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...... the concept of transduction with a focus on film storyboards: how students transform ideas when working with different modes (audio, visual) of representation. Data includes discourse analysis of semiotic processes and texts, referring to Social Semiotics and the methodology of Mediated Discourse Analysis...
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.
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.
Voici la 17e édition du Rapport moral sur l’argent dans le monde, publié chaque année depuis 1994 par l’Association d’économie financière avec le soutien de la Caisse des Dépôts. Abordant une nouvelle fois les grands débats qui traversent actuellement le monde de la finance, il se consacre dans un premier temps à la lutte contre la criminalité et les délits financiers, et plus particulièrement à la lutte contre la corruption, la délinquance dans la finance et la fraude fiscale. Dans un second...
Ces deux ouvrages tirent les enseignements de l’impact de la crise de la finance mondiale sur l’économie réelle et se focalisent, dans ce contexte, sur le financement du Mittelstand. Le banquier JASCHINSKI, lorsqu’il passe en revue le système bancaire allemand, constate ainsi que si les moyennes entreprises trouvent les crédits nécessaires auprès de leurs solides partenaires de toujours que sont les Sparkassen, les grandes sociétés, internationales, que compte le Mittelstand n’ont pas de part...
Bisher veröffentlicht unter dem Titel: "Modern Finance" Das Buch beinhaltet ebenso einige Portraits: Die didaktische Erfahrung lehrt, dass man sich wissenschaftliche Ergebnisse und Ansätze besser merken kann, wenn eine Assoziation zu jener Person bildlich konkret wird, der wir den betreffenden Denkansatz verdanken. Aus Fragen der Finanzierung und der Investitionsentscheidungen von Unternehmen ist in der Verschmelzung mit der Analyse von Kapitalmärkten ein grosses Gebiet entstanden, da...
Régulièrement au cœur de l'actualité, les trois agences de notation (Standard & Poor's, Moody's et Fitch) règnent sur le monde de la finance internationale. Mais quelles sont-elles et à qui appartiennent-elles véritablement ? Détenues par de puissants fonds d'investissements, elles ont progressivement renforcé leurs rôles et pouvoirs. L'auteur interpelle le citoyen sur un système dans lequel les fonds d'investissements profitent des agences de notation (et de leur rôle de « gardien des marché...
Les investisseurs financiers et a fortiori les hedge fonds sont accusés de tous les maux. Ces « sauterelles » tomberaient sur les entreprises allemandes pour s’enrichir en les dépeçant. Un journaliste économique du quotidien des affaires Frankfurter Allgemeine Zeitung publie là un portrait objectif et factuel de ces « nouvelles stars » de la finance mondiale. Un portrait de branche, doublé d’une analyse de l’impact sur le « capitalisme rhénan » de la montée en puissance de ces nouveaux acteur...
Design and production of a short 2D animated film The thesis aims at analysing animation, the process of creating an ani- mated film with its technical and compositional details as well as show the process of making a short 2D animated movie with Toon Boom Studio. It is composed of theoretical and practical part. The theoretical part of this thesis consists of the definition of the term "animation", a quick overview of its history and evolution, and an in-depth look into var...
Asefeh Torabian; Massoud Tajadini
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 "Good Dinosaur" and "Little Prince" including totally 20 chapters in both groups and animation films including 60 minutes divided into 6 to 7 minute...
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
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.
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)
Full Text Available The paper presents less known data about the conditions in which the most successful animated films in the production of Neoplanta Film were created in the period between 1969 and mid 1972. Further, it analyzes the crucial events that led to the change of the management, as well as the dimensions of political persecution which was the reason for the most prominent creators to cease working.
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…
Full Text Available 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 "Good Dinosaur" and "Little Prince" including totally 20 chapters in both groups and animation films including 60 minutes divided into 6 to 7 minutes in each session in experimental group were presented. To estimate the primary knowledge of the subjects, a pretest was taken from both groups and after the experiment came to an end, a posttest was followed. The result revealed that a meaningful relationship could be identified between the procedures incorporated for both groups. However, the experimental group achieved higher degree of achievement using animation films presented to them by scoring higher in the total mean and also, interview participants were satisfied with the use of animation films in the reading class.
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…
Funny in animated films and literature: what the russian children laugh at. ... tell Funny episodes from these works of fiction and television cartoon serials. ... Preferences in the choice of a comic plot are reflected by the level of informative, emotional, speech development, ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT
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 referring to a person, e.g., monster, devil, demon, wicked. Seventy-four percent of the Disney films contained "evil" references, with an average of 5.6 references per film. Forty-four percent of the after-school cartoons contained "evil" references, with an average of one per cartoon. The results are discussed within the context of children's repeated exposure to popular animated movies and cartoons and their learning to demonize people who engage in perceived "bad" behaviors.
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.
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!.
“Wreck It Ralph” adalah sebuah film animasi produksi Disney Animation Studios yang menceritakan kehidupan dan petualangan seorang penjahat di dunia permainan bernama Ralph. Film ini adalah sebuah film yang membawa konvensi-konvensi genre yang berbeda dari film Disney sebelumnya. Peneliti melakukan analisis genre terhadap film “Wreck It Ralph” menggunakan 6 konvensi genre menurut Jane Stokes, yaitu setting, lokasi, peristiwa-peristiwa naratif, plot, karakter, dan ikonografi, untuk mengetahui g...
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
Moura, João Garcia de Lima de
This dissertation aims to study and deepen the understanding of Visual Development and the way it is used towards storytelling. In animated feature and short films every element is studied and created in order to help the viewer understand the story. We will study concepts like color and light to understand how they are used in order to create an emotional connection between the animation and the viewer. The animated film ‘Beauty and the Beast’ (1991) from Walt Disney studio...
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
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 intern...
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; 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
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.
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.
Radović Selena; Radulović Mladen
Starting from the theories that prolong mayor influence of media as the agency of socialization and criticism of gender representation in the media, in this work we observed whether the image of women in Disney’s animated films has changed during the time, and if so, in which way the change happened. Basic dimensions of gender roles of the heroines that have been placed in one of the most influential franchises named Disney’s Princesses are described in the...
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.
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)
Tech Directions, 2008
Art and animation work is the most significant part of electronic game development, but is also found in television commercials, computer programs, the Internet, comic books, and in just about every visual media imaginable. It is the part of the project that makes an abstract design idea concrete and visible. Animators create the motion of life in…
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.
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.
Abstrak. Pembentukan karakter merupakan salah satu tujuan pendidikan nasional. Pasal 1 UU Sisdiknas tahun 2003 menyatakan bahwa di antara tujuan pendidikan nasional adalah mengembangkan potensi peserta didik untuk memiliki kecerdasan, kepribadian dan akhlak mulia. Saat ini penguatan terhadap karakter bangsa menjadi prioritas program strategis pendidikan nasional, mengingat kondisi bangsa harus dikembalikan pada karakterisasi jati diri bangsa. Berbagai upaya perlu dilakukan untuk membangun pendidikan karakter, diantaranya melalui pemodelan (modeling karakter melalui tayangan Fim Animasi 3D. Kekuatan media ini adalah daya tariknya yang mampu menghipnosis anak sehingga muatan-muatan pendidikan karakter dapat diinternalisasi pada diri anak. Tujuan Penelitian ini adalah “mengembangkan Film Animasi 3D untuk Pendidikan Karater di Sekolah Dasar”, Penelitian ini menggunakan metode Research & Development (R&D melalui tahapan : (1 Analisis kebutuhan Media, (2 Pengembangan Media , (3 Validasi dan Diseminasi Produk. Subyek penelitian adalah siswa SD, dengan lokasi di tiga wilayah Jawa Barat (Cimahi, Kabupaten Bandung Barat dan Cianjur. Hasil penelitian ini menunjukkan bahwa model animasi yang didesain dengan ABC (animation character building berdampak pada pembiasaan positif sebagai langkah awal untuk pembentukan karakter pada siswa SD. Kata Kunci : Pendidikan Karakter, Film 3D Animasi
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
P. Quiry; Y. Le Fur; A. Salvi; M. Dallocchio; P. Vernimmen
Corporate Finance: Theory and Practice, 3rd Edition, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. This book covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financie...
