This paper applies notions of transformation to the analysis of data on semiotic processes related to making an animated film. The data derives from a study conducted in an upper secondary school in Copenhagen with students (18 years old) participating in a week-long workshop. The paper applies....... Conclusions highlight transformation as relevant for learning to reflect on media and the implications for teaching, given the increasing influence of visual modes of communication....
Full Text Available Throughout its entire history, Slovak animated film has had the form of figurative narrative art or craft. For this reason, the author of this study examines its post-1989 development through the prism of the body. Since the most visible change that has affected contemporary film aesthetics is the feminization of animated film in terms of authorship, the study primarily focuses on the ability of an animated body to represent gender and gender roles. It attempts to capture the most significant changes in the depiction of the body in authorial animated film before and after 1989, in more detail record the post-revolution changes in the body, and relate this to the changes in the institutional background of animated film. Animated bodies have developed from “ordinary people” from a dominant male point of view in socio-critical socialist production through female characters in interaction with clearly distinguished male characters in the films of female authors from the Academy of Performing Arts, the crisis of stereotypical masculinity in the production of male authors to independent women looking for their own identity inside themselves, without relating themselves to their male counterparts.
abstractAnimation film-makers working in the Netherlands in the first decade of the 20th century,made use of processes and skills from live-action film production and the world of the visualarts. And yet for the majority, making animation films was nothing more than an excursionduring their careers
Lawson, Andrea; Fouts, Gregory
To examine the prevalence of verbalizations about mental illness in the animated feature films of The Walt Disney Company (TWDC). We discuss the results within the context of children's repeated exposure to popular animated movies and their learning of labels and stereotypes associated with mental illness. We recommend further research on this topic. We coded 34 animated feature films produced by TWDC for mental illness references (for example, "crazy" or "nuts"). We developed a coding manual to systematize the content analysis, to ensure accuracy of the data, and to ascertain intercoder reliability. Most of the films (that is, 85%) contain verbal references to mental illness, with an average of 4.6 references per film. The references were mainly used to set apart and denigrate the characters to whom they referred. Twenty-one percent of the principal characters were referred to as mentally ill. We discuss the contributions and limitations of the study. The findings have implications for child viewers in terms of their potentially learning prejudicial attitudes and distancing behaviours toward individuals perceived as being mentally ill. To further verify this connection, an assessment of the incidence of Disney film exposure and attitudes toward people with a mental illness, using a sample of school-aged children, is needed.
MacPhail-Wilcox, Bettye; Anthony, Pat
One Supreme Court decision, seven federal appellate decisions, and two district court decisions were published in the area of school finance in 1990. The Supreme Court reviewed a case concerning allegations of school district segregation, along with an ensuing tax assessment issue. Federal appellate courts handed down decisions involving alleged…
This article examines the financing of creative industries in the People’s Republic of China. Creative industries embrace both traditional and contemporary culture, but exportable industries are primarily content-driven. This focus on export content shifts the development argument away from the provision of infrastructure towards innovation in the global economy. The concern of this paper therefore is on the synergy between financial and creative inputs into production, distribution, and mark...
Jessica D. Zurcher
Full Text Available Disney animated films continue to serve as an influential form of media that shapes children’s development of beliefs about the world surrounding them, including the construct of the family. However, a census analysis as to how Disney animated films represent depictions of families has yet to be conducted. To fill this gap, we assessed the qualities of family demographics, structure, and function in a census analysis of 85 Disney animated films from the years 1937–2018. Results indicated that single parent families (41.3% was the most predominantly represented family structure, followed by nuclear (25% and guardian (19.2%. We also observed that the first depiction of a non-Caucasian family was presented in the 1990s, with a growing number of ethnically diverse families since that time. However, minimal interactions between families of differing ethnicities are noted. Overall, over 75% of all Disney animated films depicted warm and supportive familial interactions, with 78.8% of the films illustrating a positive relationship between the protagonist and his/her family. Analysis and implications are offered for parents and educators who wish to further understand the content Disney animated films offer in depicting families.
Pimedate Ööde Filmifestivali alafestivali Animated Dreams lühitutvustus. Festival toimub 18. - 22. nov. 2009 Tallinnas. Alates 2008. aastast teeb festival koostööd Eesti Kunstiakadeemia Animatsiooni osakonnaga ja kord kuus toimuvad KUMU Auditooriumis animafilmide linastused programmis Animatheque
Animafilmide festivali "Animated Dreams" (21.-25. XI kinos Sõprus) auhinnasaajad : peaauhinna sai LAV-i "Lugu sellest, kuidas" (autor The Blackheart Gang), Balti- ja Põhjamaade festivali auhinna sai Eesti "Kleit" (Mari-Liis Bassovskaja, Jelena Girlin)
Torabian, Asefeh; Tajadini, Massoud
The current study investigated the effect of implementing animation films on developing reading comprehension texts among EFL learners of a language institute in Kerman. For this purpose, two groups of pre-intermediate EFL learners were chosen (30 participants in each group). After three months of instruction, twice a week, 2story books named the…
The change-over from conventional husbandry to the housing of minimal-disease experimental animals kept in flexible-film isolators resulted in improved survival and thus more definitive experimental results. The disadvantages and advantages of the change are discussed.
Fouts, Gregory; Callan, Mitchell; Piasentin, Kelly; Lawson, Andrea
The purpose of this study was to assess the prevalence of demonizing in the two major media that young children use (television and movies). Two content analyses were conducted using the animated feature films (n = 34) of the Walt Disney Company and after-school cartoons (n = 41). Each was coded for the modeling of the use of "evil" words when…
An objective of this research was identification of representations of the Russian younger school students about comic on material of such cultural texts as animated films and works of fiction. 174 Russian school students of elementary school (92 boys and 82 girls) at the age of 9-11 years participated in a research.
Verónica Marín Díaz
Full Text Available The animated films, has taken in the last decade of great relevance. This study aims to analyse the values that the female of the films from Disney. Through a descriptive and correlational study, we have proceeded to consult a group of teachers (N = 27 of said educational level, through a questionnaire of Marin and Sanchez (2015. The main result achieved has been the realization of the development of women and their role in society. It has also been confirmed that all transmit at least one traditional socially accepted value.
ヴィスゲイテス, ブラッド; Visgatis, Brad
This study reports on the vocabulary level of eight popular children’s animated movies from the Disney studios to determine the range of the vocabulary used in the films and the proportion of vocabulary from each frequency band. Comparisons are also made to the vocabulary distribution of the movie Shrek. Results indicate that these children’s movies require a fairly high level of vocabulary, with up to 8000 words required for understanding of the four most lexically complex movies. Implicati...
Full Text Available The essay explores a certain tendency of Hungarian animated film related to a strategy of constructing meaning. The so-called Aesopic language, which can be found in Hungarian animated film, is interested in creating ambiguity, hidden meanings, especially against oppressive political systems. The paper approaches the development of the Aesopic language in Hungarian animated film based on two factors. The first one examines the characteristics of the animated film in general, focusing on the double sense of the animated image. The second one is a historical approach, considering how the Communist regime affected artistic freedom, and how the Aesopic language became general in Central and Eastern Europe during the decades of Communism. After delineating the concept, the essay continues with interpretations of Hungarian animated films produced by the famous Pannonia Film Studio as examples of the Aesopic language. The paper distinguishes between a less and a more direct variant of creating ambiguity, depending on whether the animated films lack or contain explicit references to the Communist system. The group o|f the less direct variant includes Rondino, Changing Times and The Fly, among the examples of the more direct variant we can find Storv about N, Our Holidays and Mind the Steps!.
Finish Your Film! Tips and Tricks for Making an Animated Short in Maya is a first-of-its-kind book that walks the reader step-by-step through the actual production processes of creating a 3D Short film with Maya. Other books focus solely on the creative decisions of 3D Animation and broadly cover the multiple phases of animation production with no real applicable methods for readers to employ. This book shows you how to successfully manage the entire Maya animation pipeline. This book blends together valuable technical tips on film production and real-world shortcuts in a step-by-step approach
Carpe Pérez, Inmaculada Concepción
Animation is a communication media and artistic expression which can foster emotional intelligence and creativity within different fields, besides the film industry and the entrepreneurial world. Such a concept, animation as an emotional learning tool, is presented and developed within...... the international module Creative learning and Animation (Erasmus semester) at VIA University College in collaboration with The Animation Workshop.The semester takes place at VIA college during five months, twice a year, hosting students from all over the world, creating an international environment with social...... challenges for the students and teachers. VIA University College and the Animation Workshop count on several years of experience educating students as professionals and entrepreneurs for the film industry, the educational system and other fields where animation or film making may be applied to the curricula...
Leslie Retno Angeningsih
Full Text Available As the impact of globalization, foreign animation films such as Shin Chan from Japan, Krishna from India, Upin-Ipin from Malaysia, Batman and many others from the US are very popular in Indonesia. Those films supposed represent cultures of each nation, so that people can learn multiculturalism. However, those films create inversely. This study aims to know how foreign animation films affect on the rising of anti-multiculturalism among Indonesian parents. Survey is conducted on parents with kindergarten or elementary children in Yogyakarta. The results show that children prefer to watch foreign animation films compare to domestic one. They are more likely to imitate their favorite animation stars by behaving violently, speaking harshly, and disrespectfully to parents. As a result parents tend to blame their children changing behavior on foreign cultures as bad and impolite compare to their own culture. Instead of encouraging better understanding on multiculturalism, foreign animation films has raised anti-multiculturalism among parents.Sebagai dampak globalisasi, film animasi asing seperti Shin Chan dari Jepang, Krishna dari India, Upin Ipin - dari Malaysia, Batman dan banyak lainnya dari Amerika Serikat sangat populer di Indonesia. Film-film seharusnya mewakili budaya masing-masing negara, sehingga orang dapat belajar multikulturalisme. Namun, film-film ini dapat pula berakibat sebaliknya. Penelitian ini bertujuan untuk mengetahui bagaimana film animasi dari luar bisa berpengaruh pada peningkatan anti-multikulturalisme pada orang tua di Indonesia. Survey dilakukan pada orang tua yang memiliki anak TK atau SD di Yogyakarta. Hasil menunjukkan bahwa anak-anak lebih memilih untuk menonton film animasi asing dibandingkan dengan film dalam negeri. Mereka lebih cenderung untuk meniru bintang animasi favorit mereka dengan berperilaku keras, berbicara kasar, dan tidak hormat kepada orang tua. Akibatnya, orang tua cenderung menyalahkan anak
Koehler, Peter J; Lameris, Bregt
The Magnus-Rademaker scientific film collection (1908-1940) deals with the physiology of body posture by the equilibrium of reflex musculature contractions for which experimental studies were carried out with animals (e.g., labyrinthectomies, cerebellectomies, and brain stem sections) as well as observations done on patients. The films were made for demonstrations at congresses as well as educational objectives and film stills were published in their books. The purpose of the present study is to position these films and their makers within the contemporary discourse on ethical issues and animal rights in the Netherlands and the earlier international debates. Following an introduction on animal rights and antivivisection movements, we describe what Magnus and Rademaker thought about these issues. Their publications did not provide much information in this respect, probably reflecting their adherence to implicit ethical codes that did not need explicit mentioning in publications. Newspaper articles, however, revealed interesting information. Unnecessary suffering of an animal never found mercy in Magnus' opinion. The use of cinematography was expanded to the reduction of animal experimentation in student education, at least in the case of Rademaker, who in the 1930s was involved in a governmental committee for the regulation of vivisection and cooperated with the antivivisection movement. This resulted not only in a propaganda film for the movement but also in films that demonstrate physiological experiments for students with the purpose to avert repetition and to improve the teaching of experiments. We were able to identify the pertinent films in the Magnus-Rademaker film collection. The production of vivisection films with this purpose appears to have been common, as is shown in news messages in European medical journals of the period.
Han, Su Chul [Div. of Medical Radiation Equipment, Korea Institute of Radiological and Medical Sciences, Seoul (Korea, Republic of); Park, Seung Woo [Radilogcial and Medico-Oncological Sciences, University of Sciences and Technology, Daejeon (Korea, Republic of)
The weight of small animal dosimetry has been continuously increased in pre-clinical studies using radiation in small animals. In this study, three-dimensional(3D) small animal phantom was fabricated using 3D printer which has been continuously used and studied in the various fields. The absorbed dose of 3D animal phantom was evaluated by film dosimetry. Previously, the response of film was obtained from the materials used for production of 3D small animal phantom and compared with the bolus used as the tissue equivalent material in the radiotherapy. When irradiated with gamma rays from 0.5 Gy to 6 Gy, it was confirmed that there was a small difference of less than 1% except 0.5 Gy dose. And when small animal phantom was irradiated with 5 Gy, the difference between the irradiated dose and calculated dose from film was within 2%. Based on this study, it would be possible to increase the reliability of dose in pre-clinical studies using irradiation in small animals by evaluating dose of 3D small animal phantom.
Han, Su Chul; Park, Seung Woo
The weight of small animal dosimetry has been continuously increased in pre-clinical studies using radiation in small animals. In this study, three-dimensional(3D) small animal phantom was fabricated using 3D printer which has been continuously used and studied in the various fields. The absorbed dose of 3D animal phantom was evaluated by film dosimetry. Previously, the response of film was obtained from the materials used for production of 3D small animal phantom and compared with the bolus used as the tissue equivalent material in the radiotherapy. When irradiated with gamma rays from 0.5 Gy to 6 Gy, it was confirmed that there was a small difference of less than 1% except 0.5 Gy dose. And when small animal phantom was irradiated with 5 Gy, the difference between the irradiated dose and calculated dose from film was within 2%. Based on this study, it would be possible to increase the reliability of dose in pre-clinical studies using irradiation in small animals by evaluating dose of 3D small animal phantom
Goldstein, A O; Sobel, R A; Newman, G R
Tobacco and alcohol use among youth are major public health problems, but the extent to which children are routinely exposed to tobacco and alcohol products in children's films is unknown. To identify the prevalence and characteristics associated with tobacco and alcohol use portrayed in G-rated, animated feature films. Design All G-rated, animated feature films released between 1937 and 1997 by 5 major production companies (Walt Disney Co, MGM/United Artists, Warner Brothers Studios, Universal Studios, and 20th Century Fox) that were available on videotape were reviewed for episodes of tobacco and alcohol use. Presence of tobacco and alcohol use in each film, type of tobacco or alcohol used, duration of use, type of character using substance (bad, neutral, or good), and any associated effects. Of 50 films reviewed, 34 (68%) displayed at least 1 episode of tobacco or alcohol use. Twenty-eight (56%) portrayed 1 or more incidences of tobacco use, including all 7 films released in 1996 and 1997. Twenty-five films (50%) included alcohol use. Smoking was portrayed on screen by 76 characters for more than 45 minutes in duration; alcohol use was portrayed by 63 characters for 27 minutes. Good characters use tobacco and alcohol as frequently as bad characters. Cigars and wine are shown in these films more often than other tobacco or alcohol substances. More than two thirds of animated children's films feature tobacco or alcohol use in story plots without clear verbal messages of any negative long-term health effects associated with use of either substance.
Iranzo, Alex; Schenck, Carlos H; Fonte, Jorge
During a viewing of Disney's animated film Cinderella (1950), one author (AI) noticed a dog having nightmares with dream-enactment that strongly resembled RBD. This prompted a study in which all Disney classic full-length animated films and shorts were analyzed for other examples of RBD. Three additional dogs were found with presumed RBD in the classic films Lady and the Tramp (1955) and The Fox and the Hound (1981), and in the short Pluto's Judgment Day (1935). These dogs were elderly males who would pant, whine, snuffle, howl, laugh, paddle, kick, and propel themselves while dreaming that they were chasing someone or running away. In Lady and the Tramp the dog was also losing both his sense of smell and his memory, two associated features of human RBD. These four films were released before RBD was first formally described in humans and dogs. In addition, systematic viewing of the Disney films identified a broad range of sleep disorders, including nightmares, sleepwalking, sleep related seizures, disruptive snoring, excessive daytime sleepiness, insomnia and circadian rhythm sleep disorder. These sleep disorders were inserted as comic elements. The inclusion of a broad range of accurately depicted sleep disorders in these films indicates that the Disney screenwriters were astute observers of sleep and its disorders.
Junn, Ellen N.
This study examined the portrayal of love, marriage, and sexuality in 11 romantic and nonromantic Disney animated films. Results showed that four out of five of the nonromantic films had male leads, with males occupying significantly more screen time than females. Half of the romantic films had female leads, who occupied significantly more screen…
Prévot-Julliard, Anne-Caroline; Julliard, Romain; Clayton, Susan
The assumed ongoing disconnection between humans and nature in Western societies represents a profoundly challenging conservation issue. Here, we demonstrate one manifestation of this nature disconnection, via an examination of the representation of natural settings in a 70-year time series of Disney animated films. We found that natural settings are increasingly less present as a representation of outdoor environments in these films. Moreover, these drawn natural settings tend to be more and more human controlled and are less and less complex in terms of the biodiversity they depict. These results demonstrate the increasing nature disconnection of the filmmaking teams, which we consider as a proxy of the Western relation to nature. Additionally, because nature experience of children is partly based on movies, the depleted representation of biodiversity in outdoor environments of Disney films may amplify the current disconnection from nature for children. This reduction in exposure to nature may hinder the implementation of biodiversity conservation measures. © The Author(s) 2014.
Full Text Available Common dualistic thinking in environmental design education adopts humans and the environment as separate entities, with the environment as raw material stock. This approach affects the intellectual development of landscape architects and limits their ability to create meaningful landscapes. Therefore, it is necessary to explore and highlight new ideas about the more integrated human–environment relationship. Through the films of Hayao Miyazaki, many audiences around the world have encountered a different worldview. By contrast with Western thinking, which adopts human superiority to nature, the worldview that Miyazaki reflects in his films depicts human as an inseparable part of nature. Being inspired by different communities and their relationship to nature in Miyazaki’s films, we propose using anime as a means of analyzing the human–environment relationship. We classified landscapes based on power relations between humans and nature. We explored how communities shape their physical environment based on how they socially construct nature and the resulting landscapes. Thus, through apocalyptic landscapes, the bitter results of exploiting nature were depicted. Wilderness landscapes reflect the bias humanity has about nature as wild and hostile. Responsible landscapes were introduced asway of understanding the unbreakable bond between humans and the environment. Through these animated landscape types, the ways landscape architecture should approach nature in professional practices was discussed, and the importance of creating responsible landscapes was emphasized.
Kendall, Roger A.
The relationship of music to film has only recently received the attention of experimental psychologists and quantificational musicologists. This paper outlines theory, semiotical analysis, and experimental results using relations among variables of temporally organized visuals and music. 1. A comparison and contrast is developed among the ideas in semiotics and experimental research, including historical and recent developments. 2. Musicological Exploration: The resulting multidimensional structures of associative meanings, iconic meanings, and embodied meanings are applied to the analysis and interpretation of a range of film with music. 3. Experimental Verification: A series of experiments testing the perceptual fit of musical and visual patterns layered together in animations determined goodness of fit between all pattern combinations, results of which confirmed aspects of the theory. However, exceptions were found when the complexity of the stratified stimuli resulted in cognitive overload.
Project financing was defined ('where a lender to a specific project has recourse only to the cash flow and assets of that project for repayment and security respectively') and its attributes were described. Project financing was said to be particularly well suited to power, pipeline, mining, telecommunications, petro-chemicals, road construction, and oil and gas projects, i.e. large infrastructure projects that are difficult to fund on-balance sheet, where the risk profile of a project does not fit the corporation's risk appetite, or where higher leverage is required. Sources of project financing were identified. The need to analyze and mitigate risks, and being aware that lenders always take a conservative view and gravitate towards the lowest common denominator, were considered the key to success in obtaining project financing funds. TransAlta Corporation's project financing experiences were used to illustrate the potential of this source of financing
Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation fo...
Akyuz, Lalehan; Kaya, Murat; Ilk, Sedef; Cakmak, Yavuz Selim; Salaberria, Asier M; Labidi, Jalel; Yılmaz, Bahar Akyuz; Sargin, Idris
Practical application of chitosan-essential oil blend films is limited due to the uneconomical extraction procedure of essential oils from plants. This study aimed to produce chitosan films blended with low cost and commercially available oils and fats consumed in daily human diet (olive, corn and sunflower oils, butter and animal fats). The study also focused on how physicochemical, biological and mechanical properties of chitosan blend films were influenced by the incorporation of oils and fats with varying unsaturation degrees. Possible interactions of chitosan film matrix with incorporated oils or fats were investigated. Chitosan-olive oil film showed better surface morphology and higher thermal stability than the films with other unsaturated oils. Tensile strength, Young's modulus and elongation at break were improved by 57.2%, 25.1% and 31.7% for chitosan-olive oil film, respectively. Chitosan-olive oil blend film had the highest antibacterial activity (almost equal to that of commercial antibiotic gentamicin). Edible films obtained from by incorporation of natural oils and fats into chitosan can help produce an environmentally friendly packaging material that is low cost and easily manufactured. Copyright © 2018 Elsevier B.V. All rights reserved.
This paper presents the basic concepts and components of the project financing of large industrial facilities. Diagrams of a simple partnership structure and a simple leveraged lease structure are included. Finally, a Hypothetical Project is described with basic issues identified for discussion purposes. The topics of the paper include non-recourse financing, principal advantages and objectives, disadvantages, project financing participants and agreements, feasibility studies, organization of the project company, principal agreements in a project financing, insurance, and an examination of a hypothetical project
Full Text Available The article discusses the use of language varieties by the main character in the animated film Chicken Little in English and Slovene. Both versions of the film are dubbed by professional actors and are aimed at a young target audience, children. The main intention of the article is to analyze the characteristics of Chicken Little’s speech in both languages, to compare the differences in the use of language varieties, and to evaluate the consequences of shifts in language use on the character and the story in the target language. The analysis is based on a transcript of the speech and enables comparison on four different levels: phonetics, morphology, syntax and vocabulary. The main focus is on the analysis of speech in the target language: Maribor regional colloquial language, with influence from the dialectal speech of Ruše. The main conditions influencing the use of certain language varieties are taken into consideration: the characteristics of the dubbing process, specifics of the target audience, and prevailing norms related to the use of language on television.
Luiz de Mello; Douglas Sutherland
The need for infrastructure building, replacement and updating is large worldwide and governments - particularly subnational governments - will need to mobilise budgetary resources while simultaneously restoring public finances to sound health and meeting other spending pressures. This paper considers the factors affecting investment in infrastructure (with an emphasis on fixed networks), the specific characteristics of the different financing modalities applicable to subnational governments ...
Full Text Available This paper discuss some general principles of behavioral finance Behavioral finance is the dynamic and promising field of research that mergers concepts from financial economics and cognitive psychology in attempt to better understand systematic biases in decision-making process of financial agents. While the standard academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups and organizations. Most of the research behind behavioral finance has been empirical in nature, concentrating on what people do and why. The research has shown that people do not always act rationally, nor they fully utilise all information available to them.
Hirth, Stefan; Flor, Christian Riis
Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...
Skuterud, L.; Strand, P.; Howard, B.J.
The radionuclides of most concern with respect to contamination of animals after a nuclear accident are radioiodine, radiocaesium and radiostrontium (ICRP 30, 1979). Of the other significant anthropogenic radionuclides likely to be released in most accidents, only small proportions of that ingested will be absorbed in an animals gut, and the main animal products, milk and meat, will not normally be contaminated to a significant extent. Animal products will mostly be contaminated as a result of ingestion of contaminated feed and possibly, but to a much lesser extent, from inhalation (for radioiodine only). Direct external contamination of animals is of little or no consequence in human food production. Radioiodine and radiostrontium are important with respect to contamination of milk; radiocaesium contaminates both milk and meat. The physical and chemical form of a radionuclide can influence its absorption in the animal gut. For example, following the Chernobyl accident radiocaesium incorporated into vegetation by root uptake was more readily absorbed than that associated with the original deposit. The transfer of radiocaesium and radiostrontium to animals will be presented both as transfer coefficients and aggregated transfer coefficients. For most animal meat products, only radiocaesium is important as other radionuclides do not significantly contaminate muscle. Farm animal products are the most important foodstuff determining radiocaesium intake by the average consumer in the Nordic countries. The major potential source of radioiodine and radiostrontium to humans is milk and milk products. Of the different species, the smaller animals have the highest transfer of radiocaesium from fodder to meat and milk. (EG)
pocket payments, and donor aid — to finance their health systems. In these fragmented systems, benefits and risks are unevenly shared. The poorest have less access to medical care and face a higher risk of cata- strophic expenditure.
Skuterud, L.; Strand, P. [Norwegian Radiation Protection Authority (Norway); Howard, B.J. [Inst. of Terrestrial Ecology (United Kingdom)
The radionuclides of most concern with respect to contamination of animals after a nuclear accident are radioiodine, radiocaesium and radiostrontium (ICRP 30, 1979). Of the other significant anthropogenic radionuclides likely to be released in most accidents, only small proportions of that ingested will be absorbed in an animals gut, and the main animal products, milk and meat, will not normally be contaminated to a significant extent. Animal products will mostly be contaminated as a result of ingestion of contaminated feed and possibly, but to a much lesser extent, from inhalation (for radioiodine only). Direct external contamination of animals is of little or no consequence in human food production. Radioiodine and radiostrontium are important with respect to contamination of milk; radiocaesium contaminates both milk and meat. The physical and chemical form of a radionuclide can influence its absorption in the animal gut. For example, following the Chernobyl accident radiocaesium incorporated into vegetation by root uptake was more readily absorbed than that associated with the original deposit. The transfer of radiocaesium and radiostrontium to animals will be presented both as transfer coefficients and aggregated transfer coefficients. For most animal meat products, only radiocaesium is important as other radionuclides do not significantly contaminate muscle. Farm animal products are the most important foodstuff determining radiocaesium intake by the average consumer in the Nordic countries. The major potential source of radioiodine and radiostrontium to humans is milk and milk products. Of the different species, the smaller animals have the highest transfer of radiocaesium from fodder to meat and milk. (EG). 68 refs.
abstractEven at a time when animation is everywhere, from mobile phones to mainstream cinema to multi-media installations, there is still a prevailing sense that it is still something of a ‘lost thing’, a perennial outsider, accommodating a diversity of approaches, contexts, and achievements, but
HEALTH & FINANCE. Patrick Thokwa Masobe. Patrick Thokwa Masobe completed his undergraduate studies at Grinnel/. University in the USA, and a Master. Degreefrom the University of London in. 1995. He is wrrently employed by the national Department of Health, where he led the task team charged with making.
One of the major challenges in todays post-crisis finance environment is calculating the sensitivities of complex products for hedging and risk management. Historically, these derivatives have been determined using bump-and-revalue, but due to the increasing magnitude of these computations does...
dr. Margreet F. Boersma-de Jong
Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence
Finance, real estate and business services are expanding their share with regard to government services. South Africa's ...... Although limited in amplitude, venture capital (VC) initiatives have existed since the 1980s, supported by the Brazilian Innovation Agency (FINEP) and BNDES (Melo 1988 and 1994). The question ...
Wasylkiw, Louise; Currie, Michael
Drawing from learning and attitude theories, the current investigation explores the effect of media on students' attitudes. Study 1 was a content analysis of 34 films classified as university-themed comedies and showed that such films highlighted risk-taking (e.g., alcohol consumption) and minimized the importance of academics (e.g., studying).…
Fatimah, Siti; Setiawan, Wawan; Kusnendar, Jajang; Rasim, Junaeti, Enjun; Anggraeni, Ria
Debriefing of pedagogical competence through both theory and practice which became a requirement for prospective teachers were through micro teaching and teaching practice program. But, some reports from the partner schools stated that the participants of teaching practice program have not well prepared on implementing the learning in the classroom because of lacking the debriefing. In line with the development of information technology, it is very possible to develop a media briefing of pedagogical competencies for prospective teachers through an application so that they can use it anytime and anywhere. This study was one answer to the problem of unpreparedness participants of the teaching practice program. This study developed a teaching simulator, which was an application for learning simulation with the animated film to enhance the professional pedagogical competence prospective teachers. By the application of this teaching simulator, students as prospective teacher could test their own pedagogic competence through learning models with different varied characteristics of students. Teaching Simulator has been equipped with features that allow users to be able to explore the quality of teaching techniques that they employ for the teaching and learning activities in the classroom. These features included the election approaches, the student's character, learning materials, questioning techniques, discussion, and evaluation. Teaching simulator application provided the ease of prospective teachers or teachers in implementing the development of lessons for practice in the classroom. Applications that have been developed to apply simulation models allow users to freely manage a lesson. Development of teaching simulator application was passed through the stages which include needs assessment, design, coding, testing, revision, improvement, grading, and packaging. The application of teaching simulator was also enriched with some real instructional video as a comparison
Igor V. Evstigneev; Thorsten Hens; Klaus Reiner Schenk-Hoppé
Evolutionary finance studies the dynamic interaction of investment strategies in financial markets. This market interaction generates a stochastic wealth dynamics on a heterogenous population of traders through the fluctuation of asset prices and their random payoffs. Asset prices are endogenously determined through short-term market clearing. Investors' portfolio choices are characterized by investment strategies which provide a descriptive model of decision behavior. The mathematical framew...
