antibody and, therefore, model IP condition, multiplexing 8 samples per lane is sufficient to capture most of the biological signal. PMID:26066343

Multiplexing of ChIP-Seq Samples in an Optimized Experimental Condition Has Minimal Impact on Peak Detection.

Science.gov (United States)

Kacmarczyk, Thadeous J; Bourque, Caitlin; Zhang, Xihui; Jiang, Yanwen; Houvras, Yariv; Alonso, Alicia; Betel, Doron

2015-01-01

Multiplexing samples in sequencing experiments is a common approach to maximize information yield while minimizing cost. In most cases the number of samples that are multiplexed is determined by financial consideration or experimental convenience, with limited understanding on the effects on the experimental results. Here we set to examine the impact of multiplexing ChIP-seq experiments on the ability to identify a specific epigenetic modification. We performed peak detection analyses to determine the effects of multiplexing. These include false discovery rates, size, position and statistical significance of peak detection, and changes in gene annotation. We found that, for histone marker H3K4me3, one can multiplex up to 8 samples (7 IP + 1 input) at ~21 million single-end reads each and still detect over 90% of all peaks found when using a full lane for sample (~181 million reads). Furthermore, there are no variations introduced by indexing or lane batch effects and importantly there is no significant reduction in the number of genes with neighboring H3K4me3 peaks. We conclude that, for a well characterized antibody and, therefore, model IP condition, multiplexing 8 samples per lane is sufficient to capture most of the biological signal.

Synchronicity, instant messaging, and performance among financial traders.

Science.gov (United States)

Saavedra, Serguei; Hagerty, Kathleen; Uzzi, Brian

2011-03-29

Successful animal systems often manage risk through synchronous behavior that spontaneously arises without leadership. In critical human systems facing risk, such as financial markets or military operations, our understanding of the benefits associated with synchronicity is nascent but promising. Building on previous work illuminating commonalities between ecological and human systems, we compare the activity patterns of individual financial traders with the simultaneous activity of other traders--an individual and spontaneous characteristic we call synchronous trading. Additionally, we examine the association of synchronous trading with individual performance and communication patterns. Analyzing empirical data on day traders' second-to-second trading and instant messaging, we find that the higher the traders' synchronous trading is, the less likely they are to lose money at the end of the day. We also find that the daily instant messaging patterns of traders are closely associated with their level of synchronous trading. This result suggests that synchronicity and vanguard technology may help traders cope with risky decisions in complex systems and may furnish unique prospects for achieving collective and individual goals.

Peak power ratio generator

Science.gov (United States)

Moyer, R.D.

A peak power ratio generator is described for measuring, in combination with a conventional power meter, the peak power level of extremely narrow pulses in the gigahertz radio frequency bands. The present invention in a preferred embodiment utilizes a tunnel diode and a back diode combination in a detector circuit as the only high speed elements. The high speed tunnel diode provides a bistable signal and serves as a memory device of the input pulses for the remaining, slower components. A hybrid digital and analog loop maintains the peak power level of a reference channel at a known amount. Thus, by measuring the average power levels of the reference signal and the source signal, the peak power level of the source signal can be determined.

Financial Stress and Financial Counseling: Helping College Students

Science.gov (United States)

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

2015-01-01

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

[Implementing daily physical education in primary school - potentials and barriers from the involved actor's point of view].

Science.gov (United States)

Sterdt, E; Liersch, S; Henze, V; Röbl, M; Suermann, T; Krauth, C; Walter, U

2015-04-01

The objective was to determine to what extent daily physical education can be implemented in primary schools, what barriers exist and how to overcome the mentioned barriers. Moreover, it was analysed to what extent daily physical education is accepted by teachers, external trainers, parents and students. Semi-structured interviews with parents (n=7), teachers (n=5) and external trainers (n=6) of the intervention schools. The intervention students (n=44) were surveyed within focus groups. All surveyed groups appraised the implementation of daily school sports as successful. The cooperation between the schools and the sports club should be maintained during a comprehensive implementation of daily physical education. Besides an improved lessons quality teachers and external trainers reported an improved social behaviour of the children. Parents perceived positive effects on the child development. All groups believe that daily physical education increases the enjoyment of children in sports. As a certain barrier a lack of resources (e. g., facilities, equipment, financial resources) in the schools were mentioned. The cooperation between the schools and the sports club proved to be an applicable model to implement daily physical education. The combination of teachers and external trainers can contribute to a higher lesson quality. Considering the perceived potentials of daily physical education by all surveyed groups, a comprehensive implementation of systematic daily physical activity promotion in the primary school setting should be tapped more strongly in future. © Georg Thieme Verlag KG Stuttgart · New York.

Framework for financial ratio analysis of audited federal financial reports

OpenAIRE

Brady, Richard T.

1999-01-01

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

The financial position and funding of French non-financial corporations

OpenAIRE

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

2015-01-01

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

APPLICATION OF FINANCIAL ETHICS IN ANNUAL FINANCIAL REPORTING OF BANKS

Directory of Open Access Journals (Sweden)

Ayuba A. Aminu

2016-03-01

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

Financial Planners: Educating Widows in Personal Financial Planning

Science.gov (United States)

Korb, Brian R.

2010-01-01

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

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

Directory of Open Access Journals (Sweden)

Md. Nur Alam Siddik

2018-04-01

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

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

OpenAIRE

João Manoel Pinho de Mello; Márcio Gomes Pinto Garcia

2011-01-01

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

Financial Burden Borne by Laparoscopic Living Kidney Donors.

Science.gov (United States)

Wiseman, Jennifer F; Jacobs, Cheryl L; Larson, Dawn B; Berglund, Danielle M; Garvey, Catherine A; Ibrahim, Hassan N; Matas, Arthur J

2017-09-01

Living kidney donors have donation-related out-of-pocket costs (direct costs) and/or ongoing daily expenses while losing income (indirect costs). Yet there is little information about how much of a subjective burden these constitute for the donors. From December 2003 through December 2014, we surveyed donors 6 months postdonation to determine their financial burden related to donation (on a scale of 1 to 10) and what resources were used to cover expenses. Of 1136 surveyed, 796 (70%) responded. Among respondents, mean age at donation was 43.6 ± 10.6 years, 64% were women, 96% were white, and 53% were related by blood to their recipient. Overall, 26% scored their financial burden as 5 or higher; 8% scored it as 8 or higher. Increased expenses were associated with a higher reported burden; however, significant burden was reported by some with no out-of-pocket expenses (presumably due to lost wages and continuing expenses). The burden was scored as 5 or higher by 27% of those employed outside the home (n = 660), 15% homemakers, 13% retirees, 40% students; 28% unemployed; and 26% whose occupation was unknown. Over half (51%) of those receiving a local or (means-tested) national grant still reported moderate to severe burden. Besides grants, donors used a variety of sources to help offset expenses: dipped into savings, borrowed from friends or family, took out a loan, and/or had a fundraiser. Those with the highest burden reported using the most additional sources. Donors should not have to incur costs or a financial burden to donate; the transplant community should strive to make donation financially neutral.

First Significant Digits and the Credit Derivative Market During the Financial Crisis

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Paul Hofmarcher

2013-06-01

Full Text Available The Credit Default Swap (CDS market has both been lauded for its ability to stabilize the financial system through credit risk transfers and been the source of regulatory concern due to its size and lack of transparency. As a decentralized over-the-counter market, detailed information about pricing mechanisms is rather scarce. To investigate reported CDS prices (spreads more closely, we make use of empirical First Significant Digit (FSD distributions and analyze daily CDS prices for European and US entities during the financial crisis starting in 2007. We find that on a time-aggregated level, the European and US markets obey empirical FSD distributions similar to the theoretical ones. Surprising differences are observed in the development of the FSD distributions between the US and European markets. Whereas the FSD distribution of the US derivative market behaves nearly constantly during the last financial crisis, we find huge fluctuations in the FSD distribution of the European market. One reason for these differences might be the possibility of strategic default for US companies due to Chapter 11 and avoided contagion effects.

Financial Literacy and Financial Education: Review and Policy Implications

OpenAIRE

Annamaria Lusardi

2006-01-01

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

Asset allocation and regime switching on Croatian financial market

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Tihana Škrinjarić

2016-12-01

Full Text Available It has been known for quite some time now that financial markets exhibit changes in regimes over time. A majority of the literature tends to support that financial markets undergo regimes of bull and bear markets. This characteristic should be modeled in a proper way as investors are always interested in beating the market: either by achieving better returns than others, or by minimizing their portfolio risks. There exist many mathematical and statistical models that are used as tools to achieve the mentioned goals. Introducing the regime switching methodology in existing models has proven to be facilitate achieving such goals. Therefore, the objective of this study is to utilize the regime switching methodology on the Croatian financial market to ascertain its usefulness for Croatian investors. Multivariate regime switching and non-switching models were estimated using daily data from the period 2 January 2007 to 31 December 2015. The assumption is that the investor is interested in stock and bond markets. The results from the MGARCH and regime switching MGARCH models are then compared in order to give answers as to whether the respective methodology applied to the Croatian market is useful and how it may benefit investors. Most of the results support the presumption of incorporating this particular methodology in financial modeling for the Croatia markets. This is the first research that applies the regime switching MGARCH methodology in Croatia (including the Balkan region, hence we expect that this will be a significant contribution to existing methodologies in literature.

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...

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

OpenAIRE

Dorel BERCEANU; Nicolae SICHIGEA; Marcel DRĂCEA

2010-01-01

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

The U.S. Geological Survey Peak-Flow File Data Verification Project, 2008–16

Science.gov (United States)

Ryberg, Karen R.; Goree, Burl B.; Williams-Sether, Tara; Mason, Robert R.

2017-11-21

Annual peak streamflow (peak flow) at a streamgage is defined as the maximum instantaneous flow in a water year. A water year begins on October 1 and continues through September 30 of the following year; for example, water year 2015 extends from October 1, 2014, through September 30, 2015. The accuracy, characterization, and completeness of the peak streamflow data are critical in determining flood-frequency estimates that are used daily to design water and transportation infrastructure, delineate flood-plain boundaries, and regulate development and utilization of lands throughout the United States and are essential to understanding the implications of climate and land-use change on flooding and high-flow conditions.As of November 14, 2016, peak-flow data existed for 27,240 unique streamgages in the United States and its territories. The data, collectively referred to as the “peak-flow file,” are available as part of the U.S. Geological Survey (USGS) public web interface, the National Water Information System, at https://nwis.waterdata.usgs.gov/usa/nwis/peak. Although the data have been routinely subjected to periodic review by the USGS Office of Surface Water and screening at the USGS Water Science Center level, these data were not reviewed in a national, systematic manner until 2008 when automated scripts were developed and applied to detect potential errors in peak-flow values and their associated dates, gage heights, and peak-flow qualification codes, as well as qualification codes associated with the gage heights. USGS scientists and hydrographers studied the resulting output, accessed basic records and field notes, and corrected observed errors or, more commonly, confirmed existing data as correct.This report summarizes the changes in peak-flow file data at a national level, illustrates their nature and causation, and identifies the streamgages affected by these changes. Specifically, the peak-flow data were compared for streamgages with peak flow

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

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Feng Wei

2016-11-01

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

Financial and Non Financial Factors on Going-Concern Opinion

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Junaidi Junaidi

2012-09-01

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

Correlates of health and financial literacy in older adults without dementia

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Bennett Jarred S

2012-06-01

Full Text Available Abstract Background Recent research has begun to recognize the important influence of literacy levels and how they affect health and wellbeing, especially in older adults. Our study focuses on health and financial literacy, two domains of literacy which previous research has suggested may be significantly related to health and wellbeing. Our study examines the relation of health and financial literacy with health promoting behaviors and health status among community-based older persons. Methods We conducted a cross-sectional study using data from the Rush Memory and Aging Project, a community-based cohort study of aging in northeastern Illinois. The study consisted of 556 older persons without dementia, each determined by a clinical evaluation. Health and financial literacy were measured using a series of questions designed to assess the ability to understand and process health and financial information, concepts, and numeracy; the two scores were averaged to yield a total literacy score. Health promoting behaviors, including engagement in cognitive, physical, and social activities, were assessed using self report measures. Indicators of heath status, including cognition (global cognition and five specific cognitive abilities, functional status (basic and instrumental activities of daily living, mobility disability, and mental health (depressive symptoms, loneliness were assessed. Results In a series of regression models adjusted for age, sex, and education, higher total literacy scores were associated with more frequent participation in health promoting behaviors, including cognitive, physical and social activities (all p values Conclusions Health and financial literacy are associated with more frequent engagement in health promoting behaviors and better health status in older persons without dementia.

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

OpenAIRE

Frederic S. Mishkin

2001-01-01

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

A financial network perspective of financial institutions' systemic risk contributions

Science.gov (United States)

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

2016-08-01

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

Analysis of Multiple Structural Changes in Financial Contagion Based on the Largest Lyapunov Exponents

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Rui Wang

2014-01-01

Full Text Available A modified multiple structural changes model is built to test structural breaks of the financial system based on calculating the largest Lyapunov exponents of the financial time series. Afterwards, the Lorenz system is used as a simulation example to inspect the new model. As the Lorenz system has strong nonlinearity, the verification results show that the new model has good capability in both finding the breakpoint and revealing the changes in nonlinear characteristics of the time series. The empirical study based on the model used daily data from the S&P 500 stock index during the global financial crisis from 2005 to 2012. The results provide four breakpoints of the period, which divide the contagion into four stages: stationary, local outbreak, global outbreak, and recovery period. An additional significant result is the obvious chaos characteristic difference in the largest Lyapunov exponents and the standard deviation at various stages, particularly at the local outbreak stage.

The emotional, social, and financial burden of food allergies on children and their families.

Science.gov (United States)

Patel, Nilamben; Herbert, Linda; Green, Todd D

2017-03-01

As the prevalence of food allergy has risen among children and young adults, both in the United States and around the world, investigators have become increasingly aware of the daily emotional toll on patients and their families of living with food allergy. To review the literature regarding the emotional, social, and financial impact of food allergy on pediatric patients and their families, and to provide evidence-based suggestions for clinicians on how to most effectively address these issues. A literature search was performed to identify relevant articles related to the emotional, social, and financial impact of food allergy. There is a growing body of literature that demonstrates that living with food allergy adversely affects patients and families in the domains above. Food allergy can significantly impact pediatric patients and their families in all areas of their lives. Clinicians should be aware of these issues when working with these families. Implementing a multidisciplinary approach can help families cope with emotional, social, and financial burdens.

Spatiotemporal phenological changes in fall foliage peak coloration in deciduous forest and the responses to climatic variation

Science.gov (United States)

Xie, Y.; Wilson, A. M.

2017-12-01

Plant phenology studies typically focus on the beginning and end of the growing season in temperate forests. We know too little about fall foliage peak coloration, which is a bioindicator of plant response in autumn to environmental changes, an important visual cue in fall associated with animal activities, and a key element in fall foliage ecotourism. Spatiotemporal changes in timing of fall foliage peak coloration of temperate forests and the associated environmental controls are not well understood. In this study, we examined multiple color indices to estimate Land Surface Phenology (LSP) of fall foliage peak coloration of deciduous forest in the northeastern USA using Moderate Resolution Imaging Spectroradiometer (MODIS) daily imagery from 2000 to 2015. We used long term phenology ground observations to validate our estimated LSP, and found that Visible Atmospherically Resistant Index (VARI) and Plant Senescence Reflectance Index (PSRI) were good metrics to estimate peak and end of leaf coloration period of deciduous forest. During the past 16 years, the length of period with peak fall foliage color of deciduous forest at southern New England and northern Appalachian forests regions became longer (0.3 7.7 days), mainly driven by earlier peak coloration. Northern New England, southern Appalachian forests and Ozark and Ouachita mountains areas had shorter period (‒0.2 ‒9.2 days) mainly due to earlier end of leaf coloration. Changes in peak and end of leaf coloration not only were associated with changing temperature in spring and fall, but also to drought and heat in summer, and heavy precipitation in both summer and fall. The associations between leaf peak coloration phenology and climatic variations were not consistent among ecoregions. Our findings suggested divergent change patterns in fall foliage peak coloration phenology in deciduous forests, and improved our understanding in the environmental control on timing of fall foliage color change.

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

OpenAIRE

Daniela Vitan

2011-01-01

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

Workplace Financial Education Facilitates Improvement in Personal Financial Behaviors

Science.gov (United States)

Prawitz, Aimee D.; Cohart, Judith

2014-01-01

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

PolyaPeak: Detecting Transcription Factor Binding Sites from ChIP-seq Using Peak Shape Information

Science.gov (United States)

Wu, Hao; Ji, Hongkai

2014-01-01

ChIP-seq is a powerful technology for detecting genomic regions where a protein of interest interacts with DNA. ChIP-seq data for mapping transcription factor binding sites (TFBSs) have a characteristic pattern: around each binding site, sequence reads aligned to the forward and reverse strands of the reference genome form two separate peaks shifted away from each other, and the true binding site is located in between these two peaks. While it has been shown previously that the accuracy and resolution of binding site detection can be improved by modeling the pattern, efficient methods are unavailable to fully utilize that information in TFBS detection procedure. We present PolyaPeak, a new method to improve TFBS detection by incorporating the peak shape information. PolyaPeak describes peak shapes using a flexible Pólya model. The shapes are automatically learnt from the data using Minorization-Maximization (MM) algorithm, then integrated with the read count information via a hierarchical model to distinguish true binding sites from background noises. Extensive real data analyses show that PolyaPeak is capable of robustly improving TFBS detection compared with existing methods. An R package is freely available. PMID:24608116

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

Financial Perceptions on Oil Spill Disasters: Isolating Corporate Reputational Risk

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José M. Feria-Domínguez

2016-11-01

Full Text Available The aim of this paper is to isolate the corporate reputational risk faced by US oil and gas companies—as listed on the New York Stock Exchange (NYSE—after recent oil spill disasters. For this purpose, we have conducted a standard short-horizon daily event study analysis aimed at the calibration of the financial perceptions caused by these environmental episodes between 2005 and 2011, and the drop effect on the market value of the firms analyzed. We not only find significant negative impact on the stock prices of the companies analyzed but also significant cumulative negative abnormal returns (CAR around the accidental spillages, especially for the longest event windows. Corporate reputational risk is also identified and even measured by adjusting abnormal returns by a certain loss ratio. A new metric, CAR(Rep, is then proposed to disentangle operational losses and the reputational damage derived from such negative financial perceptions.

