20 CFR 416.1208 - How funds held in financial institution accounts are counted.

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false How funds held in financial institution accounts are counted. 416.1208 Section 416.1208 Employees' Benefits SOCIAL SECURITY ADMINISTRATION... held in financial institution accounts are counted. (a) General. Funds held in a financial institution...

EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA

OpenAIRE

Dražen Novaković

2015-01-01

The aim of this paper is to evaluate the financial performance of pension funds in Croatia. Although there are other factors which are important in the pension funds overall performance, this paper focuses on investment accomplishments. The purpose of measuring portfolio performance is to determine whether portfolio managers add value compared to passive investment strategies. The traditional approach to pension funds’ performance evaluation underlines standard measures of financial performan...

31 CFR 501.604 - Reports by U.S. financial institutions on rejected funds transfers.

Science.gov (United States)

2010-07-01

... REPORTING, PROCEDURES AND PENALTIES REGULATIONS Reports § 501.604 Reports by U.S. financial institutions on rejected funds transfers. (a) Who must report. Any financial institution that rejects a funds transfer... institution, domestic bank, financial institution or U.S. financial institution, as those terms are defined in...

77 FR 76606 - Community Development Financial Institutions Fund

Science.gov (United States)

2012-12-28

... technical assistance, entrepreneurship training, and financial management skill-building (including... documents such as strategic plans or market studies unless the CDFI Fund has specifically requested such...

Financial audit : District of Columbia highway trust fund's fiscal year 1999 and 1998 financial statements

Science.gov (United States)

2000-10-01

This report presents the results of our audits of the financial statements of the District of Columbia Highway Trust Fund for the fiscal years ended September 30, 1999 and 1998, and our examination of the forecasted statements of the Fund's expected ...

Journal Vouchers for FY 2000 Department of the Navy General Fund Financial Reporting

National Research Council Canada - National Science Library

2001-01-01

...) General Fund Financial Statements. The previous reports discuss accounting entries supporting Marine Corps reporting and our endorsement of he Naval Audit Service disclaimer of opinion on the FY 2000 Navy General Fund financial statements...

Financial Reporting of Department 97-Funded Property, Plant, and Equipment

National Research Council Canada - National Science Library

2001-01-01

This audit is the final part of the audit on "Compilation of the FY 1999 Financial Statements for Other Defense Organizations-General Fund" and in support of our audit of the FY 2000 Financial Statement...

The corporate centre in a financial conglomerate : governance under fundamental industry changes

OpenAIRE

Fiole, Eelco Rokus Willem

2002-01-01

In part 1, we discuss 1) the fundamental changes in the financial services industry, 2) financial conglomerate structures and 3) value-based-management. These are core components for understanding the challenges and intentions of corporate level management of financial conglomerates. The financial services industry, financial conglomeration and value orientation In the first chapter, we highlight the major trend of consolidation in the financial services industry. This trend...

The Behavioral Aspects of Mutual Funds and the Lessons Learned from the Financial Crisis

OpenAIRE

Åhlén, Tommy

2011-01-01

The fund industry has grown tremendously over the last decades and the function for mutual funds and their managers have gained importance. Sweden is today the greatest fund saving country in the world however the function of the mutual funds and their managers is still rather unexplored. Mutual fund managers were blamed for the recent financial crisis and their irrational behavior was highlighted. This indicated how weak the classic financial theories are when trying to explain the function ...

DEVELOPMENT FINANCIAL INSTITUTIONS AND THEIR ROLE IN SUPPORTING EMERGING MARKETS PRIVATE EQUITY FUNDS

Directory of Open Access Journals (Sweden)

ANTON Sorin Gabriel

2013-12-01

Full Text Available Development financial institutions have emerged in the last years as major investors in the private equity industry. Their main goals are to create new jobs, to foster innovation and to develop the private sector. The aim of the paper is to analyze the role played by the development financial institutions in the creation and development of emerging markets private equity funds in the light of financial crisis started in 2008. We found that many development banks have increased their financial support to the emerging markets private equity funds and have improved the standards and norms of the local industry. They played a countercyclical role during a difficult period when private investors proved reluctant in backing new private equity funds.

Fundamentals for the Allocation of Financial Benefits in Virtual Enterprises

OpenAIRE

Jähn , Hendrik; Burghardt , Thomas

2012-01-01

Part 18: Cost, Benefits and Performance; International audience; In the following fundamentals for the allocation of financial benefits such as profit are introduced. The content is based on the concept of value-adding process-related virtual enterprises. Before applying exact rules for the calculation and allocation of the financial benefits some initial process steps need to be completed. That is indispensable for the success of virtual enterprises because financial benefits are the main ta...

Financial frictions and substitution between internal and external funds in publicly traded Brazilian companies

Directory of Open Access Journals (Sweden)

Márcio Telles Portal

2012-04-01

Full Text Available The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms. The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010, who suggest the following: first, because of the endogenous nature of investment decisions in constrained companies, the complementary relationship between internal and external funds prevails over the substitutive effects suggested by the Pecking Order Theory; and second, the negative relationship between cash flow and external funds cannot be interpreted as evidence of costly external funds and therefore does not corroborate the Pecking Order Theory.

Compilation of the FY 2000 Navy Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

Granetto, Paul

2001-01-01

... to the Office of Management and Budget. This is the fifth and final report on our audit work on the FY 2000 Navy Working Capital Fund Financial Statements and related controls and supporting financial data...

The protection of financial services users: The case of insurance companies and investment funds

Directory of Open Access Journals (Sweden)

Njegomir Vladimir

2012-01-01

Full Text Available The users of financial services generally do not have the required expertise that they need to process the available financial information when they make financial and investment decisions, and as such they represent a sensitive category of financial market participants, which may intentionally or unintentionally be exposed to manipulation. If the beneficiaries do not have relevant and accurate information, the relationship between the provider and the service user is characterized with information asymmetry, and because of these reasons adequate regulatory instruments are necessary in order to protect the interests of financial services users. In the financial services sector, the development of a long-term successful relationship between providers and users of services should be based on mutual trust and users' feel that they have received a value for the price paid. The aim of the paper is to highlight the modern ways of improving the protection of the interests of consumers of financial services provided by insurance companies and investment funds. The paper analyses the reasons for protection of consumers of financial services, specifics of insurance as financial service, the importance of trust as a key factor for the attraction of service users and the basic principles of operation of investment funds in the developed and the domestic financial market are compared. The particular attention is given to insurance companies and investment funds in terms of regulatory and other mechanisms of governments that are related to the protection of insureds and investment funds investors.

Defense Homeowners Assistance Fund Financial Statements For FY 1992

National Research Council Canada - National Science Library

Hendricks, Nancy

1993-01-01

The primary objective of the audit was to determine whether the Fund's FY 1992 financial statements were presented fairly in accordance with generally accepted accounting principles for Federal entities...

Hedge Fund Stock Trading in the Financial Crisis of 2007--2009

OpenAIRE

Itzhak Ben-David; Francesco Franzoni; Rabih Moussawi

2012-01-01

Hedge funds significantly reduced their equity holdings during the recent financial crisis. In 2008:Q3----Q4, hedge funds sold about 29% of their aggregate portfolio. Redemptions and margin calls were the primary drivers of selloffs. Consistent with forced deleveraging, the selloffs took place in volatile and liquid stocks. In comparison, redemptions and stock sales for mutual funds were not as severe. We show that hedge fund investors withdraw capital three times as intensely as mutual fund ...

Financial equilibrium with career concerns

Directory of Open Access Journals (Sweden)

Amil Dasgupta

2006-03-01

Full Text Available What are the equilibrium features of a financial market where a sizeable proportion of traders face reputational concerns? This question is central to our understanding of financial markets, which are increasingly dominated by institutional investors. We construct a model of delegated portfolio management that captures key features of the US mutual fund industry and embed it in an asset pricing framework. We thus provide a formal model of financial equilibrium with career concerned agents. Fund managers differ in their ability to understand market fundamentals, and in every period investors choose a fund. In equilibrium, the presence of career concerns induces uninformed fund managers to churn, i.e., to engage in trading even when they face a negative expected return. Churners act as noise traders and enhance the level of trading volume. The equilibrium relationship between fund return and net fund flows displays a skewed shape that is consistent with stylized facts. The robustness of our core results is probed from several angles.

77 FR 76614 - Community Development Financial Institutions Fund

Science.gov (United States)

2012-12-28

... & Demand 15 points 15 points. Products, Services, and 30 points 25 points. Marketing. Management Capacity... training, and financial management skill-building (including administrative funds used to carry out... forth in the Office of Management and Budget (OMB) Notice, Revisions to the Standards for the...

Financial Crisis: A New Measure for Risk of Pension Fund Portfolios.

Directory of Open Access Journals (Sweden)

Marinella Cadoni

Full Text Available It has been argued that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits to risk taking for pension funds could prevent defaults. In this paper we present a framework for evaluating the risk level of a single financial instrument or a portfolio. By assuming that the log asset returns can be described by a multifractional Brownian motion, we evaluate the risk using the time dependent Hurst parameter H(t which models volatility. To provide a measure of the risk, we model the Hurst parameter with a random variable with mixture of beta distribution. We prove the efficacy of the methodology by implementing it on different risk level financial instruments and portfolios.

Financial Crisis: A New Measure for Risk of Pension Fund Portfolios.

Science.gov (United States)

Cadoni, Marinella; Melis, Roberta; Trudda, Alessandro

2015-01-01

It has been argued that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits to risk taking for pension funds could prevent defaults. In this paper we present a framework for evaluating the risk level of a single financial instrument or a portfolio. By assuming that the log asset returns can be described by a multifractional Brownian motion, we evaluate the risk using the time dependent Hurst parameter H(t) which models volatility. To provide a measure of the risk, we model the Hurst parameter with a random variable with mixture of beta distribution. We prove the efficacy of the methodology by implementing it on different risk level financial instruments and portfolios.

The Evolution of Non-Banking Financial Markets in Hungary: The Case of Mutual Funds

Directory of Open Access Journals (Sweden)

Luminiţa NICOLESCU

2016-12-01

Full Text Available The non-banking sector has an important place in financial markets. Therefore, the performance of financial markets can be looked at in different countries by analyzing the evolution of mutual funds, in terms of their inflows and outflows. This is even more important in the recent period, due to the recent global financial distress. Numerous studies, most of them conducted in the US, illustrate that flows are highly dependent on the previous performance and that a common behavior of investors is rather to look for highly performing funds than to give up the poorly performing ones. This paper studies the flows of funds into and out of Hungarian mutual funds during the period 2007-2014. The evolution of the mutual funds market depends on investor’s behavior and the paper analyzes the behavior of investors. The paper also tries to evaluate if and how the financial crisis affected the investing behavior of Hungarian investors. The main findings of the research illustrate that there are a number of factors that influence the way investors make their decisions. Among those fund flows in the previous month is the factor that influences the most the current flows, illustrating that Hungarians invest only in funds that attracted previously more new money. Other factors with a significant influence on the investors’ behavior are the size of the fund (measured through the net assets and the risk (measured through the standard deviations of returns. The factor that surprisingly seems to have less influence on Hungarian inv estors’ decisions is the performance either measured as the evolution of the fund category or the rank and the square rank of the fund in its category. Another important finding was that data proved that the financial crisis had an impact on the capital market in Hungary, as investments decreased in that particular period and mutual funds performances were lower.

General Fund Enterprise Business System Did Not Provide Required Financial Information

Science.gov (United States)

2012-03-26

Management of the General Fund Enterprise Business System,” January 14, 2008 Army AAA Report No. A-2010-0187- FFM , “General Fund Enterprise Business System...A-2009-0232- FFM , “General Fund Enterprise Business System – Federal Financial Management Improvement Act Compliance, Examination of Releases...1.4.1, 1.4.2, 1.4.3, and 1.4.4 Requirements,” September 30, 2009 AAA Report No. A-2009-0231- FFM , “General Fund Enterprise Business System – Federal

Utility financial stability and the availability of funds for decommissioning: An analysis of internal and external funding

International Nuclear Information System (INIS)

Siegel, J.J.

1988-06-01

The NRC is currently developing final rules in the area of decommissioning nuclear facilities. A part of that rulemaking effort is assuring that funds will be available at the time of decommissioning of power reactors. This report provides an update by considering public comments received on the NRC's proposed rule on decommissioning (published February, 1985) and by analyzing the relative level of assurance of internal and external reserves. In its analysis, the report makes use of specific case utility financial situations. The report concludes that from a financial standpoint, with the exception of PSNH, internal reserves currently provide sufficient assurance of funds for decommissioning. The report also concludes that the NRC should recommend changes in bankruptcy laws, including decommissioning obligations in utility prospectuses, and conduct periodic financial reviews of nuclear utilities due to changing economic conditions

Promoting Islamic Private Equity Fund As An Ideal Financial Intermediary Institution

Directory of Open Access Journals (Sweden)

Nashr Akbar

2017-12-01

Full Text Available The existence of financial intermediation institution is quite necessary to support the economic activity. It serves both surplus unit and deficit unit to meet their wants whereby the former wants to invest his money in the lack of skill, while the latter wants to develop their businesses but does not have adequate capital. Bank institution is the most common institution serving the people’s need of financial intermediation. However, bank has several weaknesses that may harm and hamper the economic development. This paper aims to explore the weaknesses of banks as financial intermediary institutions and then promote Islamic Private Equity Fund as alternative. The result showed that the weaknesses of banks are: 1 fractional reserve banking, 2 fiat money, 3 debt-based investment, 4 risk averse. Furthermore, the study also found that Islamic Private Equity Fund can serve as an ideal financial intermediary institution due to some strengths: 1 no fractional reserve banking, 2 equity-based investment and 3 risk taker

Financial management of non-state pension fund forms and methods

Directory of Open Access Journals (Sweden)

Iureva Irina Anatolevna

2014-04-01

Full Text Available The main direction that determines the efficiency of non-governmental pension funds operation is the investment of pension reserves funds. It is possible to improve the regulation of investment process of non-governmental pension funds by expanding the assortment of tools available for investment. This will make it possible not only to achieve assets increase for the purpose of future fulfillment of obligations of paying non-governmental pensions to participants, but also contribute to financial market stabilization.

Weathering the financial storm: The importance of fundamentals and flexibility

DEFF Research Database (Denmark)

Ólafsson, Tjörvi; Pétursson, Thórarinn G.

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 and currency collapse, others came off relatively ligh...... in determining the economic impact of the crisis and, in particular, that countries with sound fundamentals and flexible economic frameworks were better able to weather the financial storm....

MUTUAL FUND PERFORMANCE ANALYSIS PRE AND POST FINANCIAL CRISIS OF 2008

OpenAIRE

Asadov, Elvin; Dinger, Tim

2017-01-01

Using a sample of 955 mutual funds, free of survivorship bias, we analyse the performance of diversified equity mutual funds in the United States of America that invest solely in stocks listed on the U.S. stock exchanges before and after the financial crisis of 2008. We categorize all mutual funds into their respective strategy including value, growth, and blend in order to see any relationship with respect to their strategic focus.We find that mutual funds were not able to provide a positive...

Major Deficiencies Preventing Auditors From Rendering Audit Opinions on DOD General Fund Financial Statements

National Research Council Canada - National Science Library

Rauu, Russell

1995-01-01

.... This report gives Congress, the Secretary of Defense, the DoD Chief Financial Officer, financial managers, and the audit community an assessment of progress made in audited financial statements of DoD general funds...

77 FR 71035 - Financial Management Service; Proposed Collection of Information: Electronic Funds Transfer (EFT...

Science.gov (United States)

2012-11-28

... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Electronic Funds Transfer (EFT) Market Research Study AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management...

Ouick Reaction Report on Financial Reporting Procedures for the Defense Homeowners Assistance Fund

National Research Council Canada - National Science Library

1992-01-01

...) Financial Statements for FY 1992 (Project No. 2FH-2002). The objective of the audit is to determine whether the Fund's financial statements are presented fairly in accordance with generally -accepted accounting principles...

Improving index mutual fund risk perception : Increase financial literacy or communicate better?

NARCIS (Netherlands)

de Goeij, Peter; Van Campenhout, Geert; Subotic, Marjana

2017-01-01

We investigate the effect of financial literacy and index mutual fund risk disclosure format on investors’ risk perception by examining the risk disclosure part in the Key Investor Information Document (KIID) for UCITS funds in Europe. Using an experimental survey administered to 244 university

Organizational characteristics, financial performance measures, and funding sources of faith based organizations.

Science.gov (United States)

Lampkin, Lynne; Raghavan, Kamala

2008-01-01

This study examined the impact of organizational characteristics and financial performance measures of faith based organizations (FBOS) in Pennsylvania and Ohio on the decisions of the funding sources. Organizational characteristics of size, age, and type of service, and financial performance measures such as expense, liquidity, and solvency ratios were gathered from the data on IRS form 990 for 97 FBOS for the period of 1995 to 2004. The study found that the 1996 Charitable Choice provisions and the 2001 Office of Faith-Based and Community Initiatives have led to increased government funding for FBOS. The results showed that government funding of FBOS is affected positively by age of the FBO, and negatively by its size. For smaller FBOS, savings ratio had a negative relationship to government funding and a positive relationship to direct public support. For social service FBOS government funding was positively affected by age and negatively affected by size and debt ratio, while days-cash-on-hand had a negative impact on direct public support. All of the above relationships were statistically significant.

Risk management, financial evaluation and funding for wastewater and stormwater reuse projects.

Science.gov (United States)

Furlong, Casey; De Silva, Saman; Gan, Kein; Guthrie, Lachlan; Considine, Robert

2017-04-15

This paper has considered risk management, financial evaluation and funding in seven Australian wastewater and stormwater reuse projects. From the investigated case studies it can be seen that responsible parties have generally been well equipped to identify potential risks. In relation to financial evaluation methods some serious discrepancies, such as time periods for analysis, and how stormwater benefits are valued, have been identified. Most of the projects have required external, often National Government, funding to proceed. As National funding is likely to become less common in the future, future reuse projects may need to be funded internally by the water industry. In order to enable this the authors propose that the industry requires (1) a standard project evaluation process, and (2) an infrastructure funders' forum (or committee) with representation from both utilities and regulators, in order to compare and prioritise future reuse projects against each other. Copyright © 2017 Elsevier Ltd. All rights reserved.

Assessment of financial management of the National Health Fund in 2005-2011

Directory of Open Access Journals (Sweden)

Agata Gastecka

2015-04-01

Full Text Available After many reforms of the Polish health care system, the current entity responsible for financing medical services to the insured patients is the National Health Fund. Despite the constantly increasing funds being allocated to the health care system, it still remains underfunded. A tool that facilitates the evaluation and assessment of the viability, stability and profitability of a business is called the financial analysis. The primary source of data necessary for the preparation of the financial analysis comes from the financial statement which includes the balance sheets, profit and loss account, notes, cash flow statement, and statement of changes in equity. On the basis of the information contained in these documents one can understand the structure of assets, earnings, revenues and expenses, as well as the level of indebtedness and liquidity. The National Health Fund has a monopoly on the health insurance market. Therefore, the financial management conducted by this entity should be based on the rationalization of the expenditure in terms of revenue and stable income generation. The financial analysis carried out between 2005 and 2011 showed that the total assets of the entity were dominated by the current assets which can be justified by the nature of the business. The structure of equity relative compared to the foreign capital did not show positive trends. Since 2009, the bad financial situation was manifested by the profit and loss accounts, which reached negative values and costs exceeding the revenue. The ratio analysis showed a high debt rates experienced by the health care payers. At the same time, however, the liquidity has been maintained.

The fundamental determinants of financial integration in the European Union

NARCIS (Netherlands)

Lemmen, J.J.G.; Eijffinger, S.C.W.

1995-01-01

This paper focuses on the fundamental determinants of the degree of financial integration in the European Union over the period 1973-1993. Using closed interest differentials to measure the intensity of capital controls and applying a panel data approach, we find realized inflation rates, government

Compilation of the FY 1999 Department of the Navy Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

2000-01-01

...) Cleveland Center consistently and accurately compiled and consolidated financial data received from Navy field organizations and other sources to prepare the FY 1999 Navy Working Capital Fund financial statements...

Report: Fiscal Years 2016 and 2015 Financial Statements for the Pesticide Registration Fund

Science.gov (United States)

Report #17-F-0365, August 14, 2017. Due to the material weakness in internal controls noted, the agency cannot provide reasonable assurance that financial data provided for the PRIA Fund accurately reflect the agency’s financial activities and balances.

Report: Fiscal Years 2015 and 2014 Financial Statements for the Pesticide Registration Fund

Science.gov (United States)

Report #17-F-0315, July 10, 2017. Due to the material weakness in internal controls noted, the agency cannot provide reasonable assurance that financial data provided for the PRIA Fund accurately reflect the agency’s financial activities and balances.

Report: Fiscal Years 2014 and 2013 Financial Statements for the Pesticide Registration Fund

Science.gov (United States)

Report #16-F-0323, Sept 22, 2016. Due to the material weakness in internal controls noted, EPA cannot provide reasonable assurance that financial data provided for the PRIA Fund for FY 2014 accurately reflect the agency’s financial activities and balances.

The National Security Education Trust Fund Financial Statements for FY 1994

National Research Council Canada - National Science Library

Gimble, Thomas

1995-01-01

.... We evaluated the management control structure established for the Trust Fund, and we assessed compliance with applicable laws and regulations that could have a material effect on the financial statements...

Developing Financial Mechanisms for Long-Term Funding of Biodiversity Conservation

OpenAIRE

Jeri Larsen

1993-01-01

On March 12, 1992, the Regional Environment Divisions and the Global Environment Facility Administration in the Environment Department sponsored a one-day workshop. Conservation professionals, financial and legal specialists, and Bank operational staff involved with biodiversity, particularly Global Environment Facility (GEF) projects, gathered to discuss trust funds, endowments, and found...

[Saskatchewan Fund for environmental problems]. Annual report and financial statements 1996--1997

International Nuclear Information System (INIS)

1997-01-01

This gives the annual report of the Fund, established by the Provincial Government in 1989 to replace the well deposit system and to provide the government with a means to address unique oil and gas related environmental problems. The Fund guarantees the proper drilling, completion and abandonment of wells, including surface restoration, and allows the government to respond to a major spill or environmental problem when liability for the problem cannot initially be determined. This report describes the purpose of the Fund, and summarizes its activities. A financial statement is included

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.

PENSION FUNDS AND THE FINANCIAL CRISIS IN THE CEE COUNTRIES

Directory of Open Access Journals (Sweden)

Milos Laura Raisa

2012-12-01

Full Text Available In this paper, the authors analyze the influence of the international financial crisis on the current architecture of the CEE pension systems and their further reforms. As a consequence of the financial crisis, the very fragile pension reform has been subject of debate in the new member states of European Union, given their deep recession and registered fiscal deficits. In many of the CEE countries, which have adopted/developed later the second pillar, the financial crisis has raised questions in what concerns the benefit of moving to a mixed pension system, in comparison with the former one, which relied exclusively on public pay-as-you-go schemes. The current literature analyses the situation in each of the CEE countries, but does not make an overall analysis of the situation of the CEE countries, member of the European Union. The authors show the short-term negative effects of the financial crisis on the pension reform in these countries, but also the longer run effects, on the continuing deteriorating finances of these pension systems, in the context of the aging of population and unsustainable pension schemes. Alongside reviewing and commenting the national authorities’ responses to the financial crisis, we are proposing also some measures meant to enhance the further pension system reform and to improve the performance of the private pension funds. Pensions have a long-time horizon and it would be very wrong to produce a reversal of the past reforms since the main problems of adequacy and sustainability remain vivid (demographic challenge and population aging. It is also true though that, while shifting from an exclusively public pay-as-you-go system towards a mixed pension system, especially in times of financial crisis, authorities must pay increased attention to the management and supervision of the DC pension plans, to the risk management standards and regulations of the private pension funds, alongside other measures meant to

Defense Business Operations Fund Consolidated Statement of Financial Position for FY 1994

National Research Council Canada - National Science Library

Rau, Russell

1995-01-01

The objective of the audit was to determine whether the Statement of Financial Position of the Defense Business Operations Fund for FY 1994 was fairly presented in accordance with Office of Management...

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.

The Impact of Fundamental and Financial Traders on the Term Structure of Oil

DEFF Research Database (Denmark)

Heidorn, Thomas; Mokinski, Frieder; Rühl, Christof

2015-01-01

We study how the exposure of fundamental and financial traders affects the futures curve of WTI oil and the market integration between WTI and Brent measured by their price spread. To obtain a parsimonious representation of the futures curve, we decompose it into a level-, a slope- and a curvature...... factor in a first step. In a second step, we separately regress each extracted factor on measures of the market exposure of fundamental and financial traders revealing whether and how the exposure of the two trader groups affects the different dimensions of the futures curve. Spanning from 2006 until...... 2012, our dataset covers sub-periods of a sharp WTI-price rise as well as a diverging Brent-WTI-spread. Our contribution is threefold: First, we suggest that it is important to distinguish between level and slope as we find that fundamental traders have a measurable impact on the level of the futures...

Bank Funding Structures and Risk; Evidence From the Global Financial Crisis

OpenAIRE

Pablo Federico; Francisco F. Vazquez

2012-01-01

This paper analyzes the evolution of bank funding structures in the run up to the global financial crisis and studies the implications for financial stability, exploiting a bank-level dataset that covers about 11,000 banks in the U.S. and Europe during 2001?09. The results show that banks with weaker structural liquidity and higher leverage in the pre-crisis period were more likely to fail afterward. The likelihood of bank failure also increases with bank risk-taking. In the cross-section, th...

Department of Defense Financial Management Regulation. Volume 13. Nonappropriated Funds Policy and Procedures

National Research Council Canada - National Science Library

1994-01-01

.... In addition, it directs statutory and regulatory financial reporting requirements. This Volume prescribes standard accounting principles and practices for all DoD nonappropriated fund instrumentalities (NAFIs...

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...

Internal Controls and Compliance with Laws and Regulations for the National Defense Stockpile Transaction Fund Financial Statements for FY 1996

National Research Council Canada - National Science Library

Lane, F

1997-01-01

The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires an annual audit of revolving funds such as the National Defense Stockpile Transaction Fund...

Appropriated Capital Used in the FY 1995 Defense Business Operations Fund Financial Statements

National Research Council Canada - National Science Library

Lane, F

1997-01-01

.... 1996 Defense Business Operations Fund consolidated financial statements were presented fairly in accordance with the "other comprehensive basis of accounting" described in Office of Management and Budget Bulletin...

Inspector General, DoD, Oversight of the Army Audit Agency Audit of the FY 1998 Army General Fund Financial Statements

National Research Council Canada - National Science Library

1999-01-01

... Financial Statements for Fiscal Year 1998: Summary Audit Rep oft." Our objective was to determine the accuracy and completeness of the Army Audit Agency audit of the FY 1998 Army General Fund Fund Financial Statements...

Fundamentals, financial factors and firm investment in India: A Panel VAR approach

OpenAIRE

Das, Pranab Kumar

2008-01-01

This study analyses the role of fundamentals and financial factors in determining firm investment in India with imperfect capital market in a panel VAR framework. Previous research in this area is based on the test of significance (or some variant of this) of the cash flow variable in the investment equation. In this strand of research, cash flow is considered to be a financial factor. The major theoretical problem of this approach is that in a forward-looking model cash flow might be cor...

Report by the External Auditors on the Accounts of the CERN Pension Fund for the Financial Year 2005 Comments by the Administration of the Fund

CERN Document Server

2006-01-01

The report on the audit of the accounts of the Pension Fund for the 2005 financial year is given in document CERN/FC/5046 CERN/2671. This document contains the comments of the Administration of the Fund.

Report by the external auditors on the accounts of the CERN Pension Fund for the financial year 2003 - Comments by the Administration of the Fund

CERN Document Server

2004-01-01

The report on the audit of the accounts of the Pension Fund for the 2003 financial year is given in document CERN/FC/4813 CERN/2562. This document contains the comments of the Administration of the Fund.

Report by the External Auditors on the Accounts of the CERN Pension Fund for the Financial Year 2004 - Comments by the Administration of the Fund

CERN Document Server

2005-01-01

The report on the audit of the accounts of the Pension Fund for the 2004 financial year is given in document CERN/FC/4926-CERN/2612. This document contains the comments of the Administration of the Fund.

Report: Fiscal Years 2014 and 2013 Financial Statements for the Pesticides Reregistration and Expedited Processing Fund

Science.gov (United States)

Report #16-F-0322, September 22, 2016. Due to the material weakness in internal controls noted, EPA cannot provide reasonable assurance that financial data provided for the FIFRA Fund accurately reflect the agency’s financial activities and balances.

Report: Fiscal Years 2015 and 2014 Financial Statements for the Pesticides Reregistration and Expedited Processing Fund

Science.gov (United States)

Report #17-F-0314, July 10, 2017. Due to the material weakness in internal controls noted, the agency cannot provide reasonable assurance that financial data provided for the FIFRA Fund accurately reflect the agency’s financial activities and balances.

Report: Fiscal Years 2016 and 2015 Financial Statements for the Pesticides Reregistration and Expedited Processing Fund

Science.gov (United States)

Report #17-F-0364, August 14, 2017. Due to the material weakness in internal controls noted, the agency cannot provide reasonable assurance that financial data provided for the FIFRA Fund accurately reflect the agency’s financial activities and balances.

The European Union, Financial Crises and the Regulation of Hedge Funds: A Policy Cul-de-Sac or Policy Window?

Directory of Open Access Journals (Sweden)

David John Lutton

2008-11-01

Full Text Available A series of financial crises involving hedge funds has created a general perception that action needs to be taken. A number of key member states and political actors favour tighter regulation. Traditional bureaucratic theory suggests that the European Commission would seek to maximise this ‘policy window’, and yet there remains no single unified European Union (EU regulatory framework specifically targeting hedge funds. The nature of the regulatory regime, which has generally demanded a ‘light touch’ approach, means there are strict limits the EU’s ability to act. From an EU perspective, hedge fund regulation appears to be a policy cul-de-sac. However, the relationship between hedge funds and financial crisis is complex and less straightforward than is often portrayed. Hedge fund regulation cannot, however, be considered in isolation but should be viewed in the context of a wider programme to integrate European financial services markets. Viewed from this perspective, EU regulation is in fact changing the landscape of the hedge fund industry through a process of negative integration.

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

Science.gov (United States)

Lukmanova, Inessa

2017-10-01

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

Department of Energy`s Uranium Enrichment Decontamination and Decommissioning Fund fiscal year 1997 financial statement audit

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-08-21

This report presents the results of the independent certified public accountants` audit of the Department of Energy`s Uranium Enrichment Decontamination and Decommissioning Fund (D&D Fund) financial statements as of September 30, 1997. The auditors have expressed an unqualified opinion on the 1997 statement of financial position and the related statements of operations and changes in net position and cash flows. The 1997 financial statement audit was made under provisions of the Inspector General Act (5 U.S.C. App.) as amended, the Government Management Reform Act (31 U.S.C. 3515), and Office of Management and Budget implementing guidance. The auditor`s work was conducted in accordance with generally accepted government auditing standards. To fulfill our audit responsibilities, we contracted with the independent public accounting firm of KPMG Peat Marwick LLP (KPMG) to conduct the audit for us, subject to our review. The auditors` report on the D&D Fund`s internal control structure disclosed no reportable conditions. The auditors` report on compliance with laws and regulations disclosed one instance of noncompliance. This instance of noncompliance relates to the shortfall in Government appropriations. Since this instance was addressed in a previous audit, no further recommendation is made at this time. During the course of the audit, KPMG also identified other matters that, although not material to the financial statements, nevertheless, warrant management`s attention. These items are fully discussed in a separate letter to management.