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...
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
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
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...
William R. Kerr; Ramana Nanda
We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and h...
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
Full Text Available 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 the concept of transduction with a focus on film storyboards: how students transform ideas when working with different modes (audio, visual of representation. Data includes discourse analysis of semiotic processes and texts, referring to Social Semiotics and the methodology of Mediated Discourse Analysis. 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.
Quantitative finance is a field that has risen to prominence over the last few decades. It encompasses the complex models and calculations that value financial contracts, particularly those which reference events in the future, and apply probabilities to these events. While adding greatly to the flexibility of the market available to corporations and investors, it has also been blamed for worsening the impact of financial crises. But what exactly does quantitative finance encompass, and where did these ideas and models originate? We show that the mathematics behind finance and behind games of chance have tracked each other closely over the centuries and that many well-known physicists and mathematicians have contributed to the field.
Collins, R L; Christiansen, D; Zazanis, G A; Silver, F H
Cadaver grafts, laminated metallic materials, and synthetic fabrics have been evaluated as dural substitutes. Use of cadaver tissues is limited by fear of transmission of infectious disease while use of synthetic materials is associated with implant encapsulation and foreign body reactions. The purpose of this study is to evaluate the use of collagen film as a dural substitute. Collagen films prepared from bovine skin were used to replace the dura of rabbits and histological observations were made at 16, 28, 42, and 56 days postimplantation. Controls consisted of dura that was removed and then reattached. Control dura showed no signs of inflammation or adhesion to underlying tissue at 16 and 28 days postimplantation. By 56 days postimplantation, extensive connective tissue deposition was observed in close proximity to adjacent bone as well as pia arachnoid adhesions. Implanted collagen film behaved in a similar manner to control dura showing minimal inflammatory response at all time periods. At 56 days postimplantation collagen film appeared strongly infiltrated by connective tissue cells that deposited new collagen. The results of this study suggest that a reconstituted type I collagen film crosslinked with cyanamide acts as a temporary barrier preventing loss of fluid and adhesion formation. It is replaced after approximately 2 months with host collagen with limited inflammatory and fibrotic complications. Further studies are needed to completely characterize the new connective tissue formed as well as long-term biocompatibility and functioning of a reconstituted collagen dural substitute.
Boersma-de Jong, Margreet F.
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
This article examines the innovative techniques the participants in the Vidalia, Mississippi hydropower project used to overcome the numerous obstacles to the financing of the project. The topics of the article are early obstacles, funding and permitting, hydrology questions, matching income to debt, unorthodox provisions and a tough closing
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...
The welfare benefits of financial markets depend in large part on how effectively households use these markets. The study of household finance is challenging because household behavior is difficult to measure accurately, and because households face constraints that are not captured by textbook models, including fixed costs, uninsurable income risk, borrowing constraints, and contracts that are non-neutral with respect to inflation. Evidence on participation, diversification, and the exercise ...
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…
Στην εισαγωγή της παρούσας εργασίας δίνεται ο ορισμός του project financing, τα ιστορικά στοιχεία και οι τάσεις αγοράς του. Στο πρώτο κεφάλαιο αναφέρεται γιατί οι εταιρείες προτιμούν την χρηματοδότηση με project financing. Γίνεται λόγος για τα πλεονεκτήματά του έναντι της άμεσης χρηματοδότησης, καθώς και για τα μειονεκτήματα του project financing. Στο δεύτερο κεφάλαιο παρουσιάζονται τα χρηματοοικονομικά στοιχεία και ο ρόλος του χρηματοοικονομικού συμβούλου. Στην τρίτη ενότητα γίνεται η αναγνώ...
Top Department of Administration logo Alaska Department of Administration Division of Finance Search Search the Division of Finance site DOF State of Alaska Finance Home Content Area Accounting Charge Cards You are here Administration / Finance Division of Finance Updates IRIS Expenditure Object Codes
Alternative ways of financing school bus purchases include financing privately through contractors or commercial banks, financing through sources such as insurance companies and pension funds, leasing the buses, or contracting for transportation services. (Author/MLF)
Substance Misuse and Addiction Prevention Finance & Management Services Health Care Services Juvenile health care provider about vitamin D and the risks and benefits of supplementation. Finance and Management Services The Division of Finance and Management Services (FMS) provides financial, administrative
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…
Behavioral finance substitutes normal people for the rational people in standard finance. It substitutes behavioral portfolio theory for mean-variance portfolio theory, and behavioral asset pricing model for the CAPM and other models where expected returns are determined only by risk. Behavioral finance also distinguishes rational markets from hard-to-beat markets in the discussion of efficient markets, a distinction that is often blurred in standard finance, and it examines why so many investors believe that it is easy to beat the market. Moreover, behavioral finance expands the domain of finance beyond portfolios, asset pricing, and market efficiency and is set to continue that expansion while adhering to the scientific rigor introduced by standard finance.
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
L. Randall Wray
This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial...
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).
Molina Arenaza, Hércules; Del Carpio Gallegos, Javier
This article analizes and compares the various aspects related to the "Project Finance" technique using projects financing in the Capital Market, both in developed countries and in developing countries. Likewise, the application's technique is illustrated by Antamina mining enterprise. El artículo analiza y compara los diferentes aspectos relacionados con la técnica del Project finance usado en el financiamiento de proyectos en el mercado de capitales, tanto en los países desarrollados com...
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...
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...
What is the contemporary relation between finance and security? This essay encourages further research into the securitization of finance by developing the notion of ‘finance/security/life’. A focus on the intersections of finance/security/life will be shown to prompt a broadened range of critical, cross-disciplinary concerns with the various ways in which financial markets are positioned as vital to securing wealth, welfare and wellbeing.
This chapter describes the typical type of financing agreements which are currently used to finance North Sea petroleum projects whether they are in the cause of development or have been developed and are producing. It deals with the agreements which are entered into to finance borrowings for petroleum projects on a non-resource or limited resource basis. (UK)
Household finance is a young and vibrant research field that continuously attracts public attention. There may be very few matters that people care so much about as their personal finance. Recent rise of academic interest in household finance is to a great extent due to households’ more active role
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
... 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...
... 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...
Screenings Culture Ireland Film Festival, Bucharest, Romania (July, 2009). Galway Film Fleadh, New Irish Short Animation Section, Ireland (July, 2008). Education Programme, Irish Film Institute (April, 2008). World Witness Film Festival, Limerick, Ireland (February, 2008). Junior Galway Film Fleadh, Ireland (November, 2007). Stranger Than Fiction Documentary Film Festival, Irish Film Institute. Winner of Best Irish Short Audience Award (September, 2007). Waterford African...
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.
Carpe Pérez, Inmaculada Concepción
, 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...... bodies. By using animation as a learning tool we can explore the world of emotions and question beliefs, feelings and actions in order to express our voices and enhance our communication, and well-being, both, internally and with others. Animation can be the visual expression of the emotions in movement...
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.
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
Richard K. Green; Susan M. Wachter
While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization of mo...
Alfieri Li Ojeda, Jaime
The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras ...
João M. Pinto
Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market ...
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
William R. Kerr; Ramana Nanda
Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal for policymakers worldwide. We review two major streams of research examining the relevance of financing constraints for entrepreneurship. We then introduce a framework that provides a unified perspecti...
Yati Md Lasa
Full Text Available Project Financing Initiative (PFI projects require the private sector to invest an enormous amount of capital for the development of public projects. The private sector has to seek cost-effective financing sources for their survival in the long-term concession. Conventional financing uses widely; however, Islamic financing promises better financing through profit and loss sharing. This paper reviews financing preferences for PFI projects and the factors influencing the choice of funding. The results show that religious perspective, quality of services, financing facilities and reputation are the factors that are expected will influence the financing preference behaviour, either Islamic or conventional finance.