Sector strength and efficiency on developed and emerging financial markets

Science.gov (United States)

Fiedor, Paweł

2014-11-01

In this paper we analyse the importance of sectors and market efficiency on developed and emerging financial markets. To perform this we analyse New York Stock Exchange between 2004 and 2013 and Warsaw Stock Exchange between 2000 and 2013. To find out the importance of sectors we construct minimal spanning trees for annual time series consisting of daily log returns and calculate centrality measures for all stocks, which we then aggregate by sectors. Such analysis is of interest to analysts for whom the knowledge of the influence of particular groups of stocks to the market behaviour is crucial. We also analyse the predictability of price changes on those two markets formally, using the information-theoretic concept of entropy rate, to find out the differences in market efficiency between a developed and an emerging market, and between sectors themselves. We postulate that such analysis is important to the study of financial markets as it can contribute to the profitability of investments, particularly in the case of algorithmic trading.

Framework for Financial Ratio Analysis of Audited Federal Financial Reports

National Research Council Canada - National Science Library

Brady, Richard

1999-01-01

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

Financial Economy and Financial System: Basis of Structural Interconnection

OpenAIRE

Khorosheva Olena I.

2014-01-01

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

Financial Literacy and Financial Sophistication in the Older Population

Science.gov (United States)

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

2017-01-01

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

Financial Literacy and Financial Sophistication in the Older Population.

Science.gov (United States)

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

2014-10-01

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

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

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Sorin Gabriel Anton

2016-12-01

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

Enhancing Financial Security in Agricultural Business: Financial and Property Aspects

OpenAIRE

Yuliya Bezdushna

2014-01-01

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

Integrating physical and financial approaches to manage environmental financial risk

Science.gov (United States)

Characklis, Gregory; Meyer, Eliot; Foster, Benjamin

2017-04-01

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

Is the 2007 US sub-prime financial crisis so different?: An international historical comparison

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Reinhart Carmen M.

2009-01-01

Full Text Available The first major financial crisis of the twenty first century involves esoteric instruments, unaware regulators, and skittish investors. It also follows a well-trodden path laid down by centuries of financial folly. Is the 'special' problem of sub-prime mortgages really different? Our examination of the longer historical record finds stunning qualitative and quantitative parallels across a number of standard financial crisis indicators. At this juncture, the book is still open on how the current dislocations in the United States will play out. The precedent found in the aftermath of other episodes suggests that the strains can be quite severe, depending especially on the initial degree of trauma to the financial system (and to some extent, the policy response. The average drop in real per capita output growth is over 2 percent, and it typically takes two years to return to trend. For the five most catastrophic cases (which include episodes in Finland, Japan, Norway, Spain, and Sweden, the drop in annual output growth from peak to trough is over 5 percent, and growth remained well below pre-crisis trend even after three years.

Dependency structure and scaling properties of financial time series are related.

Science.gov (United States)

Morales, Raffaello; Di Matteo, T; Aste, Tomaso

2014-04-04

We report evidence of a deep interplay between cross-correlations hierarchical properties and multifractality of New York Stock Exchange daily stock returns. The degree of multifractality displayed by different stocks is found to be positively correlated to their depth in the hierarchy of cross-correlations. We propose a dynamical model that reproduces this observation along with an array of other empirical properties. The structure of this model is such that the hierarchical structure of heterogeneous risks plays a crucial role in the time evolution of the correlation matrix, providing an interpretation to the mechanism behind the interplay between cross-correlation and multifractality in financial markets, where the degree of multifractality of stocks is associated to their hierarchical positioning in the cross-correlation structure. Empirical observations reported in this paper present a new perspective towards the merging of univariate multi scaling and multivariate cross-correlation properties of financial time series.

Could peak proteinuria determine whether patient with dengue fever develop dengue hemorrhagic/dengue shock syndrome? - A prospective cohort study

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Suhail Sufi M

2011-08-01

Full Text Available Abstract Background Worldwide there is a need to develop simple effective predictors that can distinguish whether a patient will progress from dengue fever (DF to life threatening dengue hemorrhagic (DHF or dengue shock syndrome (DSS. We explored whether proteinuria could be used as such a marker. Methods We included patients admitted to hospital with suspected dengue fever. Starting at enrollment until discharge, each patient's daily spot urine protein creatinine ratio (UPCR was measured. We classified those with confirmed dengue infection as DF or DHF (including DSS based on WHO criteria. Peak and day of onset of proteinuria was compared between both groups. Results Compared to those with DF, patients with DHF had significantly higher median peak proteinuria levels (0.56 versus 0.08 g/day; p Conclusions Peak UPCR could potentially predict DHF in patients with dengue requiring close monitoring and treatment.

Financial Risk Management

OpenAIRE

Catalin-Florinel Stanescu; Laurentiu Mircea Simion

2011-01-01

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

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

NARCIS (Netherlands)

Arons, T.M.C.

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

Peak capacity and peak capacity per unit time in capillary and microchip zone electrophoresis.

Science.gov (United States)

Foley, Joe P; Blackney, Donna M; Ennis, Erin J

2017-11-10

The origins of the peak capacity concept are described and the important contributions to the development of that concept in chromatography and electrophoresis are reviewed. Whereas numerous quantitative expressions have been reported for one- and two-dimensional separations, most are focused on chromatographic separations and few, if any, quantitative unbiased expressions have been developed for capillary or microchip zone electrophoresis. Making the common assumption that longitudinal diffusion is the predominant source of zone broadening in capillary electrophoresis, analytical expressions for the peak capacity are derived, first in terms of migration time, diffusion coefficient, migration distance, and desired resolution, and then in terms of the remaining underlying fundamental parameters (electric field, electroosmotic and electrophoretic mobilities) that determine the migration time. The latter expressions clearly illustrate the direct square root dependence of peak capacity on electric field and migration distance and the inverse square root dependence on solute diffusion coefficient. Conditions that result in a high peak capacity will result in a low peak capacity per unit time and vice-versa. For a given symmetrical range of relative electrophoretic mobilities for co- and counter-electroosmotic species (cations and anions), the peak capacity increases with the square root of the electric field even as the temporal window narrows considerably, resulting in a significant reduction in analysis time. Over a broad relative electrophoretic mobility interval [-0.9, 0.9], an approximately two-fold greater amount of peak capacity can be generated for counter-electroosmotic species although it takes about five-fold longer to do so, consistent with the well-known bias in migration time and resolving power for co- and counter-electroosmotic species. The optimum lower bound of the relative electrophoretic mobility interval [μ r,Z , μ r,A ] that provides the maximum

A 'Twin Peaks' Vision for Europe

NARCIS (Netherlands)

D. Schoenmaker (Dirk); N. Véron (Nicolas)

2017-01-01

markdownabstractThe European financial supervisory architecture is based on a sectoral model with separate authorities for banking, insurance and securities and markets. New developments in the European financial sector make this sectoral structure increasingly out of date: - Brexit creates a

Applying big data technologies in the financial sector – using sentiment analysis to identify correlations in the stock market

Directory of Open Access Journals (Sweden)

Eszter Katalin Bognár

2016-06-01

Full Text Available The aim of this article is to introduce a system that is capable of collecting and analyzing different types of financial data to support traders in their decision - making. Oracle’s Big Data platform Oracle Advanced Analytics was utilized, which extends the Oracle Database with Oracle R, thus providing the opportunity to run embedded R scripts on the database server to speed up data processing. The extract, transform and load (ETL process was combined with a dictionary - based sentiment analysis module to examine cross - correlation and causality between numerical and textual financial data for a 10 week period. A notable correlation (0.42 was found between daily news sentiment scores and daily stock returns. By applying cross - correlation analysis and Granger causality testing, the results show that the news’ impact is incorporated into stock prices rapidly, having the highest correlation on the first day, while the returns’ impact on market sentiment is seen only after a few days.

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

Science.gov (United States)

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

2014-01-01

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

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

Science.gov (United States)

Henager, Robin; Cude, Brenda J.

2016-01-01

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

Correlates of health and financial literacy in older adults without dementia.

Science.gov (United States)

Bennett, Jarred S; Boyle, Patricia A; James, Bryan D; Bennett, David A

2012-06-12

Recent research has begun to recognize the important influence of literacy levels and how they affect health and wellbeing, especially in older adults. Our study focuses on health and financial literacy, two domains of literacy which previous research has suggested may be significantly related to health and wellbeing. Our study examines the relation of health and financial literacy with health promoting behaviors and health status among community-based older persons. We conducted a cross-sectional study using data from the Rush Memory and Aging Project, a community-based cohort study of aging in northeastern Illinois. The study consisted of 556 older persons without dementia, each determined by a clinical evaluation. Health and financial literacy were measured using a series of questions designed to assess the ability to understand and process health and financial information, concepts, and numeracy; the two scores were averaged to yield a total literacy score. Health promoting behaviors, including engagement in cognitive, physical, and social activities, were assessed using self report measures. Indicators of heath status, including cognition (global cognition and five specific cognitive abilities), functional status (basic and instrumental activities of daily living, mobility disability), and mental health (depressive symptoms, loneliness) were assessed. In a series of regression models adjusted for age, sex, and education, higher total literacy scores were associated with more frequent participation in health promoting behaviors, including cognitive, physical and social activities (all p values literacy scores were associated with higher cognitive function, less disability, and better mental health (all p values Literacy remained associated with health promoting behaviors and health status in fully adjusted models that also controlled for income and the number of chronic medical conditions. Most of the findings were similar for health and financial literacy

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

Directory of Open Access Journals (Sweden)

Bożena Frączek

2017-02-01

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

Personal Financial Literacy and Financial Planning in Klang Valley, Malaysia

OpenAIRE

Hoe, Siew Yee

2008-01-01

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

Financial Literacy, Confidence and Financial Advice Seeking

NARCIS (Netherlands)

Kramer, Marc M.

2016-01-01

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

Entropy-based financial asset pricing.

Directory of Open Access Journals (Sweden)

Mihály Ormos

Full Text Available We investigate entropy as a financial risk measure. Entropy explains the equity premium of securities and portfolios in a simpler way and, at the same time, with higher explanatory power than the beta parameter of the capital asset pricing model. For asset pricing we define the continuous entropy as an alternative measure of risk. Our results show that entropy decreases in the function of the number of securities involved in a portfolio in a similar way to the standard deviation, and that efficient portfolios are situated on a hyperbola in the expected return-entropy system. For empirical investigation we use daily returns of 150 randomly selected securities for a period of 27 years. Our regression results show that entropy has a higher explanatory power for the expected return than the capital asset pricing model beta. Furthermore we show the time varying behavior of the beta along with entropy.

Entropy-based financial asset pricing.

Science.gov (United States)

Ormos, Mihály; Zibriczky, Dávid

2014-01-01

We investigate entropy as a financial risk measure. Entropy explains the equity premium of securities and portfolios in a simpler way and, at the same time, with higher explanatory power than the beta parameter of the capital asset pricing model. For asset pricing we define the continuous entropy as an alternative measure of risk. Our results show that entropy decreases in the function of the number of securities involved in a portfolio in a similar way to the standard deviation, and that efficient portfolios are situated on a hyperbola in the expected return-entropy system. For empirical investigation we use daily returns of 150 randomly selected securities for a period of 27 years. Our regression results show that entropy has a higher explanatory power for the expected return than the capital asset pricing model beta. Furthermore we show the time varying behavior of the beta along with entropy.

Daily transactional and transformational leadership and daily employee engament

NARCIS (Netherlands)

Breevaart, K.; Bakker, A.B.; Hetland, Jorn; Demerouti, E.; Olsen, O.K.; Espevik, R.

2014-01-01

This diary study adds to the leadership literature by examining the daily influence of transformational leadership, contingent reward, and active management-by-exception (MBE active) on followers' daily work engagement. We compare the unique contribution of these leadership behaviours and focus on

Peak-by-peak correction of Ge(Li) gamma-ray spectra for photopeaks from background

Energy Technology Data Exchange (ETDEWEB)

Cutshall, N H; Larsen, I L [Oak Ridge National Lab., TN (USA)

1980-12-01

Background photopeaks can interfere with accurate measurement of low levels of radionuclides by gamma-ray spectrometry. A flowchart for peak-by-peak correction of sample spectra to produce accurate results is presented.

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

Science.gov (United States)

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

2014-01-01

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

Daily oviposition patterns of the African malaria mosquito Anopheles gambiae Giles (Diptera: Culicidae on different types of aqueous substrates

Directory of Open Access Journals (Sweden)

Knols Bart GJ

2004-12-01

Full Text Available Abstract Background Anopheles gambiae Giles is the most important vector of human malaria in sub-Saharan Africa. Knowledge of the factors that influence its daily oviposition pattern is crucial if field interventions targeting gravid females are to be successful. This laboratory study investigated the effect of oviposition substrate and time of blood feeding on daily oviposition patterns of An. gambiae mosquitoes. Methods Greenhouse-reared gravid and hypergravid (delayed oviposition onset An. gambiae sensu stricto and wild-caught An. gambiae sensu lato were exposed to three types of substrates in choice and no-choice cage bioassays: water from a predominantly anopheline colonised ground pool (anopheline habitat water, swamp water mainly colonised by culicine larvae (culicine habitat water and distilled water. The daily oviposition pattern and the number of eggs oviposited on each substrate during the entire egg-laying period were determined. The results were subjected to analysis of variance using the General Linear Model (GLM procedure. Results The main oviposition time for greenhouse-reared An. gambiae s.s. was between 19:00 and 20:00 hrs, approximately one hour after sunset. Wild-caught gravid An. gambiae s.l. displayed two distinct peak oviposition times between 19:00 and 20:00 hrs and between 22:00 and 23:00 hrs, respectively. During these times, both greenhouse-reared and wild-caught mosquitoes significantly (P P Conclusion This study shows that the peak oviposition time of An. gambiae s.l. may be regulated by the light-dark cycle rather than oviposition habitat characteristics or feeding times. However, the number of eggs laid by the female mosquito during the peak oviposition time is affected by the suitability of the habitat.

Peaking-factor of PWR

International Nuclear Information System (INIS)

Morioka, Noboru; Kato, Yasuji; Yokoi, M.

1975-01-01

Output peaking factor often plays an important role in the safety and operation of nuclear reactors. The meaning of the peaking factor of PWRs is categorized into two features or the peaking factor in core (FQ-core) and the peaking factor on the basis of accident analysis (or FQ-limit). FQ-core is the actual peaking factor realized in nuclear core at the time of normal operation, and FQ-limit should be evaluated from loss of coolant accident and other abnormal conditions. If FQ-core is lower than FQ-limit, the reactor may be operated at full load, but if FQ-core is larger than FQ-limit, reactor output should be controlled lower than FQ-limit. FQ-core has two kinds of values, or the one on the basis of nuclear design, and the other actually measured in reactor operation. The first FQ-core should be named as FQ-core-design and the latter as FQ-core-measured. The numerical evaluation of FQ-core-design is as follows; FQ-core-design of three-dimensions is synthesized with FQ-core horizontal value (X-Y) and FQ-core vertical value, the former one is calculated with ASSY-CORE code, and the latter one with one dimensional diffusion code. For the evaluation of FQ-core-measured, on-site data observation from nuclear reactor instrumentation or off-site data observation is used. (Iwase, T.)

Financial Services Industry

Science.gov (United States)

2006-01-01

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

The dynamic interdependence of international financial markets: An empirical study on twenty-seven stock markets

Science.gov (United States)

Zhang, Xingwei; Zheng, Xiaolong; Zeng, Daniel Dajun

2017-04-01

In this paper, we aim to investigate the dynamic interdependence of international financial markets. Based on the data regarding daily returns of each market during the period 2006-2015 from Yahoo finance, we mainly focus on examining 27 markets from three continents, including Asia, America and Europe. By checking the dynamic interdependence between those markets, we find that markets from different continents have strong correlation at specific time shift. We also obtain that markets from different continents not only have a strong linkage with others at same day, but at a delay of one day, especially between Asia, Europe and Asia, America. In addition, we further analyze the time-varying influence strength between each two continents and observe that this value has abnormal changes during the financial crisis. These findings can provide us significant insights to understand the underlying dynamic interdependency of international financial markets and further help us make corresponding reasonable decisions.

Numeracy, Financial Literacy, and Financial Decision-Making

Directory of Open Access Journals (Sweden)

Annamaria Lusardi

2012-01-01

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

Peak-by-peak correction of Ge(Li) gamma-ray spectra for photopeaks from background

International Nuclear Information System (INIS)

Cutshall, N.H.; Larsen, I.L.

1980-01-01

Background photopeaks can interfere with accurate measurement of low levels of radionuclides by gamma-ray spectrometry. A flowchart for peak-by-peak correction of sample spectra to produce accurate results is presented. (orig.)

A Mixed-Methods Randomized Controlled Trial of Financial Incentives and Peer Networks to Promote Walking among Older Adults

Science.gov (United States)

Kullgren, Jeffrey T.; Harkins, Kristin A.; Bellamy, Scarlett L.; Gonzales, Amy; Tao, Yuanyuan; Zhu, Jingsan; Volpp, Kevin G.; Asch, David A.; Heisler, Michele; Karlawish, Jason

2014-01-01

Background: Financial incentives and peer networks could be delivered through eHealth technologies to encourage older adults to walk more. Methods: We conducted a 24-week randomized trial in which 92 older adults with a computer and Internet access received a pedometer, daily walking goals, and weekly feedback on goal achievement. Participants…

Evaluation of different time domain peak models using extreme learning machine-based peak detection for EEG signal.

