Nanoscale Turing structures

DEFF Research Database (Denmark)

Dziekan, Piotr; Hansen, Jesper Schmidt; Nowakowski, Bogdan

2014-01-01

Formation of Turing patterns of nanoscopic length scale is simulated using molecular dynamics. Based on Fourier spectra of the concentrations of species, we compare stabilities of the structures of different wavelengths and for different intermolecular potentials. Long range attraction is shown...... to oppose the formation of structures. Our simulations suggest that Turing patterns can be a method of self-organization at a length scale of down to 20 molecular diameters...

Turing pioneer of the information age

CERN Document Server

Copeland, Jack B

2014-01-01

Alan Turing is regarded as one of the greatest scientists of the 20th century. But who was Turing, and what did he achieve during his tragically short life of 41 years? Best known as the genius who broke Germany's most secret codes during the war of 1939-45, Turing was also the father of the modern computer. Today, all who 'click-to-open' are familiar with the impact of Turing's ideas. Here, B. Jack Copeland provides an account of Turing's life and work, exploring the key elements of his life-story in tandem with his leading ideas and contributions. The book highlights Turing's contributions to computing and to computer science, including Artificial Intelligence and Artificial Life, and the emphasis throughout is on the relevance of his work to modern developments. The story of his contributions to codebreaking during the Second World War is set in the context of his thinking about machines, as is the account of his work in the foundations of mathematics.

PATRONES DE TURING SOBRE ESFERAS CON CRECIMIENTO CONTINUO PADRÕES DE TURING SOBRE ESFERAS COM CRESCIMENTO CONTÍNUO TURING PATTERNS ON SPHERES WITH CONTINUOUS GROWTH

Directory of Open Access Journals (Sweden)

Diego A. Garzón

2012-06-01

reaction model, with parameters in the Turing space. Therefore, numerical tests are performed on the appearence of Turing patterns in spherical surfaces. For the solution of reaction diffusion equations provides a method of settling on surfaces in three dimensions using the finite element method under the total Lagrangian formulation. The results show that the formation of Turing patterns depends on the growth rate of the surface, the type of wave number predicted in the theory of square domains and their stabilization time. These results may explain some phenomena of pattern change on the surface of the skin of animals that exhibit characteristic spots.

Cognitive evaluation for the diagnosis of Alzheimer's disease based on Turing Test and Virtual Environments.

Science.gov (United States)

Fernandez Montenegro, Juan Manuel; Argyriou, Vasileios

2017-05-01

Alzheimer's screening tests are commonly used by doctors to diagnose the patient's condition and stage as early as possible. Most of these tests are based on pen-paper interaction and do not embrace the advantages provided by new technologies. This paper proposes novel Alzheimer's screening tests based on virtual environments and game principles using new immersive technologies combined with advanced Human Computer Interaction (HCI) systems. These new tests are focused on the immersion of the patient in a virtual room, in order to mislead and deceive the patient's mind. In addition, we propose two novel variations of Turing Test proposed by Alan Turing as a method to detect dementia. As a result, four tests are introduced demonstrating the wide range of screening mechanisms that could be designed using virtual environments and game concepts. The proposed tests are focused on the evaluation of memory loss related to common objects, recent conversations and events; the diagnosis of problems in expressing and understanding language; the ability to recognize abnormalities; and to differentiate between virtual worlds and reality, or humans and machines. The proposed screening tests were evaluated and tested using both patients and healthy adults in a comparative study with state-of-the-art Alzheimer's screening tests. The results show the capacity of the new tests to distinguish healthy people from Alzheimer's patients. Copyright © 2017. Published by Elsevier Inc.

Turing Patterns in a Reaction-Diffusion System

International Nuclear Information System (INIS)

Wu Yanning; Wang Pingjian; Hou Chunju; Liu Changsong; Zhu Zhengang

2006-01-01

We have further investigated Turing patterns in a reaction-diffusion system by theoretical analysis and numerical simulations. Simple Turing patterns and complex superlattice structures are observed. We find that the shape and type of Turing patterns depend on dynamical parameters and external periodic forcing, and is independent of effective diffusivity rate σ in the Lengyel-Epstein model. Our numerical results provide additional insight into understanding the mechanism of development of Turing patterns and predicting new pattern formations.

An Intensional Concurrent Faithful Encoding of Turing Machines

Directory of Open Access Journals (Sweden)

Thomas Given-Wilson

2014-10-01

Full Text Available The benchmark for computation is typically given as Turing computability; the ability for a computation to be performed by a Turing Machine. Many languages exploit (indirect encodings of Turing Machines to demonstrate their ability to support arbitrary computation. However, these encodings are usually by simulating the entire Turing Machine within the language, or by encoding a language that does an encoding or simulation itself. This second category is typical for process calculi that show an encoding of lambda-calculus (often with restrictions that in turn simulates a Turing Machine. Such approaches lead to indirect encodings of Turing Machines that are complex, unclear, and only weakly equivalent after computation. This paper presents an approach to encoding Turing Machines into intensional process calculi that is faithful, reduction preserving, and structurally equivalent. The encoding is demonstrated in a simple asymmetric concurrent pattern calculus before generalised to simplify infinite terms, and to show encodings into Concurrent Pattern Calculus and Psi Calculi.

The mechanism of Turing pattern formation in a positive feedback system with cross diffusion

International Nuclear Information System (INIS)

Yang, Xiyan; Liu, Tuoqi; Zhang, Jiajun; Zhou, Tianshou

2014-01-01

In this paper, we analyze a reaction–diffusion (R–D) system with a double negative feedback loop and find cases where self diffusion alone cannot lead to Turing pattern formation but cross diffusion can. Specifically, we first derive a set of sufficient conditions for Turing instability by performing linear stability analysis, then plot two bifurcation diagrams that specifically identify Turing regions in the parameter phase plane, and finally numerically demonstrate representative Turing patterns according to the theoretical predictions. Our analysis combined with previous studies actually implies an interesting fact that Turing patterns can be generated not only in a class of monostable R–D systems where cross diffusion is not necessary but also in a class of bistable R–D systems where cross diffusion is necessary. In addition, our model would be a good candidate for experimentally testing Turing pattern formation from the viewpoint of synthetic biology. (paper)

Constructive Dimension and Turing Degrees

OpenAIRE

Bienvenu, Laurent; Doty, David; Stephan, Frank

2007-01-01

This paper examines the constructive Hausdorff and packing dimensions of Turing degrees. The main result is that every infinite sequence S with constructive Hausdorff dimension dim_H(S) and constructive packing dimension dim_P(S) is Turing equivalent to a sequence R with dim_H(R) 0. Furthermore, if dim_P(S) > 0, then dim_P(R) >= 1 - epsilon. The reduction thus serves as a *randomness extractor* that increases the algorithmic randomness of S, as measured by constructive dimension. A number of...

Square Turing patterns in reaction-diffusion systems with coupled layers

Energy Technology Data Exchange (ETDEWEB)

Li, Jing [State Key Laboratory for Mesoscopic Physics and School of Physics, Peking University, Beijing 100871 (China); Wang, Hongli, E-mail: hlwang@pku.edu.cn, E-mail: qi@pku.edu.cn [State Key Laboratory for Mesoscopic Physics and School of Physics, Peking University, Beijing 100871 (China); Center for Quantitative Biology, Peking University, Beijing 100871 (China); Ouyang, Qi, E-mail: hlwang@pku.edu.cn, E-mail: qi@pku.edu.cn [State Key Laboratory for Mesoscopic Physics and School of Physics, Peking University, Beijing 100871 (China); Center for Quantitative Biology, Peking University, Beijing 100871 (China); The Peking-Tsinghua Center for Life Sciences, Beijing 100871 (China)

2014-06-15

Square Turing patterns are usually unstable in reaction-diffusion systems and are rarely observed in corresponding experiments and simulations. We report here an example of spontaneous formation of square Turing patterns with the Lengyel-Epstein model of two coupled layers. The squares are found to be a result of the resonance between two supercritical Turing modes with an appropriate ratio. Besides, the spatiotemporal resonance of Turing modes resembles to the mode-locking phenomenon. Analysis of the general amplitude equations for square patterns reveals that the fixed point corresponding to square Turing patterns is stationary when the parameters adopt appropriate values.

Turing patterns in a modified Lotka-Volterra model

International Nuclear Information System (INIS)

McGehee, Edward A.; Peacock-Lopez, Enrique

2005-01-01

In this Letter we consider a modified Lotka-Volterra model widely known as the Bazykin model, which is the MacArthur-Rosenzweig (MR) model that includes a prey-dependent response function and is modified with the inclusion of intraspecies interactions. We show that a quadratic intra-prey interaction term, which is the most realistic nonlinearity, yields sufficient conditions for Turing patterns. For the Bazykin model we find the Turing region in parameter space and Turing patterns in one dimension

The Turing guide

CERN Document Server

Copeland, Jack; Sprevak, Mark; Wilson, Robin

2017-01-01

This carefully edited resource brings together contributions from some of the world's leading experts on Alan Turing to create a comprehensive guide that will serve as a useful resource for researchers in the area as well as the increasingly interested general reader.

Stochastic Turing Patterns: Analysis of Compartment-Based Approaches

KAUST Repository

Cao, Yang; Erban, Radek

2014-01-01

© 2014, Society for Mathematical Biology. Turing patterns can be observed in reaction-diffusion systems where chemical species have different diffusion constants. In recent years, several studies investigated the effects of noise on Turing patterns and showed that the parameter regimes, for which stochastic Turing patterns are observed, can be larger than the parameter regimes predicted by deterministic models, which are written in terms of partial differential equations (PDEs) for species concentrations. A common stochastic reaction-diffusion approach is written in terms of compartment-based (lattice-based) models, where the domain of interest is divided into artificial compartments and the number of molecules in each compartment is simulated. In this paper, the dependence of stochastic Turing patterns on the compartment size is investigated. It has previously been shown (for relatively simpler systems) that a modeler should not choose compartment sizes which are too small or too large, and that the optimal compartment size depends on the diffusion constant. Taking these results into account, we propose and study a compartment-based model of Turing patterns where each chemical species is described using a different set of compartments. It is shown that the parameter regions where spatial patterns form are different from the regions obtained by classical deterministic PDE-based models, but they are also different from the results obtained for the stochastic reaction-diffusion models which use a single set of compartments for all chemical species. In particular, it is argued that some previously reported results on the effect of noise on Turing patterns in biological systems need to be reinterpreted.

Stochastic Turing Patterns: Analysis of Compartment-Based Approaches

KAUST Repository

Cao, Yang

2014-11-25

© 2014, Society for Mathematical Biology. Turing patterns can be observed in reaction-diffusion systems where chemical species have different diffusion constants. In recent years, several studies investigated the effects of noise on Turing patterns and showed that the parameter regimes, for which stochastic Turing patterns are observed, can be larger than the parameter regimes predicted by deterministic models, which are written in terms of partial differential equations (PDEs) for species concentrations. A common stochastic reaction-diffusion approach is written in terms of compartment-based (lattice-based) models, where the domain of interest is divided into artificial compartments and the number of molecules in each compartment is simulated. In this paper, the dependence of stochastic Turing patterns on the compartment size is investigated. It has previously been shown (for relatively simpler systems) that a modeler should not choose compartment sizes which are too small or too large, and that the optimal compartment size depends on the diffusion constant. Taking these results into account, we propose and study a compartment-based model of Turing patterns where each chemical species is described using a different set of compartments. It is shown that the parameter regions where spatial patterns form are different from the regions obtained by classical deterministic PDE-based models, but they are also different from the results obtained for the stochastic reaction-diffusion models which use a single set of compartments for all chemical species. In particular, it is argued that some previously reported results on the effect of noise on Turing patterns in biological systems need to be reinterpreted.

A physical implementation of the Turing machine accessed through Web

Directory of Open Access Journals (Sweden)

Marijo Maracic

2008-11-01

Full Text Available A Turing machine has an important role in education in the field of computer science, as it is a milestone in courses related to automata theory, theory of computation and computer architecture. Its value is also recognized in the Computing Curricula proposed by the Association for Computing Machinery (ACM and IEEE Computer Society. In this paper we present a physical implementation of the Turing machine accessed through Web. To enable remote access to the Turing machine, an implementation of the client-server architecture is built. The web interface is described in detail and illustrations of remote programming, initialization and the computation of the Turing machine are given. Advantages of such approach and expected benefits obtained by using remotely accessible physical implementation of the Turing machine as an educational tool in the teaching process are discussed.

Using a Graphics Turing Test to Evaluate the Effect of Frame Rate and Motion Blur on Telepresence of Animated Objects

DEFF Research Database (Denmark)

Borg, Mathias; Johansen, Stine Schmieg; Krog, Kim Srirat

2013-01-01

A limited Graphics Turing Test is used to determine the frame rate that is required to achieve telepresence of an animated object. For low object velocities of 2.25 and 4.5 degrees of visual angle per second at 60 frames per second a rotating object with no added motion blur is able to pass the t...

The universal computer the road from Leibniz to Turing

CERN Document Server

Davis, Martin

2011-01-01

The breathtakingly rapid pace of change in computing makes it easy to overlook the pioneers who began it all. Written by Martin Davis, respected logician and researcher in the theory of computation, The Universal Computer: The Road from Leibniz to Turing explores the fascinating lives, ideas, and discoveries of seven remarkable mathematicians. It tells the stories of the unsung heroes of the computer age -- the logicians. The story begins with Leibniz in the 17th century and then focuses on Boole, Frege, Cantor, Hilbert, and Godel, before turning to Turing. Turing's analysis of algorithmic pro

Simulations of Quantum Turing Machines by Quantum Multi-Stack Machines

OpenAIRE

Qiu, Daowen

2005-01-01

As was well known, in classical computation, Turing machines, circuits, multi-stack machines, and multi-counter machines are equivalent, that is, they can simulate each other in polynomial time. In quantum computation, Yao [11] first proved that for any quantum Turing machines $M$, there exists quantum Boolean circuit $(n,t)$-simulating $M$, where $n$ denotes the length of input strings, and $t$ is the number of move steps before machine stopping. However, the simulations of quantum Turing ma...

Polyamide membranes with nanoscale Turing structures for water purification

Science.gov (United States)

Tan, Zhe; Chen, Shengfu; Peng, Xinsheng; Zhang, Lin; Gao, Congjie

2018-05-01

The emergence of Turing structures is of fundamental importance, and designing these structures and developing their applications have practical effects in chemistry and biology. We use a facile route based on interfacial polymerization to generate Turing-type polyamide membranes for water purification. Manipulation of shapes by control of reaction conditions enabled the creation of membranes with bubble or tube structures. These membranes exhibit excellent water-salt separation performance that surpasses the upper-bound line of traditional desalination membranes. Furthermore, we show the existence of high water permeability sites in the Turing structures, where water transport through the membranes is enhanced.

Turing instability in reaction-diffusion systems with nonlinear diffusion

Energy Technology Data Exchange (ETDEWEB)

Zemskov, E. P., E-mail: zemskov@ccas.ru [Russian Academy of Sciences, Dorodnicyn Computing Center (Russian Federation)

2013-10-15

The Turing instability is studied in two-component reaction-diffusion systems with nonlinear diffusion terms, and the regions in parametric space where Turing patterns can form are determined. The boundaries between super- and subcritical bifurcations are found. Calculations are performed for one-dimensional brusselator and oregonator models.

The Imitation Game: Alan Turings enigmatiske imitationsspil

DEFF Research Database (Denmark)

Bentzen, Martin Mose

2015-01-01

Alan Turing revolutionerede computervidenskaben og modtog først verdens anerkendelse længe efter sin død. Nu sætter filmen 'The Imitation Game', der har premiere i Danmark 29. januar 2015, fokus på det oversete geni.......Alan Turing revolutionerede computervidenskaben og modtog først verdens anerkendelse længe efter sin død. Nu sætter filmen 'The Imitation Game', der har premiere i Danmark 29. januar 2015, fokus på det oversete geni....

A Turing Machine Simulator.

Science.gov (United States)

Navarro, Aaron B.

1981-01-01

Presents a program in Level II BASIC for a TRS-80 computer that simulates a Turing machine and discusses the nature of the device. The program is run interactively and is designed to be used as an educational tool by computer science or mathematics students studying computational or automata theory. (MP)

Kairic Rhythmicity in the Turing-Galaxy

DEFF Research Database (Denmark)

Jensen, Sisse Siggaard

2001-01-01

This paper explores problems of time and timing in different spaces with refer-ence to two case studies from the epoch of the Turing-Galaxy. Case study 1 is on networked learning communities and case study 2 is an e-learning project in a small multimedia firm in Denmark. Basic assumptions...... are that time has be-come one of our major problems, almost an obstacle rather than a rich source of life, in the epoch of the Turing-galaxy or in the network society, and it is ar-gued, that we have to deal with time in a new way different from during the industrial epoch. In order to discuss these assumptions...

Nonlinear effects on Turing patterns: Time oscillations and chaos

KAUST Repository

Aragón, J. L.

2012-08-08

We show that a model reaction-diffusion system with two species in a monostable regime and over a large region of parameter space produces Turing patterns coexisting with a limit cycle which cannot be discerned from the linear analysis. As a consequence, the patterns oscillate in time. When varying a single parameter, a series of bifurcations leads to period doubling, quasiperiodic, and chaotic oscillations without modifying the underlying Turing pattern. A Ruelle-Takens-Newhouse route to chaos is identified. We also examine the Turing conditions for obtaining a diffusion-driven instability and show that the patterns obtained are not necessarily stationary for certain values of the diffusion coefficients. These results demonstrate the limitations of the linear analysis for reaction-diffusion systems. © 2012 American Physical Society.

Turing mechanism underlying a branching model for lung morphogenesis.

Science.gov (United States)

Xu, Hui; Sun, Mingzhu; Zhao, Xin

2017-01-01

The mammalian lung develops through branching morphogenesis. Two primary forms of branching, which occur in order, in the lung have been identified: tip bifurcation and side branching. However, the mechanisms of lung branching morphogenesis remain to be explored. In our previous study, a biological mechanism was presented for lung branching pattern formation through a branching model. Here, we provide a mathematical mechanism underlying the branching patterns. By decoupling the branching model, we demonstrated the existence of Turing instability. We performed Turing instability analysis to reveal the mathematical mechanism of the branching patterns. Our simulation results show that the Turing patterns underlying the branching patterns are spot patterns that exhibit high local morphogen concentration. The high local morphogen concentration induces the growth of branching. Furthermore, we found that the sparse spot patterns underlie the tip bifurcation patterns, while the dense spot patterns underlies the side branching patterns. The dispersion relation analysis shows that the Turing wavelength affects the branching structure. As the wavelength decreases, the spot patterns change from sparse to dense, the rate of tip bifurcation decreases and side branching eventually occurs instead. In the process of transformation, there may exists hybrid branching that mixes tip bifurcation and side branching. Since experimental studies have reported that branching mode switching from side branching to tip bifurcation in the lung is under genetic control, our simulation results suggest that genes control the switch of the branching mode by regulating the Turing wavelength. Our results provide a novel insight into and understanding of the formation of branching patterns in the lung and other biological systems.

A simple and efficient universal reversible Turing machine

DEFF Research Database (Denmark)

Axelsen, Holger Bock; Glück, Robert

2011-01-01

We construct a universal reversible Turing machine (URTM) from first principles. We take a strict approach to the semantics of reversible Turing machines (RTMs), under which they can compute exactly all injective, computable functions, but not non-injective ones. The natural notion of universalit...... factor slowdown, with no other complexity-wise cost wrt time and space. The URTM is also able to function as an inverse interpreter for RTMs at no asymptotic cost, simply by reversing the string representing the interpreted machine....

Turing and Non-Turing patterns in diffusive plankton model

Directory of Open Access Journals (Sweden)

N. K. Thakur

2015-03-01

Full Text Available In this paper, we investigate a Rosenzweig-McAurthur model and its variant for phytoplankton, zooplankton and fish population dynamics with Holling type II and III functional responses. We present the theoretical analysis of processes of pattern formation that involves organism distribution and their interaction of spatially distributed population with local diffusion. The choice of parameter values is important to study the effect of diffusion, also it depends more on the nonlinearity of the system. With the help of numerical simulations, we observe the formation of spatiotemporal patterns both inside and outside the Turing space.

The sensitivity of Turing self-organization to biological feedback delays: 2D models of fish pigmentation

KAUST Repository

Gaffney, E. A.

2013-10-01

© The authors 2013. Turing morphogen models have been extensively explored in the context of large-scale self-organization in multicellular biological systems. However, reconciling the detailed biology of morphogen dynamics, while accounting for time delays associated with gene expression, reveals aberrant behaviours that are not consistent with early developmental self-organization, especially the requirement for exquisite temporal control. Attempts to reconcile the interpretation of Turing\\'s ideas with an increasing understanding of the mechanisms driving zebrafish pigmentation suggests that one should reconsider Turing\\'s model in terms of pigment cells rather than morphogens (Nakamasu et al., 2009, PNAS, 106, 8429-8434; Yamaguchi et al., 2007, PNAS, 104, 4790-4793). Here the dynamics of pigment cells is subject to response delays implicit in the cell cycle and apoptosis. Hence we explore simulations of fish skin patterning, focussing on the dynamical influence of gene expression delays in morphogen-based Turing models and response delays for cell-based Turing models. We find that reconciling the mechanisms driving the behaviour of Turing systems with observations of fish skin patterning remains a fundamental challenge.

Frances Allen Wins Turing Award

Indian Academy of Sciences (India)

Home; Journals; Resonance – Journal of Science Education; Volume 12; Issue 8. Frances Allen Wins Turing Award. Priti Shankar. Article-in-a-Box Volume 12 Issue 8 August 2007 pp ... Author Affiliations. Priti Shankar1. Department of Computer Science and Automation, Indian Institute of Science, Bangalore 560 012, India ...

Computing Beyond the Church-Turing Limit

Science.gov (United States)

Jones, Robert

2009-05-01

Dershowitz and Gurevich claim to have proven the Church-Turing theorem starting from a set of 4 reasonable postulates. (Bulletin of Symbolic Logic, vol. 14, num. 3, Sept. 2008, pg. 299) But their postulate II assumes fixed vocabulary. Humans, however, change their vocabulary words (and concepts) over time. My Asa H artificial intelligence also changes its vocabulary. (Trans. of the Kansas Acad. of Sci., vol. 109, no. 3/4, pg 159, 2006, www.bioone.org/archive/0022- 8443/109/3/pdf/i0022-8443-109-3-159.pdf) Their postulate I excludes nondeterministic transitions between states. I don't know how often humans flip a coin but my Asa H does employ random transitions under certain circumstances. Perhaps humans and Asa H go beyond the Church-Turing limit. (Trans. Kansas Acad. of Sci., 108, 3/4, pg. 169, 2005)

A new necessary condition for Turing instabilities.

Science.gov (United States)

Elragig, Aiman; Townley, Stuart

2012-09-01

Reactivity (a.k.a initial growth) is necessary for diffusion driven instability (Turing instability). Using a notion of common Lyapunov function we show that this necessary condition is a special case of a more powerful (i.e. tighter) necessary condition. Specifically, we show that if the linearised reaction matrix and the diffusion matrix share a common Lyapunov function, then Turing instability is not possible. The existence of common Lyapunov functions is readily checked using semi-definite programming. We apply this result to the Gierer-Meinhardt system modelling regenerative properties of Hydra, the Oregonator, to a host-parasite-hyperparasite system with diffusion and to a reaction-diffusion-chemotaxis model for a multi-species host-parasitoid community. Copyright © 2012 Elsevier Inc. All rights reserved.

Globally Stable Microresonator Turing Pattern Formation for Coherent High-Power THz Radiation On-Chip

Science.gov (United States)

Huang, Shu-Wei; Yang, Jinghui; Yang, Shang-Hua; Yu, Mingbin; Kwong, Dim-Lee; Zelevinsky, T.; Jarrahi, Mona; Wong, Chee Wei

2017-10-01

In nonlinear microresonators driven by continuous-wave (cw) lasers, Turing patterns have been studied in the formalism of the Lugiato-Lefever equation with emphasis on their high coherence and exceptional robustness against perturbations. Destabilization of Turing patterns and the transition to spatiotemporal chaos, however, limit the available energy carried in the Turing rolls and prevent further harvest of their high coherence and robustness to noise. Here, we report a novel scheme to circumvent such destabilization, by incorporating the effect of local mode hybridizations, and we attain globally stable Turing pattern formation in chip-scale nonlinear oscillators with significantly enlarged parameter space, achieving a record-high power-conversion efficiency of 45% and an elevated peak-to-valley contrast of 100. The stationary Turing pattern is discretely tunable across 430 GHz on a THz carrier, with a fractional frequency sideband nonuniformity measured at 7.3 ×10-14 . We demonstrate the simultaneous microwave and optical coherence of the Turing rolls at different evolution stages through ultrafast optical correlation techniques. The free-running Turing-roll coherence, 9 kHz in 200 ms and 160 kHz in 20 minutes, is transferred onto a plasmonic photomixer for one of the highest-power THz coherent generations at room temperature, with 1.1% optical-to-THz power conversion. Its long-term stability can be further improved by more than 2 orders of magnitude, reaching an Allan deviation of 6 ×10-10 at 100 s, with a simple computer-aided slow feedback control. The demonstrated on-chip coherent high-power Turing-THz system is promising to find applications in astrophysics, medical imaging, and wireless communications.

Competition of Spatial and Temporal Instabilities under Time Delay near Codimension-Two Turing-Hopf Bifurcations

International Nuclear Information System (INIS)

Wang Huijuan; Ren Zhi

2011-01-01

Competition of spatial and temporal instabilities under time delay near the codimension-two Turing-Hopf bifurcations is studied in a reaction-diffusion equation. The time delay changes remarkably the oscillation frequency, the intrinsic wave vector, and the intensities of both Turing and Hopf modes. The application of appropriate time delay can control the competition between the Turing and Hopf modes. Analysis shows that individual or both feedbacks can realize the control of the transformation between the Turing and Hopf patterns. Two-dimensional numerical simulations validate the analytical results. (electromagnetism, optics, acoustics, heat transfer, classical mechanics, and fluid dynamics)

Noise-induced temporal dynamics in Turing systems

KAUST Repository

Schumacher, Linus J.; Woolley, Thomas E.; Baker, Ruth E.

2013-01-01

We examine the ability of intrinsic noise to produce complex temporal dynamics in Turing pattern formation systems, with particular emphasis on the Schnakenberg kinetics. Using power spectral methods, we characterize the behavior of the system using

The super-Turing computational power of plastic recurrent neural networks.

Science.gov (United States)

Cabessa, Jérémie; Siegelmann, Hava T

2014-12-01

We study the computational capabilities of a biologically inspired neural model where the synaptic weights, the connectivity pattern, and the number of neurons can evolve over time rather than stay static. Our study focuses on the mere concept of plasticity of the model so that the nature of the updates is assumed to be not constrained. In this context, we show that the so-called plastic recurrent neural networks (RNNs) are capable of the precise super-Turing computational power--as the static analog neural networks--irrespective of whether their synaptic weights are modeled by rational or real numbers, and moreover, irrespective of whether their patterns of plasticity are restricted to bi-valued updates or expressed by any other more general form of updating. Consequently, the incorporation of only bi-valued plastic capabilities in a basic model of RNNs suffices to break the Turing barrier and achieve the super-Turing level of computation. The consideration of more general mechanisms of architectural plasticity or of real synaptic weights does not further increase the capabilities of the networks. These results support the claim that the general mechanism of plasticity is crucially involved in the computational and dynamical capabilities of biological neural networks. They further show that the super-Turing level of computation reflects in a suitable way the capabilities of brain-like models of computation.

Establishing consciousness in non-communicative patients: a modern-day version of the Turing test.

Science.gov (United States)

Stins, John F

2009-03-01

In a recent study of a patient in a persistent vegetative state, [Owen, A. M., Coleman, M. R., Boly, M., Davis, M. H., Laureys, S., & Pickard, J. D. (2006). Detecting awareness in the vegetative state. Science, 313, 1402] claimed that they had demonstrated the presence of consciousness in this patient. This bold conclusion was based on the isomorphy between brain activity in this patient and a set of conscious control subjects, obtained in various imagery tasks. However, establishing consciousness in unresponsive patients is fraught with methodological and conceptual difficulties. The aim of this paper is to demonstrate that the current debate surrounding consciousness in VS patients has parallels in the artificial intelligence (AI) debate as to whether machines can think. Basically, (Owen et al., 2006) used a method analogous to the Turing test to reveal the presence of consciousness, whereas their adversaries adopted a line of reasoning akin to Searle's Chinese room argument. Highlighting the correspondence between these two debates can help to clarify the issues surrounding consciousness in non-communicative agents.

Stress testing in financial institutions

Directory of Open Access Journals (Sweden)

Mirković Vladimir

2014-01-01

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

Alan Turing and the origins of modern Gaussian elimination

Directory of Open Access Journals (Sweden)

Dopico, Froilán M.