Since 2005, the world’s first P2P Internet financing service platform Zopa in UK was introduced, in the development of “Internet +” trend, P2P Internet financing service platform has been developed rapidly. In 2007, China’s first P2P platform “filming loan” was established, marking the P2P Internet financing service platform to enter China and the rapid development. At the same time, China’s P2P Internet financing service platform also appeared in different forms of risk. This paper focuses on the analysis of the causes of risk of P2P Internet financing service platform and the performance of risk management process. It provides a solution to the Internet risk management plan, and explains the risk management system of the whole P2P Internet financing service platform and the future development direction.
Various aspects of the problems of financing a multinational regional fuel cycle centre (RFCC) are briefly discussed. Some of the points covered are: financing by participants; floating long-term loans on capital markets outside the countries of the participants; and export credits for the purchase of equipment manufactured outside the countries of the participants
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
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)
Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars
. 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?...
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)
Bouwer, L.M.; Aerts, J.C.J.H.
This paper examines the topic of financing adaptation in future climate change policies. A major question is whether adaptation in developing countries should be financed under the 1992 United Nations Framework Convention on Climate Change (UNFCCC), or whether funding should come from other sources.
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
Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...
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...
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......, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similar effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse...
In the paper, we put some foundations for studying asset pricing and finance as a stochastic and behavioral process. In such process, preferences and psychology of agents represent the most important factor in the decision-making of people. Individuals have their own ways of acquiring the information they need, how to deal with them and how to make predictions and decisions. People usually also do not behave consistent in time, but learn. Therefore, in order to understand the behavior on the ...
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
Full Text Available The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the local condition. Article aims to present microfinancing as a tool that could improve the SME access to finance, thus contributing to the economic development of the country by creating new jobs, new products and services
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
FACT is a financial analysis tool that helps identify the most cost-effective method to fund a wastewater or drinking water management project. It produces a comprehensive analysis that compares various financing options.
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
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.
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
Published by Palgrave Macmillan This 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....
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)
Goldszal, Alberto F; Bleshman, Michael H; Bryan, R Nick
An attempt to finance a large-scale multi-hospital picture archival and communication system (PACS) solely based on cost savings from current film operations is reported. A modified Request for Proposal described the technical requirements, PACS architecture, and performance targets. The Request for Proposal was complemented by a set of desired financial goals-the main one being the ability to use film savings to pay for the implementation and operation of the PACS. Financing of the enterprise-wide PACS was completed through an operating lease agreement including all PACS equipment, implementation, service, and support for an 8-year term, much like a complete outsourcing. Equipment refreshes, both hardware and software, are included. Our agreement also linked the management of the digital imaging operation (PACS) and the traditional film printing, shifting the operational risks of continued printing and costs related to implementation delays to the PACS vendor. An additional optimization step provided the elimination of the negative film budget variances in the beginning of the project when PACS costs tend to be higher than film and film-related expenses. An enterprise-wide PACS has been adopted to achieve clinical workflow improvements and cost savings. PACS financing was solely based on film savings, which included the entire digital solution (PACS) and any residual film printing. These goals were achieved with simultaneous elimination of any over-budget scenarios providing a non-negative cash flow in each year of an 8-year term.
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
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…
Godier, Kevin; Marks, Jon
Contains Executive Summary and Chapters on: Overview of financing trends in Africa; Multilateral support - Bedrock of Africa's first generation energy projects; ECA insurance and financing; Bilateral development finance; Offshore commercial bank lending; Local commercial bank finance; Capital markets; Legal ramifications ; Risk factors; Conclusions. (Author)
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'.
The author analyses the papers presented at the Paris Conference on the maturity of nuclear energy. It is evident that financing possibilities will be a determinant factor in the rate of development of nuclear power during the years to come. After having evaluated the capital requirements necessitated for the development of nuclear programmes, the parties intervening have examined the means at the disposal of electricity manufacturers to meet these needs (self-financing, recourse to external financing, regrouping, on an international scale of the electricity manufacturers of the setting up of high capacity plants). As concerns the insurance problems, they are becoming more and more involved as nuclear applications, are further diversified and intensified. The parties intervening have discussed new tarification techniques likely to be applied and pointed out the possibilities offered by regrouping or pooling of insurers (Market Pool) which allow for a maximum of risks to be covered without exceeding the means proper to each company concerned [fr
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.
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)
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.
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...
In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...
The Technology and Sustainable Development section of the Clean Technology and Environmental Policy Group, University of Twente, is working on a project financed by Netherlands Development Cooperation entitled “Kyoto: Think Global, Act Local” which will run from 2003 to 2009. The project is
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
Nuclear power plant construction projects have many characteristics in common with other types of large infrastructure investment, both within the power generation sector and elsewhere. However, nuclear power itself has special features that can make nuclear financing particularly challenging. These features include the high capital cost, the relatively long period required to recoup investments, the often controversial nature of nuclear projects. The need for clear solutions and financing schemes for radioactive waste management and decommissioning and the need for nuclear power plants to operate at high capacity factors, preferably under base load conditions. During the previous major expansion of nuclear power in the 1970 and 1980, many nuclear projects suffered very large construction delays and cost overruns. The legacy of such problems increases the risks perceived by potential investors. A recent study undertaken jointly by the Iea and the Nea showed that the competitiveness of nuclear power strongly depends on the cost of financing due to the high share of fixed capital costs in the total lifetime costs of nuclear power. A key issue in this context is the long-term predictability of carbon pricing arrangements, which, for the time being and despite positive evolutions in this respect, most notably in Europe, does not yet exist. This paper will consider how the risks can be mitigated and examine in detail various models for corporate finance and the role of government assistance in providing a suitable financial basis. (Author)
The fifth Chief of Staff Division, namely Finance, is the end result of ... 1946 was able to report in 1948 that there had ... the same time however, the Secretary referred ... mended that because 'the existing dual arrange- ... tigate the division of functions in the Department. ... randum discussing the different arguments sur-.
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
This paper discusses the financing of emerging energies in Canada. Transforming energy markets will involve billions of dollars of investment from businesses and residents. Many different types of return on investment can be expected. These benefits will continue to grow over time and provide a permanent i ncome
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.
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…
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 subject is discussed under the headings: the energy situation today; energy investment and capital requirements (finding the necessary funds); further possibilities; future financing (project financing); summary. (U.K.)
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.
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......–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...
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.
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...
ANDREI STANCULESCU; DAN NICOLAE IVANESCU; PETRE BREZEANU
This paper sustains the existence of a biunivocal link between a company’s financing decision and the corporate governance. On the one hand, the financing decision has an impact on corporate performance, which has been confirmed. According to the agency theory, the financing decision will contribute to solving interest conflicts between shareholders and managers. On the other hand, the corporate governance mechanism provides the proper contractual framework for attracting financing resources....
This paper studies how bidders' choice of financing for cash bids affects takeover prices. Endogenizing this choice shows that takeover premia are lower than when bidders are not cash-constrained for equity-like financing, but higher for debt financing. Intuitively, unlike debt (which leads to
LIN Justin Yifu; SUN Xifang
Informal finance exists extensively and has been playing an important role in small-and medium-sized enterprise (SME) financing in developing economies,This paper tries to rationalize the extensiveness of informal finance.SME financing suffers more serious information asymmetry to the extent that most SMEs are more opaque and can only provide less collateral.Informal lenders have an advantage over formal financial institutions in collecting "soft information" about SME borrowers.This paper establishes a model including formal and informal lenders and high-and low-risk borrowers with or without sufficient collateral and shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way,and the efficiency of allocating credit funds can be improved once informal finance is allowed to coexist with formal finance.
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.
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...
This paper uncovers evidence of s potentially important channel linking financial development to growth: the financing of innovations introduced by entrepreneurs. Using internationally comparable data on European countries, entry and exit in research-intensive industries are found to be disproportionately sensitive to the level of financial development. Furthermore, financial development is related to increased R&D spending. The results are robust to several different measures of financial de...