Science.gov (United States)

Adam, Asrul; Ibrahim, Zuwairie; Mokhtar, Norrima; Shapiai, Mohd Ibrahim; Cumming, Paul; Mubin, Marizan

2016-01-01

Various peak models have been introduced to detect and analyze peaks in the time domain analysis of electroencephalogram (EEG) signals. In general, peak model in the time domain analysis consists of a set of signal parameters, such as amplitude, width, and slope. Models including those proposed by Dumpala, Acir, Liu, and Dingle are routinely used to detect peaks in EEG signals acquired in clinical studies of epilepsy or eye blink. The optimal peak model is the most reliable peak detection performance in a particular application. A fair measure of performance of different models requires a common and unbiased platform. In this study, we evaluate the performance of the four different peak models using the extreme learning machine (ELM)-based peak detection algorithm. We found that the Dingle model gave the best performance, with 72 % accuracy in the analysis of real EEG data. Statistical analysis conferred that the Dingle model afforded significantly better mean testing accuracy than did the Acir and Liu models, which were in the range 37-52 %. Meanwhile, the Dingle model has no significant difference compared to Dumpala model.

Hospital financial position and the adoption of electronic health records.

Science.gov (United States)

Ginn, Gregory O; Shen, Jay J; Moseley, Charles B

2011-01-01

The objective of this study was to examine the relationship between financial position and adoption of electronic health records (EHRs) in 2442 acute care hospitals. The study was cross-sectional and utilized a general linear mixed model with the multinomial distribution specification for data analysis. We verified the results by also running a multinomial logistic regression model. To measure our variables, we used data from (1) the 2007 American Hospital Association (AHA) electronic health record implementation survey, (2) the 2006 Centers for Medicare and Medicaid Cost Reports, and (3) the 2006 AHA Annual Survey containing organizational and operational data. Our dependent variable was an ordinal variable with three levels used to indicate the extent of EHR adoption by hospitals. Our independent variables were five financial ratios: (1) net days revenue in accounts receivable, (2) total margin, (3) the equity multiplier, (4) total asset turnover, and (5) the ratio of total payroll to total expenses. For control variables, we used (1) bed size, (2) ownership type, (3) teaching affiliation, (4) system membership, (5) network participation, (6) fulltime equivalent nurses per adjusted average daily census, (7) average daily census per staffed bed, (8) Medicare patients percentage, (9) Medicaid patients percentage, (10) capitation-based reimbursement, and (11) nonconcentrated market. Only liquidity was significant and positively associated with EHR adoption. Asset turnover ratio was significant but, unexpectedly, was negatively associated with EHR adoption. However, many control variables, most notably bed size, showed significant positive associations with EHR adoption. Thus, it seems that hospitals adopt EHRs as a strategic move to better align themselves with their environment.

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

Directory of Open Access Journals (Sweden)

Rayenda Khresna Brahmana

2016-10-01

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

Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda

NARCIS (Netherlands)

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

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

Large Retailers’ Financial Services

OpenAIRE

Risso, Mario

2010-01-01

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

FORMATION OF FINANCIAL RESOURCES OF ENTERPRISES IN CONDITIONS OF FINANCIAL INSTABILITY

Directory of Open Access Journals (Sweden)

Veronika Dmytrovska

2017-08-01

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

The Financial Flexibility as a Factor of Financial Security

Directory of Open Access Journals (Sweden)

Feofanova Iryna V.

2017-09-01

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

Multiscale peak detection in wavelet space.

Science.gov (United States)

Zhang, Zhi-Min; Tong, Xia; Peng, Ying; Ma, Pan; Zhang, Ming-Jin; Lu, Hong-Mei; Chen, Xiao-Qing; Liang, Yi-Zeng

2015-12-07

Accurate peak detection is essential for analyzing high-throughput datasets generated by analytical instruments. Derivatives with noise reduction and matched filtration are frequently used, but they are sensitive to baseline variations, random noise and deviations in the peak shape. A continuous wavelet transform (CWT)-based method is more practical and popular in this situation, which can increase the accuracy and reliability by identifying peaks across scales in wavelet space and implicitly removing noise as well as the baseline. However, its computational load is relatively high and the estimated features of peaks may not be accurate in the case of peaks that are overlapping, dense or weak. In this study, we present multi-scale peak detection (MSPD) by taking full advantage of additional information in wavelet space including ridges, valleys, and zero-crossings. It can achieve a high accuracy by thresholding each detected peak with the maximum of its ridge. It has been comprehensively evaluated with MALDI-TOF spectra in proteomics, the CAMDA 2006 SELDI dataset as well as the Romanian database of Raman spectra, which is particularly suitable for detecting peaks in high-throughput analytical signals. Receiver operating characteristic (ROC) curves show that MSPD can detect more true peaks while keeping the false discovery rate lower than MassSpecWavelet and MALDIquant methods. Superior results in Raman spectra suggest that MSPD seems to be a more universal method for peak detection. MSPD has been designed and implemented efficiently in Python and Cython. It is available as an open source package at .

Automated asteroseismic peak detections

DEFF Research Database (Denmark)

de Montellano, Andres Garcia Saravia Ortiz; Hekker, S.; Themessl, N.

2018-01-01

Space observatories such as Kepler have provided data that can potentially revolutionize our understanding of stars. Through detailed asteroseismic analyses we are capable of determining fundamental stellar parameters and reveal the stellar internal structure with unprecedented accuracy. However......, such detailed analyses, known as peak bagging, have so far been obtained for only a small percentage of the observed stars while most of the scientific potential of the available data remains unexplored. One of the major challenges in peak bagging is identifying how many solar-like oscillation modes are visible...... of detected oscillation modes. The algorithm presented here opens the possibility for detailed and automated peak bagging of the thousands of solar-like oscillators observed by Kepler....

Environmental impacts of public transport. Why peak-period travellers cause a greater environmental burden than off-peak travellers

International Nuclear Information System (INIS)

Rietveld, P.

2002-01-01

Given the difference between peak and off-peak occupancy rates in public transport, emissions per traveller kilometre are lower in the peak than in the off-peak period, whereas the opposite pattern is observed for cars. It is argued that it is much more fruitful to analyse environmental effects in marginal terms. This calls for a careful analysis of capacity management policies of public transport suppliers that are facing increased demand during both peak and off-peak periods. A detailed analysis of capacity management by the Netherlands Railways (NS) revealed that off-peak capacity supply is mainly dictated by the demand levels during the peak period. The analysis included the effects of increased frequency and increased vehicle size on environmental impacts, while environmental economies of vehicle size were also taken into account. The main conclusion is that the marginal environmental burden during the peak hours is much higher than is usually thought, whereas it is almost zero during the off-peak period. This implies a pattern that is the precise opposite of the average environmental burden. Thus, an analysis of environmental effects of public transport based on average performance would yield misleading conclusions [nl

Financial Globalization and Inequality

OpenAIRE

Kunieda, Takuma

2008-01-01

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

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

African Journals Online (AJOL)

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

Inmate Perceptions of Financial Education Needs: Suggestions for Financial Educators

Science.gov (United States)

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

2013-01-01

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

Financial assurances

International Nuclear Information System (INIS)

Paton, R.F.

1990-01-01

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

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

Directory of Open Access Journals (Sweden)

Syed Jawad Hussain Shahzad

2015-04-01

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

Residential respite care is associated with family carers experiencing financial strain.

Science.gov (United States)

Aggar, Christina; Ronaldson, Susan; Cameron, Ian D

2014-06-01

Care services for older people are provided with the expectation of supporting carers in their caregiving role. The aim of the study is to investigate the association between the utilisation of care services by older people and the caregiving experience. Cross-sectional design, involving a cohort of family carers (n = 119) of frail older people (≥70 years) enrolled in a clinical trial of frailty treatment in metropolitan Sydney from 2008 to 2011. The caregiving experience was measured in five domains: health, daily schedule, finance, family support and self-esteem (Caregiver Reaction Assessment tool). Multivariate regression analysis demonstrated an association between the utilisation of residential respite care and financial strain (β = -0.613, P = 0.049), after controlling for functional ability, co-residence and age. There is a need to consider carers' financial barriers and concerns in regards to the utilisation of respite care services. © 2012 The Authors. Australasian Journal on Ageing © 2012 ACOTA.

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

Directory of Open Access Journals (Sweden)

Sushko E. Yu.

2014-12-01

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

Drivers of peak sales for pharmaceutical brands

NARCIS (Netherlands)

Fischer, Marc; Leeflang, Peter S. H.; Verhoef, Peter C.

2010-01-01

Peak sales are an important metric in the pharmaceutical industry. Specifically, managers are focused on the height-of-peak-sales and the time required achieving peak sales. We analyze how order of entry and quality affect the level of peak sales and the time-to-peak-sales of pharmaceutical brands.

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

Directory of Open Access Journals (Sweden)

Mark Brimble

2013-09-01

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

Financial Statements in Providing Financial Security of Agricultural Enterprises

OpenAIRE

Olha Vdovenko

2014-01-01

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

The Impact of Social Support on the Relation between Stress from Daily Life Issues and Depression among East Asian International Students in the United States

Science.gov (United States)

Fang, Hong-Ning

2013-01-01

Moderation effects of social support on the relation between stress resulting from five daily life issues (i.e., acculturation, second language, academic performance, interpersonal relationships, and financial concerns) and psychological distress (i.e., the level of depression) among China, South Korea, Taiwan, and Japan international students…

Forecasting Daily Variability of the S&P 100 Stock Index using Historical, Realised and Implied Volatility Measurements

OpenAIRE

Koopman, Siem Jan; Jungbacker, Borus; Hol, Eugenie

2004-01-01

This discussion paper resulted in an article in the Journal of Empirical Finance (2005). Vol. 12, issue 3, pages 445-475. The increasing availability of financial market data at intraday frequencies has not only led to the development of improved volatility measurements but has also inspired research into their potential value as an information source for volatility forecasting. In this paper we explore the forecasting value of historical volatility (extracted from daily return series), of im...

A Financial Literacy Measure: Gendering and Contextualising Financial Technicalities

Directory of Open Access Journals (Sweden)

Asta Zokaityte

2016-03-01

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

Characteristics of the co-fluctuation matrix transmission network based on financial multi-time series

OpenAIRE

Huajiao Li; Haizhong An; Xiangyun Gao; Wei Fang

2015-01-01

The co-fluctuation of two time series has often been studied by analysing the correlation coefficient over a selected period. However, in both domestic and global financial markets, there are more than two active time series that fluctuate constantly as a result of various factors, including geographic locations, information communications and so on. In addition to correlation relationships over longer periods, daily co-fluctuation relationships and their transmission features are also import...

The impact of personal financial wellbeing on total employee cost / Fanus Jansen van Vuren

OpenAIRE

Jansen van Vuren, Fanus

2015-01-01

The present fast-changing economic environment contributes to the daily challenges faced by organisations in their attempts to maintain a competitive edge. Employees need to be innovative continuously and maintain high levels of productivity in order to reach organisational goals. From a global perspective, a lot of research has been done concerning personal financial wellbeing, yet very little research on this topic could be found in the South African context. Seeing that intellectual capita...

Chronic daily headaches

Directory of Open Access Journals (Sweden)

Fayyaz Ahmed

2012-01-01

Full Text Available Chronic Daily Headache is a descriptive term that includes disorders with headaches on more days than not and affects 4% of the general population. The condition has a debilitating effect on individuals and society through direct cost to healthcare and indirectly to the economy in general. To successfully manage chronic daily headache syndromes it is important to exclude secondary causes with comprehensive history and relevant investigations; identify risk factors that predict its development and recognise its sub-types to appropriately manage the condition. Chronic migraine, chronic tension-type headache, new daily persistent headache and medication overuse headache accounts for the vast majority of chronic daily headaches. The scope of this article is to review the primary headache disorders. Secondary headaches are not discussed except medication overuse headache that often accompanies primary headache disorders. The article critically reviews the literature on the current understanding of daily headache disorders focusing in particular on recent developments in the treatment of frequent headaches.

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.

Analysis of Peak-to-Peak Current Ripple Amplitude in Seven-Phase PWM Voltage Source Inverters

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Gabriele Grandi

2013-08-01

Full Text Available Multiphase systems are nowadays considered for various industrial applications. Numerous pulse width modulation (PWM schemes for multiphase voltage source inverters with sinusoidal outputs have been developed, but no detailed analysis of the impact of these modulation schemes on the output peak-to-peak current ripple amplitude has been reported. Determination of current ripple in multiphase PWM voltage source inverters is important for both design and control purposes. This paper gives the complete analysis of the peak-to-peak current ripple distribution over a fundamental period for multiphase inverters, with particular reference to seven-phase VSIs. In particular, peak-to-peak current ripple amplitude is analytically determined as a function of the modulation index, and a simplified expression to get its maximum value is carried out. Although reference is made to the centered symmetrical PWM, being the most simple and effective solution to maximize the DC bus utilization, leading to a nearly-optimal modulation to minimize the RMS of the current ripple, the analysis can be readily extended to either discontinuous or asymmetrical modulations, both carrier-based and space vector PWM. A similar approach can be usefully applied to any phase number. The analytical developments for all different sub-cases are verified by numerical simulations.

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

OpenAIRE

Mark Brimble; Ciorstan Smark

2013-01-01

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

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

OpenAIRE

Valls Ruiz, Natàlia

2014-01-01

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

The role of 'financial myths' in financial crises

OpenAIRE

Eric S. Rosengren

2011-01-01

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

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

OpenAIRE

Rabtsinski, Deniss

2010-01-01

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

Forecasting Daily Variability of the S and P 100 Stock Index using Historical, Realised and Implied Volatility Measurements

OpenAIRE

Koopman, Siem Jan; Jungbacker, Borus; Hol, Eugenie

2004-01-01

The increasing availability of financial market data at intraday frequencies has not only led to the development of improved volatility measurements but has also inspired research into their potential value as an information source for volatility forecasting. In this paper we explore the forecasting value of historical volatility (extracted from daily return series), of implied volatility (extracted from option pricing data) and of realised volatility (computed as the sum of squared high freq...

Hydrological model calibration for derived flood frequency analysis using stochastic rainfall and probability distributions of peak flows

Science.gov (United States)

Haberlandt, U.; Radtke, I.

2014-01-01

Derived flood frequency analysis allows the estimation of design floods with hydrological modeling for poorly observed basins considering change and taking into account flood protection measures. There are several possible choices regarding precipitation input, discharge output and consequently the calibration of the model. The objective of this study is to compare different calibration strategies for a hydrological model considering various types of rainfall input and runoff output data sets and to propose the most suitable approach. Event based and continuous, observed hourly rainfall data as well as disaggregated daily rainfall and stochastically generated hourly rainfall data are used as input for the model. As output, short hourly and longer daily continuous flow time series as well as probability distributions of annual maximum peak flow series are employed. The performance of the strategies is evaluated using the obtained different model parameter sets for continuous simulation of discharge in an independent validation period and by comparing the model derived flood frequency distributions with the observed one. The investigations are carried out for three mesoscale catchments in northern Germany with the hydrological model HEC-HMS (Hydrologic Engineering Center's Hydrologic Modeling System). The results show that (I) the same type of precipitation input data should be used for calibration and application of the hydrological model, (II) a model calibrated using a small sample of extreme values works quite well for the simulation of continuous time series with moderate length but not vice versa, and (III) the best performance with small uncertainty is obtained when stochastic precipitation data and the observed probability distribution of peak flows are used for model calibration. This outcome suggests to calibrate a hydrological model directly on probability distributions of observed peak flows using stochastic rainfall as input if its purpose is the

An estimation of US horse-owner/caregiver willingness-to-pay for daily use and infectious upper respiratory disease treatment options.

Science.gov (United States)

Kibler, M L; Pendell, D L; Costanigro, M; Traub-Dargatz, J

2018-07-01

Equine injury and disease cause two types of costs for those financially responsible for treating and caring for the infected horse(s); direct costs of treating the horse and indirect cost of lost use of the horse for a period of time to the user of the horse (daily horse use). Indirect costs are more difficult to estimate but pose significant financial implications for equine-owners/caregivers. Additionally, there exists a gap in existing research regarding the valuation of infectious treatment options in horses. To estimate the value a US horse-owner/caregiver places on daily horse use and describe respondents' willingness-to-pay for various attributes of equine treatment options. Online questionnaire survey. An online questionnaire was provided to equine-owners and caretakers, and owner demographic, horse care and horse use information from respondents were requested. Additionally, respondents were presented with hypothetical disease treatment options with the following attributes: daily dosage, number of days of rest required, route of administration and out-of-pocket cost to the owner/caretaker through a choice experiment. Data were analysed using a rank-ordered logit analysis and willingness-to-pay estimates for daily use and treatment options were calculated. Results suggest that the average horse-owner with an uninsured and insured horse is willing to pay $12.07 (95% confidence interval: -$15.01, -$9.69) and $17.95 (95% confidence interval: -$25.30, -$11.20) per day to reduce lost use days required (due to need for rest) respectively. Respondents showed preferences for oral administration over treatments requiring i.m. injections. As this study employed an online survey it was subjected to self-selection bias and a sample size calculation was not performed. Veterinarians and pharmaceutical companies may use these results when promoting various treatment options to horse-owners/caregivers and in product development. Additionally, promotion efforts may be

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

Science.gov (United States)

Chung, Yunhyung; Park, Youngkyun

2014-01-01

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

How to use your peak flow meter

Science.gov (United States)

... meter - how to use; Asthma - peak flow meter; Reactive airway disease - peak flow meter; Bronchial asthma - peak ... 2014:chap 55. National Asthma Education and Prevention Program website. How to use a peak flow meter. ...

Spatial interpolation schemes of daily precipitation for hydrologic modeling

Science.gov (United States)

Hwang, Y.; Clark, M.R.; Rajagopalan, B.; Leavesley, G.

2012-01-01

Distributed hydrologic models typically require spatial estimates of precipitation interpolated from sparsely located observational points to the specific grid points. We compare and contrast the performance of regression-based statistical methods for the spatial estimation of precipitation in two hydrologically different basins and confirmed that widely used regression-based estimation schemes fail to describe the realistic spatial variability of daily precipitation field. The methods assessed are: (1) inverse distance weighted average; (2) multiple linear regression (MLR); (3) climatological MLR; and (4) locally weighted polynomial regression (LWP). In order to improve the performance of the interpolations, the authors propose a two-step regression technique for effective daily precipitation estimation. In this simple two-step estimation process, precipitation occurrence is first generated via a logistic regression model before estimate the amount of precipitation separately on wet days. This process generated the precipitation occurrence, amount, and spatial correlation effectively. A distributed hydrologic model (PRMS) was used for the impact analysis in daily time step simulation. Multiple simulations suggested noticeable differences between the input alternatives generated by three different interpolation schemes. Differences are shown in overall simulation error against the observations, degree of explained variability, and seasonal volumes. Simulated streamflows also showed different characteristics in mean, maximum, minimum, and peak flows. Given the same parameter optimization technique, LWP input showed least streamflow error in Alapaha basin and CMLR input showed least error (still very close to LWP) in Animas basin. All of the two-step interpolation inputs resulted in lower streamflow error compared to the directly interpolated inputs. ?? 2011 Springer-Verlag.