Richardson, Marie; Kennedy, Noel; Hoey, Ruth; Rhatigan, Jim; Lloyd, Rebecca; McLoughlin, Kathleen
Milford Care Centre's Compassionate Communities Project has developed a series of animated films - The 'Let's Talk' Series. These films are used by the project to encourage people to have think about having difficult conversations about illness and death. The films are available on the project website, via You Tube and are shown during Café Conversations as part of the Compassionate Communities Project. More recently, members of the Specialist Palliative Care Social Work department have been using the films during their direct work with patients and their families. This presentation aims to introduce participants to the Let's Talk film series and describe the learning from social workers who have used the films at home, and in the inpatient unit, with patients, their partners and their children. Social workers were interviewed, sharing their experience and reflection on using the animated films as a practice tool. A number of case studies will be presented to describe the use and impact of the films in practice. The films are a very useful addition to the social work toolbox. Guidelines for their use in practice will be presented. © 2015, Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.
Este estudio descriptivo tiene como objetivo analizar las estrategias de traducción de las referencias culturales en los subtítulos (francés-español) de la pelicula de animación de sombras chinas en 3D Los cuentos de la noche (2011) del escritor y director francés Michel Ocelot. El film conjuga las siluetas de los personajes con el relieve tridimensional en color lo que facilita la lectura de los subtitulos que reflejan una gran diversidad de estrategias de traducción de referencias culturale...
Tanner, Litsa Renee; Haddock, Shelley A.; Zimmerman, Toni Schindler; Lund, Lori K.
Examines themes about couples and families portrayed in 26 Disney animated classics and recent movies. Four overarching themes were identified: family relationships are a strong priority; families are diverse, but the diversity is often simplified; fathers are elevated, while mothers are marginalized; and couple relationships are created by…
This book looks at the movie industry and at the labour intensive but fascinating process of making a feature film. It examines each stage in the production of a film, from initial idea through to the final cut and screening, and highlights the main activities that take place along the way. The book not only looks at the work of prominent people in the film world, such as directors and actors, but also describes the equally important but less high profile contributions of the gaffer, best boy...
A critical overview of critical-theoretical understandings of sf film, especially those promulgated by critics devoted to sf as a prose fiction form. It also considers adaptation, spectacle and special effects.
Fuel financing is only at its beginning. A logical way of developing financing model is a step by step method starting with the financing of pre-payments. The second step will be financing of natural uranium and enrichment services to the point where the finished fuel elements are delivered to the reactor operator. The third step should be the financing of fuel elements during the time the elements are inserted in the reactor. (orig.) [de
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...
The purpose of this paper is: (1) To provide an historical framework for understanding why it is difficult to finance nuclear power projects in the U.S.; (2) To mention briefly certain financing techniques utilized by companies to finance nuclear investments; and (3) To set forth the requirements investors will need before taking on the risks associated with nuclear power projects
Chai, David; Garcia, Alejandro L.
Animation has become enormously popular in feature films, television, and video games. Art departments and film schools at universities as well as animation programs at high schools have expanded in recent years to meet the growing demands for animation artists. Professional animators identify the technological facet as the most rapidly advancing…
Balint, Ruth; Dolgopolov, Greg
From the beginning of the twentieth century, Sydney defined cosmopolitanism and modernity in the national imagination, and central to this image was the cinema: its technology, its architecture, its stars, its marketing and the stories it circulated to its audiences about Australia and the world. Though it is difficult to define a genre of Sydney film, Sydney provided the backdrop for a host of ideas about the city, and later suburbia. Sydney came to be seen as a ‘tinsel town’ of cultural ban...
Hewlett Packard have produced a commercial-quality animated film using an experimental rendering service from HP Labs and running on an HP Utility Data Center (UDC). The project demonstrates how computing resources can be managed virtually and illustrates the value of utility computing, in which an end-user taps into a large pool of virtual resources, but pays only for what is used (1 page).
... 9 Animals and Animal Products 2 2010-01-01 2010-01-01 false Packers not to own or finance selling... STOCKYARDS ACT Trade Practices § 201.67 Packers not to own or finance selling agencies. No packer subject to the Act shall have an ownership interest in, finance, or participate in the management or operation of...
RADU NICOLAE BĂLUNĂ
Full Text Available Financing (funding is essentially the purchase of funds necessary for a business. This can be done from internal sources (company’s own funds or external (borrowed funds. The high value of goods traded in international trade makes revenues generated from internal resources not sufficient to settle the value of the goods. Thus, it is frequent to resort to borrowed funds. In International Business Transactions, external financing is done both by classical techniques of credit (credit supplier and buyer credit and modern techniques of financing (factoring, forfeiting, leasing all trade tailored. In terms of the length of financing, accounting funding is short-term (1-12 months and long-term financing (over a year. In principle, export and import operations prevailing short-term financing techniques, while international investment and industrial cooperation actions are specific long-term funding
This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market.
This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market
... 9 Animals and Animal Products 2 2010-01-01 2010-01-01 false âEffective financing statementâ or EFS. 205.202 Section 205.202 Animals and Animal Products GRAIN INSPECTION, PACKERS AND STOCKYARDS... OF FARM PRODUCTS Interpretive Opinions § 205.202 “Effective financing statement” or EFS. (a) An EFS...
Sheriffah Noor Khamseah Al-Idid Syed Ahmad Idid
Global energy security and climate change concerns sparked by escalating oil prices, high population growth and the rapid pace of industrialization are fueling the current interest and investments in nuclear power. Globally, a significant number policy makers and energy industry leaders have identified nuclear power as a favorable alternative energy option, and are presently evaluating either a new or an expanded role for nuclear power. The International Atomic Energy Agency (IAEA) has reported that as of October 2008, 14 countries have plans to construct 38 new nuclear reactors and about 100 more nuclear power plants have been written into the development plans of governments for the next three decades. Hence as new build is expected to escalate, issues of financing will become increasingly significant. Energy supply, including nuclear power, considered as a premium by government from the socio-economic and strategic perspective has traditionally been a sector financed and owned by the government. In the case for nuclear power, the conventional methods of financing include financing by the government or energy entity (utility or oil company) providing part of the funds from its own resources with support from the government. As national financing is, as in many cases, insufficient to fully finance the nuclear power plants, additional financing is sourced from international sources of financing including, amongst others, Export Credit Agencies (ECAs) and Multilateral Development Institutions. However, arising from the changing dynamics of economics, financing and business model as well as increasing concerns regarding environmental degradation , transformations in methods of financing this energy sector has been observed. This paper aims to briefly present on financing aspects of nuclear power as well as offer some examples of the changing dynamics of financing nuclear power which is reflected by the evolution of ownership and management of nuclear power plants
This paper studies the financing of durable assets in a model with collateral constraints due to limited enforcement. Durability affects the ease of financing. Specifically, we show that more durable capital requires a larger down payment of internal funds per unit of capital making it harder to finance. Thus, financial constraints have a bigger impact on purchases of more durable capital, such as land, structures, and durable equipment. This basic insight has implications for the choice betw...
Allen, Franklin; Chakrabarti, Rajesh; De, Sankar; Qian, Jun; Qian, Meijun
The authors examine the legal and business environments, financing channels, and governance mechanisms of various types of firms in India and compare them to those from other countries. Despite its English commonlaw origin, strong legal protection provided by the law, and a democratic government, corruption within India's legal system and government significantly weakens investor protection in practice. External financing of firms has been dominated by nonmarket sources of financing, while th...
I.P. van Staveren (Irene)
textabstractThe 2008 financial crisis has demonstrated the failure of both utilitarian and deontological ethics in finance. Alternatives do not need to be created from nothing, because the crisis itself has stimulated the emergence of ethically sound finance practices from within the sector. This
The problems of financing landfill gas projects in the UK in the last few years are discussed. The approach of the author in setting up a company to finance such projects in the power generation field and a separate company to design and supply turnkey packages is reported. (UK)
Full Text Available The study of behavioral finance combines the investigation and expertise from research and practice into smart portfolios of individual investors’ portfolios. Understanding cognitive errors and misleading emotions drive investors to their long-term goals of financial prosperity and capital preservation. 10 years ago, Behavioral Finance was still considered an incipient, adolescent science. First Nobel Prize in Economics awarded to the study of Behavioral Economics in 2002 established the field as a new, respected study of economics. 2013 Nobel Prize was awarded to three economists, one of them considered the one of the founders of the Behavioral Finance. As such, by now we are entering the coming of age of behavioral finance. It is now recognized as a science of understanding investors behaviors and their biased patterns. It applies quantitative finance and provides practical models grounded on robust understanding of investors behavior toward financial risk. Financial Personality influences investment decisions. Behavioral portfolio construction methods combine classic finance with rigorously quantified psychological metrics and improves models for financial advice to enhance investors chances in reaching their lifetime financial goals. Behavioral finance helps understanding psychological profile dissimilarities of individuals and how these differences manifest in investment decision process. This new science has become now a must topic in modern finance.
This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)
Blake, J W
This article discusses financing medical office buildings. In particular, financing and ownership options from a not-for-profit health care system perspective are reviewed, including use of tax-exempt debt, taxable debt, limited partnerships, sale, and real estate investment trusts (REITs).
A primer on financing international operations by Canadian corporations was provided. Factors affecting the availability to project finance (location, political risk), the various forms of financing (debt, equity, and combinations), the main sources of government backed financing to corporations (the International Finance Corporation) (IFC), the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Overseas Property Insurance Corporation (OPIC), government or agency guarantees, political risk coverage, the use of offshore financial centres, and the where, when and how these various organizations operate, were reviewed. Examples of all of the above, taken from the experiences of Canadian Occidental Petroleum of Calgary in the U.S., in South America, in the Middle and Far East, and in Kazakhstan, were used as illustrations. figs
in production: Gzim Rewind (Sweden, 2011) by Knutte Wester, and In-World War (USA, expected 2011) by DJ Bad Vegan. These films have themes of war and include film scenes that are ‘machinima’ (real-time animation made in 3D graphic environments) within live action film scenes. Machinima harnesses...... DIY multimedia storytellers explore new ways to tell and to ‘animate’ stories. The article contains four parts: introduction to machinima and the notions of resemiosis and authorial practice, presentation of DIY filmmaking as a practice that intertwines with new networked economics, analysis...
... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Dogs and other animals. 407.11 Section 407.11 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) SECRET... TREASURY ANNEX § 407.11 Dogs and other animals. Dogs and other animals, except seeing-eye dogs, shall not...
This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay...... on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking...
Dra. María Luisa Martínez Barnuevo
Full Text Available Since 2003 the Spanish full-lenght film of animation is at its peak. The number of producers that enter in the field of animation and the number of productions is growing each year. However, the box-office does not support this production volume. Audiences of two hundred thousand people can’t bear a ten million budget. Despite this, the production keeps growing. This article is an approach to the paradox of the Spanish full-lenght animation. The information given here is the result of an extensive documental research and several interviews to film-makers and investigators of the current Spanish animation. Desde el año 2003 asistimos a un auge en el largometraje de animación español sin precedentes. Cada vez son más las empresas que entran en el campo de la animación y la producción de largometrajes con esta técnica crece cada año. Sin embargo, hace tiempo que los resultados de estas películas en taquilla no respaldan semejante volumen de producción. Doscientos mil espectadores no sostienen un presupuesto superior a los diez millones de euros. Pero en España se sigue produciendo. Este artículo es una aproximación a la gran paradoja del largometraje de animación español. Los datos que aquí se exponen son fruto de una amplia investigación documental y el resultado de diversas entrevistas a profesionales e investigadores de la animación española actual.
Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars
In the fall of 2015, world leaders adopted the most ambitious global development agenda in history. Meeting the aspiring targets of the Sustainable Development Goals will require financing far beyond traditional aid. At the same time, aid itself is under major pressure as European governments cut...... aid budgets or divert them to meet refugee and migration issues. In this context of massive global ambition and concurrent uncertainty on the future of aid, other actors and sources of development financing seem ever more critical, such as the private sector, private foundations and the BRICS....... But what are in fact the interests and modes of operation of such actors in the context of development financing, and to what extent do they align with the aims of the SDGs? And how do national governments of developing countries themselves perceive and approach these new sources of financing?...
State and local governments interested in developing a financing program can use this Excel tool to support energy efficiency and clean energy improvements for large numbers of buildings within their jurisdiction.
The main activities of the Export Development Corporation (EDC) were described, as well as some of the changes currently being implemented. EDC is Canada's official export credit agency, providing risk management services such as insurance, loans, guarantees, equity and leasing. EDC's project finance initiative started in 1991, and focused mainly on the up-front process. It has established itself as a recognized leader in project financing. It has over 15 years experience in a variety of sectors and countries. Energy projects financed to date include hydro projects in India, Argentina and Pakistan, and thermal projects in Thailand, China, Indonesia and Egypt. Lending criteria used to select projects were outlined, along with the risks endemic to project financing
Hommes, C.; Durlauf, S.N.; Blume, L.E.
Interacting agents in finance represent a behavioural, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behaviour in response
Regnier, Yannick; Maciel, Guillaume; Zeroual, Bouchra; Leca, Christel; Guillou, Maelle; Mossalgue, Marc; Raguet, Alex; Sabot, Guillaume; Coton, Patrice; Olesen, Gunnar Boye; Friggens, Sam; Pouyet, Regis; Blanc, Nicolas; Laurent, Pierre; Ruedinger, Andreas
A set of brief articles illustrates the emergence of innovating and operational financing tools aimed at supporting energy transition in France and in Europe. As far as France is concerned, different examples are evoked: raising local savings, crowd-funding for renewable energies, citizen investment, cooperation between industries, communities and citizens, a semi-public company with citizen participation, the case of the Nancy urban community, a joint experience by a local public company and an investment fund. As far as Europe is concerned, the following topics or examples are evoked: local policies as lever for European financing, the Danish example of citizen-based financing, crowd-funding in the UK, the European emergence of cooperatives. As far as banks and institutions are concerned, the following topics are addressed: tools implemented by the Caisse des Depots for energy transition, the roles of banks and of public institutions in the financing of energy transition
Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.
Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance
Anime Studio is your complete animation program to help you create 2D movies, cartoons, anime, and cut out animations. You can create your own animated shorts and use Anime Studio to produce cartoon animations for film, video, or streaming over the Web, which can be enjoyed on YouTube, Vimeo, and other popular sites. Anime Studio is great for hobbyists and professionals alike, combining tools for both illustration and animation. With Anime Studio's easy-to-use interface, you will be creating an animated masterpiece in no time. This practical, step-by-step guide will provide you with a structur
Some of the innovative financing options being considered by developing countries and economies in transition as ways of mobilizing international energy financing are discussed. Build-Own-Operate (BOO) and Transfer (BOOT) is the most commonly adopted approach. This involves limited resource financing of a project on the basis of the associated cash flow and risks and not on the credit of the project owners. The World Bank has set up the Multilateral Investment Guarantee Agency to provide, on a fee basis, guarantees against certain non-commercial forms of risk in order to promote international capital flow to developing countries. In 1989, the World Bank introduced the Expanded Co-financing Operations (ECO) programme as an instrument to catalyze the flow of private finance into developing countries and to improve their access to international financial markets. Other financial instruments currently being established include: leasing of equipment or whole plants by foreign investors; private ownership or operation of generation and distribution facilities; exchange of specific export goods for energy imports; developing instruments to finance local costs; revenue bonds; tax-exempt bonds; sale of electricity futures to those seeking more stable, longer term electricity price contracts. (UK)
' processer af fem udvalgte elever er gennemgået i forhold til tre opdelinger: filmskabere, filmskabelse processen og film. Den teoretiske tilgang er pragmatisme, social semiotik og diskursanalyse. Modellen "Animating Symbols" er udviklet og diskuteret som forsøg på at forstå reflektion og design som en slags...
Gu, Yong; Chen, Liang; Niu, Hai-Yun; Shen, Xiao-Feng; Yang, Hui-Lin
To prepare a biomineralized nano silk fibroin film seeded with bone marrow stromal cells (BMSCs), and to evaluate its performance in spinal fusion. The silk fibroin film was mineralized in a modified, simulated body fluid, seeded with BMSCs, and evaluated in a rat model of posterolateral lumbar fusion, compared with pure silk fibroin, silk fibroin/bone marrow stromal cells, mineralized silk fibroin, mineralized silk fibroin/bone marrow stromal cells, iliac crest bone, and no graft. After 12 weeks, all rats were sacrificed and underwent manual palpation, micro-CT scanning, biomechanical testing, and histology. The infrared spectrum, X-ray diffraction, and scanning electron microscopy demonstrated deposition of mineral layers on the silk fibroin film surface. The fusion rate, bone volume, relative strength and stiffness, and histological score of the mineralized silk fibroin/bone marrow stromal cells were slightly lower than the autograft, but without any significant difference (p > 0.05). In addition, the mineralized silk fibroin was significantly greater in most parameters than the silk fibroin/bone marrow stromal cells (p spinal fusion is enhanced when the mineralized silk fibroin is seeded with bone marrow stromal cells. © The Author(s) 2015.
Nkrumah-Young, Kofi K.; Powell, Philip
Higher education can be financed privately, financed by governments, or shared. Given that the benefits of education accrue to the individual and the state, many governments opt for shared financing. This article examines the underpinnings of different options for financing higher education and develops a model to compare conditions to choices and…
Atteridge, A.; Pauw, W.P.; Terpstra, P.; Bedini, F.; Bosi, L; Costella, C.
An emphasis on private finance has emerged in climate finance discussions, particularly in the context of international climate change negotiations. This is partly because the overall volume of finance needed to support adaptation in developing countries is beyond what many expect public finance to
How should lifelong learning be financed? The author attempts to answer the question by creating a framework for analyzing different education financing mechanisms in light of particular characteristics of lifelong learning. The framework compares the different financing alternatives on four dimensions: (1) who ultimately pays for the education, (2) who finances its immediate costs, (3) ho...
Analyses of global financial markets are dominated by atomized models of decision-making and behavioural psychology ('exuberance' or 'panic'). In contrast, this paper argues that overwhelmingly, finance organizations rather than 'individuals' make decisions, and routinely use emotions in formulating expectations. Keynes introduced emotion (business confidence and animal spirits) but in economics, emotion remains individualistic and irrational. Luhmann's system theory lies at the other extreme, where emotions like trust and confidence are central variables, functional in the reduction of complexity in sub-systems like the economy. The gap between irrational emotions aggregated to 'herd' behaviour in economics, and 'system trust' applied to finance and money as a 'medium of communication' in sociology, remains largely unfilled. This paper argues that while organizations cannot be said to 'think' or 'feel', they are rational and emotional, because impersonal trust, confidence and their contrary emotions are unavoidable in decision-making due to fundamental uncertainty. These future-oriented emotions are prevalent within and between organizations in the financial sector, primarily in generating expectations. The dynamic of corporate activities of tense and ruthless struggle is a more plausible level of analysis than either financial 'manias' in aggregate or 'system trust'.
Full Text Available This paper researches which of the possible financing models (self-financing, loan, mutual fund, issuing securities and leasing is the most convenient for tourism financing on the grounds of opinions and views of student population. Taking into account that future social and economic development depends on student population, that in every society intellectual endeavor (science and art exists ever since man exists, that the overall progress of mankind is based on the great intellectual endeavor of former civilizations, as well as the fact that Western Serbia has remarkable natural and anthropogenic characteristics suitable for valorization for the purpose of tourism development, the research questions were formulated and the research was performed. The methods used were: analysis, correlation, deduction and induction. Field research has been of the primary importance and it was based on questionnaires, interviews and in-depth interview. [Projekat Ministarstva nauke Republike Srbije, br. 46001 i br. 47007
Full Text Available A recent innovation in the Indian banking structure has been the formation of a new banking institution—small finance banks (SFBs. These banks are expected to penetrate into financial inclusion by providing basic banking and credit services with a differentiated banking model to the larger population. In this context the new SFBs have multiple challenges in coming out with a new, differentiated business model. The challenges include building low cost liability portfolio, technology management, and balancing the regulatory compliances. This paper also presents the top of mind views of three senior executives of new small finance banks.
Salmon, J. P.; Meurice, J.; Wobus, N.; Stern, F.; Duaime, M.
This guidebook is intended to facilitate further investment in conventional geothermal projects in the United States. It includes a brief primer on geothermal technology and the most relevant policies related to geothermal project development. The trends in geothermal project finance are the focus of this tool, relying heavily on interviews with leaders in the field of geothermal project finance. Using the information provided, developers and investors may innovate in new ways, developing partnerships that match investors' risk tolerance with the capital requirements of geothermal projects in this dynamic and evolving marketplace.
This paper describes the status of the wind energy markets world-wide, in Europe and in the UK. It outlines the main methods of financing wind energy installations and discusses why different institutional structures have led to different markets in the UK and in Germany, with some concern about the state of the UK onshore industry. The paper looks ahead to the opening up of the potentially much larger offshore wind resource, concluding that in this area, existing UK development and financing structures are well suited. (Author)
It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the
Specific financing techniques applicable to wind energy projects in Canada are discussed. A limited partnership is the classic Canadian approach to tax-advantaged financing. For a typical wind project, the limited partners would get an internal rate of return of around 8% over 20 years as well as income tax deductions on Class 34 investments. This rate can be improved if the investors borrow some of the money; they get tax-free cash flow while having deductible loan interest, raising their rate of return after taxes to ca 9-10%. Special situation investors can get to take all of the Class 34 deduction right away, raising their return up to the 12% range. These investors include principal business corporations (such as utilities or oil companies), or companies who have sold their business. A second type of financing structure is related to inflation-indexed debt. The loan is structured like a mortgage, with the annual payments indexed to inflation but nevertheless low enough to provide an early positive cash flow from the project. Other possible financing structures are the immigrant investor fund and the provincial incentive corporations
Internal Audit, Military. Museums, Documentation. Service, Language. Service, Financial Co-ordination, Chief Pay Mas- ter, Programming and Budget, Electronic Data. Processing and Expenditure Control. Chief of Staff Finance. With effect from 13 February 1978 Chief of Staff. Management Services became Chief of Staff.
Broeders, D.W.G.A.; Eijffinger, S.C.W.; Houben, A.
How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines
The financial services industry presents an interesting alternative career path for nuclear physicists. Careers in finance typically offer intellectual challenge, a fast pace, high caliber colleagues, merit-based compensation with substantial upside, and an opportunity to deploy skills learned as a physicist. Physicists are employed at a wide range of financial institutions on both the ``buy side'' (hedge fund managers, private equity managers, mutual fund managers, etc.) and the ``sell side'' (investment banks and brokerages). Historically, physicists in finance were primarily ``quants'' tasked with applying stochastic calculus to determine the price of financial derivatives. With the maturation of the field of derivative pricing, physicists in finance today find work in a variety of roles ranging from quantification and management of risk to investment analysis to development of sophisticated software used to price, trade, and risk manage securities. Only a small subset of today's finance careers for physicists require the use of advanced math and practically none provide an opportunity to tinker with an apparatus, yet most nevertheless draw on important skills honed during the training of a nuclear physicist. Intellectually rigorous critical thinking, sophisticated problem solving, an attention to minute detail and an ability to create and test hypotheses based on incomplete information are key to both disciplines.
Tabish, S A
This article is a wide-ranging overview of the field of healthcare financing, health economics and the development of financial management. It vividly demonstrates that all healthcare systems have too many demands and too few resources, and that problems can manifest themselves in different forms depending on the precise funding structure of the health service concerned.
Kohatsu, Arturo; Miquel, Montero
This article is an introduction to Malliavin Calculus for practitioners. We treat one specific application to the calculation of greeks in Finance. We consider also the kernel density method to compute greeks and an extension of the Vega index called the local vega index.
Campaign finance might seem like the exclusive province of political reporters, but there are many good reasons why authors should be paying attention--both in races for education positions and in other key races at the local, state, and federal levels with implications for education. Basic math is a necessary skill and familiarity with a…
Lone, Fayaz Ahmad; Quadir, Abdul
Financing is an important component in any project. Without finance, it is impossible to run any project as it is considered the lifeblood of the business. But due to the presence of predetermined rate of interest, economists have provided alternative approach for financing the project. In this paper a model using Profit and Loss Sharing (PLS) system and comparison of it with the conventional financing model is developed. Thrust in this paper is towards establishing a new theoretical reasonin...
Santizo, Rodolfo; Berganza, Jose
The paper describes the role of the Banco Centroamericano de Integracion Economica in financing renewable energy projects in Central America. Also decribes the different financing modes to the goverment and private sectors
The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.
This paper provides a summary of innovative transportation finance techniques and discusses their applicability to the National Park Service (NPS). The primary finding of this analysis is that while NPS is engaging in innovative finance techniques su...
Hansen, Per H.
–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense......In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900...
Carpe Pérez, Inmaculada Concepción
machines that think”-(Damasio, A. Descartes error). Such feelings come from the interpretation of the emotions in our bodies. Emotions are our universal language, the motivation of living, the key to what makes a movie successful and truly an art piece that you will remember because moves you. Animation......, indeed, can be considered a social/ emotional learning media, which goes beyond the limitations of live action movies. This is due to the diversity of techniques, and its visual plasticity that constructs the impossible. Animators are not real actors but more like the midwife who brings the anima...... into aliveness, which requires knowing how emotions work. Ed Hooks as an expert in training animators and actors, always remarks: “emotions tend to lead to action”. In this paper we want to argue that by producing animated films, as we watch them, cause a stronger effect, not only in our brains, but also in our...
This paper is based on data about animation film production by 18-year-old students in a Danish upper secondary school. The optic is the on-going potential for learning and development of reflection. The purpose is to clarify what might support young people's reflection on media. I propose...... an analytic working model called Animated Symbols concerning critical reflection in a dialogic learning process. The model shows dialogue as interactions that involve two types of transformation: inner ‘learning processes' and outer signs and symbols. The classroom-based research study is part of a Ph...
Sheng, Andrew; Singh, Ajit
From its humble beginnings in the 1990s, Islamic finance has become a trillion US dollar industry. The market consensus is that Islamic finance has a bright future due to favourable demographics and rising incomes in the Muslim community. Moreover, despite voices sceptical of an accommodation between Islamic and global finance, leading global banks are buying Islamic bonds and forming subsidiaries specially to conduct Islamic finance business. Special laws have been passed in non-Muslim fi...
Christensen, John; Shaxson, Nick; Wigan, Duncan
The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts to high...... starkly illuminates the condition of Britain’s political economy and the character of its relations with the rest of the world.......The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts...
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical......Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...
Full Text Available Published by Palgrave MacmillanThis chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth. In the literature review, he discusses in detail some recent evidence indicating that the marginal contribution of financial development to gross domestic product (GDP growth becomes negative when credit to the private sector reaches 110 per cent of GDP. The chapter concludes with some policy conclusions targeted to developing countries.
Stewart C. Myers
This paper explores the necessary conditions for outside equity financing when insiders, that is managers or entrepreneurs, are self-interested and cash flows are not verifiable. Two control mechanisms are contrasted: a partnership,' in which outside investors can commit assets for a specified period, and a corporation,' in which assets are committed for an indefinite period but insiders can be ejected at any time. The paper also shows how going public to reduce outsiders' power can be effici...