Simon Johnson; John McMillan; Christopher Woodruff
Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.
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.
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...
Berg, Christian Edelvold; Lund, Anker Brink
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......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...
After nearly 2 years of study, the 1979 Advisory Council on Social Security submitted its findings and recommendations in December. In February the Bulletin published the Executive Summary of the Council's report. Because of the continuing wide public interest in the future of social security financing, the Council's detailed findings and recommendations on that subject are published below. The Council unanimously reports that all current and future beneficiaries can count on receiving the payments to which they are entitled. Among the recommendations it calls for are partial financing with nonpayroll-tax revenues. Suggested changes include hospital insurance (HI) financed through portins of personal and corporate income taxes and a part of the HI insurance payroll tax diverted to cash benefits with the balance of this tax repealed. The Council also recommends that the social security cash benefits program be brought into long-run actuarial balance--with a payroll-tax rate increase in the year 2005. It rejects the idea of a value-added tax as being inflationary. Parenthetical remarks represent additional views of the Council members cited.
Herrera Zárate, M; González Torres, R
The economic crisis had had a profound effect on the finances of health services in Mexico. The expenditure on health has decreased, both in absolute terms and in relation to the national gross product. Funding problems have been aggravated by inequities in budget distribution: social security institutions have been favored; geographical distribution of resources is concentrated in the central areas of the country and in the more developed states, and curative health care has prevailed over preventive medicine. Administrative inefficiency hinders even more the appropriate utilization of resources. Diversification of funding sources has been proposed, through external debt, local funding, and specific health taxing. But these proposals are questionable. The high cost of the debt service has reduced international credits as a source of financing. Resource concentration at the federal level, and the different compromises related to the economic solidarity pact have also diminished the potentiality of local state financing. On the other hand, a special health tax is not viable within the current fiscal framework. The alternatives are a better budget planning, a change in the institutional and regional distribution of resources, and improvement in the administrative mechanisms of funding.
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...
... Financing § 170.300 May tribes use flexible financing to finance IRR transportation projects? Yes. Tribes may use flexible financing in the same manner as States to finance IRR transportation projects, unless... 25 Indians 1 2010-04-01 2010-04-01 false May tribes use flexible financing to finance IRR...
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 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…
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 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
The basic objectives of the Spanish National Energy Plan are summarized as (1) To obtain maximum guarantees for continuity of supplies, (2) Reduce the cost of energy supplies to the maximum possible degree, (3) Reduce the difference in the balance of payments due to importation of primary energy sources, (4) Pro-mote the rational use of energy with the aim of moderating the growth rates in demand without affecting economic development (5) Reduce to an economical minimum the effect on the environment of energy-producing installations, and (6) Contribute to the technological development of the country and promote research in the energy field. To fulfil these objectives, the following forecasts are made: With the Gross National Product increasing at a rate of 5% or 6%, the demand on primary energy sources in 1985 will be 173 or 194 million e.c.t. (equivalent coal tons), i.e. annual growth rates of energy consumption of 6% and 7.2% respectively, compared with growths during the last decade of 9.2%. It is projected that generation of electrical energy from nuclear sources will grow to attain in a share of approximately 60% by 1985, i.e. an installed nuclear power level of 23.8.GW. The cost of the Spanish National Energy Plan, particularly the cost and financing of the nuclear program, is reviewed. Finally, the growing need for self-financing is stressed. (B.P.)
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)
Gomes, Joao F; Yaron, Amir; Zhang, Lu
We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured by a simple ‘financing cost’ function, equal to the product of the financing premium and the amount of external finance. This approach provides a tractable framework to examine the role of financing fr...
Full Text Available In the introduction of this paper the research objectives are presented on a case study, the research method, as well as the literature in the field and the novelty of this study. Furthermore, several aspects on the source of information for determining intermediate management balances are covered. In the third part of the study the indicator of self-financing capacity of companies is determined. The correlation between the self-financing capacity and term debts are shown in the fourth part and the fifth part of this study presents some aspects regarding global self-financing, maintaining self-financing, net self-financing, and finally the results of the study are presented.
Expansion of electricity supply is associated with economic development. The installation and enlargement of power systems in developing countries entails a huge financial burden, however. Energy consumers in such countries must pay not only for supplies but for the cost of raising the capital for expansion on the international markets. Estimates are presented for the capital expenditure for electricity supply over the period 1990 to 2020 for the major world regions, using approximations for the cost of plant and capital and for the returns earned. These data lead to the conclusion that the five regions with the lowest per capita incomes are those which will need the major part of the capital expenditure and the highest percentage of external finance. (6 tables) (UK)
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...
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.
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.
Nelson, E Anthony S; Sack, David; Wolfson, Lara; Walker, Damian G; Seng, Lim Fong; Steele, Duncan
A 2006 Commonwealth Association of Paediatric Gastroenterology and Nutrition workshop on financing children's vaccines highlighted the potential for vaccines to control diarrhoea and other diseases as well as spur economic development through better health. Clear communication of vaccination value to decision-makers is required, together with sustainable funding mechanisms. GAVI and partners have made great progress providing funding for vaccines for children in the poorest countries but other solutions may be required to achieve the same gains in middle- and high-income countries. World Health Organization has a wealth of freely available country-level data on immunisation that academics and advocates can use to communicate the economic and health benefits of vaccines to decision-makers.
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
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.
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
Reed, B. J.; Swain, John W.
This book is intended for the nonexpert in finance who has a public administration background. It opens with a broad introduction to public finance administration and how this job is related to public budgeting, the practice of public-sector accounting, and the economic concepts of money and value. Issues surrounding public revenue, its sources,…
This paper argues that endogenizing how acquirers finance their cash bids is just as important for understanding bidding in takeovers as endogenizing acquirers' payment method choice. The paper shows that acquirers finance their cash bids with equity only if they lack access to competitive
The 2 x 610 MW Paiton II coal-fired independent power project in Indonesia became a reality last week with the completion of a 1.36 billion dollars commercial financing for the 1.65 billion dollar undertaking. Details of the financing are given. A table lists Indonesia`s independent power projects and their current status.
This article examines how environmental requirements are challenging the developers ability to secure financing for independent energy projects. The topics addressed in the article include a review of the US Environmental Protection Agency auction rules for acid rain emission allowances, short term and long term market demand, project financing issues, credit value and matching interests
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,
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…
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...
Oszustowicz, R J; Dreachslin, J L
In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.
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...
In the '80 even if there were no precise law disposition in this specific matter, Enel has created a fund for the plants decommissioning and a fund for the irradiated fuel management. A setting aside pluri-annual plan has been defined. Cumulated funds transferred to the Sogin at the date of its constitution amount to about 1500 MLD ITL (750 M Euro). This amount was adequate to complete decommissioning activities within the Safe Store strategy. Following the separation of Sogin from Enel, a funding mechanism has been defined to provide resources for additional costs deriving from the different economic conditions (new discount rate and taxes), from the management costs for the new company, and from the change in strategy (from Safe Store to DECON). A Decree of the Ministry of the Industry, issued on 26 January 2000, states that the above mentioned extra costs for Sogin shall be financed on a levy on the price of the sold kWh. Every year Sogin shall present the program of future activities, with associated costs: on this basis, the national Authority for Electric energy and Gas (the national body which defines tariff policy) shall re-evaluate the global amount to be granted to Sogin and the levy on the price of the kWh due to Sogin for next three years. The re-evaluation will take into account economic efficiency criteria. For the period 2002- 2004 the Authority has defined a global amount of about 362 M euros to be granted to Sogin, corresponding to ∼0,04 cents of Euro per kWh. The same procedure is foreseen by the Decree in order to finance Sogin for additional costs related to the dismantling of nuclear installations now property of ENEA. In this context, a Consortium between ENEA and Sogin has been established. The Authority for the period 2002-2004 has defined a global amount of about 106 M euros to be granted to the Consortium, corresponding to ∼0,015 cents of Euro per kWh. (author)
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...
