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Sample records for financial turing test

  1. Turing Test and After

    Indian Academy of Sciences (India)

    was educated entirely in England and got his degree in mathematics from ... Reading) and designed a machine to do it. The last ... of intelligence' since his seminal work on the universal Turing ... woman. In the game the man will respond like a woman to fool .... him to leave the room while she conversed with the computer!

  2. Practical Implementation of a Graphics Turing Test

    DEFF Research Database (Denmark)

    Borg, Mathias; Johansen, Stine Schmieg; Thomsen, Dennis Lundgaard

    2012-01-01

    We present a practical implementation of a variation of the Turing Test for realistic computer graphics. The test determines whether virtual representations of objects appear as real as genuine objects. Two experiments were conducted wherein a real object and a similar virtual object is presented...... graphics. Based on the results from these experiments, future versions of the Graphics Turing Test could ease the restrictions currently necessary in order to test object telepresence under more general conditions. Furthermore, the test could be used to determine the minimum requirements to achieve object...

  3. A 'Turing' Test for Landscape Evolution Models

    Science.gov (United States)

    Parsons, A. J.; Wise, S. M.; Wainwright, J.; Swift, D. A.

    2008-12-01

    Resolving the interactions among tectonics, climate and surface processes at long timescales has benefited from the development of computer models of landscape evolution. However, testing these Landscape Evolution Models (LEMs) has been piecemeal and partial. We argue that a more systematic approach is required. What is needed is a test that will establish how 'realistic' an LEM is and thus the extent to which its predictions may be trusted. We propose a test based upon the Turing Test of artificial intelligence as a way forward. In 1950 Alan Turing posed the question of whether a machine could think. Rather than attempt to address the question directly he proposed a test in which an interrogator asked questions of a person and a machine, with no means of telling which was which. If the machine's answer could not be distinguished from those of the human, the machine could be said to demonstrate artificial intelligence. By analogy, if an LEM cannot be distinguished from a real landscape it can be deemed to be realistic. The Turing test of intelligence is a test of the way in which a computer behaves. The analogy in the case of an LEM is that it should show realistic behaviour in terms of form and process, both at a given moment in time (punctual) and in the way both form and process evolve over time (dynamic). For some of these behaviours, tests already exist. For example there are numerous morphometric tests of punctual form and measurements of punctual process. The test discussed in this paper provides new ways of assessing dynamic behaviour of an LEM over realistically long timescales. However challenges remain in developing an appropriate suite of challenging tests, in applying these tests to current LEMs and in developing LEMs that pass them.

  4. Testing the Turing Test — do Men Pass It?

    Science.gov (United States)

    Adam, Ruth; Hershberg, Uri; Schul, Yaacov; Solomon, Sorin

    We are fascinated by the idea of giving life to the inanimate. The fields of Artificial Life and Artificial Intelligence (AI) attempt to use a scientific approach to pursue this desire. The first steps on this approach hark back to Turing and his suggestion of an imitation game as an alternative answer to the question "can machines think?".1 To test his hypothesis, Turing formulated the Turing test1 to detect human behavior in computers. But how do humans pass such a test? What would you say if you would learn that they do not pass it well? What would it mean for our understanding of human behavior? What would it mean for our design of tests of the success of artificial life? We report below an experiment in which men consistently failed the Turing test.

  5. Wittgensteinian Perspectives on the Turing Test

    Directory of Open Access Journals (Sweden)

    Ondřej Beran

    2014-04-01

    Full Text Available This paper discusses some difficulties in understanding the Turing test. It emphasizes the importance of distinguishing between conceptual and empirical perspectives and highlights the former as introducing more serious problems for the TT. Some objections against the Turingian framework stemming from the later Wittgenstein’s philosophy are exposed. The following serious problems are examined: 1 It considers a unique and exclusive criterion for thinking which amounts to their identification; 2 it misidentifies the relationship of speaking to thinking as that of a criterion; 3 it neglects the “natural” course of the development in semantics. However, these considerations suggest only that it is problematic to label a successful chatbot as a “thinking entity” without further qualifications, but not necessarily and once and for all incorrect. Philosophy has only little to say about the technical possibility of creating such an effective program.

  6. How My Program Passed the Turing Test

    Science.gov (United States)

    Humphrys, Mark

    In 1989, the author put an ELIZA-like chatbot on the Internet. The conversations this program had can be seen - depending on how one defines the rules (and how seriously one takes the idea of the test itself) - as a passing of the Turing Test. This is the first time this event has been properly written. This chatbot succeeded due to profanity, relentless aggression, prurient queries about the user, and implying that they were a liar when they responded. The element of surprise was also crucial. Most chatbots exist in an environment where people expectto find some bots among the humans. Not this one. What was also novel was the onlineelement. This was certainly one of the first AI programs online. It seems to have been the first (a) AI real-time chat program, which (b) had the element of surprise, and (c) was on the Internet. We conclude with some speculation that the future of all of AI is on the Internet, and a description of the "World- Wide-Mind" project that aims to bring this about.

  7. Faith in the algorithm, part 1: beyond the turing test

    Energy Technology Data Exchange (ETDEWEB)

    Rodriguez, Marko A [Los Alamos National Laboratory; Pepe, Alberto [UCLA

    2009-01-01

    Since the Turing test was first proposed by Alan Turing in 1950, the goal of artificial intelligence has been predicated on the ability for computers to imitate human intelligence. However, the majority of uses for the computer can be said to fall outside the domain of human abilities and it is exactly outside of this domain where computers have demonstrated their greatest contribution. Another definition for artificial intelligence is one that is not predicated on human mimicry, but instead, on human amplification, where the algorithms that are best at accomplishing this are deemed the most intelligent. This article surveys various systems that augment human and social intelligence.

  8. Deciphering CAPTCHAs: what a Turing test reveals about human cognition.

    Directory of Open Access Journals (Sweden)

    Thomas Hannagan

    Full Text Available Turning Turing's logic on its head, we used widespread letter-based Turing Tests found on the internet (CAPTCHAs to shed light on human cognition. We examined the basis of the human ability to solve CAPTCHAs, where machines fail. We asked whether this is due to our use of slow-acting inferential processes that would not be available to machines, or whether fast-acting automatic orthographic processing in humans has superior robustness to shape variations. A masked priming lexical decision experiment revealed efficient processing of CAPTCHA words in conditions that rule out the use of slow inferential processing. This shows that the human superiority in solving CAPTCHAs builds on a high degree of invariance to location and continuous transforms, which is achieved during the very early stages of visual word recognition in skilled readers.

  9. Approaching Artificial Intelligence for Games – the Turing Test revisited

    Directory of Open Access Journals (Sweden)

    Jenny Eriksson Lundström

    2008-07-01

    Full Text Available Today's powerful computers have increasingly more resources available, which can be used for incorporating more sophisticated AI into home applications like computer games. The perhaps obvious way of using AI to enhance the experience of a game is to make the player perceive the computer-controlled entities as intelligent. The traditional idea of how to determine whether a machine can pass as intelligent is the Turing Test. In this paper we show that it is possible and useful to conduct a test adhering to the intention of the original Turing test. We present an empirical study exploring human discrimination of artificial intelligence from the behaviour of a computer-controlled entity used in its specific context and how the behaviour responds to the user's expectations. In our empirical study the context is a real-time strategy computer game and the purpose of the AI is merely to pass as an acceptable opponent. We discuss the results of the empirical study and its implications for AI in computer applications.

  10. Theoretical Fundaments for a Turing-Type Test for Virtual Environments

    OpenAIRE

    Sonnenfeld, Nathan

    2016-01-01

    AbstractAlan Turing supposed the “imitation game” which has also been called the Turing Test. In the game an interrogator is tasked with telling two similar stimuli apart by asking questions then, based on their responses, correctly identifying both stimuli. Applying this concept to virtual reality to create a similar test will be important as virtual reality becomes more and more like reality. It is also important to explore the conceptual and theoretical issues with the Turing Test in order...

  11. One Dimensional Turing-Like Handshake Test for Motor Intelligence

    Science.gov (United States)

    Karniel, Amir; Avraham, Guy; Peles, Bat-Chen; Levy-Tzedek, Shelly; Nisky, Ilana

    2010-01-01

    In the Turing test, a computer model is deemed to "think intelligently" if it can generate answers that are not distinguishable from those of a human. However, this test is limited to the linguistic aspects of machine intelligence. A salient function of the brain is the control of movement, and the movement of the human hand is a sophisticated demonstration of this function. Therefore, we propose a Turing-like handshake test, for machine motor intelligence. We administer the test through a telerobotic system in which the interrogator is engaged in a task of holding a robotic stylus and interacting with another party (human or artificial). Instead of asking the interrogator whether the other party is a person or a computer program, we employ a two-alternative forced choice method and ask which of two systems is more human-like. We extract a quantitative grade for each model according to its resemblance to the human handshake motion and name it "Model Human-Likeness Grade" (MHLG). We present three methods to estimate the MHLG. (i) By calculating the proportion of subjects' answers that the model is more human-like than the human; (ii) By comparing two weighted sums of human and model handshakes we fit a psychometric curve and extract the point of subjective equality (PSE); (iii) By comparing a given model with a weighted sum of human and random signal, we fit a psychometric curve to the answers of the interrogator and extract the PSE for the weight of the human in the weighted sum. Altogether, we provide a protocol to test computational models of the human handshake. We believe that building a model is a necessary step in understanding any phenomenon and, in this case, in understanding the neural mechanisms responsible for the generation of the human handshake. PMID:21206462

  12. Passing the Turing Test Does Not Mean the End of Humanity.

    Science.gov (United States)

    Warwick, Kevin; Shah, Huma

    In this paper we look at the phenomenon that is the Turing test. We consider how Turing originally introduced his imitation game and discuss what this means in a practical scenario. Due to its popular appeal we also look into different representations of the test as indicated by numerous reviewers. The main emphasis here, however, is to consider what it actually means for a machine to pass the Turing test and what importance this has, if any. In particular does it mean that, as Turing put it, a machine can "think". Specifically we consider claims that passing the Turing test means that machines will have achieved human-like intelligence and as a consequence the singularity will be upon us in the blink of an eye.

  13. A novel modification of the Turing test for artificial intelligence and robotics in healthcare.

    Science.gov (United States)

    Ashrafian, Hutan; Darzi, Ara; Athanasiou, Thanos

    2015-03-01

    The increasing demands of delivering higher quality global healthcare has resulted in a corresponding expansion in the development of computer-based and robotic healthcare tools that rely on artificially intelligent technologies. The Turing test was designed to assess artificial intelligence (AI) in computer technology. It remains an important qualitative tool for testing the next generation of medical diagnostics and medical robotics. Development of quantifiable diagnostic accuracy meta-analytical evaluative techniques for the Turing test paradigm. Modification of the Turing test to offer quantifiable diagnostic precision and statistical effect-size robustness in the assessment of AI for computer-based and robotic healthcare technologies. Modification of the Turing test to offer robust diagnostic scores for AI can contribute to enhancing and refining the next generation of digital diagnostic technologies and healthcare robotics. Copyright © 2014 John Wiley & Sons, Ltd.

  14. Feasibility of Turing-Style Tests for Autonomous Aerial Vehicle "Intelligence"

    Science.gov (United States)

    Young, Larry A.

    2007-01-01

    A new approach is suggested to define and evaluate key metrics as to autonomous aerial vehicle performance. This approach entails the conceptual definition of a "Turing Test" for UAVs. Such a "UAV Turing test" would be conducted by means of mission simulations and/or tailored flight demonstrations of vehicles under the guidance of their autonomous system software. These autonomous vehicle mission simulations and flight demonstrations would also have to be benchmarked against missions "flown" with pilots/human-operators in the loop. In turn, scoring criteria for such testing could be based upon both quantitative mission success metrics (unique to each mission) and by turning to analog "handling quality" metrics similar to the well-known Cooper-Harper pilot ratings used for manned aircraft. Autonomous aerial vehicles would be considered to have successfully passed this "UAV Turing Test" if the aggregate mission success metrics and handling qualities for the autonomous aerial vehicle matched or exceeded the equivalent metrics for missions conducted with pilots/human-operators in the loop. Alternatively, an independent, knowledgeable observer could provide the "UAV Turing Test" ratings of whether a vehicle is autonomous or "piloted." This observer ideally would, in the more sophisticated mission simulations, also have the enhanced capability of being able to override the scripted mission scenario and instigate failure modes and change of flight profile/plans. If a majority of mission tasks are rated as "piloted" by the observer, when in reality the vehicle/simulation is fully- or semi- autonomously controlled, then the vehicle/simulation "passes" the "UAV Turing Test." In this regards, this second "UAV Turing Test" approach is more consistent with Turing s original "imitation game" proposal. The overall feasibility, and important considerations and limitations, of such an approach for judging/evaluating autonomous aerial vehicle "intelligence" will be discussed from a

  15. Not All the Bots Are Created Equal: The Ordering Turing Test for the Labeling of Bots in MMORPGs

    Directory of Open Access Journals (Sweden)

    Stefano De Paoli

    2017-11-01

    Full Text Available This article contributes to the research on bots in Social Media. It takes as its starting point an emerging perspective which proposes that we should abandon the investigation of the Turing Test and the functional aspects of bots in favor of studying the authentic and cooperative relationship between humans and bots. Contrary to this view, this article argues that Turing Tests are one of the ways in which authentic relationships between humans and bots take place. To understand this, this article introduces the concept of Ordering Turing Tests: these are sort of Turing Tests proposed by social actors for purposes of achieving social order when bots produce deviant behavior. An Ordering Turing Test is method for labeling deviance, whereby social actors can use this test to tell apart rule-abiding humans and rule-breaking bots. Using examples from Massively Multiplayer Online Role-Playing Games, this article illustrates how Ordering Turing Tests are proposed and justified by players and service providers. Data for the research comes from scientific literature on Machine Learning proposed for the identification of bots and from game forums and other player produced paratexts from the case study of the game Runescape.