The use of fund accounting and the need for single fund reporting by institutional healthcare providers. Principles and Practices Board Statement No. 8. Healthcare Financial Management Association.

Science.gov (United States)

1986-06-01

For many years, hospitals and other institutional healthcare providers used fund accounting as a basis for presenting their financial statements. Recently, authoritative literature has placed less emphasis on separate fund reporting. This is evidenced by the reduction of fund classifications specified in the literature. This trend seems to follow the recognition that institutional healthcare activities should be reported in a manner comparable to other businesses. The Principles and Practices Board (P&P Board) of the Healthcare Financial management Association believes that general purpose financial statements of institutional healthcare providers should be comparable to reporting by other businesses. That is, all assets, liabilities, and equity are presented in a single aggregated balance sheet without differentiation by fund. This form of presentation, referred to in this statement as single fund reporting, should be used by all institutional healthcare providers including those that are part of HMOs, universities, municipalities, and other larger entities when separate reports of the provider are issued. The P&P Board is studying other significant issues concerning the reporting of revenues and components of equity and changes therein. The conclusion in this statement can be implemented even though conclusions on these related subjects are not yet complete. The P&P Board recognizes that certain circumstances may require detailed records and reports for special purposes. This statement deals only with those general purpose financial statements on which an independent accountant's opinion is expressed.

Implications of Project-Based Funding of Research on Budgeting and Financial Management in Public Universities

Science.gov (United States)

Raudla, Ringa; Karo, Erkki; Valdmaa, Kaija; Kattel, Rainer

2015-01-01

The main goal of the paper is to explore--both theoretically and empirically--the implications of project-based research funding for budgeting and financial management at public universities. The theoretical contribution of the paper is to provide a synthesized discussion of the possible impacts of project-based funding on university financial…

MEASUREMENT OF FINANCIAL REPORTING QUALITY BASED ON IFRS CONCEPTUAL FRAMEWORK’S FUNDAMENTAL QUALITATIVE CHARACTERISTICS

OpenAIRE

Alexios KYTHREOTIS

2014-01-01

The IASB creates the standards and the conceptual framework in an attempt to create higher quality financial statements. Through this article, the extent to which this objective has been achieved is examined. An important characteristic of this research is the fact that the quality of financial statements is examined in light of the Conceptual Framework. Specifically, the two fundamental qualitative characteristics - relevance and faithful representation (reliability) - set by the IAS Committ...

Defense Finance and Accounting Service Work on the Navy Defense Business Operations Fund FY 1995 Financial Statements

National Research Council Canada - National Science Library

lane, F

1996-01-01

... Financial Statements of the Navy Defense Business Operations Fund. We also planned to determine whether FY 1995 ending balances reported by DFAS Cleveland Center are usable as beginning balances for FY 1996 financial statements...

EUROPEAN MONETARY FUND - BETWEEN ILLUSION AND FUTURE INSTRUMENT FOR EUROPEAN FINANCIAL STABILITY

Directory of Open Access Journals (Sweden)

Firtescu Bogdan

2010-12-01

Full Text Available The finance crises that culminate with the Greece situation shows that majority of European countries are facing balance-of-payments difficulties and it is clear that actual mechanism couldnt face the situation. This paper wants to highlight some of the proposals related to the development mechanisms, such the creation of the European Monetary Fund or the design of the European Mechanism for Financial Stability (EMFS, which could include the EMF, showing also the actual mechanism of financing through International Monetary Fund (IMF.Some pro and counter arguments are furthermore taken into discussion.

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...

Portfolio optimization using fundamental indicators based on multi-objective EA

CERN Document Server

Silva, Antonio Daniel; Horta, Nuno

2016-01-01

This work presents a new approach to portfolio composition in the stock market. It incorporates a fundamental approach using financial ratios and technical indicators with a Multi-Objective Evolutionary Algorithms to choose the portfolio composition with two objectives the return and the risk. Two different chromosomes are used for representing different investment models with real constraints equivalents to the ones faced by managers of mutual funds, hedge funds, and pension funds. To validate the present solution two case studies are presented for the SP&500 for the period June 2010 until end of 2012. The simulations demonstrates that stock selection based on financial ratios is a combination that can be used to choose the best companies in operational terms, obtaining returns above the market average with low variances in their returns. In this case the optimizer found stocks with high return on investment in a conjunction with high rate of growth of the net income and a high profit margin. To obtain s...

Economic development, flow of funds, and the equilibrium interaction of financial frictions

Science.gov (United States)

Moll, Benjamin; Townsend, Robert M.; Zhorin, Victor

2017-01-01

We use a variety of different datasets from Thailand to study not only the extremes of micro and macro variables but also within-country flow of funds and labor migration. We develop a general equilibrium model that encompasses regional variation in the type of financial friction and calibrate it to measured variation in regional aggregates. The model predicts substantial capital and labor flows from rural to urban areas even though these differ only in the underlying financial regime. Predictions for micro variables not used directly provide a model validation. Finally, we estimate the impact of a policy of counterfactual, regional isolationism. PMID:28592655

Main Determinants of the Mutual Funds Dynamics in Romania before and after the Financial Crisis

OpenAIRE

Radu Ioana; Nistor Ioan Alin; Ciupac-Ulici Maria Lenuþa

2012-01-01

In an attempt to identify the main determinants of attraction or inhibitive factors for investments, the current paper evaluates the Romanian mutual fund market development. Using a regression analysis on quarterly data during 2004Q3 – 2012Q2, the study explores the impact of current financial crisis on mutual funds. The paper is organized as it follows. Part 2 presents a brief literature review and extracts the studies that appreciate best the determinants of the mutual funds dynamics. Next ...

Report of the State Auditor. State Colleges in Colorado. Financial, State-Funded Student Financial Assistance Programs, and NCAA Audits. Fiscal Year Ended June 30, 1995.

Science.gov (United States)

Barba, J. David

The results of a Colorado State audit of the consolidated financial statements are reported, along with the statements of appropriations, expenditures, transfers and reversions for state-funded Student Financial Assistance Programs for the four State Colleges in Colorado for the year ended June 30, 1995. Specific recommendations are given for each…

75 FR 10561 - Request for Public Comment: Community Development Financial Institutions Fund, Community...

Science.gov (United States)

2010-03-08

... contribution to the reserve fund (not less than the premium charges paid by the borrower and the financial..., gross revenues, operating expenses, restricted assets, unrestricted cash and cash equivalents). Should... liabilities); (ii) Positive net income (gross revenues less total expenses) measured on a three-year rolling...

Major Deficiencies Preventing Auditors From Rendering Audit Opinions on DOD General Fund Financial Statements

National Research Council Canada - National Science Library

Rauu, Russell

1995-01-01

.... We plan to issue a similar report each year. The audit objective was to identify and summarize the major deficiencies that prevented auditors from rendering audit opinions, other than disclaimers, on Army and Air Force general fund financial...

[Analysis on funds application of community based organizations involved in HIV/AIDS response and government financial investment in China, 2014].

Science.gov (United States)

Zhang, G; Zhu, Y X; Wang, P; Liu, P; Li, J F; Sha, S; Yang, W Z; Li, H

2017-03-06

Objective: To understand the government financial investments to community based organizations (CBO) involved in HIV/AIDS Control and Prevention of China and its influencing factors. Methods: Questionnaire of the situation of CBO involved in HIV/AIDS control and prevention were designed, and filled by the staff of Provincial Health Administrative Departments of 31 provinces (autonomous regions and municipalities). The research focused on the fields of CBO involved in HIV/AIDS response in 31 provinces (autonomous regions and municipalities), including intervention on HIV/AIDS high risk population (female sex worker (FSW), man who sex with man (MSM), drug user (DU) and case management and care for people living with HIV/AIDS (PLWH)). 29 valid questionnaires were collecting, with Shanxi Province and Inner Mongolia Autonomous Regions not filled. Questionnaire included financial supports from local governments, transfer payment from central government for CBO involved in HIV/AIDS response in 2014, and unit cost for CBO involved in HIV/AIDS control and prevention. Multivariate analysis was conducted on the project application and financial investment of community based organizations involved in HIV/AIDS control and prevention in 2014. Results: The total amount of CBO to apply for participation in AIDS prevention and control was 64 482 828 Yuan in 2014. The actual total amount of investment was 50 616 367 Yuan, The investment came from the central government funding, the provincial level government funding, the prefecture and county level government funding investment and other sources of funding. 22 of 28 provinces (autonomous regions and municipalities) received the funds from the central government finance, and median of investment funds 500 000 Yuan. 15 provinces (autonomous regions and municipalities) gained the funds from the provincial government finance, and median of investment funds 350 000 Yuan. 12 provinces (autonomous regions and municipalities) got the funds

Compilation of the FY 1998 Army General Fund Financial Statements at the Defense Finance and Accounting Service Indianapolis Center

National Research Council Canada - National Science Library

1999-01-01

Our objective was to determine whether the DFAS Indianapolis Center consistently and accurately compiled financial data from field activities and other sources for the FY 1998 Army General Fund financial statements...

Wage dispersion and pension funds: Financialisation of non-financial corporations in the USA

Directory of Open Access Journals (Sweden)

ILHAN DÖGÜS

2018-03-01

Full Text Available The paper argues that wage dispersion between white-collar and blue-collar workers has caused the rise and expansion of pension funds in a direct and long-run structural manner in the USA. Using data from the Saez-Zucman and the St. Louis Fed’s FRED datasets, the argument is empirically analysed on yearly data for the period 1964-2012 in the USA. The results confirm the existence of a long-run relationship of causality from wage dispersion to the share of pension funds within US households’ financial wealth. Applying a vector error correction model to the data it emerges that the variance in pension funds due to wage dispersion starts to rise after the fifth period, and reaches 69% in the tenth period. .

The Potential of Using the Financial Instruments of Accumulation of the Fund for Modernization of Electroenergetics of Ukraine

Directory of Open Access Journals (Sweden)

Lukiashko Pavlo O.

2017-08-01

Full Text Available The article is aimed at substantiating the efficient financial instruments for the formation of of the fund of financial resources for modernization of electroenergetics of Ukraine and evaluating the potential impact of applying them. Results of an assessment of the prospects of attracting financial resources for modernization of the electroenergetic sector from outside Ukraine urge to look for the available inland possibilities for financing (depreciation fund of enterprises of the industry sector, means of the banking system, resources of private investors. The article proposes a financial instrument for attracting investments for each of the indicated sources and assesses the potential for their use. The carried out study suggests the ability of Ukraine to provide the initial stages of modernization of the electroenergetic sector by means of the domestic sources, which can further become a significant incentive for inflow of foreign investment.

Financial management of large, multi-center trials in a challenging funding milieu.

Science.gov (United States)

Lovegreen, Olivia; Riggs, Danielle; Staten, Myrlene A; Sheehan, Patricia; Pittas, Anastassios G

2018-05-03

Randomized clinical trials that have public health implications but no or low potential for commercial gain are predominantly funded by governmental (e.g., National Institutes of Health (NIH)) and not-for-profit organizations. Our objective was to develop an alternative clinical trial site funding model for judicious allocation of declining public research funds. In the Vitamin D and Type 2 Diabetes (D2d) study, an NIH-supported, large clinical trial testing the effect of vitamin D supplementation on incident diabetes in 2423 participants at high risk for diabetes, a hybrid financial management model for supporting collaborating clinical sites was developed and applied. The funding model employed two reimbursement components: Core (for study start-up and partial efforts throughout the study, ~40% of the total site budget), invoiced by sites, and Performance-Based Payments (for successful enrollment of participants and completion of follow-up visits, ~60% of the total site budget), automatically issued to the sites by the Coordinating Center based on actual recruitment and visits conducted. Underperforming sites transitioned to Performance-Based Payments only. Recruitment occurred from October 2013 through December 2016, requiring one additional year than the 2-year projection. Median enrollment at each site was 88 participants (range 29-318; 20 to 205% of the site target). At the end of year 1, study-wide recruitment was at 12% of the target (vs. 50% projected) and 12% of the total grant award was invested. The model constantly evaluated sites' needs and re-allocated resources to meet the study enrollment goal. If D2d had issued cost reimbursement subaward agreements and sites invoiced for their entire budget, 83% of the award would have been spent for all study activities over the first 4 years of the trial compared to 65% of the award spent (US$26M) under the hybrid model used by D2d. It is feasible to foster a hybrid financial management approach to steward

Evidence from Business Strategy of Mutual Fund Managers after the Financial Crisis - Panel Smooth Transition Regression Model

OpenAIRE

Joe-Ming Lee

2013-01-01

This study applies by the panel transition regression (PSTR) model to investigate the nonlinear dynamic relationship between equity fund flow and investment volatility in Taiwan. Our empirical results show that the equity fund managers will be different business strategy under the volatility threshold value and the control variables of asset of funds, management fee and Turnover indicator. After the financial crisis, the threshold of volatility will be an important index to different business...

Report: State of Washington Water Pollution Control State Revolving Fund Financial Statements with Independent Auditor's Report, June 30, 2003

Science.gov (United States)

Report #2004-1-00067, May 26, 2004. The financial statements referred to in the first paragraph present fairly the financial position of the Washington Department of Ecology Water Pollution Control State Revolving Fund as of June 30, 2003.

Inspector General, DOD, Oversight of the Air Force Audit Agency Audit of the FY 1999 Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

Lane, F

2000-01-01

An audit of the Air Force Working Capital Fund financial statements is required by Public Law 101-576, the "Chief Financial Officers Act of 1990," November 15, 1990, as amended by Public Law 103-356...

Inspector General, DoD, Oversight of the Army Audit Agency Audit of the FY 1998 Army General Fund Financial Statements

National Research Council Canada - National Science Library

1999-01-01

An audit of the Army General Fund Financial Statements is required by Public Law 101-576, the "Chief Financial Officers Act of 1990," November 15, 1990, as amended by Public Law 103-356, the "Federal...

INCREASE IN THE ROLE OF THE FINANCIAL SYNTHESIS REPORTS FOR ACCESSION OF THE EUROPEAN STRUCTURAL FUNDS

Directory of Open Access Journals (Sweden)

Droj Laurentiu

2011-07-01

Full Text Available European integration is supported through important financial resources in order to sustain the investment effort for aligning the business infrastructure and increase in the business competitiveness in order to fulfill the European Union standards. The financial management, a basic component of the general management, has as scope to realize complex financial analysis in order to substantiate the decisions for investments and financing which should ensure the maximization of results, ensuring also the elaboration of the project budget as an essential document in the identification of the needs for resources and for obtaining the non-reimbursable financial sources. An essential role in the investment decision making, having as support European funding, is realized by the financial-accounting reporting documents such as balance sheet, profit and loss account, table of the treasury flows, which together with a realistic established actualization rate ensures the relevance and efficiency of the financial indicators: Net present Value(NPV, Internal Rate of Return(IRR, the investment recovery period, the benefit/cost ratio. This study has as its goal to realize a critical analysis over the main simulation methods and techniques for forecasting annual return based on its growth rate, which should ensure the success of the implementation and operation of an investment realized through European structural funds respecting also the requirements for minimization of risks. In this research it is shown the importance of proper generation/modeling of the annual turnover in an investment project. Several methods were presented and case study was realized. Since the annual turnover constitutes the basis for the entire financial analysis it is very important that a realistic growth rate is used. Otherwise the provisions within the financial analysis of the investment (including CBA, the project implementation strategy and later the plan for the utilization of

Inspector General, DOD, Oversight of the Naval Audit Service Audit of the Navy General Fund Financial Statements for FY 1998

National Research Council Canada - National Science Library

1999-01-01

Introduction. An audit of the Navy General Fund Financial Statements is requited by Public Law 101-576, the "Chief Financial Officers Act of 1990," November 15, 1990, as amended by Public Law 103-356, the "Federal...

Influence to the financial situation of hospitals for projects financed from the EU structural funds

Directory of Open Access Journals (Sweden)

Aleksandra ŁĘGA

2015-05-01

Full Text Available The European Union gives many opportunities for development to member countries, including raising founds for its funds. This money could be sought in many sectors of the economy. One of them is health care. The goal of this study is to assess the impact of the financial situation of hospitals in the Kuyavian-Pomeranian for projects financed by the Structural Funds European Union (EU in programming period 2007-2013. The money from the European Regional Development Fund and European Social Fund provided an opportunity to introduce the latest technology and equipment in medical entities, as well as allowed skilled in the art. Of medicine to acquire knowledge and skills to develop their potential. The paper discusses issues related to the possibilities of support by EU funding to health care. Based on the data contained in the financial statements of an analysis of data from the balance sheet, characterized projects in hospitals as part of financing from the EU and the influence of the material in the therapeutic entities for their implementation through the analyses of correlation. The possibility of providing health services requires appropriate  regulations in law, system and organization. This is necessary in order to achieve the main goal of any entity that is take care of the welfare of the patient. Health and its protection is the highest value for the individual and for society, so Poland and the European Union is committed to the protection of the priority objective through enhanced organizational and legal actions and investments in the health sector.

Myopic or Dynamic Liquidity Management? : A Study of Hedge Funds around the 2008 Financial Crisis

NARCIS (Netherlands)

Driessen, Joost; Xing, R.

2017-01-01

In this paper, we show that hedge funds repurchased a large amount of liquid stocks and continued to sell illiquid stocks as the 2008 financial crisis mitigated. It complements existing empirical evidence that institutional investors sold more liquid than illiquid assets during the crisis period.

Financial Investments in Romania. A Comparative Analysis between Open-end Mutual Funds and Bank Deposits

Directory of Open Access Journals (Sweden)

Pop Izabela Luiza

2017-01-01

Full Text Available Despite the failures that investment funds have registered in Romania by the year 2000, they are a financial instrument chosen by more and more people to capitalize on their savings. Therefore, open-end investment funds have had a steady growth trend in Romania over the past 10 years; their net asset value increased by 24 times and the number of investors tripled. In this context, the purpose of our paper is to present possible factors that have caused this increase. Particularly, the empirical research focuses on studying the links that might exist between open-end investment funds, bank deposits and interest rates on bank deposits. The correlations between these variables were analysed by computing the Pearson's correlation coefficient. The results highlight a high negative relationship that exist between net asset value of investment funds and bank interest. Nevertheless, it has been found that bank deposits are related neither to the interest rate nor to the open-end investment funds.

An Analysis of the Influence of Fundamental Values' Estimation Accuracy on Financial Markets

OpenAIRE

Takahashi, Hiroshi

2010-01-01

This research analyzed the influence of the differences in the forecast accuracy of fundamental values on the financial market. As a result of intensive experiments in the market, we made the following interesting findings: (1) improvements in forecast accuracy of fundamentalists can contribute to an increase in the number of fundamentalists; (2) certain situations might occur, according to the level of forecast accuracy of fundamentalists, in which fundamentalists and passive management coex...

Recommendations from the External Auditors to the CERN Pension Fund Management on the Annual Report and Financial Statements for the Year Ended 31 December 2016 and Comments from the CERN Pension Fund Management

CERN Document Server

2017-01-01

Recommendations from the External Auditors to the CERN Pension Fund Management on the Annual Report and Financial Statements for the Year Ended 31 December 2016 and Comments from the CERN Pension Fund Management

Recommendations from the External Auditors to the CERN Pension Fund Management on the Annual Report and Financial Statements for the year ended 31 December 2015 and comments from the CERN Pension Fund Management

CERN Document Server

2016-01-01

Recommendations from the External Auditors to the CERN Pension Fund Management on the Annual Report and Financial Statements for the year ended 31 December 2015 and comments from the CERN Pension Fund Management

Inspector General, DOD, Oversight of the Air Force Audit Agency Audit of the FY 1999 Air Force General Fund Financial Statements

National Research Council Canada - National Science Library

Lane, F

2000-01-01

..., "Opinion on Fiscal Year 1999 Air Force Consolidated Financial Statements." Our objective was to determine the accuracy and completeness of the Air Force Audit Agency audit of the FY 1999 Air Force General Fund financial statements...

The Financial Flexibility as a Factor of Financial Security

Directory of Open Access Journals (Sweden)

Feofanova Iryna V.

2017-09-01

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

Inspector General, DOD, Oversight of the Audit of the FY 2000 Military Retirement Fund Financial Statements

Science.gov (United States)

2001-02-28

statements and to report on the adequacy of internal controls and compliance with laws and regulations. We contracted the audit of the FY 2000 Military...performed on the oversight of the audit of the FY 2000 Military Retirement Fund Financial Statements.

Islamic Fundamentalism in Modern Russia

Directory of Open Access Journals (Sweden)

Elena F. Parubochaya

2017-09-01

Full Text Available Nowadays Islam takes the stage of recovery associated with the peculiar issues associated with the Muslim society. These characteristics are expressed in the spread of ideas of Islamic fundamentalism and its supporters’ confrontation with the rest of the world. This process has affected the Russian Muslims as well, the trend developed after the collapse of the Soviet Union when the post soviet muslims began to realize themselves as part of one of the Muslim Ummah, coming into conflict with the secular law of the Russian Federation. After the Soviet Union’s disintegration, the radical Islamic ideas have begun to appear in Russia, in the conditions of the growth of nationalism these thoughts found a fertile ground. One of these ideas was associated with the construction of Sharia state in the Muslim autonomous republics of the Russian Federation and their subsequent withdrawal from Russian’s membership. The situation for the Russian state in the Muslim republics aggravated the war in Chechnya. Through Chechnya mercenaries from Arab countries started to penetrate to the Russian territory, they also brought the money for the destabilization of the internal situation in Russia. Nevertheless, separatism did not find the mass support in neighboring regions such as Dagestan, Kabardino-Balkaria, Karachay-Cherkessia and Ingushetia. It is evidently that international Jihad ideas were supported financially from abroad. The issue of funding is a key part of the development of Islamic fundamentalism in Russia, the international Islamic funds and organizations gave huge financial assistance to them. At the present moment Russian authorities lead a fruitful and a successful fight against terrorism. In the future, after the completion of the antiterrorist operation in the Middle East hundreds of terrorists may return to Russia with huge experience that can threaten the security of the Russian state.

INVESTMENT FUNDS IN ROMANIA

Directory of Open Access Journals (Sweden)

COPIL CRINA ANGELA

2013-07-01

Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

Assessment of Non-Financial Criteria in the Selection of Investment Projects for Seed Capital Funding: the Contribution of Scientometrics and Patentometrics

Directory of Open Access Journals (Sweden)

Gustavo da Silva Motta

2012-09-01

Full Text Available The aim of this article is to assess the potential of using scientometric and patentometric indicators as a way of instrumentalizing the selection process of projects for seed capital funding. There is an increasing interest in technology based enterprises for their capacity to contribute to economic and social development, but there is also some difficulty in assessing non-financial criteria associated with technology for the purposes of financial funding. Thus, this research selected the case of the first enterprise invested in by the largest seed capital fund in Brazil, in order to create scientific and technological indicators and to assess the extent to which these indicators may contribute to understanding the market potential of the technology once it is assessed. It was concluded that scientometric and patentometric indicators favour the assessment process for non-financial criteria, in particular those criteria dealt with in this study: technology, market, divestment, and team.

Pension funds investments in hedge funds-a necessary regulation

Directory of Open Access Journals (Sweden)

Daniela Gaftoniuc

2010-12-01

Full Text Available When it comes to investment strategies, generally, pension funds have proved to be conservative investors with a long term approach on investments and constant preoccupation for asset diversification as well as tendencies to secure their portfolios through investments in established financial products. Nevertheless, within this constant preoccupation for portfolio diversification as well as gain of notable profits, private pension funds have invested to a certain degree also in less cautious products respectively have conducted less stable investments. The financial turbulences that hit the US towards the end of 2007 and spread globally to become one of the most severe financial crisis witnessed, haven’t left pension funds immune to this phenomenon. Although, as previously stated, the special feature of pension funds is based on long term investments, which confers a certain degree of natural protection, there can not be the talk of absolute immunity either.

75 FR 12407 - Capital Magnet Fund

Science.gov (United States)

2010-03-15

... of financial institutions to provide capital, credit and financial services in underserved markets... Part IV Department of the Treasury Community Development Financial Institutions Fund 12 CFR Part... TREASURY Community Development Financial Institutions Fund 12 CFR Part 1807 RIN 1559-AA00 Capital Magnet...

The Network of U.S. Mutual Fund Investments: Diversification, Similarity and Fragility throughout the Global Financial Crisis

OpenAIRE

Delpini, Danilo; Battiston, Stefano; Caldarelli, Guido; Riccaboni, Massimo

2018-01-01

Network theory proved recently to be useful in the quantification of many properties of financial systems. The analysis of the structure of investment portfolios is a major application since their eventual correlation and overlap impact the actual risk diversification by individual investors. We investigate the bipartite network of US mutual fund portfolios and their assets. We follow its evolution during the Global Financial Crisis and analyse the interplay between diversification, as unders...

Defense Finance and Accounting Service Work on the FY 1993 Air Force Defense Business Operations Fund Financial Statements

National Research Council Canada - National Science Library

Rau, Russell

1995-01-01

Our original audit objective was to determine whether the Air Force Consolidated Defense Business Operations Fund financial statements, prepared by the DFAS Denver Center for FY 1993, were presented...

United States Department of Energy, Office of Environmental Management, Uranium Enrichment Decontamination and Decomissioning Fund financial statements, September 30, 1996 and 1995

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-05-01

The Energy Policy Act of 1992 (Act) established the Uranium Enrichment Decontamination and Decommissioning Fund (D and D Fund, or Fund) to pay the costs for decontamination and decommissioning three gaseous diffusion facilities located in Oak Ridge, Tennessee; Paducah, Kentucky; and Portsmouth, Ohio (diffusion facilities). The Act also authorized the Fund to pay remedial action costs associated with the Government`s operation of the facilities and to reimburse uranium and thorium licensees for the costs of decontamination, decommissioning, reclamation, and other remedial actions which are incident to sales to the Government. The report presents the results of the independent certified public accountants` audit of the D and D Fund financial statements as of September 30, 1996. The auditors have expressed an unqualified opinion on the 1996 statement of financial position and the related statements of operations and changes in net position and cash flows.

Market conditions and hedge fund survival

OpenAIRE

Mark A. Carlson; Jason Steinman

2008-01-01

As the hedge fund industry has grown, there has been increased concern that, during sharp market moves, hedge fund failures could exacerbate the deterioration in financial conditions and deepen a crisis. However, there has not been much formal analysis regarding the impact of financial market conditions on hedge fund survival. To help fill this gap, this paper examines the relationship between financial market conditions and the likelihood of hedge fund failure after controlling for performan...

Financial Reporting Procedures for Defense Distribution Depots - Defense Logistics Agency Business Area of the Defense Business Operations Fund

National Research Council Canada - National Science Library

Young, Shelton

1994-01-01

In our audit of the FY 1993 Financial Statements for the Distribution Depots--Defense Logistics Agency Business Mea of the Defense Business Operations Fund, we evaluated procedures and controls used...

Financial Regulations and the Diversification of Funding Sources in Higher Education Institutions: Selected European Experiences

Science.gov (United States)

Stachowiak-Kudla, Monika; Kudla, Janusz

2017-01-01

The paper addresses the problem of the financial regulations' impact on the share of private financing in higher education institutions (HEIs). The authors postulate the trade-off between the size and stability of public financing and the regulations fostering stability of HEIs' funds. If the public sources are insufficient then the regulations…

Preemptive financial strategies help IPAs avoid insolvency.

Science.gov (United States)

Karling, J; Silberman, L

2000-11-01

The 1999 collapse in California of practice management giants FPA Medical Management, Inc. and MedPartners, Inc. has caused healthcare provider organizations, particularly independent practice associations (IPAs), to examine critical issues related to financial solvency. Problems such as declining membership, ineffective management, weak contracting, and lack of strategic vision frequently are encountered by troubled provider organizations. The common thread that runs through IPA failures is a combination of unreliable accounting data and inadequate reporting systems. This lack of satisfactory financial and reporting information impairs the ability of the provider group to maintain sufficient funds to cover expenses and pay physicians. Successful, financially stable provider networks use well-defined reporting procedures based on fundamental accounting and financial concepts, as well as a sound methodology for measuring and calculating claims liability estimates. In California, new regulations aimed at encouraging provider organizations to assume preemptive financial strategies are in the process of being adopted. IPAs in every state should consider reviewing these regulations as benchmarks by which to assess their financial procedures.

Lessons learned: Infrastructure development and financial management for large, publicly funded, international trials.

Science.gov (United States)

Larson, Gregg S; Carey, Cate; Grarup, Jesper; Hudson, Fleur; Sachi, Karen; Vjecha, Michael J; Gordin, Fred

2016-04-01

Randomized clinical trials are widely recognized as essential to address worldwide clinical and public health research questions. However, their size and duration can overwhelm available public and private resources. To remain competitive in international research settings, advocates and practitioners of clinical trials must implement practices that reduce their cost. We identify approaches and practices for large, publicly funded, international trials that reduce cost without compromising data integrity and recommend an approach to cost reporting that permits comparison of clinical trials. We describe the organizational and financial characteristics of The International Network for Strategic Initiatives in Global HIV Trials, an infectious disease research network that conducts multiple, large, long-term, international trials, and examine challenges associated with simple and streamlined governance and an infrastructure and financial management model that is based on performance, transparency, and accountability. It is possible to reduce costs of participants' follow-up and not compromise clinical trial quality or integrity. The International Network for Strategic Initiatives in Global HIV Trials network has successfully completed three large HIV trials using cost-efficient practices that have not adversely affected investigator enthusiasm, accrual rates, loss-to-follow-up, adherence to the protocol, and completion of data collection. This experience is relevant to the conduct of large, publicly funded trials in other disease areas, particularly trials dependent on international collaborations. New approaches, or creative adaption of traditional clinical trial infrastructure and financial management tools, can render large, international clinical trials more cost-efficient by emphasizing structural simplicity, minimal up-front costs, payments for performance, and uniform algorithms and fees-for-service, irrespective of location. However, challenges remain. They

CONSIDERATIONS OVER THE METHODOLOGY OF FINANCIAL ANALYSIS AND ITS LINKAGE WITH BANKABILITY OF EUROPEAN FUNDED INVESTMENT PROJECTS

OpenAIRE

TRENCA Ioan; PETRIA Nicolae; DROJ Laurentiu

2012-01-01

European funding is considered to be one of the hot topics in Romania and all over Eastern Europe since its novelty and its expected capacity to improve the life of the newly integrated European citizens. The linkages between the European Financial Support Programmes, the private financing performed by the banking sector and the private companies which are intending to use the structural funds to finance their investments is obvious. The present paper analyzed these linkages, creates a case s...