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

OpenAIRE

Yunhee Chang; Angela Lyons

2007-01-01

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

A multifractal detrended fluctuation analysis of financial market efficiency: Comparison using Dow Jones sector ETF indices

Science.gov (United States)

Tiwari, Aviral Kumar; Albulescu, Claudiu Tiberiu; Yoon, Seong-Min

2017-10-01

This study challenges the efficient market hypothesis, relying on the Dow Jones sector Exchange-Traded Fund (ETF) indices. For this purpose, we use the generalized Hurst exponent and multifractal detrended fluctuation analysis (MF-DFA) methods, using daily data over the timespan from 2000 to 2015. We compare the sector ETF indices in terms of market efficiency between short- and long-run horizons, small and large fluctuations, and before and after the global financial crisis (GFC). Our findings can be summarized as follows. First, there is clear evidence that the sector ETF markets are multifractal in nature. We also find a crossover in the multifractality of sector ETF market dynamics. Second, the utilities and consumer goods sector ETF markets are more efficient compared with the financial and telecommunications sector ETF markets, in terms of price prediction. Third, there are noteworthy discrepancies in terms of market efficiency, between the short- and long-term horizons. Fourth, the ETF market efficiency is considerably diminished after the global financial crisis.

Practical C++ financial programming

CERN Document Server

Oliveira, Carlos

2015-01-01

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

Financial Stability and Interacting Networks of Financial Institutions and Market Infrastructures

NARCIS (Netherlands)

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

2014-01-01

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

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

Directory of Open Access Journals (Sweden)

E. E. Frolova

2018-01-01

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

Daily and seasonal activity patterns of free range South-American rattlesnake (Crotalus durissus).

Science.gov (United States)

Tozetti, Alexandro M; Martins, Marcio

2013-09-01

This study aimed at describing daily and seasonal variation in the activity of a population of South-American rattlesnakes (Crotalus durissus) in a savanna like habitat (Cerrado) in Southeastern Brazil. Seasonal and daily activities of snakes were evaluated by the number of captures of snakes during road surveys, accidental encounters, and relocations by radio-tracking. Our results show that climatic variables such as air temperature and rainfall have little influence on the activity pattern of rattlesnakes. Our findings indicate that rattlesnakes spend most of the day resting and most of the night in ambush posture. The South-American rattlesnake is active throughout the year with a discrete peak in activity of males during the matting season. The possibility of maintaining activity levels even during the coldest and driest season can facilitate the colonization of several habitats in South America. This possibility currently facilitates the colonization of deforested areas by rattlesnakes.

Forecasting Financial Stress

OpenAIRE

Jan Willem Slingenberg; Jakob de Haan

2011-01-01

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

The Kansas PEAK 2.0 Program Facilitates the Diffusion of Culture-Change Innovation to Unlikely Adopters.

Science.gov (United States)

Hermer, Linda; Cornelison, Laci; Kaup, Migette L; Poey, Judith L; Stone, Robyn; Doll, Gayle

2018-05-08

Recent studies have shown that nursing homes adopting culture change are disproportionately not-for-profit and CCRC-affiliated, with greater quality of care. Through the lens of diffusion-of-innovation theory, we examined whether Kansas' Medicaid pay-for-performance program PEAK 2.0, which incents the adoption of person-centered care (PCC) and worker empowerment, succeeded in its goal of spreading adoption to atypical- as well as typical-adopting nursing homes. We conducted a retrospective cohort study of 349 nursing homes in the state during PEAK 2.0's existence, 2012-2016. We constructed a data set combining state program data, provider characteristics from CMS data sets, and other demographic information from the 2010 Census. With a series of logistic regression models, we tested whether program joiners differed from nonjoiners by profit status and other demographic factors, as well as quality-related and case-mix factors. We found that in PEAK 2.0's first year, 2012, adopters were more likely to be not-for-profit and part of a CCRC, with higher occupancy rates and greater quality. However, by 2013 these associations became marginal, and in 2014 and 2015, we found no differences between program joiners and nonjoiners. The results show that by PEAK 2.0's third year, the program-with its large financial incentive and other potentially important characteristics-succeeded in attracting a large set of nursing homes whose demographics were representative of those in the state. This is important because other studies have found that the adoption of PCC is associated with improved health and well-being for residents.

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

OpenAIRE

Mishkin, Frederic S.

2001-01-01

The author defines a financial crisis as a disruption in financial markets in which adverse selection and moral hazard problems become much worse, so that financial markets are unable to efficiently channel funds to those who have the most productive investment opportunities. As financial markets become unable to function efficiently, economic activity sharply contracts. Factors that promote ...

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.

Integrating Physical Actions and Financial Instruments to Manage Environmental Financial Risk

Science.gov (United States)

Foster, B.

2016-12-01

Exposure to extreme weather events can be reduced through physical actions (e.g., dams/reservoirs) or mitigated financially (e.g., insurance). Often physical actions involve investments in expensive infrastructure that reduce exposure, but whose benefits are only occasionally realized. Financial risk management does not reduce the impacts of an event, but rather redistributes them temporally, albeit at a cost. Nonetheless, these costs are typically much smaller, at least in the short run, than those incurred for physical actions. Financial strategies are also more flexible than physical ones in the face of an uncertain future. Financial contracts specifically designed to manage extreme environmental risks are becoming more common and can either replace or complement infrastructural investments as part of a risk management portfolio. In order to make optimal decisions as to the relative levels of physical and financial risk mitigation to employ, it is necessary to understand the relative merits of each strategy. This research develops a method for analyzing tradeoffs between physical and financial risk management strategies. We identify the unique cost and benefit properties of each strategy and integrate them into a single model that details the tradeoffs involved in various portfolios of physical and financial strategies. These methods are then applied to evaluate decisions to pursue emergency dredging during drought on the Mississippi River, which is used to mitigate the increased costs and/or reduced revenues barge operators face when water levels are low. Currently the U.S. Army Corps of Engineers funds most emergency dredging operations during major droughts and they are considering more intensive strategies for future droughts. Barge carriers and shippers though could manage at least some portion of their financial risks through a series of existing and experimental financial contracts. This work involves the formulation of these experimental contracts and

Modeling exchange rate volatility in CEEC countries: Impact of global financial and European sovereign debt crisis

Directory of Open Access Journals (Sweden)

Miletić Siniša

2015-01-01

Full Text Available The aim of this study is to envisage the impact of global financial (GFC and European sovereign debt crisis (ESDC on foreign exchange markets of emerg- ing countries in Central and Eastern Europe CEEC countries (Czech Republic, Hungary, Romania, poland and Serbia. The daily returns of exchange rates on Czech Republic koruna (CZK, Hungarian forint (HuF, Romanian lea (RoL, polish zloty (pLZ and Serbian dinar (RSD, all against the Euro are analyzed during the period from 3rd January 2000 to15th April 2013, in respect. To examine the impact of global financial crisis and European sovereign debt crisis, dummy variables were adopted. overall results imply that global financial crisis has no impact on exchange rate returns in selected CEEC countries, while European sovereign debt crisis inf luencing in depreciation of polish zloty by 8% and Roma- nian lea by 6%. obtained results by our calculation, imply that global financial crisis increased enhanced volatility on exchange rate returns of Czech koruna, Romanian lea and polish zloty. Moreover, results of empirical analysis imply that this impact has the strongest inf luence in volatility on exchange rate returns of polish zloty.

A daily oscillation in the fundamental frequency and amplitude of harmonic syllables of zebra finch song.

Directory of Open Access Journals (Sweden)

William E Wood

Full Text Available Complex motor skills are more difficult to perform at certain points in the day (for example, shortly after waking, but the daily trajectory of motor-skill error is more difficult to predict. By undertaking a quantitative analysis of the fundamental frequency (FF and amplitude of hundreds of zebra finch syllables per animal per day, we find that zebra finch song follows a previously undescribed daily oscillation. The FF and amplitude of harmonic syllables rises across the morning, reaching a peak near mid-day, and then falls again in the late afternoon until sleep. This oscillation, although somewhat variable, is consistent across days and across animals and does not require serotonin, as animals with serotonergic lesions maintained daily oscillations. We hypothesize that this oscillation is driven by underlying physiological factors which could be shared with other taxa. Song production in zebra finches is a model system for studying complex learned behavior because of the ease of gathering comprehensive behavioral data and the tractability of the underlying neural circuitry. The daily oscillation that we describe promises to reveal new insights into how time of day affects the ability to accomplish a variety of complex learned motor skills.

77 FR 27381 - Financial Crimes Enforcement Network: Customer Due Diligence Requirements for Financial...

Science.gov (United States)

2012-05-10

...-AB15 Financial Crimes Enforcement Network: Customer Due Diligence Requirements for Financial... concerning customer due diligence requirements for financial institutions. DATES: Written comments on the... customer due diligence requirements for financial institutions.\\1\\ FinCEN received several comments on the...

Enron: a financial Tchernobyl?; Enron: un Tchernobyl financier?

Energy Technology Data Exchange (ETDEWEB)

Nicolet, J.L. [Expert Judiciaire, Pres la Cours d' Appel de Versailles, 78 (France); Alazard, C.; Charron, J.L. [Professeurs agreges d' Economie et Gestion, DECF, Lycee de Sevres, 92 (France)

2004-07-01

ENRON is almost more striking as an epitome, a model, than as a scandal. It is the perfect illustration of the occurrence of a major financial risk with strong contaminating repercussions. Close examination of the measures taken after this scandal, and the many other scandals (WorldCom, Vivendi etc.) which followed it, indicates that financial risk does not only, as might be imagined on more superficial analysis, take its roots in fraudulent behaviour. On the contrary, fraudulent behaviour appears merely to act as a catalyst. The authors suggest that a global approach integrating the concepts of industrial risk management provides a far more appropriate prism through which to interpret and develop effective controls for financial risks. After recalling the main facts, they apply the concepts of cindynics (the science of danger) to the Enron case and rapidly reach a first major conclusion: the financial system does not have its foundations in any reliable system of measurement. (authors)

Daily Weather Records

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — These daily weather records were compiled from a subset of stations in the Global Historical Climatological Network (GHCN)-Daily dataset. A weather record is...

Analysis of Subway Interior Noise at Peak Commuter Time.

Science.gov (United States)

Lee, Donguk; Kim, Gibbeum; Han, Woojae

2017-07-01

Although mass transit systems are convenient and efficient for urban people, little attention has been paid to the potential hearing hazard from their noise. The purpose of the current study was to measure and analyze levels of subway interior noise at peak commuter times and to provide information about commuters' daily dose of noise exposure. To measure the subway interior noise, nine subway lines inside Seoul (i.e., lines 1-9) and six lines surrounding the capital city area (i.e., Central, Bundang, Sinbundang, Incheon, Gyeongui, and Gyeongchun) were chosen. The noise was measured and recorded by a sound level meter for two-hour periods in the morning and evening. 1) In the LZeq analysis, the average noise level of all 15 lines was 72.78 dB; the maximum and minimum noise levels were 78.34 and 62.46 dB, respectively. The average noise level of the nine lines inside Seoul was 73.45 dB, which was 1.68-dB louder than that of the six lines surrounding the capital city area. 2) Based on the LZeq analysis of 33 measured frequencies, 12.5 Hz was the highest frequency and 20,000 Hz was the lowest. 3) There was no remarkable difference in the level of subway interior noise between morning and evening peak commuter times. We concluded that the level of subway interior noise was not loud enough for commuters to incur noise-induced hearing loss. Regardless, environmental noise control efforts in the subway system might be needed for commuters who take a subway every day.

SEGMENT OF FINANCIAL CORPORATIONS AS AN OBJECT OF FINANCIAL AND STATISTICAL ANALYSIS

OpenAIRE

Marat F. Mazitov

2013-01-01

The article is devoted to the study specific features of the formation and change of economic assets of financial corporations as an object of management and financial analysis. He author identifies the features and gives the classification of institutional units belonging to the sector of financial corporations from the viewpoint of assessment and financial analysis of the flows, reflecting change of their assets.

Do entheogen-induced mystical experiences boost the immune system? Psychedelics, peak experiences, and wellness.

Science.gov (United States)

Roberts, T B

1999-01-01

Daily events that boost the immune system (as indicated by levels of salivary immunoglobulin A), some instances of spontaneous remission, and mystical experiences seem to share a similar cluster of thoughts, feelings, moods, perceptions, and behaviors. Entheogens--psychedelic drugs used in a religious context--can also produce mystical experiences (peak experiences, states of unitive consciousness, intense primary religious experiences) with the same cluster of effects. When this happens, is it also possible that such entheogen-induced mystical experiences strengthen the immune system? Might spontaneous remissions occur more frequently under such conditions? This article advances the so called "Emxis hypothesis"--that entheogen-induced mystical experiences influence the immune system.

Mutual Information Based Analysis for the Distribution of Financial Contagion in Stock Markets

Directory of Open Access Journals (Sweden)

Xudong Wang

2017-01-01

Full Text Available This paper applies mutual information to research the distribution of financial contagion in global stock markets during the US subprime crisis. First, we symbolize the daily logarithmic stock returns based on their quantiles. Then, the mutual information of the stock indices is calculated and the block bootstrap approach is adopted to test the financial contagion. We analyze not only the contagion distribution during the entire crisis period but also its evolution over different stages by using the sliding window method. The empirical results prove the widespread existence of financial contagion and show that markets impacted by contagion tend to cluster geographically. The distribution of the contagion strength is positively skewed and leptokurtic. The average contagion strength is low at the beginning and then witnesses an uptrend. It has larger values in the middle stage and declines in the late phase of the crisis. Meanwhile, the cross-regional contagion between Europe and America is stronger than that between either America and Asia or Europe and Asia. Europe is found to be the region most deeply impacted by the contagion, whereas Asia is the least affected.

Marketing Financial Aid

Science.gov (United States)

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

1978-01-01

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

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.

Managing Daily Life

Science.gov (United States)

... Duchenne / Managing Daily Life Print Email Managing Daily Life Environmental accessibility As the person with Duchenne starts ... such as wider doorways and ramps, can make life easier once the person with Duchenne cannot climb ...

Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950-2007)

OpenAIRE

Bazot, Guillaume

2014-01-01

This paper proposes to assess financial intermediation efficiency in Germany, France, the UK, and Europe more broadly, over the past 60 years. I rely on Philippon's (2012) methodology, which calculates the unit cost of financial intermediation through the ratio of 'financial consumption' | measured by financial income | to 'financial output' | approximated by the sum of outstanding assets intermediated. The contribution of this paper is threefold. First, because financial industry VA ignores ...

Emerging interdependence between stock values during financial crashes.

Directory of Open Access Journals (Sweden)

Jacopo Rocchi

Full Text Available To identify emerging interdependencies between traded stocks we investigate the behavior of the stocks of FTSE 100 companies in the period 2000-2015, by looking at daily stock values. Exploiting the power of information theoretical measures to extract direct influences between multiple time series, we compute the information flow across stock values to identify several different regimes. While small information flows is detected in most of the period, a dramatically different situation occurs in the proximity of global financial crises, where stock values exhibit strong and substantial interdependence for a prolonged period. This behavior is consistent with what one would generally expect from a complex system near criticality in physical systems, showing the long lasting effects of crashes on stock markets.

Emerging interdependence between stock values during financial crashes.

Science.gov (United States)

Rocchi, Jacopo; Tsui, Enoch Yan Lok; Saad, David

2017-01-01

To identify emerging interdependencies between traded stocks we investigate the behavior of the stocks of FTSE 100 companies in the period 2000-2015, by looking at daily stock values. Exploiting the power of information theoretical measures to extract direct influences between multiple time series, we compute the information flow across stock values to identify several different regimes. While small information flows is detected in most of the period, a dramatically different situation occurs in the proximity of global financial crises, where stock values exhibit strong and substantial interdependence for a prolonged period. This behavior is consistent with what one would generally expect from a complex system near criticality in physical systems, showing the long lasting effects of crashes on stock markets.

75 FR 42399 - Orders Finding That the PJM WH Real Time Peak Daily Contract, PJM WH Real Time Off-Peak Daily...

Science.gov (United States)

2010-07-21

...-electric/pjm.asp . \\30\\ http://www.ferc.gov/market-oversight/mkt-electric/pjm/2010/05-2010-elec-pjm-archive...Exchange, Inc. (``ICE''), an exempt commercial market (``ECM'') under sections 2(h)(3)-(5) of the Commodity... CONTACT: Gregory K. Price, Industry Economist, Division of Market Oversight, Commodity Futures Trading...

Domesticizing Financial Economies

DEFF Research Database (Denmark)

Deville, Joe; Lazarus, Jeanne; Luzzi, Mariana

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

Automated asteroseismic peak detections

Science.gov (United States)

García Saravia Ortiz de Montellano, Andrés; Hekker, S.; Themeßl, N.

2018-05-01

Space observatories such as Kepler have provided data that can potentially revolutionize our understanding of stars. Through detailed asteroseismic analyses we are capable of determining fundamental stellar parameters and reveal the stellar internal structure with unprecedented accuracy. However, such detailed analyses, known as peak bagging, have so far been obtained for only a small percentage of the observed stars while most of the scientific potential of the available data remains unexplored. One of the major challenges in peak bagging is identifying how many solar-like oscillation modes are visible in a power density spectrum. Identification of oscillation modes is usually done by visual inspection that is time-consuming and has a degree of subjectivity. Here, we present a peak-detection algorithm especially suited for the detection of solar-like oscillations. It reliably characterizes the solar-like oscillations in a power density spectrum and estimates their parameters without human intervention. Furthermore, we provide a metric to characterize the false positive and false negative rates to provide further information about the reliability of a detected oscillation mode or the significance of a lack of detected oscillation modes. The algorithm presented here opens the possibility for detailed and automated peak bagging of the thousands of solar-like oscillators observed by Kepler.