  16. 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.

  17. Niépce–Bell or Turing: how to test odour reproduction

    Science.gov (United States)

    2016-01-01

    Decades before the existence of anything resembling an artificial intelligence system, Alan Turing raised the question of how to test whether machines can think, or, in modern terminology, whether a computer claimed to exhibit intelligence indeed does so. This paper raises the analogous issue for olfaction: how to test the validity of a system claimed to reproduce arbitrary odours artificially, in a way recognizable to humans. Although odour reproduction systems are still far from being viable, the question of how to test candidates thereof is claimed to be interesting and non-trivial, and a novel method is proposed. Despite the similarity between the two questions and their surfacing long before the tested systems exist, the present question cannot be answered adequately by a Turing-like method. Instead, our test is very different: it is conditional, requiring from the artificial no more than is required from the original, and it employs a novel method of immersion that takes advantage of the availability of easily recognizable reproduction methods for sight and sound, a la Nicéphore Niépce and Alexander Graham Bell. PMID:28003527

  18. Niépce-Bell or Turing: how to test odour reproduction.

    Science.gov (United States)

    Harel, David

    2016-12-01

    Decades before the existence of anything resembling an artificial intelligence system, Alan Turing raised the question of how to test whether machines can think, or, in modern terminology, whether a computer claimed to exhibit intelligence indeed does so. This paper raises the analogous issue for olfaction: how to test the validity of a system claimed to reproduce arbitrary odours artificially, in a way recognizable to humans. Although odour reproduction systems are still far from being viable, the question of how to test candidates thereof is claimed to be interesting and non-trivial, and a novel method is proposed. Despite the similarity between the two questions and their surfacing long before the tested systems exist, the present question cannot be answered adequately by a Turing-like method. Instead, our test is very different: it is conditional, requiring from the artificial no more than is required from the original, and it employs a novel method of immersion that takes advantage of the availability of easily recognizable reproduction methods for sight and sound, a la Nicéphore Niépce and Alexander Graham Bell. © 2016 The Authors.

  19. 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...

  20. 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.

  1. Some relations between quantum Turing machines and Turing machines

    OpenAIRE

    Sicard, Andrés; Vélez, Mario

    1999-01-01

    For quantum Turing machines we present three elements: Its components, its time evolution operator and its local transition function. The components are related with the components of deterministic Turing machines, the time evolution operator is related with the evolution of reversible Turing machines and the local transition function is related with the transition function of probabilistic and reversible Turing machines.

  2. 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.

  3. 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...

  4. Are there intelligent Turing machines?

    OpenAIRE

    Bátfai, Norbert

    2015-01-01

    This paper introduces a new computing model based on the cooperation among Turing machines called orchestrated machines. Like universal Turing machines, orchestrated machines are also designed to simulate Turing machines but they can also modify the original operation of the included Turing machines to create a new layer of some kind of collective behavior. Using this new model we can define some interested notions related to cooperation ability of Turing machines such as the intelligence quo...

  5. Artificial Intelligence, Evolutionary Computing and Metaheuristics In the Footsteps of Alan Turing

    CERN Document Server

    2013-01-01

    Alan Turing pioneered many research areas such as artificial intelligence, computability, heuristics and pattern formation.  Nowadays at the information age, it is hard to imagine how the world would be without computers and the Internet. Without Turing's work, especially the core concept of Turing Machine at the heart of every computer, mobile phone and microchip today, so many things on which we are so dependent would be impossible. 2012 is the Alan Turing year -- a centenary celebration of the life and work of Alan Turing. To celebrate Turing's legacy and follow the footsteps of this brilliant mind, we take this golden opportunity to review the latest developments in areas of artificial intelligence, evolutionary computation and metaheuristics, and all these areas can be traced back to Turing's pioneer work. Topics include Turing test, Turing machine, artificial intelligence, cryptography, software testing, image processing, neural networks, nature-inspired algorithms such as bat algorithm and cuckoo sear...

  6. 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)

  7. 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.

  8. 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

  9. 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...

  10. 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 ...

  11. 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)

  12. 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.

  13. 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...

  14. 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.

  15. 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.

  16. 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…

  17. 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.

  18. 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....

  19. 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.

  20. 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...

  1. 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.

  2. 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.

  3. 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)

  4. 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.

  5. 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...

  6. 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...

  7. 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

  8. 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.

  9. 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

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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...

  17. 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.

  18. 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

  19. 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.

  20. 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.

  1. 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

  2. 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

  3. 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...

  4. 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.

  5. 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.

  6. 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.

  7. 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....

  8. 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.

  9. 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

  10. 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…

  11. 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)...

  12. 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.

  13. 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…

  14. 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.

  15. 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

  16. 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.

  17. 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.

  18. 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...

  19. 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...

  20. 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...

  1. 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...

  2. Thought translation, tennis and Turing tests in the vegetative state

    NARCIS (Netherlands)

    Stins, J.F.; Laureys, S.

    2009-01-01

    Brain damage can cause massive changes in consciousness levels. From a clinical and ethical point of view it is desirable to assess the level of residual consciousness in unresponsive patients. However, no direct measure of consciousness exists, so we run into the philosophical problem of other

  3. 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...

  4. 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

  5. 40 CFR 280.105 - Local government financial test.

    Science.gov (United States)

    2010-07-01

    ..., interfund obligations, amounts owed in a trust or agency capacity, and advances and contingent loans from... capacity. For purposes of this test, the calculation of total revenues shall exclude all transfers between... capacity. b. Subtract interfund transfers (dollars)______ c. Total Revenues (dollars)______ 2. Total...

  6. 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.

  7. 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

  8. 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),

  9. 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

  10. 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

  11. 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…

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  20. 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

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.)

  7. 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)

  8. 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)

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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...

  14. 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.

  15. 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

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  20. 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

  1. 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...

  2. 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

  3. 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.

  4. 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

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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

  10. 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

  11. 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.

  12. 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

  13. 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

  14. 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.

  15. 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)

  16. 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.

  17. 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.

  18. 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.

  19. 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

  20. 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.

  1. Within-couple Financial Satisfaction in the Czech Republic: A Test of Income Pooling Hypothesis

    Czech Academy of Sciences Publication Activity Database

    Mysíková, Martina

    2016-01-01

    Roč. 64, č. 4 (2016), s. 301-316 ISSN 0013-3035 R&D Projects: GA ČR GB14-36154G Institutional support: RVO:68378025 Keywords : financial satisfaction * household economics * income pooling Subject RIV: AH - Economics Impact factor: 0.720, year: 2016

  2. Corporate social and financial performance : An extended stakeholder theory, and empirical test with accounting measures

    NARCIS (Netherlands)

    van der Laan, G.; van Ees, H.; van Witteloostuijn, A.

    Although agreement on the positive sign of the relationship between corporate social and financial performance is observed in the literature, the mechanisms that constitute this relationship are not yet well-known. We address this issue by extending management's stakeholder theory by adding insights

  3. Modelling and Testing Volatility Spillovers in Oil and Financial Markets for USA, UK and China

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); J. 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

  4. 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

  5. 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.

  6. 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

  7. 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.

  8. 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.

  9. 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

  10. 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.

  11. 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.

  12. 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.

  13. 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

  14. 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.

  15. PREDICTABILITY OF FINANCIAL CRISES: TESTING K.R.L. MODEL IN THE CASE OF TURKEY

    Directory of Open Access Journals (Sweden)

    Zeynep KARACOR

    2012-06-01

    Full Text Available The aim of this study is to test predictability of 2007 Global Economic Crisis which hit Turkey by the help of macroeconomic data of Turkey. K.R.L. model is used to test the predictability. By the method of analyzing various leading early warning indicators, the success of the model in forecasting the crises is surveyed. The findings do not support K.R.L. models. Possible reasons for this are stated at the article.

  16. 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.

  17. 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.

  18. 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...

  19. 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).

  20. Linkages among commodity futures prices in the recent financial crisis: An application of cointegration tests with a structural break

    Directory of Open Access Journals (Sweden)

    Yoichi Tsuchiya

    2015-12-01

    Full Text Available In this study, we investigate the existence of long-term co-movements among the prices of commodity futures contracts. We use a cointegration test, which accounts for the presence of a structural break. We show that while there is a long-term relationship among agricultural and among non-agricultural commodity futures prices when a structural break is taken into account, there is no such relationship without allowing for a structural break. We also show that these break points, in fact, occur a few months before the recent global financial crisis. Although the previous literature broadly casts doubt on such price co-movements, our results confirm that market performance improved during the sample period.

  1. Money Buys Financial Security and Psychological Need Satisfaction: Testing Need Theory in Affluence

    Science.gov (United States)

    Howell, Ryan T.; Kurai, Mark; Tam, Leona

    2013-01-01

    The most prominent theory to explain the curvilinear relationship between income and subjective well-being (SWB) is need theory, which proposes that increased income and wealth can lead to increased well-being in poverty because money is used to satisfy basic physiological needs. The present study tests the tenets of need theory by proposing that…

  2. Issues in robot ethics seen through the lens of a moral Turing Test

    DEFF Research Database (Denmark)

    Gerdes, Anne; Øhrstrøm, Peter

    2015-01-01

    Outstanding & highly commended paper in the 2016 Emerald Literati Network Awards for Excellence (see link above)......Outstanding & highly commended paper in the 2016 Emerald Literati Network Awards for Excellence (see link above)...

  3. The Information Content of Financial and Economic Variables: Empirical Tests of Information Variables in Japan

    OpenAIRE

    Kengo Kato

    1991-01-01

    The main topic of this paper is "information variables" (or "indicators") of monetary policy, which work as criteria for setting the direction of monetary policy. After briefly surveying the notion and candidates of information variables, according to the studies mainly in the United States, empirical tests using Japan's data are conducted. It can be said that some information variables seem to be useful, but the results are mixed in general.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. Measuring Financial Literacy: Developing and Testing a Measurement Instrument with a Selected Group of South African Military Officers

    Science.gov (United States)

    Schwella, E.; van Nieuwenhuyzen, Bernard J.

    2014-01-01

    Are South Africans financially literate, and how can this be measured? Until 2009 there was no South African financial literacy measure and, therefore, the aim was to develop a South African measurement instrument that is scientific, socially acceptable, valid and reliable. To achieve this aim a contextual and conceptual analysis of financial…

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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

  14. Lightweight electric-powered vehicles. Which financial incentives after the large-scale field tests at Mendrisio?

    International Nuclear Information System (INIS)

    Keller, M.; Frick, R.; Hammer, S.

    1999-08-01

    How should lightweight electric-powered vehicles be promoted, after the large-scale fleet test being conducted at Mendrisio (southern Switzerland) is completed in 2001, and are there reasons to put question marks behind the current approach? The demand for electric vehicles, and particularly the one in the automobile category, has remained at a persistently low level. As it proved, any appreciable improvement of this situation is almost impossible, even with substantial financial incentives. However, the unsatisfactory sales figures have little to do with the nature of the fleet test itself or with the specific conditions at Mendrisio. The problem is rather of structural nature. For (battery-operated) electric cars the main problem at present is the lack of an expanding market which could become self-supporting with only a few additional incentives. Various strategies have been evaluated. Two alternatives were considered in particular: a strategy to promote explicitly electric vehicles ('EL-strategy'), and a strategy to promote efficient road vehicles in general which would have to meet specific energy and environmental-efficiency criteria ('EF-strategy'). The EL-strategies make the following dilemma clear. If the aim is to raise the share of these vehicles up to 5% of all cars on the road (or even 8%) in a mid-term prospect, then substantial interventions in the relevant vehicle markets would be required, either with penalties for conventional cars, or a large-scale funding scheme, or interventions at the supply level. The study suggests a differentiated strategy with two components: (i) 'institutionalised' promotion with the aim of a substantial increase of the share of 'efficient' vehicles (independently of the propulsion technology), and (ii) the continuation of pilot and demonstration projects for the promotion of different types of innovative technologies. (author) [de

  15. On the relationship between financial measures and contractor pricing strategy: Empirical tests in the defense aerospace industry

    OpenAIRE

    Moses, O. Douglas

    1987-01-01

    This report includes two separate but related empirical studies of the relationship between financial measures for defense aerospace contractors and pricing strategies adopted by contractors. Two pricing strategies are identified: skimming and penetration. Collectively the findings indicate that the adoption of a particular pricing strategy is associated with the financial condition of the contractor as reflected in measures of risk, asset utilization and organizational slack. Keywords: Finan...