Full Text Available Healthcare financing system is of crucial importance for the functioning of any healthcare system, especially because there is no country in the world that is able to provide all its residents with access to all the benefits afforded by modern medicine. Lack of resources in general and rising healthcare expenditures are considered a difficult issue to solve in Croatia as well. Since Croatia gained its independence, its healthcare system has undergone a number of reforms, the primary objective of which was to optimize healthcare services to the actual monetary capacity of the Croatian economy. The objectives of the mentioned re - forms were partially achieved. The solutions that have been offered until now, i.e. consolidation measures undertaken in the last 10 years were necessary; however, they have not improved the operating conditions. There is still the issue of the deficit from the previous years, i.e. outstanding payments, the largest in the last decade. Analysis of the performance of healthcare institutions in 2011 shows that the decision makers will have to take up a major challenge of finding a solution to the difficulties the Croatian healthcare system has been struggling with for decades, causing a debt of 7 billion kuna. At the same time, they will need to uphold the basic principles of the Healthcare Act, i.e. to provide access to healthcare and ensure its continuity, comprehensiveness and solidarity, keeping in mind that the National Budget Act and Fiscal Responsibility Act have been adopted.
Full Text Available The paper analyses the importance of behavioural finance theories in household decision-making process. Behavioural finance theories investigate emotional characteristics to explain subjective factors and irrational anomalies in financial markets. In this regard, behavioural theories and behavioural anomalies in the decision-making process are examined; the application opportunities in the financial market are described. The aim of investigation is to determine the basic features and slopes of behavioural finance in concordance with financial decisions of a household. The survey method was applied to ascertain financial behaviour of literate households.
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.
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
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.
Having first recalled the usual financing rules related to the economic activities, the author analyses the applying of those rules in the nuclear field, taking into account the specific characteristics of this industrial branch [fr
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
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.
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.
Items 1 - 16 of 16 ... The African Journal of Finance and Management is designed to carry articles, ... Operations, Human Resource, Organisational Behaviour, Marketing Services, ... AJMR aims to serve management and business academics.
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...
While conventional power stations usually have fossil fuel reserves for only a few weeks, nuclear power stations, because of the relatively long time required for uranium processing from ore extraction to the delivery of the fuel elements and their prolonged in-pile time, require fuel reserves for a period of several years. Although the specific fuel costs of nuclear power stations are much lower than those of conventional power stations, this results in consistently higher financial requirements. But the problems involved in financing the nuclear fuel do not only include the aspect of financing the requirements of reactor operators, but also of financing the facilities of the nuclear fuel cycle. As far as the fuel supply is concerned, the true financial requirements greatly exceed the mere purchasing costs because the costs of financing are rather high as a consequence of the long lead times. (orig./UA) [de
Blanchard, Christoper M; Prados, Alfred B
According to the U.S. State Department 2007 International Narcotics Control Strategy Report, Saudi donors and unregulated charities have been a major source of financing to extremist and terrorist groups over the past 25 years...
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.
Khokher, Zeigham Islam
As opposed to the well developed and understood equity markets, the energy markets are still in their infancy. The explosion of contracts, of both the primary and derivative types, are testament both to the existing size and the untapped growth potential of this exciting industry. However, because of its relative youth many basic issues in the energy markets remain unresolved. This thesis introduces some interesting questions and provides insights into these issues. Thematically, the chapters of this thesis are linked by an emphasis on valuation and risk management decisions. A contribution of this thesis is to show that subtle differences between the endogenous price process in our general equilibrium setting and the exogenous processes considered in earlier papers can generate significant differences in both financial and real option values. In addition to these valuation concerns there has been much debate about the corporate risk management function. Finance theory suggests that a value maximizing corporation should either be indifferent to hedging or, in the presence of certain imperfections, it should completely hedge all exposures. Both these extremes contradict empirical evidence. We show that existing corporate hedging behaviour is best explained in light of both physical market imperfections and directional predictions on future prices. While these speculative motives may arise from corporate hubris or genuine informational advantages, we argue that it would be difficult to implement private information in the absence of noise traders. Related to the risk management decision is the existence of futures risk premia. These premia have been thought to be cause by covariance with priced factors or due to the hedging demands of consumers and producers. This thesis argues that inventories serve as a signal of available quantity, which coupled with consumers fears regarding stockouts can induce a positive relationship between premia and inventories. In
Simon Johnson; John McMillan; Christopher Woodruff
Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup ma nufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make.
This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It will set out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximise their prospects of raising bank finance. (author)
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)
Infrastructure projects, given their long life, require long term financing. The main sources of long term financings are insurance and pension funds who seek long term investments with low credit risk. However, in India household financial savings are mainly invested in bank deposits. Insurance and pension funds account for only a small percentage of household financial savings. In addition most infrastructure projects do not qualify for investment by insurance and pension funds because of t...
Hall, Bronwyn H.
To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral-hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially ...
Peter Egger; Christian Keuschnigg
Since innovative firms are often financially constrained, access to external funds is important for the expansion of innovative industries. This paper reports four important results. First, comparative advantage is shaped by factor endowments as well as fundamental determinants of corporate finance. In particular, a larger equity ratio of firms and tough governance standards relax finance constraints and create a comparative advantage in innovative industries. Second, factor price equalizatio...
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 ...
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 service delivery; (iv) budgeting with adequate an...
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Termination financing. 32... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.109 Termination financing. To encourage contractors to invest their own funds in performance despite the susceptibility of...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 882.405 Section 882.405... § 882.405 Financing. (a) Types. Any type of public or private financing may be utilized with the... Contract as security for financing. An Owner may pledge, or offer as security for any loan or obligation...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.71 Section 3560.71... Construction financing. (a) Construction financing plan. Prior to loan approval, applicants must submit to the Agency for its concurrence a plan for the construction financing and securing of the loan. (b) Interim...
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contract financing. 12.210... financing. Customary market practice for some commercial items may include buyer contract financing. The contracting officer may offer Government financing in accordance with the policies and procedures in part 32. ...
... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1735.75 Section 1735.75... Involving Loan Funds § 1735.75 Interim financing. (a) A borrower may submit a written request for RUS approval of interim financing if it is necessary to close an acquisition before the loan to finance the...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 883.307 Section 883.307... § 883.307 Financing. (a) Types of financing. A State Agency that used the Fast Track Procedures formerly in this part must provide permanent financing for any new construction or substantial rehabilitation...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Prohibited financing. 120.476... Business Lending Companies (sblc) § 120.476 Prohibited financing. An SBLC may not make a loan to a small business that has received financing (or a commitment for financing) from an SBIC that is an Associate of...
... Basic Policies § 1735.17 Facilities financed. (a) RUS makes hardship and guaranteed loans to finance the... section. (b) RUS makes concurrent RUS cost-of-money and RTB loans to finance the improvement, expansion... type of loan to finance the following items: (1) Station apparatus (including PBX and key systems) not...
The Institut of Energy Saving and Diversification (IDAE) hosted the third party on financing Renewable Energy Sources in Spain. The main aspects were : 1) Experiences in renewable energy. 2) Financing of small hydro-power projects. 3) Third party financing of biomass projects. 4) Financing of wind energy projects
Analysis of Project Finance Analysis of Project Finance NREL analysis helps potential renewable energy developers and investors gain insights into the complex world of project finance. Renewable energy project finance is complex, requiring knowledge of federal tax credits, state-level incentives, renewable
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
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…
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)
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…
Arnold, Marc; Hackbarth, Dirk; Puhan, Tatjana-Xenia
This paper analyzes the decision of firms to sell assets to fund investments (financing asset sales). For a sample of U.S. manufacturing firms during the 1971-2010 period, we document new stylized facts about financing asset sales that cannot be explained by traditional motives for selling assets, such as financial distress or financing constraints. Using a structural model of financing, investment, and macroeconomic risk, we show that financing asset sales attenuate the debt overhang problem...