2013-12-01

Full Text Available The solution of a system of linear equations is by far the most important problem in Applied Mathematics. It is important both in itself and because it is an intermediate step in many other important problems. Gaussian elimination is nowadays the standard method for solving this problem numerically on a computer and it was the first numerical algorithm to be subjected to rounding error analysis. In 1948, Alan Turing published a remarkable paper on this topic: “Rounding-off errors in matrix processes” (Quart. J. Mech. Appl. Math. 1, pp. 287-308. In this paper, Turing formulated Gaussian elimination as the matrix LU factorization and introduced the “condition number of a matrix”, both of them fundamental notions of modern Numerical Analysis. In addition, Turing presented an error analysis of Gaussian elimination for general matrices that deeply influenced the spirit of the definitive analysis developed by James Wilkinson in 1961. Alan Turing’s work on Gaussian elimination appears in a fascinating period for modern Numerical Analysis. Other giants of Mathematics, as John von Neumann, Herman Goldstine, and Harold Hotelling were also working in the mid-1940s on Gaussian elimination. The goal of these researchers was to find an efficient and reliable method for solving systems of linear equations in modern “automatic computers”. At that time, it was not clear at all whether Gaussian elimination was a right choice or not. The purpose of this paper is to revise, at an introductory level, the contributions of Alan Turing and other authors to the error analysis of Gaussian elimination, the historical context of these contributions, and their influence on modern Numerical Analysis.La resolución de sistemas de ecuaciones lineales es sin duda el problema más importante en Matemática Aplicada. Es importante en sí mismo y también porque es un paso intermedio en la resolución de muchos otros problemas de gran relevancia. La eliminaci

Turing patterns and long-time behavior in a three-species food-chain model

KAUST Repository

Parshad, Rana D.

2014-08-01

We consider a spatially explicit three-species food chain model, describing generalist top predator-specialist middle predator-prey dynamics. We investigate the long-time dynamics of the model and show the existence of a finite dimensional global attractor in the product space, L2(Ω). We perform linear stability analysis and show that the model exhibits the phenomenon of Turing instability, as well as diffusion induced chaos. Various Turing patterns such as stripe patterns, mesh patterns, spot patterns, labyrinth patterns and weaving patterns are obtained, via numerical simulations in 1d as well as in 2d. The Turing and non-Turing space, in terms of model parameters, is also explored. Finally, we use methods from nonlinear time series analysis to reconstruct a low dimensional chaotic attractor of the model, and estimate its fractal dimension. This provides a lower bound, for the fractal dimension of the attractor, of the spatially explicit model. © 2014 Elsevier Inc.

Alan Turing the enigma

CERN Document Server

Hodges, Andrew

1983-01-01

It is only a slight exaggeration to say that the British mathematician Alan Turing (1912-1954) saved the Allies from the Nazis, invented the computer and artificial intelligence, and anticipated gay liberation by decades--all before his suicide at age forty-one. This classic biography of the founder of computer science, reissued on the centenary of his birth with a substantial new preface by the author, is the definitive account of an extraordinary mind and life. A gripping story of mathematics, computers, cryptography, and homosexual persecution, Andrew Hodges's acclaimed book captures bot

On the Super-Turing Computational Power of Non-Uniform Families of Neuromata

Czech Academy of Sciences Publication Activity Database

Wiedermann, Jiří

2002-01-01

Roč. 12, č. 5 (2002), s. 509-516 ISSN 1210-0552. [SOFSEM 2002 Workshop on Soft Computing. Milovy, 28.11.2002-29.11.2002] R&D Projects: GA ČR GA201/00/1489 Institutional research plan: AV0Z1030915 Keywords : neuromata * Turing machines with advice * non-uniform computational complexity * super-Turing computational power Subject RIV: BA - General Mathematics

Control of Turing patterns and their usage as sensors, memory arrays, and logic gates

Science.gov (United States)

Muzika, František; Schreiber, Igor

2013-10-01

We study a model system of three diffusively coupled reaction cells arranged in a linear array that display Turing patterns with special focus on the case of equal coupling strength for all components. As a suitable model reaction we consider a two-variable core model of glycolysis. Using numerical continuation and bifurcation techniques we analyze the dependence of the system's steady states on varying rate coefficient of the recycling step while the coupling coefficients of the inhibitor and activator are fixed and set at the ratios 100:1, 1:1, and 4:5. We show that stable Turing patterns occur at all three ratios but, as expected, spontaneous transition from the spatially uniform steady state to the spatially nonuniform Turing patterns occurs only in the first case. The other two cases possess multiple Turing patterns, which are stabilized by secondary bifurcations and coexist with stable uniform periodic oscillations. For the 1:1 ratio we examine modular spatiotemporal perturbations, which allow for controllable switching between the uniform oscillations and various Turing patterns. Such modular perturbations are then used to construct chemical computing devices utilizing the multiple Turing patterns. By classifying various responses we propose: (a) a single-input resettable sensor capable of reading certain value of concentration, (b) two-input and three-input memory arrays capable of storing logic information, (c) three-input, three-output logic gates performing combinations of logical functions OR, XOR, AND, and NAND.

The sensitivity of Turing self-organization to biological feedback delays: 2D models of fish pigmentation.

Science.gov (United States)

Gaffney, E A; Lee, S Seirin

2015-03-01

Turing morphogen models have been extensively explored in the context of large-scale self-organization in multicellular biological systems. However, reconciling the detailed biology of morphogen dynamics, while accounting for time delays associated with gene expression, reveals aberrant behaviours that are not consistent with early developmental self-organization, especially the requirement for exquisite temporal control. Attempts to reconcile the interpretation of Turing's ideas with an increasing understanding of the mechanisms driving zebrafish pigmentation suggests that one should reconsider Turing's model in terms of pigment cells rather than morphogens (Nakamasu et al., 2009, PNAS, 106: , 8429-8434; Yamaguchi et al., 2007, PNAS, 104: , 4790-4793). Here the dynamics of pigment cells is subject to response delays implicit in the cell cycle and apoptosis. Hence we explore simulations of fish skin patterning, focussing on the dynamical influence of gene expression delays in morphogen-based Turing models and response delays for cell-based Turing models. We find that reconciling the mechanisms driving the behaviour of Turing systems with observations of fish skin patterning remains a fundamental challenge. © The Authors 2013. Published by Oxford University Press on behalf of the Institute of Mathematics and its Applications. All rights reserved.

Continual Learning through Evolvable Neural Turing Machines

DEFF Research Database (Denmark)

Lüders, Benno; Schläger, Mikkel; Risi, Sebastian

2016-01-01

Continual learning, i.e. the ability to sequentially learn tasks without catastrophic forgetting of previously learned ones, is an important open challenge in machine learning. In this paper we take a step in this direction by showing that the recently proposed Evolving Neural Turing Machine (ENTM...

The Lattice-Valued Turing Machines and the Lattice-Valued Type 0 Grammars

Directory of Open Access Journals (Sweden)

Juan Tang

2014-01-01

Full Text Available Purpose. The purpose of this paper is to study a class of the natural languages called the lattice-valued phrase structure languages, which can be generated by the lattice-valued type 0 grammars and recognized by the lattice-valued Turing machines. Design/Methodology/Approach. From the characteristic of natural language, this paper puts forward a new concept of the l-valued Turing machine. It can be used to characterize recognition, natural language processing, and dynamic characteristics. Findings. The mechanisms of both the generation of grammars for the lattice-valued type 0 grammar and the dynamic transformation of the lattice-valued Turing machines were given. Originality/Value. This paper gives a new approach to study a class of natural languages by using lattice-valued logic theory.

Turing patterns in parabolic systems of conservation laws and numerically observed stability of periodic waves

Science.gov (United States)

Barker, Blake; Jung, Soyeun; Zumbrun, Kevin

2018-03-01

Turing patterns on unbounded domains have been widely studied in systems of reaction-diffusion equations. However, up to now, they have not been studied for systems of conservation laws. Here, we (i) derive conditions for Turing instability in conservation laws and (ii) use these conditions to find families of periodic solutions bifurcating from uniform states, numerically continuing these families into the large-amplitude regime. For the examples studied, numerical stability analysis suggests that stable periodic waves can emerge either from supercritical Turing bifurcations or, via secondary bifurcation as amplitude is increased, from subcritical Turing bifurcations. This answers in the affirmative a question of Oh-Zumbrun whether stable periodic solutions of conservation laws can occur. Determination of a full small-amplitude stability diagram - specifically, determination of rigorous Eckhaus-type stability conditions - remains an interesting open problem.

Is pigment patterning in fish skin determined by the Turing mechanism?

Science.gov (United States)

Watanabe, Masakatsu; Kondo, Shigeru

2015-02-01

More than half a century ago, Alan Turing postulated that pigment patterns may arise from a mechanism that could be mathematically modeled based on the diffusion of two substances that interact with each other. Over the past 15 years, the molecular and genetic tools to verify this prediction have become available. Here, we review experimental studies aimed at identifying the mechanism underlying pigment pattern formation in zebrafish. Extensive molecular genetic studies in this model organism have revealed the interactions between the pigment cells that are responsible for the patterns. The mechanism discovered is substantially different from that predicted by the mathematical model, but it retains the property of 'local activation and long-range inhibition', a necessary condition for Turing pattern formation. Although some of the molecular details of pattern formation remain to be elucidated, current evidence confirms that the underlying mechanism is mathematically equivalent to the Turing mechanism. Copyright © 2014 Elsevier Ltd. All rights reserved.

Inter-dependent tissue growth and Turing patterning in a model for long bone development

International Nuclear Information System (INIS)

Tanaka, Simon; Iber, Dagmar

2013-01-01

The development of long bones requires a sophisticated spatial organization of cellular signalling, proliferation, and differentiation programs. How such spatial organization emerges on the growing long bone domain is still unresolved. Based on the reported biochemical interactions we developed a regulatory model for the core signalling factors IHH, PTCH1, and PTHrP and included two cell types, proliferating/resting chondrocytes and (pre-)hypertrophic chondrocytes. We show that the reported IHH–PTCH1 interaction gives rise to a Schnakenberg-type Turing kinetics, and that inclusion of PTHrP is important to achieve robust patterning when coupling patterning and tissue dynamics. The model reproduces relevant spatiotemporal gene expression patterns, as well as a number of relevant mutant phenotypes. In summary, we propose that a ligand–receptor based Turing mechanism may control the emergence of patterns during long bone development, with PTHrP as an important mediator to confer patterning robustness when the sensitive Turing system is coupled to the dynamics of a growing and differentiating tissue. We have previously shown that ligand–receptor based Turing mechanisms can also result from BMP–receptor, SHH–receptor, and GDNF–receptor interactions, and that these reproduce the wildtype and mutant patterns during digit formation in limbs and branching morphogenesis in lung and kidneys. Receptor–ligand interactions may thus constitute a general mechanism to generate Turing patterns in nature. (paper)

Inter-dependent tissue growth and Turing patterning in a model for long bone development

Science.gov (United States)

Tanaka, Simon; Iber, Dagmar

2013-10-01

The development of long bones requires a sophisticated spatial organization of cellular signalling, proliferation, and differentiation programs. How such spatial organization emerges on the growing long bone domain is still unresolved. Based on the reported biochemical interactions we developed a regulatory model for the core signalling factors IHH, PTCH1, and PTHrP and included two cell types, proliferating/resting chondrocytes and (pre-)hypertrophic chondrocytes. We show that the reported IHH-PTCH1 interaction gives rise to a Schnakenberg-type Turing kinetics, and that inclusion of PTHrP is important to achieve robust patterning when coupling patterning and tissue dynamics. The model reproduces relevant spatiotemporal gene expression patterns, as well as a number of relevant mutant phenotypes. In summary, we propose that a ligand-receptor based Turing mechanism may control the emergence of patterns during long bone development, with PTHrP as an important mediator to confer patterning robustness when the sensitive Turing system is coupled to the dynamics of a growing and differentiating tissue. We have previously shown that ligand-receptor based Turing mechanisms can also result from BMP-receptor, SHH-receptor, and GDNF-receptor interactions, and that these reproduce the wildtype and mutant patterns during digit formation in limbs and branching morphogenesis in lung and kidneys. Receptor-ligand interactions may thus constitute a general mechanism to generate Turing patterns in nature.

Competing Turing and Faraday Instabilities in Longitudinally Modulated Passive Resonators.

Science.gov (United States)

Copie, François; Conforti, Matteo; Kudlinski, Alexandre; Mussot, Arnaud; Trillo, Stefano

2016-04-08

We experimentally investigate the interplay of Turing (modulational) and Faraday (parametric) instabilities in a bistable passive nonlinear resonator. The Faraday branch is induced via parametric resonance owing to a periodic modulation of the resonator dispersion. We show that the bistable switching dynamics is dramatically affected by the competition between the two instability mechanisms, which dictates two completely novel scenarios. At low detunings from resonance, switching occurs between the stable stationary lower branch and the Faraday-unstable upper branch, whereas at high detunings we observe the crossover between the Turing and Faraday periodic structures. The results are well explained in terms of the universal Lugiato-Lefever model.

Turing patterns and biological explanation

DEFF Research Database (Denmark)

Serban, Maria

2017-01-01

, promoting theory exploration, and acting as constitutive parts of empirically adequate explanations of naturally occurring phenomena, such as biological pattern formation. Focusing on the roles that minimal model explanations play in science motivates the adoption of a broader diachronic view of scientific......Turing patterns are a class of minimal mathematical models that have been used to discover and conceptualize certain abstract features of early biological development. This paper examines a range of these minimal models in order to articulate and elaborate a philosophical analysis...

Molecular computing: paths to chemical Turing machines.

Science.gov (United States)

Varghese, Shaji; Elemans, Johannes A A W; Rowan, Alan E; Nolte, Roeland J M

2015-11-13

To comply with the rapidly increasing demand of information storage and processing, new strategies for computing are needed. The idea of molecular computing, where basic computations occur through molecular, supramolecular, or biomolecular approaches, rather than electronically, has long captivated researchers. The prospects of using molecules and (bio)macromolecules for computing is not without precedent. Nature is replete with examples where the handling and storing of data occurs with high efficiencies, low energy costs, and high-density information encoding. The design and assembly of computers that function according to the universal approaches of computing, such as those in a Turing machine, might be realized in a chemical way in the future; this is both fascinating and extremely challenging. In this perspective, we highlight molecular and (bio)macromolecular systems that have been designed and synthesized so far with the objective of using them for computing purposes. We also present a blueprint of a molecular Turing machine, which is based on a catalytic device that glides along a polymer tape and, while moving, prints binary information on this tape in the form of oxygen atoms.

On reversible Turing machines and their function universality

DEFF Research Database (Denmark)

Axelsen, Holger Bock; Glück, Robert

2016-01-01

We provide a treatment of the reversible Turing machines (RTMs) under a strict function semantics. Unlike many existing reversible computation models, we distinguish strictly between computing the function backslashlambda x.f(x) $ x . f ( x ) and computing the function backslashlambda x. (x, f(x)...

Unilateral regulation breaks regularity of Turing patterns

Czech Academy of Sciences Publication Activity Database

Vejchodský, Tomáš; Jaroš, F.; Kučera, Milan; Rybář, Vojtěch

2017-01-01

Roč. 96, č. 2 (2017), č. článku 022212. ISSN 2470-0045 EU Projects: European Commission(XE) 328008 - STOCHDETBIOMODEL Institutional support: RVO:67985840 Keywords : unilateral term * Turing instability * pattern Subject RIV: BA - General Mathematics OBOR OECD: Applied mathematics Impact factor: 2.366, year: 2016 https://link. aps .org/doi/10.1103/PhysRevE.96.022212

Nonlinear effects on Turing patterns: Time oscillations and chaos

KAUST Repository

Aragó n, J. L.; Barrio, R. A.; Woolley, T. E.; Baker, R. E.; Maini, P. K.

2012-01-01

consequence, the patterns oscillate in time. When varying a single parameter, a series of bifurcations leads to period doubling, quasiperiodic, and chaotic oscillations without modifying the underlying Turing pattern. A Ruelle-Takens-Newhouse route to chaos

Structured Memory for Neural Turing Machines

OpenAIRE

Zhang, Wei; Yu, Yang; Zhou, Bowen

2015-01-01

Neural Turing Machines (NTM) contain memory component that simulates "working memory" in the brain to store and retrieve information to ease simple algorithms learning. So far, only linearly organized memory is proposed, and during experiments, we observed that the model does not always converge, and overfits easily when handling certain tasks. We think memory component is key to some faulty behaviors of NTM, and better organization of memory component could help fight those problems. In this...

Turing instability for a two-dimensional Logistic coupled map lattice

International Nuclear Information System (INIS)

Xu, L.; Zhang, G.; Han, B.; Zhang, L.; Li, M.F.; Han, Y.T.

2010-01-01

In this Letter, stability analysis is applied to a two-dimensional Logistic coupled map lattice with the periodic boundary conditions. The conditions of Turing instability are obtained, and various patterns can be exhibited by numerical simulations in the Turing instability region. For example, space-time periodic structures, periodic or quasiperiodic traveling wave solutions, stationary wave solutions, spiral waves, and spatiotemporal chaos, etc. have been observed. In particular, the different pattern structures have also been observed for same parameters and different initial values. That is, pattern structures also depend on the initial values. The similar patterns have also been seen in relevant references. However, the present Letter owes to pattern formation via diffusion-driven instabilities because the system is stable in the absence of diffusion.

ANÁLISIS DE LA INESTABILIDAD DE TURING EN MODELOS BIOLÓGICOS

Directory of Open Access Journals (Sweden)

JUAN VANEGAS

2009-01-01

Full Text Available El análisis matemático de modelos biológicos descritos por ecuaciones de reacción difusión da lugar al concepto de inestabilidad de Turing. En este artículo se analiza este concepto y el espacio matemático en donde tiene lugar, conocido como espacio de Turing. El objetivo es establecer la relación entre el conjunto de parámetros que definen la presencia de patrones espacio-temporales en un sistema de reacción difusión. Estos parámetros son validados mediante la implementación numérica por el método de los elementos finitos en 1D y 2D de dos modelos conocidos: el modelo de Schnakenberg y el modelo de glucólisis. Los resultados demuestran que los parámetros obtenidos mediante el análisis matemático cumplen las restricciones de Turing y permiten la formación de patrones espacio-temporales. Se concluye que el análisis matemático de estabilidad es una herramienta útil para la obtención de parámetros desconocidos en modelos que usualmente requieren de ajustes mediante experimentación numérica.

Turing Incompleteness of Asynchronous P Systems with Active Membranes

OpenAIRE

Leporati, Alberto; Manzoni, Luca; Porreca, Antonio E.

2013-01-01

We prove that asynchronous P systems with active membranes without divi- sion rules can be simulated by place/transition Petri nets, and hence are computationally weaker than Turing machines. This result holds even if the synchronisation mechanisms provided by electrical charges and membrane dissolution are exploited.

Handbook for the Institutional and Financial Implementation of Water Utilities.

Science.gov (United States)

1984-05-01

course. As industrialization occurred, the riparia " concept was expanded to allow use of adequate quantities of water for manufac- turing. Each riparian...laws including those concerned with zoning regulations, health and sanitation standards, I.... and the control of water pollution. 4. Financial...water flows by gravity. Groundwater - Subsurface water occupying the saturation zone , from which wells and springs are fed. Hardness - A characteristic

Object-Oriented Programming in High Schools the Turing Way.

Science.gov (United States)

Holt, Richard C.

This paper proposes an approach to introducing object-oriented concepts to high school computer science students using the Object-Oriented Turing (OOT) language. Students can learn about basic object-oriented (OO) principles such as classes and inheritance by using and expanding a collection of classes that draw pictures like circles and happy…

Parallel communicating grammar systems with context-free components are Turing complete for any communication model

Directory of Open Access Journals (Sweden)

Wilkin Mary Sarah Ruth

2016-12-01

Full Text Available Parallel Communicating Grammar Systems (PCGS were introduced as a language-theoretic treatment of concurrent systems. A PCGS extends the concept of a grammar to a structure that consists of several grammars working in parallel, communicating with each other, and so contributing to the generation of strings. PCGS are usually more powerful than a single grammar of the same type; PCGS with context-free components (CF-PCGS in particular were shown to be Turing complete. However, this result only holds when a specific type of communication (which we call broadcast communication, as opposed to one-step communication is used. We expand the original construction that showed Turing completeness so that broadcast communication is eliminated at the expense of introducing a significant number of additional, helper component grammars. We thus show that CF-PCGS with one-step communication are also Turing complete. We introduce in the process several techniques that may be usable in other constructions and may be capable of removing broadcast communication in general.

The "Test of Financial Literacy": Development and Measurement Characteristics

Science.gov (United States)

Walstad, William B.; Rebeck, Ken

2017-01-01

The "Test of Financial Literacy" (TFL) was created to measure the financial knowledge of high school students. Its content is based on the standards and benchmarks stated in the "National Standards for Financial Literacy" (Council for Economic Education 2013). The test development process involved extensive item writing and…

TURING MACHINE AS UNIVERSAL ALGORITHM EXECUTOR AND ITS APPLICATION IN THE PROCESS OF HIGH-SCHOOL STUDENTS` ADVANCED STUDY OF ALGORITHMIZATION AND PROGRAMMING FUNDAMENTALS

Directory of Open Access Journals (Sweden)

Oleksandr B. Yashchyk

2016-05-01

Full Text Available The article discusses the importance of studying the notion of algorithm and its formal specification using Turing machines. In the article it was identified the basic hypothesis of the theory of algorithms for Turing as well as reviewed scientific research of modern scientists devoted to this issue and found the main principles of the Turing machine as an abstract mathematical model. The process of forming information competencies components, information culture and students` logical thinking development with the inclusion of the topic “Study and Application of Turing machine as Universal Algorithm Executor” in the course of Informatics was analyzed.

Alan Turing's Automatic Computing Engine The Master Codebreaker's Struggle to build the Modern Computer

CERN Document Server

Copeland, B Jack

2005-01-01

The mathematical genius Alan Turing (1912-1954) was one of the greatest scientists and thinkers of the 20th century. Now well known for his crucial wartime role in breaking the ENIGMA code, he was the first to conceive of the fundamental principle of the modern computer-the idea of controlling a computing machine's operations by means of a program of coded instructions, stored in the machine's 'memory'. In 1945 Turing drew up his revolutionary design for an electronic computingmachine-his Automatic Computing Engine ('ACE'). A pilot model of the ACE ran its first program in 1950 and the product

Hardware Development and Locomotion Control Strategy for an Over-Ground Gait Trainer: NaTUre-Gaits.

Science.gov (United States)

Luu, Trieu Phat; Low, Kin Huat; Qu, Xingda; Lim, Hup Boon; Hoon, Kay Hiang

2014-01-01

Therapist-assisted body weight supported (TABWS) gait rehabilitation was introduced two decades ago. The benefit of TABWS in functional recovery of walking in spinal cord injury and stroke patients has been demonstrated and reported. However, shortage of therapists, labor-intensiveness, and short duration of training are some limitations of this approach. To overcome these deficiencies, robotic-assisted gait rehabilitation systems have been suggested. These systems have gained attentions from researchers and clinical practitioner in recent years. To achieve the same objective, an over-ground gait rehabilitation system, NaTUre-gaits, was developed at the Nanyang Technological University. The design was based on a clinical approach to provide four main features, which are pelvic motion, body weight support, over-ground walking experience, and lower limb assistance. These features can be achieved by three main modules of NaTUre-gaits: 1) pelvic assistance mechanism, mobile platform, and robotic orthosis. Predefined gait patterns are required for a robotic assisted system to follow. In this paper, the gait pattern planning for NaTUre-gaits was accomplished by an individual-specific gait pattern prediction model. The model generates gait patterns that resemble natural gait patterns of the targeted subjects. The features of NaTUre-gaits have been demonstrated by walking trials with several subjects. The trials have been evaluated by therapists and doctors. The results show that 10-m walking trial with a reduction in manpower. The task-specific repetitive training approach and natural walking gait patterns were also successfully achieved.

Kidney branching morphogenesis under the control of a ligand–receptor-based Turing mechanism

International Nuclear Information System (INIS)

Menshykau, Denis; Iber, Dagmar

2013-01-01

The main signalling proteins that control early kidney branching have been defined. Yet the underlying mechanism is still elusive. We have previously shown that a Schnakenberg-type Turing mechanism can recapitulate the branching and protein expression patterns in wild-type and mutant lungs, but it is unclear whether this mechanism would extend to other branched organs that are regulated by other proteins. Here, we show that the glial cell line-derived neurotrophic factor–RET regulatory interaction gives rise to a Schnakenberg-type Turing model that reproduces the observed budding of the ureteric bud from the Wolffian duct, its invasion into the mesenchyme and the observed branching pattern. The model also recapitulates all relevant protein expression patterns in wild-type and mutant mice. The lung and kidney models are both based on a particular receptor–ligand interaction and require (1) cooperative binding of ligand and receptor, (2) a lower diffusion coefficient for the receptor than for the ligand and (3) an increase in the receptor concentration in response to receptor–ligand binding (by enhanced transcription, more recycling or similar). These conditions are met also by other receptor–ligand systems. We propose that ligand–receptor-based Turing patterns represent a general mechanism to control branching morphogenesis and other developmental processes. (paper)

Self-organization in the limb: a Turing mechanism for digit development.

Science.gov (United States)

Cooper, Kimberly L

2015-06-01

The statistician George E. P. Box stated, 'Essentially all models are wrong, but some are useful.' (Box GEP, Draper NR: Empirical Model-Building and Response Surfaces. Wiley; 1987). Modeling biological processes is challenging for many of the reasons classically trained developmental biologists often resist the idea that black and white equations can explain the grayscale subtleties of living things. Although a simplified mathematical model of development will undoubtedly fall short of precision, a good model is exceedingly useful if it raises at least as many testable questions as it answers. Self-organizing Turing models that simulate the pattern of digits in the hand replicate events that have not yet been explained by classical approaches. The union of theory and experimentation has recently identified and validated the minimal components of a Turing network for digit pattern and triggered a cascade of questions that will undoubtedly be well-served by the continued merging of disciplines. Copyright © 2015 Elsevier Ltd. All rights reserved.

The Society of Brains: How Alan Turing and Marvin Minsky Were Both Right

Science.gov (United States)

Struzik, Zbigniew R.

2015-04-01

In his well-known prediction, Alan Turing stated that computer intelligence would surpass human intelligence by the year 2000. Although the Turing Test, as it became known, was devised to be played by one human against one computer, this is not a fair setup. Every human is a part of a social network, and a fairer comparison would be a contest between one human at the console and a network of computers behind the console. Around the year 2000, the number of web pages on the WWW overtook the number of neurons in the human brain. But these websites would be of little use without the ability to search for knowledge. By the year 2000 Google Inc. had become the search engine of choice, and the WWW became an intelligent entity. This was not without good reason. The basis for the search engine was the analysis of the ’network of knowledge’. The PageRank algorithm, linking information on the web according to the hierarchy of ‘link popularity’, continues to provide the basis for all of Google's web search tools. While PageRank was developed by Larry Page and Sergey Brin in 1996 as part of a research project about a new kind of search engine, PageRank is in its essence the key to representing and using static knowledge in an emergent intelligent system. Here I argue that Alan Turing was right, as hybrid human-computer internet machines have already surpassed our individual intelligence - this was done around the year 2000 by the Internet - the socially-minded, human-computer hybrid Homo computabilis-socialis. Ironically, the Internet's intelligence also emerged to a large extent from ‘exploiting’ humans - the key to the emergence of machine intelligence has been discussed by Marvin Minsky in his work on the foundations of intelligence through interacting agents’ knowledge. As a consequence, a decade and a half decade into the 21st century, we appear to be much better equipped to tackle the problem of the social origins of humanity - in particular thanks to the

Helical Turing patterns in the Lengyel-Epstein model in thin cylindrical layers

Energy Technology Data Exchange (ETDEWEB)

Bánsági, T.; Taylor, A. F., E-mail: A.F.Taylor@sheffield.ac.uk [Department of Chemical and Biological Engineering, University of Sheffield, Mappin Street, Sheffield, S1 3JD (United Kingdom)

2015-06-15

The formation of Turing patterns was investigated in thin cylindrical layers using the Lengyel-Epstein model of the chlorine dioxide-iodine-malonic acid reaction. The influence of the width of the layer W and the diameter D of the inner cylinder on the pattern with intrinsic wavelength l were determined in simulations with initial random noise perturbations to the uniform state for W < l/2 and D ∼ l or lower. We show that the geometric constraints of the reaction domain may result in the formation of helical Turing patterns with parameters that give stripes (b = 0.2) or spots (b = 0.37) in two dimensions. For b = 0.2, the helices were composed of lamellae and defects were likely as the diameter of the cylinder increased. With b = 0.37, the helices consisted of semi-cylinders and the orientation of stripes on the outer surface (and hence winding number) increased with increasing diameter until a new stripe appeared.

Helical Turing patterns in the Lengyel-Epstein model in thin cylindrical layers

International Nuclear Information System (INIS)

Bánsági, T.; Taylor, A. F.

2015-01-01

The formation of Turing patterns was investigated in thin cylindrical layers using the Lengyel-Epstein model of the chlorine dioxide-iodine-malonic acid reaction. The influence of the width of the layer W and the diameter D of the inner cylinder on the pattern with intrinsic wavelength l were determined in simulations with initial random noise perturbations to the uniform state for W < l/2 and D ∼ l or lower. We show that the geometric constraints of the reaction domain may result in the formation of helical Turing patterns with parameters that give stripes (b = 0.2) or spots (b = 0.37) in two dimensions. For b = 0.2, the helices were composed of lamellae and defects were likely as the diameter of the cylinder increased. With b = 0.37, the helices consisted of semi-cylinders and the orientation of stripes on the outer surface (and hence winding number) increased with increasing diameter until a new stripe appeared

The Relationship between Financial Freedom, Financial Depth and Mutual Funds: Panel Bounds Testing Approach

Directory of Open Access Journals (Sweden)

Gönül YÜCE

2013-03-01

Full Text Available The purpose of this study is to investigate the nexus between mutual fund assets, financial freedom, and financial depth in 54 countries from 2000 to 2011 by employing panel ARDL bounds testing approach. To examine this linkage, we use the two-step procedure from ARDL bounds testing model: In first step, we explore the long-term relationship between the variables by using ARDL test of cointegration. Secondly, we employ a dynamic error correction model to explore the short-term relationship between the variables. All results suggest that there is a positive and statistically significant evidence between central bank independence, financial freedom, and economic growth in both long and short-term. Besides, long-term empirical results refer that current period central bank independence and financial freedom are the important factors for determining the national output level. In addition, the results of the short-term dynamics are parallel with the long-term estimation results. Furthermore, because the error correction term is found negative and statistically significant, it can be said that the variables converge to equilibrium quickly, and short-term imbalances will be overcomed in the long-term.