  16. 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.

  17. 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.

  18. 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...

  19. 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

  20. 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

  1. 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.

  2. 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

  3. Herd behaviour experimental testing in laboratory artificial stock market settings. Behavioural foundations of stylised facts of financial returns

    Science.gov (United States)

    Manahov, Viktor; Hudson, Robert

    2013-10-01

    Many scholars express concerns that herding behaviour causes excess volatility, destabilises financial markets, and increases the likelihood of systemic risk. We use a special form of the Strongly Typed Genetic Programming (STGP) technique to evolve a stock market divided into two groups-a small subset of artificial agents called ‘Best Agents’ and a main cohort of agents named ‘All Agents’. The ‘Best Agents’ perform best in term of the trailing return of a wealth moving average. We then investigate whether herding behaviour can arise when agents trade Dow Jones, General Electric, and IBM financial instruments in four different artificial stock markets. This paper uses real historical quotes of the three financial instruments to analyse the behavioural foundations of stylised facts such as leptokurtosis, non-IIDness, and volatility clustering. We found evidence of more herding in a group of stocks than in individual stocks, but the magnitude of herding does not contribute to the mispricing of assets in the long run. Our findings suggest that the price formation process caused by the collective behaviour of the entire market exhibit less herding and is more efficient than the segmented market populated by a small subset of agents. Hence, greater genetic diversity leads to greater consistency with fundamental values and market efficiency.

  4. 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…

  5. 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...

  6. 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.

  7. 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

  8. 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...

  9. 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.

  10. Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses

    Directory of Open Access Journals (Sweden)

    Xixiong Xu

    2016-06-01

    Full Text Available Based on signaling and gender discrimination theory, we examine whether chief financial officer (CFO gender matters to bank–firm relationships and the designing of collateral clauses in bank loan contracting, and explore the potential path of influence. Data taken from Chinese listed companies between 2009 and 2012 indicate that (1 female-CFO-led firms are less likely to obtain credit loans than male-CFO-led firms; (2 female-CFO-led borrowers are more likely to be required to provide collateral for loans than male-CFO-led borrowers; and (3 banks are more inclined to claim mortgaging collateral when lending to female-CFO-led firms and prefer to guarantee collateral when lending to male-CFO-led firms. Female-CFO-led borrowers seem to be granted more unfavorable loan terms than male-CFO-led borrowers, supporting the hypothesis that female CFOs experience credit discrimination. Further analysis reveals that regional financial development helps to alleviate lending discrimination against female CFOs. Furthermore, female CFOs in SOEs are less likely than their non-SOE counterparts to experience gender discrimination in the credit market.

  11. Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses

    Institute of Scientific and Technical Information of China (English)

    Xixiong; Xu; Yaoqin; Li; Mengmeng; Chang

    2016-01-01

    Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing of collateral clauses in bank loan contracting, and explore the potential path of influence. Data taken from Chinese listed companies between2009 and 2012 indicate that(1) female-CFO-led firms are less likely to obtain credit loans than male-CFO-led firms;(2) female-CFO-led borrowers are more likely to be required to provide collateral for loans than male-CFO-led borrowers; and(3) banks are more inclined to claim mortgaging collateral when lending to female-CFO-led firms and prefer to guarantee collateral when lending to male-CFO-led firms. Female-CFO-led borrowers seem to be granted more unfavorable loan terms than male-CFO-led borrowers, supporting the hypothesis that female CFOs experience credit discrimination. Further analysis reveals that regional financial development helps to alleviate lending discrimination against female CFOs. Furthermore, female CFOs in SOEs are less likely than their non-SOE counterparts to experience gender discrimination in the credit market.

  12. An Entropy Testing Model Research on the Quality of Internal Control and Accounting Conservatism: Empirical Evidence from the Financial Companies of China from 2007 to 2011

    Directory of Open Access Journals (Sweden)

    Zongrun Wang

    2014-01-01

    Full Text Available We set information disclosure of internal control as a starting point to explore the relationship between the quality of internal control and accounting conservatism, and then adopt the entropy testing model to calculate the index of the internal control quality with the sample data of Chinese listed companies in financial industry from 2007–2011. Regression results show that earnings conservatism exists. The stronger the internal control is, the higher the accounting conservatism can be. Companies which have enhanced their internal control are more conservative, and these results make no difference with other industries.

  13. 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…

  14. Burst and inter-burst duration statistics as empirical test of long-range memory in the financial markets

    Science.gov (United States)

    Gontis, V.; Kononovicius, A.

    2017-10-01

    We address the problem of long-range memory in the financial markets. There are two conceptually different ways to reproduce power-law decay of auto-correlation function: using fractional Brownian motion as well as non-linear stochastic differential equations. In this contribution we address this problem by analyzing empirical return and trading activity time series from the Forex. From the empirical time series we obtain probability density functions of burst and inter-burst duration. Our analysis reveals that the power-law exponents of the obtained probability density functions are close to 3 / 2, which is a characteristic feature of the one-dimensional stochastic processes. This is in a good agreement with earlier proposed model of absolute return based on the non-linear stochastic differential equations derived from the agent-based herding model.

  15. 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.

  16. 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

  17. Reduced Clostridium difficile Tests and Laboratory-Identified Events With a Computerized Clinical Decision Support Tool and Financial Incentive.

    Science.gov (United States)

    Madden, Gregory R; German Mesner, Ian; Cox, Heather L; Mathers, Amy J; Lyman, Jason A; Sifri, Costi D; Enfield, Kyle B

    2018-06-01

    We hypothesized that a computerized clinical decision support tool for Clostridium difficile testing would reduce unnecessary inpatient tests, resulting in fewer laboratory-identified events. Census-adjusted interrupted time-series analyses demonstrated significant reductions of 41% fewer tests and 31% fewer hospital-onset C. difficile infection laboratory-identified events following this intervention.Infect Control Hosp Epidemiol 2018;39:737-740.

  18. 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...

  19. Are Bayesian Fan Charts Useful? The Effect of Zero Lower Bound and Evaluation of Financial Stability Stress Tests

    Czech Academy of Sciences Publication Activity Database

    Franta, M.; Baruník, Jozef; Horváth, Roman; Šmídková, K.

    2014-01-01

    Roč. 10, č. 1 (2014), s. 159-187 ISSN 1815-4654 Institutional support: RVO:67985556 Keywords : Bayesian vector autoregression * fan chart * inflation targeting * stress tests Subject RIV: AH - Economics Impact factor: 0.800, year: 2014

  20. 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 ...

  1. 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 ...

  2. Financial Strain and Regional Unemployment as Barriers to Job Search Self-Efficacy: A Test of Social Cognitive Career Theory

    Science.gov (United States)

    Dahling, Jason J.; Melloy, Robert; Thompson, Mindi N.

    2013-01-01

    Social cognitive career theory (SCCT) emphasizes the potential impact of contextual barriers on vocational self-efficacy, interests, and goals. However, most tests of SCCT to date have focused exclusively on person-level, perceptual barriers rather than objective, macroeconomic barriers that may influence large groups of people. In this study, we…

  3. 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.

  4. Financial crimes and financial misdemeanours

    OpenAIRE

    Bamford, Colin

    2007-01-01

    The author argues that undesirable behaviour in the financial markets has not been countered by appropriate controls. Article by Colin Bamford (Barrister, 3-4 South Square) published in Amicus Curiae - Journal of the Society for Advanced Legal Studies. The Journal is produced by the Society for Advanced Legal Studies at the Institute of Advanced Legal Studies, University of London.

  5. 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

  6. 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.

  7. 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

  8. 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:…

  9. 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,"…

  10. 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 ...

  11. 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...

  12. 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.

  13. 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 ...

  14. 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.

  15. Gap junctions mediate large-scale Turing structures in a mean-field cortex driven by subcortical noise

    Science.gov (United States)

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

    2007-07-01

    One of the grand puzzles in neuroscience is establishing the link between cognition and the disparate patterns of spontaneous and task-induced brain activity that can be measured clinically using a wide range of detection modalities such as scalp electrodes and imaging tomography. High-level brain function is not a single-neuron property, yet emerges as a cooperative phenomenon of multiply-interacting populations of neurons. Therefore a fruitful modeling approach is to picture the cerebral cortex as a continuum characterized by parameters that have been averaged over a small volume of cortical tissue. Such mean-field cortical models have been used to investigate gross patterns of brain behavior such as anesthesia, the cycles of natural sleep, memory and erasure in slow-wave sleep, and epilepsy. There is persuasive and accumulating evidence that direct gap-junction connections between inhibitory neurons promote synchronous oscillatory behavior both locally and across distances of some centimeters, but, to date, continuum models have ignored gap-junction connectivity. In this paper we employ simple mean-field arguments to derive an expression for D2 , the diffusive coupling strength arising from gap-junction connections between inhibitory neurons. Using recent neurophysiological measurements reported by Fukuda [J. Neurosci. 26, 3434 (2006)], we estimate an upper limit of D2≈0.6cm2 . We apply a linear stability analysis to a standard mean-field cortical model, augmented with gap-junction diffusion, and find this value for the diffusive coupling strength to be close to the critical value required to destabilize the homogeneous steady state. Computer simulations demonstrate that larger values of D2 cause the noise-driven model cortex to spontaneously crystalize into random mazelike Turing structures: centimeter-scale spatial patterns in which regions of high-firing activity are intermixed with regions of low-firing activity. These structures are consistent with the

  16. The Cadmium Isotope Record of the Great Oxidation Event from the Turee Creek Group, Hamersley Basin, Australia

    Science.gov (United States)

    Abouchami, W.; Busigny, V.; Philippot, P.; Galer, S. J. G.; Cheng, C.; Pecoits, E.

    2016-12-01

    The evolution of the ocean, atmosphere and biosphere throughout Earth's history has impacted on the biogeochemistry of some key trace metals that are of particular importance in regulating the exchange between Earth's reservoirs. Several geochemical proxies exhibit isotopic shifts that have been linked to major changes in the oxygenation levels of the ancient oceans during the Great Oxygenation Event (GOE) between 2.45 and 2.2 Ga and the Neoproterozoic Oxygenation Event at ca. 0.6 Ga. Studies of the modern marine biogeochemical cycle of the transition metal Cadmium have shown that stable Cd isotope fractionation is mainly driven by biological uptake of light Cd into marine phytoplankton in surface waters leaving behind the seawater enriched in the heavy Cd isotopes. Here we use of the potential of this novel proxy to trace ancient biological productivity which remains an enigma, particularly during the early stages of Earth history. The Turee Creek Group in the Hamersley Basin, Australia, provides a continuous stratigraphic sedimentary section covering the GOE and at least two glacial events, offering a unique opportunity to examine the changes that took place during these periods and possibly constrain the evolution, timing and onset of oxygenic photosynthesis. Stable Cd isotope data were obtained on samples from the Boolgeeda Iron Fm. (BIFs), the siliciclastic and carbonate successions of Kungara (including the Meteorite Bore Member) and the Kazputt Fm., using a double spike technique by TIMS (ThermoFisher Triton) and Cd concentrations were determined by isotope dilution. The Boolgeeda BIFs have generally low Cd concentrations varying between 8 and 50ppb, with two major excursions marked by an increase in Cd content, reaching similar levels to those in the overlying Kungarra Fm. (≥150 ppb). These variations are associated with a large range in ɛ112/110Cd values (-2 to +2), with the most negative values typically found in the organic and Cd-rich shales and

  17. 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

  18. 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...

  19. Korte ture i bil

    DEFF Research Database (Denmark)

    Christensen, Linda; Jensen, Thomas Christian

    %. The figures might be a bit lower when taking into account the error from leaving out public trans-port from the model. This extensive cycling friendly policy will have greater effects in cities, up to 8 % re-duction of the car traffic in the Municipality of Copenhagen and 5-6 % in the rest of the Danish...... a considerable amount of trips may be transferred if the necessary political ef-fort is made. The paper analyzes the determining factors for mode choice by using a logit model on round tours shorter than 22 km. The potential for mode shift as a result of political means is further assessed. The analyses...... choice turn out to be car ownership, gender, travel time, topography and outdoor temperatures. But also travel purposes are impor-tant – especially escorting and shopping tends to increase the share of car driving. It is often claimed that the extensive bicycling in The Netherlands and Denmark is due...

  20. Turing promise into performance

    International Nuclear Information System (INIS)

    Dove, L.