Misselling as a New Topic of Financial Education? A Didactic Analysis of Investment Advise after the Financial Crisis

Directory of Open Access Journals (Sweden)

Dirk Loerwald

2010-07-01

Full Text Available Personal financial investments are, as a matter of course, a topic of economic education because they are a life situation which is inherently economical. In contrast, faulty advising in banks which has become focussed upon due to the extent it has played a part in the recent financial crisis is mentioned neither in curricula nor in educational text books. Numerous private funds have been exposed as unprofitable investments. One reason for this problem is to be found in the marketing staff of the banks who did not invest their customer’s funds securely enough – and the customers did not notice it. What conclusions can be drawn from this for general financial education after the financial crisis? The economic education has failed to address the topic of “faulty advising in banks” as well. On the basis of categorical economic didactics the following contribution will analyse whether one has an exemplary case here upon which students can win generalized, transferable insights. In this context, the topic of personal financial investments will be classified in an efficient manner and the risk of opportunism in advising situations will be analysed with the help of the positive principal-agent theory. The results of this analysis of informational asymmetries within financial markets give direction to the development and revision of curricula in the didactics of economic education. With the following article a sustainable theoretical fundament will be created to underscore the obligatory inclusion of this topic in curricula as well as its realisation for target groups in school text books.

An Analysis of the Influence of Fundamental Values' Estimation Accuracy on Financial Markets

Directory of Open Access Journals (Sweden)

Hiroshi Takahashi

2010-01-01

Full Text Available This research analyzed the influence of the differences in the forecast accuracy of fundamental values on the financial market. As a result of intensive experiments in the market, we made the following interesting findings: (1 improvements in forecast accuracy of fundamentalists can contribute to an increase in the number of fundamentalists; (2 certain situations might occur, according to the level of forecast accuracy of fundamentalists, in which fundamentalists and passive management coexist, or in which fundamentalists die out of the market, and furthermore; (3 where a variety of investors exist in the market, improvements in the forecast accuracy could increase the number of fundamentalists more than the number of investors that employ passive investment strategy. These results contribute to clarifying the mechanism of price fluctuations in financial markets and also indicate one of the factors for the low ratio of passive investors in asset management business.

Defense Finance and Accounting Service Work on the FY 1993 Air Force Defense Business Operations Fund Financial Statements

National Research Council Canada - National Science Library

Rau, Russell

1995-01-01

... fairly in accordance with accepted accounting principles. The objective was revised to correspond with the incremental audit approach that DoD audit organizations were using for the Defense Business Operations Fund' 5 financial statements...

Valuation and Presentation of Inactive Inventory on the FY 1997 Defense Logistics Agency Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

1998-01-01

The overall objective of our audit was to determine whether the FY 1997 Financial Statements of the DLA Working Capital Fund were presented fairly and in accordance with Office of Management and Budget Bulletin...

[Factors Influencing Participation in Financial Incentive Programmes of Health Insurance Funds. Results of the Study 'German Health Update'].

Science.gov (United States)

Jordan, S; von der Lippe, E; Starker, A; Hoebel, J; Franke, A

2015-11-01

The statutory health insurance can offer their insured incentive programmes that will motivate for healthy behaviour through a financial or material reward. This study will show results about what factors influence financial incentive programme participation (BPT) including all sorts of statutory health insurance funds and taking into account gender differences. For the cross-sectional analysis, data were used from 15,858 participants in the study 'Germany Health Update' (GEDA) from 2009, who were insured in the statutory health insurance. The selection of potential influencing variables for a BPT is based on the "Behavioural Model for Health Service Use" of Andersen. Accordingly, various factors were included in logistic regression models, which were calculated separately by gender: predisposing factors (age, education, social support, and health awareness), enabling factors (income, statutory health insurance fund, and family physician), and need factors (smoking, fruit and vegetable consumption, sports, body mass index, and general health status). In consideration of all factors, for both sexes, BPT is associated with age, health awareness, education, use of a family physician, smoking, and sports activities. In addition, income, body mass index, and diet are significant in women and social support and kind of statutory health insurance fund in men. It is found that predisposing, enabling and need factors are relevant. Financial incentive programmes reach population groups with greatest need less than those groups who already have a health-conscious behaviour, who receive a reward for this. In longitudinal studies, further research on financial incentive programmes should investigate the existence of deadweight effects and whether incentive programmes can contribute to the reduction of the inequity in health. © Georg Thieme Verlag KG Stuttgart · New York.

Mutual Fund Performances of Polish Domestic Equity Fund Managers

Directory of Open Access Journals (Sweden)

ömer faruk tan

2015-10-01

Full Text Available Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE, thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Poland made an incredible progress, whether fund managers show better or worse performance than the market. Methodology/Methods: In order to evaluate fund manager performances, Jensen alpha (1968 is computed, which depicts selectivity skills of fund managers. For determining market timing ability of fund managers, Treynor & Mazuy (1966 regression analysis and Henriksson & Merton (1981 regression analysis are applied. Fund performances are evaluated using Warsaw Stock Exchange Index as the benchmark index. Scientific aim: In this study, we have tried to evaluate selectivity skills and market timing ability of Polish fund managers. A total of 14 equity fund managers’ performances are analysed. The study can be guiding especially for investors who are interested in Polish equity fund performances in a period where emerging stock markets outperformed with quantitative easing. Findings: Jensen (1968 alphas indicate that over this period fund managers did not have selective ability, as none of the 14 funds had statistically significant positive alphas. Furthermore, Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis indicate that over the same period fund managers did not also have market timing ability, as again none of the 14 funds had statistically significant positive coefficients. Conclusions: In this work, we can detect that in the era of quantitative easing, although the financial market in Poland made an incredible progress, the fund returns were

Inspector General, DOD, Oversight of the Audit of the Military Retirement Trust Fund Financial Statements for FY 1998

Science.gov (United States)

1999-03-05

Our objective was to determine the accuracy and completeness of the Deloitte & Touche LLP audit of the Military Retirement Trust Fund Financial Statements for FY 1998 See Appendix A for a discussion of the audit process.

Compilation of the FY 1997 Navy General Fund Financial Statements at the Defense Finance and Accounting Service Cleveland Center

National Research Council Canada - National Science Library

1998-01-01

Audit Report on tile Compilation of the FY 1997 Navy General Fund Financial Statements at the Defense Finance and Accounting Service Cleveland Center Our objective was to determine whether the DFAS...

The financial crisis and global health: the International Monetary Fund's (IMF) policy response.

Science.gov (United States)

Ruckert, Arne; Labonté, Ronald

2013-09-01

In this article, we interrogate the policy response of the International Monetary Fund (IMF) to the global financial crisis, and discuss the likely global health implications, especially in low-income countries. In doing so, we ask if the IMF has meaningfully loosened its fiscal deficit targets in light of the economic challenges posed by the financial crisis and adjusted its macro-economic policy advice to this new reality; or has the rhetoric of counter-cyclical spending failed to translate into additional fiscal space for IMF loan-recipient countries, with negative health consequences? To answer these questions, we assess several post-crisis IMF lending agreements with countries requiring financial assistance, and draw upon recent academic studies and civil society reports examining policy conditionalities still being prescribed by the IMF. We also reference recent studies examining the health impacts of these conditionalities. We demonstrate that while the IMF has been somewhat more flexible in its crisis response than in previous episodes of financial upheaval, there has been no meaningful rethinking in the application of dominant neoliberal macro-economic policies. After showing some flexibility in the initial crisis response, the IMF is pushing for excessive contraction in most low and middle-income countries. We conclude that there remains a wide gap between the rhetoric and the reality of the IMF's policy and programming advice, with negative implications for global health.

Pension Funds and Financial Innovation

OpenAIRE

Zvi Bodie

1989-01-01

Pension funds have played a critical role in the evolution of the markets for debt and equity securities and their derivatives in the U.S. over the last 15 years. The new securities and markets can largely be explained as responses to the investment demands of pension funds in an environment of increased interest rate volatility and tighter regulation. Defined benefit pension plans offer annuities that have a guaranteed floor specified by the benefit formula. In order to minimize the cost to ...

Evaluation of the Navy Implementation of DOD Financial Management Regulation, Volume 14, Administrative Control of Funds and Antideficiency Act Violations

National Research Council Canada - National Science Library

Lane, F

1996-01-01

On August 1, 1995, the Under Secretary of Defense (Comptroller) released for implementation Financial Management Regulation, volume 14, "Administrative Control of Funds and Antideficiency Act Violations," August 1, 1995...

International pooling of operators' funds: an option to increase the amount of financial security to cover nuclear liability?

International Nuclear Information System (INIS)

Pelzer, N.

2007-01-01

This paper aims at answering the question whether international pooling of operators funds could open a viable avenue to complement financial security provided by insurance and thus to either fill gaps in insurance coverage or increase amount of compensation for nuclear damage. (author)

Internal Controls and Compliance With Laws and Regulations for the Defense Business Operations Fund Consolidated Financial Statements for FY 1995

National Research Council Canada - National Science Library

Lane, Frederick

1996-01-01

The objective of the audit was to determine whether the Consolidated Statement of Financial Position and selected accounts on the Statement of Operations of the Defense Business Operations Fund for FY...

Inspector General, DOD, Oversight of the Naval Audit Service Audit of the Navy General Fund Financial Statements for FY 1998

National Research Council Canada - National Science Library

1999-01-01

.... This report provides our endorsement of the Naval Audit Service disclaimer of opinion on the Navy General Fund Financial Statements for FY 1998, along with the Naval Audit Service report, "Department...

Spring report of the Pension Fund

CERN Multimedia

2012-01-01

In this column, the Chairman of the Pension Fund Governing Board (PFGB) will regularly present the latest main decisions, initiatives and accomplishments of the Governing Board to the members and beneficiaries of the Fund.   Since my last report in April, I am pleased to report the following progress.  On the recommendation of the Finance Committee, the CERN Council approved the updated Financial Regulations of the Fund at its June session, with immediate effect. The approval of the Financial Regulations completes a key part of the regulatory framework of the Fund’s operations. Also in June, the Council approved the Financial Statements of the CERN Pension Fund for 2011.  The Financial Statements had been certified by the Italian Court of Audit (CERN’s External Auditor), which gave its report to Council. 2011 was the first year during which the audit-related provisions of the updated Fund Rules were fully implemented. On the investments side, the F...

Internal Controls and Compliance with Laws and Regulations for the DOD Military Retirement Trust Fund Financial Statements for FY 1995

National Research Council Canada - National Science Library

1996-01-01

The objective of the audit was to determine whether the DoD Military Retirement Trust Fund Financial Statements for FY 1995 were fairly presented in accordance with Office of Management and Budget Bulletin...

Internal Controls and Compliance with Laws and Regulations for the DOD Military Retirement Trust Fund Financial Statements for FY 1996

National Research Council Canada - National Science Library

Lane, F

1997-01-01

The objective of the audit was to determine whether the DoD Military Retirement Trust Fund Financial Statements for FY 1996 were fairly presented in accordance with Office of Management and Budget Bulletin...

Constitutionally Mandated Funds for Financing Regional Development in Brazil: An Analysis of the Compensatory Mechanisms Used by Financial Institutions (1995-2013

Directory of Open Access Journals (Sweden)

Girley Vieira Damasceno

2016-04-01

Full Text Available This paper examines the relationship between constitutionally mandated funds for financing regional development in Brazil and the regional financial institutions that manage them. These constitutionally mandated funds apply a fraction of federal tax revenues in the productive sectors of the North, Northeast and Midwest regions of Brazil. We investigate the occurrence of soft budget constraint on these institutions, induced by compensatory mechanisms for management of the resources of these funds (administration fee and by the assumption of credit risk in lending (del credere. The concept of soft budget constraint, proposed by Hungarian economist Janos Kornai in the context of socialist economies, refers to the expectations for systematic bailout of economic organizations by governments or banks, usually associated with the paternalistic role of the state towards these organizations. Our analysis uses comparative graphics and spreadsheets. The results indicate more remuneration than administrative costs and credit risk assumed by financial institutions and confirm the hypothesis of legal parameters that induce soft budget constraint.

The role of investment, fundamental Q and financing frictions in agricultural investment decisions: an analysis pre and post financial crisis

OpenAIRE

Conor M. O'Toole; Carol Newman; Thia Hennessy

2011-01-01

This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's in- vestment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of nancing frictions in determining invest...

Souverinity Wealth Funds (Swfs): Kapitalisme Baru oleh Negara?

OpenAIRE

-, Ambarwati

2011-01-01

A sovereign wealth funds (SWFs) is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Its invest globally and have been around for decades but since 2000, the number of sovereign wealth funds has increased dramatically. This article try to understand what is SWFs, Why does a nation need SWFs, and try to understand the position of SWFs in the global financial market. Key words: sovereign wealth funds a...

Sovereign Wealth Funds: Issue of transparency

Directory of Open Access Journals (Sweden)

Petrović Daliborka

2015-01-01

Full Text Available Subject of the paper includes Sovereign Wealth Funds and the formation of the first regulatory framework for their investment activities. Sovereign Wealth Funds invested a significant amount of money in Western financial institutions during the global financial crisis and thus played a crucial role in the preservation and stabilization of the global financial system. However, at the same time, a large gap between the financial power of Sovereign Wealth Funds and the level of their transparency was noted. The need to improve the transparency of Sovereign Wealth Funds has been recognized by international institutions, the OECD and the IMF, which initiated the formulation of the first international regulatory framework regarding the operations of these types of funds. The current international regulatory framework represents a sufficient basis for the gradual improvement of transparency, but because of its non-binding and voluntary nature, certain issues such as the protection of national security interests remain open. Therefore, the solutions can be sought through a process of continuous improvement of international regulation as well as strengthening cooperation between Sovereign Wealth Funds and governments of countries in which they invest.

Fundamental Dimensions of Financial Condition in the Federal Government

National Research Council Canada - National Science Library

Murphy, Mark

2001-01-01

.... The Chief Financial Officers (CFO) Act of 1990 and subsequent legislation significantly changed this pattern by requiring the 24 largest government agencies to reorganize their financial staffs and establish Chief Financial Officers...

Business of radiology: financial fundamentals for radiologists.

Science.gov (United States)

Medverd, Jonathan R; Prabhu, Somnath J; Lam, Diana L

2013-11-01

The purposes of this article are to provide a primer on financial statements and to review several financial concepts that are at the foundation of the business of medicine. For radiologists to effectively contribute to the leadership and management of their practices, it is imperative that they understand the business aspects of radiology. Radiologists' understanding and participation in practice management may also facilitate job satisfaction and assist the provision of optimal patient care.

Inspector General, DOD, Oversight of the Naval Audit Service Audit of the Navy General Fund Financial Statements for FY 1998

National Research Council Canada - National Science Library

1999-01-01

.... The audit objective was to determine the accuracy and completeness of the Naval Audit Service audit of the Navy General Fund Financial Statements for Fiscal Year 1998. See Appendix A for a discussion of the audit Process.

Hedge Funds As a Alternative Investment Opportunities

Directory of Open Access Journals (Sweden)

Michał Falkowski

2009-09-01

Full Text Available Hedge fund which became a popular alternative investment is a collective term for different types of investment fund. A common feature of these funds is that they have absolute earnings targets, that is they set targets for earnings irrespective of developments on, for example, the stock exchange. The paper deals with the current problem of the financial crisis and the effect it made worldwide for many institutional and private investors. It discusses the role played by hedge funds in developments on the financial markets, and to what extent they are affected by the effects of the crisis, as a recurring feature of every financial crisis. It also shows a wind range of strategies used by hedge funds to achieve their goal.

Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight

Science.gov (United States)

2009-05-27

Representatives Subject: Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight From fiscal...year 2005 through fiscal year 2008, the military services received about $295 million in monetary and nonmonetary gifts from individuals and...organizations wishing to donate gifts to the Department of Defense (DOD).1 Section 2601(a) of Title 10, U.S. Code is a long-standing authority under which

Financial Analyst II - External Funds Management | IDRC ...

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

The Financial Analyst position is essential for the administration and smooth ... Prepare monthly journal voucher to record the donor partnership revenue in ... of the business requirements for the development and enhancement of financial ...

The International Monetary Fund's effects on global health: before and after the 2008 financial crisis.

Science.gov (United States)

Stuckler, David; Basu, Sanjay

2009-01-01

In April 2009, the G20 countries committed US $750 billion to the International Monetary Fund (IMF), which has assumed a central role in global economic management. The IMF provides loans to financially ailing countries, but with strict conditions, typically involving a mix of privatization, liberalization, and fiscal austerity programs. These loan conditions have been extremely controversial. In principle, they are designed to help countries balance their books. In practice, they often translate into reductions in social spending, including spending on public health and health care delivery. As more countries are being exposed to IMF policies, there is a need to establish what we know and do not know about the IMF's effects on global health. This article introduces a series in which contributors review the evidence on the relationship between the IMF and public health and discuss potential ways to improve the Fund's effects on health. While more evidence is needed for some regions, there is sufficient evidence to indicate that IMF programs have been significantly associated with weakened health care systems, reduced effectiveness of health-focused development aid, and impeded efforts to control tobacco, infectious diseases, and child and maternal mortality. Reforms are urgently needed to prevent the current wave of IMF programs from further undermining public health in financially ailing countries and limiting progress toward the health Millennium Development Goals.

Economic and Financial Diagnosis - Fundamental Method in Management Accounting

Directory of Open Access Journals (Sweden)

Riana Iren RADU

2012-11-01

Full Text Available The purpose of the „financial analysis - financial diagnosis phrase is to characterize in a more relevant and more conservative manner the company situation, in order to develop, based on optimal decisions for the establishment and use of resources” . Analysis of company's financial position at a time, usually at the end of the year, permits to assess the size and development of heritage, and making judgments on how to achieve financial balance. In this paper an analysis is made based on diagnostic key economic and financial indicators, calculated using information from the balance sheet and profit and loss account in the period 2006-2011 to Navrom Company Galati, to can measurable effects of the economic crisis on the company.

Mutual aid fund commission

CERN Multimedia

Staff Association

2011-01-01

The composition of the Board of the Mutual Aid Fund for 2011 is as follows: President: Pascal Droux Vice-president: Connie Potter Treasurer: Louis Pereira Deputy treasurer: Barbara Brugger Secretary: Sonia Casenove Deputy secretary: Isabelle Mardirossian Members: Christopher David Thomas   Jean-Claude Vialis (GAC member)   Marie-Luce Falipou   Gunilla Santiard (Jean-Claude Vialis’s alternate) The role of the Fund is to provide financial help to members of personnel and beneficiaries of the Pension Fund who are in need of exceptional financial assistance. All requests are treated in the strictest confidence. Should you wish to apply for aid from the Fund, kindly contact any member of the Board as given above or Social Services, tel.74479 – 73867.

Report: Final Audit of Financial Statements of Nevada Drinking Water State Revolving Fund for the year ended June 30, 2001

Science.gov (United States)

Report #2003-1-00048, Jan 21, 2003. The Program’s financial statements are presented as an enterprise fund using the accrual method of accounting whereby revenues are recorded when earned and expenses are recorded when the related liability is incurred.

FINANCIAL ANALYSIS FUNDAMENT FOR ASSESSMENT THE COMPANY'S VALUE

Directory of Open Access Journals (Sweden)

Goran Karanovic

2010-06-01

Full Text Available Lack of capital market development cause that calculating the value of companies in the small markets, such as the Croatian market, is carried out primarily from the analysis of financial statements. Lack of market development is evident from the unrealistic and unobjective corporate values, as result of too small volumeof securities trading in financial markets. The primary financial analysis is the basic method for estimating company value, and represents the foundation for an objective determination of cash flow components that will be discounted. Trought analysis investors are trying to answer the questions such as: status of the assets,liabilities and capital, the dynamics of business enterprises, the level of solvency and liquidity, utilization of fixed assets, contribution of fixed assets in total income, company profitability rates and investment in the company. Investors use financial analysis only as a basis and as a tool to predict the potential for creating new business value.

Fundamental and Financial Influences on the Co-movement of Oil and Gas Prices

International Nuclear Information System (INIS)

Bunn, Derek; Chevallier, Julien; Le Pen, Yannick; Sevi, Benoit

2013-01-01

As both speculative and hedging financial flows into commodity futures are expected to link commodity price formation more strongly to equity indices, we investigate whether these processes also create increased correlation amongst the commodities themselves. Considering U.S. oil and gas futures, using the large approximate factor models methodology we investigate whether common factors derived from a large international dataset of real and nominal macro variables are able to explain both returns and whether, beyond these fundamental common factors, the residuals remain correlated. We further investigate a possible explanation for this residual correlation by using some proxies for hedging and speculative activity, showing that speculation increases and hedging reduces the inter-commodity correlations. (authors)

Financial fluctuations anchored to economic fundamentals: A mesoscopic network approach.

Science.gov (United States)

Sharma, Kiran; Gopalakrishnan, Balagopal; Chakrabarti, Anindya S; Chakraborti, Anirban

2017-08-14

We demonstrate the existence of an empirical linkage between nominal financial networks and the underlying economic fundamentals, across countries. We construct the nominal return correlation networks from daily data to encapsulate sector-level dynamics and infer the relative importance of the sectors in the nominal network through measures of centrality and clustering algorithms. Eigenvector centrality robustly identifies the backbone of the minimum spanning tree defined on the return networks as well as the primary cluster in the multidimensional scaling map. We show that the sectors that are relatively large in size, defined with three metrics, viz., market capitalization, revenue and number of employees, constitute the core of the return networks, whereas the periphery is mostly populated by relatively smaller sectors. Therefore, sector-level nominal return dynamics are anchored to the real size effect, which ultimately shapes the optimal portfolios for risk management. Our results are reasonably robust across 27 countries of varying degrees of prosperity and across periods of market turbulence (2008-09) as well as periods of relative calmness (2012-13 and 2015-16).

Department of Energy and Mines, Oil and Gas Revolving Fund financial statements for the year ended March 31, 1993

International Nuclear Information System (INIS)

1993-01-01

The Oil and Gas Revolving Fund of the Saskatchewan Department of Energy and Mines was set up to provide a system of accounting for costs related to regulating and providing certain services to the oil and gas industry. Costs are shared equally by the Department and the industry. The Fund's income from the industry comes from a well levy consisting of annual fees charged to license holders and unit operators of certain types of oil and gas wells. Audited financial statements for the year ending March 31, 1993 are presented

Department of Energy and Mines, Oil and Gas Revolving Fund financial statements for the year ended March 31, 1992

International Nuclear Information System (INIS)

1993-02-01

The Oil and Gas Revolving Fund of the Saskatchewan Department of Energy and Mines was set up to provide a system of accounting for costs related to regulating and providing certain services to the oil and gas industry. Costs are shared equally by the Department and the industry. The Fund's income from the industry comes from a well levy consisting of annual fees charged to license holders and unit operators of certain types of oil and gas wells. Audited financial statements for the year ending March 31, 1992 are presented

Inspector General, DoD, Oversight of the Army Audit Agency Audit of the FY 2000 Army Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

2001-01-01

Our objectives were to oversee the Army Audit Agency audit of the FY 2000 Department of the Army Working Capital Fund financial statements to verify whether we can rely on their work and to determine...

A mathematical analysis of an exchange-traded horse race betting fund with deterministic payoff betting strategy for institutional investment to challenge EMH

Directory of Open Access Journals (Sweden)

Craig George Leslie Hopf

2015-12-01

Full Text Available This paper’s primary alternative hypothesis is Ha: profitable exchange-traded horserace betting fund with deterministic payoff exists for acceptable institutional portfolio return—risk. The primary hypothesis challenges the semi-strong efficient market hypothesis applied to horse race wagering. An optimal deterministic betting model (DBM is derived from the existing stochastic model fundamentals, mathematical pooling principles, and new theorem. The exchange-traded betting fund (ETBF is derived from force of interest first principles. An ETBF driven by DBM processes conjointly defines the research’s betting strategy. Alpha is excess return above financial benchmark, and invokes betting strategy alpha that is composed of model alpha and fund alpha. The results and analysis from statistical testing of a global stratified data sample of three hundred galloper horse races accepted at the ninety-five percent confidence-level positive betting strategy alpha, to endorse an exchange-traded horse race betting fund with deterministic payoff into financial market.

International financial institutions and human rights: implications for public health.

Science.gov (United States)

Stubbs, Thomas; Kentikelenis, Alexander

2017-01-01

Serving as lender of last resort to countries experiencing unsustainable levels of public debt, international financial institutions have attracted intense controversy over the past decades, exemplified most recently by the popular discontent expressed in Eurozone countries following several rounds of austerity measures. In exchange for access to financial assistance, borrowing countries must settle on a list of often painful policy reforms that are aimed at balancing the budget. This practice has afforded international financial institutions substantial policy influence on governments throughout the world and in a wide array of policy areas of direct bearing on human rights. This article reviews the consequences of policy reforms mandated by international financial institutions on the enjoyment of human rights, focusing on the International Monetary Fund and World Bank. It finds that these reforms undermine the enjoyment of health rights, labour rights, and civil and political rights, all of which have deleterious implications for public health. The evidence suggests that for human rights commitments to be met, a fundamental reorientation of international financial institutions' activities will be necessary.

Financial Crisis and Corporate Social Responsible Mutual Fund Flows

OpenAIRE

Sitikantha Parida; Zhihong Wang

2018-01-01

In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds) vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds). Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and posi...

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...

An Empirical Study on Mutual Funds in the U.S. Market: Performance Evaluation and Its Relation with Fund Size

OpenAIRE

Du, Lin

2008-01-01

Mutual funds industry has grown rapidly since 1970s. As one popular type of financial intermediary, mutual fund investment becomes an important player in the financial market globally. The evaluation of mutual fund performance has been achieving a great deal of academic interest since 1960s. There has been a great deal of research which examined whether mutual funds can outperform well-diversified portfolios such as a market index. However, the findings are usually suggestive rather than conc...

The Influence of Industry Funding and Other Financial Conflicts of Interest on the Outcomes and Quality of Systematic Reviews

DEFF Research Database (Denmark)

Hansen, Camilla; Lundh, Andreas; Rasmussen, Kristine

design that investigated samples of systematic reviews with and without industry funding or other financial conflicts of interest, published up to November 2016. For studies to be eligible, they had to investigate at least 1 of our outcomes: effect size estimates, statistically favorable results......, favorable conclusions, and methodological quality. Two review authors independently extracted data and assessed risk of bias in relation to study inclusion, data extraction, and comparability of the investigated systematic reviews. We reported our findings on effect size estimates qualitatively. We...... size estimates and frequency of statistically favorable results were similar between systematic reviews with and without financial conflicts of interest (Table). Systematic reviews with financial conflicts of interest more often had favorable conclusions compared with systematic reviews without...

Information Content of Mutual Fund Portfolio Disclosure

NARCIS (Netherlands)

Y. Wang (Yu)

2011-01-01

textabstractAcademic financial economists have been keenly interested in the value of active portfolio management since the seminal paper of Jensen (1968). This book examines the information advantages that active mutual fund managers attain in financial markets through an analysis of disclosed fund

[Modeling of the financial reserves required by the livestock disease compensation fund of Lower Saxony for rebates in the course of disease outbreaks incorporating spatial restriction zones].

Science.gov (United States)

Denzin, Nicolai; Gerdes, Ursula

2015-01-01

One of the tasks of the livestock disease compensation funds of the federal states in Germany is the financial compensation of livestock holders for livestock losses and costs incurred for disease control measures due to certain diseases. Usually, one half of these services are financed through financial reserves built up with the contributions paid by the owners of the respective animal species. The other half is covered by the federal state itself. But there is hardly any reference to how to calculate aforementioned financial reserves. Basically, following an approach presented recently regarding estimations concerning the compensation fund of the federal state of Saxony-Anhalt, in a stochastic modeling of the required reserves concerning the fund of Lower Saxony the anticipated costs within the spatial restriction zones allocated to outbreaks were incorporated for the first time. The overall costs (including the federal state's stakes), the share of the comnensation fund (required reserves) and the the partial costs for a total of 25 categories and subcategories and subcategories of livestock species making up the latter were estimated. It became evident that overall costs/the share of the fund were particularly determined among the diseases by foot-and-mouth disease and among the cost factors by the costs incurred for the compensation of livestock value within the areas surrounding the outbreaks in which all susceptible animals are killed (culling zone). The 80th, 90 and 95th percentile of the established probability distribution of the overall costs referred to a financial volume of about 312, 409 and 540 million euro, while the respective percentiles of the probability distribution of the required reserves of the compensation fund amounted to 175, 225 and 296 million euro.

Financial Health of the Higher Education Sector: Financial Results and TRAC Outcomes 2014-15. Issues Paper. March 2016/04

Science.gov (United States)

Higher Education Funding Council for England, 2016

2016-01-01

This report provides an overview of the current financial health of the Higher Education Funding Council for England (HEFCE) funded higher education sector in England. This does not include directly funded further education or other colleges, or alternative providers of higher education. The analysis covers financial results for the academic year…

Funding Mechanisms, Cost Drivers, and the Distribution of Education Funds in Alberta: A Case Study.

Science.gov (United States)

Neu, Dean; Taylor, Alison

2000-01-01

Critical analysis of historical financial data of the Calgary Board of Education (CBE) examined the impact of Alberta's 1994 funding changes on the CBE and the distribution of Alberta's education funding. Findings illustrate how funding mechanisms are used to govern from a distance and how seemingly neutral accounting/funding techniques function…

The global financial crisis has led to a slowdown in growth of funding to improve health in many developing countries.

Science.gov (United States)

Leach-Kemon, Katherine; Chou, David P; Schneider, Matthew T; Tardif, Annette; Dieleman, Joseph L; Brooks, Benjamin P C; Hanlon, Michael; Murray, Christopher J L

2012-01-01

How has funding to developing countries for health improvement changed in the wake of the global financial crisis? The question is vital for policy making, planning, and advocacy purposes in donor and recipient countries alike. We measured the total amount of financial and in-kind assistance that flowed from both public and private channels to improve health in developing countries during the period 1990-2011. The data for the years 1990-2009 reflect disbursements, while the numbers for 2010 and 2011 are preliminary estimates. Development assistance for health continued to grow in 2011, but the rate of growth was low. We estimate that assistance for health grew by 4 percent each year from 2009 to 2011, reaching a total of $27.73 billion. This growth was largely driven by the World Bank's International Bank for Reconstruction and Development and appeared to be a deliberate strategy in response to the global economic crisis. Assistance for health from bilateral agencies grew by only 4 percent, or $444.08 million, largely because the United States slowed its development assistance for health. Health funding through UN agencies stagnated, and the Global Fund to Fight AIDS, Tuberculosis, and Malaria announced that it would make no new grants for the next two years because of declines in funding. Given the international community's focus on meeting the Millennium Development Goals by 2015 and persistent economic hardship in donor countries, continued measurement of development assistance for health is essential for policy making.

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

OpenAIRE

Mishkin, Frederic S.