Berg, Christian Edelvold; Lund, Anker Brink
Recently several European countries have abolished the traditional public service licence fee system, replacing it with direct public funding. But except for Iceland, the Nordic countries have not followed suit. The article discusses this development within a comparative framework of Public Service...... Broadcasting (PSB) financing regimes in Europe, concluding that Denmark, Finland, Iceland, Norway, and Sweden may still be considered conventional, licence fee PSB countries, but with some interesting differences in relation to competitive and market oriented alternatives of resource provision...
You have more options than ever before for financing a college education. You can: Split income with your children Prepay your child's tuition Buy a rental house for your college student Hire your child Establish and educational IRA Deduct interest on some student loans Claim the new tax credits for education. With today's educational cost, you need more possibilities for maximizing your dollars. Keep this article handy. Use it to help you take full advantage of the old, new, and varied possibilities.
Omarova, Saule; Hockett, Robert
102 Cornell Law Review 1143 (2017) The dominant view of banks and other financial institutions is that they function primarily as intermediaries, managing flows of scarce funds from those who have accumulated them to those who have need of them and can pay for their use. This understanding pervades textbooks, scholarly writings, and policy discussions – yet it is fundamentally false as a description of how a modern financial system works. Finance today is no more primarily “intermediated” tha...
It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the implausibility of interest payment in connection with Bitcoin, (ii) viewing a Bitcoin-like system as a money-like exclusively informational commodity with the implication that such a system need not support ...
Full Text Available The concept of supply chain finance is a response to global illiquidity, intensified through the global economic crisis and globalization of commercial and financial flows. The growing illiquidity undermines credit ratings of economic entities, thereby reducing the potential for achieving the projected goals (profitability and portfolio quality. In order to overcome this, banks have introduced certain products flexible to the requirements of specific transactions. The concerned products redirect the focus from a client's credit rating and risk to the credit rating and risk of a business partner (buyer, resulting in benefits for all transaction participants ('win-win-win'. Moreover, the activities are targeted at transaction analysis, i.e. the isolation and protection of the cash flow as the source of financial instrument's repayment. On the other hand, there has been an increasing number of transactions based on the risk of the commercial bank of the client's business partner, or on the risk of collateral (inventory. The focus is actually placed on the financing of adequate supply chain stages, given that counterparty relationship management has been proven to be crucial for efficient management of one's own business. The tensions existing in the relations between partners (increasingly long payment deadlines are in the basis of the supply chain finance concept. Decisions made by banks are based on the entire supply chain (wide information basis, thereby shifting the focus from the product (as was the case before the crisis to the client's needs. Thus, decisions become increasingly comprehensive, quicker, and more precise, and portfolios less risky. Through the individual portfolio of banks, the market of national economies also becomes safer and more liquid. These are rather profitable transactions, because, due to the risk transfer, financing is enabled to companies to whom classic crediting in most cases is not available.
Delays in the completion of nuclear power plants aggravate the financing of such ventures because the contractual sums to be paid for interest and amortization are not generated. Moreover, economic feasibility analyses by the banks are rendered ineffective by changes in the underlying data, such as the structure of electricity rates and the supply monopoly held by utilities. The German nuclear power plants at present in operation or under construction were financed mainly through subsidiares of the participating utilities outside the balance sheets of the parent companies. The banks have developed a number of financing concepts to adapt funding to the specific needs of practice. Future nuclear power plants make-up one third of the present capacity of the participating utilities. However, they will require three to four times the previous volume of capital investments. Yet it is certain that the expansion of nuclear power in the Federal Republic of Germany will not be hampered by financial problems. The funding models developed for nuclear power plants have already proved their qualities. However, the problems of nuclear power have not become less. Attention must also be drawn to some weak spots in the financial sector. (orig.) [de
Seydel, Rüdiger U
Computational and numerical methods are used in a number of ways across the field of finance. It is the aim of this book to explain how such methods work in financial engineering. By concentrating on the field of option pricing, a core task of financial engineering and risk analysis, this book explores a wide range of computational tools in a coherent and focused manner and will be of use to anyone working in computational finance. Starting with an introductory chapter that presents the financial and stochastic background, the book goes on to detail computational methods using both stochastic and deterministic approaches. Now in its sixth edition, Tools for Computational Finance has been significantly revised and contains: Several new parts such as a section on extended applications of tree methods, including multidimensional trees, trinomial trees, and the handling of dividends; Additional material in the field of generating normal variates with acceptance-rejection methods, and on Monte Carlo methods...
The viability of many Renewable Energy projects is critically dependent upon the ability of these projects to secure the necessary financing on acceptable terms. The principal objective of the study was to provide an overview to project developers of project financing techniques and the conditions under which project finance for Renewable Energy schemes could be raised, focussing on the potential sources of finance, the typical project financing structures that could be utilised for Renewable Energy schemes and the risk/return and security requirements of lenders, investors and other potential sources of financing. A second objective is to describe the appropriate strategy and tactics for developers to adopt in approaching the financing markets for such projects. (author)
Deidda, Luca Gabriele; Fattouh, Bassam
This paper develops an overlapping generation model with asymmetric information in the credit market such that the interplay between relationship finance supplied by investors who monitor investment decisions ex-ante and market finance supplied by investors who relay on public information can be the source of endogenous business fluctuations. Monitoring helps reducing the inefficiency caused by moral hazard. However, the incentives of entrepreneurs to demand relationship finance to induce mon...
Project financing is emerging as the linchpin for the future health, direction, and momentum of the energy storage industry. Market leaders have so far relied on selffunding or captive lending arrangements to fund projects. New lenders are proceeding hesitantly as they lack a full understanding of the technology, business, and credit risks involved in this rapidly changing market. The U.S. Department of Energy is poised to play a critical role in expanding access to capital by reducing the barriers to entry for new lenders, and providing trusted analytical benchmarks to better judge and price the risk in systematic ways.
To develop your confidence in F#, this tutorial will first introduce you to simpler tasks such as curve fitting. You will then advance to more complex tasks such as implementing algorithms for trading semi-automation in a practical scenario-based format.If you are a data analyst or a practitioner in quantitative finance, economics, or mathematics and wish to learn how to use F# as a functional programming language, this book is for you. You should have a basic conceptual understanding of financial concepts and models. Elementary knowledge of the .NET framework would also be helpful.
This book offers the opportunity to study and experience advanced empi- cal techniques in finance and in general financial economics. It is not only suitable for students with an interest in the field, it is also highly rec- mended for academic researchers as well as the researchers in the industry. The book focuses on the contemporary empirical techniques used in the analysis of financial markets and how these are implemented using actual market data. With an emphasis on Implementation, this book helps foc- ing on strategies for rigorously combing finance theory and modeling technology to extend extant considerations in the literature. The main aim of this book is to equip the readers with an array of tools and techniques that will allow them to explore financial market problems with a fresh perspective. In this sense it is not another volume in eco- metrics. Of course, the traditional econometric methods are still valid and important; the contents of this book will bring in other related modeling topics tha...
The 1990s is likely to be a decade of double growth: in energy demand and environmental protection. This leads the author of this paper to ask the pertinent questions of where the money will come from, and in what form, to finance the growth in capacity to produce this energy and the technology required to produce and burn it cleanly. With a focus on Asian energy markets, this paper first illustrates the problem by describing the rapid growth of energy demand in the region. It describes the growth in Japan as well as China and the fast-growing economies of Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. Energy demand growth rates of almost 5 percent in the 1980s are expected to continue to grow at that rate at least until 2005, doubling today's level of consumption and putting the energy supply system under great strain. Because of the large sums involved, this paper pints out the necessity of inventing new, innovative devices for future fund raising. This will require the participation of institutions such as insurance companies and regional banks that have little experience in the energy field. This paper suggests that these and the established players in energy finance will have recourse to two new approaches: Build-Operate-Transfer and Trustee Borrowing schemes
Triodos Bank has more than 10 years of experience with developing and financing wind projects in the Netherlands. Over 50 Megawatt has been installed with direct involvement of the bank. The experience is both as a bank and as a venture capital fund. In this contribution the perspective will be more from a venture capital point of view than as a bank. The bank's activities in the wind energy sector started in 1986 by forming a joint venture with an engineering bureau, experienced i wind energy but not yet in developing wind projects. From 1989 onwards the joint venture started to build wind farms, both as a private company and in a joint venture with utilities. The European Investment Bank became involved with a long-term debt finance facility (15 years, fixed interest loan). The main difficulties were long-term commitments from landowners (Dike authorities) and utilities with regard to power contracts. The development got really stuck when utilities refused to pay a fair price anymore. Also, site development became more and more difficult. Even the poor technical performance improved drastically and did not frighten developers and banks too much. (author)
Christian Keuschnigg; Evelyn Ribi
In the absence of financing frictions, profit taxes reduce investment by their effect on the user cost of capital. With finance constraints due to moral hazard, investment becomes sensitive to cash-flow and own equity of firms. The impact of taxes changes fundamentally. Taxes reduce investment because they erode cash flow and, thereby, a firm's pledgeable income available for repayment to outside investors, and not because they reduce the user cost of capital. We propose a corporate finance m...
This project examines the structure of public infrastructure financing in Indonesia and examines whether financing based on Islamic principles is a feasible alternative to current financing mechanisms...
This book describes the various aspects of the film industry and the many jobs related to filmmaking, stressing that no "formula" exists for finding a successful career in the film industry. Chapters provide information on production, writing for film, cinematography, editing, music, sound, animation and graphics, acting and modeling, the "unsung…
Poon, Martha; Olen, Helaine
When economists ask questions about basic financial principles, most ordinary people answer incorrectly. Economic experts call this condition "financial illiteracy," which suggests that poor financial outcomes are due to a personal deficit of reading-related skills. The analogy to reading is compelling because it suggests that we can teach our way out of population-wide financial failure. In this comment, we explain why the idea of literacy appeals to policy makers in the advanced industrial nations. But we also show that the narrow skill set laid out by economists does not satisfy the politically inclusive definition of literacy that literacy studies fought for. We identify several channels through which people engage with ideas about finance and demonstrate that not all forms of literacy will lead people to the educational content prescribed by academic economists. We argue that truly financial literate people can defy the demands of financial theory and financial institutions. © The Author(s) 2015.
Ioan E. Nistor
Full Text Available One of the most pressing problems faced by micro, small and medium sized enterprises (henceforth SMEs in Europe is the access to sufficient funds to sustain their long term growth. Romanian SMEs make no exception. In this context the present paper focuses on analyzing the extent to which external funding sources have contributed to the value added created by the Romanian SMEs between 2007 and 2011.The investigation’s results indicate the existence of a causal link between some forms of external financing (namely bank loans, leasing, factoring, guarantee products and European funds and the value added created by the Romanian micro, small and medium sized enterprises in the aforementioned period.
Chen, Cathy; Overbeck, Ludger
This volume provides practical solutions and introduces recent theoretical developments in risk management, pricing of credit derivatives, quantification of volatility and copula modeling. This third edition is devoted to modern risk analysis based on quantitative methods and textual analytics to meet the current challenges in banking and finance. It includes 14 new contributions and presents a comprehensive, state-of-the-art treatment of cutting-edge methods and topics, such as collateralized debt obligations, the high-frequency analysis of market liquidity, and realized volatility. The book is divided into three parts: Part 1 revisits important market risk issues, while Part 2 introduces novel concepts in credit risk and its management along with updated quantitative methods. The third part discusses the dynamics of risk management and includes risk analysis of energy markets and for cryptocurrencies. Digital assets, such as blockchain-based currencies, have become popular b ut are theoretically challenging...
This presentation reviewed some of the partnership opportunities available from GE Energy. GE Energy's ecomagination commitment has promised to double research investment, make customers true partners and reduce greenhouse gases (GHGs). GE Energy's renewable energy team provides a broad range of financial products, and has recently funded 30 wind farms and 2 large solar projects. The company has a diverse portfolio of technology providers and wind regimes, and is increasing their investment in technology. GE Energy recognizes that the wind industry is growing rapidly and has received increased regulatory support that is backed by strong policy and public support. It is expected that Canada will have 3006 wind projects either planned or under construction by 2007. According to GE Energy, successful wind financing is dependent on the location of the site and its wind resources, as well as on the wind developer's power sales agreement. The success of a wind project is also determined by clear financing goals. Site-specific data is needed to determine the quality of wind resource, and off-site data can also be used to provide validation. Proximity to load centres will help to minimize capital costs. Power sales agreements should be based on the project's realistic net capacity factor as well as on the cost of the turbines. The economics of many wind farms is driven by the size of the turbines used. Public consultations are also needed to ensure the success of wind power projects. It was concluded that a good partner will have staying power in the wind power industry, and will understand the time-lines and needs that are peculiar to wind energy developers. refs., tabs., figs
Strategic finance is aligning financial decisions--regarding revenues, creating and maintaining institutional assets, and using those assets--with the institution's mission and strategic plan. The concept known as "strategic finance" increasingly is being seen as a useful perspective for helping boards and presidents develop a sustainable…
drs. Ewoud Jansen
The book is about finance and accounting, subjects widely discussed in many other books. What sets this book apart from most others is that it discusses all the basic aspects of finance and accounting in one single textbook. Three areas of interest are discussed: Financial Management; Management
Klompjan, R.; Wouters, Marc
Understanding default risk in project finance is relevant to investors. This article investigates which factors are most strongly associated with the occurrence of project finance default, using data from 210 projects, of which 37 were in default. The authors found that the use of proven technology,
Berlinger, Edina; Badics, Milán; Banai, Ádám; Daróczi, Gergely; Dömötör, Barbara; Gabler, Gergely; Havran, Dániel; Juhász, Péter; Margitai, István; Márkus, Balázs; Medvegyev, Péter; Molnár, Julia; Szucs, Balázs Árpád; Tuza, Ágnes; Vadász, Tamás; Váradi, Kata; Vidovics-Dancs, Ágnes
This book is intended for those who want to learn how to use R's capabilities to build models in quantitative finance at a more advanced level. If you wish to perfectly take up the rhythm of the chapters, you need to be at an intermediate level in quantitative finance and you also need to have a reasonable knowledge of R.
Croci, Ettore; Doukas, John A.; Gonenc, Halit
This study uses a comprehensive European dataset to investigate the role of family control in corporate financing decisions during the period 1998-2008. We find that family firms have a preference for debt financing, a non-control-diluting security, and are more reluctant than non-family firms to
This textbook emphasizes the applications of statistics and probability to finance. Students are assumed to have had a prior course in statistics, but no background in finance or economics. The basics of probability and statistics are reviewed and more advanced topics in statistics, such as regression, ARMA and GARCH models, the bootstrap, and nonparametric regression using splines, are introduced as needed. The book covers the classical methods of finance such as portfolio theory, CAPM, and the Black-Scholes formula, and it introduces the somewhat newer area of behavioral finance. Applications and use of MATLAB and SAS software are stressed. The book will serve as a text in courses aimed at advanced undergraduates and masters students in statistics, engineering, and applied mathematics as well as quantitatively oriented MBA students. Those in the finance industry wishing to know more statistics could also use it for self-study. David Ruppert is the Andrew Schultz, Jr. Professor of Engineering, School of Oper...
Private financing is the latest mark of the privatisation of global governance. The implementation of international agreements in the fields of environment, climate change and development has always been supported by public finance from developed countries. This tradition is broken by a
For most of the people the prohibition on interest is the well known part of Islamic finance. Indeed, the concept of Islamic finance was not being discussed enough till financial crisis, after crisis it started to be seen as an alternative financial system for conventional finance. Sharing the risks is the main concept of Islamic finance and one of the main differences between conventional and Islamic finance. Depositors/savers do not bear any risk in conventional finance however Islamic fina...
The finance sector is one of the driving forces for the use of distributed or Grid computing for business purposes. The speakers will review the state-of-the-art of high performance computing in the financial sector, and provide insight into how different types of Grid computing – from local clusters to global networks - are being applied to financial applications. They will also describe the use of software and techniques from physics, such as Monte Carlo simulations, in the financial world. There will be four talks of 20min each. The talk abstracts and speaker bios are listed below. This will be followed by a Q&A panel session with the speakers. From 19:00 onwards there will be a networking cocktail for audience and speakers. This is an EGEE / CERN openlab event organized in collaboration with the regional business network rezonance.ch. A webcast of the event will be made available for subsequent viewing, along with powerpoint material presented by the speakers. Attendance is free and open to all. R...
This article discusses women's rights to inherit land, the impact of flexible loan schemes for women, and the paucity of available loan schemes for women. The poor without land ownership have many problems obtaining credit for shelter from conventional finance markets. The poor must limit loans to small amounts that banks do not want to bother with. Eligibility criteria for loans usually require collateral, such as a high and regular income, savings, or land. The poor, and particularly poor women, cannot acquire credit or can do so only through a husband or male relative. Female heads of households are discriminated against when the man is assumed to be the major income source. Most housing purchases in developing countries are made through cash payments from family savings or informal loans. Even small loans may place a heavy burden on women. The author gives several examples of credit groups and their success in generating income and housing security. There remains a need to provide training and education for women and to improve women's access to credit and land. Information should be available to women on how to obtain credit. Governments and nongovernmental organizations have a responsibility to provide support for women's efforts to provide housing and support for their families.
Full Text Available Healthcare in Poland is mainly financed by public sector entities, among them the National Health Fund (NFZ, state budget and local government budgets. The task of the National Health Fund, as the main payer in the system, is chiefly currently financing the services. The state budget plays a complementary role in the system, and finances selected groups of services, health insurance premiums and investments in healthcare infrastructure. The basic role of the local governments is to ensure access to the services, mostly by performing ownership functions towards healthcare institutions.
Ben Jelili, Riadh; Abdmoulah, Walid
Based on Aghion et al. (2005), this article provides new insights regarding whether financial development can affect economic growth non-linearly by adopting the concept of threshold effects. The empirical approach adopted in this article allows for the finance-growth relationship to be piecewise linear with a set of indicators including access to finance acting as a regime-switching trigger. Using cross-country observations from 144 countries stretching from 1985 to 2009, strong evidence of ...
provides an overview of financing strategies and highlights a community that leveraged Clean Water State Revolving Fund (CWSRF) resources for a flood mitigation project that provided multiple economic, environmental, and social benefits.
David Cantarero Prieto
Full Text Available The present paper has as objective to study the whole relative problem to the autonomous communities and regional heath care expenditure financing in Spain. This article has a dual purpose. First, the financing of the current health care attendance is approached in the Spanish regions passing magazine to its possible variants and we observe that the balance of our system is clearly inclined towards the side of the integration in the general pattern of financing («Fiscal Room» with specific conditions («Mixed System». Secondly, we examine the new situation in the mark of health care and its corresponding financing in the new model approved in 2001, in terms of the effects of tax assignment on autonomous communities.
Its time to rethink how we fund transportation infrastructure because most transportation : experts agree: theres a transportation funding and financing crisis looming. : Projected revenues from current sources of transportation funding will am...
Maymin, Philip Z.
Finance has benefited from the Wolfram's NKS approach but it can and will benefit even more in the future, and the gains from the influence may actually be concentrated among practitioners who unintentionally employ those principles as a group.
Vito Tanzi; Hamid R Davoodi
The paper discusses some channels through which corruption affects growth such as the impact of corruption on enterprises, on the allocation of talent, and on investment. It also discusses the impact of corruption on some aspects of public finance.
UNEP’s Adaptation Gap Report series focuses on Finance, Technology and Knowledge gaps in climate change adaptation. It compliments the Emissions Gap Report series, and explores the implications of failing to close the emissions gap. The report builds on a 2014 assessment by the United Nations...... Environment Programme (UNEP), which laid out the concept of ‘adaptation gaps’ and outlined three such gaps: technology, finance and knowledge. The 2016 Adaptation Gap Report assesses the difference between the financial costs of adapting to climate change in developing countries and the amount of money...... and highlights challenges associated with measuring progress towards fulfilling the adaptation finance gap, while informing national and international efforts to advance adaptation. It analyses the ‘adaptation finance gap’ against the background of the provisions laid out in the Paris Agreement, and benefits...
Laville, Dorine; Phantharangsi, Maryvonne; Monnoyer-Smith, Laurence; Demeulenaere, Laurence; Lequeux, Typhaine; Cuny, Alicia
As for the French Ministry of the Environment, participatory financing can be an innovating and mobilising tool to finance projects related to the energy and ecological transition, and as such a financing is promoted by the law on energy transition for a green growth, this publication presents this type of financing. It evokes its legal framework, its different forms (loan to companies, loan to individuals, gift, capital investment), its safe legal framework (definition of different types of status). It outlines how it can be a lever for energy and ecological transition even if green projects are difficult to quantify. It evokes the future introduction of a label, and the introduction of legal and regulatory measures to develop the renewable energy sector
Rodriguez Osuna, V.; Vorosmarty, C. J.; Koehler, D.; Klop, P.; Spengler, J.; Buonocore, J.; Cak, A. D.; Tessler, Z. D.; Corsi, F.; Green, P. A.; Sánchez, R.
Sustainable investment is confronting a period of rapid growth and fundamental change. However, the methods used to evaluate corporate sustainability are failing to keep pace with this new reality. In contrast to the 1990s when corporate data on pollution or occupational health were not available in the public domain, today's investors can take advantage of rich data streams, owing to voluntary corporate disclosures of their business practices. Yet, the data companies declare are hardly standardized, difficult to verify, and thus run the risk of creating unreliable assertions, a form of "green-washing". A partnership comprising a pension fund, an asset manager and two research universities has created a science-based approach to quantify context and place it into a decision-making framework for investors. We have tested this framework on US$2.5 billion of assets held by a large European pension fund with an initial focus on four domains—water, climate change, human health and food security. Our standardized metrics enable coherent comparison of individual company and portfolios over time. To place a company's impact on water systems or climate change into context requires geographically co-locating company operations, combining these with estimates of industrial emissions or mitigation potential, baseline Earth system science data and geopolitical and demographic statistics. Recent developments regarding the Paris Accord are a warning that progress toward a sustainable future requires rethinking the roles that the public and private sectors can play in effecting meaningful change. The finance sector, if given the proper guideposts, could rapidly transform fraught public policy challenges like climate adaptation or the global loss of biodiversity into business opportunities. By utilizing a science-based yardstick to evaluate and compare companies on the basis of their impacts, attention could be drawn to companies that are verifiably contributing to sustainability.
Aastrand, C.; Mose, O.; Sorensen, B.
The past 20 years of wind energy experience in Denmark has primarily been based upon three financing schemes, tailored to individually owned, guild owned and utility owned wind turbines. The merits of and problems with these schemes are discussed, as well as their relations to specific legislation regarding e.g. taxation. It is finally explored, whether new forms of organisation, valuation and financing may be needed. (author)
Smith, D G; Wheeler, J R
The connection between the finance function and strategy in health systems is explored through discussions with chief financial officers (CFOs). The integration of finance into strategy is explored through the use of balanced scorecards, strategic investments and the analysis of core competencies and core enterprises. Divestiture of investments in health plans, physician practices and long-term care facilities is common, while outsourcing activity is increasing.
Joshua Coval; Jakub Jurek; Erik Stafford
This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known as tranches, against these collateral pools. As a result of the prioritization scheme used in structuring claims, many of the manufactured tranches are far safer than the average asset in the underlying pool. This ability of st...
The distinction between development assistance and climate finance is driven by an optic of compensation largely derived from the 'polluter pays' principle. For practical as well as conceptual reasons, this principle provides a weak basis for climate finance. The distinction also cuts against the need to holistically consider developmental, adaptation, and mitigation policies and naturally focuses on government-to-government flows despite the manifest need to catalyse non-official sources of ...
... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Finance charge. 226.4 Section 226.4 Banks and... LENDING (REGULATION Z) General § 226.4 Finance charge. (a) Definition. The finance charge is the cost of...) Charges by third parties. The finance charge includes fees and amounts charged by someone other than the...
King, Elizabeth; Patrinos, Harry; Rogers, Halsey
The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing…
IDAE (Institute of Energy Saving and Diversification) Hosted the Third party on financing renewable energy sources. The meeting was articulated into chapters: 1.- Experiences in the renewable energy field. 2.- Third party financing of small hydro-power projects. 3.- Third party financing of biomass projects. 4.- Third party financing of wind energy projects
... broadband loans to finance broadband facilities leased under the terms of a capital lease as defined in generally accepted accounting principles. RUS will not make a broadband loan to finance facilities leased... Facilities financed. (a) RUS makes broadband loans to finance the construction, improvement, and acquisition...
Bond, Gary; Carter, Laurence
This paper provides an overview of the recent trend towards private ownership and financing of power projects in the developing countries, focusing on the role played by both private and public agencies in meeting the large financing challenges. The paper draws upon the operational experience of the International Finance Corporation, which has been involved in the financing of more than 30 private power projects in the developing countries over the past three decades. Among the issues that affect implementation of private power projects is the balancing of risk and reward to equity investors and to commercial lenders. The paper discusses the principal sources of risk and the strategies used to manage them. A related issue is the competition for capital on the international markets, and the techniques that are being devised to bring more finance to the power sector. Finally, the paper considers the role of government in bringing private investors to the power sector, and the approaches being adopted to balance the needs of investors with the needs of the public. (author)
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. (orig.)
Lee, Sangkeun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Shankar, Mallikarjun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Zeng, Claire [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hendrickson, Stephen [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)
The Office of Energy Policy and Systems Analysis s finance team (EPSA-50) requires a suite of automated applications that can extract specific data from a flexible data warehouse (where datasets characterizing energy-related finance, economics and markets are maintained and integrated), perform relevant operations and creatively visualize them to provide a better understanding of what policy options affect various operators/sectors of the electricity system. In addition, the underlying data warehouse should be structured in the most effective and efficient way so that it can become increasingly valuable over time. This report describes the Energy Finance Data Warehouse (EFDW) framework that has been developed to accomplish the defined requirement above. We also specifically dive into the Sankey generator use-case scenario to explain the components of the EFDW framework and their roles. An excel-based data warehouse was used in the creation of the energy finance Sankey diagram and other detailed data finance visualizations to support energy policy analysis. The framework also captures the methodology, calculations and estimations analysts used for the calculation as well as relevant sources so newer analysts can build on work done previously.
Full Text Available The reasons for dealing with the chosen topic can be found in the fact that there is a certain number of anomalies, system errors and conduct leaving the frames of rational behaviour, not being included and presented synthetically within a concise scientific work. Instead, the analysis deals with definite, already identified postulates of behavioural economics and finance. During the research, induction, deduction, comparative and abstraction methods are used. The challenge of the research lies in the identification of those system errors, partialities and behaviours deviating from postulates of rational, typical for classical finance, not being covered by standard behavioural, economic and finance literature. However, the challenge is even bigger because of the fact that it deals with answers to demands of universality and conciseness. Its greatest importance is reflected in the extent of identified and processed anomalies decision makers face, as well as in the identification and description of factors implying absence of rationality during the decision making process.
As the financing emerged during the Paris COP21 and in IPCC reports as a need as well as a mean to act against climate change, the author first discusses the issue of the cost of adaptation and of its financing. She also discusses whether mitigation costs would result in destabilising financial flows. She comments the possible stronger decline of investments in fossil energies, and addresses the problem of fund raising for adaptation and mitigation. She discusses the possibility of a pricing action (notably regarding CO 2 ) to constrain economic actors, and the necessity of a re-assessment of the carbon risk
Compton, Clark W.
Designed to assist established businesspeople with the development of a loan proposal, this workbook offers information on sources of financing and step-by-step guidance on applying for a loan. After chapter I discusses borrowers' and lenders' attitudes towards money, chapter II offers suggestions for determining financial needs. Chapter III lists…
Chai, David; Garcia, Alejandro L.
Animation has become enormously popular in feature films, television, and video games. Art departments and film schools at universities as well as animation programs at high schools have expanded in recent years to meet the growing demands for animation artists. Professional animators identify the technological facet as the most rapidly advancing (and now indispensable) component of their industry. Art students are keenly aware of these trends and understand that their future careers require them to have a broader exposure to science than in the past. Unfortunately, at present there is little overlap between art and science in the typical high school or college curriculum. This article describes our experience in bridging this gap at San Jose State University, with the hope that readers will find ideas that can be used in their own schools.