    1991-01-01

    This paper reports on the genesis and realization of the PT Kaltim Prima Coal Company's project to develop coal resources in East Kalimantan. It also presents ideas on the major challenges confronting KPC and the Indonesian coal industry. KPC has already begun commissioning the coal project at Sangatta, and on September 1, the Tangung Bora Coal Terminal will begin operating on a commercial basis

  1. When does poor subjective financial position hurt the elderly? Testing the interaction with educational attainment using a national representative longitudinal survey.

    Science.gov (United States)

    Pu, Christy; Huang, Nicole; Tang, Gao-Jun; Chou, Yiing-Jenq

    2011-03-17

    Several studies have demonstrated that perceived financial status has a significant impact on health status among the elderly. However, little is known about whether such a subjective perception interacts with objective socioeconomic status (SES) measures such as education that affect the individual's health. This research used data from the Survey of Health and Living Status of the Middle Age and Elderly in Taiwan (SHLS) conducted by the Bureau of Health Promotion, Department of Health in Taiwan. Waves 1996, 1999 and 2003 were used. The sample consisted of 2,387 elderly persons. The interactive effects of self-rated satisfaction with financial position and educational attainment were estimated. Self-rated health (SRH), depressive symptom (measured by CES-D) and mortality were used to measure health outcomes. Significant interaction effect was found for depressive symptoms. Among those who were dissatisfied with their financial position, those who were illiterate had an odds ratio (OR) of 8.3 (95% CI 4.9 to 14.0) for having depressive symptoms compared with those who were very satisfied with their financial position. The corresponding OR for those with college or above was only 2.7 (95% CI 1.0 to 7.3). No significant interaction effect was found for SRH and mortality. Although poor financial satisfaction was found to be related to poorer health, the strongest association for this effect was observed among those with low educational attainment, and this is especially true for depressive symptoms. Subjective financial status among the elderly should be explored in conjunction with traditional measures of SES.

  2. 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.

  3. 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)

  4. 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

  5. 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...

  6. 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...

  7. 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

  8. 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.

  9. 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...

  10. 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...

  11. THE GRANGER CAUSALITY TESTS FOR THE FIVE ASEAN COUNTRIES STOCK MARKETS AND MACROECONOMIC VARIABLES DURING AND POST THE 1997 ASIAN FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Adwin Surja Atmadja

    2005-01-01

    Full Text Available This study seeks to examine the existence of Granger-causality among stock prices indices and macroeconomic variables in five ASEAN countries, Indonesia; Malaysia; the Philippines; Singapore; and Thailand with particular attention to the 1997 Asian financial crisis and period onwards. Using monthly time series data of the countries, a Granger-causality test based on the vector autoregressive (VAR analytical framework was employed to empirically reveal the causality among the variables. This research finds that there were few Granger causalities found between the country's wtock price index and macroeconomic variables. This indicates that the linkages between domestic stock price movements and macroeconomic factors were very. Due to that, the ASEAN stock markets were crelatively unable to efficiently capture changes in economic fundamentals during the observation period in most of the countries in accordance to the literature in emerging stock markets, and that the influence of specific macroeconomic factors on the domestic economies differ across countries. This also implies that the stock markets do not seem to have played a significant role in most countries' economies, and macroeconomic variables are unlikely to be appropriate indicators to predict not only the future behaviour of other macroeconomic variables, but also that of the stock market price indices. Abstract in Bahasa Indonesia : Makalah ini mencoba untuk menganalisis keberadaan Granger-causality antara indeks harga saham dan variabel-variabel ekonomi makro di lima negara ASEAN, yaitu Indonesia; Malaysia; Filipina; Singapore; dan Thailand yang berfokus pada periode terjadinya krisis keuangan Asia pada tahun 1997 dan sesudahnya. Dengan mempergunakan data time series bulanan dari setiap negara tersebut, tes Granger-causality yang didasarkan pada kerangka analisa VAR (vector autoregressive diaplikasikan untuk mengungkap secara empiris hubungan kausal antar variabel. Dari hasil tes

  12. 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.

  13. Financial planning

    OpenAIRE

    Χατζηγώγου, Αρτεμις Π.

    2003-01-01

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

  14. 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.

  15. 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.

  16. 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...

  17. 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...

  18. 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

  19. 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.

  20. 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 ...

  1. 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…

  2. 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

  3. 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.

  4. 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

  5. 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

  6. 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.

  7. 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 ...

  8. 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.

  9. Materiality in Financial Audit

    OpenAIRE

    Adriana Claudia GHIMIS

    2012-01-01

    The financial audit aims toward increasing the credibility of financial informaiton. The purpose of the paper is to outline the most important topics regarding the definition and application of significance limit.

  10. CMS Financial Reports

    Data.gov (United States)

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

  11. Financial Key Ratios

    OpenAIRE

    Tănase Alin-Eliodor

    2014-01-01

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

  12. Quarterly Financial Report

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

    acray

    2011-06-30

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

  13. Financial Integrity Benchmarks

    Data.gov (United States)

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

  14. 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.

  15. 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

  16. Financial Advice: Who Pays

    Science.gov (United States)

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

    2011-01-01

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

  17. Financial Sector Assessment : Morocco

    OpenAIRE

    World Bank; International Monetary Fund

    2017-01-01

    A joint International Monetary Fund (IMF)-World Bank mission visited Rabat and Casablanca in 2015, to assess the soundness and resilience of the banking system, the state of play in financial inclusion and infrastructure, the oversight frameworks for banking, capital markets and financial market infrastructures, crisis preparedness, and update the findings of the Financial Sector Assessme...

  18. Invest in Financial Literacy

    Science.gov (United States)

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

    2012-01-01

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

  19. 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)

  20. Financial Markets and Compliance

    NARCIS (Netherlands)

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

    2017-01-01

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

  1. Essays on financial liberalization

    NARCIS (Netherlands)

    Bumann, Silke

    2015-01-01

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

  2. 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...

  3. Moderate financial incentive does not appear to influence the P300 Concealed Information Test (CIT) effect in the Complex Trial Protocol (CTP) version of the CIT in a forensic scenario, while affecting P300 peak latencies and behavior.

    Science.gov (United States)

    Rosenfeld, J Peter; Sitar, Evan; Wasserman, Joshua; Ward, Anne

    2018-03-01

    Previous research indicated that the skin conductance response (SCR) of the Autonomic Nervous System (ANS) 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 for P300 tests based on the 3-stimulus protocol or Complex Trial Protocol for detection of cognitive malingering (although these are not the same as forensic CITs). The present report extends earlier studies of malingerers by running five groups of subjects (15-16 per group yielding 78 total) in a mock crime (forensic) scenario: paid (to beat the test) and unpaid, instructed and uninstructed, and simply guilty. There was no evidence that the "CIT effect" (probe-minus-irrelevant P300 differences) differed among groups, although behavioral differences among groups were seen. Copyright © 2018 Elsevier B.V. All rights reserved.

  4. 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...

  5. COMPANY ACTIVITY FINANCIAL RISK

    Directory of Open Access Journals (Sweden)

    Caruntu Genu Alexandru

    2012-12-01

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

  6. FINANCIAL INSTABILITY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Cristian, IONESCU

    2014-11-01

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

  7. Interactive Financial Charts- Agency Financial Reports

    Data.gov (United States)

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

  8. THE GLOBAL FINANCIAL CRISIS AND NATIONAL FINANCIAL ...

    African Journals Online (AJOL)

    propose solutions aimed at reducing the effects of global financial crisis by ... rates of return leading to more investment and higher growth for developing countries. .... capital can without notice turn into outflows as it did in Russia and East Asia.

  9. 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.

  10. [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.”

  11. 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.

  12. 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 ...

  13. 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.

  14. The World Financial Crisis

    OpenAIRE

    F. Gerard Adams

    2009-01-01

    The world financial crisis of 2008 is a consequence of new financial technologies, new accounting methods and new international linkages. These developments have come at a time when governments have returned to an old-fashioned freemarket philosophy. This paper links the systemic financial/economic crisis of 2008 to the new economy developments, globalisation and policy philosophy perspectives of recent decades. It raises the question of how to re-establish confidence once traditional thinkin...

  15. Taxing Financial Activity

    OpenAIRE

    Jack M. Mintz

    2003-01-01

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

  16. RTE - 2012 financial results

    International Nuclear Information System (INIS)

    Ricour, Olivia; Marguier, Marina; Lartigau, Thierry

    2013-01-01

    The mission of RTE, the French electricity Transportation grid, a public service assignment, is to balance the electricity supply and demand in real time. This report presents RTE's financial results for 2012: increase of investments for services to clients, performance results, financial balance, stability of the economical model. RTE's regulated economical model, main financial indicators, 2007-2012 investments, 2012 investments by category, 2012 turnover, 2012 costs structure, taxes, financial balance sheet at the end of 2012, and the share of electricity transport in the electricity price are presented in appendixes

  17. 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...

  18. 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...

  19. 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.

  20. 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.

  1. Financial Wealth Distribution in Revised Financial Accounts

    Directory of Open Access Journals (Sweden)

    Václav Rybáček

    2012-09-01

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

  2. Superstition and financial decision making

    OpenAIRE

    Hirshleifer, David; Jian, Ming; Zhang, Huai

    2014-01-01

    In Chinese culture, certain digits are lucky and others unlucky. We test how such numerological superstition affects financial decision in the China IPO market. We find that the frequency of lucky numerical stock listing codes exceeds what would be expected by chance. Also consistent with superstition effects, newly listed firms with lucky listing codes are initially traded at a premium after controlling for known determinants of valuation multiples, the lucky number premium dissipates within...

  3. 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.

  4. Turing Instability-Driven Biofabrication of Branching Tissue Structures: A Dynamic Simulation and Analysis Based on the Reaction–Diffusion Mechanism †

    Directory of Open Access Journals (Sweden)

    Xiaolu Zhu

    2018-03-01

    Full Text Available Four-dimensional (4D biofabrication techniques aim to dynamically produce and control three-dimensional (3D biological structures that would transform their shapes or functionalities with time, when a stimulus is imposed or cell post-printing self-assembly occurs. The evolution of 3D branching patterns via self-assembly of cells is critical for the 4D biofabrication of artificial organs or tissues with branched geometry. However, it is still unclear how the formation and evolution of these branching patterns are biologically encoded. Here, we study the biofabrication of lung branching structures utilizing a simulation model based on Turing instability that raises a dynamic reaction–diffusion (RD process of the biomolecules and cells. The simulation model incorporates partial differential equations of four variables, describing the tempo-spatial distribution of the variables in 3D over time. The simulation results present the formation and evolution process of 3D branching patterns over time and also interpret both the behaviors of side-branching and tip-splitting as the stalk grows and the fabrication style under an external concentration gradient of morphogen, through 3D visualization. This provides a theoretical framework for rationally guiding the 4D biofabrication of lung airway grafts via cellular self-organization, which would potentially reduce the complexity of future experimental research and number of trials.

  5. 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.

  6. Financial Services Marketing.

    Science.gov (United States)

    Olson, Lucretia Maria

    This manual contains student assignments in the financial services area of the marketing process. The individualized competency-based materials are intended to enhance and supplement instruction or to provide the basis for a course of instruction by the teacher-coordinator. Information on skills needed in jobs in financial marketing is first…

  7. Sources of Financial Sociability

    DEFF Research Database (Denmark)

    Thompson, Grahame

    2011-01-01

    This article investigates the sources of sociability in modern financial systems as a prelude to assessing the prospects for financial regulation. Three sources are identified: sociality dependent upon contract, upon relational interdependency, and upon the operation of will and passion. Each of ...

  8. Financial Rogue Waves

    International Nuclear Information System (INIS)

    Yan Zhenya

    2010-01-01

    We analytically give the financial rogue waves in the nonlinear option pricing model due to Ivancevic, which is nonlinear wave alternative of the Black-Scholes model. These rogue wave solutions may he used to describe the possible physical mechanisms for rogue wave phenomenon in financial markets and related fields.

  9. Household financial behavior

    NARCIS (Netherlands)

    Brounen, Dirk; Koedijk, Kees; Pownall, Rachel

    2016-01-01

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

  10. Understanding financial statements.

    Science.gov (United States)

    Tarantino, D P

    2001-01-01

    In his premier column for The Physician Executive, David Tarantino takes a look at those critical "financials" that can make or break a business. If you're considering a career move, you need to know the financial condition of future employers. Learn how to read the statements and glean valuable information from the numbers.

  11. Optimal Fragile Financial Networks

    NARCIS (Netherlands)

    Castiglionesi, F.; Navarro, N.

    2007-01-01

    We study a financial network characterized by the presence of depositors, banks and their shareholders. Belonging to a financial network is beneficial for both the depositors and banks' shareholders since the return to investment increases with the number of banks connected. However, the network is

  12. Consolidating Financial Statements.

    Science.gov (United States)

    Wood, Marcia R.