Self-critical perfectionism, daily stress, and disclosure of daily emotional events.

Science.gov (United States)

Richardson, Clarissa M E; Rice, Kenneth G

2015-10-01

Although disclosure of stressful events can alleviate distress, self-critical perfectionism may pose an especially strong impediment to disclosure during stress, likely contributing to poorer psychological well-being. In the current study, after completing a measure of self-critical perfectionism (the Discrepancy subscale of the Almost Perfect Scale--Revised; Slaney, Rice, Mobley, Trippi, & Ashby, 2001), 396 undergraduates completed measures of stress and disclosure at the end of each day for 1 week. Consistent with hypotheses and previous research, multilevel modeling results indicated significant intraindividual coupling of daily stress and daily disclosure where disclosure was more likely when experiencing high stress than low stress. As hypothesized, Discrepancy moderated the relationship between daily stress and daily disclosure. Individuals higher in self-critical perfectionism (Discrepancy) were less likely to engage in disclosure under high stress, when disclosure is often most beneficial, than those with lower Discrepancy scores. These results have implications for understanding the role of stress and coping in the daily lives of self-critical perfectionists. (c) 2015 APA, all rights reserved).

Narrative Financial Therapy: Integrating a Financial Planning Approach with Therapeutic Theory

Directory of Open Access Journals (Sweden)

Megan A. McCoy

2014-03-01

Full Text Available The article serves as one of the first attempts to develop an integrated theoretical approach to financial therapy that can be used by practitioners from multiple disciplines. The presented approach integrates the components of the six-step financial planning process with components of empirically-supported therapeutic methods. This integration provides the foundation for a manualized approach to financial therapy, shaped by the writings of narrative theorists and select cognitive-behavioral interventions that can be used both by mental health and financial professionals.

Long memory of financial time series and hidden Markov models with time-varying parameters

DEFF Research Database (Denmark)

Nystrup, Peter; Madsen, Henrik; Lindström, Erik

Hidden Markov models are often used to capture stylized facts of daily returns and to infer the hidden state of financial markets. Previous studies have found that the estimated models change over time, but the implications of the time-varying behavior for the ability to reproduce the stylized...... facts have not been thoroughly examined. This paper presents an adaptive estimation approach that allows for the parameters of the estimated models to be time-varying. It is shown that a two-state Gaussian hidden Markov model with time-varying parameters is able to reproduce the long memory of squared...... daily returns that was previously believed to be the most difficult fact to reproduce with a hidden Markov model. Capturing the time-varying behavior of the parameters also leads to improved one-step predictions....

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

Directory of Open Access Journals (Sweden)

Baranga Laurentiu Paul

2017-07-01

Full Text Available Structured products are financial instruments issued by a financial institution where the amount claimed by the investor from the issuer depends on the variation of the price of the underlying instrument based on which the certificate is issued, namely: individual shares, share costs, stock indexes, currencies, commodities or combinations of these according to the prospectus. These products appeared with the development and diversification of financial services during the recent years, as well as due to the emergence of liquidity suppliers of international importance. The liquidity providers have developed on their own platforms a new range of derivatives which are different from the classical derivatives. These new derivatives, similar to contracts for difference (CFDs, have given to other institutions the possibility of transferring their risk more easily, regardless of the nature or type of the underlying asset. Thus, the financial institutions issuing structured financial products have found in liquidity providers the possibility of developing the CFDs required for their risk transfer operations. The issuers of structured products do not accept new risky positions when they issue certificates because they neutralize them through suitable risk transfer operations. The issuing financial institutions structure certificates from a variety of financial assets and/or commodities in order to adjust them to the various risk profiles of investors both in terms of expected return and in terms of the response to risk. Thus, products are issued that quickly respond to the trends of the financial or commodity markets. Investors in structured financial products benefit from the economic effect of a derivative but are exposed to financial risks that are more complex and more difficult to understand and at the same time depend on the reliability and stability of the contractual relationships between various financial institutions.

The Effect Of Intangible Asset Financial Performance And Financial Policies On The Firm Value

OpenAIRE

Rindu Rika Gamayuni

2015-01-01

Abstract The purpose of this study is to test empirically the relationship between intangible assets financial policies and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets financial policies financial performance and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets financial policies financial p...

Trusts and Financialization

DEFF Research Database (Denmark)

Harrington, Brooke

2017-01-01

the global spread of financialization: by privileging the rentier–investor within the 15 world economy; by perpetuating a distinctively Anglo-American approach to finance internationally; and by increasing the autonomy of finance vis-a-vis the nation-state. This study shares the primarily descriptive......This article identifies trusts as a legal structure associated with the global spread of financialization. Although trusts originated in Medieval England, they have acquired a new significance in contemporary finance by virtue of their advantages in terms of 10 profit maximization and capital...... and conceptual intent of Krippner’s work on financialization, but extends it in two ways: by comparing trusts to the better- known corporate form of organizing financial activity, and by showing how private 20 capital is implicated in the financialized economy alongside corporate wealth....

Financial decision-making abilities and financial exploitation in older African Americans: Preliminary validity evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS).

Science.gov (United States)

Lichtenberg, Peter A; Ficker, Lisa J; Rahman-Filipiak, Annalise

2016-01-01

This study examines preliminary evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS), a new person-centered approach to assessing capacity to make financial decisions, and its relationship to self-reported cases of financial exploitation in 69 older African Americans. More than one third of individuals reporting financial exploitation also had questionable decisional abilities. Overall, decisional ability score and current decision total were significantly associated with cognitive screening test and financial ability scores, demonstrating good criterion validity. Study findings suggest that impaired decisional abilities may render older adults more vulnerable to financial exploitation, and that the LFDRS is a valid tool.

Rates of credit obligations compliance on IFRS financial statement as a factor of financial stability

Directory of Open Access Journals (Sweden)

O. V. Uvarova

2016-01-01

Full Text Available For the purposes of effective management of economic activity of the entities of insufficiently own accounting information. For objective assessment of a financial and economic provision of the entity it is necessary to pass from separate accounting data to certain valuable ratios of major factors – to financial performance or financial ratios. Calculation and interpretation of their values the integral and essentially necessary part of a financial analysis, especially it is important if the company has credit liabilities. Conditions of credit agreements often include accomplishment of credit covenants which represent restrictions for activities and a financial position of the company in addition to timely settlement of percent and a body of the credit and provide to lessors a certain level of safety from bankruptcy of the debtor. The article considers the covenants and financial covenants definitions; the main financial covenants containing in credit agreements between large banks and borrowers; data on structure of a credit portfolio and financial debt of NLMK as at June 30, 2016; the main financial covenants containing in credit agreements of the companies of NLMK Group; definitions and formulas of calculation of financial rates based on the IFRS financial statement; calculation of covenants on the example of IFRS consolidated financial statements of NLMK; subtleties of calculation of financial rates; the main differences of financial rates calculation based on the financial statements prepared on the different principles; conclusion about stability and a financial condition of NLMK by the results received during calculation financial covenants as at end of the first half of the year 2016.

The usage of financial derivatives in financial risk management by non- financial companies in Serbia

Directory of Open Access Journals (Sweden)

Živanović Branko

2017-01-01

Full Text Available In this paper we analyse the research results on corporate risk management practices, notably in light of the derivatives use in the large Serbian non-financial companies. The principal aim of this paper is to examine whether Serbian companies employ derivatives to manage risk and to what degree, and to explore the main rationale behind the companies' not employing these instruments, as well as to suggest possible enhancements of risk management practices. Furthermore, we have investigated the key reasons why financial derivatives are very useful for Serbian companies for hedging financial risks. Additionally, this paper provides a comparative overview of the use of derivatives between Serbian companies and the companies in Croatia and Slovenia in order to ascertain whether Serbian companies employ derivatives in order to manage risk to the same degree as their Croatian and Slovenian counterparts. This paper will include findings and provide evidence that FX rate and referent interest rates (such as 1w- 2w repo rate, Beonia and Belibor are markedly volatile, which opens vast possibilities for the use of financial derivatives, given that these financial parameters determine the price of a credit arrangement for companies and the quality of import and export cash flows.

Simultaneous collection method of on-peak window image and off-peak window image in Tl-201 imaging

International Nuclear Information System (INIS)

Murakami, Tomonori; Noguchi, Yasushi; Kojima, Akihiro; Takagi, Akihiro; Matsumoto, Masanori

2007-01-01

Tl-201 imaging detects the photopeak (71 keV, in on-peak window) of characteristic X-rays of Hg-201 formed from Tl-201 decay. The peak is derived from 4 rays of different energy and emission intensity and does not follow in Gaussian distribution. In the present study, authors made an idea for the method in the title to attain the more effective single imaging, which was examined for its accuracy and reliability with phantoms and applied clinically to Tl-201 scintigraphy in a patient. The authors applied the triple energy window method for data acquisition: the energy window setting was made on Hg-201 X-rays photopeak in three of the lower (3%, L), main (72 keV, M) and upper (14%, U) windows with the gamma camera with 2-gated detector (Toshiba E. CAM/ICON). L, M and U images obtained simultaneously were then constructed to images of on-peak (L+M, Mock on-peak) and off-peak (M+U) window settings for evaluation. Phantoms for line source with Tl-201-containing swab and for multi-defect with acrylic plate containing Tl-201 solution were imaged in water. The female patient with thyroid cancer was subjected to preoperative scintigraphy under the defined conditions. Mock on-, off-peak images were found to be equivalent to the true (ordinary, clinical) on-, off-peak ones, and the present method was thought usable for evaluation of usefulness of off-peak window data. (R.T.)

Equity Returns and Volatilities Before and After the 2007-08 Financial Crisis

Directory of Open Access Journals (Sweden)

Dedi Lidija

2017-05-01

Full Text Available This paper investigates the linkages among equity markets of four European countries (Germany, France, Italy, UK and the USA in terms of market returns and transmission of volatilities. We use daily exchange traded funds (ETF data from January 2002 to March 2016 and utilize both a Multivariate Autoregressive Moving Average model (MARMA and a Generalized Autoregressive Conditional Heteroskedasticity model (GARCH. We divided the data into three separate periods: before the 2007-08 financial crisis, during the crisis and after the crisis. The results show the existence of significant co-movement of returns in all three selected periods although some important differences before and after the financial crisis are noted. Findings also include marked increases in integration of the markets and thus diminishing diversification opportunities for investors. Volatilities appear to react strongly to market movements and their shocks fade away slowly in all five countries during the crisis period. There is also strong evidence of volatility spillovers particularly during and after the crisis periods.

Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

International Nuclear Information System (INIS)

Yang, Ge; Wang, Jun; Fang, Wen

2015-01-01

In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems

Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

Science.gov (United States)

Yang, Ge; Wang, Jun; Fang, Wen

2015-04-01

In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

Energy Technology Data Exchange (ETDEWEB)

Yang, Ge; Wang, Jun [School of Science, Beijing Jiaotong University, Beijing 100044 (China); Fang, Wen, E-mail: fangwen@bjtu.edu.cn [School of Economics and Management, Beijing Jiaotong University, Beijing 100044 (China)

2015-04-15

In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

The Geography of Financial Literacy

Directory of Open Access Journals (Sweden)

Christopher Bumcrot

2013-07-01

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

Presenting practice financial information.

Science.gov (United States)

Webster, Lee Ann H

2007-01-01

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

Financial Learning: Is It The Effective Way to Improve Financial Literacy among Accounting Students?

Directory of Open Access Journals (Sweden)

Herawati Nyoman Trisna

2018-01-01

Full Text Available The aims of this study are to determine: the difference of financial literacy level between students who have had experience in financial learning and who have not had experience in financial learning. The data for this study was collected through financial literacy test and questionnaire which was distributed through randomized sampling method. A total of 173 completed and usable questionnaire have been collected. The result shows that the level of financial literacy among accounting students comes under below optimal standard category. Students who have had financial learning experience have a higher level of financial literacy than students who have not. This study provides means to improve financial learning for accounting students in preparation for creating a prosperous future.

17 CFR 229.914 - (Item 914) Pro forma financial statements: selected financial data.

Science.gov (United States)

2010-04-01

... statements: selected financial data. 229.914 Section 229.914 Commodity and Securities Exchanges SECURITIES... Transactions § 229.914 (Item 914) Pro forma financial statements: selected financial data. (a) In addition to... statements are required. (c) The pro forma financial statements required by paragraph (b) of this Item (§ 229...

Retrospective analysis of the financial break-even point for intrathecal morphine pump use in Korea.

Science.gov (United States)

Kim, Eun Kyoung; Shin, Ji Yeon; Castañeda, Anyela Marcela; Lee, Seung Jae; Yoon, Hyun Kyu; Kim, Yong Chul; Moon, Jee Youn

2017-10-01

The high cost of intrathecal morphine pump (ITMP) implantation may be the main obstacle to its use. Since July 2014, the Korean national health insurance (NHI) program began paying 50% of the ITMP implantation cost in select refractory chronic pain patients. The aims of this study were to investigate the financial break-even point and patients' satisfaction in patients with ITMP treatment after the initiation of the NHI reimbursement. We collected data retrospectively or via direct phone calls to patients who underwent ITMP implantation at a single university-based tertiary hospital between July 2014 and May 2016. Pain severity, changes in the morphine equivalent daily dosage (MEDD), any adverse events, and patients' satisfaction were determined. We calculated the financial break-even point of ITMP implantation via investigating the patient's actual medical costs and insurance information. During the studied period, 23 patients received ITMP implantation, and 20 patients were included in our study. Scores on an 11-point numeric rating scale (NRS) for pain were significantly reduced compared to the baseline value ( P break-even point was 28 months for ITMP treatment after the NHI reimbursement policy. ITMP provided effective chronic pain management with improved satisfaction and reasonable financial break-even point of 28 months with 50% financial coverage by NHI program.

Need depriving effects of financial insecurity: Implications for well-being and financial behaviors.

Science.gov (United States)

Weinstein, Netta; Stone, Dan N

2018-06-28

Evidence suggests that experiencing financial insecurity lowers well-being and increases problematic financial behaviors. The present article employs a self-determination theory (SDT; R. M. Ryan & Deci, 2000a) perspective to understand the mechanisms by which experiencing financial insecurity contributes to these detrimental outcomes. Informed by SDT, we expected that the basic psychological needs for autonomy, competence, and relatedness would drive these effects. Studies were concerned with individuals' general experiences of financial insecurity (using community samples; Studies 1 and 2), and employed manipulations involving self-reflection (Study 3) and hypothetical scenarios (Study 4). Findings demonstrated that financially insecure conditions undermined basic psychological needs and lowered well-being (measured in terms of self-esteem, depression, and anxiety). In addition, lower satisfaction of basic psychological needs linked financial insecurity to a greater likelihood of engaging in financial cheating (Studies 2 and 3) and risky financial decisions (Study 4). Importantly, this pattern of effects remained in evidence across socioeconomically diverse samples and income levels. We discuss implications for future interventions to improve the wellness of individuals in financially insecure circumstances. (PsycINFO Database Record (c) 2018 APA, all rights reserved).

The Effect Of Intangible Asset Financial Performance And Financial Policies On The Firm Value

Directory of Open Access Journals (Sweden)

Rindu Rika Gamayuni

2015-01-01

Full Text Available Abstract The purpose of this study is to test empirically the relationship between intangible assets financial policies and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets financial policies financial performance and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets financial policies financial performance have significant influence to the firm value simultaneously. Intangible assets has no significant influence to financial policies but has positive and significant influenced to financial performance ROA and firm value. Debt policies and financial performance ROA influenced firm value positive and significant. Financial statements limitation in measuring and disclosing intangible assets is the cause of significant difference between book value equity and market value equity. Measurement and disclosure of intangible assets intellectual capital precisely and aqurately is very important because intangible assets have a positive and significant effect to the firm value. Accounting standards should be concerned about this.

Revisiting the returns-volume relationship: Time variation, alternative measures and the financial crisis

Science.gov (United States)

Cook, Steve; Watson, Duncan

2017-03-01

Following its introduction in the seminal study of Osborne (1959), a voluminous literature has emerged examining the returns-volume relationship for financial assets. The present paper revisits this relationship in an examination of the FTSE100 which extends the existing literature in two ways. First, alternative daily measures of the FTSE100 index are used to create differing returns and absolute returns series to employ in an examination of returns-volume causality. Second, rolling regression analysis is utilised to explore potential time variation in the returns-volume relationship. The findings obtained depict a hitherto unconsidered complexity in this relationship with the type of returns series considered and financial crisis found to be significant underlying factors. The implications of the newly derived results for both the understanding of the nature of the returns-volume relationship and the development of theories in connection to it are discussed.

Relationships Among Nightly Sleep Quality, Daily Stress, and Daily Affect.

Science.gov (United States)

Blaxton, Jessica M; Bergeman, Cindy S; Whitehead, Brenda R; Braun, Marcia E; Payne, Jessic D

2017-05-01

We explored the prospective, microlevel relationship between nightly sleep quality (SQ) and the subsequent day's stress on positive (PA) and negative affect (NA) as well as the moderating relationships between nightly SQ, subsequent stress, and subsequent PA on NA. We investigated whether age moderated these relationships. We collected 56 days of sleep, stress, and affect data using daily diary questionnaires (N = 552). We used multilevel modeling to assess relationships at the between- and within-person levels. Daily increases in SQ and decreases in stress interacted to predict higher daily PA and lower daily NA. Better SQ in older adults enhanced the benefits of PA on the stress-NA relationship more during times of low stress, whereas better sleep in younger adults enhanced the benefits of PA more during times of high stress. Between-person effects were stronger predictors of well-being outcomes than within-person variability. The combination of good SQ and higher PA buffered the impact of stress on NA. The moderating impact of age suggests that sleep and stress play different roles across adulthood. Targeting intervention and prevention strategies to improve SQ and enhance PA could disrupt the detrimental relationship between daily stress and NA. © The Author 2015. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Age and education corrected older adult normative data for a short form version of the Financial Capacity Instrument.