Full Text Available This paper presents some modalities and financing forces for business, getting out in the first place the entrepreneur ingenuity for finding these sources of financing necessary for the business success. Also get some contributions and proposals regarding the criteria’s of which the entrepreneur must be take care in choosing the financial sources, for preparing the finance pack and presenting the financing demands, which good documented, not only grows up the chances of one financing but also can lead to fix some relations on long time with financing source.
G. Baltussen (Guido)
textabstractThis thesis applies insights from psychology and other behavioral sciences to overcome the shortcomings of the traditional finance approach (which assumes that agents and markets are rational) and improves our understanding of financial markets and its participants. More specific, this
Items 1 - 16 of 16 ... It seeks to encourage thinking among academics, practitioners and policy makers in the fields of Accounting and Finance, Economics, Business Management, and Public Administration and Development Management. Equally important, its main mission is to stimulate research-based and inter- and ...
Californians are very concerned about funding for their K-12 public schools. They consistently say that K-12 education should be protected from spending cuts over and above any other area of the state budget. California's system of school finance is in trouble. Many studies have found it to be inequitable, with wide variation in per-pupil funding.…
This paper dissects the financial crisis through an analysis of financial development in Ireland. Although a single system, Irish finance is split in two. Illustrative of national financial developments, this paper details how public officials aimed to create a financial center in Cork. Exemplifying
The author proposes four guideposts for efficient low carbon finance: remove subsidies for high-carbon technologies, improve the cost-effectiveness of low-carbon subsidies, encourage private sector innovation and maintain transparent public policy tools that support cost-benefit accounting
The purpose of the Act is to enable British Nuclear Fuels Limited to make borrowings backed by Government guarantees in order to finance its ten year investment programme. More specifically, the Act raises the financial limit applicable to British Nuclear Fuels Limited from pound 500 million to pound 1,000 million. (NEA) [fr
Adams, Matthew C.
Examines off-balance sheet financing, the facilities use of outsourcing for selected needs, as a means of saving operational costs and using facility assets efficiently. Examples of using outside sources for energy supply and food services, as well as partnering with business for facility expansion are provided. Concluding comments address tax…
This dissertation studies how locality, in the form of inequality, historical events and regulation matter for financial outcomes. The first two chapters, joint with Fabio Braggion and Steven Ongena, shed light on how local inequality can affect the financing choices of start-up firms and
Drs. Ewoud Jansen
Most Corporate Finance textbooks are 1,000 pages in length or more. And indeed, it is a multifaceted discipline that requires detailed coverage of many ideas and principles. However, the basics can be outlined in a much more condensed manner and there aren’t many books out there that cater to the
One could argue that CDSs improve risk sharing, hence credit supply and financing terms for firms. Accordingly, one would expect risky borrowers to benefit the most from CDS insurance. This is in contrast, however, with recent empirical evidence (Ashcraft and Santos (2009) and Hirtle (2009)). This
This thesis focuses on the three major participants in pension finance, namely, pension funds, individuals, and sponsoring companies. In the light of the fragile financial market performance, prudential regulatory rules, including Value-at-Risk (VaR) constraints, are imposed widely all over the
Drs. Ewoud Jansen
Finance and accounting behandelt in een boek de essentiele aspecten van drie disciplines: financieel management, management accounting en financial accounting. Dit maakt Finance and accounting tot een breed en waardevol engelstalig naslagwerk.
Items 1 - 16 of 16 ... Archives: African Journal of Finance and Management. Journal Home > Archives: African Journal of Finance and Management. Log in or Register to get access to full text downloads.
The Water Infrastructure and Resiliency Finance Center serves as a resource to communities to improve their wastewater, drinking water and stormwater systems, particularly through innovative financing and increased resiliency to climate change.
Luiz Henrique Herling
Full Text Available This study aims to show how they are organized studies in financial management and what is the paradigm that support the theories presented until today, contextualizing how financial management is organized within the science of Directors in historical and evolutionary terms . Based on the decisions of the financial manager of investment , financing and operations , the study seeks to show that the philosophical basis that supports the theories developed . Yet for better understanding separates financial management in personal finance , financial markets and corporate finance , the latter being the main focus of the study . In the literature we can divide and stratify studies in corporate finance for a better understanding . By analyzing under an evolutionary approach notes a growing chains in other studies in finance , such as public finance, behavioral finance and here called green finance.
Literature was reviewed to appraise the advantages and disadvantages of each financing mechanism evaluated, and, where applicable, highlight examples of their use in Oregon. Financing mechanisms were then assessed for suitability for funding intercha...
T. Wang (Teng)
markdownabstract__Abstract__ This dissertation bundles three empirical studies in the area of corporate finance and banking. These studies investigate corporates’ financing activity with a special focus on the interaction between the banking industry and corporate borrowers. By showing how
Bobby Yulandika Putra
Full Text Available Objective – Poverty is one of the most fundamental issues that still surround the life of 29.89 million people of Indonesia (National Statistical Bureau data from January 2, 2012. During this time, the pattern of poverty alleviation programs undertaken by the government is a pattern of generosity. This pattern can directly exacerbate the poor morals and behavior. Ideally, poverty alleviation efforts are made by concrete steps, which empower poor `communities themselves.In line with the theme of this research, one of the financial institutions (non-Banks who cares and has the spirit to empower people to overcome poverty is Mitra Bisnis Keluarga (MBK. This study aimed to assess the financial risks and operational risks of implementation of Grameen Bank financing concept in MBK.Methods - The method used in this research is literature review and qualitative descriptive study using actual MBK data.Results - Results from this research showed that products with the concept of Grameen Bank financing is relatively safe in the terms of the financing risk, but requires more attention on operational risk and which can be implemented for large-scale poverty alleviation program.Conclusion - The data showed that the risk of financing given to the poor (without collateral is minimal and MBK actual data shows that the Operational self-sufficiency is relatively high at> 90% Keywords : MBK, Grameen Bank, Poverty
Financing for power generation projects in the developing countries of the world has been provided by the United States Export-Import Bank. The loans provided by its new Project Finance Division, totalling $8.3 billion are described. The future of project financing for the power generation industry should, it is argued, rest not with government financing agencies, but with private sector financial markets. (UK)
This work consists of two essays on law and finance in international trade. It addresses the means of raising funds for investment through receivables financing and project finance. The first essay discusses the role of receivables financing and in particular factoring in international trade. It examines the nature of factoring transactions and presents the efforts at regulation on an international level aimed at overcoming the difficulties in enforcement. The second essay discusses project f...
Hoadley, Susan; Kyng, Tim; Tickle, Leonie; Wood, Leigh N.
Finance threshold concepts are the essential conceptual knowledge that underpin well-developed financial capabilities and are central to the mastery of finance. In this paper we investigate threshold concepts in finance from the point of view of students, by establishing the extent to which students are aware of threshold concepts identified by…
The study was on cooperative societies financing of agricultural enterprises in Mbaise Area of Imo State, Nigeria. The objectives includes, identification of sources of finance for the cooperative societies and types of agricultural enterprises financed, profitability of the enterprises and the members or loan beneficiaries ...
Atkinson, Glen W.; Sears, Thomas A.
Nevada is simultaneously undergoing tax reforms and attempts to achieve educational equity in school finance. This paper gives the background and history of Nevada's school finance system and assesses the impact of recent tax reforms. The authors first review Nevada's population, enrollment, and conditions of school finance before tracing the…
Developing economies face a gigantic lack of financing for urbanization due to the absence of formal and transparent property markets. The paper discuss the interference between mortgage finance and collateral security by using the Danish mortgage financing model as an example, because of its 200...
Holman, Lance S.
Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…
Deze publicatie van het Amsterdam Center for Corporate Finance in haar discussiereeks ‘Topics in Corporate Finance’ gaat over de financiële crisis. Dat het financiële systeem het afgelopen jaar enige schrammetjes heeft opgelopen is een understatement. Het financiële stelsel staat onder druk. Grote
Parke, Frederic I
This comprehensive work provides the fundamentals of computer facial animation and brings into sharper focus techniques that are becoming mainstream in the industry. Over the past decade, since the publication of the first edition, there have been significant developments by academic research groups and in the film and games industries leading to the development of morphable face models, performance driven animation, as well as increasingly detailed lip-synchronization and hair modeling techniques. These topics are described in the context of existing facial animation principles. The second ed
Since the early seventies, the Dresdner Bank AG has been intensively engaged in financing nuclear power plants, e.g., the Muelheim-Kaerlich Nuclear Power Station currently down because of legal technicaltities. The bank has also been involved in other large-scale projects in the energy sector and, in addition, has conceptually accompanied the stages of the nuclear fuel cycle, such as enrichment, fuel element fabrication, and reprocessing. However, for political reasons it has not been possible to carry out these projects and finance them in the Federal Republic. With appropriate modifications, these financial models can also be transferred to international projects; after all, the enrichment sector has always been characterized by trilateral ventures. (orig.) [de
This chapter focuses on risk management of merchant power generation projects and describes project finance as balancing risk and reward over time. The historical background to risk management is traced, and the case for derivatives in energy project finance is put forward with the hedging of forward output, and forwards and power purchase agreements discussed. Current and prospective usage, and the implementation issues of market liquidity, margin calls, letters of credit, derivative counterparty credit risk, and accounting policy are considered. A detailed example of a gas-fired plant in the US is presented with details given of the distribution of project earnings before tax. Oil field operating cashflows are examined, with reserved flow models, leverage effects, and price hedging addressed
Ludkovski, Michael; Sircar, Ronnie
This volume is a collection of chapters covering the latest developments in applications of financial mathematics and statistics to topics in energy, commodity financial markets and environmental economics. The research presented is based on the presentations and discussions that took place during the Fields Institute Focus Program on Commodities, Energy and Environmental Finance in August 2013. The authors include applied mathematicians, economists and industry practitioners, providing for a multi-disciplinary spectrum of perspectives on the subject. The volume consists of four sections: Electricity Markets; Real Options; Trading in Commodity Markets; and Oligopolistic Models for Energy Production. Taken together, the chapters give a comprehensive summary of the current state of the art in quantitative analysis of commodities and energy finance. The topics covered include structural models of electricity markets, financialization of commodities, valuation of commodity real options, game-theory analysis of ...
problem may reveal or create additional problems. As such, it is essential that the problem is exam - ined not as a stand-alone subject, but in the...terrorist finance could not be looked at in isolation. It is this realization that gave birth to the term “threat finance” which exam - ines not only...Newsletter, Charlottesville, VA: University of Virginia, 2001, available from www.virginia.edu/ soa - sia/newsletter/Fall01/warfare.html, accessed on October
The Department for International Development (DFID), through its Renewable Natural Resources Knowledge Strategy (RNRKS), emphasizes demand-led research and a clear identification of uptake pathways in research design and implementation. These guidelines aim to provide RNRKS programme managers and project managers with sufficient information on rural finance to judge the extent to which project design may have to take it into account. This includes in particular the possibility that the charac...
Christopher L. Gilbert
The term “anomaly” played a crucial role in Thomas Kuhn’s characterization of scientific progress. For Kuhn, an anomaly is a puzzle which challenges an accepted paradigm. Puzzles only achieve anomalous status once an alternative paradigm becomes available which allows explanation of the puzzle. Anomalies were introduced into the finance literature by Michael Jensen but more as resolvable puzzles than Kuhnian anomalies. They entered economics via Richard Thaler who saw behavioural economics as...
Montero Torralbo, Miquel; Kohatsu-Higa, Arturo
In this article, we give a brief informal introduction to Malliavin Calculus for newcomers. We apply these ideas to the simulation of Greeks in Finance. First to European-type options where formulas can be computed explicitly and therefore can serve as testing ground. Later, we study the case of Asian options where close formulas are not available, and we also open the view for including more exotic derivatives. The Greeks are computed through Monte Carlo simulation.
Mathematical finance explores the consistency relationships between the prices of securities imposed by elementary economic principles. Commonplace among these are replicability and the absence of arbitrage, both essentially algebraic constraints on the valuation map from a security to its price. The discussion is framed in terms of observables, the securities, and states, the linear and positive maps from security to price. Founded on the principles of replicability and the absence of arbitr...
Kenna, Joshua L.; Waters, Stewart
Geography is a fun and exciting discipline involving the interrogation of place and space. Film is a powerful and meaningful tool, which also transmits perceptions of place and space. Therefore, this article builds a rationale for utilizing film in the teaching of geography, particularly animated film. Next, it discusses two classroom-tested…
S. S. Seryohin
Full Text Available Abstract Revealed the essence of local finance manifested in economic relations, and their structure is a combination of local budgets, special purpose budget funds; budget funds of local governments; public funds of funds banks if their share capital formed at the expense of local governments; fund municipal enterprises, institutions and organizations. The analysis on fundamental scientific research on local budgets.Defined-purpose local governments.Systematized theoretical definition of municipal finances. Formed impact of reform of local finance to ensure the improvement of socio-economic status of the region to the European Union for more confident of Ukraine’s integration into Europe. Found that implementing fiscal policy in terms of spending, local authorities are guided by the priorities of socio-economic development of the region or administrative unit in line with national principles defined government policy document. Discovered topical issues of local budgets as the existence of significant differences in the regulatory and legislative framework - the excessive centralization of local budgets unstable sources of local revenues inadequacy of intergovernmental relations. It was found that to radically change the existing system of functioning of local budgets, as required considerable time gap and improving the theoretical and methodological and regulatory framework of the local budgets.
Bartholdy, Jan; Mateus, Cesario; Olson, Dennis
breakpoint tests to identify when firms switch between funding sources by examining the change in each funding source based on the financing deficit remaining after the previous pecking order funding source has been used. Our tests indicate that Portuguese companies generally move from lower cost to higher...... cost financing sources, but they do not exhaust each type of debt before moving on to the next funding source in the pecking order. Such behavior is consistent with a loose interpretation of pecking order financing, but not a strict interpretation of the theory. Instead, Portuguese firms may...... be balancing pecking order financing with a need to maintain some degree of financing flexibility....
Full Text Available Following the terrorist attacks in the USA on September 11th, 2001, it was discovered that money laundering was a significant source of finance for terrorists. Although, the amount of money that involve is not as involve as in drug and gun trafficking, terrorist financing had been the most important substance to be monitor. Further, various legal measures have been taken internationally in order to combat terrorist financing. This research analyses the legal measures that have been taken internationally and at EU level to combat terrorist financing. Key words: Money Laundering, Terrorist Financing, International Legal measures, EU.
Full Text Available This article presents a study of internationalisation and the financing options of Ghanaian small and medium scale nontraditional exporters. The article also examines how the age and size of an organisation affect the choice of financing. The results show a positive association between debt financing and the age of an organisation. Over time, organisations become more acceptable investments to lenders, and consequently older organisations are more likely to obtain debt financing than their younger counterparts. With respect to size, the results again indicate that larger organisations are more likely to receive debt financing. The results also show a positive relationship between degree of internationalisation and debt financing. The results suggest that as organisations engage more in international activities, they employ more debt but use less of equity financing. This is explained by the fact that organisations involved in international business tend to be more diversified and, as such, are capable of accommodating more debt capital
One of the challenges facing Clean Development Mechanism (CDM) projects today is their limited ability to secure financing for the underlying greenhouse gas emission reduction activities, particularly in the least developed countries. Among the key reasons for this is the fact that most financial intermediaries in the CDM host countries have limited or no knowledge of the CDM Modalities and Procedures. Moreover, approaches, tools and skills for CDM project appraisal are lacking or are asymmetrical to the skills in comparable institutions in developed countries. Consequently, developing country financial institutions are unable to properly evaluate the risks and rewards associated with investing or lending to developers undertaking CDM projects, and therefore have, by-and-large, refrained from financing these projects. In addition, some potential project proponents lack experience in structuring arrangements for financing a project. This Guidebook - commissioned by the UNEP Risoe Centre as part of the activities of the Capacity Development for CDM (CD4CDM) project (http://www.cd4cdm.org) - addresses these barriers by providing information aimed at both developing country financial institutions and at CDM project proponents. It should be noted that while the Guidebook was developed particularly with the CDM in mind, most sections will also be relevant for Joint Implementation (JI) project activities. For more detailed information on JI modalities and procedures please consult: http://ji.unfccc.int The purpose of this Guidebook is two-fold: 1) To guide project developers on obtaining financing for the implementation of activities eligible under the CDM; and 2) To demonstrate to developing country financial institutions typical approaches and methods for appraising the viability of CDM projects and for optimally integrating carbon revenue into overall project financing. The target audiences for the Guidebook are therefore, primarily: 1) CDM project proponents in
Halas, John; Manvell, Roger
Thanks to film, graphic artists can now create over time as well as in space. An essay discusses the influence of cinema on still paintings (e.g., Duchamp's "Nude Descending a Staircase" and the increasing combination of animation and live action in films. New techniques that are available in animation and in special visual effects are explained,…
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board oversight. 985.4 Section 985.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE THE OFFICE OF FINANCE § 985.4 Finance Board oversight. (a) Oversight and enforcement actions. The Finance Board shall have the same regulatory...
..., Finance Board, Office of Finance, United States and Federal Reserve Banks; rights of any Person against Banks, Finance Board, Office of Finance, United States and Federal Reserve Banks. 987.2 Section 987.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE BOOK-ENTRY PROCEDURE FOR CONSOLIDATED...
Zikusooka, C M; Kyomuhang, R; Orem, J N; Tumwine, M
Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing landscape and documents the key equity issues associated with the current financing mechanisms. We extensively reviewed government documents and relevant literature and conducted key informant interviews, with the aim of assessing whether Uganda's health care financing mechanisms exhibited the key principles of fair financing. Uganda's health sector remains significantly under-funded, mainly relying on private sources of financing, especially out-of-pocket spending. At 9.6 % of total government expenditure, public spending on health is far below the Abuja target of 15% that GoU committed to. Prepayments form a small proportion of funding for Uganda's health sector. There is limited cross-subsidisation and high fragmentation within and between health financing mechanisms, mainly due to high reliance on out-of-pocket payments and limited prepayment mechanisms. Without compulsory health insurance and low coverage of private health insurance, Uganda has limited pooling of resources, and hence minimal cross-subsidisation. Although tax revenue is equitable, the remaining financing mechanisms for Uganda are inequitable due to their regressive nature, their lack of financial protection and limited cross-subsidisation. Overall, Uganda's current health financing is inequitable and fragmented. The government should take explicit action to promote equitable health care financing by establishing pre-payment schemes, enhancing cross-subsidisation mechanisms and through appropriate integration of financing mechanisms.
Squadron, W.F.; Ward, C.O.; Brown, M.H.
A multitude of alternative fuels could reduce air pollution and the impact of oil price shocks. Only a few of these fuels are readily available and inexpensive enough to merit serious consideration over the coming five years. In New York City, safety regulations narrow the field still further by eliminating propane. As a result, this study focuses on the three alternative fuels readily available in New York City: compressed natural gas, methanol, and electricity. Each has significant environmental benefits and each has different cost characteristics. With the Clean Air Act and the National Energy Strategy highlighting the country's need to improve urban air quality and move away from dependence on imported fuels, fleets may soon have little choice but to convert to altemative fuels. Given the potential for large infrastructure and vehicle costs, these fleets may have difficulty finding the capital to make that conversion. Ultimately, then, it will be the involvement of the private sector that will determine the success of alternative fuels. Whether it be utilities, fuel distributors or suppliers, private financing partners or others, it is critical that altemative fuels programs be structured and planned to attract their involvement. This report examines financing methods that do not involve government subsidies. It also explores financing methods that are specific to alternative fuels. Bond issues and other mechanisms that are used for conventional vehicles are not touched upon in this report. This report explores ways to spread the high cost of alternative fuels among a number of parties within the private sector. The emphasis is on structuring partnerships that suit methanol, electric, or natural gas vehicle fleets. Through these partnerships, alternative fuels may ultimately compete effectively against conventional vehicle fuels
This dissertation uses mathematical techniques to solve three problems in mathematical finance. The first two problems are on model-independent pricing and hedging of financial derivatives. We use asymptotic expansions to express derivative prices and implied volatilities. Then just by using the first few terms in the expansions, we get simple and accurate formulas, which can also help us find connections between different products. The last problem is on optimal trading strategies in a limit order book. Under a very general setup, we solve explicitly for a dynamic decision problem involving choosing between limit order and market order.
Nuclear Research Reactors sometimes need to implement projects to upgrade, revamp or convert their reactor, acquire new fuel elements, etc. However, as their activities are mainly of noncommercial nature, they sometimes lack of financial resources to implement these projects by themselves. Several solutions exist: loans, governmental budget, subsidies from international organizations (IAEA). Offsets are another source of financing. They also are free of charge for the reactor. The objective of offsets is to Identify, implement and finance projects that: directly create or sustain a local economic activity of high-added value, would not have happened without the Obligor's intervention, and are of crucial importance given the country's political background (favor employment, technology transfers, training and education, research and development, etc.). Companies worldwide are willing to finance local projects to fulfill their Offset Obligation. Local organizations or institutions are willing to invest to increase their activities but lack of financial resources. Offset regulations are an opportunity on both sides and are free for the local organization. The monetary value of an Offset obligation is calculated as a percentage of the main contract price (or as a percentage of the imported part value). That percentage depends on the Country's legislation and on the nature of the main contract (defense or civilian). This value has to be compensated by an equivalent economic value (a Project's cost is different from its value). There is two ways of assessing a value: - Political aspects: The Project is of political importance for the country (development of an export capability, technology and/or know-how transfers) and the project in line with the country's political priorities (employment, research, international presence, etc.). - Economic benefits: the project directly sustains or creates additional activities, turnover, R and D, employment, etc. It benefits directly
Howe, K.M.; Rasmussen, E.F.
Students will find this presentation of the economic and institutional arrangements that surround the area of public utilities helpful in understanding current regulations and possibly suggesting solutions for future problems. The eight sections of the text cover: (1) an introduction to the nature and types of services provided by public utilities; (2) economic characteristics; (3) legal concepts; (4) traditional issues in regulation; (5) independent regulatory commissions; (6) a critique of public-utility regulation; (7) pricing and the regulation of consumer demand; and (8) capital budgeting and finance. 490 references, 37 figures, 38 tables. (DCK)
Olsson, I.A.S.; Sandøe, Peter
in research is analyzed from the viewpoint of three distinct ethical approaches: contractarianism, utilitarianism, and animal rights view. On a contractarian view, research on animals is only an ethical issue to the extent that other humans as parties to the social contract care about how research animals...... are faring. From the utilitarian perspective, the use of sentient animals in research that may harm them is an ethical issue, but harm done to animals can be balanced by benefit generated for humans and other animals. The animal rights view, when thoroughgoing, is abolitionist as regards the use of animals...
Jechoutek, K.G.; Lamech, Ranjit
This paper argues that it is necessary to raise the eyes from the current focus on independent power projects, buttressed by guarantees, to the longer horizon of electric power financing in open markets. Transitional strategies will need to move beyond the commonly seen IPP activity that occurs without fundamental sector reform, and demand-side incentives that introduce further market distortions. These efforts will have to focus on macroeconomic stabilization, removal of price distortions, as well as sector and corporate reform. Mobilization of domestic capital will be essential for sustainable sector financing. Although guarantees to encourage power sector investment can be designed to selectively cover risks, their elimination through fundamental sector reform should be the ultimate goal. Over the longer-term traditional corporate finance should become a more common financing strategy than project finance. Innovations in performance risk management and consumer credit will be crucial to the financing of energy efficiency. (author)
Waste disposal is modelled as a financial calculus. In this connection the particularity is not primarily the dimension to be expected of financial requirement but above all the uncertainty of financial requirement as well as the ecological, socio-economic and especially also the temporal dimension of the Nuclear Waste Disposal project (disposal of spent fuel elements from light-water reactors with and without reprocessing, decommissioning = safe containment and disposal of nuclear power plants, permanent isolation of radioactive waste from the biosphere, intermediate storage). Based on the above mentioned factors the author analyses alternative approaches of financing or financial planning. He points out the decisive significance of the perception of risks or the evaluation of risks by involved or affected persons - i.e. the social acceptance of planned and designed waste disposal concepts - for the achievement and assessment of alternative solutions. With the help of an acceptance-specific risk measure developed on the basis of a mathematical chaos theory he illustrates, in a model, the social influence on the financing of nuclear waste disposal. (orig./HP) [de
Grazier, Kyle L; Metzler, Bridget
Entrepreneurship is often described as the ability to create new ventures from new or existing concepts, ideas and visions. There has been significant entrepreneurial response to the changes in the scientific and social underpinnings of health care services delivery. However, a growing portion of the economic development driving health care industry expansion is threatened further by longstanding use of financing models that are suboptimal for health care ventures. The delayed pace of entrepreneurial activity in this industry is in part a response to the general economy and markets, but also due to the lack of capital for new health care ventures. The recent dearth of entrepreneurial activities in the health services sector may also due to failure to consider new approaches to partnerships and strategic ventures, despite their mutually beneficial organizational and financing potential. As capital becomes more scarce for innovators, it is imperative that those with new and creative ideas for health and health care improvement consider techniques for capital acquisition that have been successful in other industries and at similar stages of development. The capital and added expertise can allow entrepreneurs to leverage resources, dampen business fluctuations, and strengthen long term prospects.
We argue that regulation can improve the performance of conventional banks up to a limit, but cannot eliminate the deficiencies resulting from the use of the conventional loan contract. Islamic finance requires complicated and costly procedures compared to conventional finance. Yet, it has significant macroeconomic benefits, which cannot be internalized by individual banks. Therefore, Islamic bankers tend to mimic conventional finance in order to cut costs and maximize short-term profits....
Heidorn, Thomas; Siragusano, Tindaro
Behavioral finance theory is used for the foreign exchange market to show, that the profit of a typical trader is mainly due to the higher number of correct positions. Using behavioral finance the amount of loss trades is larger than 60%, however the individual gains are larger than the losses leading to an overall profit. Using this approach we show, that behavioral finance rules can be quantified and a trading outperformance is possible just using 24h spot rates and 3 day volatilities.
Lemmet, Sylvie; Ducret, Pierre; Berthaud, Cecilia; Evain, Julie; Scolan, Maria
The authors present their report on the French Strategy for Green Finance. Green finance has expanded rapidly since 2015 but much remains to be done to make capital flows consistent with the goals of the Paris Agreement. France can continue to play a pioneering role to promote the energy and ecological transition, and to support Paris's role as a financial centre. The task force is putting forward recommendations along four axes for a French strategy to foster green finance
Tan, Siew Lin
The purpose of this research effort is to provide an understanding of customer value, the process of customer value creation and delivery focused on Trade Finance (TF) in financial services. For customers of trade finance, it is important that the service effectively provides customer value. Service offerings are intangible and increasing value to meet customers’ expectations like price, quality and tailored services are essential to customer value strategy in trade finance. The identificatio...
... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Dogs and other animals. 91.11 Section... CONDUCT IN OR ON THE BUREAU OF THE MINT BUILDINGS AND GROUNDS § 91.11 Dogs and other animals. Dogs and other animals, except seeing-eye dogs, shall not be brought upon the property for other than official...
Finance ignores ecosystems, which has resulted in a growing list of environmental and social problems. In this article, the importance of ecology for finance is assessed. We suggest The piece also suggests that the financial intermediation perspective can align finance and ecology for the benefit of society. This requires that financial institutions account for information about the impact of finance on the environment and vice versa, and that they are held accountable by their supervisors in this domain. Copyright © 2017 Elsevier Ltd. All rights reserved.
Rubow, L.; Bataklieva, L.
Historical Financing Approach; Recent Financing Complexities; Typical NPP Project Structure; Project Funding; Technical Developments; Financing Drivers; Conflicting Goals; Different Motivation/ Values: Public vs. Private and other financial aspects are discussed. Some suggestions for consideration are given, such as: Stronger involvement of Government. Stronger involvement of off takers as investors: – Large industrial entities – Utilities/ Distribution companies – Smaller, aggregated industrial entities. Return to corporate finance model (e.g. balance sheet based on existing operating assets), More creative BOO(T) structures, EPCM project execution structures; Better communication with outside stake holders, i.e., why nuclear is best option
Goldsmith, D.; Chew W.; Moulton, C.