Selection of flow-distributed oscillation and Turing patterns by boundary forcing in a linearly growing, oscillating medium.

Science.gov (United States)

Míguez, David G; McGraw, Patrick; Muñuzuri, Alberto P; Menzinger, Michael

2009-08-01

We studied the response of a linearly growing domain of the oscillatory chemical chlorine dioxide-iodide-malonic acid (CDIMA) medium to periodic forcing at its growth boundary. The medium is Hopf-, as well as Turing-unstable and the system is convectively unstable. The results confirm numerical predictions that two distinct modes of pattern can be excited by controlling the driving frequency at the boundary, a flow-distributed-oscillation (FDO) mode of traveling waves at low values of the forcing frequency f , and a mode of stationary Turing patterns at high values of f . The wavelengths and phase velocities of the experimental patterns were compared quantitatively with results from dynamical simulations and with predictions from linear dispersion relations. The results for the FDO waves agreed well with these predictions, and obeyed the kinematic relations expected for phase waves with frequencies selected by the boundary driving frequency. Turing patterns were also generated within the predicted range of forcing frequencies, but these developed into two-dimensional structures which are not fully accounted for by the one-dimensional numerical and analytical models. The Turing patterns excited by boundary forcing persist when the forcing is removed, demonstrating the bistability of the unforced, constant size medium. Dynamical simulations at perturbation frequencies other than those of the experiments showed that in certain ranges of forcing frequency, FDO waves become unstable, breaking up into harmonic waves of different frequency and wavelength and phase velocity.

Network topology and Turing instabilities in small arrays of diffusively coupled reactors

International Nuclear Information System (INIS)

Horsthemke, Werner; Lam, Kwan; Moore, Peter K.

2004-01-01

We study the effect of the network structure on the diffusion-induced instability to nonuniform steady states in arrays of diffusively coupled reactors. The kinetics is given by the Lengyel-Epstein model, and we derive the conditions for Turing instabilities in all arrays of two, three, and four reactors

Computer simulation of Turing structures in the chlorite-iodide-malonic acid system

DEFF Research Database (Denmark)

Jensen, O.; Mosekilde, Erik; Borckmans, P.

1996-01-01

that develop from the noise infected homogeneous steady state is examined. In the region where they are both stable, the competition between Hopf oscillations and Turing stripes is studied by following the propagation of a front connecting the two modes. Examples are presented of the types of structures...

Forging patterns and making waves from biology to geology: a commentary on Turing (1952) 'The chemical basis of morphogenesis'.

Science.gov (United States)

Ball, Philip

2015-04-19

Alan Turing was neither a biologist nor a chemist, and yet the paper he published in 1952, 'The chemical basis of morphogenesis', on the spontaneous formation of patterns in systems undergoing reaction and diffusion of their ingredients has had a substantial impact on both fields, as well as in other areas as disparate as geomorphology and criminology. Motivated by the question of how a spherical embryo becomes a decidedly non-spherical organism such as a human being, Turing devised a mathematical model that explained how random fluctuations can drive the emergence of pattern and structure from initial uniformity. The spontaneous appearance of pattern and form in a system far away from its equilibrium state occurs in many types of natural process, and in some artificial ones too. It is often driven by very general mechanisms, of which Turing's model supplies one of the most versatile. For that reason, these patterns show striking similarities in systems that seem superficially to share nothing in common, such as the stripes of sand ripples and of pigmentation on a zebra skin. New examples of 'Turing patterns' in biology and beyond are still being discovered today. This commentary was written to celebrate the 350th anniversary of the journal Philosophical Transactions of the Royal Society.

40 CFR 280.95 - Financial test of self-insurance.

Science.gov (United States)

2010-07-01

... least $10 million? ___ 8. Is line 6 at least 10 times line 3? ___ 9. Have financial statements for the.... (f) The Director of the implementing agency may require reports of financial condition at any time... 40 Protection of Environment 26 2010-07-01 2010-07-01 false Financial test of self-insurance. 280...

Turing mechanism for homeostatic control of synaptic density during C. elegans growth

Science.gov (United States)

Brooks, Heather A.; Bressloff, Paul C.

2017-07-01

We propose a mechanism for the homeostatic control of synapses along the ventral cord of Caenorhabditis elegans during development, based on a form of Turing pattern formation on a growing domain. C. elegans is an important animal model for understanding cellular mechanisms underlying learning and memory. Our mathematical model consists of two interacting chemical species, where one is passively diffusing and the other is actively trafficked by molecular motors, which switch between forward and backward moving states (bidirectional transport). This differs significantly from the standard mechanism for Turing pattern formation based on the interaction between fast and slow diffusing species. We derive evolution equations for the chemical concentrations on a slowly growing one-dimensional domain, and use numerical simulations to demonstrate the insertion of new concentration peaks as the length increases. Taking the passive component to be the protein kinase CaMKII and the active component to be the glutamate receptor GLR-1, we interpret the concentration peaks as sites of new synapses along the length of C. elegans, and thus show how the density of synaptic sites can be maintained.

Noise-induced temporal dynamics in Turing systems

KAUST Repository

Schumacher, Linus J.

2013-04-25

We examine the ability of intrinsic noise to produce complex temporal dynamics in Turing pattern formation systems, with particular emphasis on the Schnakenberg kinetics. Using power spectral methods, we characterize the behavior of the system using stochastic simulations at a wide range of points in parameter space and compare with analytical approximations. Specifically, we investigate whether polarity switching of stochastic patterns occurs at a defined frequency. We find that it can do so in individual realizations of a stochastic simulation, but that the frequency is not defined consistently across realizations in our samples of parameter space. Further, we examine the effect of noise on deterministically predicted traveling waves and find them increased in amplitude and decreased in speed. © 2013 American Physical Society.

Spiral patterns near Turing instability in a discrete reaction diffusion system

International Nuclear Information System (INIS)

Li, Meifeng; Han, Bo; Xu, Li; Zhang, Guang

2013-01-01

In this paper, linear stability analysis is applied to an exponential discrete Lotka–Volterra system, which describes the competition between two identical species. Conditions for the Turing instability are obtained and the emergence of spiral patterns is demonstrated by means of numerical simulations in the vicinity of the bifurcation point. Moreover, the impact of crucial system parameters on the stability and coherence of spiral patterns is illustrated on several examples

Alan Turing: person of the XXth century?

Directory of Open Access Journals (Sweden)

Sánchez Ron, José M.

2013-12-01

Full Text Available “Time” magazine chose Albert Einstein as “Person of the Century.” This was undoubtedly a reasonable choice, but as I will argue in this article, there are also good reasons for contending that Turing might have received this honor. One such reason I consider here is his purely scientific work, which stems from the greatest mathematical tradition, and how it affected the development of mathematics itself and was finally instrumental in shaping a new technological world. This is true both as regards the computation and treatment of information as well as the establishment of new forms of social relations. In relation to the foregoing, we have Turing’s contributions to the deciphering of secret codes during the Second World War, which in a somewhat metaphorical sense may be regarded as a new tool for undermining personal privacy, that civil right whose denial finally ruined his lifeEn diciembre de 1999, la revista Time eligió a Albert Einstein “The Person of the Century”. Fue, no cabe duda, una elección razonable, pero, como se argumenta en este artículo, existen también buenos argumentos para sostener que Turing podría haber recibido tal honor. En apoyo de semejante tesis están sus trabajos puramente científicos, que se esbozan aquí, trabajos que entroncan con la mejor tradición matemática, y cómo afectaron al desarrollo matemático, siendo finalmente instrumentales en la configuración de un nuevo mundo tecnológico, tanto en lo que al cálculo y manejo de información se refiere, como en lo relativo al establecimiento de nuevas formas de relaciones sociales. Relacionadas con lo anterior, se encuentran las aportaciones que hizo durante la Segunda Guerra Mundial al desciframiento de códigos secretos, que, en cierto sentido, metafórico, se pueden considerar como una nueva herramienta para socavar la privacidad, ese derecho civil cuya negación arruinó su propia vida.

Reverse engineering Turing Machines and insights into the Collatz conjecture

OpenAIRE

John Nixon

2017-01-01

In this paper I have extended my earlier work \\cite{jn} on small Turing Machines (TMs) by developing a method for obtaining recursive definitions of the irreducible regular rules (IRR) for a TM when explicit formulae for them cannot be obtained. This has been illustrated by two examples. The first example was randomly chosen and the second example was designed to simulate the Collatz conjecture. Analysis of this TM based on the its IRR suggested new approaches that might be the basis for a pr...

The sensitivity of Turing self-organization to biological feedback delays: 2D models of fish pigmentation

KAUST Repository

Gaffney, E. A.; Lee, S. S.

2013-01-01

© The authors 2013. Turing morphogen models have been extensively explored in the context of large-scale self-organization in multicellular biological systems. However, reconciling the detailed biology of morphogen dynamics, while accounting

On Tichý’s Attempt to Explicate Sense in Terms of Turing Machines

Czech Academy of Sciences Publication Activity Database

Materna, Pavel

2018-01-01

Roč. 25, č. 1 (2018), s. 41-52 ISSN 1335-0668 R&D Projects: GA ČR(CZ) GA17-15645S Institutional support: RVO:67985955 Keywords : Oracle * possible worlds * procedure * sense * Turing machine Subject RIV: AA - Philosophy ; Religion OBOR OECD: Philosophy, History and Philosophy of science and technology

More than 100 Colleges Fail Education Department's Test of Financial Strength

Science.gov (United States)

Blumenstyk, Goldie

2009-01-01

A newly compiled analysis by the U.S. Department of Education and obtained by "The Chronicle" shows that 114 private nonprofit degree-granting colleges were in such fragile financial condition at the end of their last fiscal year that they failed the department's financial-responsibility test. Colleges that fail the test are subject to extra…

Calculating Kolmogorov Complexity from the Output Frequency Distributions of Small Turing Machines

Science.gov (United States)

Delahaye, Jean-Paul; Gauvrit, Nicolas

2014-01-01

Drawing on various notions from theoretical computer science, we present a novel numerical approach, motivated by the notion of algorithmic probability, to the problem of approximating the Kolmogorov-Chaitin complexity of short strings. The method is an alternative to the traditional lossless compression algorithms, which it may complement, the two being serviceable for different string lengths. We provide a thorough analysis for all binary strings of length and for most strings of length by running all Turing machines with 5 states and 2 symbols ( with reduction techniques) using the most standard formalism of Turing machines, used in for example the Busy Beaver problem. We address the question of stability and error estimation, the sensitivity of the continued application of the method for wider coverage and better accuracy, and provide statistical evidence suggesting robustness. As with compression algorithms, this work promises to deliver a range of applications, and to provide insight into the question of complexity calculation of finite (and short) strings. Additional material can be found at the Algorithmic Nature Group website at http://www.algorithmicnature.org. An Online Algorithmic Complexity Calculator implementing this technique and making the data available to the research community is accessible at http://www.complexitycalculator.com. PMID:24809449

On Tight Separation for Blum Measures Applied to Turing Machine Buffer Complexity

Czech Academy of Sciences Publication Activity Database

Šíma, Jiří; Žák, Stanislav

2017-01-01

Roč. 152, č. 4 (2017), s. 397-409 ISSN 0169-2968 R&D Projects: GA ČR GBP202/12/G061; GA ČR GAP202/10/1333 Institutional support: RVO:67985807 Keywords : Turing machine * hierarchy * buffer complexity * diagonalization Subject RIV: IN - Informatics, Computer Science OBOR OECD: Computer sciences, information science, bioinformathics (hardware development to be 2.2, social aspect to be 5.8) Impact factor: 0.687, year: 2016

Turing Machines with One-sided Advice and Acceptance of the co-RE Languages

Czech Academy of Sciences Publication Activity Database

van Leeuwen, J.; Wiedermann, Jiří

2017-01-01

Roč. 153, č. 4 (2017), s. 347-366 ISSN 0169-2968 Grant - others:GA ČR(CZ) GA15-04960S Institutional support: RVO:67985807 Keywords : advice functions * co-RE language s * machine models * Turing machines Subject RIV: IN - Informatics, Computer Science OBOR OECD: Computer sciences, information science, bioinformathics (hardware development to be 2.2, social aspect to be 5.8) Impact factor: 0.687, year: 2016

Calculating Kolmogorov complexity from the output frequency distributions of small Turing machines.

Directory of Open Access Journals (Sweden)

Fernando Soler-Toscano

Full Text Available Drawing on various notions from theoretical computer science, we present a novel numerical approach, motivated by the notion of algorithmic probability, to the problem of approximating the Kolmogorov-Chaitin complexity of short strings. The method is an alternative to the traditional lossless compression algorithms, which it may complement, the two being serviceable for different string lengths. We provide a thorough analysis for all Σ(n=1(11 2(n binary strings of length n<12 and for most strings of length 12≤n≤16 by running all ~2.5 x 10(13 Turing machines with 5 states and 2 symbols (8 x 22(9 with reduction techniques using the most standard formalism of Turing machines, used in for example the Busy Beaver problem. We address the question of stability and error estimation, the sensitivity of the continued application of the method for wider coverage and better accuracy, and provide statistical evidence suggesting robustness. As with compression algorithms, this work promises to deliver a range of applications, and to provide insight into the question of complexity calculation of finite (and short strings. Additional material can be found at the Algorithmic Nature Group website at http://www.algorithmicnature.org. An Online Algorithmic Complexity Calculator implementing this technique and making the data available to the research community is accessible at http://www.complexitycalculator.com.

Market risk stress testing for internationally active financial institutions

Directory of Open Access Journals (Sweden)

Marković Petar

2011-01-01

Full Text Available The paper develops a comprehensive framework for market risk stress testing in internationally active financial institutions. We begin by defining the scope and type of the stress test and explaining how to select risk factors and the stress time horizon. We then address challenges related to data gathering, followed by in-depth discussion of techniques for developing realistic shock scenarios. Next the process of shock application to a particular portfolio is described, followed by determination of portfolio profit and loss. We conclude by briefly discussing the issue of assigning probability to stress scenarios. We illustrate the framework by considering the development of a ‘worst case’ scenario using global financial market data from Thomson Reuters Datastream.

An experimental design method leading to chemical Turing patterns.

Science.gov (United States)

Horváth, Judit; Szalai, István; De Kepper, Patrick

2009-05-08

Chemical reaction-diffusion patterns often serve as prototypes for pattern formation in living systems, but only two isothermal single-phase reaction systems have produced sustained stationary reaction-diffusion patterns so far. We designed an experimental method to search for additional systems on the basis of three steps: (i) generate spatial bistability by operating autoactivated reactions in open spatial reactors; (ii) use an independent negative-feedback species to produce spatiotemporal oscillations; and (iii) induce a space-scale separation of the activatory and inhibitory processes with a low-mobility complexing agent. We successfully applied this method to a hydrogen-ion autoactivated reaction, the thiourea-iodate-sulfite (TuIS) reaction, and noticeably produced stationary hexagonal arrays of spots and parallel stripes of pH patterns attributed to a Turing bifurcation. This method could be extended to biochemical reactions.

The semaphore codes attached to a Turing machine via resets and their various limits

OpenAIRE

Rhodes, John; Schilling, Anne; Silva, Pedro V.

2016-01-01

We introduce semaphore codes associated to a Turing machine via resets. Semaphore codes provide an approximation theory for resets. In this paper we generalize the set-up of our previous paper "Random walks on semaphore codes and delay de Bruijn semigroups" to the infinite case by taking the profinite limit of $k$-resets to obtain $(-\\omega)$-resets. We mention how this opens new avenues to attack the P versus NP problem.

Financial Preparation for Retirement in Brazil: a Cross-Cultural Test of the Interdisciplinary Financial Planning Model.

Science.gov (United States)

França, Lucia H F; Hershey, Douglas A

2018-03-01

In this investigation, we attempt to replicate the Interdisciplinary Financial Planning Model advanced by Hershey et al. (International Journal of Aging and Human Development, 70, 1-38, 2010) using a sample of Brazilian adults. This model, which was originally tested on individuals from The Netherlands and the United States, posits that psychological, social, and economic forces are key determinants of retirement planning practices and perceptions of saving adequacy. Taken together, fifteen hypotheses were subject to evaluation. Participants were 167 Brazilian working adults, 21-69 years of age, who were married or cohabitating at the time of testing. A path analysis model showed substantial support for the theoretical framework, with all variables found to contribute directly or indirectly to the prediction of financial planning and saving adequacy. Furthermore, two new paths were found to emerge in the Brazilian model that were not observed in the original investigation. This cross-national replication of the Interdisciplinary Financial Planning Model extends research on the topic to a developing country in which relatively few empirical studies of retirement planning have been carried out. Other analyses in the article focus on direct comparisons between the Brazilian model and the models developed based on American and Dutch respondents, with an eye toward better understanding how cultural forces shape the retirement planning process. The discussion focuses on how models of financial planning, such as the Hershey et al. (2010) model, can inform the development of savings-oriented education and intervention programs.

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…

Turing patterns induced by cross-diffusion in a predator-prey system in presence of habitat complexity

International Nuclear Information System (INIS)

Ghorai, Santu; Poria, Swarup

2016-01-01

In this paper, we have investigated the phenomena of Turing pattern formation in a predator-prey model with habitat complexity in presence of cross diffusion. Using the linear stability analysis, the conditions for the existence of stationary pattern and the existence of Hopf bifurcation are obtained. It is shown analytically that the presence of cross diffusion in the system supports the formation of Turing pattern. Two parameter bifurcation analysis are done analytically and corresponding bifurcation diagrams are presented numerically. A series of simulation results are plotted for different biologically meaningful parameter values. Effects of variation of habitat complexity and the predator mortality rate and birth rate of prey on pattern formation are also reported. It is shown that cross-diffusion can lead to a wide variety of spatial and spatiotemporal pattern formation. It is found that the model exhibits spot and stripe pattern, and coexistence of both spot and strip patterns under the zero flux boundary condition. It is observed that cross-diffusion, habitat complexity, birth rate of prey and predator’s mortality rate play a significant role in the pattern formation of a distributed population system of predator-prey type.

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.

The Importance of Supply Chain Management on Financial Optimization

Directory of Open Access Journals (Sweden)

Arawati Agus

2013-01-01

Full Text Available Many manufacturing companies are facing uncertainties and stiff competition both locally and globally, intensified by increasing needs for sophisticated and high value products from demanding customers. These companies are forced to improve the quality of their supply chain management decisions, products and reduce their manufacturing costs. With today’s volatile and very challenging global market, many manufacturing companies have started to realize the importance of the proper managing of their supply chains. Supply chain management (SCM involves practices such as strategic supplier partnership, customer focus, lean production, postpone concept and technology & innovation. This study investigates the importance of SCM on financial optimization. The study measures production or SCM managers’ perceptions regarding SCM and level of performances in their companies. The paper also specifically investigates whether supply chain performance acts as a mediating variable in the relationship between SCM and financial optimization. These associations were analyzed through statistical methods such as Pearson’s correlation and a regression-based mediated analysis. The findings suggest that SCM has significant correlations with supply chain performance and financial optimization. In addition, the result of the regression-based mediated analysis demonstrates that supply chain performance mediates the linkage between SCM and financial optimization. The findings of the study provide a striking demonstration of the importance of SCM in enhancing the performances of Malaysian manufacturing companies. The result indicates that manufac-turing companies should emphasize greater management support for SCM implementation and a greater degree of attention for production integration and information flow integration in the manufacturing system in order to maximize profit and tzerimize cost.

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...

Testing the Informational Efficiency on the Romanian Financial Market

Directory of Open Access Journals (Sweden)

Bogdan Dima

2006-01-01

Full Text Available The classical models of portfolio selection could not be applied on a market were the efficient market hypothesis is not valid (at least in a "weak" sense. The aim of this paper is to enlighten the difficulties of portfolio construction in a financial market with institutional and structural deficiencies, like the Romanian one, and to propose an alternative approach to the problem. The main features of our analysis are: 1 an empirical test for the efficient market hypothesis in the Romanian financial market case; 2 a critical distinction between the concept of "risk" and the concept of "incertitude"; 3 the use of the individual yield/risk ratio versus the market one as a selection variable; 4 the renouncement at the use in the selection procedure of an "non-risky" asset; 5 an example of the proposed selection procedure. The output of this approach could be resumed by the thesis that, even in a situation when the financial market is affected by severe disfunctions, there is a possibility to build an "optimal" portfolio based on a yield-risk arbitrage inside an efficiency frontier and to obtain a "good" schema of an financial placement, in spite of the limited possibilities for a efficient portfolio management.

Testing the Informational Efficiency on the Romanian Financial Market

Directory of Open Access Journals (Sweden)

Aurora Murgea

2006-03-01

Full Text Available The classical models of portfolio selection could not be applied on a market were the efficient market hypothesis is not valid (at least in a “weak” sense. The aim of this paper is to enlighten the difficulties of portfolio construction in a financial market with institutional and structural deficiencies, like the Romanian one, and to propose an alternative approach to the problem. The main features of our analysis are: 1 an empirical test for the efficient market hypothesis in the Romanian financial market case; 2 a critical distinction between the concept of “risk” and the concept of “incertitude”; 3 the use of the individual yield/risk ratio versus the market one as a selection variable; 4 the renouncement at the use in the selection procedure of an “non-risky” asset; 5 an example of the proposed selection procedure. The output of this approach could be resumed by the thesis that, even in a situation when the financial market is affected by severe disfunctions, there is a possibility to build an “optimal” portfolio based on a yield-risk arbitrage inside an efficiency frontier and to obtain a “good” schema of an financial placement, in spite of the limited possibilities for a efficient portfolio management.

Turing instability and bifurcation analysis in a diffusive bimolecular system with delayed feedback

Science.gov (United States)

Wei, Xin; Wei, Junjie

2017-09-01

A diffusive autocatalytic bimolecular model with delayed feedback subject to Neumann boundary conditions is considered. We mainly study the stability of the unique positive equilibrium and the existence of periodic solutions. Our study shows that diffusion can give rise to Turing instability, and the time delay can affect the stability of the positive equilibrium and result in the occurrence of Hopf bifurcations. By applying the normal form theory and center manifold reduction for partial functional differential equations, we investigate the stability and direction of the bifurcations. Finally, we give some simulations to illustrate our theoretical results.

A statistical procedure for testing financial contagion

Directory of Open Access Journals (Sweden)

Attilio Gardini

2013-05-01

Full Text Available The aim of the paper is to provide an analysis of contagion through the measurement of the risk premia disequilibria dynamics. In order to discriminate among several disequilibrium situations we propose to test contagion on the basis of a two-step procedure: in the first step we estimate the preference parameters of the consumption-based asset pricing model (CCAPM to control for fundamentals and to measure the equilibrium risk premia in different countries; in the second step we measure the differences among empirical risk premia and equilibrium risk premia in order to test cross-country disequilibrium situations due to contagion. Disequilibrium risk premium measures are modelled by the multivariate DCC-GARCH model including a deterministic crisis variable. The model describes simultaneously the risk premia dynamics due to endogenous amplifications of volatility and to exogenous idiosyncratic shocks (contagion, having controlled for fundamentals effects in the first step. Our approach allows us to achieve two goals: (i to identify the disequilibria generated by irrational behaviours of the agents, which cause increasing in volatility that is not explained by the economic fundamentals but is endogenous to financial markets, and (ii to assess the existence of contagion effect defined by exogenous shift in cross-country return correlations during crisis periods. Our results show evidence of contagion from the United States to United Kingdom, Japan, France, and Italy during the financial crisis which started in 2007-08.

A Cross-Cultural Perspective:An Integration of Traditional Chinese Cul-ture into College English Textbooks

Institute of Scientific and Technical Information of China (English)

ZHANG Ni

2014-01-01

Teaching language is teaching culture. English is an international language with local and global significance.In“New Horizon College English”, Chinese culture elements are deficient, which is not conducive to our country ’s higher education and cross-cultural communication skills and to achieve the goal of innovation of Chinese culture. As an important part of world cul⁃ture, Chinese culture should be integrated into college English education. College English teaching materials should include not only western cultural elements but also fully present Chinese culture elements.

Investigating the Turing conditions for diffusion-driven instability in the presence of a binding immobile substrate

Czech Academy of Sciences Publication Activity Database

Korvasová, K.; Gaffney, E. A.; Maini, P.K.; Ferreira, M.A.; Klika, Václav

2015-01-01

Roč. 367, February (2015), s. 286-295 ISSN 0022-5193 Institutional support: RVO:61388998 Keywords : turing instability * non-diffusive substrate * pattern formation Subject RIV: BJ - Thermodynamics Impact factor: 2.049, year: 2015 http://ac.els-cdn.com/S0022519314006766/1-s2.0-S0022519314006766-main.pdf?_tid=63ec0858-9ffa-11e5-969b-00000aacb35d&acdnat=1449833527_e470798087aa42f7ca3b2efcfffc48cf

Spongiosa Primary Development: A Biochemical Hypothesis by Turing Patterns Formations

Directory of Open Access Journals (Sweden)

Oscar Rodrigo López-Vaca

2012-01-01

Full Text Available We propose a biochemical model describing the formation of primary spongiosa architecture through a bioregulatory model by metalloproteinase 13 (MMP13 and vascular endothelial growth factor (VEGF. It is assumed that MMP13 regulates cartilage degradation and the VEGF allows vascularization and advances in the ossification front through the presence of osteoblasts. The coupling of this set of molecules is represented by reaction-diffusion equations with parameters in the Turing space, creating a stable spatiotemporal pattern that leads to the formation of the trabeculae present in the spongy tissue. Experimental evidence has shown that the MMP13 regulates VEGF formation, and it is assumed that VEGF negatively regulates MMP13 formation. Thus, the patterns obtained by ossification may represent the primary spongiosa formation during endochondral ossification. Moreover, for the numerical solution, we used the finite element method with the Newton-Raphson method to approximate partial differential nonlinear equations. Ossification patterns obtained may represent the primary spongiosa formation during endochondral ossification.

Numerical approaches to model perturbation fire in turing pattern formations

Science.gov (United States)

Campagna, R.; Brancaccio, M.; Cuomo, S.; Mazzoleni, S.; Russo, L.; Siettos, K.; Giannino, F.

2017-11-01

Turing patterns were observed in chemical, physical and biological systems described by coupled reaction-diffusion equations. Several models have been formulated proposing the water as the causal mechanism of vegetation pattern formation, but this isn't an exhaustive hypothesis in some natural environments. An alternative explanation has been related to the plant-soil negative feedback. In Marasco et al. [1] the authors explored the hypothesis that both mechanisms contribute in the formation of regular and irregular vegetation patterns. The mathematical model consists in three partial differential equations (PDEs) that take into account for a dynamic balance between biomass, water and toxic compounds. A numerical approach is mandatory also to investigate on the predictions of this kind of models. In this paper we start from the mathematical model described in [1], set the model parameters such that the biomass reaches a stable spatial pattern (spots) and present preliminary studies about the occurrence of perturbing events, such as wildfire, that can affect the regularity of the biomass configuration.

10 CFR Appendix A to Part 30 - Criteria Relating to Use of Financial Tests and Parent Company Guarantees for Providing...

Science.gov (United States)

2010-01-01

... 10 Energy 1 2010-01-01 2010-01-01 false Criteria Relating to Use of Financial Tests and Parent... MATERIAL Pt. 30, App. A Appendix A to Part 30—Criteria Relating to Use of Financial Tests and Parent... on a demonstration that the parent company passes a financial test. This appendix establishes...

Testing for detailed balance in a financial market

Science.gov (United States)

Fiebig, H. R.; Musgrove, D. P.

2015-06-01

We test a historical price-time series in a financial market (the NASDAQ 100 index) for a statistical property known as detailed balance. The presence of detailed balance would imply that the market can be modeled by a stochastic process based on a Markov chain, thus leading to equilibrium. In economic terms, a positive outcome of the test would support the efficient market hypothesis, a cornerstone of neo-classical economic theory. In contrast to the usage in prevalent economic theory the term equilibrium here is tied to the returns, rather than the price-time series. The test is based on an action functional S constructed from the elements of the detailed balance condition and the historical data set, and then analyzing S by means of simulated annealing. Checks are performed to verify the validity of the analysis method. We discuss the outcome of this analysis.

Reverse engineering Turing Machines and insights into the Collatz conjecture

Directory of Open Access Journals (Sweden)

John Nixon

2017-02-01

Full Text Available In this paper I have extended my earlier work \\cite{jn} on small Turing Machines (TMs by developing a method for obtaining recursive definitions of the irreducible regular rules (IRR for a TM when explicit formulae for them cannot be obtained. This has been illustrated by two examples. The first example was randomly chosen and the second example was designed to simulate the Collatz conjecture. Analysis of this TM based on the its IRR suggested new approaches that might be the basis for a proof of this conjecture. The method involves running the TM backwards from a configuration set (CS. This in general produces a tree of CSs at each step. The aim is to find CS's $\\mathtt{y}$ that are reachable from a CS $x$ that simply specifies the symbol about to be read and the machine state. This means that following the computation forward from $x$ by adding some symbols when needed at the pointer, the CS $y$ can be reached. These CS's form the basis of the LHS's of the IRR.