Science.gov (United States)

Gerstenecker, Adam; Eakin, Amanda; Triebel, Kristen; Martin, Roy; Swenson-Dravis, Dana; Petersen, Ronald C; Marson, Daniel

2016-06-01

Financial capacity is an instrumental activity of daily living (IADL) that comprises multiple abilities and is critical to independence and autonomy in older adults. Because of its cognitive complexity, financial capacity is often the first IADL to show decline in prodromal and clinical Alzheimer's disease and related disorders. Despite its importance, few standardized assessment measures of financial capacity exist and there is little, if any, normative data available to evaluate financial skills in the elderly. The Financial Capacity Instrument-Short Form (FCI-SF) is a brief measure of financial skills designed to evaluate financial skills in older adults with cognitive impairment. In the current study, we present age- and education-adjusted normative data for FCI-SF variables in a sample of 1344 cognitively normal, community-dwelling older adults participating in the Mayo Clinic Study of Aging (MCSA) in Olmsted County, Minnesota. Individual FCI-SF raw scores were first converted to age-corrected scaled scores based on position within a cumulative frequency distribution and then grouped within 4 empirically supported and overlapping age ranges. These age-corrected scaled scores were then converted to age- and education-corrected scaled scores using the same methodology. This study has the potential to substantially enhance financial capacity evaluations of older adults through the introduction of age- and education-corrected normative data for the FCI-SF by allowing clinicians to: (a) compare an individual's performance to that of a sample of similar age and education peers, (b) interpret various aspects of financial capacity relative to a normative sample, and (c) make comparisons between these aspects. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

Statistical analysis of the low-temperature dislocation peak of internal friction (Bordoni peak) in nanostructured copper

International Nuclear Information System (INIS)

Vatazhuk, E.N.; Natsik, V.D.

2011-01-01

The temperature-frequency dependence of internal friction in the nanostructured samples of Cu and fibred composite C-32 vol.%Nb with the sizes of structure fragments approx 200 nm is analyzed. Experiments are used as initial information for such analysis. The characteristic for the heavily deformed copper Bordoni peak, located nearby a temperature 90 K, was recorded on temperature dependence of vibration decrement (frequencies 73-350 kHz) in previous experiments. The peak is due to the resonance interaction of sound with the system of thermal activated relaxators, and its width considerably greater in comparison with the width of standard internal friction peak with the single relaxation time. Statistical analysis of the peak is made in terms of assumption that the reason of broadening is random activation energy dispersion of relaxators as a result of intense distortion of copper crystal structure. Good agreement of experimental data and Seeger theory considers thermal activated paired kinks at linear segments of dislocation lines, placed in potential Peierls relief valley, as relaxators of Bordoni peak, was established. It is shown that the registered peak height in experiment correspond to presence at the average one dislocation segment in the interior of crystalline grain with size of 200 nm. Empirical estimates for the critical Peierls stress σp ∼ 2x10 7 Pa and integrated density of the interior grain dislocations ρ d ∼ 10 13 m -2 are made. Nb fibers in the composite Cu-Nb facilitate to formation of nanostructured copper, but do not influence evidently on the Bordoni peak.

Daily and seasonal activity patterns of free range South-American rattlesnake (Crotalus durissus

Directory of Open Access Journals (Sweden)

ALEXANDRO M. TOZETTI

2013-09-01

Full Text Available This study aimed at describing daily and seasonal variation in the activity of a population of South-American rattlesnakes (Crotalus durissus in a savanna like habitat (Cerrado in Southeastern Brazil. Seasonal and daily activities of snakes were evaluated by the number of captures of snakes during road surveys, accidental encounters, and relocations by radio-tracking. Our results show that climatic variables such as air temperature and rainfall have little influence on the activity pattern of rattlesnakes. Our findings indicate that rattlesnakes spend most of the day resting and most of the night in ambush posture. The South-American rattlesnake is active throughout the year with a discrete peak in activity of males during the matting season. The possibility of maintaining activity levels even during the coldest and driest season can facilitate the colonization of several habitats in South America. This possibility currently facilitates the colonization of deforested areas by rattlesnakes.

FINANCIAL MANAGEMENT OF THE COMPANY THROUGH THE CAPITALIZATION OF FINANCIAL-ACCOUNTING INFORMATION

OpenAIRE

Boby COSTI; Marius BOIŢĂ; Cosmina REMEŞ

2014-01-01

This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financial- accounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of inve...

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

OpenAIRE

Elena Hlaciuc; Camelia Mihalciuc; Anisoara Apetri

2008-01-01

The major financial statements are designed to provide a picture of theoverall financial position and performance of the business. In order to provide thisoverall picture, the accounting system will normally produce five major financialreports on a regular recurring basis. These financial statements, taken together,provide on overall picture of the financial health of the business. It says that who hasthe information has the power, and the way that it gets from the receiver iscommunication. F...

Detection of an inhibitory cortical gradient underlying peak shift in learning: a neural basis for a false memory.

Science.gov (United States)

Miasnikov, Alexandre A; Weinberger, Norman M

2012-11-01

Experience often does not produce veridical memory. Understanding false attribution of events constitutes an important problem in memory research. "Peak shift" is a well-characterized, controllable phenomenon in which human and animal subjects that receive reinforcement associated with one sensory stimulus later respond maximally to another stimulus in post-training stimulus generalization tests. Peak shift ordinarily develops in discrimination learning (reinforced CS+, unreinforced CS-) and has long been attributed to the interaction of an excitatory gradient centered on the CS+ and an inhibitory gradient centered on the CS-; the shift is away from the CS-. In contrast, we have obtained peak shifts during single tone frequency training, using stimulation of the cholinergic nucleus basalis (NB) to implant behavioral memory into the rat. As we also recorded cortical activity, we took the opportunity to investigate the possible existence of a neural frequency gradient that could account for behavioral peak shift. Behavioral frequency generalization gradients (FGGs, interruption of ongoing respiration) were determined twice before training while evoked potentials were recorded from the primary auditory cortex (A1), to obtain a baseline gradient of "habituatory" neural decrement. A post-training behavioral FGG obtained 24h after three daily sessions of a single tone paired with NB stimulation (200 trials/day) revealed a peak shift. The peak of the FGG was at a frequency lower than the CS while the cortical inhibitory gradient was at a frequency higher than the CS frequency. Further analysis indicated that the frequency location and magnitude of the gradient could account for the behavioral peak shift. These results provide a neural basis for a systematic case of memory misattribution and may provide an animal model for the study of the neural bases of a type of "false memory". Published by Elsevier Inc.

Integration of Financial Markets in Post Global Financial Crises and Implications for British Financial Sector: Analysis Based on A Panel VAR Model

OpenAIRE

Nasir, M; Du, M

2017-01-01

This study analyses the dynamics of integration among global financial markets in the context of Global Financial Crisis (2008) by employing a Panel Vector Autoregressive (VAR) model on the monthly data of nine countries and three markets from Jan 2003 to Oct 2015. It was found that there has been a shift in the association among the global financial markets since Global Financial Crisis (GFC).Moreover, the British financial sectors in Post-GFC world clearly showed a change in the association...

Coming of Age on a Shoestring Budget: Financial Capability and Financial Behaviors of Lower-Income Millennials.

Science.gov (United States)

West, Stacia; Friedline, Terri

2016-10-01

Lower-income millennials make important financial decisions that may affect their future financial well-being. With limited resources, this population is at risk for acquiring too much debt or being unprepared for a financial emergency that can send them further into poverty and constrain their ability to leverage resources for future economic mobility. A financial capability approach, an intervention that combines financial education with financial inclusion through the use of a savings account, may correlate with millennials’ healthy financial behaviors. This study used data from the 2012 National Financial Capability Study to examine the relationship between financial capability and the financial behaviors of lower-income millennials between the ages of 18 and 34 years (N = 2,578). Compared with those lower-income millennials who were financially excluded, those who were financially capable were also 171 percent more likely to afford an unexpected expense, 182 percent more likely to save for emergencies, and 34 percent less likely to carry too much debt, relating to their greater overall financial satisfaction. The findings of this study indicate that interventions that develop lower-income millennials’ financial capability may be effective for promoting healthy financial behaviors.

Childhood roots of financial literacy

OpenAIRE

Grohmann, Antonia; Kouwenberg, Roy; Menkhoff, Lukas

2015-01-01

Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic characteristics. We find in a mediation analysis that both family and school pos...

75 FR 22680 - Financial Management Service; Proposed Collection of Information: Annual Financial Statement of...

Science.gov (United States)

2010-04-29

... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Annual Financial Statement of Surety Companies--Schedule F AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management...

The peak in neutron powder diffraction

International Nuclear Information System (INIS)

Laar, B. van; Yelon, W.B.

1984-01-01

For the application of Rietveld profile analysis to neutron powder diffraction data a precise knowledge of the peak profile, in both shape and position, is required. The method now in use employs a Gaussian shaped profile with a semi-empirical asymmetry correction for low-angle peaks. The integrated intensity is taken to be proportional to the classical Lorentz factor calculated for the X-ray case. In this paper an exact expression is given for the peak profile based upon the geometrical dimensions of the diffractometer. It is shown that the asymmetry of observed peaks is well reproduced by this expression. The angular displacement of the experimental profile with respect to the nominal Bragg angle value is larger than expected. Values for the correction to the classical Lorentz factor for the integrated intensity are given. The exact peak profile expression has been incorporated into a Rietveld profile analysis refinement program. (Auth.)

Financial Audit – Undisputed Source on Precise Informing of Financial Statement’s Users

OpenAIRE

Constantin Afanase

2006-01-01

Financial audit implies a methodology of assessment to ensure an independent opinion so that to equally protect all the users of financial information: shareholders, state, employees, banks, stock exchange, debtors, suppliers, clients etc. Financial auditor answers to the third parties needs in relation with the confidence degree they can grant to the financial accounting documents of the company.

FINANCIAL AUDIT – UNDISPUTED SOURCE IN PRECISE INFORMING OF FINANCIAL STATEMENT’S USERS

Directory of Open Access Journals (Sweden)

Constantin AFANASE

2006-01-01

Full Text Available Financial audit implies a methodology of assessment to ensure an independentopinion so that to equally protect all the users of financial information:shareholders, state, employees, banks, stock exchange, debtors, suppliers, clientsetc. Financial auditor answers to the third parties needs in relation with theconfidence degree they can grant to the financial accounting documents of thecompany.

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.

Financial Integration into EU: The Romanian Case

Directory of Open Access Journals (Sweden)

Ibrahim Bozkurt

2016-05-01

Full Text Available The aim of this study is to investigate the determinants of integration between stock market of Romania and other stock markets of European Union (EU countries. Correlations between the stock returns represent the level of integration between the stock markets. Empirical analysis are performed with daily stock returns of 24 EU members including Romania for 2002-2012 period using panel data gravity models and correlations are investigated. Findings reveal that the following factors have significant and robust effects on the financial integration process of Romania with other 23 EU members; (i EU membership, (ii bilateral trade, (iii GDP per capita, (iv 2012 sovereign debt crisis and (v East European location. The results emphasize that intensifying economic relations with EU members can contribute the integration of Romanian stock market with other EU members. designed & hoste

Combining Radar and Daily Precipitation Data to Estimate Meaningful Sub-daily Precipitation Extremes

Science.gov (United States)

Pegram, G. G. S.; Bardossy, A.

2016-12-01

Short duration extreme rainfalls are important for design. The purpose of this presentation is not to improve the day by day estimation of precipitation, but to obtain reasonable statistics for the subdaily extremes at gauge locations. We are interested specifically in daily and sub-daily extreme values of precipitation at gauge locations. We do not employ the common procedure of using time series of control station to determine the missing data values in a target. We are interested in individual rare events, not sequences. The idea is to use radar to disaggregate daily totals to sub-daily amounts. In South Arica, an S-band radar operated relatively continuously at Bethlehem from 1998 to 2003, whose scan at 1.5 km above ground [CAPPI] overlapped a dense (10 km spacing) set of 45 pluviometers recording in the same 6-year period. Using this valuable set of data, we are only interested in rare extremes, therefore small to medium values of rainfall depth were neglected, leaving 12 days of ranked daily maxima in each set per year, whose sum typically comprised about 50% of each annual rainfall total. The method presented here uses radar for disaggregating daily gauge totals in subdaily intervals down to 15 minutes in order to extract the maxima of sub-hourly through to daily rainfall at each of 37 selected radar pixels [1 km square in plan] which contained one of the 45 pluviometers not masked out by the radar foot-print. The pluviometer data were aggregated to daily totals, to act as if they were daily read gauges; their only other task was to help in the cross-validation exercise. The extrema were obtained as quantiles by ordering the 12 daily maxima of each interval per year. The unusual and novel goal was not to obtain the reproduction of the precipitation matching in space and time, but to obtain frequency distributions of the gauge and radar extremes, by matching their ranks, which we found to be stable and meaningful in cross-validation tests. We provide and

The Ethics of the Financial Crisis and Financial Reform

NARCIS (Netherlands)

I.P. van Staveren (Irene)

2012-01-01

textabstractThe paper analyses the financial crisis and financial reform from two alternative ethical perspectives as compared to the mainstream one in economics, utilitarianism. It contrasts deontology with the ethics of care and argues that the rule-based deontological approach is not able to

Method and apparatus for current-output peak detection

Science.gov (United States)

De Geronimo, Gianluigi

2017-01-24

A method and apparatus for a current-output peak detector. A current-output peak detector circuit is disclosed and works in two phases. The peak detector circuit includes switches to switch the peak detector circuit from the first phase to the second phase upon detection of the peak voltage of an input voltage signal. The peak detector generates a current output with a high degree of accuracy in the second phase.

Measuring the Impacts of Financial Literacy: Challenges for Community-Based Financial Education

Science.gov (United States)

Collins, J. Michael; Holden, Karen C.

2014-01-01

This chapter addresses financial education across the lifespan, which has the potential to enhance adult financial capability, yet methodological barriers and a lack of robust measures have hampered the ability to identify and measure the effects of educational programs on financial decisions and behavior.

Gamma-Ray Peak Integration: Accuracy and Precision

International Nuclear Information System (INIS)

Richard M. Lindstrom

2000-01-01

The accuracy of singlet gamma-ray peak areas obtained by a peak analysis program is immaterial. If the same algorithm is used for sample measurement as for calibration and if the peak shapes are similar, then biases in the integration method cancel. Reproducibility is the only important issue. Even the uncertainty of the areas computed by the program is trivial because the true standard uncertainty can be experimentally assessed by repeated measurements of the same source. Reproducible peak integration was important in a recent standard reference material certification task. The primary tool used for spectrum analysis was SUM, a National Institute of Standards and Technology interactive program to sum peaks and subtract a linear background, using the same channels to integrate all 20 spectra. For comparison, this work examines other peak integration programs. Unlike some published comparisons of peak performance in which synthetic spectra were used, this experiment used spectra collected for a real (though exacting) analytical project, analyzed by conventional software used in routine ways. Because both components of the 559- to 564-keV doublet are from 76 As, they were integrated together with SUM. The other programs, however, deconvoluted the peaks. A sensitive test of the fitting algorithm is the ratio of reported peak areas. In almost all the cases, this ratio was much more variable than expected from the reported uncertainties reported by the program. Other comparisons to be reported indicate that peak integration is still an imperfect tool in the analysis of gamma-ray spectra

Analysis of financial time series using multiscale entropy based on skewness and kurtosis

Science.gov (United States)

Xu, Meng; Shang, Pengjian

2018-01-01

There is a great interest in studying dynamic characteristics of the financial time series of the daily stock closing price in different regions. Multi-scale entropy (MSE) is effective, mainly in quantifying the complexity of time series on different time scales. This paper applies a new method for financial stability from the perspective of MSE based on skewness and kurtosis. To better understand the superior coarse-graining method for the different kinds of stock indexes, we take into account the developmental characteristics of the three continents of Asia, North America and European stock markets. We study the volatility of different financial time series in addition to analyze the similarities and differences of coarsening time series from the perspective of skewness and kurtosis. A kind of corresponding relationship between the entropy value of stock sequences and the degree of stability of financial markets, were observed. The three stocks which have particular characteristics in the eight piece of stock sequences were discussed, finding the fact that it matches the result of applying the MSE method to showing results on a graph. A comparative study is conducted to simulate over synthetic and real world data. Results show that the modified method is more effective to the change of dynamics and has more valuable information. The result is obtained at the same time, finding the results of skewness and kurtosis discrimination is obvious, but also more stable.

Understanding Trust in Financial Services

DEFF Research Database (Denmark)

Hansen, Torben

2012-01-01

Although the financial crisis has elevated the interest for factors such as consumer financial healthiness, broad-scope trust, financial knowledge, and consumer relationship satisfaction, no existing model describes how these factors may influence consumer financial relationship trust...... healthiness, broad-scope trust, knowledge, and satisfaction positively affect narrow-scope trust in financial services. Furthermore, it is found that broad-scope trust negatively moderates the relationships between financial healthiness and narrow-scope trust and between satisfaction and narrow-scope trust....... This research extends prior research by developing a conceptual framework explaining how these constructs affect consumers' trust in their financial service provider. Based on two surveys comprising 764 pension consumers and 892 mortgage consumers, respectively, the results of this study indicate that financial...

The Geography of Financial Literacy

OpenAIRE

Christopher Bumcrot; Judy Lin; Annamaria Lusardi

2013-01-01

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

Consolidated supervision of financial institutions and financial market in the Republic of Croatia

Directory of Open Access Journals (Sweden)

Bojana Olgić Draženović

2005-06-01

Full Text Available The question of regulation and supervision of all parts of financial system is of major importance for any country. In order to protect the interest of the society and to accelerate the economic development, it is necessary to provide adequate legal framework as well as independent supervision institutions. The regulations refer mostly to maintenance of financial stability and consumer protection. The article points out that the structure of the financial sector in the Republic of Croatia is underdeveloped and characterized by domination of the banking sector. Therefore, bank supervision is one of the main tasks of Croatian national bank and all other financial institutions (except banks are regulated by other regulatory institutions. The problems of authority overlapping and insufficient regulation are becoming more complex by the development of financial sector and especially by the deregulation of financial markets. Because of that, it is reasonable to investigate the existing regulatory framework of Croatian financial system concerning its structure and development.