2001-01-01

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

Financial Health of the Higher Education Sector: 2015-16 Financial Results. Data Analysis. March 2017/02

Science.gov (United States)

Higher Education Funding Council for England, 2016

2016-01-01

This report provides an overview of the financial health of the Higher Education Funding Council for England (HEFCE) funded higher education sector in England. The analysis covers the financial results for 2015-16. This does not include further education or sixth-form colleges, or alternative providers of higher education.

Inventory Accounts on the Financial Statements of the Defense Logistics Agency Business Areas of the Defense Business Operations Fund for FY 1993

National Research Council Canada - National Science Library

Young, Shelton

1994-01-01

The objectives of the audit were to: Determine whether the inventory accounts on the FY 1993 financial statement of the Fund are presented fairly in accordance with generally accepted accounting principles, Evaluate the internal control...

30 CFR 735.25 - Financial management.

Science.gov (United States)

2010-07-01

... generally accepted accounting principles and practices, consistently applied. Accounting for grant funds... 30 Mineral Resources 3 2010-07-01 2010-07-01 false Financial management. 735.25 Section 735.25... ADMINISTRATION AND ENFORCEMENT § 735.25 Financial management. (a) The agency shall account for grant funds in...

Comparison of the Navy Working Capital Fund and Mission Funding as Applied to Navy Shipyards

National Research Council Canada - National Science Library

Cain, Andrew M

2006-01-01

.... This funding shift has raised questions about the advantages and disadvantages each financial system provides shipyards, the operating differences that occur due to the funding change, and the future...

Clinical and financial impact of pharmacy services in the intensive care unit: pharmacist and prescriber perceptions.

Science.gov (United States)

MacLaren, Robert; Brett McQueen, R; Campbell, Jon

2013-04-01

To compare pharmacist and prescriber perceptions of the clinical and financial outcomes of pharmacy services in the intensive care unit (ICU). ICU pharmacists were invited to participate in the survey and were asked to invite two ICU prescriber colleagues to complete questionnaires. ICUs with clinical pharmacy services. The questionnaires were designed to solicit frequency, efficiency, and perceptions about the clinical and financial impact (on a 10-point scale) of pharmacy services including patient care (eight functions), education (three functions), administration (three functions), and scholarship (four functions). Basic services were defined as fundamental, and higher-level services were categorized as desirable or optimal. Respondents were asked to suggest possible sources of funding and reimbursement for ICU pharmacy services. Eighty packets containing one 26-item pharmacy questionnaire and two 16-item prescriber questionnaires were distributed to ICU pharmacists. Forty-one pharmacists (51%) and 46 prescribers (29%) returned questionnaires. Pharmacists had worked in the ICU for 8.3 ± 6.4 years and devoted 50.3 ± 18.7% of their efforts to clinical practice. Prescribers generally rated the impact of pharmacy services more favorably than pharmacists. Fundamental services were provided more frequently and were rated more positively than desirable or optimal services across both groups. The percent efficiencies of providing services without the pharmacist ranged between 40% and 65%. Both groups indicated that salary support for the pharmacist should come from hospital departments of pharmacy or critical care or colleges of pharmacy. Prescribers were more likely to consider other sources of funding for pharmacist salaries. Both groups supported reimbursement of clinical pharmacy services. Critical care pharmacy activities were associated with perceptions of beneficial clinical and financial outcomes. Prescribers valued most services more than pharmacists

Funding Liquidity Risk and Deviations from Interest-Rate Parity During the Financial Crisis of 2007-2009

OpenAIRE

Cho-Hoi Hui; Hans Genberg; Tsz-Kin Chung

2009-01-01

Significant deviations from covered interest parity were observed during the financial crisis of 2007-2009. This paper finds that before the failure of Lehman Brothers the market-wide funding liquidity risk was the main determinant of these deviations in terms of the premiums on swap-implied US dollar interest rates for the euro, British pound, Hong Kong dollar, Japanese yen, Singapore dollar and Swiss Franc. This suggests that the deviations can be explained by the existence and nature of li...

Analysis of the Structure Ratios of the Funding Sources

Directory of Open Access Journals (Sweden)

Maria Daniela Bondoc

2014-06-01

Full Text Available The funding sources of the assets and liabilities in the balance sheet include equity capitals and the debts of the entity. The analysis of the structure rates of the funding sources allows for making assessments related to the funding policy, highlighting the financial autonomy and how resources are provided. Using the literature specializing in economic and financial analysis, this paper aims at presenting these rates that focus, on the one hand, to reflect the degree of financial dependence (the rate of financial stability, the rate of global financial autonomy, the rate of on-term financial autonomy and on the other hand the debt structure (the rate of short-term debts, the global indebtedness rate, the on-term indebtedness rate. Based on the financial statements of an entity in the Argeş County, I analysed these indicators, and I drew conclusions and made assessments related to the autonomy, indebtedness and financial stability of the studied entity.

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

Implementing the Fundamental Principle of Islamic Finance PLS in Order to Reduce Moral Hazard on the Financial Services Market

OpenAIRE

Dariusz Piotrowski

2014-01-01

Moral hazard is a situation where agent takes a risky actions, knowing that potential costs will be born by principal. In finance, moral hazard arises when advisers take risky decisions come to believe that they will not have to carry the full burden of potential loses. Implementing the fundamental principle of Islamic finance PLS could reduce moral hazard on financial services market.

Fundamentals of financial statement analysis for academic physician managers.

Science.gov (United States)

Danzi, J T; Boom, M L

1998-04-01

Academic medical centers (i.e., teaching hospitals) and academic medical practices are under pressure to control costs to compete with for-profit health care institutions. The authors explain how academic physician managers who want to control costs wisely must first understand the cost structure of the medical center or practice and compare that structure with those of for-profit institutions. Doing this requires a firm understanding of how to use a valuable tool, financial statement analysis, to assess an institution's health and performance. Such analysis consists of calculating a variety of financial ratios (e.g., operating income divided by revenues; net income divided by total assets) and then comparing them with the corresponding ratios that are considered industry norms. Three types of financial statements (defined in detail) lend themselves to this approach: the balance sheet, income statement, and statement of cash flows. The authors define standard financial ratios, point out their uses and limitations, and emphasize that a ratio's meaning derives from comparing it with the corresponding benchmark ratio in the industry as a whole. Ratios should be used not as the end point of assessing financial status, but as ways to identify possible problems that require further investigation. Analysis of trends of ratios over time within an institution is a complementary approach. The authors then discuss the use of ratios in three standard types of institutional evaluation: of performance, of liquidity and leverage, and of strategic planning. In addition, they present the financial statement of a fictitious academic medical center as an example of how to use ratios for financial statement analysis. The authors emphasize that the key to using the ratios they discuss and hundreds of others is first to decide what question needs answering and then to choose the relevant ratios to provide a basis for finding the answer.

FINANCIAL INDICATORS FOR THE IMPLEMENTATION OF AN EUROPEAN FUNDED INVESTMENT PROJECT UNDER SOP IEC PROGRAMME – CASE STUDY OF A ROMANIAN SME

Directory of Open Access Journals (Sweden)

Droj Laurentiu

2010-07-01

Full Text Available The European Integration came with new challenges for the Romanian enterprises especially for the SMEs, the opportunities arising from operating on the European Single Market and the possibility for accession of European Regional Development Funds. The main programme designed to offer access for small, medium and large Romanian enterprises to European funding is the Sectorial Operational Programme “Increase of Economic Competitiveness”- SOP IEC. This paper will analyze the area of intervention “D1.1. Productive and environment friendly investments and preparation for market competition in which Romanian SMEs” are competing to access European funding in order to develop their activities or to extend them into new ones. One of the main challenges for these SMEs is to generate, fulfil and to respect the financial indicators of the programme, which are part of the financial analysis of the project.

FINANCIAL INTERMEDIATION, ENTREPRENEURSHIP AND ECONOMIC GROWTH

OpenAIRE

Wenli Cheng

2007-01-01

This paper presents a simple general equilibrium model of financial intermediation, entrepreneurship and economic growth. In this model, the role of financial intermediation is to pool savings and to lend the pooled funds to an entrepreneur, who in turn invests the funds in a new production technology. The adoption of the new production technology improves individual real income. Thus financial intermediation promotes economic growth through affecting individuals’ saving behaviour and enabl...

33 CFR 135.9 - Fund address.

Science.gov (United States)

2010-07-01

... FINANCIAL RESPONSIBILITY AND COMPENSATION OFFSHORE OIL POLLUTION COMPENSATION FUND General § 135.9 Fund address. The address to which correspondence relating to the Coast Guard's administration of the Fund... 33 Navigation and Navigable Waters 2 2010-07-01 2010-07-01 false Fund address. 135.9 Section 135.9...

Financial Management: Major Deficiencies in Financial Reporting for Other Defense Organizations-General Funds

National Research Council Canada - National Science Library

2002-01-01

.... This financial related audit was performed in response to the Chief Financial Officers Act of 1990, as amended, which requires DoD and other Government agencies to produce complete, reliable, timely...

Financial Statement: Major Deficiencies in Financial Reporting for Other Defense Organizations-General Funds

National Research Council Canada - National Science Library

Gimble, Thomas

2002-01-01

This financial related audit was performed in response to the Chief Financial Officers Act of 1990, as amended, which requires DoD and other Government agencies to produce complete, reliable, timely...

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.

Management of Portfolio Investment Held by Pension Funds

Directory of Open Access Journals (Sweden)

Dan Armeanu

2008-09-01

Full Text Available As a result of the fact that pension funds are financial intermediaries, the value of their assets and liabilities is influenced by changing conditions in financial markets. The market image of a pension fund (and hence its perceived value are closely tied to the “financial health” of the fund. Setting up and managing complex investment portfolios requires that pension administrators use scientific models of portfolio selection and optimization based on the risk-expected return relationship. Most investment portfolios are modified in time as result of changing stock prices and investment policy objectives. Having established investment policy guidelines, the administrators of pension funds have to determine the structure of their portfolios so that the latter meet legal requirements.

Regulating hedge funds.

OpenAIRE

Daníelsson, J.; Zigrand, JP.

2007-01-01

Due to the ever-increasing amounts under management and their unregulated and opaque nature, hedge funds have emerged as a key concern for policymakers. While until now, hedge funds have been left essentially unregulated, we are seeing increasing calls for regulation for both microprudential and macroprudential reasons. In our view, most calls for the regulation of hedge funds are based on a misperception of the effectiveness of financial regulations, perhaps coupled with a lack of understand...

The Chiang Mai Initiative and Its Multilateralization: Toward an Asian Monetary Fund?

Directory of Open Access Journals (Sweden)

Youngwon Cho

2011-11-01

Full Text Available As a regional self-help system of liquidity support established in the aftermath of the Asian crisis of 1997, the Chiang Mai Initiative (CMI and its recent multilateralization have been touted in some quarters as important achievements in a region where institutionalized financial cooperation had been sorely lacking, taking East Asia one step closer to the resuscitation of the still-born Asian Monetary Fund. Against such a sanguine assessment, I argue that the significance of the CMI, even after its multilateralization, is largely limited to symbolism and its practical implications are inconsequential. Despite the progress associated with CMI multilateralization, the underlying political dynamics in the region render East Asia fundamentally incapable of producing a coherent regional solution to the recurring problem of global financial instability.

Fundamental Rights, European Private Law, and Financial Services

NARCIS (Netherlands)

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

2014-01-01

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

The Phony Funding Crisis

Science.gov (United States)

Guthrie, James W.; Peng, Arthur

2010-01-01

If one relies on newspaper headlines for education funding information, one might conclude that America's schools suffer from a perpetual fiscal crisis, every year perched precariously on the brink of financial ruin, never knowing whether there will be sufficient funding to continue operating. Budgetary shortfalls, school district bankruptcies,…

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.

FORMATION OF FINANCIAL RESOURCES OF ENTERPRISES IN CONDITIONS OF FINANCIAL INSTABILITY

Directory of Open Access Journals (Sweden)

Veronika Dmytrovska

2017-08-01

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

Accessing International Funding for Climate Change Adaptation

DEFF Research Database (Denmark)

Christiansen, Lars; Ray, Aaron D.; Smith, Joel B.

of international public funding sources dedicated to adaptation investments (Chapter 3) • Seven fundamental eligibility criteria for accessing international public funding and guidance on how to apply these concepts to project ideas (Chapter 3) • A template (built on the abovementioned seven fundamental...

An Empirical Study of Mutual Fund Performance and Its Relation with Fund Size

OpenAIRE

Lu, Daofen

2007-01-01

The increasing popularity of mutual fund investment is a remarkable phenomenon of recent decades. Mutual funds have been among the largest investors and played an important role in the financial market worldwide. The evaluation of mutual fund performance has been achieving a great deal of academic interest since the 1960s. This study employed a time-series data to examine the performance of sixty actively-managed equity growth funds of the United States during the period of July, 2002 to June...

Determining relevant financial statement ratios in Department of Defense service component general fund financial statements

OpenAIRE

Koetter, Nicholas J.; Krause, Daniel J.; Liptak, Carl S.

2014-01-01

Approved for public release; distribution is unlimited Department of Defense (DOD) service components are dedicating significant financial and human resources toward achieving unqualified opinions on audits of their financial statements. The DOD has endeavored to produce auditable financial statements as mandated in the Chief Financial Officers Act of 1990. In December of 2013, the United States Marine Corps became the first service component to achieve an unqualified audit opinion on its ...

GOVERNING BOARD OF THE PENSION FUND

CERN Document Server

2001-01-01

The Governing Board met on 4 September in its first session since the summer break. On this occasion, the Board invited the two actuaries entrusted with the three-yearly actuarial review of the Fund, MP Actuaires SA (Geneva) and AON Consulting (Brussels), to present their results. Although the two studies were conducted independently and simultaneously, the Governing Board noted that the underlying methodology was remarkably similar in both cases. Both actuaries adopted a stochastic approach, both performed analyses based on the closed-fund method and on the open-fund method, and both made an evaluation of the risks for the appreciation of the Fund's financial position. This methodology produced consistent results which, while not always identical, are superimposable in terms of their order of magnitude. Under the closed-fund method, which involves assessing the Fund's financial situation as if it were closed on the date of calculation without any new members being admitted, both actuaries conclude that the s...

15 September: Annual Information Meeting of the Pension Fund

CERN Multimedia

2015-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting. *** Please note the room change *** CERN Main Auditorium Tuesday, 15 September 2015 9:30 a.m. - 11:30 a.m. Following a presentation by the Chief Executive Officer of the Fund there will be a Questions and Answers session. Members and Beneficiaries are welcome to send questions in advance of the meeting by post to: Mr Matthew Eyton-Jones “Annual Information Meeting” CEO - CERN Pension Fund Office 5-5-012, Postbox C23800 CH- 1211 Geneva 23 - Switzerland Copies of the 2014 Pension Fund Financial Statements are already available as a printable PDF on the Pension Fund website (http://pensionfund.cern.ch/en/financial-management/financial-statements) and will also be distributed at the annual meeting. *Coffee and croissants will be served prior to the meeting as of 9:00 a.m.* CERN Pension Fund

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,...

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...

Cash Management in the Defense Working Capital Funds

National Research Council Canada - National Science Library

1997-01-01

... (formerly the Defense Business Operations Fund) was identified during our audit of the Fund Balance With Treasury Account of the FY 1996 Consolidated Financial Statements of the Defense Business Operations Fund...

78 FR 49365 - Electronic Fund Transfers (Regulation E); Correction

Science.gov (United States)

2013-08-14

... BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1005 [Docket No. CFPB-2012-0050] RIN 3170-AA33 Electronic Fund Transfers (Regulation E); Correction AGENCY: Bureau of Consumer Financial Protection. ACTION... 2013 Final Rule, which along with three other final rules \\1\\ implements the Electronic Fund Transfer...

Higher Education Funding Formulas.

Science.gov (United States)

McKeown-Moak, Mary P.

1999-01-01

One of the most critical components of the college or university chief financial officer's job is budget planning, especially using formulas. A discussion of funding formulas looks at advantages, disadvantages, and types of formulas used by states in budgeting for higher education, and examines how chief financial officers can position the campus…

Regulating financial markets: Costs and trade-offs

NARCIS (Netherlands)

Górnicka, L.A.

2015-01-01

This thesis studies the interactions between the institutional design of financial systems, and the financial agents that regulatory institutions supervise. It explores the channels through which financial regulation affects financial agents’ lending, funding, and risk-taking decisions. By

The impact of pension systems on financial development: An empirical study

Directory of Open Access Journals (Sweden)

Shouji Sun

2014-10-01

Full Text Available The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and transaction efficiency. Based on regression results of 55 countries and regions, we find that different pension systems formed different size of pension fund; every 1% increase of the pension funds’ assets could bring about 0.15%-0.23% increase of the market value, which could explain cross-countries difference of financial development. Based on panel data analysis, we find that the impact of pension fund on financial development is very significant especially in civil law and underdeveloped countries. By using co-integration analysis and vector auto regression model (VAR with time series data of Chile, we find positive relationship between pension funds and financial development again. The empirical results indicate that legal origin, endowment and pension fund views are not exclusive but compatible. A country cannot change its legal origin and endowment, but it can change pension policies and reform social security system. A funded pension system with accumulates pension assets could promote a country’s financial development and economic growth

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

Public funds in theory of financial structure a company in Czech Republic

Directory of Open Access Journals (Sweden)

František Kalouda

2013-01-01

Full Text Available Mutually beneficial co-existence of the private and state sectors can be seen as proven in theory. The proof is the concept of a two-sector economy of A. Wagner (1835–1917, while, in Wagner’s view, the importance of the state sector should grow (Wagner’s law. State finance is understood in this context as a tool used to achieve social justice, and in general as a socially stabilizing element.In conditions of real Czech economy, the relationship between the state and private sectors is shown in the form of subsidies for businesses enterprises; although at first sight the available data do not demonstrate the key role of public finance. Another form of limited understanding of the importance of public funds is the concept of financial structure of a company understood by contemporary theory of finance of firm (in Czech context as a set of sources for financing entrepreneurial activities – public funds are virtually not mentioned here.The aim of the paper is to contribute to correct this shift in understanding of the importance of public finance and to bring it nearer both to the original theoretical concept (A. Wagner and to reality, both in quantitative and qualitative terms.Main focus of this paper is to the Czech Republic circumstances. For the comparison are here presented available data from other countries and global data as well.

Financial Health of the Higher Education Sector: Financial Results and TRAC Outcomes 2013-14. Issues Paper 2015/07

Science.gov (United States)

Higher Education Funding Council for England, 2015

2015-01-01

This report provides an overview of the financial health of the Higher Education Funding Council for England (HEFCE)-funded higher education sector in England. The analysis covers financial results for the academic year 2013-14, as submitted to HEFCE in December 2014, as well as the outcomes from the sector's Transparent Approach to Costing (TRAC)…

Mutual Fund Performances of Polish Domestic Equity Fund Managers

OpenAIRE

Tan, Ömer Faruk; Ünal, Gözde

2015-01-01

Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE), thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Pol...

78 FR 26545 - Consumer Financial Civil Penalty Fund

Science.gov (United States)

2013-05-07

... which civil penalties have been imposed under Federal consumer financial laws. In addition, to the... has violated the law to pay a civil penalty. See, e.g., 12 U.S.C. 5565. Section 1017(d)(1) of the Dodd... activities for which civil penalties have been imposed under the Federal consumer financial laws.'' 12 U.S.C...

Alberta Heritage Savings Trust Fund : 1998 annual report

International Nuclear Information System (INIS)

1999-01-01

A review of the Alberta Heritage Savings Trust Fund as it operated under the new investment framework established in 1997 was presented. The new statutory mission of the Fund is to provide stewardship of the savings from Alberta's non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans. In 1998, the Fund earned $947 million in income with nearly $25 million of income being retained to ensure that the value of the Fund grows to off-set the effects of inflation. Net assets of the Fund on March 31, 1998 was $ 12.3 billion. Operation of the Fund, the accounting method used, and details about the Transition Portfolio and the Endowment Portfolio are provided. An assessment of Alberta's economic climate accompanies the auditor's report and the detailed financial statements of the Fund. tabs

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

Directory of Open Access Journals (Sweden)

Ciorstan Smark

2014-10-01

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

International financial institutions and health in Egypt and Tunisia: change or continuity?

Science.gov (United States)

Ismail, Sharif

2013-01-01

The revolutions in Egypt and Tunisia appeared to herald a re-casting of International Monetary Fund and World Bank policy across the region. Public pronouncements by the heads of both institutions in the months following February 2011 acknowledged flaws in their approach to macroeconomic advice, against a background of worsening socioeconomic indicators, widespread youth unemployment, and widening health inequalities. Evidence on the ground, however, suggests continuity rather than change in international financial institution policies in Egypt and Tunisia, notwithstanding the emergence of a powerful new player-the European Bank for Reconstruction and Development. In the long term, new electoral realities and hardening public opposition in both countries seem likely to force a fundamentally different relationship between regional governments and the major international financial institutions than existed before 2011.

78 FR 34550 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Accounting and...

Science.gov (United States)

2013-06-10

... to accounting standards in these rules to the Financial Accounting Standards Board Accounting... Financial Accounting Standards Board Accounting Standards Codification. In accordance with 12 U.S.C. 2252..., Loan Policies and Operations, and Funding Operations; Accounting and Reporting Requirements; Federal...

Strengthening ASEAN+3 Regional Financial Arrangements: A New Framework Beyond CMIM

Directory of Open Access Journals (Sweden)

Young-Joon Park

2017-03-01

Full Text Available This paper examines the operational limitations of the Chiang Mai Initiative Multilateralization (CMIM as a regional financial safety net in East Asia and presents a new regional financial arrangement. To overcome the drawbacks of the Chiang Mai Initiative Multilateralization which has never been activated so far, this study proposes that ASEAN+3 establish a new lending facility, so-called a Reserve Fund Facility, and create a regional common reserves asset. The proposed Reserve Fund Facility framework guarantees lending automaticity of the liquidity facility, based on upfront funding instead of pledge funding. Establishing the Reserve Fund Facility could find a way of making up for weakness of the Chiang Mai Initiative Multilateralization and responding to the regional needs for effective regional financial arrangement. The full-fledged Reserve Fund Facility will ultimately contribute to the future development of East Asia's monetary and financial cooperation beyond the Chiang Mai Initiative Multilateralization.

78 FR 29399 - ERNY Financial ETF Trust and ERNY Financial Advisors, LLC; Notice of Application

Science.gov (United States)

2013-05-20

... Financial ETF Trust and ERNY Financial Advisors, LLC; Notice of Application May 13, 2013. AGENCY: Securities... for an exemption from sections 12(d)(1)(A) and (B) of the Act. Applicants: ERNY Financial ETF Trust... ETF (the ``Initial Fund''), the investment objective of which will be to seek long-term capital...

Financial innovation: Economic growth versus instability in bank-based versus financial market driven economies

NARCIS (Netherlands)

Boot, A.W.A.; Marinč, M.

2010-01-01

A fundamental feature of recent financial innovations is their focus on augmenting marketability. We point at the potential dark side of marketability. The paper casts its analysis of the pros and cons of financial innovation within the financial development and economic growth debate. The

Editorial: Special Issue on Financial Planning

Directory of Open Access Journals (Sweden)

Mark Brimble

2012-11-01

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

Realistic dilemma and countermeasures of the financial supporting agriculture funding management system in China%我国财政支农资金管理机制的现实困境与破解对策

Institute of Scientific and Technical Information of China (English)

陈冠南; 廖添土

2016-01-01

Financial support in agriculture,which is regarded as an important means to solve the issues on agriculture,rural areas and farmers,and how to give better play to the performance of financial supporting agriculture funds under the capacity of China′s limited financial resources is becoming the difficulty in China′s agricultural funds management and the urgent need to resolve.Based on the theory analysis and the expanding definition for the connotation of the financial supporting agriculture funds,the shortcomings of China′s current financial supporting agriculture funding management system is analyzed from the perspectives of excessive decen-tralization of financial supporting agriculture management system,unreasonable structure of supporting funds,and imperfect deci-sion-making system of the financial supporting agriculture funding in order to put forward some solutions and suggestions for the di-lemma,for instance,arrange and determine the investment project in supporting agriculture according to competitive system,explore and develop the innovate model of "enterprise management"in agricultural finance project,establish a strict supervision mechanism and an evaluation mechanism over funds allocation,funds utilization,and the whole process,optimize and integrating the supervi-sion modes of the financial supporting agriculture funds.%财政支农作为我国破解“三农”问题的一个重要手段，在国家财力有限的情况下如何更好地发挥财政支农资金绩效是当前我国财政支农工作亟需解决的一个难题。基于财政支农资金内涵的拓展性界定和理论依据分析，从财政支农管理体制政出多门、财政支农资金投入结构不合理、财政支农资金决策机制不完善等方面分析我国现行财政支农资金管理机制存在的不足，进一步提出按照�

[International financial cooperation in the fight against AIDS in Latin America and the Caribbean].

Science.gov (United States)

Leyva-Flores, René; Castillo, José Gabriel; Serván-Mori, Edson; Ballesteros, Maria Luisa Gontes; Rodríguez, Juan Francisco Molina

2014-07-01

This study analyzed the financial contribution by the Global Fund to Fight HIV/AIDS, Tuberculosis, and Malaria and its relationship to eligibility criteria for funding in Latin America and the Caribbean in 2002-2010. Descriptive analysis (linear regression) was conducted for the Global Fund financial contributions according to eligibility criteria (income level, burden of disease, governmental co-investment). Financial contributions totaled US$ 705 million. Lower-income countries received higher shares; there was no relationship between Global Fund contributions and burden of disease. The Global Fund's international financing complements governmental expenditure, with equity policies for financial allocation.

12 CFR 1806.102 - Relationship to other Community Development Financial Institutions Programs.

Science.gov (United States)

2010-01-01

... Financial Institutions Programs. 1806.102 Section 1806.102 Banks and Banking COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF THE TREASURY BANK ENTERPRISE AWARD PROGRAM General Provisions § 1806.102 Relationship to other Community Development Financial Institutions Programs. Prohibition against double funding...

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 ...

Shifting investments strategy from equity funds to money market funds – the case of Romanian open - end fund market during the financial crisis

Directory of Open Access Journals (Sweden)

Radu, I.

2012-01-01

Full Text Available Mutual funds are one of the key suppliers of liquidity in Romanian capital market. This paper uses quarterly data on Romanian open-end funds starting with 2006 until 2010. We find that significant negative flows (outflows were registered beginning with the end of 2007 (equity funds, during 2008 (equity funds, balanced funds, other funds and bond funds in the last 2 quarters of the year and from 2009 to 2010 (in the case of money market funds. There is evidence that the changing market conditions attract differently the incoming flows in these mutual funds. This is the reason why such perturbations affect investors’ confidence for these investment vehicles and impose the reorientation of the investment funds and of their investors to other alternatives in order to preserve their capital.

Pension Fund Governing Board

CERN Multimedia

HR Department

2008-01-01

Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching, Germany (near Munich) on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in...

Pension Fund Governing Board

CERN Multimedia

HR Department

2008-01-01

Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching (near Munich), Germany on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in Chile. The Director-General receiv...

Nuclear Waste Fund management

International Nuclear Information System (INIS)

Rosselli, R.

1984-01-01

The Nuclear Waste Policy Act of 1982 (NWPA) established two separate special bank accounts: the Nuclear Waste Fund (NWF) was established to finance all of the Federal Government activities associated with the disposal of High-Level Waste (HLW) or Spent Nuclear Fuel (SNF). The Interim Storage Fund (ISF) is the financial mechanism for the provision of Federal Interim Storage capacity, not to exceed 1900 metric tons of SNF at civilian power reactors. The management of these funds is discussed. Since the two funds are identical in features and the ISF has not yet been activated, the author's remarks are confined to the Nuclear Waste Fund. Three points discussed include legislative features, current status, and planned activities

General meeting of the Pension Fund

CERN Multimedia

CERN Pension Fund

2010-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Monday 6 September 2010 from 14:00 to 16:30 p.m. The Agenda comprises: Opening Remarks - F. Ferrini Presentation of the 2009 Financial Statements - T. Economou Copies of the 2009 Financial Statements are available from Departmental Secretariats. Management Update - T. Economou Report by the Chairman of the Pension Fund Governing Board - F. Ferrini Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the Secretariat of the Pension Fund. Conclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2009 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail Barbara.Brugger@cern.ch)

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

Quarterly financial reports | IDRC - International Development ...

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

Quarterly Financial Report for the period ending 31 December 2011 · Quarterly Financial Report for the period ending 30 September 2011 · Quarterly Financial Report for the period ending 30 June 2011 · Summary of Expense Reductions to Accommodate Budget 2012 Appropriation Reduction (PDF) · What we do · Funding ...

Annual Pension Fund Update

CERN Multimedia

Pension Fund

2011-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual Pension Fund Update to be held in the CERN Council Chamber on Tuesday 20 September 2011 from 10-00 to 12-00 a.m. Copies of the 2010 Financial Statements are available from departmental secretariats. Coffee and croissants will be served prior to the meeting as of 9-30 a.m.

Catalog of Federal Funding Sources for Watershed Protection

Data.gov (United States)

U.S. Environmental Protection Agency — Catalog of Federal Funding Sources for Watershed Protection Web site is a searchable database of financial assistance sources (grants, loans) available to fund a...

Meeting of the Pension Fund Governing Board

CERN Document Server

HR Department

2009-01-01

Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position." Meeting of the Pension Fund Governing Board (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November 2007 and a membe...

Meeting of the Pension Fund Governing Board

CERN Document Server

HR Department

2009-01-01

Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position." Meeting of the Pension Fund Governing Board (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November...

Toward advising SME's on stacked funding

NARCIS (Netherlands)

Rauwerda, Kirsten; van Teeffelen, Lex; de Graaf, Frank Jan

2017-01-01

This paper addresses new funding issues faced by SMEs. Over a period of nine months, the authors conducted a preliminary study into the problems surrounding stacked funding faced by SMEs and their financial advisers. The study includes a short literature review, the outcomes of three round table

GOVERNING BOARD OF THE PENSION FUND

CERN Document Server

2001-01-01

The Governing Board of the Pension Fund held its ninety-ninth meeting on 6 March. On that occasion, it examined the assets-liabilities management report presented by Professor Guus E. Boender and Mr H. Steehouwer of the firm ORTEC of Rotterdam. The first part of the presentation of the report consisted of a general introduction to the principles of an assets-liabilities management study, its mechanisms and its goals. Professor Boender particularly underlined the importance of such studies which are based on a probabilistic approach to determine the trend in the long-term financial position of a pension fund in a dynamic context. For bodies responsible for ensuring that the prerequisites for a balanced pension fund exist, the assets-liabilities management study provides the opportunity, on the basis of a large number of financial scenarios, to assess the risks of insufficient asset cover to meet a pension fund's long-term commitments and to identify measures for remedying it. The second part of the presentatio...