Continuing growth of project financing for non-utility generators in the US and abroad has led to growing focus on their credit strength. In general, the financings remain relatively risky and would likely be rated below investment grade, because of various factors: loose power purchase arrangements, poor match between power pricing and fuel costs, aggressive leverage, troubled operating performance. But S and P believes some projects have the credit strength to support investment grade ratings. As traditional financing markets for these projects --- bank lending and private placements with highly specialized institutional investors --- have contracted, project sponsors and developers are considering broader markets. These include institutional investors without specialized focus on power project finance. In these markets, distinctions among projects may lead to greater liquidity and efficiency in developing the pricing and terms under which projects can be financed. This paper reports that ratings are most appropriate for projects seeking permanent financing as they enter commercial operations. They also may be useful for projects which have been operating for some time and for some very strong projects which are raising construction financing. To guide both project developers and investors in project financing, S and P has developed the following approach for rating these types of financings
Cito Yasuki Yasuki Rahmad
Full Text Available Animation is a technique mostly used in the film world. Nowadays it is growing intechnical animation creation. Animation has evolved from 2D animation to the nextstage in the new form, more realistic and interesting, that is the 3D animation. With thedevelopment of existing technology, the 3D animation is more amazing for the audience,especially 3D animation combined with real action (live action. With the digitalcompositing, the result of a combination of 3D and real action to make the film seemmore alive, because the animation is really close to the original in real life.
Lord, Nicholas; Levi, Michael
This article analyses the finances for and the finances from corporate bribery in international business transactions and how they are organised. Transnational corporate bribery involves non-criminal commercial enterprises that operate in licit markets but that use corrupt means to win or maintain business contracts inforeign jurisdictions. This article first considers what needs to be financed, how much finance is needed, and how the bribes can be generated and distributed. Second, the artic...
The present paper argues that the present Internet conditions favour an entirely new finance model. Understood to soon supplement the existing ones (classical finance, corporate finance, and Islamic finance), it is argued that the new model will be defined by the destructive effect it is to have on the contemporary financial infrastructure of most countries, and the advent of the ‘future money value exceeds its present one’ principle.
Payne, Bethan; Charonis, George-Konstantinos; Haaristo, Hanna-Stella; Maurer, Moritz; Kaiser, Florian; Siegrist, Rahel; McVitty, Debbie; Gruber, Angelika; Heerens, Nik; Xhomaqi, Brikena; Nötzl, Tina; Semjonov, Meeli; Primožic, Rok
Higher education plays a vital role in society and the quality, accessibility, and form of higher education is highly dependent on financing. Financing of higher education is conceived to be of central importance for the future creation and dissemination of knowledge and research. Therefore, the financing of higher education is a topic that has…
Anna Dudová; Michal Kaplánek; Richard Macků
The word animation is used in different contexts (film, theatre, computers,culture). The object of this study is animation in the context of social pedagogy, socialwork and pastoral care. The importance of animation in education lies in nondirectiveeducational influence, which is enabled by the use of the animation approach. Theessence of animation is derived not only from the etymology of the word animation(imparting life), but also from its understanding in the particular historical develop...
Waste-to-energy projects are going ahead in the U.K., they are being project financed and they will make a valuable contribution to environmentally acceptable waste disposal and clean energy within the U.K. Starting from the premise that project sponsors must compete for funds therefore behoves the project sponsor to adapt his proposal to the needs of the investor rather than the other way around. Some of the major potential suppliers of funds are briefly surveyed. It is concluded that waste-to-energy projects do not fit easily into the business plans of venture capital companies, pension funds and banks. Projects must be reworked so that a more favourable opportunity can be offered to potential funders. Ways of achieving this through improved economics and reductions in risk and uncertainty are examined. (author)
Günther, Michael; Maten, E
This book discusses the state-of-the-art and open problems in computational finance. It presents a collection of research outcomes and reviews of the work from the STRIKE project, an FP7 Marie Curie Initial Training Network (ITN) project in which academic partners trained early-stage researchers in close cooperation with a broader range of associated partners, including from the private sector. The aim of the project was to arrive at a deeper understanding of complex (mostly nonlinear) financial models and to develop effective and robust numerical schemes for solving linear and nonlinear problems arising from the mathematical theory of pricing financial derivatives and related financial products. This was accomplished by means of financial modelling, mathematical analysis and numerical simulations, optimal control techniques and validation of models. In recent years the computational complexity of mathematical models employed in financial mathematics has witnessed tremendous growth. Advanced numerical techni...
Dell'Osso, L. Jr.
This paper discusses the challenges of financing U.S. exploration from the perspective of an independent oil and gas producer. When Burlington Resources was split into a separate company from the Burlington Northern Railroad three years ago, the company owned extensive resources but had little production capability, and had to resolve the problem of raising development capital. According to the author of this paper, three key elements in the company's perception of the business environment drove its strategy: that the role of independent producers would be crucial in new onshore oil and gas development as the majors moved offshore; that energy prices would remain weak; and that financial market sentiment would not favor a move to leverage the company more highly than its starting-point of 19 percent debt-to-total capital ratio
Full Text Available Using descriptive evidence, this paper contributes to the debate on French public finances’ consolidation by examining the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We illustrate that while the level of public expenditure in France is larger than in the Euro Area, its trend is comparable to its neighbours. French net debt is comparable to Eurozone’s while French net wealth remains positive. However, the French tax system is not progressive with only 6% of compulsory levies raised that way, and too complex. The paper then acknowledges the efficient debt management of French authorities. As a conclusion, we see no risk of future unsustainability linked to the nature or the level of current French public finances.
Cooper, James H
The flight to high-quality assets resulting from Standard & Poor's downgrade of the U.S. government's credit rating has dropped the yield on U.S. Treasury securities as investors have sought refuge amid uncertain market conditions. Consequently, hospitals can now obtain mortgage insurance from the U.S. government to finance expansions and refinance their debt with GNMA securities at taxable interest rates that are often more favorable than tax-exempt bond fixed rates. Because GNMA certificates can be sold in a forward purchase transaction that locks in a fixed interest rate while avoiding payment of interest until construction funds are disbursed, they can help avoid the effects of negative arbitrage.
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Reports to the Finance Board. 995.9 Section 995.9 Banks and Banking FEDERAL HOUSING FINANCE BOARD NON-BANK SYSTEM ENTITIES FINANCING CORPORATION OPERATIONS § 995.9 Reports to the Finance Board. The Financing Corporation shall file such reports as the...
... Duties of the Finance Board. (a) Bank System. The Finance Board supervises and regulates the Banks and... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Duties of the Finance Board. 905.4 Section 905.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND...
Hoadley, Susan; Tickle, Leonie; Wood, Leigh N.; Kyng, Tim
Graduates with well-developed capabilities in finance are invaluable to our society and in increasing demand. Universities face the challenge of designing finance programmes to develop these capabilities and the essential knowledge that underpins them. Our research responds to this challenge by identifying threshold concepts that are central to…
Hoadley, Susan; Wood, Leigh N.; Tickle, Leonie; Kyng, Tim
Purpose: The purpose of this paper is to investigate and identify threshold concepts that are the essential conceptual content of finance programmes. Design/Methodology/Approach: Conducted in three stages with finance academics and students, the study uses threshold concepts as both a theoretical framework and a research methodology. Findings: The…
This thesis consists of three chapters in corporate finance and financial intermediation. The first two chapters explore sources of incentives and learning for finance professionals. Specifically, the first chapter studies how the option to go work for an investment bank affects the incentives of
... fleet management system, the financing and accounting methods shall be developed by GSA in cooperation... 41 Public Contracts and Property Management 2 2010-07-01 2010-07-01 true Financing. 101-39.003 Section 101-39.003 Public Contracts and Property Management Federal Property Management Regulations System...
Lunde, Jens; Whitehead, Christine
The article discusses the changing trends in the housing finance industry of Europe. The article further mentions that the modus operandi of the industry has remained stable amid economic fluctuations in the overall housing sector between 1990-2015. Moreover, the need to reduce the public spending...... on housing is considered as one of the reasons for introducing private housing finance....
The African Review of Economics and Finance (AREF) is the official journal of the African Finance and Economics Consult (AFEC). The Journal acknowledges that the word 'economic' is plural and all economies are positioned, situated, and embedded in particular societies. Therefore, how the economy is studied must ...
California's current school finance system is a tangled web of funding programs, restrictions, inequities and confusion. Building a stronger finance system to benefit from resources is an important step in strengthening California's K-12 education system and better meeting the needs of its students. Gov. Brown has recently proposed the Local…
The Chinese economy has grown at a spectacular speed during the past three decades while the financial system is not well developed in China. On the one hand, the informal financing channels, i.e. borrowing from family members, friends, moneylenders, trade credit, etc., may provide proper financing
Ng, Thiam Hee; Tao, Jacqueline Yujia
Addressing the financing gap for renewable energy (RE) projects in Asia is critical to ensure that the rapidly increasing energy needs could be met sustainably. This paper explores the cause of the financing gap in Asia and proposes the use of bond financing to address the financing gap. Specifically, three fixed income instruments, namely local currency denominated (LCY) corporate bonds, asset backed project bonds and financial green bonds, will be assessed. Whilst the potential for these three instruments to mobilize large flows of private sector financing is great, key supportive policies aimed at reducing the capital market bias for conventional power generation technologies and supportive RE policies are required. Another key aspect would be the necessary deepening of local and regional fixed income markets before such capital market instruments are able to play a big role. - Highlights: •This study looks at the current financing gap and RE financing landscape in developing Asia. •LCY corporate bonds, asset backed projects bonds and financial green bonds could help to address the financing gap for RE in the region. •Policy recommendations for building the fixed income market for RE projects are provided.
Beck, T.H.L.; Demirgüc-Kunt, A.
Recent data compilations show that many poor and nonpoor people in many developing countries face a high degree of financial exclusion and high barriers in access to finance. Theory and empirical evidence point to the critical role that improved access to finance has in promoting growth and reducing
The author makes general comments regarding the possible conflict between project risks, sponsors' ability to assume these risks, and the requirements and objectives of all project benficiaries: sponsors, lenders, consumers and government. To reconcile these conflicts there is an increasing use of project finance techniques to finance large capital projects
The application of the laws of municipal bond financing to solar facilities is examined. The type of facilities under consideration are outlined. The general legal principles of municipal securities financing are discussed. The effect of recent decisions applying antitrust liability to municipal corporations is also discussed. Five specific types of municipal bonds are explained. The application of Section 103 of the Internal Revenue Code of 1954, as amended, to the issuance of municipal bonds for solar facility financing is examined also. Five bond laws of five representative states are examined and whether the eight types of solar facilities under consideration could be financed under such law is discussed. The application of the general legal principle is illustrated. Three hypothetical situations are set forth and common legal issues to be confronted by city officials in proposing such financing are discussed. These issues will be raised in most financings, but the purpose is to examine the common context in which they are raised. It is concluded that if it can be shown that the purpose of the solar facilities to be financed is to benefit the public, all legal obstacles to the use of municipal financing of solar facilities can be substantially overcome.
... THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN... HOUSING FOR THE ELDERLY PROGRAM AND SECTION 811 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES PROGRAM... § 883.307 Financing. (a) Types of financing. A State Agency that used the Fast Track Procedures formerly...
Andrade Cavalcanti, C. de.
The importance of financing instruments as means for the promotion of international nuclear trade is analysed. Besides the specific characteristics of nuclear trade is examined. Furthermore the role of governmental authorities and international agencies, mainly the IAEA is discussed. Finally the presence of Brazil in the international financial market and the financing of nuclear trade in Brazil are described [pt
V. G. Afanasiev
Full Text Available The article corers current state of airline financing using such instrument as aviation leasing indifferent forms, such as finance leasing its different forms, operational leasing and its different types, sale and lease back analyzed all pluses and minuses of each form. The main questions of Capetown Convention on international warranties concerning moving equipment also discussed.
The African Journal of Finance and Management is designed to carry articles, announcements, notes and reports on in-depth, theoretical and empirical research, analysis of field experience and significant new developments in finance, management, banking, accountancy, insurance, social security, computers and related ...
Although Samuel Beckett (1906-1989) showed a genuine interest in audio-visual media in his fascinating and innovative radio plays and television works, and in 1936 even wrote a letter to Sergei Eisenstein to be accepted to the famous Soviet film school VGIK, the 22-minute Film (1965) was his only venture into cinema. Beckett conceived the film, wrote the screenplay, supervised the production and, as one of the film’s crew members recalled and as the director Alan Schneider himself acknowledge...
Jerzy Piotr Gwizdała
Full Text Available In Poland, as in other European Union countries, the project finance structure is used to finance investments in the field of energy. This method investment financing is often used in the world. The upward trend inhibition in recent periods has been due to the global financial crisis and financial instability in the euro zone. On account of the necessity to develop the energy infrastructure associated with renewable sources, the considerable strengthening in the use of project finance techniques can be expected. The particular progression may be observed in the case of public-private partnership (ppp, where public investments are carried out by private companies. Companies, in case of investment realization in the field of ppp, almost always use project finance, because it is a beneficial way to separate the risks associated with an investment from the balance sheet of the compa-ny.
Hirth, Stefan; Uhrig-Homburg, Marliese
This paper analyzes the investment timing of firms facing two dimensions of financing constraints: Liquidity constraints and capital market frictions inducing financing costs. We show that liquidity constraints are not sufficient to explain voluntary investment delay. However, when additionally...... considering financing costs, we can explain both voluntary delay and acceleration of investment. More precisely, we find that investment thresholds are U-shaped in liquid funds. For high-liquidity firms, investment thresholds are decreasing (i.e. accelerated investment takes place) in either dimension...... of financing constraint. In contrast, investment thresholds are increasing (i.e. investment is further delayed) in either form of financing constraint for low-liquidity firms. For intermediate levels of liquidity, investment thresholds are U-shaped in market frictions....
Full Text Available A very significant form of company activity determining its development and even survival is innovation activity. Raising capital for the implementation of innovation is an important but not the only factor in the introduction of innovation. Characteristics of innovation, and in particular the risk of failure, make for a significant difficulty in obtaining external financing, particularly from third parties, which is an obstacle to their development and implementation. The subject of discussion in the article is the hybrid formula mezzanine type of financing innovative projects implemented both in start-up companies and in already well established companies. The purpose of the article is to discuss the possibilities and to perform an analysis of the practices followed by mezzanine funds in Poland in respect to the innovation activities of Polish companies. Research presented in the article was conducted on the basis of information on investments performed by mezzanine funds in Poland. Of particular importance for the innovativeness of the economy is to have companies from the SME sector, and therefore we also carried out research in this group. Innovations are often initiated in special purpose companies, start-up, etc., that operate in the SME sector. Therefore, the financing of innovation cannot be ignored as a thread of innovation in SMEs. The study involved interviews in several companies in the sector. The study concerned the possibilities of financing innovation involving mezzanine, knowledge of hybrid forms of financing, preparedness for hybrid financing. Studies are not representative, but are rather sounding a view to clarify any further research. Hypothesis: mezzanine financing, utilizing its specific benefits, is increasingly used to finance the gap in the financing of innovation, in particular special purpose companies in the SME sector. So the hypothesis raises two strands of research. The first concerned the financing of innovation
Locates and elaborates a postwar disassociation between films and the domestic audience in changing finance and marketing practices. Suggests that preselling unproduced films to worldwide territories (begun in the 1970s) eroded Hollywood's emphasis on American viewers. Suggests that this is why American films contribute so little to the social…
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Liability of Banks, Finance Board, Office of Finance and Federal Reserve Banks. 987.7 Section 987.7 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE BOOK-ENTRY PROCEDURE FOR CONSOLIDATED OBLIGATIONS § 987.7 Liability of Banks, Finance...
Maier, Carmen Daniela
in the technology- mediated discourse of short animation films. This is done by employing the model of multimodal discourse analysis proposed by Van Leeuwen (2008) and Machin and Van Leeuwen (2007) to the analysis of a series of animation films focused on environmental problems. These films are united under......://www.sustainlane.com/. The multimodal discourse analysis is meant to reveal how selection and representation of environmental knowledge about social actors, social actions, resources, time and space are influenced by animation techniques. Furthermore, in the context of this multimodal discourse analysis, their influence upon...
Wild animals usually avoid people. They might attack, however, if they feel threatened, are sick, or are protecting their ... or territory. Attacks by pets are more common. Animal bites rarely are life-threatening, but if they ...
the optical absorption are consistent with the film color changes. Finally, the optical and electrochromic properties of the films prepared by this method are compared with those of our sputtered films already studied and with other works.
Laz, Alak; Cholakova, Tanya Stefanova; Vrablova, Sofia; Arshad, Naverawaheed
Animal experimentation is a crucial part of medical science. One of the ways to define it is any scientific experiment conducted for research purposes that cause any kind of pain or suffering to animals. Over the years, the new discovered drugs or treatments are first applied on animals to test their positive outcomes to be later used by humans. There is a debate about violating ethical considerations by exploiting animals for human benefits. However, different ethical theories have been made...
While much has been written on environmental politics on the one hand, and animal ethics and welfare on the other, animal politics, as the interface of the two, is underexamined. There are key political implications in the increase of animal protection laws, the rights of nature, and political
Gøtze, Jens Peter; Krentz, Andrew
In this issue of Cardiovascular Endocrinology, we are proud to present a broad and dedicated spectrum of reviews on animal models in cardiovascular disease. The reviews cover most aspects of animal models in science from basic differences and similarities between small animals and the human...
Kerste, M.; Weda, J.; Rosenboom, N.
Innovative finance instruments can help increase funding of investments aimed at environmental and social sustainability. At the request of Duisenberg school of finance, this report highlights leading literature and empirical findings on ‘innovations in financing environmental and social
This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing, value capture finan...
This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing, value capture finan...
Full Text Available Anthropocentrism is central to the nature of discourse across all disciplines, from science to philosophy and the arts. We argue that anthropocentrism has become particularly marked in modernity despite the avowal by some theorists that modernity signified a radical break with traditional approaches. A powerful strategy, invoked by such discourses, and designed to cement the anthropocentric perspective, is that of contradiction. Media theorists and scholars working in the broader field of (human animal studies have begun to unravel and demystify such discourses, questioning the nature of these contradictory perspectives and the anthropocentric point of view at work in visual texts. This is particularly evident in the current work of contemporary theorists who are researching the representation of animals in media texts. For it is the figure of the animal, as represented in visual discourses, from film to photography and new media, that offers a powerful challenge to the dominant anthropocentric worldview.
This paper illustrates the evolution in public health care financing systems in 12 European countries, in terms of the financing of radiology services. The financing systems for radiology used by public health care financing agencies are described in detail. The implications of these new financing conditions for health care delivery are briefly sketched. The paper concludes with some strategies to help radiologists cope with the tightening financing conditions for medical imaging. (orig.) (orig.)
Hoadley, Susan; Tickle, Leonie; Wood, Leigh N.; Kyng, Tim
Graduates with well-developed capabilities in finance are invaluable to our society and in increasing demand. Universities face the challenge of designing finance programmes to develop these capabilities and the essential knowledge that underpins them. Our research responds to this challenge by identifying threshold concepts that are central to the mastery of finance and by exploring their potential for informing curriculum design and pedagogical practices to improve student outcomes. In this paper, we report the results of an online survey of finance academics at multiple institutions in Australia, Canada, New Zealand, South Africa and the United Kingdom. The outcomes of our research are recommendations for threshold concepts in finance endorsed by quantitative evidence, as well as a model of the finance curriculum incorporating finance, modelling and statistics threshold concepts. In addition, we draw conclusions about the application of threshold concept theory supported by both quantitative and qualitative evidence. Our methodology and findings have general relevance to the application of threshold concept theory as a means to investigate and inform curriculum design and delivery in higher education.
The financial requirement for nuclear power plants in the Federal Republic of Germany for the period up until 1985 was estimated to run up to some DM 100 billion already in the Nuclear Energy Study published by the Dresdner Bank in 1974. This figure is not changed in any way by the reduction the nuclear power program has suffered in the meantime, because the lower requirement for investment capital is more than offset by the price increases that have occurred meanwhile. A capital requirement in the order of DM 100 billion raises major problems for the power producing industry and the banks which, however, are not going to hamper the further expansion of nuclear power, because new financing schemes have been specially developed for the nuclear field. They include financing by leasing, the use of funds from real estate credit institutions for long term financing, borrowing of long term funds in the Euro market, and financing through subsidiaries of the utilities. The new financing schemes also apply to the large financial requirement associated with the nuclear fuel cycle, waste management in particular. In this sector the utilities agree to bear the economic risk of the companies implementing the respective projects. Accordingly, financing will not entail any major difficulties. Another area of great importance is export financing. The German-Brazilian nuclear agreement is a model of this instrument. (orig.) [de
Kristina Slavikovna Melkumyan
Full Text Available The article examines the FATF specific approach to the problem of terrorism financing. The FATF essence, content of the activity and influence levers are also analyzed within the article. It is shown that the FATF has reviewed the problem of terrorism financing in the broadest perspective, having engaged simultaneously and consistently mechanisms for combating money laundering and terrorism financing. The Task Force has greatly contributed to building of the world counter-terrorism financing system through forming the legal and institutional basis as well as through interaction with all the possible participants and actors of world politics in this area. Moreover, the FATF has succeeded in geographical expansion of the FATF influence from the original 16 to187 jurisdictions by promotion of FATF-style regional bodies establishment. Particular attention is drawn to the unique features of the FATF Recommendations in comparison with the earlier issued sources of international law, which define the international counter-terrorism financing regime. The author believes that one of the advantages of the FATF as an institute within the counter-terrorism financing system among others is the informal status of the FATF, which provides its flexibility and high ability to respond quickly and in a timely manner to evolving nature of money laundering and terrorism financing as well as emerging threats.
Full Text Available Money has a symbolic and practical value in political competition and just because the money is important in politics, it can threaten democracy if its role is not adequately regulated. The basic features of party finance regulation will be shown in this paper: causes, instruments and impact. The regulation of party finances began in 1960s and the causes of the party finance regulation were different: in addition to the prevention of corruption scandals related to political parties and party finance, regulation of party finance has also been introduced to strengthen fair political competition, empower voters and strengthen political parties as effective democratic actors. To achieve this whole range of policy instruments was developed, whose scope extends from ways of regulating the possibility of buying votes, to limit election campaigns expenditure costs. However, impact of party finance regulation is not unambiguous since, due to the regulatory traditions and cultural attitudes, similar instruments of party finance regulation produce different results in different political systems.
To date, more then 500 nuclear power reactors have been successfully financed and built. Experience in recent nuclear projects confirms that nuclear power will not cease to be a viable option due to a worldwide financing constraint. For financing nuclear plants there are special considerations: large investment; long lead and construction times; complex technology; regulatory risk and political risk. The principal preconditions to financing are a national policy supporting nuclear power; creditworthiness; economic competitiveness; project feasibility; assurance of adequate revenues; acceptability of risks; and no open-ended liabilities. Generally, nuclear power plants are financed conventionally through multi-sources, where a package covers the entire cost. The first source, the investor/owner/operator responsible for building and operating the plant, should cover a sizable portion of the overall investment. In addition, bond issues, domestic bank credits etc. and, in case of State-owned or controlled enterprises, donations and credits from public entities or the governmental budget, should complete the financing. A financially sound utility should be able to meet this challenge. For importing technology, bids are invited. Export credits should form the basis of foreign financing, because these have favorable terms and conditions. Suppliers from several countries may join in a consortium subdividing the scope of supply and involve several Export Credit Agencies (ECAs). There are also innovative financing approaches that could be applied to nuclear projects. Evolutionary Reactors with smaller overall investment, shorter construction times, reliance on proven technology, together with predictable regulatory regimes and reliable long-term national policies favorable to nuclear power, should make it easier to meet the future challenges of financing. (author)
Wu, Jing; Tang, Lichun; Mohamed, Rayman; Zhu, Qianting; Wang, Zheng
Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and recipient countries use the funds exclusively for carbon emission reduction. The burden-sharing principles are based on GDP, historical emissions, and consumptionbased emissions. Using this model, we develop and analyze a series of scenario simulations, including a financing program negotiated at the Cancun Climate Change Conference (2010) and several subsequent programs. Results show that sustained climate financing can help to combat global climate change. However, the Cancun Agreements are projected to result in a reduction of only 0.01°C in global warming by 2100 compared to the scenario without climate financing. Longer-term climate financing programs should be established to achieve more significant benefits. Our model and simulations also show that climate financing has economic benefits for developing countries. Developed countries will suffer a slight GDP loss in the early stages of climate financing, but the longterm economic growth and the eventual benefits of climate mitigation will compensate for this slight loss. Different burden-sharing principles have very similar effects on global temperature change and economic growth of recipient countries, but they do result in differences in GDP changes for Japan and the FSU. The GDP-based principle results in a larger share of financial burden for Japan, while the historical emissions-based principle results in a larger share of financial burden for the FSU. A larger burden share leads to a greater GDP loss.
Price, Henry W.; Kistner, Rainer
The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been build following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply stated, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects from the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies
Kistner, R.; Price, H.
The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been built following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply states, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects form the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies
.... This report evaluated the Defense Finance and Accounting Service competitive sourcing process and reviewed the adequacy of the Defense Finance and Accounting Service management control program...
Harris, John; Holm, Craig E; Inniger, Meredith C
As physicians embrace their roles in managing healthcare costs and quality, finance leaders should seize the opportunity to engage physicians in clinical care redesign to ensure both high-quality performance and efficient resource use. Finance leaders should strike a balance between risk and reward to achieve a portfolio of clinical initiatives that is organizationally sustainable and responsive to current external drivers of payment changes. Because these initiatives should be driven by physicians, the new skill set of finance leaders should include an emphasis on relationship building to achieve consensus and drive change across an organization.
Hirth, Stefan; Flor, Christian Riis
Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...
This first edition covers financing projects in the developing world, mergers and acquisitions; mitigating cross-border risk; basic risk in energy markets; real-time oil and gas pricing issues; oil and gas equity; risk management; project finance. The yearbook also features more regional specific topics such as: gas transportation in the Mercosur; 25 years of growth in the UAE; natural gas in Mexico; LNG in the Far East; legal issues surrounding the Russian oil and gas industry; LNG projects in the Middle East; the North Sea; and financing the oil and gas industry of Southern and South Africa. (UK)
Bartholdy, Jan; Mateus, Cèsario; Olson, Dennis
This paper tests for "pecking order" financing of small and medium size firms. The main sources and "pecking order" of financing for SMEs are equity (internally generated cash), trade credit paid on time, credit provided by institutions such as banks and leasing companies, other sources of debt...... and delayed payment on trade credit. The "pecking order" of financing is driven by the costs of asymmetric information (cost of gathering and analysing information) and financial distress costs. Empirical tests do not confirm that SMEs follow a pecking order....
Full Text Available The subject of this paper are bank accounts for public finance agencies income. The article describes characteristics of accounts for all three kinds of agencies: government and municipal units working in regards to statue of education and units with headquarters in foreign countries. The author presents a detailed directory of income for particular accounts and the allocation of said income. This paper also deals with the optionality of those dedicated bank accounts and the competence for erecting them. In a smaller scope there are presented the controversies of establishing bank accounts for public finance agencies income in the past, before the current statue of public finance.
Bernard, Emilie; Boissy, Alain; Boivin, Xavier; Calandreau, Ludovic; Delon, Nicolas; Deputte, Bertrand; Desmoulin‐Canselier, Sonia; Dunier, Muriel; Faivre, Nathan; Giurfa, Martin; Guichet, Jean‐Luc; Lansade, Léa; Larrère, Raphaël; Mormède, Pierre; Prunet, Patrick
After reviewing the literature on current knowledge about consciousness in humans, we present a state-of-the art discussion on consciousness and related key concepts in animals. Obviously much fewer publications are available on non-human species than on humans, most of them relating to laboratory or wild animal species, and only few to livestock species. Human consciousness is by definition subjective and private. Animal consciousness is usually assessed through behavioural performance. Beha...