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.

Methods and Models of Market Risk Stress-Testing of the Portfolio of Financial Instruments

Directory of Open Access Journals (Sweden)

Alexander M. Karminsky

2015-01-01

Full Text Available Amid instability of financial markets and macroeconomic situation the necessity of improving bank risk-management instrument arises. New economic reality defines the need for searching for more advanced approaches of estimating banks vulnerability to exceptional, but plausible events. Stress-testing belongs to such instruments. The paper reviews and compares the models of market risk stress-testing of the portfolio of different financial instruments. These days the topic of the paper is highly acute due to the fact that now stress-testing is becoming an integral part of anticrisis risk-management amid macroeconomic instability and appearance of new risks together with close interest to the problem of risk-aggregation. The paper outlines the notion of stress-testing and gives coverage of goals, functions of stress-tests and main criteria for market risk stress-testing classification. The paper also stresses special aspects of scenario analysis. Novelty of the research is explained by elaborating the programme of aggregated complex multifactor stress-testing of the portfolio risk based on scenario analysis. The paper highlights modern Russian and foreign models of stress-testing both on solo-basis and complex. The paper lays emphasis on the results of stress-testing and revaluations of positions for all three complex models: methodology of the Central Bank of stress-testing portfolio risk, model relying on correlations analysis and copula model. The models of stress-testing on solo-basis are different for each financial instrument. Parametric StressVaR model is applicable to shares and options stress-testing;model based on "Grek" indicators is used for options; for euroobligation regional factor model is used. Finally some theoretical recommendations about managing market risk of the portfolio are given.

Testing the fire-sale FDI hypothesis for the European financial crisis

NARCIS (Netherlands)

Weitzel, G.U.; Kling, G.; Gerritsen, D.

2014-01-01

Using a panel of corporate transactions in 27 EU countries from 1999 to 2012, we investigate the impact of the financial crisis on the market for corporate assets. In particular, we test the ‘fire-sale FDI’ hypothesis by analyzing the number of cross-border transactions, the price of corporate

Testing the Fire-Sale FDI Hypothesis for the European Financial Crisis

NARCIS (Netherlands)

Kling, G.; Gerritsen, Dirk; Weitzel, Gustav Utz

2014-01-01

Using a panel of corporate transactions in 27 EU countries from 1999 to 2012, we investigate the impact of the financial crisis on the market for corporate assets. In particular, we test the ‘fire-sale FDI’ hypothesis by analyzing the number of cross-border transactions, the price of corporate

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.

Space-Bounded Church-Turing Thesis and Computational Tractability of Closed Systems.

Science.gov (United States)

Braverman, Mark; Schneider, Jonathan; Rojas, Cristóbal

2015-08-28

We report a new limitation on the ability of physical systems to perform computation-one that is based on generalizing the notion of memory, or storage space, available to the system to perform the computation. Roughly, we define memory as the maximal amount of information that the evolving system can carry from one instant to the next. We show that memory is a limiting factor in computation even in lieu of any time limitations on the evolving system-such as when considering its equilibrium regime. We call this limitation the space-bounded Church-Turing thesis (SBCT). The SBCT is supported by a simulation assertion (SA), which states that predicting the long-term behavior of bounded-memory systems is computationally tractable. In particular, one corollary of SA is an explicit bound on the computational hardness of the long-term behavior of a discrete-time finite-dimensional dynamical system that is affected by noise. We prove such a bound explicitly.

Tests of Financial Models in the Presence of Overlapping Observations.

OpenAIRE

Richardson, Matthew; Smith, Tom

1991-01-01

A general approach to testing serial dependence restrictions implied from financial models is developed. In particular, we discuss joint serial dependence restrictions imposed by random walk, market microstructure, and rational expectations models recently examined in the literature. This approach incorporates more information from the data by explicitly modeling dependencies induced by the use of overlapping observations. Because the estimation problem is sufficiently simple in this framewor...

Tests of Racial Discrimination in a Simple Financial Market: Managers in Major League Baseball

Directory of Open Access Journals (Sweden)

Rodney Paul

2018-03-01

Full Text Available This study tests for racial discrimination against minority managers in Major League Baseball using financial-market imbalances as it relates to the wagering marketplace for the sport. Using detailed betting data on the percentage bet on the favorite from Sports Insights, we test for prejudice against minority mangers using an ordinary least squares multiple regression model. The results reveal that bettors have a clear preference for the favored team as the percentage bet on the favorite increases with the odds on the favorite. In addition, they prefer road favorites by an even greater margin. In terms of minority managers, there is no evidence of discrimination against minorities. In fact, bettors prefer to wager on minority managers by a statistically significant margin when they are favorites. This finding suggests that either the participants in this financial marketplace are not prejudiced against minority managers or the financial incentives inherent in the market drive out discrimination against the minority managers.

The Lovelace 2.0 Test of Artificial Creativity and Intelligence

OpenAIRE

Riedl, Mark O.

2014-01-01

Observing that the creation of certain types of artistic artifacts necessitate intelligence, we present the Lovelace 2.0 Test of creativity as an alternative to the Turing Test as a means of determining whether an agent is intelligent. The Lovelace 2.0 Test builds off prior tests of creativity and additionally provides a means of directly comparing the relative intelligence of different agents.

Self-Organized Patterns Induced by Neimark-Sacker, Flip and Turing Bifurcations in a Discrete Predator-Prey Model with Lesie-Gower Functional Response

Directory of Open Access Journals (Sweden)

Feifan Zhang

2017-06-01

Full Text Available The formation of self-organized patterns in predator-prey models has been a very hot topic recently. The dynamics of these models, bifurcations and pattern formations are so complex that studies are urgently needed. In this research, we transformed a continuous predator-prey model with Lesie-Gower functional response into a discrete model. Fixed points and stability analyses were studied. Around the stable fixed point, bifurcation analyses including: flip, Neimark-Sacker and Turing bifurcation were done and bifurcation conditions were obtained. Based on these bifurcation conditions, parameters values were selected to carry out numerical simulations on pattern formation. The simulation results showed that Neimark-Sacker bifurcation induced spots, spirals and transitional patterns from spots to spirals. Turing bifurcation induced labyrinth patterns and spirals coupled with mosaic patterns, while flip bifurcation induced many irregular complex patterns. Compared with former studies on continuous predator-prey model with Lesie-Gower functional response, our research on the discrete model demonstrated more complex dynamics and varieties of self-organized patterns.

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...

Turing-like structures in a functional model of cortical spreading depression

Science.gov (United States)

Verisokin, A. Yu.; Verveyko, D. V.; Postnov, D. E.

2017-12-01

Cortical spreading depression (CSD) along with migraine waves and spreading depolarization events with stroke or injures are the front-line examples of extreme physiological behaviors of the brain cortex which manifest themselves via the onset and spreading of localized areas of neuronal hyperactivity followed by their depression. While much is known about the physiological pathways involved, the dynamical mechanisms of the formation and evolution of complex spatiotemporal patterns during CSD are still poorly understood, in spite of the number of modeling studies that have been already performed. Recently we have proposed a relatively simple mathematical model of cortical spreading depression which counts the effects of neurovascular coupling and cerebral blood flow redistribution during CSD. In the present study, we address the main dynamical consequences of newly included pathways, namely, the changes in the formation and propagation speed of the CSD front and the pattern formation features in two dimensions. Our most notable finding is that the combination of vascular-mediated spatial coupling with local regulatory mechanisms results in the formation of stationary Turing-like patterns during a CSD event.

Delay-induced Turing-like waves for one-species reaction-diffusion model on a network

Science.gov (United States)

Petit, Julien; Carletti, Timoteo; Asllani, Malbor; Fanelli, Duccio

2015-09-01

A one-species time-delay reaction-diffusion system defined on a complex network is studied. Traveling waves are predicted to occur following a symmetry-breaking instability of a homogeneous stationary stable solution, subject to an external nonhomogeneous perturbation. These are generalized Turing-like waves that materialize in a single-species populations dynamics model, as the unexpected byproduct of the imposed delay in the diffusion part. Sufficient conditions for the onset of the instability are mathematically provided by performing a linear stability analysis adapted to time-delayed differential equations. The method here developed exploits the properties of the Lambert W-function. The prediction of the theory are confirmed by direct numerical simulation carried out for a modified version of the classical Fisher model, defined on a Watts-Strogatz network and with the inclusion of the delay.

THE METHOD OF CONSTRUCTING MODELS OF STRESS-TESTING OF THE TRADING PORTFOLIO OF FINANCIAL ORGANIZATIONS

Directory of Open Access Journals (Sweden)

Alimbaev Farkhad

2009-11-01

Full Text Available The financial crisis gave an impetus to finding “weaknesses” in financial institutions. One such tool is the stress-testing. This method is intended to identify through modeling “hypothetical” or “historical” scenarios, the most losses, in the execution of a script. In the simulation of hypothetical scenarios to find the impact factor, as shock events on the trade portfolio. When using historical scenarios, as the shocks applied developments in the past that have caused catastrophic losses, both in quantitative and qualitative size. For example, such scenarios can be: financial crises of the 90-ies and the current decline in international stock markets, a drop or increase in foreign exchange rates, etc.

Turing instability for a competitor-competitor-mutualist model with nonlinear cross-diffusion effects

International Nuclear Information System (INIS)

Wen, Zijuan; Fu, Shengmao

2016-01-01

This paper deals with a strongly coupled reaction-diffusion system modeling a competitor-competitor-mutualist three-species model with diffusion, self-diffusion and nonlinear cross-diffusion and subject to Neumann boundary conditions. First, we establish the persistence of a corresponding reaction-diffusion system without self- and cross-diffusion. Second, the global asymptotic stability of the unique positive equilibrium for weakly coupled PDE system is established by using a comparison method. Moreover, under certain conditions about the intra- and inter-species effects, we prove that the uniform positive steady state is linearly unstable for the cross-diffusion system when one of the cross-diffusions is large enough. The results indicate that Turing instability can be driven solely from strong diffusion effect of the first species (or the second species or the third species) due to the pressure of the second species (or the first species).

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...

Using the U.S. "Test of Financial Literacy" in Germany--Adaptation and Validation

Science.gov (United States)

Förster, Manuel; Happ, Roland; Molerov, Dimitar

2017-01-01

In this article, the authors present the adaptation and validation processes conducted to render the American "Test of Financial Literacy" (TFL) suitable for use in Germany (TFL-G). First, they outline the translation procedure followed and the various cultural adjustments made in line with international standards. Next, they present…

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...

Archaeology in the Átures Rapids of the Middle Orinoco, Venezuela

Directory of Open Access Journals (Sweden)

Natalia Lozada Mendieta

2016-12-01

Full Text Available This paper briefly reports on the initial results of a new Leverhulme-sponsored four-year archaeological project (RPG 234- 2014 centred on the Átures Rapids area of the Middle Orinoco River, Amazonas State, Venezuela (Fig. 1. The Cotúa Island Reflexive Archaeology Project seeks to establish the longue durée historical processes that by early colonial times culminated in the region’s reputation for being a key crossroads – where diverse ethno-linguistic groups from far-flung regions converged to trade (Oliver et al. 2014. Harnessing new evi- dence, it aims to elucidate how interaction between such diverse indigenous groups unfolded and the role it played in forg- ing ethnogenesis. Through archaeological research, it seeks to gain new insights into its history and elucidate regional patterns of exchange through the study of technical andstylisticdimensionsofmaterialculture. It also aims to investigate the abundant pre-colonial rock art and its relationships to the landscape and aboriginal oral tradi- tions. Finally, it seeks to understand how Western and Non-western archaeological knowledge is produced by engaging with the current indigenous groups as partners in (reconstructing history.

The essential Turing Seminal writings in computing, logic, philosophy, artificial intelligence, and artificial life plus the secrets of enigma

CERN Document Server

2004-01-01

The ideas that gave birth to the computer age. Alan Turing, pioneer of computing and WWII codebreaker, was one of the most important and influential thinkers of the twentieth century. In this volume for the first time his key writings are made available to a broad, non-specialist readership. They make fascinating reading both in their own right and for their historic significance: contemporary computational theory, cognitive science, artificial intelligence, and artificial life all spring from this ground-breaking work, which is also rich. in philosophical and logical insight. An introduction

VEGETABLE OILS AS SUBSTITUTION FOR DIESEL OIL Test results ...

African Journals Online (AJOL)

Test results obtained on a Diesel Engine with direct injection. W. Scheer, Professor ... High kinematic viscosities, high flash points and high ... nozzle and in the combustion chamber. This is ... speed, fuel consumption and exhaust tempera· tures. ... it enters the fuel system of the engine. An one ..... Internal publi- cation of ...

Test and Evaluation Report of the IMED Volumetric Infusion Pump Model 960A

Science.gov (United States)

1992-02-01

tested Ambient tempera- ture was out of test lim- its. Windshield anti-ice X Pitot heat X Vent blower X Windshield wiper X Heater X APU X Generator #1 X...Patterson John A. Dellinger, Air Force Base, OH 45433 Southwest Research Institute P. 0. Box 28510 Henry L. Taylor San Antonio, TX 78284 Director

Numerical Activities of Daily Living - Financial (NADL-F): A tool for the assessment of financial capacities.

Science.gov (United States)

Arcara, Giorgio; Burgio, Francesca; Benavides-Varela, Silvia; Toffano, Roberta; Gindri, Patrizia; Tonini, Elisabetta; Meneghello, Francesca; Semenza, Carlo

2017-09-07

Financial capacity is the ability to manage one's own finances according to self-interests. Failure in financial decisions and lack of independence when dealing with money can affect people's quality of life and are associated with neuropsychological deficits or clinical conditions such as mild cognitive impairment or Alzheimer's disease. Despite the importance of evaluating financial capacity in the assessment of patients with neuropsychological and psychiatric disorders, only a few tools have been developed. In the present article, the authors introduce the Numerical Activities of Daily Living - Financial (NADL-F) test, a new test to assess financial capacity in clinical populations. The NADL-F is relatively short, yet it encompasses the most common activities involving financial capacities. The NADL-F proved to have satisfactory psychometric properties and overall good validity for measuring financial abilities. Associations with performance on basic neuropsychological tests were investigated, in particular focusing on mathematical abilities as cognitive correlates of financial capacity. Results indicate that the NADL-F could be a useful tool to guide treatments for the enhancement of financial capacities. By sharing all materials and procedures, the authors hope to promote the development of further versions of the NADL-F in different languages, taking into account the necessary adjustments related to different socio-cultural contexts.

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.

The financial imperative of physicians to control demand of laboratory testing.

LENUS (Irish Health Repository)

Murphy, R K J

2012-02-01

It is an integral component of doctor\\'s duty of care to understand the significant impact laboratory testing has on the expense an ultimate quality of healthcare patients receive, yet the costs of these tests are poorly perceived. Utilising semi-structured interviews and questionnaires, we assessed surgeon\\'s perceived costs of two commonly encountered clinical scenarios requiring out of hours laboratory testing. Of the 35 participants only 23.3% (n = 7) accurately estimated the overall cost. The most expensive test was "Type and Screen" at Euro 83, with 77.3% (n = 17) underestimating the cost. Non-consultant hospital doctors qualified for 3 years were more likely to underestimate on-call costs (p = 0.042). It is of utmost importance to improve the knowledge of all surgeons of the financial implications of investigations. Through education we can potentially reduce un-warranted costs and fulfill our duty of care in the most cost efficient manner.

Testing the Financial Capability Framework: Findings from YouthSave-Impact Study Kenya.

Science.gov (United States)

Kagotho, Njeri; Ssewamala, Fred M; Patak-Pietrafesa, Michele; Byansi, William

2018-01-01

In sub-Saharan Africa (SSA), youths (23 years or younger)-who account for almost half the population-are particularly vulnerable to poverty and exclusion from financial markets and intermediaries. In addition, a significant factor in the financial instability of the region appears to be the economic functioning of its youths. In recent years, social work interventions throughout the region have focused on investing in the economic functioning of youths. This study looked at baseline data from one such intervention in Kenya (N = 3,965), using the financial capabilities framework to evaluate the factors related to youths' saving behaviors. Authors investigated the association between youths' financial literacy (that is, knowledge, socialization), financial access, and financial capabilities and savings behaviors. Results indicate that adolescents who rate themselves as financially literate and those living in close proximity to a bank are more likely to report higher capabilities. Furthermore, financial capabilities in turn partially mediate the relationship between financial literacy, access, and savings. Overall, the study's findings point to the positive effect of enhanced financial capabilities among youths and offer support for asset-based interventions targeting youths in SSA. © 2017 National Association of Social Workers.

An improved nonparametric lower bound of species richness via a modified good-turing frequency formula.

Science.gov (United States)

Chiu, Chun-Huo; Wang, Yi-Ting; Walther, Bruno A; Chao, Anne

2014-09-01

It is difficult to accurately estimate species richness if there are many almost undetectable species in a hyper-diverse community. Practically, an accurate lower bound for species richness is preferable to an inaccurate point estimator. The traditional nonparametric lower bound developed by Chao (1984, Scandinavian Journal of Statistics 11, 265-270) for individual-based abundance data uses only the information on the rarest species (the numbers of singletons and doubletons) to estimate the number of undetected species in samples. Applying a modified Good-Turing frequency formula, we derive an approximate formula for the first-order bias of this traditional lower bound. The approximate bias is estimated by using additional information (namely, the numbers of tripletons and quadrupletons). This approximate bias can be corrected, and an improved lower bound is thus obtained. The proposed lower bound is nonparametric in the sense that it is universally valid for any species abundance distribution. A similar type of improved lower bound can be derived for incidence data. We test our proposed lower bounds on simulated data sets generated from various species abundance models. Simulation results show that the proposed lower bounds always reduce bias over the traditional lower bounds and improve accuracy (as measured by mean squared error) when the heterogeneity of species abundances is relatively high. We also apply the proposed new lower bounds to real data for illustration and for comparisons with previously developed estimators. © 2014, The International Biometric Society.

THE NEXUS BETWEEN ENERGY CONSUMPTION AND FINANCIAL DEVELOPMENT WITH ASYMMETRIC CAUSALITY TEST: NEW EVIDENCE FROM NEWLY INDUSTRIALIZED COUNTRIES

Directory of Open Access Journals (Sweden)

Feyyaz Zeren

2014-01-01

Full Text Available In this study, the relationship between energy consumption and financial development is investigated via Hatemi-J asymmetric causality test (2012 which is able to separate positive and negative shocks in analysis. In order to determine different dimensions of financial system, deposit money bank assets to GDP (dbagdp, financial system deposits to GDP (fdgdp and private credit to GDP (pcrdbgdp were used as three different indicators. As a result of this study on Newly Industrialized 7 Countries spanning the period 1971 till 2010, both positive and negative shocks existed for Malaysia and Mexico, causality from energy consumption to financial developments emerged for Philippines in only negative shocks. While two-way causality occurred for India, Turkey and Thailand, there was not for South Africa.

Quantum Kolmogorov complexity and the quantum Turing machine

Energy Technology Data Exchange (ETDEWEB)

Mueller, M.

2007-08-31

The purpose of this thesis is to give a formal definition of quantum Kolmogorov complexity and rigorous mathematical proofs of its basic properties. Classical Kolmogorov complexity is a well-known and useful measure of randomness for binary strings. In recent years, several different quantum generalizations of Kolmogorov complexity have been proposed. The most natural generalization is due to A. Berthiaume et al. (2001), defining the complexity of a quantum bit (qubit) string as the length of the shortest quantum input for a universal quantum computer that outputs the desired string. Except for slight modifications, it is this definition of quantum Kolmogorov complexity that we study in this thesis. We start by analyzing certain aspects of the underlying quantum Turing machine (QTM) model in a more detailed formal rigour than was done previously. Afterwards, we apply these results to quantum Kolmogorov complexity. Our first result is a proof of the existence of a universal QTM which simulates every other QTM for an arbitrary number of time steps and than halts with probability one. In addition, we show that every input that makes a QTM almost halt can be modified to make the universal QTM halt entirely, by adding at most a constant number of qubits. It follows that quantum Kolmogorov complexity has the invariance property, i.e. it depends on the choice of the universal QTM only up to an additive constant. Moreover, the quantum complexity of classical strings agrees with classical complexity, again up to an additive constant. The proofs are based on several analytic estimates. Furthermore, we prove several incompressibility theorems for quantum Kolmogorov complexity. Finally, we show that for ergodic quantum information sources, complexity rate and entropy rate coincide with probability one. The thesis is finished with an outlook on a possible application of quantum Kolmogorov complexity in statistical mechanics. (orig.)

Financial And Non-financial Factors Motivating Individual Donors To Support Public Benefit Organizations

OpenAIRE

WANIAK-MICHALAK HALINA; ZARZYCKA EWELINA

2015-01-01

This study is aimed at determining how the financial data of public benefit organizations (PBOs) affects donations received by them and if the donors use financial and non-financial information in order to donate. In order to achieve our aim we used different methods of research: quantitative research (econometric model and survey) and qualitative research (laboratory test). The research allowed us to draw the conclusion that Polish donors make very limited use of PBOs’ financial statements i...

The Effect of Financial and Non-Financial Variables to Firm Performance: Comparison Between Indonesia and Thailand

Directory of Open Access Journals (Sweden)

Hasni Yusrianti

2016-04-01

Full Text Available The purpose of this research is to test the effect of financial and non-financial variables to firm performances between Indonesia and Thailand. The observation data used in this study is manufacturing companies from several sectors.  Secondary data was used, collected from Indonesia Stock Exchange and Stock Exchange of Thailand during 2011 - 2013. By combining 3 years research, there are 55 Indonesian companies and 50 Thailand companies that meet predetermined criteria.  Multiple Regression was used to analyze. This study uses Return on Equity, Earnings per Share, Market Value Added as financial variables and Earnings Quality, Institutional Ownership, Independent Commissioner, Audit Committee, Corporate Social Responsibility as non-financial variables. Test results show that both financial and non-financial variables can effect to firm performance.

FINANCIAL PERFORMANCE TEST OF PUBLIC BANKS IN TURKEY:AN APPLICATION OF PROMETHEE

Directory of Open Access Journals (Sweden)

Ceren UZAR

2013-07-01

Full Text Available Performancetesthas become an important tool for banking sector and banksshould implement performance test if they want to increase their level ofcompetitivenessin today’shighly competitive environment. Banking sector hasalways beenveryimportant factor for developing national economy. PreferenceRanking Organization Method for Enrichment Evaluations( PROMETHEE is oneof the most recent Multiple Criteria Decision Making (MCDMmethodsand hasbeen successfully implementedin many fields.This paper argues the possibility of using PROMETHEE method for measuringthe financial performance of three public banks in Turkey by using two data sets.First data set is for the period from 2002 to 2007, and the second data set is from2008 to 2012. Two data sets are determined and used in order to compare twoperiods– before the global financial crises (2002-2007, and during the globalfinancial crises (2008-2012.PROMETHEEmethodis applied to the obtaineddata sets rigorously by usingten criteria for each bank.Theresults of thispaper showthe possibility of using thePROMETHHE methodin order to determinefinancial performance of public banks in Turkey.

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.

Containment nuclear plant structures evaluation by non destructive testing: strategy and results

OpenAIRE

GARNIER, Vincent; HENAULT, Jean-Marie; HAFID, Hamid; VERDIER, Jérôme; CHAIX, Jean François; ABRAHAM, Odile; SBARTAÏ, Zoubir Medhi; BALAYSSAC, Jean Pierre; PIWAKOWSKI, Bogdan; VILLAIN, Géraldine; DEROBERT, Xavier; PAYAN, Cédric; RAKOTONARIVO, Sandrine; LAROSE, Eric; SOGBOSSI, Hognon

2016-01-01

Containment nuclear plants structures are an ultimate barrier in the event of an accident. Mechanical resistance and tightness are the two functions that they are expected to provide. To evaluate their capacity to perform them, destructive testing cannot be used to characterize the material. Non-Destructive Tests then represent a relevant solution to test concrete and the struc- ture. The article positions NDT within the context of containment structures supervision and maintenance, and prese...

Canada; Financial Sector Stability Assessment

OpenAIRE

International Monetary Fund

2014-01-01

This report discusses key findings of the Financial Sector Stability Assessment on Canada. Canada’s financial system successfully navigated the global financial crisis, and stress tests suggest that major financial institutions would continue to be resilient to credit, liquidity, and contagion risks arising from a severe stress scenario. Elevated housing prices and high household debt remain an area of concern, though targeted prudential and macroprudential measures are proving to be effectiv...

Testing for a Common Volatility Process and Information Spillovers in Bivariate Financial Time Series Models

NARCIS (Netherlands)

J. Chen (Jinghui); M. Kobayashi (Masahito); M.J. McAleer (Michael)

2016-01-01

textabstractThe paper considers the problem as to whether financial returns have a common volatility process in the framework of stochastic volatility models that were suggested by Harvey et al. (1994). We propose a stochastic volatility version of the ARCH test proposed by Engle and Susmel (1993),

CO2 emissions, real output, energy consumption, trade, urbanization and financial development: testing the EKC hypothesis for the USA.

Science.gov (United States)

Dogan, Eyup; Turkekul, Berna

2016-01-01

This study aims to investigate the relationship between carbon dioxide (CO2) emissions, energy consumption, real output (GDP), the square of real output (GDP(2)), trade openness, urbanization, and financial development in the USA for the period 1960-2010. The bounds testing for cointegration indicates that the analyzed variables are cointegrated. In the long run, energy consumption and urbanization increase environmental degradation while financial development has no effect on it, and trade leads to environmental improvements. In addition, this study does not support the validity of the environmental Kuznets curve (EKC) hypothesis for the USA because real output leads to environmental improvements while GDP(2) increases the levels of gas emissions. The results from the Granger causality test show that there is bidirectional causality between CO2 and GDP, CO2 and energy consumption, CO2 and urbanization, GDP and urbanization, and GDP and trade openness while no causality is determined between CO2 and trade openness, and gas emissions and financial development. In addition, we have enough evidence to support one-way causality running from GDP to energy consumption, from financial development to output, and from urbanization to financial development. In light of the long-run estimates and the Granger causality analysis, the US government should take into account the importance of trade openness, urbanization, and financial development in controlling for the levels of GDP and pollution. Moreover, it should be noted that the development of efficient energy policies likely contributes to lower CO2 emissions without harming real output.

Knowledge translation regarding financial abuse and dementia for the banking sector: the development and testing of an education tool.

Science.gov (United States)

Peisah, Carmelle; Bhatia, Sangita; Macnab, Jenna; Brodaty, Henry

2016-07-01

Financial abuse is the most common form of elder abuse. Capacity Australia, established to promote education regarding capacity and abuse prevention across health, legal and financial sectors, was awarded a grant by the Dementia Collaborative Research Centre to educate the banking sector on financial abuse and dementia. We aimed to develop a knowledge translation tool for bank staff on this issue. The banking sector across Australia was engaged and consulted to develop a tailored education tool based on Australian Banking Association's Guidelines on Financial Abuse Prevention, supplemented by information related to dementia, financial capacity and supported decision-making. The tool was tested on 69 banking staff across Australia from two major banks. An online education tool using adaptive learning was developed, comprising a pretest of 15 multiple choice questions, followed by a learning module tailored to the individual's performance on the pretest, and a post-test to assess knowledge translation. A significant increase in scores was demonstrated when baseline scores were compared with post-course scores (mean difference in scores = 3.5; SD = 1.94; t = 15.1; df = 68; p tool took approximately 10-20 min to complete depending on the knowledge of participant and continuity of completion. The Australian banking industry was amenable to assist in the development of a tailored education tool on dementia, abuse and financial capacity. This online e-tool provides an effective medium for knowledge translation. Copyright © 2015 John Wiley & Sons, Ltd. Copyright © 2015 John Wiley & Sons, Ltd.

Financial Investment Management: Testing the Market Model on the Romanian Capital Market during the Post Financial Crisis

Directory of Open Access Journals (Sweden)

Radu CIOBANU

2011-06-01

Full Text Available This article presents an analysis of the decision of investing in the capital market in Romania during 2009-2010, in the context of overcoming the global financial crisis. In the first part of the paper, we have made a brief presentation of the simplified model of market analysis introduced in the specialized literature by William Sharpe, the respective model representing the starting point in our study. The purpose of the present study is to emphasize how the evolutions of the financial securities rates listed on the Bucharest Stock Exchange could be explained based on the evolution of BET Romanian capital market index. Although the study over this phenomenon has begun in the middle of the last century, every day new studies appear that are either coming in addition to the already existing ones or are bringing a new approach regarding the financial theory. The novelty of the present study conducted by us resides in the highlighting of the evolutions of the financial securities rates during July 2009 – December 2010 periods. The second part of the paper presents the results of a study conducted on the Romanian capital market, emphasizing the correlations between the most important securities on the Romanian capital market, as parts of BET index and market index. The aim is to check whether during this period the evolution of the financial securities’ return can be explained more or less by the return of the capital market.

Financial risk and the transition to a low-carbon economy. Towards a carbon stress testing framework - Working Paper

International Nuclear Information System (INIS)

Chenet, Hugues; Thomae, Jakob; Janci, Didier; Dupre, Stan; Hubert, Romain; Robins, Nick; Cruickshank, Peter

2015-07-01

On July 27 at Moody's in New York, 2 deg. Investing Initiative launched the report 'Financial risk and the transition to a low-carbon economy' in partnership with UNEP Inquiry and I4CE. The report reviews the main approaches to assessing carbon risk along the investment chain and discusses barriers to its integration in decision making. The report identifies two categories of climate-related financial risks to financial institutions: risks arising from physical climate change and 'carbon risk' which arise from the transition to a low-carbon economy following one of the possible decarbonization pathways. The authors show that to date, risk factors resulting from climate change and the transition to a low-carbon economy are generally not taken into consideration by mainstream risk assessment and management frameworks; there are multiple reasons for this. The report reviews a number of 'climate and carbon stress test' initiatives that suggest the materiality of these risks along the investment chain. The materiality of these risks for financial institutions and the financial system remains unclear. Financial regulators and policy makers, notably in France, the United Kingdom, and at the G20 level have nevertheless started responding to the issue

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.