Funding innovation

CERN Multimedia

Marina Giampietro

2012-01-01

For the first time, six knowledge and technology transfer activities are set to benefit from a dedicated fund made available by the Knowledge Transfer group. This initiative cements CERN’s commitment to sharing its technological knowledge and expertise with society.   GEM detectors for flame detection and early earthquake prediction, radio-frequency absorbers for energy recovery, and exotic radioisotopes for medical applications are among the projects funded by the recently introduced KT Fund. “CERN’s scientific programme generates a considerable amount of intellectual property, a natural driver for innovation,” explains Giovanni Anelli, Head of the Knowledge Transfer Group. “Very often, though, financial support is needed to bring the newly-born technologies a step further and make them ready for transfer to other research institutes or to companies.” This is where the KT fund comes into play. It provides vital support in the early sta...

76 FR 39474 - Monthly Median Cost of Funds Reporting, and Publication of Cost of Funds Indices

Science.gov (United States)

2011-07-06

... Semiannual Cost of Funds Index (SCOF), and other related cost of funds ratios currently published monthly in... discussed in this notice, please contact Jim Caton, Managing Director--Economic and Industry Analysis, at... Thrift Financial Report (TFR): \\2\\ \\2\\ Copies of the reporting forms and instructions for the TFR (OMB No...

VERIFICATION PROCEDURE EUROPEAN FUNDED PROJECTS THROUGH FINANCIAL AUDITS

Directory of Open Access Journals (Sweden)

Riana Iren RADU

2014-06-01

Full Text Available The work developed by the authors assumes a definite need for reflection on funding mechanisms and macroeconomic management at all levels of budget deficit, amid the economic crisis unprecedented in the recent history of Romania and the whole of Europe. In this direction, this paper attempts to highlight issues that arise in terms of absorption of European funds for economic development based on this absorption emphasizing the role of grants in the economy and the need to audit projects.

45 CFR 98.65 - Audits and financial reporting.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 1 2010-10-01 2010-10-01 false Audits and financial reporting. 98.65 Section 98... DEVELOPMENT FUND Financial Management § 98.65 Audits and financial reporting. (a) Each Lead Agency shall have... independent standards. (g) The Secretary shall require financial reports as necessary. ...

Money matters: Rapid post-earthquake financial decision-making

Science.gov (United States)

Wald, David J.; Franco, Guillermo

2016-01-01

Post-earthquake financial decision-making is a realm beyond that of many people. In the immediate aftermath of a damaging earthquake, billions of dollars of relief, recovery, and insurance funds are in the balance through new financial instruments that allow those with resources to hedge against disasters and those at risk to limit their earthquake losses and receive funds for response and recovery.

Funding breakthrough therapies: A systematic review and recommendation.

Science.gov (United States)

Hanna, E; Toumi, M; Dussart, C; Borissov, B; Dabbous, O; Badora, K; Auquier, P

2018-03-01

Advanced therapy medicinal products (ATMPs) are innovative therapies likely associated with high prices. Payers need guidance to create a balance between ensuring patient access to breakthrough therapies and maintaining the financial sustainability of the healthcare system. The aims of this study were to identify, define, classify and compare the approaches to funding high-cost medicines proposed in the literature, to analyze their appropriateness for ATMP funding and to suggest an optimal funding model for ATMPs. Forty-eight articles suggesting new funding models for innovative high-cost therapies were identified. The models were classified into 3 groups: financial agreement, health outcomes-based agreement and healthcoin. Financial agreement encompassed: discounts, rebates, price and volume caps, price-volume agreements, loans, cost-plus price, intellectual-based payment and fund-based payment. Health outcomes-based agreements were defined as agreements between manufacturers and payers based on drug performance, and were divided into performance-based payment and coverage with evidence development. Healthcoin described a new suggested tradeable currency used to assign monetary value to incremental outcomes. With a large number of ATMPs in development, it is time for stakeholders to start thinking about new pathways and funding strategies for these innovative high-cost therapies. An "ATMP-specific fund" may constitute a reasonable solution to ensure rapid patient access to innovation without threatening the sustainability of the health care system. Copyright © 2017 Elsevier B.V. All rights reserved.

General IDRC Funding Guidelines

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

Loretta Rocca

Financial and Administrative Assessment ... the organization has independent legal status (or 'legal personality') and is capable of contracting ... Books and journal articles generated from IDRC-funded projects will be made accessible free of.

Raising private investment funds for museums

NARCIS (Netherlands)

van der Burg, Tsjalle; Dolfsma, W.; Wilderom, Celeste P.M.

2004-01-01

The authors propose the notion of an "arts fund", a publicly traded investment fund for the purpose of acquiring increasingly costly art works to be displayed in museums. Public as well as private museums stand to benefit greatly from such an approach to financially supporting the arts. A

31 CFR 281.4 - Guaranty funds.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Guaranty funds. 281.4 Section 281.4 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE FOREIGN EXCHANGE OPERATIONS § 281.4 Guaranty funds...

INVESTMENT PORTFOLIO MANAGEMENT PECULIARITIES OF NON-STATE PENSION FUNDS

Directory of Open Access Journals (Sweden)

Ivan LUCHIAN

2015-07-01

Full Text Available Non-state pension fund is a institution of social security, the primary purpose of which is the payment of pensions to members of the system of private pension provision. The insurance and pension funds in Republic of Moldova is just beginning. In this regard, a study was conducted in different countries on experience with non-state pension insurance. The results, being generalized, can be used in Republic of Moldova. Non-state pension fund has a multiple core: financial institution, fund, social institution, insurer and institutional investor. Non-governmental pension funds were highly integrated in public policy in most countries around the world aimed at expanding the supplementary pension insurance. Therefore, it becomes very important to solve the issue of formation and investment portfolio management in these financial institutions.

Values of financial services professionals and the global financial crisis as a crisis of ethics

NARCIS (Netherlands)

Hoorn, André van

2013-01-01

Many attribute the global financial crisis (GFC) to the ethical values of the people involved, financial services professionals (FSPs) such as stockbrokers or fund managers. The crisis-of-ethics debate is important, concerning one of the main policy challenges of our times, but is based on popular

Banks, markets, and financial stability

OpenAIRE

Eder, Armin; Fecht, Falko; Pausch, Thilo

2014-01-01

In a theoretical model of the Diamond-Dybvig style, in which deposit-taking banks and financial markets coexist, bank behavior is analyzed taking into account a positive ex-ante probability of a future financial crisis. We focus on the role of the interaction of market liquidity and banks' funding liquidity in the propagation of shocks in the financial system. Our findings suggest that in particular bank-dominated financial systems are prone to contagious bank runs due to asset price deterior...

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

Compilation of the FY 2000 Navy Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

Granetto, Paul

2001-01-01

We performed this audit in response to the Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, which requires DoD to provide audited financial statements...

The Working Capital Funds Interim Migratory Accounting Strategy

National Research Council Canada - National Science Library

1997-01-01

... Operations Fund Corporate Board. We reviewed the completeness of the strategy and the reasonableness of the time frames and cost estimates for achieving auditable Working Capital Funds financial statements that comply with the Chief...

Investor protection : towards additional EU regulation of investment funds?

NARCIS (Netherlands)

Wegman, Hanna Elisabeth

2016-01-01

The expansion of the fund industry has been one of the most notable trends in the financial markets of recent years. Not only has the demand for funds among EU investors grown, but both the number and types of investment funds also continue to increase. Since investment funds available in the EU can

75 FR 14661 - Bank Enterprise Award (BEA) Program; Notice of Funds Availability

Science.gov (United States)

2010-03-26

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Bank Enterprise Award... (NOFA) inviting applications for the FY 2010 Funding Round of the Bank Enterprise Award (BEA) Program... Enterprise Award. 2. New Markets Tax Credits. Financial assistance provided by an Applicant for which the...

Trading fund opportunities

International Nuclear Information System (INIS)

Anon.

1986-01-01

The paper concerns the operation of the United Kingdom Atomic Energy Authority (UKAEA) as a trading fund. The changes and anticipated effects of this role are discussed, including the financial arrangements, UKAEA skills, customers, Department of Energy sponsorship and new business opportunities. (U.K.)

49 CFR 387.307 - Property broker surety bond or trust fund.

Science.gov (United States)

2010-10-01

.... Evidence of a trust fund with a financial institution must be filed using the FMCSA's prescribed Form BMC... 49 Transportation 5 2010-10-01 2010-10-01 false Property broker surety bond or trust fund. 387.307... MINIMUM LEVELS OF FINANCIAL RESPONSIBILITY FOR MOTOR CARRIERS Surety Bonds and Policies of Insurance for...

PENSION FUNDS AND THE FINANCIAL CRISIS IN THE CEE COUNTRIES

OpenAIRE

Milos Marius Cristian; Milos Laura Raisa

2012-01-01

In this paper, the authors analyze the influence of the international financial crisis on the current architecture of the CEE pension systems and their further reforms. As a consequence of the financial crisis, the very fragile pension reform has been subject of debate in the new member states of European Union, given their deep recession and registered fiscal deficits. In many of the CEE countries, which have adopted/developed later the second pillar, the financial crisis has raised question...

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.

Highwaymen or heroes: should hedge funds be regulated?

OpenAIRE

Jon Danielsson; Ashley Taylor; Jean-Pierre Zigrand

2004-01-01

The exponential growth of hedge funds, their role in financial crises in the 1990s, and examples of fraudulent behaviour have precipitated a heated debate over their regulatory status. The existing approaches of greater disclosure and activity restrictions appear too blunt to be effective and may stifle the benefits hedge funds can bring to the financial system. But, even the remote possibility of a systemic crisis weighs against no regulation. If reform is delayed until after a crisis it is ...

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...

Venture funding for science-based African health innovation.

Science.gov (United States)

Masum, Hassan; Chakma, Justin; Simiyu, Ken; Ronoh, Wesley; Daar, Abdallah S; Singer, Peter A

2010-12-13

While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital's potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds. The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested. Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social returns. Such funds should be structured to overcome the

Fundamental ratios and stock market performance : evidence from Turkey

OpenAIRE

Parlak, Deniz

2013-01-01

The fundamental analysis strives to determine the approximate future market value of a firm and an important step in a fundamental analysis is the computation of basic ratios which provide an indication of firms' financial performance in several key areas. The purpose of this study is to investigate the financial performance of Turkish manufacturing companies and the impact of this performance on common stock returns for the three years from 2009 to 2012. The sample consisted of 20 chemical-s...

34 CFR 74.28 - Period of availability of funds.

Science.gov (United States)

2010-07-01

... INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 74.28 Period of availability of funds. Where a funding period is...

Effects of global financial crisis on funding for health development in nineteen countries of the WHO African Region.

Science.gov (United States)

Kirigia, Joses M; Nganda, Benjamin M; Mwikisa, Chris N; Cardoso, Bernardino

2011-04-13

There is ample evidence in Asia and Latin America showing that past economic crises resulted in cuts in expenditures on health, lower utilization of health services, and deterioration of child and maternal nutrition and health outcomes. Evidence on the impact of past economic crises on health sector in Africa is lacking. The objectives of this article are to present the findings of a quick survey conducted among countries of the WHO African Region to monitor the effects of global financial crisis on funding for health development; and to discuss the way forward. This is a descriptive study. A questionnaire was prepared and sent by email to all the 46 Member States in the WHO African Region through the WHO Country Office for facilitation and follow up. The questionnaires were completed by directors of policy and planning in ministries of health. The data were entered and analyzed in Excel spreadsheet. The main limitations of this study were that authors did not ask whether other relevant sectors were consulted in the process of completing the survey questionnaire; and that the overall response rate was low. The main findings were as follows: the response rate was 41.3% (19/46 countries); 36.8% (7/19) indicated they had been notified by the Ministry of Finance that the budget for health would be cut; 15.8% (3/19) had been notified by partners of their intention to cut health funding; 61.1% (11/18) indicated that the prices of medicines had increased recently; 83.3% (15/18) indicated that the prices of basic food stuffs had increased recently; 38.8% (7/18) indicated that their local currency had been devalued against the US dollar; 47.1% (8/17) affirmed that the levels of unemployment had increased since the onset of global financial crisis; and 64.7% (11/17) indicated that the ministry of health had taken some measures already, either in reaction to the global financing crisis, or in anticipation. A rapid assessment, like the one reported in this article, of the

Socially responsible investments in mutual funds

Directory of Open Access Journals (Sweden)

Funaru, M.

2011-01-01

Full Text Available This paper aims to add contribution to the socially responsible investments (from now on called “SRI” research by examining the significance of this type of investment in terms of ethical or financial prior behaviour. Using the sample of European market of socially responsible investments funds, we first explore the SRI market dimension compared to the global data on SRI. We also investigate whether the ethical recognition is more important rather than the financial performance. Applied to the European social responsible investment fund market, the paper investigates the difference between these two aspects of behaviour and underlies the importance of socially responsible investments in promoting a sustainable development.

Differential effects of public and private funding in the medical device industry.

Science.gov (United States)

Kang, Hyunsung D; Ku, David N

2018-02-01

Funding for scientific advancement comes from two dominant sources: public funds used to generate knowledge, and private sector funds in the pursuit of commercial products. It is unclear how to compare the outputs of these two financial mechanisms because both sectors are motivated by common goods but are also governed by divergent forces. Employment within a geographic region may be a metric of mutual value that can be applied equally to assess the societal impacts of two financing sources. Areas covered: The authors focused on the medical device industry, which is a robust sector of growth for the U.S. economy. The U.S. NIH and venture capital community are representatives of public and private capital, respectively. Using a longitudinal employment dataset of 247 distinct locations, the authors found that NIH funding tends to create more jobs directly compared to venture capital funding. Moreover, the indirect effect of governmental funding is initially smaller than that of venture capital funding for the first two years, but eventually surpasses that of venture capital funding. Expert commentary: These findings imply that policy decisions regarding financial allocations in the medical device industry should consider the appropriate typology of financial capital and its consequences.

Do mutual fund performance and the abilities of fund managers in Slovenia deviate from those in developed markets?

OpenAIRE

Markovič-Hribernik, Tanja; Vek, Uroš

2015-01-01

Up until the beginning of the financial crisis, Slovenia was marked by exceptionally high growth rates in the mutual fund industry. The reason for this were in the performance of the Slovenian stock market index, which was one of the best performing in 2007. In this paper we analyzed mutual funds performance in Slovenia to discover the quality of fund managers in the market. The focus was on funds with selected sectoral investment policy. We analyzed different risk adjusted measures such as t...

Statistical analyses of the performance of Macedonian investment and pension funds

Directory of Open Access Journals (Sweden)

Petar Taleski

2015-10-01

Full Text Available The foundation of the post-modern portfolio theory is creating a portfolio based on a desired target return. This specifically applies to the performance of investment and pension funds that provide a rate of return meeting payment requirements from investment funds. A desired target return is the goal of an investment or pension fund. It is the primary benchmark used to measure performances, dynamic monitoring and evaluation of the risk–return ratio on investment funds. The analysis in this paper is based on monthly returns of Macedonian investment and pension funds (June 2011 - June 2014. Such analysis utilizes the basic, but highly informative statistical characteristic moments like skewness, kurtosis, Jarque–Bera, and Chebyishev’s Inequality. The objective of this study is to perform a trough analysis, utilizing the above mentioned and other types of statistical techniques (Sharpe, Sortino, omega, upside potential, Calmar, Sterling to draw relevant conclusions regarding the risks and characteristic moments in Macedonian investment and pension funds. Pension funds are the second largest segment of the financial system, and has great potential for further growth due to constant inflows from pension insurance. The importance of investment funds for the financial system in the Republic of Macedonia is still small, although open-end investment funds have been the fastest growing segment of the financial system. Statistical analysis has shown that pension funds have delivered a significantly positive volatility-adjusted risk premium in the analyzed period more so than investment funds.

Mutual funds : Management styles, social responsibility, performance and efficiency

NARCIS (Netherlands)

Barkó, Tamás; Renneboog, Luc; Baker, H.; Filbeck, G.; Kiymaz, H.

2015-01-01

The mutual fund industry represents a substantial part of global financial markets with approximately 20 percent invested in mutual funds. Mutual funds offer a simple and easy-to-understand way to invest either into stocks or fixed income products, both for retail and institutional investors. This

Framework for Assessing Financial Literacy and Superannuation Investment Choice Decisions

Directory of Open Access Journals (Sweden)

Natalie Gallery

2011-06-01

Full Text Available There is a worldwide trend towards rapidly growing defined contribution pension funds in terms of assets andmembership, and the choices available to individuals. This has shifted the decisionmaking responsibility tofund members for managing the investment of their retirement savings. This change has given rise to aphenomenon where most superannuation fund members are responsible for either actively choosing orpassively relying on their funds’ default investment options. Prior research identifies that deficiencies infinancial literacy is one of the causes of inertia in financial decision-making and findings from internationaland Australian studies show that financial illiteracy is wide-spread. Given the potential significant economicand social consequences of poor financial decision-making in superannuation matters, this paper proposes aframework by which the various demographic, social and contextual factors that influence fund members’financial literacy and its association with investment choice decisions are explored. Enhanced theoretical andempirical understanding of the factors that are associated with active/passive investment choice decisionswould enable development of well-targeted financial education programs.

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...

36 CFR 1207.20 - Standards for financial management systems.

Science.gov (United States)

2010-07-01

... financial management systems. (a) A State must expand and account for grant funds in accordance with State... management systems of other grantees and subgrantees must meet the following standards: (1) Financial... the financial management system of any applicant for financial assistance as part of a preaward review...

Future financial liabilities of nuclear activities

International Nuclear Information System (INIS)

1996-01-01

This report deals with future financial liabilities arising from nuclear activities, in particular electricity generation. Future financial liabilities are defined as costs which an organisation or company is expected to meet beyond some five years as a consequence of its current and past activities. The study provides a comprehensive picture on policies for recognizing and funding future financial liabilities arising from nuclear activities and their implementation schemes in Nea Member countries. Mechanisms for reporting and funding future financial liabilities are described, analysed and compared. The report offers some findings, conclusions and recommendations for consideration by Member countries. The nuclear activities considered in the report include nuclear research and development, nuclear industry sectors such as uranium mining and milling, conversion and enrichment, nuclear fuel fabrication, nuclear power plant operation and maintenance, and radioisotopes production. Future financial liabilities arising from these activities cover management and disposal of radioactive wastes, reprocessing of spent fuels when applicable and decommissioning of facilities at the end of their life time. 12 refs., 14 figs., 16 tabs

10 CFR Appendix C to Part 50 - A Guide for the Financial Data and Related Information Required To Establish Financial...

Science.gov (United States)

2010-01-01

..., corporate affiliates, or others (such as financial institutions) upon which the applicant is relying for financial assistance. If the sources of funds relied upon include parent companies or other corporate... 10 Energy 1 2010-01-01 2010-01-01 false A Guide for the Financial Data and Related Information...

Funding in Spain

International Nuclear Information System (INIS)

Santiago, Juan Luis

2006-01-01

billing throughout the entire electricity sector. For other producers, tariffs for services rendered. General Radioactive Plan (June 2004 Rev.), Economic and Financial Aspects: The total amount obtained electricity tariff, plus the corresponding financial yield, shall cover the following costs: The management of radioactive wastes generated during electricity production by nuclear means from the origin. The management of radioactive wastes arising from research activities that, in the opinion of the Ministry of Economy, have been directly related to electricity production by nuclear means. The D and D of nuclear electricity generating facilities, as well as management of the resulting radioactive wastes. The D and D operations carried out as a result of uranium mining and milling activities performed prior to the constitution of ENRESA Other costs to be incurred by ENRESA for the performance of its missions in relation to the activities set out above. Financial Parameters: The Fund has to be provided during the operating lifetime of the nuclear power plants. The Fund includes provisions for waste/spent fuel management and decommissioning. The Fund required is based on Discounted Costs (Base Year: 1999, Inflation Rate: 2%, Discount Rate: 2.5%)

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.'

The Impact of Debt Policy on Financial Performance of Romanian Listed Companies

Directory of Open Access Journals (Sweden)

Nicoleta BARBUTA-MISU

2014-08-01

Full Text Available The purpose of this paper is to study the impact of listed companies’ indebtedness on their financial performance. Theoretical research was relied on the specialty literature concerning the analysis of the capital structure and financial structure of the company based on calculation of the financial structure ratio and financial leverage. This paper focuses on the analysis of debt policy impact on companies’ financial performance using the financial leverage method. The financial leverage method reflects the influence of debt policy on company’s return on equity, as well as the ways it engages loans to finance operating assets so it can get higher return on equity. The main aim of this paper is to investigate and analyze the determinants of leverage effect and financial structure of companies that are operating in Romanian food industry, namely manufacturing of dairy products. The conclusion that emerges in this study is the importance of choosing and establishing funding sources by an enterprise, according to funding costs, in order to obtain the optimal combination between external financing resources and internal funding.

The Outlook for the Development of Investments Funds in the Republic of Croatia

Directory of Open Access Journals (Sweden)

Dijana Jurić

2005-12-01

Full Text Available During the nineties, investment funds recorded rapid development in most developed countries and became important agents on the financial markets. In the developing and transitional countries the investment funds industry, although it too has recorded accelerated rates of growth, is still essential lagging behind that of the developed countries. In Croatia the investment funds started developing with the appearance of the private investment funds; however, they did not, contrary to expectations, make a very significant contribution to the development of institutional investors on the capital market. The market is driven primarily by banking or financial conglomerates, which also dominate the investment fund industry. Today the Croatian investment fund market is a very enterprising and dynamic segment of the financial system and hence the establishment of adequate regulation and supervision as well as the development of the capital market must be the main determinants of its further growth and development.

A dedicated fund supports technological innovation

CERN Document Server

Katarina Anthony

2010-01-01

The Knowledge and Technology Transfer (KTT) Group is calling on CERN Departments to take their technology out of the confines of the laboratory and make it ready for dissemination. For the first time, projects can apply for financial support from the newly established KTT Fund.   Scientific inquiry can lead to unexpected developments for society when researchers apply their expertise for public use. CERN actively encourages this transfer of knowledge and technology and, for the first time, has created a dedicated fund to provide financial support to projects aiming at disseminating their technologies to external audiences. CERN’s technology transfer schemes were formalised in the recent Policy on the Management of Intellectual Property in Technology Transfer, approved in March. Revenues generated by commercial exploitation will be distributed between the members of the team that developed the technology, their Department, and the KTT Fund for reinvestment in further KTT projects. &qu...

RESOLUTION OF 10th September 2010 concerning the PENSION FUND

CERN Multimedia

GAC

2010-01-01

The members of the GAC-EPA committee, after having taken note of the proposals by the Direction with a view to restoring the full funding of the Fund,   Considering:   that the CERN pension scheme is a defined-benefit scheme, that since 2005, the indexation of pensions has become a defined benefit, that the payment by the Fund of pensions and their indexation is guaranteed by the Organization (see Article I 3.03 of the Rules of the Pension Fund), regardless of the financial situation of the Fund, that during the existence of the Organization, Council, according to Article VII of the Convention, must define the Member State contributions, so as to allow the Organization to honour its financial obligations, that two Council resolutions1 reaffirm that the Member States have the responsibility to ensure the uninterrupted payment of pensions until the extinguishment of the rights of the last beneficiary, that by no means do the Rules of the Fund impose full funding, and...

Hedge Funds as Investors of Last Resort?

OpenAIRE

David J. Brophy; Paige P. Ouimet; Clemens Sialm

2009-01-01

Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

Previously Identified Deficiencies Not Corrected in the General Fund Enterprise Business System Program

Science.gov (United States)

2011-06-15

Army AAA Report No. A-2009-0226- FFM , “Examination of Federal Financial Management Improvement Act Compliance - Test Validation General Fund Enterprise...Business System Release 1.2,” September 30, 2009 AAA Report No. A-2009-0231- FFM , “General Fund Enterprise Business System - Federal Financial...Management Improvement Act Compliance Examination of Release 1.3 Functionality,” September 30, 2009 AAA Report No. A-2009-0232- FFM , “General Fund

Financial crises: A culture of complacency

OpenAIRE

Tucker, J.

2010-01-01

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

Military Retirement Fund Audited Financial Report. Fiscal Year 2015

Science.gov (United States)

2015-11-06

benefits. The MRF accumulates funds to finance, on an actuarial basis, the liabilities of DoD under military retirement and survivor benefit programs...DFAS is responsible for the accounting, investing, payment of benefits, and reporting of the MRF. The DoD Office of the Actuary (OACT) within OUSD(P...R) calculates the actuarial liability and funding requirements of the MRF. The Office of Military Personnel Policy within OUSD(P&R) issues policy

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 ...

Nuclear waste: Department of Energy's program for financial assistance

International Nuclear Information System (INIS)

1986-01-01

The Department of Energy's existing grant guidelines for financial assistance to first and second repository states do not clearly establish a basis for determining who is funded, what activities are funded, and how much funding is provided each activity. Because the guidelines do not cover all funding circumstances, DOE has interpreted them differently when making both mandatory and discretionary grant decisions. In addition, DOE has not considered state and Indian tribe needs in establishing its budget request for grant awards. Instead, the requests are based on the amounts of grants awarded in prior years and DOE planned activities. Finally, both grantee compliance with certain reporting requirements of DOE's financial assistance regulations and DOE's enforcement of them has been inconsistent

Pension Fund

CERN Multimedia

2006-01-01

Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

Pension Fund

CERN Multimedia

2006-01-01

Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

Relationship between funding source and conclusion among nutrition-related scientific articles.

Science.gov (United States)

Lesser, Lenard I; Ebbeling, Cara B; Goozner, Merrill; Wypij, David; Ludwig, David S

2007-01-01

Industrial support of biomedical research may bias scientific conclusions, as demonstrated by recent analyses of pharmaceutical studies. However, this issue has not been systematically examined in the area of nutrition research. The purpose of this study is to characterize financial sponsorship of scientific articles addressing the health effects of three commonly consumed beverages, and to determine how sponsorship affects published conclusions. Medline searches of worldwide literature were used to identify three article types (interventional studies, observational studies, and scientific reviews) about soft drinks, juice, and milk published between 1 January, 1999 and 31 December, 2003. Financial sponsorship and article conclusions were classified by independent groups of coinvestigators. The relationship between sponsorship and conclusions was explored by exact tests and regression analyses, controlling for covariates. 206 articles were included in the study, of which 111 declared financial sponsorship. Of these, 22% had all industry funding, 47% had no industry funding, and 32% had mixed funding. Funding source was significantly related to conclusions when considering all article types (p = 0.037). For interventional studies, the proportion with unfavorable conclusions was 0% for all industry funding versus 37% for no industry funding (p = 0.009). The odds ratio of a favorable versus unfavorable conclusion was 7.61 (95% confidence interval 1.27 to 45.73), comparing articles with all industry funding to no industry funding. Industry funding of nutrition-related scientific articles may bias conclusions in favor of sponsors' products, with potentially significant implications for public health.

Performance of Exchange-traded Fund in the Nordic Market

OpenAIRE

Huynh, Son

2016-01-01

Exchange-traded Fund (ETF) is one of the newer financial derivative products, yet its growth and popularity have been expansive at a remarkable rate. As a fund, it offers a convenient way to diversify the portfolio and gain exposure to foreign markets. As a stock, it holds the simplicity of being tradable on an exchange. In recent years, ETF has gained increasing interest as the next investment tool. The performance of this financial instrument is therefore worthy of discussion. The aim of th...

Strategic Investment Funds : Opportunities and Challenges

OpenAIRE

Halland, Havard; Noel, Michel; Tordo, Silvana; Kloper-Owens, Jacob J.

2016-01-01

Over the past 15 years, the number of government-sponsored strategic investment funds has grown rapidly in countries at all income levels. This paper identifies some of the challenges that these funds face in their endeavor to achieve economic policy objectives while also securing commercial financial returns—the so-called double bottom line. Through the review of the objectives, investmen...

Defense Agencies Cash Management in the Defense Business Operations Fund

National Research Council Canada - National Science Library

Lane, F

1997-01-01

The primary audit objective was to determine whether the Fund Balance With Treasury Account on the Consolidated Financial Statements of the Defense Business Operations Fund for FY 1996 was presented...

Advantages of fund accounting in 'nonprofits'.

Science.gov (United States)

Herzlinger, R E; Sherman, H D

1980-01-01

Motivated by the financial difficulties that have beset city governments and some private nonprofit organizations, the accounting profession and other circles are urging these organizations to conform to business accounting practices. (See Robert N. Anthony's article on p. 83 of this issue.) Fund accounting, these reformers claim, is too complex, too segmented to permit intelligent analysis. The authors of this article demur; not only is it legally and logically necessary to maintain separately the restricted and unrestricted monies received from various sources and spent for designated purposes; also close examination of the financial statements of nonprofit enterprises can provide a very good idea of how well they are doing financially. Furthermore, the authors advocate adoption of certain fund accounting principles for businesses, and they show why they could be helpful. This article is much more than a defense of how nonprofit organizations account for their operations; it is a comprehensive but brief introduction to the subject.

ANALYSIS OF EFFICIENCY OF INVESTMENT IN THE EU AGRICULTURAL FUNDS

Directory of Open Access Journals (Sweden)

Bojan Krstić

2014-12-01

Full Text Available The purpose of this paper is understanding of the importance of financial support for agricultural development and achieved results. The aim is an assessment of the importance of the European Union funds intended for agricultural and rural development. In accordance with the purpose and objectives of the research, we analyze the efficiency of investment in the European Union agricultural funds. Also, the interdependence between agriculture expenditures from the European Union funds and results achieved in agriculture in the European Union countries is examined in this paper. Homogeneity of the European Union countries, according to agricultural expenditures and agricultural results is analyzed. The results of this research highlight the importance of financial support provided from the European Union funds for agricultural and rural development.

Fundamentální a technická analýza

OpenAIRE

SCHÖNBEKOVÁ, Lucie

2012-01-01

The main objective of this diploma work is the application of various methods and indicators for fundamental and technical analysis on the data of H + S bussi, Ltd. company in the years 2006 - 2010 and based on the results obtained to evaluate the financial situation of the company. The first part of this work provides information problems of fundamental and technical analysis. The second part focuses on the characteristics of the enterprise itself and the methods of evaluation of financial h...

Empirical Examination of Fundamental Indexation in the German Market

Science.gov (United States)

Mihm, Max; Locarek-Junge, Hermann

Index Funds, Exchange Traded Funds and Derivatives give investors easy access to well diversified index portfolios. These index-based investment products exhibit low fees, which make them an attractive alternative to actively managed funds. Against this background, a new class of stock indices has been established based on the concept of “Fundamental Indexation”. The selection and weighting of index constituents is conducted by means of fundamental criteria like total assets, book value or number of employees. This paper examines the performance of fundamental indices in the German equity market. For this purpose, a backtest of five fundamental indices is conducted over the last 20 years. Furthermore the index returns are analysed under the assumption of an efficient as well as an inefficient market. Index returns in efficient markets are explained by applying the three factor model for stock returns of Fama and French (J Financ Econ 33(1):3-56, 1993). The results show that the outperformance of fundamental indices is partly due to a higher risk exposure, particularly to companies with a low price to book ratio. By relaxing the assumption of market efficiency, a return drag of capitalisation weighted indices can be deduced. Given a mean-reverting movement of prices, a direct connection between market capitalisation and index weighting leads to inferior returns.