The Japanese approach approach to financing LNG project has been what could be called a combined purchase and finance system which has been arranged mainly at the initiative of japan's Sogo Shosh (general trading companies) with the support of japanese governmental financial agencies and a purchase commitment from japanese utilities. In the QATARGAS project, despite it being the first greenfield LNG project in decade since North West Shelf Australia LNG project, financing for the LNG plant phase has been successfully arranged through Japanese financing. The structuring of the financial facilities for the QATARGAS project seems to have lessons for future development of the next generation of greenfield LNG projects. Discharge of the parties' liability, proper sharing of the risk burden and reconfirmation of the spirit of mutual understanding and trust among the parties concerned are key factors for the success of any new LNG project in the future. (Author)
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 8, No 1 (2016) >. Log in or Register to get access to full text downloads.
How WIFIA works, program implementation, program guidance, how potential recipients can obtain funding, and project eligibility. WIFIA works with State Revolving Funds to provide subsidized financing for large dollar-value projects.
Leitao Rodriguez, A.
Monte Carlo methods are highly appreciated and intensively employed in computational finance in the context of financial derivatives valuation or risk management. The method offers valuable advantages like flexibility, easy interpretation and straightforward implementation. Furthermore, the
Vermont Center for Geographic Information — Tax Increment Financing (TIF) Districts is established by a municipality around an area that requires public infrastructure to encourage public and private real...
Given the need to maximize Kentuckys limited highway system funding, the purpose of this study was to review and analyze new transportation financing innovations suggested by the Federal Highway Administration. The FHWA suggestions may provide way...
Spinella, Marcello; Yang, Bijou; Lester, David
There is accumulating evidence that prefrontal systems play an important role in management of personal finances, based on studies using clinical populations, functional neuroimaging, and both subjective and objective neuropsychological measures. This study developed the Executive Personal Finance Scale (EPFS) as a specific self-rating measure of executive aspects of personal money management. The resulting 20-item scale had good reliability and showed four factors: impulse control, organization, planning, and motivational drive. Validity was evidenced by correlations with income, credit card debt, and investments. The EPFS also showed logical correlations with compulsive buying and money attitudes. Second-order factor analysis of the EPFS and other scales revealed two higher-order factors of personal finance: cognitive (e.g., planning, organizing) and emotional (e.g., anxiety, impulse-spending, prestige). The EPFS shows good psychometric properties, is easy to use, and will make a convenient complement to other research methodologies exploring the neural basis of personal finance management.
Cezar Corneliu MANDA
Full Text Available The paper, on the coordinates of the analysis of the problematic of financing culture institutions within the European Union member states, performs a comparative analysis focused on the financing mechanism available to the cultural sector, created both at the level of the public, and of the private sector. For the comparative analysis, the paper selected several EU member states, grouped on four geographical areas (North, South, East and Center. The analysis performed in the paper emphasized that most EU member states make significant efforts to finance the cultural sector, but the effects of the economic crisis have had a negative impact on this financing, causing, from this perspective, a gap between the states in the north and center of the EU, on the one hand, and the states in the south and east of the EU, on the other hand and outlining a cultural Europe with two peripheries.
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 4, No 1 (2012) >. Log in or Register to get access to full text downloads.
Perotti, E.C.; von Thadden, E.-L.
This paper studies optimal financial contracts and product market competition under a strategic transparency decision. When firms seeking outside finance resort to actively monitored debt in order to commit against opportunistic behaviour, the dominant lender can influence corporate transparency.
Renewable Energies are recognized as indispensable for a sustainable energy economy. Their progressive market introduction, however, depend very much on their economic competitiveness. A wide range of Renewable Energies are already cost competitive today. But still a shortage of information as well as mental and structural barriers are hindering their rapid market penetration. This volume publishes the results of two conferences, held by EUROSOLAR and dealing with the problems of Financing Renewable Energies. In five chapters - Banking Concepts for Financing Renewable Energies - Public Frameworks for Renewable Energy Market Introduction - Financing Renewable Energies in Developing Countries - Green Power - Market Structures and Players - Renewable Energy Financing Applications a variety of new concepts and fresh ideas are presented. (orig.)
Summers, Donald E; San Miguel, Joseph G
.... One of the major impediments to using alternative forms of procurement financing for acquiring defense capabilities is in the budgetary treatment, or scoring, of these initiatives by the Congressional Budget Office (CBO...
Full Text Available Although the field of modern finance has progressed impressively, it is still hard to explain on a scientific basis why people behave nonrationally when dealing with money. The classic finance assumes people rationalize and optimize their financial decisions. Behavioral Finance adds the importance of what investors should do and complements the mantra of classic finance with what people actually do, in terms of economic decisions. The new field of Neuroeconomy investigates the subtle and profound interactions within the human brain when faced with uncertainties of an economic decision. The most basic psychological traits of human being (fear, anger, greed and altruism stamp an indelible mark on our decisions about money. The intellect (understanding a situation, reason (long term consequences of the contemplated action and emotion (the judge of the course of action are all intercorrelated resorts behind human decision making.
Hack, Walter G.
The rhythm and intensity of judicial activity, questions and issues adjudicated by the courts, judicial approaches and strategies, and the roles played by the courts are discussed with regard to court intervention in state school finance systems. (DS)
The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 2, No 2 (2011) >. Log in or Register to get access to full text downloads.
This article reviews the development of Private Finance Initiative schemes in the United Kingdom, and reflects on how profitable opportunities for private financiers and construction companies were created at the expense of the public sector. (Contains 72 notes.)
Department of Education — School District Finance Survey, 2013–14 (F-33 2013–14) is a study that is part of the Common Core of Data (CCD) program; program data is available since 1989–90 at ....
Summers, Donald E; San Miguel, Joseph G
...), the Office of Management and Budget (OMB) and the congressional Budget Committees. The current scoring policy that has been applied to many initiatives essentially negates the advantages from using alternative forms of financing...
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 6, No 2 (2014) >. Log in or Register to get access to full text downloads.
Full Text Available The Organization for Economic Cooperation and Development (OECD describes human capital as “knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing.”* It follows from this interpretation that investment in human capital includes the sum of all costs that allow a new being to reach economic autonomy. In this paper we analyze the family and social dimensions of human capital and discuss how decisions on human capital formation are taken and how its associated costs are shared. The discussion leads us to identify an important paradox underlying human capital formation, namely the fact that while families are its main contributors the benefits of such investment go primarily to society as a whole. This paradox and its consequences are central to two very important current issues. The first issue, one that is common to many developed countries, is low female fertility which is the source, in particular, of population aging. The second issue, affecting chiefly developing countries, is the inequality of opportunities, a problem lying at the root of underdevelopment. Two options are discussed to respond to this dilemma, one based on redistributive programs and another on market solutions. The paper discusses the limits inherent to redistributive programs and goes on to present at length the alternative market solution. In a nutshell this consists of securitizing the human capital of individuals so as to finance the expenses leading to their upbringing, from birth to adulthood. In addition to describing this scheme the paper analyzes its advantages as well as the difficulties associated with its implementation. It concludes by exploring possible interpretations of the scheme and feasible routes for its adoption.
Full Text Available This article presents a critical reading of the function of the animal-human allegory or the “humanimallegory” in both the animated films Animal Farm and Chicken Run. Based on George Orwell’s novel of the same name, Animal Farm provides an allegorical representation of the Russian Revolution and the rise of Stalinism in the Soviet Union by relaying Orwell’s story of a revolution led by a group of farm animals and its aftermath. Animal Farm ultimately reduces its fictional animal characters to simple metaphors for real human subjects, thus serving the most common function of the animal-human allegory in literature as well as film. In contrast, improvising on the many prisoner-of-war films that were produced during the first few decades following World War II, Chicken Run tells the story of a group of chickens who attempt to escape from an egg farm. Chicken Run complicates the function of the animal-human allegory, though, by resisting the allegorical reduction of its fictional animal characters to simple metaphors for real human subjects. By presenting a critical reading of these two different films, this article suggests that the literary concept of allegory itself remains circumscribed within the philosophical tradition of humanism.
Willis, D A
This article explores the concept of animal therapy. The discussion includes a brief history of animal therapy, its importance, its relationship to rehabilitation, and its usefulness as a tool to influence adaptation, change, power, communication, advocacy, teaching, accountability, responsibility, and locus of control. This theoretical concept is important because of the joy and unconditional love animals can provide their owners. Relationships with animals can promote feelings of self-worth, help offset loneliness, reduce anxiety, provide contact, comfort, security, and the feeling of being needed.
Palmer, Clare; Sandøe, Peter
This chapter describes and discusses different views concerning our duties towards animals. First, we explain why it is necessary to engage in thinking about animal ethics and why it is not enough to rely on feelings alone. Secondly, we present and discuss five different kinds of views about the ...... the nature of our duties to animals. They are: contractarianism, utilitarianism, the animal rights view, contextual views, and a respect for nature view. Finally, we briefly consider whether it is possible to combine elements from the presented views, and how to make up one’s mind....
Paldam, Camilla Skovbjerg
“animation”, defined as “an innate (and learnable) ability of our bodies to discover life in inanimate images” (Belting 2012, 188). In this essay I investigate the animation of pictures in dialogue with Mitchell, both by addressing general questions such as: how is animation of otherwise static pictures...... to be understood? How does animation differ in different media? And in particular by focusing on and questioning the gender positions inherent in Mitchell’s theory. Animation has an erotic component of seduction and desire, and what pictures want, becomes for Mitchell, what women want. There is of course no simple...
A complex partnership between many governmental bodies, continually influenced by numerous private, corporate, and civic interests, finances our nationâ€™s transportation system. But the nature of the partnership is changing. Originally offset by a variety of user fees, such as tolls and fuel taxes, the burden of financing transportation programs is gradually being shifted to local governments and voter-approved initiatives. This shift to local transportation taxes raises interesting issues f...
This paper describes the business and business model of Corpfinance International (CFI). CFI consists of three businesses: structured financing, private equity/corporate finance advisory and securitization. Furthermore, CFI is the lender of record acting on behalf of and based on strong relationship with various Life Insurance Companies, Pension Funds and International Banks. CFI has in-house expertise in support of its lending advisory and investing activities
Corduneanu, Carmen; Iovu, Laura Raisa
Considerable evidence shows that countries with the most developed financial sectors and capital markets enjoy the strongest economic growth over the long run. The non-financial sector, small and medium sized entities can access a wider availability of more innovative and lower cost finance to aid their growth, while larger companies profit from an overall reduction in the cost of capital and a wider range of financial products. These economical agents in search of alternatives for financing ...
Examples and techniques used to enhance the ability to finance small hydro projects, or to finance them in non-standard ways, were discussed. It was suggested that factors that motivate investors, namely the maximization of the rate of return on capital, and minimization of risk, should be the primary concern for any would-be developer. A responsible, conservative approach to financial projections was recommended as the best to impress potential investors
Full Text Available Although the concept of entropy is originated from thermodynamics, its concepts and relevant principles, especially the principles of maximum entropy and minimum cross-entropy, have been extensively applied in finance. In this paper, we review the concepts and principles of entropy, as well as their applications in the field of finance, especially in portfolio selection and asset pricing. Furthermore, we review the effects of the applications of entropy and compare them with other traditional and new methods.
Park, J. J.
Systemic changes that have affected the sale, distribution and transportation of gas near the burner tip (collectively called 'midstream' activities) are reviewed, examining the causes of change, and the types of midstream asset transactions that are occurring, whether they involve structured financing arrangements or midstream companies. Also addressed are issues involved in transactions of this type, especially as they relate to gathering and processing agreements and construction, ownership and operation (CO and O) agreements. The two principal alternative structures (1) the financing party who does not assume operational control of the facility, and the (2) midstream company who build or acquire assets and operate them, the different implications for financing of each of the structural alternatives and the changing attitudes of producers towards midstream entities are explained. Closer examination of these new business structures reveals that they conflict with the terms and conditions of midstream agreements commonly used throughout the industry. It is recommended that these standard agreements be amended to permit midstream transactions to occur without undue restrictions. The kind of amendments suggested include automatic consent to a transfer of a facility to a Financing Party that meets certain reasonable financial tests; allowing the reconveyance from the Financing Party to the producer under a repurchase option; allowing the producer to act as Operator in place of its Financing Party
This report describes ANIMAL, a two-dimensional Eulerian magnetohydrodynamic computer code. ANIMAL's physical model also appears. Formulated are temporal and spatial finite-difference equations in a manner that facilitates implementation of the algorithm. Outlined are the functions of the algorithm's FORTRAN subroutines and variables.
This report describes ANIMAL, a two-dimensional Eulerian magnetohydrodynamic computer code. ANIMAL's physical model also appears. Formulated are temporal and spatial finite-difference equations in a manner that facilitates implementation of the algorithm. Outlined are the functions of the algorithm's FORTRAN subroutines and variables
Animation is one of the last lessons that come to mind when thinking of kindergarten art. The necessary understanding of sequencing, attention to small, often detailed drawings, and the use of technology all seem more suitable to upper elementary. With today's emphasis on condensing and integrating curriculum, consider developing animation lessons…
Writing a popular-science book about animal biophysics is hard work. Authors must read through hundreds of research papers as the subject is so multidisciplinary. On both counts of research and writing, Matin Durrani and Liz Kalaugher have done a good to excellent job with their book Furry Logic: the Physics of Animal Life
Mulvey, Bridget; Warnock, Carly
During a two-week inquiry-based 5E learning cycle unit, children made observations and inferences to guide their explorations of animal traits and habitats (Bybee 2014). The children became "animal detectives" by studying a live-feed webcam and digital images of wolves in their natural habitat, reading books and online sources about…
Project financing is one of the best methods of seeking to acquire capitals Funds and other tools to finance a planned business activity which will yields profit in order to liquidate the procured fund. Financing project for SMES is carried out by Federal, States and some development Institutions. In Nigeria, project financing ...
... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Qualified housing finance agency... AUTHORITIES HOUSING FINANCE AGENCY RISK-SHARING PROGRAM FOR INSURED AFFORDABLE MULTIFAMILY PROJECT LOANS Housing Finance Agency Requirements § 266.100 Qualified housing finance agency (HFA). (a) Qualifications...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board procedures. 907.12 Section 907.12 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND... Finance Board procedures. (a) Notice of Receipt of Petition or Request to Intervene. No later than three...
Klepper, M.; Schwartz, H.K.; Feder, J.M.; Smith, D.C.; Green, R.H.; Williams, J.; Sherman, J.L.; Carroll, M.
The use of utility-assisted financing, tax-exempt financing, bank financing, leasing, and joint venture financing to promote energy efficiency investments for each of three different categories of buildings (multifamily, commercial, and industrial) is discussed in separate chapters. (MCW)
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board consent. 980.6 Section 980.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD NEW FEDERAL HOME LOAN BANK ACTIVITIES NEW BUSINESS ACTIVITIES § 980.6 Finance Board consent. The Finance Board may at any time provide consent for a Bank to...
... purposes of this subpart, includes, but is not limited to, transacting any business with the Finance Board... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Practice before the Finance Board. 908.71 Section 908.71 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION...
Lai, Ming Ming; Kwan, Jing Hui; Kadir, Hazlina Abdul; Abdullah, Mahdhir; Yap, Voon Choong
The present article examines the effectiveness, teaching, assessment methods, and the importance of finance concepts in three undergraduate finance courses in a private university in Malaysia. Approximately 224 undergraduates (finance majors) were surveyed and demonstrated positive attitudes toward the effectiveness of the finance subjects. The…
It does so by surveying the literature on housing finance. It also evaluates the housing finance system in Ghana to ascertain the availability of formal finance to households in the country. It found that the housing finance systems in Ghana are inadequate resulting in inadequate and poor housing consumption by many ...
Introduction: Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing ...
However, the paper observed that among the problems faced in the micro finance industry are inadequate finance, high risk, heavy transaction cost, mounting loan losses, low capacity and low technical skills on micro financing. As a result of some of these problems, some micro finance institutions in Nigeria have collapsed.
Full Text Available Through their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity. The access to finance is crucial for efficient allocation of financial resources and entrepreneurial development, which explains the major interest given to this subject both by the academic literature and the policy makers. The paper aims to highlight the difficulties faced by SMEs in securing financing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement appropriate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order to support the access to financing for SMEs. The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research. The analysis conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities concerns regarding their alleviation, especially by adopting measures focused on increasing financial development, which would ensure greater availability of financing for businesses and thus economic growth. The limited
Graça, Marina Estela
Colaboração enquanto Professora Convidada The illusion of movement that we perceive in animated films has its origin in the way the animator manipulates the graphic relation between two contiguous frames in each sequence. However, this apparently simple action entails multiple modes of codification. The meaning of an animated document comes from the articulation of a number of formal elements that constitute its discourse and that also belong to different languages and disciplines: p...
In Germany the basis for the management of radioactive residues is the polluter-pays principle. All steps of treatment of radioactive waste arising from operation, decommissioning and dismantling including conditioning, interim storage and disposal of radioactive waste have to be financed by the waste producers. The waste producers are responsible for the harmless recycling of the residues or for their orderly management as radioactive waste. The Federal Government is responsible for establishing disposal facilities. Accordingly the waste producers are constructing and operating facilities in which the radioactive residues can be treated and stored until their disposal. As far as the radioactive waste cannot be stored by the producer, waste originating from research, medicine and industry can be stored in surface storage facilities of the federal states. Spent fuel from German NPPs is partly reprocessed in France and UK. The rest has to be disposed off directly in deep geologic formations. Until a repository for spent fuel is available in Germany spent fuel will be stored in interim storage facilities on the sites of the NPPs. The storage will take place in casks in a dry way. In exceptional cases, if the storage at a NPP site is not possible, there are two central storages at Ahaus and Gorleben which are in operation and can be made available as reserve. Radioactive waste returning from the reprocessing of German spent fuel in France and UK is stored in the Gorleben central storage. The Federal Government is aiming to establish a repository in deep geological formations about the year 2030 which shall be available for all types and quantities of radioactive waste. The necessary expenses for the planning and construction of radioactive waste disposal facilities are initially carried by the Federal Government. The Government recovers the costs by contributions or advance payments from the waste producers. The use of storage and disposal facilities is financed by
Full Text Available Purpose and Originality: The research is aimed to the animal transports issue, from two points of view – first is the animal cruelty and second is the policy and economic consideration. The goal is to acquaint the readers with the transports risks and its cruelty and evaluation of the economic, political aspects for he involved countries. The study is oriented on more points of view, what is rare in works with a similar theme. Method: This paper examines many issues and examinations from different authors and subsequently summarized the findings with authors own knowledge to one expanded unit. Results: Results proves, that livestock transports have negative impact on animal´s health, environment. Number of transported animals is rising every year. Society: Research familiarize the society with the animal transports, cruelty against animals during them, and influence of transports on some countries, their economy, policy. People get better informed and can form their own opinion on this topic. They may start acting, undertaking some steps to improve the present situation, what could help a lot to animals and environment. Limitations / further research: Future research could show progress and improvement of transports, quality of food supply and economics.
Millions of animals are used every year in often times extremely painful and distressing scientific procedures. Legislation of animal experimentation in modern societies is based on the supposition that this is ethically acceptable when certain more or less defined formal (e.g. logistical, technical) demands and ethical principles are met. The main parameters in this context correspond to the "3Rs" concept as defined by Russel and Burch in 1959, i.e. that all efforts to replace, reduce and refine experiments must be undertaken. The licensing of animal experiments normally requires an ethical evaluation process, often times undertaken by ethics committees. The serious problems in putting this idea into practice include inter alia unclear conditions and standards for ethical decisions, insufficient management of experiments undertaken for specific (e.g. regulatory) purposes, and conflicts of interest of ethics committees' members. There is an ongoing societal debate about ethical issues of animal use in science. Existing EU legislation on animal experimentation for cosmetics testing is an example of both the public will for setting clear limits to animal experiments and the need to further critically examine other fields and aspects of animal experimentation.
Fletcher, Neville H.
Animals rely upon their acoustic and vibrational senses and abilities to detect the presence of both predators and prey and to communicate with members of the same species. This chapter surveys the physical bases of these abilities and their evolutionary optimization in insects, birds, and other land animals, and in a variety of aquatic animals other than cetaceans, which are treated in Chap. 20. While there are many individual variations, and some animals devote an immense fraction of their time and energy to acoustic communication, there are also many common features in their sound production and in the detection of sounds and vibrations. Excellent treatments of these matters from a biological viewpoint are given in several notable books [19.1,2] and collections of papers [19.3,4,5,6,7,8], together with other more specialized books to be mentioned in the following sections, but treatments from an acoustical viewpoint [19.9] are rare. The main difference between these two approaches is that biological books tend to concentrate on anatomical and physiological details and on behavioral outcomes, while acoustical books use simplified anatomical models and quantitative analysis to model vocalization frequency scaling in animals hearing sound production animal animal biological biological bioacoustics whole-system behavior. This latter is the approach to be adopted here.
David Shropshire; Sharon Chandler
To help meet our nation's energy needs, reprocessing of spent nuclear fuel is being considered more and more as a necessary step in a future nuclear fuel cycle, but incorporating this step into the fuel cycle will require considerable investment. This report presents an evaluation of financing scenarios for reprocessing facilities integrated into the nuclear fuel cycle. A range of options, from fully government owned to fully private owned, was evaluated using a DPL (Dynamic Programming Language) 6.0 model, which can systematically optimize outcomes based on user-defined criteria (e.g., lowest life-cycle cost, lowest unit cost). Though all business decisions follow similar logic with regard to financing, reprocessing facilities are an exception due to the range of financing options available. The evaluation concludes that lowest unit costs and lifetime costs follow a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. Other financing arrangements, however, including regulated utility ownership and a hybrid ownership scheme, led to acceptable costs, below the Nuclear Energy Agency published estimates. Overwhelmingly, uncertainty in annual capacity led to the greatest fluctuations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; the annual operating costs dominate the government case. It is concluded that to finance the construction and operation of such a facility without government ownership could be feasible with measures taken to mitigate risk, and that factors besides unit costs should be considered (e.g., legal issues, social effects, proliferation concerns) before making a decision on financing strategy
Ozili, Peterson Kitakogelu
This article provides a discussion on some issues associated with digital finance – an area which has not been critically addressed in the literature. Digital finance and financial inclusion has several benefits to financial services users, digital finance providers, governments and the economy; notwithstanding, a number of issues still persist which if addressed can make digital finance work better for individuals, businesses and governments. The digital finance issues discussed in this arti...
Haynes, George; Watts, Myles
Finance companies have been perceived as isolated and insignificant lenders, attracting high risk borrowers and charging these borrowers relatively high prices. Using the 1988 National Survey of Small Business Finance, this study examines the relationship between finance companies and other lenders, describes the characteristics of borrowers attracted to finance companies and assesses whether finance companies charge higher loan prices and impose more stringent collateral requirements on thei...
The book proposes an original contribution to the economics and finance literature by developing the foundations of corporate finance. It also covers in detail various corporate governance issues faced by organizations. The common treatment of corporate finance and corporate governance started with the contribution of Williamson (Journal of Finance, 1988), who argued that corporate finance and corporate governance must be treated simultaneously because they are complementary. This book fills ...
Describes tax increment financing (TIF), an entrepreneurial strategy with significant fiscal implications for overlapping taxing jurisdictions that provide these functions. Statistical analysis of TIF's impact on the finances of one Illinois county's school districts indicates that municipal use of TIF depletes the property tax revenues of schools…
Web Feet K-8, 2000
This annotated subject guide to Web sites and other resources focuses on wild animals. Includes Web sites, CD-ROMs and software, videos, books, audios, magazines, and professional resources, as well as a class activity. (LRW)
Paldam, Camilla Skovbjerg
In What do pictures want? The lives and loves of images (2005) J. W. T. Mitchell writes about pictures as “vital signs”, not signs for living things, but signs as living things (Mitchell 6). With a notion from the German art historian and media theorist Hans Belting this symbolic act can be called...... “animation”, defined as “an innate (and learnable) ability of our bodies to discover life in inanimate images” (Belting 2012, 188). In this essay I investigate the animation of pictures in dialogue with Mitchell, both by addressing general questions such as: how is animation of otherwise static pictures...... to be understood? How does animation differ in different media? And in particular by focusing on and questioning the gender positions inherent in Mitchell’s theory. Animation has an erotic component of seduction and desire, and what pictures want, becomes for Mitchell, what women want. There is of course no simple...
Kasperbauer, Tyler Joshua
Ethicists have tended to treat the psychology of attributing mental states to animals as an entirely separate issue from the moral importance of animals’ mental states. In this paper I bring these two issues together. I argue for two theses, one descriptive and one normative. The descriptive thesis...... holds that ordinary human agents use what are generally called phenomenal mental states (e.g., pain and other emotions) to assign moral considerability to animals. I examine recent empirical research on the attribution of phenomenal states and agential states (e.g., memory and intelligence) to argue...... that phenomenal mental states are the primary factor, psychologically, for judging an animal to be morally considerable. I further argue that, given the role of phenomenal states in assigning moral considerability, certain theories in animal ethics will meet significant psychological resistance. The normative...
There are few trained veterinary radiation oncologists and the expense of facilities has limited the extent to which this modality is used. In recent years, a few cobalt teletherapy units and megavoltage x-ray units have been employed in larger veterinary institutions. In addition, some radiation oncologists of human medical institutions are interested and willing to cooperate with veterinarians in the treatment of animal tumors. Carefully designed studies of the response of animal tumors to new modalities serve two valuable purposes. First, these studies may lead to improved tumor control in companion animals. Second, these studies may have important implications to the improvement of therapy of human tumors. Much remains to be learned of animal tumor biology so that appropriate model systems can be described for such studies. Many of the latter studies can be sponsored by agencies interested in the improvement of cancer management
Maurice, Louise; Bloomfield, John; Robertson, Anne; Allen, Debbie
Groundwater animals are adapted to live in environments with no light and limited nutrients, They can provide insights into fundamental questions of evolution, ecology and biodiversity. They also have an important role to play in informing the reconstruction of past changes in geomorphology and climate, and can be used for characterising aquifers. The BGS is undertaking a systematic survey of selected areas and lithologies in the UK where groundwater animals have not been inves...
Full Text Available In the list of possible scapegoats for the recent financial crises, mathematics, in particular mathematical finance has been ranked, without a doubt, as the first among many and quants, as mathematicians are known in the industry, have been blamed for developing and using esoteric models which are believed to have caused the deepening of the financial crisis. However, as Lo and Mueller (2010 state “Blaming quantitative models for the crisis seems particularly perverse, and akin to blaming arithmetic and the real number system for accounting fraud.” Throughout the history, mathematics and finance have always been in a close relationship. Starting from Babylonians, through Thales, and then Fibonacci, Pascal, Fermat, Bernoulli, Bachelier, Wiener, Kolmogorov, Ito, Markowitz, Black, Scholes, Merton and many others made huge contributions to the development of mathematics while trying to solve finance problems. In this paper, we present a brief historical perspective on how the development of finance theory has influenced and in turn been influenced by the development of mathematical finance theory.
Finance is needed for upgrading Eastern Europe's electric power industries. Capacity is not a problem, as all countries have more than adequate capacity in the light of the deep industrial recession. However, much of the capacity is elderly and poorly maintained, so availability is low. Coal fired plant may have electrostatic precipitators, but no desulfurization or de-NO x equipment is present. Price rises in oil and gas imported from Russia have however increased interest in energy efficiency measures. Power generation is mainly coal or lignite based. Commercial banks will be little involved in financing. The best viable sources of large scale financing will be the IBRD, EIB, EBRD, and IFC, among the multilateral investment banks. Loans so far have mainly gone to Poland. The multilateral institutions have great experience in lending to developing countries, but long procurement processes are often involved. Raising finance is inevitably a difficult process. The financing of the Cracow Environmental Project, a model private power venture in Poland is described and discussed, with particular reference to contract, legal and economic problems
Chirica, T.; Stefanescu, A.; Constantin, C.; Dobrin, M.