The Landauer resistance and band spectra for the counting quantum Turing machine

International Nuclear Information System (INIS)

Benioff, P.

1996-01-01

In other work, the generalized counting quantum Turing machine (GCQTM) was studied. For any N this machine enumerates the first 2 N integers in succession as binary strings. The generalization consists of associating a potential with read 1 steps only. The Landauer Resistance (LR) and band spectra were determined for the tight binding Hamiltonians associated with the GCQTM for energies below the potential height. Here these calculations are extended to energies both above and below the barrier height. For parameters and potentials in the electron region, the LR fluctuates rapidly between very high and very low values as a function of momentum. The rapidity and extent of the fluctuations increases rapidly with increasing N. For N = 18, the largest value considered, the LR shows good transmission probability as a function of momentum with numerous holes of very high LR values present. This is true for energies both above and below the potential height. It is suggested that the main features of the LR can be explained by coherent superposition of the component waves reflected from or transmitted through or across the 2 N-1 potentials present in the distribution. If this explanation is correct, it provides a dramatic illustration of the effects of quantum nonlocality

Analysis of potential self-guarantee tests for demonstrating financial assurance by non-profit colleges, universities, and hospitals and by business firms that do not issue bonds

Energy Technology Data Exchange (ETDEWEB)

Bailey, P.; Dean, C.; Collier, J.; Dasappa, V.; Goldberg, W. [ICF, Inc., Fairfax, VA (United States)

1997-06-01

The Nuclear Regulatory Commission (NRC) on December 29, 1993, promulgated self-guarantee requirements that materials licensees may use to demonstrate financial assurance for decommissioning costs. However, nonprofit colleges and universities, nonprofit hospitals, and for-profit firms that do not issue bonds are currently precluded, by their unique accounting and financial reporting systems, or by other features of their business practices, from using the financial tests for self-guarantors adopted by the NRC. This Report evaluates several alternative financial tests that might serve as the basis for self-guarantee by these three categories of licensees.

Analysis of potential self-guarantee tests for demonstrating financial assurance by non-profit colleges, universities, and hospitals and by business firms that do not issue bonds

International Nuclear Information System (INIS)

Bailey, P.; Dean, C.; Collier, J.; Dasappa, V.; Goldberg, W.

1997-06-01

The Nuclear Regulatory Commission (NRC) on December 29, 1993, promulgated self-guarantee requirements that materials licensees may use to demonstrate financial assurance for decommissioning costs. However, nonprofit colleges and universities, nonprofit hospitals, and for-profit firms that do not issue bonds are currently precluded, by their unique accounting and financial reporting systems, or by other features of their business practices, from using the financial tests for self-guarantors adopted by the NRC. This Report evaluates several alternative financial tests that might serve as the basis for self-guarantee by these three categories of licensees

Bot, Cyborg and Automated Turing Test

Science.gov (United States)

Yan, Jeff

Ross Anderson: Bot tending might be an attractive activity for children, because children could receive the challenges on their mobile phones, to which they are almost physiologically attached these days, and they’re perhaps used to relatively smaller amounts of pocket money.

Financialization Is Marketization! A Study of the Respective Impacts of Various Dimensions of Financialization on the Increase in Global Inequality

Directory of Open Access Journals (Sweden)

Olivier Godechot

2016-06-01

Full Text Available In this article, I study the impact of financialization on the rise in inequality in 18 OECD countries from 1970 to 2011 and measure the respective roles of various forms of financialization: the growth of the financial sector; the growth of one of its subcomponents, financial markets; the financialization of non-financial firms; and the financialization of households. I test these impacts using cross-country panel regressions in OECD countries. I show first that the share of the finance sector within the GDP is a substantial driver of world inequality, explaining between 20 and 40 percent of its increase from 1980 to 2007. When I decompose this financial sector effect, I find that this evolution was mainly driven by the increase in the volume of stocks traded in national stock exchanges and by the volume of shares held as assets in banks’ balance sheets. By contrast, the financialization of non-financial firms and of households does not play a substantial role. Based on this inequality test, I therefore interpret financialization as being mainly a phenomenon of marketization, redefined as the growing amount of social energy devoted to the trade of financial instruments on financial markets.

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...

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.

Ethical, financial, and legal considerations to implementing emergency department HIV screening: a report from the 2007 conference of the National Emergency Department HIV Testing Consortium.

Science.gov (United States)

Waxman, Michael J; Popick, Rachel S; Merchant, Roland C; Rothman, Richard E; Shahan, Judy B; Almond, Gregory

2011-07-01

We seek to identify and analyze, from a group of participants experienced with HIV screening, the perceived challenges and solutions to the ethical, financial, and legal considerations of emergency department (ED)-based HIV screening. We performed a qualitative analysis of the focus group discussions from the ethical, financial, and legal considerations portion of the inaugural National Emergency Department HIV Testing Consortium conference. Four groups composed of 20 to 25 consortium participants engaged in semistructured, facilitated focus group discussions. The focus group discussions were audiotaped and transcribed. A primary reader identified major themes and subthemes and representative quotes from the transcripts and summarized the discussions. Secondary and tertiary readers reviewed the themes, subthemes, and summaries for accuracy. The focus group discussions centered on the following themes. Ethical considerations included appropriateness of HIV screening in the ED and ethics of key elements of the 2006 Centers for Disease Control and Prevention HIV testing recommendations. Financial considerations included models of payment and support, role of health care insurance, financial ethics and downstream financial burdens, and advocacy approaches. Legal considerations included the adequacy of obtaining consent, partner notification, disclosure of HIV results, difficulties in addressing special populations, failure of not performing universal screening, failure to notify a person of being tested, failure to notify someone of their test results, liability of inaccurate tests, and failure to link to care. This qualitative analysis provides a broadly useful foundation to the ethical, financial, and legal considerations of implementing HIV screening programs in EDs throughout the United States. Copyright © 2011. Published by Mosby, Inc.

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.

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.

Effects of body-size variation on flight-related traits in latitudinal ...

Indian Academy of Sciences (India)

2014-04-21

Apr 21, 2014 ... quantitative traits (Endler 1977; Coyne and Beecham 1987;. Imasheva et al ... Journal of Genetics, Vol. 93, No. 1, April ... ple regression analysis as a function of average tempera- ture(Tave) and ...... Financial assistance (F 41-.

LT^2C^2: A language of thought with Turing-computable Kolmogorov complexity

Directory of Open Access Journals (Sweden)

Santiago Figueira

2013-03-01

Full Text Available In this paper, we present a theoretical effort to connect the theory of program size to psychology by implementing a concrete language of thought with Turing-computable Kolmogorov complexity (LT^2C^2 satisfying the following requirements: 1 to be simple enough so that the complexity of any given finite binary sequence can be computed, 2 to be based on tangible operations of human reasoning (printing, repeating,. . . , 3 to be sufficiently powerful to generate all possible sequences but not too powerful as to identify regularities which would be invisible to humans. We first formalize LT^2C^2, giving its syntax and semantics, and defining an adequate notion of program size. Our setting leads to a Kolmogorov complexity function relative to LT^2C^2 which is computable in polynomial time, and it also induces a prediction algorithm in the spirit of Solomonoff’s inductive inference theory. We then prove the efficacy of this language by investigating regularities in strings produced by participants attempting to generate random strings. Participants had a profound understanding of randomness and hence avoided typical misconceptions such as exaggerating the number of alternations. We reasoned that remaining regularities would express the algorithmic nature of human thoughts, revealed in the form of specific patterns. Kolmogorov complexity relative to LT^2C^2 passed three expected tests examined here: 1 human sequences were less complex than control PRNG sequences, 2 human sequences were not stationary showing decreasing values of complexity resulting from fatigue 3 each individual showed traces of algorithmic stability since fitting of partial data was more effective to predict subsequent data than average fits. This work extends on previous efforts to combine notions of Kolmogorov complexity theory and algorithmic information theory to psychology, by explicitly proposing a language which may describe the patterns of human thoughts.Received: 12

Financial Performance Analysis Of Financial Service Cooperative

Directory of Open Access Journals (Sweden)

Eyo Asro Sasmita

2015-08-01

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

Financial And Non-financial Factors Motivating Individual Donors To Support Public Benefit Organizations

Directory of Open Access Journals (Sweden)

WANIAK-MICHALAK HALINA

2015-03-01

Full Text Available This study is aimed at determining how the financial data of public benefit organizations (PBOs affects donations received by them and if the donors use financial and non-financial information in order to donate. In order to achieve our aim we used different methods of research: quantitative research (econometric model and survey and qualitative research (laboratory test. The research allowed us to draw the conclusion that Polish donors make very limited use of PBOs’ financial statements in the donation process and that non-financial information plays greater role for donors in making decisions to give charitable donations. The most important information is the organization's goals and descriptions of its projects. At the same time, many donors stated that they donated under the influence of people they knew. This article fits into the scope of world research on PBOs and uses the concept of civil society.

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.

Fulltext PDF

Indian Academy of Sciences (India)

The Turing Test. Alan Mathison Turing (1912-1954), logician and coding theorist, is also regarded as the founder of artificial intelligence by many computer scientists. In a landmark paper, Computing. Machinery and Intelligence Mind, October. 1950,59: 433-460, Turing turned to the question. Can machines think? Rather ...

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…

Unjust Desserts: Financial Realities of Older Women.

Science.gov (United States)

Estrine, Judith

This brochure presents the facts about the financial situation of older women. It explains the vital role of Social Security (SS) for women and offers suggestions to improve their financial outlook. A true/false checklist tests knowledge about women growing older and remaining financially secure. These reasons for poorer older women are outlined:…

Conceptual and Empirical Approaches to Financial Decision-making by Older Adults: Results from a Financial Decision-making Rating Scale.

Science.gov (United States)

Lichtenberg, Peter A; Ocepek-Welikson, Katja; Ficker, Lisa J; Gross, Evan; Rahman-Filipiak, Analise; Teresi, Jeanne A

2018-01-01

The objectives of this study were threefold: (1) to empirically test the conceptual model proposed by the Lichtenberg Financial Decision-making Rating Scale (LFDRS); (2) to examine the psychometric properties of the LFDRS contextual factors in financial decision-making by investigating both the reliability and convergent validity of the subscales and total scale, and (3) extending previous work on the scale through the collection of normative data on financial decision-making. A convenience sample of 200 independent function and community dwelling older adults underwent cognitive and financial management testing and were interviewed using the LFDRS. Confirmatory factor analysis, internal consistency measures, and hierarchical regression were used in a sample of 200 community-dwelling older adults, all of whom were making or had recently made a significant financial decision. Results confirmed the scale's reliability and supported the conceptual model. Convergent validity analyses indicate that as hypothesized, cognition is a significant predictor of risk scores. Financial management scores, however, were not predictive of decision-making risk scores. The psychometric properties of the LFDRS support the scale's use as it was proposed. The LFDRS instructions and scale are provided for clinicians to use in financial capacity assessments.

Cooperative Testing of Uncontrollable Timed Systems

DEFF Research Database (Denmark)

David, Alexandre; Larsen, Kim Guldstrand; Li, Shuhao

2008-01-01

the SUT against the test purpose as long as the SUT reacts to our moves in a cooperative style. We present an operational framework of cooperative winning strategy generation, test case derivation and execution. The test method is proved to be sound and complete. Preliminary experimental results indicate......Abstract. This paper deals with targeted testing of timed systems with uncontrollable behavior. The testing activity is viewed as a game between the tester and the system under test (SUT) towards a given test purpose. The SUT is modeled as Timed Game Automaton and the test purpose is specified...... in Timed CTL formula. We can employ a timed game solver UPPAAL-TIGA to check if the test purpose is ture w.r.t. the model, and if yes, to generate a winning strategy and use it for black-box conformance testing. Specifically, we show that in case the checking yields a negative result, we can still test...

Financial Literacy of Young Adults: The Importance of Parental Socialization

Science.gov (United States)

Jorgensen, Bryce L.; Savla, Jyoti

2010-01-01

This article tests a conceptual model of perceived parental influence on the financial literacy of young adults. Structural equation modeling was used to test whether (a) parents were perceived to influence young adults' financial knowledge, attitudes, and behaviors and (b) the degree to which young adults' financial attitudes mediated financial…

ECONOMETRIC APPROACH OF HETEROSKEDASTICITY ON FINANCIAL TIME SERIES IN A GENERAL FRAMEWORK

Directory of Open Access Journals (Sweden)

FELICIA RAMONA BIRĂU

2012-12-01

Full Text Available The aim of this paper is to provide an overview of the diagnostic tests for detecting heteroskedasticity on financial time series. In financial econometrics, heteroskedasticity is generally associated with cross sectional data but can also be identified modeling time series data. The presence of heteroscedasticity in financial time series can be caused by certain specific factors, like a model misspecification, inadequate data transformation or as a result of certain outliers. Heteroskedasticity arise when the homoskedasticity assumption is violated. Testing for the presence of heteroskedasticity in financial time is performed by applying diagnostic test, such as : Breusch-Pagan LM test, White’s test, Glesjer LM test, Harvey-Godfrey LM test, Park LM test and Goldfeld-Quand test.

Financial Development and Output Growth: A Panel Study for Asian Countries

Directory of Open Access Journals (Sweden)

Sangjoon Jun

2012-03-01

Full Text Available This paper investigates the relationship between financial markets and output growth for a panel of 27 Asian countries over 1960-2009. It utilizes the recently-developed panel cointegration techniques to test and estimate the long-run equilibrium relationship between real GDP and financial development proxies. Real GDP and financial development variables are found to have unit roots and to be cointegrated, based on various panel unit root tests and panel cointegration tests. We find that there is a statistically significant positive bi-directional cointegrating relationship between financial development and output growth by three distinct methods of panel cointegration estimation. Empirical findings suggest that financial market development promotes output growth and in turn output growth stimulates further financial development.

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.

Planetary Sciences and Exploration Programme

Indian Academy of Sciences (India)

ture; recent five publications relevant to the proposed work; budget break up including amount required towards fellowship, equipment, consumables, components, travel contingencies. After suitable reviews, selected proposals will be considered for financial support by ISRO. Two copies of the proposals may be submitted ...

Financial Development and Investment-Cash Flow Sensitivity

Directory of Open Access Journals (Sweden)

Jungwon Suh

2007-06-01

Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

Financial Accountant | IDRC - International Development Research ...

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

Internal Controls and Quality Assurance of Financial Information ... the end of the month, quarter and year accounting periods but that often requires ... To that effect, liaises with the Chief, External Fund Management to determine the ... Leads Corporate Accounting's testing program in liaison with the Financial Systems Unit ...

Interacting Turing-Hopf Instabilities Drive Symmetry-Breaking Transitions in a Mean-Field Model of the Cortex: A Mechanism for the Slow Oscillation

Science.gov (United States)

Steyn-Ross, Moira L.; Steyn-Ross, D. A.; Sleigh, J. W.

2013-04-01

Electrical recordings of brain activity during the transition from wake to anesthetic coma show temporal and spectral alterations that are correlated with gross changes in the underlying brain state. Entry into anesthetic unconsciousness is signposted by the emergence of large, slow oscillations of electrical activity (≲1Hz) similar to the slow waves observed in natural sleep. Here we present a two-dimensional mean-field model of the cortex in which slow spatiotemporal oscillations arise spontaneously through a Turing (spatial) symmetry-breaking bifurcation that is modulated by a Hopf (temporal) instability. In our model, populations of neurons are densely interlinked by chemical synapses, and by interneuronal gap junctions represented as an inhibitory diffusive coupling. To demonstrate cortical behavior over a wide range of distinct brain states, we explore model dynamics in the vicinity of a general-anesthetic-induced transition from “wake” to “coma.” In this region, the system is poised at a codimension-2 point where competing Turing and Hopf instabilities coexist. We model anesthesia as a moderate reduction in inhibitory diffusion, paired with an increase in inhibitory postsynaptic response, producing a coma state that is characterized by emergent low-frequency oscillations whose dynamics is chaotic in time and space. The effect of long-range axonal white-matter connectivity is probed with the inclusion of a single idealized point-to-point connection. We find that the additional excitation from the long-range connection can provoke seizurelike bursts of cortical activity when inhibitory diffusion is weak, but has little impact on an active cortex. Our proposed dynamic mechanism for the origin of anesthetic slow waves complements—and contrasts with—conventional explanations that require cyclic modulation of ion-channel conductances. We postulate that a similar bifurcation mechanism might underpin the slow waves of natural sleep and comment on the

Financial Village Standing in Indonesian Financial System

Directory of Open Access Journals (Sweden)

Herry Purnomo

2015-12-01

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

Comparing Types of Financial Incentives to Promote Walking: An Experimental Test.

Science.gov (United States)

Burns, Rachel J; Rothman, Alexander J

2018-04-19

Offering people financial incentives to increase their physical activity is an increasingly prevalent intervention strategy. However, little is known about the relative effectiveness of different types of incentives. This study tested whether incentives based on specified reinforcement types and schedules differentially affected the likelihood of meeting a walking goal and explored if observed behavioural changes may have been attributable to the perceived value of the incentive. A 2 (reinforcement type: cash reward, deposit contract) × 2 (schedule: fixed, variable) between-subjects experiment with a hanging control condition was conducted over 8 weeks (n = 153). Although walking was greater in the incentive conditions relative to the control condition, walking did not differ across incentive conditions. Exploratory analyses indicated that the perceived value of the incentive was associated with the likelihood of meeting the walking goal, but was not affected by reinforcement type or schedule. The reinforcement type and schedule manipulations tested in this study did not differentially affect walking. Given that walking behaviour was associated with perceived value, designing incentive strategies that optimise the perceived value of the incentive may be a promising avenue for future research. © 2018 The International Association of Applied Psychology.

Benford's law first significant digit and distribution distances for testing the reliability of financial reports in developing countries

Science.gov (United States)

Shi, Jing; Ausloos, Marcel; Zhu, Tingting

2018-02-01

We discuss a common suspicion about reported financial data, in 10 industrial sectors of the 6 so called "main developing countries" over the time interval [2000-2014]. These data are examined through Benford's law first significant digit and through distribution distances tests. It is shown that several visually anomalous data have to be a priori removed. Thereafter, the distributions much better follow the first digit significant law, indicating the usefulness of a Benford's law test from the research starting line. The same holds true for distance tests. A few outliers are pointed out.

Financial development under the shade of globalization and financial institutions : the case of Pakistan

OpenAIRE

Muhammad Shahbaz; Akhtar Lodhi; Muhammad Sabihuddin Butt

2007-01-01

This study investigates the importance of financial institutions, net capital inflows, and trade openness for financial-sector development in a small developing economy like Pakistan. Two approaches (Johansen test and autoregressive distributive lag approach) were employed for the robustness of long-run relationships among the variables under consideration and found that both techniques provide robust results for long-run relationships, in Pakistan’s case. Net capital in inflows has positive ...

FINANCIAL INSTABILITY, FINANCIAL DEVELOPMENT AND POVERTY

Directory of Open Access Journals (Sweden)

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

ANALYSIS OF THE INVESTMENT ARBITRAGE STRATEGY USING FINANCIAL MULTIPLIERS

Directory of Open Access Journals (Sweden)

Dmitry S. Pashkov

2013-01-01

Full Text Available This article describes an algorithm for stock pairs trading using financial multipliers of underlying companies. This algorithm has been tested on historical data and compared with classical Bollinger bands strategy. The results of tests were presented for two financial sectors of US stock market.

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

Directory of Open Access Journals (Sweden)

Sigit Setiawan

2015-05-01

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

Locking of Turing patterns in the chlorine dioxide-iodine-malonic acid reaction with one-dimensional spatial periodic forcing.

Science.gov (United States)

Dolnik, Milos; Bánsági, Tamás; Ansari, Sama; Valent, Ivan; Epstein, Irving R

2011-07-21

We use the photosensitive chlorine dioxide-iodine-malonic acid reaction-diffusion system to study wavenumber locking of Turing patterns with spatial periodic forcing. Wavenumber-locked stripe patterns are the typical resonant structures that labyrinthine patterns exhibit in response to one-dimensional forcing by illumination when images of stripes are projected on a working medium. Our experimental results reveal that segmented oblique, hexagonal and rectangular patterns can also be obtained. However, these two-dimensional resonant structures only develop in a relatively narrow range of forcing parameters, where the unforced stripe pattern is in close proximity to the domain of hexagonal patterns. Numerical simulations based on a model that incorporates the forcing by illumination using an additive term reproduce well the experimental observations. These findings confirm that additive one-dimensional forcing can generate a two-dimensional resonant response. However, such a response is considerably less robust than the effect of multiplicative forcing. This journal is © the Owner Societies 2011

Financial analysis as a financial management instrument

Directory of Open Access Journals (Sweden)

Stehlíková Beáta

2001-12-01

Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firm’s financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide “en bloc”.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting

Diagnosing companies in financial difficulty based on the auditor’s report

Directory of Open Access Journals (Sweden)

Robert Zenzerović

2016-04-01

Full Text Available The approach used in this paper expands on existing research that focuses on devising prediction models for companies experiencing financial difficulties and which in turn serves as a criteria-based diagnosis tool for distinguishing healthy companies from those facing seriously financial difficulties. It draws on auditors’ reports on company financial statements that emphasize a company’s ability to continue as a going concern as the main criterion used to distinguish companies experiencing financial difficulties from companies that are not. Two closely-related hypotheses were tested in this paper. First, the authors tested the hypothesis that an auditor’s report accompanied by an explanatory paragraph pointing out issues associated with the going concern assumption is the proper criterion for differentiating companies experiencing financial difficulties from those that are not. Second, the central assumption that is tested relates to a combination of financial ratios whereby authors presume that an appropriate combination of financial ratios is a good analytical tool for distinguishing companies experiencing serious financial difficulties from those that are not. Research results conducted among 191 companies listed on the Zagreb Stock Exchange confirm both hypotheses. The LRA model – a diagnosis tool for identifying companies with financial problems, was also derived using logistic regression analysis. The statistical adequacy and quality of the model was tested using measures like Nagelkerke R2, type 1 and type 2 errors that appear when calculating the classification ability of the model. All measures indicated that model was statistically sufficient and validated its use as a diagnosis tool in recognizing the companies facing financial difficulties.

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

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

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

Modelling and testing volatility spillovers in oil and financial markets for USA, UK and China

OpenAIRE

Chang, Chia-Lin; McAleer, Michael; Tian, Jiarong

2016-01-01

textabstractThe primary purpose of the paper is to analyze the conditional correlations, conditional covariances, and co-volatility spillovers between international crude oil and associated financial markets. The paper investigates co-volatility spillovers (namely, the delayed effect of a returns shock in one physical or financial asset on the subsequent volatility or co-volatility in another physical or financial asset) between the oil and financial markets. The oil industry has four major r...

FINANCIAL LITERACY AMONGSTAFRICAN GENERATION YSTUDENTS:ANEMPIRICALANALYSISOF SELECTEDDEMOGRAPIC FACTORS

Directory of Open Access Journals (Sweden)

Marko van Deventer

2017-01-01

Full Text Available The entire spectrum of society, includingGeneration Y, face the challenge ofmanaging their personalfinances in uncertain economic,financialand politicaltimes. Thischallengehighlights the importance of being equipped with thenecessary financial literacy to make informed financial decisions. Financialilliteracy is a global phenomenon that has become a topical issue. As a result,there has been a steady increase in the body of knowledge that pertains to theimportance and benefits of financial literacy and the consequences offinancialilliteracy.This study investigates differences inthe significantly sizedblackGeneration Y (hereafter referred to as African Generation Ystudent cohort’sfinancial literacy in terms ofselected demographic factors, namely gender, yearand field of study respectively, within the South African context. Following adescriptive research design and a quantitative research approach, data werecollected from a convenience sample of 385 African students registered at twoGauteng based public South African university campuses. Multiple-choicequestions,relatingto general financial knowledge, saving, spending and debt,were used to test the students’ financial literacy. Data analysis includeddescriptive statistics, an independent-samples t-test and one-way analysis ofvariance (ANOVA. The findings suggest thatAfrican Generation Y studentsmaybe categorised as having a relatively low level of financial literacyand that thesample’s financial literacydid not differ much in terms ofgender.The findings ofthis study is likely to inform policymakers, educators, universities and financialinstitutions on the most effective strategies to employ for implementationwithregards to differing financial literacy levels.

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

OpenAIRE

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

2017-01-01

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

Financial Literacy and Financial Planning in France

Directory of Open Access Journals (Sweden)

Luc Arrondel

2013-07-01

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

CMOS test and evaluation a physical perspective

CERN Document Server

Bhushan, Manjul

2015-01-01

This book extends test structure applications described in Microelectronic Test Struc­tures for CMOS Technology (Springer 2011) to digital CMOS product chips. Intended for engineering students and professionals, this book provides a single comprehensive source for evaluating CMOS technology and product test data from a basic knowledge of the physical behavior of the constituent components. Elementary circuits that exhibit key properties of complex CMOS chips are simulated and analyzed, and an integrated view of design, test and characterization is developed. Appropriately designed circuit monitors embedded in the CMOS chip serve to correlate CMOS technology models and circuit design tools to the hardware and also aid in test debug. Impact of silicon process variability, reliability, and power and performance sensitivities to a range of product application conditions are described. Circuit simulations exemplify the methodologies presented, and problems are included at the end of the chapters.

Effect of Professionalism, Competence, Knowledge of Financial Management, and Intensity Guidance Apparatus Inspectorate for Quality of Financial Statements (Study on Inspectorate Regencies/Cities in Aceh

Directory of Open Access Journals (Sweden)

Darwanis Darwanis

2016-04-01

Full Text Available This research aims to: 1. Examine the influence of professionalism, competence, knowledge of financial management and intensity guidance apparatus Inspectorate together to the quality of the financial statements of Regions; 2. Examine the effect of professionalism partially on the quality of the financial statements of Regions; 3. Test the effect of partial competencies to the quality of the financial statements of Regions; 4. Examine the effect of knowledge of financial management partially on the quality of the financial statements of Regions; 5. The authorities test the effects of intensity guidance apparatus partially on the quality of the financial statements of Regions. The object of this research is the Government Internal Supervisory Apparatus (APIP working in the Inspectorate districts/cities in Aceh amounted to 23 people who perform inspection tasks.  The source of data in this study uses primary data which is the result of the acquisition of questionnaires from survey respondent, while research data collection techniques are done with documentation techniques. The analytical method used is Multiple Linear Regression Analysis. The results showed that: 1. Professionalism, competence, knowledge of financial management and intensity guidance apparatus jointly affect the quality of financial reporting area. 2. Professionalism partially affects the quality of financial reporting area. 3. Competence partially affects the quality of financial reporting area. 4. Knowledge of financial management partially affects the quality of financial reporting area. 5. The intensity guidance apparatus partially affects the quality of financial reporting area.

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...

Pharmacogenomic Testing

Science.gov (United States)

... your family Plan for the future Insurance and financial planning Transition for children Emergency preparedness Testing & Services Testing ... Support Genetic Disease Information Find a Support Group Financial Planning Who Should I Tell? Genetic Testing & Counseling Compensation ...

Predictive Testing

Science.gov (United States)

... your family Plan for the future Insurance and financial planning Transition for children Emergency preparedness Testing & Services Testing ... Support Genetic Disease Information Find a Support Group Financial Planning Who Should I Tell? Genetic Testing & Counseling Compensation ...

Understanding Financial Statements. Financial Matters. Board Basics.

Science.gov (United States)

McCarthy, John H.; Turner, Robert M.

1998-01-01

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

Does financial literacy improve financial inclusion? Cross country evidence

OpenAIRE

Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas

2017-01-01

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

PERBANDINGAN PREDIKSI FINANCIAL DISTRESS DENGAN MENGGUNAKAN MODEL ALTMAN, SPRINGATE DAN OHLSON

Directory of Open Access Journals (Sweden)

Fairuz Zabady Zainal Abidin Putera

2016-12-01

Full Text Available The lowering of coal price and the uncertainty of world oil prices affect the high operational costs of coal enterprises. The Continuous lowering of coal prices causes financial distress. Financial distress is defined as financial condition before the bankcruptcy.The purpose of this research are to predict and compare the financial distress among the models of Altman, Springate and Ohlson at coal mining company listed on the Indonesia Stock Exchange in the period of 2008 - 2014. This type of research is included in a comparative. The population are the coal companies financial statements listed on the Indonesian Stock Exchange (BEI in the period 2008-2014. The sampling with used purposive sampling which acquired 7 companies. Data analysis used Altman, Springate and Ohlson’s  models. The hypothesis is tested Kruskal-Wallis test. The results of research showed  that Springate’s model has better accuracy than Altman model and Ohlson model. Results hypothesis testing with the Kruskal-Wallis test concluded there were no differences among the financial distress the model Altman, Springate and Ohlson models at coal mining companies in the Indonesia Stock Exchange in the period 2008-2014.

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 ...