Olsson, I.A.S.; Sandøe, Peter
This article presents the ethical issues in animal research using a combined approach of ethical theory and analysis of scientific findings with bearing on the ethical analysis. The article opens with a general discussion of the moral acceptability of animal use in research. The use of animals...... 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...
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.
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...... actually available to meet these costs – a difference known as the “adaptation finance gap”. Like the 2014 report, the 2016 report focuses on developing countries, where adaptation capacity is often the lowest and needs the highest, and concentrates on the period up to 2050. The report identifies trends...
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.
This paper addresses the ongoingdebate on which view of equity, traditional or new, that best describes firm behavior. According to the traditional view, the marginal source of finance is new equity, whereas under to the new view, marginal financing comes from retained earnings. In the theoretical part, we set up a model where the firm faces a cost of adjusting the dividend level because of an aggravated free cash flow problem. The existence of such a cost - which has been used in arguing the...
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
Mills, S.J.; Taylor, M.
This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It sets out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximize their prospects of raising bank finance. The watchword for sponsors approaching banks must be ''Be Prepared'' . (author)
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…
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.
... 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...
Kleijnen, M.; Wetzels, M.G.M.; Ruyter, de J.C.
M-commerce has been heralded repeatedly as the new service frontier of the millennium. Present market reality, however, seems to be less optimistic. Therefore, the current study explores the factors contributing to the adoption of mobile services in a context of wireless finance. The technology
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…
Describes reasons for California's budget deficits and their impact on school finance. Offers five possible solutions to the school funding crises: Restructure the state's tax and revenue system, restore school district revenue-sharing abilities, initiate a top-to-bottom mandate review, provide greater fiscal and program flexibility, and revamp…
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
Forbes-Mewett, Helen; Marginson, Simon; Nyland, Chris; Ramia, Gaby; Sawir, Erlenawati
The omission of international students from the Australian Vice-Chancellor's Committee (AVCC) 2007 national study on student finances is indicative of a pattern of exclusion. The exclusion is unacceptable from a humane perspective and feeds the belief that Australians perceive international students primarily as "cash cows". This study…
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
In part two of an examination of funding mechanisms for wind-generated electricity, the financing of wind projects in the major producers - Denmark, the Netherlands, Germany and the UK is examined. Part one examined the tariff and subsidy mechanisms available for wind generation in the same countries. (author)
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
Morley, James E., Jr.
Now more than ever, college and university leaders are obliged to conduct vigorous and ongoing analyses of their institutional missions and financial underpinnings. For some institutions, this will mean change or upheaval; for others, such intensive monitoring and examination will mean a steady rudder. Regardless, the finance committee of a board…
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
Full Text Available Concern for adequate funding, both at birth and consolidation of the cooperative enterprise, has been, is and will be a constant concern in the cooperative world. So, have emerged in the legal field, a number of financial instruments of various kinds: as equity securities or special interests that seek to cover traditional financing gaps.
Canadian Teachers' Federation, Ottawa (Ontario).
This document reports the proceedings of a conference held to discuss the availability of educational resources and the financing of education in Canada. The conference focused specifically on the financial implications of redesigning educational institutions to be capable of flexible response to students' needs, making educational benefits more…
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
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
The paper studies a takeover contests, in which cash-constrained bidders decide on the optimal way to finance their cash bid. For both bidders and the seller this decision is at least as important as deciding on whether the payment should be in cash or in securities. The main result is that 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 paper looks at what banks need to know to enable them to consider a wind energy project. The major experiences of banks in financing wind energy have been in the US where governmentally inspired long term sales contracts (PURPA Contracts) have given a security to sponsors and banks not available elsewhere. (Author)
Genet, N.; Gulácsi, L.; Boerma, W.; Hutchinson, A.; Garms-Homolova, V.; Naiditch, M.
Introduction: Financial incentives are widely used to get better value for money. Incentives can be applied to authorities responsible for home care, or to agencies that provide services or to clients who receive care. Details of the financing system of home care services very much determine the
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 ...
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...
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...
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
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.
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
The Financing How-to-Guide is intended to help manufacturers and their communities navigate financing and investment opportunities. While this guide provides an overview, there is no one-way to pay for E3 activities or attract investment.
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.
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.
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.
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...
Adrian Macris; Maria Macris
This paper sets forth the issue of financing higher education in Romania according tothe fundamental principles adopted by most of the countries of the European Union. Under suchcircumstances, the two components of financing State universities are minutely exhibited, namelybasic financing and complementary financing. At the same time, the extremely important matterrequiring the foundation of an efficient and competitive educational system demanded by the newenvironment also implies the provid...
This paper addresses the need for novel software system development (SSD) practices in finance. It proposes Empirical Modelling as a novel approach for SSD in finance. This approach aims at finding a suitable framework for studying both the traditional and the emerging computing culture to SSD in finance. First, the paper studies the change in the financial industry and identifies key issues of the application of computer-based technology in finance. These key issues are framed in a wider age...
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)
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
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 ...
Mabid Ali Al-Jarhi
Full Text Available Purpose - This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach - Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided. Findings - The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems. Research limitations/implications - The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance. Originality/value - The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.
Nikonova Irina Aleksandrovna
Full Text Available The implementation of effective investment projects is essential to the modernization of the Russian economy and its transition to a high-tech way of development. The most complex and risky form of financing projects is project financing (Project Finance.
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 884.114 Section 884.114... HOUSING PROJECTS Applicability, Scope and Basic Policies § 884.114 Financing. (a) Types. Eligible projects... contract as security for financing. (1) An Owner may pledge, or offer as security for any loan or...
... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1738.21 Section 1738.21... Interim financing. (a) Upon notification by RUS that an applicant's application is considered complete, the applicant may enter into an interim financing agreement with a lender other than RUS or use its...
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…
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
... AGRICULTURE RURAL BROADBAND ACCESS LOANS AND LOAN GUARANTEES Loan Purposes and Basic Policies § 1738.19 Facilities financed. (a) RUS makes broadband loans to finance the construction, improvement, and acquisition... broadband loans to finance broadband facilities leased under the terms of a capital lease as defined in...
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…
Multimedia / Photos Videos Publications Bloggers DoD Websites Personal Finance Resources As part of the finance director said here recently. Story Security Expert Advises Troops to Safeguard Personal, Financial education in personal finance that commanders say goes a long way in promoting battle readiness. Story
Chen, Linda H.; Jiang, George J.
This paper investigates the financing behaviour of Dutch firms by testing whether a firm’s financing decisions are determined by certain factors identified in various theories. Since a firm’s financing decision is reflected in the changes of its leverage, our research focuses on the relationship
... CFR Part 1710 [0572-AC21] Project Financing Loans AGENCY: Rural Utilities Service, USDA. ACTION... also considering regulations to clarify the agency's procedures for single asset/project financing... parameters necessary to more effectively and prudently use project financing in the RUS electric loan program...
The issues exercising the US wind finance sector were discussed at two recent high-level financing and investment events in New York. The financial community still tends to be cautious about wind projects; more sophisticated forecasting of wind availability is reducing the complications posed by wind's variability but as much wind data as possible is vital. Projects involve large areas of land with multiple owners, long distances of buried cable and often difficult terrain. Some commentators believe that, as oil and gas prices rise, utilities will start to choose wind for its inherent benefits rather than to meet state Renewable Portfolio Standards (RPS) and to take advantage of generous national tax credits. However, few utilities are currently prepared to sign contracts lasting more than a year or two. Transmission and connection to the national grid remain problem areas, as are the threat posed by imbalance penalties imposed by some utilities when a project's output deviates from that scheduled. Utilities are also imposing tougher performance standards on wind projects. The periodic expiry and need for renewal by Congress of the Production Tax Credit (PTC) is seen as the biggest 'wild card' in US wind financing, as its volatility unsettles many bankers. Some wind developers would prefer a national RPS rather than the PTC to provide greater stability.