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)

FINANCIAL MANAGEMENT OF THE COMPANY THROUGH THE CAPITALIZATION OF FINANCIAL-ACCOUNTING INFORMATION

Directory of Open Access Journals (Sweden)

Boby COSTI

2014-06-01

Full Text Available This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financial- accounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of investment, of exploitation and of financing. A proper management, at the company’s level, contributes to better products at lower prices, a higher salary and at the same time, to achieve higher incomes for those who contributed with capital in that company. Therefore, the financial management is a subsystem of the overall management of the company, aimed at ensuring the necessary financial resources, their profitable allocation and use, increasing the company’s value and of the safety of patrimony.

Islamic Financial Literacy and Personal Financial Planning: A Socio-Demographic Study

Directory of Open Access Journals (Sweden)

Arum Setyowati

2018-02-01

Full Text Available This study aims to measure the level of Islamic Financial Literacy (IFL in Solo society and to test the effect of IFL on personal financial planning. The sociodemographic variables such as age, gender, marital status, education level, and income are being used as the control variable. 313 respondents are involved in this research directly through survey method and Ordinary Least Square (OLS is used to analyze the obtained research data. The study uses purposive sampling method and limiting the education level and income of research respondents. Study questionnaire consists of 20 multiple choice questions to measure respondent IFL and 13 questions to measure respondent personal financial planning. The results showed that: (1 the level of IFL in Solo reach 64.66 percent; (2 people with a good level of IFL tends to have better management in their personal finances, and (3 people with a good level of IFL tend to prefer investing in Islamic asset. Last, this paper will contribute to the scientific development of behavioral finance and financial inclusion which had been highly discussed in the financial literature. This study also became an early research in examining the influence of IFL on personal financial planning.

Dynamic Functional Stiffness Index of the Ankle Joint During Daily Living.

Science.gov (United States)

Argunsah Bayram, Hande; Bayram, Mehmed B

2018-03-30

Exploring ankle joint physiologic functional stiffness is crucial for improving the design of prosthetic feet that aim to mimic normal gait. We hypothesized that ankle joint stiffness would vary among the different activities of daily living and that the magnitude of the stiffness would indicate the degree of energy storage element sufficiency in terms of harvesting and returning energy. We examined sagittal plane ankle moment versus flexion angle curves from 12 healthy subjects during the daily activities. The slopes of these curves were assessed to find the calculated stiffness during the peak energy return and harvest phases. For the energy return and harvest phases, stiffness varied from 0.016 to 0.283 Nm/kg° and 0.025 and 0.858 Nm/kg°, respectively. The optimum stiffness during the energy return phase was 0.111 ± 0.117 Nm/kg° and during the energy harvest phase was 0.234 ± 0.327 Nm/kg°. Ankle joint stiffness varied significantly during the activities of daily living, indicating that an energy storage unit with a constant stiffness would not be sufficient in providing energy regenerative gait during all activities. The present study was directed toward the development of a complete data set to determine the torque-angle properties of the ankle joint to facilitate a better design process. Copyright © 2017 The American College of Foot and Ankle Surgeons. Published by Elsevier Inc. All rights reserved.

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

Directory of Open Access Journals (Sweden)

Yang Gao

2018-05-01

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

Comprehensive assessment of firm financial performance using financial ratios and linguistic analysis of annual reports

OpenAIRE

Renáta Myšková; Petr Hájek

2017-01-01

Indicators of financial performance, especially financial ratio analysis, have become important financial decision-support information used by firm management and other stakeholders to assess financial stability and growth potential. However, additional information may be hidden in management communication. The article deals with the analysis of the annual reports of U.S. firms from both points of view, a financial one based on a set of financial ratios, and a linguistic one based on the anal...

Taxing Financial Activity

OpenAIRE

Jack M. Mintz

2003-01-01

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

Corporate Social Responsibility in the Financial Sector: Are Financial Cooperatives Ready to the Challenge?

OpenAIRE

Élias Rizkallah; Inmaculada Buendía Martínez

2011-01-01

After the crash of financial institutions and the negative effects of the financial crisis, financial service cooperatives (FSCs) emerged as good performer compared to commercial banks. But this condition will not be enough to face the challenges that the new financial panorama will bring on the banking arena. Among them, challenges related to the corporate social responsibility (CSR) sphere will play a special role. In Canada, the financial regulatory framework forces some federal institutio...

The Study on Financial Supervision for Chinese Financial Industry under Mixed Operation

Science.gov (United States)

Wei, Song

Financial mixed operation refers to that financial institution can offer all financial services (banking, securities, insurance, and trust) and engage in industrial businesses by holding the share ownership. Because of self interests, risk diversification, the change of competition condition, and clients' needs of the diversity of financial products and services, commercial banks make it possible for the mixed operation to be the optimal choice of the banking businesses under dynamic conditions in globalized competition, which results in the diversity and integration of banking businesses.

Reaching Sustainable Financial Health: Gender Differences in Risk-Taking Patterns of Financially Excluded People

Directory of Open Access Journals (Sweden)

Eunmi Kim

2018-04-01

Full Text Available Providing sufficient financial accessibility to low-income individuals is considered a way to decrease income inequality and could be a key factor in sustainable economic growth. To make the financial accessibility policy more effective, analyses of individuals’ understanding of financial risk within low-income groups need to be conducted. The current authors investigated individuals’ attitudes towards loan financial risk in terms of gender difference. Using South Korean survey data, we examined the relationship between gender and attitude towards loan financial risk with a regression analysis. We found that within a low-income group, males were more willing to pay higher interest rates than females. In addition, males’ willingness to pay high interest rates became stronger when their current financial costs were high. The results indicate that males are less careful with the risks that high interest rates can bring. Thus, the results imply that interventions, such as more substantial financial education, are required for males to make financial accessibility polices more effective.

On the scaling of the distribution of daily price fluctuations in the Mexican financial market index

Science.gov (United States)

Alfonso, Léster; Mansilla, Ricardo; Terrero-Escalante, César A.

2012-05-01

In this paper, a statistical analysis of log-return fluctuations of the IPC, the Mexican Stock Market Index is presented. A sample of daily data covering the period from 04/09/2000-04/09/2010 was analyzed, and fitted to different distributions. Tests of the goodness of fit were performed in order to quantitatively asses the quality of the estimation. Special attention was paid to the impact of the size of the sample on the estimated decay of the distributions tail. In this study a forceful rejection of normality was obtained. On the other hand, the null hypothesis that the log-fluctuations are fitted to a α-stable Lévy distribution cannot be rejected at the 5% significance level.

Relationships between electroencephalographic spectral peaks across frequency bands

Directory of Open Access Journals (Sweden)

Sacha Jennifer Van Albada

2013-03-01

Full Text Available The degree to which electroenencephalographic (EEG spectral peaks are independent, and the relationships between their frequencies have been debated. A novel fitting method was used to determine peak parameters in the range 2–35 Hz from a large sample of eyes-closed spectra, and their interrelationships were investigated. Findings were compared with a mean-field model of thalamocortical activity, which predicts near-harmonic relationships between peaks. The subject set consisted of 1424 healthy subjects from the Brain Resource International Database. Peaks in the theta range occurred on average near half the alpha peak frequency, while peaks in the beta range tended to occur near twice and three times the alpha peak frequency on an individual-subject basis. Moreover, for the majority of subjects, alpha peak frequencies were significantly positively correlated with frequencies of peaks in the theta and low and high beta ranges. Such a harmonic progression agrees semiquantitatively with theoretical predictions from the mean-field model. These findings indicate a common or analogous source for different rhythms, and help to define appropriate individual frequency bands for peak identification.

Relationships between Electroencephalographic Spectral Peaks Across Frequency Bands

Science.gov (United States)

van Albada, S. J.; Robinson, P. A.

2013-01-01

The degree to which electroencephalographic spectral peaks are independent, and the relationships between their frequencies have been debated. A novel fitting method was used to determine peak parameters in the range 2–35 Hz from a large sample of eyes-closed spectra, and their interrelationships were investigated. Findings were compared with a mean-field model of thalamocortical activity, which predicts near-harmonic relationships between peaks. The subject set consisted of 1424 healthy subjects from the Brain Resource International Database. Peaks in the theta range occurred on average near half the alpha peak frequency, while peaks in the beta range tended to occur near twice and three times the alpha peak frequency on an individual-subject basis. Moreover, for the majority of subjects, alpha peak frequencies were significantly positively correlated with frequencies of peaks in the theta and low and high beta ranges. Such a harmonic progression agrees semiquantitatively with theoretical predictions from the mean-field model. These findings indicate a common or analogous source for different rhythms, and help to define appropriate individual frequency bands for peak identification. PMID:23483663

DAILY CHANGES OF CENTRAL HEMODYNAMICS IN PATIENTS WITH CHRONIC HEART FAILURE WITH NIGHT-TIME DYSPNOEA ATTACK

Directory of Open Access Journals (Sweden)

S. A. Dovgolis

2006-01-01

Full Text Available Aim. To study daily changes of central hemodynamics (CHD in patients with chronic heart failure (CHF and the effects of therapy. Materials and methods. 22 patients with ischemic heart disease and CHF of III-IV functional class (FC by NYHA, age 60,5±10,5 were observed. Patients were suffering from night-time dyspnoea attacks and had pulmonary artery occlusion pressure (PAOP 15-20 mm Hg. CHD was monitored invasively before the treatment and after 4 weeks of CHF treatment. Results. According to the cardiac index (CI at admission patients were split into two groups. 9 patients of group-I had CI ≤2,15 l\\min\\m2, and 13 patients of group-II had CI >2,15 l\\min\\m2. In patients of group-I CI increased in 4 weeks of treatment. The treatment caused considerable clinical improvement in all patients. The CHD indexes also improved. Initially evening-night-time peaks of PAOP (р≤0,002, systolic (SBP (р≤0,003, diastolic (DBP (р=0,002 and average (BPa (р=0,0007 blood pressure (BP as well as double multiplication (DM (р≤0,008 were registered in patients of group-I. At the end of treatment only evening-night increase in DBP (р=0,002 and BPa (р≤0,006 were noted. In patients of group-II after 4 weeks of treatment CI decreased or didn’t change. Towards 28-th day of treatment 10 patients had clinical improvements. Only one patient’s FC NYHA increased. At the end of treatment the normalization of CHD was registered totally in group. Initially evening-night-time peaks of PAOP (р≤0,002, SBP (р≤0, 0001, CI (р=0,057 and DM (р=0,084 were registered in patients of group-II. At the end of treatment evening-night-time peaks of PAOP (р≤0,015, SBP (р≤0,044, CI (р≤0,005 and DM (р≤0,044 still remained. Besides, evening-night-time peaks of cardiac output (р≤0,01 and systolic index (р≤0, 06 have added. Conclusion. In patients with CHF with initial CI ≤2,15 l\\min\\m2 treatment results in the normalization of CHD and its daily

Hubbert's Peak -- A Physicist's View

Science.gov (United States)

McDonald, Richard

2011-04-01

Oil, as used in agriculture and transportation, is the lifeblood of modern society. It is finite in quantity and will someday be exhausted. In 1956, Hubbert proposed a theory of resource production and applied it successfully to predict peak U.S. oil production in 1970. Bartlett extended this work in publications and lectures on the finite nature of oil and its production peak and depletion. Both Hubbert and Bartlett place peak world oil production at a similar time, essentially now. Central to these analyses are estimates of total ``oil in place'' obtained from engineering studies of oil reservoirs as this quantity determines the area under the Hubbert's Peak. Knowing the production history and the total oil in place allows us to make estimates of reserves, and therefore future oil availability. We will then examine reserves data for various countries, in particular OPEC countries, and see if these data tell us anything about the future availability of oil. Finally, we will comment on synthetic oil and the possibility of carbon-neutral synthetic oil for a sustainable future.

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

The geomorphic structure of the runoff peak

Directory of Open Access Journals (Sweden)

R. Rigon

2011-06-01

Full Text Available This paper develops a theoretical framework to investigate the core dependence of peak flows on the geomorphic properties of river basins. Based on the theory of transport by travel times, and simple hydrodynamic characterization of floods, this new framework invokes the linearity and invariance of the hydrologic response to provide analytical and semi-analytical expressions for peak flow, time to peak, and area contributing to the peak runoff. These results are obtained for the case of constant-intensity hyetograph using the Intensity-Duration-Frequency (IDF curves to estimate extreme flow values as a function of the rainfall return period. Results show that, with constant-intensity hyetographs, the time-to-peak is greater than rainfall duration and usually shorter than the basin concentration time. Moreover, the critical storm duration is shown to be independent of rainfall return period as well as the area contributing to the flow peak. The same results are found when the effects of hydrodynamic dispersion are accounted for. Further, it is shown that, when the effects of hydrodynamic dispersion are negligible, the basin area contributing to the peak discharge does not depend on the channel velocity, but is a geomorphic propriety of the basin. As an example this framework is applied to three watersheds. In particular, the runoff peak, the critical rainfall durations and the time to peak are calculated for all links within a network to assess how they increase with basin area.

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.

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.

FINANCIAL INSTABILITY IN ROMANIA

Directory of Open Access Journals (Sweden)

Cristian, IONESCU

2014-11-01

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

Fundamentals of Financial Statements Audit

OpenAIRE

World Bank

2011-01-01

The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. The objective of an audit of financial statements is to enable an auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with International Financial Reporting Standards or another identified financial reporting fr...

Historical Account of Key Words in Non-Financial Report Titles (A review of FT 500 corporations from 1989 to 2007

Directory of Open Access Journals (Sweden)

Caroline D Ditlev-Simonsen

2010-12-01

“responsib” to catch relevant versions are investigated.  The key words were initially applied by a few companies, and then grew in popularity. While “sustainab” and “responsib” are still growing in popularity, “environment” grew, peaked around 2002 and then reduced in frequency as a term in the titles. Based on business theories, the paper discusses alternative explanations for why corporations introduced the new key words in their non-financial reports. Whereas issuing non-financial reports can be understood from a legitimacy perspective, the introduction of new key words in the titles can be explained by a multitude of alternative theories.

75 FR 38469 - Orders Finding That the Mid-C Financial Peak Contract and Mid-C Financial Off-Peak Contract...

Science.gov (United States)

2010-07-02

... Significant Price Discovery Function AGENCY: Commodity Futures Trading Commission. ACTION: Final orders... market (``ECM'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), perform a significant price discovery function pursuant to section 2(h)(7) of the CEA. The Commission...

The Financial Safety Net – a Necessity in a Turbulent Financial World

Directory of Open Access Journals (Sweden)

Peter BALOGH

2011-11-01

Full Text Available Over the last years we observed that whenever crisis hits, interest in guarantee arrangements rises. The current financial crisis is no exception in this respect. It turns the spotlight on the operation of the financial safety net and provides policy makers with a unique opportunity to monitor its performance and, more specifically, to identify its strengths and weaknesses. This paper focuses on the way parts of the financial safety net work and places a special emphasis on the growing role of these safety nets in our turbulent financial world.

The notion and content of financial system in the context of financial law of Ukraine

OpenAIRE

Viktor Chernadchuk; Viktor Sukhonos; Inna Shkolnyk

2017-01-01

The financial system of the advanced countries develops according to two basic models – a bank-based system and a market-based system, depending on the level of protection of the rights of owners, investors and lenders. A paradigm shift in functioning of global financial system and financial systems of all countries is based on financial law, which formalizes all financial relations. Reviewing the financial system of Ukraine, the researchers pay a special attention to public finance due to it...

THE ASSESSMENT OF FINANCIAL AND NON-FINANCIAL INDICATORS IN EVALUATING THE PERFORMANCE OF A COMPANY

OpenAIRE

Kotāne, Inta

2013-01-01

In this article the findings of a survey of entrepreneurs’ viewpoint are collected. It is carried out with an aim of clarifying the importance of financial and non-financial indicators in evaluating the performance of a company as well as the factors that influence the impartiality of financial and non-financial indicators and the factors that interfere with financial and non-financial analysis of a company. The topicality of this research is based on the reason that many authors have carried...

Daily Patterns of Stress and Conflict in Couples: Associations with Marital Aggression and Family-of-Origin Aggression

Science.gov (United States)

Timmons, Adela C.; Arbel, Reout; Margolin, Gayla

2016-01-01

For many married individuals, the ups and downs of daily life are connected such that stressors impacting one person also impact the other person. For example, stress experienced by one individual may “spill over” to negatively impact marital functioning. This study used both partners’ daily diary data to examine same-day and cross-day links between stress and marital conflict and tested several factors that make couples vulnerable to spillover. Assessment of 25 wide-ranging sources of daily stress included both paid and unpaid work, health issues, financial concerns, and having to make difficult decisions. Results showed that both husbands and wives’ experience of total daily stress were associated with greater same-day marital conflict and that conflict was greater on days both spouses experienced high levels of stress. Evidence of cross-day spillover was found only in those couples with high concurrent marital aggression and in couples where wives reported high family-of-origin aggression. These results highlight both the common, anticipated nature of same-day spillover and the potentially problematic aspects of more prolonged patterns representing failure to recover from stressors that occurred the previous day. The discussion focuses on how reactivity in one life domain puts that individual at risk for generating stress in another life domain and how current marital aggression and family-of-origin aggression are associated with difficulty recovering from stressful events. PMID:27504754

A Financial Issue, a Relationship Issue, or Both? Examining the Predictors of Marital Financial Conflict

Directory of Open Access Journals (Sweden)

Jeffrey P. Dew

2012-06-01

Full Text Available This study examines whether financial conflict arises because of financial difficulties, marital problems, or both.  Using a recent nationally representative sample of over 1500 married couples, this study finds that economic pressure, communication issues, and deeper “hidden” issues within marriage are all associated with financial conflict.  Specifically, economic pressure is positively associated with financial conflict.  When spouses report satisfying communication, respect, commitment, and fairness and have equal levels of economic power, they report lower levels of financial conflict.  These results suggest that financial conflict is a complex marital phenomenon that both marital therapists and financial counselors may help reduce.

Low-dose factor VIII infusion in Chinese adult haemophilia A patients: pharmacokinetics evidence that daily infusion results in higher trough level than with every-other-day infusion with similar factor VIII consumption.