NPP Cernavoda Unit 2 completion is the highest priority of the Romanian power sector strategy. The nuclear energy represents, through its technological features of adopted solution (a CANDU nuclear power plant) and also through technological and economical performance indicators, the best solution to fulfill the demands concerning the sustainable development and the electricity request. The guidelines of energy strategy regarding the nuclear sector development in Romania are framing in the general policy for energy system development at least costs and they are responding to requests concerning the environment and people protection. The paper presents the financing alternatives for Unit 2 completion works taking into consideration the financing market conditions. The paper presents the impact of the financing conditions on the project efficiency, as well as the facilities offered by the Romanian Government in order to support this project. (author)
In this essay I discuss algorithmic finance, specifically the use of fully automated trading, including high-frequency trading, in the light of Michel Foucault's notion of governmentality. I argue that a governmentality perspective offers a fruitful way of understanding particular aspects of high......-frequency trading, such as how algorithms are designed to govern other market participants' anticipations of market dynamics. However, I also argue that, to fully understand the realm of algorithmic finance and high-frequency trading, it is important to supplement a governmentality approach with an analytical...... lexicon which is not primarily centred on productive forms of power. Specifically, I suggest that, according to media discourses on high-frequency trading, algorithmic finance often works in ways that are better grasped through, e.g. Elias Canetti's work on predatory power and Roger Caillois's work...
Full Text Available Terrorism financing is one of the most complex problems the democratic world is facing today. The transfer of funds to support terrorist activities has created enormous challenges across the world. This has fuelled several inter-religious and nationalist hate, and as such has put many nations into war with terrorist organisations. The main objective of this study is to review the sources of terrorist financing. The paper relies on secondary data that were drawn from various books, journals, as well as from institutional materials relevant to the issues raised. It concludes that terrorists are exploiting established financial systems at the global level to move their finances, and that informal systems remain the biggest challenge to thwart terrorist activities.
Choe, Geon Ho
This book is an introduction to stochastic analysis and quantitative finance; it includes both theoretical and computational methods. Topics covered are stochastic calculus, option pricing, optimal portfolio investment, and interest rate models. Also included are simulations of stochastic phenomena, numerical solutions of the Black–Scholes–Merton equation, Monte Carlo methods, and time series. Basic measure theory is used as a tool to describe probabilistic phenomena. The level of familiarity with computer programming is kept to a minimum. To make the book accessible to a wider audience, some background mathematical facts are included in the first part of the book and also in the appendices. This work attempts to bridge the gap between mathematics and finance by using diagrams, graphs and simulations in addition to rigorous theoretical exposition. Simulations are not only used as the computational method in quantitative finance, but they can also facilitate an intuitive and deeper understanding of theoret...
This paper examines the organizational and financial changes experienced by the Chilean Health System in the last 20 years. The succession of widely different political and philosophical views sponsored by the governments of Frei, Allende and Pinochet and the marked economic fluctuations experienced in the last decade have affected the organization of health care financing and the allocation of resources among the population. The trend towards a completely state financed health care system was reversed in 1973. Pinochet's government explicitely included the private sector in the provision of public health services and assigned the State a subsidiary role. Several financing mechanisms created to coopt private capital into the health system are described as well as the evolution of private and public health care expenditures. The political and economic context that shapes the allocation of limited health care resources among a population with a highly unequal income distribution may endanger the access and the quality of health care services in the country.
This booklet is a resource for the study of feature films that highlight the theme of nuclear war. It provides basic credits and brief indication of the theme, treatment, quality and particular notable aspects; and a series of questions raised by the film. Seventy feature films and thirty documentaries are examined
the difficulties of building collaborations between actors with different logics. The analysis is threefold: 1. The mobilization and generation of social capital; 2. The conflict of logics/frames; 3. The frame alignment process set in motion by micro-finance The case is based on extended field research......The case describes the first year of efforts to introduce microfinance as a tool to work with vulnerable groups in Sweden, more particularly ex-convicts, former drug-addicts and longterm unemployed women of immigrant background. The teaching objective is to discuss whether micro-finance can be seen...
The General Electric Power Funding Corporation, a unit of GE Capital, will provide up to $870 million in construction and permanent financing, and letters of credit to Cogen Technologies of Houston, Texas. The agreement will fund the construction of a 614-megawatt (MW), combined-cycle cogeneration plant to be built in Linden, New Jersey, and for the purchase of gas properties. The plant will be owned by Cogen Technologies. The financing is one of the largest packages ever for a cogeneration plant, GE said
Pacca, S.A.; Sauer, I.L.
Programs regarding to energy saving in Brasil arised by the early 80's from the concern with oil products consumption. The situation has changed and electricity is growing in importance when energy conservation is discussed. Thus, the government, following examples from abroad, has been trying to overcome the barriers that obstruct a massive process evolution towards energy saving, since the potential is spread out in many society segments. One important issue is related to financing energy conservation. This paper attempts to analyze the utilities efforts allied to public and private banks investments towards energy conservation financing. (author)
Das, Gupta Chirashree
This paper explores the causal links between the role of public finance and Bihar's growth and development in the last decade; and argues that these links are tenuous. Bihar's growth acceleration precedes the ‘policy reforms' in public finance based on the ‘good governance' agenda initiated since 2005-06. However, the constraints on sustaining efforts to close Bihar's development gap with the rest of India stems from the nature of the growth process in its regional, sectoral and social dimens...
Ignacio de la Riva
Full Text Available Public works procurements and concessions are traditional legal techniques used to shape the financing of public infrastructure. Fiscal constraints faced by public administrations at the end of the 20th century, and the subsequent increase of private participation in the provision of public goods and services, encouraged the development of new legal schemes allowing a higher degree of private investment in public infrastructure; such as Public Private Partnerships, project finance, securitizations, the shadow toll, turn-key agreements, public leasing and public trusts.
Pollard, A H
An Introduction to the Mathematics of Finance provides a simple, nonmathematical introduction to the mathematics of finance. Topics discussed in this book include simple interest; compound interest-annual compounding; annuities-certain; use of compound interest; and sinking funds. The equations of value; compounding more frequently than annually; and contracts at """"flat"""" rates of interest are also deliberated. This text likewise elaborates on the loans repayable by equal annual installments when interest is charged only on the amount of principal from time to time outstanding. Exercis
Hugger, Jens; Mashayekhi, Sima
Feedback options are options where information about the trading of the underlying asset is fed back into the pricing model. This results in nonlinear pricing models. A survey of the literature about feedback options in finance is presented. The pricing model for the full feedback option on an in......Feedback options are options where information about the trading of the underlying asset is fed back into the pricing model. This results in nonlinear pricing models. A survey of the literature about feedback options in finance is presented. The pricing model for the full feedback option...
The paper discusses the following topics: The implications for a developing nation's economy of acquiring nuclear plants with the attendant high capital cost but low operating cost; political factors and safeguards provisions; turnkey versus non-turnkey contracts; spreading exchange and other risks through multi-national consortia; maximizing local content; cash flow considerations; availability of aid or other direct government to government loans; packaging of export finance from different countries; downpayments and local costs; Eurodollar markets, bank syndications and bond issues, domestic markets; available security, central bank or government guarantees; special considerations, barter deals, leasing; and finance for the fuel cycle. (author)
The following topics are discussed: the implications for a developing nation's economy of acquiring nuclear plants with the attendant high capital cost but low operating cost; political factors and safeguards provisions; turnkey versus non-turnkey contracts; spreading exchange and other risks through multi-national consortia; maximising local content; cash flow considerations; availability of aid or other direct government to government loans; packaging of export finance from different countries; downpayments and local costs; eurodollar markets, bank syndications and bond issues, and domestic markets; available security, central bank or government guarantees; special considerations, barter deals, leasing, and finance for the fuel cycle
Hund, Gretchen; Kurzrok, Andrew J.
Government regulators and the financial sector cooperate to combat money laundering and terrorist financing. This information-sharing relationship is built upon a strong legislative foundation and effective operational procedures. As with money-laundering and terrorist financing, halting the illicit procurement of dual-use commodities requires close coordination between government and industry. However, many of the legal and operational features present in financial threat cooperation do not exist in the export control realm. This article analyzes the applicability of financial industry cooperative measures to nonproliferation.
The chapter evaluates results of toxicological studies on experimental animals to investigate health effects of air pollutants and examines the animal data have predicted the response to human subject. Data are presented on the comparative toxicity of sulfur dioxide and sulfuric acid. The animal data obtained by measurement of airway resistance in guinea pigs and of bronchial clearance of particles in donkeys predicted clearly that sulfuric acid was more irritant than sulfur dioxide. Data obtained on human subjects confirmed this prediction. These acute studies also correctly predicted the comparative toxicity of the two compounds in two year studies of monkeys. Such chronic studies are not possible in human subjects but it is a reasonable to assume that sulfuric acid would be more toxic than sulfur dioxide. Current findings in epidemiological studies certainly support this assumption.
This book provides a comprehensive analysis of evolution in the animal kingdom. It reviews the classical, morphological information from structure and embryology, as well as the new data gained from studies using immune stainings of nerves and muscles and blastomere markings, which makes it possi......This book provides a comprehensive analysis of evolution in the animal kingdom. It reviews the classical, morphological information from structure and embryology, as well as the new data gained from studies using immune stainings of nerves and muscles and blastomere markings, which makes...
Norbert V. DeByle
The aspen ecosystem is rich in number and species of animals, especially in comparison to associated coniferous forest types. This natural species diversity and richness has been both increased and influenced by the introduction of domestic livestock. The high value of the aspen type as a forage resource for livestock and as forage and cover for wildlife makes the...
This article presents the state education finance and governance profile of Tennessee. The 17th largest state, Tennessee is home to 2.01% of the nation's inhabitants. Funding of K-12 education in Tennessee is accomplished via a formula known as the Basic Educational Program (BEP). This plan primarily utilizes school district enrollment numbers to…
As a subproject of the HANDI 2000 project, the Finance and Supply Management system is intended to serve FDH and Project Hanford major subcontractor with financial processes including general ledger, project costing, budgeting, and accounts payable, and supply management process including purchasing, inventory and contracts management. Currently these functions are performed with numerous legacy information systems and suboptimized processes.
Indigenous Community Insurance (Iddirs) as an Alternative Health Care Financing Shimeles O. et al. 53 ... 1.57 million urban and 9.50 million rural households of. Ethiopia. .... vs. 35.7%). The reasons for such preference were courteous service (16.1%) and physical accessibility. (16.1%) of the health facilities among others.
Toolsema, L.A.; Allers, Maarten A.
Welfare is often administered locally, but financed through grants from the central government. This raises the question how the central government can prevent local governments from spending more than necessary. We analyze block grants used in The Netherlands, which depend on exogenous spending
Toolsema-Veldman, Linda; Allers, M.A.
Welfare is often administered locally, but financed through grants from the central government. This raises the question how the central government can prevent local governments from spending more than necessary. Block grants are more efficient than matching grants, because the latter reduce the
Alexey Yuryevich Domnikov
Full Text Available The development of modern Russian energy collides with the need for major investments in the modernization and renewal of generation and transmission capacity. In terms of attracting sufficient financial resources and find ways to increase, energy sector profitability and investment attractiveness of particular importance is the problem of investment financing optimizing aimed at minimizing the cost of financing while maintaining financial stability of the power companies and the goals and objectives of Russian energy system long-term development. The article discusses the problem of investment projects financing in power generation from the point of view of the need to achieve optimal investment budget. Presents the author’s approach to the investment financing optimization of power generation company that will achieve the minimum cost of resources involved, taking into account the impact of the funding structure for the power generating company financial sustainability. The developed model is applied to the problem of investment budget optimizing, for example, regional power generating company. The results can improve the efficiency of investment in energy, sustainable and competitive development of regional energy systems.
Hill, Laura; Warren, Paul; Murphy, Patrick; Ugo, Iwunze; Pathak, Aditi
This document presents the technical appendices that accompany the full report, "Special Education Finance in California." The appendices include: (1) Problems with AB 602 and Other State Funding Programs for Special Education; (2) Additional Figures for Analysis of Distribution of Students with Disabilities; (3) Using Supplemental and…
This dissertation studies a range of topics in development economics and public finance. The first two chapters contain empirical studies on India addressing the impact of financial development on poverty and informality. Using time and state-level variation across Indian states, the first study
Đurić Dragana M.
Full Text Available A very dynamic development of finance in the last 50 years is inter alia probably due to experiments and innovations in this field. Previously theoretical base could not explain and predict movements especially in volatile times. "The new finance" appeared 50 years ago (portfolio theory CAPM, the efficient market theory, M&M theorem and made substantial progress in understanding movements in globalized and internationalized financial markets. However, many questions remain open. The author tries to put emphasis on some of these questions, perfectly aware that these are not the only ones. Unresolved questions are related to company's aims, project's risks, degree of portfolio optimization, importance of liquidity, dividend policy, as well as factors that determine M&A. As the "new finance" is not able to predict and explain volatile movements, a question that should be posed is whether it is appropriate to add some non-economic factors as the behaviorist theory suggests. Although the behaviorist theory is an important part of "new finance", it is unfortunately the only theory able to explain movements in volatile times. In conclusion, many questions still remain unanswered and wait for appropriate theoretical explanations.
CERN will appoint an external review board to assess future financing needs through to 2012 for both the LHC and the lab as a whole. The action has been prompted by the funding crisis resulting from the cost overruns of the LHC project (1/2 page).
Public Health Service (DHEW), Arlington, VA.
This report was based on a survey to determine how students in the health professions of medicine osteopathy, dentistry, optometry, pharmacy, podiatry, and veterinary medicine financed their educations during the 1970-71 school year. The purpose of this nationwide survey was to provide information on patterns of student expenses and on the sources…
Bradut-Vasile BOLOS; Hesham MAGD
In this paper we attempt to model a moudaraba inspired financing system for SME support, especially for start-ups, using public funding as high-risk investments instead of grants. The model obtained suggests such an approach may prove to be more efficient, but further research is required.
Columba, F.; Gambacorta, L.; Mistrulli, P.E.
A large literature showed that small firms experience difficulties in accessing the credit market due to informational asymmetries; these may be mitigated by collateral or relationship lending, possibilities often precluded to small business. We investigate the effect on small business finance of an
Author Guidelines. Instructions to Authors and contributors can be found online here: http://www.african-review.com/Contributors.html. Alternatively, see below: Instruction to the contributors. The African Review of Economics and Finance is a peer-reviewed, scholarly publication featuring articles, review essays and book ...
Abstract The private sector is one of the sources of finance included in developed countries’ pledge in the UN climate negotiations to mobilise $100 billion annually by 2020 to support developing countries’ efforts to address climate change. For adaptation in particular, it remains unclear what
Korpach, A. N.; Carle, M. de la
The structuring and financing of mergers and acquisitions (M and A) is one of the most critical elements of a takeover process, given that Canadian securities law requires that any takeover must be 'fully financed'. It follows therefore, that in order to comply with securities laws, the financing for a takeover must be arranged in advance of making such a bid. This paper describes the structuring of an offer, outlines the sources of M and A financing, including a review of the 'full capital solution', reviews the key forces influencing the financial structuring of takeover bids, and provides examples of recent M and A transactions in the oil and gas resources sectors. Case histories of two recent mergers and acquisitions, one involving Sun Media Corporation and Rogers Communication Inc., the other John Labatt Limited and the Onex Corporation, were reviewed in detail. The importance of proper structuring of the offer for the specific target's shareholders, as well as for future business operations was stressed
This article presents the state education finance and governance profile of Virginia. The state allocates K-12 education funds on a biennial basis. Supplements and rescissions to the original funding amount are made on an annual basis in order to correct for revenue growth or deficit. The state budget currently provides more than $5 billion to…
Contreras Olmedo, D.
The Spanish Institute for Energy Saving and Diversification (IDAE), provides technical advisement and economical support to those industries requiring an improvement in the energy efficiency of their production chain. This paper focusses on administrative procedures to get external financing as one way to undertake the construction of cogeneration plants. Relationships among user, promoter and financier should be developed according to the outlined procedures. (Author)
We give a brief survey of some fundamental concepts, methods and results in the mathematics of finance. The survey covers the 3 topics Chapter 1: Markets and arbitrages. The one-period model. The multi-period model. The continuous time model. Chapter 2: Contingent claims and completeness. Hedging. Complete markets. Chapter 3: Pricing of contingent claims. The Black and Scholes formula.
... aforementioned authorities, collect comments from potential applicants and co-lenders on PFP, terms, and... to express their views on the opportunities and challenges related to the use of the agency's... Budget. Background: The RUS provides long term financing to electric utility systems providing services...
Full Text Available In this paper, we attempted to present the problem of establishing adequate structure of financing medium agricultural enterprises and to point out the necessity for permanent working capital in those agricultural enterprises which can’t cover fixed assets, long-term placements and portion of inventories (raw material and spare parts, production in process with own equity and long-term sources of financing. For the purpose of analysing adequate structure of financing medium agricultural enterprises, we will use one of the most popular methods, such as case study and ratio analysis. Results of the research show that in primary agricultural production, next to standard long-term investment loans and short-term loans for investment in agricultural production, there is a necessity for financing in the permanent working capital which could assist continuity of production process and enable conditions for more profitable business in agriculture. It also should be noted that real and book value on this level of permanent working capital differs substantially.
Sep 27, 2013 ... As the fifth volume in a series of five books bringing together the results of intensive research on the national systems of innovation (NSI) in the BRICS countries – Brazil, Russia, India, China, and South Africa, this book analyzes the financing of science, technology, and innovation in the BRICS economies.
This paper starts with the origin, nature and functions of the World Bank Group, reviews the past lending, describes the criteria used by the Bank in its power project appraisals, discusses the Bank's views on nuclear power, and concludes with a look at the probable future sources of financing of electrical expansion in the less developed countries. (orig./UA) [de
In this essay I discuss algorithmic finance, specifically the use of fully automated trading, including high-frequency trading, in the light of Michel Foucault's notion of governmentality. I argue that a governmentality perspective offers a fruitful way of understanding particular aspects of high...
Hugger, Jens; Mashayekhi, Sima
Feedback options are options where information about the trading of the underlying asset is fed back into the pricing model. This results in nonlinear pricing models. A survey of the literature about feedback options in finance is presented. The pricing model for the full feedback option...
Rusinova, Vanya; Wernicke, Georg
We provide causal evidence that investments into Corporate Social Responsibility (CSR) are affected by firms’ prior financial performance. More precisely we argue and test for a causal link between changes in firms’ cost of internal financing and CSR. To establish causality, we make use...
... DEVELOPMENT (SECTION 8 HOUSING ASSISTANCE PROGRAMS, SECTION 202 DIRECT LOAN PROGRAM, SECTION 202 SUPPORTIVE...) SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM FOR NEW CONSTRUCTION Definitions and Other Requirements... of the Department of Agriculture compatible with the Section 8 program; and (4) Financing by tax...
... DEVELOPMENT (SECTION 8 HOUSING ASSISTANCE PROGRAMS, SECTION 202 DIRECT LOAN PROGRAM, SECTION 202 SUPPORTIVE...) SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM FOR SUBSTANTIAL REHABILITATION Definitions and Other... insurance programs under the National Housing Act; and (3) Financing by tax-exmpt bonds or other obligations...
This paper examines the impact of small and medium-scale enterprises (SMEs) credit financing and financial market development and their shocks on the output growth of Nigeria. The study estimated a VAR model for Nigeria using 1970-2013 annual data series. Unit root tests and cointegration are carried out. The study ...
productive capitalists; and (3) easy access to financing for the state and the ruling coalition from foreign aid, mining and cocoa bean exports. As a result, ruling elites’ policy actions did not prioritize the development of new productive sectors (or upgrading of old ones), but were geared towards...
C-L. Chang (Chia-Lin); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)
textabstractThis paper provides a brief review of the connecting literature in management science, economics and finance, and discusses some research that is related to the three disciplines. Academics could develop theoretical models and subsequent econometric models to estimate the parameters in
6 Trade, competitiveness and finance in the Philippine manufacturing sector, 1980–95. 155 .... Volatility measures for liabilities and income: manufacturing industry ..... The project comprised eight country studies (Argentina, Brazil, Uruguay, Indonesia, India, the Philippines, Tunisia and South Africa) which were elaborated ...
Vitaly Yu. Zaitsev
Full Text Available The article deals with the essence of corporate Finance and the principles of their organization. The characteristic of the system of corporate financial management, describes its purpose, objectives and functions. Given the definition of a financial company policy. Review the organizational structure of corporate financial management from the current position.
L. Norden (Lars)
markdownabstract__Abstract__ Banks play a crucial role for the financing of small and medium-sized enterprises (SMEs). SMEs represent a large fraction of all firms in many economies and contribute significantly to employment and growth. But, SMEs are more informationally opaque, more risky, more
This thesis consists of three chapters, two in banking and one in international finance. The first two chapters examine how bank business models and foreign ownership structures affect bank-firm lending relationships. In particular, the first chapter reveals that foreign banks can overcome their
Hodges, J T; Quinn, M J
The role of the medical record department has become more crucial under DRGs. Timeliness and accuracy of clinical data has become critical to the hospital's financial success. As a result, a new relationship is forming between the finance and medical record departments. It is therefore important that the financial manager understand the operation of this department to make that new relationship a strong one.
Doyle, V.; Bhargava, A.
This research identifies barriers and challenges and current industry status including several key appraisal industry developments for identifying and valuing energy efficiency, critical obstacles to documenting and assessing the potential added value from energy efficiency improvements, current opportunities to support and standardize reporting on energy efficiency and to ensure proper valuation, and next steps towards enabling energy efficiency financing market transformation.
Garg, Ramesh C.
A discussion of methods for internationalizing finance curricula outlines two approaches and suggests a plan for internationalizing the curricula in each of three areas. The two proposed approaches result in either a minimum level of internationalization, which can be accomplished quickly by the instructor, or a substantial level of…
Jagerson, Gordon " Ty" [Village Power Finance, Palo Alto, CA (United States)
The award supported the demonstration and development of the Village Power Platform, which enables community organizations to more readily develop, finance and operate solar installations on local community organizations. The platform enables partial or complete local ownership of the solar installation. The award specifically supported key features including financial modeling tools, community communications tools, crowdfunding mechanisms, a mobile app, and other critical features.
The report analyzes several alternatives for financing the decommissioning of nuclear power plants from the point of view of assurance, cost, equity, and other criteria. Sensitivity analyses are performed on several important variables and possible impacts on representative companies' rates are discussed and illustrated.
This paper explores the preference for and the features unique to project finance, one of the favoured vehicles for funding energy development. Our main focus is on the interests of project sponsors, commercial banks and host governments. Inclusion of the latter reflects the fact host governments are often leading participants in primary energy and energy-related projects; more recently, they have come to use limited recourse structures to finance local infrastructure development. Traditional analyses, whilst providing useful insights into the interests of leading project participants, are incapable of isolation a single motive or set of motives that can comprehensively account for all of the features common to this form of debt. Within an options-theoretic framework, most of these ambiguities are resolved. Risk management, long recognised as one of the primary reasons for choosing project finance over rival debt structures, is affirmed as a key explanatory factor. One the other hand, options pricing theory provides a radically different perspective on how to project finance contributes to the realisation of these objectives. (author)
van Gulick, G.
In finance, situations exist that give rise to allocation problems. Individuals combining their capital typically have more investment opportunities, and thus higher revenues. The proceeds of their investments have to be divided among those individuals. Also, banks and insurance companies face
The case describes the first year of efforts to introduce microfinance as a tool to work with vulnerable groups in Sweden, more particularly ex-convicts, former drug-addicts and longterm unemployed women of immigrant background. The teaching objective is to discuss whether micro-finance can be seen...
Vitaly Yu. Zaitsev; Yurii I. Fedchishin
The article deals with the essence of corporate Finance and the principles of their organization. The characteristic of the system of corporate financial management, describes its purpose, objectives and functions. Given the definition of a financial company policy. Review the organizational structure of corporate financial management from the current position.
Jennings, John F.
Traces the presence of tax burden equity and educational funding equity interests in recent court rulings in order to place Connecticut's Horton vs Meskill in context. Also describes the California and New Jersey state legislatures' responses to similar state Supreme Court rulings on school finance. (Author/IRT)
The Word Bank Study "Financing Health Services in Developing Countries: An Agenda for Reform" is centered on a thesis of decreased government responsibility for financing health services. The study points out that more basic medical services are needed for the poor, but the aged and increased urbanization are forcing the application of more finances into hospitalization services. The World Bank study incorrectly assumes that the above problem is due to an epidemiologic polarization of rich vs. poor and that the only benefits from curative medicine are private, not societal, benefits. The proposal stemming from these assumptions financially separates curative from preventative services, regardless of its proven costliness and inefficiency. The 4 suggested specific World Bank reforms are: 1) charging fees for the use of health services; 2) provision of insurance or other risk coverage; 3) effective use of nongovernment resources, i.e. private practices, midwives; and 4) decentralization of government health services. These are interesting, although imperfect, solutions to the pressing problem of health care finance. The largest issues may be problems from the fragmentation of health services, cost inflation, and lack of effective controls--issues that are not dealt with in the World Bank study.
Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.
Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly) fin...
Dorde Pavlovic; Branko Gledovic
Budget control is derivate from one of the main functions of budget, that aims that the budget is control instrument of acquiring and pending of budget needs. OLAP model represents an instrument that finds its place in the budget planning process, executive phases of budget, accountancy, etc. There is a direct correlation between the OLAP model and public finance management process.
.../or steam power to consumers, such as, for example, coal mines, coal handling facilities, railroads... service territory of the borrower: water and waste disposal systems, solid waste disposal systems... of the borrower, the terms of the financing, the nature of the construction, the treatment of these...
National Educational Finance Project, Gainsville, FL.
To improve its cultural development, increase the economic efficiency of its public investment, and optimize equality of opportunity, Kentucky must introduce a new State school finance program. Such a program should provide for more efficient use of the public dollar, establish a framework wherein the public can measure school productivity, return…
Keating, Joseph P.
In preparation for the 1987 demise of the current community college funding mechanism in California, this discussion paper reviews the current fiscal situation in the state and considers the needs that should be addressed in the finance mechanism that would become effective in July 1987. Background information is presented on the history of the…
A variant of the multi-species Lotka-Volterra model is studied in which species competing for fixed finite resources are replaced by new randomly chosen species whenever they become extinct. The model exhibits chaos, punctuated equilibria, leptokurtosis, and self-organized criticality. It has application to ecology, finance, and possibly other diverse systems
Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)
The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.
Gujba, Haruna; Thorne, Steve; Mulugetta, Yacob; Rai, Kavita; Sokona, Youba
Modern energy access in Africa is critical to meeting a wide range of developmental challenges including poverty reduction and the Millennium Development Goals (MDGs). Despite having a huge amount and variety of energy resources, modern energy access in the continent is abysmal, especially Sub-Saharan Africa. Only about 31% of the Sub-Saharan African population have access to electricity while traditional biomass energy accounts for over 80% of energy consumption in many Sub-Saharan African countries. With energy use per capita among the lowest in the world, there is no doubt that Africa will need to increase its energy consumption to drive economic growth and human development. Africa also faces a severe threat from global climate change with vulnerabilities in several key areas or sectors in the continent including agriculture, water supply, energy, etc. Low carbon development provides opportunities for African countries to improve and expand access to modern energy services while also building low-emission and climate-resilient economies. However, access to finance from different sources will be critical in achieving these objectives. This paper sets out to explore the financial instruments available for low carbon energy access in Africa including the opportunities, markets and risks in low carbon energy investments in the continent. - Highlights: ► Access to finance will be critical to achieving low carbon energy access in Africa. ► Domestic finance will be important in leveraging private finance. ► Private sector participation in modern and clean energy in Africa is still low. ► Many financing mechanisms exist for low carbon energy access in Africa. ► The right institutional frameworks are critical to achieving low carbon energy access in Africa.