Developing a framework to investigate the personal financial management knowledge of individuals

Directory of Open Access Journals (Sweden)

Miemie Struwig

2013-02-01

Full Text Available This article focuses on the development of a framework for investigating the personal financial management knowledge of individuals. Content analysis is used to derive the components included in the personal financial management requirements framework. The framework developed includes six components, namely basic concepts in personal finances, management of personal finances, risk management, future planning, investing in financial resources and miscellaneous factors. A qualitative validation process revealed that the framework indeed covers what the average South African citizen is required to know about personal financial planning. The real test of this framework will be to use it in developing an instrument to test individuals’ knowledge of personal financial management. This process of empirically testing the framework, using such an instrument, warrants a separate article.

Financial System of Malaysia: the Concept of Financial Dispute

Directory of Open Access Journals (Sweden)

Evgenia E. Frolova

2017-01-01

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

A Hybrid Joint Moment Ratio Test for Financial Time Series

NARCIS (Netherlands)

Groenendijk, Patrick A.; Lucas, André; Vries, de Casper G.

1998-01-01

We advocate the use of absolute moment ratio statistics in conjunctionwith standard variance ratio statistics in order to disentangle lineardependence, non-linear dependence, and leptokurtosis in financial timeseries. Both statistics are computed for multiple return horizonssimultaneously, and the

The Usefulness of Financial Statements in Making Financial Diagnosis

Directory of Open Access Journals (Sweden)

Mitica Pepi

2016-01-01

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

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

OpenAIRE

Kaiser, Tim; Menkhoff, Lukas

2017-01-01

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

Measuring financial performance: an overview of financial statements.

Science.gov (United States)

Dalsted, N L

1995-07-01

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

Financial Stress Indices and Financial Crises

NARCIS (Netherlands)

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

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

A Hybrid Joint Moment Ratio Test for Financial Time Series

NARCIS (Netherlands)

P.A. Groenendijk (Patrick); A. Lucas (André); C.G. de Vries (Casper)

1998-01-01

textabstractWe advocate the use of absolute moment ratio statistics in conjunction with standard variance ratio statistics in order to disentangle linear dependence, non-linear dependence, and leptokurtosis in financial time series. Both statistics are computed for multiple return horizons

Interacting Turing-Hopf Instabilities Drive Symmetry-Breaking Transitions in a Mean-Field Model of the Cortex: A Mechanism for the Slow Oscillation

Directory of Open Access Journals (Sweden)

Moira L. Steyn-Ross

2013-05-01

Full Text Available Electrical recordings of brain activity during the transition from wake to anesthetic coma show temporal and spectral alterations that are correlated with gross changes in the underlying brain state. Entry into anesthetic unconsciousness is signposted by the emergence of large, slow oscillations of electrical activity (≲1  Hz similar to the slow waves observed in natural sleep. Here we present a two-dimensional mean-field model of the cortex in which slow spatiotemporal oscillations arise spontaneously through a Turing (spatial symmetry-breaking bifurcation that is modulated by a Hopf (temporal instability. In our model, populations of neurons are densely interlinked by chemical synapses, and by interneuronal gap junctions represented as an inhibitory diffusive coupling. To demonstrate cortical behavior over a wide range of distinct brain states, we explore model dynamics in the vicinity of a general-anesthetic-induced transition from “wake” to “coma.” In this region, the system is poised at a codimension-2 point where competing Turing and Hopf instabilities coexist. We model anesthesia as a moderate reduction in inhibitory diffusion, paired with an increase in inhibitory postsynaptic response, producing a coma state that is characterized by emergent low-frequency oscillations whose dynamics is chaotic in time and space. The effect of long-range axonal white-matter connectivity is probed with the inclusion of a single idealized point-to-point connection. We find that the additional excitation from the long-range connection can provoke seizurelike bursts of cortical activity when inhibitory diffusion is weak, but has little impact on an active cortex. Our proposed dynamic mechanism for the origin of anesthetic slow waves complements—and contrasts with—conventional explanations that require cyclic modulation of ion-channel conductances. We postulate that a similar bifurcation mechanism might underpin the slow waves of natural

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...

40 CFR 146.73 - Financial responsibility for post-closure care.

Science.gov (United States)

2010-07-01

...-closure by using a trust fund, surety bond, letter of credit, financial test, insurance or corporate... 40 Protection of Environment 22 2010-07-01 2010-07-01 false Financial responsibility for post... Standards Applicable to Class I Hazardous Waste Injection Wells § 146.73 Financial responsibility for post...

Spatial externalities, openness and financial development in the ...

African Journals Online (AJOL)

Spatial externalities, openness and financial development in the SADC. Alex Bara, Gift Mugano, Pierre Le Roux. Abstract. This study empirically evaluates spatial externalities in financial development in the Southern African Development Community (SADC) in line with spatial proximity theory. The study specifically tests ...

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...

Inflation and financial sector correlation: the case of Bangladesh

OpenAIRE

Abu N. M., Wahid; Muhammad, Shahbaz; Pervez, Azeem

2011-01-01

This paper examines the impact of inflation on financial development in case of Bangladesh for the period of 1985-2005. In doing so, ARDL bounds testing approach and Error Correction Method (ECM) have been employed. Empirical findings reveal that high trends of inflation impede the performance of financial markets. GDP per capita promotes development of financial sector through its causal channels.

An investigation on the effects of perception and marketing expenditure, financial and non-financial promotions on brand equity

Directory of Open Access Journals (Sweden)

Abbas Ataheryan

2013-09-01

Full Text Available This paper presents a study to investigate the effects of perception and marketing expenditures as well as financial and non-financial promotions on brand equity. The proposed study of this paper prepares a questionnaire in Likert scale and distributes it among regular customers of three types of Shampoo in city of Tehran, Iran. The implementation of structural equation modeling for the proposed study of this paper has been accomplished based on LISREL software. The results of the survey on testing various hypotheses indicate that perception on marketing expenditure, financial as well as non-financial promotion and word of mouth advertisement influence positively on brand awareness and negatively on non-financial promotions (α=0.01. In addition, brand awareness influences positively on perception quality (α=0.01. Brand awareness as well as brand associate also influence on brand loyalty (α=0.01.

The Impact of Financial, Non-Financial, and Corporate Governance Attributes on The Practice of Global Reporting Initiative (gri Based Environmental Disclosure

Directory of Open Access Journals (Sweden)

- Frendy

2011-06-01

The testing results conclude that size of company, economic performance, and industry sensitivity positively affect environmental disclosure. This research is limited by an assumption that Indonesian public companies employ annual report as the primary means to publicize financial and non-financial information to public.

A Financial Analysis of Brazilian Hospitals Between 2006 and 2011

Directory of Open Access Journals (Sweden)

Antônio Artur de Souza

2014-12-01

Full Text Available This paper presents the results of a research that aimed at developing a financial analysis of a sample of Brazilian hospitals between 2006 and 2011. The data were collected from financial statements of 23 hospitals and from the Database of United Health System. These secondary data were analyzed through the following techniques: descriptive statistics, Spearman’s correlation, Kolmogorov-Smirnov’s test, Kruskal-Wallis’ test and Chi-square’s test. It was verified that the sample presents unsatisfactory general results about financial performance, especially when related to financial ratios of profitability and return. However, the analysis of different categories of hospitals displays relevant and significant divergences, especially about the type of hospitals: publics and voluntaries ones. The voluntary hospitals present higher liquidity ratios and the best profitability and their capital structure usually focus on long term financing obtained from external agents. These evidences suggest that those organizations focus on financial leverage to achieve better results without deteriorate their liquidity. On the other hand, the public hospitals present lower liquidity as well as worse profitability and return ratios. It was verified that the large-sized hospitals usually present lower financial ratios (liquidity, profitability and return than the medium-sized hospitals.

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...

Financial Management in the Strategic Systems Project Office.

Science.gov (United States)

SSPO, the largest program office in the Navy and in existence for over 20 years, has perfected time tested financial management procedures which may...serve as a model for the student of program management. This report presents an overview of the SSPO financial management concepts and general

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

Science.gov (United States)

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

2013-01-01

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

Evaluating a Financial Assessment Tool: The Financial Checkup

OpenAIRE

Johnson, Alena C.

2001-01-01

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

On the Nature of Intelligence

Science.gov (United States)

Churchland, Paul M.

Alan Turing is the consensus patron saint of the classical research program in Artificial Intelligence (AI), and his behavioral test for the possession of conscious intelligence has become his principal legacy in the mind of the academic public. Both takes are mistakes. That test is a dialectical throwaway line even for Turing himself, a tertiary gesture aimed at softening the intellectual resistance to a research program which, in his hands, possessed real substance, both mathematical and theoretical. The wrangling over his celebrated test has deflected attention away from those more substantial achievements, and away from the enduring obligation to construct a substantive theory of what conscious intelligence really is, as opposed to an epistemological account of how to tell when you are confronting an instance of it. This essay explores Turing's substantive research program on the nature of intelligence, and argues that the classical AI program is not its best expression, nor even the expression intended by Turing. It then attempts to put the famous Test into its proper, and much reduced, perspective.

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.

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...

Inflation and Financial Sector Correlation: The Case of Bangladesh

Directory of Open Access Journals (Sweden)

Abu N.M. Wahid

2011-01-01

Full Text Available This paper examines the impact of inflation on financial development in case of Bangladesh for the period of 1985-2005. In doing so, ARDL bounds testing approach and Error Correction Method (ECM have been employed. Empirical findings reveal that high trends of inflation impede the performance of financial markets. GDP per capita promotes development of financial sector through its causal channels.

40 CFR 790.99 - Statement of financial responsibility.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 31 2010-07-01 2010-07-01 true Statement of financial responsibility... From Test Rules § 790.99 Statement of financial responsibility. Each applicant for an exemption shall submit the following sworn statement with his or her application: I understand that if this application...

Financial Capability and Sociodemographic Factors among Survivors of Human Trafficking.

Science.gov (United States)

Okech, David; McGarity, Stephen Vandiver; Hansen, Nathan; Burns, Abigail C; Howard, Waylon

2018-01-01

Improving the economic well-being of the girls and women is a key to reducing re-trafficking and in providing stability that survivors can use to rebuild their lives. The study looks at how various sociodemographic traits affected the financial capability of n = 144 women and girls who received intervention at a residential care facility in Ghana, West Africa. Three domain of financial capability are assessed in this, i.e., financial risk, financial planning, and financial saving. A scaled likelihood ratio test (chi-square difference test) was used to evaluate the significance of each direct covariate effect(%). Each of the overall goodness-of-fit indices suggested that the initial CFA model fit the data well, χ 2 (19, N = 144)  = 31.45, p = 0.04, RMSEA = 0.067 (90% CI: 0.017-0.108), TLI = 0.923, CFI = 0.948. Older women reported lower levels of financial savings than younger women. We found that women with secondary school education or higher reported significantly higher financial risk than women with less education. Women with children reported lower levels of financial saving than women without children. Married women indicated significantly more financial saving than single women. There was a significant negative effect of time spent in trafficking conditions on financial saving, indicating the highest average level of financial savings at intervention and decreased thereafter. Programs and policies in resource-scarce contexts that aim to assist trafficking survivors must go beyond providing psychosocial counseling and focus also on economic development opportunities.

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....

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...

Does financial system influence tax revenue? The case of Nigeria ...

African Journals Online (AJOL)

We examined the influence of financial system activities on tax revenue ... our analysis showed that financial system activities influence tax revenue ... causality test and variance decomposition results corroborate our regression results.

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

Genetic Algorithms for Development of New Financial Products

Directory of Open Access Journals (Sweden)

Eder Oliveira Abensur

2007-06-01

Full Text Available New Product Development (NPD is recognized as a fundamental activity that has a relevant impact on the performance of companies. Despite the relevance of the financial market there is a lack of work on new financial product development. The aim of this research is to propose the use of Genetic Algorithms (GA as an alternative procedure for evaluating the most favorable combination of variables for the product launch. The paper focuses on: (i determining the essential variables of the financial product studied (investment fund; (ii determining how to evaluate the success of a new investment fund launch and (iii how GA can be applied to the financial product development problem. The proposed framework was tested using 4 years of real data from the Brazilian financial market and the results suggest that this is an innovative development methodology and useful for designing complex financial products with many attributes.

Testing the financial market informational efficiency in emerging states

OpenAIRE

Camelia Oprean

2012-01-01

The Efficient Markets Hypothesis (EMH) has been one of the most influential ideas in the past years and highlights that assets prices incorporate all information rationally and instantaneously. The last financial crisis has led to criticism of this hypothesis. Many practical observations concerning the reaction of investors, but also the mechanisms for the information encompassing in the price of stocks, come to highlight the aspects of 'market inefficiency'. Despite its simplicity, the EMH i...

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.

Do Technological Developments and Financial Development Promote Economic Growth: Fresh Evidence from Romania

OpenAIRE

Ur Rehman, Ijaz; Shahbaz, Muhammad; Kyophilavong, Phouphet

2013-01-01

We study the relationship between financial development, technological development and economic growth in Romania. We construct aggregate indices of financial development and technological development using principal component analysis. The ARDL bounds testing approach shows the presence of cointegration between financial development, technological development and economic growth. Financial development and technological development contribute to economic growth. Moreover, financial developmen...

[A review of definitions and measurement scales for financial literacy].

Science.gov (United States)

Kamiya, Tetsuji

2017-02-01

This paper examines the definitions and measurement scales for financial literacy presented in previous studies in order to develop a new financial literacy scale. The early definition of financial literacy basically meant “financial knowledge,” but the latest definition has been extended to include or refer to consumers’ financial behaviours, consumers’ interactions with their social and economic environments, and the effect of cognitive biases on consumers’ financial behaviours. On the other hand, conventional measurement scales for financial literacy are generally composed of declarative knowledge questions and numerical ability tests concerning personal finance. This paper addresses the fact that previous financial literacy scales have been based on the traditional concept of “Homo economicus”. We suggest that it is necessary to develop a new financial literacy scale that is comprised of critical thinking disposition such as “awareness for logical thinking” or “evidence-based judgment.”

Measuring financial toxicity as a clinically relevant patient-reported outcome: The validation of the COmprehensive Score for financial Toxicity (COST).

Science.gov (United States)

de Souza, Jonas A; Yap, Bonnie J; Wroblewski, Kristen; Blinder, Victoria; Araújo, Fabiana S; Hlubocky, Fay J; Nicholas, Lauren H; O'Connor, Jeremy M; Brockstein, Bruce; Ratain, Mark J; Daugherty, Christopher K; Cella, David

2017-02-01

Cancer and its treatment lead to increased financial distress for patients. To the authors' knowledge, to date, no standardized patient-reported outcome measure has been validated to assess this distress. Patients with AJCC Stage IV solid tumors receiving chemotherapy for at least 2 months were recruited. Financial toxicity was measured by the COmprehensive Score for financial Toxicity (COST) measure. The authors collected data regarding patient characteristics, clinical trial participation, health care use, willingness to discuss costs, psychological distress (Brief Profile of Mood States [POMS]), and health-related quality of life (HRQOL) as measured by the Functional Assessment of Cancer Therapy: General (FACT-G) and the European Organization for Research and Treatment of Cancer (EORTC) QOL questionnaires. Test-retest reliability, internal consistency, and validity of the COST measure were assessed using standard-scale construction techniques. Associations between the resulting factors and other variables were assessed using multivariable analyses. A total of 375 patients with advanced cancer were approached, 233 of whom (62.1%) agreed to participate. The COST measure demonstrated high internal consistency and test-retest reliability. Factor analyses revealed a coherent, single, latent variable (financial toxicity). COST values were found to be correlated with income (correlation coefficient [r] = 0.28; Pfinancial toxicity were race (P = .04), employment status (Pcosts was not found to be associated with the degree of financial distress (P = .49). The COST measure demonstrated reliability and validity in measuring financial toxicity. Its correlation with HRQOL indicates that financial toxicity is a clinically relevant patient-centered outcome. Cancer 2017;123:476-484. © 2016 American Cancer Society. © 2016 The Authors. Cancer published by Wiley Periodicals, Inc. on behalf of American Cancer Society.

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)

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

Directory of Open Access Journals (Sweden)

Adam Steen

2013-09-01

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

Financial Intermediation and the Nigerian Economy: A Time Series ...

African Journals Online (AJOL)

... and cointegration analysis based on Engle Granger cointegration theory and error correction methodology, we tested both short and long run relationships between financial intermediation and economic growth in Nigeria. The result revealed that a long–run relationship exists between financial intermediation and growth ...

Financial well-being among Malaysian manufacturing employees

Directory of Open Access Journals (Sweden)

Shiau Wei Chan

2018-06-01

Full Text Available Employees and financial well-being are two aspects that are closely related to each other, and have been deeply studied by researchers. Not only can financial well-being directly affect an individual, but it can also indirectly affect his/her organization as well as employer. Any level of financial employees’ well-being, either low or high, will change their job performance. Thus, the purpose of this study is to determine the level of financial well-being among manufacturing employees in Batu Pahat, as well as to test the relationships between determinants and financial well-being among manufacturing employees in Batu Pahat. In this study, seven research hypotheses were developed to examine seven determinants, including age, income, gender, education, current job position, in-come, and marital status which influence employees‘ financial well-being. In this study, 220 employees at the production level were selected randomly from a manufacturing company in Batu Pahat, Johor, Malaysia. Then, a questionnaire was distributed to the employees. The data obtained were analyzed quantitatively using SPSS version 22.0. The results of this study revealed that the level of financial well-being was moderate and all of the determinants were positively related to financial well-being among the manufacturing employees. This quantitative study is important to the manufacturing industry in Malaysia in order to gain insight on the correlation between financial well-being and its determinants.

Solution Focused Financial Therapy: A Brief Report of a Pilot Study

Directory of Open Access Journals (Sweden)

Kristy L. Archuleta

2015-07-01

Full Text Available The financial counseling, financial planning, and financial therapy fields are hampered by a conceptual and empirical paucity of clinical and experimental evidence-based research. In an attempt to decrease this gap in the literature, a pilot study was developed to test the implementation of a solution-focused financial therapy client intervention approach, in which solution-focused therapy techniques were applied in a financial counseling setting. This paper reports findings from a clinical intervention study of college students (N = 8 who presented a variety of financial issues related to budgeting, investing, and debt repayment problems. Data were gathered prior to the start of treatment, after treatment ended, and three months later. Participants’ psychological well-being and financial behaviors improved, while financial distress decreased. The solution-focused financial therapy approach used is discussed.

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...

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.

Financial Inclusion, Entry Barriers, and Entrepreneurship: Evidence from China

Directory of Open Access Journals (Sweden)

Zhaobin Fan

2017-02-01

Full Text Available This paper aims at investigating the relationship between financial inclusion and the formation of entrepreneurs, both theoretically and empirically. We first construct a theoretical model to examine how the development of financial inclusion affects the formation of entrepreneurs. The model suggests that the development of financial inclusion can mitigate credit constraints on entrepreneurial activities by reducing information asymmetry in financial transactions, and in addition this effect is greater in industries with lower barriers to entry. Then, using data from 31 provinces and 19 industries in China during the period 2005–2014, we test the impact of financial inclusion on the formation of entrepreneurs. The estimation results confirm the positive effect of financial inclusion development on the formation of entrepreneurs, and indicate that this effect is heterogeneous across industries. Moreover, the development of financial inclusion is often beneficial to the formations of entrepreneurs in sectors with lower entry barriers.

Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

Directory of Open Access Journals (Sweden)

Wang Fusheng

2015-01-01

Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

Impact of Inflation Accounting Application on Key Financial Ratios

Directory of Open Access Journals (Sweden)

Aydın KARAPINAR

2012-03-01

Full Text Available This paper investigates the impact of inflation accounting on key financal ratios. To this end, the financial statements of 132 companies listed in the Istanbul Stock Exchange (ISE are studied. An analyis of paired samples t test has been conducted on the financial ratios of the companies. The results show that a significant difference between adjusted cost based financial ratios and historical cost based financial ratios occurs only for current, ratios, equity ratios and noncurrent turnover ratios. The study does not cover companies operating in the financial sector. The companies reporting in accordance with IFRS for the studied periods that spans 2001-2004 are not included in the study either. The study offers valuable information as to analysing companies operating in hiper inflation economies.

What Is Diagnostic Testing?

Science.gov (United States)

... your family Plan for the future Insurance and financial planning Transition for children Emergency preparedness Testing & Services Testing ... Support Genetic Disease Information Find a Support Group Financial Planning Who Should I Tell? Genetic Testing & Counseling Compensation ...

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.

The Irrelevance of Financial Statements from Parastatals in Tanzania

African Journals Online (AJOL)

This study sought to establish whether financial statements from Tanzania parastatals were availed on time, and if not, whether the delay was significant. Using the Normal Approximation Rule to test for significance in mean time difference, it was found that parastatals delayed in releasing financial statements. The difference ...

Correlating stock exchange indices under both normal and financial crisis conditions

Directory of Open Access Journals (Sweden)

Gabriela-Victoria ANGHELACHE

2012-11-01

Full Text Available Until the years 1980 the financial crisis were considered as being limited to the level of the capital market (individually, without bearing a systemic character. If considering the intensification of the globalization process, we attended at the increase of the degree of commercial and financial integration of the states all over the world. Thus, gradually, the local financial crisis have propagated at the level of the world financial system. The consequences of these financial crisis did not limited to the markets of the countries where they launched, but spread rapidly on the world markets – an effect known in the literature as contagion. In this article we have tried to evaluate the importance of the contagion effects on the capital markets, by utilizing certain econometric methods, from the correlation tests, to the co-integration tests. Meantime, we have tried to show that during the period of the most severe financial crisis from the Second World War up to date, the degree of correlation of the markets amplifies.

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 ...

34 CFR 361.54 - Participation of individuals in cost of services based on financial need.

Science.gov (United States)

2010-07-01

... types of vocational rehabilitation services for which the unit has established a financial needs test... service. (3) The designated State unit may not apply a financial needs test, or require the financial... 34 Education 2 2010-07-01 2010-07-01 false Participation of individuals in cost of services based...

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…

The Determinants Of Government Financial Reports Online

Directory of Open Access Journals (Sweden)

María del Carmen CABA PEREZ

2014-06-01

Full Text Available The disclosure of financial documents can be extremely significant for improving information transparency as part of the management of financial resources to render public sector services. Therefore, this research focuses on the role played by new technologies in this respect, particularly in promoting the transparency of financial information documents and on the key determinants to make financial documents available on the World Wide Web. To achieve this aim, an empirical test is made of models we propose, to discover whether the national websites of OCDE countries are using the Internet to provide citizens with governmental budgetary transparency and whether this disclosure is influenced by socio-economic factors. The results of the study confirm that factors previously found to be important in paper-based reporting, such as education level, population, internet access or fiscal pressure seem to have no influence on the public financial information disclosed on the Internet. Only debt seems to be a relevant factor in the degree of information transparency achieved via the Internet for accountability documents.

Formación de patrones de turing para sistemas de reacción-convección-difusión en dominios fijos sometidos a campos de velocidad toroidal

OpenAIRE

Carlos Humberto Galeano; Diego Alexander Garzón; Juan Miguel Mantilla

2010-01-01

El presente artículo estudia el efecto de la incorporación del término de transporte en las ecuaciones de reacción-difusión de dominio fijo, a través de campos de velocidad toroidal. Se estudia específicamente la formación de patrones de Turing en problemas de difusión-advección-reacción, considerando los modelos de cinética de reacción de Schnackenberg y de glucólisis. Se analizan tres casos, los cuales se solucionan numéricamente empleando elementos finitos. Se encuentra que, para los model...

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).…

Portfolio Diversification with Commodities in Times of Financialization

Directory of Open Access Journals (Sweden)

Adam Zaremba

2015-03-01

Full Text Available The study concentrates on the benefits of passive commodity investments in the context of the phenomenon of financialization. The research investigates the implications of increase in the correlation coefficients between equity and commodity investments for investors in financial markets. The paper is composed of several parts. First, the attributes of commodity investments and their benefits in the portfolio optimization are explored. Second, the phenomenon of the financialization is described and the research hypothesis is developed. Next, an empirical analysis is performed. I simulate the mean-variance spanning tests to examine the benefits of commodity investments before and after accounting for the impact of financialization. I proceed separate analysis for pre- and post-financialization period. The empirical research is based on asset classes’ returns and other related variables from years 1991-2012. The performed investigations indicate that the market financialization may have significant implications for commodity investors. Due to increase in correlation coefficients, the inclusion of the commodity futures in the traditional stock-bond portfolio appears to be no longer reasonable.

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...

Prediksi Financial Distress Pada Perusahaan Manufaktur Di Bursa Efek Indonesia

Directory of Open Access Journals (Sweden)

Randy Kurnia Permana

2017-06-01

Full Text Available Financial Distress Prediction in Manufacturing Companies at Indonesian Stock ExchangeThis study aims to identify, analyze, demonstrate and test the differences in health status between the model results Grover, Springate, and Zmijewski. The model used by investors who will invest in the company. This study has a characteristic that is tested three models and find the one best model. Data was tested using chi-square test. Results showed Hypothesis 1 accepted that there are differences in health status in the test model of Grover, Springate, and Zmijewski on manufacturing companies listed on the Stock Exchange 2006-2015. Model Springate is the best predictive model than the model Grover and Springate, because it has more components than the other models and models Springate have EBIT  To Current Liabilities component is how much profit the ability to pay debts. This component is a very important component to see financial distress, due to financial distress occur because one debt that not covered by the companyDOI: 10.15408/ess.v7i2.4797

The financial position and funding of French non-financial corporations

OpenAIRE

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

2015-01-01

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

APPLICATION OF FINANCIAL ETHICS IN ANNUAL FINANCIAL REPORTING OF BANKS

Directory of Open Access Journals (Sweden)

Ayuba A. Aminu

2016-03-01

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

Financial Planners: Educating Widows in Personal Financial Planning

Science.gov (United States)

Korb, Brian R.

2010-01-01

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

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

Directory of Open Access Journals (Sweden)

Md. Nur Alam Siddik

2018-04-01

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

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

OpenAIRE

João Manoel Pinho de Mello; Márcio Gomes Pinto Garcia

2011-01-01

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

Financial risks after the subprime crisis

Directory of Open Access Journals (Sweden)

Rodrigo Leiva Büchi

2009-12-01

Full Text Available The subprime financial crisis revealed some of risks that were not considered as a priority. Among others, a liquidityrisk is now considered as one of the main risks to work with by all institutions. Apart from that, it became obviousthat traditional risk management focused only on what was known and expected, ignoring analysis and testing eventswith low probability but high impact. Lastly, the subprime crisis left a number of lessons in relation to the regulationfor financial markets that must be considered when creating a new regulatory system.

ANTESEDEN PROBABILITAS FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

Directory of Open Access Journals (Sweden)

Triani Pujiastuti

2017-03-01

Full Text Available Based on theory and previous research, some factors which influenced probability of corporate financialdistress were found. This research was done for testing the consistency of research result with different researchperiod that would strengthen the related empirical research finding. The purpose of this research was to test theimpact of profitability ratio (Return on Assets, working capital policy, capital structure, size, current ratioand firm age toward the probability of financial distress of manufacturing firms at Indonesian Stock Exchange.The method used in this research was purposive sampling, which was taking data with certain criteria.The criteria was that the companies or firms used were those which issued bond and were listed in IndonesianStock Exchange between 2007 until 2012 and had data completion needed in this research. The research resultsusing Logistic Regression were 1 test of profitability ratio, working capital policy ratio, capital structure, size,and firm age had significant influence to the probability of financial distress manufacturing firms in Indonesia,2 partially only profitability ratio that had negative significant influence to the probability of financialdistress manufacturing firms in Indonesia while working capital ratio, capital structure, size, and age firm didnot have significant influence to financial distress manufacturing firms in Indonesia. This research producedprediction model of financial distress.

Essays on predictability of emerging markets growth and financial performance

OpenAIRE

Banegas, Maria Ayelen

2011-01-01

This dissertation seeks to better understand the underlying factors driving financial performance and economic activity in international markets. The first chapter "Predictability of Growth in Emerging Markets: Information in Financial Aggregates" tests for predictability of output growth in a panel of twenty-two emerging market economies. I use pooled panel data methods that control for endogeneity and persistence in the predictor variables to test the predictive power of a large set of fina...

New evidence on the first financial bubble

NARCIS (Netherlands)

Frehen, R.G.P.; Goetzmann, W.; Rouwenhorst, K.G.

2013-01-01

The Mississippi Bubble, South Sea Bubble and the Dutch Windhandel of 1720 together represent the world's first global financial bubble. We hand-collect cross-sectional price data and investor account data from 1720 to test theories about market bubbles. Our tests suggest that innovation was a key

Financial Performance of Entry Mode Decisions

DEFF Research Database (Denmark)

Boyd, Britta; Dyhr Ulrich, Anna Marie; Hollensen, Svend

2012-01-01

Based on a survey of 170 Danish SMEs the paper examines influences on entry mode choices and the financial outcome of these decisions. The main research objectives are divided into two steps: Step 1: To determine the factors influencing the choice of foreign entry modes by Danish companies. Step ...... and implications are provided for companies willing to invest more into foreign markets in order to achieve a higher degree of control and better financial results.......Based on a survey of 170 Danish SMEs the paper examines influences on entry mode choices and the financial outcome of these decisions. The main research objectives are divided into two steps: Step 1: To determine the factors influencing the choice of foreign entry modes by Danish companies. Step 2......: To determine the relationship between the choice of entry mode and export performance, measured in terms of financial outcome. Drawing from transaction cost theory the authors develop and test a model where different factors affect the level of control chosen by the parent company. This study contributes...

Hospital ownership, decisions on supervisory board characteristics, and financial performance.

