WorldWideScience

Sample records for financial transmission rights

  1. Essays in financial transmission rights pricing

    Science.gov (United States)

    Posner, Barry

    This work examines issues in the pricing of financial transmission rights in the PJM market region. The US federal government is advocating the creation of large-scale, not-for-profit regional transmission organizations to increase the efficiency of the transmission of electricity. As a non-profit entity, PJM needs to allocate excess revenues collected as congestion rents, and the participants in the transmission markets need to be able to hedge their exposure to congestion rents. For these purposes, PJM has developed an instrument known as the financial transmission right (FTR). This research, utilizing a new data set assembled by the author, looks at two aspects of the FTR market. The first chapter examines the problem of forecasting congestion in a transmission grid. In the PJM FTR system firms bid in a competitive auction for FTRs that cover a period of one month. The auctions take place in the middle of the previous month; therefore firms have to forecast congestion rents for the period two to six weeks after the auction. The common methods of forecasting congestion are either time-series models or full-information engineering studies. In this research, the author develops a forecasting system that is more economically grounded than a simple time-series model, but requires less information than an engineering model. This method is based upon the arbitrage-cost methodology, whereby congesting is calculated as the difference of two non-observable variables: the transmission price difference that would exist in the total absence of transmission capacity between two nodes, and the ability of the existing transmission to reduced that price difference. If the ability to reduce the price difference is greater than the price difference, then the cost of electricity at each node will be the same, and congestion rent will be zero. If transmission capacity limits are binding on the flow of power, then a price difference persists and congestion rents exist. Three

  2. Essays on electricity transmission investment and financial transmission rights

    Science.gov (United States)

    Shang, Wenzhuo

    The U.S. electric power industry has been going through fundamental restructuring and realignment since the 1990's. Many issues and problems have emerged during the transition, and both economists and engineers have been looking for the solutions fervently. In this dissertation, which consists primarily of three essays, we apply economics theory and techniques to the power industry and address two related issues, transmission investment and financial transmission rights (FTRs). The first essay takes the decentralized perspective and investigates the efficiency attribute of market-based transmission investment under perfect competition. We clarify, for the first time, the nature of the externality created by loop flows that causes transmission investment to be inefficient. Our findings have important implications for better understanding of transmission market design and creating incentives for efficient transmission investment. In the second essay, we define several rules for allocating transmission investment cost within the framework of cooperative game theory. These rules provide fair, stable or efficient cost allocations in theory and are good benchmarks against which the allocation mechanism in practice can be compared and improved upon. In the last essay, we make exploratory efforts in analyzing and assessing empirically the performance of the Midwest independent system operator (MISO) FTR auction market. We reveal some stylized facts about this young market and find that it is not efficient under the risk-neutrality assumption. We also point out and correct the drawbacks in previous related work and suggest about more complete empirical work in future. In all, this dissertation makes both theoretic and empirical analysis of the two hot issues related to the power industry and comes up with findings that have important implications for the development of this industry.

  3. The inherent inefficiency of simultaneously feasible financial transmission rights auctions

    Energy Technology Data Exchange (ETDEWEB)

    Deng, Shi-Jie [H. Milton Stewart School of Industrial and Systems Engineering, Georgia Institute of Technology, Atlanta, GA 30332 (United States); Oren, Shmuel [Department of Industrial Engineering and Operations Research, University of California, Berkeley, CA 94720 (United States); Meliopoulos, A.P. [School of Electrical and Computer Engineering, Georgia Institute of Technology, GA 30332 (United States)

    2010-07-15

    Empirical evidence from the New York ISO shows that the clearing prices for point-to-point congestion revenue rights, also known as financial transmission rights (FTRs), resulting from centralized auctions conducted by Independent System Operators differ significantly and systematically from the realized congestion revenues that determine the accrued payoffs of these rights. The question addressed by this paper is whether such deviations are due to price discovery errors which will eventually vanish or due to inherent inefficiencies in the auction structure. We show that even with perfect foresight of average congestion rents the clearing prices for the FTRs depend on the bid quantity and therefore may not be priced correctly in the financial transmission right (FTR) auction. In particular, we prove that quantity limits on the FTR bids may cause the auction clearing prices to differ from the bid prices. This phenomenon which is inherent in the theoretical properties of the optimization algorithm used to clear the auction, is further illustrated through numerical simulations with test systems. We conclude that price discovery alone would not remedy the discrepancy between the auction prices and the realized values of the FTRs. Secondary markets or frequent reconfiguration auctions are necessary in order to achieve such convergence. (author)

  4. Optimal Property Rights in Financial Contracting

    OpenAIRE

    Ayotte, Kenneth M.; Bolton, Patrick

    2007-01-01

    In this paper we propose a theory of optimal property rights in a financial contracting setting. Following recent contributions in the property law literature, we emphasize the distinction between contractual rights, that are only enforceable against the parties themselves, and property rights, that are also enforeceable against third parties outside the contract. Our analysis starts with the following question: which contractual agreements should the law allow parties to enforce as property ...

  5. Auctionable fixed transmission rights for congestion management

    Science.gov (United States)

    Alomoush, Muwaffaq Irsheid

    the transaction by the ISO, take a decision to expand the existing system, or retain the original structure of the system. Also, the thesis investigates the impact of wheeling transactions on congestion management, where we present a generalized mathematical model for the Fixed Transmission Right (FTR) auction. The auction guarantees FTR availability to all participants on a non-discriminatory basis, in which system users are permitted to buy, sell and trade FTRs through an auction. When FTRs are utilized with LMPs, they increase the efficient use of the transmission system and let a transmission customer gain advantageous features such as acquiring a mechanism to offset the extra cost due to congestion charges, providing financial and operational certainty and making system users pay for the actual use of the congested paths. The thesis also highlighted FTR trading in secondary markets to self-arrange access across different paths, create long-term transmission rights and provide more commercial certainty.

  6. 基于发电商地理位置的金融输电权与市场力分析%Financial transmission rights and market power based on generator's geographic location

    Institute of Scientific and Technical Information of China (English)

    郭兴磊; 张宗益; 汪锋

    2011-01-01

    金融输电权可以规避由于输电阻塞导致的区域价格风险,但同时也带来了一系列新的纵向市场力问题.介绍了金融输电权理论,重点应用博弈论研究了发电商与负荷地理位置相同和不同两种情况下,金融输电权对发电商市场力的影响度问题.分析了输电容量、输电份额、需求弹性、发电成本等与这种影响度的关系.结果表明:金融输电权可以大幅度降低电力出口区发电商的市场力,略微提高电力进口区发电商的市场力.%Financial transmission rights(FTR) provide a financial tool for market participants to hedge against price risks due to transmission congestion. But at the same time, it gives rise to problems of vertical market power. Firstly, the concept of FTR is introduced. Then, based on game theory, the influences of FTR on intrinsic market power are researched in the two situations that the locations of generators and load are the same or not. Finally, the relationships between the influences and the transmission capacity, elasticity of demand, cost function coefficients are discussed. The results show that the FTR can mitigate the market power of generators in an exporting region markedly, while the FTR can increase the market power of generators in an importing region slightly.This work is supported by National Natural Science Foundation of China (No. 70941029).

  7. Analysis of Financial Transmission Rights on Market Power Based on Oligopoly Models%基于寡头竞争模型的金融输电权与市场力分析

    Institute of Scientific and Technical Information of China (English)

    张宗益; 郭兴磊; 汪锋

    2011-01-01

    Financial transmission right (FTR) provides a financial tool for market participants to hedge against price risks due to transmission congestions. However, at the same time it may also introduce vertical market power. Firstly, the concept of FTR is introduced. Then, based on game theory, the impact of FTR on intrinsic market power is evaluated analytically with Cournot, Stackelberg and Forchheimer models. Finally, the relationship between the influences and the elasticity of demand, cost function coefficients are discussed. The results show that FTR will increase the market power of generators in all three models. Specifically, FTR has the greatest market power in the Cournot model and the least in the Forchheimer model.%金融输电权(FTR)的引入可以规避发电商竞争导致的区域电价波动风险,但同时也会对垄断发电商的原有市场力产生影响.应用博弈论通过求解引入FTR前后市场纳什均衡解,比较FTR对典型的3种寡头竞争市场结构模型(cournot:模型、stackelberg模型和Forchheimer 模型)中发电商原有市场力的影响,并分析了其与市场需求函数及发电成本函数系数的关系.研究结果表明,FTR对市场力影响有递进增长现象:FTR对Cournot模型中的市场力影响最大,对Stackell3erg 模型次之,对Forchheimer模型中的市场力影响最小,这与3种模型原有市场力大小排序相同.

  8. Financial Market Turmoil: Implications for Monetary Policy Transmission in China

    Institute of Scientific and Technical Information of China (English)

    Chengsi Zhang; Joel Clovis

    2009-01-01

    The recent financial market turmoil has initiated another search for insightful understanding of the interactions between the financial market and monetary policy. This paper explores these interactions in terms of the transmission mechanism of monetary policy in China. We argue that evolving financial development, enhanced by the expansion of the financial market, has altered the conventional channel for monetary transmission in China. Analyzing marked changes in the financial landscape and taking into account policy regime shifts in China, the paper provides clear evidence showing that the financial market has become a new and important channel for transmission of monetury policy in China.

  9. How to choose the right financial planner.

    Science.gov (United States)

    Maurer, Timothy J

    2010-01-01

    An "economic Pearl Harbor." That is how the world's most famous investor, Warren Buffett, described what we have gone through and what we're still going through.' Even the most optimistic appraisals of our economic conditions suggest that we are likely to feel the effects of the Great Recession through the decade we recently entered. Healthcare reform, in whatever form, may also create change in your medical practice ranging from immaterial to revolutionary. To whom should you turn to ensure that your personal economy survives and thrives, especially in these times? A financial planner, possibly, but what is a financial planner, how do you choose one, and what sort of service should you expect?

  10. Program Elimination, Financial Emergency, and Student Rights.

    Science.gov (United States)

    Olswang, Steven Glenn; And Others

    1982-01-01

    The rights of students to complete programs into which they have matriculated and the obligations of colleges and universities to maintain these programs for sufficient periods of time to fulfill any existing contracts with students are discussed. Contract principles are applied in protecting a student's right to complete degree programs. (MLW)

  11. Endogenous Financial Structure and the Transmission of ECB Policy

    NARCIS (Netherlands)

    I.J.M. Arnold (Ivo); C.G. de Vries (Casper)

    1999-01-01

    textabstractThere is a widely held view that existing differences in the capital and money market structures across EMU countries are an important matter of concern for the ECB, because they might hinder the uniform transmission of monetary policy actions. We argue that many aspects of financial str

  12. Transmission rights and market power on electric power networks. 2. Physical rights

    Energy Technology Data Exchange (ETDEWEB)

    Joskow, Paul; Tirole, Jean

    1999-02-01

    This discussion paper examines physical transmission rights where the capacity of each potentially congested interface is defined and the rights to use the congested interfaces are created and allocated in some way for suppliers and consumers. The way in which the allocation of physical rights affects competition or increases the buyers or sellers market power in the power generation market when a transmission interface is congested, and how rights markets with different microstructures allocate physical rights and determine rights prices are explored. An electricity market with physical transmission rights in the absence of capacity release rules, and physical transmission rights and market power are addressed. Loop flows, and capacity release rules are discussed. (UK)

  13. Is DOD on the Right Path to Financial Auditability?

    Science.gov (United States)

    2012-03-22

    unqualified audit opinion and accelerated DOD’s goal from FY 2017 to FY 2014, to produce an auditable Statement of Budgetary Resources ( SBR ). The goal...financial statements to DOD leaders and Congress have led to a constant evolution of public laws, financial improvement strategies, and improved...financial management short-comings the Army developed a financial management plan with “the primary objective...to provide all levels of command … better

  14. The role of financial intermediaries in monetary policy transmission

    NARCIS (Netherlands)

    Beck, T.H.L.; Colciago, A.; Pfajfar, D.

    The recent financial crisis has stimulated theoretical and empirical research on the propagation mechanisms underlying business cycles, in particular on the role of financial frictions. Many issues concerning the interactions between banking and monetary policy forced policy makers to redefine

  15. Financial Incentives for Steering Education and Training. Getting Skills Right

    Science.gov (United States)

    OECD Publishing, 2017

    2017-01-01

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

  16. GASB 34 Financial Statements Are Easier With the Right Tools.

    Science.gov (United States)

    Heinfeld, Gary; Arvizu, C. Christopher; Herrera, Michael L.

    2001-01-01

    Describes experience with certain tools and resources to help school business officials implement the Governmental Accounting Standards Board Statement 34. Focuses on Association of School Business Officials International's new Certificate of Excellence in Financial Reporting guidebook and financial-statement report-writer software called…

  17. Learning the right lessons from the financial crisis

    National Research Council Canada - National Science Library

    Dowd, Kevin; Hutchinson, Martin

    2016-01-01

    ....1 For their part, the banks are still much weaker than they should be, and major banking problems-especially, "too big to fail"-are still unresolved and continue to pose major threats to future financial stability...

  18. The role of financial intermediaries in monetary policy transmission

    NARCIS (Netherlands)

    Beck, T.H.L.; Colciago, A.; Pfajfar, D.

    2014-01-01

    The recent financial crisis has stimulated theoretical and empirical research on the propagation mechanisms underlying business cycles, in particular on the role of financial frictions. Many issues concerning the interactions between banking and monetary policy forced policy makers to redefine econo

  19. Financial integration in emerging market economies: Effects on volatility transmission and contagion

    Directory of Open Access Journals (Sweden)

    Aymen Ben Rejeb

    2015-09-01

    Full Text Available The purpose of this paper is to examine the volatility relationship that exists between emerging and developed markets in normal times and in times of financial crises. The Vector Autoregressive methodology and the Bai and Perron (2003a, 2003b's technique are used. The paper results lead to very interesting conclusions. First, it has been found that volatility spillovers are effective across financial markets. Second, it has been proven that geographical proximity is of great importance in amplifying the volatility transmission. Finally, it has been shown that financial liberalization contributes significantly in amplifying the international transmission of volatility and the risk of contagion.

  20. Financial structure and monetary policy transmission in transition countries

    NARCIS (Netherlands)

    Elbourne, A.; de Haan, J.

    2006-01-01

    Using the structural vector autoregressive methodology, we present estimates of monetary transmission for the new and future EU member countries in Central and Eastern Europe. Unlike most previous research we include ten transition countries. We examine to what extent monetary transmission in these

  1. Financial structure and monetary policy transmission in transition countries

    NARCIS (Netherlands)

    Elbourne, A.; de Haan, J.

    Using the structural vector autoregressive methodology, we present estimates of monetary transmission for the new and future EU member countries in Central and Eastern Europe. Unlike most previous research we include ten transition countries. We examine to what extent monetary transmission in these

  2. 77 FR 66465 - Office of Civil Rights; Submission for OMB Review; Nondiscrimination in Federal Financial...

    Science.gov (United States)

    2012-11-05

    ... regulations that apply to recipients of Federal financial assistance. A notice was published in the Federal... From the Federal Register Online via the Government Publishing Office GENERAL SERVICES ADMINISTRATION Office of Civil Rights; Submission for OMB Review; Nondiscrimination in Federal Financial...

  3. The Asian financial crisis : identification, interdependence, and transmission

    NARCIS (Netherlands)

    Lestano, M.

    2006-01-01

    The 1980s and 1990s witnessed several episodes of financial turmoil, including the sovereign debt crisis of Latin America in the 1980s, the near-breakdown of the European Exchange Rate Mechanism (ERM) in 1992-1993 and the severe crisis that swept through Asian economies in 1997-1998. Three

  4. Fundamental Rights, European Private Law, and Financial Services

    NARCIS (Netherlands)

    Cherednychenko, O.O.; Micklitz, H.-W.

    2014-01-01

    Although it seems to be undisputed today that the harmonisation of private law in the EU cannot take place without due regard for fundamental rights, many questions still exist as to how and to what extent European private law can and should be influenced by fundamental rights. This chapter aims to

  5. Fundamental Rights, European Private Law, and Financial Services

    NARCIS (Netherlands)

    Cherednychenko, O.O.; Micklitz, H.-W.

    2014-01-01

    Although it seems to be undisputed today that the harmonisation of private law in the EU cannot take place without due regard for fundamental rights, many questions still exist as to how and to what extent European private law can and should be influenced by fundamental rights. This chapter aims to

  6. 50 CFR 29.21-8 - Electric power transmission line rights-of-way.

    Science.gov (United States)

    2010-10-01

    ... 50 Wildlife and Fisheries 6 2010-10-01 2010-10-01 false Electric power transmission line rights-of... General Regulations § 29.21-8 Electric power transmission line rights-of-way. By accepting a right-of-way for a power transmission line, the applicant thereby agrees and consents to comply with and be...

  7. On Long-Term Transmission Rights in the Nordic Electricity Markets

    Directory of Open Access Journals (Sweden)

    Petr Spodniak

    2017-03-01

    Full Text Available In vein with the new energy market rules drafted in the EU this paper presents and discusses two contract types for hedging the risks connected to long-term transmission rights, the financial transmission right (FTR and the electricity price area differentials (EPAD that are used in the Nordic electricity markets. The possibility to replicate the FTR contracts with a combination of EPAD contracts is presented and discussed. Based on historical evidence and empirical analysis of ten Nordic interconnectors and twenty bidding areas, we investigate the pricing accuracy of the replicated FTR contracts by quantifying ex-post forward risk premia. The results show that the majority of the studied FTR contain a negative risk premium, especially the monthly and the quarterly contracts. Reverse flow (unnatural pricing was identified for two interconnectors. From a theoretical policy point of view the results imply that it may be possible to continue with the EPAD-based system by using EPAD Combos in the Nordic countries, even if FTR contracts would prevail elsewhere in the EU. In practice the pricing of bi-directional EPAD contracts is more complex and may not always be very efficient. The efficiency of the EPAD market structure should be discussed from various points of view before accepting their status quo as a replacement for FTRs in the Nordic electricity markets.

  8. The changing U.S. financial system : some implications for the monetary transmission mechanism

    OpenAIRE

    Gordon H. Sellon

    2002-01-01

    An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity.> In recent decades, significant changes in the structure of financial markets and institutions in the United Sta...

  9. How Does the Financial Crisis Affect Volatility Behavior and Transmission Among European Stock Markets?

    Directory of Open Access Journals (Sweden)

    Faten Ben Slimane

    2013-08-01

    Full Text Available The spread of the global financial crisis of 2008/2009 was rapid, and impacted the functioning and the performance of financial markets. Due to the importance of this phenomenon, this study aims to explain the impact of the crisis on stock market behavior and interdependence through the study of the intraday volatility transmission. This paper investigates the patterns of linkage dynamics among three European stock markets—France, Germany, and the UK—during the global financial crisis, by analyzing the intraday dynamics of linkages among these markets during both calm and turmoil phases. We apply a VAR-EGARCH (Vector Autoregressive Exponential General Autoregressive Conditional Heteroscedasticity framework to high frequency five-minute intraday returns on selected representative stock indices. We find evidence that interrelationship among European markets increased substantially during the period of crisis, pointing to an amplification of spillovers. In addition, during this period, French and UK markets herded around German market, possibly explained by behavior factors influencing the stock markets on or near dates of extreme events. Germany was identified as the hub of financial and economic activity in Europe during the period of study. These findings have important implications for both policymakers and investors by contributing to better understanding the transmission of financial shocks in Europe.

  10. Systèmes financiers et canaux de transmission de la politique monétaire

    OpenAIRE

    Marone, Massaër

    2010-01-01

    This dissertation analyses the consequences of transformations in the financial sphere on the transmission channels of decisions in monetary policy in industrialized countries over the past several years. We observe that as a result of these transformations, banking institutions have evolved from an originate to hold model to an originate to distribute model. This has enabled banks to turn more toward derivative products and credit risk transfer instruments. We demonstrate that these techniqu...

  11. Women's Inheritance Rights and Intergenerational Transmission of Resources in India

    Science.gov (United States)

    Deininger, Klaus; Goyal, Aparajita; Nagarajan, Hari

    2013-01-01

    We use inheritance patterns over three generations of individuals to assess the impact of changes in the Hindu Succession Act that grant daughters equal coparcenary birth rights in joint family property that were denied to daughters in the past. We show that the amendment significantly increased daughters' likelihood to inherit land, but that…

  12. Women's Inheritance Rights and Intergenerational Transmission of Resources in India

    Science.gov (United States)

    Deininger, Klaus; Goyal, Aparajita; Nagarajan, Hari

    2013-01-01

    We use inheritance patterns over three generations of individuals to assess the impact of changes in the Hindu Succession Act that grant daughters equal coparcenary birth rights in joint family property that were denied to daughters in the past. We show that the amendment significantly increased daughters' likelihood to inherit land, but that…

  13. An Insight on Right of Way and its Cost for Power Transmission Cable and Conventional Overhead Transmission Lines

    Science.gov (United States)

    Khandelwal, P.; Pachori, A.; Khandelwal, T.

    2013-12-01

    This paper provides the complete information related to Right of Way (RoW) for the construction of new power transmission line (TL) in terms of present cost for overhead transmission line and underground XLPE transmission cable. The former part of the paper describes the general procedure and rules for acquisition of land for RoW by transmission asset owner (TAO) while in the later part the cost associated to acquire RoW and its impact on the cost of adjacent land have been detailed. It also discusses the actual dismantling cost including the cost of waste metal what TAO get after completion of lifecycle of TL due to increase in metal prices. In this paper cost of RoW after completion of lifecycle of TL is also highlighted. This paper compares the cost of RoW for overhead transmission line and underground XLPE transmission cable for construction of new TL. Also for old transmission infrastructure cost of RoW for change from overhead transmission line to underground XLPE transmission cable is detailed by application of replacement model.

  14. Addressing the financial consequences of cancer: qualitative evaluation of a welfare rights advice service.

    Directory of Open Access Journals (Sweden)

    Suzanne Moffatt

    Full Text Available BACKGROUND: The onset, treatment and trajectory of cancer is associated with financial stress among patients across a range of health and welfare systems and has been identified as a significant unmet need. Welfare rights advice can be delivered effectively in healthcare settings, has the potential to alleviate financial stress, but has not yet been evaluated. We present an evaluation of a welfare rights advice intervention designed to address the financial consequences of cancer. METHODS: Descriptive study of welfare outcomes among 533 male and 641 female cancer patients and carers aged 4-95 (mean 62 years, who accessed the welfare rights advice service in North East England between April 2009 and March 2010; and qualitative interview study of a maximum variation sample of 35 patients and 9 carers. RESULTS: Over two thirds of cancer patients and carers came from areas of high socio-economic deprivation. Welfare benefit claims were successful for 96% of claims made and resulted in a median increase in weekly income of £70.30 ($109.74, €84.44. Thirty-four different types of benefits or grants were awarded. Additional resources were perceived to lessen the impact of lost earnings, help offset costs associated with cancer, reduce stress and anxiety and increase ability to maintain independence and capacity to engage in daily activities, all of which were perceived to impact positively on well-being and quality of life. Key barriers to accessing benefit entitlements were knowledge, system complexity, eligibility concerns and assumptions that health professionals would alert patients to entitlements. CONCLUSIONS: The intervention proved feasible, effectively increased income for cancer patients and was highly valued. Addressing the financial sequelae of cancer can have positive social and psychological consequences that could significantly enhance effective clinical management and suitable services should be routinely available. Further research

  15. 32 CFR Appendix C to Part 504 - Certificate of Compliance With the Right to Financial Privacy Act of 1978-Sample Format

    Science.gov (United States)

    2010-07-01

    ... Financial Privacy Act of 1978-Sample Format C Appendix C to Part 504 National Defense Department of Defense... FINANCIAL INSTITUTIONS Pt. 504, App. C Appendix C to Part 504—Certificate of Compliance With the Right to... to section 3417(c) of the Right to Financial Privacy Act of 1978, good faith reliance upon...

  16. Shocks Abroad, Pain at Home? Bank-firm Level Evidence on the International Transmission of Financial Shocks

    NARCIS (Netherlands)

    Ongena, S.; Peydro, J.L.; van Horen, N.

    2013-01-01

    Abstract: We study the international transmission of shocks from the banking to the real sector during the global financial crisis. For identification, we use matched bank-firm level data, including many small and medium-sized firms, in Eastern Europe and Central Asia. We find that

  17. Shocks Abroad, Pain at Home? Bank-firm Level Evidence on the International Transmission of Financial Shocks

    NARCIS (Netherlands)

    Ongena, S.; Peydro, J.L.; van Horen, N.

    2013-01-01

    Abstract: We study the international transmission of shocks from the banking to the real sector during the global financial crisis. For identification, we use matched bank-firm level data, including many small and medium-sized firms, in Eastern Europe and Central Asia. We find that internationally-b

  18. Science Letters: Dual structure of composite right/left-handed transmission line

    Institute of Scientific and Technical Information of China (English)

    HU Xin; ZHANG Pu; HE Sailing

    2006-01-01

    A dual structure of composite right/left handed (CRLH) transmission line (TL) is analyzed in which an inductance LR is in parallel with a capacitance CL and a shunt capacitance CR is in series with an inductance LL. Both the distributed and lumped cases are considered. The dispersion diagram and transmission properties of the dual CRLH TL are given and compared with those of a standard CRLH TL. Contrary to the frequency response of a standard CRLH TL, a dual CRLH TL has a left-handed (negative phase shift) band at higher frequencies and a right-handed (positive phase shift) band at lower frequencies. A novel dual-band balun is presented as an application.

  19. ANALYSIS OF DISCLOSURE OF THE FEDERATIVE RIGHTS IN THE FINANCIAL STATEMENTS OF BRAZILIAN FOOTBALL CLUBS

    Directory of Open Access Journals (Sweden)

    Ricardo dos Santos Custodio

    2012-09-01

    Full Text Available The purpose of this survey is to check whether the publishing of financial statements by the Brazilian football clubs adopt uniform accounting criteria for similar events that involve federative rights after publication of NBC 10.13. This survey has as contribution the development of a discussion on the comparability and the level of transparency in the dissemination of accounting information carried out by clubs, as well as how these actions can assist the decision making of possible investors and other stakeholders, such as fans, government, and other agents of society. Data analysis was undertaken by means of analysis of the accounting reporting documentation, published in the periods of 2006 and 2007, encompassing eleven clubs in the Brazilian Premier League 2007. The main results showed that there is adoption of very different accounting criteria among clubs. For example: expenditures with contracting, renewal of contracts of athletes who are recorded as fixed assets or accounted as expenditures during the period. It is highlighted that there are clubs that have not been complying to what is set forth in provisions of the NBC 10.13, therefore, they do no provide to their users with information recommended by the standard. It stands out, among implications, that there is a significant decrease in the comparability and transparency level between accounting reporting published by the Brazilian clubs.

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

    Directory of Open Access Journals (Sweden)

    Liao Qunfeng

    2016-06-01

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

  1. 32 CFR Appendix M to Part 275 - Format for Certificate of Compliance With the Right to Financial Privacy Act of 1978

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 2 2010-07-01 2010-07-01 false Format for Certificate of Compliance With the Right to Financial Privacy Act of 1978 M Appendix M to Part 275 National Defense Department of Defense... INSTITUTIONS: RIGHT TO FINANCIAL PRIVACY ACT OF 1978 Pt. 275, App. M Appendix M to Part 275—Format...

  2. Transmission of attitudes toward abortion and gay rights: effects of genes, social learning and mate selection.

    Science.gov (United States)

    Eaves, Lindon J; Hatemi, Peter K

    2008-05-01

    The biological and social transmission of attitudes toward abortion and gay rights are analyzed in a large sample of adult twins, siblings, and their parents. We present a linear model for family resemblance allowing for both genetic and cultural transmission of attitudes from parents to offspring, as well as phenotypic assortative mating (the tendency to marry like) and other environmental sources of twin and sibling resemblance that do not depend on the attitudes of their parents. The model gives a close fit to the patterns of similarity between relatives for the two items. Results are consistent with a substantial role of genetic liability in the transmission of both attitudes. Contrary to the dominant paradigm of the social and political sciences, the kinship data are consistent with a relatively minor non-genetic impact of parental attitudes on the development of adult attitudes in their children. By contrast, the choice of mate is a social action that has a marked impact on the polarization of social attitudes and on the long-term influence that parents exert upon the next generation.

  3. Getting it right the first time: The value of transmission and high technologies

    Energy Technology Data Exchange (ETDEWEB)

    Ilic, M.; Hyman, L.

    1996-11-01

    The transition to a competitive electricity market will require a more careful approach to intersystem coordination - planning, operations and pricing - than policy makers have yet recognized. But there`s still time to get it right. States have scheduled the starting date for retail wheeling. The government has opened the grid. Politically correct regulatory agencies declare that nobody will escape stranded costs. Engineers still warn about the need to maintain system reliability. But free marketeers have a ready answer: {open_quotes}Don`t worry. The market will furnish the solutions.{close_quotes} The authors would argue otherwise. Not because a market could not provide solutions, but because whole sectors of the electricity supply market have-so far-been omitted from the market. Hurried deregulation on a piecemeal basis may create some local successes, but also lead to unanticipated failures in other parts of the system. A workably competitive market must value all the important aspects in the system, otherwise piecemeal incentives may invite failure. The savings and loan debacle, the privatization of an oligopolistic generating sector in the United Kingdom, and the liberalization of long-distance communications in Canada followed by the financial collapse of most new entrants within a year are notable examples of misguided public policies that neglected a systems overview and did not get it right the first time.

  4. Volatility Transmission Between Dow Jones Stock Index And Emerging Islamic Stock Index: Case Of Subprime Financial Crises

    Directory of Open Access Journals (Sweden)

    Amir Saadaoui

    2015-02-01

    Full Text Available In the course of the recent global crisis, the stock shocks are distributed and transmitted from their homes in the developed stock market to emerging stock markets. By supporting the development of emerging stock markets, this study aims to see the transmission of volatility between the Dow Jones stock index and the Dow Jones emerging Islamic stock indiex. In this study we have divided the period into three, periods, before, during and after this crisis to demonstrate the resilience of the Islamic market index in response to the global financial crisis. Another aim of this study is to provide a new guide line for investors in emerging stock market before making investment decisions. The data are daily, going from 02/01/2005 until 31/12/2012. To measure the transmission we used bivariate BEKK-GARCH and DCC-GARCH model. The result shows that there is a transmission mainly during the crisis period which means that the crisis affects all the financial assets whether Islamic or not. The same result also shows the preference to invest in both Islamic and classical stock indexes since they are less risky.

  5. Multiband Slot-Based Dual Composite Right/Left-Handed Transmission Line

    Directory of Open Access Journals (Sweden)

    E. Abdo-Sanchez

    2012-10-01

    Full Text Available A dual Composite Right-/Left-Handed Transmission Line (CRLH TL implementation that presents multiband behaviour is proposed in this contribution. The artificial TL is realized by loading a host microstrip line with alternate rectangular stubs and slots. The required series and shunt immittances are respectively provided by the slot and the stub. Due to the distributed nature of these immittances, the resultant phase response presents theoretically infinite RH and LH alternate bands, thus being appropriate for multiband applications. The design methodology is described with the help of a proposed TLs-based equivalent circuit and highlights the simplicity for balance condition. Full wave simulated results of the dispersion characteristics and frequency response of a unit-cell and a three-cells structure are presented.

  6. Novel resonator based on composite right/left-handed transmission lines

    Institute of Scientific and Technical Information of China (English)

    LI Chao; LI Fang

    2006-01-01

    A new approach was introduced to analyze composite right/left-handed transmission lines (CRLH TLs). The Bloch impedance and the dispersion relations are directly obtained from the S parameters of the unit cells. The LH and RH frequency bands are then identified by the real parts of the Bloch impedance and the phase delay of the unit cells. The new approach has some advantages over the LC parameters extraction method introduced by Caloz et al.(2004). Based on the new approach, a novel resonator is designed using CRLH TLs. The simulation and experimental results accorded well with the theoretical analysis. The novel resonator may have potential applications in filters with high harmonic suppression and compact structures.

  7. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?

    DEFF Research Database (Denmark)

    Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha

    We investigate the transmission of central bank liquidity to bank deposit and loan spreads in Europe over the January 2006 to June 2010 period. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan spreads for...

  8. The right mix? Gender diversity in top management teams and financial performance

    DEFF Research Database (Denmark)

    Opstrup, Niels; Villadsen, Anders R.

    2015-01-01

    in the top management teams of public organizations, and its relation to financial performance. Theory suggests that management diversity can be a positive asset for organizations. It may allow for the use of more diverse knowledge and human skill sets. The results of this study suggest that organizations......, however, may only be able to leverage these advantages if they have a supporting management structure. In a longitudinal study of top management teams in Danish municipalities, the study finds gender diversity in top management teams to be associated with higher financial performance, but only...... in municipalities with a management structure that supports cross-functional team work. These results are interpreted in the light of existing theory, and implications are suggested....

  9. Legal Rights of Debtors and Creditors, Bankruptcy for Financially Distressed Farmers

    OpenAIRE

    Saxowsky, David M.; Petersen, Gary J.

    1993-01-01

    Bankruptcy is a federal court procedure intended to benefit both debtors and creditors if a debtor is unable to pay all obligations. Filing bankruptcy' stops, or stays, all creditor's debt-collection procedures. The stay is to prevent some creditors from receiving more than their fair share from a financially distressed debtor. A bankruptcy trustee is usually appointed to assist in the fair distribution of the debtor's property. Equitable distribution of the debtor's property also is furthere...

  10. STOCK EXCHANGE MARKETS INTEGRATION – A CAUSE OF QUASI-SIMULTANEOUS TRANSMISSION OF FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    SABAU-POPA CLAUDIA DIANA

    2009-05-01

    Full Text Available Financial mondialization designate the enlargement movement and the opening of capital markets at a global level which began at the beginning of the ´70s. Because of the capital markets integration, the economies are more and more exposed to the common im

  11. Volatility Transmission between Bond and Stock Markets: Case of Emerging Financial Markets

    Directory of Open Access Journals (Sweden)

    Amir Saadaoui

    2014-12-01

    Full Text Available This paper investigates the transmission of market volatility between the emerging stock and bond markets. In order to examine this relation between the bond and stock market, we use the BEKK GARCH model; a decomposition approach of the multivariate GARCH (1, 1 model. The outcome of this study displays a significant relation between bond and stock index and the incidence of the interest rate in this transmission. Besides, there is a transmission of volatility between the bond and stock index demonstrated by the DCC GARCH graph.

  12. US financial conditions index and its empirical impact on information transmissions across US-BRIC equity markets

    Directory of Open Access Journals (Sweden)

    Amanjot Singh

    2016-06-01

    Full Text Available Both price discovery and volatility spillovers act as information transmission mechanisms across foreign boundaries. In this regard, the present study attempts to extend the findings reported by Singh and Kaur46 by considering pairwise volatility spillover effects among the US-BRIC equity markets and capturing the impact of overall US financial market conditions on pairwise volatility spillover effects across the years 2004–2014 by employing diverse econometric models. The results report bi-directional volatility spillover effects between the US-BRIC equity markets and significant impact of the US financial conditions on ex-ante probabilities for the existence of positive volatility spillovers from the US to Brazilian, Russian and Chinese equity markets only. With an improvement in the US financial condition, probability for the same reduces in the context of Brazilian and Russian equity markets, whereas, in case of the Chinese equity market, probability reduces but at a slower pace. The results bear strong implications for portfolio managers and policy makers and first of its kind.

  13. The transmission mechanism of 2008 global financial crisis to Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyed Gholamreza Jalali Naini

    2014-10-01

    Full Text Available After financial crisis in 2008, the effect of crisis spread in the world. Many countries were affected quickly and others slowed in a particular mechanism. Using data of TEPIX from Tehran Stock Exchange and DJI from New York stock Exchange as the main indexes of these two markets, this paper reported strong evidence of TEPIX’s dependency on DJI after the crisis in a four-week delay. The index level series were non-stationary; therefore, we employed cointegration analysis and error correction vector autoregressions (VAR techniques to model the interdependencies. To find the best lag time we used a heuristic method and the results surprisingly were the same as the result of applying a VAR model. The results support the hypothesis that financial stress was transmitted from the U.S to Iran primarily through trade and price channels.

  14. A systematic review of the health, social and financial impacts of welfare rights advice delivered in healthcare settings

    Directory of Open Access Journals (Sweden)

    Howel Denise

    2006-03-01

    Full Text Available Abstract Background Socio-economic variations in health, including variations in health according to wealth and income, have been widely reported. A potential method of improving the health of the most deprived groups is to increase their income. State funded welfare programmes of financial benefits and benefits in kind are common in developed countries. However, there is evidence of widespread under claiming of welfare benefits by those eligible for them. One method of exploring the health effects of income supplementation is, therefore, to measure the health effects of welfare benefit maximisation programmes. We conducted a systematic review of the health, social and financial impacts of welfare rights advice delivered in healthcare settings. Methods Published and unpublished literature was accessed through searches of electronic databases, websites and an internet search engine; hand searches of journals; suggestions from experts; and reference lists of relevant publications. Data on the intervention delivered, evaluation performed, and outcome data on health, social and economic measures were abstracted and assessed by pairs of independent reviewers. Results are reported in narrative form. Results 55 studies were included in the review. Only seven studies included a comparison or control group. There was evidence that welfare rights advice delivered in healthcare settings results in financial benefits. There was little evidence that the advice resulted in measurable health or social benefits. This is primarily due to lack of good quality evidence, rather than evidence of an absence of effect. Conclusion There are good theoretical reasons why income supplementation should improve health, but currently little evidence of adequate robustness and quality to indicate that the impact goes beyond increasing income.

  15. Does Lack of Financial Stability Impair the Transmission of Monetary Policy?

    DEFF Research Database (Denmark)

    Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha

    We investigate the transmission of central bank liquidity to bank deposit and loan spreads in Europe over the January 2006 to June 2010 period. When the European Central Bank (ECB) allocated liquidity to banks in a competitive tender at the beginning of the crisis, higher “aggregate” central bank...

  16. DESIGN OF NOVEL IMPROVED UNITCELL FOR COMPOSITE RIGHT LEFT HANDED TRANSMISSION LINE BASED MICROWAVE CIRCUITS

    Directory of Open Access Journals (Sweden)

    Dileep Kumar Upadhyay,

    2011-06-01

    Full Text Available A novel improved version of unit-cell for the design of composite right left transmission line (CRLH TL is reported in this paper. Comparative results of both conventional design of unit-cell and proposed design of unitcell for CRLH TLs are presented in this article. The conventional unit-cell is designed based on inter digitalcapacitor (IDC in series and vias to the ground plane at the stub ends in shunt, whereas proposed unit-cell is designed based on wire bonded interdigital capacitor (WBIDC in series and vias to the ground plane at the stub ends in shunt . Use of WBIDC in the proposed unit-cell improves high frequency performance by reducing undesired self resonances generated in IDC at lower frequency end. A simple technique is also used in both designs to miniaturize the unit-cell profiles. Dispersion diagrams of the unit-cells show the presence of self resonances in the conventional IDC based unit-cell and absence of such self resonances in the proposed WBIDC based unit-cell, which causes the wider operational frequency band of WBIDC based unit-cell. The performances of both unit-cells are compared from dispersion curve and S - parameters characteristics. The frequency parameter and performance of the both unit-cells are evaluated by full-wave electromagnetic simulator using Ansoft Designer, based on method of moment.

  17. Writing Resistance: Sleeplessness, Poetry, and the Right to the City under Financial Capitalism

    NARCIS (Netherlands)

    Pape, T.

    2014-01-01

    A review of Berardi, Franco "Bifo." 2012. The Uprising: On Poetry and Finance. Los Angeles/ Cambridge: Semiotext(e)/MIT Press. Crary, Jonathan. 2013. 24/7: Late Capitalism and the Ends of Sleep. London/New York: Verso. Harvey, David. 2013. Rebel Cities: From the Right to the City to the Urban Revolu

  18. Is the Money Responsible? : Financial institutions’ human rights responsibilities along a supply chain.

    OpenAIRE

    Wikström, Linnea

    2016-01-01

    Corporate Social Responsibility (CSR) is a topic of rising importance in the current human rights discussion. As multinational supply chains have a growing impact on people’ lives, both in more developed and developing countries the question of how to regulate the behaviour of the companies that engage in these supply chains becomes increasingly important. States have tried to do this through both national and international law, by introducing hard law regulations as well as voluntary framewo...

  19. Does Lack of Financial Stability Impair the Transmission of Monetary Policy?

    DEFF Research Database (Denmark)

    Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha

    We investigate the transmission of central bank liquidity to bank deposit and loan spreads in Europe over the January 2006 to June 2010 period. When the European Central Bank (ECB) allocated liquidity to banks in a competitive tender at the beginning of the crisis, higher “aggregate” central bank...... liquidity (i.e. the total liquidity in the banking system that is held at the ECB) reduces bank deposit rates of low risk banks but has no effect on deposit rates of high risk banks or on corporate loan spreads of high or low risk banks. After the ECB started to fully allot all liquidity requested by banks...

  20. Rights

    Science.gov (United States)

    Paul, Moli

    2007-01-01

    This article provides an overview of different types of rights to aid consideration of, and debate about, children and young people's rights in the context of paediatrics and child health. It demonstrates how children's rights may or may not differ from adult rights and the implications for practice. It shows that applying a children's rights framework can be more helpful in pursuing a public child health agenda than in reducing ethical or legal conflicts when interacting with child patients and their families. PMID:17642486

  1. 产权、金融稳定政策与中央银行独立性%Property-rights, financial stabilization policies,and central bank independence

    Institute of Scientific and Technical Information of China (English)

    黄少安; 何坤

    2008-01-01

    This paper builds a micro-behavior model of central bank and financial institutions from the perspective of property-rights. By analyzing the theoretical model and the practice, we conclude that, in the framework of the present financial stabilization policies in China, the central bank's functions of monetary policy and financial stabilization are enslaved to financial institutions. Thus,central bank independence has been damaged because of the actual property-right relation between the central bank and the financial institutions. The policy implication is to cut off the property-right relation between the central bank and the financial institutions.%从产权角度出发,建立中央银行和金融机构的微观行为模型,通过分析和考察理论模型和现实情况,认为在中国当前金融稳定政策的框架下,由于中央银行与微观金融机构事实上的产权关系,其货币稳定和金融稳定职能均受制于微观金融机构,独立性受到损害.为了保持中央银行的独立性,必须切断其与微观金融机构的产权关系.

  2. A tunable dual-broad-band branch-line coupler utilizing composite right/left-handed transmission lines

    Institute of Scientific and Technical Information of China (English)

    ZHANG Yu; HU Li; HE Sai-ling

    2005-01-01

    A tunable dual-broad-band branch-line coupler (BLC) utilizing composite right/left-handed (CRLH) transmission lines is presented. Two λ/4 segments consisting of CRLH transmission lines are added to each port to broaden the dual bands of the branch-line coupler. Numerical simulation and optimal design of the novel coupler are presented. The dual bands of the novel coupler are tunable and broad. The 1-dB bandwidth of each passband is more than 16% of the central frequency.

  3. 互联网金融消费者权益保护问题研究%The Research on Internet Financial Consumer Rights and Interests Protection

    Institute of Scientific and Technical Information of China (English)

    赵锋

    2015-01-01

    如何在支持互联网金融创新发展的同时,有效保护互联网金融消费者的合法权益,是一个亟待研究的重要课题。本文在总结互联网金融概念、模式的基础上,深入分析了互联网金融消费者权益受侵害的表现形式和当前互联网金融消费者权益保护面临的困境,提出了完善互联网金融消费者权益保护的政策建议。%It is an important subject to be studied how to support the development of Internet financial innovation, and at the same time, protect the lawful rights and interests of the Internet financial consumers effectively. The paper, on the basis of summarizing the concept and mode of the Internet finance, deeply analyzes the forms of the infraction of the Internet financial consumers’ rights and interests and the current plight of the Internet financial consumers' rights and interests protection. Finally, the paper proposes the policy suggestions on perfecting the protection of the rights and interests of the Internet financial consumers.

  4. Novel Composite Right/Left-Handed Metamaterial-Based Leaky-Wave Transmission-Lines

    Science.gov (United States)

    Hashemi, Mohammed Reza Mahmoodi

    The focus of this dissertation is on the design procedure as well as analysis of a very interesting category of metamaterial-based structures namely composite right/left-handed (CRLH) Leaky-wave (LW) transmission-lines (TL). As a result several unique CRLH-TLs are designed and presented. Each of the discussed CRLH LW-TLs has exceptional and beneficial characteristics, which is only realizable due to their composite right/left-handed nature and dispersion characteristics. The operation mechanism of CRLH-TL is explained in the first chapter by the overview of the theory behind the CRLH concept. The dispersion diagram of a CRLH unit-cell shows that the phase constant (beta) is a non-linear function of frequency with a beta = 0 point at a non-zero frequency. Furthermore, a CRLH-TL supports left-handed slow-wave (guided-wave) and fast-wave (leaky-wave) modes, where the phase velocity and the group velocity are anti-parallel and phase advanced is achievable, as well as right-handed slow-wave and fast-wave modes, where the two velocities are parallel and phase delay can be observed. The subject of the second chapter is conformal CRLH LW-TLs. The effect of conformation of a planar uniform CRLH LW-TL on a convex and a concave surface are investigated. It is shown when the CRLH LW-TL is operating in the fast-wave region the conformation affects its radiation characteristics and the radiation pattern becomes wider in both convex and concave cases. A dispersion engineering method is introduced to modify the conformal structure such that it provides comparable performance to that of the planar version in terms of radiation characteristics. Then taking advantage of the proposed modification method a multifunctional electronically controlled conformal CRLH LW-TL is introduced in a later part of this chapter. Varactor diodes are introduced in the unit-cells to electronically control its guided and radiation characteristics. This CRLH-TL has the ability to operate partially in the

  5. A compact very wideband amplifying filter based on RTD loaded composite right/left-handed transmission lines.

    Science.gov (United States)

    Abu-Marasa, Mahmoud O Mahmoud; El-Khozondar, Hala Jarallah

    2015-01-01

    The composite right/left-handed (CRLH) transmission line (TL) is presented as a general TL possessing both left-handed (LH) and right-handed (RH) natures. RH materials have both positive permittivity and positive permeability, and LH materials have both negative permittivity and negative permeability. This paper aims to design and analyze nonlinear CRLH-TL transmission line loaded with resonant tunneling diode (RTD). The main application of this design is a very wideband and compact filter that amplifies the travelling signal. We used OrCAD and ADS software to analyze the proposed circuit. CRLH-TL consists of a microstrip line which is loaded with complementary split-rings resonators (CSRRs), series gaps, and shunt inductor connected parallel to the RTD. The designed structure possess a wide band that ranges from 5 to 10.5 GHz and amplifies signal up to 50 %. The proposed design is of interest to microwave compact component designers.

  6. 41 CFR 102-75.380 - May power transmission lines and rights-of-way be disposed of in other ways?

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false May power transmission... REGULATION REAL PROPERTY 75-REAL PROPERTY DISPOSAL Surplus Real Property Disposal Power Transmission Lines § 102-75.380 May power transmission lines and rights-of-way be disposed of in other ways? Yes,...

  7. Decision support for mitigating the risk of tree induced transmission line failure in utility rights-of-way.

    Science.gov (United States)

    Poulos, H M; Camp, A E

    2010-02-01

    Vegetation management is a critical component of rights-of-way (ROW) maintenance for preventing electrical outages and safety hazards resulting from tree contact with conductors during storms. Northeast Utility's (NU) transmission lines are a critical element of the nation's power grid; NU is therefore under scrutiny from federal agencies charged with protecting the electrical transmission infrastructure of the United States. We developed a decision support system to focus right-of-way maintenance and minimize the potential for a tree fall episode that disables transmission capacity across the state of Connecticut. We used field data on tree characteristics to develop a system for identifying hazard trees (HTs) in the field using limited equipment to manage Connecticut power line ROW. Results from this study indicated that the tree height-to-diameter ratio, total tree height, and live crown ratio were the key characteristics that differentiated potential risk trees (danger trees) from trees with a high probability of tree fall (HTs). Products from this research can be transferred to adaptive right-of-way management, and the methods we used have great potential for future application to other regions of the United States and elsewhere where tree failure can disrupt electrical power.

  8. Decision Support for Mitigating the Risk of Tree Induced Transmission Line Failure in Utility Rights-of-Way

    Science.gov (United States)

    Poulos, H. M.; Camp, A. E.

    2010-02-01

    Vegetation management is a critical component of rights-of-way (ROW) maintenance for preventing electrical outages and safety hazards resulting from tree contact with conductors during storms. Northeast Utility’s (NU) transmission lines are a critical element of the nation’s power grid; NU is therefore under scrutiny from federal agencies charged with protecting the electrical transmission infrastructure of the United States. We developed a decision support system to focus right-of-way maintenance and minimize the potential for a tree fall episode that disables transmission capacity across the state of Connecticut. We used field data on tree characteristics to develop a system for identifying hazard trees (HTs) in the field using limited equipment to manage Connecticut power line ROW. Results from this study indicated that the tree height-to-diameter ratio, total tree height, and live crown ratio were the key characteristics that differentiated potential risk trees (danger trees) from trees with a high probability of tree fall (HTs). Products from this research can be transferred to adaptive right-of-way management, and the methods we used have great potential for future application to other regions of the United States and elsewhere where tree failure can disrupt electrical power.

  9. Vertical Price Transmission in Local Rice Markets in Cote d'Ivoire: Are Consumers Really Right?

    Directory of Open Access Journals (Sweden)

    Yaya KEHO

    2012-12-01

    Full Text Available This paper analyses vertical relationships between wholesale and retail prices in three local rice markets in Côte d’Ivoire. The aim of the paper is to ascertain whether the popular complaint of consumers about the asymmetric price transmission holds true. Our empirical analysis makes use of threshold cointegration and error correction models and monthly data for the period 1990-1999. We found that wholesale and retail prices are cointegrated and increases in wholesale prices are passed on to retail prices more quickly than decreases.

  10. IMBALANCES IN THE FINANCIAL SYSTEM OF UKRAINE AND THEIR TRANSMISSION TO THE SYSTEMATIC RISKS IN THE MONETARY STABILITY

    Directory of Open Access Journals (Sweden)

    O. Liubkina

    2013-10-01

    Full Text Available The article examines the current state and major imbalances in the financial market of Ukraine, which are the source of risk to the national economy and can significantly affect the monetary stability during the post-crisis period and the period of recession. Threats that are associated with peculiarities of the institutional structure of the financial market of Ukraine are analyzed, namely, on the one hand, the importance of banking institutions, and on the other – functional inadequacy of the banking systems in ensuring monetary and financial stability. The analysis shows that the weaknesses of the banking system have led to the accumulation of risks and structural misbalances in the Ukrainian economy which pose a danger to stability in the financial sector. Conclusions and measures are substantiated for the use of tools of monetary policy in order to strengthen monetary and financial stability. Among them are: the necessity of changes in the methodological tools of assessment of the financial stability and accumulation of systemic risk in the economy, measures to manage the inflation risk as the main internal risk for Ukraine, ways of enhancement of interaction between the banking system and the national economy through the interest rate benchmark.

  11. Compact Circularly Polarized Patch Antenna Using a Composite Right/Left-Handed Transmission Line Unit-Cell

    Directory of Open Access Journals (Sweden)

    L. Geng

    2013-04-01

    Full Text Available A compact circularly polarized (CP patch antenna using a composite right/left-handed (CRLH transmission line (TL unit-cell is proposed. The CRLH TL unit-cell includes a complementary split ring resonator (CSRR for shunt inductance and a gap loaded with a circular-shaped slot for series capacitance. The CSRR can decrease the TM10 mode resonance frequency, thus reducing the electrical size of the proposed antenna. In addition, the asymmetry of the CSRR brings about the TM01 mode, which can be combined with the TM10 mode by changing the slot radius. The combination of these two orthogonal modes with 90° phase shift makes the proposed antenna provide a CP property. The experimental results show that the proposed antenna has a wider axial ratio bandwidth and a smaller electrical size than the reported CP antennas. Moreover, the proposed antenna is designed without impedance transformer, 90° phase shift, dual feed and ground via.

  12. Coupled backward- and forward-propagating solitons in a composite right- and left-handed transmission line.

    Science.gov (United States)

    Veldes, G P; Cuevas, J; Kevrekidis, P G; Frantzeskakis, D J

    2013-07-01

    We study the coupling between backward- and forward-propagating wave modes, with the same group velocity, in a composite right- and left-handed nonlinear transmission line. Using an asymptotic multiscale expansion technique, we derive a system of two coupled nonlinear Schrödinger equations governing the evolution of the envelopes of these modes. We show that this system supports a variety of backward- and forward-propagating vector solitons of the bright-bright, bright-dark, and dark-bright type. Performing systematic numerical simulations in the framework of the original lattice that models the transmission line, we study the propagation properties of the derived vector soliton solutions. We show that all types of the predicted solitons exist, but differ on their robustness: Only bright-bright solitons propagate undistorted for long times, while the other types are less robust, featuring shorter lifetimes. In all cases, our analytical predictions are in very good agreement with the results of the simulations, at least up to times of the order of the solitons' lifetimes.

  13. [Conditions for universal access to health in Latin America: social rights, social protection and financial and political constraints].

    Science.gov (United States)

    Sojo, Ana

    2011-06-01

    After a brief review of the concept of health equity and its social and sectoral determinants, some macroeconomic aspects of health expenditure in Latin America are considered. Given the significant contemporary tensions with regard to social rights and the definition of health benefits, three emblematic experiences are analyzed in very different health systems, namely those of Chile, Colombia and Mexico. They cover different aspects, such as the guarantee of health benefits, the reduction of forms of implicit rationing and/or barriers to admission, and also aspects related to the quality of services.

  14. 论融资租赁合同中的承租人索赔权%On Lessee's Right of Claim in Financial Leasing Contract

    Institute of Scientific and Technical Information of China (English)

    周腾

    2012-01-01

    融资租赁合同是一项特殊的借贷合同,承租人是买卖合同中的真正买受人,受到买卖合同的约束,故有权直接向供货人行使索赔权。我国《合同法》并未赋予承租人直接向供货人索赔的权利,但《融资租赁法(草案)》对此进行了修正,其第三稿的规定已经相对成熟,可以在今后立法中予以采纳。%The financial leasing contract is a special form of loan contract. The lessee is the real buyer in the sales contract, and is bound by the contract, so he has the right to claim the supplier of a refund directly. China's Contract Law didn't entitle the les- see to claim the supplier of a refund directly, but the Financial Leasing Law (draft) has fixed it, and the regulation of its third draft is relatively mature, and can be adopted in legislation in the future.

  15. 对网络传输权问题的法律思考%Legal Thinking on the Network Transmission Rights

    Institute of Scientific and Technical Information of China (English)

    罗艳玲; 宋振峰

    2000-01-01

    This paper approaches the network transmission rights and the related distribution, dissemination and reproduction on network. Based on the characteristics of network transmission rights and in view of the imperfection of China's copyright law in this respect, the author puts forward some proposals for its revision, supplement and perfection.%本文探讨了网络传输权及与之相关的网上发行、传播、复制等问题,基于对网络传输权特点的思考,对我国著作权法在这方面存在的不足,提出了修改、补充和完善的建议。

  16. 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.

  17. Small Antenna Design based on Composite Right/Left-Handed Transmission Line%基于左右手传输线的小型天线设计

    Institute of Scientific and Technical Information of China (English)

    代黎明; 周海京; 林文斌; 廖成

    2012-01-01

    Small antenna based on composite right/left-handed(CRLH) transmission line is developed, and the zero- order resonance mode of the antenna obtained by adjusting the structure of composite right/left-handed(CRLH) transmission line. And now the operating frequency of the antenna depends no longer on the geometry of the antenna and only concerns the inductance and capacitance of the left-handed transmission line, and these could greatly reduce the geometric size of the antenna. In this paper a small antenna based on composite right/left-handed(CRLH) transmission line is proposed and designed, which could work in the ISM band, and meet the requirement of wireless local area network(2.4 GHz-2.483 5 GHz)%基于复合左右手传输线技术研究设计超小型的天线,通过对复合左右手传输线结构的适当调整获得一个零阶谐振天线,此时天线的工作频率不再依赖于天线的几何尺寸,而只与构成左手传输线的电感与电容相关,从而可大大降低天线的几何尺寸。文中基于复合左右手传输线设计了一款小型天线,使其可以工作在ISM频段,能够满足无线局域网(2.4~2.4835GHz)的要求。

  18. 财务共享中心建立对电网输变电工程影响%Influence of Financial Sharing Center on Power Transmission and Transformation Project’s Cost Calculation

    Institute of Scientific and Technical Information of China (English)

    杨淑贤

    2014-01-01

    ABSTRACT:Financial sharing center is a new type of finan-cial management model,and it is the concrete practice and application of the enterprise’s central control mode in the financial management. In this paper the existing problems in the project financial accounting of the power grid enterprise are examined and a financial sharing center is established to process the financial work in an efficient and centralized operational mode. In addition, the unified financial management system and information system platform are used to perform efficient processing, analysis and control of the enterprise financial information, with focus on analysis of the influence of the financial sharing center on the accounting of power transmission and transformation projects. In this way an integrated,standar-dized and modern financial shared services center is formed and a new path of modern financial transformation and financial intensification is explored and found.%财务共享中心是一种新型的财务核算模式,是企业集中管控方式在财务管理中的具体实践与应用。分析了目前电网企业工程财务核算存在的问题,建立了以高效集中运作模式处理大型企业财务工作的财务共享中心,并运用统一的财务管理机制和信息系统平台对企业财务信息开展高效处理、分析及控制,着重讨论了财务共享中心的建立对电网输变电项目工程核算影响,形成了一体化、规范化、现代化的财务共享服务中心,探索了现代财务转型、深化财力集约化的新路径。

  19. On the Farmers′ Financial Development Right:Attribute, Connotation and the National Obligation%论农民金融发展权:属性、内涵及国家义务

    Institute of Scientific and Technical Information of China (English)

    廖丹; 左平良

    2016-01-01

    The establishment and guarantee of the farmers′ financial development right are the country′s basic obligation. The farmers′ financial development right is of the attribute of the basic human rights.The recognition and guarantee of the right from the national constitution and the related laws are not only to the benefit of the development of the farm-ers themselves,but also are to the benefit of the sustainable and healthy development of the national financial system. Therefore,the country should set and carry out the realization of the basic obligation of the farmers′ financial develop-ment right from the perspectives of the public products supplies,the market order regulators as well as the financial market macro controllers,and construct the corresponding guarantee system in the fields of legislation and jurisdiction.%确立和保障农民金融发展权是国家的基本义务。农民金融发展权具有基本人权属性,国家宪法及相关法律对这一权利的承认和保障,不仅有利于农民自身的发展,而且有利于国家金融体制的持续健康发展。因此,国家应从公共产品提供者、市场秩序规制者以及金融市场宏观调控者的角度去设定和履行实现农民金融发展权的基本义务,并在立法、司法上构建相应的保障机制。

  20. Neighboring Right on Information Network Transmission of Digital Libraries%论数字图书馆的信息网络传播邻接权

    Institute of Scientific and Technical Information of China (English)

    马海群; 周丽霞

    2011-01-01

    This paper discusses the basis of dominant position of neighboring rights owner of digital libraries based on neighboring rights system in digital age,and analyses the fair use and statutory license terms in Copyright Law and Regulation on the Protection of the Right to Network Dissemination of Information.This paper comes to the conclusion that the terms can not meet the needs of development of digital library,and it's necessary to establish the neighboring rights of digital libraries,and demonstrates the scope of neighboring rights on information network transmission of digital libraries.%文章基于数字时代的邻接权制度,讨论了数字图书馆邻接权人主体地位的确立依据,分析了和中对著作权限制的合理使用和法定许可条款,认为现有法规条款还不能够满足数字图书馆发展的需要,还有必要确立数字图书馆应享有的相应信息网络传播邻接权,并论证了数字图书馆信息网络传播邻接权的权限范围.

  1. Left or right? Sources of political orientation: the roles of genetic factors, cultural transmission, assortative mating, and personality.

    Science.gov (United States)

    Kandler, Christian; Bleidorn, Wiebke; Riemann, Rainer

    2012-03-01

    In this study, we used an extended twin family design to investigate the influences of genetic and cultural transmission as well as different sources of nonrandom mating on 2 core aspects of political orientation: acceptance of inequality and rejecting system change. In addition, we studied the sources of phenotypic links between Big Five personality traits and political beliefs using self- and other reports. Data of 1,992 individuals (224 monozygotic and 166 dizygotic twin pairs, 92 unmatched twins, 530 spouses of twins, 268 fathers, and 322 mothers) were analyzed. Genetically informative analyses showed that political attitudes are genetically but not environmentally transmitted from parents to offspring and that a substantial proportion of this genetic variance can be accounted for by genetic variance in personality traits. Beyond genetic effects and genotypic assortative mating, generation-specific environmental sources act to increase twins' and spouses' resemblance in political beliefs. The results suggest multiple sources of political orientations in a modern democracy.

  2. Righting wrongs and reforming rights.

    Science.gov (United States)

    Ivey, Laurie C

    2014-03-01

    Discusses issues faced by LGBT people, such as a lack of equal civil rights and the need for extra legal and financial protection for families because partners cannot be married. The author notes that, in our society, it is no longer acceptable to be racist, but it is still okay to be homophobic. The many campaigns against gay marriage and efforts in the legislature to prevent change toward equal civil rights and protections are prime examples. In our current political climate, two things are very clear: (a) homophobia is freely tolerated and (b) the times are changing as we inch closer to equal rights every day. We are "righting wrongs and reforming rights."

  3. Control of transmission of right circularly polarized laser light in overdense plasma by applied magnetic field pulses.

    Science.gov (United States)

    Ma, Guangjin; Yu, Wei; Yu, M Y; Luan, Shixia; Wu, Dong

    2016-05-01

    The effect of a transient magnetic field on right-hand circularly polarized (RHCP) laser light propagation in overcritical-density plasma is investigated. When the electron gyrofrequency is larger than the wave frequency, RHCP light can propagate along the external magnetic field in an overcritical density plasma without resonance or cutoff. However, when the magnetic field falls to below the cyclotron resonance point, the propagating laser pulse will be truncated and the local plasma electrons resonantly heated. Particle-in-cell simulation shows that when applied to a thin slab, the process can produce intense two-cycle light pulses as well as long-lasting self-magnetic fields.

  4. The rights of passage of power transmission lines and the situation in the eastern Laender of Germany; Energieleitungsrechte in den neuen Bundeslaendern

    Energy Technology Data Exchange (ETDEWEB)

    Schmidt-Raentsch, J. [Bundesministerium fuer Justiz, Bonn (Germany)

    1994-12-31

    In order to establish their power transmission networks, utilities entering th market in the eastern Laender have to safeguard their rights of passage by limited personal servitude, as in the western Laender, if they cannot do so by way of franchise agreements. This was a special problem emerging with transmission lines and facilities erected before the date of October 2, 1990. The solution was found in the legal instruments of easement and claim to compensation, as defined in paragraph 9 of the GBBerG (land register law). The article explains the modalities of easement and claim to compensation, and the legal requirement of giving evidence of ownership of transmission lines. (orig./HSCH) [Deutsch] Die Energieversorgungsunternehmen muessen sich ihre Leitungsfuehrungsrechte in den neuen Bundeslaendern wie in den alten durch beschraenkt persoenliche Dienstbarkeiten absichern, wenn dies nicht durch besondere Konzessionsvertraege geschieht. Dies bereitete bei den am 2.10.1990 errichteten Leitungen und Anlagen besondere Schwierigkeiten. Die Loesung war eine gesetzliche Begruendung von Dienstbarkeit und Abfindungsanspruch, die in Paragraph 9 Grundbuchbereinigungsgesetz (GBBerG) enthalten ist. Der Artikel eroertert die Begruendung von Dienstbarkeit und Abfindungsanspruch sowie den Nachweis durch Leitungsbescheinigung. (orig./HSCH)

  5. 我国金融消费者权益保护的完善%Perfect China's Financial Consumers' Rights Protection

    Institute of Scientific and Technical Information of China (English)

    夏煜鹏

    2012-01-01

    我国金融立法的缺位导致对金融消费者权益的漠视,应当通过对现有法律规范的整合,制定一部适合我国国情的《金融服务法》。%The absence of financial legislation in China ignore the financial interests of consumers,should be through the integration of existing legal norms,to develop a fit for China "Financial Services Act".

  6. A qualitative inquiry of the financial concerns of couples opting to use preimplantation genetic diagnosis to prevent the transmission of known genetic disorders.

    Science.gov (United States)

    Drazba, Kathryn T; Kelley, Michele A; Hershberger, Patricia E

    2014-04-01

    Preimplantation genetic diagnosis (PGD) is an innovative prenatal testing option because the determination of whether a genetic disorder or chromosomal abnormality is evident occurs prior to pregnancy. However, PGD is not covered financially under the majority of private and public health insurance institutions in the United States, leaving couples to decide whether PGD is financially feasible. The aim of this qualitative study was to understand the role of finances in the decision-making process among couples who were actively considering PGD. In-depth, semi-structured interviews were completed with 18 genetic high-risk couples (36 individual partners). Grounded theory guided the analysis, whereby three themes emerged: 1) Cost is salient, 2) Emotions surrounding affordability, and 3) Financial burden and sacrifice. Ultimately, couples determined that the opportunity to avoid passing on a genetic disorder to a future child was paramount to the cost of PGD, but expressed financial concerns and recognized financial access as a major barrier to PGD utilization.

  7. On Transference of the Right to Rural Land Management in View of Financial Support%论农村土地经营权流转与金融支持

    Institute of Scientific and Technical Information of China (English)

    庞锋

    2015-01-01

    To shift the right of land management has become an inevitable tendency for increasing farm‐er’s income and promoting agricultural modernization ,w hich requires the support of a sound financial sys‐tem .At present the rural financial system has indicated the need for diverse and excellent service ,a trend of centralization and strengthening of financial risk and the problem of insufficient support of financing in‐stitution and homogenization of financial products .T hus it is proposed that our country establish a sound legal system for financial support on a macroscopic scale ,lay dow n the responsibility and duty of govern‐ment and innovate financial products and services on a micro level to promote the transference of the right to rural land management .%农村土地经营权的有序流转需要健全的金融体系的支持。当前农村金融支持体系呈现服务需求的多元化、优质化,金融风险的集中化与增强化的趋势,也面临金融机构支持不足、金融产品单一化的问题。因此,在宏观上必须健全金融支持的法律法规,明确政府责任;在微观上要不断创新金融产品和服务,以推进农村土地经营权的流转。

  8. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

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

  9. 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...

  10. 加拿大金融消费者权益保护及其对我国的启示%Financial Customer Right Protection in Canada and its Implications to China

    Institute of Scientific and Technical Information of China (English)

    李冬语

    2012-01-01

    次贷危机引发的金融危机充分暴露出金融产品销售不当,特别是金融欺诈和滥用对公众投资者利益造成的侵害,也反映出监管当局在保护消费者利益方面存在的缺陷。次贷危机后,各国监管当局普遍意识到,只关注金融机构的利益诉求而忽视对消费者利益的切实保护,会破坏金融业赖以发展的基础,影响到金融体系的稳定性。因此,加强金融消费者保护,应当成为后金融危机时期各国和各地区金融监管当局反思和改革的重要内容。本文主要介绍加拿大在金融消费者权益保护方面的主要做法,并提出完善我国金融消费保护的有关建议。%The financial crisis triggered by subprime crisis exposes the inappropriate selling of financial products, particularly the impact of financial fraud and abuse on the interests of public investors, and reflects the gaps in protecting consumers' interests by the regulatory authorities. In the wake of subprime crisis, the regulatory authorities of all countries recognize that focusing exclusively on the interests of financial institutions but ignoring the protection of consumers' interests will undermine the basis on which the financial industry builds and affect the stability of financial system. Therefore, strengthening financial consumer protection becomes an impor- tant task for all financial regulatory authorities. The paper mainly introduces the practice of financial consumer right protection in Canada and its implications to China in this field.

  11. Financial Stability and Financial Inclusion

    OpenAIRE

    Morgan, Peter J; Pontines, Victor

    2014-01-01

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

  12. Study of theTransmission Right of Information Network%信息网络传播权制度研究

    Institute of Scientific and Technical Information of China (English)

    杜康

    2015-01-01

    The transmission right of information network is the development of copyright protection in the con-text of the rapid development of network technology and digital technology.The establishment of such right played a great role in the comprehensive protection of copyright interests and inspiration of creation, but at the same time, it also produced many adverse effects, especially the over-protection of copyright works is not conducive to the circu-lation, and is actually to the detriment of the social and public interests.The ultimate aim of the set-up of any right is not to protect the interests of a certain group, but to realize the balance of interests.The design of the right of communication through information network system should take into consideration the copyright owner, network de-velopment, social benefits and other factors, the specific measures include the object of rights for accurate classifi-cation, design of omni-directional and multi-level system of restrictions on the rights and the collective management system of the establishment of the copyright protection.%信息网络传播权,是在网络技术与数字化技术迅速发展的背景下,为更好地保护著作权人的利益而产生的著作权方面的拓展性权利.该权利的设置,在全面保护著作权人利益、鼓励创作等方面发挥了积极作用,同时也产生了许多不利影响,特别是对著作权人作品的过度保护不利于作品的流通,进而损害了社会公共利益.从某种意义上说,任何权利设置的最终目的都并非单纯保护某一群体的利益,而是实现利益分配的平衡.信息网络传播权制度的设计应统筹考虑著作权人、网络发展、社会利益等多方因素,具体措施包括对权利的客体作准确具体的分类,设计全方位、多层次的权利限制制度以及建立保护著作权的集体管理制度.

  13. Charge It Right. FDIC Money Smart Financial Education Curriculum = Uso Correcto de su Tarjeta de Credito. FDIC Money Smart Plan de Education para Capacitacion en Finanzas.

    Science.gov (United States)

    Federal Deposit Insurance Corp., Washington, DC.

    This module on managing a credit card is one of ten in the Money Smart curriculum, and includes an instructor guide and a take-home guide. It was developed to help adults outside the financial mainstream enhance their money skills and create positive banking relationships. It is designed to enable participants to describe the costs and benefits of…

  14. Valuation of physical transmission rights. An analysis of the cross border capacities between Germany and the Netherlands; 'Bewertung von physischen Uebertragungsrechten. Eine Analyse der Grenzkuppelstellen zwischen Deutschland und den Niederlanden'

    Energy Technology Data Exchange (ETDEWEB)

    Dieckmann, Birgit; Reichmann, Oleg; Wobben, Magnus [Lehrstuhl fuer Volkswirtschaftstheorie, Univ. Muenster (Germany)

    2008-12-15

    The purpose of this paper is to discuss market-coherent valuation of physical transmission rights for cross-border capacities between Germany and the Netherlands. Aiming at a fair valuation of these contracts, the most important stylized facts of electricity prices such as mean reversion, spikes and correlations of regional prices have to be considered. We present two different approaches to the valuation of physical transmission rights and perform a quantitative analysis of the results. On the one hand various challenges of modeling regional price differences are discussed. On the other hand a structural undervaluation of required flexibility is indicated, which implicates missing incentives for the extension of cross border capacities. (orig.)

  15. Fundamental rights, contract law and the protection of the weaker party: a comparative analysis of the constitutionalisation of contract Law, with emphasis on risky financial transactions

    NARCIS (Netherlands)

    Cherednychenko, O.O.

    2007-01-01

    Originally, contract law was considered to be immune from the effect of fundamental rights, the function of which was limited to being individual defences against the vigilant eye of the State. This traditional view, however, has recently been put under pressure as a result of fundamental rights inc

  16. Financial Benchmarking

    OpenAIRE

    2012-01-01

    This bachelor's thesis is focused on financial benchmarking of TULIPA PRAHA s.r.o. The aim of this work is to evaluate financial situation of the company, identify its strengths and weaknesses and to find out how efficient is the performance of this company in comparison with top companies within the same field by using INFA benchmarking diagnostic system of financial indicators. The theoretical part includes the characteristic of financial analysis, which financial benchmarking is based on a...

  17. Merchant electricity transmission expansion: A European case study

    Energy Technology Data Exchange (ETDEWEB)

    Kristiansen, T. [RBS Sempra Commodities, 155 Bishopsgate, London EC2M3TZ (United Kingdom); Rosellon, J. [Centro de Investigacion y Docencia Economicas (CIDE), Division de Economia, Carretera Mexico-Toluca 3655, Lomas de Santa Fe, 01210 Mexico D.F. (Mexico); German Institute for Economic Research (DIW Berlin), Mohrenstrasse 58, 10117, Berlin (Germany)

    2010-10-15

    We apply a merchant transmission model to the trilateral market coupling (TLC) arrangement among the Netherlands, Belgium and France as an example, and note that it could further be applied to other market splitting or coupling of Europe's different national power markets. In this merchant framework the system operator allocates financial transmission rights (FTRs) to investors in transmission expansion based upon their preferences, and revenue adequacy. The independent system operator (ISO) preserves some proxy FTRs to manage potential negative externalities that may result from expansion projects. This scheme could help European market coupling arrangements attract additional investment. (author)

  18. Theories about the financial crises

    Directory of Open Access Journals (Sweden)

    Irina Busuioc-Witowschi

    2010-12-01

    Full Text Available The financial crises are generally associated with banking crises due to the role they play in their production, transmission and settlement. This paper presents a number of different approaches taken from the specialized literature on the causes that led to the outbreak of the financial crises.

  19. Study on the Key Factors of Financial Intellectual Property- Right Management Performance%金融知识产权管理绩效重要影响因子研究

    Institute of Scientific and Technical Information of China (English)

    任嘉嵩; 刘雪莲; 于丽艳

    2011-01-01

    The primary impact factors of the financial - intellectual - property - right - performance indicators are collected on the basis of internal and overseas studying achievement. Still in view of this, the expert group questionnaire is designed and given out. On the basis of counted principle, the importance degree of the taken back questionnaires is handled and calculated by the albefaetiou letter and grey statistics, thereby the important impact factors of financial - intellectual - property - right management are determined.%综合国内外研究成果给出金融知识产权管理绩效评价初始指标集合,在此基础上设计并发放专家群体问卷调查表。运用灰色统计原理,对所收回的调查表中的重要性程度进行白化函数数据处理和灰色统计计算,从而确定金融知识产权管理绩效的重要影响因子。

  20. The impact of foreign banks on monetary policy transmission during the global financial crisis of 2008-2009: Evidence from Korea

    OpenAIRE

    Jeon, Bang Nam; Lim, Hosung; Wu, Ji

    2014-01-01

    This paper examines the impact of foreign banks on the monetary policy transmission mechanism in the Korean economy during the period from 2000 to 2012, with a specific focus on the lending behavior of banks with different types of ownership. Using the bank-level panel data of the banking system in Korea, we present consistent evidence on the buffering impact of foreign banks, especially foreign bank branches including U.S. bank branches, on the effectiveness of the monetary policy transmissi...

  1. Financial Education

    OpenAIRE

    Udo Reifner; Anne Schelhowe

    2010-01-01

    New, more or better financial education and financial literacy programmes should lead to improved financial capability, knowledge and outcomes. Yet we do not even know which terminology is most suitable for those projects who all intend to give an answer to a question which is less than clear. What is meant by the term “financial education”? Why did the “demand” for financial education suddenly increase? Have the numerous tasks which consumers in a modern society have to fulfill created this ...

  2. Revisiting the financial crisis

    Institute of Scientific and Technical Information of China (English)

    黄明

    2009-01-01

    Recently,the media and commentators have saturated us with talk of the subprimeinduced financial debacle. Yet,some basic questions remain unanswered:why did almost all of the"market doorkeepers"fail to function in the crisis? Why did the financial intermediaries,such as investment banks selling complex derivatives,go under? Why did the crisis cause such far-reaching repercussions? What seed did U.S.Treasury Secretary Henry Paulson sow for the fiasco to rage globally? What does the future hold for financial regulation? In the face of the tempestuous"financial tsunami,"what lessons should China learn and how should the country develop a more secure capital market? Unlike other macroeconomists, Dr.Huang Ming proceeds from a micro perspective to sort out the financial mess along the logical chain within the capital market.In this interview,Dr.Huang presents a clear and unsettling look at the breakout,transmission and spreading path of the financial crisis

  3. FINANCIAL MECHANISMS OF FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-07-01

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

  4. 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

  5. Right place, wrong species: a 20-year review of rabies virus cross species transmission among terrestrial mammals in the United States.

    Directory of Open Access Journals (Sweden)

    Ryan M Wallace

    Full Text Available INTRODUCTION: In the continental US, four terrestrial mammalian species are reservoirs for seven antigenic rabies virus variants. Cross species transmission (CST occurs when a rabies virus variant causes disease in non-reservoir species. METHODS: This study analyzed national surveillance data for rabies in terrestrial mammals. The CST rate was defined as: number of rabid non-reservoir animals/number of rabid reservoir animals. CST rates were analyzed for trend. Clusters of high CST rate counties were evaluated using space-time scanning statistics. RESULTS: The number of counties reporting a raccoon variant CST rate >1.0 increased from 75 in 1992 to 187 in 2011; counties with skunk variant CST rates >1.0 remained unchanged during the same period. As of 2011, for every rabid raccoon reported within the raccoon variant region, there were 0.73 cases of this variant reported in non-reservoir animals. Skunks were the most common non-reservoir animal reported with the raccoon rabies variant. Domestic animals were the most common non-reservoir animal diagnosed with a skunk rabies virus variant (n = 1,601. Cross species transmission rates increased fastest among domestic animals. CONCLUSIONS: Cross species transmission of rabies virus variants into non-reservoir animals increases the risk of human exposures and threatens current advances toward rabies control. Cross species transmission in raccoon rabies enzootic regions increased dramatically during the study period. Pet owners should vaccinate their dogs and cats to ensure against CST, particularly in regions with active foci of rabies circulation. Clusters of high CST activity represent areas for further study to better understand interspecies disease transmission dynamics. Each CST event has the potential to result in a rabies virus adapted for sustained transmission in a new species; therefore further understanding of the dynamics of CST may help in early detection or prevention of the emergence

  6. 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…

  7. 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…

  8. On financial innovation

    Directory of Open Access Journals (Sweden)

    G. VACIAGO

    2013-12-01

    Full Text Available In recent years, in all countries - albeit to varying degrees - many changes have taken place in the financial structure which have accompanied the development of new instruments, markets and financial intermediaries. A growing literature describes and analyses these changes, generically grouped together under the label of "financial innovation". In order to clarify the costs and benefits of what is meant by financial innovation, it is necessary to jointly examine both its causes and its effects. To this end, it is first necessary to consider some very general questions that thus far have yet to be answered in any certain or unambiguous way, if they have been considered in the scientific literature at all. The present work examines the current state of the theory of financial innovation, to then illustrate the main features of the innovation process currently taking place. This leads to some considerations on the resulting implications for the modus operandi of monetary policy and, more generally, for the definition of this policy’s transmission mechanisms.

  9. Financial Crisis

    Institute of Scientific and Technical Information of China (English)

    黄骅

    2012-01-01

      Financial crisis started from America and soon spread all over the world. How did this happen? What government has done to rescue the economy and what should we do to help? Is financial crisis inevitable? These questions have bothered me for a long time. However, if we use a macroeconomist eye to view the world, all the questions seemed clear and crystal.

  10. Financial Transmission Mechanism between Financial Centers and Peripheries

    Directory of Open Access Journals (Sweden)

    Yuki Masujima

    2014-08-01

    Full Text Available The  causes  of  contagion  effects  during  periods  of  crisis  are  still  unable  to  be  fully explained  by  fundamental  factors.  This  paper  focuses  on  non-fundamental  explanatory factors  such  as  inancial  centers'  shock  ampliication  effects  induced  by  global  portfolio investors  and  extends  Kaminsky  and  Reinhart  (2003's  center-periphery  framework  by introducing three time zones for the analysis of conditional distribution of 37 countries' daily stock returns from 1994 to 2003, and accessibility of stock markets to investigate if inancial centers stabilize or amplify shocks. Centers such as U.S. and Germany played a vital role in propagating turmoil in G7 countries and spreading shocks to countries in other regions during periods of crisis, whereas Japan ampliied turmoil in Asian peripheries only within the same region. In contrast, an emerging center, Hong Kong, appears to have much stronger shock-ampliication effects on developing countries than the three centers.  ";} // -->activate javascript

  11. Financial Literacy and Retirement Savings in Germany

    OpenAIRE

    2012-01-01

    The German pension reforms in 2001 and 2004 increased the importance of private supplemental savings for retirement. Calculating the appropriate retirement income needed and choosing the right product postulates some degree of financial knowledge, also referred to as financial literacy. This paper investigates the relationship between financial literacy and private retirement savings. Germans seem to have a good grasp of basic financial concepts. However, individuals with low education face s...

  12. from left to right : Mr Michel Della Negra (Last spokeperson of CMS), Prof. Tejinder ("Jim") Virdee (actual spokeperson of CMS), Mr Robert Aymar (CERN Director General) and Mr Sigurd Lettow (Chief Financial Officer of CERN) assist to the Lowering of the final element (YE-1) of the Compact Muon Solenoid (CMS) detector into its underground experimental cavern.

    CERN Multimedia

    Maximilien Brice

    2008-01-01

    from left to right : Mr Michel Della Negra (Last spokeperson of CMS), Prof. Tejinder ("Jim") Virdee (actual spokeperson of CMS), Mr Robert Aymar (CERN Director General) and Mr Sigurd Lettow (Chief Financial Officer of CERN) assist to the Lowering of the final element (YE-1) of the Compact Muon Solenoid (CMS) detector into its underground experimental cavern.

  13. 复合左右手材料光量子阱的透射谱特性%The Transmission Spectrum Feature of the Optical Quantum Well Composed of Left-handed and Right-handed Materials

    Institute of Scientific and Technical Information of China (English)

    许江勇; 徐静; 谢磊; 田井龙

    2016-01-01

    In one-dimensional photonic crystal, composite left-handed and right-handed materials constitute special optical quantum well:(NANB)m-(NBNANCNANB)n-(NBNA)m and (NANB)m-(NCNBNANANBNC)n-(NBNA)m. Choose medium NA and NB as right-handed materials, with the refractive index of medium NC respectively being 1.48 and-1.48 as well as 1.7 and-1.7, and with the cycle number of the photonic crystal in the well layer being n=1~4, to make an analysis on the structure mechanism and transmission spectrum feature of optical quantum well. Research result shows: the cycle number of the photonic crystal in the well layer has a significant impact on the transmission spectra of the optical quantum well composed of composite left-handed and right-handed materials, and in the case when medium NC is used as left-handed material, transmission spectra are wide, the interval between transmission spectra is large, and the range of application to frequency is wide; no matter whether medium NC serves for left-handed or right-handed material, there will surely be a group of transmission spectra distributed symmetrically on the left and right sides of center frequency within a certain frequency range of the central forbidden band, with the transmittivity always being a 100-percent discrete narrow resonance transmission spectrum.%在一维光子晶体中,复合左右手材料构造了特殊的光量子阱(NANB)m-(NBNANCNANB)n-(NBNA)m和(NANB)m-(NCNBNANANBNC)n-(NBNA)m,取介质NA、NB为右手材料,介质NC的折射率分别为1.48、-1.48和1.7、-1.7,阱层光子晶体的周期数n=1~4,对光量子阱构造机理和透射谱特性进行分析.研究结果表明:阱层光子晶体的周期数对复合左右手材料光量子阱的透射谱影响显著,在介质NC为左手材料情况下的透射谱比较宽,透射谱之间的间隔比较大,对频率适用范围宽;无论介质NC为左右手材料时,在中心禁带一定频率范围内都会出现一组以中心频率左右对称的

  14. FINANCIAL LITERACY, FINANCIAL EDUCATION AND ECONOMIC OUTCOMES

    OpenAIRE

    Hastings, Justine S.; Brigitte C. Madrian; 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 extent to which a competitive market provides incentives for firms to educate consumers or offer products that facilitate informed choice. We revie...

  15. Essays on information transmission in financial markets

    OpenAIRE

    Çukurova, Servinç

    2012-01-01

    El trabajo de investigación realizado para la obtención del grado de Doctor en Economía se compone de tres trabajos en dos áreas de Economía Financiera, Finanzas Corporativas y Valoración de Activos, con fundamentos teóricos de la Microeconomía. El primer capítulo analiza el papel de los directores \\interlocking" (directores presentes en los consejos de administración de dos empresas diferentes de manera simultánea) como transmisores de información durante la selección de pote...

  16. Wealth Financialization: Operating Profit as Conditioning of Financial Revenue

    Directory of Open Access Journals (Sweden)

    Andréia Ribeiro Da Luz

    2015-04-01

    Full Text Available Objective. Due to the deregulation of the financial market in 80s decade, the financialization of wealth has become a globalized systemic pattern, giving companies greater access to financial innovations. In view of the above, the objective is to analyze whether the appreciation of capital through the financial system is preferred over the capital appreciation through production.Methodology. This is a descriptive research slitting with cross-sectional perspective, in which we considered information belonging to 106 listed non-financial companies in Brazil (2004–2012.Findings. This study suggests that operating income influences financial income positively.Limitations. The study includes just industrial sector companies in a specific period.Originality/Value. We discuss measuring instruments for analyzing the wealth financialization as a condition of operating profit gains from the financial market.Copyright © 2015 Instituto Brasileiro de Inovação Financeira All rights reserved.

  17. RETHINKING FUNDING FOR WOMEN'S RIGHTS

    National Research Council Canada - National Science Library

    Ellen Sprenger

    2016-01-01

    ...), as well as from her current role consulting internationally for the sector and assisting CSOs to become financially resilient, Ellen Sprenger discusses the key trends affecting women's rights organisations (WROs...

  18. Competition and Profitability in European Financial Services

    DEFF Research Database (Denmark)

    Balling, Morten; Lierman, F.; Mullineux, A.

    Financial services firms play a key role in the European economy. The efficiency and profitability of these firms and the competition among them have an impact on allocation of savings, financing of investment, economic growth, the stability of the financial system and the transmission of monetary...... policy. This collection of research contributions includes evaluations of trends in the European financial service industry and examinations of the driving forces of efficiency, competition and profitability of financial firms and institutions in Europe. The papers have been written by leading academics...

  19. Financial Inclusion, Financial Regulation, and Financial Education in Thailand

    OpenAIRE

    Tambunlertchai, Kanittha

    2015-01-01

    This paper addresses the issue of financial inclusion in Thailand through the lens of an institutional analysis, which takes into consideration the desired outcomes, the service providers and enabling agencies, and the regulatory context that shape the existing provision of financial inclusion in Thailand. In discussing the achievement of the desired outcomes in terms of financial inclusion, the issues of financial education and financial regulation, which provide the contexts within which th...

  20. The Right to Rights.

    Science.gov (United States)

    Robertson, Heather-jane

    2001-01-01

    When Canada signed the UN Convention on the Rights of the Child in 1990, all government levels became responsible for adopting and implementing a set of entitlements considered too radical for Americans. Critics claim the Convention subverts absolute parental and institutional authority over children. Implementation problems and progress are…

  1. 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.

  2. Financial Statements Analysis

    Directory of Open Access Journals (Sweden)

    Tănase Alin-Eliodor

    2014-10-01

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

  3. Electromagnetic fields originated by transmission power lines and the electromagnetic compatibility in shared rights of way; Campos electromagneticos producidos por lineas de transmision y la compatibilidad electromagnetica en derechos de via compartidos

    Energy Technology Data Exchange (ETDEWEB)

    Perez Rebolledo, Hugo; Zavala Silva, Moises; Galvan Diego, Arturo [Instituto de Investigaciones Electricas, Cuernavaca (Mexico)

    1998-12-31

    This article describes the different types of electromagnetic interference by power lines in rights of way areas. The calculations of the electromagnetic fields obtained under a power line with the purpose of establishing acceptable interference limits, are shown. These calculations were conducted for different transmission power lines configurations. A good correlation was obtained among the measured magnetic fields and the calculated one under a power transmission line. For cases of fault currents to ground the ground potentials were estimated in order to obtain the minimum distance where buried pipes can be installed to operate in a safe way. [Espanol] Este articulo describe los diferentes tipos de interferencia electromagnetica producida por lineas de potencia en derechos de via. Se muestran los calculos de los campos electromagneticos obtenidos bajo una linea de potencia, con la intencion de establecer los limites aceptables de interferencia. Estos calculos se efectuaron para diferentes configuraciones de lineas de transmision. Se obtuvo una buena correlacion entre los campos magneticos medidos y el calculado bajo una linea de transmision. Para casos de corriente de falla a tierra se determinaron los potenciales a tierra, a fin de obtener la distancia minima en donde se pueden instalar las tuberias enterradas para operar de manera segura.

  4. Benefits and Risks of Financial Globalization : Challenges for Developing Countries

    OpenAIRE

    Schmukler, Sergio L.

    2004-01-01

    This paper discusses the benefits and risks that financial globalization entails for developing countries. Financial globalization can lead to large benefits, particularly to the development of the financial system. But financial globalization can also come with crises and contagion. The net effect of financial globalization is likely positive in the long run, with risks being more prevalent right after countries liberalize. So far, only some countries, sectors, and firms have ...

  5. Transmission Lines or Poles, Electric, Electricity Transmission Lines; electran; Major above ground high voltage electrical transmission lines as shown on USGS 7.5 minute topo quads and/or as confirmed through identification of visible right of way cuts on digital orthophotgraphy., Published in 2001, 1:4800 (1in=400ft) scale, State of Rhode Island and Providence Plantations.

    Data.gov (United States)

    NSGIC GIS Inventory (aka Ramona) — This Transmission Lines or Poles, Electric dataset, published at 1:4800 (1in=400ft) scale, was produced all or in part from Orthoimagery information as of 2001. It...

  6. 凉山地区预防艾滋病母婴传播相关资源整合的分析%Analysis of financial resources on prevention of mother-to-child transmission of HIV in Liangshan

    Institute of Scientific and Technical Information of China (English)

    王爱玲; 王临虹; 布的尔波; 苏穗青; 边绍勇; 彭竟; 王潇滟

    2012-01-01

    Objective To explore the feasibility and effectiveness of prevention of mother-to-child transmission ( PMTCT ) of HIV with integrated health resources in Liangshan by analyzing the present financial supports for women and child health care related with preventing AIDS spread. Methods The expenses for delivery of HIV infected women were investigated with quantitative survey, and qualitative methods of in-depth interviews and group discussion were used to understand the funds for PMTCT and support of other related health resources as well as their integration and utilization. Results The fund supports of PMTCT were central financial transfer payment and C-MAP program. Related supports of PMTCT included new rural cooperative medical system, program for reduction of mortality of pregnant and lying-in women and elimination of neonatal tetanus, allowance for hospital delivery of rural pregnant women and civil medical assistance. For the expenses for hospital delivery of HIV infected women in the county, 57. 12% were from PMTCT program, 34. 21% were from new rural cooperative medical system, 5. 22% were from program for reduction of mortality of pregnant and lying-in women and elimination of neonatal tetanus and the rest 3.45% were paid by themselves. Conclusion The detection of HIV and expenses for hospital delivery of pregnant women are financially supported by PMTCT program and related programs and policies for maternal and child health, but the support and focus on service links such as premarital care, antenatal care, puerperium health care and child health care are insufficient. It is suggested that present resources should be allocated reasonably in poverty-stricken areas and minority areas and close attention should be paid to puerperium health care and child health care. Meanwhile, the follow-up of pregnant women and infected children and investment on human and material resources should be strengthened.%目的 通过收集四川省凉山地区与预防艾滋病

  7. Competition and Profitability in European Financial Services

    DEFF Research Database (Denmark)

    Balling, Morten; Lierman, F.; Mullineux, A.

    Financial services firms play a key role in the European economy. The efficiency and profitability of these firms and the competition among them have an impact on allocation of savings, financing of investment, economic growth, the stability of the financial system and the transmission of monetary...... policy. This collection of research contributions includes evaluations of trends in the European financial service industry and examinations of the driving forces of efficiency, competition and profitability of financial firms and institutions in Europe. The papers have been written by leading academics...... and researchers in the field, who specialize in strategic, systematic and policy issues related to the European financial services industry. This edited collection will be will be essential reading for students and academics but will also be of interest to financial practitioners and government officials...

  8. Study of transaction modes of Xinjiang electricity transmission based on trans-provincial generation right exchange theory%基于跨省发电权交易的“疆电外送”交易模式研究

    Institute of Scientific and Technical Information of China (English)

    张粒子; 王睿; 金允剑; 张丽娟

    2012-01-01

    新疆与西北联网后,其电力外送交易模式将是亟需研究的关键问题.基于西北电力市场跨省跨区交易现状,从资源配置效率及利益调整角度,对新疆与西北主网750 kV线路联网初期新疆电力外送交易模式的选择问题展开研究,提出在西北现有交易规则基础上,通过开展跨省发电权交易以促进新疆电力外送的电力交易过渡模式.并利用一般均衡分析,证明该模式可实现市场成员福利的帕累托改进及西北电力市场效率的提高.最后,针对远期“疆电外送”交易模式的选择进行初步的探讨.%After the interconnection of power grid between Xinjiang and Northwest China, the trading patterns will be the key issues to be researched. On the basis of the status of trans-provincial or trans-regional electricity market in Northwest China, the electricity transmission trade modes at the early stage of interconnecting the power grid Xinjiang with the main power grid in Northwest China using 750 kV transmission lines are studied from the angle of increasing the efficiency of resources, collocating and reducing the interest adjustment. An electric power transmission mode in Xinjiang based on the exchange of regional generation right theory is proposed and proved to be compatible with both market efficiency and Pareto improvement The other part of the paper analyzes the long-term electric power transmission mode in Xinjiang.

  9. FINANCIAL LEASING

    OpenAIRE

    2014-01-01

    This essay deals with the several financial resources an enterprise counts on to purchase assets of the kind real state or chattels. A resource that does not risk solvency is the lease, through the retro-leasing variant that allows to obtain working capital by selling one of its fixed assets without giving its use up. El ensayo, trata sobre las fuentes de fondeo que tiene la empresa para adquirir un activo mueble o inmueble son diversas, una de ellas que no compromete la liquidez es el con...

  10. Design of big torque and heavy load transmission gears in right angle milling head%大扭矩、重载荷直角铣头传动齿轮设计

    Institute of Scientific and Technical Information of China (English)

    杨春波; 陆喜军; 刘银锋; 韩建中

    2014-01-01

    This article introduce the design process of the pair spiral bevel gears which are the core components of big torque and heavy load right angle mil ing head used to transfer power. Inside, it contains determination of bevel gear design parameter , the choice of material, design of manufacturing and heat treatment technology and checking calculation of bevel gear design parameter, etc. Through the design of big torque and heavy load transmission gears in right angle mil ing head, provides reference of design and study on other mil ing head components.%介绍大扭矩、重载直角铣头关键核心组件;传递动力的一组螺旋圆锥齿轮的设计过程,其中,包括圆锥齿轮的设计参数的确定、制造材料的选择;加工及热处理等工艺方法的制定;以及圆锥齿轮设计参数的校核计算等。通过大扭矩、重载直角铣头传动齿轮的设计。为其它铣头组件的设计、研究以及使用提供了一定的参考。

  11. 49 CFR 1180.9 - Financial information.

    Science.gov (United States)

    2010-10-01

    ... OF TRANSPORTATION RULES OF PRACTICE RAILROAD ACQUISITION, CONTROL, MERGER, CONSOLIDATION PROJECT, TRACKAGE RIGHTS, AND LEASE PROCEDURES General Acquisition Procedures § 1180.9 Financial information. The... appearing in the third column. Additionally, if the major financial advantages to be derived from the...

  12. Consumer Financial Protection Bureau

    Science.gov (United States)

    ... more. Find answers to common questions Reach your financial goals For the big financial decisions in your life, we offer free tools ... 2016 Events Field hearing on consumer access to financial records in Salt Lake City, Utah NOV 03, ...

  13. Financial Assistance Information

    Science.gov (United States)

    ... Other Sites: Genetic and Rare Diseases Information Center Financial Assistance Information The National Institutes of Health (NIH) ... area call 900-638-0742. Top of page Financial Aid for Medical Treatments Information on financial aid ...

  14. Financial Frictions

    DEFF Research Database (Denmark)

    Vestergaard Jensen, Mads

    at a pre-specified price, no later than a pre-specified date. For example, an option can grant the right to buy 100 General Electric shares for USD 31 each no later than October 21, 2016. An interesting issue is determining when an option is optimally exercised. Merton (1973) shows that in a world without...

  15. Financial Literacy and Financial Planning in France.

    OpenAIRE

    Luc Arrondel; Majdi Debbich; Frédérique Savignac

    2013-01-01

    How are people financially literate in France? We address this question 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, inflation and interest compounding. We also find some differences in financial knowledge depe...

  16. 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

  17. Financial Stress Indices and Financial Crises

    NARCIS (Netherlands)

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

    2015-01-01

    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

  18. 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.

  19. ECONOMIC RIGHTS OF THE NEIGHBORING RIGHTS OWNERS PERFORMERS’ RIGHTS MANAGEMENT

    Directory of Open Access Journals (Sweden)

    MARIANA SAVU

    2012-05-01

    Full Text Available The scientific research theme aims to deepen a topical issue, i.e. to examine the legal requirements of performers’ rights from Romania, by collective management, to do a critical analysis of the regulation in our country and to contribute thereby to the correction of the law, to its harmonization with the EU countries. Intellectual creation has some amazing features: it is invisible, it can be passed across borders, it can be multiplied to infinity and its value increases steadily over time. Any country that cares about its traditions and seeks to make progress in the field of culture, of science and education, must recognize, encourage and protect intellectual creation. The copyright neighboring rights or "les droits voisins" as they were called in doctrine and jurisprudence, have been regulated for the first time in the Romanian law by the Law no.8 /1996 on copyright and neighboring rights. The neighboring rights are intellectual property rights, other than the copyright, granted to performers for their own performances or executions, to sound recordings producers and audiovisual recordings producers for their own recordings, and to broadcasting organizations (radio and television for their own transmissions and program services. Performers’ rights can be managed mandatory or optionally by the collective management societies. The collective management of copyright and neighboring rights is a necessary step for implementation of certain rights in comparison with various ways of exploitation. Since the beginning, some of performers’ economic rights proved difficult to assess individually. The technical progress and widespread mass exploitation have made individual control virtually impossible. Collective management primarily involves the collection of remuneration payable by users/importers and its distribution to those entitled to it, proportional to the actual use of each repertory, within 6 months from collection date.

  20. 金融危机、产权性质与企业投资行为%Financial Crisis, the Nature of Property Right and Enterprise Investment Behavior

    Institute of Scientific and Technical Information of China (English)

    王化成; 马晓逵

    2015-01-01

    This paper investigates the impact of credit allocation on enterprise investment behavior, namely how credit allocation affect enterprise investment efficiency, investment direction and enterprise value during the financial crisis. Based on A-share listed companies from Q3 2007 to Q4 2009, this paper finds that: during the financial crisis, the greater scale of credit funds SOEs get, the greater degree of over-investment is; SOEs usually over-invest in fixed assets, but under-invest in research and development; during the financial crisis, the greater scale of credit funds SOEs obtain, the lower enterprise value they have. Further study proves that, SOEs’ over-investment during the financial crisis is probable not subject to economic benefits, but more due to the government need for economic stability and employment increase. This research enriches the related literature and provides good references for national macro-economic decision-making.%本文考察了金融危机期间的信贷配置对企业投资行为的影响,即金融危机期间的信贷配置如何影响企业的投资效率、投资方向及企业价值。通过对2007年第三季度至2009年第四季度A股上市公司实证研究发现:国有企业在金融危机期间获得的信贷资金规模越大,过度投资程度越大;国有企业过度投资方向通常是固定资产领域,但对研发领域投资不足;国有企业在金融危机期间获得的信贷资金规模越大,企业价值越显著低于民营企业。拓展性分析的研究表明,国有企业在金融危机期间过度投资,可能并非源于经济效率目标,而更多的是服从政府稳定经济、增加就业的需要。本文的研究丰富了相关领域的研究文献,并为国家宏观经济决策提供了有益参考。

  1. Financial Sector Assessment : Malaysia

    OpenAIRE

    World Bank

    2013-01-01

    Malaysia, as many of its Asian neighbors, experienced significant macro/financial distress in the late 1990s. The transformed and strengthened financial sector has been able to weather the recent global financial crisis well. Financial market intermediaries reliance on cross-border and interbank funding remains limited. Banking institutions are well capitalized and are expected to be able...

  2. Consumer Financial Protection Bureau

    Science.gov (United States)

    ... Money as You Grow Navigating the Military Financial Lifecycle Owning a Home Paying for College Planning for Retirement Browse answers to hundreds of financial questions. Ask CFPB Have an issue with a financial product? Submit a complaint Get your financial well-being ...

  3. 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.

  4. Essays on financial liberalization

    OpenAIRE

    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 liberalization has a positive, albeit weak effect on growth. Chapter 3 presents a theoretical model to study the relationship between financial liberalization and income inequality. The mode...

  5. Index of Financial Inclusion

    OpenAIRE

    Mandira Sarma

    2008-01-01

    The promotion of an inclusive financial system is considered a policy priority in many countries. While the importance of financial inclusion is widely recognized, the literature lacks a comprehensive measure that can be used to measure the extent of financial inclusion across economies. This paper attempts to fill this gap by proposing an index of financial inclusion (IFI). The IFI is a multi-dimensional index that captures information on various dimensions of financial inclusion in one sing...

  6. Transmission Properties of Fiber Probes

    Institute of Scientific and Technical Information of China (English)

    XUE Chun-rong; ZHU Sheng-xiang; XIAO Zhi-gang

    2004-01-01

    Transmission properties of tapered fiber including right cone fiber and bend optical fiber are discussed. The transmission efficiency of the tapered fiber is measured. The curve of transmission efficiency versus taper cone angle is given. By the scalar wave equation and Gaussian approximation, transmission properties of the two kinds of tapered fibers are analyzed, the power losses caused by taper cone angle and by the bending are also calculated. From the experiments and theoretical analysis, it could come to a conclusion that the wider the taper cone angle is, the higher the transmission efficiency will be.

  7. Financial planning

    OpenAIRE

    Χατζηγώγου, Αρτεμις Π.

    2003-01-01

    Σκοπός της μελέτης αυτής, είναι η συγκέντρωση όλων των στοιχείων εκείνων που συνθέτουν μια οργανωμένη διαδικασία έρευνας, που είναι γνωστή ως Financial Planning. Θα μπορούσαμε εναλλακτικά να πούμε, ότι βασικά ο χρηματοοικονομικός σχεδιασμός προγραμματίζει, εξευρίσκει και χρησιμοποιεί τα κεφάλαια με τέτοιο τρόπο ώστε η συνεισφορά τους να είναι μεγαλύτερη στην αποτελεσματική λειτουργία της οικονομικής μονάδας. Παρέχει τις γνώσεις των χρηματιστικών αγορών από όπου αντλούνται τα κεφάλαια. Οδηγεί ...

  8. Patient Rights

    Science.gov (United States)

    As a patient, you have certain rights. Some are guaranteed by federal law, such as the right to get a copy ... them private. Many states have additional laws protecting patients, and healthcare facilities often have a patient bill ...

  9. 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

  10. 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.

  11. Financial Globalization, Financial Crises and Contagion

    OpenAIRE

    Vincenzo Quadrini; Enrique G. Mendoza

    2010-01-01

    Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing and mortgage-backed-securities markets had worldwide effects on financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we show that fina...

  12. Australia: Abortion and Human Rights.

    Science.gov (United States)

    Sifris, Ronli; Belton, Suzanne

    2017-06-01

    This article adopts a human rights lens to consider Australian law and practice regarding elective abortion. As such, it considers Australian laws within the context of the right to equality, right to privacy, right to health, and right to life. After setting out the human rights framework and noting the connected nature of many of the rights (and their corresponding violations), the article shifts its focus to analyzing Australian law and practice within the framework of these rights. It considers the importance of decriminalizing abortion and regulating it as a standard medical procedure. It discusses the need to remove legal and practical restrictions on access to abortion, including financial obstacles and anti-abortion protestors. Further, it comments on the importance of facilitating access; for example, by keeping accurate health data, securing continuity of health care, increasing the availability of medical abortion, and ensuring appropriate care is provided to the most marginalized and vulnerable women.

  13. 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

  14. Financial stability, monetary policy and budgetary coordination in EMU

    Directory of Open Access Journals (Sweden)

    Claudiu Tiberiu ALBULESCU

    2012-08-01

    Full Text Available A series of recent studies analyze the impact of financial crisis on the fiscal soundness in the Euro area countries. Even if their documented results present the transmission mechanisms of the financial instability toward the fiscal sector, a more realistic problem is related to the contribution of the fiscal and budgetary disequilibrium to the financial instability propagation. In this line, we show, based on a simple econometric model, that, beside the expansionary monetary policy, the budgetary deficit conducts to the financial stability deterioration. The financial stability of the Euro area is measured based on an aggregate financial stability index, constructed by employing the IMF methodology used for the financial stress index.

  15. 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.

  16. Frequency Tunable Antenna Based on Composite Right/Left-handed (CRLH)Transmission Line%基于复合左右手传输线的频率可调节天线

    Institute of Scientific and Technical Information of China (English)

    李清栋; 冯全源

    2011-01-01

    随着无线通信系统的发展,天线的尺寸和工作的灵活性受到广大科技工作者的广泛关注,但现存设计中存在着天线的尺寸过大、重构方式不便、工作频率可调节实现困难等缺点,为此设计了一款工作频率可调节的天线.基于复合左右手传输线理论,通过加载变容二极管的方式来实现天线工作频率的实时可调节.设计出的天线尺寸仅有15 mm×15mm×0.8mm,仿真结果表明:其工作频率可在S波段超过700 MHz的频率范围内可调.该天线具有结构简单、体积小等优点,具有一定的理论意义和广阔的应用前景.%With the development of wireless communication system,antenna size and working flexibility attract scientific workers' widely attention,but the existing designs have the shortcomings of large size, complex reconfiguration method, and hardly to realize the frequency real-time tuned. Therefore, a frequency tunable antenna was designed. Based on the theory of Composite Right/Left Handed Transmission Line (CRLH TL), varactor diode was loaded to realize the resonant frequency real-time tuned. The volume of the antenna was only 15 mm * 15 mm* 0. 8 mm,simulation results showed that the resonant frequency could be tuned more than 700 MHz in S-band. The antenna had a simple structure,compact size, which had a certain theoretical value for further applications in microwave system.

  17. Fundamental principles of financial regulation and supervision

    OpenAIRE

    Kregel, Jan A.; Mario Tonveronachi

    2014-01-01

    The financial system is a private-public partnership coming from government ceding the right to produce means of payment with the related permission on leveraged lending services, against the acceptance of rules designed to ensure stability for both individual institutions and the financial system. The experience shows that market-based regulation does not produce the wanted results, while rules-based and principle-based regulatory systems are prone to regulatory avoidance and capture, especi...

  18. Transmission eigenvalues

    Science.gov (United States)

    Cakoni, Fioralba; Haddar, Houssem

    2013-10-01

    In inverse scattering theory, transmission eigenvalues can be seen as the extension of the notion of resonant frequencies for impenetrable objects to the case of penetrable dielectrics. The transmission eigenvalue problem is a relatively late arrival to the spectral theory of partial differential equations. Its first appearance was in 1986 in a paper by Kirsch who was investigating the denseness of far-field patterns for scattering solutions of the Helmholtz equation or, in more modern terminology, the injectivity of the far-field operator [1]. The paper of Kirsch was soon followed by a more systematic study by Colton and Monk in the context of developing the dual space method for solving the inverse scattering problem for acoustic waves in an inhomogeneous medium [2]. In this paper they showed that for a spherically stratified media transmission eigenvalues existed and formed a discrete set. Numerical examples were also given showing that in principle transmission eigenvalues could be determined from the far-field data. This first period of interest in transmission eigenvalues was concluded with papers by Colton et al in 1989 [3] and Rynne and Sleeman in 1991 [4] showing that for an inhomogeneous medium (not necessarily spherically stratified) transmission eigenvalues, if they existed, formed a discrete set. For the next seventeen years transmission eigenvalues were ignored. This was mainly due to the fact that, with the introduction of various sampling methods to determine the shape of an inhomogeneous medium from far-field data, transmission eigenvalues were something to be avoided and hence the fact that transmission eigenvalues formed at most a discrete set was deemed to be sufficient. In addition, questions related to the existence of transmission eigenvalues or the structure of associated eigenvectors were recognized as being particularly difficult due to the nonlinearity of the eigenvalue problem and the special structure of the associated transmission

  19. Uncertainty: the Curate's egg in financial economics.

    Science.gov (United States)

    Pixley, Jocelyn

    2014-06-01

    Economic theories of uncertainty are unpopular with financial experts. As sociologists, we rightly refuse predictions, but the uncertainties of money are constantly sifted and turned into semi-denial by a financial economics set on somehow beating the future. Picking out 'bits' of the future as 'risk' and 'parts' as 'information' is attractive but socially dangerous, I argue, because money's promises are always uncertain. New studies of uncertainty are reversing sociology's neglect of the unavoidable inability to know the forces that will shape the financial future.

  20. CMS Financial Reports

    Data.gov (United States)

    U.S. Department of Health & Human Services — This section contains the annual CMS financial statements as required under the Chief Financial Officers (CFO) Act of 1990 (P.L. 101-576). The CFO Act marked a major...

  1. Halter Financial Summit

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    <正>The prolonged financial crisis brought about profound changes in international political and economic patterns. With a focus on China’s place in the post-crisis world situation, the Halter Financial Summit,

  2. 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....

  3. Domesticizing Financial Economies

    DEFF Research Database (Denmark)

    Deville, Joe; Lazarus, Jeanne; Luzzi, Mariana

    of research. We use the term “domesticizing financial economies” to collect what we think are four key trajectories. First: “the financialization of the domestic”: certainly debt and finance are more than 5000 years old, but new type of agents and technologies – such as online payday lending, mobile money......, payment cards – characterize the financial ecologies people around the world face. Second; “the domestizisation of finance”: financial technologies do not only financialize the domestic, they are continuously domesticized as many recent studies on ordinary accounting, earmarking, informal circuits of debt...... 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...

  4. CMS Financial Reports

    Data.gov (United States)

    U.S. Department of Health & Human Services — This section contains the annual CMS financial statements as required under the Chief Financial Officers (CFO) Act of 1990 (P.L. 101-576). The CFO Act marked a major...

  5. Financial Education Program Evaluation

    Directory of Open Access Journals (Sweden)

    Diana Burk

    2014-02-01

    Full Text Available This study illustrates the process of program evaluation using a logic model. Guided by the Transtheoretical Model of Change and a logic model, this study evaluated the effectiveness of a Retirement and Savings Seminar by measuring participant (n = 54 satisfaction, financial knowledge, financial confidence, and financial behavior change compared to a similar group of 134 non-participants. Participants were very satisfied with the seminar. Their financial knowledge and confidence scores significantly increased from pretest to posttest. Financial knowledge and confidence scores improved more than the comparison group while controlling for group differences in age, income, and pretest scores. Two months later, participants were more likely than the comparison group to have adopted positive financial behaviors as measured by the Financial Preparedness for Retirement Scale. Financial educators can use this study as a model for planning, conducting, and evaluating their programs.

  6. Whose Rights?

    DEFF Research Database (Denmark)

    Aktor, Mikael

    2016-01-01

    The debate over ritual infant male circumcision has increasingly been thematized as a Human Rights issue. But the claims on such rights seem highly conflicting. In particular, the rights of the child seems to conflict with the freedom of religion of parents, the rights of religious and ethnic...... minorities, and the rights of family and privacy. This disagreement is also present among scholars of religion. A reading of public statements by scholars of religion in the ongoing Danish (and Norwegian) debate reveals the lack of consensus of the study of religion when it comes to matters that are of great...... concern both for religious minorities and for individual citizens. This chapter examines the Law and Human Rights documents behind these conflicting claims and discusses the role of the scholar of religion in the debate....

  7. Favorable Financial Turf

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Tianjin's Binhai New Area lures the financial industry with preferential treatment If you were thinking about doing financial business in Shanghai, Hong Kong or Beijing, think again. Early in June this year, the State Council approved the establishment of a financial experimental zone for Tianjin's Binhai New Area, which will get preferential treatment that other cities can hardly expect to attain. While for a time the area's administration had to actively court financial institu-

  8. Risk in financial reporting

    OpenAIRE

    Tsatsaronis, Kostas; Claudio E. V. Borio

    2015-01-01

    Advances in risk measurement technology have reshaped financial markets and the functioning of the financial system. More recently, they have been reshaping the prudential framework. Looking forward, they have the potential to reshape financial reporting too. Recent initiatives to improve financial reporting standards have brought to the fore significant differences in perspective between accounting standard setters and prudential authorities. Building on previous work, we argue that risk mea...

  9. Korea : Financial Sector Assessment

    OpenAIRE

    World Bank; International Monetary Fund

    2003-01-01

    Since the financial crisis in 1997-98, Korea has made major progress in financial, and corporate sector reform - the supervisory and regulatory regime for the financial sector has been substantially strengthened, and recent reforms helped achieve a high degree of observance of international standards, and codes. Moreover, significant consolidation in the banking system took place, with ban...

  10. 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 fin

  11. Invest in Financial Literacy

    Science.gov (United States)

    Bush, Sarah B.; McGatha, Maggie B.; Bay-Williams, Jennifer M.

    2012-01-01

    The current state of the economy elevates the need to build awareness of financial markets and personal finance among the nation's young people through implementing a financial literacy curriculum in schools. A limited amount of time spent on financial literacy can have a positive effect on students' budgeting skills. This knowledge will only add…

  12. Financial Advice: Who Pays

    Science.gov (United States)

    Finke, Michael S.; Huston, Sandra J.; Winchester, Danielle D.

    2011-01-01

    Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for…

  13. 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

  14. 金融公司行政托管法律制度的完善——从公司控制权的角度分析%The Perfection of Financial Company Administrative Trusteeship Legal System: Analyzed from the Angle of Corporate Controlling Rights

    Institute of Scientific and Technical Information of China (English)

    叶敏

    2012-01-01

    Administrative Trusteeship is a Chinese-characteristic system to dispose highly-risked financial companies.However,this system has several defections including insufficient legitimate basis, obscure legal relationship, inadequate legal liabilities, etc. Viewed from the angle of corporate controlling rights, the liability of the trustee should be matched with his power. Therefore, it is suggested to classify the administrative trusteeship as a kind of administrative sanction measure, while the reorganization trustee and the liquidation trustee should be regulated differently. Especially those legal provisions related to the liabilities and responsibilities of trustee should be paid more attentions to ensure the stability of financial market and legitimate interests of financial customers.%行政托管是我国较有特色的一项处置高风险金融公司的制度,但目前该项制度存在法律依据不足、法律关系不明、法律责任不到位等弊端,从公司控制权的角度看托管人的权责应当匹配,建议将行政托管规定为一种行政处罚措施,分重组式托管与清算式托管进行不同规定,尤其要注意完善托管人义务与责任的相关法律规定,以保障金融市场的稳定与金融消费者的合法权益。

  15. [The right to health. Constitutional dimensions].

    Science.gov (United States)

    Pestalozza, C

    2007-09-01

    A fundamental "right to health" is expressly guaranteed by the constitutions of several Bundesländer, but unknown to the German Federal Constitution. Instead the Federal Constitutional Court has - especially on the basis of related human rights - developed the obligation of the State to protect everybody's life and physical integrity, which in some respects comes near to a "right to health". The State's autonomy in financial matters, the scarcity of its financial resources and the individual's natural responsibility for his own health though advise against exaggerated hopes set in a "right to health".

  16. Sources of Financial Sociability

    DEFF Research Database (Denmark)

    Thompson, Grahame

    2011-01-01

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

  17. Financial information processing

    Institute of Scientific and Technical Information of China (English)

    Shuo BAI; Shouyang WANG; Lean YU; Aoying ZHOU

    2009-01-01

    @@ The rapid growth in financial data volume has made financial information processing more and more difficult due to the increase in complexity, which has forced businesses and academics alike to turn to sophisticated information processing technologies for better solutions. A typical feature is that high-performance computers and advanced computational techniques play ever-increasingly important roles for business and industries to have competitive advantages. Accordingly, financial information processing has emerged as a new cross-disciplinary field integrating computer science, mathematics, financial economics, intelligent techniques, and computer simulations to make different decisions based on processed financial information.

  18. 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.

  19. COMPANY ACTIVITY FINANCIAL RISK

    Directory of Open Access Journals (Sweden)

    Caruntu Genu Alexandru

    2012-12-01

    Full Text Available In economic and financial activity, risk is an inherent financial decisions, encountered in daily agenda of managers of companies. Unexpected changes in the price of a product development not only affect the financial results of a company, but can cause even bankruptcy. In fact, the nature of financial decisions involve uncertainty. Financial decisions are made based on cash flows under future contracts, which are par excellence incerte.Activitatea an enterprise that holds any weight in the industry is subject to risks, since it can not predict with certainty different components of its outcome (cost, quantity, price and operating cycle (purchase, processing, sales.

  20. Financial Lessons Learned

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ As the Wall Street chaos of 2008 swept the globe,China-with little exposure to subprime mortgages-was one of the only calm ports in the growing financial storm.Ifone lesson can be learned from the crisis,it is this: maintain a constant state of financial vigilance against risks even in boom times.China now faces the task of ensuring its financial health as it further opens to the world amid a global financial landscape reshaped by deep recessions.Economists and finance professors discussed these challenges at the Asia-Pacific Economic and Financial Forum recently held in Beijing.Edited excerpts follow:

  1. Financial Lessons Learned

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    As the Wall Street chaos of 2008 swept the globe,China-with little exposure to subprime mortgages-was one of the only calm ports in the growing financial storm.If one lesson can be learned from the crisis,it is this: maintain a constant state of financial vigilance against risks even in boom times.China now faces the task of ensuring its financial health as it further opens to the world amid a global financial landscape reshaped by deep recessions.Economists and finance professors discussed these challenges at the Asia-Pacific Economic and Financial Forum recently held in Beijing.Edited excerpts follow

  2. The right patient.

    Science.gov (United States)

    Howrigon, Ron

    2012-01-01

    This article offers professional opinions and advice on how physicians should prepare in order to protect themselves and their practices during this turbulent time in healthcare reform. This article presents real-life scenarios to help physicians understand what they may face and what actions they should take in anticipation of the future in healthcare. The article focuses on the concept of "the right patient," defining the characteristics of patients that benefit the financial aspect of a practice and those who do not. Its purpose is not to encourage physicians to deny care to patients who are poorly insured or uninsured, but to guide in the establishment of a smart and safe balance between the two. Strategies are discussed on how to attract the right patient and what these patients mean to the practice. The importance of practice marketing is also highlighted, along with an emphasis on the necessity of change in order to survive in the future healthcare environment.

  3. 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.

  4. Interactive Financial Charts- Agency Financial Reports

    Data.gov (United States)

    General Services Administration — For a visual depiction of GSA's Balance Sheet and Statement of Net Cost, please use the interactive charts to view the financial results for fiscal years 2007-2013.

  5. Beijing: Next International Financial Hub?

    Institute of Scientific and Technical Information of China (English)

    Li Zhen

    2008-01-01

    @@ Beijing's new financial dream On May 5,the Beijing Municipal Government released a notice regarding its plans to spur the financial industry,vowing to put forth a strong effort to become the national financial decision-making center,financial management center and financial information and services center,and formally announcing its ambitious aspiration to become a financial hub with international influence.

  6. Legal Study on Financial Product of the Return Right on Assets:Thoughts on the Basis of Its Structure%“资产收益权类理财产品”的法律问题研究-基于产品结构的思考

    Institute of Scientific and Technical Information of China (English)

    吕洁

    2015-01-01

    “资产收益权类理财产品”是银行在互联网金融兴起的背景下推出的创新金融产品之一。该类产品的交易结构较为复杂,主要包含了三个法律主体、两个法律关系与五个法律环节。在这些复杂的交易结构中,存在着产品准入政策风险、特定基础资产及收益权合法性风险、投资范围与投资管理等风险,需要从理财产品的审批、报告程序、融资企业资产调查与评估、投资者信息披露、产品管理及资金监控等方面进行风险防范,从而保证银行理财产品安全,保护金融消费者权益以及维持金融市场稳定。%Financial product of the return right on assets is a new kind of financial product presented by commercial banks on the background of internet finance. It has complicated structure which contains three legal subjects, two legal relationships and five legal aspects. It needs to be prevented from access policy risks, legitimacy risks and investment management risks in the aspect of product approval, report procedure, information disclosure, product management and ifnancial supervision to ensure the safety of the product, the right of ifnancial customer and the stability of the ifnancial market.

  7. Women's Rights Are Human Rights!

    Science.gov (United States)

    Salaam, Kalamu Ya

    1979-01-01

    This article emphasizes that the women's rights movement must be viewed as a vital part of the human rights struggle. It is argued that both men and women should speak out against sexism and support the struggles of women to defend and develop themselves. (Author/EB)

  8. Bodily rights and property rights.

    Science.gov (United States)

    Björkman, B; Hansson, S O

    2006-04-01

    Whereas previous discussions on ownership of biological material have been much informed by the natural rights tradition, insufficient attention has been paid to the strand in liberal political theory represented by Felix Cohen, Tony Honoré, and others, which treats property relations as socially constructed bundles of rights. In accordance with that tradition, we propose that the primary normative issue is what combination of rights a person should have to a particular item of biological material. Whether that bundle qualifies to be called "property" or "ownership" is a secondary, terminological issue. We suggest five principles of bodily rights and show how they can be applied to the construction of ethically appropriate bundles of rights to biological material.

  9. Exclusive Rights and State Aid

    DEFF Research Database (Denmark)

    Ølykke, Grith Skovgaard

    2017-01-01

    kinds of terms are regulated under State aid law which requires market terms. The granting of exclusive rights as compensation is analysed on the basis of the Eventech judgment, and it is found that when no financial transaction is included in the grant, it resembles a decision to organise a market......Exclusive rights are granted in order to regulate markets as one of several possible tools of public intervention. The article considers the role of State aid law in the regulation of exclusive rights. Whereas the right of Member States to organise markets as monopolies and the choice of provider...... are regulated by free movement rules and Article 106 TFEU, State aid law regulates the terms of the right to ensure that the beneficiary is not granted an economic advantage. Exclusive rights may be granted on various terms: for a payment, in combination with compensation or as compensation. The two former...

  10. IFRS and the Need for Non-Financial Information

    OpenAIRE

    Tristan Boyer; Elena Chane-Alune

    2008-01-01

    We aim at giving a general view of the context in which appears the latest accounting evolutions, linked with the actual financialization of the financial market. Isn’t there a risk that the new IFRS standards and their concern about transparency and comparability impoverish the information by giving to accounting, with the application of the right value, the function of capital fundamental evaluation? We also show the importance of non-financial information able to supplement the provision o...

  11. INTERCONTINENTAL FINANCIAL STREET BEIJING

    Institute of Scientific and Technical Information of China (English)

    ZHANGCHUNYUE; FENGJIAYUN

    2005-01-01

    InterContinental Financial Street Beijing opened its doors on May 1st, 2005, just days before the world's business leaders flooded into town for the Fortune Global Forum.The first international luxury hotel in the Chinese capital's new and rapidly growing Financial Street business center, the InterContinental Financial Street Beijing is the flagship property of FnterContinental Hotels and Resorts on the Chinese mainland, and as such a pioneer in Beijing's future,

  12. Financial planning. Budgeting.

    Science.gov (United States)

    Warner, S

    1984-01-01

    A short-term financial plan (STFP) is like a road map--you are more likely to reach your destination (financial goals) with one than without. A STFP need not be a drudge; a well-designed plan must be so comprehensive so as to include personal freedom money and even small luxuries. Once started, it actually becomes rewarding and fun to see your financial goals coming to fruition.

  13. Judge Financial, Administrative Judge

    OpenAIRE

    Kurek, Aline

    2010-01-01

    As a specialised administrative judge, the financial judge, understood in the sense of the Auditors Court, of the regional Auditors Courts and of the Court of budgetary and financial discipline, has a ratione materiae jurisdiction. It is the judge's duty to ensure compliance with budgetary and national accounting rules. The perspective tending to view the financial judge as a administrative judge, that is to say as an ordinary administrative judge, may consequently give rise to certain object...

  14. Central bank Financial Independence

    OpenAIRE

    J.Ramon Martinez-Resano

    2004-01-01

    Central bank independence is a multifaceted institutional design. The financial component has been seldom analysed. This paper intends to set a comprehensive conceptual background for central bank financial independence. Quite often central banks are modelled as robot like maximizers of some goal. This perspective neglects the fact that central bank functions are inevitably deployed on its balance sheet and have effects on its income statement. A financially independent central bank exhibits ...

  15. Financial Liberalization Or Repression?

    OpenAIRE

    Ang, James

    2009-01-01

    While financial liberalization has always been advocated in developing countries, experiences with it do not always produce desirable outcomes. In order to evaluate the costs and benefits associated with financial liberalization and repression, this study highlights that the overall effectiveness of the reform programs depends on the relative strength of each financial sector policy implemented. Using India as a case study, the results indicate that interest rate controls, statutory liquidity...

  16. Native American Rights Fund: 1982 Annual Report.

    Science.gov (United States)

    Native American Rights Fund, Boulder, CO.

    The 1982 annual report of the Native American Rights Fund (NARF), a non-profit organization specializing in the protection of Indian rights, explains the organization, its structure, its priorities, its activities, and its financial status. Opening statements by the chairman, Roger Jim, and the executive director, John Echohawk, note that despite…

  17. Employee Rights

    DEFF Research Database (Denmark)

    Scheuer, Steen

    2016-01-01

    , on the one hand, and what is considered as equitable (in accordance with employment rights) by employees, on the other. Since equality in reward counts for more among a considerable fraction of employees, while equity in contribution counts more for most employers, this is an inherent dilemma, constantly...

  18. Human rights

    NARCIS (Netherlands)

    Gaay Fortman, B. de

    2006-01-01

    Human rights reflect a determined effort to protect the dignity of each and every human being against abuse of power. This endeavour is as old as human history. What is relatively new is the international venture for the protection of human dignity through internationally accepted legal standards an

  19. HIV Transmission

    Science.gov (United States)

    ... Abroad Treatment Basic Statistics Get Tested Find an HIV testing site near you. Enter ZIP code or city Follow HIV/AIDS CDC HIV CDC HIV/AIDS See RSS | ... on HIV Syndicated Content Website Feedback HIV/AIDS HIV Transmission Language: English (US) Español (Spanish) Recommend ...

  20. 36 CFR 64.15 - Financial reporting requirements and reimbursements.

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 1 2010-07-01 2010-07-01 false Financial reporting requirements and reimbursements. 64.15 Section 64.15 Parks, Forests, and Public Property NATIONAL PARK SERVICE... RIGHTS-OF-WAY § 64.15 Financial reporting requirements and reimbursements. Payments to applicants...

  1. Financial modeling: Rx for financial success.

    Science.gov (United States)

    Marino, D

    2001-01-01

    In an era of managed care, cost cutting and finding ways to increase revenue are key goals in the survival of group practices. Many practices find that they have to boost their revenue by a certain amount (for example, 20-30% within the next three years) to maintain viability in the health care marketplace. Understanding how to generate that revenue and influence short-term and long-term financial outcomes is a far trickier process. This article details how practice administrators can influence a practice's bottom line through a three-step process: (1) identify the components of the practice's financial performance and drivers of performance results, (2) diagnose the practice's current financial situation, and (3) pinpoint benchmarks and targets for success.

  2. 天津圖書館專輯/圖書館的網絡服務與《信息網絡傳播權保護條例》/李國新 | Library Information Network Services and the Information Network Transmission Right Protection Ordinance/ Guo-Xin Li

    Directory of Open Access Journals (Sweden)

    李國新

    2007-04-01

    Full Text Available

    中國圖書館界以積極主動的態度參與《信息網絡傳播權保護條例》制定,取得了明顯成效。今天的圖書館服務對網絡環境的高度依賴,以及信息網絡傳播權對 圖書館網絡服務的制約,決定了圖書館界必須代表社會公眾利益作出不懈努力。已經實施的《信息網絡傳播權保護條例》為圖書館活動帶來了保障,也形成了制約。 圖書館界面臨著新的任務。

    Libraries in China have been actively participating in the formulation of “Information Network Transmission Right Protection Ordinance”. This has already achived good effects. In these days library services are heavily relying on the network environment and network services, information network transmission right also put restrictions on the services provided by libraries through the information network. All of these require libraries continually to make effort to protect public interests and rights and comply with regulations. Information Network Transmission Right Protection Ordinance, which has already taken effect, will not only regulate but also protect library services. Libraries in China now are facing a new environment and new tasks.

    頁次:76-80

  3. Beyond greed and fear: sustainable financial management

    NARCIS (Netherlands)

    dr. Margreet F. Boersma-de Jong

    2013-01-01

    Speech of Dr. Margreet Boersma of Hanze University of Applied Sciences at her installation as a professor of Sustainable Financial Management. There is little room for what's good, beautiful and right in a marketfocused society in which terms such as efficiency, affordability, profitability and

  4. Financial Wealth Distribution in Revised Financial Accounts

    Directory of Open Access Journals (Sweden)

    Václav Rybáček

    2012-09-01

    Full Text Available Financial statistics undergo dynamic evolution as apparent consequence of their rising importance. Structureof assets, source of fi nancing, price changes or net fi nancial position, all these indicators can detect oncomingfi nancial instability. Financial statistics as a logical extension of the national accounts provide such information.Th e aim of the following text is to present fi nancial statistics, relation between particular accounts, the impact of extraordinary revision carried out in 2011, and also to analyse current wealth distribution as described by fi nancial statistics.

  5. Children's rights

    Directory of Open Access Journals (Sweden)

    Patrícia Demartini

    1999-01-01

    Full Text Available The theme of children's rights is of paramount importance in the face of social and economic context in which it is the Brazilian society and as a result of childhood. Speaking in childhood can not think of a single child, because it reflects the variations of human culture and in the same society are built different childhoods. The variation of social conditions the children live is the main factor of heterogeneity in the constitution of childhood.

  6. Late Financial Distress Process Stages and Financial Ratios

    DEFF Research Database (Denmark)

    Sormunen, Nina; Laitinen, Teija

    2012-01-01

    and usefulness of single financial ratios in short-term financial distress prediction when the effect of each different financial distress process stage is considered; (2) the effects of recognition of the financial distress process stage on the financial distress prediction model. The time horizon...... 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......The present study adds to our understanding and knowledge of financial distress predictions regarding the usefulness of financial ratios in the late stages of the financial distress process. The study contributes to previous research by generating information concerning: (1) the behavior...

  7. Household financial behavior

    NARCIS (Netherlands)

    Brounen, Dirk; Koedijk, Kees; Pownall, Rachel

    2016-01-01

    Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial planni

  8. Financial Key Ratios

    Directory of Open Access Journals (Sweden)

    Tănase Alin-Eliodor

    2014-08-01

    Full Text Available This article focuses on computing techniques starting from trial balance data regarding financial key ratios. There are presented activity, liquidity, solvency and profitability financial key ratios. It is presented a computing methodology in three steps based on a trial balance.

  9. Household financial behavior

    NARCIS (Netherlands)

    Brounen, Dirk; Koedijk, Kees; Pownall, Rachel

    2016-01-01

    Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial

  10. Consolidating Financial Statements.

    Science.gov (United States)

    Wood, Marcia R.

    This publication is designed to be a desktop reference and assist financial officers in both public and independent institutions of higher education in the preparation of consolidated financial statements. Chapter 1 covers generally accepted accounting principles and other accounting literature, and summarizes reporting rules of the Financial…

  11. Financial Crisis Redux?

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Observers refute the start of a new Asian financial crisis sparked by Viet Nam’s financial and economic troubles It looked like a sudden nightmare when stockholders with hundreds of millions of Vietnamese dong found their pockets half empty overnight. The once prosper- ous bull market in Viet Nam plummeted to

  12. Interconnectedness of Financial Conglomerates

    Directory of Open Access Journals (Sweden)

    Gaël Hauton

    2015-05-01

    Full Text Available Being active in both the insurance sector and the banking sector, financial conglomerates intrinsically increase the interconnections between the banking sector and the insurance sector. We address two main concerns about financial conglomerates using a unique database on bilateral exposures between 21 French financial institutions. First, we investigate to what extent to which the insurers that are part of financial conglomerates differ from pure insurers. Second, we show that in the presence of sovereign risk, the components of a financial conglomerate are better off than if they were distinct entities. Our empirical findings bring a new perspective to the previous results of the literature based on using different types of data.

  13. Trusts and Financialization

    DEFF Research Database (Denmark)

    Harrington, Brooke

    2016-01-01

    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...... 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.......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...

  14. Financial Analysts’ Forecasts

    DEFF Research Database (Denmark)

    Stæhr, Simone

    in the financial forecasts on which they base investment decisions they may end up losing money as a consequence of biased forecasts. Thus, relying primarily on decision theories such as social comparison theory and theories on confirmation bias this thesis investigates how and why pronounced biases in financial......This thesis is broadly concentrated on decision making under uncertainty. It seeks to investigate how agents in financial markets make decisions at the individual level and how these decisions can sometimes be affected by personal traits and cognitive biases rather than being perfectly rational....... The primary focus is on financial analysts in the task of conducting earnings forecasts while a secondary focus is on investors’ abilities to interpret and make use of these forecasts. Simply put, financial analysts can be seen as information intermediators receiving inputs to their analyses from firm...

  15. Financial Openness and Financial Development: An Analysis Using Indices

    OpenAIRE

    Ozkok, Zeynep

    2010-01-01

    This paper examines the link between financial openness and financial development through panel data analysis on advanced and emerging market countries. Using indices, financial openness together with institutional and educational variables explains a large part of the variation in financial development across countries and over time. Our analysis demonstrates that different indexing strategies serve in finding better measures for financial openness and financial development in comparison to ...

  16. Développement financier, flux financiers et croissance économique

    OpenAIRE

    Florent DEISTING; Farid MAKHLOUF; Groupe ESC Pau; Adil NAAMANE

    2011-01-01

    Dans ce papier, nous analysons la relation empirique entre le développement financier mesuré par les crédits et la croissance économique au Maroc, et les canaux de transmission entre les deux varia les. Nous avons appliqué le Modèle VAR pour des données annuelles (1975-2010) nous avons trouvé qu’un choc positif de développement financier favorise la croissance économique et cet effet passe plutôt par les transferts de fonds des migrants et les échanges commerciaux.

  17. Financial Declines, Financial Behaviors, and Relationship Satisfaction during the Recession

    Directory of Open Access Journals (Sweden)

    Jeffrey P. Dew

    2013-08-01

    Full Text Available Using nationally-representative data collected during the summer of 2009 (N = 575, this study examines how reports of financial declines are associated with financial behaviors and how financial behaviors are associated with relationship satisfaction among cohabiting and married participants. Findings suggested that financial declines were only negatively associated with sound financial management behavior if participants also experienced feelings of economic pressure. Sound financial management behavior was found to be positively associated with marital satisfaction. Finally, sound financial management behavior also moderated the association between financial declines, economic pressure, and relationship satisfaction.

  18. The instruments of financial planning

    OpenAIRE

    Durnov, V.

    2011-01-01

    The paper analyzes financial planning efficiency for enterprise management improvement. The author describes the system of financial tools and considers in detail financial planning methods, their strengths and weaknesses

  19. Doing the right things right

    DEFF Research Database (Denmark)

    Andersson, Pernille Hammar; Hussmann, Peter Munkebo; Jensen, Helge Elbrønd

    2009-01-01

    Are we doing the right things and are we doing them right? These questions should be subject to constant attention within Higher Education Institutions in pursuit of high quality educations and attracting students nationally as well as internationally. And due to the international development...... in Higher Education (HE), external quality assurance and improved accountability is becoming increasingly important. At the Technical University of Denmark (DTU), an internal quality enhancement system has been developed in order to evaluate and further develop the education programs. The overall objective...... is to ensure that the students receive education of excellent quality when they choose to study at DTU. Furthermore, the aim is to generate feedback on the implementation and apparent success of the three plus two degree structure adopted some years ago, in accordance with the objectives of the Bologna Process...

  20. Right Place,Right Time

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Few hotels have captured as much attention before their opening as Mandarin Oriental, Beijing. Mandarin Oriental, Beijing has attracted extensive publicity for its spectacular appearance, and it also stands right beside China Central Television’s (CCTV) breathtaking structure, with two tall .leaning towers joined by a horizontal section suspended in mid-air. The building has been described by Time magazine as an architectural wonder. The stunning pair of buildings advertise engineering excellence, avant-garde style and adventurous spirit.

  1. Women's rights are human rights.

    Science.gov (United States)

    Shalala, D E

    1998-09-01

    The US Secretary of Health and Human Services, Donna Shalala, challenged the world to live up to the affirmation made in Cairo: that women's rights are human rights. The US has responded to this affirmation with vigor by recognizing that when given knowledge, education, opportunity, and power, women can be heroines; they can move mountains to help themselves and the others whom they are destined to nurture. The US Department of Health and Human Services (DHHS) has implemented numerous programs that will support these heroic acts. These programs include the Girl Power campaign (designed to help girls through the critical period of pre-adolescence), the National Strategy to Prevent Teen Pregnancy (promotes education to encourage abstinence), the National Plan on Breast Cancer, the Breast and Cervical Cancer Screening Program (protects the health of low-income women), the Women's Health Initiative at the National Institutes of Health (designed to increase our knowledge about hormone replacement therapy, dietary patterns, and exercise), and a national 24-hour toll-free Violence Against Women hotline (1-800-799-SAFE). Although DHHS has done much in 5 years, the US has a long way to go in dealing with the interconnecting issues of the human rights of women everywhere.

  2. Financial Reforms and Financial Fragility: A Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Syed Faizan Iftikhar

    2015-04-01

    Full Text Available This paper explores the relationship between financial reforms, financial liberalization and the quality of banking regulation and supervision for financial fragility by applying a dynamic two-step system generalized method of moments GMM panel estimator technique. The finding of this study is that the financial vulnerability of the banking sector could be affected, not only by bank-specific and macro-specific variables; but also by financial liberalization and banking regulations and supervision policies. The empirical results of this study confirm the evidence that financial reforms and financial liberalization significantly enhance the likelihood of financial fragility while strong banking regulations and supervision have an inverse relationship with financial fragility. The results of this study also explain that the lag value of loan growth and unemployment contribute to enhancing financial fragility while equity to assets ratio, natural log of total assets and share of foreign banks reduce financial vulnerability.

  3. 36 CFR 64.12 - Standards for grantee financial management systems.

    Science.gov (United States)

    2010-07-01

    ... financial management systems. 64.12 Section 64.12 Parks, Forests, and Public Property NATIONAL PARK SERVICE... RIGHTS-OF-WAY § 64.12 Standards for grantee financial management systems. The grantees' Financial Management Systems shall meet the minimum standards set forth in OMB Circular A-102, Attachment G. ...

  4. 32 CFR Appendix G to Part 275 - Releasing Information Obtained From Financial Institutions

    Science.gov (United States)

    2010-07-01

    ... SECRETARY OF DEFENSE (CONTINUED) MISCELLANEOUS OBTAINING INFORMATION FROM FINANCIAL INSTITUTIONS: RIGHT TO... Financial Institutions A. Financial records obtained under 12 U.S.C. chapter 35 shall be marked: “This... 32 National Defense 2 2010-07-01 2010-07-01 false Releasing Information Obtained From...

  5. 31 CFR 363.38 - What happens if my financial institution returns an ACH debit?

    Science.gov (United States)

    2010-07-01

    ... TreasuryDirect § 363.38 What happens if my financial institution returns an ACH debit? If your designated financial institution returns an ACH debit, we reserve the right to reinitiate the debit at our option. We.... We are not responsible for any fees your financial institution may charge relating to returned ACH...

  6. Preventing Financial Crime

    DEFF Research Database (Denmark)

    Boll, Karen

    This paper investigates the Swedish tax authority’s (Skatteverkets) compliance initiative called Preventing Financial Crime. In Sweden tax evasion related to organised moon-lighting is defined as a major risk to the revenue collection and to the legitimacy of Skatteverket. The traditional approach...... to abating such tax evasion has been reformed and a new mix-method approach adopted. This approach combines a proactive strategy—Preventing Financial Crime—with a reactive inspection strategy. During one a month of intensive fieldwork in Sweden, I studied the daily work in Preventing Financial Crime. Based...

  7. Framing financial culture

    DEFF Research Database (Denmark)

    Just, Sine Nørholm; Mouton, Nicolaas T.O.

    2014-01-01

    between competing frames leads to the conclusion that this political “blame game” is related to struggles over how to define the scandal, how to conceptualize its causes, and policy recommendations. Banks may have lost the battle of “Liborgate,” but the war over the meaning of financial culture is far...... from over. Originality/value – The paper is theoretically and methodologically original in its combination of the theories of framing and stasis, and it provides analytical insights into how sense is made of financial culture in the wake of the financial crisis....

  8. Financial Hub? Be Patient!

    Institute of Scientific and Technical Information of China (English)

    Guo Yan

    2009-01-01

    @@ In 2009,the central government confirmed the strategic significance of Shanghai as an international financial center.Until now.Shanghai's financial cluster has attracted more and more foreign banks to establish roots jn Shanghai,which has contributed to their rapid development in recent years.The announcement undoubtedly made foreign banks confident of great development potential in the future.But what opportunities could they catch?Also,will this weaken the position of Hong Kong as an International financial center?China's Foreign Trade invited Ms.Katherine Tsang,chief executive officer of Standard Chartered China to share with us her point of view.

  9. Financial Markets and Persistence

    CERN Document Server

    Jain, S

    2005-01-01

    Persistence is studied in a financial context by mapping the time evolution of the values of the shares quoted on the London Financial Times Stock Exchange 100 index (FTSE 100) onto Ising spins. By following the time dependence of the spins, we find evidence for power law decay of the proportion of shares that remain either above or below their ` starting\\rq values. As a result, we estimate a persistence exponent for the underlying financial market to be $\\theta_f\\sim 0.5$.

  10. Persistence in financial markets

    Science.gov (United States)

    Jain, S.; Buckley, P.

    2006-03-01

    Persistence is studied in a financial context by mapping the time evolution of the values of the shares quoted on the London Financial Times Stock Exchange 100 index (FTSE 100) onto Ising spins. By following the time dependence of the spins, we find evidence for power law decay of the proportion of shares that remain either above or below their 'starting' values. As a result, we estimate a persistence exponent for the underlying financial market to be θf˜0.5.

  11. Egypt & Financial Crisis

    OpenAIRE

    2011-01-01

    Financial crisis that occurred in August 2008 was unforeseen, sudden, sharp, and had a great impact on the global financial market. Egypt is one of the countries was affected by this financial crisis as a market economy country, and WTO member. in this paper I will try to study the implication of such crisis on the Egyptian economy in the fields of tourism, Suez canal, oil field, and GDP, not only the economy factor were effected, but also the Egyptian market represented in its compon...

  12. Are financial benefits of financial globalization questionable until greater domestic financial development has taken place?

    OpenAIRE

    Simplice A., Asongu

    2012-01-01

    Purpose – The issue of which financial initial conditions are necessary to materialize the benefits of financial globalization remains open to debate in the literature. In this paper, we try to put some empirical structure on the concept of financial threshold conditions in order to give policymakers guidance on the Kose et al.(2011) and Henry(2007) hypothesis. Its object is to assess if financial benefits of financial globalization are questionable until greater domestic financial developme...

  13. Rethinking Consumer Protection Policy in Financial Markets

    Directory of Open Access Journals (Sweden)

    Liran Haim

    2013-10-01

    Full Text Available Normal 0 false false false EN-US JA HE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:Calibri; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-language:HE;} Financial products for consumers usually are characterized by complexity and incomprehensibility. Consumers typically find themselves defeated when attempting to control their financial destiny by understanding these products. This Article explores the economic and social factors that lead to this reality, analyzes its highly negative private and social ramifications and proposes an appropriate policy response. I argue that the current market structure creates a reality in which financial institutions are motivated to produce complex financial products for consumers in order to maximize their profits. This market structure, combined with inadequate policy, induces inefficiency by allocating the comprehension costs of financial products to the consumer.   My thesis is that a fundamental change in risk allocation policy will steer the market toward consumer comprehension of financial products and, therefore, will reduce private and social costs, increase consumer trust in financial institutions and promote social cohesion. I propose a new default liability rule under which financial institutions would be required to introduce internal procedures and mechanisms to ensure product comprehension among all of their consumers. To encourage maximum compliance with my proposal, I suggest implementing a reputation-based incentives method that

  14. Financial Regulatory Reform: Consumer Financial Protection Proposals

    Science.gov (United States)

    2010-05-26

    decisions subject to judicial review.40 Any generally applicable state consumer law would apply to national banks and thrifts unless it discriminates...provided by existing powers that the bill would transfer from another regulator to the CFPA or an enumerated consumer law , such as the Truth in Lending Act...against them (presumably to the benefit of state-chartered financial institutions) or conflicts with the Act.41 Additionally, any state consumer

  15. 76 FR 20838 - Standards of Conduct for Transmission Providers

    Science.gov (United States)

    2011-04-14

    ... conveying a right to transmission service''.\\5\\ As a result, the Commission concluded that the performance... network resource interconnection service is not a transmission function. \\5\\ Id. P 16. 3. The Transmission... planning information, which the Commission requires transmission providers to make available on a...

  16. Project financial evaluation

    Energy Technology Data Exchange (ETDEWEB)

    None, None

    2009-01-18

    The project financial section of the Renewable Energy Technology Characterizations describes structures and models to support the technical and economic status of emerging renewable energy options for electricity supply.

  17. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

    This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects...

  18. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

    This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects...

  19. Morocco - Financial Services

    Data.gov (United States)

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

  20. 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…

  1. 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,…

  2. 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…

  3. Vanishing Financial Contagion?

    OpenAIRE

    Didier, Tatiana; Mauro, Paolo; Schmukler, Sergio L.

    2008-01-01

    While a number of crises in emerging markets generated widespread contagion in financial markets during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders. This has led some observers to wonder whether contagion might have become a feature of the past, with financial markets now better discriminating between emerging countries with good and bad fundamentals. Available data suggest that the main channels that contribute to transmitting fina...

  4. Chaotic Financial Tornadoes

    Science.gov (United States)

    Jakimowicz, Aleksander

    In contemporary economies classic business cycles are increasingly changing their form undergoing a transformation into phenomena that have been nicknamed financial tornados. A generalization of the Lotka-Volterra model can be used to describe these fast-changing processes. Economically speaking, the most useful are such dynamical systems in which wormholes appear. This article features application of a model with one population of prey and two populations of predators in order to explain the global financial crisis and the consequent phenomena.

  5. Steps Toward Financial Viability

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ If the world learns one lesson from the financial crisis,it should be this: The global economy needs a more disciplined financial system.To accomplish this,more reforms should be carried out.The World Economic and Social Survey 2010,a recent report by the Department of Economic and Social Affairs of the United Nations,outlined this issue.Edited excerpts follow:

  6. 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.

  7. 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...

  8. Financial Performance Analysis Of Financial Service Cooperative

    Directory of Open Access Journals (Sweden)

    Eyo Asro Sasmita

    2015-08-01

    Full Text Available This research is aimed to test and identify empirical evidence regarding the effect of capital structure and loan to financial performance of cooperative where the relationship between loan and financial performance is moderated by non-performing loan. The population of this research is 257 Financial Service Cooperative hereinafter referred to as KJK as the abbreviation for Koperasi Jasa Keuangan of Urban Village Community Economic Empowerment hereinafter referred to as PEMK as the abbreviation for Pemberdayaan Ekonomi Masyarakat Kelurahan in Jakarta 2011 to 2013. Sample is determined by using purposive sampling method. The data is secondary data which is obtained from the Revolving Fund Management Unit hereinafter referred to as UPDB as the abbreviation for Unit Pengelola Dana Bergulir Jakarta. Hypothesis is tested by using multiple linear regression analysis with SPSS 20.00. The number of sample used in this research is 120. Research findings explain that 1 Capital Structure hereinafter referred to as SM as the abbreviation for Struktur Modal has positive and significant impact on financial performance hereinafter referred to as KIN as the abbreviation for Kinerja Keuangan because the probability value of 0000 is smaller than amp945 0.05. Calculation shows that if the capital structure rises 1 assuming that the loan and non-performing loan variables remain the same then the financial performance will increase 0.017. 2 Loans hereinafter referred to as PIN as the abbreviation for Pinjaman given has positive and significant impact on KIN because the probability value of 0001 is smaller than amp945 0.05. If the loan rises 1 assuming that the capital structure and non-performing loan variables remain the same then the KIN will increase 0.013. 3 Non-performing loan has negative and significant effect on KIN because the probability value of 0000 is smaller than amp945 0.05. PBR varible increase 1 assuming that the loan and capital structure variables

  9. Financial Contagion, Vulnerability and Information Flow: Empirical Identification

    OpenAIRE

    Weber, Enzo

    2009-01-01

    This paper proposes a new approach to modelling financial transmission effects. In simultaneous systems of stock returns, fundamental shocks are identified through heteroscedasticity. The size of contemporaneous spillovers is determined in the fashion of smooth transition regression by the innovations' variances and (negative) signs, both representing typical crisis-related magnitudes. Thereby, contagion describes higher inward transmission in times of foreign crisis, whereas vulnerability is...

  10. Transmission system planning in Ontario

    Energy Technology Data Exchange (ETDEWEB)

    Barrie, D.; Macedo, F.X.; Mcconnach, J.S. [Ontario Hydro, Toronto, ON (Canada)

    1994-12-31

    In recent years, new and modified approaches to planning the large transmission system that serves the province of Ontario, Canada, have been necessary to accommodate the rapidly changing planning environment including slower uncertain growth, ageing of facilities, integration of demand side management and non utility generation options, increased competitiveness, increased financial stresses and affordable constraints. This paper describes some of the new and modified approaches and tools that have been adopted or are being developed by Ontario Hydro to cope with this changing environment. (author) 9 refs., 4 figs.

  11. Impact of Financial Liberalization on Financial Depth in Iraq

    OpenAIRE

    Ammar Hamad Khalaf

    2011-01-01

    This paper examines the Mackinnon-Show hypothesis i.e. financial liberalization promotes financial depth in case of Iraq. Iraq launched a comprehensive program of economic and financial liberalization since 2003. Thus, this paper aims to answer the key question that “is financial liberalization stimulated the financial depth in Iraq?”. By applying the ARDL Autoregressive Distributed Lag model on quarterly data during the period 2005- 2010, the paper finds that the liberalization of interest r...

  12. 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...

  13. Perinatal rights.

    Science.gov (United States)

    Munir, A E

    1984-01-01

    The history of perinatal rights is traced to determine how far the law has settled with reasonable certainty and principles can be drawn from decided cases, where the law remains uncertain. It is unlikely that there will be legislation in the near future to bring the law up to date in these matters. The right to prevent conception is accepted these day by practically all shades of opinion. Opinions on methods may differ, but the dividing line between what is contraception and what amounts to abortion is sometimes difficult to determine. The object of the offense of abortion is to protect human life. Briefly, Section 58 of the British Offences Against the Person Act 1861 makes it an offense for a pregnant woman to try unlawfully to procure her own miscarriage and for any person to try to procure unlawfully the miscarriage of a woman, whether she is pregnant or not. The precise time from which the developing ovum is protected has not been legislatively or judicially determined. In 1962 a report commissioned by the British Council of Churches suggested that for legal purposes conception should be taken to commence with implantation, i.e., about 2 weeks after fertilization. It is possible to argue that human life begins at fertilization but that is not a very convincing arugument these days. A better view seens to be that so long as the postcoital pill is taken before the fertilized egg is implanted in the womb it is contraception rather than abortion. The matter will not be totally free from question until Parliament of the courts determine the issue. The Attorney General's view that this form of postcoital treatment does not constitute a criminal offenses within either Section 58 or 59 of the Offences Against the Person Act 1860 goes a long way towards clarifying the position. Opinions begin to divide again when considering the next step after conception. Regarding abortion, the doctor should ensure that be keeps within the Abortion Act 1967 by acting with a

  14. Financial intermediation and monetary transmission through conventional and Islamic channels

    NARCIS (Netherlands)

    Zaheer, S.

    2013-01-01

    This thesis studies the salient features of Islamic banking and finance (IBF) in comparison to conventional banking and finance (CBF).The study explains the balance sheet products used by Islamic banks as well as analyzes the proposed tools for monetary policy in IBF. Next, the dissertation empirica

  15. Financial intermediation and monetary transmission through conventional and Islamic channels

    NARCIS (Netherlands)

    Zaheer, S.

    2013-01-01

    This thesis studies the salient features of Islamic banking and finance (IBF) in comparison to conventional banking and finance (CBF).The study explains the balance sheet products used by Islamic banks as well as analyzes the proposed tools for monetary policy in IBF. Next, the dissertation

  16. Network externalities across financial institutions

    OpenAIRE

    Castro Iragorri, Carlos Alberto; Preciado Pua, Sergio Andrés; Ordóñez Herrera, Juan Sebastián

    2016-01-01

    We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The re...

  17. Balancing Responsibilities – Financial Literacy

    OpenAIRE

    Gail Pearson; Philip N Stoop; Michelle Kelly-Louw

    2017-01-01

    In Australia there is an obligation to promote the informed participation of financial consumers while in South Africa there is an obligation to educate consumers. The Australian obligation is concerned with the financial system as a whole while the South African obligation has generally been focused on general financial education as a tool to promote financial inclusion. There is no obligation for consumers to attain a minimum standard of literacy in credit or finance generally. Financial li...

  18. Labour's Record on Financial Regulation

    OpenAIRE

    Daripa, Arup; Kapur, Sandeep; Wright, Stephen

    2013-01-01

    In 1997 the new Labour government launched major initiatives in the area of financial regulation, setting up the Financial Services Authority as a comprehensive regulatory body, supported by the legislative framework of the Financial Services and Markets Act 2000. We evaluate the Labour government’s record on financial regulation in terms of its achievements and failures, especially in dealing with the global financial crisis that started in 2007. While we identify some clear flaws in regulat...

  19. The Structure of Financial Regulation

    OpenAIRE

    Bratu Renate Doina; Petria Nicolae

    2011-01-01

    During the current global financial crisis has called into question the role and objectives of the regulation of financial markets and its scope of action. Liberalization of financial services under the impact of globalization and strong innovative character of the financial system, architecture of regulation has generated a change. In this sense, this paper aims to present and evaluate the structure of financial system regulation in the current international context.

  20. Morocco; Financial System Stability Assessment

    OpenAIRE

    International Monetary Fund

    2003-01-01

    The Financial System Stability Assessment of Morocco reviews the reform program that is aimed at establishing a modern, market-oriented financial system that optimizes the mobilization of savings and the allocation of financial resources. It reviews the modernization of the banking sector and the development of competition within the sector, development of financial markets, and removal of constraints on financial system activity. It also provides reports on the Observance of Standards and Co...

  1. The Financial Crisis: Origins, Causes And Conclusions

    Directory of Open Access Journals (Sweden)

    Eneida Permeti

    2015-03-01

    Full Text Available The crisis in recent years took start in response to a crisis of the real estate market in the United States in 2007. The year 2009 has seen an economic crisis and between 2010 and 2011 it was known the spreading of the crisis sovereign debt and public finances of many countries. The financial markets failed in their main task: the allocation of risk. The products and services traded in the financial market are characterized by the immateriality and legal complexity. It means a high uncertainty degree and a high risk. Therefore is very important to protect the investors and this means: give them the right information, right legislation, market confidence and a product that respond to their needs. The crisis causes are: weaknesses in the regulatory, malfunction of the rating agencies, political errors and conflicts of interest. This means that we need: more rules, more capital, less debt, more transparency. The financial markets and the economy have always moved in harmony and savers have undertaken a countercyclical behavior, against trend or against the cycle and for investing in financial markets with the probability in favor we need a map that comes from the statistics.

  2. Human rights to in vitro fertilization.

    Science.gov (United States)

    Zegers-Hochschild, Fernando; Dickens, Bernard M; Dughman-Manzur, Sandra

    2013-10-01

    The Inter-American Court of Human Rights (the Court) has ruled that the Supreme Court of Costa Rica's judgment in 2000 prohibiting in vitro fertilization (IVF) violated the human right to private and family life, the human right to found and raise a family, and the human right to non-discrimination on grounds of disability, financial means, or gender. The Court's conclusions of violations contrary to the American Convention on Human Rights followed from its ruling that, under the Convention, in vitro embryos are not "persons" and do not possess a right to life. Accordingly, the prohibition of IVF to protect embryos constituted a disproportionate and unjustifiable denial of infertile individuals' human rights. The Court distinguished fertilization from conception, since conception-unlike fertilization-depends on an embryo's implantation in a woman's body. Under human rights law, legal protection of an embryo "from conception" is inapplicable between its creation by fertilization and completion of its implantation in utero. © 2013.

  3. Financial information processing and development of emerging financial markets

    Institute of Scientific and Technical Information of China (English)

    Shuo BAI; Shouyang WANG; Lean YU; Aoying ZHOU

    2010-01-01

    @@ With the rapid development and globalization of financial markets (especially emerging financial markets), financial information processing has become a hot research area due to its immense practical applications. Such applications include stock market analysis, foreign exchange rate forecasting, option pricing, bank failure prediction, financial risk management, credit rating and scoring, bank loan management, customer relationship management, and antimoney laundering. Accordingly, there has been an increasing demand in using financial information processing techniques for many core financial tasks. Nevertheless, as a new cross-disciplinary field, the existing financial information processing methods are far from practical for scenarios in the global financial market; it is currently not clear how the information processing techniques, which are rapidly emerging, can be used to improve the quality of financial information processing.

  4. Late Financial Distress Process Stages and Financial Ratios

    DEFF Research Database (Denmark)

    Sormunen, Nina; Laitinen, Teija

    2012-01-01

    The present study adds to our understanding and knowledge of financial distress predictions regarding the usefulness of financial ratios in the late stages of the financial distress process. The study contributes to previous research by generating information concerning: (1) the behavior...... and usefulness of single financial ratios in short-term financial distress prediction when the effect of each different financial distress process stage is considered; (2) the effects of recognition of the financial distress process stage on the financial distress prediction model. The time horizon...... for prediction is less than one year, and the empirical data consist of financial statement information from 106 distressed firms undergoing reorganization and their matched counterparts for 2003-2007. To analyze the effects of the specific distress process stage, the sample has been divided into two groups...

  5. 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.

  6. PROFITABILITY AND FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    CĂRUNTU CONSTANTIN

    2011-09-01

    Full Text Available The business activity allows identifying two categories of flows: flows of results and cash flows. Flows affect the income and expenses, participating in training result, the company's profitability. Financial flows involved in their formation both monetary items (which drive the monetary input or output and thus implies a cash flow, and non-cash items (affecting the result, without leading to a cash flow. Are equally identifiable cash flows that do not involve an immediate effect on the outcome or effect on the result equivalent to that spread on the treasury. Financial equilibrium in a general manner evokes the idea of harmony between different elements of a system, which in finance is harmonization of resources with the needs. Financial equilibrium can be defined by the company's ability to secure payment of its proceeds without interruption to current liabilities incurred in implementing its object of activity or tax laws, so it can avoid the risk of bankruptcy. Maintaining financial stability is the essential condition of survival of the enterprise, financial and balanced assessment must take into account the concrete conditions of the occurrence of default.

  7. 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.

  8. Some considerations on using monetary policy to promote financial stability

    Directory of Open Access Journals (Sweden)

    Petria, N.

    2010-12-01

    Full Text Available The current period of crisis on credit markets has highlighted the crucial role of the behaviour of banks in the transmission mechanism of monetary policy. This paper summarises our considerations on how monetary policy, as the main instrument, acts in order to promote financial stability and to stabilize the banking system. Central banks have a variety of tools for implementing monetary policy, but the tool that has received the most attention in literature is the interest rate. We observe that the financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy, notably the transmission of policy through the supply of credit and overall conditions in the capital markets. Monetary policy has important macroeconomic effects only to the extent that it moves financial market prices that really matter—like long-term interest rates, stock market values, and exchange rates.

  9. Persistence and financial markets

    Science.gov (United States)

    Jain, S.

    2007-09-01

    The persistence phenomenon is studied in a financial context by using a novel mapping of the time evolution of the values of shares in a portfolio onto Ising spins. The method is applied to historical data from the London Financial Times Stock Exchange 100 index (FTSE 100) over an arbitrarily chosen period. By following the time dependence of the spins, we find evidence for a power law decay of the proportion of shares that remain either above or below their ‘starting’ values. As a result, we estimate a persistence exponent for the underlying financial market to be ≈0.5. Preliminary results from computer simulations on persistence in the economic dynamics of a toy model appear to reproduce the behaviour observed in real markets.

  10. ISSUERS OF FINANCIAL INSTRUMENTS

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2016-05-01

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

  11. Exclusión Financiera, Vulnerabilidad y Subordiscriminación. Análisis crítico sobre el derecho al acceso a servicios bancarios básicos en la Unión Europea | Financial Exclusion, Vulnerability and Subordiscrimination. Critical analysis on the right to acces

    Directory of Open Access Journals (Sweden)

    Cristina de la Cruz-Ayuso

    2016-12-01

    Full Text Available RESUMEN. Este artículo analiza el fenómeno de la exclusión financiera desde las coordenadas del concepto de subordiscriminación. De manera específica, analiza si el marco normativo europeo encaminado a garantizar el derecho al acceso de los servicios bancarios básicos contiene elementos que pueden conducir a la subordiscriminación, derivados de su ambigüedad y de los límites que impone. En primer lugar, ofrece una revisión de la literatura que aporta datos sobre la exclusión y la discriminación en este ámbito. En segundo lugar, analiza la Directiva Europea de Cuentas de Pago 2014/92/UE. Finalmente, se detiene en el examen de la Comunicación Nº 10/1997, Ziad Ben Ahmed Habassi c. Dinamarca (CERD/C/54/D/10/1997 relativa a la denegación de préstamos bancarios a no ciudadanos.   ABSTRACT. This article analyses the phenomenon of financial exclusion from the perspective of the concept of subordiscrimination. More specifically, it analyses whether the European regulatory framework aimed at ensuring this right contains elements that can lead to the discrimination, arising from its ambiguity and the limits it imposes. First, it presents a review of the literature that provides data on exclusion and discrimination. Second, it analyses the European Directive on Payment Accounts 2014/92/UE. Finally, it focuses on the examination of the Communication Nº 10/1997, Ziad Ben Ahmed Habassi c. Denmark (CERD/C/54/D/10/1997 concerning the refusal of bank loans to non-citizens.

  12. Congestion risk hedging model for generation rights trade%发电权交易的阻塞风险规避模型

    Institute of Scientific and Technical Information of China (English)

    艾东平; 鲍海; 杨以涵

    2011-01-01

    发电权撮合交易中常常通过取消或削减发电商的交易来满足系统的安全约束,这将给发电商带来损失,如何体现发电商的交易需求、降低发电商的交易风险是发电权交易研究的一个重要课题.借鉴金融输电权规避市场风险的思想,将一种新型金融输电权引入发电权撮合交易模型,以规避因阻塞使得发电商计划交易量不能完成的风险.根据模型特点采用遗传算法求解,不但可以保证撮合结果的最优性,而且算法可以体现出金融输电权对交易调度的指向作用,激励发电权交易双方合理报价,确保市场交易公平性.并探讨了该模型下的发电权交易结算方案和实施步骤.采用IEEE39节点系统对提出的方法进行了验证.%In generation rights trade, some transactions have to be cut or canceled to meet the system security constraint, which will bring losses to the generation companies. How to reflect the trade demand of generation companies and reduce the trade risks is an important subject in research of generation rights trade. In electricity market, financial transmission right is an effective tool for avoiding market risks. This paper, based on the characteristics of generation rights trade, introduces a new financial transmission right to the generation right matchmaking model. In this model, the traders who purchase transmission rights will enjoy the priority right to trade and gain the compensation when the trades are cut or canceled. The calculation by Genetic Algorithm not only guarantees the optimality of solutions, but also materializes the effect of transmission right on the generation rights trade, restrains the speculation and guarantees the fair trade. Furthermore, the settlement scheme and implementing steps of generation rights trade are also discussed. Lastly, IEEE39-bus system is used to verify the proposed method.

  13. Turbocharging the Financial Markets

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Introduction of new financial instruments may not put China’s markets in the fast lane just yet, a market analyst warns China has introduced new sources of leverage into the financial system, which will enable participants to have "new opportunities both to hedge their bets and lever them up using futures, options and margin trading," according to Mark A DeWeaver, a research analyst in Shenzhen who now manages a fund investing in Asian equities called Quantrarian Asia Hedge. He compares these measures to "turbocharging a car," which he says can damage it if the engine’s basic structure cannot handle the pressure. His main ideas follow:

  14. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

    This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects: busin......: business entities, the transformation process, types of businesses, stakeholders, legislation, the annual report, the VAT system, double-entry bookkeeping, inventories, and year-end cast flow analysis.......This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects...

  15. Collaborative financial infrastructure protection

    CERN Document Server

    Baldoni, Roberto

    2012-01-01

    The Critical Infrastructure Protection Survey recently released by Symantec found that 53% of interviewed IT security experts from international companies experienced at least ten cyber attacks in the last five years, and financial institutions were often subject to some of the most sophisticated and large-scale cyber attacks and frauds. The book by Baldoni and Chockler analyzes the structure of software infrastructures found in the financial domain, their vulnerabilities to cyber attacks and the existing protection mechanisms. It then shows the advantages of sharing information among financia

  16. Energy Transmission and Infrastructure

    Energy Technology Data Exchange (ETDEWEB)

    Mathison, Jane

    2012-12-31

    The objective of Energy Transmission and Infrastructure Northern Ohio (OH) was to lay the conceptual and analytical foundation for an energy economy in northern Ohio that will: • improve the efficiency with which energy is used in the residential, commercial, industrial, agricultural, and transportation sectors for Oberlin, Ohio as a district-wide model for Congressional District OH-09; • identify the potential to deploy wind and solar technologies and the most effective configuration for the regional energy system (i.e., the ratio of distributed or centralized power generation); • analyze the potential within the district to utilize farm wastes to produce biofuels; • enhance long-term energy security by identifying ways to deploy local resources and building Ohio-based enterprises; • identify the policy, regulatory, and financial barriers impeding development of a new energy system; and • improve energy infrastructure within Congressional District OH-09. This objective of laying the foundation for a renewable energy system in Ohio was achieved through four primary areas of activity: 1. district-wide energy infrastructure assessments and alternative-energy transmission studies; 2. energy infrastructure improvement projects undertaken by American Municipal Power (AMP) affiliates in the northern Ohio communities of Elmore, Oak Harbor, and Wellington; 3. Oberlin, OH-area energy assessment initiatives; and 4. a district-wide conference held in September 2011 to disseminate year-one findings. The grant supported 17 research studies by leading energy, policy, and financial specialists, including studies on: current energy use in the district and the Oberlin area; regional potential for energy generation from renewable sources such as solar power, wind, and farm-waste; energy and transportation strategies for transitioning the City of Oberlin entirely to renewable resources and considering pedestrians, bicyclists, and public transportation as well as drivers

  17. ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

    Directory of Open Access Journals (Sweden)

    Mihaela TULVINSCHI

    2016-12-01

    Full Text Available Substantiating the concept of equity is an issue of interest to specialists in accounting, taxation and finance. The purpose of this article is to present three of the sensitive issues generated by the concept of equity. One aspect considered is the demarcation of financial liabilities from the equity instruments. The distinction between equity and debt instruments is necessary because it has consequences on financial reporting. A second part of the study focuses on the fiscal side, trying to find the answer to the question: Are there deferred taxes recognized in equity? Deferred tax liabilities will be presented at the end of the year in equity and not debt, because they are related to gains recorded directly in equity. The third part of the article discusses the financial importance of equity, focusing on subscription and attribution rights as financial instruments used when raising capital. By creating subscription rights it is desired to obtain immediate funds needed to finance the entity.

  18. ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

    Directory of Open Access Journals (Sweden)

    Mihaela TULVINSCHI

    2016-12-01

    Full Text Available Substantiating the concept of equity is an issue of interest to specialists in accounting, taxation and finance. The purpose of this article is to present three of the sensitive issues generated by the concept of equity. One aspect considered is the demarcation of financial liabilities from the equity instruments. The distinction between equity and debt instruments is necessary because it has consequences on financial reporting. A second part of the study focuses on the fiscal side, trying to find the answer to the question: Are there deferred taxes recognized in equity? Deferred tax liabilities will be presented at the end of the year in equity and not debt, because they are related to gains recorded directly in equity. The third part of the article discusses the financial importance of equity, focusing on subscription and attribution rights as financial instruments used when raising capital. By creating subscription rights it is desired to obtain immediate funds needed to finance the entity.

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

    African Journals Online (AJOL)

    Southern African Business Review Volume 13 Number 2 2009. Financial ... connection between the financial numbers and the real business world context. ...... 'The knowledge-creating company', Harvard Business Review, November/.

  20. Financial market contagion

    OpenAIRE

    Kelly, Morgan

    2008-01-01

    The power of the metaphor of contagion—that beliefs, actions, and strategies spread among economic agents like pathogens among biological organisms— causes it to recur in disparate areas of economics. This article focusses on four applications of contagion to economics: social influence or memoryless learning; Bayesian social learning; strategy choice in coordination games; and the spread of crises in international financial markets.

  1. Coping with Financial Distress

    Science.gov (United States)

    Chabotar, Kent John

    2007-01-01

    Colleges and universities, like corporations and other nonprofit organizations, are subject to periodic fluctuations in the economy and public support. Thus, the question is not whether they will confront financial problems but rather when and how. This article describes how institutions and boards can detect budgets in crisis, provides principles…

  2. Offshore Financial Centres

    DEFF Research Database (Denmark)

    Wigan, Duncan

    2014-01-01

    of ‘tax havens’. The chapter argues in consequence that policy success relies on an admixture of unilateral innovation and mutually reinforcing policy instruments. In the context of the global financial crisis and acute concerns regarding fiscal capacity US intervention has had a catalytic effect. EU...... this analysis of creeping policy competence in the EU and an emergent regulatory assemblage....

  3. Financial Disclosure Laws.

    Science.gov (United States)

    Merz, Carol

    1983-01-01

    A study of school board presidents and superintendents in Washington, Missouri, and New Jersey reveals that strict financial disclosure laws tend to reduce the number of professionals on boards; however, board members with professional occupations differ from other board members on a number of measures. (MLF)

  4. New Financial Models.

    Science.gov (United States)

    Taylor, Michael G.

    1991-01-01

    This report synthesizes experiences in a number of countries (United Kingdom, Netherlands, Germany, Australia, Japan) on the market economy in higher education. Considered are market forces, various financial structures (institutional budgets, student funding, research infrastructure, other income, staffing), and implications for the future. (MSE)

  5. L'archipel financier

    Directory of Open Access Journals (Sweden)

    Christian MILELLI

    1987-03-01

    Full Text Available Un nouveau système financier, à la fois concentré et autonome, se met en place. Ses «lieux sacrés» sont cartographiés: «centres universels» majeurs (2 ou 3, centres régionaux, centres «spécialisés» en archipel.

  6. Financial Derivatives in China

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Francis Repka sees bright prospects for the future development of the financial derivatives market in China. Repka,Vice President of the Asian Bond Finance Department of Societe Generale, says the situation in France just after the birth of derivatives was very similar to the situation in China today.

  7. Tentamentraining financial accounting

    NARCIS (Netherlands)

    Dankers, C.H.A.M.; Langendijk, H.P.A.J.; Epe, P.

    2005-01-01

    NIVRA-Nyenrode verzorgt een opleiding tot registeraccountant. Hiervoor wordt college- en studiemateriaal ontwikkeld. Sedert 1974 stelt een kerngroep/examencommissie opgaven en uitwerkingen samen voor de tentamens van het vak Financial Accounting (voorheen Waarde & Winst c.q. Elementaire kennis Exter

  8. Financial Giffen Goods

    DEFF Research Database (Denmark)

    Poulsen, Rolf; Rasmussen, Kourosh Marjani

    2008-01-01

    In the basic Markowitz and Merton models, a stock’s weight in efficient portfolios goes up if its expected rate of return goes up. Put differently, there are no financial Giffen goods. By an example from mortgage choice we illustrate that for more complicated portfolio problems Giffen effects do...

  9. International Financial Reporting Standards

    DEFF Research Database (Denmark)

    Pontoppidan, Caroline Aggestam

    2011-01-01

    The advance of International Financial Reporting Standards (IFRS) across the globe has accelerated over the last few years. This is placing increasing demands on educators to respond to these changes by an increased focus on IFRS in the curricula of accounting students. This paper reviews a range...... of educational texts covering IFRS within the context of a review of the progress of IFRS themselves....

  10. The case for financialization

    NARCIS (Netherlands)

    Engelen, E.

    2008-01-01

    The tempestuous rise of finance in contemporary capitalism has incited a frantic search for new conceptual tools to make empirical and theoretical sense of it. Financialization and the theoretical connotations it carries, is one such new conceptual tool. Although a growing number of scholars are usi

  11. Consumer financial behavior

    NARCIS (Netherlands)

    van Raaij, W.F.

    2014-01-01

    Consumer financial behavior is a domain between micro-economics, behavioral finance, and marketing. It is based on insights and behavioral theories from cognitive, economic, and social psychology (biases, heuristics, social influences), in the context of and sometimes in conflict with micro-economic

  12. Financial Analysis of HRD.

    Science.gov (United States)

    1995

    These five papers are from a symposium facilitated by Ronald L. Jacobs on financial analysis of human resource development (HRD) at the 1995 Academy of Human Resource Development conference. "Return on Investment--Beyond the Four Levels!" (Jack J. Phillips) offers a modification of the Kirkpatrick model of evaluation for HRD in…

  13. International Financial Reporting Standards

    DEFF Research Database (Denmark)

    Pontoppidan, Caroline Aggestam

    2011-01-01

    The advance of International Financial Reporting Standards (IFRS) across the globe has accelerated over the last few years. This is placing increasing demands on educators to respond to these changes by an increased focus on IFRS in the curricula of accounting students. This paper reviews a range...

  14. A Financial Marriage

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ Love is in the air as financial church bells ring,ushering in a bonding between CITIC Securities Co.Ltd.land Crédit Agricole S.A.(CASA).The Chinese company and the French bank are planning to establish a global investment bank and strategic brokerage alliance,said a memorandum of understanding signed by the two sides on May 3.

  15. The US Financial Crisis

    DEFF Research Database (Denmark)

    Campbell, John L.

    2011-01-01

    for each other's shortcomings rather than reinforce each other's incentives. This paper uses evidence from the US financial crisis of 2008 to adjudicate this debate. It argues that different types of institutional complementarities are necessary in combination to ensure market stability and successful...

  16. Special Issue: Labour Rights, Human Rights.

    Science.gov (United States)

    International Labour Review, 1998

    1998-01-01

    Includes "Introduction"; "International Labour Standards and Human Rights" (Valticos); "The Origins of Convention No. 87 on Freedom of Association and the Right to Organize" (Dunning); "Human Rights Law and Freedom of Association" (Swepston); "Freedom of Association" (von Potobsky); "The ILO…

  17. Financial methods in competitive electricity markets

    Science.gov (United States)

    Deng, Shijie

    The restructuring of electric power industry has become a global trend. As reforms to the electricity supply industry spread rapidly across countries and states, many political and economical issues arise as a result of people debating over which approach to adopt in restructuring the vertically integrated electricity industry. This dissertation addresses issues of transmission pricing, electricity spot price modeling, as well as risk management and asset valuation in a competitive electricity industry. A major concern in the restructuring of the electricity industries is the design of a transmission pricing scheme that will ensure open-access to the transmission networks. I propose a priority-pricing scheme for zonal access to the electric power grid that is uniform across all buses in each zone. The Independent System Operator (ISO) charges bulk power traders a per unit ex ante transmission access fee based on the expected option value of the generated power with respect to the random zonal spot prices. The zonal access fee depends on the injection zone and a self-selected strike price determining the scheduling priority of the transaction. Inter zonal transactions are charged (or credited) with an additional ex post congestion fee that equals the zonal spot price difference. The unit access fee entitles a bulk power trader to either physical injection of one unit of energy or a compensation payment that equals to the difference between the realized zonal spot price and the selected strike price. The ISO manages congestion so as to minimize net compensation payments and thus, curtailment probabilities corresponding to a particular strike price may vary by bus. The rest of the dissertation deals with the issues of modeling electricity spot prices, pricing electricity financial instruments and the corresponding risk management applications. Modeling the spot prices of electricity is important for the market participants who need to understand the risk factors in

  18. 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.

  19. 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,…

  20. 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…

  1. 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).…

  2. 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…

  3. Financial Inclusion and Financial Fragility: An Empirical Note

    OpenAIRE

    Ghosh, Saibal

    2008-01-01

    Using data on Indian state-owned banks for 1997-2007, the article tests the relationship between financial inclusion and financial fragility. The findings reveal that these variables are intertwined, with each tending to reinforce the other. More importantly, financial fragility is a non-linear determinant of both availability and use of banking services.

  4. Transformation of Rights to Education

    Directory of Open Access Journals (Sweden)

    Ali Tarik GÜMÜŞ

    2012-05-01

    Full Text Available Everyone has the right to education from birth, and this right should be available equally to everyone by the state. Basically, the state imposes important responsibilities in regard to providing education services in respect to the right to life in a manner worthy of human dignity towards individuals directly connected to the right to education.The right to education in the classification of fundamental rights and freedoms found in the second generation or the social and economic rights. After World War II, this right significantly institutionalized andmany new constitutions were enacted. Social and economic rights in constitutions of these states had important responsibilities installed as a constitutional assignment.Usually social and economic rights in constitutions in respect to the criteria "the means of economic dependence" is limited. Yet during this period the states were strongly willing to spend strongly in order to implement the right to education. However, since the mid-1970s, states have fallen into economic crisis. In order to adopt a solution to solve this crisis, there has been an emphasis on neo-liberal ideas. So that states a different approach from that period have led to enter into. In the new era that has survived from this, the process of globalization has accelerated and world-wide, neo-liberal shaped ideas, within the framework have led to the establishment of a new order.During this period globalization is taking shape as a process of international exchange that is characterized by a growing interconnectedness between political, social, cultural and economic systems beyond national borders. Thus in this process, important changes are taking place regarding the right to education. This change process is especially the case with respect to economic globalization. In this context economic globalization refers to a related process: the integration of world financial markets. In this process, as national economies open to

  5. Financial Management: An Organic Approach

    Science.gov (United States)

    Laux, Judy

    2013-01-01

    Although textbooks present corporate finance using a topical approach, good financial management requires an organic approach that integrates the various assignments financial managers confront every day. Breaking the tasks into meaningful subcategories, the current article offers one approach.

  6. For a Better Financial Order

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Chinese leaders and scholars suggest reforms to strengthen the international financial system As the international financial crisis plunges many countries into economic turmoil, China’s relatively stable economic growth is reassuring to the

  7. Financial Literacy Education for Women

    Science.gov (United States)

    Jarecke, Jodi; Taylor, Edward W.; Hira, Tahira K.

    2014-01-01

    Exploring the pedagogical approaches of four women's financial literacy education programs, this chapter provides an overview of trends and needs in financial education for women and offers pedagogical strategies for teaching women about finance.

  8. 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.

  9. Financial Literacy Education for Women

    Science.gov (United States)

    Jarecke, Jodi; Taylor, Edward W.; Hira, Tahira K.

    2014-01-01

    Exploring the pedagogical approaches of four women's financial literacy education programs, this chapter provides an overview of trends and needs in financial education for women and offers pedagogical strategies for teaching women about finance.

  10. Financial burden in recipients of allogeneic hematopoietic cell transplantation.

    Science.gov (United States)

    Khera, Nandita; Chang, Yu-hui; Hashmi, Shahrukh; Slack, James; Beebe, Timothy; Roy, Vivek; Noel, Pierre; Fauble, Veena; Sproat, Lisa; Tilburt, Jon; Leis, Jose F; Mikhael, Joseph

    2014-09-01

    Although allogeneic hematopoietic cell transplantation (HCT) is an expensive treatment for hematological disorders, little is known about the financial consequences for the patients who undergo this procedure. We analyzed factors associated with its financial burden and its impact on health behaviors of allogeneic HCT recipients. A questionnaire was retrospectively mailed to 482 patients who underwent allogeneic HCT from January 2006 to June 2012 at the Mayo Clinic, to collect information regarding current financial concerns, household income, employment, insurance, out-of-pocket expenses, and health and functional status. A multivariable logistic regression analysis identified factors associated with financial burden and treatment nonadherence. Of the 268 respondents (56% response rate), 73% reported that their sickness had hurt them financially. All patients for whom the insurance information was available (missing, n = 13) were insured. Forty-seven percent of respondents experienced financial burden, such as household income decreased by >50%, selling/mortgaging home, or withdrawing money from retirement accounts. Three percent declared bankruptcy. Younger age and poor current mental and physical functioning increased the likelihood of financial burden. Thirty-five percent of patients reported deleterious health behaviors because of financial constraints. These patients were likely to be younger, have lower education, and with a longer time since HCT. Being employed decreased the likelihood of experiencing financial burden and treatment nonadherence due to concern about costs. A significant proportion of allogeneic HCT survivors experience financial hardship despite insurance coverage. Future research should investigate potential interventions to help at-risk patients and prevent adverse financial outcomes after this life-saving procedure. Copyright © 2014 American Society for Blood and Marrow Transplantation. Published by Elsevier Inc. All rights reserved.

  11. Market liquidity and financial stability.

    OpenAIRE

    CROCKETT, A.

    2008-01-01

    Stability in financial institutions and in financial markets are closely intertwined. Banks and other financial institutions need liquid markets through which to conduct risk management. And markets need the back-up liquidity lines provided by financial institutions. Market liquidity depends not only on objective, exogenous factors, but also on endogenous market dynamics. Central banks responsible for systemic stability need to consider how far their traditional responsibility for the health ...

  12. Gender issues of financial analysts

    OpenAIRE

    Jingwen Ge

    2013-01-01

    Increased attention has been drawn to the gender disparity in workplace. This dissertation is dedicated to provide sight to the gender issues in financial analysts. Profound literature reviews are conducted about gender issues and financial analysts, respectively in order to comprehend the existing gender concerns in the business world, and role and functions of financial analysts. Research proposals are described to answer the following question: whether women financial analysts are more lik...

  13. SIMPLE INNOVATION OF FINANCIAL ASSET

    Institute of Scientific and Technical Information of China (English)

    ZHANG Shunming

    2001-01-01

    This paper presents a simple two-period model of the innovationof financial asset by commission-revenue maximization exchange. The economic agents with meanvariance preferences take transaction costs in the process of trading the financial asset, the buying per-unit commission of the futures contract and the selling per-unit commission of the financial asset. The commission-revenue maximization exchange innovates financial asset.

  14. Social Knowledge for Financial Markets

    OpenAIRE

    Gertraude Mikl-Horke

    2010-01-01

    Financial literacy is an important issue today, but it is directed/limited to improve the practical skills of people taking financial markets and their present working for granted. However, financial markets are social institutions and social processes involving network relations as well as rules and norms. Globalization has resulted in a dominating role of financial markets over the economy with importance for the transformation of capitalistic society. The sociological perspectives on finan...

  15. Financial Market: Sector Strategy (2000)

    OpenAIRE

    2000-01-01

    This Financial Market Development Strategy (GN-1948-3) has been prepared to assist IDB staff in the process of supporting financial market development, as financial markets provide the appropriate environment for capital mobilization to profitable investment opportunities. The IDB must strive for balance with a continued concentration on the establishment of efficient and effective, safe and sound banking systems, while pursuing opportunities to motivate nonbank financial markets, institution...

  16. Family rituals, financial burden, and mothers' adjustment in pediatric cancer.

    Science.gov (United States)

    Santos, Susana; Crespo, Carla; Canavarro, M Cristina; Alderfer, Melissa A; Kazak, Anne E

    2016-12-01

    The financial burden of childhood cancer may contribute to the distress that parents experience during and after treatment. Inconsistent relationships between financial burden and parental psychological distress highlight the need to identify psychosocial factors that may moderate this relationship. In this study, we aimed to determine if family ritual meaning moderates the relationship between financial burden and anxiety and depression symptoms among mothers of children with cancer. Portuguese mothers of children with cancer on-treatment and off-treatment (N = 244) completed measures of financial burden, anxiety and depression symptoms, and family ritual meaning. Moderating effects were tested using hierarchical multiple regression analyses. Family ritual meaning buffered the effect of financial burden on anxiety, but not on depression symptoms. The relationship between financial burden and anxiety symptoms was not significant when mothers endorsed higher levels of family ritual meaning. Although preliminary, the current findings suggest that high levels of perceived family ritual meaning may constitute a protective factor against the effect of financial burden on mothers' anxiety symptoms. Promoting family ritual meaning might be an effective approach to reducing anxiety symptoms of mothers of children with cancer in the context of financial burden. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

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

    OpenAIRE

    International Monetary Fund

    2003-01-01

    This Financial System Stability Assessment paper for Ukraine reviews financial sector issues and highlights macroeconomic developments, vulnerabilities, and soundness of the financial system. It discusses creditors' rights, insolvency, and corporate governance, and Anti-Money Laundering and Combating of Financing Terrorism. It provides information on the observance of international standards and codes, and the compliance with the Basel Core Principle for Effective Banking. It also reviews Ukr...

  18. Strategic Planning and Financial Management

    Science.gov (United States)

    Conneely, James F.

    2010-01-01

    Strong financial management is a strategy for strategic planning success in student affairs. It is crucial that student affairs professionals understand the necessity of linking their strategic planning with their financial management processes. An effective strategic planner needs strong financial management skills to implement the plan over…

  19. Financial globalization and crises: overview

    NARCIS (Netherlands)

    Beck, T.; Claessens, S.; Schmukler, S.L.; Caprio, G.; Beck, T.; Claessens, S.; Schmukler, S.L.

    2013-01-01

    Financial globalization, the integration of countries with the global financial system, has increased substantially since the 1970s and particularly with more force since the 1990s. Financial globalization has shown to pose both benefits and risks to developed countries and developing countries alik

  20. "Financial Bubbles" and Monetary Policy

    Science.gov (United States)

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

    2016-01-01

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

  1. Financial integration and liquidity crises

    NARCIS (Netherlands)

    Castiglionesi, Fabio; Feriozzi, F.; Lorenzoni, G.

    2017-01-01

    This paper analyzes the effects of financial integration on the stability of the banking system. Financial integration allows banks in different regions to smooth local liquidity shocks by borrowing and lending on a common interbank market. We show under which conditions financial integration

  2. Senegal : Country Financial Accountability Assessment

    OpenAIRE

    World Bank

    2003-01-01

    This Country Financial Accountability Assessment (CFAA) examines the financial management in both the public and private sectors, aimed as an evaluation, not an audit, and, identifies financial risks within current practices, and procedures in Senegal. It does not however, intend to suggest an accurate, final allocation of public resources, though it facilitates implementation of action pl...

  3. Financial globalization and crises: overview

    NARCIS (Netherlands)

    Beck, T.; Claessens, S.; Schmukler, S.L.; Caprio, G.; Beck, T.; Claessens, S.; Schmukler, S.L.

    2013-01-01

    Financial globalization, the integration of countries with the global financial system, has increased substantially since the 1970s and particularly with more force since the 1990s. Financial globalization has shown to pose both benefits and risks to developed countries and developing countries

  4. Financial crisis and monetary policy

    NARCIS (Netherlands)

    Karatas, B.

    2014-01-01

    Written in the midst of the Global Financial Crisis, the goal of this dissertation is to investigate causes of financial crises in general in order to provide empirical evidence of the driving forces of various crises types. Specifically, this thesis analyses the most common types of financial

  5. Financial crisis and monetary policy

    NARCIS (Netherlands)

    Karatas, B.

    2014-01-01

    Written in the midst of the Global Financial Crisis, the goal of this dissertation is to investigate causes of financial crises in general in order to provide empirical evidence of the driving forces of various crises types. Specifically, this thesis analyses the most common types of financial crise

  6. Erecting a Sturdy Financial Structure.

    Science.gov (United States)

    West, Jeffrey J.

    1998-01-01

    Explanation of the technological setting in which college and university financial systems have developed is provided for financial officers, to aid in devising a plan for the chart of accounts and erecting an efficient, logical, flexible financial structure. Topics include software/hardware advances, understanding the demand for financial…

  7. Farm and Ranch Financial Statements

    OpenAIRE

    Israelsen, Clark; Feuz, Dillon

    2014-01-01

    This fact sheet is a brief overview of the financial statements and budgeting tools that are likely a part of most farm financial record keeping systems. Links are provided for additional detail on any one financial report or topic. A brief description of a Balance Sheet, a Profit Loss Statement or Income Statement, Statement of Cash Flows and Enterprise Analysis is included.

  8. Director of Financial Aid Handbook.

    Science.gov (United States)

    Sorenson, Lynn D.

    Although many independent schools are seeing a diversification in their student bodies, existing structures, such as financial aid awards, have not been modified. In addition, many financial-aid managers in independent schools have 0-5 years of experience in student financial aid. This handbook profiles the overall step-by-step process for…

  9. Strategic Planning and Financial Management

    Science.gov (United States)

    Conneely, James F.

    2010-01-01

    Strong financial management is a strategy for strategic planning success in student affairs. It is crucial that student affairs professionals understand the necessity of linking their strategic planning with their financial management processes. An effective strategic planner needs strong financial management skills to implement the plan over…

  10. Macroeconomic Dynamics and Financial Crisis in Nigeria

    Directory of Open Access Journals (Sweden)

    Ph. D. Olusegun Olowe

    2012-05-01

    Full Text Available This work as an empirical economics assessment examined the role of domestic macroeconomic policies with emphasis on the management of the impact of macroeconomic variables on the global financial crisis in Nigeria.. It applies VAR framework on annual time series data from 1969 to 2009. The paper opines that the Nigerian economy is far from converging towards a sustainable equilibrium in the short run. The paper suggests that attitudinal change, monetary and fiscal policies could be used to address the Nigerian version of the global financial crisis. However, the right mix of these policies to avoid conflicts in the light of dampening effects of the global financial melt-down as well as the possible effects of the global financial crisis and macroeconomic fluctuations on economic development in Nigeria is of relevance..The direction and magnitude of relevant policy to stimulate increased government intervention, it was observed that there is the need for comparative dynamics of economies in order to return to the path of sustainable growth and development

  11. Global financial crisis

    Directory of Open Access Journals (Sweden)

    MSc. Jusuf Qarkaxhija

    2011-03-01

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

  12. Survey of Transmission Cost Allocation Methodologies for Regional Transmission Organizations

    Energy Technology Data Exchange (ETDEWEB)

    Fink, S.; Porter, K.; Mudd, C.; Rogers, J.

    2011-02-01

    The report presents transmission cost allocation methodologies for reliability transmission projects, generation interconnection, and economic transmission projects for all Regional Transmission Organizations.

  13. 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.

  14. 76 FR 23859 - Financial Management Service Proposed Collection of Information; Financial Institution Agreement...

    Science.gov (United States)

    2011-04-28

    ... Fiscal Service Financial Management Service Proposed Collection of Information; Financial Institution... the Financial Institution Agreement and Application AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial Management Service, as...

  15. 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.

  16. 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.

  17. 48 CFR 970.5227-1 - Rights in data-facilities.

    Science.gov (United States)

    2010-10-01

    ... 970.2704-3(a), insert the following clause: Rights in Data—Facilities (DEC 2000) (a) Definitions. (1... financial, administrative, cost and pricing, or management information. (4) Limited rights data, as used...

  18. 48 CFR 52.227-17 - Rights in Data-Special Works.

    Science.gov (United States)

    2010-10-01

    ... in Data—Special Works (DEC 2007) (a) Definitions. As used in this clause— Data means recorded... financial, administrative, cost or pricing, or management information. Unlimited rights means the rights...

  19. Fighting the Financial Crisis

    DEFF Research Database (Denmark)

    Hull Kristensen, Peer

    2015-01-01

    This paper is concerned to show how the Danish political elite interpreted and responded to the consequences of the 2008 financial crisis for the Danish economy. In particular, the paper describes how this interpretive construction focused primarily on three features of the Danish context...... to the exclusion of other perspectives; the first was an emphasis on the problems of the financial sector, of interest rates and state finances; the second was that Danish productivity increases were falling behind other comparable countries and part of the solution required new strategies towards labour...... and unemployment benefits; thirdly, the adverse effects of the crisis were causing an increase in government expenditure and a decline in government revenues which was rapidly becoming unsustainable. As a consequence, the Danish elite fell into the broader interpretation of the crisis embedded in the dominant view...

  20. Trusts and Financialization

    DEFF Research Database (Denmark)

    Harrington, Brooke

    2016-01-01

    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...... mobility. As a result, trusts have become common in contemporary structured finance for corporations, in addition to their traditional functions as estate planning and asset protection vehicles for high-net-worth individuals. This article specifies three ways in which the trust structure has facilitated...... 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...

  1. Trusts and Financialization

    DEFF Research Database (Denmark)

    Harrington, Brooke

    2017-01-01

    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...... mobility. As a result, trusts have become common in contemporary structured finance for corporations, in addition to their traditional functions as estate planning and asset protection vehicles for high-net-worth individuals. This article specifies three ways in which the trust structure has facilitated...... 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...

  2. 77 FR 16894 - Financial Research Advisory Committee

    Science.gov (United States)

    2012-03-22

    ... recognized experts in the fields of economics, financial institutions and markets, statistical analysis, financial markets analysis, econometrics, applied sciences, risk management, data, information standards... Financial Research Advisory Committee AGENCY: Office of Financial Research, Treasury. ACTION: Notice...

  3. Size and complexity in model financial systems.

    Science.gov (United States)

    Arinaminpathy, Nimalan; Kapadia, Sujit; May, Robert M

    2012-11-06

    The global financial crisis has precipitated an increasing appreciation of the need for a systemic perspective toward financial stability. For example: What role do large banks play in systemic risk? How should capital adequacy standards recognize this role? How is stability shaped by concentration and diversification in the financial system? We explore these questions using a deliberately simplified, dynamic model of a banking system that combines three different channels for direct transmission of contagion from one bank to another: liquidity hoarding, asset price contagion, and the propagation of defaults via counterparty credit risk. Importantly, we also introduce a mechanism for capturing how swings in "confidence" in the system may contribute to instability. Our results highlight that the importance of relatively large, well-connected banks in system stability scales more than proportionately with their size: the impact of their collapse arises not only from their connectivity, but also from their effect on confidence in the system. Imposing tougher capital requirements on larger banks than smaller ones can thus enhance the resilience of the system. Moreover, these effects are more pronounced in more concentrated systems, and continue to apply, even when allowing for potential diversification benefits that may be realized by larger banks. We discuss some tentative implications for policy, as well as conceptual analogies in ecosystem stability and in the control of infectious diseases.

  4. Size and complexity in model financial systems

    Science.gov (United States)

    Arinaminpathy, Nimalan; Kapadia, Sujit; May, Robert M.

    2012-01-01

    The global financial crisis has precipitated an increasing appreciation of the need for a systemic perspective toward financial stability. For example: What role do large banks play in systemic risk? How should capital adequacy standards recognize this role? How is stability shaped by concentration and diversification in the financial system? We explore these questions using a deliberately simplified, dynamic model of a banking system that combines three different channels for direct transmission of contagion from one bank to another: liquidity hoarding, asset price contagion, and the propagation of defaults via counterparty credit risk. Importantly, we also introduce a mechanism for capturing how swings in “confidence” in the system may contribute to instability. Our results highlight that the importance of relatively large, well-connected banks in system stability scales more than proportionately with their size: the impact of their collapse arises not only from their connectivity, but also from their effect on confidence in the system. Imposing tougher capital requirements on larger banks than smaller ones can thus enhance the resilience of the system. Moreover, these effects are more pronounced in more concentrated systems, and continue to apply, even when allowing for potential diversification benefits that may be realized by larger banks. We discuss some tentative implications for policy, as well as conceptual analogies in ecosystem stability and in the control of infectious diseases. PMID:23091020

  5. Communication impacting financial markets

    Science.gov (United States)

    Vitting Andersen, Jørgen; Vrontos, Ioannis; Dellaportas, Petros; Galam, Serge

    2014-10-01

    Since the attribution of the Nobel prize in 2002 to Kahneman for prospect theory, behavioral finance has become an increasingly important subfield of finance. However the main parts of behavioral finance, prospect theory included, understand financial markets through individual investment behavior. Behavioral finance thereby ignores any interaction between participants. We introduce a socio-financial model (Vitting Andersen J. and Nowak A., An Introduction to Socio-Finance (Springer, Berlin) 2013) that studies the impact of communication on the pricing in financial markets. Considering the simplest possible case where each market participant has either a positive (bullish) or negative (bearish) sentiment with respect to the market, we model the evolution of the sentiment in the population due to communication in subgroups of different sizes. Nonlinear feedback effects between the market performance and changes in sentiments are taken into account by assuming that the market performance is dependent on changes in sentiments (e.g., a large sudden positive change in bullishness would lead to more buying). The market performance in turn has an impact on the sentiment through the transition probabilities to change an opinion in a group of a given size. The idea is that if for example the market has observed a recent downturn, it will be easier for even a bearish minority to convince a bullish majority to change opinion compared to the case where the meeting takes place in a bullish upturn of the market. Within the framework of our proposed model, financial markets stylized facts such as volatility clustering and extreme events may be perceived as arising due to abrupt sentiment changes via ongoing communication of the market participants. The model introduces a new volatility measure which is apt of capturing volatility clustering and from maximum-likelihood analysis we are able to apply the model to real data and give additional long term insight into where a market is

  6. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

    This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects......: business entities, the transformation process, types of businesses, stakeholders, legislation, the annual report, the VAT system, double-entry bookkeeping, inventories, and year-end cast flow analysis....

  7. Weathering the financial storm

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursson, Thórarinn G.

    2011-01-01

    to explain a significant share of the cross-country variation in the depth and duration of the crisis and provide quite sharp predictions of the incidence of banking and currency crises. This suggests that country-specific initial conditions played an important role in determining the economic impact...... of the crisis and, in particular, that countries with sound fundamentals and flexible economic frameworks were better able to weather the financial storm....

  8. Understanding Trust in Financial Services

    DEFF Research Database (Denmark)

    Hansen, Torben

    2012-01-01

    , respectively. In addition, the results marginally indicate that broad-scope trust negatively moderates the relationship between consumer financial knowledge and narrow-scope trust. This study encourages public policy makers, consumer organizations, and financial service providers to continue, improve, and...... their customers and/or in improving their financial healthiness........ 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...

  9. Weathering the financial storm

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursson, Thórarinn G.

    2011-01-01

    The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly. In this ......The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly...... and severity of the crisis. In particular, we find that the pre-crisis rate of inflation is important in explaining the post-crisis experience. Our results also suggest an important role for financial factors. In particular, we find that large banking systems tended to be associated with a deeper and more...... protracted consumption contraction and a higher risk of a systemic banking or currency crisis. Our results suggest that greater exchange rate flexibility coincided with a smaller and shorter contraction, but at the same time increased the risk of a banking and currency crisis. Countries with exchange rate...

  10. Preventing Financial Risks

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    International crisis The global financial crisis can be divided into several stages:From August 2008 to the bankruptcy of Lehman Brothers in September 2008 was the U.S.sub-prime mortgage crisis;after September 2008 it became the intemational financial crisis;and as of October 2009 when Greek sovereign debt crisis broke out,the crisis became a sovereign debt crisis.The question is:Is the European currency crisis now in a new stage? And what comes next?We think the present U.S.and European sovereign debt crisis is the aftershock of the U.S.sub-prime crisis,and also the pre-shock that will bring future international financial market more turmoil and push the world economy into another recession.Recently Standard & Poor's placed the European Union on its watch list,and some countries are preparing for the EU to balkanize,so we must be prepared for this crisis.As for the euro crisis,I think we need to decide whether to come to the rescue or not.In rescuing the EU,there are three methods:The European Central Bank issues banknotes to rescue the euro;the euro zone issues euro bonds;or it creates a Europe rescue fund.However,these methods are all difficult to carry out and may trigger inflation.

  11. Fibrations of financial events

    CERN Document Server

    Carf\\i, David

    2011-01-01

    In this paper we shall prove that the plane of financial events, introduced and applied to financial problems by the author himself (see [2], [3] and [4]) can be considered as a fibration in two different ways. The first one, the natural one, reveals itself to be isomorphic to the tangent- bundle of the real line, when the last one is considered as a differentiable manifold in the natural way; the second one is a fibration induced by the status of compound interest capitalization at a given rate i in the interval ] - 1, \\rightarrow [. Moreover, in the paper we define on the first fibration an affine connection, also in this case induced by the status of compound interest at a given rate i. The final goal of this paper is the awareness that all the effects determined by the status of compound interest are nothing but the consequences of the fact that the space of financial events is a fibration endowed with a particular affine connection, so they are consequences of purely geometric properties, at last, depend...

  12. 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…

  13. Positive rights, negative rights and health care.

    Science.gov (United States)

    Bradley, Andrew

    2010-12-01

    In the current debate about healthcare reform in the USA, advocates for government-ensured universal coverage assume that health care is a right. Although this position is politically popular, it is sometimes challenged by a restricted view of rights popular with libertarians and individualists. The restricted view of rights only accepts 'negative' rights as legitimate rights. Negative rights, the argument goes, place no obligations on you to provide goods to other people and thus respect your right to keep the fruits of your labour. A classic enumeration of negative rights includes life, liberty, and the pursuit of happiness. Positive rights, by contrast, obligate you either to provide goods to others, or pay taxes that are used for redistributive purposes. Health care falls into the category of positive rights since its provision by the government requires taxation and therefore redistribution. Therefore, the libertarian or individualist might argue that health care cannot be a true right. This paper rejects the distinction between positive and negative rights. In fact, the protection of both positive and negative rights can place obligations on others. Furthermore, because of its role in helping protect equality of opportunity, health care can be tied to the rights to life, liberty, and the pursuit of happiness. There is, therefore, good reason to believe that health care is a human right and that universal access should be guaranteed. The practical application, by governments and non-governmental organisations, of several of the arguments presented in this paper is also discussed.

  14. ANALYSIS OF THE MAIN STRUCTURAL CHARACTERISTICS OF THE ROMANIAN FINANCIAL SYSTEM

    Directory of Open Access Journals (Sweden)

    Marius Constantin Apostoaie

    2011-12-01

    Full Text Available To know and to understand the factors within a financial system that significantly influences the institutions behaviour and the market responses to the central bank actions is of great importance for the monetary authorities and for the achievement of their monetary policy objectives. In Romania, the National Bank must pay special attention to financial institutions given their significant role in the process of financial intermediation (bank-based system. This study aims to conduct an investigation of the main coordinates of the Romanian financial system that are relevant for the study of the monetary policy transmission mechanism. The study focuses on the following features of the Romanian financial system: financial deepening, the existence of a bank-based system, the concentration degree of the Romanian banking sector, the balance sheet structure of monetary financial institutions and the soundness of the banking system. The study also considers the effects of the recent financial market turmoil on the financial system. The span of the empirical study covers the period after 2000 but brings to the forefront the period before and after October 2008. We believe that this research provides useful information for a future analysis of the Romanian monetary policy transmission mechanism.

  15. 49 CFR 192.705 - Transmission lines: Patrolling.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 3 2010-10-01 2010-10-01 false Transmission lines: Patrolling. 192.705 Section... NATURAL AND OTHER GAS BY PIPELINE: MINIMUM FEDERAL SAFETY STANDARDS Maintenance § 192.705 Transmission... adjacent to the transmission line right-of-way for indications of leaks, construction activity, and...

  16. MODERN FEATURES OF FINANCIAL GLOBALIZATION

    Directory of Open Access Journals (Sweden)

    VALENTINA FETINIUC

    2013-10-01

    Full Text Available Nowadays, financial globalization as latest stage of financial internationalization process becomes to be the most discussed subject by economic scientists. It has many forms of manifestation and directions of development. One of the main features of financial globalization is increasing the role of the financial sector, linked with the expansion of the scope and complexity of foreign economic relations. The financial system has increasingly become a means of redistribution of financial resources in accordance with the needs and possibilities of development of production not only at national but also at the global level. In this work are presented modern views on financial globalization under aspect of concepts, trends, effects and perspectives.

  17. Integrated Financial Management Program

    Science.gov (United States)

    Pho, Susan

    2004-01-01

    Having worked in the Employees and Commercial Payments Branch of the Financial Management Division for the past 3 summers, I have seen the many changes that have occurred within the NASA organization. As I return each summer, I find that new programs and systems have been adapted to better serve the needs of the Center and of the Agency. The NASA Agency has transformed itself the past couple years with the implementation of the Integrated Financial Management Program (IFMP). IFMP is designed to allow the Agency to improve its management of its Financial, Physical, and Human Resources through the use of multiple enterprise module applications. With my mentor, Joseph Kan, being the branch chief of the Employees and Commercial Payments Branch, I have been exposed to several modules, such as Travel Manager, WebTads, and Core Financial/SAP, which were implemented in the last couple of years under the IFMP. The implementation of these agency-wide systems has sometimes proven to be troublesome. Prior to IFMP, each NASA Center utilizes their own systems for Payroll, Travel, Accounts Payable, etc. But with the implementation of the Integrated Financial Management Program, all the "legacy" systems had to be eliminated. As a result, a great deal of enhancement and preparation work is necessary to ease the transformation from the old systems to the new. All this work occurs simultaneously; for example, e-Payroll will "go live" in several months, but a system like Travel Manager will need to have information upgraded within the system to meet the requirements set by Headquarters. My assignments this summer have given me the opportunity to become involved with such work. So far, I have been given the opportunity to participate in projects resulting from a congressional request, several bankcard reconciliations, updating routing lists for Travel Manager, updating the majordomo list for Travel Manager approvers and point of contacts, and a NASA Headquarters project involving

  18. 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.

  19. 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.

  20. Getting offshoring right.

    Science.gov (United States)

    Aron, Ravi; Singh, Jitendra V

    2005-12-01

    The prospect of offshoring and outsourcing business processes has captured the imagination of CEOs everywhere. In the past five years, a rising number of companies in North America and Europe have experimented with this strategy, hoping to reduce costs and gain strategic advantage. But many businesses have had mixed results. According to several studies, half the organizations that have shifted processes offshore have failed to generate the expected financial benefits. What's more, many of them have faced employee resistance and consumer dissatisfaction. Clearly, companies have to rethink how they formulate their offshoring strategies. A three-part methodology can help. First, companies need to prioritize their processes, ranking each based on two criteria: the value it creates for customers and the degree to which the company can capture some of that value. Companies will want to keep their core (highest-priority) processes in-house and consider outsourcing their commodity (low-priority) processes; critical (moderate-priority) processes are up for debate and must be considered carefully. Second, businesses should analyze all the risks that accompany offshoring and look systematically at their critical and commodity processes in terms of operational risk (the risk that processes won't operate smoothly after being offshored) and structural risk (the risk that relationships with service providers may not work as expected). Finally, companies should determine possible locations for their offshore efforts, as well as the organizational forms--such as captive centers and joint ventures--that those efforts might take. They can do so by examining each process's operational and structural risks side by side. This article outlines the tools that will help companies choose the right processes to offshore. It also describes a new organizational structure called the extended organization, in which companies specify the quality of services they want and work alongside providers

  1. Right heart ventriculography

    Science.gov (United States)

    Angiography - right heart ... The catheter will be moved forward into the right side of the heart. As the catheter is advanced, the doctor can record pressures from the right atrium and right ventricle. Contrast material ("dye") is ...

  2. 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.

  3. International Banking and Liquidity Risk Transmission: Lessons from Across Countries

    OpenAIRE

    Claudia M. Buch; Goldberg, Linda

    2014-01-01

    Activities of international banks have been at the core of discussions on the causes and effects of the international financial crisis. Yet, we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through international banks, including the reasons for heterogeneity in transmission across banks. The International Banking Research Network (IBRN), established in 2012, brings together researchers from around the world with access to micro-data on individual ...

  4. 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...

  5. On the Welfare Implications of Financial Globalization without Financial Development

    OpenAIRE

    Enrique G. Mendoza; Vincenzo Quadrini; José-Víctor Ríos-Rull

    2007-01-01

    It is widely argued that countries can reap large gains from liberalizing their capital accounts if financial globalization is accompanied by the development of domestic institutions and financial markets. However, if liberalization does not lead to financial development, globalization can result in adverse effects on social welfare and the distribution of wealth. We use a multi-country model with non-insurable idiosyncratic risk to show that, if countries differ in the degree of asset market...

  6. Financial Development, Financial Structure, and Domestic Investment: International Evidence

    OpenAIRE

    Ndikumana, Léonce

    2003-01-01

    Does it matter for domestic investment whether a country’s financial system is bank based or stock-market based? This paper posits that financial intermediation affects domestic investment notably by alleviating financing constraints, allowing firms to increase investment in response to increased demand for output. The key result is that the structure of the financial system has no independent effect on investment, in the sense that it does not enhance the response of investment to changes in...

  7. 42 CFR 436.610 - Assignment of rights to benefits.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 4 2010-10-01 2010-10-01 false Assignment of rights to benefits. 436.610 Section... General Financial Eligibility Requirements and Options § 436.610 Assignment of rights to benefits. (a) As... payments, unless the individual establishes good cause for not cooperating, and except for...

  8. Civil Affairs Authorities Bent on Protecting People s Basic Rights

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    In response to the global financial crisis,China's civil affairs au-thorities redoubled their effort in 2009 to improve the livelihood of the Chinese people and protect their basic rights and interests under the constitutional principle of respectingand protecting human rights.

  9. Financial fraud and health: the case of Spain.

    Science.gov (United States)

    Zunzunegui, Maria Victoria; Belanger, Emmanuelle; Benmarhnia, Tarik; Gobbo, Milena; Otero, Angel; Béland, François; Zunzunegui, Fernando; Ribera-Casado, Jose Manuel

    To examine whether financial fraud is associated with poor health sleeping problems and poor quality of life. Pilot study (n=188) conducted in 2015-2016 in Madrid and León (Spain) by recruiting subjects affected by two types of fraud (preferred shares and foreign currency mortgages) using venue-based sampling. Information on the monetary value of each case of fraud; the dates when subjects became aware of being swindled, lodged legal claim and received financial compensation were collected. Inter-group comparisons of the prevalence of poor physical and mental health, sleep and quality of life were carried according to type of fraud and the 2011-2012 National Health Survey. In this conventional sample, victims of financial fraud had poorer health, more mental health and sleeping problems, and poorer quality of life than comparable populations of a similar age. Those who had received financial compensation for preferred share losses had better health and quality of life than those who had not been compensated and those who had taken out foreign currency mortgages. The results suggest that financial fraud is detrimental to health. Further research should examine the mechanisms through which financial fraud impacts health. If our results are confirmed psychological and medical care should be provided, in addition to financial compensation. Copyright © 2017 SESPAS. Publicado por Elsevier España, S.L.U. All rights reserved.

  10. Reconfiguring the Financial Markets

    Directory of Open Access Journals (Sweden)

    Ion Bucur

    2009-12-01

    Full Text Available The debut of the new millennium is marked by the increased economic and social imbalances. An important task of economic science is to identify the causes and factors that contributed to the radical transformation of the unfolding conditions of economic activity. The existence of different perspectives to approach the new realities may offer greater opportunities for decrypting the conditions that generated so far unknown developments, as well as for shaping solutions to promote new paths of progress and civilization. The defining with profound implications on the economy and society is represented by the globalization. From this perspective, we have analysed the new dimensions of capital accumulation and economic growth in the context of deregulation and liberalization of the international capital movements. In this context, we have noticed the increasing influence of the financial markets on the economy, the tendency to remove the finances from the real economy requirements, the growing role of external financing using more volatile capital goods, increased competition regarding the access to financing, the significant increase of power of the international capital markets whose characteristic is represented by the increased instability, the implications of the investors’ obsession with an excessive profitableness of their own funds and the expansion of using sophisticated financial products. Realities of today’s financial markets, which are the subject of numerous studies and analysis, have contributed to the association of the arguments that are contesting the thesis on the virtues of self-regulation markets and promoting a new paradigm, within which finances should subordinate the requirements of a balanced and sustained economic growth.

  11. Special Issue: Labour Rights, Human Rights.

    Science.gov (United States)

    International Labour Review, 1998

    1998-01-01

    Includes "Introduction"; "International Labour Standards and Human Rights" (Valticos); "The Origins of Convention No. 87 on Freedom of Association and the Right to Organize" (Dunning); "Human Rights Law and Freedom of Association" (Swepston); "Freedom of Association" (von Potobsky); "The ILO [International Labour Organization] Declaration of 1998…

  12. 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…

  13. 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…

  14. Offshoring and financial markets

    Directory of Open Access Journals (Sweden)

    Gianfranco Battisti

    2014-06-01

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

  15. Analyzing Chinese Financial Reporting

    Institute of Scientific and Technical Information of China (English)

    SABRINA; ZHANG

    2008-01-01

    If the world’s capital markets could use a harmonized accounting framework it would not be necessary for a comparison between two or more sets of accounting standards. However,there is much to do before this becomes reality.This article aims to pres- ent a general overview of China’s General Accepted Accounting Principles(GAAP), U.S.General Accepted Accounting Principles and International Financial Reporting Standards(IFRS),and to analyze the differ- ences among IFRS,U.S.GAAP and China GAAP using fixed assets as an example.

  16. A STUDY OF USING FINANCIAL AND NON-FINANCIAL CRITERIA IN EVALUATING PERFORMANCE: SOME EVIDENCE OF IRAN

    Directory of Open Access Journals (Sweden)

    Behzad Ghorbani

    2011-03-01

    Full Text Available The success of any organization is reflected upon by its performance which is in turn highlydependent upon its strategies. In this era of cut-throat competition, what an organization requires isnot just framing the right strategies, but also managing the same. The impact of the right strategieswill automatically be reflected in the results. This research includes analyzing balanced scorecard(BSC is inclusively. BSC pays attention to institutions traditional criteria evaluation i.e. financialand non-financial criteria that are mostly guidance and controlling criteria. Therefore, the mainquestions of this research include: How much financial and non-financial criteria are used to evaluatethe efficiency? Do the efficiency evaluators who know well about balanced scorecard pay moreattention to non-financial criteria? The results of T-test, independence sample, multi variable singlevariance analysis test and Tokay test, the following show that.First the efficiency evaluators are mostly interested in using financial criteria rather than nonfinancialonce; and second using non-financial criteria, there was significant difference betweenthose evaluators who were familiar with BSC and the others.

  17. Statistical inference for financial engineering

    CERN Document Server

    Taniguchi, Masanobu; Ogata, Hiroaki; Taniai, Hiroyuki

    2014-01-01

    This monograph provides the fundamentals of statistical inference for financial engineering and covers some selected methods suitable for analyzing financial time series data. In order to describe the actual financial data, various stochastic processes, e.g. non-Gaussian linear processes, non-linear processes, long-memory processes, locally stationary processes etc. are introduced and their optimal estimation is considered as well. This book also includes several statistical approaches, e.g., discriminant analysis, the empirical likelihood method, control variate method, quantile regression, realized volatility etc., which have been recently developed and are considered to be powerful tools for analyzing the financial data, establishing a new bridge between time series and financial engineering. This book is well suited as a professional reference book on finance, statistics and statistical financial engineering. Readers are expected to have an undergraduate-level knowledge of statistics.

  18. Macroprudential policy and financial stability

    Directory of Open Access Journals (Sweden)

    Bogdan CHIRIACESCU

    2013-02-01

    Full Text Available This paper tries a conceptual framing of the issue of financial stability in economic theory and also to identify solutions to address episodes of financial instability. An essential reference is Minsky's financial instability hypothesis, which argues that a fundamental feature of the financial system is that it swings between robustness and fragility and these pendulum swings are an integral part of the process that generates the business cycle. Studies show that the effects of banking crises on economic activity are important both in magnitude and duration. Recently, macroprudential policy stood out as a central pillar in promoting financial stability in a broad sense. Regarding specific objectives of macroprudential policy, the prevalent vision refers to limiting systemic risk and macroeconomic costs of financial crises, but there are also important nuances.

  19. Financial issues for hospital auxiliaries.

    Science.gov (United States)

    Fogel, L A

    1986-01-01

    Auxiliaries can serve a more important financial role in today's environment than ever before. Hospitals are searching for positive avenues to promote themselves to the community and to generate more financial support to help offset the losses created by decreasing inpatient utilization and payments from third-party payers. Auxiliaries should recognize that their financial role has never been more important to the financial viability of their hospitals. Auxiliaries should communicate closely with hospital administration so that both organizations work to achieve compatible goals. Auxiliaries should be operated more like businesses, which means establishing goals and objectives, preparing effective budgets and interim financial statements, thinking and planning innovatively, and establishing adequate inventory controls, investment policies, and pricing structures. If auxiliaries follow these steps, they will not only succeed in providing more financial support to hospitals than ever before but will also receive the recognition and support they deserve for their effort.

  20. Financial crisis: theory and practice

    OpenAIRE

    Ramírez Sarrió, Dídac; Ceballos Hornero, David; Rodriguez, Martha; Cortez, Klender; Cantarero Prieto, David; CASTILLO, Jorge; Fuenzalida, Darcy; Garcia, Heriberto; Mongrut, Samuel; Nash, Mauricio; Rosales, Luis Francisco; Torres, Gabriela; Treviño, Eduardo

    2009-01-01

    In the last 50 years, we have had approximately 40 events with characteristics related to financial crisis. The most severe crisis was in 1929, when the financial markets plummet and the US gross domestic product decline in more than 30 percent. Recently some years ago, a new crisis developed in the United States, but instantly caused consequences and effects in the rest of the world. This new economic and financial crisis has increased the interest and motivation for the academic communit...

  1. Essays on financial analysts' forecasts

    OpenAIRE

    2006-01-01

    This dissertation contains three self-contained chapters dealing with specific aspects of financial analysts' earnings forecasts. After recent accounting scandals, much attention has turned to the incentives present in the career of professional financial analysts. The literature points to several reasons why financial analysts behave overoptimistically when providing their predictions. In particular, analysts may wish to maintain good relations with firm management, to please the underwriter...

  2. Financial accounting for radiology executives.

    Science.gov (United States)

    Seidmann, Abraham; Mehta, Tushar

    2005-03-01

    The authors review the role of financial accounting information from the perspective of a radiology executive. They begin by introducing the role of pro forma statements. They discuss the fundamental concepts of accounting, including the matching principle and accrual accounting. The authors then explore the use of financial accounting information in making investment decisions in diagnostic medical imaging. The paper focuses on critically evaluating the benefits and limitations of financial accounting for decision making in a radiology practice.

  3. What are financial journalists for?

    OpenAIRE

    2010-01-01

    In order to understand why so little media attention was paid to risks in the banking sector in the run up to the financial crisis, we need to understand the framework of law, regulation, self-regulation and professional incentives that structure the practice of financial and business journalism. This paper focuses in particular on what role financial journalists play in the system of corporate governance, the ways in which law and regulation recognize that role, and the extent to which this ...

  4. FINANCIAL DIAGNOSIS OF STOCKS

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2014-12-01

    Full Text Available Financial diagnosis is a part of a company’s general diagnosis. The role of the financial diagnosis is to establish the situation of the company at a given time, to see if it is viable, to help the decision-makers to take the best measures to continue or cease the activity, or to sell, buy or liquidate the company. Each entity is unique and arbitrarily applying some analysis models used by other companies can lead to significant errors. One cannot analyze in the same way a company that produces household products and a trade company. In the first one, the working capital must be positive, because permanent capitals must finance the fixed assets which have a high value, and the working capital will finance the operating cycle. In case of a trade company, a negative working capital might represent a positive activity, because the duration of the operating cycle is much shorter, and short term sources can also finance the company’s tangible assets.

  5. What Role Have Banks in Financial Crises?

    OpenAIRE

    Andries, Alin Marius

    2009-01-01

    Financial crises mainly manifest themselves at the level of financial institutions. Although financial crises can also be generated within non-financial institutions, the role of banking institutions in the occurrence, transmitting and solving of financial crises is a deciding one. Banks play a deciding role in the development of financial crises as financial intermediaries who contribute to the efficient transfer of funds from the abundant agent towards the deficit agents. Banks can facilita...

  6. The Company Financial Diagnosis Informatic System

    OpenAIRE

    Alin Isac; Claudia Isac

    2005-01-01

    Specialists consider a financial diagnosis necessary for measuring the profitableness of invested capital and for estimating the economic and financial equilibrium, which has a certain influence on the economic, financial, and bankruptcy risk rate. Thus, the main purpose of any financial diagnosis is to point out the financial state of the company in order to identify possible causes and effects. A financial diagnosis starts with determining and interpreting a set of economic- financial indic...

  7. First half 2005 financial results; Resultats du 1. semestre 2005

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2005-07-01

    With manufacturing facilities in over 40 countries and a sales network in over 100, AREVA offers customers technological solutions for nuclear power generation and electricity transmission and distribution. The group also provides interconnect systems to the telecommunications, computer and automotive markets. This document presents the first half 2005 financial results of the group: 1 - overall performance: sales revenue, operating income, consolidated net income, operating cash flow, balance sheet; 2 - outlook; 3 - performance by business division: front-end division, reactors and services division, back end division, transmission and distribution division, connectors division.

  8. SUBPRIME CRISIS AND FINANCIAL CONTAGION: EVIDENCE FROM TUNISIA

    Directory of Open Access Journals (Sweden)

    Mongi GHARSELLAOUI

    2013-01-01

    Full Text Available The purpose of this paper is to study the subprime crisis while focusing on the phenomenon of financial contagion. Subprime crisis is a crisis that has hit the U.S. mortgage sector and helped to trigger the financial crisis of 2007-2009. In the context of this study, we are interested in exposing the subprime crisis and the contagion first point. The second point will be reserved for the transmission channels of contagion and the third point; we will try to assess the impact of liquidity on the capital market returns. This study shows that the Tunisian financial market does not seem to be very influenced by the subprime crisis. This can be explained by the intrinsic characteristics of the Tunisian market, an underdeveloped market and elemental thing that can make him more or less immune to that crisis.

  9. Financial crises and volatility spillovers among emerging European equity markets

    Directory of Open Access Journals (Sweden)

    Ugur Ergun

    2014-08-01

    Full Text Available Financial crisis not only have statistically but also economically significant impact on global equity market returns. This study analyzes whether current financial crisis affect the equity market returns of Balkan transition economies and what is the extent of such impact by employing Generalized Autoregressive Conditional Heteroscedasticity model is employed on daily data spans from 2006 to 2012 for three transition economies which are Bosnia-Herzegovina, Croatia and Serbia. Empirical result indicates that volatility of Serbian stock price is influenced by the volatility of Bosnian and Croatian stock prices. There is one way volatility transmission from Bosnian and Croatian stock markets to Serbian stock market. High degree of volatility is observed in the stock markets during latest financial crises.

  10. Endogenous money, circuits and financialization

    OpenAIRE

    Malcolm Sawyer

    2013-01-01

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

  11. Genesis of enterprise financial security

    Directory of Open Access Journals (Sweden)

    Davydenko N. M.

    2015-05-01

    Full Text Available The article analyzes the scientific approaches to the definition of «financial security of entities», advantages and disadvantages of these approaches are highlighted. The own definition of financial security of entities is given. The composition of elements of enterprise financial security and principles of its provision are defined. Тhe role of individual elements of financial security to ensure high efficiency operation and development of enterprises is significant and has a direct impact on their solvency, liquidity and profitability.

  12. Balancing Responsibilities – Financial Literacy

    Directory of Open Access Journals (Sweden)

    Gail Pearson

    2017-03-01

    Full Text Available In Australia there is an obligation to promote the informed participation of financial consumers while in South Africa there is an obligation to educate consumers. The Australian obligation is concerned with the financial system as a whole while the South African obligation has generally been focused on general financial education as a tool to promote financial inclusion. There is no obligation for consumers to attain a minimum standard of literacy in credit or finance generally. Financial literacy is one among a number of strategies directed towards inducing changes in consumer behaviour. It sits between the old regulatory model which relies on disclosure of information for effective and rational decision-making and a newer regulatory model which takes into account individuals' perceptions and behavioural biases and may seek to accommodate for these by imposing obligations on financial services providers beyond the mere disclosure of information. Financial literacy is generally the ability to understand how money works, how a person can earn money or make it more. It specifically refers to the set of skills and knowledge that allows people to make informed and effective decisions with all of their financial resources. This article discusses Australian and South African legal obligations and social responsibilities aimed at promoting the financial literacy of consumers.

  13. Welfare Gains from Financial Liberalization.

    Science.gov (United States)

    Townsend, Robert M; Ueda, Kenichi

    2010-08-01

    Financial liberalization has been a controversial issue, as empirical evidence for growth enhancing effects is mixed. Here, we find sizable welfare gains from liberalization (cost to repression), though the gain in economic growth is ambiguous. We take the view that financial liberalization is a government policy that alters the path of financial deepening, while financial deepening is endogenously chosen by agents given a policy and occurs in transition towards a distant steady state. This history-dependent view necessitates the use of simulation analysis based on a growth model. Our application is a specific episode: Thailand from 1976 to 1996.

  14. Benin - Access to Financial Services

    Data.gov (United States)

    Millennium Challenge Corporation — The performance evaluation undertaken included administrative financial data from MFIs and MSMEs which received grants under the Benin Compact as well as survey data...

  15. Australian Infrastructure Financial Management Guidelines

    Directory of Open Access Journals (Sweden)

    Chris Champion

    2009-11-01

    Full Text Available The Institute of Public Works Engineering Australia (IPWEA has recently published the Australian Infrastructure Financial Management Guidelines. The Guidelines provide new assistance to link the technical (engineering and financial aspects of managing infrastructure and services, and to assist infrastructure owners such as local government to develop sustainable long-term asset and financial management plans. Financial management for long-life infrastructure assets (such as roads, water, sewerage, and stormwater networks, and community buildings is about ensuring sustainability in the provision of services required by the community. These new Guidelines offer advice for every organisation and individual with responsibility for the management of infrastructure assets. They assist in defining best practice approaches for: • Accounting for infrastructure • Depreciation, valuation, useful life, fair value • Managing financial sustainability • Integrating asset management planning and long term financial planning • Meeting requirements for financial reporting The project was a joint initiative of IPWEA and the National Local Government Financial Management Forum. A steering committee representing national and state governments, technical and financial professionals, local government associations and auditors oversaw it.

  16. 天津圖書館專輯/圖書館的網絡服務與《信息網絡傳播權保護條例》/李國新 | Library Information Network Services and the Information Network Transmission Right Protection Ordinance/ Guo-Xin Li

    OpenAIRE

    李國新

    2007-01-01

    中國圖書館界以積極主動的態度參與《信息網絡傳播權保護條例》制定,取得了明顯成效。今天的圖書館服務對網絡環境的高度依賴,以及信息網絡傳播權對 圖書館網絡服務的制約,決定了圖書館界必須代表社會公眾利益作出不懈努力。已經實施的《信息網絡傳播權保護條例》為圖書館活動帶來了保障,也形成了制約。 圖書館界面臨著新的任務。

    Libraries in China have been actively participating in the formulation of “Information Network Transmission Right Protection Ordinance”. This has already achived good effects. In these days library services are heavily relying on the network environment and network services, information networ...

  17. 77 FR 43083 - Information Collection; Nondiscrimination in Federal Financial Assistance Programs

    Science.gov (United States)

    2012-07-23

    ..., Nondiscrimination in Federal Financial Assistance Programs, by any of the following methods: Regulations.gov : http... civil rights laws and regulations that apply to Federal Financial Assistance programs administered by... From the Federal Register Online via the Government Publishing Office GENERAL SERVICES...

  18. 76 FR 74105 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing...

    Science.gov (United States)

    2011-11-30

    ... COMMISSION Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and... November 21, 2011, Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with the Securities and... significant increase in trading pauses involving rights and warrants since the inclusion of the Phase...

  19. Minority Language Rights.

    Science.gov (United States)

    O Riagain, Padraig; Shuibhne, Niamh Nic

    1997-01-01

    A survey of literature since 1990 on minority languages and language rights focuses on five issues: definition of minorities; individual vs. collective rights; legal bases for minority linguistic rights; applications and interpretations of minority language rights; and assessments of the impact of minority rights legislation. A nine-item annotated…

  20. 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

  1. 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)

  2. 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 prev

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

    Directory of Open Access Journals (Sweden)

    Feng Wei

    2016-11-01

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

  4. 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

  5. IMPROVING FINANCIAL INCLUSION: TOWARDS A CRITICAL FINANCIAL EDUCATION FRAMEWORK

    Directory of Open Access Journals (Sweden)

    Renê Birochi

    2016-05-01

    Full Text Available Empirical research suggests that financial inclusion initiatives – such as facilitating access to financial resources or providing microcredit – are alone not enough to lower socioeconomic disparities. In this article, we adopt a critical stance as a guide for our empirical investigation. Our aim is to propose a financial education framework, tailored to low-income micro-entrepreneurs, that embraces new information and communication technologies (ICTs and seeks to improve financial inclusion and social emancipation. This empirical study was conducted in an Amazonian municipality in Brazil where recent access to ICTs has brought about important and varied socioeconomic changes. Results show that ICT-supported and tailored critical financial education can play a dual role: on the one hand, access to financial education might decrease the effects of generative mechanisms on global/local tensions, triggered by standardized ICT applications; on the other hand, such access might increase financial inclusion and social transformation through the integration of guiding principles into financial education programs.

  6. 49 CFR 1152.27 - Financial assistance procedures.

    Science.gov (United States)

    2010-10-01

    ... provide effective transportation services). Fair market value equals constitutional minimum value which is... constitutional minimum value is computed without regard to labor protection costs. (7) Within 10 days of the... demonstrated financial responsibility in its own right. (2) Except as provided in paragraph (i)(3) of...

  7. Growing Up to Stability? Financial Globalization, Financial Development and Financial Crises

    OpenAIRE

    Bordo, Michael D.; Christopher M. Meissner

    2015-01-01

    Why did some countries learn to grow up to financial stability and others not? We explore this question by surveying the key determinants and major policy responses to banking, currency, and debt crises between 1880 and present. We divide countries into three groups: leaders, learners, and non-learners. Each of these groups had very different experiences in terms of long-run economic outcomes, financial development, financial stability, crisis frequency, and their policy responses to crises. ...

  8. 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.

  9. 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

  10. 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.

  11. Linking XBRL Financial Data

    Science.gov (United States)

    García, Roberto; Gil, Rosa

    One of the main ways of populating the Web of Data is by translating existing data sources. One interesting candidate for this approach is data based on the eXtensible Business Reporting Language (XBRL), a standard for business and financial reporting. Many institutions are making available or requiring data in this format, e.g. the U.S. Securities and Exchange Commission (SEC) through the EDGAR program. However, XBRL data is loosely interconnected and it is difficult to mix and query it. Our contribution is a translation from XBRL filings to Semantic Web technologies, which we have applied to more than 1000 filings obtaining more than 2 million triples. The resulting semantic data is easier to integrate and cross query. Moreover, it can be interconnected with the rest of the Web of Data in order to extract its full potential.

  12. Terrorism and financial supervision

    Directory of Open Access Journals (Sweden)

    Anatoli van der Krans

    2005-12-01

    Full Text Available This article presents an analysis of how legislators on international, European and national level combat the financing of terrorism. The central question in this article is whether European regulations concerning the prevention of money laundering and the financing of terrorism, are effective, proportional and mutually harmonious. Now that many regulations in this field have been established by intra-national bodies, it is important to examine how these regulations are further elaborated in the respective national systems. This article gives a broad overview of legislative initiatives of the UN, USA, FATF, EU and Council of Europe. The Netherlands for numerous reasons serves as a legal example. It is concluded that measures taken or proposed to avoid or at least reduce the financing of terrorism are quite effective to prevent abuse of the financial system. On the other hand, these measures increase the risk of underground or illegal financing, which is even more difficult to control.

  13. Financial market dynamics

    Science.gov (United States)

    Michael, Fredrick; Johnson, M. D.

    2003-03-01

    A necessary precondition for modeling financial markets is a complete understanding of their statistics, including dynamics. Distributions derived from nonextensive Tsallis statistics are closely connected with dynamics described by a nonlinear Fokker-Planck equation. The combination shows promise in describing stochastic processes with power-law distributions and superdiffusive dynamics. We investigate intra-day price changes in the S& P500 stock index within this framework. We find that the power-law tails of the distributions, and the index's anomalously diffusing dynamics, are very accurately described by this approach. Our results show good agreement between market data and Fokker-Planck dynamics. This approach may be applicable in any anomalously diffusing system in which the correlations in time can be accounted for by an Ito-Langevin process with a simple time-dependent diffusion coefficient.

  14. Terrorism and financial supervision

    Directory of Open Access Journals (Sweden)

    Anatoli van der Krans

    2005-12-01

    Full Text Available This article presents an analysis of how legislators on international, European and national level combat the financing of terrorism. The central question in this article is whether European regulations concerning the prevention of money laundering and the financing of terrorism, are effective, proportional and mutually harmonious. Now that many regulations in this field have been established by intra-national bodies, it is important to examine how these regulations are further elaborated in the respective national systems. This article gives a broad overview of legislative initiatives of the UN, USA, FATF, EU and Council of Europe. The Netherlands for numerous reasons serves as a legal example. It is concluded that measures taken or proposed to avoid or at least reduce the financing of terrorism are quite effective to prevent abuse of the financial system. On the other hand, these measures increase the risk of underground or illegal financing, which is even more difficult to control.

  15. Financial Knowledge and Best Practice Behavior

    Science.gov (United States)

    Robb, Cliff A.; Woodyard, Ann S.

    2011-01-01

    The current research examines the relationship between personal financial knowledge (both objective and subjective), financial satisfaction, and selected demographic variables in terms of best practice financial behavior. Data are taken from the Financial Industry Regulatory Authority's (FINRA) National Financial Capability Study, a nationally…

  16. 75 FR 22680 - Financial Management Service; Proposed Collection of Information: Annual Financial Statement of...

    Science.gov (United States)

    2010-04-29

    ... 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 Service, as part of its...

  17. Greed and adolescent financial behavior

    NARCIS (Netherlands)

    Seuntjens, T.G.; van de Ven, Niels; Zeelenberg, M.; van der Schors, Anna

    2016-01-01

    Financial problems in adolescents have increased over the last decades. We investigated if individual differences in greed relate to financial behavior. Greed is an important motive for economic behavior and refers to the tendency to never be satisfied and to always want more. We developed a short v

  18. Financial Services and Emerging Markets

    NARCIS (Netherlands)

    B. Karreman (Bas)

    2011-01-01

    textabstractThis study addresses the organization and strategy of firms in emerging markets with an explicit application to financial services. Given the relevance of a well-functioning financial system for economic growth, understanding the organization and strategy of firms contributing to the dev

  19. Financial Planning with Fractional Goals

    OpenAIRE

    Goedhart, M.H.; Spronk, Jaap

    1995-01-01

    textabstractWhen solving financial planning problems with multiple goals by means of multiple objective programming, the presence of fractional goals leads to technical difficulties. In this paper we present a straightforward interactive approach for solving such linear fractional programs with multiple goal variables. The approach is illustrated by means of an example in financial planning.

  20. Stakeholder relations and financial performance

    NARCIS (Netherlands)

    Scholtens, B.; Zhou, Y.

    2008-01-01

    We analyze how shareholder performance can be associated with stakeholder relations. As such, we try to find out whether there is an association between financial performance and stakeholder relations with respect to different theoretical notions about the firm. Financial performance is operationali

  1. Teaching OOP with Financial Literacy

    Science.gov (United States)

    Zhu, Hongwei

    2011-01-01

    Students lose interest in learning programming when the materials are not related to their lives. A challenge facing most students is that they lack the financial literacy necessary to manage their debts. An approach is developed to integrate financial literacy into an object-oriented programming (OOP) course. The approach is effective in…

  2. Certification of Financial Aid Administrators

    Science.gov (United States)

    Peterson, Stacey A.

    2011-01-01

    The certification of financial aid administrators has been debated for over 37 years. A job satisfaction survey conducted by the National Association of Student Financial Aid Administrators (NASFAA, 2008a) revealed that college and university administrators' perceptions of the efficiency, effectiveness, and quality of the services provided by the…

  3. Financial Scandals and Student Loans

    Science.gov (United States)

    Eisenberg, Meyer; Franke, Ann H.

    2007-01-01

    The investigations of student-loan programs around the country echo previous scandals in the financial world involving stock offerings and mutual funds. The relationships between lenders and financial-aid officers seem to raise the same questions about impropriety, conflict of interest, and possible fraud. Indeed, lessons from Wall Street can…

  4. Bulgaria Financial Sector Assessment Program

    OpenAIRE

    World Bank Group

    2017-01-01

    This technical note results from the Financial Sector Assessment (FSAP) conducted in the period 17 January 2017 and 1 February 2017. The note covers the activities of the Financial Supervision Commission (FSC), the state of the pension and insurance sectors and the challenges to their development. The exercise for insurance did not involve a full assessment against the Insurance Core Princ...

  5. Jordan Banks Financial Soundness Indicators

    Directory of Open Access Journals (Sweden)

    Imad Kutum

    2015-09-01

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

  6. Financial repression and fiscal policy

    NARCIS (Netherlands)

    Gupta, KL; Lensink, R

    1997-01-01

    This paper develops a simulation model to assess the consequences of government's trying to raise revenues through financial repression in developing countries. The measures of financial repression studied are (1) government borrowing from the banking sector to finance its budget deficit (2) governm

  7. Stakeholder relations and financial performance

    NARCIS (Netherlands)

    Scholtens, B.; Zhou, Y.

    2008-01-01

    We analyze how shareholder performance can be associated with stakeholder relations. As such, we try to find out whether there is an association between financial performance and stakeholder relations with respect to different theoretical notions about the firm. Financial performance is

  8. Complexity theory and financial regulation

    NARCIS (Netherlands)

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

    2016-01-01

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

  9. Cultural Transmission of Civicness

    DEFF Research Database (Denmark)

    Ljunge, Jan Martin

    2012-01-01

    This paper estimates the intergeneration transmission of civicness by studying second generation immigrants in 29 European countries with ancestry in 83 nations. There is significant transmission of civicness both on the mother’s and the father’s side. The estimates are quantitatively significant...... and provide evidence on the transmission of trustworthiness....

  10. Cultural Transmission of Civicness

    DEFF Research Database (Denmark)

    Ljunge, Jan Martin

    This paper estimates the intergeneration transmission of civicness by studying second generation immigrants in 29 European countries with ancestry in 83 nations. There is significant transmission of civicness both on the mother’s and the father’s side. The estimates are quantitatively significant...... and provide evidence on the transmission of trustworthiness....

  11. Macroeconomic aspects of financial liberalization

    Directory of Open Access Journals (Sweden)

    Mirdala Rajmund

    2006-01-01

    Full Text Available The positive and the negative macroeconomic aspects of the financial liberalization for the developing and emerging economies are well described in the present literature. But it is not easy to clearly summarize the final effects of the financial integration on the certain country. For instance the argument about the growth benefits of the capital account liberalization is likely to be inadequate considering the financial crises in the emerging markets at the end of the last century. On the other hand, many authors (especially in the financial literature report that the equity market liberalizations help to significantly boost the economic growth. There are also some examples on the microeconomic level (firm level or industry level when the international financial integration brings certain benefits to the integrated enterprises and the capital flows restriction leads to the distortionary effects. In the paper we analyze the macroeconomic effects of the capital flows liberalization.

  12. Financial fragility and global dynamics

    Energy Technology Data Exchange (ETDEWEB)

    Dieci, Roberto [Dipartimento di Matematica per le Scienze Economiche e Sociali, University of Bologna, Viale Filopanti 5, I-40126 Bologna (Italy); Sordi, Serena [Dipartimento di Economia Politica, University of Siena, Piazza San Francesco 7, I-53100 Siena (Italy)]. E-mail: sordi@unisi.it; Vercelli, Alessandro [Dipartimento di Economia Politica, University of Siena, Piazza San Francesco 7, I-53100 Siena (Italy)

    2006-08-15

    This paper deals with a simple model of financial fluctuations, where a crucial role is played by the dynamic interaction between aggregate current and intertemporal financial ratios. The model results in a 4D discrete-time dynamical system-capable of generating complex dynamics-which is analyzed by means of both analytical tools, such as local stability analysis and bifurcation theory, and numerical simulations. The behavior of the model is studied for different parameter regimes. We show that its dynamic behavior is very sensitive to the parameters that represent (1) the speed of adjustment of the desired current financial ratio towards a safe level of the intertemporal one and (2) the intensity with which aggregate current financial decisions affect future financial constraints. In particular, different parameter regimes are identified, giving rise to two different 'routes' to complexity, one leading to chaotic dynamics, the other to a coexistence of attractors and path-dependence.

  13. Spreadsheets and the Financial Collapse

    CERN Document Server

    Croll, Grenville J

    2009-01-01

    We briefly review the well-known risks, weaknesses and limitations of spreadsheets and then introduce some more. We review and slightly extend our previous work on the importance and criticality of spreadsheets in the City of London, introducing the notions of ubiquity, centrality, legality and contagion. We identify the sector of the financial market that we believed in 2005 to be highly dependant on the use of spreadsheets and relate this to its recent catastrophic financial performance. We outline the role of spreadsheets in the collapse of the Jamaican banking system in the late 1990's and then review the UK financial regulator's knowledge of the risks of spreadsheets in the contemporary financial system. We summarise the available evidence and suggest that there is a link between the use of spreadsheets and the recent collapse of the global financial system. We provide governments and regulating authorities with some simple recommendations to reduce the risks of continued overdependence on unreliable spr...

  14. FINANCIAL RENT, DEBT AND CRISIS

    Directory of Open Access Journals (Sweden)

    Atilla Ahmet UĞUR

    2011-12-01

    Full Text Available Financial crises have some common features even if they come into being in different areas and countries with different income level. Especially due to the financial liberalization and entegration of world economies, they affect many countries with a domino effect. Internationalization of capital stregthens particularly financial markets in developed countries and leads to speculative opportunities and possibilities of very high profit rates. Ambition for higher profit, from time to time, gives rise to fictitious structures, eliminating rational market behaviors. Problems of higher indebtedness and current account deficit in large economies such as the US lead to speculative bubles supported by financial derivatives, making nonproductive short term portfolio investments profitable. Before crisis, it is observed that this type of financial structures become common and real estate prices rise. And following crisis it is observed that public finance discipline deteriorate.

  15. From Finance Capitalism to Financialization

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

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

  16. Novel design of composite right/left handed transmission line based on fractal shaped geometry of complementary split ring resonators%基于分形互补开口环谐振器的复合左右手传输线研究

    Institute of Scientific and Technical Information of China (English)

    许河秀; 王光明; 张晨新; 逯科

    2011-01-01

    Novel balanced composite right/left handed transmission line (CRLH TL) with electrically small dimension of 0. 074λg based on Minkowski fractal shaped geometry of complementary split ring resonator (CSRRs) was proposed and studied. Effects of the ring number of CSRRs, iteration order, horizontal and vertical iteration factor to transmission characteristics of unbalanced CRLH TL were investigated through academic calculation, constitutive parameters extraction approach, and EM as well as electrical simulation. Thus working mechanism of fractal and multiloop structure in terms of miniaturization can be derived. For verification, novel balanced CRLH TL has been fabricated and measured. Results obtained from simulation, circuit model and measurement show good agreement which indicates: the -10 dB return loss bandwidth has been significantly broadened (relative bandwidth of 113.7%) while also presents a lower operating frequency. Good performance of the proposed structure exhibits promising foreground in ultra wide band and miniaturization application.%提出了一种基于Minkowski分形互补开口环谐振器(CSRRs)的电小平衡复合左右手传输线(CRLH TL)(单元尺寸为..074A,).采用理论计算、电磁仿真、等效电路模型计算(电仿真)及有效介质参数提取相结合的方法研究了非平衡CRLH TL传输特性随CSRRs环数、Minkowski环水平迭代因子、垂直迭代因子及迭代次数变化的影响,得出分形、多环结构实现小型化的作用机理.对所设计的电小平衡CRLH TL进行加工测试.仿真、等效电路模型计算以及测试的结果吻合得很好.结果表明与基于传统CSRRs加载的CRLH TI.相比,所提出的CRLH TL带宽明显展宽,一10 dB回波损耗相对带宽达到113.7纬,具有更低的工作频率.展现了其在超宽带、小型化器件应用的广阔前景.

  17. Financial and employment impacts of serious injury: a qualitative study.

    Science.gov (United States)

    Gabbe, Belinda J; Sleney, Jude S; Gosling, Cameron M; Wilson, Krystle; Sutherland, Ann; Hart, Melissa; Watterson, Dina; Christie, Nicola

    2014-09-01

    unemployed prior to injury, did not have extensive leave accrual at their pre-injury employment, and those not covered by injury compensation schemes or income protection insurance clearly represent participants "at risk" for substantial financial hardship post-injury. Early identification of these patients, and improved provision of information about financial support services, budgeting and work retraining could assist in alleviating financial stress after injury. Copyright © 2014 Elsevier Ltd. All rights reserved.

  18. Financial globalisation and economic sovereignty

    Directory of Open Access Journals (Sweden)

    Čaušević Fikret

    2004-01-01

    Full Text Available A number of very significant changes took place in the international financial system at the beginning of the 1970s, as a result of changes in the relations of economic power between the most developed countries in the world. A number of new financial instruments appeared in response to the new conditions on the international currency and financial markets, with far-reaching implications for the efficiency of national economic policy, in particular on the three main segments - monetary, fiscal, and exchange rate policy. The process of financial liberalization began in the late sixties and early seventies and became a dominant characteristic of the final two decades of last century. The essence of financial liberalization is the elimination of the state’s influence on the extension of credit, interest rates, bank-ownership, and the free movement of international capital. In the process of financial liberalization, countries with developed market structures and powerful financial institutions were at a great advantage over countries whose financial sector was poorly or under-developed. As a result of their very different starting positions, the process of financial liberalization during the last two decades led to a doubling of the gap between the richest and the poorest countries. Two decades ago, the richest five countries in the world were 128 times richer than the five poorest countries. During those two decades, this became 249 times richer. A change in business philosophy and the mission and goals of companies could well have a progressive, development impact, with a view to reducing the wealth gap, particularly in regions and countries sidelined as regards development until now. Nevertheless, international economic and financial groups and institutional capacity-building in national governments, including the ability to carry out an efficient macroeconomic policy, will continue to have a vital role to play in stimulating development and

  19. The automotive transmission book

    CERN Document Server

    Fischer, Robert; Jürgens, Gunter; Najork, Rolf; Pollak, Burkhard

    2015-01-01

    This book presents essential information on systems and interactions in automotive transmission technology and outlines the methodologies used to analyze and develop transmission concepts and designs. Functions of and interactions between components and subassemblies of transmissions are introduced, providing a basis for designing transmission systems and for determining their potentials and properties in vehicle-specific applications: passenger cars, trucks, buses, tractors, and motorcycles. With these fundamentals the presentation provides universal resources for both state-of-the-art and future transmission technologies, including systems for electric and hybrid electric vehicles.

  20. 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.

  1. 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.

  2. 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...

  3. MODELING OF ACCOUNTING ASPECTS OF FINANCIAL RESULTS

    Directory of Open Access Journals (Sweden)

    Hrayr HANISYAN

    2014-06-01

    Full Text Available Modern trends in world economy require expanding functional informational capabilities of financial statements. Market-oriented users of financial statements are interested in information necessary when making decisions of financial character.

  4. Subjects of Financial Planning at an Enterprise

    OpenAIRE

    Оверчук, Алла Василівна

    2016-01-01

    Subjects of financial planning have been considered, users of financial planned information have been determined as well as the analysis of information support of financial planning at an enterprise has been carried out.

  5. internet financial reporting by commercial banks

    African Journals Online (AJOL)

    NESG PUBLICATIONS

    have financial information posted on ... The Distribution of Different Types of Online Financial Information by IFR Firms in Hong Kong. ... with 57 providing detailed accounting .... The Journal of Financial Information System, 16 (3) 158 – 193.

  6. MODELING OF ACCOUNTING ASPECTS OF FINANCIAL RESULTS

    OpenAIRE

    Hrayr HANISYAN; Hasmik HANISYAN

    2014-01-01

    Modern trends in world economy require expanding functional informational capabilities of financial statements. Market-oriented users of financial statements are interested in information necessary when making decisions of financial character.

  7. Students win national financial planning contest

    OpenAIRE

    Sutphin, Michael D.

    2007-01-01

    Three Virginia Tech students studying financial planning have won the 2007 Ameriprise Financial Planning Invitational, bringing home $10,000 in scholarship money to support the financial planning program in the College of Agriculture and Life Sciences.

  8. 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

  9. Bordetella pertussis transmission.

    Science.gov (United States)

    Trainor, Elizabeth A; Nicholson, Tracy L; Merkel, Tod J

    2015-11-01

    Bordetella pertussis and B. bronchiseptica are Gram-negative bacterial respiratory pathogens. Bordetella pertussis is the causative agent of whooping cough and is considered a human-adapted variant of B. bronchiseptica. Bordetella pertussis and B. bronchiseptica share mechanisms of pathogenesis and are genetically closely related. However, despite the close genetic relatedness, these Bordetella species differ in several classic fundamental aspects of bacterial pathogens such as host range, pathologies and persistence. The development of the baboon model for the study of B. pertussis transmission, along with the development of the swine and mouse model for the study of B. bronchiseptica, has enabled the investigation of different aspects of transmission including the route, attack rate, role of bacterial and host factors, and the impact of vaccination on transmission. This review will focus on B. pertussis transmission and how animal models of B. pertussis transmission and transmission models using the closely related B. bronchiseptica have increased our understanding of B. pertussis transmission.

  10. Human Rights, History of

    NARCIS (Netherlands)

    de Baets, Antoon; Wright, James

    2015-01-01

    In this article, six basic debates about human rights are clarified from a historical perspective: the origin of human rights as moral rights connected to the natural law doctrine and opposed to positive rights; the wave of criticism of their abstract and absolute character by nineteenth-century

  11. The Forgotten Property Rights

    DEFF Research Database (Denmark)

    Markussen, Thomas; Tarp, Finn; Van Den Broeck, Katleen

    2011-01-01

    Studies of land property rights usually focus on tenure security and transfer rights. Rights to determine how to use the land are regularly ignored. However, user rights are often limited. Relying on a unique Vietnamese panel data set at both household and plot levels, we show that crop choice...

  12. The Forgotten Property Rights

    DEFF Research Database (Denmark)

    Markussen, Thomas; Tarp, Finn; Van Den Broeck, Katleen

    Studies of land property rights usually focus on tenure security and transfer rights. Rights to determine how to use the land are regularly ignored. However, in transition economies such as Vietnam and China, user rights are often limited. Relying on a unique Vietnamese panel data set at both...

  13. The Forgotten Property Rights

    DEFF Research Database (Denmark)

    Markussen, Thomas; Tarp, Finn; Van Den Broeck, Katleen

    2011-01-01

    Studies of land property rights usually focus on tenure security and transfer rights. Rights to determine how to use the land are regularly ignored. However, user rights are often limited. Relying on a unique Vietnamese panel data set at both household and plot levels, we show that crop choice re...

  14. A right to reproduce?

    Science.gov (United States)

    Quigley, Muireann

    2010-10-01

    How should we conceive of a right to reproduce? And, morally speaking, what might be said to justify such a right? These are just two questions of interest that are raised by the technologies of assisted reproduction. This paper analyses the possible legitimate grounds for a right to reproduce within the two main theories of rights; interest theory and choice theory.

  15. Human Rights, History of

    NARCIS (Netherlands)

    de Baets, Antoon; Wright, James

    2015-01-01

    In this article, six basic debates about human rights are clarified from a historical perspective: the origin of human rights as moral rights connected to the natural law doctrine and opposed to positive rights; the wave of criticism of their abstract and absolute character by nineteenth-century lib

  16. Editorial: Special Issue on Financial Planning

    Directory of Open Access Journals (Sweden)

    Mark Brimble

    2012-11-01

    Full Text Available AbstractThe special edition presents current research in the area of financial planning. With the continual upheaval inglobal financial markets (including Australia, the general trend towards self-funded retirement and lessreliance on the state, financial crises and the continual regulatory changes in the financial markets, this issue istimely and topical. This is the third special edition on financial planning, providing an excellent outlet forquality research in financial planning.

  17. Theoretical aspects of enterprise financial stability management

    OpenAIRE

    Kovalova Tatiana Volodymyrivna

    2015-01-01

    In the article questions related to the aspects of financial stability management, in particular were analyzed, opinions of scientists in relation to a concept «financial stability management» were analyzed; external and internal pre-conditions of loss of financial stability are considered; the offered measures are in relation to stabilizing of financial stability of enterprises in the conditions of financial instability; determination of concept «financial stability management» was improved....

  18. INFORMATION SYSTEM OF THE FINANCIAL ANALYSIS

    OpenAIRE

    MIRELA MONEA

    2013-01-01

    Financial analysis provides the information necessary for decision making, and also helps both the external and internal users of these. The results of the financial analysis work are dependent on the quality, accuracy, relevance and effectiveness of the information collected, and processed. Essential sources of information for financial analysis are financial statements, which are considered the raw material of financial analysis. One of the financial statements -the balance sheet - provi...

  19. Theoretical aspects of enterprise financial stability management

    Directory of Open Access Journals (Sweden)

    Kovalova Tatiana Volodymyrivna

    2015-10-01

    Full Text Available In the article questions related to the aspects of financial stability management, in particular were analyzed, opinions of scientists in relation to a concept «financial stability management» were analyzed; external and internal pre-conditions of loss of financial stability are considered; the offered measures are in relation to stabilizing of financial stability of enterprises in the conditions of financial instability; determination of concept «financial stability management» was improved.

  20. A conceptual framework to the planning under financial restrictions; Um arcabouco conceitual para o planejamento sob restricoes financeiras

    Energy Technology Data Exchange (ETDEWEB)

    Ramos, D.S. [Companhia Energetica de Sao Paulo, SP (Brazil); Morozowski Filho, M. [Santa Catarina Univ., Florianopolis, SC (Brazil); Nahas, E.T.; Anjos, J.C.E. [Eletricidade de Sao Paulo SA, SP (Brazil)

    1991-12-31

    The necessary adaptations on planning methodology, to permit the elaboration of electric power transmission program, into financial costs limitation environment, are presented. The priority evaluation, its implication on electric supply quality and the costs limitation impact on transmission lines expansion project, are also discussed. 1 fig., 4 refs.

  1. Stress testing in financial institutions

    Directory of Open Access Journals (Sweden)

    Mirković Vladimir

    2014-01-01

    Full Text Available In 2000 the Basle Committee on the Global Financial System defined stress testing as 'a generic term describing various techniques used by financial firms to gauge their potential vulnerability to exceptional but plausible events'. Exceptional events refer to one-off or recurring events with far-reaching consequences for the concerned financial institution and the financial sector s stability overall. Such unexpected (exceptional events include, for instance: bankruptcy in Argentina in 2001, stock markets collapse ('Black Monday' on 19 October 1987, or the fall of the energy giant Enron in 2001. The adoption of the new Basle Accord (better known as Basle II in 2001 envisaged the implementation of stress tests for the identification of events and future changes in economic circumstances that could cause some unfavorable effects on banks' credit exposure, along with the assessment of banks' ability to survive in the new circumstances. Negative experiences from the past, having undermined the stability of financial systems worldwide, made a decisive impact on regulators at all levels to additionally consider the issue of increasing the financial system's resistance to the occurrence of unexpected - exceptional events. To this end, the introduction of stress tests was the turning point in the process of increased banking systems' resistance to shocks. This paper primarily deals with stress testing methodology and bank risk measurement techniques, along with the main results of conducted tests, directly impacting the entire financial system.

  2. THE RIGHT TO ENVIRONMENT

    OpenAIRE

    Viorica Paraschivescu; Carmen Elena Radu

    2011-01-01

    This study refers to the fundamental right of the human being to have a healthy, ecologically balanced environment as well as to the necessity of recognizing and guaranteeing this right. We analyze the major components of the human being environment protection, the right to water, the right to fresh air, the right to the environment of the human settlements, the relationship: health – environment. A special attention is given to the integration of the sustainable development in the EU policie...

  3. GLOBALIZATION AND INTERNATIONAL FINANCIAL CENTERS ACTIVITY

    Directory of Open Access Journals (Sweden)

    VALENTINA FETINIUC

    2015-10-01

    Full Text Available International financial centers are places of concentration banking and specialized financial institutions activities, engaged in international financial transactions. They have become elements of international market mechanisms that serve as controls global financial flows. The movement of the past carried out in the field of monetary and settlement services for the sale of goods and services, international investments, transactions with various financial instruments, foreign currency transactions. They have become points of support of financial globalization process, ensuring the normal circulation of international financial flows, and the link between local and international financial markets. This article examines the essence, the types and importance of specific territorial formations in the context of globalization.

  4. Evolutionary financial market models

    Science.gov (United States)

    Ponzi, A.; Aizawa, Y.

    2000-12-01

    We study computer simulations of two financial market models, the second a simplified model of the first. The first is a model of the self-organized formation and breakup of crowds of traders, motivated by the dynamics of competitive evolving systems which shows interesting self-organized critical (SOC)-type behaviour without any fine tuning of control parameters. This SOC-type avalanching and stasis appear as realistic volatility clustering in the price returns time series. The market becomes highly ordered at ‘crashes’ but gradually loses this order through randomization during the intervening stasis periods. The second model is a model of stocks interacting through a competitive evolutionary dynamic in a common stock exchange. This model shows a self-organized ‘market-confidence’. When this is high the market is stable but when it gets low the market may become highly volatile. Volatile bursts rapidly increase the market confidence again. This model shows a phase transition as temperature parameter is varied. The price returns time series in the transition region is very realistic power-law truncated Levy distribution with clustered volatility and volatility superdiffusion. This model also shows generally positive stock cross-correlations as is observed in real markets. This model may shed some light on why such phenomena are observed.

  5. Financialization of commodities

    Directory of Open Access Journals (Sweden)

    Michał Falkowski

    2011-12-01

    Full Text Available The basic theory of price formation tells us how the price of a particular asset will change based on the adjustment to its supply and demand. However, values of assets are also determined by other business fundamentals, company’s and world events, human psychology, and investors’ belief about the possible future profit. In recent history that lead to an increase of individual and institutional investors’ interest in allocating their resources in commodity markets. With a large inflow of capital commodities’ prices started to rise making them attractive components to effective investment portfolios. The presented paper addresses the issue of so called commodities ‘financialization’ process. It looks at the main factors standing behind commodities’ price movements and to what extent financial market participants contributed to commodities price volatility in recent years. Based on the data examined it distinguishes the involvement of both commercial and non-commercial traders in short and long term periods of time. As well as explaining the impact of growing investors’ interest in commodity markets it defines other market forces - like currency appreciations and emerging markets - as being part of increased volatility in raw and soft commodity markets. Along with market examination the paper focuses on possible future outcomes in attempts to regulate commodities derivatives markets and potential effects of those efforts.

  6. 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.

  7. Financial Sector Reforms and The Development of Financial ...

    African Journals Online (AJOL)

    ... grounds and dominated by few institutions, mainly state commercial banks. Common among most of these systems have been controls on interest rates; ... The introduction of financial sector reforms in Tanzania, aims at, among other things, ...

  8. CEA financial report 2007; CEA rapport financier 2007

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    This document provides financial data on the CEA for the year 2007. The management report (budget, resources, expenditures) and the accounting are detailed. The main management events of the year 2007 are presented. (A.L.B.)

  9. 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)

  10. FINANCIAL STATEMENTS – SUPPLIER OF FINANCIAL ACCOUNTING INFORMATION

    Directory of Open Access Journals (Sweden)

    Costi Boby

    2013-09-01

    Full Text Available Continuous improvement of the accounting information system is considering financial and accounting information, which must be true, accurate, reliable, timely presented to users, constructed so as to meet the different goals of different users.

  11. 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

  12. Methods of Financial Risk Management

    Directory of Open Access Journals (Sweden)

    Korzh Natalia

    2016-10-01

    Full Text Available The essence and nature of financial risks are investigated. Their classification is conducted. The features of financial risk management and the main methods of management are considered. The ways of risk compensation are identified. It is proved that the objective external risk basis is such market imperfections as externalities of enterprises and incomplete information about the operation of the business environment and internal objective basis risk – the objective function to maximise profits in a competitive environment. It is revealed that to compensate market imperfections business entities should develop a strategy that combines fill in missing information and neutralise or minimise externalities that tactically implemented in financial risk management programs.

  13. Financialization and the Multinational Corporation

    DEFF Research Database (Denmark)

    Morgan, Glenn

    2014-01-01

    The terrain on which states, trade unions and social movements confront multinational corporations has changed dramatically over the last two decades as a result of two phenomena – the disaggregation of the supply chain and the financialization of corporations. Trade unions and social movements...... are integrally related within the same process of neoliberal globalization. It argues that trade unions and social movements need to connect together issues to do with the relocation and restructuring of employment with issues of financialization and the need for financial reform. Change will only be effective...

  14. India emerging: New financial architecture

    Directory of Open Access Journals (Sweden)

    Sankarshan Basu

    2016-09-01

    Full Text Available The global financial crisis of 2007–2008 highlighted the need to re-evaluate several well established tenets in the world of finance. Questions have been raised the world over about the existing paradigm, leading to an acceptance that new financial architecture needed to be evolved and that new models need to emerge, keeping in mind the multiplicity of socio-economic realities that exist round the globe. In this context, the imperative for a new financial architecture in India is quite evident, and the ensuing panel discussion throws up some India-specific issues that need to be explored by the various stakeholders involved in this attempt.

  15. Human rights and bioethics.

    Science.gov (United States)

    Barilan, Y M; Brusa, M

    2008-05-01

    In the first part of this article we survey the concept of human rights from a philosophical perspective and especially in relation to the "right to healthcare". It is argued that regardless of meta-ethical debates on the nature of rights, the ethos and language of moral deliberation associated with human rights is indispensable to any ethics that places the victim and the sufferer in its centre. In the second part we discuss the rise of the "right to privacy", particularly in the USA, as an attempt to make the element of personal free will dominate over the element of basic human interest within the structure of rights and when different rights seem to conflict. We conclude by discussing the relationship of human rights with moral values beyond the realm of rights, mainly human dignity, free will, human rationality and response to basic human needs.

  16. Selecting the Right Software.

    Science.gov (United States)

    Shearn, Joseph

    1987-01-01

    Selection of administrative software requires analyzing present needs and, to meet future needs, choosing software that will function with a more powerful computer system. Other important factors to include are a professional system demonstration, maintenance and training, and financial considerations that allow leasing or renting alternatives.…

  17. 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

    2012-08-01

    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 performed to determine the factors related to financial literacy. It was found that those who chose media as their primary financial socialization agent, and those who had a bank account, exhibited higher levels of financial literacy. Among the sample, those who saw money as good or as a reward for efforts tended to report higher levels of financial literacy, while those perceiving money in terms of avoidance or achievement had lower levels of financial literacy. Students with mid-range monthly allowances showed higher levels of financial literacy compared to the highest allowance group. Implications for financial educators, policy makers, and researchers are provided.

  18. Financial Anxiety, Physiological Arousal, and Planning Intention

    Directory of Open Access Journals (Sweden)

    John Grable

    2014-12-01

    Full Text Available Results from this exploratory clinical study indicate that financial anxiety—holding an unhealthy attitude about one’s financial situation—and physiological arousal—the physical precursor to behavior—play important roles in shaping consumer intention to engage in future financial planning activity. Findings suggest that those who are most likely to engage the services of a financial adviser exhibit low levels of financial anxiety and moderate to high levels of physiological arousal. The least likely to seek the help of a financial adviser are those who exhibit high financial anxiety and low physiological arousal. Results support findings documented in the literature that high anxiety levels often lead to a form of self-imposed helplessness. In order to move those experiencing financial anxiety towards financial solutions, financial advisers ought to take steps to simultaneously reduce financial stressors and stimulate arousal as a way to promote behavioral change and help seeking.

  19. What Role Have Banks in Financial Crises?

    Directory of Open Access Journals (Sweden)

    Alin Marius ANDRIES

    2009-05-01

    Full Text Available Financial crises mainly manifest themselves at the level of financial institutions. Although financial crises can also be generated within non-financial institutions, the role of banking institutions in the occurrence, transmitting and solving of financial crises is a deciding one. Banks play a deciding role in the development of financial crises as financial intermediaries who contribute to the efficient transfer of funds from the abundant agent towards the deficit agents. Banks can facilitate the financial crises through the activities performed on the financial markets that can influence the interest rates, the uncertainty on the market and the price of assets, but moreover bank crises can occur that transform financial crises. This paper aims to analyze the role of banks in the emergence, the propagation, the prevention or solving financial crises.

  20. The Nordic financial electricity market

    Energy Technology Data Exchange (ETDEWEB)

    2010-11-15

    NordREG is a cooperation of the Nordic energy regulators. The mission is to actively promote legal and institutional framework and conditions necessary for developing the Nordic and European electricity markets. The financial market is an important market for market participants to mitigate their risks. By providing tools for risk management, the financial market contributes to the efficient functioning of both wholesale and end-user markets. NordREG decided during 2009 to undertake a study on the Nordic financial electricity market. The aim of the report is to consider whether any improvements can be made to further increase the efficiency of the Nordic financial electricity market in order to secure an optimal price setting in the wholesale and the end-user markets

  1. Energy economics and financial markets

    Energy Technology Data Exchange (ETDEWEB)

    Dorsman, Andre [Vrije Univ. Amsterdam (Netherlands). Dept. of Finance; Simpson, John L. [Curtin Univ., Perth, WA (Australia). School of Economics and Finance; Westerman, Wim (eds.) [Groningen Univ. (Netherlands). Faculty of Economics and Business Economics, Econometrics and Finance

    2013-10-01

    Deals with the upcoming theme of energy issues. Links energy issues with economics and financial markets. Combines global focus with specific regional and local examples. Unites theoretical insights with timely data and practical insights. Specialized author team from all over the world. Energy issues feature frequently in the economic and financial press. Specific examples of topical energy issues come from around the globe and often concern economics and finance. The importance of energy production, consumption and trade raises fundamental economic issues that impact the global economy and financial markets. This volume presents research on energy economics and financial markets related to the themes of supply and demand, environmental impact and renewables, energy derivatives trading, and finance and energy. The contributions by experts in their fields take a global perspective, as well as presenting cases from various countries and continents.

  2. FINANCIAL INSTABILITY AND POLITICAL INSTABILITY

    Directory of Open Access Journals (Sweden)

    Ionescu Cristian

    2012-12-01

    Full Text Available There is an important link between the following two variables: financial instability and political instability. Often, the link is bidirectional, so both may influence each other. This is way the lately crisis are becoming larger and increasingly complex. Therefore, the academic environment is simultaneously talking about economic crises, financial crises, political crises, social crises, highlighting the correlation and causality between variables belonging to the economic, financial, political and social areas, with repercussions and spillover effects that extend from one area to another. Given the importance, relevance and the actuality of the ones described above, I consider that at least a theoretical analysis between economic, financial and political factors is needed in order to understand the reality. Thus, this paper aims to find links and connections to complete the picture of the economic reality.

  3. Fractal properties of financial markets

    Science.gov (United States)

    Budinski-Petković, Lj.; Lončarević, I.; Jakšić, Z. M.; Vrhovac, S. B.

    2014-09-01

    We present an analysis of the USA stock market using a simple fractal function. Financial bubbles preceding the 1987, 2000 and 2007 crashes are investigated using the Besicovitch-Ursell fractal function. Fits show a good agreement with the S&P 500 data when a complete financial growth is considered, starting at the threshold of the abrupt growth and ending at the peak. Moving the final time of the fitting interval towards earlier dates causes growing discrepancy between two curves. On the basis of a detailed analysis of the financial index behavior we propose a method for identifying the stage of the current financial growth and estimating the time in which the index value is going to reach the maximum.

  4. Understanding ebola virus transmission.

    Science.gov (United States)

    Judson, Seth; Prescott, Joseph; Munster, Vincent

    2015-02-03

    An unprecedented number of Ebola virus infections among healthcare workers and patients have raised questions about our understanding of Ebola virus transmission. Here, we explore different routes of Ebola virus transmission between people, summarizing the known epidemiological and experimental data. From this data, we expose important gaps in Ebola virus research pertinent to outbreak situations. We further propose experiments and methods of data collection that will enable scientists to fill these voids in our knowledge about the transmission of Ebola virus.

  5. Series Transmission Line Transformer

    Science.gov (United States)

    Buckles, Robert A.; Booth, Rex; Yen, Boris T.

    2004-06-29

    A series transmission line transformer is set forth which includes two or more of impedance matched sets of at least two transmissions lines such as shielded cables, connected in parallel at one end ans series at the other in a cascading fashion. The cables are wound about a magnetic core. The series transmission line transformer (STLT) which can provide for higher impedance ratios and bandwidths, which is scalable, and which is of simpler design and construction.

  6. Financial Health Indicators: An Analysis Of Financial Statement Information To Determine The Financial Health Of DOD Contractors

    Science.gov (United States)

    2016-12-01

    the financial health of prospective contractors. In fact, according to the Federal Acquisition Regulation (FAR), the very first general requirement ...NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT FINANCIAL HEALTH INDICATORS: AN ANALYSIS OF FINANCIAL...STATEMENT INFORMATION TO DETERMINE THE FINANCIAL HEALTH OF DOD CONTRACTORS December 2016 By: Timothy J. Grant Tony L. Ingram Darnell D

  7. Heterogeneity, correlations and financial contagion

    OpenAIRE

    FABIO CACCIOLI; Thomas A. Catanach; J Doyne Farmer

    2011-01-01

    We consider a model of contagion in financial networks recently introduced in Gai, P. and Kapadia, S. [Contagion in financial networks, Proc. R. Soc. A 466(2120) (2010) 2401–2423], and we characterize the effect of a few features empirically observed in real networks on the stability of the system. Notably, we consider the effect of heterogeneous degree distributions, heterogeneous balance sheet size and degree correlations between banks. We study the probability of contagion conditional on t...

  8. Hedge funds and financial stability.

    OpenAIRE

    Draghi, J M.

    2007-01-01

    Much has been achieved to date in containing the financial stability risks that hedge funds could pose, while avoiding unnecessary restrictions that would distort market forces and prevent hedge funds from continuing to play their role in today’s markets. But in a continuously changing financial market environment, sustained attention is required by market participants and supervisory authorities to assess ongoing market developments and address any weaknesses in counterparty risk management ...

  9. Systemic crisis and financial regulation

    OpenAIRE

    ULGEN, Faruk

    2010-01-01

    One of the privileged explanations of the current crisis is the sophistication and the weak transparency of financial markets which would have allowed speculative behavior to elude authorities’ supervision. This article develops a different view by putting the emphasis on the model of organization of financial systems. This is established on the predominance of micro-prudential supervision schemes following the hypothesis of free market efficiency. From 1980-90, prudential mechanisms have wor...

  10. Cognitive Value of Financial Indicators

    Directory of Open Access Journals (Sweden)

    Gabriela Cristina FLOREA

    2012-11-01

    Full Text Available Economic and Financial indicators are very important tools in the assessment of the economic entity's well-being. They Provide permanent monitoring of the significance of the issues related to the economic activity's deployment. The main Objectives tracked by the process of managing the company with the help of Economic and Financial indicators is the activity's continuity, ensuring liquidity and Achieving positive results.

  11. Accounting Issues On Financial Instruments

    OpenAIRE

    Shiba, Kenji

    1995-01-01

    Financial Instruments should be measured at the present value by using the current effective yield as the discount rate by reference to the current market interest rate and the risk premium. The fair value or the current market price are surrogates of the present value. The present value determined by using the historical effective yield as the discount rate is allowed under limited circumstances. However, the historical cost is not allowed as a measurement basis of financial instruments. Thi...

  12. INFLATION AND FINANCIAL DEVELOPMENT: EVIDENCE

    Directory of Open Access Journals (Sweden)

    Emmanuel Nii Abbey

    2012-01-01

    Full Text Available The study examined the impact of inflation on financial development in Ghana using quarterly time series data (1990-2008. It was in line with the empirical works that provided support for the proposition that inflation affects financial development negatively. While price stability has been emphasized in the literature to be the best antidote in addressing the problem, recent evidence of disagreements on its definition and the ways to achieving it, coupled with, threshold effects between the two variables have questioned the precise link between the two variables and their acclaimed antidote. The study therefore made use of the Cointegration Approach the Granger Causality testing procedure suggested and the Conditional Least Squares technique to address these issues for the case of Ghana. The study established several statistically significant and economically meaningful relationships between the two variables. Pair-wise correlation analysis established a negative association between the two variables. In contrast, conflicting results were produced with regression analysis: the relationship between the two variables in the short run was established to be positive, while no relationship at all was established in the long run. Furthermore, a unidirectional causal link was established to be running from inflation to financial development; when the ratio of private sector credit to GDP and the market capitalization ratio were used as indicators for financial development. Lastly, threshold effects were observed in the inflation-financial development relation for inflation rates between 11-16% per annum. The study thus recommended the definition of price stability for inflation rates between 11-16% in support of financial development in Ghana. Additionally, it was recommended that the country should promote financial sector policies in a more holistic approach, as financial development does not granger cause inflation or inflationary pressures.

  13. Characterizing Financial and Statistical Literacy

    DEFF Research Database (Denmark)

    Di Girolamo, Amalia; Harrison, Glenn W.; Lau, Morten

    We characterize the literacy of an individual in a domain by their elicited subjective belief distribution over the possible responses to a question posed in that domain. We consider literacy across several financial, economic and statistical domains. We find considerable demographic heterogeneity...... approach to characterize financial capability, the consequences of non-literacy, social literacy, and the information content of hypothetical survey measures of literacy....

  14. Derivatives Trading, Climate Science and Human Rights

    DEFF Research Database (Denmark)

    Haigh, Matthew

    the heaviest polluters as contributing to carbon-minimised investment portfolios. Assets owned by privately managed pension funds have remained materially exposed to risks posed by climate change. In public finance, a narrow range of financial instruments centred on derivatives trading has entrenched global...... for capital flows associated with climate management. Media communications and decision making theories are used to interpret data drawn from participant observation and interviews with climate scientists, policy makers and institutional investors. Findings - The framework suggests a digital divide between...... between human rights, climate change, and the stability of private pensions provision. Originality/value - Provides policy sciences useful assessments of communication media and financial instruments used in climate management. Establishes bases for theoretical and applied communications research...

  15. Derivatives Trading, Climate Science and Human Rights

    DEFF Research Database (Denmark)

    Haigh, Matthew

    Purpose - An assessment of the ideology of climate management. Design/Methodology/Approach - Zizek's (S. Zizek, 2004, From politics to biopolitics . . . and back, The South Atlantic Quarterly, 103(2/3): 501-521) theorization of the real and the signified is used to develop a discursive framework...... the heaviest polluters as contributing to carbon-minimised investment portfolios. Assets owned by privately managed pension funds have remained materially exposed to risks posed by climate change. In public finance, a narrow range of financial instruments centred on derivatives trading has entrenched global...... between human rights, climate change, and the stability of private pensions provision. Originality/value - Provides policy sciences useful assessments of communication media and financial instruments used in climate management. Establishes bases for theoretical and applied communications research...

  16. Consumer rights and responsibilities

    Science.gov (United States)

    ... which included the Consumer Bill of Rights and Responsibilities. The Commission was appointed by President Bill Clinton, ... role in making sure they have rights and responsibilities with regard to health improvement. The Consumer Bill ...

  17. Double outlet right ventricle

    Science.gov (United States)

    ... medlineplus.gov/ency/article/007328.htm Double outlet right ventricle To use the sharing features on this page, please enable JavaScript. Double outlet right ventricle (DORV) is a heart disease that is ...

  18. First half 2006 financial results; Resultats du 1er semestre 2006 Groupe Areva

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-09-15

    Areva provides technological solutions for highly reliable nuclear power generation and electricity transmission and distribution. The group is the world leader in nuclear power and the only company to cover all industrial activities in this field. This Press release presents the first half 2006 financial results: the overall performance and the performance by division (front end, reactors and services, back end, transmission and distribution). (A.L.B.)

  19. [Right ovarian vein syndrome].

    Science.gov (United States)

    Arvis, G

    1985-01-01

    Right ovarian vein syndrome is revealed in pregnancy by right lumbar pains, and even by nephritic colics. It results from a congenital malposition of the right ovarian vein, which presses the right ureter on the external iliac artery. Diagnosis is by intravenous urography and retrograde ureteral pyelography. If pain persists despite treatment by analgesics, it may be necessary to place a double-J catheter, and to operate after delivery to ligate the ovarian vein.

  20. 77 FR 5241 - No FEAR Act Notice; Notice of Rights and Protections Available Under the Federal...

    Science.gov (United States)

    2012-02-02

    ... PROTECTION No FEAR Act Notice; Notice of Rights and Protections Available Under the Federal Antidiscrimination and Whistleblower Protection Laws AGENCY: The Bureau of Consumer Financial Protection. ACTION: Notice. SUMMARY: The Bureau of Consumer Financial Protection (CFPB or the Bureau) is providing notice to...