78 FR 66251 - Electronic Fund Transfers(Regulation E)

Science.gov (United States)

2013-11-05

... Electronic Fund Transfers (Regulation E) AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice of... subpart B of Regulation E, which implements the Electronic Fund Transfer Act, and published this list on...-rule-amendment-to-regulation-e/ . SUPPLEMENTARY INFORMATION: The Bureau published its remittance rule...

Venture funding for science-based African health innovation

Directory of Open Access Journals (Sweden)

Daar Abdallah S

2010-12-01

Full Text Available Abstract Background While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital’s potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds. Discussion The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested. Summary Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social

14 CFR 1260.152 - Financial reporting.

Science.gov (United States)

2010-01-01

... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Financial reporting. 1260.152 Section 1260... Higher Education, Hospitals, and Other Non-Profit Organizations Reports and Records § 1260.152 Financial reporting. (a) When funds are advanced to recipients, each recipient is required to submit the SF 272...

Kingdom of Morocco : Financial Sector Assessment Update

OpenAIRE

World Bank

2008-01-01

A joint World Bank and International Monetary Fund team visited Morocco in November 2007 at the request of the authorities to update the analysis and recommendations made in the framework of the Financial Sector Assessment Program (FSAP) in 2002 and to assist the authorities in preparing their medium-term strategy for modernizing financial intermediation in Morocco. This Financial Sector A...

Our Destiny - Better Financial Management and Stewardship: Organization of the Guide to the Department of the Army FY 1996 Annual Financial Report

National Research Council Canada - National Science Library

1997-01-01

.... This guide focuses on financial and program management information from the FY 1996 Annual Financial Report for general funds, which was prepared by the Army and the Defense Finance and Accounting...

Ten financial management principles for survival.

Science.gov (United States)

Cleverley, W O

1988-03-01

Financial insolvency is the primary cause of hospital failure. Managers may analyze a hospital's financial statements to anticipate and prevent fiscal problems. Ten measures of fiscal status may be used to evaluate the following: operating profitability nonoperating income equity growth liquidity debt capacity age of facilities revenue generation replacement funds receivables survivability Based on data from the Financial Analysis Service, Catholic hospitals are doing better than other U.S. hospitals in some areas of financial preparedness. In most areas, however, all hospitals suffer by comparison with manufacturers. The 10 principles of solvent and successful operations can help hospitals improve financial resiliency.

The Reasons for UK Large Financial Institutions' Failure during the Recent Financial Crisis in 2007

OpenAIRE

LI, ZHAOYI

2012-01-01

Most UK financial institutions have failed during the recent financial crisis. Although this depression is triggered by the failure of US housing market, the business model for the UK is still different with US financial institutions. Most failed companies are not hold large amount of sub-prime loans in their asset portfolio in the UK, the most important reason is the wholesale funding strategies became the central business model for the most failed firms, therefore the retail deposits are no...

25 CFR 122.8 - Administrative costs for management of the fund.

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Administrative costs for management of the fund. 122.8 Section 122.8 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES MANAGEMENT OF OSAGE JUDGMENT FUNDS FOR EDUCATION § 122.8 Administrative costs for management of the fund. Funds...

Risk management in Swedish hedge funds

OpenAIRE

Fri, Samuel; Nilsson, Joakim

2011-01-01

Background: Risk management has always been a complex topic, especially when it comes to hedge funds. Since hedge funds are able to utilize many kinds of financial instruments it is difficult to find a risk management strategy that goes well with them. Not much research regarding the Swedish hedge fund industry and its risk management has been done; hence we find it an interesting topic to focus this thesis on. Purpose: The purpose of this thesis is to increase the knowledge of how Swedish he...

RECONSTRUCTION OF PENSION FUND PERFORMANCE MODEL AS AN EFFORT TO WORTHY PENSION FUND GOVERNANCE

Directory of Open Access Journals (Sweden)

Apriyanto Gaguk

2017-08-01

Full Text Available This study aims to reconstruct the performance assessment model on Pension Fund by modifying Baldrige Assessment method that is adjusted to the conditions in Dana Pensiun A (Pension Fund A in order to realize Good Pension Fund Governance. This study design uses case study analysis. The research sites were conducted in Dana Pensiun A. The informants in the study included the employer, supervisory board, pension fund management, active and passive pension fund participant as well as financial services authority elements as the regulator. The result of this research is a construction of a comprehensive and profound retirement performance assessment model with attention to aspects of growth and fair distribution. The model includes the parameters of leadership, strategic planning, stakeholders focus, measurement, analysis, and knowledge management, workforce focus, standard operational procedure focus, result, just and fair distribution of wealth and power.

Financial Institutes of Nanoindustry Development in Russia

Directory of Open Access Journals (Sweden)

Strukova Tatyana Vladimirovna

2015-05-01

Full Text Available At the present stage Russia’s nanoindustry can be formed on the basis of new and old specialized financial and non-financial institutes, which form a milti-layered structure providing targeted investments for innovative projects. The active state fiscal policy plays a decisive role in the national nanoindustry formation at different stages of its development and approval. The article substantiates the need for state regulation of the nanoindustry development funding mechanism in Russia. The author characterizes the main principles, subjects, methods, tools and sources of nanoindustrialization financial mechanism. The article presents the system of Russian financial institutes of development, allowing to identify the goals, objectives, forms and tools for implementation of the functions of each of them in the process of innovative development. The author reveals the essence, types, role and interests of development institutes in the process of public and public-private funding of national innovation system. The problems of innovative projects funding, caused by the specific features of the Russian economy are designated; a number of measures aimed at coordinating the activities of financial institutions and consolidating the public and private financial resources in priority sectors and industries of the economy is proposed. The author substantiates the necessity of building a mechanism of institutional, organizational and informational interaction of the federal target programs regulation bodies focused on the development of innovative activity system, federal executive bodies and exchange institutes, as well as the coordinating mechanism allowing to maximize the effectiveness of using methods and tools for innovation support.

International financial markets and development

Directory of Open Access Journals (Sweden)

Peter Wahl

2009-11-01

Full Text Available The current financial crisis has not come about by chance. It is the result of a system that has emerged over the last 30 years and which Keynes may well have called the ‘casino economy’. The dominance of finance over real economy characterises the financial crisis, while finance itself is dominated by the all-encompassing target of maximum profit at all times. Other aims of economic activity such as job creation, social welfare and development have fallen by the wayside. In response, new actors are surfacing, e.g. the institutional investor (hedge funds, private equity funds, etc., while new instruments are leading to highly leveraged and destabilising derivatives. The casino system has been promoted by governments and intergovernmental institutions to liberalise and deregulate financial markets. Although developing countries have not participated in the casino system, they have been suffering most from the spill-over into the real economy. The main lesson learnt is that the casino has to be closed.

Financial conflicts of interest and outcomes and quality of systematic reviews

DEFF Research Database (Denmark)

Hansen, Camilla; Lundh, Andreas; Rasmussen, Kristine

2017-01-01

This is a protocol for a Cochrane Review (Methodology). The objectives are as follows: The primary objectives are to investigate to what degree: - funding of systematic reviews by drug, device, and imaging companies and authors' other financial conflicts of interest are associated with effect size...... estimate; and - funding of systematic reviews by drug, device, and imaging companies and authors' other financial conflicts of interest are associated with conclusions that are favourable to the sponsor. The secondary objective is to investigate to what degree: - funding of systematic reviews by drug......, device, and imaging companies and authors' other financial conflicts of interest are associated with the methodological quality of systematic reviews as presented by the reviews....

CONCEPTUALIZATION OF FINANCIAL RESOURCES OF LOCAL AUTHORITIES

Directory of Open Access Journals (Sweden)

Аnna Briazkalo

2016-11-01

Full Text Available Aim of the article is to study and generalize scientific approaches to the determination of essence, content and components of financial resources of local authorities. The methodology is the use of various general scientific and special methods of research. So, during the study the following methods were used: dialectic method, with the help of which the essence of financial resources of local authorities was determined; methods of comparative analysis of scientific thoughts about the category “financial resources”, “financial resources of local authorities”; systematization of main characteristics of financial resources at the level of state and local authorities; structuralfunctional method in order to classify financial resources. Study results are represented by determination of economic essence of financial resources, their main features, and it is proposed an improvement of the concept “financial resources”, “financial resources of local authorities”. Financial resources are an aggregate of resources (monetary and non-monetary, which are creating and forming owning to distribution and redistribution of gross domestic product by economic entities, households, state and local authorities and are in fund and non-fund form with the aim to ensure their purposeful productive use for the benefit of natural and legal persons as well as society in general. Thus, the financial resources of local authorities – are an aggregate of monetary resources created as a result of the distribution and redistribution of the gross domestic product (some of which are in the appropriate funds, required by local authorities to perform their functions and tasks in order to ensure economic and sociocultural development of the local community. Taking into attention the features of functioning of the main subjects of local finance for thorough study of the essence of local authorities’ financial resources, their main components are considered

7 CFR 3016.20 - Standards for financial management systems.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Standards for financial management systems. 3016.20... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...

7 CFR 277.6 - Standards for financial management systems.

Science.gov (United States)

2010-01-01

... 7 Agriculture 4 2010-01-01 2010-01-01 false Standards for financial management systems. 277.6... ADMINISTRATIVE COSTS OF STATE AGENCIES § 277.6 Standards for financial management systems. (a) General. This section prescribes standards for financial management systems in administering program funds by the State...

44 CFR 13.20 - Standards for financial management systems.

Science.gov (United States)

2010-10-01

... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Standards for financial... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...

ECONOMIC ESSENCE AND COMPONENTS OF FINANCIAL SUPPORT OF AGRICULTURAL SECTOR

Directory of Open Access Journals (Sweden)

Volodymyr Matskiv

2015-11-01

Full Text Available The purpose of the paper is scientific grounding of theoretical and methodological approaches to the fundamental principles of the functioning of the existing system of financial support of the agrarian sector in Ukraine and its potential areas of its improvement through the construction of new effective financing mechanisms. Methodology. In the study the following methods are used: a comparative and morphological methods – to reveal the content and development of scientific thoughts about the interpretation of the concept of «financial support»; methods of systematization and generalization – to determine the functionality of the agricultural sector and the need of its financial support and to reveal the features of its functioning; systemic method – to construct a model of the implementation of agricultural sector financial support; logical method – for a consistent generalization of theoretical and practical scientific research statements. Results. Investigation of formation and development of the doctrine of financial support and systematization of scientific thoughts about its essence gives the opportunity to consider the content of the studied category in terms of the functional approach. Interpretation of the term “financial support” comes down to the statement that the formation of the theoretical foundations of the essence and the economic nature of financial support is a result of the achievements of several generations of scientists, each of whom invested a significant contribution to the development of the theory of the studied concept. This allowed us to analyze the term «financial providing» and to summarize the existing approaches in the light of the activities of the agricultural sector. In terms of functionality we found that financial support as a phenomenon can be seen in the context of its unique significance in the development of the economy. Practical implications. It was determined that the problems of

Funding food science and nutrition research: financial conflicts and scientific integrity.

Science.gov (United States)

Rowe, Sylvia; Alexander, Nick; Clydesdale, Fergus; Applebaum, Rhona; Atkinson, Stephanie; Black, Richard; Dwyer, Johanna; Hentges, Eric; Higley, Nancy; Lefevre, Michael; Lupton, Joanne; Miller, Sanford; Tancredi, Doris; Weaver, Connie; Woteki, Catherine; Wedral, Elaine

2009-05-01

There has been significant public debate about the susceptibility of research to biases of various kinds. The dialogue has extended to the peer-reviewed literature, scientific conferences, the mass media, government advisory bodies, and beyond. While biases can come from myriad sources, the overwhelming focus of the discussion, to date, has been on industry-funded science. Given the critical role that industry has played and will continue to play in the research process, the International Life Sciences Institute (ILSI) North America Working Group on Guiding Principles has, in this paper, set out proposed conflict-of-interest guidelines, regarding industry funding, for protecting the integrity and credibility of the scientific record, particularly with respect to health, nutrition, and food-safety science. Eight principles are enumerated, specifying ground rules for industry-sponsored research. The paper, which issues a challenge to the broader scientific community to address all bias issues, is only a first step; the document is intended to be dynamic, prompting ongoing discussion and refinement. The Guiding Principles are as follows. In the conduct of public/private research relationships, all relevant parties shall: 1) conduct or sponsor research that is factual, transparent, and designed objectively; according to accepted principles of scientific inquiry, the research design will generate an appropriately phrased hypothesis and the research will answer the appropriate questions, rather than favor a particular outcome; 2) require control of both study design and research itself to remain with scientific investigators; 3) not offer or accept remuneration geared to the outcome of a research project; 4) prior to the commencement of studies, ensure that there is a written agreement that the investigative team has the freedom and obligation to attempt to publish the findings within some specified time-frame; 5) require, in publications and conference presentations

Funding food science and nutrition research: financial conflicts and scientific integrity.

Science.gov (United States)

Rowe, Sylvia; Alexander, Nick; Clydesdale, Fergus M; Applebaum, Rhona S; Atkinson, Stephanie; Black, Richard M; Dwyer, Johanna T; Hentges, Eric; Higley, Nancy A; Lefevre, Michael; Lupton, Joanne R; Miller, Sanford A; Tancredi, Doris L; Weaver, Connie M; Woteki, Catherine E; Wedral, Elaine

2009-05-01

There has been significant public debate about the susceptibility of research to biases of various kinds. The dialogue has extended to the peer-reviewed literature, scientific conferences, the mass media, government advisory bodies, and beyond. Whereas biases can come from myriad sources, the overwhelming focus of the discussion to date has been on industry-funded science. Given the critical role that industry has played and will continue to play in the research process, the International Life Sciences Institute (ILSI) North America Working Group on Guiding Principles has, in this article, proposed conflict-of-interest guidelines regarding industry funding to protect the integrity and credibility of the scientific record, particularly with respect to health, nutrition, and food-safety science. Eight principles are enumerated, which specify the ground rules for industry-sponsored research. This article, which issues a challenge to the broader scientific community to address all bias issues, is only a first step; the document is intended to be dynamic, prompting ongoing discussion and refinement. In the conduct of public/private research relationships, all relevant parties shall 1) conduct or sponsor research that is factual, transparent, and designed objectively, and, according to accepted principles of scientific inquiry, the research design will generate an appropriately phrased hypothesis and the research will answer the appropriate questions, rather than favor a particular outcome; 2) require control of both study design and research itself to remain with scientific investigators; 3) not offer or accept remuneration geared to the outcome of a research project; 4) ensure, before the commencement of studies, that there is a written agreement that the investigative team has the freedom and obligation to attempt to publish the findings within some specified time frame; 5) require, in publications and conference presentations, full signed disclosure of all financial

Compilation of the FY 2000 Army Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

2001-01-01

.... The Chief Financial Officers Act of 1990 requires the Inspector General, DoD, to audit the financial statements of DoD organizations in accordance with generally accepted Government auditing standards...

Consolidating Financial Statements of the Defense Finance and Accounting Service Revolving Fund of the Defense Business Operations Fund-FY 1992

National Research Council Canada - National Science Library

1993-01-01

...) Revolving Fund of the Defense Business Operations Fund (the Fund). The revolving Fund was created to provide finance and accounting services to DoD customers, charging them the full cost of those services...

The Drivers of Responsible Investment : The Case of European Pension Funds

NARCIS (Netherlands)

Sievanen, Riikka; Rita, Hannu; Scholtens, Bert

We investigate what drives responsible investment of European pension funds. Pension funds are institutional investors who assure the income of part of the population for a long period of time. Increasingly, stakeholders hold pension funds accountable for the non-financial consequences of their

Overview and comparison of international practices on funding mechanisms

International Nuclear Information System (INIS)

Tchapga, Flavien

2006-01-01

Although the Funding Mechanisms of Decommissioning and Dismantling (D and D) of Nuclear Power Plants (NPP) has recently gained a growing interest, this is not only a new but also an old issue. The issue is old because National Atomic Laws and/or other Nuclear Legislation recognized the mandatory character of D and D. Consequently accumulation of funds to cover the future D and D expenses is a legal requirement since the beginning of Nuclear Energy Industry, at least in countries with a market economy. The issue is new as well because many of the large commercial NPP may reach the end of their lifetime during the next twenty years. As a result, the growing interest on D and D Funding Mechanisms is justified since the funds accumulated should cover the related expenses if any. Despite this growing interest, there is however a lack, at least at the NEA level, of an updated survey of existing Funding Mechanisms. Because Electric utilities are experiencing deregulation movement, there is also a lack of a 'comparison framework' which takes into account this new context, and within which the effectiveness of current Funding Mechanisms could be assessed. In the field of NPP decommissioning, funding mechanisms refer to the overall process of financing future D and D operations. Therefore, one can expect a funding mechanism to organize some relevant functions regarding D and D financing. These functions are, 1) the recognition of the liabilities and the estimation of the related financial burden, 2) the collection of the corresponding financial resources 3) the management and disbursement of those resources when needed. In fact, the mandatory character of D and D suggest that an effective Funding Mechanism should provide availability of funds. This is to say the funds collected should be managed in a consistent way regarding their protection against financial insecurity. Since there is no investment without risk, availability of funds is properly a matter of degree

Securing decommissioning funds. Why organization matters?

International Nuclear Information System (INIS)

Tchapga, F.

2005-01-01

Full text: Securing decommissioning funds requires that the financial resources set aside for the purpose of decommissioning be managed prudently. Decommissioning of nuclear power plant is prescribed by National Atomic Laws or by other nuclear legislation. It is a mandatory operation. The operators of nuclear power plants set money aside for that purpose. This is known as 'Decommissioning reserve fund'. Decommissioning implies costs very distant in time. Thus, it is obvious, from an economic point of view, that the funds set aside should be managed. As decommissioning is mandatory, the funds accumulated should be secured. In others words, they should be available when needed. Availability of funds is influenced by endogenous and exogenous factors. Endogenous factors are a matter of design of the reserve funds. They include the management of the funds, its monitoring and control... Availability of funds is influenced by these factors, depending on the rules to which the behaviour of the manager of the funds is subjected. In contrast, exogenous factors deal with the energy context. These factors are mainly the electricity sector organisation and/or the overall economic situation. They are decisive factors of the economic performance of the reserve fund for a given design. Therefore, the requirement of availability of funds, when needed, is a matter of compatibility between the design of the decommissioning funds and the electricity context. Put differently, reserve fund's design need to be consistent with the electricity context's features in respect of the availability of funds. Current reserve funds were designed in a context of monopoly regime. In this context, availability of decommissioning funds was not questionable. At least, as far as the design of the reserve funds is concerned. This is because nuclear generator didn't confront any competition pressure. Electricity prices were set trough rate base mechanism, and all the business risks were borne by the

The College President's Role in Fund Raising.

Science.gov (United States)

Miller, Michael T.

The role of the college president as one of the chief actors in academic fund raising is examined against the background of today's period of financial caution and increased competition for philanthropic support. The paper first provides an overview of the state of the art of fund raising and some ways in which college and universities have…

31 CFR 587.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 587.504 Section 587.504 Money and Finance: Treasury Regulations.... financial institutions. Any payment of funds or transfer of credit in which a person designated in or... institution, must be blocked in an account on the books of that financial institution. A transfer of funds or...

29 CFR 97.20 - Standards for financial management systems.

Science.gov (United States)

2010-07-01

... 29 Labor 1 2010-07-01 2010-07-01 true Standards for financial management systems. 97.20 Section 97... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...

32 CFR 33.20 - Standards for financial management systems.

Science.gov (United States)

2010-07-01

... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 33... financial management systems. (a) A State must expand and account for grant funds in accordance with State... management systems of other grantees and subgrantees must meet the following standards: (1) Financial...

40 CFR 280.112 - Drawing on financial assurance mechanisms.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 26 2010-07-01 2010-07-01 false Drawing on financial assurance... OF UNDERGROUND STORAGE TANKS (UST) Financial Responsibility § 280.112 Drawing on financial assurance... agency may draw on a standby trust fund when: (1) The Director makes a final determination that a release...

Financial Management of Libraries: Past Trends and Future Prospects.

Science.gov (United States)

Roberts, Stephen A.

2003-01-01

The financial environment within library and information services is reviewed and a structure for financial management is presented based on funding source and level of commercial activity. Objectives for financial management of library and information services is developed and reviewed in light of future trends and stakeholder perspectives.…

Introduction : Energy economics and financial markets

NARCIS (Netherlands)

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

2015-01-01

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

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

38 CFR 49.28 - Period of availability of funds.

Science.gov (United States)

2010-07-01

... (CONTINUED) UNIFORM ADMINISTRATIVE REQUIREMENTS FOR GRANTS AND AGREEMENTS WITH INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 49.28 Period of availability of funds. Where a funding period is specified, a recipient may...

40 CFR 30.28 - Period of availability of funds.

Science.gov (United States)

2010-07-01

... ASSISTANCE UNIFORM ADMINISTRATIVE REQUIREMENTS FOR GRANTS AND AGREEMENTS WITH INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 30.28 Period of availability of funds. Where a funding period is specified, a recipient may...

45 CFR 74.28 - Period of availability of funds.

Science.gov (United States)

2010-10-01

... ADMINISTRATIVE REQUIREMENTS FOR AWARDS AND SUBAWARDS TO INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, OTHER NONPROFIT ORGANIZATIONS, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 74.28 Period of availability of funds. Where a funding period is specified, a recipient may...

77 FR 16267 - Community Development Revolving Loan Fund Access for Credit Unions

Science.gov (United States)

2012-03-20

... union's marketing strategy to reach members and the community; and include financial projections. 6. Non... Application its strategy for raising matching funds if NCUA determines matching funds are required (see 12 CFR... Funds: Submit a narrative describing its strategy for raising matching funds from non-federal sources if...

Contested financialization? New investement funds in the Netherlands

NARCIS (Netherlands)

Engelen, E.; Gospel, H.; Pedleton, A.; Vitols, S.

2014-01-01

Due to the hybrid nature of the Dutch political economy, a ‘compartmentalized’ mode of financialization is hypothesized, characterized by an intermediate level of NIF penetration and low NIF impact on labour outcomes. These expectations are largely borne out by the evidence. The Netherlands is

7 CFR 282.2 - Funding.

Science.gov (United States)

2010-01-01

... of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE FOOD STAMP AND FOOD DISTRIBUTION PROGRAM DEMONSTRATION, RESEARCH, AND EVALUATION PROJECTS § 282.2 Funding. Federal financial participation may be made available to demonstration, research, and evaluation...

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...

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.

Developing Financial Resources for School Arts Programs.

Science.gov (United States)

Green, Alan C.; Ambler, Nancy Morison

This document provides a sampling of financial resources for fine arts programs in the schools and lists methods for submitting proposals and dealing with sponsors of funds. Financial sources for arts programs include school districts, organizations and institutions, special events, direct mail, individuals, associations and clubs, businesses and…

The Profile of a Polish Mutual Fund Manager

Directory of Open Access Journals (Sweden)

Dariusz Filip

2018-05-01

Full Text Available Aim/purpose - The purpose of this paper is to identify the characteristics that are typical of mutual fund managers. Design/methodology/approach - The study concentrates on a set of socio-demographic data, such as: age, gender, education, experience, and professional qualifications of 336 portfolio managers. The applied research strategy relies on an analysis concerning a set of statistical metrics describing the population under examination. Findings - The average Polish fund manager is a 37-year-old man, a holder of a stock-broker or investment adviser license. He obtained the authorization from the Polish Financial Supervision Authority (KNF a few years after graduating from the Warsaw School of Economics (SGH. He has 11 years' experience in financial markets and 7 years' experience in the mutual fund industry. Research implications/limitations - The identification of managerial characteristics for the purpose of creating a profile of a Polish mutual fund manager will provide an important basis for further surveys and analyses aimed to evaluate the effectiveness of mutual funds. Originality/value/contribution - There are no investigations within the discussed area in Polish studies. Therefore, the identification of the characteristics that are typical of mutual fund managers will make a contribution to the finance literature.(original abstract

Financial Recruitment Incentive Programs for Nursing Personnel in Canada.

Science.gov (United States)

Mathews, Maria; Ryan, Dana

2015-03-01

Financial incentives are increasingly offered to recruit nursing personnel to work in underserved communities. The authors describe and compare the characteristics of federal, provincial and territorial financial recruitment incentive programs for registered nurses (RNs), nurse practitioners (NPs), licensed practical nurses (LPNs), registered practical nurses or registered psychiatric nurses. The authors identified incentive programs from government, health ministry and student aid websites and by contacting program officials. Only government-funded recruitment programs providing funding beyond the normal employee wages and benefits and requiring a service commitment were included. The authors excluded programs offered by hospitals, regional or private firms, and programs that rewarded retention. All provinces and territories except QC and NB offer financial recruitment incentive programs for RNs; six provinces (BC, AB, SK, ON, QC and NL) offer programs for NPs, and NL offers a program for LPNs. Programs include student loan forgiveness, tuition forgiveness, education bursaries, signing bonuses and relocation expenses. Programs target trainees, recent graduates and new hires. Funding and service requirements vary by program, and service requirements are not always commensurate with funding levels. This snapshot of government-funded recruitment incentives provides program managers with data to compare and improve nursing workforce recruitment initiatives. Copyright © 2015 Longwoods Publishing.

What Will Technology Do to Financial Structure?

OpenAIRE

Fredric S. Mishkin; Philip E. Strahan

1999-01-01

This paper looks at how advances in information and telecommunications technologies have been changing the structure of the financial system by lowering transaction costs and reducing asymmetric information. Households and smaller businesses can now raise funds in securities markets as financial institutions have become better at unbundling risks while financial products can be distributed more efficiently through electronic networks. These changes have reduced the role of traditional financi...

22 CFR 145.28 - Period of availability of funds.

Science.gov (United States)

2010-04-01

... 145.28 Foreign Relations DEPARTMENT OF STATE CIVIL RIGHTS GRANTS AND AGREEMENTS WITH INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 145.28 Period of availability of funds. Where a funding period is specified, a...

Application of data envelopment analysis in measuring the efficiency of mutual fund

Science.gov (United States)

Nik, Marzieh Geramian; Mihanzadeh, Hooman; Izadifar, Mozhgan; Nik, Babak Geramian

2015-05-01

The growth of mutual fund industry during the past decades emphasizes the importance of this investment vehicle particularly in prosperity of financial markets and in turn, financial growth of each country. Therefore, evaluating the relative efficiency of mutual funds as investment tool is of importance. In this study, a combined model of DEA (data envelopment analysis), and goal programming (GoDEA) approaches contributes widely to analyze the return efficiency of Mutual Funds in an attempt to separate efficient and inefficient Funds as well as identifying the inefficiency resources. Mixed asset local funds, which are managed jointly by CIMB and Public Mutual Berhad, have been selected for the purpose of this paper. As a result, Public Small Cap Fund (P Small Cap) is regarded as the most efficient mutual fund during the period of study. The integrated model aims to first guide investors to choose the best performing fund among other mutual funds, secondly provides the realistic and appropriate benchmark in compare to other classic method, and finally confirms the utility of data envelopment analysis (DEA) as decision-making tool.

The Response of Banking Sector Development to Financial and ...

African Journals Online (AJOL)

Africa's financial system is strongly bank-based and so this paper investigate .... development in Nigeria while an opening of capital without trade in Nigeria does ...... on Financial Globalization, Hosted by the International Monetary Fund and.

Annual Information Meeting of the Pension Fund

CERN Multimedia

2013-01-01

All members and beneficiaries of the Pension Fund are invited to attend the   Annual Information Meeting to be held in the CERN Council Chamber on  Wednesday, 11 September 2013 from 10.00 a.m. to 12.00 midday. Copies of the 2012 Pension Fund Financial Statements can be obtained from departmental secretariats and will also be available at the meeting.

Ambiguity and Investment Decisions: An Empirical Analysis on Mutual Fund Investor Behaviour

Directory of Open Access Journals (Sweden)

Chao Tang

2017-09-01

Full Text Available The paper empirically studies the relationship between ambiguity and mutual fund investor behaviour. Theoretical models for investment decisions incorporating ambiguity motivate our analyses. While the models indicate that investors would less likely to invest in financial markets when ambiguity increases, there is rare empirical evidence in natural occurring financial data to examine this hypothesis. In this paper, we test the hypothesis with equity fund flow data as for investment decisions and ambiguity with the degree of disagreement in equity analysts’ prediction about asset returns. Our results support the hypothesis that increases in ambiguity could lead to less fund flows and this result remains consistently when adding various control variables affecting fund flows. Besides, we find that heterogeneous impacts of ambiguity: equity funds with high yield targets and active management style are affected more than funds investing in stable stocks; funds with larger proportion of institutional investors are more sensitive and affected by the ambiguity.

Financial provisions for decommissioning and disposal: the operators' view

International Nuclear Information System (INIS)

Mueller-Dehn, C.

2008-01-01

The German system of making provisions for nuclear power has been the subject of frequent examinations, and has been approved in each case - by the German federal government, the European Commission, the Court of First Instance of the European Communities and, recently, also by the European Court of Justice. The article describes the basic legal principles entailing the obligation to make financial provisions for decommissioning and disposal by setting aside the required funds in line with current practice. The management of the assets balancing the provisions, the system of controls, the economic strength of the firms involved and, especially, the demand for the product they sell, i.e. electricity, ensure permanent availability of these funds. Numerous subsidiary legal provisions ensure transparency of these financial provisions. The external fund model analyzed as an alternative is the rejected both on account of drawbacks in its contents and for legal reasons. Attention is paid to the recommendation by the European Commission of October 2006 about financial provisions for decommissioning and disposal, to which the German system conforms and which does not require the establishment of external funds either. As the system of financial provisions has been operated successfully and reliably in Germany since the beginnings of the use of nuclear power, a plea is made in favor of upholding its structures and functions. (orig.)

The new challenges for oil-based sovereign wealth funds

International Nuclear Information System (INIS)

Aoun, Marie-Claire; Boulanger, Quentin

2015-02-01

Sovereign wealth funds (SWFs) are often presented as an effective instrument for managing hydrocarbon rents, reducing the impact of the volatility of oil or gas revenues on the economy, separating expenditure from income, and promoting a more transparent management of the rent. The asset allocation strategy has become more complex with the rapid rise in oil prices between 2007 and 2014, and the substantial financial reserves accumulated in hydrocarbon-producing countries, switching from an approach of wealth management to an approach of investment and financial optimisation. Hence, these funds have become major players on the international financial and industrial scene. Moreover, with the discovery of new hydrocarbon resources in recent years, particularly in Africa, the strategies of new funds appear to be moving towards a new goal of local economic development. But the unforeseen collapse of crude oil prices in recent months poses a new risk for some SWFs based on hydrocarbon revenues, which has to come to the aid of their economies and focus on their main principle of macro-economic stabilisation. (author)

Implementation of Financial Sustainability in Organizations through Valuation of Financial Leverage Effect in Russian Practice of Financial Management

Science.gov (United States)

Ashmarina, Svetlana I.; Zotova, Anna S.; Smolina, Ekaterina S.