Luiz Lehmann Coutinho
Full Text Available A biotecnologia animal tem fornecido novas ferramentas para os programas de melhoramento e, dessa forma, contribuído para melhorar a eficiência da produção dos produtos de origem animal. No entanto, os avanços têm sido mais lentos do que antecipados, especialmente em razão da dificuldade na identificação dos genes responsáveis pelas características fenotípicas de interesse zootécnico. Três estratégias principais têm sido utilizadas para identificar esses genes - mapeamento de QTL, genes candidatos e sequenciamento de DNA e mRNA - e cada uma tem suas vantagens e limitações. O mapeamento de QTL permite determinar as regiões genômicas que contêm genes, mas o intervalo de confiança do QTL pode ser grande e conter muitos genes. A estratégia de genes candidatos é limitada por causa do conhecimento ainda restrito das funções de todos os genes. Os sequenciamentos de genomas e de sequências expressas podem auxiliar na identificação da posição de genes e de vias metabólicas associadas à característica de interesse. A integração dessas estratégias por meio do desenvolvimento de programas de bioinformática permitirá a identificação de novos genes de interesse zootécnico. Assim, os programas de melhoramento genético se beneficiarão pela inclusão da informação obtida diretamente do DNA na avaliação do mérito genético dos plantéis disponíveis.Animal biotechnology is providing new tools for animal breeding and genetics and thus contributing to advances in production efficiency and quality of animal products. However, the progress is slower than anticipated, mainly because of the difficulty involved in identifying genes that control phenotypic characteristics of importance to the animal industry. Three main strategies: QTL mapping, candidate genes and DNA and mRNA sequencing have been used to identify genes of economic interest to animal breeding and each has advantages and disadvantages. QTL mapping allows
Anyangah, Joshua Okeyo
This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)
Obiyathulla Ismath Bacha
Full Text Available Financial crises have become a recurring problem for modern economies with increasingly detrimental fallouts. Risk-sharing finance (RSF contracts may be the best instrument for addressing the problem and its fallout, and in particular the risk-sharing principles of Islamic finance offer a potential alternative. This paper offers some preliminary thoughts on the design and implementation of RSF for both private and public sector funding, for revenue and non-revenue generating projects. It is argued that such form of financing avoids the leverage of conventional debt, minimizes the costs of dilution, reduces macroeconomic vulnerability, and enhances financial inclusion. It also has the potential to be a less risky alternative for developing countries to finance public spending and economic growth. JEL Classifications: G32, P43, O16
In January 2008 the Maine metropolitan planning organizations (MPOs) requested the Transportation : Research Division of the Maine Department of Transportation to conduct research to determine if it is : possible for MPOs to finance projects through ...
.... This financing mixture, however, may lead to fiscal constraints when debt service occurs. If the investment funds are unproductive, then the infrastructure project may not generate sufficient revenue to offset debt service obligations...
African Review of Economics and Finance: Journal Sponsorship. Journal Home > About the Journal > African Review of Economics and Finance: Journal Sponsorship. Log in or Register to get access to full text downloads.
This paper shows how wind energy projects in the UK have obtained finance. It attempts to list the financing options open to small scale developments and to note any likely problems which may occur. (UK)
The Wisconsin Commission on Transportation Finance and Policy was created in the 2011-2013 biennial state budget to : identify and evaluate transportation finance options to address needs into the future. As part of its scope, the Commission : needed...
V. Kysucky (Vlado)
markdownabstract__Abstract__ Access to finance is one of the most serious obstacles faced by corporations. Financing constraints lead to large opportunity costs and negative consequences for economic growth, productivity, and welfare. In three studies, this dissertation examines mechanisms that
Two large questions informed the research for this article: first, how and why did the mid20th century shift from private to public ownership, financing and operation of : passenger railways affect the subsequent financing and development of high ...
This document summarizes the discussion at the Financing Roundtable. It provides an overview of the financing opportunities, challenges, and activities involved in achieving high performance schools, as identified by the participants.
...; Information Collection; Contract Financing AGENCIES: Department of Defense (DoD), General Services... previously approved information collection requirement concerning contract financing. Public comments are... INFORMATION CONTACT: Mr. Edward Chambers, Procurement Analyst, Contract Policy Branch, GSA, (202) 501-4770 or...
African Journal of Finance and Management: Journal Sponsorship. Journal Home > About the Journal > African Journal of Finance and Management: Journal Sponsorship. Log in or Register to get access to full text downloads.
Tri Hidayatul Ahmad Ismail
Full Text Available Multimedia Animation is an attempt to make a live presentation of static or moving, the animation may consist of images and music to blend together and become alive. In this case Multimedia Animation designed by using multimedia-based information technology. From year to year Multimedia Animation Film Animation shaped more advanced, both in coloring, and in concep movement. With the community Animation Film spoiled by progress dazzling animation creation. Later in the era of globalization in Indonesia's population penetration rate can be calculated very rapidly. So the authors designed an Animated Film to Family Planning Counseling to promote family planning in the community.Data collection methods used to make this application is the method of interview and literature study. For the development of the system in this paper by using development techniques Luther systems development models - Sutopo which consists of six stages: concept, design, collecting materials, assembly, testing and distribution. The results of this study are 2D Animation Film as a medium of socialization to Family Planning Department with extension. Avi and will be distributed via CD media and aired on Social Media such as Facebook, Twitter and YouTube. This animation movie aims to be one choice as the media reduces the increase in the number of residents is too drastic. Keywords: movies, animation, family planning, Luther-Sutopo
Full Text Available This study attempts to provide some understanding about SMEs’ access to finance within the West African sub-region with particular interest in establishing whether there are similarities and/or differences in the determinants of SMEs access to finance across countries in SSA. For robustness sake, we developed both subjective and objective measures of access to finance. Using data from World Bank’s Enterprise Survey data set, we examine the determinants of access to finance both at the sub-regional level and at the country-level. We found that, generally, at the sub-regional level, access to finance is strongly determined by factors such as firm size, ownership, strength of legal rights, and depth of credit information, firm’s export orientation and the experience of the top manager. However, we found important differences in the correlates of firms’ access to finance at the country level. The findings of this study therefore have important implications for policy.
Full Text Available The problems that hamper the financing of sustainable forest management (SFM are manifold and complex. However, forestry is also facing unprecedented opportunities. The multiple functions and values of forests are increasingly recognized as part of the solution to pressing global issues (e.g., climate change, energy scarcity, poverty, environmental degradation, biodiversity loss and raw material supply. Emerging initiatives to enhance forest carbon stocks and cut greenhouse gas emissions associated with forest clearing (known as REDD+, together with voluntary carbon markets, are offering additional funding options for SFM. Indigenous peoples, local communities and small scale farmers feature as key players in the discourse on implementing such initiatives. Based on the experience of countries developing national forest financing strategies and instruments, we suggest the following points be considered when financing such initiatives, particularly for small scale forestry: (1 Integrate financing of REDD+ and similar initiatives within broader national strategies for SFM financing; (2 Design REDD+ finance mechanisms that are ‘community ready’, i.e., tailored to local realities; (3 Consider existing livelihood strategies as the starting point; (4 Build on existing structures, but be mindful of their strengths and weaknesses; (5 Be strategic with your priority actions; and (6 Promote innovation, knowledge sharing and information exchange.
Taylor, Graham K; Tropea, Cameron
This book provides a wide-ranging snapshot of the state-of-the-art in experimental research on the physics of swimming and flying animals. The resulting picture reflects not only upon the questions that are of interest in current pure and applied research, but also upon the experimental techniques that are available to answer them. Doubtless, many new questions will present themselves as the scope and performance of our experimental toolbox develops over the coming years.
Bank for International Settlements
Introduction In May 2003, the Committee on the Global Financial System (CGFS) decided to establish a Working Group on Ratings in Structured Finance to explore the role of rating agencies in the rapidly evolving markets for structured finance instruments. To facilitate a better understanding of this role and of structured finance markets more broadly, the Working Group was mandated to identify and explain methodological differences that exist between the rating of structured finance instrument...
Juscu Nicolae Cristian
“The methodology of economic assessment of corporate finance management effectiveness” deals with the analysis of the basic issues of economic aspects of corporate finance management effectiveness; the paper presents the essential issues of the existing methods for establishing the economic effectiveness of corporate finance management and control; it also proposes the improvement of the approach regarding the assessment of finance management effectiveness of a company.
Full Text Available This work is a study on Islamic finance development and economic growth nexus for Turkey. It employs the econometric methods of unit root, co-integration, and Granger causality in a VECM framework; and the results, which are robust to all measures of Islamic finance development, show a unidirectional short and long run causality from Islamic finance development to economic growth. Hence, it is recommended that policy makers increase their efforts in promoting Islamic finance in Turkey.
Sengupta, Ramprasad; Mukherjee, Sacchidananda; Gupta, Manish
This study looks into various sources of financing infrastructure and the demands for infrastructure investments and highlights the mismatch between demand and supply of funds for infrastructure financing in India. In order to address this mismatch, and given the constraints of traditional sources of infrastructure finance in India, this paper suggests credit enhancement scheme (CES) as an alternative framework for mobilizing long-term infrastructure finance. It suggests for scaling up CES as...
Enrique A Gelbard; Mumtaz Hussain; Rodolfo Maino; Yibin Mu; Etienne B Yehoue
Islamic finance is a fast growing activity in world markets. This paper provides a survey on Islamic Finance in SSA. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects), Takaful (insurance), and microfinance. While not yet significant in most Sub-Saharan countries, several features make Islamic finance instruments relevant to the region, in particular the ability to foster SMEs and micro-credit activtities. As a first step, policy makers could intr...
This report examines relatively new, innovative financing methods for residential photovoltaics (PV) and compares them to traditional self-financing. It provides policymakers with an overview of the residential PV financing mechanisms, describes relative advantages and challenges, and analyzes differences between them where data is available. Because these innovative financing mechanisms have only been implemented in a few locations, this report can inform their wider adoption.
Cory, K.; Coggeshall, C.; Coughlin, J.; Kreycik, C.
The goal of this report is to examine how federal agencies can finance on-site PV projects. It explains state-level cash incentives available, the importance of solar renewable energy certificate revenues (in certain markets), existing financing structures, as well as innovative financing structures being used by federal agencies to deploy on-site PV. Specific examples from the DOD, DOE, and other federal agencies are highlighted to explain federal project financing in detail.
Anzhela Zakhitovna Namitulina
Full Text Available Subject article is relevant because It is devoted to description of sources of financing of defense enterprises and peculiarities of selection of sources of financing enterprises of the military-industrial complex. In the first part of the article provides an overview of the financial resources and types of funding organizations and enterprises. Description of modern methods of creating a climate for innovation, supporting innovative ideas, and domestic entrepreneurship. The second part of the article describes the direction, the form of financing for companies, taking into account the peculiarities of the development and operation of defense enterprises. The first phase of the study was to identify the main sources of financing for companies in difficult socio-economic conditions of the potential customer of defense products. The second phase of the study was to determine the ranking factors the use of different sources of funding and its impact on the development of enterprises. The presented research topic is particularly relevant in connection with an increase in the role of sources of financing development of the industry for the growth of innovation activity of enterprises. The urgency of acquiring those aspects of economic relations that with the financing of new projects enterprises of the defense-industrial complex, the financing of the state defense order. In today's economic environment has the need to address financial security of the defense-industrial complex, to attract new sources of funding, development of bank lending in the defense sector and the participation of banks in the financing of projects of the enterprises of the military-industrial complex. The processes of market transformation of enterprises of the military-industrial complex (MIC have acquired a special significance in relation to defining the role of these enterprises in the country and providing security to the complexity of their adaptation to market
More often than not, 'developer-finance' happens to provide the only pliable method of financing their redevelopment. Regretfully, this mode of financing often runs into trouble with the project either poorly executed or abandoned midway. This paper examines the manner in which 'developerfinance' is currently practiced in ...
Beck, T.H.L.; Lu, L.; Yang, R.
Abstract: Using a survey dataset of Chinese rural households, we find that access to external finance is positively associated with the decision to become entrepreneur, the initial investment for microenterprises and the use of external finance. Also, we find that the use of informal finance is
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Approval by Finance Board. 918.5 Section 918.5 Banks and Banking FEDERAL HOUSING FINANCE BOARD GOVERNANCE AND MANAGEMENT OF THE FEDERAL HOME LOAN BANKS BANK DIRECTOR COMPENSATION AND EXPENSES § 918.5 Approval by Finance Board. Payments made to directors...
... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5376-N-21] Housing Finance Agency Risk... Housing Finance Agencies (HFAs) to underwrite and process loans. HUD provides full mortgage insurance on.... This notice also lists the following information: Title of Proposal: Housing Finance Agency Risk...
... OPERATIONS Banks for Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4700... policies adopted by their boards of directors, are authorized to finance foreign trade receivables on... plans are used. (d) The financing of foreign trade receivables shall be limited by the policies of each...
....5 Banks and Banking FEDERAL HOUSING FINANCE BOARD NEW FEDERAL HOME LOAN BANK ACTIVITIES NEW BUSINESS... new business activity under § 980.3, the Finance Board may issue to a Bank a notice that: (1... Finance Board's approval of the new business activity, including but not limited to the conditions listed...
... Small Business for Sbic Financing § 107.710 Requirement to finance smaller enterprises. Your Portfolio must include Financings to Smaller Enterprises. (a) Definition of Smaller Enterprise. A Smaller... enterprises. 107.710 Section 107.710 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION SMALL...
The formal housing finance system in Ghana is inadequate and highly underdeveloped. The formal finance institutions have provided very little mortgages particularly to the low and middle-income households. However, the fast growing capital market of Ghana offers an opportunity for sustainable housing finance in the ...
B. Krug (Barbara)
textabstractHow is "public finance" organized in China? Is China’s public finance system different from that of other countries? Can we detect features which link today’s system to the past? Public finance refers to more than annual state budgets and constitutional procedures. It includes foreign
Rose, Heather; Sonstelie, Jon; Weston, Margaret
This is a technical appendix for the report, "Pathways for School Finance in California" (ED515651). "Pathways for School Finance in California" simulates alternatives to California's current school finance system. This appendix provides more information about the revenues used in those simulations. The first section describes…
... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Contract finance office clearance. 1432.502-2 Section 1432.502-2 Federal Acquisition Regulations System DEPARTMENT OF THE INTERIOR... finance office clearance. The CO shall obtain approval of the bureau finance office prior to taking...
An estimation of the developing countries' nuclear energy demand until the year 2000 and the corresponding investment costs is followed by a survey of the main parameters of financing. The influence of financing on the competitive position of nuclear energy is pointed out. In the annex formulas for evaluating the modes of financing are developed. (UA) [de
E. Binnendijk (Erica); R. Koren (Ruth); D.M. Dror (David)
textabstractBackground: This study examines health-related "hardship financing" in order to get better insights on how poor households finance their out-of-pocket healthcare costs. We define hardship financing as having to borrow money with interest or to sell assets to pay out-of-pocket healthcare
With the onset of new public management, there is a shift in the methods of financing of higher education institutions across the countries of the world, particularly emerging market economies, from public financing to private financing of higher education. Many countries adopted this shift very quickly while others have moved towards a gradual…
... 15 percent of the total project replacement cost. (c) Sources of mixed-finance developer's fee. The mixed-finance developer's fee may be paid from project income or project sources of funding other than... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Mixed-finance developer's fee. 891...
Meulen, van der H.A.B.; Asseldonk, van M.A.P.M.
In this paper mainstream and alternative sources of finance in
Dutch agriculture is analysed. Dutch farmers make use of
different sources of finance whereby bank loans continue to
serve as the major source of debt financing. The average bank
loan was approximately 740,000 euro per
While traditional housing finance system in Nigeria could not stem the estimated shortage of 17 million, some identified modern sources had also made little impact on housing finance. Sustainable real estate financing requires a system which can be repackaged and traded for further creation of credit over time as fitting into ...
Due to the magnanimous role of entrepreneurial finance in spurring output thereby fostering economic performance as supported by the intermediation and entrepreneurial financing theory, this study explored the influx of entrepreneurial financing on output generation in Nigeria utilizing secondary sourced data over the ...
... consideration by monetary or nonmonetary means, provided the value is adequate. The fair and reasonable... separate consideration for the contract financing clause. The value of the contract financing to the... the contract financing. Adequate new consideration is required for changes to, or the addition of...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Source of interim financing. 120.890 Section 120.890 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Development Company Loan Program (504) Interim Financing § 120.890 Source of interim financing. A Project may...
Access to finance is one of the major challenges faced by immigrant entrepreneurs. The study examined the knowledge of financing options by immigrant entrepreneurs. In addition, the study investigated if there is a significant gender difference in knowledge of financing options by immigrant entrepreneurs. The study used ...
Realizing the inadequacy of solely relying on the public sector, these countries are thus seeking alternative mechanisms for health care financing. Methods: this is a synthetic literature review to describe the situation of health care financing in Ethiopia. In addition, the newly adopted health care financing strategy was looked ...
Theory of behavioral finance combines psychology and finance theory. Main goal of thesis is to describe basic psychological factors influencing economic and financial behaviour. Thesis also focuses on so-called financial puzzles which are empirical phenomenons inconsistent with traditional finance theory such as efficient market hypothesis.
Full Text Available Green start-ups contribute towards a transition to a more sustainable economy by developing sustainable and environmentally friendly innovation and bringing it to the market. Due to specific product/service characteristics, entrepreneurial motivation and company strategies that might differ from that of other start-ups, these companies might struggle even more than usual with access to finance in the early stages. This conceptual paper seeks to explain these challenges through the theoretical lenses of entrepreneurial finance and behavioural finance. While entrepreneurial finance theory contributes to a partial understanding of green start-up finance, behavioural finance is able to solve a remaining explanatory deficit produced by entrepreneurial finance theory. Although some behavioural finance theorists are suggesting that the current understanding of economic rationality underlying behavioural finance research is inadequate, most scholars have not yet challenged these assumptions, which constrict a comprehensive and realistic description of the reality of entrepreneurial finance in green start-ups. The aim of the paper is thus, first, to explore the specifics of entrepreneurial finance in green start-ups and, second, to demonstrate the need for a more up-to-date conception of rationality in behavioural finance theory in order to enable realistic empirical research in this field.
INTRODUCTION. RELATION ENTRE ACTEURS FINANCIERS ET SECTEUR. AGRICOLE. ○ Evolution de la situation économique (Répression financière – Situation de crise – Libéralisation financière). ○ Exclusion du secteur bancaire. ○ Financement restreint à une petite poignée de filière agricole (Cacao, Café et coton).
Jensen, Anders Møller
Vi vil skabe film til mennesker med demens – ikke film om demens sygdommen eller beretninger om livet og hverdagen med en kronisk lidelse. Filmene skal medvirke til at frembringe en behagelig stemning omkring og hos mennesker med demens, så hverdagen bliver så tryg som mulig. Filmene skal samtidig...... var at afgrænse og prioritere projektet, samt komme med anbefalinger omkring hvad der er vigtigt, i forbindelse med produktion af film målrettet mennesker med demens. Resultat af ekspertgruppen sammenfattes i denne rapport. Projektet gennemføres som et samarbejde mellem Retrospect Film...
Kouakou , Thiédjé Gaudens-Omer
Solidarity-based finance is a fertile field to analyze the regulation of finance by ethics. However, in a “financiarized” environment, solidarity-based finance runs the risk of losing its solidarity identity by an institutional isomorphism process. Such drift is seen in the case of microfinance in the countries of the South. We identify three forms of microfinance according to the degree of immersion in classical finance environment: pre-banking microfinance (coercive isomorphism case), banki...
Houpt, K A
The value of behavioral techniques in assessing animal welfare, and in particular assessing the psychological well being of animals, is reviewed. Using cats and horses as examples, 3 behavioral methods are presented: (1) comparison of behavior patterns and time budgets; (2) choice tests; and (3) operant conditioning. The behaviors of intact and declawed cats were compared in order to determine if declawing led to behavioral problems or to a change in personality. Apparently it did not. The behavior of free ranging horses was compared with that of stabled horses. Using two-choice preference tests, the preference of horses for visual contact with other horses and the preference for bedding were determined. Horses show no significant preference for locations from which they can make visual contact with other horses, but they do prefer bedding, especially when lying down. Horses will perform an operant response in order to obtain light in a darkened barn or heat in an outside shed. These same techniques can be used to answer a variety of questions about an animal's motivation for a particular attribute of its environment.
Full Text Available The paper examines the influence of Modigliani's contributions to the theory of finance. As for the term structure of interest rates, the preferred habitat theory, had a mixed fortune: it was utilized by financial managers for a rather long time, before being discarded in the 1980s and, perhaps, being somewhat resumed in our days. The Modigliani-Miller theorem is considered as a landmark in finance theory, even if the controversies over both its assumptions and conclusions had indeed been very strong. By contrast, financial managers completely disregarded the thesis of an irrational undervaluation of stocks in inflationary periods. But most economists appreciate the proof that, for rather long periods, the market can be inefficient in channelling the resources towards the most productive utilizations.
Full Text Available The purpose of the paper is to present the fundamental equation in tourism finance that connects tourism research to empirical finance and financial econometrics. The energy industry, which includes, oil, gas and bio-energy fuels, together with the tourism industry, are two of the most important industries in the world today in terms of employment and generating income. The primary purpose in attracting domestic and international tourists to a country, region or city is to maximize tourism expenditure. The paper will concentrate on daily tourism expenditure, regardless of whether such data might be readily available. If such data are not available, a practical method is presented to calculate the appropriate data.
Full Text Available The paper is meant to be an extension of the theories of choice, empirical analysis and theories concerning communication between macro-economic sub-systems and even between (sub systems. A new perception will be given to all these theories and a different meaning of the factors influencing finance decisions will be shown. Another factor is introduced taking into account one’s choice, which restructures somehow the perception of the function of individuals’ choice. I named it factor α (alpha which is a spirituality factor provoking exchanges of information between economic sub-systems. This leads to a rearrangement of the economic and social patterns of behavior and of choice directly influencing the finance decisions and re-equilibrating the inter-conditioning sub-systems of the world.
Cory, K.; Coughlin, J.; Jenkin, T.; Pater, J.; Swezey, B.
There is growing national interest in renewable energy development based on the economic, environmental, and security benefits that these resources provide. Historically, greater development of our domestic renewable energy resources has faced a number of hurdles, primarily related to cost, regulation, and financing. With the recent sustained increase in the costs and associated volatility of fossil fuels, the economics of renewable energy technologies have become increasingly attractive to investors, both large and small. As a result, new entrants are investing in renewable energy and new business models are emerging. This study surveys some of the current issues related to wind and solar photovoltaic (PV) energy project financing in the electric power industry, and identifies both barriers to and opportunities for increased investment.
Full Text Available An important factor that has contributed in the realization of a positive economic growth in Albania in the last 20 years is undoubtedly the Small and Medium Enterprise (SME sector. SME financing is a topic of significant research interest to academics, and an issue of great importance to the policy makers around the world. Economic, as well as technical and social arguments warrant the promotion of SMEs. They create large scale, low-cost employment opportunities, use locally available inputs and technologies, mobilize small and scattered private savings, develop entrepreneurship, and correct the regional imbalance in development that exists in industrialized countries. Several studies identify financing, infrastructure facilities, taxes, regulations and stability in policies as major obstacles for the growth of small and medium businesses. Improving the business environment for SME development is a key objective of the policy framework in Albania.
Sebastian Ion CEPTUREANU
Full Text Available Non-governmental organizations (NGOs have become increasingly important in the last decade for the Romanian society. They raise public awareness for human rights, promote development of democracy and seek to improve the well-being of communities by being increasingly engaging in various development, educational, social or health projects. Unfortunately, many NGOs has to cope with significant financing problems since competition for resources amplified and some of the traditional donors cut or reduced support. This paper analyze financing issues in NGOs, based on a quantitative analysis, using a structured questionnaire. Since it is one of the very few studies covering Romania, the scope of the paper was to provide for those involved or interested in NGO sector new data concerning, for instance, sources of revenue or destination of resources, enabling NGOs executives to build financial sustainable organizations.
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.
Full Text Available Immigrant remittances are a significant source of income and finance for developing economies, representing about three times’ official development assistance and over half of foreign direct investment annually received. Major motivations to send remittances are for improving food, health, and education spending of families at home as well as for investing in entrepreneurial ventures. Economic policies to channel remittances into development finance should translate these motivations into measures to boost social investment and local and regional production, linking remittances policies to broader fiscal, financial and institutional policies. A national development bank can be a catalyser of public and private interests by supporting the scale up of remittances investment programmes and by building partnerships with regional and multilateral development institutions.
Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.
holders have the incentive to over invest. We formulate a dynamic structural model to study the interaction of initial capital structure choice, investment policy, subsequent debt issues, and debt priority rules. We find that priority rules have a substantial impact on investment timing as well......Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly......) finance the investment has lower priority in the event of bankruptcy as is the case for the commonly used absolute priority rule (APR). This incentivizes equity holders to under invest. If debt priority rules are specified in such a way that existing debt can be exploited by issuing new debt, do equity...
The aim of the appraisal of a project is to examine the economic need which a project is designed to meet, to judge whether the project is likely to meet this need in an efficient way, and to conclude what conditions should be attached to eventual Bank financing. Bank involvement continues throughout the life of the project helping to ensure that each project is carried out at the least possible cost and that it makes the expected contribution to the country's development. This paper gives an idea about the origin, nature and functions of the World Bank Group, describes the criteria used by the Bank in its power project appraisals, discusses the Bank's views on nuclear power, and concludes with a review of past lending and probable future sources of financing of electrical expansion in the less developed countries. (orig./UA) [de
Full Text Available In this paper we are proposing to approach a theme very topical in our country: choose of the most profitable and comfortable sources of financing. The major objective of research in this work is the foundation of essential decisions in the enterprise activitythat faces one of the most pressing problems: the search for a reliable source of funding. This foundation is based on the compared calculation to a series of financial indicators. Also, we are reflecting the impact of the operational leasing compared to the banking credit on the enterprise's financial situation, assessing the financial indicators, static and in dynamics by discounting of the financial flows generated, and choice of financing source considered the best and most advantageous to the enterprise “SCENT”. In theend of the paper are presented synthetic the main conclusions drawn from the analysis, related on operational leasing and its benefits and limits compared with the banking loan.
Jaume Roig Hernando
Full Text Available The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management. While there has been innovation in the management of corporate finance risk, real estate has lagged behind. Now is the time to expand the range of tools available for hedging households’ risks and, thus, to advance the democratization of finance. Property equity represents the major asset in households’ portfolios in developed and undeveloped countries. The present paper analyzes a set of potential innovations in real estate risk management, such as price level-adjusted mortgages, property derivatives, and home equity value insurance. Financial institutions, households, and governments should work together to improve the performance of the financial instruments available and, thus, to help mitigate the worst impacts of economic cycles.
Montazerhodjat, Vahid; Frishkopf, John J; Lo, Andrew W
We extend the megafund concept for funding drug discovery to enable dynamic leverage in which the portfolio of candidate therapeutic assets is predominantly financed initially by equity, and debt is introduced gradually as assets mature and begin generating cash flows. Leverage is adjusted so as to maintain an approximately constant level of default risk throughout the life of the fund. Numerical simulations show that applying dynamic leverage to a small portfolio of orphan drug candidates can boost the return on equity almost twofold compared with securitization with a static capital structure. Dynamic leverage can also add significant value to comparable all-equity-financed portfolios, enhancing the return on equity without jeopardizing debt performance or increasing risk to equity investors. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.
Ameli, Nadia; Kammen, Daniel M.
New methods are needed to accelerate clean energy policy adoption. To that end, this study proposes an innovative financing scheme for renewable and energy efficiency deployment. Financing barriers represent a notable obstacle for energy improvements and this is particularly the case for low income households. Implementing a policy such as PACE—property assessed clean energy—allows for the provision of upfront funds for residential property owners to install electric and thermal solar systems and make energy efficiency improvements to their buildings. This paper will inform the design of better policies tailored to the creation of the appropriate conditions for such investments to occur, especially in those countries where most of the population belongs to the low-middle income range facing financial constraints.
Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.
Coughlin, J.; Cory, K.
This report presents the information that homeowners and policy makers need to facilitate PV financing at the residential level. The full range of cash payments, bill savings, and tax incentives is covered, as well as potentially available solar attribute payments. Traditional financing is also compared to innovative solutions, many of which are borrowed from the commercial sector. Together, these mechanisms are critical for making the economic case for a residential PV installation, given its high upfront costs. Unfortunately, these programs are presently limited to select locations around the country. By calling attention to these innovative initiatives, this report aims to help policy makers consider greater adoption of these models to benefit homeowners interested installing a residential PV system.
Sach Tracey H
Full Text Available Abstract Background Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. Objective The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments independently, and subsequently by combined the financing sources to evaluate the whole financing system. Methods Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO and a regressive finance source (indirect taxes. Conclusion Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers