Monetary Transmission and Asset - Liability management by financial institutions in transitional economies - implications for czech monetary policy

OpenAIRE

Derviz, Alexis

2000-01-01

The paper deals with the transmission of monetary policy within the financial sector. The objective is to link an optimizing stochastic model of portfolio decisions by a representative financial institution with a number of features that this optimizing behavior implies for monetary transmission and credit conditions in a transitional economy. The main example is the intermediation performance of Czech financial sector in the years 1993 to 1999.

Transmission investment and planning in deregulated market environment : a literature survey (part 1)

International Nuclear Information System (INIS)

Wen, F.; Wu, F.F.

2005-01-01

This paper is the first half of a 2-part paper that provided details of a comprehensive survey of issues related to transmission investment and expansion planning in the electricity market. The lack of adequate transmission capacity has played an important role in recent power crises, and deregulation has had a significant impact on the investment and planning process of transmission systems. The main objective of transmission investment is to meet load demands as cheaply as possible. In a deregulated market, there is no longer centrally coordinated planning of new generation. Transmission planning is generally not coordinated with generation planning. There is considerable uncertainty with regard to transmission capacity requirements due to long lead times for transmission construction. Generating plants and transmission lines are built according to investor assessments and private interests, and current transmission systems were not designed to handle supply and demand patterns in competitive markets. It was recommended that new transmission plans should meet reliability requirements while minimizing expected unserved energy. It was concluded that reliability criteria must be redefined to account for the fact that transmission systems are more stressed under deregulation. Two popular financial transmission rights were also discussed, notably (1) point-to-point financial transmission rights (FTR); and (2) financial flowgate rights (FGR)

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.

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...

Global economic and financial crisis: Exploring the transmission channels and impacts on sub-saharan african economies

Directory of Open Access Journals (Sweden)

Sin-Yu Ho

2016-12-01

Full Text Available Over the past decade sub-Saharan African countries have made remarkable gains in promoting growth alongside economic stability. However, with the outbreak of the financial and economic crisis in advanced economies, will these hard-won economic gains in the region be threatened? In this paper, we seek to provide an overview of how sub-Saharan African countries are exposed to the crisis through both financial and real transmission channels, and to critically assess the impact of the crisis on different economies. To accomplish this task, we first provide an overview of the recent economic development of sub-Saharan African countries, and a brief discussion of the sources and the development of the crisis. We then proceed to explore the direct financial transmission channels of the crisis and their impacts on sub-Saharan African countries. In addition, we explore the indirect real transmission channels of the crisis and how the sub-Saharan African economies are impacted by them. Thereafter, we identify a couple of policy implications

Іnheritance of money and right on deposit in a financial institution

Directory of Open Access Journals (Sweden)

А. М. Ісаєв

2016-01-01

Full Text Available Features of inheritance of money and the right on deposit in a financial institution, on the one hand, related to those functions that they perform as the objects of inheritance law in civil circulation, on the other hand, with their specific legal characteristics. Speaking of money, it is necessary to take into account the fact that the inheritance may include both cash and cashless money. And, despite the fact that the cashless money defined by the law as entries in accounts in financial institutions, inheritance of right on deposit in a financial institution regulated by the Civil Code of Ukraine separately from the inheritance of money. The need for such research caused by practical significance of inheritance of money and the right on deposit, and by small number of research in that area. The issue at different times were explored by such scholars as M. V. Gordon, V. I. Serebrovsky, O. P. Pecheny, V. I. Krat, I. V. Zhilinkova, M. A. Korostelyov etc. The article aims to reveal the influence of legal characteristics of money on civil-law regulation of inheritance of money and the right on deposit in a financial institution. The purpose of research should be achieved through solving such problems as analysis and harmonizing the current inheritance laws in the area of issue. In the article, the peculiarities of inheritance of cash and cashless money were defined, as well as the specifics of universal legal succession of right on deposit in the bank (financial institution. During research some disadvantages of current inheritance legislation in this sphere were revealed, so as the ways of its improvement. Undoubtedly, a segment of considered legislation is debatable in many ways. However, it should be noted that inheritance law determines the process of transition of legacy from testator to the heir. Legal regulation of such relationships depends on the understanding of individual components of heritage, including money in cash and cashless

Financial market fragmentation and monetary transmission in the euro area: what do we know?

Czech Academy of Sciences Publication Activity Database

Horváth, Roman

(2017) ISSN 1748-7870 R&D Projects: GA ČR GA16-09190S Institutional support: RVO:67985556 Keywords : financial market fragmentation * monetary transmission * European Central Bank Subject RIV: AH - Economics Impact factor: 0.925, year: 2016 http://library.utia.cas.cz/separaty/2017/E/horvath-0478988.pdf

The transmission process of financial crises across the emerging markets: an alternative consideration

OpenAIRE

Abdurrahman, Korkmaz

2012-01-01

This paper offers an alternative consideration for the transmission process of financial crises across emerging markets. Here, we hypothesized that the interdependence effect could weaken, even disappear completely, and veer during a crisis period as a result of the contagion process. The importance of this hypothesis for the policy implication is also highlighted because it can be validated for many cases by our data.

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

Directory of Open Access Journals (Sweden)

Maria Paula Leite Ribeiro de Faria

2016-12-01

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

Transmission assets investment timing using net present value curves

International Nuclear Information System (INIS)

Garcia, Reinaldo C.; Contreras, Javier; Correia, Pedro F.; Munoz, Jose I.

2010-01-01

Improvement and expansion of the transmission grid is still an unresolved issue in the new competitive environment. In current electricity markets, transmission lines have become assets that need financial instruments for investors who wish to ensure steady long-term returns and to withstand short-term market volatility. The timing and the combination of new transmission investments is key to analyze their long-term effects. This paper presents the concept of net present value (NPV) curve to estimate the best investment time for the investor, where the curve is constructed by calculating the NPVs resulting from the investment in successive years. A specific contract model based on financial transmission rights (FTR) is used for the NPV evaluation of transmission assets, and the stochastic properties of all variables related to the investment market structure are considered. The model is applied to the IEEE 24-bus Reliability Test System (RTS) showing the approach capabilities as a decision-aid tool for transmission investors.

Consumer financial vulnerability: identifying transmission linkages ...

African Journals Online (AJOL)

activates the postulated consumer financial vulnerability index (CFVI) .... words, the relationship between income, consumption, debt and saving as well as .... separation/divorce and bad financial management, as well as exogenous factors.

A Study on Some Non ـ Financial Rights of Couples in Discontinuous Matrimony

Directory of Open Access Journals (Sweden)

مصطفي فضائلي

2015-12-01

Full Text Available If a marriage occurs correctly, it will raise some given rights and commitments for couples. In personal marriage such as matrimony, some of these rights are non-financial and commitments. Discontinuous matrimony is not excluded from this issue and by approving it, couple undertake some rights that dissolution right through man and woman's fault and also duration munificence right is their responsibility. However, Iran's lawmaker and hereafter, lawyers have neglected of exact, and explicit explaining. It seems that with regard to this kind of matrimony's extension in modern society and available legal spaces for discontinuous matrimony and its results, council agents should persist in compiling explicit and clear legal provisions in order to express the results of this marriage that among them is non-financial rights of couple, until people can conclude sentences and this marriage results with full understanding. An answer which can be argued in generalis that we can also transmit continual marriage dissolution instances to discontinuous matrimony based on the fat that there is no forced loss in Islam as a rile. Also, according to jurisprudence rules, duration munificence right can be granted to couple under some conditions. Particularly for each right, there are questions, legal ambiguities and different opinions. This article aims to address these points in details.

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.

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

OpenAIRE

Huajiao Li; Haizhong An; Xiangyun Gao; Wei Fang

2015-01-01

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

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

... Certificate of Compliance With the Right to Financial Privacy Act of 1978 [Official Letterhead] [Date] Mr./Mrs..., pursuant to section 3403(b) of the Right to Financial Privacy Act of 1978, 12 U.S.C. 3401 et. seq., that...]: [Describe the specific records] Pursuant to section 3417(c) of the Right to Financial Privacy Act of 1978...

Transmission pricing and expansion methodology: lessons from Argentina

International Nuclear Information System (INIS)

Anderson, K.P.; McCarthy, A.

1999-01-01

This paper focuses on the pricing of electric transmission service in Argentina and on the mechanisms for expanding the transmission system as of late 1998. We also discuss the pricing of energy and generating capacity, since locational differences in their prices constitute charges for transmission service. We find that the methods in place for pricing transmission service are, in the main, consistent with the principles of efficient pricing but that the incentives and mechanisms established for expanding transmission are deficient in some respects. Most notable is the failure to provide for transmission rights, given the system's heavy reliance on user-driven expansion. We find that Argentina can improve upon its pioneering effort to implement user-driven expansion and indeed is exploring ways to do so. The most important tasks are to investigate (a) whether a system of financial transmission rights can be made to work as part of the process of user-driven expansion and (b) whether a backstop role for centrally planned expansion can be preserved without inhibiting or preempting the user-driven process. (author)

Poverty as human rights deficit : some implications for the international financial institutions

NARCIS (Netherlands)

Gaay Fortman, B. de

2003-01-01

Following the World Bank’s World Development Report2000/2001: The attack on poverty and the voices of the poor studies on which that document had been based, this chapter explores Human Rights obligations of the International Financial Institutions (IFIs). In this connection poverty is approached as

The model of the protection of rights concerning financial institutions and their clients in the field of the EU financial supervision

Directory of Open Access Journals (Sweden)

Patrycja Zawadzka

2017-09-01

Full Text Available The purpose of this article is to consider the EU system of protection of rights of a broadly understood financial institutions and users of financial services. A comprehensive description of client protection would considerably exceed the framework of this paper. Nevertheless, the author addresses two issues: firstly, a model of verification concerning financial market decisions, which was adopted by the EU and, secondly, a normative position of the Court of Justice of the European Union (CJEU in the EU legal system. It essential to show a relationship between the European Supervisory Authorities and the CJEU, as well as the practice heretofore regarding an application of the law within the scope of this article.

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)

Merchant electricity transmission expansion: A European case study

International Nuclear Information System (INIS)

Kristiansen, T.; Rosellon, J.

2010-01-01

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)

Study on profits and the financial position of the Dutch power transmission system operator Tennet 2005-2009

International Nuclear Information System (INIS)

2010-12-01

A study has been conducted into the profits of the grid operator of the Dutch national high-voltage power transmission system operator TenneT in the years 2005 to 2009. Also attention is paid to the financial position of TenneT. These results are taken into account with regard to method decisions for TenneT in the fifth regulatory period. [nl

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

OpenAIRE

Valls Ruiz, Natàlia

2014-01-01

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

Transmission investment in the Peruvian electricity market: Theory and applications

International Nuclear Information System (INIS)

Ruiz, Erix; Rosellón, Juan

2012-01-01

This research presents an application of the mechanism in (HRV) to promote electricity transmission network expansion in the Peruvian electricity transmission system known as SEIN (Sistema Eléctrico Interconectado Nacional). The HRV mechanism combines the merchant and regulatory approaches to promote investment into transmission grids. This mechanism gives incentives for efficient investment in expansion of the network by rebalancing over time the fixed and variable charges of a two-part tariff in the framework of a wholesale electricity market with locational pricing. The expansion of the network is carried out through the sale of Financial Transmission Rights (FTRs) for the congested lines. The mechanism is applied for 103 nodes of the SEIN using detailed characteristics of generators, nodes and transmission lines. Under Laspeyres weights and linear cost of expansion of transmission capacity, it is shown that prices converge to lower price levels as a result of increased transmission capacity.

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.

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

The Asian financial crisis: identification, interdependence, and transmission

OpenAIRE

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 generations of theoretical models have been proposed to describe and explain such financial crises. The so-called first-generation models ars focussed on the Latin America debt crisis, which is characterise...

Financial crises: A culture of complacency

OpenAIRE

Tucker, J.

2010-01-01

The aim of this paper is to consider the role of complacency in financial crises over the last two decades, with a closer look at the ongoing Subprime Mortgage Financial Crisis. The theme of complacency and the concept of financial crisis are both explored. Financial crises are better understood by explaining their economic drivers and the fundamental role of complacency in the various transmission mechanisms involved. These drivers are then illustrated by means of recent selected financial c...

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.

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…

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.

Oil prices and financial stress: A volatility spillover analysis

International Nuclear Information System (INIS)

Nazlioglu, Saban; Soytas, Ugur; Gupta, Rangan

2015-01-01

This paper examines whether there is a volatility transmission between oil prices and financial stress by means of the volatility spillover test. We employ WTI crude oil prices and Cleveland financial stress index for the period 1991–2014 and divide the sample into pre-crisis, in-crisis, and post-crisis periods due to the downward trend in oil price in 2008. The volatility model estimations indicate that oil prices and financial stress index are dominated by long-run volatility. The volatility spillover causality test supports evidence on risk transfer from oil prices to financial stress before the crisis and from financial stress to oil prices after the crisis. The impulse response analysis shows that the volatility transmission pattern has similar dynamics before and after the crisis and is characterized by higher and long-lived effects during the crisis. Our results have implications for both policy makers and investors, and for future work. -- Highlights: •Volatility spillover between oil prices and financial stress index is examined. •Analysis is conducted for sub-periods: pre-crisis, in-crisis, and post-crisis •Oil prices spill on financial stress before the crisis, but spillover reversed after the crisis. •Volatility transmission pattern has similar dynamics before and after the crisis. •Implications for investors and policy makers are discussed

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)…

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

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

... 32 National Defense 3 2010-07-01 2010-07-01 true Certificate of Compliance With the Right to... FINANCIAL INSTITUTIONS Pt. 504, App. C Appendix C to Part 504—Certificate of Compliance With the Right to... Union, Fort Ord, CA 93941. Dear Mr./Mrs. _____: I certify, pursuant to section 3403(b) of the Right to...

What are GPs' preferences for financial and non-financial incentives in cancer screening? Evidence for breast, cervical, and colorectal cancers.

Science.gov (United States)

Sicsic, Jonathan; Krucien, Nicolas; Franc, Carine

2016-10-01

General practitioners (GPs) play a key role in the delivery of preventive and screening services for breast, cervical, and colorectal cancers. In practice, GPs' involvement varies considerably across types of cancer and among GPs, raising important questions about the determinants of GPs' implication in screening activities: what is the relative impact of financial and non-financial incentives? Are GPs' preferences for financial and non-financial incentives cancer-specific? Is there preference heterogeneity and how much does it differ according to the screening context? This study investigates the determinants of GPs' involvement in cancer screening activities using the discrete choice experiment (DCE) methodology. A representative sample of 402 GPs' was recruited in France between March and April 2014. Marginal rates of substitution were used to compare GPs' preferences for being involved in screening activities across three types of cancers: breast, cervical, and colorectal. Variability of preferences was investigated using Hierarchical Bayes mixed logit models. The results indicate that GPs are sensitive to both financial and non-financial incentives, such as a compensated training and systematic transmission of information about screened patients, aimed to facilitate communication between doctors and patients. There is also evidence that the level and variability of preferences differ across screening contexts, although the variations are not statistically significant on average. GPs appear to be relatively more sensitive to financial incentives for being involved in colorectal cancer screening, whereas they have higher and more heterogeneous preferences for non-financial incentives in breast and cervical cancers. Our study provides new findings for policymakers interested in prioritizing levers to increase the supply of cancer screening services in general practice. Copyright © 2016 Elsevier Ltd. All rights reserved.

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.

First half 2006 financial results

International Nuclear Information System (INIS)

2006-09-01

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.)

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

Secondary markets for transmission rights in the North West European Market. Position Paper of the North West European Market Parties Platform

International Nuclear Information System (INIS)

Van Haaster, G.

2006-06-01

The most important way to acquire cross border transmission rights in the North West European electricity market is through explicit auctions. Although market driven flexibility and therefore efficiency can be further enhanced. One way to this is to introduce a secondary market for transmission rights. In this paper the North West European Market Parties Platform (NWE MPP) proposes a model that is developed and preferred by the market parties. The paper will provide a converging contribution to the congestion management discussions in the North Western European region

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.

Financial Stylized Facts in the Word of Mouth Model

Science.gov (United States)

Misawa, Tadanobu; Watanabe, Kyoko; Shimokawa, Tetsuya

Recently, we proposed an agent-based model called the word of mouth model to analyze the influence of an information transmission process to price formation in financial markets. Especially, the short-term predictability of asset return was focused on and an explanation in the view of information transmission was provided to the question why the predictability was much clearly observed in the small-sized stocks. This paper, to extend the previous study, demonstrates that the word of mouth model also has a consistency with other important financial stylized facts. This strengthens the possibility that the information transmission among investors plays a crucial role in price formation. Concretely, this paper addresses two famous statistical features of returns; the leptokurtic distribution of return and the autocorrelation of return volatility. The reasons why these statistical facts receive especial attentions of researchers among financial stylized facts are their statistical robustness and practical importance, such as the applications to the derivative pricing problems.

History Classroom Interactions and the Transmission of the Recent Memory of Human Rights Violations in Chile

Science.gov (United States)

Oteíza, Teresa; Henríquez, Rodrigo; Pinuer, Claudio

2015-01-01

The purpose of this article is to examine history classroom interactions in Chilean secondary schools in relation to the transmission of historical memories of human rights violations committed by Augusto Pinochet's dictatorship from 1973 to 1990. Corpora of this research are comprised of history lessons filmed in the two types of public schools…

Accounting-related transmission issues

International Nuclear Information System (INIS)

Niehaus, M.; Bjorn, P.; Pate, G.

1999-01-01

Various initiatives have been undertaken by the Federal Energy Regulatory Commission (FERC) to deregulate wholesale electric energy markets. These initiatives have focused on restructuring the transmission systems in the US and recently have culminated in a proposal requiring formation of and participation in regional transmission organizations. The overall form of regulation selected to determine rates for transmission entities as well as underlying regulatory decisions reached on key issues will have profound implications for transmission entities. For example, traditional cost-based regulation would require one set of accounting and reporting rules, while incentive-based regulation may not be subject to those same rules. An overview of some of the major accounting and financial reporting issues that will need to be considered is presented

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...

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.

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.

Where Public Health Meets Human Rights: Integrating Human Rights into the Validation of the Elimination of Mother-to-Child Transmission of HIV and Syphilis.

Science.gov (United States)

Kismödi, Eszter; Kiragu, Karusa; Sawicki, Olga; Smith, Sally; Brion, Sophie; Sharma, Aditi; Mworeko, Lilian; Iovita, Alexandrina

2017-12-01

In 2014, the World Health Organization (WHO) initiated a process for validation of the elimination of mother-to-child transmission (EMTCT) of HIV and syphilis by countries. For the first time in such a process for the validation of disease elimination, WHO introduced norms and approaches that are grounded in human rights, gender equality, and community engagement. This human rights-based validation process can serve as a key opportunity to enhance accountability for human rights protection by evaluating EMTCT programs against human rights norms and standards, including in relation to gender equality and by ensuring the provision of discrimination-free quality services. The rights-based validation process also involves the assessment of participation of affected communities in EMTCT program development, implementation, and monitoring and evaluation. It brings awareness to the types of human rights abuses and inequalities faced by women living with, at risk of, or affected by HIV and syphilis, and commits governments to eliminate those barriers. This process demonstrates the importance and feasibility of integrating human rights, gender, and community into key public health interventions in a manner that improves health outcomes, legitimizes the participation of affected communities, and advances the human rights of women living with HIV.

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.

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

OpenAIRE

Viktor Chernadchuk; Viktor Sukhonos; Inna Shkolnyk

2017-01-01

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

Financial development, property rights, and growth

OpenAIRE

Claessens, Stijn; Laeven, Luc

2002-01-01

The authors analyze how property rights affect the allocation of firms' available resources among different types of assets. In particular, they investigate empirically for a large number of countries whether firms in environments with more secure property rights allocate available resources more toward intangible assets and consequentially grow faster. The authors find that improved asset...

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."

Transmission : key to the Alberta market

International Nuclear Information System (INIS)

Lyons, D.

2003-01-01

AltaLink is Canada's first independent transmission company with 11,000 kilometres (km) of lines and 250 substations. It possesses a unique ownership structure with strong technical partners and financial capability. No major transmission system has been built in the last fifteen years in Alberta. The author examined the situation of power transmission in Alberta, indicating that developments should include capacity increase out of Fort McMurray, and better market integration with both British Columbia and the Pacific Northwest. An efficient and effective market requires ample transmission capacity, which would allow for trade and competition, access for efficient generators, and access to regional markets. New transmission must be planned and achieved in a proactive manner. Generation developers must be assured that transmission will be available, and that tariffs and loss factors will be predictable and stable. figs

First half 2005 financial results

International Nuclear Information System (INIS)

2005-01-01

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

The Choice between Rights-Preserving Issue Methods: Regulatory and Financial Aspects of Issuing Seasoned Equity in the UK

OpenAIRE

Korteweg, A.G.; Renneboog, L.D.R.

2002-01-01

This paper examines the choice between two rights-preserving issue methods of seasoned equity offers in the UK as well as the factors determining the offer price and stock market announcement reactions.Firstly, equity issues in the UK are underwritten for different reasons than in other countries.Only severely financially distressed companies choose not to underwrite their share offer. Second, the average announcement reaction to non-underwritten issues is much more negative than to underwrit...

O Brasil e a crise financeira global: avaliando os canais de transmissão nas contas externas Brasil and the global financial crisis: assessing the trasmission channels in the external accounts

Directory of Open Access Journals (Sweden)

Daniela Magalhães Prates

2011-04-01

Full Text Available Este trabalho analisa alguns dos impactos da crise financeira global em curso sobre as contas externas do Brasil. Seus mecanismos de transmissão, comerciais e financeiros, são examinados de forma detalhada, de modo a avaliar a potencial emergência de novas vulnerabilidades. Argumenta-se que o desempenho das contas externas depende da interação entre fatores exógenos, que têm sido predominantes, e a características estruturais da economia. Conclui-se com recomendações de política econômica.In this paper we analyze some impacts of the current global financial crisis on Brazilian external accounts. Financial and trade transmission mechanisms are examined in detail in order to access new potential external vulnerabilities. We argue that external accounts performance depends on the interaction between external factors, which have been more relevant, and structural characteristics of the economy. We conclude with policy recommendations.

Addressing the Role of Risk Management and Digital Finance Technology on Financial Inclusion

OpenAIRE

Boskov, Tatjana; Drakulevski, Ljubomir

2017-01-01

Financial inclusion focuses on population which is “unbanked” to get into the formal financial system. The new patterns of financial inclusion rely on digital technologies, and “fin-tech” continues to revolutionize the nature of provision. Very important fact is that 78% of access on financial services in developing countries involves mobile money. Financial digital technologies improve data transmission, analysis and give the small companies the opportunity to develop low-cost di...

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

Hydropower generation and storage, transmission constraints and market power

International Nuclear Information System (INIS)

Johnsen, T.A.

2001-01-01

We study hydropower generation and storage in the presence of uncertainty about future inflows, market power and limited transmission capacity to neighboring regions. Within our simple two-period model, market power leads to too little storage. The monopolist finds it profitable to produce more than the competitive amount in the first period and thereby stores little water in the first of two periods in order to become import constrained in the second period. In addition, little storage reduces the probability of becoming export constrained in the second period, even if the second period exhibits large inflow. Empirical findings for an area in the western part of Norway with only hydropower and high ownership concentration at the supply side, fit well to our theoretical model. We apply a numerical model to examine various policies to reduce the inefficiencies created by the local monopoly. Transmission investments have two effects. First, the export possibilities in the first period increase. More export leads to lower storage in the first period. Second, larger import capacity reduces the market power problem in the second period. The two opposite effects of transmission investments in a case with market power may be unique to hydropower systems. Introducing financial transmission rights enhance the market power of the monopolist in our model. Price caps in both or in the second period only, reduce the strategic value of water storage. (Author)

African Financial Sectors and the European Debt Crisis : Will Trouble Blow across the Sahara?

OpenAIRE

World Bank

2012-01-01

The exposure of African financial sectors to global risks, including the likely fall-out of the on-going European debt crisis, continues to be limited. African financial sectors have received much recognition for their steady growth performance and resilience during and after the 2008 global financial crisis. Many of the transmission channels for global risks and financial contagion to fin...

Is DOD on the Right Path to Financial Auditability?

Science.gov (United States)

2012-03-22

and DOD decision-making. Moreover, most of the 10 ERPs run the same software applications (i.e. SAP [Systems Applications and Programs] or PeopleSoft...Financial Readiness; GFEBS; DEAMS; Navy ERP 16. SECURITY CLASSIFICATION OF: 17. LIMITATION OF ABSTRACT 18. NUMBER OF PAGES 19a. NAME OF...Navy ERP CLASSIFICATION: Unclassified To make every dollar count, the Department of Defense (DOD) must be able to account for every dollar

Web-based simulation tools for the allocation of cross-border transmission rights and implementation aspects in South-East Europe

Energy Technology Data Exchange (ETDEWEB)

Vukasovic, Milan [Market Management Department (UMM), VERBUND - Austrian Power Grid AG, IZD-Tower, Wagramer Strasse 19, 1220 Vienna (Austria)

2008-09-15

In South-East Europe (SEE), system operators (SO) started with the gradual implementation of market-based methods for the transmission capacity allocation. In this paper, the special web-based simulating software, developed for the daily explicit auction and allocation of tie-lines transmission rights on the borders of TSO-EPCG (Transmission System Operator of Montenegro), is presented as well as the monthly results achieved with its implementation. Details on the aforementioned simulator are given. After that, a small, coordinated flow-based internet simulator is created for the testing purposes, using PHP/MySQL and MATLAB as the development tools. The main advantages of the coordinated flow-based auction over the explicit NTC-based method are clearly underlined. Therefore, the proposed method can be a successful substitution for the currently applied market-based methods, and a step towards the open electricity market in SEE. (author)

Web-based simulation tools for the allocation of cross-border transmission rights and implementation aspects in South-East Europe

International Nuclear Information System (INIS)

Vukasovic, Milan

2008-01-01

In South-East Europe (SEE), system operators (SO) started with the gradual implementation of market-based methods for the transmission capacity allocation. In this paper, the special web-based simulating software, developed for the daily explicit auction and allocation of tie-lines transmission rights on the borders of TSO-EPCG (Transmission System Operator of Montenegro), is presented as well as the monthly results achieved with its implementation. Details on the aforementioned simulator are given. After that, a small, coordinated flow-based internet simulator is created for the testing purposes, using PHP/MySQL and MATLAB as the development tools. The main advantages of the coordinated flow-based auction over the explicit NTC-based method are clearly underlined. Therefore, the proposed method can be a successful substitution for the currently applied market-based methods, and a step towards the open electricity market in SEE. (author)

Alternative approaches to transmission investment

Energy Technology Data Exchange (ETDEWEB)

Thon, S. [AltaLink Management Ltd., Calgary, AB (Canada)

2004-07-01

AltaLink is Canada's first stand-alone power transmission company, serving all major centres in Alberta and 85 per cent of Alberta's population. It has more than $1 billion in assets, 11,500 km of transmission lines and 300 substations. It was noted that there has not been any significant investment in power transmission in Alberta for the past 20 years, partly because transmission assets have a very long lifespan. The new role of the power grid is to ensure reliability, safety, efficiency, market effectiveness and supply diversity. The benefits and costs of AltaLink's 500 kV North-South upgrade project were outlined. It was noted that a healthy transmission system is the basis for economic growth throughout the province and for the development of Alberta's resource base. The transmission policy in Alberta endorses that all consumers pay postage stamp tariffs. It also promotes a proactive plan for transmission projects, the time to maximum rate (TMR) in limited cases only, a congestion-free grid under normal conditions, the financial commitment of generators, specific time limits on permitting processes, and regional interconnections to benefit all customers. tabs., figs.

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.

24 CFR 886.314 - Financial default.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financial default. 886.314 Section... Program for the Disposition of HUD-Owned Projects § 886.314 Financial default. In the event of a financial default under the project mortgage, HUD shall have the right to make subsequent housing assistance...

The Right Mix? Gender Diversity in Top Management Teams and Financial Performance

DEFF Research Database (Denmark)

Opstrup, Niels; Villadsen, Anders Ryom

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...

Do generation firms in restructured electricity markets have incentives to support social-welfare-improving transmission investments?

International Nuclear Information System (INIS)

Sauma, Enzo E.; Oren, Shmuel S.

2009-01-01

This paper examines the incentives that generation firms have in restructured electricity markets for supporting long-term transmission investments. In particular, we study whether generation firms, which arguably play a dominant role in the restructured electricity markets, have the incentives to fund or support incremental social-welfare-improving transmission investments. We examine this question in a two-node network and explore how such incentives are affected by the ownership of financial transmission rights (FTRs) by generation firms. In the analyzed two-node network, we show both (1) that the net exporter generation firm has the correct incentives to increase the transmission capacity incrementally up to a certain level and (2) that, although a policy that allocates FTRs to the net exporter generation firm can be desirable from a social point of view, such a policy would dilute the net-importer-generation-firm's incentives to support transmission expansion. Moreover, if all FTRs were allocated or auctioned off to the net exporter generation firm, then it is possible to increase both consumer surplus and social welfare while keeping the net exporter generation firm revenue neutral. (author)

Financial profile of Hydro-Quebec : 1998-2001

International Nuclear Information System (INIS)

1999-01-01

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

Financial innovation, macroeconomic volatility and the great moderation

OpenAIRE

Zaghini, Andrea; Bencivelli, Lorenzo

2012-01-01

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

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

Science.gov (United States)

Weinstein, Netta; Stone, Dan N

2018-06-28

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

Pre-IPO Operational and Financial Decisions

OpenAIRE

Volodymyr Babich; Matthew J. Sobel

2004-01-01

Many owners of growing privately held firms make operational and financial decisions in an effort to maximize the expected present value of the proceeds from an initial public offering (IPO). We ask: ÜWhat is the right time to make an IPO?Ý and ÜHow should operational and financial decisions be coordinated to increase the likelihood of a successful IPO?Ý Financial and operational decisions in this problem are linked because adequate financial capital is crucial for operational decisions to be...

Monetary transmission and the financial sector in the Czech Republic

Czech Academy of Sciences Publication Activity Database

Havránek, T.; Horváth, R.; Matějů, Jakub

2012-01-01

Roč. 45, č. 3 (2012), s. 135-155 ISSN 1573-9414 R&D Projects: GA MŠk(CZ) SVV 265801/2012 Institutional support: PRVOUK-P23 Keywords : transmission mechanism * monetary policy * Czech Republic Subject RIV: AH - Economics

49 CFR 1180.9 - Financial information.

Science.gov (United States)

2010-10-01

... 49 Transportation 8 2010-10-01 2010-10-01 false Financial information. 1180.9 Section 1180.9... OF TRANSPORTATION RULES OF PRACTICE RAILROAD ACQUISITION, CONTROL, MERGER, CONSOLIDATION PROJECT, TRACKAGE RIGHTS, AND LEASE PROCEDURES General Acquisition Procedures § 1180.9 Financial information. The...

Monetary policy implications of financial innovation: In-depth analysis

OpenAIRE

Bernoth, Kerstin; Gebauer, Stefan; Schäfer, Dorothea

2017-01-01

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

Crisis?: What crisis?: currency vs. banking in the financial crisis of 1931

OpenAIRE

Albrecht Ritschl; Samad Salferaz

2010-01-01

This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through the Gold Standard played only a minor role in causing and propagating the crisis, while financial distress was important. We also find evidence of crisis propagation from Germany to the U.S. via the ban...

Transmission issues

International Nuclear Information System (INIS)

Bradford, J.; Wilson, L.; Thon, S.; Millar, N.

2005-01-01

This session on transmission issues focused on the role that transmission plays in electricity markets and the importance of getting the market structure right in terms of generation divestiture with buy back contracts, demand side responsive programs, transmission upgrades and long term contracts. The difficulties of distinguishing between market power and scarcity were examined along with some of the complications that ensue if transmission experiences congestion, as exemplified by the August 2003 blackout in eastern North America. The presentations described the best ways to handle transmission issues, and debated whether transmission should be deregulated or follow market forces. Issues of interconnections and reliability of connections were also debated along with the attempt to integrate renewables into the grid. Some presentations identified what new transmission must be built and what must be done to ensure that transmission gets built. The challenges and business opportunities for transmission in Alberta were discussed with reference to plans to invest in new infrastructure, where it is going outside of the province and how it works with other jurisdictions. Manitoba's Conawapa Hydro Project and its 2000 MW tie line to Ontario was also discussed. Some examples of non-optimal use of interconnections in Europe were also discussed in an effort to learn from these mistakes and avoid them in Canada. tabs., figs

Why Ecologists Should Care about Financial Markets.

Science.gov (United States)

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

2015-10-01

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

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

Rich Dad, Smart Dad: Decomposing the Intergenerational Transmission of Income

OpenAIRE

Lefgren, Lars; Lindquist, Matthew; Sims, David

2009-01-01

We construct a simple model, consistent with Becker and Tomes (1979), that decomposes the intergenerational income elasticity into the causal effect of financial resources, the mechanistic transmission of human capital, and the role that human capital plays in the determination of father’s permanent income. We show how a particular set of instrumental variables could separately identify the money and human capital transmission effects. We further outline two instrumental variables methods for...

Brexit: What's at Stake for the Financial Sector?

OpenAIRE

Miethe, Jakob; Pothier, David

2016-01-01

The United Kingdom's exit from the European Union will have far- reaching implications for the British financial sector. London is currently the financial capital of Europe, and the UK's financial institutions benefit from passport rights that allow them to provide their services throughout the Single Market. The UK plays two key roles in the European financial system: the first as a major hub for wholesale banking activities conducted by large European banks, and the second as a major entry ...

Sex Differences in Intergenerational Income Transmission and Educational Attainment: Testing the Trivers-Willard Hypothesis

Directory of Open Access Journals (Sweden)

Katharina E. Pink

2017-11-01

Full Text Available From an evolutionary point of view, sex differences in intergenerational transmission of income may be influenced by the Trivers-Willard (T-W effect: Low status parents should invest more in daughters, whereas high status parents are expected to invest more in sons. This bias in parental investment may result in status-dependent sex biased parental support for higher education and educational attainment and should therefore affect the level of intergenerational income transmission for the sons and daughters. We used the data from the Wisconsin Longitudinal Study (WLS to model the effect of parental financial investment on the child's income and educational attainment controlling for the number of siblings. The observed sex differences in intergenerational income transmission demonstrate that sons profited more from parental income and education in terms of their own income than daughters. Furthermore, we showed that fathers with a high socioeconomic index (SEI invest more in their sons' education in terms of completed years of education and financial support during college. In contrast daughters of low SEI fathers completed more years of education and received more financial support than sons of low SEI fathers. However, the pattern in intergenerational income transmission might be better explained as a product of sociological factors and reproductive trade-offs in later life rather than as a consequence of the T-W effect.

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

DEFF Research Database (Denmark)

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

for high-risk banks, even as it lowers deposit rates for both high-risk and low-risk banks. This adversely affects the balance sheets of borrowers of high-risk banks, leading to lower payouts, lower capital expenditures, and lower asset growth. These firms replace term loans drawing down existing credit......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...

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...

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.

Financial sector taxation: Financial activities tax or financial transaction tax?

Directory of Open Access Journals (Sweden)

Danuše Nerudová

2011-01-01

Full Text Available The recent financial crises has revealed the need to improve and ensure the stability of the financial sector to reduce negative externalities, to ensure fair and substantial contribution of the financial sector to the public finances and the need to consolidate public finance. All those needs represent substantial arguments for the discussion about the introduction of financial sector taxation. There are discussed in the paper two possible schemes of financial sector taxation – financial transaction tax and financial activities tax. The aim of the paper is to research the possibility of the introduction of financial sector taxation, to discuss the pros and cons of two major candidates on financial sector taxation – financial transaction tax and financial activities tax and to suggest the possible candidate suitable for the implementation on the EU level. Financial transaction tax represents the tool suitable mainly on global level, for only in that case enables generate sufficient financial resources. From EU point of view is considered as less suitable, for it bears the risk of reallocation. Therefore the introduction of financial activities tax on EU level is considered as a better solution for the financial sector taxation in the EU, for financial sector is exempted from value added tax. With respect to the fact, that the implementation would represent the innovative approach to the financial sector taxation, there are no empirical proves and therefore this could be the subject of further research.

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.

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. ...

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.)

Fiscal and monetary policy interactions in an endogenous growth model with financial intermediaries

OpenAIRE

Espinosa, Marco A.; Yip, Chong K.

1995-01-01

We review some inflationary and growth claims surrounding fiscal and monetary policy interactions. While financial intermediation has long been acknowledged as a key mechanism in the transmission of these interactions, only recently have economists incorporated the explicit modeling of such intermediaries in their analyses. Here we model financial intermediaries explicitly. We find that the relation between growth and inflation depends crucially on the agents' degree of relative risk aversion...

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...... banks refinance term loans drawing down loan commitments. They have lower payouts, lower capital expenditures and lower asset growth compared with borrowers of low risk banks. Our results suggest a differential transmission of central bank liquidity of low versus high risk banks, and an impaired...... 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...

Towards an optimal transmission system

International Nuclear Information System (INIS)

Calviou, M.

2005-01-01

This presentation provided background on National Grid USA and discussed transmission investment in the United States (US) and United Kingdom. It also discussed barriers to transmission investments and improvements, thoughts on solutions and a long-term vision. The presentation identified that transmission investment should follow from clear reliability rules designed to promote better operation and management; investment does not necessarily mean new rights-of-way; and transmission investment should target benefits to customers. It was stated that US transmission investment levels have decreased. A comparison between US and UK transmission investment was presented along with a chart of increasing US congestion costs. Barriers to investment in US transmission include vertical integration; misperception of transmission as a market product; federal and state jurisdiction issues; fragmentation in transmission ownership and operation; rate cap based plans that impact transmission; lack of clarity in cost allocation; and the site selection process. Possible solutions include policy and incentives, promoting independence and resolving structural issues. tabs., figs

Chaotic dynamic behavior analysis and control for a financial risk system

International Nuclear Information System (INIS)

Zhang Xiao-Dan; Zheng Yuan; Liu Xiang-Dong; Liu Cheng

2013-01-01

According to the risk management process of financial markets, a financial risk dynamic system is constructed in this paper. Through analyzing the basic dynamic properties, we obtain the conditions for stability and bifurcation of the system based on Hopf bifurcation theory of nonlinear dynamic systems. In order to make the system's chaos disappear, we select the feedback gain matrix to design a class of chaotic controller. Numerical simulations are performed to reveal the change process of financial market risk. It is shown that, when the parameter of risk transmission rate changes, the system gradually comes into chaos from the asymptotically stable state through bifurcation. The controller can then control the chaos effectively

Creating a robust and integrated electrical transmission system

International Nuclear Information System (INIS)

McLain, S.

2004-01-01

The service territory for Puget Sound Energy (PSE) was presented in terms of electric power and gas transmission. Issues affecting the Puget Sound area include high growth and the west coast energy crisis which has had an adverse financial impact on the power industry. The transmission system is basically at capacity and has been impacted by imports and exports between the United States and Canada. Other issues include the separation between energy resources and transmission, modernizing the power grid, and challenges for independent power producers (IPPs). The Northwest Transmission Assessment Committee (NTAC), which was formed under the Northwest Power Pool, has the potential to bring interested parties to study constrained paths and to plan a single utility concept for the region. It is expected that new challenges such as financing and risk management will emerge once the technical solutions are identified and agreed upon. The issue of enforceable and mandatory reliability standards was also discussed. 1 fig

Credit policy, inflation and growth in a financially repressed economy

NARCIS (Netherlands)

van Wijnbergen, S.J.G.

1983-01-01

This paper analyzes credit policy in an open economy macro-model incorporating stylized facts about the financial sector of less developed countries. The Keynes-Wicksell growth model is applied in view of the transmission channel of monetary policy into the supply side of the economy via the cost of

PENGARUH RIGHT ISSUE TERHADAP KINERJA KEUANGAN PERUSAHAAN

Directory of Open Access Journals (Sweden)

Ibnu Khajar

2010-03-01

Full Text Available Penelitian ini menyelidiki pengaruh right issue terhadap kinerja keuangan perusahaan yang go public di Bursa Efek Indonesia. Sampel meliputi dua puluh satu perusahaan yang melakukan right issue dari tahun 2003-2006. Variabel penelitian adalah kinerja keuangan yang diukur dengan rasio likuiditas, leverage, profitabilitas, aktivitas, dan rasio pasar. Paired t-test dan uji Wilcoxon digunakan untuk menentukan perbedaan kinerja keuangan sebelum dan sesudah right issue. Dari rasio kinerja likuiditas, leverage, profitabilitas, aktivitas, dan rasio pasar (Rasio Lancar, Hutang Jumlah Untuk Jumlah Aktiva, Net Profit Margin, Asset Turn Over dan Rasio Price Earning pada dua tahun sebelum dan dua tahun setelah right issue, hanya dua rasio-Harga Earning ratio dan Current Ratio secara signifikan berbeda pada sebelum dan sesudah right issue. Kedua rasio ini meningkat secara signifikan. This study investigated the effect of right issue on the financial performance of companies that go public on the Indonesian Stock Exchange. The sample included twenty-one company that does the right issue from the years 2003-2006. Research variable is financial performance as measured by the liquidity ratio, leverage, profitability, activity, and the ratio of the market. Paired t-test and Wilcoxon test used to determine differences in financial performance before and after the rights issue. From the performance ratios of liquidity, leverage, profitability, activity, and the market ratio (Current Ratio, Total Debt To Total Assets, Net Profit Margin, Asset Turn Over and Price Earning Ratio at two years before and two years after the right issue, only two ratio--Price Earning Ratio and Current Ratio are significantly different at the before and after the rights issue. Both these ratios increased significantly.

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.

The Manitoba-Ontario intertie : perspectives of a merchant transmission developer

International Nuclear Information System (INIS)

Van Beers, R.

2006-01-01

This presentation discussed merchant transmission models for the Manitoba-Ontario intertie. Merchant transmission involves the reallocation of risk from rate payers to investors and facility users. Merchant transmission is now a niche market due to the fact that the power industry is now more centrally planned. However, merchant transmission structures limit the ability to fully assess congestion and nodal values, and governments continue to retain control of the power sector. Power generation and contracting trends are now changing as a result of market liberalization. In order to be successful, power merchants require financial markets that possess an understanding of the electricity sector. In a merchant transmission scenario, the sizing, timing, connection points, and tariffs will be determined by demonstrated commercial value, and not by central planning principles. The presentation included consideration of government block contracts and reverse block contracts. Details of the Montana-Alberta intertie project were also provided. tabs., figs

Measures of Financial Capacity: A Review.

Science.gov (United States)

Ghesquiere, Angela R; McAfee, Caitlin; Burnett, Jason

2017-05-23

Capacity to manage finances and make financial decisions can affect risk for financial exploitation and is often the basis for legal determinations of conservatorship/guardianship. Several structured assessments of financial capacity have been developed, but have not been compared regarding their focus, validity, or reliability. Therefore, we conducted a review of financial capacity measures to examine these factors. We searched electronic databases, reference lists in identified articles, conference proceedings and other grey literature for measures of financial capacity. We then extracted data on the length and domains of each measure, the population for which they were intended, and their validity and reliability. We identified 10 structured measures of financial capacity. Most measures could be completed in 25-30 min, and were designed to be administered to older adults with some level of cognitive impairment. Reliability and validity were high for most. Measurement of financial capacity is complex and multidimensional. When selecting a measure of financial capacity, consideration should be made of the population of focus and the domains of capacity to be assessed. More work is needed on the cultural sensitivity of financial capacity measures, their acceptability, and their use in clinical work. Better understanding of when, and to whom, to administer different financial capacity measures could enhance the ability to accurately detect those suffering from impaired financial capacity, and prevent related negative outcomes like financial exploitation. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Kewajaran Nilai Pasar Saham Perusahaan Pasca Right Issue

OpenAIRE

Khoirudin, Rifki; Kusuma, Desta Rizky

2016-01-01

This study aims to estimate the fair value per share of PT BW Plantation Tbk after the company offered right issue. This study is also intended to find out the fair market value per share of PT BW Plantation Tbk post-rights issue. The information used in this study was obtained from secondary data from the financial statements of PT BW Plantation Tbk., which were audited by public accountants and other information available in the financial statements. BW Plantation Tbk., The company's financ...

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. © London School of Economics and Political Science 2014.

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.

EDF - 2004 annual results, Financial statements 2004

International Nuclear Information System (INIS)

Gadonneix, Pierre; Camus, Daniel

2005-01-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2004 annual results of the Group (key figures, financial results, strategy and perspectives) as well as its Consolidated financial statements at 31 December 2004: 1. Accounting principles and methods; 2. French law of 9 August 2004 on the Public Electricity and Gas Services and Electricity and Gas Companies; 3. Significant events of 2004; 4. Changes in the scope of consolidation; 5. Information by business segment and geographical area; 6. Sales; 7. Purchases and other external expenses; 8. Average workforce; 9. Other operating income and expenses; 10. Net (increase) decrease in provisions; 11. Interest expenses; 12. Foreign exchange result; 13. Other financial income and expenses; 14. Income taxes

Financial literacy is associated with medial brain region functional connectivity in old age.

Science.gov (United States)

Han, S Duke; Boyle, Patricia A; Yu, Lei; Fleischman, Debra A; Arfanakis, Konstantinos; Leurgans, Sue; Bennett, David A

2014-01-01

Financial literacy refers to the ability to access and utilize financial information in ways that promote better outcomes. In old age, financial literacy has been associated with a wide range of positive characteristics; however, the neural correlates remain unclear. Recent work has suggested greater co-activity between anterior-posterior medial brain regions is associated with better brain functioning. We hypothesized financial literacy would be associated with this pattern. We assessed whole-brain functional connectivity to a posterior cingulate cortex (PCC) seed region of interest (ROI) in 138 participants of the Rush Memory and Aging Project. Results revealed financial literacy was associated with greater functional connectivity between the PCC and three regions: the right ventromedial prefrontal cortex (vmPFC), the left postcentral gyrus, and the right precuneus. Results also revealed financial literacy was associated negatively with functional connectivity between the PCC and left caudate. Post hoc analyses showed the PCC-vmPFC relationship accounted for the most variance in a regression model adjusted for all four significant functional connectivity relationships, demographic factors, and global cognition. These findings provide information on the neural mechanisms associated with financial literacy in old age. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

Survey of transmission line corridors. [Data on delays in transmission line construction

Energy Technology Data Exchange (ETDEWEB)

1979-01-05

The intent of this study is to determine the extent of delays experienced in planning and constructing transmission lines in the continental United States. The reasons for the delays are identified for each line studied and their effect on the total electrical system is sought. Data was collected for 136 different lines either recently built or currently under study. Statistics were developed for each line in several categories and comparisons of lines delayed were made by company, area served and generation capacity. From the study presented here it was found that: right-of-way acquisition procedures including condemnation and easement negotiation practices delay more projects than local, state and federal regulatory requirements combined; load growth reductions particularly in the east have reduced the impact of regulatory delays; the south, southeast and southwestern areas of the country experience fewer delays in constructing transmission lines than the more populated states, and the cost for corridor delays was responded to for only 17 of the 142 projects surveyed. By far the most costly delay is the expense of condemning land for transmission right-of-way.

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.

5 CFR 2635.403 - Prohibited financial interests.

Science.gov (United States)

2010-01-01

... Section 2635.403 Administrative Personnel OFFICE OF GOVERNMENT ETHICS GOVERNMENT ETHICS STANDARDS OF ETHICAL CONDUCT FOR EMPLOYEES OF THE EXECUTIVE BRANCH Conflicting Financial Interests § 2635.403... other property rights, deeds of trust, and liens, and extends to any right to purchase or acquire any...

EDF - 2007 results, 2007 Financial report

International Nuclear Information System (INIS)

Gadonneix, Pierre

2008-01-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2007 annual results and Consolidated financial statements of the Group at 31 December 2007: Consolidated income statements; Consolidated balance sheets; Consolidated cash flow statements; Changes in consolidated equity; Notes to the consolidated financial statements: Group accounting standards; Summary of the principal accounting and valuation methods; Public electricity distribution concessions in France and concession agreements for other activities; Comparability; Significant events and transactions of 2007 and 2006; Changes in the scope of consolidation; Segment reporting; Sales; Fuel and energy purchases; Other external expenses; Contractual obligations and commitments; Personnel expenses; Other operating income and expenses; Impairments / reversals; Other operating income and expenses; Financial result; Income taxes; Goodwill; Other intangible assets; Property, plant and equipment operated under French public electricity distribution concessions; Property, plant and equipment operated under concessions for other activities; Property, plant and equipment used in generation and other tangible assets owned by the Group; Investments in companies accounted for under the equity method; Current and non-current financial assets; Inventories, including work-in-process; Trade receivables; Other receivables; Cash and cash equivalents; Held-for-sale assets and liabilities; Equity; Provisions; Specific French public electricity distribution concession liabilities for existing assets and assets to be replaced; Current and non

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.

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.

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 Financial...

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.

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…

Nigeria; Publication of Financial Sector Assessment Program Documentation––Technical Note on Stress Testing

OpenAIRE

International Monetary Fund

2013-01-01

To assess the financial stability in Nigeria, various stress tests and analytic processes were undertaken jointly by the Nigerian authorities and the Financial Sector Assessment Program (FSAP) team. The exercise included macroeconomic scenario analysis and its transmission into a range of single- and multifactor shocks. The tests covered the entire Nigerian banking system and looked at the short-term horizon, in part because of data constraints. Sensitivity stress tests estimated the impact o...

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 will...

EDF - 2006 full-year results, 2006 Financial report

International Nuclear Information System (INIS)

Gadonneix, Pierre

2007-04-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2006 annual results and Consolidated financial statements of the Group at 31 December 2006: Consolidated income statements, Consolidated balance sheets, Consolidated cash flow statements, Changes in consolidated equity, Notes: Group accounting policies, Summary of accounting and valuation methods, Public distribution concessions in France, Comparability, Significant events and transactions of 2006 and 2005, Changes in the scope of consolidation, Segment reporting, Sales, Fuel and energy purchases, Other external expenses, Contractual obligations and commitments, Personnel expenses, Other operating income and expenses, Impairments / reversals, Other income and expenses, Financial result, Income taxes, Goodwill, Other intangible assets, Property, plant and equipment, Investments in companies accounted for under the equity method, Financial assets, Inventories including work-in-process, Trade receivables, Other receivables, Cash and cash equivalents, Held-for-sale assets and liabilities, Equity, Provisions, Special concession liabilities, Current and non-current financial liabilities, Derivatives, Other liabilities, Contribution of joint ventures, Related parties, Environment, Subsequent events, Transition to standards IAS 32 and 39 concerning financial instruments, Scope of consolidation

Value transmissions between parents and children: gender and developmental phase as transmission belts.

Science.gov (United States)

Roest, Annette M C; Dubas, Judith Semon; Gerris, Jan R M

2010-02-01

This study applied the gender role model of socialization theory, the developmental aging theory, and the topic salience perspective to the investigation of parent-child value transmissions. Specifically, we examined whether the bi-directionality and selectivity of value transmissions differed as a function of parents' and children's gender and children's developmental phase (adolescence versus emerging adulthood). Transmissions between parents and children from 402 Dutch families on the topics of work as duty and hedonism were studied across a 5-year period using structural equation modeling. As expected, we did not find convincing support for the general models of gender socialization and developmental aging. Instead, parent-child value transmissions appeared to be qualified by value salience. Particularly, high salience of work as duty for fathers was related with great paternal involvement in transmissions on this value orientation and high salience of hedonism for sons and adolescents was linked to transmissions from these groups to parents. Copyright (c) 2009 The Association for Professionals in Services for Adolescents. Published by Elsevier Ltd. Published by Elsevier Ltd. All rights reserved.

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

Directory of Open Access Journals (Sweden)

Igor Masten

2011-12-01

Full Text Available

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

[Relevance of safety measures to avoid HTLV transmission by transfusion in 2014].

Science.gov (United States)

Laperche, S; Pillonel, J

2014-11-01

In high-income countries, the safety of blood transfusion related to viruses has reached a very high level, especially thanks to the implementation of multiple measures aimed at reducing the transfusion risk. The cost-effectiveness of these preventive measures is frequently discussed due to global financial resources, which are more and more limited. Hence, the revision of safety strategies is a key issue, especially when these strategies are redundant, as those implemented to avoid Human T-cell Lymphotropic Virus (HTLV) transmission, which are based on both antibodies screening and leucoreduction of blood products. The residual risk of the transmission of HTLV by transfusion has been recently estimated at 1 in 20 million donations (2010-2012) in France (excluding overseas territories). This estimation did not take into account the leucoreduction, which appears to be a very efficient preventive measure as the virus is strictly intra-cellular. To help decision-making, we have evaluated some parameters related to HTLV blood transmission. Firstly, the probability that an incident occurring during the leucoreduction process affects a HTLV-positive blood donation has been estimated at 1 in 178 million. Estimation of clinical consequences of HTLV-positive transfusions would affect 1 to 2 transfused-patients without leucoreduction, and one recipient every 192 years in case of 10% failures of the filtration method. Obviously, despite a risk, which appears to be controlled, HTLV screening will be disputed as soon as the efficiency of leucoreduction to totally prevent virus blood transmission will be proven and when pathogen inactivation methods are generalized to all blood cellular products. Copyright © 2014 Elsevier Masson SAS. All rights reserved.

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.

Analyzing Systemic Risk in CEE Markets in 2007–2008 Financial Crisis

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Renata Karkowska

2013-01-01

Full Text Available The purpose of the article is to attempt to answer the question ofhow the crisis affected the banking systems of cee countries, withspecial emphasis on liquidity risk. It seems that this problem hasparticularly affected emerging economies. First, the liquidity riskbegan to exert considerable influence on the functioning bankingsystem and, indirectly, the whole economy. In this paper authorwanted to answer the following questions: What are the channelsof transmission systemic risk on cee markets? What is the role ofbig world banking groups in these financial systems? This conceptis applied to ten Central Eastern European countries, whichexperienced a financial crisis. In the research author hypothesizedabout interconnectedness of liquidity in financial systemsand solvency problems of big banking groups operating in CEE.

Game-theoretic equilibrium analysis applications to deregulated electricity markets

Science.gov (United States)

Joung, Manho

This dissertation examines game-theoretic equilibrium analysis applications to deregulated electricity markets. In particular, three specific applications are discussed: analyzing the competitive effects of ownership of financial transmission rights, developing a dynamic game model considering the ramp rate constraints of generators, and analyzing strategic behavior in electricity capacity markets. In the financial transmission right application, an investigation is made of how generators' ownership of financial transmission rights may influence the effects of the transmission lines on competition. In the second application, the ramp rate constraints of generators are explicitly modeled using a dynamic game framework, and the equilibrium is characterized as the Markov perfect equilibrium. Finally, the strategic behavior of market participants in electricity capacity markets is analyzed and it is shown that the market participants may exaggerate their available capacity in a Nash equilibrium. It is also shown that the more conservative the independent system operator's capacity procurement, the higher the risk of exaggerated capacity offers.

Financial Village Standing in Indonesian Financial System

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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

The Psychology and Neuroscience of Financial Decision Making.

Science.gov (United States)

Frydman, Cary; Camerer, Colin F

2016-09-01

Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have underdiversified stock holdings and low retirement savings rates. Investors overextrapolate from past returns and trade too often. Even top corporate managers, who are typically highly educated, make decisions that are affected by overconfidence and personal history. Many of these behaviors can be explained by well-known principles from cognitive science. A boom in high-quality accumulated evidence-especially how practical, low-cost 'nudges' can improve financial decisions-is already giving clear guidance for balanced government regulation. Copyright © 2016 The Authors. Published by Elsevier Ltd.. All rights reserved.

FINANCIAL INSTABILITY, FINANCIAL DEVELOPMENT AND POVERTY

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Ionescu Cristian

2012-12-01

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

Financial Literacy and Financial Behaviour

NARCIS (Netherlands)

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

2016-01-01

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

ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

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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.

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

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Sigit Setiawan

2015-05-01

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

Financial Burden Associated with Time to Return to Work After Living Kidney Donation.

Science.gov (United States)

Larson, Dawn B; Wiseman, Jennifer F; Vock, David; Bergund, Danielle M; Roman, Ashley; Ibrahim, Hassan Nimer; Matas, Arthur J

2018-05-25

Many living kidney donors undertake a significant financial burden in order to donate. We studied the association between time to return to work and reported financial burden. Kidney donors, who donated from 2/2005 - through 12/2015 (n=1012) were surveyed 6 months postdonation, and asked about occupation; time to return to work; and financial burden (on a 10-point Likert scale). Of 856 donors working for pay, 629 (73%) responded. After adjusting for donor characteristics, increased length of time to return to work was a significant predictor of financial burden (pfinancial burden for each week away from work (p=0.003). Older age at donation and nondirected (vs directed) donation were associated with significantly decreased financial burden. These observations provide additional information to better inform donor candidates, and further emphasize the need to develop policies so that living kidney donation can be financially neutral. This article is protected by copyright. All rights reserved. This article is protected by copyright. All rights reserved.

Financial analysis as a financial management instrument

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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

49 CFR 1152.29 - Prospective use of rights-of-way for interim trail use and rail banking.

Science.gov (United States)

2010-10-01

... statement must be in the following form: Statement of Willingness To Assume Financial Responsibility In... user continuing to meet the financial obligations for the right-of-way. The CITU will also provide that... to the user continuing to meet the financial obligations for the right-of-way. The NITU will also...

Financial satisfaction and financial stressors in marital satisfaction.

Science.gov (United States)

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

2011-04-01

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

Passing It On: Parent-to-Adult Child Financial Transfers for School and Socioeconomic Attainment

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Emily Rauscher

2016-10-01

Full Text Available As wealth inequality increases, the importance of parental financial transfers for socioeconomic attainment may also rise. Using data from the 2013 Panel Study of Income Dynamics Rosters and Transfers Module, this study investigates two questions: how parental financial transfers for education have changed over time, and what the relationship is between these transfers and adult socioeconomic outcomes. Results suggest that transfers for education have increased, have become more commonplace, and have become more dependent on parental wealth over time. Holding constant several individual and parental measures, the relationship between parental transfers for school and adult socioeconomic attainment is positive. This relationship holds when using three-stage least squares models to account for potential endogeneity of financial transfers for school. Overall, results support arguments that parental financial transfers for education facilitate the intergenerational transmission of socioeconomic standing.

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

OpenAIRE

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

2017-01-01

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

Financial Literacy and Financial Planning in France

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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.

Financial literacy is associated with white matter integrity in old age.

Science.gov (United States)

Han, S Duke; Boyle, Patricia A; Arfanakis, Konstantinos; Fleischman, Debra; Yu, Lei; James, Bryan D; Bennett, David A

2016-04-15

Financial literacy, the ability to understand, access, and utilize information in ways that contribute to optimal financial outcomes, is important for independence and wellbeing in old age. We previously reported that financial literacy is associated with greater functional connectivity between brain regions in old age. Here, we tested the hypothesis that higher financial literacy would be associated with greater white matter integrity in old age. Participants included 346 persons without dementia (mean age=81.36, mean education=15.39, male/female=79/267, mean MMSE=28.52) from the Rush Memory and Aging Project. Financial literacy was assessed using a series of questions imbedded as part of an ongoing decision making study. White matter integrity was assessed with diffusion anisotropy measured with diffusion tensor magnetic resonance imaging (DTI). We tested the hypothesis that higher financial literacy is associated with higher diffusion anisotropy in white matter, adjusting for the effects of age, education, sex, and white matter hyperintense lesions. We then repeated the analysis also adjusting for cognitive function. Analyses revealed regions with significant positive associations between financial literacy and diffusion anisotropy, and many remained significant after accounting for cognitive function. White matter tracts connecting right hemisphere temporal-parietal brain regions were particularly implicated. Greater financial literacy is associated with higher diffusion anisotropy in white matter of nondemented older adults after adjusting for important covariates. These results suggest that financial literacy is positively associated with white matter integrity in old age. Copyright © 2016 The Authors. Published by Elsevier Inc. All rights reserved.

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

OpenAIRE

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

2013-01-01

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

FINANCIAL RISK COVERAGE IN THE CONTEXT OF GLOBALIZATION FINANCIAL MARKETS

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María Esperanza González-del Foyo

2016-01-01

Full Text Available In a globalized environment, the increase of risks that assume the international commerce makes necessary the to articulate the instruments of covering. The enterprise activity and the country in matter will condition in a great measure the type of covering that be needed to contract, the principal consist in: knowing the risks, evaluate its incidence, decide to cover it or assume it and in both cases the right choise most be the aplication of the strategy thatt be more efective. The States put under disposition of the enterprises a series of public mechanismes to help them to promote its internationalitation . One of the pillars where this politics rest is the use of mechanismes of riskes cover in the internacional commerce. In correspondence with the previous, to reflect on the aplications of the financial risk and the formulation of strategies to cover them in conditions of globalization of the financial markets, constitute the objetive of this article. 

Understanding Financial Statements. Financial Matters. Board Basics.

Science.gov (United States)

McCarthy, John H.; Turner, Robert M.

1998-01-01

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

EDF - 2013 full-year results up, driven by good operating and financial performance; Strengthened financial structure; 2014-2018 vision. Annual results 2013. 2013 Consolidated financial statements. Management report 2013

International Nuclear Information System (INIS)

Proglio, Henri

2014-01-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2013 annual results, management report and Consolidated financial statements of the Group at 31 December 2013: Group EBITDA: euro 16.8 bn, +5.5% in organic growth; Strong growth in low-carbon energies: Hydro and other renewable output in France: +22.5% vs. 2012, Highest hydro output in over 10 years in France, Highest nuclear output in past 8 years in the United Kingdom and stable output in France; Net income - Group share: euro 3,517 m, +7.4%; Net income excluding non-recurring items: euro 4,117 m vs. euro 4,175 m in 2012; Spark: euro 1.3 bn in cost savings at end-December; initial target: euro 1 bn; Net financial debt/EBITDA: 2.1x vs. 2.4x2 at 31 December 2012; Proposed cash dividend for 2013: euro 1.25/share, a pay-out ratio of 56.5%, within the range of 55% to 65% of net income excluding non-recurring items. Financial targets for 2014: Group EBITDA excluding Edison: organic growth of at least 3%; Edison EBITDA: expectation for recurring EBITDA of euro 1 bn and at least euro 600 m in 2014 before effects of gas contract re-negotiations; Net financial debt/EBITDA: between 2x and 2.5x; Pay-out ratio of net income excluding non-recurring items post hybrid: 55% to 65%. 2014-2018 vision: Cash-flow after dividends: positive in 2018. Consolidated financial statements: 1 - Historical financial information: Consolidated income statements, Statements of net income and gains and losses recorded directly in equity, Consolidated balance sheets, Consolidated cash flow statements, Changes in consolidated equity, Notes to the consolidated

Does financial literacy improve financial inclusion? Cross country evidence

OpenAIRE

Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas

2017-01-01

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

Life cycle assessment of the transmission network in Great Britain

International Nuclear Information System (INIS)

Harrison, Gareth P.; Maclean, Edward J.; Karamanlis, Serafeim; Ochoa, Luis F.

2010-01-01

Analysis of lower carbon power systems has tended to focus on the operational carbon dioxide (CO 2 ) emissions from power stations. However, to achieve the large cuts required it is necessary to understand the whole-life contribution of all sectors of the electricity industry. Here, a preliminary assessment of the life cycle carbon emissions of the transmission network in Great Britain is presented. Using a 40-year period and assuming a static generation mix it shows that the carbon equivalent emissions (or global warming potential) of the transmission network are around 11 gCO 2-eq /kWh of electricity transmitted and that almost 19 times more energy is transmitted by the network than is used in its construction and operation. Operational emissions account for 96% of this with transmission losses alone totalling 85% and sulphur hexafluoride (SF 6 ) emissions featuring significantly. However, the CO 2 embodied within the raw materials of the network infrastructure itself represents a modest 3%. Transmission investment decisions informed by whole-life cycle carbon assessments of network design could balance higher financial and carbon 'capital' costs of larger conductors with lower transmission losses and CO 2 emissions over the network lifetime. This will, however, necessitate new regulatory approaches to properly incentivise transmission companies.

Quality of Financial Policies and Financial System Stress

OpenAIRE

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

2005-01-01

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

Why Financial Advice Cannot Substitute for Financial Literacy?

OpenAIRE

M. Debbich

2015-01-01

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

Financial System of Malaysia: the Concept of Financial Dispute

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Evgenia E. Frolova

2017-01-01

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

Varieties of indebtedness: Financialization and mortgage market institutions in Europe.

Science.gov (United States)

Van Gunten, Tod; Navot, Edo

2018-02-01

During the global housing boom that preceded the 2007-9 financial crisis, household debt increased substantially in many European countries, posing a challenge for literature on financialization and the institutional heterogeneity of mortgage markets. This paper examines recent institutional shifts in European mortgage markets and specifies three analytically distinct models of debt accumulation: inclusion, extension and intensity. While existing research has emphasized inclusion (access to homeownership), we show that financial intensification is an important determinant of cross-national variation in debt. We assess the variation in financial intensity in six European countries (France, Germany, Italy, the Netherlands, Portugal and Spain) using household-level survey data. Our results show that inclusion and expansion explain only part of the cross-national variation in mortgage debt to income ratios. Furthermore, household financial behavior is consistent with the financial intensity model, and variation in the degree of financial intensification explains a substantial portion of the cross-national difference in debt levels. Copyright © 2017 Elsevier Inc. All rights reserved.

The Usefulness of Financial Statements in Making Financial Diagnosis

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Mitica Pepi

2016-01-01

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

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

OpenAIRE

Kaiser, Tim; Menkhoff, Lukas

2017-01-01

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

Measuring financial performance: an overview of financial statements.

Science.gov (United States)

Dalsted, N L

1995-07-01

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

Financial Stress Indices and Financial Crises

NARCIS (Netherlands)

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

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

Financial Analysis of the Financial Institutions Sector in Kosovo

Directory of Open Access Journals (Sweden)

Vlora Prenaj

2015-12-01

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

Financial Economy and Financial System: Basis of Structural Interconnection

Directory of Open Access Journals (Sweden)

Khorosheva Olena I.

2014-02-01

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

East Asian Financial Cycles: Asian vs. Global Financial Crises

OpenAIRE

Akira Kohsaka; Jun-ichi Shinkai

2014-01-01

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

Corporate financial restructuring in Asia: implications for financial stability

OpenAIRE

Michael Pomerleano

2007-01-01

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

FINANCIAL INFORMATION, EFFECTS OF FINANCIAL INFORMATION ON ECONOMIC DECISION

Directory of Open Access Journals (Sweden)

TAK ISA

2010-12-01

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

Financial Liberalization and Financial Fragility

OpenAIRE

Enrica Detragiache; Asli Demirgüç-Kunt

1998-01-01

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

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...

A survey of transmission tariffs in North America

International Nuclear Information System (INIS)

Lusztig, C.; Feldberg, P.; Orans, R.; Olson, A.

2006-01-01

One goal of electricity restructuring is to facilitate voluntary transactions in workably competitive wholesale electricity markets. Unfettered wholesale trading, however, can only take place under open and comparable access to transmission by all market participants at non-discriminatory tariffs. Since a rich body of literature exists for topics like nodal pricing, transmission rights, ancillary services, and optimal dispatch, this paper's focus is to survey the transmission tariffs actually used in North America to achieve open and comparable transmission access. In doing so, it provides a practical guide to developing a transmission tariff, illustrated by the survey's role in shaping the tariff filed by a company like the British Columbia Transmission Company (BCTC) with its regulator, the British Columbia Utilities Commission (BCUC). (author)

Sull'innovazione finanziaria. (On financial innovation

Directory of Open Access Journals (Sweden)

G. VACIAGO

2013-12-01

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

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

OpenAIRE

ORENS, Raf; LYBAERT, Nadine

2013-01-01

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

Financial globalisation uncertainty/instability is good for financial development

OpenAIRE

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

2015-01-01

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

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…

Integrated Supervision of the Financial Market without the UK?

Directory of Open Access Journals (Sweden)

Michal Janovec

2018-02-01

Full Text Available This paper analyses the integration of financial market supervision at international level, particularly focusing on EU law and the actual processes taking place in this area considering Brexit as its part. Current legislative action at EU level has a significant impact on legislation in all member countries of European Union. This paper seeks, among other things, to find the causes of the increasingly ongoing process of integration of financial market supervision and determine whether or not the direction in which the international integration is going is the right one. The objective of this paper is to determine whether or not the process of integration increases the efficiency of financial market supervision itself and helps to develop the European single market, while simultaneously reducing systemic risk to financial market stability.

Evaluating a Financial Assessment Tool: The Financial Checkup

OpenAIRE

Johnson, Alena C.

2001-01-01

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

The Transmission of Liquidity Shocks to the Real Economy

DEFF Research Database (Denmark)

Dursun-de Neef, Özlem

2012-01-01

This paper uses the 2007-2009 financial crisis as a negative liquidity shock on banks to analyze their lending behavior and study the differences between US and euro-area banks. When faced with a negative liquidity shock, US banks transmitted liquidity shocks to the real economy by reducing...... of the Federal Reserve in the US and the ECB in the euro area has led to differences in the transmission of liquidity shocks to the real economy....

Financial Coaching's Potential for Enhancing Family Financial Security

Science.gov (United States)

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

2013-01-01

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

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

OpenAIRE

Sigit Setiawan

2015-01-01

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

Materiality from financial towards non-financial reporting

OpenAIRE

Chiara Mio

2013-01-01

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

Financial Capacity and its Cognitive Predictors in Progressive Multiple Sclerosis.

Science.gov (United States)

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

2017-12-01

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

Exclusive Rights and State Aid

DEFF Research Database (Denmark)

Ølykke, Grith Skovgaard

2017-01-01

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...... 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...

A Transmission-Cost-Based Model to Estimate the Amount of Market-Integrable Wind Resources

DEFF Research Database (Denmark)

Morales González, Juan Miguel; Pinson, Pierre; Madsen, Henrik

2012-01-01

are made to share the expenses in transmission derived from their integration, they may see the doors of electricity markets closed for not being competitive enough. This paper presents a model to decide the amount of wind resources that are economically exploitable at a given location from a transmission......In the pursuit of the large-scale integration of wind power production, it is imperative to evaluate plausible frictions among the stochastic nature of wind generation, electricity markets, and the investments in transmission required to accommodate larger amounts of wind. If wind producers......-cost perspective. This model accounts for the uncertain character of wind by using a modeling framework based on stochastic optimization, simulates market barriers by means of a bi-level structure, and considers the financial risk of investments in transmission through the conditional value-at-risk. The major...

Late Financial Distress Process Stages and Financial Ratios

DEFF Research Database (Denmark)

Sormunen, Nina; Laitinen, Teija

2012-01-01

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

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

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

Directory of Open Access Journals (Sweden)

Jan Marc Berk

2002-09-01

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

Access rules for imports and exports on the French public power transmission network; Regles d'acces au reseau public de transport francais pour des importations et des exportations

Energy Technology Data Exchange (ETDEWEB)

NONE

2002-10-01

These rules define the technical, financial and legal conditions applied to imports and/or exports made by the user on the French public power transmission grid (Reseau Public de Transport - RPT), considering the available capacity on interconnections and any particular technical constraints of the European interconnected network, notably in terms of safety: 1 - definitions; 2 - general conditions (scope, participation conditions, user obligations, signature, enforcement and duration of the participation agreement, attachment of transactions to a balance responsible entity, rules modification procedure, access to the information system, financial conditions, guarantee of exchange programmes, transfer of rights and obligations, intellectual property, confidentiality, force majeure, responsibility, termination, notifications and operational exchange procedures, territorial application of the rules, applicable law and language, dispute resolution); 3 - conditions for the application of imports and exports (allocating transmission capacity on interconnections, allocating import capacity, changing a capacity allocation mechanism, the different categories of exchange programmes, standard programmes, weekly programmes, daily programmes, nominations in the event of a failure in the information system, information published by RTE); 4 - conditions for the application of intra-day transactions (intra-day transaction requests, processing intra-day transaction requests, modification of an intra-day transactions programme). 16 models of correspondence documents are given in appendixes.

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

OpenAIRE

Sigit Setiawan

2015-01-01

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

Financial Depth and Financial Access in Indonesia

OpenAIRE

Setiawan, Sigit

2015-01-01

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

The development of a gas transmission system in Lebanon

Energy Technology Data Exchange (ETDEWEB)

Proudian, Serko; Rickaert, Stefan [Tractebel Engineering, Brussels (Belgium)

2005-07-01

Tractebel Engineering is undertaking for the Lebanese Ministry of Energy and Water (MEW) advisory services for the launching and for the awarding of a DBOT (Design, Build, Operate and Transfer) contract for the development of a gas transmission system through Lebanon. The service embraces a global approach, integrating legal, market, technical and financial matters, to provide MEW with a clear strategy to its gas development program, aimed at attracting private investors willing to tender on this DBOT project.The Legal Framework Report examines the existing Lebanese legal system and analyzes its suitability to the regulatory framework required to operate gas networks; it also provides recommendations aimed at attracting potential DBOT developers, by facilitating bureaucratic procedures with possible enactment of new laws. The Gas Demand Due Diligence Report provides the market study for present and future demand of gas in Lebanon in the next 25 years (duration of the DBOT contract), with anticipated needs resulting from power generation, industrial sector, commercial and residential sectors. The Pipeline Alternative Solutions Report provides several alternative routing and configurations for the gas transmission pipeline, including surveys, in-land routing (through rough mountain and heavily populated areas), or off-shore routing (through rough marine canyons and sea water depth in excess of 1,500 meters). Basic technical economical study is elaborated for more than 30 options.The Pipeline Financial Optimization Report compares the economics and provides for each solution the expected postal tariff (the compensation that MEW would need to pay to the developer for the execution of the 25 year DBOT contract). The advisory services are completed with preparation of the Pre-Qualification Notice (aimed at selecting a short list of qualified Bidders), preparation of the Request For Proposal (bidding on the selected pipeline option), evaluation of proposal, selection of

Piloting the older adult financial exploitation measure in adult safeguarding services.

Science.gov (United States)

Phelan, A; Fealy, G; Downes, C

Financial abuse is arguably the most complex form of elder abuse as it may occur remote to the older person and it is impacted by issues such as cultural values, perpetrator intent and family expectations. Financial abuse may not be recognised by either the older person or the perpetrator, thus, its prevention, early identification and amelioration are important. The (Irish) National Centre for the Protection of Older People undertook a study to determine the appropriateness of the Older Adult Financial Exploitation Measure for use by the national safeguarding older person services. Findings from a small pilot study involving 16 safeguarding staff's use of the Older Adult Financial Exploitation Measure with 52 community dwelling older people referred to their service demonstrate a higher suspicion of financial abuse as well as identifying multiple instances of possible financial exploitation in a single individual. Thus, the Older Adult Financial Exploitation Measure is considered appropriate to assist safeguarding personnel's assessment of older people related to a suspicion of financial abuse. Copyright © 2017 Elsevier B.V. All rights reserved.

Pension Plan Types and Financial Literacy in Later Life.

Science.gov (United States)

Li, Yang; Burr, Jeffrey A; Miller, Edward Alan

2017-09-09

The ongoing shift from defined benefit (DB) to defined contribution (DC) pension plans means that middle-aged and older adults are increasingly being called upon to manage their own fiscal security in retirement. Yet, half of older Americans are financially illiterate, lacking the knowledge and skills to manage financial resources. This study investigates whether pension plan types are associated with varying levels of financial literacy among older Americans. Cross-sectional analyses of the 2010 Health and Retirement Study (HRS) (n = 1,281) using logistic and linear regression models were employed to investigate the association between different pension plans and multiple indicators of financial literacy. The potential moderating effect of gender was also examined. Respondents with DC plans, with or without additional DB plans, were more likely to correctly answer various financial literacy questions, in comparison with respondents with DB plans only. Men with both DC and DB plans scored significantly higher on the financial literacy index than women with both types of plans, relative to respondents with DB plans only. Middle-aged and older adults, who are incentivized by participation in DC plans to manage financial resources and decide where to invest pension funds, tend to self-educate to improve financial knowledge and skills, thereby resulting in greater financial literacy. This finding suggests that traditional financial education programs may not be the only means of achieving financial literacy. Further consideration should be given to providing older adults with continued, long-term exposure to financial decision-making opportunities. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

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

Science.gov (United States)

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

2012-01-01

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

EDF group - Reference Document, Annual Financial Report 2015

International Nuclear Information System (INIS)

2016-01-01

The EDF group is an integrated utility, active in all electricity businesses: nuclear, renewable and thermal generation, transmission, distribution, supply, efficiency and energy services and trading. It is the leading player in the French electricity market and holds strong positions in Europe (United Kingdom (UK), Italy, central and eastern European countries), which makes it one of the world's leading electric utility and a renowned gas player. With a global installed net generation capacity of 134.2 GWe as at 31 December 2015 producing 619.3 TWh, the Group has one of the largest generation fleet in the world. Among the ten largest global power suppliers, it produces the smallest amount of CO 2 per kilowatt-hour generated 2 thanks to the share of nuclear, hydro and other renewable energies in its generation mix. The EDF group supplies electricity, gas and related services to 37.6 million customer accounts 3 worldwide (of which 27.8 million in France). Electricity generation is a non-regulated activity, which is open to competition in the same way as the sale of electricity and gas and upstream/downstream optimisation. The Group is thus implementing an integrated model for the joint operational management of its portfolio of assets upstream (generation and procurement of energy and fuels) and downstream (wholesale and retail) to guarantee supply of energy to its customers through the best possible management of operational and market risks and with a view to maximising gross margin. In addition, the Group is also active in regulated sectors such as electricity transmission and distribution. This document is EDF Group's Reference Document and Annual Financial Report for the year 2015. It contains information about: the History and development of the Company, the organisation of the Group, the risk factors and control framework, the environmental and societal information - Human Resources, the corporate governance, The Group's performance in 2015 and

The Transmission of Foreign Shocks to South Eastern European Economies

DEFF Research Database (Denmark)

Petrevski, Goran; Bogoev, Jane; Tevdovski, Dragan

2014-01-01

This paper investigates the transmission of foreign shocks to economic activity and macroeconomic policies in the South Eastern European (SEE) economies with fixed exchange rate regimes: Croatia, Macedonia and Bulgaria. Specifically, we provide empirical evidence on the influence of the EMU policy...... with rigid exchange rate regimes, with different degree of integration within the EU. As for the methodological issues, we employ recursive Vector Auto regressions to identify the exogenous shocks in the euro-area. Generally, the estimated results imply that euro-zone economic activity has significant...... reference rate are relatively quickly transmitted to domestic money market rates. We can explain these effects by several factors, such as: the fixed exchange rates, the relatively high integration of SEE financial markets to EMU financial markets as well as the dependence of banks on foreign financing...

Impact of stakeholders' interests on financial accounting policy-making : the case of Lithuania

OpenAIRE

Rudžionienė, Kristina

2006-01-01

This paper analyses the expectations of particular stakeholder groups’ impact on corporate financial accounting policy-making in Lithuanian enterprises from Stakeholder theory perspective. Companies should seek to present a true and fair view of their financial performance and results while making financial accounting policy because stakeholders need informative and truthful accounting data for making right decisions. On the basis of empirical results it could be stated that the impact of dif...

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.

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.

Conceptual Models and Guidelines for Clinical Assessment of Financial Capacity.

Science.gov (United States)

Marson, Daniel

2016-09-01

The ability to manage financial affairs is a life skill of critical importance, and neuropsychologists are increasingly asked to assess financial capacity across a variety of settings. Sound clinical assessment of financial capacity requires knowledge and appreciation of applicable clinical conceptual models and principles. However, the literature has presented relatively little conceptual guidance for clinicians concerning financial capacity and its assessment. This article seeks to address this gap. The article presents six clinical models of financial capacity : (1) the early gerontological IADL model of Lawton, (2) the clinical skills model and (3) related cognitive psychological model developed by Marson and colleagues, (4) a financial decision-making model adapting earlier decisional capacity work of Appelbaum and Grisso, (5) a person-centered model of financial decision-making developed by Lichtenberg and colleagues, and (6) a recent model of financial capacity in the real world developed through the Institute of Medicine. Accompanying presentation of the models is discussion of conceptual and practical perspectives they represent for clinician assessment. Based on the models, the article concludes by presenting a series of conceptually oriented guidelines for clinical assessment of financial capacity. In summary, sound assessment of financial capacity requires knowledge and appreciation of clinical conceptual models and principles. Awareness of such models, principles and guidelines will strengthen and advance clinical assessment of financial capacity. © The Author 2016. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Strengthening financial management, providing financial safeguard mechanism

International Nuclear Information System (INIS)

Sun Wumei

2010-01-01

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

Assessment of the monetary policy transmission mechanism in the new EU member states

Directory of Open Access Journals (Sweden)

Bungin Sanja

2016-01-01

Full Text Available In order to completely understand and analyse the transmission mechanism, it is necessary to observe all factors conditioning its overall efficiency as well as the efficiency of individual transmission channels. This paper focuses on countries that have successfully passed the transition period and have experience with implementing different monetary policy regimes. The evolution of monetary policy resulted in the development of instruments through which central banks influence the real sector activity by means of a transmission mechanism. The empirical analysis based on econometric tools investigates the efficiency of transmission mechanism channels, or more precisely, their significance in the monetary targeting regime. With a view to reaching the conclusion about the direction in which it is necessary to develop the structure of the real and financial sector, aimed at a better functioning of monetary policy instruments, the paper features a theoretical analysis of the characteristics of the monetary policy in the developed economies, as well as the structural characteristics of these economies.

Obstacles to the Mortgage Financing of Forest Rights and its Countermeasures

Institute of Scientific and Technical Information of China (English)

2011-01-01

Current status of the mortgage financing of forest rights is introduced.Significance of the development of mortgage financing of rural forest rights is analyzed,indicating that the mortgage financing of rural forest rights is an inevitable trend of rural reform development,Mortgage financing of forest rights in rural China is an effective vector for the farmers’ income increase project with financial support,explores the great potential of forest resources,promotes the coordinated development of forestry and financial services.Major obstacles for the mortgage financing of forest rights at present is pointed out,which are the high assessment fees,the complex mortgage valuation,the unsound element market of forestry,and the lack of risk protection mechanism.Countermeasures for the development of mortgage financing of forest rights is out forward.For instance,both government and Forestry Bureau should strengthen the circulation services,establish smooth evaluation mechanism,establish companies for rural assets platform,increase the interest subsidies for forest right mortgage and the risk compensation,strengthen the team construction and improve the service system.

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.

RTE - Consolidated financial statements 2016

International Nuclear Information System (INIS)

2017-01-01

RTE's 2016 revenue stands at 4 446 million euro with a net income of 403 million euro. RTE continued its sustained investment programme with 1 519 million euro of investments aimed to reinforce electrical power supply security, develop cross-border capacities, accelerate digital transformation, and adapt the network to contribute to the success of energy transition. In 2016, favourable weather conditions were not sufficient to fully offset lower interconnection revenues resulting from narrowing electricity-price differentials with neighbouring countries and the strengthening of the tariff reduction policy for electricity-intensive customers. Effects of tariff reduction will be offset over the next financial years in accordance with the law on energy transition for green growth. In light of these factors, RTE's 2016 revenue of 4 446 million euro was down slightly compared to 2015 (-3%). 2016 net income of 403 million euro was up 6% compared to 2014 (379 million euro). 2015 net income (215 million euro) was exceptionally low due to the effect of the European Commission's decision dated 22 July 2015 regarding the tax treatment of provisions created between 1986 and 1997 for the renewal of the General Transmission Network ('RAG') facilities. 2016 net income was the result of good operating expense management and sustained revenue performance. 1 519 million euro of investments were made in 2016, 8% more than in 2015. As part of its industrial project launched in 2016, RTE strengthened its policy of adapting the network to the challenges of the energy transition and reoriented some investments in order to accelerate the implementation of digital technologies, with a view to ultimately having the top electrical and digital network in Europe. The level of investments in 2016 led to a slight increase in net debt (+3% for a net debt of 8 539 million euro at the end of 2016), which remains consistent with the maintenance of the company's financial balances. The strength of

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.

31 CFR 208.10 - Reservation of rights.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Reservation of rights. 208.10 Section 208.10 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL AGENCY...

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...

From the financial crisis to the real economy: using firm-level data to identify transmission channels

NARCIS (Netherlands)

Claessens, C.A.M.F.; Tong, H.; Wei, S-J.

2012-01-01

Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in business cycle, international trade, and external financing

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.

The convergence between self-reports and observer ratings of financial skills and direct assessment of financial capabilities in patients with schizophrenia: more detail is not always better.

Science.gov (United States)

Harvey, Philip D; Stone, Laura; Lowenstein, David; Czaja, Sara J; Heaton, Robert K; Twamley, Elizabeth W; Patterson, Thomas L

2013-06-01

Despite multiple lines of evidence suggesting that people with schizophrenia tend to overestimate their ability to perform everyday tasks such as money management, self-report methods are still widely used to assess functioning. In today's technology driven financial world patients are faced with increasingly complex financial management tasks. To meet these challenges adequate financial skills are required. Thus, accurate assessments of these abilities are critical to decisions regarding a patient's need for support such as a financial trustee. As part of the larger VALERO study, 195 patients with schizophrenia were asked to self-report their everyday financial skills (five common financial tasks) with the Independent Living Skills Survey (ILSS). They were also assessed with performance-based measures of neuro-cognition and functional capacity with a focus on financial skills. In addition, a friend, relative, or clinician informant was interviewed with the ILSS and a best estimate rating of functioning was generated. Scores on the performance-based measures of financial skills and neuropsychological tests were uncorrelated with self-reported financial activities. Interviewer and all informant judgments of financial abilities were also minimally correlated with performance on functional skill tests. Discrete financial skills appear to be challenging for clinicians to rate with accuracy without the use of direct assessments. Direct assessment of financial skills seems prudent when making determinations about the need for guardianship or other financial supervision. Copyright © 2013 Elsevier B.V. All rights reserved.

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.

Force transmissibility versus displacement transmissibility

Science.gov (United States)

Lage, Y. E.; Neves, M. M.; Maia, N. M. M.; Tcherniak, D.

2014-10-01

It is well-known that when a single-degree-of-freedom (sdof) system is excited by a continuous motion of the foundation, the force transmissibility, relating the force transmitted to the foundation to the applied force, equals the displacement transmissibility. Recent developments in the generalization of the transmissibility to multiple-degree-of-freedom (mdof) systems have shown that similar simple and direct relations between both types of transmissibility do not appear naturally from the definitions, as happens in the sdof case. In this paper, the authors present their studies on the conditions under which it is possible to establish a relation between force transmissibility and displacement transmissibility for mdof systems. As far as the authors are aware, such a relation is not currently found in the literature, which is justified by being based on recent developments in the transmissibility concept for mdof systems. Indeed, it does not appear naturally, but the authors observed that the needed link is present when the displacement transmissibility is obtained between the same coordinates where the applied and reaction forces are considered in the force transmissibility case; this implies that the boundary conditions are not exactly the same and instead follow some rules. This work presents a formal derivation of the explicit relation between the force and displacement transmissibilities for mdof systems, and discusses its potential and limitations. The authors show that it is possible to obtain the displacement transmissibility from measured forces, and the force transmissibility from measured displacements, opening new perspectives, for example, in the identification of applied or transmitted forces. With this novel relation, it becomes possible, for example, to estimate the force transmissibility matrix with the structure off its supports, in free boundary conditions, and without measuring the forces. As far as force identification is concerned, this

Interjurisdictional trading rules and issues

International Nuclear Information System (INIS)

Keizer, C.

2001-01-01

Rules and issues regarding financial transmission rights were presented in this power point presentation which focused on access to the Ontario electricity grid. Power generators submit offers to the independent market operator (IMO) to participate in the IMO dispatch. This presentation covered uniform pricing issues in Ontario, the congestion pricing theory, congestion management, and how congestion pricing can apply to inter-regional trades. Inter-regional trading examples of buying and selling electricity in Ontario were also presented. IMOs have the power to auction transmission rights, which are the financial instrument that protects against exposure to changes in price differences. Initially, this would apply only to price differences between the uniform Ontario price and prices in each zone. The holders of financial transmission rights receive a portion of the congestion surplus collected through the IMO settlements as a result of congestion pricing on the entities. The problem is that this provides no incentive for transmitters. Another problem is that there are different trading regimes in Ontario, but it is preferable to have seamless trading across jurisdictions to promote inter-jurisdictional trading

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.

75 FR 62023 - Transmission Planning and Cost Allocation by Transmission Owning and Operating Public Utilities

Science.gov (United States)

2010-10-07

... transmission needs driven by public policy requirements established by state or federal laws or regulations... facilities; and remove from Commission-approved tariffs or agreements a right of first refusal created by..., as a result of a Commission- approved tariff or agreement, receive different treatment in a regional...

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

OpenAIRE

Lee, Nirmala

2010-01-01

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

Financing investment in the European electricity transmission network: Consequences on long-term sustainability of the TSOs financial structure

International Nuclear Information System (INIS)

Henriot, Arthur

2013-01-01

This article focuses on the ability of European TSOs to meet the demand for substantial investments in the electricity transmission grid over the next two decades. We employ quantitative analysis to assess the impact of the required capital expenditures under a set of alternative financing strategies. We consider a best-case scenario of full cooperation between the European TSOs. It appears that under current trends in the evolution of transmission tariffs, only half the volumes of investment currently planned could be funded. A highly significant increase in transmission tariffs will be required to ensure the whole-scale investments can be delivered. Finally, alternative strategies can dampen the impact on tariffs but they can only partially substitute for this increase in charges paid by network users. -- Highlights: •We applied balance-sheet modelling to a single European Electricity TSO. •Investments planned will not be achievable under current tariffs evolution. •A three-fold higher growth of transmission network tariffs would be necessary. •New financing strategies can dampen the impact on tariffs, to a minor extent

Financial Literacy as the Foundation for Individual Financial Behavior

Science.gov (United States)

Dwiastanti, Anis

2015-01-01

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

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

Science.gov (United States)

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

2012-01-01

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

Nonlinear complexity of random visibility graph and Lempel-Ziv on multitype range-intensity interacting financial dynamics

Science.gov (United States)

Zhang, Yali; Wang, Jun

2017-09-01

In an attempt to investigate the nonlinear complex evolution of financial dynamics, a new financial price model - the multitype range-intensity contact (MRIC) financial model, is developed based on the multitype range-intensity interacting contact system, in which the interaction and transmission of different types of investment attitudes in a stock market are simulated by viruses spreading. Two new random visibility graph (VG) based analyses and Lempel-Ziv complexity (LZC) are applied to study the complex behaviors of return time series and the corresponding random sorted series. The VG method is the complex network theory, and the LZC is a non-parametric measure of complexity reflecting the rate of new pattern generation of a series. In this work, the real stock market indices are considered to be comparatively studied with the simulation data of the proposed model. Further, the numerical empirical study shows the similar complexity behaviors between the model and the real markets, the research confirms that the financial model is reasonable to some extent.

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).…

Pressure transmission area and maximum pressure transmission of different thermoplastic resin denture base materials under impact load.

Science.gov (United States)

Nasution, Hubban; Kamonkhantikul, Krid; Arksornnukit, Mansuang; Takahashi, Hidekazu

2018-01-01

The purposes of the present study were to examine the pressure transmission area and maximum pressure transmission of thermoplastic resin denture base materials under an impact load, and to evaluate the modulus of elasticity and nanohardness of thermoplastic resin denture base. Three injection-molded thermoplastic resin denture base materials [polycarbonate (Basis PC), ethylene propylene (Duraflex), and polyamide (Valplast)] and one conventional heat-polymerized acrylic resin (PMMA, SR Triplex Hot) denture base, all with a mandibular first molar acrylic resin denture tooth set in were evaluated (n=6). Pressure transmission area and maximum pressure transmission of the specimens under an impact load were observed by using pressure-sensitive sheets. The modulus of elasticity and nanohardness of each denture base (n=10) were measured on 15×15×15×3mm 3 specimen by using an ultramicroindentation system. The pressure transmission area, modulus of elasticity, and nanohardness data were statistically analyzed with 1-way ANOVA, followed by Tamhane or Tukey HSD post hoc test (α=.05). The maximum pressure transmission data were statistically analyzed with Kruskal-Wallis H test, followed by Mann-Whitney U test (α=.05). Polymethyl methacrylate showed significantly larger pressure transmission area and higher maximum pressure transmission than the other groups (Pelasticity and nanohardness among the four types of denture bases (Pelasticity and nanohardness of each type of denture base were demonstrated. Copyright © 2017 Japan Prosthodontic Society. Published by Elsevier Ltd. All rights reserved.

Transmission of Bank Liquidity Shocks in Loan and Deposit Markets: The Role of Interbank Borrowing and Market Monitoring

NARCIS (Netherlands)

Allen, F.; Hryckiewicz, A.; Kowalewski, O.; Tumer Alkan, G.

2014-01-01

We examine the international transmission of liquidity shocks from multinational bank holding companies to their subsidiaries during the financial crisis of 2008. Our results demonstrate that a subsidiary's reduction in lending is strongly related to its parent bank's lending via the interbank

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...

"Narrowing the transmission gap: A synthesis of three decades of research on intergenerational transmission of attachment": Correction.

Science.gov (United States)

2018-04-01

be fully explained by caregiver sensitivity, with more recent studies narrowing but not bridging the "transmission gap." Implications for attachment theory as well as future directions for research are discussed. (PsycINFO Database Record (c) 2018 APA, all rights reserved).

The financial position and funding of French non-financial corporations

OpenAIRE

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

2015-01-01

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

APPLICATION OF FINANCIAL ETHICS IN ANNUAL FINANCIAL REPORTING OF BANKS

Directory of Open Access Journals (Sweden)

Ayuba A. Aminu

2016-03-01

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

The Value of Institutions for Financial Markets; Evidence From Emerging Markets

OpenAIRE

Thomas Stratmann; Bernardin Akitoby

2009-01-01

This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally...

Financial Planners: Educating Widows in Personal Financial Planning

Science.gov (United States)

Korb, Brian R.

2010-01-01

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

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

Directory of Open Access Journals (Sweden)

Md. Nur Alam Siddik

2018-04-01

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

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

OpenAIRE

João Manoel Pinho de Mello; Márcio Gomes Pinto Garcia

2011-01-01

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

Financial Literacy and Financial Education: Review and Policy Implications

OpenAIRE

Annamaria Lusardi

2006-01-01

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

Financial Derivatives

OpenAIRE

Janečková, Alena

2011-01-01

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

DIAGNOSIS OF FINANCIAL POSITION STRUCTURE

Directory of Open Access Journals (Sweden)

CĂRUNTU GENU ALEXANDRU

2017-02-01

Full Text Available The analysis of financial position structure aimed at issues that highlight on the one hand the economic relations between asset side and liability side and on the other hand the changes that are achieved as a result of internal and external factors. In order to establish the causes that led over time to changing the structure of financial position we analyze the structure of assets, liabilities and equity. The balance sheet is a summary representing only a snapshot at a certain time that changes continuously and through which are presented economic goods, rights and obligations of the company at year-end. The balance sheet is the universal working tool that contains information on the company's heritage and performance. To achieve its purpose, namely to generate profit in conditions of intense competition the firm constitutes a heritage structure, an economic fixed and circulating capital appropriate to future needs.

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

OpenAIRE

Dorel BERCEANU; Nicolae SICHIGEA; Marcel DRĂCEA

2010-01-01

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

Valuation of physical transmission rights—An analysis of electricity cross-border capacities between Germany and the Netherlands

International Nuclear Information System (INIS)

Wobben, Magnus; Dieckmann, Birgit; Reichmann, Oleg

2012-01-01

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 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 spreads are analyzed. On the other hand we indicate a structural undervaluation of physical transmission rights in all model constellations, i.e. market prices are below theoretical prices of PTR's flexibility. We discuss several reasons for this undervaluation and finally state that regulatory modifications have to be made to avoid missing incentives for the extension of cross-border capacities. - Highlights: ► Modeling transmission rights as option contracts. ► Analysis of regional price spreads. ► Indication of a structural undervaluation of physical transmission rights.

A computational model for determining the minimal cost expansion alternatives in transmission systems planning

International Nuclear Information System (INIS)

Pinto, L.M.V.G.; Pereira, M.V.F.; Nunes, A.

1989-01-01

A computational model for determining an economical transmission expansion plan, based in the decomposition techniques is presented. The algorithm was used in the Brazilian South System and was able to find an optimal solution, with a low computational resource. Some expansions of this methodology are been investigated: the probabilistic one and the expansion with financier restriction. (C.G.C.). 4 refs, 7 figs

Dangers of neglecting non-financial conflicts of interest in health and medicine.

Science.gov (United States)

Wiersma, Miriam; Kerridge, Ian; Lipworth, Wendy

2018-05-01

Non-financial interests, and the conflicts of interest that may result from them, are frequently overlooked in biomedicine. This is partly due to the complex and varied nature of these interests, and the limited evidence available regarding their prevalence and impact on biomedical research and clinical practice. We suggest that there are no meaningful conceptual distinctions, and few practical differences, between financial and non-financial conflicts of interest, and accordingly, that both require careful consideration. Further, a better understanding of the complexities of non-financial conflicts of interest, and their entanglement with financial conflicts of interest, may assist in the development of a more sophisticated approach to all forms of conflicts of interest. © Article author(s) (or their employer(s) unless otherwise stated in the text of the article) 2018. All rights reserved. No commercial use is permitted unless otherwise expressly granted.

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.

Financial and Non Financial Factors on Going-Concern Opinion

Directory of Open Access Journals (Sweden)

Junaidi Junaidi

2012-09-01

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

Economic Efficiency of Selected Financial System Institutions of Local Government

Directory of Open Access Journals (Sweden)

Urszula Rabiej

2014-03-01

Full Text Available Functioning of local government units, as for as the economic sphere is concerned, is based on the financial law regulations. Those regulations aim at solving economic and social problems. The analysis of economic efficiency concerning implemented regulations is of particular importance for changing the EU’s attitude towards the influence, which EU has on functioning of the local governments. Implementing the local budgets, based on regulations which economic efficiency hasn’t been evaluated on the stage of legislation, may have a negative impact on local community and the economic situation of the country. Frequent changes of financial law cause actions, which financial effects cannot be predicted. What is more, those unstable regulations make it impossible to plan essential parts of a budget in a right way. That has a great importance in terms of correctness of long-term financial perspectives of the local government units.

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

OpenAIRE

Frederic S. Mishkin

2001-01-01

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

Ecological effects on arbovirus-mosquito cycles of transmission.

Science.gov (United States)

Tabachnick, Walter J

2016-12-01

Mosquitoes transmit many viruses to a variety of hosts. Cycles of mosquito borne arbovirus transmission are the result of complex interactions between the mosquito, the arbovirus and the host that are influenced by genetic variations in a variety of traits in each that are all influenced by many environmental factors. R 0 , the basic reproduction number or mean number of individuals infected from a single infected individual, is a measure of mosquito borne arbovirus transmission. Understanding the causes for the distribution of R 0 in any transmission cycle is a daunting challenge due to the lack of information on the genetic and environmental variances that influence R 0 . Information about the major factors influencing R 0 for specific transmission cycles is essential to develop efficient and effective strategies to reduce transmission in different cycles and locations. Copyright © 2016 Elsevier B.V. All rights reserved.

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.

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

OpenAIRE

Daniela Vitan

2011-01-01

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

Workplace Financial Education Facilitates Improvement in Personal Financial Behaviors

Science.gov (United States)

Prawitz, Aimee D.; Cohart, Judith

2014-01-01

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

Transmission line capital costs

International Nuclear Information System (INIS)

Hughes, K.R.; Brown, D.R.

1995-05-01

The displacement or deferral of conventional AC transmission line installation is a key benefit associated with several technologies being developed with the support of the U.S. Department of Energy's Office of Energy Management (OEM). Previous benefits assessments conducted within OEM have been based on significantly different assumptions for the average cost per mile of AC transmission line. In response to this uncertainty, an investigation of transmission line capital cost data was initiated. The objective of this study was to develop a database for preparing preliminary estimates of transmission line costs. An extensive search of potential data sources identified databases maintained by the Bonneville Power Administration (BPA) and the Western Area Power Administration (WAPA) as superior sources of transmission line cost data. The BPA and WAPA data were adjusted to a common basis and combined together. The composite database covers voltage levels from 13.8 to 765 W, with cost estimates for a given voltage level varying depending on conductor size, tower material type, tower frame type, and number of circuits. Reported transmission line costs vary significantly, even for a given voltage level. This can usually be explained by variation in the design factors noted above and variation in environmental and land (right-of-way) costs, which are extremely site-specific. Cost estimates prepared from the composite database were compared to cost data collected by the Federal Energy Regulatory Commission (FERC) for investor-owned utilities from across the United States. The comparison was hampered because the only design specifications included with the FERC data were voltage level and line length. Working within this limitation, the FERC data were not found to differ significantly from the composite database. Therefore, the composite database was judged to be a reasonable proxy for estimating national average costs

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

EDF group - Reference Document, Annual Financial Report 2012

International Nuclear Information System (INIS)

2013-01-01

The EDF Group is an integrated energy utility active in all areas of the electricity market: nuclear, renewable and fossil fuel energy generation, transmission, distribution and marketing, energy efficiency and management services, as well as energy trading. It is the leading player in the French electricity market, and holds strong positions in Europe (UK, Italy, Central and Eastern Europe) that make it one of the world's leading electricity utilities and a renowned player in the gas industry. With a net installed capacity of 139.5 GWe worldwide at 31 December 2012 (128.5 GWe in Europe), and global production of 642.6 TWh, the Group ranks among the world's leading energy utilities, with the biggest fleet emitting the least amount of CO 2 per kilowatt-hour generated 3 thanks to the proportion of nuclear, hydropower and other renewable energies in its generation mix. The EDF Group supplies electricity, gas and related services to more than 39.3 million customer accounts 4 worldwide (nearly 28.6 million in France). The Group's activities reflect the choice of a model balanced between France and international markets, spanning competitive and regulated operations and based on upstream-downstream integration. In 2012, the Group recorded consolidated revenue of euros 72.7 billion, operating profit before depreciation and amortisation of euros 16.1 billion and net income excluding non-recurring items of euros 4.2 billion. This document is EDF Group's Reference Document and Annual Financial Report for the year 2012. It contains information about: the Group activities, risk factors, Organisational charts, Property, plant and equipment, Operating and financial data, Cash flows and capital, Research and development, patents and licenses, Information on trends, Financial outlook, Administrative, management and supervisory bodies and Executive Management, Compensation and benefits, Functioning of administrative and management bodies, Employees - Human

EDF group - Reference Document, Annual Financial Report 2013

International Nuclear Information System (INIS)

2014-01-01

The EDF Group is an integrated energy utility active in all areas of the electricity market: nuclear, renewable and fossil fuel energy generation, transmission, distribution and marketing, energy efficiency and management services, as well as energy trading. It is the leading player in the French electricity market, and holds strong positions in Europe (UK, Italy, Central and Eastern Europe) that make it one of the world's leading electricity utilities and a renowned player in the gas industry. With a net installed capacity of 140.4 GWe worldwide at 31 December 2013 and global production of 653.9 TWh, the Group ranks among the world's leading energy utilities, with the biggest fleet emitting the least amount of CO 2 per kilowatt-hour generated 2 thanks to the proportion of nuclear, hydropower and other renewable energies in its generation mix. The EDF Group supplies electricity, gas and related services to more than 39.1 million customer accounts 3 worldwide (nearly 28.5 million in France). The Group's activities reflect the choice of a model balanced between France and international markets, spanning competitive and regulated operations and based on upstream-downstream integration. In 2013, the Group recorded consolidated revenue of euros 75.6 billion, operating profit before depreciation and amortisation of euros 16.8 billion and net income excluding non-recurring items of euros 4.1 billion. This document is EDF Group's Reference Document and Annual Financial Report for the year 2013. It contains information about: the Group activities, Organisational charts, Property, plant and equipment, Operating and financial data, Cash flows and capital, Research and development, patents and licenses, Information on trends, Financial outlook, Administrative, management and supervisory bodies and Executive Management, Compensation and benefits, Functioning of administrative and management bodies, Employees - Human Resources, Major Shareholders, Related

ACCOUNTING AND FINANCIAL INFORMATION - THE FOUNDATION OF STRUCTURING FINANCIAL STATEMENTS AND THEIR FUNDAMENTAL ROLE IN CREATING THE DEVELOPMENT STRATEGY OF COMPANIES

Directory of Open Access Journals (Sweden)

Igor ZDRAVKOSKI

2010-12-01

Full Text Available Scope of the economies of countries and manner of operation in various business entities and institutions creates the amount and importance of information as a whole. Diversity of the structure of information conceives the method and the need for its distribution to those who are interested in it. Hence, the question arises - how to get to the right information? Consumers in order to create their goals and tasks group themselves and search through the pile of information and data for anything that would enable better planning and creating a more secure future. Therefore, accounting managers perceive this very accurately and carefully conceive balance reports by inserting financial data and information that form the bedrock in their future structuring. Namely, the creating of financial statements provides disclosure of accounting and financial information for certain business transactions and actions of the company in a given period.

Framework for Financial Ratio Analysis of Audited Federal Financial Reports

National Research Council Canada - National Science Library

Brady, Richard

1999-01-01

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

The effects of the financial crisis on Sub-Saharan Africa

Directory of Open Access Journals (Sweden)

Franklin Allen

2011-01-01

Full Text Available This paper analyses the channels through which the economic and financial crisis of 2008–2009 was transmitted to Sub-Saharan Africa, with a focus on countries in situation of fragility. Trade stands out as the main direct channel, even though intra-Africa remittances play a relevant role, given that most migrants in Sub-Saharan Africa cannot afford the cost of migrating to Europe or to the United States and stay close, remaining in the continent. Whether reduced aid flows also act as a crisis transmission channel remains an open question, even though preliminary estimates suggest that, at least in the medium run, OECD countries are likely to lower aid, with potentially very damaging effects. The paper also shows that many African countries in a situation of fragility are characterised by very low resilience and capacity to cope with shocks. It concludes, by highlighting how Sub-Saharan Africa (fragile countries’ policymakers’ room for manoeuver is limited in periods of crisis because of low fiscal space and limited institutional capacity. It advocates that the right response to the crisis would be to mobilise domestic resources, although this will require functional institutions able to offset the potential trade-offs between adverse short-term shocks and a long-term perspective.

Financial Economy and Financial System: Basis of Structural Interconnection

OpenAIRE

Khorosheva Olena I.

2014-01-01

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

Financial Literacy and Financial Sophistication in the Older Population

Science.gov (United States)

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

2017-01-01

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

Financial Literacy and Financial Sophistication in the Older Population.

Science.gov (United States)

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

2014-10-01

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

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

Directory of Open Access Journals (Sweden)

Sorin Gabriel Anton

2016-12-01

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

75 FR 32940 - Request for Proposals for New or Upgraded Transmission Line Projects Under Section 1222 of the...

Science.gov (United States)

2010-06-10

... financial condition and has the ability to secure the necessary financing to meet the Project's requirements... for Proposals for New or Upgraded Transmission Line Projects Under Section 1222 of the Energy Policy..., Department of Energy. ACTION: Request for Project Proposals. SUMMARY: The Department of Energy (DOE or...

UNIFEM, CEDAW and the Human Rights-based Approach

NARCIS (Netherlands)

H.M. Hintjens (Helen)

2008-01-01

textabstractGlobal governance in an era of human rights is beset by a number of unavoid- able paradoxes. One is that as more states are increasingly held accountable for fulfilling legal obligations towards citizens, the same states are also obliged to collude in economic and financial deregulation

UNIFEM, CEDAW and the Human Rights-based Approach

NARCIS (Netherlands)

H.M. Hintjens (Helen)

2008-01-01

textabstractGlobal governance in an era of human rights is beset by a number of unavoidable paradoxes. One is that as more states are increasingly held accountable for fulfilling legal obligations towards citizens, the same states are also obliged to collude in economic and financial deregulation

31 CFR 210.12 - RDFI's rights of recovery.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false RDFI's rights of recovery. 210.12 Section 210.12 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE FEDERAL GOVERNMENT PARTICIPATION IN THE...

Enhancing Financial Security in Agricultural Business: Financial and Property Aspects

OpenAIRE

Yuliya Bezdushna

2014-01-01

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

Integrating physical and financial approaches to manage environmental financial risk

Science.gov (United States)

Characklis, Gregory; Meyer, Eliot; Foster, Benjamin

2017-04-01

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

Financial Risk Management

OpenAIRE

Catalin-Florinel Stanescu; Laurentiu Mircea Simion

2011-01-01

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

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

NARCIS (Netherlands)

Arons, T.M.C.

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

First half 2010 financial results

International Nuclear Information System (INIS)

2010-01-01

The Supervisory Board of the AREVA group presents in this document the financial statements submitted by the Executive Board for the semester ended June 30, 2010. Areva backlog continued to rise in the first half of the year. Areva's revenue is up by more than 6% for the first six months to more than 4 billion euros. The performance of Areva's recurring business continues to improve, reflecting optimization plans deployed in all of the group's business units. However, Areva booked in the first half a non cash reversible accounting adjustment on the value of certain mining assets, following the publication in the second quarter of new prospective data on uranium prices, as well as an additional provision on the EPR project in Finland. Cumulated provisions on OL3 rose to 2.6 billion euros. Capitalizing on lessons learned from this project, Areva has reduced strongly the engineering hours needed for the completion of the nuclear steam supply system for the Taishan 1 and 2 EPR reactors. Net income attributable to owners of the parent rose to 843 million euros, including the 1.3 billion euro gain on the disposal of the Transmission and Distribution business, or 23.82 euros per share. For the full year of 2010, the group anticipates a substantial revenue and backlog growth, an increase in operating income excluding particular items, a negative operating income, and a strong increase in net income attributable to owners of the parent, which includes the capital gain on disposal of the Transmission and Distribution business. First half 2010 financial results in brief: - Backlog of euro 44.1 bn: +euro 1.2 bn compared with June 30, 2009; - Revenue of euro 4.158 bn: +6.4% compared with first half 2009; - Operating income excl. particular items: euro 213 m, for a 5.1% margin; - Operating income: -euro 485 m; - Net income group share: euro 843 m including the euro 1.27 bn gain on the sale of the T and D business; - Earnings per share: euro 23.82; - Net debt of euro 5.152 bn

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

Science.gov (United States)

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

2014-01-01

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

The right to health of prisoners in international human rights law.

Science.gov (United States)

Lines, Rick

2008-01-01

This paper explores the health rights of prisoners as defined in international law, and the mechanisms that have been used to ensure the rights of persons in detention to realise the highest attainable standard of health. It examines this right as articulated within United Nations and regional human rights treaties, non-binding or so-called soft law instruments from international organisations and the jurisprudence of international human rights bodies. It explores the use of economic, social and cultural rights mechanisms, and those within civil and political rights, as they engage the right to health of prisoners, and identifies the minimum legal obligations of governments in order to remain compliant with human rights norms as defined within the international case law. In addressing these issues, this article adopts a holistic approach to the definition of the highest attainable standard of health. This includes a consideration of adequate standards of general medical care, including preventative health and mental health services. It also examines the question of environmental health, and those poor conditions of detention that may exacerbate health decline, disease transmission, mental illness or death. The paper examines the approach to prison health of the United Nations human rights system and its various monitoring bodies, as well as the regional human rights systems in Europe, Africa and the Americas. Based upon this analysis, the paper draws conclusions on the current fulfilment of the right to health of prisoners on an international scale, and proposes expanded mechanisms under the UN Convention against Torture and Other Cruel, Inhuman or Degrading Treatment to monitor and promote the health rights of prisoners at the international and domestic levels.

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

Science.gov (United States)

Henager, Robin; Cude, Brenda J.

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

Bożena Frączek

2017-02-01

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

Electric power transmission for a Hanford Nuclear Energy Center (HNEC)

International Nuclear Information System (INIS)

1975-09-01

The major issues examined in the comparison of the DIST and HNEC transmission concepts are: (1) type of transmission to be employed and an assessment of its technical feasibility, (2) availability of rights-of-way, (3) economics, (4) environmental impact, and (5) overall reliability of the transmission system. The type of transmission selected for bulk power transfer from an HNEC for the time period studied is overhead AC, 500 kV double or single circuit, a voltage currently used in the PNW system. This type of system can accommodate growth up to at least 23,000 MW of thermal capacity at an HNEC. Significant additional transmountain capacity needs would require 1100 kV transmission, which should be technologically proved by the end of the 1970s. (auth)

Personal Financial Literacy and Financial Planning in Klang Valley, Malaysia

OpenAIRE

Hoe, Siew Yee

2008-01-01

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

Financial Literacy, Confidence and Financial Advice Seeking

NARCIS (Netherlands)

Kramer, Marc M.

2016-01-01

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

Financial Toxicity of Cancer Care: It's Time to Intervene.

Science.gov (United States)

Zafar, S Yousuf

2016-05-01

Evidence suggests that a considerably large proportion of cancer patients are affected by treatment-related financial harm. As medical debt grows for some with cancer, the downstream effects can be catastrophic, with a recent study suggesting a link between extreme financial distress and worse mortality. At least three factors might explain the relationship between extreme financial distress and greater risk of mortality: 1) overall poorer well-being, 2) impaired health-related quality of life, and 3) sub-par quality of care. While research has described the financial harm associated with cancer treatment, little has been done to effectively intervene on the problem. Long-term solutions must focus on policy changes to reduce unsustainable drug prices and promote innovative insurance models. In the mean time, patients continue to struggle with high out-of-pocket costs. For more immediate solutions, we should look to the oncologist and patient. Oncologists should focus on the value of care delivered, encourage patient engagement on the topic of costs, and be better educated on financial resources available to patients. For their part, patients need improved cost-related health literacy so they are aware of potential costs and resources, and research should focus on how patients define high-value care. With a growing list of financial side effects induced by cancer treatment, the time has come to intervene on the "financial toxicity" of cancer care. © The Author 2015. Published by Oxford University Press. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

Financial sector development, economic volatility and shocks in sub-Saharan Africa

Science.gov (United States)

Ibrahim, Muazu; Alagidede, Paul

2017-10-01

The role of financial sector development in economic volatility has been extensively studied albeit without informative results largely on the failure of extant studies to decompose volatility into its various components. By disaggregating volatility using the spectral approach, this study examines the effect of financial development on volatility components as well as channels through which finance affects volatility in 23 sub-Saharan African countries over the period 1980-2014. Our findings based on the newly developed panel cointegration estimation strategy reveal that while financial development affects business cycle volatility in a non-linear fashion, its effect on long run fluctuation is imaginary. More specifically, well developed financial sectors dampen volatility. Further findings show that while monetary shocks have large magnifying effect on volatility, their effect in the short run is minuscule. The reverse, however, holds for real shocks. The channels of manifestation shows that financial development dampens (magnifies) the effect of real shocks (monetary shocks) on the components of volatility with the dampening effects consistently larger only in the short run. Strengthening financial sector supervision and cross-border oversight may be very crucial in examining the right levels of finance and price stability necessary to falter economic fluctuations.

ICU Telemedicine Program Financial Outcomes.

Science.gov (United States)

Lilly, Craig M; Motzkus, Christine; Rincon, Teresa; Cody, Shawn E; Landry, Karen; Irwin, Richard S

2017-02-01

ICU telemedicine improves access to high-quality critical care, has substantial costs, and can change financial outcomes. Detailed information about financial outcomes and their trends over time following ICU telemedicine implementation and after the addition of logistic center function has not been published to our knowledge. Primary data were collected for consecutive adult patients of a single academic medical center. We compared clinical and financial outcomes across three groups that differed regarding telemedicine support: a group without ICU telemedicine support (pre-ICU intervention group), a group with ICU telemedicine support (ICU telemedicine group), and an ICU telemedicine group with added logistic center functions and support for quality-care standardization (logistic center group). The primary outcome was annual direct contribution margin defined as aggregated annual case revenue minus annual case direct costs (including operating costs of ICU telemedicine and its related programs). All monetary values were adjusted to 2015 US dollars using Producer Price Index for Health-Care Facilities. Annual case volume increased from 4,752 (pre-ICU telemedicine) to 5,735 (ICU telemedicine) and 6,581 (logistic center). The annual direct contribution margin improved from $7,921,584 (pre-ICU telemedicine) to $37,668,512 (ICU telemedicine) to $60,586,397 (logistic center) due to increased case volume, higher case revenue relative to direct costs, and shorter length of stay. The ability of properly modified ICU telemedicine programs to increase case volume and access to high-quality critical care with improved annual direct contribution margins suggests that there is a financial argument to encourage the wider adoption of ICU telemedicine. Copyright © 2016 American College of Chest Physicians. Published by Elsevier Inc. All rights reserved.

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

Science.gov (United States)

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

2014-01-01

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

Financial Services Industry

Science.gov (United States)

2006-01-01

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

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.

Manitoba Hydro long-term high-voltage transmission line magnetic field monitoring project

International Nuclear Information System (INIS)

Wong, P.S.; Ng, C.K.

2008-01-01

As part of the licensing process to construct a new 230 kV transmission line on an existing right-of-way in Manitoba, an electrical effects study was conducted in 1998. The study was part of the environmental assessment program crucial in obtaining government approval to construct the line. Some residents living adjacent to the new transmission circuit expressed concerns about alleged adverse health effects associated with long-term exposure to magnetic fields from high voltage transmission lines. In order to verify the accuracy of the predicted magnetic field levels submitted to the regulatory body in the the electrical effects study and to instill confidence in the residents of the affected communities, a three-year magnetic monitoring project was conducted between 2003 and 2005 along the right-of-way after the new 230kV transmission line was energized by Manitoba Hydro. This paper described the monitoring program, with reference to location; equipment; data analysis; and discussion of results. It was concluded that the long-term monitoring project demonstrated that the magnetic field prediction methodology was well understood and accurate, and provided valuable long-term magnetic field characteristics at the edge of the right-of-way. In addition, when there is opposition to a transmission line, public consultation and education were found to be the best options to arrive at a solution. 3 refs., 1 tab., 12 figs

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…

Reporting of financial and non-financial conflicts of interest by authors of systematic reviews: a methodological survey.

Science.gov (United States)

Hakoum, Maram B; Anouti, Sirine; Al-Gibbawi, Mounir; Abou-Jaoude, Elias A; Hasbani, Divina Justina; Lopes, Luciane Cruz; Agarwal, Arnav; Guyatt, Gordon; Akl, Elie A

2016-08-10

non-financial conflicts of interest. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

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

Directory of Open Access Journals (Sweden)

Rayenda Khresna Brahmana

2016-10-01

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

Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda

NARCIS (Netherlands)

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

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

REGRESSION MODEL FOR RISK REPORTING IN FINANCIAL STATEMENTS OF ACCOUNTING SERVICES ENTITIES

Directory of Open Access Journals (Sweden)

Mirela NICHITA

2015-06-01

Full Text Available The purpose of financial reports is to provide useful information to users; the utility of information is defined through the qualitative characteristics (fundamental and enhancing. The financial crisis emphasized the limits of financial reporting which has been unable to prevent investors about the risks they were facing. Due to the current changes in business environment, managers have been highly motivated to rethink and improve the risk governance philosophy, processes and methodologies. The lack of quality, timely data and adequate systems to capture, report and measure the right information across the organization is a fundamental challenge for implementing and sustaining all aspects of effective risk management. Starting with the 80s, the investors are more interested in narratives (Notes to financial statements, than in primary reports (financial position and performance. The research will apply a regression model for assessment of risk reporting by the professional (accounting and taxation services for major companies from Romania during the period 2009 – 2013.

Large Retailers’ Financial Services

OpenAIRE

Risso, Mario

2010-01-01

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

FORMATION OF FINANCIAL RESOURCES OF ENTERPRISES IN CONDITIONS OF FINANCIAL INSTABILITY

Directory of Open Access Journals (Sweden)

Veronika Dmytrovska

2017-08-01

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

The Financial Flexibility as a Factor of Financial Security

Directory of Open Access Journals (Sweden)

Feofanova Iryna V.

2017-09-01

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

Derivatives Trading, Climate Science and Human Rights

DEFF Research Database (Denmark)

Haigh, Matthew

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...... 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...

Strategic Role of Financial Institutions in Sustainable Development of Indian Power Sector

Energy Technology Data Exchange (ETDEWEB)

Garg, V K

2007-07-01

Paper focuses on appraisal of Indian power sector, its achievements and inadequacies, measures and initiatives taken by Government of India (GOI) and blueprint for the development of power sector in next five years i.e. XI Plan (2007-2012); the role played by various Financial Institutions, Banks, Bilateral/Multilateral agencies etc. with focus on role of Power Finance Corporation (PFC) in development and financing of Indian Power sector and in Institutional development of State power utilities by facilitating in their reform and restructuring process and improving their financial health; role played by PFC in implementation of various policies and programmes of GOI; its competitive edge in Indian financial sector and growth strategies for enriching the stakeholders' value and acting as a significant partner in the development of power sector and growth of the nation. The paper provides information on capacity addition planned along with matching transmission and distribution system in the next five years to achieve GOI's 'Mission 2012: Power for All'; estimated funds required; funds that can be generated both in the form of Debt and Equity; the funding gap; proposed measures to meet overall funding requirement for sustainable development of the power sector. (auth)

Financial Globalization and Inequality

OpenAIRE

Kunieda, Takuma

2008-01-01

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

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

African Journals Online (AJOL)

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

Financial auditing at enterprises for control of projects realized with credit fund-raising

Science.gov (United States)

Lukmanova, Inessa

2017-10-01

The article analyzes methods of conducting financial audit under the construction control of projects implemented with raising credit funds in modern conditions. This work aims to improve the methodological toolkit of construction control when lending projects of the construction of transport infrastructure. The paper considers correlations of various procedures of construction control, financial audit and organizational and technical factors affecting investment and construction projects. The authors presented the logical scheme of the process of lending to legal entities and developed an algorithm of the procedure for conducting a financial audit, allowing to make possible adjustments and the right decision.

The impact of financial and nonfinancial incentives on business-unit outcomes over time.

Science.gov (United States)

Peterson, Suzanne J; Luthans, Fred

2006-01-01

Unlike previous behavior management research, this study used a quasi-experimental, control group design to examine the impact of financial and nonfinancial incentives on business-unit (21 stores in a fast-food franchise corporation) outcomes (profit, customer service, and employee turnover) over time. The results showed that both types of incentives had a significant impact on all measured outcomes. The financial incentive initially had a greater effect on all 3 outcomes, but over time, the financial and nonfinancial incentives had an equally significant impact except in terms of employee turnover. (c) 2006 APA, all rights reserved.

Inmate Perceptions of Financial Education Needs: Suggestions for Financial Educators

Science.gov (United States)

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

2013-01-01

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

Financial assurances

International Nuclear Information System (INIS)

Paton, R.F.

1990-01-01

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

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

Directory of Open Access Journals (Sweden)

Syed Jawad Hussain Shahzad

2015-04-01

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

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

Directory of Open Access Journals (Sweden)

Sushko E. Yu.

2014-12-01

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

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

Directory of Open Access Journals (Sweden)

Mark Brimble

2013-09-01

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

Financial Statements in Providing Financial Security of Agricultural Enterprises

OpenAIRE

Olha Vdovenko

2014-01-01

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

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

A proposal for transmission pricing methodology in Thailand based on electricity tracing and long-run average incremental cost

International Nuclear Information System (INIS)

Limpasuwan, T.; Bialek, J.W.; Ongsakul, W.; Limmeechokchai, B.

2004-01-01

Although there is no universally accepted methodology for restructuring of electricity supply industry, the transformations often involve separation of generation and transmission. Such separation results in a need for a transmission service charge to be levied on the system users. The National Energy Policy Office (NEPO) of Thailand has commissioned PricewaterhouseCooper (PwC) to propose a transmission service charge that is to be used during the market reform for the transmission business unit of the Electricity Generating Authority of Thailand (EGAT). Although the PwCs transmission use of system charge (TUOS) based on the long-run average incremental cost (LRAIC) and average transmission loss can satisfy the financial requirements, the charge allocations are not economically efficient since they do not provide any locational signal which could reflect costs imposed on the system by locating a system user in a particular geographical location. This paper describes the TUOS methodology suggested by PwC and makes a comparison with a transmission pricing method based on combination of the electricity tracing and LRAIC. The results indicate that, with electricity tracing, the charge allocations are improved in terms of fairness, as the charge reflects the geographical location and system conditions

The intergenerational transmission of problem gambling: The mediating role of offspring gambling expectancies and motives.

Science.gov (United States)

Dowling, N A; Oldenhof, E; Shandley, K; Youssef, G J; Vasiliadis, S; Thomas, S A; Frydenberg, E; Jackson, A C

2018-02-01

The risk for developing a gambling problem is greater among offspring who have a problem gambling parent, yet little research has directly examined the mechanisms by which this transmission of problem gambling occurs. For this reason, the present study sought to examine the degree to which children's expectancies and motives relating to gambling explain, at least in part, the intergenerational transmission of problem gambling. Participants (N=524; 56.5% male) were recruited from educational institutions, and retrospectively reported on parental problem gambling. Problem gambling was measured using the Problem Gambling Severity Index and a range of positive and negative expectancies and gambling motives were explored as potential mediators of the relationship between parent-and-participant problem gambling. The relationship between parent-and-participant problem gambling was significant, and remained so after controlling for sociodemographic factors and administration method. Significant mediators of this relationship included self-enhancement expectancies (feeling in control), money expectancies (financial gain), over-involvement (preoccupation with gambling) and emotional impact expectancies (guilt, shame, and loss), as well as enhancement motives (gambling to increase positive feelings) and coping motives (gambling to reduce or avoid negative emotions). All mediators remained significant when entered into the same model. The findings highlight that gambling expectancies and motives present unique pathways to the development of problem gambling in the offspring of problem gambling parents, and suggest that gambling cognitions may be potential candidates for targeted interventions for the offspring of problem gamblers. Copyright © 2017 Elsevier Ltd. All rights reserved.

Financial Statements

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

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

Monetary policy transmission mechanism in Poland. What do we know in 2011?

OpenAIRE

Tomasz Łyziak; Oksana Demchuk; Jan Przystupa; Anna Sznajderska; Ewa Wróbel

2012-01-01

In the light of the results of empirical studies presented in the Report and the literature available45 it may be concluded that the form of the monetary policy transmission mechanism in Poland is consistent with structural features of the Polish economy and coincides with those characteristic of more developed European economies, e.g. the euro area. Although the financial intermediation system is less developed than in the euro area, Poland, like the new EU Member States is characterised by ...

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

OpenAIRE

Mark Brimble; Ciorstan Smark

2013-01-01

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

The role of 'financial myths' in financial crises

OpenAIRE

Eric S. Rosengren

2011-01-01

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

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

OpenAIRE

Rabtsinski, Deniss

2010-01-01

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

Study and Application of Remote Data Moving Transmission under the Network Convergence

Science.gov (United States)

Zhiguo, Meng; Du, Zhou

The data transmission is an important problem in remote applications. Advance of network convergence has help to select and use data transmission model. The embedded system and data management platform is a key of the design. With communication module, interface technology and the transceiver which has independent intellectual property rights connected broadband network and mobile network seamlessly. Using the distribution system of mobile base station to realize the wireless transmission, using public networks to implement the data transmission, making the distant information system break through area restrictions and realizing transmission of the moving data, it has been fully recognized in long-distance medical care applications.

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

Science.gov (United States)

Chung, Yunhyung; Park, Youngkyun

2014-01-01

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

Financial strain is associated with increased oxidative stress levels: the Women's Health and Aging Studies.

Science.gov (United States)

Palta, Priya; Szanton, Sarah L; Semba, Richard D; Thorpe, Roland J; Varadhan, Ravi; Fried, Linda P

2015-01-01

Elevated oxidative stress levels may be one mechanism contributing to poor health outcomes. Financial strain and oxidative stress are each predictors of morbidity and mortality, but little research has investigated their relationship. Community-dwelling older adults (n = 728) from the Women's Health and Aging Studies I and II were included in this cross-sectional analysis. Financial strain was ascertained as an ordinal response to: "At the end of the month, do you have more than enough money left over, just enough, or not enough?" Oxidative stress was measured using serum protein carbonyl concentrations. Linear regression was used to quantify the relationship between financial strain and oxidative stress. Participants who reported high financial strain exhibited 13.4% higher protein carbonyl concentrations compared to individuals who reported low financial strain (p = 0.002). High financial strain may be associated with increased oxidative stress, suggesting that oxidative stress could mediate associations between financial strain and poor health. Copyright © 2015 Elsevier Inc. All rights reserved.

Mitigating Corporate Water Risk: Financial Market Tools and Supply Management Strategies

Directory of Open Access Journals (Sweden)

Wendy M. Larson

2012-10-01

Full Text Available A decision framework for business water-risk response is proposed that considers financial instruments and supply management strategies. Based on available and emergent programmes, companies in the agricultural, commodities, and energy sectors may choose to hedge against financial risks by purchasing futures contracts or insurance products. These strategies address financial impacts such as revenue protection due to scarcity and disruption of direct operations or in the supply chain, but they do not directly serve to maintain available supplies to continue production. In contrast, companies can undertake actions in the watershed to enhance supply reliability and/or they can reduce demand to mitigate risk. Intermediate strategies such as purchasing of water rights or water trading involving financial transactions change the allocation of water but do not reduce overall watershed demand or increase water supply. The financial services industry is playing an increasingly important role, by considering how water risks impact decision making on corporate growth and market valuation, corporate creditworthiness, and bond rating. Risk assessment informed by Conditional Value-at-Risk (CVaR measures is described, and the role of the financial services industry is characterised. A corporate decision framework is discussed in the context of water resources management strategies under complex uncertainties.

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

OpenAIRE

Yunhee Chang; Angela Lyons

2007-01-01

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

Practical C++ financial programming

CERN Document Server

Oliveira, Carlos

2015-01-01

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

Financial Stability and Interacting Networks of Financial Institutions and Market Infrastructures

NARCIS (Netherlands)

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

2014-01-01

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

Surface rights on Aboriginal lands

International Nuclear Information System (INIS)

McElhanney, W.L.

1998-01-01

Several issues regarding access and activity by petroleum industry on Aboriginal and Metis lands are discussed. Some alternative means by which both industry and Aboriginal groups can approach the matter of surface rights are presented. A historical account of how surface rights have been interpreted in the past was given. It was emphasized that the approach to surface rights compensation and negotiation for both aboriginal and industry parties must begin with adequate consultation. Rigid adherence to the usual past practice of geologically identifying locations, surveying and requesting a lease will no longer suffice. The aboriginal community must be consulted with as much lead time as possible, even assisted financially to identify traditional use areas that require protection, or cannot be disturbed, or require particular mitigation measures. Once this has been done, the operator can proceed to outline the scope of his project, detailing the timing, location, business and employment opportunities and other economic opportunities to the community. 21 refs

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

Directory of Open Access Journals (Sweden)

E. E. Frolova

2018-01-01

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

Forecasting Financial Stress

OpenAIRE

Jan Willem Slingenberg; Jakob de Haan

2011-01-01

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

49 CFR 192.705 - Transmission lines: Patrolling.

Science.gov (United States)

2010-10-01

... adjacent to the transmission line right-of-way for indications of leaks, construction activity, and other factors affecting safety and operation. (b) The frequency of patrols is determined by the size of the line, the operating pressures, the class location, terrain, weather, and other relevant factors, but...

EDF group - Reference Document, Annual Financial Report 2011

International Nuclear Information System (INIS)

2012-01-01

The EDF group is an integrated energy company with a presence in a wide range of electricity-related businesses: nuclear, renewable and fossil-fuel fired energy production, transmission, distribution, marketing as well as energy management and efficiency services, along with energy trading. It is France's leading electricity operator and has a strong position in Europe (United Kingdom, Italy, countries in Central and Eastern Europe), making it one of the world's leading electrical providers as well as a recognized player in the gas industry. With a worldwide net installed capacity of 134.6 GWe as of 31 December 2011 (124.2 GWe in Europe) and global energy generation of 628.2 TWh, the Group has one of the largest generating capacities of all the major worldwide energy corporations with the lowest level of CO 2 emissions per KWh generated due to the proportion of nuclear, hydroelectric power and other renewable energies in its generation mix. The EDF group supplies electricity, gas and associated services to more than 37.7 million customer accounts worldwide (including nearly 27.9 million in France). The Group's businesses reflect its adoption of a model aimed at finding the best balance between French and international activities, competitive and regulated operations and based on an upstream-downstream integration. In 2011, the Group's consolidated sales revenues was 65.3 billion Euros, earnings before interest, tax, depreciation and amortization came to 14.8 billion Euros, and net income excluding non-recurring items stood at 3.5 billion Euros. This document is EDF Group's Reference Document and Annual Financial Report for the year 2012. It contains information about: the Group activities, risk factors, Investments, Business, Strategy, Organisational charts, Property, plant and equipment, Operating and financial review, Cash flows and capital, Research and development, patents and licenses, Information on trends, Financial outlook

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

Directory of Open Access Journals (Sweden)

David G Mayes

2012-10-01

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

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

OpenAIRE

Mishkin, Frederic S.

2001-01-01

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

INNOVATIONS IN FINANCIAL ANALYTICS

Directory of Open Access Journals (Sweden)

T. V. Teplova

2012-01-01

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

Integrating Physical Actions and Financial Instruments to Manage Environmental Financial Risk

Science.gov (United States)

Foster, B.

2016-12-01

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

Circuit QED with hybrid metamaterial transmission lines

Energy Technology Data Exchange (ETDEWEB)

Ruloff, Stefan; Taketani, Bruno; Wilhelm, Frank [Theoretical Physics, Universitaet des Saarlandes, Saarbruecken (Germany)

2016-07-01

We're working on the theory of metamaterials providing some interesting results. The negative refraction index causes an opposite orientation of the wave vector k and the Poynting vector S of the travelling waves. Hence the metamaterial has a falling dispersion relation ∂ω(k)/∂k < 0 implying that low frequencies correspond to short wavelengths. Metamaterials are simulated by left-handed transmission lines consisting of discrete arrays of series capacitors and parallel inductors to ground. Unusual physics arises when right-and left-handed transmission lines are coupled forming a hybrid metamaterial transmission line. E.g. if a qubit is placed in front of a hybrid metamaterial transmission line terminated in an open circuit, the spontaneous emission rate is weakened or unaffected depending on the transition frequency of the qubit. Some other research interests are the general analysis of metamaterial cavities and the mode structure of hybrid metamaterial cavities for QND readout of multi-qubit operators. Especially the precise answer to the question about the definition of the mode volume of a metamaterial cavity is one of our primary goals.

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

Science.gov (United States)

2012-05-10

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

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

Energy Technology Data Exchange (ETDEWEB)

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

2004-07-01

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

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

OpenAIRE

Marat F. Mazitov

2013-01-01

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

Marketing Financial Aid

Science.gov (United States)

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

1978-01-01

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

Decomposition of Domestic and International Linkages of the Korean Financial Markets

Directory of Open Access Journals (Sweden)

Taiki Lee

2009-12-01

Full Text Available A large degree of co-movements across financial markets within and between countries has been frequently observed worldwide and these co-movements intensify in times of financial crisis such as the recent financial turmoil triggered by the US sub-prime mortgage crisis. The aim of this paper is to analyze the degrees of financial linkages between four major markets of the US and Korea: money markets, bond markets, equity markets and foreign exchange markets. To break down the structures of these linkages, we fully identify a structural VAR without any ad-hoc restrictions using the methodology of Rigobon (2003. In addition to confirming that there are significant contemporaneous linkages across US asset prices and across Korean asset prices, we quantify and analyze the channels of international cross-market transmission of shocks between the US and Korea, comparing them with the Japanese cases. The main results are as follows. First, there are no significant substitution effects between bond and equity markets in Korea. Second, the US equity market shocks have a substantial effect on the Korean stock market while the US bond and equity market shocks don't on the Korean interest rates. Third, the Korea stock market shocks have a significant impact on the won-dollar exchange rate while the Korean bond market shocks don't. Fourth, Japan shows the similar international linkages as Korea even though it is a large open economy. However, the yen-dollar exchange rate responses to the Japanese bond market shocks, not the Japanese stock market shocks.

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

Directory of Open Access Journals (Sweden)

Ciorstan Smark

2014-10-01

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

Realizing right to health through universal health coverage

Directory of Open Access Journals (Sweden)

ANJALI Singh

2014-07-01

Full Text Available Recognition of right to health is an essential step to work towards improvement of public health and to attain highest standard of physical and mental health of the people. Right to health in India is implicit part of right to life under Article 19 mentioned in the Constitution of India but is not recognized per se. Universal Health Coverage adopts rights based approach and principles of universality, equity, empowerment and comprehensiveness of care. The Universal Coverage Report of India makes recommendations in six identified areas to revamp the health systems in order to ensure right to health of Indians. These areas are: health financing and financial protection; health service norms; human resources for health; community participation and citizen engagement; access to medicines, vaccines and techno- logy; management and institutional reforms. This paper attempts to determine the ways inwhich Universal Health Coverage can make a contribution in realizing right to health and thus human rights in developing countries.

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

OpenAIRE

Bazot, Guillaume

2014-01-01

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

Natural Characteristics of The Herringbone Gear Transmission System

Science.gov (United States)

Zhou, Jianxing; Sun, Wenlei; Cao, Li

2018-03-01

According to the structure characteristics of herringbone gear transmission, a more realistic dynamic model of the transmission system is built in consideration of the inner excitation, herringbone gears axial positioning and sliding bearing etc. The natural frequencies of the system are calculated, and the vibration mode is divided into symmetric vibration modes and asymmetric vibration modes. The time history of system dynamic force is obtained by solving the dynamic model. The effects of the connection stiffness of left and right sides of herringbone gears and axial support stiffness on natural characteristics are discussed.

Effects of the Financial Crisis on Stock Market of the Czech Republic and Spain

OpenAIRE

Titizov, Toško

2013-01-01

The paper analyzes effects of the financial crisis on stock market of the Czech Republic and Spain. We employ BEKK-GARCH model in order to study volatility spillovers and transmissions from the US stock market to stock markets of the Czech Republic and Spain. The multivariate GARCH models results show statistically significant, but relatively small, almost irrelevant volatility spillovers from the US stock market to stock markets of the Czech Republic and Spain. The Czech stock market exhibit...

Domesticizing Financial Economies

DEFF Research Database (Denmark)

Deville, Joe; Lazarus, Jeanne; Luzzi, Mariana

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

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

Directory of Open Access Journals (Sweden)

Megan A. McCoy

2014-03-01

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

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

Directory of Open Access Journals (Sweden)

Baranga Laurentiu Paul

2017-07-01

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

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

OpenAIRE

Rindu Rika Gamayuni

2015-01-01

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

Trusts and Financialization

DEFF Research Database (Denmark)

Harrington, Brooke

2017-01-01

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

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

Science.gov (United States)

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

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

O. V. Uvarova

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

Živanović Branko

2017-01-01

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

The Geography of Financial Literacy

Directory of Open Access Journals (Sweden)

Christopher Bumcrot

2013-07-01

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

Urban Rights-of-Way as Reservoirs for Tall-Grass Prairie Plants and Butterflies

Science.gov (United States)

Leston, Lionel; Koper, Nicola

2016-03-01

Urban rights-of-way may be potential reservoirs of tall-grass prairie plants and butterflies. To determine if this is true, in 2007-2008, we conducted vegetation surveys of species richness and cover, and butterfly surveys of species richness and abundance, along 52 transmission lines and four remnant prairies in Winnipeg, Manitoba. We detected many prairie plants and butterflies within transmission lines. Some unmowed and infrequently managed transmission lines had native plant species richness and total percent cover of native plants comparable to that of similar-sized remnant tall-grass prairies in the region. Although we did not find significant differences in overall native butterfly numbers or species richness between rights-of-way and remnant prairies, we found lower numbers of some prairie butterflies along frequently mowed rights-of-way than within remnant tall-grass prairies. We also observed higher butterfly species richness along sites with more native plant species. By reducing mowing and spraying and reintroducing tall-grass prairie plants, urban rights-of-way could serve as extensive reservoirs for tall-grass prairie plants and butterflies in urban landscapes. Eventually, managing urban rights-of-way as reservoirs for tall-grass prairie plants and animals could contribute to the restoration of tall-grass prairie in the North American Midwest.

Urban Rights-of-Way as Reservoirs for Tall-Grass Prairie Plants and Butterflies.

Science.gov (United States)

Leston, Lionel; Koper, Nicola

2016-03-01

Urban rights-of-way may be potential reservoirs of tall-grass prairie plants and butterflies. To determine if this is true, in 2007-2008, we conducted vegetation surveys of species richness and cover, and butterfly surveys of species richness and abundance, along 52 transmission lines and four remnant prairies in Winnipeg, Manitoba. We detected many prairie plants and butterflies within transmission lines. Some unmowed and infrequently managed transmission lines had native plant species richness and total percent cover of native plants comparable to that of similar-sized remnant tall-grass prairies in the region. Although we did not find significant differences in overall native butterfly numbers or species richness between rights-of-way and remnant prairies, we found lower numbers of some prairie butterflies along frequently mowed rights-of-way than within remnant tall-grass prairies. We also observed higher butterfly species richness along sites with more native plant species. By reducing mowing and spraying and reintroducing tall-grass prairie plants, urban rights-of-way could serve as extensive reservoirs for tall-grass prairie plants and butterflies in urban landscapes. Eventually, managing urban rights-of-way as reservoirs for tall-grass prairie plants and animals could contribute to the restoration of tall-grass prairie in the North American Midwest.

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

Directory of Open Access Journals (Sweden)

Dedi Lidija

2017-05-01

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

Presenting practice financial information.

Science.gov (United States)

Webster, Lee Ann H

2007-01-01

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

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

Directory of Open Access Journals (Sweden)

Herawati Nyoman Trisna

2018-01-01

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

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

Science.gov (United States)

2010-04-01

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

Risks of cyber attacks on financial audit activity

Directory of Open Access Journals (Sweden)

Gheorghe N. Popescu

2018-02-01

Full Text Available Simultaneously with increasing the speed and precision of data processing, multiple connectivity, fast transmission over long distances, and their results, the development and generalization of automatic processing, brought many new vulnerabilities and deficiencies, otherwise inevitable, the basis of new risk categories. The risks of cyber attacks on financial auditing involve the risk management of information systems security. Identifying, mitigating or eliminating the effects are mandatory requirements without which a high-quality financial audit can not be achieved in a highly computerized environment. To substantiate specific risk management actions on information systems security, in this study we analyzed the main types and techniques used in cyber attacks by making their radiography, identifying the strengths and weaknesses of new technologies and systems that are or not favoring security systems. At the same time, we analyzed the security system of an information system, organized it in layers, and revealed the specific areas for the security evaluation of the Mehari method. Finally, some of the results of a survey based on a questionnaire made with the support of master students of the "Information Systems Audit and Control" course were revealed, with three of the most common weaknesses identified for each security domain.

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

Directory of Open Access Journals (Sweden)

Rindu Rika Gamayuni

2015-01-01

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

Democracy versus dictatorship in self-organized models of financial markets

Science.gov (United States)

D'Hulst, R.; Rodgers, G. J.

2000-06-01

Models to mimic the transmission of information in financial markets are introduced. As an attempt to generate the demand process, we distinguish between dictatorship associations, where groups of agents rely on one of them to make decision, and democratic associations, where each agent takes part in the group decision. In the dictatorship model, agents segregate into two distinct populations, while the democratic model is driven towards a critical state where groups of agents of all sizes exist. Hence, both models display a level of organization, but only the democratic model is self-organized. We show that the dictatorship model generates less-volatile markets than the democratic model.

Strategic Role of Financial Institutions in Sustainable Development of Indian Power Sector

Energy Technology Data Exchange (ETDEWEB)

Garg, V.K.

2007-07-01

Paper focuses on appraisal of Indian power sector, its achievements and inadequacies, measures and initiatives taken by Government of India (GOI) and blueprint for the development of power sector in next five years i.e. XI Plan (2007-2012); the role played by various Financial Institutions, Banks, Bilateral/Multilateral agencies etc. with focus on role of Power Finance Corporation (PFC) in development and financing of Indian Power sector and in Institutional development of State power utilities by facilitating in their reform and restructuring process and improving their financial health; role played by PFC in implementation of various policies and programmes of GOI; its competitive edge in Indian financial sector and growth strategies for enriching the stakeholders' value and acting as a significant partner in the development of power sector and growth of the nation. The paper provides information on capacity addition planned along with matching transmission and distribution system in the next five years to achieve GOI's 'Mission 2012: Power for All'; estimated funds required; funds that can be generated both in the form of Debt and Equity; the funding gap; proposed measures to meet overall funding requirement for sustainable development of the power sector. (auth)

Wave transmission in nonlinear lattices

International Nuclear Information System (INIS)

Hennig, D.; Tsironis, G.P.

1999-01-01

The interplay of nonlinearity with lattice discreteness leads to phenomena and propagation properties quite distinct from those appearing in continuous nonlinear systems. For a large variety of condensed matter and optics applications the continuous wave approximation is not appropriate. In the present review we discuss wave transmission properties in one dimensional nonlinear lattices. Our paradigmatic equations are discrete nonlinear Schroedinger equations and their study is done through a dynamical systems approach. We focus on stationary wave properties and utilize well known results from the theory of dynamical systems to investigate various aspects of wave transmission and wave localization. We analyze in detail the more general dynamical system corresponding to the equation that interpolates between the non-integrable discrete nonlinear Schroedinger equation and the integrable Albowitz-Ladik equation. We utilize this analysis in a nonlinear Kronig-Penney model and investigate transmission and band modification properties. We discuss the modifications that are effected through an electric field and the nonlinear Wannier-Stark localization effects that are induced. Several applications are described, such as polarons in one dimensional lattices, semiconductor superlattices and one dimensional nonlinear photonic band gap systems. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

Financial Strain and Mental Health Among Older Adults During the Great Recession.

Science.gov (United States)

Wilkinson, Lindsay R

2016-07-01

The economic recession has garnered the interest of many scholars, with much attention being drawn to how the recession has affected labor force participation, household wealth, and even retirement decisions. Certainly, the Great Recession has influenced the financial well-being of older adults, but has it had discernible effects on mental health? This study draws on 5,366 respondents from the Health and Retirement Study (2006-2010) to examine objective and subjective measures of financial well-being in the period surrounding the Great Recession. Guided by cumulative inequality theory, this research investigates whether the economic downturn contributed to worsening anxiety and depressive symptoms over a 4-year period. Results from linear fixed effects models reveal that decreases in objective financial resources were associated with increased financial strain during the Great Recession. Unlike the objective indicators, however, financial strain was a strong and robust predictor of worsening mental health between 2006 and 2010. Building on prior research, this study elucidates the factors that shape financial strain and provides evidence that the Great Recession not only affected the financial well-being of older adults but also had adverse effects on mental health. © The Author 2016. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Challenges to the Implementation of a New Framework for Safeguarding Financial Stability

Directory of Open Access Journals (Sweden)

Vlahović Ana

2014-09-01

Full Text Available There is probably no single economic concept that has attracted more attention and intrigued scientific and professional circles than financial stability. For over a decade now that have been efforts to establish the starting point in explaining this condition or characteristic of the financial system since some find that the key to defining financial stability lies in stability and others argue in favour of the opposite, instability. Unfortunately, no agreement has been reached on a universal definition that would be widely accepted at the international level. Consequently, this gave rise to open discussions on systemic risk, creating a framework for preserving financial stability, and the role of central banks in this process. This article analyses the results achieved in the development of a theoretical concept of financial stability and its practical implementation. A consensus has been reached on the necessity of removing rigid barriers between macro and prudential policies and on the necessity of their coordinated actions. The primary objectives of monetary and fiscal stability have been shifted towards preserving financial stability. The isolated macroprudential principle rightfully got the epithet of an archaic approach. Coordinated micro and macroprudential policies have definitely prevailed and become reality in many countries, including Montenegro. Created institutional frameworks for safeguarding financial stability at all levels - national, Pan-European and global - represent a challenge for further comparative studies.

Sovereign Credit Risk and Stock Markets–Does the Markets’ Dependency Increase with Financial Distress?

Directory of Open Access Journals (Sweden)

Paulo Pereira da Silva

2014-03-01

Full Text Available This paper addresses the relationship between stock markets and credit default swaps (CDS markets. In particular, I aim to gauge if the co-movement between stock prices and sovereign CDS spreads increases with the deterioration of the credit quality of sovereign debt. The analysis of correlations, Granger causality, cointegration, and the results of an error-correction model represented in a state space form show a close link between these markets, but do not evidence that the co-movement increases in periods of financial distress. I also analyze the transmission of volatility between the two markets. The results do not support the hypothesis that volatility propagation surges during financial distress periods. On the contrary, for some cases, the data suggests that the lead-lag relationships between the two markets volatility are stronger during stable periods.

Small passenger car transmission test-Chevrolet 200 transmission

Science.gov (United States)

Bujold, M. P.

1980-01-01

The small passenger car transmission was tested to supply electric vehicle manufacturers with technical information regarding the performance of commerically available transmissions which would enable them to design a more energy efficient vehicle. With this information the manufacturers could estimate vehicle driving range as well as speed and torque requirements for specific road load performance characteristics. A 1979 Chevrolet Model 200 automatic transmission was tested per a passenger car automatic transmission test code (SAE J651b) which required drive performance, coast performance, and no load test conditions. The transmission attained maximum efficiencies in the mid-eighty percent range for both drive performance tests and coast performance tests. Torque, speed and efficiency curves map the complete performance characteristics for Chevrolet Model 200 transmission.

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

OpenAIRE

Boby COSTI; Marius BOIŢĂ; Cosmina REMEŞ

2014-01-01

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

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

OpenAIRE

Elena Hlaciuc; Camelia Mihalciuc; Anisoara Apetri

2008-01-01

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

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

OpenAIRE

Nasir, M; Du, M

2017-01-01

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

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

Science.gov (United States)

West, Stacia; Friedline, Terri

2016-10-01

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

Managerial autonomy, allocation of control rights, and optimal capital structure

NARCIS (Netherlands)

Boot, A.W.A.; Thakor, A.V.

2011-01-01

We examine the design of control rights of external financiers, and how these interact with the firm's security issuance and capital structure when the firm's initial owners and managers may disagree with new investors over project choice. The first main result is an ex ante managerial preference

Childhood roots of financial literacy

OpenAIRE

Grohmann, Antonia; Kouwenberg, Roy; Menkhoff, Lukas

2015-01-01

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

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

Science.gov (United States)

2010-04-29

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

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

OpenAIRE

Constantin Afanase

2006-01-01

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

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

Directory of Open Access Journals (Sweden)

Constantin AFANASE

2006-01-01

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

Relationship between risk and transparency in the financial statements of professional services entities

Directory of Open Access Journals (Sweden)

Mirela Elena Nichita

2016-05-01

Full Text Available The purpose of financial reports is to provide useful information to users; the utility of information is defined through the qualitative characteristics (fundamental and enhancing. The financial crisis emphasized the limits of financial reporting, which has been unable to prevent investors about the risks they were facing. Due to the current changes in business environment, managers been highly motivated to rethink and improve the risk governance philosophy, processes and methodologies. The lack of quality, timely data and adequate systems to capture, report and measure the right information across the organization are fundamental challenges to implementing and sustaining all aspects of effective risk management. Starting from ‘80s, the investors have become more interested in narratives (from the Notes to financial statements, than in primary reports (which disclose financial position and performance. In this research, we aim to identify whether the accounting services entities disclose risk information in their financial statements. The research will use a regression model for the assessment of the relationship between the size, profitability, leverage ratios and risk reporting by the accounting and taxation services providers in Romania during the period 2009-2013

Financial Statements

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

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

Study on the Shock-transmission Mechanism of Stock Price among China, Russia and India

Directory of Open Access Journals (Sweden)

Menggen Chen

2014-08-01

Full Text Available Researchers pay more and more attention on the price comovement-effect among international stock markets. This paper deals with the transmission mechanism of price shocks among three stock markets of China, Russia and India, with a sample of weekly returns. The results showed that the price fluctuation of each market has an influence on other markets, although the price behavior is significantly independent. The impact of external price innovations will last 5 or 6 weeks usually and disappear after about 8 weeks. The pattern of transmission-mechanism for the price shocks is very different from each other. Besides, a further study revealed that the influence of external shocks on the domestic stock price increased significantly among the three markets after the 2008 international financial crisis.

Bearing the right to healthcare, autonomy and hope.

Science.gov (United States)

Nkomo, Nkululeko

2015-12-01

In this article, I discuss the significance of understanding within the context of the campaign for affordable and accessible HIV/AIDS treatments in South Africa, the transformational effects of the interplay between political rationality and affect for HIV-positive subjectivities. The article focuses on the policy tactics, in 2001, of the lobbying for a policy to prevent mother-to-child-transmission of HIV. A close reading of the lobby groups' rationalization of healthcare as a fundamental human right reveals a strategic attempt to recast a sense of helplessness into self-responsibilization, which concurrently involved nourishing hope in the preferred future for women with HIV to be afforded the right to individual choice associated with self-determination. Therefore, the struggle for a policy to prevent mother-to-child-transmission of HIV - an exemplary initiative to reconstitute HIV-positive subjectivity - maneuvered within both rationalizing and emotive spaces. Ongoing engagement of the broader campaign's contribution to redefining being HIV-positive thus also necessitates accounting for the effects of the convergence of political rationality and emotion in its tactically emancipatory project. Copyright © 2015 Elsevier Ltd. All rights reserved.

Financial Analysis of Behavioral Health Services in a Pediatric Endocrinology Clinic.

Science.gov (United States)

Yarbro, Jessica L; Mehlenbeck, Robyn

2016-09-01

This article addresses a current need in psychological practice by describing a financially feasible model that moves toward integrated care of behavioral health services in a pediatric endocrinology clinic. Financial information (costs and revenue associated with behavioral health services) for the clinic, over an 18-month period (July 2012 to December 2013), was obtained through the hospital's financial department. The clinic meets one half day per week. Over the 18-month period, the behavioral health services generated a net gain of $3661.45 in the favor of the clinic. We determined that the psychologist and clinical psychology residents needed to see a total of four patients per half-day clinic for the clinic to "break-even." We describe one financially feasible way of integrating behavioral health services into a pediatric endocrinology clinic in the hope that this will be generalizable to other medical settings. © The Author 2015. Published by Oxford University Press on behalf of the Society of Pediatric Psychology. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Problems of assessment of efficiency of managing corporate rights in joint stock companies

Directory of Open Access Journals (Sweden)

Kurinnyy Oleksandr V.

2013-03-01

Full Text Available The goal of the article lies in identification of specific features of formation, implementation and practical use of the balanced scorecard of efficiency of managing corporate rights in domestic joint stock companies. Complexity of formation of the balanced scorecard of efficiency of managing property of shareholders is due to a necessity of ensuring deliberateness of the combination of financial and non-financial indicators for formalisation of managerial goals, establishment of a connection between financial parameters and operation indicators of enterprise activity and also attempt to determine the whole cost of an enterprise, which would be adequate to the market value of its assets. Taking into account the above, the article defines efficiency of managing shares of the joint stock as the degree of correlation between the goal, regulatory set functions, managerial actions and results of execution of managerial duties by managers. Prospect of further studies in this direction is development of methodical basis of formation and functioning of the balanced scorecard of efficiency of the use of shares of corporate rights in a joint stock company.

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

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

Science.gov (United States)

Collins, J. Michael; Holden, Karen C.

2014-01-01

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

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.

EDF - 2005 Consolidated Annual Results - Analysts' Presentation. Consolidated financial statements at December 31, 2005

International Nuclear Information System (INIS)

2006-01-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2005 annual results and Consolidated financial statements of the Group at 31 December 2005: Consolidated income statements, consolidated balance sheets, consolidated cash flow statements, variation in consolidated equity, notes (group accounting policies, impact of first-time application of IFRs, transition to standards IAS 32 and 39 concerning financial instruments, summary of accounting and valuation methods, public distribution concessions in France, significant events and transactions of 2005, impact of the law of august 9, 2004 on comparability, changes in the scope of consolidation, segment reporting, sales, fuel and energy purchases, other external expenses, contractual obligations and commitments entered into in the course of business, personnel expenses, other operating income and expenses, other income and expenses, financial result, income taxes, basic earnings per share and diluted earnings per share, goodwill, other intangible assets, property, plant and equipment, investments in companies accounted for under the equity method, financial assets, inventories, including work-in-process, trade receivables, other receivables, cash and cash equivalents, available-for-sale assets and liabilities, equity, provisions, special concession liabilities, current and non-current financial liabilities, derivatives, other liabilities, related parties, greenhouse gas emission quotas, environment, subsequent events, scope of consolidation

Optimising trans-national power generation and transmission investments: a Southern African example

International Nuclear Information System (INIS)

Graeber, Bernhard; Spalding-Fecher, Randall; Gonah, Brian

2005-01-01

Increased integration and co-operation within the Southern African power sector has opened up significant opportunities for reducing the economic and environmental costs of meeting increasing electricity demand in Southern Africa. This paper applies a linear programming model to investigate the economic and environmental benefits of regional integrated planning for electricity, and the impact of including environmental costs in the decision-making process. We find that, from a financial perspective, optimising generation and transmission investments in the region would result in savings of dollar 2-4 billion over 20 years, or 5% of total system costs. Introducing a tax based on the external damage costs of carbon dioxide as part of the decision-making process would result in moderate increases in financial costs (15-20%), but would reduce regional carbon emissions by up to 55% at a mitigation cost of dollar 11 per tonne of carbon dioxide. This raises the possibility of financing regional power projects with Clean Development Mechanism funding, which we explore with an example

75 FR 34477 - Potomac-Appalachian Transmission Highline (PATH) Environmental Impact Statement, Harpers Ferry...

Science.gov (United States)

2010-06-17

... underbuild on the PATH transmission structures; and also the grant of a new 200-feet-wide right-of-way for..., LLC (PJM), the regional transmission organization. PJM oversees the overall movement of wholesale... mitigation strategies that respond to the purpose, need, and objectives of this proposal. The goal of the...