2016-01-01

The article considers the need of ensuring the sustainable development of organizations in the unstable external environment; financial sustainability which is understood as the optimal structure of funding sources of a business entity is proved to be the most significant factor of sustainable development. The article proves that the index of…

Specific Features in Accessing European Funding

Directory of Open Access Journals (Sweden)

Elena Alexandra CĂLDĂRARU

2011-12-01

Full Text Available Abstract: European Funds are the European Union financial instruments in order to assist Member States in reducing the existing disparities between regions and between countries, and for harmonization with the economic, social and cultural European standards. This paper intends to present some general characteristics applicable to the most important financing programs, and also to outline certain features of the main financing lines, referring to investment projects development and their implementation, based on the Applicant Guides analysis. The paper treats institutional, legal, financial, technical, social and environmental aspects and outlines proposals and recommendations to achieve a better EU funds absorption and also a higher success rate of initiated projects. In knowledge-based economy circumstances, training consultancy specialists, that represent the intellectual capital in this area, will ensure the professional management of the developing process, submission and ongoing competitive projects, and will help enhance the funds absorption at national level. Thus, the European support for investments in ensuring sustainable growth will help overcoming the difficulties encountered by our country, and will sustain the Romanian economy recovery.

34 CFR 668.19 - Financial aid history.

Science.gov (United States)

2010-07-01

... 34 Education 3 2010-07-01 2010-07-01 false Financial aid history. 668.19 Section 668.19 Education Regulations of the Offices of the Department of Education (Continued) OFFICE OF POSTSECONDARY EDUCATION... Programs § 668.19 Financial aid history. (a) Before an institution may disburse title IV, HEA program funds...

77 FR 25510 - GPS Funds I, et al.; Notice of Application

Science.gov (United States)

2012-04-30

...] GPS Funds I, et al.; Notice of Application April 24, 2012. AGENCY: Securities and Exchange Commission... the Act to invest in certain financial instruments. Applicants: GPS Funds I, GPS Funds II (each a.... FOR FURTHER INFORMATION CONTACT: Laura L. Solomon, Senior Counsel, at (202) 551-6915 or Daniele...

Decommissioning nuclear power plants: a case for external funding

International Nuclear Information System (INIS)

Hendren, C.B.

1987-01-01

In deciding how to finance the decommissioning of nuclear power plants, there are five basic criteria for choosing between internal and external funding methods: (1) the desire for financial assurance, (2) the cost of the assurance, (3) the degree of equity in the recovery program, (4) the program's ability to respond to changes, and (5) the program's adaptability to different utilities. To fulfill its obligations to protect long-term public interests, the Missouri Public Service Commission decided it had to assure, to the maximum extent possible, that sufficient decommissioning funds were available when needed. For this reason, it chose the external funding method. In an external fund, the money currently collected from ratepayers to cover decommissioning costs is placed in an independent trust fund comprised of low-risk investments. The funds and the interest they accrue are available to the utility only at the time of decommissioning (and only for that purpose), thus assuring a certain amount of money will be on-hand to cover decommissioning costs as they arise. Such a fund may prove critical to the financial well-being of the utility, particularly if one considers that the utility would need additional generating facilities to replace the capacity lost through the retirement of its nuclear plant. 3 references

Defense Business Operations Fund Inventory Record Accuracy

National Research Council Canada - National Science Library

1998-01-01

.... The overall objective of the audit was to determine whether inventory amounts on the FY 1996 Defense Business Operations Fund Consolidated Financial Statements were presented fairly in accordance...

Elections to the Mutual Aid Fund

CERN Document Server

2016-01-01

Every two years, according to Article 6 of the Regulations of the Mutual Aid Fund, the Committee of the Mutual Aid Fund must renew one third of its membership. This year three members are outgoing. Of these three, two will stand again and one will not.   Candidates should be ready to give approximately two hours a month during working time to the Fund whose aim is to assist colleagues in financial difficulties. We invite applications from CERN Staff who wish to stand for election as a member of the CERN Mutual Aid Fund to send in their application before 17 June 2016, by email to the Fund’s President, Connie Potter (connie.potter@cern.ch).

THE PERFORMANCE OF MUTUAL FUNDS IN SLOVAKIA

Directory of Open Access Journals (Sweden)

F. Tudorache

2016-11-01

Full Text Available A good indicator for the financial markets performance in different countries is the evolution of mutual funds in terms of their inflows and outflows. The goal of the present paper is to analyse the performance of the mutual funds in Slovakia. The research objectives are twofold: to study the flows of funds into and out of mutual funds from Slovakia during the period 2007-2014 and to analyse how investors in Slovakian mutual funds behave in terms of their investment choice. The analysis focuses on identifying patterns in investors' decision making process and on examining the similarity of their behavioural patterns with the ones identi¬fied at international level.

Mudaraba-Venture Capital Closed-end Mutual Funds and Mudaraba-Venture Capital Open-end Mutual Funds

OpenAIRE

Halil Ibrahim Bulut

2008-01-01

The important part of this study attempts to explain that both venture capital and interest-free financing are based on similar ground, if not the same. Two new models called Mudaraba-Venture Capital Closed-End Mutual Funds and Mudaraba-Venture Capital Open-End Mutual Funds, based on both the similarities and the needs of financial innovation in the interest-free financing system, are detailed. It is believed that the development of these two models could make some improvements not only in th...

277 Entrepreneurship Education in Nigeria: Funding

African Journals Online (AJOL)

User

2010-10-17

Oct 17, 2010 ... accompanying financial, psychological, and social risks, as well as receiving the resulting .... It is the responsibility of the chief accounting officer ... and Local) constitute a principal source of funding education, while non-.

Strengthening linkages of the financial services and real sectors of ...

African Journals Online (AJOL)

Strengthening linkages of the financial services and real sectors of the ... policy, financial sector credit and capital market activities have impacted on the real sector growth. ... sector as a result such financial crimes like misappropriation of funds. ... better results; more investment instruments such as derivatives, convertibles, ...

Portugal; Request for a Three-Year Arrangement Under the Extended Fund Facility

OpenAIRE

International Monetary Fund

2011-01-01

Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability, safeguard financial stability, and prevent a credit crunch. The Executive Board of the International Monetary Fund welcomed this step, and approved a three-year arrangement under the Extended Fund Facility...

Funding Reforms and Revenue Diversification--Patterns, Challenges and Rhetoric

Science.gov (United States)

Teixeira, Pedro; Koryakina, Tatyana

2013-01-01

In recent years, much has been written about the challenging financial context faced by many European higher education institutions, and the pressures towards funding diversification. However, the evidence available indicates that funding diversification has seldom lived up to the rhetorical expectations of marketization and privatization that…

Analysis of International Monetary Fund under conditions of globalization of economic processes

Directory of Open Access Journals (Sweden)

V.V. Ksendzuk

2016-06-01

Full Text Available Globalization in the economy requires proper management of countries' financial resources as the regulation of international financial market is one of the most important tasks of the successful development of the world economy and individual national economies. The International Monetary Fund since the beginning of its creation was intended to regulate the financial situation in the post-war period in world space. In present conditions of information development of the world economic system the role and importance of international financial institutions are changing. Thus, the policies and activities of the IMF are increasingly criticized, that is substantiated and requires some restructuring and reforming areas of the Fund activity. During the research the basic aspects of IMF activities in 2015 have been analyzed and the suggestions for its further effective development have been presented. In particular, it is advisable to use the specific individual approach to the problems of particular economies and to view the sizes of quotas and their functional purposes that will allow to develop new funding mechanisms that are based on social and ecological needs of society. This, in turn, will reduce the impact of developed countries on the activities of the financial institution

On the design of financial products along OBOR

Directory of Open Access Journals (Sweden)

Weiping Li

2018-06-01

Full Text Available We propose a design of fundamental indexes of equity and bond for the One Belt One Road (OBOR to increase the market effect, instead of only using the OBOR construction investment funds to initiate the OBOR. Background and data are briefed, the methodology and the value-indifferent weighting are explained. We also illustrate an explicit computation of the fundamental index of the equity for the OBOR by using the available data from 12 countries. Keywords: Fundamental index, Equity and bond, Composite index, OBOR infrastructure fund, JEL Classification: G11, G12, G15

China's policies on greening financial institutions: assessment and outlook

NARCIS (Netherlands)

Mol, A.P.J.

2017-01-01

Environmental protection and sustainability have a complex relationship with finances and financial institutions. Financial institutions such as banks, pension funds and insurance companies, are increasingly seen as of vital importance for reaching environmental and sustainability goals. Initially,

THE INSTITUTIONAL INVESTORS’ BEHAVIOUR UNDER THE IMPACT OF THE GLOBAL FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

PIRTEA MARILEN

2013-02-01

Full Text Available On the subject of financial globalization a lot of literature has been written, annalyzing all sorts of effects ithad. Still, the changes induced by globalization at the level of the financial markets are not always clear. The veritableflooding of capitals, constantly moving, created a continuous game of investment opportunities, of arbitrationpossibilities and funding sources, made institutional investors adopt various attitudes, the role of institutional investorsin the activation of capital markets being sustained by the financial globalization and the extension of multinationalfinancial groups, on one side, and by the increased performance of the share and bond markets, on the other side.By the present paper, we propose to underline the behaviour of the main institutional investors (mutual funds,pension funds and hedge funds under the impact of the current global financial crisis, the modifications whichintervened in asset assignment and investment relocation, showing that the instability generated in the global financialsystem had immediate effects on all the portfolios of institutional investors, regardless of their classificationcategory.Under conditions of capital flow increase, adjusted by the global financial crisis, the presented analysis andempirical proofs show a tendency of institutional investors’ asset reallocation on developed markets and thewithdrawal from the emergent ones.

75 FR 61843 - Funding Opportunity Title: Notice of Funds Availability (NOFA) Inviting Applications for the...

Science.gov (United States)

2010-10-06

... counseling (pre- and post- ), self-employment technical assistance, entrepreneurship training, and financial... organization's strategic direction, mission, or business operation and, thereby, its status as a Certified CDFI... documents like strategic plans or market studies unless the CDFI Fund has specifically requested such...

Performance Evaluation of Open-Ended ELSS Mutual Fund ...

African Journals Online (AJOL)

This study examined the performance of the open-ended equity linked saving mutual fund schemes (ELSS) in India during the financial distress in 2008-2009. In this study, the month end net asset values of selected equity linked saving mutual fund schemes were considered and the data was obtained from the website of ...

A Note for Graphing Calculators in the Fundamental Finance Course

Science.gov (United States)

Chen, Jeng-Hong

2011-01-01

The financial calculator is incorporated in finance education. In class, the instructor shows students how to use the financial calculator's function keys to solve time value of money (TVM) related problems efficiently. The fundamental finance course is required for all majors in the business school. Some students, especially…

The instrument of asset securitization on the basis of investment funds

Directory of Open Access Journals (Sweden)

O.S. Novak

2015-03-01

Full Text Available This article explores the instruments of asset securitization on the basis of investment funds According to the proposed national model of asset securitization on the basis of investment funds developed the financial instruments, which provide its implementation. Depending on the opportunities the payment management proposed to service the operations of asset securitization by investment certificates with replenishment and without the possibility of replenishment. The use of financial instruments without the possibility of replenishment envisages a simple and low-cost operation of redirecting funds from the originator to the investors in the form of investment income by certification of securitization fund. The instruments with replenishment allow not only to redirect payments for operations of assets securitization, but also to manage them in order to minimize risks.

78 FR 21035 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Accounting and...

Science.gov (United States)

2013-04-09

... Standards Board Interpretation No. 45 (FIN 45) Guarantor's Accounting and Disclosure Requirements for..., Loan Policies and Operations, and Funding Operations; Accounting and Reporting Requirements; Federal... references to accounting standards in these rules to the Financial Accounting Standards Board (FASB...

ELECTIONS PENSION FUND CANDIDATE NR 5

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

ELECTIONS PENSION FUND 5th candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

Investors’ perception on mutual funds with reference to Chidambaram town

OpenAIRE

N. Geetha; M. Ramesh

2011-01-01

Mutual funds in India play a vital role in mobilizing funds for capital and financial markets. The role of mutual funds in India felt significant as it generates funds from small investors at large across the country. The main objective of the study is to elucidate the perceptions and behaviours of the small investors located in the town of Chidambaram, Tamil Nadu, South India towards the mutual funds and also suggest some measures to increase the quantum of investors and investments as well.

22 CFR 1203.735-205 - Financial interests.

Science.gov (United States)

2010-04-01

... RESPONSIBILITIES AND CONDUCT Ethical and Other Conduct and Responsibilities of Employees § 1203.735-205 Financial..., bonds, or policies in a mutual fund, investment company, bank or insurance company, provided that in the case of a mutual fund, investment company, or bank, the fair value of such stock or bond holding does...

Crude oil prices: Speculation versus fundamentals

Science.gov (United States)

Kolodziej, Marek Krzysztof

Beginning in 2004, the price of crude oil fluctuates rapidly over a wide range. Large and rapid price increases have recessionary consequences and dampen long-term infrastructural investment. I investigate whether price changes are driven by market fundamentals or speculation. With regard to market fundamentals, I revisit econometric evidence for the importance of demand shocks, as proxied by dry maritime cargo rates, on oil prices. When I eliminate transportation costs from both sides of the equation, disaggregate OPEC and non-OPEC production, and allow for more than one cointegrating relation, I find that previous specifications are inconsistent with arguments that demand shocks play an important role. Instead, results confirm the importance of OPEC supply shocks. I investigate two channels by which speculation may affect oil prices; the direct effect of trader behavior and changes in oil from a commodity to a financial asset. With regard to trader behavior, I find evidence that trader positions are required to explain the spread between spot and futures prices of crude oil on the New York Mercantile Exchange. The inclusion of trader positions clarifies the process of equilibrium error correction, such that there is bidirectional causality between prices and trader positions. This creates the possibility of speculative bubbles. With regard to oil as a commodity and/or financial asset, I use a Kalman Filter model to estimate the time-varying partial correlation between returns to investments in equity and oil markets. This correlation changes from negative to positive at the onset of the 2008 financial crisis. The low interest rates used to rescue the economy depress convenience yields, which reduces the benefits of holding oil as a commodity. Instead, oil becomes a financial asset (on net) as the oil market changed from contango to backwardation. Contradicting simple political narratives, my research suggests that both market fundamentals and speculation drive

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...

The Fractal Market Hypothesis: Applications to Financial Forecasting

OpenAIRE

Blackledge, Jonathan

2010-01-01

Most financial modelling systems rely on an underlying hypothesis known as the Efficient Market Hypothesis (EMH) including the famous Black-Scholes formula for placing an option. However, the EMH has a fundamental flaw: it is based on the assumption that economic processes are normally distributed and it has long been known that this is not the case. This fundamental assumption leads to a number of shortcomings associated with using the EMH to analyse financial data which includes failure to ...

The Role of Financial Education in Retirement Planning

Directory of Open Access Journals (Sweden)

Michael Ntalianis

2011-06-01

Full Text Available Governments in many countries are facing the challenge of providing sufficient retirement incomes for apopulation that is ageing as a result of lower mortality and fertility rates. An ageing population placesconsiderable financial stress on government budgets as spending on welfare increases, further compoundedby a proportional reduction in working-age taxpayers. Exposure to financial education programs canpositively influence the retirement planning and savings behaviour of individuals. Research indicates thatseminars, written communications and website information are effective methods in communicating financialeducation. In this study an investigation is conducted into the views of retirement fund members regardingelements of financial education resources made available to them through their retirement fund. Four aspectsare investigated, that is, whether there are differences with respect to members’ views between the genders,older and younger members, levels of qualification, and size of superannuation balances. Empirical evidencesuggests that gender and age are important factors with females and younger people less likely to utiliseeducational information and more at risk of not accumulating sufficient funds for retirement.

FEATURES OF PERFECT AND IMPERFECT RESERVES AND RESERVE FUNDS WITHIN THE FEDERAL BUDGET OF THE RUSSIAN FEDERATION

Directory of Open Access Journals (Sweden)

Tatyana P. Lomakina

2018-03-01

Full Text Available During the past two years (2016–2017, the mass media was engaged in tense discussion about the status and flow of funds within the two reserves – the Reserve Fund of the Russian Federation and the National Welfare Fund. The Reserve Fund of the Russian Federation aroused especial worries among the experts. Its funds rapidly declined and by December 2017 they were fully used to cover the deficit of the domestic budget. In accordance with the law “On Amendments to the Budget Code of the Russian Federation in the Use of Oil and Gas Revenues of the Federal Budget,” from February 1, 2018, the Reserve Fund of the Russian Federation will cease to exist. For financial theory, this fact can serve as an illustration of the process of forming the foundations of budgetary financial security, their change over time, circumstances and options the government can take to modify them. At the same time, there are other types of financial resources within the federal budget. Their diversity necessitates their classification in order to identify groups and types with similar characteristics. However, in financial theory, many types of reserves are not described in detail, and some are not described at all. This article introduces the concepts of “perfect” and “imperfect” reserves, for their characterization as part of the federal budget. The Russian Reserve Fund and the National Welfare Fund (Sovereign Funds are the examples of perfect financial reserves. Imperfect reserves comprise a large group of reserve funds that are included in the federal budget, for example, the Reserve Fund of the President of the Russian Federation and the Reserve Fund of the Government of the Russian Federation, the Reserve Fund of the Government of the Russian Federation for the prevention and control of emergencies and impact of natural disasters. The introduction of new typological features largely clarifies the situation with increased attention to one type of reserves

Financing CHP Projects at Wastewater Treatment Facilities with Clean Water State Revolving Funds

Science.gov (United States)

This factsheet provides information about CHP at wastewater treatment facilities, including applications, financial challenges, and financial opportunities, such as the Clean Water State Revolving Fund.

Tips for School Districts: GASB's New Fund Balance Standards

Science.gov (United States)

Mead, Dean Michael

2010-01-01

In March 2009, the Governmental Accounting Standards Board (GASB) issued Statement No. 54, "Fund Balance Reporting and Governmental Fund Type Definitions." School districts that prepare financial reports based on generally accepted accounting principles are required to implement this standard no later than the first fiscal year that starts after…

the role of financial institutions towards affordable housing to urban ...

African Journals Online (AJOL)

Mugumbate

mobilized funding from capital markets and other financial institutions to expand its loanable funds. DFCU. Bank teamed up with Jomayi Property Consultants. Limited, a real estate developer, to fund the construction of low cost houses. Similarly, managers of micro-finance institutions revealed that they have been providing ...

Report on the Audit of the Morale, Welfare, and Recreation Fund, Bad Aibling Station, West Germany

Science.gov (United States)

1990-06-29

This is our final report on the Audit of the Morale, Welfare, and Recreation Fund (the Fund), Bad Aibling Station (the Station), West Germany. The...objectives of the audit were to determine whether the financial statements presented fairly the financial condition and results of operations of the

Does the EU Funding Increase Competitiveness of Firms by Supporting Organisational Changes?

Directory of Open Access Journals (Sweden)

Martinez Felipe

2015-06-01

Full Text Available Competitive firms with a good economic performance contribute to social development and quality of life. Countries and regions support competitiveness of firms through public policies and public funds. The research concerns question whether financial support from public funds actually helped to increase competitiveness in firms through organisational changes. This paper explores the relationship between competitiveness of firms (measured by sales divided by employment with organisational structure changes and the amount of financial resources from the EU Structural Funds. The data were collected from the Czech Statistical Office and a survey among Czech firms. The estimates provide us with conclusion that only the European Social Funds assistance had a positive effect on productivity, but not organisational changes in firms.

Financial Reporting for Tennessee Public Colleges and Universities.

Science.gov (United States)

Tennessee Higher Education Commission, Nashville.

This manual provides a framework for accounting practices, budgeting and reporting procedures for Tennessee public higher education institutions. Emphasis is placed on principles and procedures of accounting and financial reporting; the balance sheet; statement of changes in fund balances; statement of current funds revenues, expenditures, and…

ALTERNATIVE FUNDING THECNIQUES. COMPARATIVE ANALYSIS

Directory of Open Access Journals (Sweden)

Elena Mihaela ILIESCU

2018-05-01

Full Text Available The main objective of this paper isto highlight the dynamics, diversity and especially the availability of an alternative financial market, developed outside of the traditional banking system, on online trading platforms, a market that can constitute an efficient solution, at the expense of entities open to fast funding, wide raging, with limited guaranties and minimum procedural and legislative formalities. For this purpose, we shall analyze briefly the main alternative financing methods, both empirically and qualitatively, in terms of similarities and differences between the two of them, inclusively of the amount that can be employed in this process through different methods. The current paper aims to be a practical guide meant to support those facing difficulties in obtaining financing for start-ups, implementing or/and developing business and entrepreneurship initiatives, and also a guide for those who want to be informed regarding the latest funding techniques. Another aspect to be considered is the legal framework in which this process takes place, because the regulation for these levers remains constantly behind the development process of new methods. The classic financiers should also consider reviewing the lending policy as the amounts attracted and accessed through these alternative methods increase exponentially from one year to the other, the volume of sums involved surpassing each time the forecasts, making thus possible the transformations of these paradigms from the financial sector into preponderant financial funding’s.

Annual Information Meeting of the Pension Fund

CERN Multimedia

2014-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting.   Annual Information Meeting to be held in the CERN Council Chamber on Tuesday, 16 September 2014 from 9.00 a.m. to 10.30 a.m. Copies of the 2013 Pension Fund Financial Statements are already available in accessible PDF on the Pension Fund website and will also be distributed at this session. Coffee and croissants will be served prior to the meeting as of 8:30 a.m. N.B. Date change: 16 September 2014

We must escape the grip of short-term funding

NARCIS (Netherlands)

Perotti, E.

2010-01-01

This column argues that government measures to restore confidence in the financial system have achieved a "pause in the panic", but this is not enough. Governments still need to reverse the dramatic slide of the financial system towards unstable funding - a trend that holds a gun to the heads of

Public health journals' requirements for authors to disclose funding and conflicts of interest: a cross-sectional study.

Science.gov (United States)

Daou, Karim N; Hakoum, Maram B; Khamis, Assem M; Bou-Karroum, Lama; Ali, Ahmed; Habib, Joseph R; Semaan, Aline T; Guyatt, Gordon; Akl, Elie A

2018-04-23

Public health journals need to have clear policies for reporting the funding of studies and authors' personal financial and non-financial conflicts of interest (COI) disclosures. This study aims to assess the policies of public health journals on reporting of study funding and the disclosure of authors' COIs. This is a cross-sectional study of "Public, Environmental & Occupational Health" journals. Teams of two researchers abstracted data in duplicate and independently using REDCap software. Of 173 public health journals, 155 (90%) had a policy for reporting study funding information. Out of these, a majority did not require reporting of the phase of the study for which funding was received (88%), nor the types of funding sources (87%). Of the 173 journals, 163 (94%) had a policy requiring disclosure of authors' COI. However, the majority of these journals did not require financial conflicts of interest disclosures relating to institutions (75%) nor to the author's family members (90%) while 56% required the disclosure of at least one form of non-financial COI. The policies of the majority of public health journals do not require the reporting of important details such as the role of the funder, and non-financial COI. Journals and publishers should consider revising their editorial policies to ensure complete and transparent reporting of funding and COI.

European Union Financial Crisis: A Marxist Analysis

NARCIS (Netherlands)

Petrus Kanisius Farneubun, P.

European financial crisis poses a serious challenge to the fundamental structure of the European Union, political and financial institutions, as well as the values that bind European together. Different factors have been suggested as the causes of the crisis notably the failure of national

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.

On the fundamentals of winning virtuous strategies creation toward leveraged buyout transactions implementation during private equity investment in conditions of resonant absorption of discrete information in diffusion - type financial system with induced nonlinearities

OpenAIRE

Ledenyov, Dimitri O.; Ledenyov, Viktor O.

2014-01-01

The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion - type financial system with the induced nonlinearities at the influences by the Schumpeterian creative disruption processes in the free market economy. We propose that the money is a financial computing process, whic...

What is a good eco or energy fund? - A checklist for investors

International Nuclear Information System (INIS)

Knoerzer, A.

2002-01-01

This article examines the factors that should be taken into account when making decisions on the purchase of shares in so-called eco-investment funds. Apart from the basic characteristics relevant to this type of financial instrument - sustainability, economics, environmental and social aspects - the author examines the financial competence of the investment fund provider and the management organisations involved. Also, the availability of know-how in the environmental and social sectors is considered to be an important point when judging the quality and research concepts of the institution offering the funds. The author makes further recommendations on factors that should be checked out including interdisciplinarity of the investment fund's management team, the methods used for evaluation and - particularly for investment funds in the energy area - the number and range of companies invested in. The article is concluded with a table giving details on a selection of 'eco'-investment funds, their management and performance

Compilation of the FY 1996 Army Financial Statements at the Defense Finance and Accounting Service Indianapolis Center

National Research Council Canada - National Science Library

Lane, F

1998-01-01

... Consolidated Financial Statements of the Army General Fund. We evaluated the processes, including internal controls and methods that the DFAS Indianapolis Center used to compile the Army FY 1996 General Fund financial statements...

Canadian International Food Security Research Fund (CIFSRF)

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

. The Canadian International Food Security Research Fund(CIFSRF) is a program of Canada's International Development Research. Centre (IDRC) undertaken with the financial support of the. Government of Canada provided through Foreign ...

Performance evaluation of behavioral finance mutual funds : a comparison between behavioral finance mutual funds and conventional funds in the Norwegian fund market.

OpenAIRE

Sjøberg, Christian

2011-01-01

Masteroppgave i økonomi og administrasjon - Universitetet i Agder 2011 Behavioral finance has been gathering more and more attention in the last decade, and both academia and practitioners have slowly starting to accept that psychology influence financial markets. Even though markets are irrational, old theories like CAPM, fundamental analysis and modern portfolio theory is still widely used. Given the amount of research regarding behavioral finance, is it impossible to give a ...

Corporate Governance and Financial Reporting (mit Leibfried, Peter)

OpenAIRE

Berndt, Thomas

2007-01-01

This paper examines the link between financial reporting and corporate governance. Based on empirical examples of the recent confidence crisis in financial reporting and within an information economics framework, the fundamental case is being established. Then, the core elements of financial reporting are being presented. Based on an analysis of various international accounting standards frameworks, the demands financial reporting has to meet from a corporate governance-perspective are identi...

Corporate Governance and Financial Reporting (mit Berndt, Thomas)

OpenAIRE

Leibfried, Peter

2007-01-01

This paper examines the link between financial reporting and corporate governance. Based on empirical examples of the recent confidence crisis in financial reporting and within an information economics framework, the fundamental case is being established. Then, the core elements of financial reporting are being presented. Based on an analysis of various international accounting standards frameworks, the demands financial reporting has to meet from a corporate governance-perspective are identi...

31 CFR 103.131 - Customer identification programs for mutual funds.

Science.gov (United States)

2010-07-01

... Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS Anti-Money Laundering Programs Anti-Money Laundering Programs § 103.131 Customer identification programs for mutual funds. (a... mutual fund's anti-money laundering program required under the regulations implementing 31 U.S.C. 5318(h...

Comparative Analysis of Risk, Return and Diversification of Mutual Fund

Directory of Open Access Journals (Sweden)

Rais Ahmad

2015-01-01

Full Text Available Mutual Funds have become a widely popular and effective way for investors to participate in financial markets in an easy, low-cost fashion, while muting risk characteristics by spreading the investment across different types of securities, also known as diversification. It can play a central role in an individual's investment strategy. With the plethora of schemes available in the Indian markets, an investors needs to evaluate and consider various factors before making an investment decision. The present investigation is aimed to examine the performance of safest investment instrument in the security market in the eyes of investors. Five mutual fund large cap scheme have been selected for this purpose. The examination is achieved by assessing various financial tests like Sharpe Ratio, Standard Deviation, Alpha, and Beta. Furthermore, in-depth analysis also has been done by considering return over the period of last five years on various basis, expenses ratio, corpus-size etc. The data has been taken from various websites of mutual fund schemes and from www.valueresearch.com. The study will be helpful for the researchers and financial analysts to analyze various securities or funds while selecting the best investment alternative out of the galaxy of investment alternatives.

THE MEANING OF INVESTMENT FUNDS FOR THE DEVELOPEMENT OF THE STOCK MARKETS IN THE REPUBLIC OF MACEDONIA

Directory of Open Access Journals (Sweden)

Dragica Odzaklieska

2009-11-01

Full Text Available Investment funds are quite typical representatives of the group of young and efficient financial intermediaries on the money market. These financial institutions have been created as a result of the rapid development of stock markets in industrialized countries. As a matter of facts, in these countries investment funds overtook traditional instruments from other financial institutions. We can mention for example savings and credits from banks, pension plans and retirements from pension funds as well as assurance policies from assurance companies. Therefore the role of investment funds is to intermediate between the industry and people as investors and between companies and the public sector as issuers of long term securities. The object of this study is to analyze the meaning of these same investment funds on stock markets in transition countries and in particular in the Republic of Macedonia.

Funding and remuneration of interdisciplinary primary care teams in Canada: a conceptual framework and application.

Science.gov (United States)

Wranik, W Dominika; Haydt, Susan M; Katz, Alan; Levy, Adrian R; Korchagina, Maryna; Edwards, Jeanette M; Bower, Ian

2017-05-15

Reliance on interdisciplinary teams in the delivery of primary care is on the rise. Funding bodies strive to design financial environments that support collaboration between providers. At present, the design of financial arrangements has been fragmented and not based on evidence. The root of the problem is a lack of systematic evidence demonstrating the superiority of any particular financial arrangement, or a solid understanding of options. In this study we develop a framework for the conceptualization and analysis of financial arrangements in interdisciplinary primary care teams. We use qualitative data from three sources: (i) interviews with 19 primary care decision makers representing 215 clinics in three Canadian provinces, (ii) a research roundtable with 14 primary care decision makers and/or researchers, and (iii) policy documents. Transcripts from interviews and the roundtable were coded thematically and a framework synthesis approach was applied. Our conceptual framework differentiates between team level funding and provider level remuneration, and characterizes the interplay and consonance between them. Particularly the notions of hierarchy, segregation, and dependence of provider incomes, and the link between funding and team activities are introduced as new clarifying concepts, and their implications explored. The framework is applied to the analysis of collaboration incentives, which appear strongest when provider incomes are interdependent, funding is linked to the team as a whole, and accountability does not have multiple lines. Emergent implementation issues discussed by respondents include: (i) centrality of budget negotiations; (ii) approaches to patient rostering; (iii) unclear funding sources for space and equipment; and (iv) challenges with community engagement. The creation of patient rosters is perceived as a surprisingly contentious issue, and the challenges of funding for space and equipment remain unresolved. The development and

The Management of Village Fund Finances

Directory of Open Access Journals (Sweden)

Inten Meutia

2017-03-01

Full Text Available The purpose of this research is to know the implementation of fund management of village fund in Ogan Ilir Regency, South Sumatera. The population in this study were 224 villages in Ogan Ilir Regency that received the allocation of Village Funds in 2016. The purposive sampling technique was applied to obtain samples and produce 26 villages. The analysis will be carried out with a quantitative and qualitative description process. Based on the data obtained, the researcher tries to describe or describe systematically, accurately, and factually about matters relating to the field as fact, nature, and relationship between phenomena. Quantitative techniques will also use frequency analysis that aims to provide an overview of the general condition. The results reveal that the financial management aspects are generally in accordance with those set out in Permendagri 113/2014 and have complied with the basic principles of financial management. Reporting and accountability remain a problem for some villages. Not all of the villages studied have aspects of human resource reporting and accountability. Taking into account the composition of village budgeting, the village does not meet the rules that require a ratio of 70:30, this results in inequality in the implementation of rural development. The conclusion of this research is that the implementation of village fund management in Ogan Ilur Regency has been running well according to Permendagri 113/2014.