Science.gov (United States)

Kuntz, Ludwig; Pulm, Jannis; Wittland, Michael

2016-01-01

Dynamic and complex transformations in the hospital market increase the relevance of good corporate governance. However, hospital performance and the characteristics of supervisory boards differ depending on ownership. The question therefore arises whether hospital owners can influence performance by addressing supervisory board characteristics. The objective of this study is to explain differences in the financial performance of hospitals with regard to ownership by studying the size and composition of supervisory boards. The AMADEUS database was used to collect information on hospital financial performance in 2009 and 2010. Business and quality reports, hospital websites, and data from health insurer were used to obtain information on hospital and board characteristics. The resulting sample consisted of 175 German hospital corporations. We utilized ANOVA and regression analysis to test a mediation hypothesis that investigated whether decisions regarding board size and composition were associated with financial performance and could explain performance differences. Financial performance and board size and composition depend on ownership. An increase in board size and greater politician participation were negatively associated with all five tested measures of financial performance. Furthermore, an increase in physician participation was positively associated with one dimension of financial performance, whereas one negative relationship was identified for nurse and economist participation. For clerics, no associations were found. Decisions concerning board size and composition are important as they relate to hospital financial performance. We contribute to existing research by showing that, in addition to board size and physician participation, the participation of other professionals can also influence financial performance.

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. ...

Is culture a determinant of financial development?

OpenAIRE

Dutta, Nabamita; Mukherjee, Deepraj

2011-01-01

The paper investigates the missing link in the literature – whether informal institutions, or what is known as culture, can affect the level of financial development for a country? Our hypothesis stresses that the cultural dimensions of a country can have an impact on its financial set up. We consider multiple dimensions of culture, identified in the literature by Tabellini, to test our hypothesis. As culture evolve in the form of greater trust, control and other traits, individuals’ attitude...

Predicting financial distress in publicly-traded companies

Directory of Open Access Journals (Sweden)

Felipe Fontaine Rezende

2017-07-01

Full Text Available ABSTRACT Several models for forecasting bankruptcy have been developed over the years, one of the reasons for which is the important part it plays in decision-making. However, forecasting a company’s bankruptcy leaves a very short time for stakeholders to change the situation. It is in this context that this paper arises in order to develop a model for predicting financial distress, which is identified as a step prior to bankruptcy. The predictive model uses the logistic regression technique with panel data and a sample of Brazilian publicly-traded companies with shares listed on the São Paulo Stock, Commodities, and Futures Exchange between 2001 and 2014. As well as financial variables, the final model includes market expectations (macroeconomic and sector variables. These variables are statistically tested and the hypothesis is confirmed that they improve the accuracy of the model. The research identified the existence of financial distress in 96% of the companies that went bankrupt. In addition, the relationship between the phenomena of bankruptcy and financial distress is verified, using financial and macroeconomic explanatory variables. The results demonstrate that most (83% of the explanatory variables in the model for predicting bankruptcy are also present in the model for predicting the phenomenon of financial distress. The expected gross domestic product variables and the quick ratio, asset turnover, and net equity over total liabilities financial variables are statistically significant in predicting both phenomena. With this evidence, the study suggests the use of the concept of financial distress as a stage prior to bankruptcy and provides a model for predicting financial distress with 89% accuracy when applied to publicly-traded companies in Brazil in the period examined.

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...

The Use of Financial Literacy for Growing Personal Finance

Directory of Open Access Journals (Sweden)

Ardi Gunardi

2017-07-01

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

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.

Factors associated with perceived donation-related financial burden among living kidney donors.

Science.gov (United States)

Ruck, Jessica M; Holscher, Courtenay M; Purnell, Tanjala S; Massie, Allan B; Henderson, Macey L; Segev, Dorry L

2018-03-01

The perception of living kidney donation-related financial burden affects willingness to donate and the experience of donation, yet no existing tools identify donors who are at higher risk of perceived financial burden. We sought to identify characteristics that predicted higher risk of perceived financial burden. We surveyed 51 living kidney donors (LKDs) who donated from 01/2015 to 3/2016 about socioeconomic characteristics, predonation cost concerns, and perceived financial burden. We tested associations between both self-reported and ZIP code-level characteristics and perceived burden using Fisher's exact test and bivariate modified Poisson regression. Donors who perceived donation-related financial burden were less likely to have an income above their ZIP code median (14% vs. 72%, P = .006); however, they were more likely than donors who did not perceive burden to rent their home (57% vs. 16%, P = .03), have an income donation-related cost concerns prior to donation might allow transplant centers to target financial support interventions toward potential donors at higher risk of perceiving donation-related financial burden. © 2017 The American Society of Transplantation and the American Society of Transplant Surgeons.

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.

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

OpenAIRE

Frederic S. Mishkin

2001-01-01

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

A financial network perspective of financial institutions' systemic risk contributions

Science.gov (United States)

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

2016-08-01

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

Impact of HMO mergers and acquisitions on financial performance.

Science.gov (United States)

Weech-Maldonado, Robert

2002-01-01

This study examines the effect of health maintenance organization (HMO) mergers and acquisitions on financial performance, as indicated by cash flow returns, profitability ratios, and efficiency indicators. Pooled, cross-sectional files of financial performance data were created for HMO mergers occurring in the period of 1988 to 1994. The study uses a time-series design involving the analysis of pre- and post-acquisition financial performance measured over a period of four years. Change scores for the industry-adjusted financial performance measures were calculated and then evaluated using t-tests. The study showed that HMO mergers had a positive effect on financial performance and efficiency. This effect disappeared, however, after adjusting for HMO industry returns. Potential synergies arising from HMO mergers have been largely illusory. Mergers may have been a result of non-value enhancing motives or management overconfidence.

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.

AN EMPIRICAL ANALYSIS OF RUSSIAN BANKING AND NON-FINANCIAL SECTORS' VULNERABILITY TO POSSIBLE EXTERNAL FINANCIAL SHOCK

Directory of Open Access Journals (Sweden)

Егор Николаевич Поляков

2013-08-01

Full Text Available The article explains to what extent currency mismatch in banking and non-financial sectors determine vulnerability of Russian economy with respect to possible external shock. The authors explain how Central Bank of Russia exchange rate policy depends on currency mismatches and to what extent currency mismatches determined the slowdown of Russian economy during the financial crisis. The article shows the dynamics of currency mismatch from 2004 to 2012 year. The authors offer the model of the relationship between capital flight and external debt of private sector. The authors present the results of stress test of Russian economy. The stress test implies external shock similar to external shock of the end of 2008. According to stress test as of end of 2012 both banking and private sectors are less vulnerable to possible external shock. Meanwhile authors made a conclusion that vulnerability of a private sector remains unacceptably high. The authors recommend 2 ways how to decelerate the currency mismatch of a private sector. DOI: http://dx.doi.org/10.12731/2218-7405-2013-6-8

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…

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

COMPANIES’FINANCIAL STATUS AND THE BUSINESS TURNOVER ON EMERGENT MARKETS: THE ROMANIAN CASE

Directory of Open Access Journals (Sweden)

Stefea Petru

2013-07-01

Full Text Available The aim of this study is to test for the relevance of some financial ratios as descriptors of companies’ financial status in explaining the evolutions of their business turnover. We are considering a data sample of 36 companies quoted on the Romanian capital market for a time span between 2007 and 2010.The predictive capacity of some significant financial ratios for the companies’ business turnover is analyzed and a methodology for the evaluation of their financial status based on these ratios is advanced. We found that the predictive capacity of some relevant financial ratios for the dynamic of some quoted companies’ turnovers is non-uniform across the two conventional sectors in which we have grouped these companies according to their field of activity. Based on these results, an synthetic indicator of the companies’ financial status is constructed at the level of each individual sector and the non-linear correlation between this indicator and the business turnover is tested.

Framework for Financial Ratio Analysis of Audited Federal Financial Reports

National Research Council Canada - National Science Library

Brady, Richard

1999-01-01

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

Financial Economy and Financial System: Basis of Structural Interconnection

OpenAIRE

Khorosheva Olena I.

2014-01-01

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

Financial Literacy and Financial Sophistication in the Older Population

Science.gov (United States)

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

2017-01-01

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

Financial Literacy and Financial Sophistication in the Older Population.

Science.gov (United States)

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

2014-10-01

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

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

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

Pedagogy of Financial Education among College Students

Directory of Open Access Journals (Sweden)

Jacob Michael Ben

2016-12-01

Full Text Available The level of economic thinking and financial culture of population should be considered one of the most important components of society’s economic life quality. Here, a key factor is economic and financial socialization of an individual, which can be achieved mainly by modelling appropriate training process technology to promote and ensure financial awareness at the early stages of training in high school and later on in colleges and universities. This paper focuses on one of the options of a unique subject matter (course in Financial Education, for which testing started in 2008 and is successfully continuing in the Department of Business Management of Neri Bloomfield School of Design and Education (Haifa, Israel against the backdrop of a multicultural environment. The study shows the dynamics of the formation of the main teaching methods of the new course. In parallel, we analysed the results of the final examinations of students to further adjust the content and pedagogy of the educational process. The results once again confirmed the urgent need to improve the financial literacy of students in accordance with the challenges of economics and culture in the twenty-first century.

Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia

International Nuclear Information System (INIS)

Shahbaz, Muhammad; Lean, Hooi Hooi

2012-01-01

This paper assesses the relationship among energy consumption, financial development, economic growth, industrialization and urbanization in Tunisia from 1971 to 2008. The autoregressive distributed lag bounds testing approach to cointegration and Granger causality tests is employed for the analysis. The result confirms the existence of long-run relationship among energy consumption, economic growth, financial development, industrialization and urbanization in Tunisia. Long-run bidirectional causalities are found between financial development and energy consumption, financial development and industrialization, and industrialization and energy consumption. Hence, sound and developed financial system that can attract investors, boost the stock market and improve the efficiency of economic activities should be encouraged in the country. Nevertheless, promoting industrialization and urbanization can never be left out from the process of development. We add light to policy makers with the role of financial development, industrialization and urbanization in the process of economic development. - Highlights: ► We find the existence of long-run relationship among variables. ► Financial development is positively related to energy consumption. ► Bidirectional causal relationship between financial development and energy consumption. ► Sound and developed financial system should be encouraged.

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

Predicting Financial Distress and Closure in Rural Hospitals.

Science.gov (United States)

Holmes, George M; Kaufman, Brystana G; Pink, George H

2017-06-01

Annual rates of rural hospital closure have been increasing since 2010, and hospitals that close have poor financial performance relative to those that remain open. This study develops and validates a latent index of financial distress to forecast the probability of financial distress and closure within 2 years for rural hospitals. Hospital and community characteristics are used to predict the risk of financial distress 2 years in the future. Financial and community data were drawn for 2,466 rural hospitals from 2000 through 2013. We tested and validated a model predicting a latent index of financial distress (FDI), measured by unprofitability, equity decline, insolvency, and closure. Using the predicted FDI score, hospitals are assigned to high, medium-high, medium-low, and low risk of financial distress for use by practitioners. The FDI forecasts 8.01% of rural hospitals to be at high risk of financial distress in 2015, 16.3% as mid-high, 46.8% as mid-low, and 28.9% as low risk. The rate of closure for hospitals in the high-risk category is 4 times the rate in the mid-high category and 28 times that in the mid-low category. The ability of the FDI to discriminate hospitals experiencing financial distress is supported by a c-statistic of .74 in a validation sample. This methodology offers improved specificity and predictive power relative to existing measures of financial distress applied to rural hospitals. This risk assessment tool may inform programs at the federal, state, and local levels that provide funding or support to rural hospitals. © 2016 National Rural Health Association.

Financial distress in Brazilian banks: an early warning model,

Directory of Open Access Journals (Sweden)

Paulo Sérgio Rosa

2017-12-01

Full Text Available ABSTRACT This study aims to propose an early warning model for predicting financial distress events in Brazilian banking institutions. Initially, a set of economic-financial indicators is evaluated, suggested by the risk management literature for identifying situations of bank insolvency and exclusively taking public information into account. For this, multivariate logistic regressions are performed, using as independent variables financial indicators involving capital adequacy, asset quality, management quality, earnings, and liquidity. The empirical analysis was based on a sample of 142 financial institutions, including privately and publicly held and state-owned companies, using monthly data from 2006 to 2014, which resulted in panel data with 12,136 observations. In the sample window there were nine cases of Brazilian Central Bank intervention or mergers and acquisitions motivated by financial distress. The results were evaluated based on the estimation of the in-sample parameters, out-of-sample tests, and the early warning model signs for a 12-month forecast horizon. These obtained true positive rates of 81%, 94%, and 89%, respectively. We conclude that typical balance-sheet indicators are relevant for the early warning signs of financial distress in Brazilian banks, which contributes to the literature on financial intermediary credit risk, especially from the perspective of bank supervisory agencies acting towards financial stability.

Testing the EKC hypothesis by considering trade openness, urbanization, and financial development: the case of Turkey.

Science.gov (United States)

Ozatac, Nesrin; Gokmenoglu, Korhan K; Taspinar, Nigar

2017-07-01

This study investigates the environmental Kuznets curve (EKC) hypothesis for the case of Turkey from 1960 to 2013 by considering energy consumption, trade, urbanization, and financial development variables. Although previous literature examines various aspects of the EKC hypothesis for the case of Turkey, our model augments the basic model with several covariates to develop a better understanding of the relationship among the variables and to refrain from omitted variable bias. The results of the bounds test and the error correction model under autoregressive distributed lag mechanism suggest long-run relationships among the variables as well as proof of the EKC and the scale effect in Turkey. A conditional Granger causality test reveals that there are causal relationships among the variables. Our findings can have policy implications including the imposition of a "polluter pays" mechanism, such as the implementation of a carbon tax for pollution trading, to raise the urban population's awareness about the importance of adopting renewable energy and to support clean, environmentally friendly technology.

THE IMPACT OF ACQUISITION ON FINANCIAL PERFORMANCE OF PT. ABC

OpenAIRE

Novian Zen; Noer Azam Achsani; Trias Andati

2016-01-01

This study aimed to analyze the financial performance of the subsidiary company (PT ABC) before and after acquired by the holding company (PT XYZ). The examined ratios of the financial performance were profitability and capital structure for the period of 2010-2014. This study utilized the t test tool. In the first and second year after the acquisition, the result shows that with the existence of business synergy, there was a change in financial performance although it was insignificant. Furt...

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

The influence of financial market development on investment activities in a developing country

Directory of Open Access Journals (Sweden)

Shirley Malope

2017-09-01

Full Text Available Financial markets are considered developed if there is improvement in the size, activity, efficiency and stability of the financial system. The study looked at how financial development based on debt, stock, money and foreign markets affect investment. The Johansen cointegration and Vector Error Correction Model (VECM were used to estimate the short and long run relationship and test for the speed of adjustment. Granger causality test informed about direction of causality, variance decompositions and impulse response indicated effects of shocks. The Johansen cointegration test showed that the variables have a long run relationship. VECM showed that the speed of adjustment is about 13%, which means that variables will converge to equilibrium relatively quickly. The impulse response function indicated that financial market development indicators have short-run effects on investment in the first quarters after the initial shocks. Variance decomposition also indicated that specifically government bonds had greater effect in predicting future investments. The policy implications of these findings are for government to place greater priority on government bonds as its effect on investment is greater than other financial development proxies. Policies should focus on allowing greater risk diversification and improving the independence of the financial sector from government interference

A comment on measuring the Hurst exponent of financial time series

Science.gov (United States)

Couillard, Michel; Davison, Matt

2005-03-01

A fundamental hypothesis of quantitative finance is that stock price variations are independent and can be modeled using Brownian motion. In recent years, it was proposed to use rescaled range analysis and its characteristic value, the Hurst exponent, to test for independence in financial time series. Theoretically, independent time series should be characterized by a Hurst exponent of 1/2. However, finite Brownian motion data sets will always give a value of the Hurst exponent larger than 1/2 and without an appropriate statistical test such a value can mistakenly be interpreted as evidence of long term memory. We obtain a more precise statistical significance test for the Hurst exponent and apply it to real financial data sets. Our empirical analysis shows no long-term memory in some financial returns, suggesting that Brownian motion cannot be rejected as a model for price dynamics.

Executable Operational Semantics of Solidity

OpenAIRE

Jiao, Jiao; Kan, Shuanglong; Lin, Shang-Wei; Sanan, David; Liu, Yang; Sun, Jun

2018-01-01

Bitcoin has attracted everyone's attention and interest recently. Ethereum (ETH), a second generation cryptocurrency, extends Bitcoin's design by offering a Turing-complete programming language called Solidity to develop smart contracts. Smart contracts allow creditable execution of contracts on EVM (Ethereum Virtual Machine) without third parties. Developing correct smart contracts is challenging due to its decentralized computation nature. Buggy smart contracts may lead to huge financial lo...

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…

7 CFR 1773.32 - Report on compliance and on internal control over financial reporting.

Science.gov (United States)

2010-01-01

... financial reporting. 1773.32 Section 1773.32 Agriculture Regulations of the Department of Agriculture... RUS Reporting Requirements § 1773.32 Report on compliance and on internal control over financial... control over financial reporting including whether or not the tests performed provided sufficient evidence...

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.

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 incentives enhance adaptation to a sensorimotor transformation.

Science.gov (United States)

Gajda, Kathrin; Sülzenbrück, Sandra; Heuer, Herbert

2016-10-01

Adaptation to sensorimotor transformations has received much attention in recent years. However, the role of motivation and its relation to the implicit and explicit processes underlying adaptation has been neglected thus far. Here, we examine the influence of extrinsic motivation on adaptation to a visuomotor rotation by way of providing financial incentives for accurate movements. Participants in the experimental group "bonus" received a defined amount of money for high end-point accuracy in a visuomotor rotation task; participants in the control group "no bonus" did not receive a financial incentive. Results showed better overall adaptation to the visuomotor transformation in participants who were extrinsically motivated. However, there was no beneficial effect of financial incentives on the implicit component, as assessed by the after-effects, and on separately assessed explicit knowledge. These findings suggest that the positive influence of financial incentives on adaptation is due to a component which cannot be measured by after-effects or by our test of explicit knowledge. A likely candidate is model-free learning based on reward-prediction errors, which could be enhanced by the financial bonuses.

Financial development and poverty reduction in emerging market economies

Directory of Open Access Journals (Sweden)

Bayar Yılmaz

2017-01-01

Full Text Available Poverty reduction is one of the key challenges in the globalized world. This study investigates the relationship between financial development and poverty reduction in emerging market economies during the period 1993- 2012. The Carrión-i-Silvestre, del Barrio-Castro, and López-Bazo (2005 panel unit root test and the Basher and Westerlund (2009 cointegration test was applied considering the cross-sectional dependence and multiple structural breaks in the study period. The findings indicated that financial development, including banking sector development and stock market development, had a significant positive impact on poverty reduction in emerging market economies.

KAJIAN EMPIRIS INTERNET FINANCIAL REPORTING DAN PRAKTEK PENGUNGKAPAN

Directory of Open Access Journals (Sweden)

Reskino ,

2017-02-01

Full Text Available Purpose – Internet is a medium with applications that are used to streamline the communication process including the communication of financial statements to the parties concerned. This study examined the factors that affect the company's financial reporting on the internet property sector, real estate and building construction. These factors include firm size, leverage, profitability and liquidity of the financial reporting through the internet (IFR. Design/methodology/approach – Secondarydata were sourced from 53 samples of the company which listed in the Indonesia Stock Exchange in 2013. The study was conducted on Research data analysis using logistic regression analysis with dummy variables and t test (partial with significance level of 5%. Findings –The analysis found that only the size of companies that have effect on the financial reporting through the internet (internet financial reporting. However leverage, profitability, and liquidity do not explain the company choice to use IFR. Originalitas – This is one of the studies to examine the factors that influence the disclosure of financial statements on the Internet at property sector, real estate and building construction. The artikel provides a valuable contribution to researchers and practitioners to extends the understanding of IFR at property sector, real estate and building construction  Keywords: Internet Financial Reporting, Firm Size, Leverage, Profitability, Liquidity, Voluntary Disclosure

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.

Logistic regression analysis of financial literacy implications for retirement planning in Croatia

Directory of Open Access Journals (Sweden)

Dajana Barbić

2016-12-01

Full Text Available The relationship between financial literacy and financial behavior is important, as individuals are increasingly being asked to take responsibility for their financial wellbeing, especially their retirement. Analyzing of individual savings and attitudes towards retirement planning is important, as these types of investments are a way of preserving security during years of financial vulnerability. Research indicates that individuals who do not save adequately for their retirement, generally have a relatively low level of financial literacy. This research investigates the relationship between financial literacy and retirement planning in Croatia. To analyze the relationship between financial literacy and planning for retirement, maximum likelihood logistic regression analysis was used. The paper shows that those who answer financial literacy questions correctly are more likely to have a positive attitude towards retirement planning and are more likely to save for retirement, ensuring them of higher levels of financial security in retirement. The Goodness-of-Fit evaluation for the estimated logit model was performed using the Andrews and Hosmer-Lemeshow Tests.

Risk disclosure in the financial statements: an analysis of the notes of portuguese non-financial corporations

Directory of Open Access Journals (Sweden)

Maria de Lima e Silva

2015-09-01

Full Text Available This study aims to analyze the risk disclosure of Portuguese non-financial corporations listed in the Lisbon Euronext in 2011 and 2012. The information characteristics disseminated in risk-related material were analyzed, considering the temporal contexto, the quantitative or qualitative nature of the information, the nature and classification of the risk disclosed. The data for this study were collected through the content analysis of the notes to the reports and accounts (consolidated accounts of the entities in the study population during 2011 and 2012, resulting in a population of 36 entities. The data were then submitted to univariate and bivariate analysis techniques, based on non-parametric tests, namely the Wilcoxon test. The results demonstrate that the qualitative disclosure of financial information is predominant, referring to the past, and classified as “good news”. The research results are intended to contribute to the understanding of the theme, like in the case of the elements in the information disclosure based on risk-related material.

THE IMPACT OF ACQUISITION ON FINANCIAL PERFORMANCE OF PT. ABC

Directory of Open Access Journals (Sweden)

Novian Zen

2016-09-01

Full Text Available This study aimed to analyze the financial performance of the subsidiary company (PT ABC before and after acquired by the holding company (PT XYZ. The examined ratios of the financial performance were profitability and capital structure for the period of 2010-2014. This study utilized the t test tool. In the first and second year after the acquisition, the result shows that with the existence of business synergy, there was a change in financial performance although it was insignificant. Furthermore, in the third year, there was absolutely no change; however, in the fourth year, there was an insignifant change. The implications of this research indicates the motive or objective of the shareholders (K-State-owned Enterprises in assigning the holding company (XYZ to restructure the financial performance and improve capital structure of its subsidiary company (PT ABC by conducting a business synergy has not been reached.Keywords: acquisition, financial performance, improved capital structure, business synergy and financial reports

Complex Analysis of Financial State and Performance of Construction Enterprises

Directory of Open Access Journals (Sweden)

Algirdas Krivka

2015-12-01

Full Text Available The paper analyses the financial state and performance of large constructions enterprises by applying financial indicators. As there is no one single decisive financial indicator enabling to objectively assess enterprise performance, the multi-criteria decision making (MCDM methods are applied with four groups of financial ratios (profitability, liquidity, solvency and asset turnover acting as evaluation criteria, while the alternatives assessed are two enterprises compared throughout the reference period of three years, also with the average indicator values of the whole construction sector. The weights of the criteria have been estimated by involving competent experts with chi-square test employed to check the degree of agreement of expert estimates. The research methodology contributes to the issue of complex evaluation of enterprise financial state and performance, while the result of the multi-criteria assessment – the ranking of enterprises and sector average with respect to financial state and performance – could be considered worth attention from business owners, potential investors, customers or other possible stakeholders.

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

Directory of Open Access Journals (Sweden)

Rayenda Khresna Brahmana

2016-10-01

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

Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda

NARCIS (Netherlands)

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

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

Large Retailers’ Financial Services

OpenAIRE

Risso, Mario

2010-01-01

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

FORMATION OF FINANCIAL RESOURCES OF ENTERPRISES IN CONDITIONS OF FINANCIAL INSTABILITY

Directory of Open Access Journals (Sweden)

Veronika Dmytrovska

2017-08-01

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

The Financial Flexibility as a Factor of Financial Security

Directory of Open Access Journals (Sweden)

Feofanova Iryna V.

2017-09-01

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

Financial Development and Inclusive Growth in Nigeria: A Threshold Analysis

Directory of Open Access Journals (Sweden)

Taofeek Olusola Ayinde

2016-10-01

Full Text Available This study investigates the relationship between financial development and inclusive growth in Nigeria for the period 1980 – 2013. The technique of analysis is the quantile regression; which is to obtain a threshold for which the former impacts on the latter. The result shows a threshold level of 90th percentile. Interestingly, the study also found that the impact of financial development on inclusive growth depends on the measure of the former up to the threshold level and not beyond. Through a granger causality test, the direction of causality is through the inclusive growth rather than through financial development; through the financial deepening measure. While the study found that either a low level or high level of openness on trade and capital investment are desirable for inclusive growth in Nigeria, the results also reveal that government involvement in the workings of the Nigeria economy and financial openness are sensitive to the pattern of financial development. With financial deepening, both are negatively related to inclusive growth but positively related to inclusive growth when financial widening is considered. This suggests that government intervention in the activities of the private sector is detrimental when the latter are to drive financial development process. However, the involvement of government in ensuring the appropriate level of financial widening, through the central bank operations, produces a positive impact on growth.

Financial Development and Inclusive Growth in Nigeria: A Threshold Analysis

Directory of Open Access Journals (Sweden)

Taofeek Olusola Ayinde

2016-08-01

Full Text Available This study investigates the relationship between financial development and inclusive growth in Nigeria for the period 1980 – 2013. The technique of analysis is the quantile regression; which is to obtain a threshold for which the former impacts on the latter. The result shows a threshold level of 90th percentile. Interestingly, the study also found that the impact of financial development on inclusive growth depends on the measure of the former up to the threshold level and not beyond. Through a granger causality test, the direction of causality is through the inclusive growth rather than through financial development; through the financial deepening measure. While the study found that either a low level or high level of openness on trade and capital investment are desirable for inclusive growth in Nigeria, the results also reveal that government involvement in the workings of the Nigeria economy and financial openness are sensitive to the pattern of financial development. With financial deepening, both are negatively related to inclusive growth but positively related to inclusive growth when financial widening is considered. This suggests that government intervention in the activities of the private sector is detrimental when the latter are to drive financial development process. However, the involvement of government in ensuring the appropriate level of financial widening, through the central bank operations, produces a positive impact on growth.

Impact of Economic Hardship and Financial Threat on Suicide Ideation and Confusion.

Science.gov (United States)

Fiksenbaum, Lisa; Marjanovic, Zdravko; Greenglass, Esther; Garcia-Santos, Francisco

2017-07-04

The present study tested the extent to which perceived economic hardship is associated with psychological distress (suicide ideation and confusion) after controlling for personal characteristics. It also explored whether perceived financial threat (i.e., fearful anxious-uncertainty about the stability and security of one's personal financial situation) mediates the relationship between economic hardship and psychological distress outcomes. The theoretical model was tested in a sample of Canadian students (n = 211) and was validated in a community sample of employed Portuguese adults (n = 161). In both samples, the fit of the model was good. Parameter estimates indicated that greater experience of economic hardship increased with financial threat, which in turn increased with levels of suicide ideation and confusion. We discuss the practical implications of these results, such as for programs aimed at alleviating the burden of financial hardship, in our concluding remarks.

Evaluating the Efficiency of Financial Inclusion (Special reference to Jharkhand, India

Directory of Open Access Journals (Sweden)

Suman Palit

2015-12-01

Full Text Available This paper is an attempt to analyze the status of financial inclusion in the state of Jharkhand, India. It tries to evaluate the efficiency of the financial institutions in terms of their outreach to clients and overall client satisfaction. Responses were collected separately from the service providers and customers through two different questionnaires and a convenience sampling method was adopted to select the respondents. Hypotheses development and testing was done to analyze data using a regression model. The first questionnaire examined the relationship between various financial inclusion determinants with “Outreach” and the second questionnaire studied the relationship between financial inclusion determinants with “Customer satisfaction.”  The empirical results of the study exhibit that the financial inclusion determinants have a positive effect on the outreach to clients and overall customer satisfaction levels and improve the customers’ financial as well as their social capital base. This in turn fosters the financial inclusion activity in the region.

Financial Globalization and Inequality

OpenAIRE

Kunieda, Takuma

2008-01-01

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

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

African Journals Online (AJOL)

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

Inmate Perceptions of Financial Education Needs: Suggestions for Financial Educators

Science.gov (United States)

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

2013-01-01

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

Financial assurances

International Nuclear Information System (INIS)

Paton, R.F.

1990-01-01

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

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

Directory of Open Access Journals (Sweden)

Syed Jawad Hussain Shahzad

2015-04-01

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

Sense of coherence: A distinct perspective on financial well-being

Directory of Open Access Journals (Sweden)

Antoni Barnard

2016-11-01

Full Text Available With the ongoing financial challenges being faced in the economic environment, research exploring financial and psychological well-being is of significant value because employees’ socio-economic behaviour affects productivity. Research emphasises mainly the effect of income level on psychological well-being, and its orientation to psychological well-being is narrowly derived from a focus on subjective well-being constructs. This study addresses the research gap by exploring the relationship dynamics between sense of coherence, income level and financial well-being. Secondary data were obtained from a cross-sectional online employee-wellness survey (n=7 185. The sample distribution included 66 per cent females and 34 per cent males from various age groups, with 46 per cent of the sample comprising single-household earners and 54 per cent sharing household income. Analysis of variance was conducted to examine the relationship dynamics between sense of coherence, level of income and financial well-being. Demographic variables that formed part of the survey results were included in the analysis. The relationships between sense of coherence and identified significant income level, financial well-being and demographic effects were further explored in Bonferroni multiple comparisons of means test and cross reference frequency tables that included Pearson’s chi-square and/or Cochran–Armitage trend tests. Detail results indicate that high-income employees exhibit a significantly stronger sense of coherence than low-income employees, and that, despite level of income, financial wellbeing is nevertheless positively related to sense of coherence. Results indicate important implications for managing a financially healthy workforce. Limitations are discussed and recommendations for future research are highlighted.