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

  13. Illiquidity and financial crisis

    NARCIS (Netherlands)

    A.M. Pacces (Alessio)

    2013-01-01

    textabstractThis article analyzes the determinants of liquidity crises based on the dynamics of banking and finance under Knightian uncertainty. In this perspective, the facts of the global financial crisis seem to confirm Minsky's hypothesis of endogenous financial instability derived from Keynes's

  14. Financial Sector Assessment : Morocco

    OpenAIRE

    World Bank

    2003-01-01

    This Financial Sector Assessment (FSA) provides a summary of the policy priorities, and main findings intended to assist the Moroccan authorities in evaluating the country's financial system. It reviews the uneasy trade-off between concerns for stability, and development, suggesting Morocco's macroeconomic policies and practices as a whole tend to err more on the side of the concerns of pr...

  15. Financial Sector Assessment : Turkey

    OpenAIRE

    World Bank

    2007-01-01

    A joint International Monetary Fund-World Bank team conducted an assessment of Turkey's financial system in connection with the Financial Sector Assessment Program (FSAP) through missions in April, August-September 2006 and March, 2007. This report provides a summary of the main findings of the assessment and the policy priorities identified. The main objective of the FSAP is to assist the...

  16. Financial Sector Assessment : Mongolia

    OpenAIRE

    World Bank

    2012-01-01

    Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal a...

  17. Relationships between work unit climate and labour productivity in the financial sector: A longitudinal test of the mediating role of work satisfaction

    NARCIS (Netherlands)

    Voorde, F.C. van de; Veldhoven, M.J.P.M. van; Paauwe, J.

    2014-01-01

    This study is designed to test the mediating role of work satisfaction in the relationship between work unit climate and labour productivity. Two work unit climate facets are examined: goals and service orientation. Longitudinal data obtained from more than 14,000 employees in 171 branches of a

  18. Relationships between work unit climate and labour productivity in the financial sector : A longitudinal test of the mediating role of work satisfaction

    NARCIS (Netherlands)

    van de Voorde, F.C.; van Veldhoven, M.J.P.M.; Paauwe, J.

    2014-01-01

    This study is designed to test the mediating role of work satisfaction in the relationship between work unit climate and labour productivity. Two work unit climate facets are examined: goals and service orientation. Longitudinal data obtained from more than 14,000 employees in 171 branches of a

  19. 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....

  20. 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...

  1. Fundamentals of Financial Statements Audit

    OpenAIRE

    World Bank

    2011-01-01

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

  2. 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...

  3. 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.

  4. 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 ...

  5. 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...

  6. 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...

  7. 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...

  8. Be Vigilant on Financial Statements.

    Science.gov (United States)

    Freed, DeBow

    2002-01-01

    Highlights areas on university's financial statements that warrant careful review by trustees and suggests ways they can check to see whether an institution's financial statements are clear and valid indicators of its financial status. (EV)

  9. The instruments of financial planning

    OpenAIRE

    Durnov, V.

    2011-01-01

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

  10. Framing financial culture

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  11. The Geography of Financial Literacy

    OpenAIRE

    Christopher Bumcrot; Judy Lin; Annamaria Lusardi

    2013-01-01

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

  12. 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...

  13. Consumer's Negative emotions, Financial Decisions, Financial Advice

    OpenAIRE

    Konstantaki, Violetta

    2007-01-01

    Abstract The purpose of this study is to explore the consumers decision making process. In particular, this study attempts to examine consumers negative emotions, which elicit during a decision processing. Especially, the case of a financial decision will be examined. Moreover, consumers negative emotion will be investigated in relation with consumers coping behaviour. To be more specific, the option of seeking advice as a successful consumers coping behaviour will be explor...

  14. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

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

  15. Morocco - Financial Services

    Data.gov (United States)

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

  16. CEA financial report 2007

    International Nuclear Information System (INIS)

    2007-01-01

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

  17. Rio 2016 financial statements

    OpenAIRE

    2015-01-01

    These documents include the report from independent auditors balance sheet, the statement of income, the statement of changes in equity, the statement of cash flows and the explanatory notes to the financial statements.

  18. Financial Services Industry

    National Research Council Canada - National Science Library

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

    2006-01-01

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

  19. Enron: a financial Tchernobyl?

    International Nuclear Information System (INIS)

    Nicolet, J.L.; Alazard, C.; Charron, J.L.

    2004-01-01

    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)

  20. Financial report - Annex H

    International Nuclear Information System (INIS)

    Sotic, O.

    1988-01-01

    This Annex includes financial report of the RA Reactor engineering group from 1987-1988. detailed data concerning operating and continual and investment maintenance costs, amortization related to the reactor, fuel elements and heavy water [sr

  1. Financial report - Annex H

    International Nuclear Information System (INIS)

    Sotic, O.

    1986-01-01

    This Annex includes financial report of the RA Reactor engineering group from 1981-1985. detailed data concerning operating and continual and investment maintenance costs, amortization related to the reactor, fuel elements and heavy water [sr

  2. Iceland's Financial Crisis

    National Research Council Canada - National Science Library

    Jackson, James K

    2008-01-01

    .... The collapse of the banks also raises questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it becomes increasingly difficult to distinguish the limits of domestic financial markets...

  3. FINANCIAL CRISES AND TURKEY

    Directory of Open Access Journals (Sweden)

    MERT URAL

    2013-06-01

    Full Text Available Since the last three decades, in developed and developing counties the liberalization and openness efforts have been witnessed. However, financial liberalization attempts (both internal and external without having macroeconomic stability lead to financial crises in many developing countries. Macroeconomic instabilities create fragile financial markets paving the way for future economic crises. The Turkish Economy, completed the liberalization process with foreign trade liberalization in 1980 and by removing controls on capital accounts in 1989. However, since 1990’s economy got into ‘growth-instability-crisis’ vicious circle, because of the fluctuations in the financial structure. By employing a factor analysis (principal components analysis, this work, aims to obtain the factors that effect crises in Turkey.

  4. Financial Resources of NGOs

    Directory of Open Access Journals (Sweden)

    Nicoleta Ciucescu

    2012-12-01

    Full Text Available Due to the low funding levels registered in recent years in the NGO sector in Romania, many NGOs have faced a number of difficulties, some of them have ceased to carry on business. Financial position of the governmental sector is poor, especially for large organizations that are strictly dependent on foreign funds. For the good functioning of NGOs activity, it is requiring a constant concern for finacial fundraising. The article aims to present the diversity of financial resources of NGOs.

  5. Le directeur financier

    OpenAIRE

    Mattiacci , Noëllie

    2015-01-01

    Following multiple economic crises, the Chief Financial Officer has become a major player within the company. Its missions have unquestionably evolved. Initially, he performed accounting missions ensuring effective financial management. Today, it occupies the strategic functions necessary to the development of the company. This diversity of skills allows him to have a global and cross-enterprise vision. Despite its leading role, no study was conducted concerning the determination of the legal...

  6. Financial Reporting Through IFRS

    OpenAIRE

    Doina Maria Tilea; Vasile Bleotu; Alexandra Ana Maria Serban

    2013-01-01

    Financial reporting using the latest version of IFRS (2011), a result of the IASB research in cooperation with the standardizers of the national accounting standards in order to achieve convergence in accounting standards around the world on the one hand, and on the other hand to provide a set of highly qualitative global accounting standards, requires transparent and comparable information of general purpose financial statements.

  7. Nuclear financial risk

    International Nuclear Information System (INIS)

    Heising, C.D.; George, V.P.

    1986-01-01

    This study examines the economy-wide financial risk associated with reactor accidents as a result of various regulatory response options that might be imposed after a serious accident, including partial or complete nuclear moratoria. The authors find that such risks may be two to three times greater than the plant-specific financial risk estimates that have previously been calculated by others (ie 500 million (1985) dollars per reactor year versus 5 to 50 million dollars). (author)

  8. Chaotic Financial Tornadoes

    Science.gov (United States)

    Jakimowicz, Aleksander

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

  9. First half financial report

    International Nuclear Information System (INIS)

    2003-01-01

    Delivering products and services to nuclear power plants operators, AREVA operates in every sector of the civilian nuclear power and fuel cycle industry. This first half financial report provides information on highlights concerning the nuclear power and the connectors, income statement, performance by division (front end division, reactors and services division, back end division and connectors division), cash flow, balance sheet, post-closing events and consolidated financial statements. (A.L.B.)

  10. DOE financial assurance presentation

    International Nuclear Information System (INIS)

    Huck, R.

    1990-01-01

    The presentation topic is California's approach to license application review in meeting financial assurances for the proposed Ward Valley site. The purpose of the presentation is to provide information on specific financial assurance provisions contained in 10 CFR Part 61 and how California intends to satisfy those requirements. Also, as rate setter, California intends to demonstrate how it will assure allowable costs to the rate base though a financial prudency review. The key provisions of financial assurance are: 10 CFR Section 61.61 - This provision requires an applicant to demonstrate its ability to finance licensed activities; 10 CFR Section 61.62 - This provision requires an applicant to provide assurance that sufficient funds will be available for site closure and stabilization; and 10 CFR Section 61.63 - This provision requires an applicant to provide 'a copy of a binding arrangement, such as a lease, between the applicant and the disposal site owner, so that sufficient funds will be available to cover the costs of the institutional control period.' To assist California in its determination of financial assurance compliance to be demonstrated by the applicant for Part 61 requirements, is NUREG guidance document 1199 'Standard Format and Content of a License Application for a Low-Level Radioactive Waste (LLRW) Disposal Facility.' The detailed financial assurance provisions of NUREG 1199 are then embodied in NUREG 1200, 'Standard Review Plant for the Review of a License Application for a LLRW Disposal Facility.'

  11. Vector financial rogue waves

    International Nuclear Information System (INIS)

    Yan, Zhenya

    2011-01-01

    The coupled nonlinear volatility and option pricing model presented recently by Ivancevic is investigated, which generates a leverage effect, i.e., stock volatility is (negatively) correlated to stock returns, and can be regarded as a coupled nonlinear wave alternative of the Black–Scholes option pricing model. In this Letter, we analytically propose vector financial rogue waves of the coupled nonlinear volatility and option pricing model without an embedded w-learning. Moreover, we exhibit their dynamical behaviors for chosen different parameters. The vector financial rogue wave (rogon) solutions may be used to describe the possible physical mechanisms for the rogue wave phenomena and to further excite the possibility of relative researches and potential applications of vector rogue waves in the financial markets and other related fields. -- Highlights: ► We investigate the coupled nonlinear volatility and option pricing model. ► We analytically present vector financial rogue waves. ► The vector financial rogue waves may be used to describe the extreme events in financial markets. ► This results may excite the relative researches and potential applications of vector rogue waves.

  12. 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

  13. 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.

  14. 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…

  15. 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,…

  16. 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....

  17. 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.

  18. 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...

  19. 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.

  20. Test

    DEFF Research Database (Denmark)

    Bendixen, Carsten

    2014-01-01

    Bidrag med en kortfattet, introducerende, perspektiverende og begrebsafklarende fremstilling af begrebet test i det pædagogiske univers.......Bidrag med en kortfattet, introducerende, perspektiverende og begrebsafklarende fremstilling af begrebet test i det pædagogiske univers....

  1. 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...

  2. 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...

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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...

  8. RURAL FINANCIAL MARKETS: AN OVERVIEW

    OpenAIRE

    Spio, Kojo; Groenewald, Jan A.

    1997-01-01

    The paper seeks to present an in depth overview of rural financial markets in developing countries. Attention is given to the role of financial markets in the development process, approaches to rural finance in developing countries, and formal and informal financial markets. The pro and cons of the various financial markets were also considered.

  9. ICAF Financial Services Industry Study

    Science.gov (United States)

    2005-06-01

    Mishkin , Frederic S. and Stanley G. Eakins. Financial Markets + Institutions . Boston, MA: Addison Wesley. 2003... Financial Markets , Federal Reserve Bank of New York, 1998. Mishkin , Frederic S. and Eakins, Stanley G., Financial Markets + Institutions , Fourth...discussion of the industry would be complete without an understanding of the concept of moral hazard in the financial markets . According to Mishkin

  10. CONSIDERATIONS REGARDING FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    MERCEA PATRICIA AMALIA

    2018-02-01

    Full Text Available International economic conditions are projected to have a favorable path in 2018. Thus, accelerating investment in infrastructure and real estate in China, as well as expectations of fiscal loosening in the United States, lead to an increased expectation for enhancement of global trade flows and to strengthen investor confidence. Instead, Britain's decision to leave the European Union, as well as political uncertainty in some euro-zone countries, may cause temporary distortions but also implications for economies in the european region. On the other hand, the divergence of the Federal Reserve and the European Central Bank's monetary policies, as the US expects further increases in interest rates, can be reflected in the activity of the government bond market as a result of the reorientation of investors to assets with higher yield, a trend amplified by the context of the economic environment with low interest rates. Recent developments in the field of financial technology innovation are an important challenge for conventional financial market (payment and settlement infrastructures, especially in the context of multiple public and private initiatives and projects developed over the last few years. The digitization of financial services is an international concern due to the complexity of this phenomenon, and the lack of harmonized regulations and / or standards in the field. On the one hand, technological innovation in the field of payment systems has the potential to create a number of social benefits by improving access to financial services (financial inclusion. On the other hand, the integration of new technologies in the financial and banking field may imply additional information security risks, especially on payment and settlement systems. Financial technology innovation projects have also been developed by central banks in Europe, but also in America and Asia (for example in the UK, the Netherlands, Sweden, Canada, China and India. They

  11. PROFITABILITY AND FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    CĂRUNTU CONSTANTIN

    2011-09-01

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

  12. INSTABILITY MODELING OF FINANCIAL PYRAMIDS

    OpenAIRE

    Girdzijauskas, Stasys; Moskaliova, Vera

    2005-01-01

    The financial structures that make use of money flow for “easy money” or cheating purpose are called financial pyramids. Recently financial pyramids intensively penetrates IT area. It is rather suitable way of the fraud. Money flow modeling and activity analysis of such financial systems allows identifying financial pyramids and taking necessary means of precautions. In the other hand even investing companies that function normally when market conditions changes (e.g. interest rates) eventual...