Investment behavior, observable expectations, and internal funds

OpenAIRE

Jason G. Cummins; Kevin A. Hassett; Stephen D. Oliner

1999-01-01

We use earnings forecasts from securities analysts to construct more accurate measures of the fundamentals that affect the expected returns to investment. We find that investment responds significantly -- in both economic and statistical terms -- to our new measures of fundamentals. Our estimates imply that the elasticity of the investment-capital ratio with respect to a change in fundamentals is generally greater than unity. In addition, we find that internal funds are uncorrelated with inve...

Financial protection of patients through compensation of providers: the impact of Health Equity Funds in Cambodia.

Science.gov (United States)

Flores, Gabriela; Ir, Por; Men, Chean R; O'Donnell, Owen; van Doorslaer, Eddy

2013-12-01

Public providers have no financial incentive to respect their legal obligation to exempt the poor from user fees. Health Equity Funds (HEFs) aim to make exemptions effective by giving NGOs responsibility for assessing eligibility and compensating providers for lost revenue. We use the geographic spread of HEFs over time in Cambodia to identify their impact on out-of-pocket (OOP) payments. Among households with some OOP payment, HEFs reduce the amount paid by 35%, on average. The effect is larger for households that are poorer and mainly use public health care. Reimbursement of providers through a government operated scheme also reduces household OOP payments but the effect is not as well targeted on the poor. Both compensation models raise household non-medical consumption but have no impact on health-related debt. HEFs reduce the probability of primarily seeking care in the private sector. Copyright © 2013 Elsevier B.V. All rights reserved.

IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?

Directory of Open Access Journals (Sweden)

Anamarija Delić

2016-06-01

Full Text Available The importance of financial market development for the economic development and competitiveness of a country is reflected in channelling of capital towards those investments that have the highest returns, thus ensuring liquidity and efficient grouping of enterprises, that is, risk-taking. Efficient risk-taking is primarily reflected in the availability of a large number of sources of funding, which allow enterprises freedom when forming their capital structure. Enterprises that do not have a large number of sources of funding at their disposal have to resort to debt financing when forming their capital structure, which ultimately means excessive financial vulnerability. Financial vulnerability, especially in times of the financial crisis, when fluctuations in the cost of capital are very high, reduces investment, growth and employment in the long-term. Small and medium-sized enterprises in the Croatian underdeveloped financial market must resort to borrowing, as the most readily available source of funding. Analysing the process of decision-making about capital structure on a sample of 108 small and medium-sized enterprises, it was observed that enterprises whose capital structure is less dependent on debt achieve better financial results and growth. The process of making financial decisions in those companies is in the hands of owners and/or managers and consultants with knowledge about the advantages and disadvantages of individual sources of funding. Financial knowledge is one of the most important determinants of the capital structure that will enable the growth and development of the small and medium-sized enterprise sector, as well as greater competitiveness of enterprises, regardless of size, activity, industry and the form of ownership of these enterprises. T-test and Levene’s test of equality of variances were used to investigate the relationship between the profitability of enterprises and their financial literacy.

75 FR 42177 - Federated Enhanced Treasury Income Fund, et al.; Notice of Application

Science.gov (United States)

2010-07-20

... means return of capital for financial accounting purposes and not for tax accounting purposes. 9..., Federated Premier Intermediate Municipal Income Fund, Federated Premier Municipal Income Fund (collectively... shares of the Current Funds are listed on the New York Stock Exchange. The Premier Intermediate Municipal...

Importance of Non-banking Financial Institutions and of the Capital Markets in the Economy. The Case of Romania

Directory of Open Access Journals (Sweden)

Marilen Pirtea

2008-05-01

Full Text Available Deep and broad financial markets facilitate savings mobilization, by offering both individuals and insitutional savers and investors additional instruments and channels for placement of their funds at more attractive returns than are available on bank deposits. Bank and non-bank financial intermediation are both key elements of a sound and stable financial system. Both sectors need to be developed as they offer important synergies, meant to foster economical growth. While banks dominate the financial systems in most countries, business, households, and the public sector rely on the availability of a wide range of financial products to meet their financial needs. Such products are not provided only by banks, but also by insurance, leasing, factoring, and venture capital companies as well as mutual funds or pension funds.

FINANCING PUBLIC TRANSPORT SERVICES FROM PUBLIC FUNDS

Directory of Open Access Journals (Sweden)

Miloš POLIAK

2017-12-01

Full Text Available The paper deals with the issue of efficiency of public passenger transport through financial support from public funds from the perspective of improving road safety. The aim is to verify the hypothesis that financing public passenger transport from public funds is a significant tool to influence the number of passengers carried by individual automobile transport, and thus it can be used a tool for influencing road safety in a particular territory. The first part of the paper analyses the sources for financial support of public passenger transport. The next part describes the assumptions for improving road safety through increasing the support of public passenger transport. The last part analyses possible impacts of financing public passenger transport on the road safety in relation to the specified hypothesis.

43 CFR 12.60 - Standards for financial management systems.

Science.gov (United States)

2010-10-01

... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Standards for financial management systems... AUDIT REQUIREMENTS AND COST PRINCIPLES FOR ASSISTANCE PROGRAMS Uniform Administrative Requirements for... Standards for financial management systems. (a) A State must expand and account for grant funds in...

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.

Money Related Decommissioning and Funding Decision Making

International Nuclear Information System (INIS)

Goodman, Lynne S.

2008-01-01

'Money makes the world go round', as the song says. It definitely influences decommissioning decision-making and financial assurance for future decommissioning. This paper will address two money-related decommissioning topics. The first is the evaluation of whether to continue or to halt decommissioning activities at Fermi 1. The second is maintaining adequacy of financial assurance for future decommissioning of operating plants. Decommissioning costs considerable money and costs are often higher than originally estimated. If costs increase significantly and decommissioning is not well funded, decommissioning activities may be deferred. Several decommissioning projects have been deferred when decision-makers determined future spending is preferable than current spending, or when costs have risen significantly. Decommissioning activity timing is being reevaluated for the Fermi 1 project. Assumptions for waste cost-escalation significantly impact the decision being made this year on the Fermi 1 decommissioning project. They also have a major impact on the estimated costs for decommissioning currently operating plants. Adequately funding full decommissioning during plant operation will ensure that the users who receive the benefit pay the full price of the nuclear-generated electricity. Funding throughout operation also will better ensure that money is available following shutdown to allow decommissioning to be conducted without need for additional funds

Financial Information 2016: Australian Vocational Education and Training Statistics

Science.gov (United States)

National Centre for Vocational Education Research (NCVER), 2017

2017-01-01

This publication provides financial information on the government-funded vocational education and training (VET) system in Australia. Reporting includes VET funds transacted through government accounts of the Australian and state and territory government departments and their controlled training organisation entities such as TAFE institutes and…

Active role of Finnish allocation fund managers:is your manager eating your savings?

OpenAIRE

Maharjan, S. (Sachendra)

2017-01-01

Abstract Many literatures conducted on mutual fund define its popularity among investors and financial analyst. The literatures can be basically summarized in three groups; Test of fund manager’s skills and stock selection, Analysis of fund characteristic and its performance, and lastly on the persistence of fund performance. From the balanced mutual fund data domiciled in Finland, this thesis study the role of active alloc...

Risk and Return Analysis of Mutual Fund Industry in India

OpenAIRE

Bilal Ahmad Pandow; Khurshid Ahmad Butt

2017-01-01

The mutual funds is one of the important classes of financial intermediaries which enables millions of small and large savers spread across India as well as internationally to participate in and derive the benefits of the capital market growth. Thus the involvement of mutual funds in the transformation of Indian economy has made it urgent to view their services as they are playing role in mobilizing and allocation of investable funds through markets. The fact is that mutual funds have a lot o...

Reporting of the FY 1999 Military Retirement Health Benefits Liability in the DOD Financial Statements

National Research Council Canada - National Science Library

2000-01-01

... annual audited financial statements. The FY 1999 DoD Agency-Wide financial statements included the financial statements of a reporting entity entitled "Other Defense Organizations-General Funds...

A PERFORMANCE COMPARISON BETWEEN ARTIFICIAL NEURAL NETWORKS AND MULTIVARIATE STATISTICAL METHODS IN FORECASTING FINANCIAL STRENGTH RATING IN TURKISH BANKING SECTOR

OpenAIRE

MELEK ACAR BOYACIOĞLU; YAKUP KARA

2013-01-01

Financial strength rating indicates the fundamental financial strength of a bank. The aim of financial strength rating is to measure a bank’s fundamental financial strength excluding the external factors. External factors can stem from the working environment or can be linked with the outside protective support mechanisms. With the evaluation, the rating of a bank free from outside supportive factors is being sought. Also the financial fundamental, franchise value, the variety of assets and w...

Resolving the International Monetary Fund's Legitimacy Crisis

DEFF Research Database (Denmark)

Seabrooke, Leonard

2006-01-01

Since the Asian financial crisis of 1997-1998 the International Monetary Fund (the Fund) has been embroiled in an international crisis of legitimacy. Assertions of a crisis are premised on the notions that the Fund's voting system is unfair, and that the Fund enforces homogenous policies onto...... borrowing member states and that loan programs tend to fail. Seen this way, poor institutional and policy design has led to a loss of legitimacy. But institutionalised inequalities or policy failure is not in itself sufficient to constitute an international crisis of legitimacy. This article provides...... a conceptually-driven discussion of the sources of the Fund's international crisis of legitimacy by investigating how its formal "foreground" institutional relations with its member states have become strained, and how informal "background" political and economic relationships are expanding in a way...

The Role of Structural Funding for Stability in the German Banking Sector

OpenAIRE

Schupp, Fabian; Silbermann, Leonid

2017-01-01

We analyze whether, and if so by how much, stable funding would have contributed to the financial soundness of German banks in the time period between 1995 and 2013, before the Basel III liquidity regulation to address excessive maturity mismatches in the wake of the financial crisis via the Net Stable Funding Ratio can be expected to have been fully implemented. Using a dataset that contains information on critical events of German banks, we find that financing loans using fewer customer dep...

(IAM Series No 004) Highwaymen or Heroes: Should Hedge Funds be Regulated?

OpenAIRE

Jean-Pierre Zigrand; Ashley Taylor; Jon Danielsson

2004-01-01

The exponential growth of hedge funds, their role in financial crises in the 1990s, and examples of fraudulent behaviour have precipitated a heated debate over their regulatory status. The existing approaches of greater disclosure and activity restrictions appear too blunt to be effective and may stifle the benefits hedge funds can bring to the financial system. But, even the remote possibility of a systemic crisis weighs against no regulation. If reform is delayed until after a crisis it is ...

Indian mutual fund industry: Opportunities and challenges

Directory of Open Access Journals (Sweden)

Jayant R. Kale

2012-12-01

Full Text Available This article presents an overview of the mutual fund industry in India and the reasons for its poor penetration, which includes lack of objective research. It benchmarks the industry globally, and raises key issues regarding the ownership and performance of mutual funds, the sensitivity of fund flows to performance, and the importance of regulation to its growth, all of which have been largely under researched in India. It then captures the views of leading practitioners on these and other issues, including the challenges posed by poor financial literacy, the equity culture in the country, and the weakly supportive regulatory environment.

Budgeting, funding, and managing clinical research projects.

Science.gov (United States)

Hatfield, Elizabeth; Dicks, Elizabeth; Parfrey, Patrick

2009-01-01

Large, integrated multidisciplinary teams have become recognized as an efficient means by which to drive innovation and discovery in clinical research. This chapter describes how to budget and fund these large studies and effectively manage the large, often dispersed teams involved. Sources of funding are identified; budget development, justification, reporting, financial governance, and accountability are described; in addition to the creation and management of the multidisciplinary team that will implement the research plan.

Performance indicators for SMEs accessing EU funds

OpenAIRE

Popa Adina-Simona

2013-01-01

Being the best supporters of national economies Small and Medium Sized Enterprises are actively searching alternative sources of finance for sustaining their goals and their performances. European Union is sustaining the SMEs access to finance by direct funding: grants from the European Commission and indirect funding: financial intermediaries in the SMEs origin country. Considering the importance of SMEs for national and European economy we will analyze the relationship between the EU fundin...

(The Style Analysis of Pension Investment Funds in Turkey)

OpenAIRE

Kokrmaz, Turhan; Uygurtürk, Hasan

2007-01-01

In this study, the investment style and its variations of Turkish pension funds have been examined during the period of January 2004 - June 2006. For this purpose, “style analysis method” have been applied both in general and periodical base and their results are interpreted. Consequently, it is observed that during the research period pension fund managers followed a risk reduction strategy. As a result fund managers chose to invest fixed income and risk-free financial instruments within the...

Funding alternatives in EHR adoption: beyond HITECH incentives and traditional approaches.

Science.gov (United States)

Wang, Tiankai; Wang, Yangmei; Biedermann, Sue

2013-05-01

The meaningful use incentives under HITECH may be inadequate to address the financial challenges many hospitals face in implementing electronic health records (EHRs). Hospitals can fill the capital gap between EHR costs and available funds by exploring other potential funding sources. These sources include additional grants, funding permissible under EHR regulations, vendor financing, and tax benefits under IRS Section 179.

76 FR 82041 - Open Meeting of the President's Advisory Council on Financial Capability

Science.gov (United States)

2011-12-29

... subcommittees (Financial Access, Research and Evaluation, Partnerships, and Youth) on their progress; (2) review... on the following strategic areas: National Strategy, Financial Access, Research and Evaluation... 2012 Programme for International Student Assessment financial literacy assessment, and identify funding...

Stochastic models of the Social Security trust funds.

Science.gov (United States)

Burdick, Clark; Manchester, Joyce

Each year in March, the Board of Trustees of the Social Security trust funds reports on the current and projected financial condition of the Social Security programs. Those programs, which pay monthly benefits to retired workers and their families, to the survivors of deceased workers, and to disabled workers and their families, are financed through the Old-Age, Survivors, and Disability Insurance (OASDI) Trust Funds. In their 2003 report, the Trustees present, for the first time, results from a stochastic model of the combined OASDI trust funds. Stochastic modeling is an important new tool for Social Security policy analysis and offers the promise of valuable new insights into the financial status of the OASDI trust funds and the effects of policy changes. The results presented in this article demonstrate that several stochastic models deliver broadly consistent results even though they use very different approaches and assumptions. However, they also show that the variation in trust fund outcomes differs as the approach and assumptions are varied. Which approach and assumptions are best suited for Social Security policy analysis remains an open question. Further research is needed before the promise of stochastic modeling is fully realized. For example, neither parameter uncertainty nor variability in ultimate assumption values is recognized explicitly in the analyses. Despite this caveat, stochastic modeling results are already shedding new light on the range and distribution of trust fund outcomes that might occur in the future.

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.

Time-varying economic dominance in financial markets: A bistable dynamics approach

Science.gov (United States)

He, Xue-Zhong; Li, Kai; Wang, Chuncheng

2018-05-01

By developing a continuous-time heterogeneous agent financial market model of multi-assets traded by fundamental and momentum investors, we provide a potential mechanism for generating time-varying dominance between fundamental and non-fundamental in financial markets. We show that investment constraints lead to the coexistence of a locally stable fundamental steady state and a locally stable limit cycle around the fundamental, characterized by a Bautin bifurcation. This provides a mechanism for market prices to switch stochastically between the two persistent but very different market states, leading to the coexistence and time-varying dominance of seemingly controversial efficient market and price momentum over different time periods. The model also generates other financial market stylized facts, such as spillover effects in both momentum and volatility, market booms, crashes, and correlation reduction due to cross-sectional momentum trading. Empirical evidence based on the U.S. market supports the main findings. The mechanism developed in this paper can be used to characterize time-varying economic dominance in economics and finance in general.

MODALITIES OF FINANCIAL STRUCTURE ANALYSIS IN ROMANIAN ENTITIES IN THE POST CRISIS ERA

Directory of Open Access Journals (Sweden)

Batrancea Ioan

2014-07-01

Full Text Available In this paper the authors analyze the financial structure on two levels, namely time for charging and funding sources. For each tier financial structure is analyzed with a correlated indicators including overall indebtedness and financial autonomy.

Financial Globalisation and the Spatial Limitations of the Financial-monetary Integration in the Euro Area

OpenAIRE

Zoltán Gál

2015-01-01

As countries of the world used large amounts of public funds to manage the 2008 financial crisis, public debt has risen to a critical level in many of them. Due to the drop in real economy, several countries faced unemployment and economic fallback that are still unresolved to this day. After the crisis, many were concerned how to restore the confidence in financial institutions and how banks can better contribute to sustainable social and economic growth. This paper discusses corporate socia...

Evaluating the Impact of Performance Funding in Ohio and Tennessee

Science.gov (United States)

Hillman, Nicholas W.; Hicklin Fryar, Alisa; Crespín-Trujillo, Valerie

2018-01-01

Today, 35 states use performance-based funding models tying appropriations directly to educational outcomes. Financial incentives should induce colleges to improve performance, but there are several well-documented reasons why this is unlikely to occur. We examine how two of the most robust performance funding states--Tennessee and Ohio--responded…

The dynamic model of choosing an external funding instrument

Directory of Open Access Journals (Sweden)

Irena HONKOVA

2015-06-01

Full Text Available Making a decision about using a specific funding source is one of the most important tasks of financial management. The utilization of external sources features numerous advantages yet staying aware of diverse funding options is not easy for financial managers. Today it is crucial to quickly identify an optimum possibility and to make sure that all relevant criteria have been considered and no variant has been omitted. Over the long term it is also necessary to consider the category of time as changes made today do not affect only the current variables but they also have a significant impact on the future. This article aims to identify the most suitable model of choosing external funding sources that would describe the dynamics involved. The first part of the paper considers the theoretical background of external funding instrument and of decision criteria. The making of financial decisions is a process consisted of weighing the most suitable variants, selecting the best variant, and controlling the implementation of accepted proposals. The second part analyses results of the research - decisive weights of the criteria. Then it is created the model of the principal criteria Weighted Average Cost of Capital (Dynamic model WACC. Finally it is created the Dynamic Model of Choosing an External Funding Instrument. The created decision-making model facilitates the modeling of changes in time because it is crucial to know what future consequences lies in decisions made the contemporary turbulent world. Each variant features possible negative and positive changes of varying extent. The possibility to simulate these changes can illustrate an optimal variant to a decision-maker.

Pension Fund Restoration Policy in General Equilibrium : Tinbergen Institute MPhil Thesis

NARCIS (Netherlands)

Kastelein, P.

2016-01-01

This paper quantifies the business cycle effects and distributional implications of pension fund restoration policy after the economy has been hit by a financial shock. We extend a canonical New-Keynesian dynamic general equilibrium model with a tractable demographic structure and a pension fund.

Chaos, Prediction and International Financial Crises

OpenAIRE

Stokes, Kenneth M.

2002-01-01

The lasting theoretical significance of the South East Asian financial crisis of 1997/98 is that it poignantly offers a critical empirical assessment of equilibrium-centered (first generation) models of international financial crisis. Situating discussion initially in a vignette and commentary on recent events in Argentina, and while reflecting upon the S.E. Asian crisis, we comment upon policy and protocol shifts evident in the International Monetary Fund. These are indicative of a demand fo...

The Absorption of European Funds Premise of Romanian Business Environment Development

Directory of Open Access Journals (Sweden)

Gabriela Marchis

2011-05-01

Full Text Available The main objectives of this paper is to emphasize the important role played by Structural andCohesion Funds for business environment development, especially in times of economic downturn when thefinancial resources are difficult to access. Prior work regarding the promotion of good administration ofstructural funds in new member states was carried out by NGOs. The main methods employed for capturingthe research evidence consists in comparative analysis of the related work, and also in studying the capacityof absorption of European funds in the case Romania, especially from the SMEs perspective. The mainresults show that European Funds absorption is delayed and negatively influenced by a series of factors. Theimportance of European financial assistance through Structural and Cohesion Funds is undeniable, especiallyin times of financial crisis, so implications of this study are important to entrepreneurs, especially for SMEsbut also to policy-makers, because they can design the procedures of accessing this funds in order to easy thisprocess. The value of this paper ensues from the original approach of contradictory role played by Europeanfunds for Romanian business environment, because it represents the mirage of overcoming economic crisis.

Sexual and reproductive health and philanthropic funding in Australia.

Science.gov (United States)

Gill-Atkinson, Liz; Vaughan, Cathy; Williams, Hennie

2014-09-01

Background Australia's philanthropic sector is growing and could support efforts to improve sexual and reproductive health (SRH). However, philanthropy is often misunderstood in Australia and there is limited evidence of philanthropic support for SRH initiatives. We aimed to understand the barriers and facilitators to philanthropic funding of SRH initiatives in Australia. A qualitative approach was used and involved 13 in-depth interviews with professionals from the philanthropic sector, and from organisations and services involved in SRH. Barriers to organisations in seeking philanthropic funding for SRH activities included insufficient resources for writing grant applications and the small financial value of philanthropic grants. Facilitators to seeking philanthropic funding for SRH included a perception that government funding is shrinking and that philanthropic research grants are less competitive than government grants. Philanthropic participants identified that barriers to funding SRH include the sensitive nature of SRH and the perceived conservative nature of philanthropy. Facilitators identified by these participants in supporting SRH initiatives included networking and relationships between grant-makers and grant-seekers. All participants agreed that philanthropy does and could have a role in funding SRH in Australia. The findings of this research suggest that barriers to philanthropic funding for SRH in Australia exist for organisations attempting to access philanthropic funding. Philanthropic organisations could provide more financial support to Australian SRH service providers, as happens in countries such as the United States and United Kingdom. Addressing these barriers and promoting the facilitators could lead to increased awareness of SRH by Australia's philanthropic sector.

Incomplete Financial Markets and Jumps in Asset Prices

DEFF Research Database (Denmark)

Crès, Hervé; Markeprand, Tobias Ejnar; Tvede, Mich

A dynamic pure-exchange general equilibrium model with uncertainty is studied. Fundamentals are supposed to depend continuously on states of nature. It is shown that: 1. if financial markets are complete, then asset prices vary continuously with states of nature, and; 2. if financial markets...... are incomplete, jumps in asset prices may be unavoidable. Consequently incomplete financial markets may increase volatility in asset prices significantly....

Transforming School Funding: A Guide to Implementing Student-Based Budgeting (SBB)

Science.gov (United States)

Rosenberg, David; Gordon, Jeff; Hsu, Betty

2014-01-01

Student-Based Budgeting (sometimes called Weighted Student Funding, or Fair Student Funding, depending on the district) differs fundamentally from the traditional funding model, which distributes resources to schools in the form of staff and dollars designated for specific purposes. Student-Based Budgeting (SBB) allocates dollars to schools based…

The impact of the International Monetary Fund's macroeconomic policies on the AIDS pandemic.

Science.gov (United States)

Baker, Brook K

2010-01-01

Expansion of funding for HIV/AIDS, especially treatment, is under attack over concerns about cost effectiveness and financial constraints. The International Monetary Fund is deeply implicated in the history of the AIDS pandemic, the underlying weakness of health systems, and the ideology of constrained resources that underlies most attacks on AIDS funding. The IMF imposed structural violence on developing countries in the 1980s and 1990s through neoliberal and macroeconomic reforms that intensified individual and communal vulnerability to infection and dismantled already weak health systems. This same macroeconomic fundamentalism has recently been repackaged and renamed. IMF fundamentalist policies continue to prioritize low inflation, constricted government spending, robust foreign currency reserves, and prompt repayment of debt at the expense of investments in health and more expansionary, pro-growth and job-creation policies. Several recent surveys have concluded that the IMF reluctantly relaxed overly restrictive policy prescriptions in response to the global economic crisis, but this relaxation was temporary at best and only extended to countries previously acceding to IMF orthodoxy. AIDS activists are campaigning for billions of dollars to fulfill the promise of universal access. If IMF pressures persist, developing countries will continue to undermine the additionality of donor health financing by substituting donor for domestic financing, refusing to invest in recurrent costs for medicines and health workers, and neglecting needed investments in health infrastructure and health system strengthening.

Financial disclosure and clinical research: what is important to participants?

Science.gov (United States)

Hutchinson, Anastasia; Rubinfeld, Abe R

2008-08-18

To assess what participants in company-sponsored clinical trials wish to know about financial aspects of the study. Cross-sectional questionnaire administered to 324 participants in six clinical trials conducted at the Royal Melbourne Hospital in 1999-2000 and 2006 for non-acute conditions (asthma, chronic obstructive pulmonary disease, osteoporosis, rheumatoid arthritis, diabetes and influenza vaccine efficacy). Participants' desire for information on study funding, investigators' conflicts of interest, and use of accrued funds. 259 participants (80%) completed the survey. Participants wanted to be informed about the identity of the project sponsor (148 participants; 57%), whether the investigators owned shares in the company (105; 41%) or received travel grants (83; 32%), how much funding was accrued at study completion (88; 34%), how accrued funds were used (98; 38%), and who approved their use (91; 35%). After adjusting for year of survey and level of education, younger subjects (aged informed more often than older participants of who sponsored the project (odds ratio [OR], 2.35 [95% CI, 1.21-4.55]; P=0.012), whether the investigators owned shares in the company (OR, 2.41 [95% CI, 1.27-4.60]; P=0.007) and how much funding was available for other uses (OR, 1.79 [95% CI, 0.94-3.41]; P=0.078). While most participants indicated that they would take part in clinical research again regardless of whether they received financial information, providing information on the sponsor, the investigators' financial interest in the company, whether accrual of funds is expected, and how these funds will be spent should satisfy the interests of participants in company-sponsored clinical trials.

THE ALLOCATION OF EUROPEAN FUNDS IN ROMANIA

Directory of Open Access Journals (Sweden)

Ana Monica POP

2014-04-01

Full Text Available In this paper we try to analyze the extent to which economic and social cohesion of the enlarged European Union in order to develop a harmonious, balanced and sustainable community has been achieved with the Funds, the European Investment Bank (EIB and other financial instruments and how Romania attracts or not such funds. We analyzed using the statistical data, the absorption and implementation of funds in Romania. Consequently, we present only the results. Conclusions outlined the reducing of the economic, social and territorial disparities which have arisen particularly in regions with developmental delays and in relation to economic and social reorganization. The most important benefits of funding (in general are the growth, the competitive advantage, the employment and improvement of the environment.

General Meeting of the Pension Fund

CERN Multimedia

HR Department

2008-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meetingto be held in the CERN Main Auditorium on Wednesday 22 October 2008 at 14:00 hrs The Agenda comprises: Opening Remarks (F. Ferrini) Results and presentation of the Annual Report 2007 and impact on the Fund of the recent evolution of financial markets (C. Cuénoud) Copies of the 2007 Report are available from departmental secretariats. Activity report of the new Governance of the Pension Fund (F. Ferrini, D. Duret) Questions from members and beneficiaries People wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (F. Ferrini). As usual, participants are invited to drinks after the meeting. NB\tThe minutes of the 2007 General Meeting are available from the Administration of the Fund (tel. (+ 41 22) 767 27 42; e-mail Barbara.Bordjah@cern.ch)

General Meeting of the Pension Fund

CERN Multimedia

HR Department

2008-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Main Auditorium on Wednesday 22 October 2008 at 14:15 hrs The Agenda comprises: Opening Remarks (F. Ferrini) Results and presentation of the Annual Report 2007 and impact on the Fund of the recent evolution of financial markets (C. Cuénoud) Copies of the 2007 Report are available from departmental secretariats. Activity report of the new Governance of the Pension Fund (F. Ferrini, D. Duret) Questions from members and beneficiaries People wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund.Conclusions (F. Ferrini) As usual, participants are invited to drinks after the Meeting. NB The minutes of the 2007 General Meeting are available from the Administration of the Fund (tel. (+ 41 22) 767 27 42; e-mail mailto:Barbara.Bordjah@cern.ch)

Accounting Entries Made in Compiling the FY 2000 Air Force General Funds Financial Statements

National Research Council Canada - National Science Library

2001-01-01

We performed this audit in response to the Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, which requires DoD to provide audited financial statements...

Financial relationships in economic analyses of targeted therapies in oncology.

Science.gov (United States)

Valachis, Antonis; Polyzos, Nikolaos P; Nearchou, Andreas; Lind, Pehr; Mauri, Davide

2012-04-20

A potential financial relationship between investigators and pharmaceutical manufacturers has been associated with an increased likelihood of reporting favorable conclusions about a sponsor's proprietary agent in pharmacoeconomic studies. The purpose of this study is to investigate whether there is an association between financial relationships and outcome in economic analyses of new targeted therapies in oncology. We searched PubMed (last update June 2011) for economic analyses of targeted therapies (including monoclonal antibodies, tyrosine-kinase inhibitors, and mammalian target of rapamycin inhibitors) in oncology. The trials were qualitatively rated regarding the cost assessment as favorable, neutral, or unfavorable on the basis of prespecified criteria. Overall, 81 eligible studies were identified. Economic analyses that were funded by pharmaceutical companies were more likely to report favorable qualitative cost estimates (28 [82%] of 34 v 21 [45%] of 47; P = .003). The presence of an author affiliated with manufacturer was not associated with study outcome. Furthermore, if only studies including a conflict of interest statement were included (66 of 81), studies that reported any financial relationship with manufacturers (author affiliation and/or funding and/or other financial relationship) were more likely to report favorable results of targeted therapies compared with studies without financial relationship (32 [71%] of 45 v nine [43%] of 21; P = .025). Our study reveals a potential threat for industry-related bias in economic analyses of targeted therapies in oncology in favor of analyses with financial relationships between authors and manufacturers. A more balanced funding of economic analyses from other sources may allow greater confidence in the interpretation of their results.

Enhancing Links between Research and Practice to Improve Consumer Financial Education and Well-Being

Science.gov (United States)

Hensley, Billy J.

2015-01-01

A recent meta-analysis of the effect of financial literacy and financial education on downstream financial behaviors has shown a weak collective impact of the work of financial education. While the findings are not stellar, they do not support a dismantling of financial education programs and funding. This paper examines the findings of the…

INFORMATION SECURITY: Weak Controls Place DC Highway Trust Fund and Other Data at Risk

National Research Council Canada - National Science Library