Understanding Trust in Financial Services

DEFF Research Database (Denmark)

Hansen, Torben

2012-01-01

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

The Geography of Financial Literacy

OpenAIRE

Christopher Bumcrot; Judy Lin; Annamaria Lusardi

2013-01-01

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

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

Directory of Open Access Journals (Sweden)

Bojana Olgić Draženović

2005-06-01

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

Understanding Financial Innovation: An Introduction to Derivative Financial Products.

Science.gov (United States)

Robinson, J. N.

1992-01-01

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

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

Directory of Open Access Journals (Sweden)

Boby COSTI

2014-06-01

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

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

Directory of Open Access Journals (Sweden)

Arum Setyowati

2018-02-01

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

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

Directory of Open Access Journals (Sweden)

Yang Gao

2018-05-01

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

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

OpenAIRE

Renáta Myšková; Petr Hájek

2017-01-01

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

A NEW DIMENSION IN ACTIVITY REPORTING AND THE PERFORMANCE OF THE ENTERPRISE – NON-FINANCIAL REPORTING

Directory of Open Access Journals (Sweden)

Liana Gadau

2016-07-01

Full Text Available Currently the focus is on the fact that non-financial reporting is essential for the transition to a sustainable economy which combines long-term profitability with social inclusion and protection of natural resources. Therefore, the present requirements of the European Union institutions on reporting non-financial enterprises and large groups of enterprises require that they report to both environmental and social as well as issues regarding compliance with human rights issues on combating corruption and bribery.It aims to increase the transparency and comparability among large companies. The merit and importance of non-financial reporting is that business goes beyond performance reporting financial size classical concept of performance thus completing two new dimensions, environmental and social.

Taxing Financial Activity

OpenAIRE

Jack M. Mintz

2003-01-01

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

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

OpenAIRE

Élias Rizkallah; Inmaculada Buendía Martínez

2011-01-01

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

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

Science.gov (United States)

Wei, Song

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

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

Directory of Open Access Journals (Sweden)

Eunmi Kim

2018-04-01

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

Puget Sound Area Electric Reliability Plan : Appendix E, Transmission Reinforcement Analysis.

Energy Technology Data Exchange (ETDEWEB)

United States. Bonneville Power Administration.

1992-04-01

The purpose of this appendix to the draft environmental impact statement (EIS) report is to provide an update of the latest study work done on transmission system options for the Puget Sound Area Electric Reliability Plan. Also included in the attachments to the EIS are 2 reports analyzing the voltage stability of the Puget Sound transmission system and a review by Power Technologies, Inc. of the BPA voltage stability analysis and reactive options. Five transmission line options and several reactive options are presently being considered as possible solutions to the PSAFRP by the Transmission Team. The first two line options would be built on new rights-of way adjacent (as much as possible) to existing corridors. The reactive options would optimize the existing transmission system capability by adding new stations for series capacitors and/or switchgear. The other three line options are rebuilds or upgrades of existing cross mountain transmission lines. These options are listed below and include a preliminary assessment of the additional transmission system reinforcement required to integrate the new facilities into the existing transmission system. Plans were designed to provide at least 500 MVAR reactive margin.

A preliminary study on financial risk management of the uranium enrichment company, given China's fast development of nuclear power industry

International Nuclear Information System (INIS)

Sun Wumei

2010-01-01

In market economy, control and prevention of financial risk is a factual and urgent issue of financial management. As an independent legal identity, the enterprise strives to achieve business operations and developments while bearing risks. In an era of fast growth of China's nuclear power industry, uncertainties facing uranium enrichment companies are inevitable. Without being aware of financial risks, the enterprise could be driven to hopeless situation when catastrophe comes. Recognizing financial risk factors, knowing the cause and effect of risk events, building a mechanism to prevent and control financial risks, are the right approaches for building a robust enterprise. (author)

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

Non-Standard Monetary Policies Implemented By The European Central Bank After The Financial Crisis

Directory of Open Access Journals (Sweden)

Meryem Filiz Baştürk

2017-07-01

Full Text Available The financial crisis which began in the U.S. in 2007 influenced all economies on a global scale followingthe collapse of Lehman Brothers in September 2008. As a response to the crisis, central banksstarted to implement non-standard monetary policy tools as well as short-term interest rates alsoknown as standard policy tools in order to help monetary policy transmission channels work effectively.The European Central Bank (ECB implemented non-standard monetary policies as in additionto the standard policy tools during this period. The non-standard monetary policies introducedby the ECB were different from those implemented by other central banks (Fed, Bank of England interms of implementation and results. Firstly, the policies of the ECB were not specific to one singlecountry. Secondly, the banking system was the major source of finance in Europe, which had an impacton the policies. In this regard, the ECB introduced a policy of enhanced credit support consistingof five main elements in order to maintain price stability over the medium term following the crisis.By 2010, public debt in some member countries of the European Union reached high levels, requiringthem to take additional measures. The Securities Markets Programme was introduced to that end.Initially focusing on the debt securities of Greece, Ireland, and Portugal, the Securities Markets Programmewas expanded in August 2011 to cover the debt securities of Italy and Spain. In addition, twoLong-term Refinancing Operations (LTROs were introduced. This article presents a descriptive analysisof the non-standard monetary policy tools introduced by the ECB following the financial crisis.However, the monetary policy implemented in the Euro zone is not specific to one single country, andevery country has a different financial structure, both of which limit the effectiveness of the policiesimplemented. The changing structure of the monetary policy implemented in the aftermath of the crisisaims to

The effect of financial ratios on systematic risk index

Directory of Open Access Journals (Sweden)

Ali Faez

2013-11-01

Full Text Available This paper investigates the relationship between financial ratios and indicator of systemic risk in the Tehran Stock Exchange. The study selects 73 manufacturing companies of the Tehran Stock Exchange market over the period 2003-2010. The study first calculates the independent variables in the form of financial ratios and then the ratios affecting the systematic risk index are extracted using entropy method. The output of this stage is the introduction of five influential financial indicators as the independent variables of the study. Using t-test and Pearson correlation coefficient the rate of independent variables effect on the systematic risk index is evaluated and finally, using stepwise regression method, the effect of independent variables on the dependent variable is examined. According to results of our survey, the correlation coefficient of such indices as “the ratio of stock price to the profit of each share”, “Current ratio”, “each share profit ratio” and “the stockholders rights return ratio” have respectively the highest correlation with the systematic risk index.

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.

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.

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.

[Musical hallucinosis following infarction of the right middle cerebral artery].

Science.gov (United States)

Augustin, J; Guegan-Massardier, E; Levillain, D; Lemarchand, M; Mihout, B; Hannequin, D

2001-03-01

A 44-year-old woman demonstrated a musical hallucinosis four months after a massive infarction in the territory of the right middle cerebral artery. This musical hallucinosis consisting of familiar tunes, was continuous and perceived by both ears. Magnetic Resonance Imaging, middle and late auditory evoked potentials suggested that right Heschl's gyrus and associative areas were imparied. Audiometry demonstrated a low right transmission deafness. The hallucinosis was persistent for seven months and stopped just after hemorrhage of the right ear. This case gives the opportunity to review the different mechanisms responsible for musical hallucinosis.

Recognising and managing increased HIV transmission risk in newborns

Directory of Open Access Journals (Sweden)

Max Kroon

2015-05-01

Full Text Available Prevention of mother-to-child transmission (PMTCT programmes have improved maternalhealth outcomes and reduced the incidence of paediatric HIV, resulting in improved childhealth and survival. Nevertheless, high-risk vertical exposures remain common and areresponsible for a high proportion of transmissions. In the absence of antiretrovirals (ARVs,an 8- to 12-hour labour has approximately the same 15% risk of transmission as 18 monthsof mixed feeding. The intensity of transmission risk is highest during labour and delivery;however, the brevity of this intra-partum period lends itself to post-exposure interventions toreduce such risk. There is good evidence that infant post-exposure prophylaxis (PEP reducesintra-partum transmission even in the absence of maternal prophylaxis. Recent reports suggestthat infant combination ARV prophylaxis (cARP is more efficient at reducing intra-partumtransmission than a single agent in situations of minimal pre-labour prophylaxis. Guidelinesfrom the developed world have incorporated infant cARP for increased-risk scenarios. Incontrast, recent guidelines for low-resource settings have rightfully focused on reducingpostnatal transmission to preserve the benefits of breastfeeding, but have largely ignored thepotential of augmented infant PEP for reducing intra-partum transmissions. Minimal prelabourprophylaxis, poor adherence in the month prior to delivery, elevated maternal viralload at delivery, spontaneous preterm labour with prolonged rupture of membranes andchorioamnionitis are simple clinical criteria that identify increased intra-partum transmissionrisk. In these increased-risk scenarios, transmission frequency may be halved by combiningnevirapine and zidovudine as a form of boosted infant PEP. This strategy may be important toreduce intra-partum transmissions when PMTCT is suboptimal.

Fundamentals of Financial Statements Audit

OpenAIRE

World Bank

2011-01-01

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

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

Bottlenecks reduction using superconductors in high voltage transmission lines

Directory of Open Access Journals (Sweden)

Daloub Labib

2016-01-01

Full Text Available Energy flow bottlenecks in high voltage transmission lines known as congestions are one of the challenges facing power utilities in fast developing countries. Bottlenecks occur in selected power lines when transmission systems are operated at or beyond their transfer limits. In these cases, congestions result in preventing new power supply contracts, infeasibility in existing contracts, price spike and market power abuse. The “Superconductor Technology” in electric power transmission cables has been used as a solution to solve the problem of bottlenecks in energy transmission at high voltage underground cables and overhead lines. The increase in demand on power generation and transmission happening due to fast development and linked to the intensive usage of transmission network in certain points, which in turn, lead to often frequent congestion in getting the required power across to where it is needed. In this paper, a bottleneck in high voltage double overhead transmission line with Aluminum Conductor Steel Reinforced was modeled using conductor parameters and replaced by Gap-Type Superconductor to assess the benefit of upgrading to higher temperature superconductor and obtain higher current carrying capacity. This proved to reduce the high loading of traditional aluminum conductors and allow more power transfer over the line using superconductor within the same existing right-of-way, steel towers, insulators and fittings, thus reducing the upgrade cost of building new lines.

Does automatic transmission improve driving behavior in older drivers?

Science.gov (United States)

Selander, Helena; Bolin, Ingrid; Falkmer, Torbjörn

2012-01-01

Most older drivers continue to drive as they age. To maintain safe and independent transport, mobility is important for all individuals, but especially for older drivers. The objective of this study was to investigate whether automatic transmission, compared with manual transmission, may improve the driving behavior of older drivers. In total, 31 older drivers (mean age 75.2 years) and 32 younger drivers - used as a control group (mean age 39.2 years) - were assessed twice on the same fixed route; once in a car with manual transmission and once in a car with automatic transmission. The cars were otherwise identical. The driving behavior was assessed with the Ryd On-Road Assessment driving protocol. Time to completion of left turns (right-hand side driving) and the impact of a distraction task were measured. The older group had more driving errors than the younger group, in both the manual and the automatic transmission car. However, and contrary to the younger drivers, automatic transmission improved the older participants' driving behavior as demonstrated by safer speed adjustment in urban areas, greater maneuvering skills, safer lane position and driving in accordance with the speed regulations. Switching to automatic transmission may be recommended for older drivers as a means to maintain safe driving and thereby the quality of their transport mobility. Copyright © 2011 S. Karger AG, Basel.

The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

OpenAIRE

Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin

2013-01-01

Abstract: Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty and financial returns from stock markets. Our panel data evidence covering 1830-1999 shows that tighter restrictions on the voting franchise induce a greater stock market development, whereas...

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

Directory of Open Access Journals (Sweden)

Peter BALOGH

2011-11-01

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

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

OpenAIRE

Kotāne, Inta

2013-01-01

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

Life Events and Black-White Differences in Adult Children's Financial Assistance to Mothers.

Science.gov (United States)

Park, Sung S

2017-05-23

Parents who experience life events with negative economic consequences may rely on adult children for financial assistance. This study provided national estimates of Black and White mothers' financial help from adult children. It also examined whether the Black-White difference in the likelihood of a mother's receipt of financial assistance persisted after accounting for life events reflecting parental need and children's ability to provide help. The Health and Retirement Study was used to examine late middle aged (51-70) Black and White mothers' financial help from adult children. Cross-sectional point estimates of financial help from noncoresident and coresident children were based on pooling these data. Random effects logistic regression at the mother-wave level was used to estimate the likelihood of receipt of financial assistance from noncoresident children. On average, 9% (8%) of Blacks and 3% (4%) of Whites reported help from noncoresident (coresident) children in a given interview wave, but Blacks received lower amounts. Changes signifying greater parental financial need and noncoresident children's greater resources were positively associated with receiving financial help from noncoresident children. After accounting for these factors, race differences remained. Black mothers are more likely to rely on children for financial help than Whites. Since this help hinges on the ability of their children to provide, the strength of Blacks' economic safety net as they age also depends on the socioeconomic well-being of the younger generation. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Host nutrition alters the variance in parasite transmission potential.

Science.gov (United States)

Vale, Pedro F; Choisy, Marc; Little, Tom J

2013-04-23

The environmental conditions experienced by hosts are known to affect their mean parasite transmission potential. How different conditions may affect the variance of transmission potential has received less attention, but is an important question for disease management, especially if specific ecological contexts are more likely to foster a few extremely infectious hosts. Using the obligate-killing bacterium Pasteuria ramosa and its crustacean host Daphnia magna, we analysed how host nutrition affected the variance of individual parasite loads, and, therefore, transmission potential. Under low food, individual parasite loads showed similar mean and variance, following a Poisson distribution. By contrast, among well-nourished hosts, parasite loads were right-skewed and overdispersed, following a negative binomial distribution. Abundant food may, therefore, yield individuals causing potentially more transmission than the population average. Measuring both the mean and variance of individual parasite loads in controlled experimental infections may offer a useful way of revealing risk factors for potential highly infectious hosts.

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

Directory of Open Access Journals (Sweden)

Jeffrey P. Dew

2012-06-01

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

Thermal diffuse scattering in transmission electron microscopy

Energy Technology Data Exchange (ETDEWEB)

Forbes, B.D.; D' Alfonso, A.J. [School of Physics, University of Melbourne, Parkville, Victoria 3010 (Australia); Findlay, S.D. [School of Physics, Monash University, Victoria 3800 (Australia); Van Dyck, D. [EMAT, University of Antwerp, Groenenborgerlaan 171, B-2020 Antwerp (Belgium); LeBeau, J.M. [North Carolina State University, Raleigh, NC 27695-7907 (United States); Stemmer, S. [Materials Department, University of California, Santa Barbara, CA 93106-5050 (United States); Allen, L.J., E-mail: lja@unimelb.edu.au [School of Physics, University of Melbourne, Parkville, Victoria 3010 (Australia)

2011-12-15

In conventional transmission electron microscopy, thermal scattering significantly affects the image contrast. It has been suggested that not accounting for this correctly is the main cause of the Stobbs factor, the ubiquitous, large contrast mismatch found between theory and experiment. In the case where a hard aperture is applied, we show that previous conclusions drawn from work using bright field scanning transmission electron microscopy and invoking the principle of reciprocity are reliable in the presence of thermal scattering. In the aperture-free case it has been suggested that even the most sophisticated mathematical models for thermal diffuse scattering lack in their numerical implementation, specifically that there may be issues in sampling, including that of the contrast transfer function of the objective lens. We show that these concerns can be satisfactorily overcome with modest computing resources; thermal scattering can be modelled accurately enough for the purpose of making quantitative comparison between simulation and experiment. Spatial incoherence of the source is also investigated. Neglect or inadequate handling of thermal scattering in simulation can have an appreciable effect on the predicted contrast and can be a significant contribution to the Stobbs factor problem. -- Highlights: Black-Right-Pointing-Pointer We determine the numerical requirements for accurate simulation of TDS in CTEM. Black-Right-Pointing-Pointer TDS can be simulated to high precision using the Born-Oppenheimer model. Black-Right-Pointing-Pointer Such calculations establish the contribution of TDS to the Stobbs factor problem. Black-Right-Pointing-Pointer Treating spatial incoherence using envelope functions increases image contrast. Black-Right-Pointing-Pointer Rigorous treatment of spatial incoherence significantly reduces image contrast.

Small passenger car transmission test; Chevrolet LUV transmission

Science.gov (United States)

Bujold, M. P.

1980-01-01

A 1978 Chevrolet LUV manual transmission tested per the applicable portions of a passenger car automatic transmission test code (SAE J65lb) which required drive performance, coast performance, and no load test conditions. Under these test conditions, the transmission attained maximum efficiencies in the upper ninety percent range for both drive performance tests and coast performance tests. The major results of this test (torque, speed, and efficiency curves) are presented. Graphs map the complete performance characteristics for the Chevrolet LUV transmission.

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 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.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.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.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 of new terrestrial rabies virus variants.

Patients Undergoing Radiation Therapy Are at Risk of Financial Toxicity: A Patient-based Prospective Survey Study.

Science.gov (United States)

Palmer, Joshua D; Patel, Tejash T; Eldredge-Hindy, Harriet; Keith, Scott W; Patel, Tapas; Malatesta, Theresa; DiNome, Jessie; Lowther, Anne; Ferguson, Linda; Wagenborg, Sally; Smyles, John; Babaria, Usha; Stabile, Richard; Gressen, Eric; Rudoler, Shari; Fisher, Scot A

2018-06-01

Little is known about the financial burden experienced by patients receiving radiation therapy. Furthermore, currently, no financial toxicity screening tools have been validated for use in radiation oncology. Physician surveys were used to gauge provider understanding of treatment costs and their willingness to adopt the use of financial toxicity screening tools. Post-treatment patient surveys were used to investigate the covariates of treatment-induced financial risk. Of the 210 radiation oncologists who completed our survey, 53% reported being "very concerned" with treatment-related costs negatively affecting their patients, and 80% believed that a financial toxicity screening tool would be useful in practice. An analysis of patient surveys using logistic regression found age and cancer site to be the most important variables associated with financial toxicity. Thirty-four patients (22%) experienced financial toxicity related to treatment. The financial toxicities experienced were loss of job (28%), loss of income (24%), difficulty paying their rent or mortgage (20%), difficulty paying for transportation (15%), and difficulty paying for meals (13%). Financial toxicity is an important measure for patients and providers and is experienced by approximately one quarter of patients. Further studies to improve models to predict financial toxicity and how financial toxicity is related to patient outcomes and quality of life are warranted. Copyright © 2018 Elsevier Inc. All rights reserved.

Judicialization of Health Policy in the Definition of Access to Public Goods: Individual Rights versus Collective Rights

Directory of Open Access Journals (Sweden)

Telma Maria Gonçalves Menicucci

2010-06-01

Full Text Available The article analyses a form of judicialization of public policies in the health field. It has as its object lawsuits initiated against Belo Horizonte Municipality arguing for the provision of services or the acquisition of inputs not obtained in the public system via institutional access routes. The argument is that the individualized quest for the guarantee of the right to healthcare via the judicial path is a form of reproduction of the tensions produced in democratic societies between the social and the individual conceptions of citizenship. By ensuring access to goods by means of individual suits, the Judiciary interferes in the making of public choices taken on by public-sector managers, thus regulating opportunities for consumption according to a concentrating logic. And so the assertion of a constitutional right superposes the political right of the majority, represented by the Executive, to make choices as to the goods that are the object of public policies, with a relatively significant financial and budgetary impact.

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....

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

Directory of Open Access Journals (Sweden)

Arum Setyowati

2018-02-01

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

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

OpenAIRE

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

2017-01-01

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

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

OpenAIRE

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

2015-01-01

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

VAR—ANALYSIS OF GLOBAL FINANCIAL ECONOMIC CRISIS IMPACT ON PUBLIC BUDGET AND UNEMPLOYMENT: EVIDENCE FROM THE ECONOMY OF THE KYRGYZ REPUBLIC

Directory of Open Access Journals (Sweden)

Nargiza Bakytovna Alymkulova

2016-12-01

Full Text Available The Global financial crisis hit the economy of the Kyrgyz Republic by the third wave of its transmission in the early of 2009. The article examines the impact of the Global financial economic crisis on the public budget and unemployment of the Kyrgyz Republic. We analyzed the transmission of the crisis on the public budget firstly and its effect on unemployment level by using the vector autoregression approach (VAR and quarterly data for 2005–2013 within the framework of IS-LM model for small open economies with floating exchange rate. There is an inverse relationship between the public budget and remittances inflow, liquidity level, volume of deposits, and exchange rate. As a result of the study, the fall in remittances inflows, liquidity level of the banking system, depreciation of the national currency lead to an increase in public revenue. Therefore, the increase in public spending during the crisis period, with the aim of unemployment reduction, may be considered as a crucial policy. The study result allows to policy-makers to exactly know what channels of transmission mechanism transfer the Global crisis on the public budget and its effect on unemployment level of the republic in order to undertake anticrisis macroeconomic policy. The final result of the study indicates that the increase of unemployment level by 1 % requires the increase of public spending by 0.63 %.

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

Directory of Open Access Journals (Sweden)

Mitica Pepi

2013-07-01

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

Essays on financial liberalization

NARCIS (Netherlands)

Bumann, Silke

2015-01-01

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

Financial Markets and Compliance

NARCIS (Netherlands)

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

2017-01-01

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

Quarterly Financial Report

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

acray

2011-06-30

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

Radiology applications of financial accounting.

Science.gov (United States)

Leibenhaut, Mark H

2005-03-01

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