  13. Balancing Responsibilities – Financial Literacy

    OpenAIRE

    Gail Pearson; Philip N Stoop; Michelle Kelly-Louw

    2017-01-01

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

  14. Morocco; Financial System Stability Assessment

    OpenAIRE

    International Monetary Fund

    2003-01-01

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

  15. 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...

  16. Dynamisms of Financialization

    DEFF Research Database (Denmark)

    Pedraza-Acosta, Isabel; Mouritsen, Jan

    2018-01-01

    and conditioned by calculative devices that mediate financialization processes? Drawing on a study of a French multinational corporation whose accounting devices – one concerning performance that requires suppliers to be ‘poor’ and another concerning risk that requires suppliers to be ‘rich’ – the article focuses......This article analyses the dominant ideological mode of rationality of financialization, its operationalization via accounting devices and deployments in political intra- and inter-organizational processes, and its dynamisms in global production networks. It asks how are political processes informed...... the suppliers went bankrupt, the multinational corporation was devoid of its industrial competencies. Financialization is ambiguous. Its devices are not inherently facilitative of systemic powers but reflect an ideological mode of rationality and political processes that produce overflows. The associated...

  17. ISSUERS OF FINANCIAL INSTRUMENTS

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2016-05-01

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

  18. Financial Analysts’ Forecasts

    DEFF Research Database (Denmark)

    Stæhr, Simone

    . The primary focus is on financial analysts in the task of conducting earnings forecasts while a secondary focus is on investors’ abilities to interpret and make use of these forecasts. Simply put, financial analysts can be seen as information intermediators receiving inputs to their analyses from firm...... in the decision making and the magnitude of these constraints does sometimes vary with personal traits. Therefore, to the extent that financial analysts are subjects to behavioral biases their outputs to the investors are likely to be biased by their interpretation of information. Because investors need accuracy...... management and providing outputs to the investors. Amongst various outputs from the analysts are forecasts of earnings. According to decision theories mostly from the literature in psychology all humans are affected by cognitive constraints to some degree. These constraints may lead to unintentional biases...

  19. 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.

  20. 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.

  1. Regulating household financial advice

    Directory of Open Access Journals (Sweden)

    Benjamin F. Cummings

    2012-08-01

    Full Text Available This paper reviews economic theory related to investment advice. This theory explains 1 why financial advisors need to be carefully regulated for the benefit of both the investment advice industry and for consumers, 2 why principles-based regulation (e.g., a fiduciary standard is more efficient than rules-based regulation, 3 why dual regulation of financial professionals providing investment or insurance advice is inefficient and inequitable policy, and 4 why the application of a universal and uniform fiduciary standard will be difficult to implement.

  2. 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 ...

  3. 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...

  4. 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.

  5. 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.

  6. 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 ...

  7. 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...

  8. Computing nature turing centenary perspective

    CERN Document Server

    Giovagnoli, Raffaela

    2013-01-01

    This book is about nature considered as the totality of physical existence, the universe, and our present day attempts to understand it. If we see the universe as a network of networks of computational processes at many different levels of organization, what can we learn about physics, biology, cognition, social systems, and ecology expressed through interacting networks of elementary particles, atoms, molecules, cells, (and especially neurons when it comes to understanding of cognition and intelligence), organs, organisms and their ecologies? Regarding our computational models of natural phenomena Feynman famously wondered: “Why should it take an infinite amount of logic to figure out what one tiny piece of space/time is going to do?” Phenomena themselves occur so quickly and automatically in nature. Can we learn how to harness nature’s computational power as we harness its energy and materials? This volume includes a selection of contributions from the Symposium on Natural Computing/Unconventional Com...

  9. 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.

  10. 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

  11. Increasing Financial Security

    Science.gov (United States)

    Kiss, Elizabeth

    2006-01-01

    Earning, spending, saving and investing, and using credit are important aspects of money management that teens need to understand as they move into adulthood. Family and consumer sciences (FCS) professionals have a long history of addressing this important life skill. This brief article describes the High School Financial Planning Program (HSFPP),…

  12. Fighting the Financial Crisis

    DEFF Research Database (Denmark)

    Hull Kristensen, Peer

    2015-01-01

    This paper is concerned to show how the Danish political elite interpreted and responded to the consequences of the 2008 financial crisis for the Danish economy. In particular, the paper describes how this interpretive construction focused primarily on three features of the Danish context to the ...

  13. International Financial Reporting Standards

    DEFF Research Database (Denmark)

    Pontoppidan, Caroline Aggestam

    2011-01-01

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

  14. A Financial Marriage

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

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

  15. Financial Giffen Goods

    DEFF Research Database (Denmark)

    Poulsen, Rolf; Rasmussen, Kourosh Marjani

    2008-01-01

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

  16. Medical students' financial dilemma

    African Journals Online (AJOL)

    1991-05-18

    May 18, 1991 ... A study conducted at the University of Cape Town. R. P. COLBORN ... The financial position of 5th- and 6th-year medical students at the University of .... USA and the UK10,ll appear to have similar problems. Subjects and ...

  17. Financial Derivatives in China

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

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

  18. Issue of Financial Capability

    Science.gov (United States)

    Hasek, Roman; Petraskova, Vladimira

    2010-01-01

    For most people, including students, it is not easy to have a good grasp of the basic terms in the field of finance and of their interrelations, in particular due to the fact that the offer for financial products keeps changing and its statement is frequently unclear, insincere and confusing. The Pedagogical Faculty of the University of South…

  19. Consolidated financial statements

    OpenAIRE

    Blaha, Miroslav

    2010-01-01

    This work provides basic information about consolidation and consolidated financial statements. In the beginning there are definisions of the members of the group under discussion and their relationship. Hereafter concepts of consolidation, accounting methods and methods of consolidation are discussed. It also compares approach of different accounting systems to consolidation.

  20. Consumer financial behavior

    NARCIS (Netherlands)

    van Raaij, W.F.

    2014-01-01

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

  1. 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...

  2. 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.

  3. 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

  4. 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.

  5. 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.

  6. 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. ...

  7. 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 ...

  8. 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...

  9. 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...

  10. 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

  11. 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).…

  12. 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…

  13. 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,…

  14. 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

  15. 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.

  16. 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…

  17. 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.

  18. 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.

  19. 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...

  20. 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 ...

  1. 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 ...

  2. 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

  3. 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 ...

  4. 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.

  5. 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.

  6. Global financial crisis

    Directory of Open Access Journals (Sweden)

    MSc. Jusuf Qarkaxhija

    2011-03-01

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

  7. Corporate Information Management Financial Statements

    National Research Council Canada - National Science Library

    Gimble, Thomas

    1995-01-01

    The audit objective was to determine whether the OASD(C31) methods for preparing FY 1996 CIM, general purpose financial statements will result in auditable and complete general purpose financial statements...

  8. Financial Management: An Organic Approach

    Science.gov (United States)

    Laux, Judy

    2013-01-01

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

  9. Understanding Trust in Financial Services

    DEFF Research Database (Denmark)

    Hansen, Torben

    2012-01-01

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

  10. ICAF Financial Services Industry Study

    National Research Council Canada - National Science Library

    Allison, Douglas; Barry, Kevin; Beaver, Philip; Browne, Michael; Cubillos, Claudio; Hanger, Wallace; Kluchko, Luke; LaDue, Charles; McGhee, Michael; Mitsoff, Gregory

    2005-01-01

    .... The industry includes those firms that provide financial services to organizations or individuals, the government agencies that regulate the industry, and the markets that facilitate the exchange of financial assets...

  11. Radiology applications of financial accounting.

    Science.gov (United States)

    Leibenhaut, Mark H

    2005-03-01

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

  12. Financial Literacy Education for Women

    Science.gov (United States)

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

    2014-01-01

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

  13. 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.

  14. Financial inclusion: Policies and practices

    OpenAIRE

    Thankom Arun; Rajalaxmi Kamath

    2015-01-01

    As a key enabler for development, financial inclusion is firmly placed on the agenda of most governments as a key policy priority. Against this background, this round table provides a global and regional perspective on the policies and practices of financial inclusion. Using macro data, the collection reveals the diversity in the efforts towards achieving financial inclusion and the need for a progressive approach in financial inclusion. Further to this, the round table provides the regional ...

  15. Malaysia; Financial Sector Stability Assessment

    OpenAIRE

    International Monetary Fund

    2013-01-01

    This assessment is a review of the financial environment of Malaysia. Like many other Asian countries, Malaysia experienced financial distress in the late 1990s, but the country’s policy reforms have moved it to a successful economy. A ten-year financial plan (2001–10) by Bank Negara Malaysia restructured the financial sector. Banks were well capitalized, household debts were strengthened, and securities and insurances were developed. Malaysia thus became the global center for Islamic finance...

  16. Gender issues of financial analysts

    OpenAIRE

    Jingwen Ge

    2013-01-01

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

  17. Liquidity management through financial planning

    OpenAIRE

    Kameníková Katarína

    2001-01-01

    One of the basic goals of financial management is to provide financial property and capital for running of the firm, as well as for its development, that means provide optimal firm´s liquidity.To improve liquidity is possible provide through various ways. In present time there is increasing importance of financial planning., where planning of liquidity presents one of its integral part. Therefore I deal in presented paper with possible liquidity improvement through calculation of financial pl...

  18. Financial Integration and Asset Returns

    OpenAIRE

    P Martin; H Rey

    2000-01-01

    The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which (i) the number of financial assets is endogenous; (ii) assets are imperfect substitutes; (iii) cross-border asset trade entails some transaction costs; (iv) the investment technology is indivisible. In such an environment, lower transaction costs between two financial markets translate to higher demand for as...

  19. 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.

  20. Financial literacy of university students

    OpenAIRE

    Rodrigues, Cristina S.; Vieira, Filipa Dionísio; Amaral, António Manuel Pereira da Silva; Martins, F. Vitorino

    2012-01-01

    The current financial crisis highlights real problems profoundly related to the level of financial knowledge. Some studies suggest that many individuals, including small business owners, do not have adequate financial skills to be able to handle their finances. The term "financial literacy" summarizes the set of knowledge, skills and attitudes necessary to enable recognition and understanding of the foundations of personal finance. Informed and literate individuals are able to make responsibl...

  1. Financial stability or economic stability?

    OpenAIRE

    Ana POPA; Laura GIURCA VASILESCU

    2010-01-01

    This paper is based on the dilemma: effect or cause in the analysis of the economic and financial crisis? The first finding of the study is that it has always been easier to consider that the mistakes from the financial field caused the economic crisis. Currently, in the European Union and Romania there is a concern for aggressive action against financial instability. The second finding is that the crisis phenomenon manifest synergetic, thus the deterioration in the macro and micro- financial...

  2. Financial management of construction contractors.

    OpenAIRE

    Lacaria, Chris J.

    1994-01-01

    The scope of this paper is to discuss the financial management of a construction contractor. This paper attempts to approach this subject in a logical and systematic way. It communicates the importance of financial analysis and planning along with cash planning and profit planning. This report is not intended to be an all inclusive discussion of financial management in construction. Contractor's Financial Management is an extremely important subject. It has been told ...

  3. Market liquidity and financial stability.

    OpenAIRE

    Crockett, A.

    2008-01-01

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

  4. Cortisol shifts financial risk preferences.

    Science.gov (United States)

    Kandasamy, Narayanan; Hardy, Ben; Page, Lionel; Schaffner, Markus; Graggaber, Johann; Powlson, Andrew S; Fletcher, Paul C; Gurnell, Mark; Coates, John

    2014-03-04

    Risk taking is central to human activity. Consequently, it lies at the focal point of behavioral sciences such as neuroscience, economics, and finance. Many influential models from these sciences assume that financial risk preferences form a stable trait. Is this assumption justified and, if not, what causes the appetite for risk to fluctuate? We have previously found that traders experience a sustained increase in the stress hormone cortisol when the amount of uncertainty, in the form of market volatility, increases. Here we ask whether these elevated cortisol levels shift risk preferences. Using a double-blind, placebo-controlled, cross-over protocol we raised cortisol levels in volunteers over 8 d to the same extent previously observed in traders. We then tested for the utility and probability weighting functions underlying their risk taking and found that participants became more risk-averse. We also observed that the weighting of probabilities became more distorted among men relative to women. These results suggest that risk preferences are highly dynamic. Specifically, the stress response calibrates risk taking to our circumstances, reducing it in times of prolonged uncertainty, such as a financial crisis. Physiology-induced shifts in risk preferences may thus be an underappreciated cause of market instability.