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.

Investment under Financial Liberalization: Post 1980 Turkey Case

Directory of Open Access Journals (Sweden)

Onur TUTULMAZ

2015-02-01

Full Text Available In the history of the modern state of Turkey many policies have been developed and applied in order to transform ineffective economy to a dynamic and steady one. The liberal policies have been effectively applied except for war periods. The main activity of liberal policies in Turkey’s economy was conducted on January 24, 1980 with some important structural adjustment decisions. These decisions aimed to integrate the economy with the global system by applying global economic order that widely adopted all over the world. The decisions aimed also to activate a financial liberalization in the country. Financial liberalization generally includes the principles related to the removing the pressure on the interest rate, currency control and investment mobility. More liberalization steps came in 1989 aiming to increase the investment and growth. Foreign Direct Investment (FDI was seen important for that purposes. However, short term capital flows, having been more effective in real investments than FDI, have led to several negative effects in this period. In the study some of the drawbacks of that process of financial liberalization have been discussed. The relation between FDI and Gross Domestic Product in the financial liberalization process has been tested with econometric implementation. Econometric estimation has been applied for this purpose to test this relationship for post 1980 era for Turkey as a developing country.

Prolonged Financial Distress After the Deepwater Horizon Oil Spill Predicts Behavioral Health.

Science.gov (United States)

Buckingham-Howes, Stacy; Holmes, Katherine; Glenn Morris, J; Grattan, Lynn M

2018-03-13

The economic impact of disasters is well known; however, the link between financial loss and behavioral health problems is unknown. Participants included 198 adults of ages 21 to 82, living within 10 miles of the Gulf Coast during the Deepwater Horizon Oil Spill and were involved in the fishing, harvesting, seafood processing, or service/tourism industries. The functional impact of financial resource loss at 2.5 years post spill was measured using the 26-item Financial Life Events Checklist (FLEC). Individuals responded to financial distress by reducing social events and utility bills and changing food-shopping habits. The FLEC significantly predicted higher drug use (Drug Abuse Screening Test), alcohol use (Alcohol Use Disorders Identification Test), mood problems (Profile of Mood States), and depressive symptoms (Beck Depression Inventory II) (p values ≤ 0.05) 4.5 years after the spill. This preliminary study supports the notion that the functional impact of financial loss has a long-term impact on behavioral health after an oil spill.

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

Financial incentive does not affect P300 (in response to certain episodic and semantic probe stimuli) in the Complex Trial Protocol (CTP) version of the Concealed Information Test (CIT) in detection of malingering.

Science.gov (United States)

Rosenfeld, J Peter; Labkovsky, Elena; Davydova, Elena; Ward, Anne; Rosenfeld, Lauren

2017-05-01

Previous research indicated that the skin conductance response of the autonomic nervous system in the Concealed Information Test (CIT) is typically increased in subjects who are financially and otherwise incentivized to defeat the CIT (the paradoxical "motivational impairment" effect). This is not the case for RT-based CITs, nor P300 tests based on the three-stimulus protocol for detection of cognitive malingering (although these are not the same as CITs). The present report is the first attempt to study the effect of financial motivation on the P300-based Complex Trial Protocol using both episodic and semantic memory probe and irrelevant stimuli. The Test of Memory Malingering (TOMM) was used to validate behavioral differences between the two groups we created by offering one (paid) group but not another (unpaid) group a financial reward for beating our tests. Group behavioral differences on the TOMM did confirm group manipulations. Probe-minus-irrelevant P300 differences did not differ between groups, although as previously, semantic memory-evoked P300s were larger than episodic memory-evoked P300s. © 2017 Society for Psychophysiological Research.

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.

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

OpenAIRE

Mark Brimble; Ciorstan Smark

2013-01-01

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

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

OpenAIRE

Valls Ruiz, Natàlia

2014-01-01

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

The role of 'financial myths' in financial crises

OpenAIRE

Eric S. Rosengren

2011-01-01

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

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

OpenAIRE

Rabtsinski, Deniss

2010-01-01

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

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 Literacy Assessment of Domestic and Foreign Young Learners and Recommendations for its Enhancement

Directory of Open Access Journals (Sweden)

Svetlana S.

2018-03-01

Full Text Available Introduction: the article considers the factors that determine the financial education of young people. Modern young men and women have a low financial literacy, despite the efforts for improving financial competence. This situation may threaten their personal and public financial security. The article proposes a new methodology for the theoretical and practical training of the young generation in making well-balanced and informed financial decisions. Materials and Methods: the domestic and international scientific literature on financial education has highlighted several approaches to the problem. The analysis of methods with comparison of domestic and foreign pedagogic theory and practice was made in the paper. The tests and questionnaires were developed by the authors to assess the financial literacy of students and schoolchildren. Results: insufficient level of financial competence of young people is revealed. The structure of the new curriculum on obtaining financial knowledge by high school students and university students is presented. Recommendations on the use of tests to assess the level of financial competence of young people are proposed. The study results were verified in high schools and at the University. The new methodology demonstrated its effectiveness. Discussions and Conclusions: modern educational programmes should comply with and meet the challenges of a current dynamically evolving society. The modern changing world pays more attention to financial aspects of human activities. The practical importance of the study lies in the use of new intellectual approaches to teaching financial competence in high schools and universities. The proposed recommendations on the organisation of financial education for the young people in Russia contribute to the formation of financial literacy and skills of students and seniour schoolchildren. The results of the research can be useful to specialists in the field of education and the

Business strategy and financial structure: an empirical analysis of acute care hospitals.

Science.gov (United States)

Ginn, G O; Young, G J; Beekun, R I

1995-01-01

This study investigated the relationship between business strategy and financial structure in the U.S. hospital industry. We studied two dimensions of financial structure--liquidity and leverage. Liquidity was assessed by the acid ratio, and leverage was assessed using the equity funding ratio. Drawing from managerial, finance, and resource dependence perspectives, we developed and tested hypotheses about the relationship between Miles and Snow strategy types and financial structure. Relevant contextual financial and organizational variables were controlled for statistically through the Multivariate Analysis of Covariance technique. The relationship between business strategy and financial structure was found to be significant. Among the Miles and Snow strategy types, defenders were found to have relatively high liquidity and low leverage. Prospectors typically had low liquidity and high leverage. Implications for financial planning, competitive assessment, and reimbursement policy are discussed.

76 FR 7731 - Definitions of “Predominantly Engaged in Financial Activities” and “Significant” Nonbank...

Science.gov (United States)

2011-02-11

... accounting principles (GAAP) or International Financial Reporting Standards (IFRS).\\19\\ To reduce the potential for companies to arbitrage the 85 percent financial test by changing the accounting standards used... consolidated with those of the company under applicable accounting standards would be considered as financial...

Financial management practices and attitudes of dental hygienists: a descriptive study.

Science.gov (United States)

Russell, Katherine; Stramoski, Sandra

2011-01-01

The purpose of this study was to determine the financial management goals and practices of registered dental hygienists, their satisfaction with their current financial situations and their attitudes about savings, investments and retirement. A 40 question electronic survey was completed by 388 registered dental hygienists. The descriptive instrument assessed financial practices, attitudes, goals and beliefs, retirement mindset, savings habits, debt tendencies and demographic characteristics of respondents. Statistical analyses compared respondents' beliefs about their financial independence and security with their current financial practices. Analyses included: independent samples t-tests, chi-square analysis and ANOVA. Most dental hygienists believed themselves to be financially independent and reported satisfaction with their current financial situation. Significant relationships existed between respondents' satisfaction with their current financial situations and their financial attitudes and practices (saving regularly and having limited debt). Those who indicated they had personally saved for retirement were more likely to view these savings as their largest source of income during retirement, as opposed to Social Security benefits. A majority agreed that financial management education should be included in the dental hygiene curriculum, and that they would attend a continuing education course on the subject if offered. The results of this study suggest that hygienists have confidence in their ability to provide secure financial futures for themselves. Hygienists who practiced sound financial planning, such as adhering to monthly budgets, having wills, lowering debt and saving regularly, reported a higher level of financial security than those who did not. Most respondents expressed interest in receiving education about financial management through the dental hygiene curriculum and continuing education courses.

Practical C++ financial programming

CERN Document Server

Oliveira, Carlos

2015-01-01

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

Financial Stability and Interacting Networks of Financial Institutions and Market Infrastructures

NARCIS (Netherlands)

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

2014-01-01

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

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

Directory of Open Access Journals (Sweden)

E. E. Frolova

2018-01-01

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

Remittances, financial development and economic growth: Empirical evidence from Lesotho

Directory of Open Access Journals (Sweden)

Athenia Bongani Sibindi

2014-11-01

Full Text Available Increasingly remittances now constitute a great source of foreign currency inflows for many developing countries. In some instances remittances have outpaced the growth of foreign direct investment (FDI. Amongst others, remittances can be used as a vehicle of savings mobilisation as well as fostering the supply of credit by providing liquidity to the market. In this article we investigate the causal relationship between the remittances, financial development and economic growth in Lesotho for the period 1975 to 2010. We make use of per capita remittances, real per capita broad money supply and real per capita growth domestic product as the proxies for remittances, financial development and economic growth respectively. We then test for cointegration amongst the variables by applying the Johansen procedure and then test for Granger causality based on the vector error correction model (VECM. Our results confirm the existence of at least one cointegrating relationship and also indicate that the direction of causality runs from remittances to the economy without feedback. The results also suggest that financial development Granger causes economic growth without feedback which is consistent with ‘supply-leading’ growth hypothesis. The results also confirm a causal relationship running from financial development to remittances without feedback. The results also lend credence to the “complementarity’ hypothesis in that, remittances complement rather than substitute financial development in bringing about economic growth.

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...

How European unification has shaped the debate on measuring international financial integration

OpenAIRE

Pieterse-Bloem, Mary; Eijffinger, Sylvester

2013-01-01

textabstractIn this paper we analyse a chronicle of economic theory on international financial integration post-WWII to the present date. Our focus is on theories that have somehow quantify the state and speed of international financial integration. We are able to contrast and compare three distinct strands that have brought forward conditions for its measurement. It is shown that European unification provides much of the empirical testing ground for these measures of international financial ...

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

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...

Some Characteristics Of the Financial Data Series

Directory of Open Access Journals (Sweden)

Gheorghe Săvoiu

2013-05-01

Full Text Available This paper attempts to delineate from a theoretical of view the financial data series relative to other statistical data, starting from the financial econometrics’ models and from the resulting features of the specific descriptive statistics’ analysis of these characteristic series. From the analysis of these financial data during either very short and short or medium periods of time or from the information provided by the website of the Bucharest Stock Exchange (BVB, the trend of great values of kurtosis or eccentricity and skewness or asymmetry of series appears as a characteristic tendency. During a long period of time, between 1920 and 2008, this tendency seems to be more relevant, being confirmed by an excerpt from the author’s earlier paper written in 2009, concerning the statistical Dow Jones Industrial Average Index (DJIA Index. The skewness, kurtosis and normality of data distribution analysis, using Jarque Bera test, along with the identification of residual autocorrelation or serial correlation in the presence of significant residual values and heteroskedasticity are the major evaluated aspects. Finally, the author investigates the optimal way to ensure statistical comparability inflationary and deflationary method for financial series of data, and offers a solution to the selection of the appropriate indicator from the categories of the absolute values, absolute variation of the absolute values and the relative variation of the absolute values, expressed by percentages, with the finding of the latter alternative as the best alternative in the world of financial modelling of the economic and financial processes and phenomena.

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)

Financial Motivation Undermines Maintenance in an Intensive Diet and Activity Intervention

Directory of Open Access Journals (Sweden)

Arlen C. Moller

2012-01-01

Full Text Available Financial incentives are widely used in health behavior interventions. However, self-determination theory posits that emphasizing financial incentives can have negative consequences if experienced as controlling. Feeling controlled into performing a behavior tends to reduce enjoyment and undermine maintenance after financial contingencies are removed (the undermining effect. We assessed participants’ context-specific financial motivation to participate in the Make Better Choices trial—a trial testing four different strategies for improving four health risk behaviors: low fruit and vegetable intake, high saturated fat intake, low physical activity, and high sedentary screen time. The primary outcome was overall healthy lifestyle change; weight loss was a secondary outcome. Financial incentives were contingent upon meeting behavior goals for 3 weeks and became contingent upon merely providing data during the 4.5-month maintenance period. Financial motivation for participation was assessed at baseline using a 7-item scale (=.97. Across conditions, a main effect of financial motivation predicted a steeper rate of weight regained during the maintenance period, (165=2.15, =.04. Furthermore, financial motivation and gender interacted significantly in predicting maintenance of healthy diet and activity changes, (160=2.42, =.016, such that financial motivation had a more deleterious influence among men. Implications for practice and future research on incentivized lifestyle and weight interventions are discussed.

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.

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 ...

Southwestern Power Administration Combined Financial Statements, 2006-2009

Energy Technology Data Exchange (ETDEWEB)

None

2009-09-01

We have audited the accompanying combined balance sheets of the Southwestern Federal Power System (SWFPS), as of September 30, 2009, 2008, 2007, and 2006, and the related combined statements of revenues and expenses, changes in capitalization, and cash flows for the years then ended. As described in note 1(a), the combined financial statement presentation includes the hydroelectric generation functions of another Federal agency (hereinafter referred to as the generating agency), for which Southwestern Power Administration (Southwestern) markets and transmits power. These combined financial statements are the responsibility of the management of Southwestern and the generating agency. Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Southwestern and the generating agency’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall combined financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the combined financial statements referred to above present fairly, in all material respects, the respective financial position of the Southwestern Federal Power

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...

The Consumer Financial Protection Bureau and the Quest for Consumer Comprehension

Directory of Open Access Journals (Sweden)

Lauren E. Willis

2017-01-01

Full Text Available To ensure that consumers understand financial products’ “costs, benefits, and risks,” the Consumer Financial Protection Bureau has been redesigning mandated disclosures, primarily through iterative lab testing. But no matter how well these disclosures perform in experiments, firms will run circles around the disclosures when studies end and marketing begins. To meet the challenge of the dynamic twenty-first-century consumer financial marketplace, the bureau should require firms to demonstrate that a good proportion of their customers understand key pertinent facts about the financial products they buy. Comprehension rules would induce firms to inform consumers and simplify products, tasks that firms are better equipped than the bureau to perform.

Chief Executive Officer Duality And Financial Performance of Firms In Nigeria

Directory of Open Access Journals (Sweden)

Dominic Ose Erah (B.Sc, M.Sc

2013-07-01

Full Text Available the work is centred on CEO Duality and Financial Performance of Firms in Nigeria. The objective of the study is to find out the relationship between CEO Duality and the Financial Performance of Firm. We adopted the use of secondary data from the Nigerian Stock Exchange Fact book drawn from various industries during the period 2001 – 2010 and the regression analysis with its Best Linear Unbiased Estimate (BLUES was employed to test our hypothesis. The findings of the study revealed that CEO Duality is harmful to the Financial Performance of a firm. The study proffered useful recommendations, which when implemented will help improve financial performance of firms in Nigeria.

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.

Division of household tasks and financial management

NARCIS (Netherlands)

Antonides, G.

2011-01-01

Both the standard economic model and bargaining theory make predictions about financial management and the division of household labor between household partners. Using a large Internet survey, we have tested several predictions about task divisions reported by Dutch household partners. The division

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.

Financial Structure and Economic Welfare: Applied General Equilibrium Development Economics

Science.gov (United States)

Townsend, Robert

2010-01-01

This review provides a common framework for researchers thinking about the next generation of micro-founded macro models of growth, inequality, and financial deepening, as well as direction for policy makers targeting microfinance programs to alleviate poverty. Topics include treatment of financial structure general equilibrium models: testing for as-if-complete markets or other financial underpinnings; examining dual-sector models with both a perfectly intermediated sector and a sector in financial autarky, as well as a second generation of these models that embeds information problems and other obstacles to trade; designing surveys to capture measures of income, investment/savings, and flow of funds; and aggregating individuals and households to the level of network, village, or national economy. The review concludes with new directions that overcome conceptual and computational limitations. PMID:21037939

Financial Structure and Economic Welfare: Applied General Equilibrium Development Economics.

Science.gov (United States)

Townsend, Robert

2010-09-01

This review provides a common framework for researchers thinking about the next generation of micro-founded macro models of growth, inequality, and financial deepening, as well as direction for policy makers targeting microfinance programs to alleviate poverty. Topics include treatment of financial structure general equilibrium models: testing for as-if-complete markets or other financial underpinnings; examining dual-sector models with both a perfectly intermediated sector and a sector in financial autarky, as well as a second generation of these models that embeds information problems and other obstacles to trade; designing surveys to capture measures of income, investment/savings, and flow of funds; and aggregating individuals and households to the level of network, village, or national economy. The review concludes with new directions that overcome conceptual and computational limitations.

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....

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.

Impact of Corporate Social Responsibility on Financial Performance: Evidence from Listed Banks in Nigeria

Directory of Open Access Journals (Sweden)

Joseph UGOCHUKWU MADUGBA

2016-07-01

Full Text Available The major purpose of the study is to examine the Impact of CSR on Earning Per Share (EPS, Return On Capital Employed (ROCE and Dividend Per Share (DPS of listed banks in Nigeria. It is believed by the researchers that this study will be of immense use to the government, financial institutions and the general public. The study covered the period 2010-2014. The Impact of EPS, ROCE and DPS was tested on CSR. Simple regression analysis was employed by the researchers in testing the data collected from the annual published financial statement of the selected banks. The regression result showed that EPS and DPS have negative significant relationship with CSR while ROCE has a positive significant relationship with CSR. The research recommends that the government should by way of legislation through regulatory authorities, compel financial institutions to embark actively in CSR, also CSR should be seen as an investment and reported as such in the financial statements of financial institutions.

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.

77 FR 60948 - Stress Testing of Regulated Entities

Science.gov (United States)

2012-10-05

... regulated by a primary federal financial regulatory agency, to conduct annual stress tests to determine... the regulated entities under the Federal Housing Enterprises Financial Safety and Soundness Act of... regulated by a primary Federal financial regulatory agency shall conduct annual stress tests * * * (emphasis...

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.

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...

Gender, academic achievement, and ownership of ATM as predictors of accounting students’ financial literacy

Science.gov (United States)

Susanti; Hardini, H. T.

2018-01-01

This study examined the relationships between GPA, gender, and ownership of ATM on accounting students’ financial literacy (n = 184). Financial literacy was assessed using a paper-and-pencil objective (multiple choice) test measuring general knowledge of finance, income, money management savings, loans, and investment. Gender and GPA data were obtained from the university records. Regression analysis found that GPA and ownership of ATM were associated with financial literacy, but gender was not. Female students with an ownership of ATM and those with a high GPA were found to be superior to males. The implication of this research is that students are expected to increase their GPA and utilize financial facilities in the form of ownership ATM and other financial instruments so as to increase financial literacy. In addition, the need for financial literacy training from related parties to improve financial literacy for students who have low financial literacy.

Does Financial Development Reduce CO2 Emissions in Malaysian Economy? A Time Series Analysis

OpenAIRE

Shahbaz, Muhammad; Solarin, Sakiru Adebola; Mahmood, Haider

2012-01-01

This study deals with the question whether financial development reduces CO2 emissions or not in case of Malaysia. For this purpose, we apply the bounds testing approach to cointegration for long run relations between the variables. The study uses annual time series data over the period 1971-2008. Ng-Perron stationarity test is applied to test the unit root properties of the series. Our results validate the presence of cointegration between CO2 emissions, financial development, energy co...

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).

Development of Spreadsheet-Based Integrated Transaction Processing Systems and Financial Reporting Systems

Science.gov (United States)

Ariana, I. M.; Bagiada, I. M.

2018-01-01

Development of spreadsheet-based integrated transaction processing systems and financial reporting systems is intended to optimize the capabilities of spreadsheet in accounting data processing. The purpose of this study are: 1) to describe the spreadsheet-based integrated transaction processing systems and financial reporting systems; 2) to test its technical and operational feasibility. This study type is research and development. The main steps of study are: 1) needs analysis (need assessment); 2) developing spreadsheet-based integrated transaction processing systems and financial reporting systems; and 3) testing the feasibility of spreadsheet-based integrated transaction processing systems and financial reporting systems. The technical feasibility include the ability of hardware and operating systems to respond the application of accounting, simplicity and ease of use. Operational feasibility include the ability of users using accounting applications, the ability of accounting applications to produce information, and control applications of the accounting applications. The instrument used to assess the technical and operational feasibility of the systems is the expert perception questionnaire. The instrument uses 4 Likert scale, from 1 (strongly disagree) to 4 (strongly agree). Data were analyzed using percentage analysis by comparing the number of answers within one (1) item by the number of ideal answer within one (1) item. Spreadsheet-based integrated transaction processing systems and financial reporting systems integrate sales, purchases, and cash transaction processing systems to produce financial reports (statement of profit or loss and other comprehensive income, statement of changes in equity, statement of financial position, and statement of cash flows) and other reports. Spreadsheet-based integrated transaction processing systems and financial reporting systems is feasible from the technical aspects (87.50%) and operational aspects (84.17%).

IMPACT OF EDUCATION ON THE FINANCIAL LITERACY: A CASE OF SLOVAKIA

Directory of Open Access Journals (Sweden)

Marián Tóth

2015-07-01

Full Text Available The Financial crisis in 2008 increased the focus of financial intermediaries and also national authorities for financial education and financial literacy of households. Bank association in Slovakia started to measure and increase the financial literacy of population and government implemented the National standard of financial literacy into the curriculum of grammar schools and high schools. This paper examines the level of financial literacy of students in Slovakia and the influence of determinants education level and education focus. We performed a questionnaire with 10 questions on a sample of 608 students from two Faculties of Slovak University of Agriculture. The questions were linked to 4 areas: interest, risk management, financial market and personal finance. To measure the level of financial literacy we use Index of financial literacy IFIG. Using Index of financial literacy and Mann-Whitney U test techniques we find that education level and education focus are relevant determinants of financial literacy level. Students with bachelor degree have better results when compared to high school students. The success rate measured by the IFIG of bachelor students was 0,658 and the success rate of high school students was 0,577. We also found differences based on the education focus. We compared two groups: students with economic focus of education with students with non-economic focus of education. Based on our results we can conclude that economic focus of education increases the level of financial literacy. The success rate of students with economic focus of education was significantly higher (0,674 compared to the students with non-economic focus of education (0,553.

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...

Financial socialization of first-year college students: the roles of parents, work, and education.

Science.gov (United States)

Shim, Soyeon; Barber, Bonnie L; Card, Noel A; Xiao, Jing Jian; Serido, Joyce

2010-12-01

This cross-sectional study tests a conceptual financial socialization process model, specifying four-levels that connect anticipatory socialization during adolescence to young adults' current financial learning, to their financial attitudes, and to their financial behavior. A total of 2,098 first-year college students (61.9% females) participated in the survey, representing a diverse ethnic group (32.6% minority participation: Hispanic 14.9%, Asian/Asian American 9%, Black 3.4%, Native American 1.8% and other 3.5%). Structural equation modeling indicated that parents, work, and high school financial education during adolescence predicted young adults' current financial learning, attitude and behavior, with the role played by parents substantially greater than the role played by work experience and high school financial education combined. Data also supported the proposed hierarchical financial socialization four-level model, indicating that early financial socialization is related to financial learning, which in turn is related to financial attitudes and subsequently to financial behavior. The study presents a discussion of how the theories of consumer socialization and planned behavior were combined effectively to depict the financial development of young adults. Several practical implications are also provided for parents, educators and students.

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

OpenAIRE

Nasir, M; Du, M

2017-01-01

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

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

Science.gov (United States)

West, Stacia; Friedline, Terri

2016-10-01

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

Childhood roots of financial literacy

OpenAIRE

Grohmann, Antonia; Kouwenberg, Roy; Menkhoff, Lukas

2015-01-01

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

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

Science.gov (United States)

2010-04-29

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

Quantitative Literacy at Michigan State University, 2: Connection to Financial Literacy

Directory of Open Access Journals (Sweden)

Dennis Gilliland

2011-07-01

Full Text Available The lack of capability of making financial decisions has been recently described for the adult United States population. A concerted effort to increase awareness of this crisis, to improve education in quantitative and financial literacy, and to simplify financial decision-making processes is critical to the solution. This paper describes a study that was undertaken to explore the relationship between quantitative literacy and financial literacy for entering college freshmen. In summer 2010, incoming freshmen to Michigan State University were assessed. Well-tested financial literacy items and validated quantitative literacy assessment instruments were administered to 531 subjects. Logistic regression models were used to assess the relationship between level of financial literacy and independent variables including quantitative literacy score, ACT mathematics score, and demographic variables including gender. The study establishes a strong positive association between quantitative literacy and financial literacy on top of the effects of the other independent variables. Adding one percent to the performance on a quantitative literacy assessment changes the odds for being at the highest level of financial literacy by a factor estimated to be 1.05. Gender is found to have a large, statistically significant effect as well with being female changing the odds by a factor estimated to be 0.49.

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

OpenAIRE

Constantin Afanase

2006-01-01

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

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

Directory of Open Access Journals (Sweden)

Constantin AFANASE

2006-01-01

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

Financial Motivation Undermines Maintenance in an Intensive Diet and Activity Intervention

Science.gov (United States)

Moller, Arlen C.; McFadden, H. Gene; Hedeker, Donald; Spring, Bonnie

2012-01-01

Financial incentives are widely used in health behavior interventions. However, self-determination theory posits that emphasizing financial incentives can have negative consequences if experienced as controlling. Feeling controlled into performing a behavior tends to reduce enjoyment and undermine maintenance after financial contingencies are removed (the undermining effect). We assessed participants' context-specific financial motivation to participate in the Make Better Choices trial—a trial testing four different strategies for improving four health risk behaviors: low fruit and vegetable intake, high saturated fat intake, low physical activity, and high sedentary screen time. The primary outcome was overall healthy lifestyle change; weight loss was a secondary outcome. Financial incentives were contingent upon meeting behavior goals for 3 weeks and became contingent upon merely providing data during the 4.5-month maintenance period. Financial motivation for participation was assessed at baseline using a 7-item scale (α = .97). Across conditions, a main effect of financial motivation predicted a steeper rate of weight regained during the maintenance period, t(165) = 2.15, P = .04. Furthermore, financial motivation and gender interacted significantly in predicting maintenance of healthy diet and activity changes, t(160) = 2.42, P = .016, such that financial motivation had a more deleterious influence among men. Implications for practice and future research on incentivized lifestyle and weight interventions are discussed. PMID:22548152

Financial Statements

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

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

Financial motivation undermines potential enjoyment in an intensive diet and activity intervention.

Science.gov (United States)

Moller, Arlen C; Buscemi, Joanna; McFadden, H Gene; Hedeker, Donald; Spring, Bonnie

2014-10-01

The use of material incentives in healthy lifestyle interventions is becoming widespread. However, self-determination theory (SDT) posits that when material incentives are perceived as controlling, they undermine intrinsic motivation. We analyzed data from the Make Better Choices trial-a trial testing strategies for improving four risk behaviors: low fruit-vegetable intake, high saturated fat intake, low physical activity, and high sedentary activity. At baseline, participants reported the degree to which financial incentives were an important motivator (financial motivation); self-reported enjoyment of each behavior was assessed before and after the 3-week incentivization phase. Consistent with SDT, after controlling for general motivation and group assignment, lower financial motivation predicted more adaptive changes in enjoyment. Whereas participants low in financial motivation experienced adaptive changes, adaptive changes were suppressed among those high in financial motivation.

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.

ANALYSIS OF MARKET TIMING TOWARD LEVERAGE OF NON-FINANCIAL COMPANIES IN INDONESIA

OpenAIRE

Wulandari, Vera Pipin; Setiawan, Kusdhianto

2015-01-01

ABSTRACTThis study aimed to examine the effect of market timing on leverage on non-financial compa-nies in Indonesia. Market timing was tested on the hot and cold market conditions. Hot and cold markets are determined by the monthly market to book ratio. A hot (cold) market occurs when the average market to book ratio of a particular month is above (below) the value of the moving average of the monthly market to book ratio. This study also aimed to test whether non-financial companies in Indo...

Financial bubbles analysis with a cross-sectional estimator

OpenAIRE

Abergel, Frederic; Huth, Nicolas; Toke, Ioane Muni

2009-01-01

We highlight a very simple statistical tool for the analysis of financial bubbles, which has already been studied in [1]. We provide extensive empirical tests of this statistical tool and investigate analytically its link with stocks correlation structure.

A Financial Analysis Program That Will PASS the Farm Manager “Interest Testâ€

OpenAIRE

Wilson, Christine; Bernard, Freddie; Boehlje, Michael

2007-01-01

This paper discusses a farm financial analysis program, along with four features of the program that have facilitated its use by farm managers. The four features that appear to increase farm manager interest in the program are Performancebased, Accrual-adjusted income statement, System of financial analysis, and Simple to use. We illustrate this program with application to a farm firm case study.

Understanding Trust in Financial Services

DEFF Research Database (Denmark)