Science.gov (United States)

Hua, B; Lee, A; Fan, L; Li, K; Zhang, Y; Poon, M-C; Zhao, Y

2017-05-01

Pharmacokinetics (PK) modelling suggests improvement of trough levels are achieved by using more frequent infusion strategy. However, no clinical study data exists to confirm or quantify improvement in trough level, particularly for low-dose prophylaxis in patients with haemophilia A. To provide evidence that low dose daily (ED) prophylaxis can increase trough levels without increasing FVIII consumption compared to every-other-day (EOD) infusion. A cross-over study on 5 IU kg -1 FVIII daily vs. 10 IU kg -1 EOD infusions, each for 14 days was conducted at the PUMCH-HTC. On the ED schedule, trough (immediate prior to infusion), and peak FVIII:C levels (30 min after infusion) were measured on days 1-5; and trough levels alone on days 7, 9, 11 and 13. For the EOD schedule, troughs, peaks and 4-h postinfusion were measured on day 1; troughs and peaks on days 3, 5, and 7; troughs alone on days 9, 11 and 13 and 24-h postinfusion on days 2, 4 and 6. FVIII inhibitors were assessed on days 0 and 14 during both infusion schedules. Six patients were enrolled. PK evidence showed that daily prophylaxis achieved higher (~2 times) steady-state FVIII trough levels compared to EOD with the same total factor consumption. The daily prophylaxis had good acceptability among patients and reduced chronic pain in the joints in some patients. Our PK study shows low-dose factor VIII daily infusion results in higher trough level than with EOD infusion with similar factor VIII consumption in Chinese adult haemophilia A patients. © 2017 John Wiley & Sons Ltd.

Associations among daily stressors and salivary cortisol: findings from the National Study of Daily Experiences.

Science.gov (United States)

Stawski, Robert S; Cichy, Kelly E; Piazza, Jennifer R; Almeida, David M

2013-11-01

While much research has focused on linking stressful experiences to emotional and biological reactions in laboratory settings, there is an emerging interest in extending these examinations to field studies of daily life. The current study examined day-to-day associations among naturally occurring daily stressors and salivary cortisol in a national sample of adults from the second wave of the National Study of Daily Experiences (NSDE). A sample of 1694 adults (age=57, range=33-84; 44% male) completed telephone interviews detailing their stressors and emotions on eight consecutive evenings. Participants also provided saliva samples upon waking, 30min post-waking, before lunch and before bed, on four consecutive interview days resulting in 5995 days of interview/cortisol data. Analyses revealed three main findings. First, cortisol AUC was significantly higher on stressor days compared to stressor-free days, particularly for arguments and overloads at home, suggesting that daily stressors are associated with increased cortisol output, but that not all daily stressors have such an influence. Second, individuals reporting a greater frequency of stressor days also exhibited a steeper diurnal cortisol slope. Finally, daily stressor-cortisol associations were unaltered after adjustment for daily negative affect and physical symptoms. Our discussion focuses on the influence of naturally occurring daily stressors on daily cortisol and the role of daily diary approaches for studying healthy cortisol responses to psychosocial stressors outside of traditional laboratory settings. Copyright © 2013 Elsevier Ltd. All rights reserved.

Associations among Daily Stressors and Salivary Cortisol: Findings from the National Study of Daily Experiences

Science.gov (United States)

Stawski, Robert S.; Cichy, Kelly E.; Piazza, Jennifer R.; Almeida, David M.

2013-01-01

While much research has focused on linking stressful experiences to emotional and biological reactions in laboratory settings, there is an emerging interest in extending these examinations to field studies of daily life. The current study examined day-to-day associations among naturally-occurring daily stressors and salivary cortisol in a national sample of adults from the second wave of the National Study of Daily Experiences (NSDE). A sample of 1,694 adults (Age=57, Range=33–84; 44% male) completed telephone interviews detailing their stressors and emotions on eight consecutive evenings. Participants also provided saliva samples upon waking, 30 minutes post-waking, before lunch and before bed, on four consecutive interview days resulting in 5,995 days of interview/cortisol data. Analyses revealed three main findings. First, cortisol AUC was significantly higher on stressor days compared to stressor-free days, particularly for arguments and overloads at home, suggesting that daily stressors are associated with increased cortisol output, but that not all daily stressors have such an influence. Second, individuals reporting a greater frequency of stressor days also exhibited a steeper diurnal cortisol slope. Finally, daily stressor-cortisol associations were unaltered after adjustment for daily negative affect and physical symptoms. Our discussion focuses on the influence of naturally-occurring daily stressors on daily cortisol and the role of daily diary approaches for studying healthy cortisol responses to psychosocial stressors outside of traditional laboratory settings. PMID:23856186

Financial Integrity Benchmarks

Data.gov (United States)

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

Daily dynamics of bacterial numbers, CO2 emissions from soil and relationships between their wavelike fluctuations and succession of the microbial community

Science.gov (United States)

Semenov, A. M.; Bubnov, I. A.; Semenov, V. M.; Semenova, E. V.; Zelenev, V. V.; Semenova, N. A.

2013-08-01

The daily dynamics of the number of copiotrophic and oligotrophic bacteria (in colony-forming units) and CO2 emissions from cultivated soils after short- and long-term disturbances were studied for 25-27 days in a microfield experiment. The relationship of the wavelike fluctuations of the bacterial number and CO2 emission with the succession of the soil microbial community was determined by the polymerase chain reaction method—denaturing gradient gel electrophoresis (PCR-DGGE). Short-term disturbances involved the application of organic or mineral fertilizers, pesticides, and plant residues to the soils of different plots. The long-term effect was a result of using biological and intensive farming systems for three years. The short-term disturbances resulted in increased peaks of the bacterial number, the significance of which was confirmed by harmonics analysis. The daily dynamics of the structure of the soil microbial community, which was studied for 27 days by the DGGE method, also had an oscillatory pattern. Statistical processing of the data (principal components analysis, harmonics and cross-correlation analyses) has revealed significant fluctuations in the structure of microbial communities coinciding with those of the bacterial populations. The structure of the microbial community changed within each peak of the dynamics of the bacterial number (but not from peak to peak), pointing to the cyclical character of the short-term succession. The long-term effects resulted in a less intense response of the microbiota—a lower rate of CO2 emission from the soil cultivated according to the organic farming system.

Islamic Financial Literacy and Personal Financial Planning: A Socio-Demographic Study

Directory of Open Access Journals (Sweden)

Arum Setyowati

2018-02-01

Full Text Available This study aims to measure the level of Islamic Financial Literacy (IFL in Solo society and to test the effect of IFL on personal financial planning. The socio-demographic variables such as age, gender, marital status, education level, and income are being used as the control variable. 313 respondents are involved in this research directly through survey method and Ordinary Least Square (OLS is used to analyze the obtained research data. The study uses purposive sampling method and limiting the education level and income of research respondents. Study questionnaire consists of 20 multiple choice questions to measure respondent IFL and 13 questions to measure respondent personal financial planning. The results showed that: (1 the level of IFL in Solo reach 64.66 percent; (2 people with a good level of IFL tends to have better management in their personal finances; and (3 people with a good level of IFL tends to prefer investing on Islamic asset. Last, this paper will contribute to the scientific development of behavioral finance and financial inclusion which had been highly discussed in the financial literature. This study also became an early research in examining the influence of IFL on personal financial planning.

Determinants of financial performance of financial sectors (An assessment through economic value added)

OpenAIRE

Khan, Muhammad Kamran; Nouman, Mohammad; TENG, JIAN-ZHOU; Khan, Muhammad Imran; Jadoon, Arshad Ullah

2017-01-01

This study investigated determinants of financial performance of listed financial sectors in Karachi Stock Exchange from 2008 to 2012. The objective of this study was to investigate the factors of financial performance of financial sectors in Pakistan. Descriptive statistics, Correlation matrix, Chow test, Hausman Test for Fixed Effect Model and Random Effect Model and Breusch-Pagan Lagrange multiplier for Random Effect were used in this study. Estimated results revealed that determinants of ...

Determinants of financial performance of financial sectors (An assessment through economic value added)

OpenAIRE

Khan, Muhammad Kamran; Nouman, Mohammad; Imran, Muhammad

2015-01-01

This study investigated determinants of financial performance of listed financial sectors in Karachi Stock Exchange for the period 2008 to 2012. The objective of this study was to investigate the factors which affect financial performance of financial sectors of Pakistan. Descriptive statistics, Correlation matrix, Chow test, Hausman Test for Fixed Effect Model and Random Effect Model and Breusch-Pagan Lagrange multiplier for Random Effect were used in this study. Estimated results revealed t...

Treatment of streptococcal pharyngitis with once-daily compared with twice-daily amoxicillin: a noninferiority trial.

Science.gov (United States)

Clegg, Herbert W; Ryan, Amy G; Dallas, Steven D; Kaplan, Edward L; Johnson, Dwight R; Norton, H James; Roddey, Oliver F; Martin, Edward S; Swetenburg, Raymond L; Koonce, Elizabeth W; Felkner, Mary M; Giftos, P Michael

2006-09-01

Two relatively small previous studies comparing once-daily amoxicillin with conventional therapy for group A streptococcal (GAS) pharyngitis reported similar rates of bacteriologic success for each treatment group. The purpose of this study was to further evaluate once-daily amoxicillin for GAS pharyngitis in a larger study. In a single pediatric practice, from October through May for 2 consecutive years (2001-2003), we recruited children 3 to 18 years of age who had symptoms and signs suggestive of GAS pharyngitis. Patients with a positive rapid test for GAS were stratified by weight (or=40 kg) and then randomly assigned to receive once-daily (750 mg or 1000 mg) or twice-daily (2 doses of 375 mg or 500 mg) amoxicillin for 10 days. We determined bacteriologic failure rates for GAS in the pharynx from subsequent swabs taken at 14 to 21 (visit 2) and 28 to 35 (visit 3) days after treatment initiation. We conducted a randomized, controlled, investigator-blinded, noninferiority trial to evaluate whether amoxicillin given once daily would have a bacteriologic failure rate no worse than that of amoxicillin given twice daily within a prespecified margin of 10%. GAS isolates were characterized to distinguish bacteriologic failures from new acquisitions. Adverse events were described and adherence was evaluated by review of returned daily logs and dosage bottles. Of 2139 potential study patients during the 2-year period, we enrolled 652 patients, 326 into each treatment group. Children in the 2 groups were comparable with respect to all demographic and clinical characteristics except that children <40 kg more often presented with rash in each treatment group. At visit 2, failure rates were 20.1% (59 of 294) for the once-daily group and 15.5% (46 of 296) for the twice-daily group (difference, 4.53%; 90% confidence interval [CI], -0.6 to 9.7). At visit 3, failure rates were 2.8% (6 of 216) for the once-daily group and 7.1% (16 of 225) for the twice-daily group (difference, -4

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

Essays on financial liberalization

NARCIS (Netherlands)

Bumann, Silke

2015-01-01

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

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

Quarterly Financial Report

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

acray

2011-06-30

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

Radiology applications of financial accounting.

Science.gov (United States)

Leibenhaut, Mark H

2005-03-01

A basic knowledge of financial accounting can help radiologists analyze business opportunities and examine the potential impacts of new technology or predict the adverse consequences of new competitors entering their service area. The income statement, balance sheet, and cash flow statement are the three basic financial statements that document the current financial position of the radiology practice and allow managers to monitor the ongoing financial operations of the enterprise. Pro forma, or hypothetical, financial statements can be generated to predict the financial impact of specific business decisions or investments on the profitability of the practice. Sensitivity analysis, or what-if scenarios, can be performed to determine the potential impact of changing key revenue, investment, operating cost or financial assumptions. By viewing radiology as both a profession and a business, radiologists can optimize their use of scarce economic resources and maximize the return on their financial investments.

Financial Literacy and Self-Employment

OpenAIRE

Cumurovic, Aida; Hyll, Walter

2016-01-01

In this paper, we study the relationship between financial literacy and self-employment. We use established financial knowledge-based questions to measure financial literacy levels. The analysis shows a highly significant correlation between self-employment and financial literacy scores. To investigate the impact of financial literacy on being self-employed, we apply instrumental variable techniques based on information on economic education before entering the labour market and education of ...

Passive radio frequency peak power multiplier

Science.gov (United States)

Farkas, Zoltan D.; Wilson, Perry B.

1977-01-01

Peak power multiplication of a radio frequency source by simultaneous charging of two high-Q resonant microwave cavities by applying the source output through a directional coupler to the cavities and then reversing the phase of the source power to the coupler, thereby permitting the power in the cavities to simultaneously discharge through the coupler to the load in combination with power from the source to apply a peak power to the load that is a multiplication of the source peak power.

Reduction of Motion Artifacts and Improvement of R Peak Detecting Accuracy Using Adjacent Non-Intrusive ECG Sensors

Directory of Open Access Journals (Sweden)

Minho Choi

2016-05-01

Full Text Available Non-intrusive electrocardiogram (ECG monitoring has many advantages: easy to measure and apply in daily life. However, motion noise in the measured signal is the major problem of non-intrusive measurement. This paper proposes a method to reduce the noise and to detect the R peaks of ECG in a stable manner in a sitting arrangement using non-intrusive sensors. The method utilizes two capacitive ECG sensors (cECGs to measure ECG, and another two cECGs located adjacent to the sensors for ECG are added to obtain the information on motion. Then, active noise cancellation technique and the motion information are used to reduce motion noise. To verify the proposed method, ECG was measured indoors and during driving, and the accuracy of the detected R peaks was compared. After applying the method, the sum of sensitivity and positive predictivity increased 8.39% on average and 26.26% maximally in the data. Based on the results, it was confirmed that the motion noise was reduced and that more reliable R peak positions could be obtained by the proposed method. The robustness of the new ECG measurement method will elicit benefits to various health care systems that require noninvasive heart rate or heart rate variability measurements.

Peak load arrangements : Assessment of Nordel guidelines

Energy Technology Data Exchange (ETDEWEB)

2009-07-01

Two Nordic countries, Sweden and Finland, have legislation that empowers the TSO to acquire designated peak load resources to mitigate the risk for shortage situations during the winter. In Denmark, the system operator procures resources to maintain a satisfactory level of security of supply. In Norway the TSO has set up a Regulation Power Option Market (RKOM) to secure a satisfactory level of operational reserves at all times, also in winter with high load demand. Only the arrangements in Finland and Sweden fall under the heading of Peak Load Arrangements defined in Nordel Guidelines. NordREG has been invited by the Electricity Market Group (EMG) to evaluate Nordel's proposal for 'Guidelines for transitional Peak Load Arrangements'. The EMG has also financed a study made by EC Group to support NordREG in the evaluation of the proposal. The study has been taken into account in NordREG's evaluation. In parallel to the EMG task, the Swedish regulator, the Energy Markets Inspectorate, has been given the task by the Swedish government to investigate a long term solution of the peak load issue. The Swedish and Finnish TSOs have together with Nord Pool Spot worked on finding a harmonized solution for activation of the peak load reserves in the market. An agreement accepted by the relevant authorities was reached in early January 2009, and the arrangement has been implemented since 19th January 2009. NordREG views that the proposed Nordel guidelines have served as a starting point for the presently agreed procedure. However, NordREG does not see any need to further develop the Nordel guidelines for peak load arrangements. NordREG agrees with Nordel that the market should be designed to solve peak load problems through proper incentives to market players. NordREG presumes that the relevant authorities in each country will take decisions on the need for any peak load arrangement to ensure security of supply. NordREG proposes that such decisions should be

Financial Reporting: Reflection On Transparency In The Third Sector

Directory of Open Access Journals (Sweden)

Gabriel Moreira Campos

2014-12-01

Full Text Available This study highlights the accountability of Brazilian Third Sector Organizations to their stakeholders, since these organizations are not an end in themselves, and they play an important role in solving problems that affect all Brazilians, especially social inequality, violence, hunger and degradation of natural resources. The interaction between the Third Sector Organizations and external users of the accounting information generated by them, allows them to have a feedback on the impacts of the decisions taken by them and the operations they perform daily. In this study the Third Sector Organizations are considered providers of accounting information for the stakeholders. Thus, by means of an explanatory study with analytical and reflective approach, this research seeks to explain the use of Financial Statements and complementary Accounting Reports in the practice of accountability by Brazilian Third Sector Organizations to the external user. In this perspective, as contributions of this study is expected to: (i identification of the financial statements and supplementary reports published by Third Sector Organizations affiliated with the Group of Institutes, Foundations and Enterprises – GIFE, and (ii demonstrate the relationship between the degree of disclosure of these Organizations and the amount of funds raised by them during the period of the research.

Peak capacity, peak-capacity production rate, and boiling point resolution for temperature-programmed GC with very high programming rates

Science.gov (United States)

Grall; Leonard; Sacks

2000-02-01

Recent advances in column heating technology have made possible very fast linear temperature programming for high-speed gas chromatography. A fused-silica capillary column is contained in a tubular metal jacket, which is resistively heated by a precision power supply. With very rapid column heating, the rate of peak-capacity production is significantly enhanced, but the total peak capacity and the boiling-point resolution (minimum boiling-point difference required for the separation of two nonpolar compounds on a nonpolar column) are reduced relative to more conventional heating rates used with convection-oven instruments. As temperature-programming rates increase, elution temperatures also increase with the result that retention may become insignificant prior to elution. This results in inefficient utilization of the down-stream end of the column and causes a loss in the rate of peak-capacity production. The rate of peak-capacity production is increased by the use of shorter columns and higher carrier gas velocities. With high programming rates (100-600 degrees C/min), column lengths of 6-12 m and average linear carrier gas velocities in the 100-150 cm/s range are satisfactory. In this study, the rate of peak-capacity production, the total peak capacity, and the boiling point resolution are determined for C10-C28 n-alkanes using 6-18 m long columns, 50-200 cm/s average carrier gas velocities, and 60-600 degrees C/min programming rates. It was found that with a 6-meter-long, 0.25-mm i.d. column programmed at a rate of 600 degrees C/min, a maximum peak-capacity production rate of 6.1 peaks/s was obtained. A total peak capacity of about 75 peaks was produced in a 37-s long separation spanning a boiling-point range from n-C10 (174 degrees C) to n-C28 (432 degrees C).