  5. Human Factors in Financial Trading

    Science.gov (United States)

    Leaver, Meghan; Reader, Tom W.

    2016-01-01

    Objective This study tests the reliability of a system (FINANS) to collect and analyze incident reports in the financial trading domain and is guided by a human factors taxonomy used to describe error in the trading domain. Background Research indicates the utility of applying human factors theory to understand error in finance, yet empirical research is lacking. We report on the development of the first system for capturing and analyzing human factors–related issues in operational trading incidents. Method In the first study, 20 incidents are analyzed by an expert user group against a referent standard to establish the reliability of FINANS. In the second study, 750 incidents are analyzed using distribution, mean, pathway, and associative analysis to describe the data. Results Kappa scores indicate that categories within FINANS can be reliably used to identify and extract data on human factors–related problems underlying trading incidents. Approximately 1% of trades (n = 750) lead to an incident. Slip/lapse (61%), situation awareness (51%), and teamwork (40%) were found to be the most common problems underlying incidents. For the most serious incidents, problems in situation awareness and teamwork were most common. Conclusion We show that (a) experts in the trading domain can reliably and accurately code human factors in incidents, (b) 1% of trades incur error, and (c) poor teamwork skills and situation awareness underpin the most critical incidents. Application This research provides data crucial for ameliorating risk within financial trading organizations, with implications for regulation and policy. PMID:27142394

  6. Cortisol shifts financial risk preferences

    Science.gov (United States)

    Kandasamy, Narayanan; Hardy, Ben; Page, Lionel; Schaffner, Markus; Graggaber, Johann; Powlson, Andrew S.; Fletcher, Paul C.; Gurnell, Mark; Coates, John

    2014-01-01

    Risk taking is central to human activity. Consequently, it lies at the focal point of behavioral sciences such as neuroscience, economics, and finance. Many influential models from these sciences assume that financial risk preferences form a stable trait. Is this assumption justified and, if not, what causes the appetite for risk to fluctuate? We have previously found that traders experience a sustained increase in the stress hormone cortisol when the amount of uncertainty, in the form of market volatility, increases. Here we ask whether these elevated cortisol levels shift risk preferences. Using a double-blind, placebo-controlled, cross-over protocol we raised cortisol levels in volunteers over 8 d to the same extent previously observed in traders. We then tested for the utility and probability weighting functions underlying their risk taking and found that participants became more risk-averse. We also observed that the weighting of probabilities became more distorted among men relative to women. These results suggest that risk preferences are highly dynamic. Specifically, the stress response calibrates risk taking to our circumstances, reducing it in times of prolonged uncertainty, such as a financial crisis. Physiology-induced shifts in risk preferences may thus be an underappreciated cause of market instability. PMID:24550472

  7. DIAGNOSIS OF FINANCIAL EQUILIBRIUM

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2013-04-01

    Full Text Available The analysis based on the balance sheet tries to identify the state of equilibrium (disequilibrium that exists in a company. The easiest way to determine the state of equilibrium is by looking at the balance sheet and at the information it offers. Because in the balance sheet there are elements that do not reflect their real value, the one established on the market, they must be readjusted, and those elements which are not related to the ordinary operating activities must be eliminated. The diagnosis of financial equilibrium takes into account 2 components: financing sources (ownership equity, loaned, temporarily attracted. An efficient financial equilibrium must respect 2 fundamental requirements: permanent sources represented by ownership equity and loans for more than 1 year should finance permanent needs, and temporary resources should finance the operating cycle.

  8. Weathering the financial storm

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursson, Thórarinn G.

    2011-01-01

    The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly. In this ......The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly...... pegs outside EMU were hit particularly hard, while inflation targeting seemed to mitigate the crisis. Finally, we find some evidence suggesting a role for international real linkages and institutional credibility. Our key results are robust to various alterations in the empirical setup and we are able...

  9. Erecting a Sturdy Financial Structure.

    Science.gov (United States)

    West, Jeffrey J.

    1998-01-01

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

  10. MANIPULATION OF THE FINANCIAL STATEMENTS

    OpenAIRE

    Gulin Danimir

    2008-01-01

    An increase in concentration of quoted companies on a relatively small number of stock markets requires a better equalisation of financial reporting framework. Globalisation of financial markets requires harmonisation of financial standards. In 1998, an agreement between IOSCO (International Organisation of Securities Commission) and IASC (International Accounting Standards Committee) on application of International Accounting Standards on American stock exchanges was consequently reached. Si...

  11. Financial globalization and crises: overview

    NARCIS (Netherlands)

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

    2013-01-01

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

  12. Financial crisis and monetary policy

    NARCIS (Netherlands)

    Karatas, B.

    2014-01-01

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

  13. Strategic Planning and Financial Management

    Science.gov (United States)

    Conneely, James F.

    2010-01-01

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

  14. Financial integration and liquidity crises

    NARCIS (Netherlands)

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

    2017-01-01

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

  15. "Financial Bubbles" and Monetary Policy

    Science.gov (United States)

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

    2016-01-01

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

  16. Financial Sector Assessment Update : Uganda

    OpenAIRE

    World Bank

    2005-01-01

    A joint International Monetary Fund-World Bank team conducted an assessment update of Uganda's financial system in connection with the Financial Sector Assessment Program (FSAP) in November, 2004. The purpose of the mission was to help the Ugandan authorities identify financial system strengths and weaknesses with a view to implementing an action plan to increase the system's contribution ...

  17. Communication impacting financial markets

    Science.gov (United States)

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

    2014-10-01

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

  18. Translation of Financial Statements

    OpenAIRE

    Dalthan Simas; Otavio De Medeiros

    2005-01-01

    This paper has the purpose of surveying and critically analyzing the effects of accounting procedures which are closely related to groups of companies operating multinationally. These are the methods for translation of financial statements, e.g. the Temporal and the Closing- rate Methods, as far as those methods are embodied in accounting standards which have been either recommended or adopted by countries such as the UK and US. We conclude that with regard to changing prices, General Price L...

  19. Emotion and financial markets

    OpenAIRE

    Lucy F. Ackert; Bryan K. Church; Richard Deaves

    2003-01-01

    Psychologists and economists hold vastly different views about human behavior. Psychologists contend that economists' models bear little relation to actual behavior. This view is supported by a large body of psychological research that shows that emotional state can significantly affect decision making. ; Economists, on the other hand, argue that psychological studies have no theoretical basis and offer little empirical evidence about people's decision-making processes. The reigning financial...

  20. Financial Statement Math

    OpenAIRE

    2007-01-01

    game tool Game Tool Interactive Media Element The purpose of this interactive exercise is to help you understand the math in the income statement and balance sheet., Give the proper mathematical computations in order to correctly prepare the income statement and the balance sheet.The exercise is divided into 3 parts: The income Statement, The Balance Sheet - Assets, The Balance Sheet - Liabilities, GB3050 Financial Reporting and Analysis

  1. PROFITABILITY AND FINANCIAL STABILITY

    OpenAIRE

    CĂRUNTU CONSTANTIN; LĂPĂDUŞI MIHAELA LOREDANA

    2011-01-01

    The business activity allows identifying two categories of flows: flows of results and cash flows. Flows affect the income and expenses, participating in training result, the company's profitability. Financial flows involved in their formation both monetary items (which drive the monetary input or output and thus implies a cash flow), and non-cash items (affecting the result, without leading to a cash flow). Are equally identifiable cash flows that do not involve an ...

  2. Offshoring and financial markets

    OpenAIRE

    Battisti, Gianfranco

    2014-01-01

    During the 20th century all economic structures underwent the impact of two epochal phenomena, the communications revolution and the financialization of economy. As a consequence of the never ending technological progress, the first has repeatedly reduced the friction of distance, provoking a radical change in the map of locational advantages. The result was a new model of international distribution of production that projected its effects to the core of business management, triggering a disi...

  3. Financial Sector Assessment : Turkey

    OpenAIRE

    World Bank; International Monetary Fund

    2016-01-01

    The fundamental challenges confronting the Turkish financial system are to reduce dependence on external and foreign currency financing and to increase the maturity and diversity of funding instruments on which banks and firms depend. The long-standing shortfall of national savings to finance domestic investment, persistent elevated inflation, and bouts of exchange rate volatility have boosted reliance on foreign currency financing from international capital markets and have also inc...

  4. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

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

  5. The US Financial Crisis

    DEFF Research Database (Denmark)

    Campbell, John L.

    2011-01-01

    Many comparative political economists hold that market performance depends on the presence of institutional complementarities. Some argue that when institutions reinforce similar incentives markets work best. Others disagree and argue that for markets to function well institutions must compensate...... for each other's shortcomings rather than reinforce each other's incentives. This paper uses evidence from the US financial crisis of 2008 to adjudicate this debate. It argues that different types of institutional complementarities are necessary in combination to ensure market stability and successful...

  6. 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.

  7. Financial problems and cooperation

    Energy Technology Data Exchange (ETDEWEB)

    Izquierdo, J.

    1994-12-31

    For a Bank, an usual way to attract new clients is by offering better interest rates depending on the amount of money that the client deposits in an account: {open_quotes}The more money you have the higher interest rate you get{close_quotes}. For a company is also a common practice to offer their clients discounts connected with the number of units of the product they order: {open_quotes}The more you order, the lower price per unit you pay{close_quotes}. From these situations arises the possibility to take profit if the clients cooperate and join their money or their orders. Hence, we define a new class of cooperative games called Financial Games. We study basic properties and necessary conditions for a game to belong to this class of games and we define the concept of duality for Financial games. The core is always non-empty and, moreover, Financial games are always totally balanced. We look at some special amputations lying in the Core and we study the reduced game on the j{sup th} player at {rvec x} where x{sub j} = b{sub j} = v(N) {minus} v(N {minus} j).

  8. Financial aspects of decommissioning

    International Nuclear Information System (INIS)

    Chirica, T.; Havris, A.

    2003-01-01

    European Commission adopted recently two proposals of Directives designed to pave the way for a Community approach to the safety of nuclear power plants and the processing of radioactive waste. Nuclear safety cannot be guaranteed without making available adequate financial resources. With regard, in particular, to the decommissioning of nuclear facilities, the Directive defines the Community rules for the establishment, management and use of decommissioning funds allocated to a body with legal personality separate from that of the nuclear operator. In order to comply with the acquis communautaire, Romanian Government issued the Emergency Ordinance no. 11/2003 which set up the National Agency for Radioactive Waste (ANDRAD) and soon will be established the financial mechanism for raising the necessary funds. Societatea Nationala 'Nuclearelectrica' S.A. operates, through one of its branches, Cernavoda NPP Unit 1 and has to prepare its decommissioning strategy and to analyze the options to assure the financing for covering the future costs. The purpose of this paper is to clarify the financial systems' mechanisms to the satisfaction of the nuclear operator obligations, according to the disbursement schedule foreseen by decommissioning projects . The availability of cash to pay for all the decommissioning expenditure must be foreseen by setting up assets and establishing a suitable financing plan. The different practices of assets management shall be presented in this paper on the basis of the international experience. Some calculation samples shall be given as an illustration. (author)

  9. EDF - Quarterly Financial Information

    International Nuclear Information System (INIS)

    Trivi, Carole; Boissezon, Carine de; Hidra, Kader

    2014-01-01

    EDF's sales in the first quarter of 2014 were euro 21.2 billion, down 3.9% from the first quarter of 2013. At constant scope and exchange rates, sales were down 4.2% due to mild weather conditions, which impacted sales of electricity in France, gas sales abroad and trading activities in Europe. UK sales were nonetheless sustained by B2B sales due to higher realised wholesale market prices. In Italy, sales growth was driven by an increase in electricity volumes sold. The first quarter of 2014 also saw the strengthening of the Group's financial structure with the second phase of its multi-annual hybrid funding programme (nearly euro 4 billion equivalent) as well as the issue of two 100-year bonds in dollars and sterling aimed at significantly lengthening average debt maturity. 2014 outlook and 2014-2018 vision: - EDF Group has confirmed its financial objectives for 2014; - Group EBITDA excluding Edison: organic growth of at least 3%; - Edison EBITDA: recurring EBITDA target of euro 1 billion and at least euro 600 million in 2014 before effects of gas contract re-negotiations; - Net financial debt / EBITDA: between 2x and 2.5x; - Pay-out ratio of net income excluding non-recurring items post-hybrid: 55% to 65%. The Group has reaffirmed its goal of achieving positive cash flow after dividends, excluding Linky, in 2018

  10. 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.

  11. 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.

  12. 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.

  13. Integrated Financial Management Program

    Science.gov (United States)

    Pho, Susan

    2004-01-01

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

  14. Financial inclusion: Policies and practices

    Directory of Open Access Journals (Sweden)

    Thankom Arun

    2015-12-01

    Full Text Available As a key enabler for development, financial inclusion is firmly placed on the agenda of most governments as a key policy priority. Against this background, this round table provides a global and regional perspective on the policies and practices of financial inclusion. Using macro data, the collection reveals the diversity in the efforts towards achieving financial inclusion and the need for a progressive approach in financial inclusion. Further to this, the round table provides the regional perspectives on the policies and practices of financial inclusion in India, South Africa, and Australia.

  15. 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…

  16. THE ROLE OF FINANCIAL EDUCATION IN DEVELOPING THE FINANCIAL SERVICES MARKET

    OpenAIRE

    Ivanka Daneva

    2015-01-01

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

  17. on International Financial Reporting Standards

    Directory of Open Access Journals (Sweden)

    Edyta Łazarowicz

    2016-07-01

    Full Text Available The article analyses and assesses proposals for changes concerning the objective of financial reportingbased on International Financial Reporting Standards (IFRS, presented in comments on the exposuredraft of the Conceptual Framework for Financial Reporting (2015. The majority of respondents thinkthat the objective of financial reporting should give more prominence to the importance of providinginformation about management’s stewardship. Moreover, some respondents suggest introducing thedefinition of stewardship into the Conceptual Framework and presenting implications of shifts in theobjective of financial reporting for the future standard setting and for preparing financial statements.Based on the analysis of comment letters and the review of accounting literature, the conclusion is thatthe objective of financial reporting should be changed. It is, however, disputable, if stewardship should bea separate object. There is too little research on the relation between the stewardship and decisionusefulnessobjectives. The findings of this research could show accounting standard-setters the potentialtrade-offs and conflicts between these objectives.

  18. Public health financial management competencies.

    Science.gov (United States)

    Honoré, Peggy A; Costich, Julia F

    2009-01-01

    The absence of appropriate financial management competencies has impeded progress in advancing the field of public health finance. It also inhibits the ability to professionalize this sector of the workforce. Financial managers should play a critical role by providing information relevant to decision making. The lack of fundamental financial management knowledge and skills is a barrier to fulfilling this role. A national expert committee was convened to examine this issue. The committee reviewed standards related to financial and business management practices within public health and closely related areas. Alignments were made with national standards such as those established for government chief financial officers. On the basis of this analysis, a comprehensive set of public health financial management competencies was identified and examined further by a review panel. At a minimum, the competencies can be used to define job descriptions, assess job performance, identify critical gaps in financial analysis, create career paths, and design educational programs.

  19. 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.

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. Reconfiguring the Financial Markets

    Directory of Open Access Journals (Sweden)

    Ion Bucur

    2009-12-01

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

  8. 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.

  9. Offshoring and financial markets

    Directory of Open Access Journals (Sweden)

    Gianfranco Battisti

    2014-06-01

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

  10. Analyzing Chinese Financial Reporting

    Institute of Scientific and Technical Information of China (English)

    SABRINA; ZHANG

    2008-01-01

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

  11. 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.

  12. 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.

  13. 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.

  14. 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...

  15. Genesis nature of financial strategy

    Directory of Open Access Journals (Sweden)

    O.V. Pashchenko

    2015-03-01

    Full Text Available The article is devoted to the study of the origin and history of the interpretation of the genesis of «strategy», «financial strategy», its elements and composite types. Scientists studied different views on the concept of strategy. Several specific positions founders of different approaches to define the strategy of schools operating strategies involved in the formulation and implementation of the concept of «strategy». Evaluation of different schools of strategies that deepened understanding of the industry and its strategy in the early stages of formation. Based on the works of various scholars studied by the author actually proposed interpretation of the concept strategy. The general industry and functional strategies which include the following strategies: innovation, resource, financial, production, marketing and human resources. Allocated financial strategy and its significant impact on other strategies. Author developed financial sector strategy and financial strategy of competitive enterprise. The importance of financial strategies under conditions of companies and the industry as a whole, as well as components of development of financial strategy. Deals with the factors that must be considered in the development and implementation of financial strategies. The systems analysis strategies and the impact on financial results, the estimation of their attractiveness and risk. Considered classification on the basis of financial strategies and sectoral orientation of the financial sector strategy based on company size, its form and noted the importance of this trait in systematizing strategies. The expediency of the financial strategy. Defined competitive advantage and efficiency of business and industry through the implementation of various financial strategies.

  16. 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...

  17. 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...

  18. 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...

  19. 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.

  20. 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...

  1. 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 ...

  2. Financial Management, Profile of the Air Force Financial Managers

    National Research Council Canada - National Science Library

    1997-01-01

    ... are confined to comparable organizations and financial management positions in the services. These positions most often include comptrollers, deputy comptrollers, and budget officers located at operational...

  3. Financial top 100

    International Nuclear Information System (INIS)

    Jaremko, G.

    1999-01-01

    The way in which the oil industry has rebounded from a difficult financial year was discussed. In 1998, oil prices fell by about 30 per cent from 1997 prices to average US$14.40. In the second quarter of 1999, the rebounding international markets raised oil prices by about one-third to an average US$17.60. Recent surveys have shown that the oil and gas industry will experience major changes in the decade ahead. It was forecasted that in 25 years, total Canadian oil production could near three million barrels per day, an increase of 36 per cent from today's 2.2 million. However, as conventional reserves are running out, production of conventional oil is expected to be diminished by about two-thirds. Naturally-occurring, light refinery-ready oil is forecasted to come mostly from the east coast, whereas western output will be dominated by oil sands. Natural gas will continue to be a huge growth opportunity in the west because of new pipeline expansions and exports to the United States. This paper presented a list of Canada's financial top 100 oil and gas companies which emerged with the best endurance. The list included statistics from 1997 and 1998 for gross revenues, total assets, net income, cash/operating activities, capital expenditures, closing share prices (with percentage change), and market capitalization. 1 fig., 1 tab

  4. FINANCIAL DIAGNOSIS OF STOCKS

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2014-12-01

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

  5. Statistical inference for financial engineering

    CERN Document Server

    Taniguchi, Masanobu; Ogata, Hiroaki; Taniai, Hiroyuki

    2014-01-01

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

  6. Financial Literacy: Empirical Sociological Approaches

    Directory of Open Access Journals (Sweden)

    Henye Livia Kovacsne

    2015-05-01

    Full Text Available The recent financial crises that started in the USA and spread all over Europe highlighted the importance of research in the field of financial culture. A variety of research projects pointed out that the general population’s financial literacy is lacking basic knowledge. The ever changing economic climate, demographic changes, tendencies in the financial processing sector and the acceleration in product innovation put considerable pressure on the everyday decision making process of a household. The overview of the international and national research on the subject proves that the improving of the population’s, especially the young people’s financial literacy is a priority both in leading economic countries and in Hungary, too. The idea of financial culture is as complex as the variety of research into the topic proves it. This article aims to point out the complicated nature of the notion and the variety of research that has been inserted into it.

  7. A REVIEW OF FINANCIAL EDUCATION

    Directory of Open Access Journals (Sweden)

    Fatih Temizel

    2015-07-01

    Full Text Available This study determines the importance of financial education in contemporary societies. A review of various organizations for increasing financial education whose individual and societal importance has been internationally accepted is also offered. Towards this end initiatives undertaken by international organizations and national authorities are examined. Aspects of these initiatives that can be offered as best practices for developing nations are identified. For the Turkish case financial education examples that can be organized under public authority leadership, with NGO participation are collated. Various experiences about measuring and increasing financial literacy are examined. Among these are the implementations in Australia, Japan, England and the United States. It is put forth, in light of international experience, that increasing access to financial education and efficiency of financial services are possible through, informing, education and consulting.

  8. Macroprudential policy and financial stability

    Directory of Open Access Journals (Sweden)

    Bogdan CHIRIACESCU

    2013-02-01

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

  9. Chapter 2: The Financial Crisis

    OpenAIRE

    Hans-Werner Sinn; John Hassler; Gilles Saint-Paul; Giancarlo Corsetti; Michael P. Devereux; Tim Jenkinson; Jan-Egbert Sturm; Xavier Vives

    2009-01-01

    The financial turmoil that originated in 2007 and developed into an unprecedented crisis battering financial and real markets is the latest manifestation, on a grand scale and with new attributes, of a welldefined pathology in the process of market liberalization and integration in the post-Bretton Woods era. At the root of the crisis lies a fundamental inconsistency between financial globalisation – the process of liberalization and deregulation driving the impressive growth of world finan...

  10. Essays on financial analysts' forecasts

    OpenAIRE

    Rodriguez, Marius del Giudice

    2006-01-01

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

  11. Uruguay; Financial System Stability Assessment

    OpenAIRE

    International Monetary Fund

    2013-01-01

    The buffers built in the aftermath of Uruguay’s 2002 banking crisis have shielded the financial sector from the effects of the global financial turmoil. Growth has been robust and the outlook continues to be favorable. However, inflation persists but capital inflows have improved, and policy measures have been taken in response. Uruguay exhibits no obvious signs of near-term domestic macrofinancial vulnerability. The external risks to the economy and the financial system come from a fragile g...

  12. Empowering Physicians with Financial Literacy.

    Science.gov (United States)

    Bar-Or, Yuval

    2015-01-01

    Most doctors complete their medical training without sufficient knowledge of business and finance. This leads to inefficient financial decisions, avoidable losses, and unnecessary anxiety. A big part of the problem is that the existing options for gaining financial knowledge are flawed. The ideal solution is to provide a simple framework of financial literacy to all students: one that can be adapted to their specific circumstances. That framework must be delivered by an objective expert to young physicians before they complete medical training.

  13. Analisis Financial Deepening di Indonesia

    OpenAIRE

    Ruslan, Dede

    2011-01-01

    This paper aims to analize the financial deepening on Indonesia economy. The focusof analysize is to identifiying effect of interest rate, exchange rate and Gross DomesticProduct (GDP) to financial deepening on Indonesian economy for 1980-2007. Methodeof analysize is linier regression model. The result of analysize are Gross DomesticProduct (GDP) and interest rate have significant effect to financial deepening onIndonesian economy.

  14. Financial accounting for radiology executives.

    Science.gov (United States)

    Seidmann, Abraham; Mehta, Tushar

    2005-03-01

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

  15. financial analysis of the company

    OpenAIRE

    Pojerová, Jana

    2008-01-01

    The main goal of this bachelor thesis called "Company Financial Analysis" is to evaluate the financial situation of ZS Kosova Hora a.s. in the years 2005 2013 using standard methods of financial analysis. To achieve this goal horizontal and vertical analyses, ratio analysis, pyramidal decomposition of the ROE indicator and solvency and bankruptcy models have been used. In all these areas the selected company has been compared with a selected sample of other agricultural enterprises and its fi...

  16. CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

    OpenAIRE

    Tănase Alin-Eliodor; Calotă Traian-Ovidiu

    2013-01-01

    This article is focuses on accounting consolidation techniques and the preparation of consolidation worksheets for the components of financial statements (statement of comprehensive income, statement of changes in equity, and financial position). The presented group includes parent company, two subsidiaries (only one fully controlled by the parent company) and a jointly controlled entity. The financial statements are presented under the following standards IFRS 3 Business Combination, IAS 27 ...

  17. Nigeria; Financial Sector Stability Assessment

    OpenAIRE

    International Monetary Fund

    2013-01-01

    This Financial Sector Stability Assessment on Nigeria discusses the macroeconomic performance and structure of the financial system. Although Nigerian economy experienced both domestic and external shocks in recent years, the economy continued to grow rapidly, achieving more than 7 percent growth each year since 2009. The performance of financial institutions has begun to improve, though some of the emergency anti-crisis measures continue to be in place. However, the regulatory and supervisor...

  18. Canada and international financial institutions

    OpenAIRE

    Robert Lafrance; James Powell

    1996-01-01

    International financial institutions, such as the International Monetary Fund, the World Bank and the Bank for International Settlements, are important players in the global financial system. This article provides an overview of the major international financial institutions to which Canada belongs. The paper highlights their activities and the nature of Canada's involvement, including that of the Bank of Canada. Recent initiatives coming out of the Halifax and Lyon Summits to improve the eff...

  19. CVFA: Coal vendor financial advisor

    International Nuclear Information System (INIS)

    Goote, W.G.; Andersen, S.

    1992-01-01

    An expert system for determining coal vendor financial viability in fuel purchasing contracts at an electric utility is described. The system blends rules, data objects, and financial knowledge to provide a rational basis for accepting or rejecting coal contracts given the financial capability of the coal vendor. The discussion concludes with a critique of managerial issues in the development of the system and its use in decision making. 3 refs., 1 fig

  20. Dynamic bifurcations on financial markets

    International Nuclear Information System (INIS)

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

    2016-01-01

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