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. IFC created an Infrastructure Department in 1992 in response to the growing demand for its services in this area. During fiscal 1996 IFC approved 33 projects for new investments of $715 million of which 27% were in the power sector. In recognition of the continuing demand growth for private power investments an expanded Power Department has been formed to handle IFC`s investments in electric power generation projects using renewable resources such as: run-of-the-river hydro, geothermal, biomass cogeneration, wind energy, and solar (photovoltaic, solar thermal, etc.), as well as conventional thermal generation projects, transmission and distribution projects, and energy efficiency investments.
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
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 provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample of finance providers and farmers in Java Island, Indonesia. We find that the most important requirements to acquire finance vary among different finance provider types. We also find that farmers generally have little knowledge of the requirements, which are important to each type of finance provider. Awareness campaigns are needed to increase farmer knowledge of the diversity of requirements among the finance provider types.
... procedures financing. 32.003 Section 32.003 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.003 Simplified acquisition procedures financing. Unless agency regulations otherwise permit, contract financing shall not be provided for...
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
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
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 ...
Hydroelectricity will continue to be important for meeting power requirements in developing countries. Much of the funding required for hydroelectric projects must come from non-government source; hydroelectric projects will therefore need to be attractive to private investors. This note explores the risks investors face, how this can be mitigated, and how the World Bank group can offer advice (as well as finance) to member countries to facilitate investment in hydro electric projects. 3 refs., 1 fig
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...
Romero, Juan M; Lavana, Ulises; Miranda, Elio Martínez
The quantum finance symmetries are studied. In order to do this, the one dimensional free non-relativistic particle and its symmetries are revisited and the particle mass is identified as the inverse of square of the volatility. Furthermore, using financial variables, a Schrödinger algebra representation is constructed. In addition, it is shown that the operators of this last representation are not hermitian and not conserved.
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...
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 provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample o...
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.
YU Hua; SHU Hua-ying
The main research objects in this paper are the causes searching and risk estimating method for telecom enterprises' financial risks. The multi-mode financing for telecom enterprises makes it flexible to induce the capital and obtain the profit by corresponding projects. But there are also potential risks going with these financing modes. After making analysis of categories and causes of telecom enterprises' financing risk, a method by Analytic Hierarchy Process (AHP) is put forward to estimating the financing risk. And the author makes her suggestion and opinion by example analysis, in order to provide some ideas and basis for telecom enterprise's financing decision-making.
A dysfunctional system of commercial, legal, and financial institutions is the primary problem facing the energy sectors in Eastern Europe. Generally, a major systemic transformation is well underway in the area and is already showing signs of success. The empty promise of export credit financing exerts a significant negative influence on this reform process. The discipline of project finance provides the best, if not the only, basis for financing the modernization of the Eastern European energy sector. An example is given of the Cracow Environmental Project, a modernization project. The power plant is a combined heat and power facility with 460 MW of electric capacity and 1450 MW of thermal energy capacity. Located near the center of Cracow, the plant burns hard coal and provides more than seventy percent of the central district heat consumed in the city. The scope of proposed improvements has changed from the addition of capacity to a combination of modernization and environmental retrofit of the existing plant. The total estimated cost of the improvements program is 150 million dollars. The project consists of three major elements. First, it has proposed and is in the process of restructuring the ownership of the power plant. Second, it is engaged in a major restructuring of the commercial arrangements that govern the operation of the plant. Finally, it is in the late stages of selecting an engineering, procurement, and construction consortium with which it will contract to design and make major improvements to the existing plant
This paper (a) provides a methodological taxonomy of pricing, financing, reimbursement, and cost containment methodologies for pharmaceuticals; (b) analyzes complex agency relationships and the health versus industrial policy tradeoff; (c) pinpoints financing measures to balance safety and effectiveness of medicines and their affordability by publicly funded systems in transition; and (d) highlights viable options for policy-makers for the financing of pharmaceuticals in transition. Three categories of measures and their implications for pharmaceutical policy cost containing are analyzed: supply-side measures, targeting manufacturers, proxy demand-side measures, targeting physicians and pharmacists, and demand-side measures, targeting patients. In pursuing supply side measures, we explore free pricing for pharmaceuticals, direct price controls, cost-plus and cost pricing, average pricing and international price comparisons, profit control, reference pricing, the introduction of a fourth hurdle, positive and negative lists, and other price control measures. The analysis of proxy-demand measures includes budgets for physicians, generic policies, practice guidelines, monitoring the authorizing behavior of physicians, and disease management schemes. Demand-side measures explore the effectiveness of patient co-payments, the impact of allowing products over-the-counter and health promotion programs. Global policies should operate simultaneously on the supply, the proxy demand, and the demand-side. Policy-making needs to have a continuous long-term planning. The importation of policies into transition economy may require extensive and expensive adaptation, and/or lead to sub-optimal policy outcomes.
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
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.114 Unusual contract financing. Any contract financing arrangement that deviates from this part is unusual contract financing...
... 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 oversight authority and enforcement powers...
... 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 Finance Board shall direct...
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.
Full Text Available An animated film will end in vain no matter how well it is without the support of media to give buzz to the message of the film. One of the most important advertising media in promoting an animated film is the poster. Because the animation movie poster is the leading medium which deals directly with the target audience in delivering information about the film before the screening of the film takes place. So visualization of the poster that includes the composition of verbal and non verbal language deserves more attention in its design.
Paldam, Camilla Skovbjerg
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...
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
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...
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
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…
Lance, Larry M.; Atwater, Lynn
Reviews four Human Sexuality films and videos. These are: "Personal Decisions" (Planned Parenthood Federation of America, 1985); "The Touch Film" (Sterling Production, 1986); "Rethinking Rape" (Film Distribution Center, 1985); "Not A Love Story" (National Film Board of Canada, 1981). (AEM)
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.
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.
Madono, S. [The Export-Import Bank of Japan, Tokyo (Japan)
Development of conditions under which project financing (PF) functions is described. PF, a method with which funds are procured for a project on the security of the assets of and the cash flow involving the project, established its position as a popular financial means. Into the 1990, however, PF underwent a complete change, when it came to be actively employed as a means for the procurement of money for what is called `infrastructure building project for invigorating the private sector` in the developing countries. PF has now come to be utilized for the financing of projects in various fields besides the field of resources exploitation. In particular, PF is now utilized in schemes such as BOT (build, operate, transfer) in public enterprises, for instance, electric power utilities in developing countries. The gravest problem found in the private sector invigorating type PF is that the sponsor, operator, exporter, and lender on their respective levels are experiencing rising risks because of intensified competition in the presence of a great number of projects. Such risks involve the exchange rate, the completion of work, and the relations between the borrower and operator. 2 figs.
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
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.
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.
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.
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
Afhandlingen omfatter et case studie der belyser hvordan unge lærer ved at designe, eller producere, multimedie tekster, her med fokus på animationsfilm. Empiri består af film, fotos, storyboards skabt af 21 elever på et dansk gymnasium, samt videooptagelser og interviews. De semiotiske 'design...
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)
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
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...
Saltari, Enrico; Giuseppe, Travaglini
In this paper we show that financing constraints affect the optimal level of capital stock even when the financing constraint is ineffective. This happens when the firm rationally anticipates that access to external financing resources may be rationed in the future. We will show that with these expectations, the optimal investment policy is to invest less in any given period, thereby lowering the desired optimal capital stock in the long run.
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
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.
Claude DUPUY (GREThA UMR CNRS 5113); Matthieu MONTALBAN (GREThA UMR CNRS 5113); Sylvain MOURA (GREThA UMR CNRS 5113)
The transformations of the finance sector linked to the emergence of new actors (pension funds, mutual funds, hedge funds…) and its globalization have changed the rules of corporate governance and the competitive context of industrial companies. The theme of the influence between finance and industry is not new in the economic literature. The first thesis of the influence of finance on industry born in the United States (with the Veblen thesis) and Europe (Hilferding, 1910) with the developme...
... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Finance charge. 226.4 Section 226.4 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM TRUTH IN LENDING (REGULATION Z) General § 226.4 Finance charge. (a) Definition. The finance charge is the cost of consumer credit as a dollar amount. It...
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.
BUMBESCU SORINA SIMONA
Full Text Available The objective of this article is to highlight the importance of the agriculture financing ways, existing an interdependence relationship between the stage of agriculture development and its funding mechanisms. This article presents in a complex way, the general theoretical framework of the agriculture financing, and the practical methods of agriculture finance from bank loans to European programs and projects, the impact of EU funds on agriculture. The research leads to two important categories of tangible results; on one hand it highlights the most important and used ways to finance the Romanian agriculture, and on the other hand, there is analised the impact of EU funds on rural development, their absorption.
Etheredge, D.A.; Lilja, J.R.
Various options are presented for tackling the problem in mining today of the high capital costs required for a new mine combined with the front end exposure that the exploiters face. Equity finance from the producers, private investors, oil companies, consumers and governments is discussed as well as loan finance from export credit agencies, international agencies, production-related loans, leasing and commercial bank loans. The future in financing mining is outlined and it is proposed that the future will lie in smaller projects financed primarily with equity. (U.K.)
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.
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...... years long history, and because the system is recommended as an option in emerging markets and as a possible model for remedying failures in mature housing finance markets. It is suggested that development policies in land administration need to be revised in order to support a widening of credit...
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
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
Full Text Available In the article the peculiarities of financing healthcare in Ukraine. Analyzed various sources of funding for the sector. Health expenditure per capita of the population in Ukraine and around the world have been investigated. On the basis of the analysis found that the size of budget financing are inefficient and do not meet the resource needs of the industry. Clarified the problems of resource provision of health care and the shortcomings of public Finance mechanisms. Asked to review the existing allocation mechanism of the industry and the rapid transition to a model of budgetary-insurance medicine. Keywords: realm healthcare, financing sources, government budget, expenditure, insurance medicine. JEL: H 51
This report reviews the private financing of public sector Renewable Energy projects through the Private Finance Initiative (PFI), and the relevance of such a technique to the renewables industry generally. (author)
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.
This paper suggests an alternate approach to corporate finance in an interest free economy by looking beyond practiced Islamic finance and suggesting alternatives for corporate finance in sourcing funds i.e. i) Ijara with embedded options, ii) limited liability partnership, iii) equity modes like Musharakah and Mudarabah iv) income bonds and v) convertible income bonds. It also suggests alternatives for corporate finance in using funds i.e. i) Islamic income funds, ii) Islamic REITs, iii) Tre...
Lord, Nicholas; Michael Levi,
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...
Hala, Albert; Unver, Ertu
An animated accident display in court can be significant evidentiary tool. Computer graphics animation reconstructions which can be shown in court are cost effective, save valuable time and illustrate complex and technical issues, are realistic and can prove or disprove arguments or theories with reference to the perplexing newtonian physics involved in many accidents: this technology may well revolutionise accident reconstruction, thus enabling prosecution and defence to be more effective in...
George E. Peterson
Raising capital to finance urban infrastructure is a challenge. One solution is to 'unlock' urban land values - such as by selling public lands to capture the gains in value created by investment in infrastructure projects. Land-based financing techniques are playing an increasingly important role in financing urban infrastructure in developing countries. They complement other capital fina...
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…
Sánchez-Biosca, Vicente; Cerdán, Josetxo
One of the obsessions of Spanish critics writing about Spanish cinema has been the issue of “realism.” This dates back to the initial attempts at constructing a national cinema in the late 1920s, which set up an opposition between the españolada (stereotypical representation of Spain) and a cinema that would depict Spain as it “really” was; that is, an opposition between the artificial and the genuinely Spanish. This was reactivated after the Civil War by Francoism, which equat...
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.
Carpe Pérez, Inmaculada Concepción
At the Animated Learning Lab, Denmark, we use animation as a social emotional learning media to practice emotional intelligence and the neuroplasticity of our brain. We connect cognitive, affective neuroscience with animation through the creative process of making animated films. We obtain a plea...
An historical discussion of three types of film--teaching, information, and entertainment--is presented. The numbers of films in each category, especially the last, which includes the animated, unnarrated, iconographic, underground, and avant-garde, has grown substantially. Libraries have quickly accepted all except the revolutionary philosophies…
Elsner, James B.; Burch, R. King; Jagger, Thomas H.
While the recent disasters in the world's financial markets demonstrate that finance theory remains far from perfected, science also faces steep challenges in the quest to predict and manage the effects of natural disasters. Worldwide, as many as half a million people have died in disasters such as earthquakes, tsunamis, and tropical cyclones since the turn of the 21st century [Wirtz, 2008]. Further, natural disasters can lead to extreme financial losses, and independent financial collapses can be exacerbated by natural disasters. In financial cost, 2008 was the second most expensive year on record for such catastrophes and for financial market declines. These extreme events in the natural and financial realms push the issue of risk management to the fore, expose the deficiencies of existing knowledge and practice, and suggest that progress requires further research and training at the graduate level.
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.
Hodge, S.J.; Miskelly, N.
Construction of the Ranger uranium project located 230 km east of Darwin in the Northern Territory commenced in January 1979. Energy Resources of Australia Ltd was incorporated in February 1980 to acquire all the rights in the project. The total cost to ERA of these rights was $407 million. In October 1980 ERA'S cash requirements were estimated to be $553 million. Overseas participants (power utilities who had agreed to purchase uranium yellowcake under contract) arranged to take up 25% of the equity capital, Peko-Wallsend Ltd and EZ Industries Ltd were allotted 30.5% each and 14% was issued to Australian residents. The loan and equity financing arrangements required the successful resolution of many complex and interlocking factors, including technical and economic feasibility, agreement with aboriginal interests, compliance with Government policies and securing of sales contracts
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.
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
Robinson, J C
Internet-related health care firms have accelerated through the life cycle of capital finance and organizational destiny, including venture capital funding, public stock offerings, and consolidation, in the wake of heightened competition and earnings disappointments. Venture capital flooded into the e-health sector, rising from $3 million in the first quarter of 1998 to $335 million two years later. Twenty-six e-health firms went public in eighteen months, raising $1.53 billion at initial public offering (IPO) and with post-IPO share price appreciation greater than 100 percent for eighteen firms. The technology-sector crash hit the e-health sector especially hard, driving share prices down by more than 80 percent for twenty-one firms. The industry now faces an extended period of consolidation between e-health and conventional firms.
Post-qualification salaries have increased by 4-7 per cent, a slowdown on last year's figures when increases were often more than 10 per cent. The highest increases this year tended to be in medium-sized trusts where newly qualified accountants' salaries rose 8.2 per cent. Directors of finance in large trusts earn about 20 per cent more than in medium trusts and about 40 per cent more than in small ones. Newly qualified accountants in large trusts earn 5 per cent more than in medium-sized trusts and 13 per cent more than in small ones. The survey is based on an analysis of salaries from Hays' jobs database, and salaries of registered candidates.
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...
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)
... financing. 32.104 Section 32.104 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.104 Providing contract financing. (a) Prudent contract financing can be a useful working tool in Government...
... financing. 432.113 Section 432.113 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 432.113 Customary contract financing. The contracting officer may determine the necessity for customary contract financing. The...
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Uses of contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.105 Uses of contract financing. (a) Contract financing methods covered in this part are intended to be self-liquidating through...
... financing. 32.113 Section 32.113 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.113 Customary contract financing. The solicitation must specify the customary contract financing offerors may...
... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 432.114 Unusual contract financing. The HCA is authorized to approve unusual contract financing. The signed determination and finding...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Maximum term of Financing. 107.840... COMPANIES Financing of Small Businesses by Licensees Structuring Licensee's Financing of An Eligible Small Business: Terms and Conditions of Financing § 107.840 Maximum term of Financing. The maximum term of any...
... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 1332.114 Unusual contract financing. The designee authorized to approve unusual contract financing arrangements is set forth in CAM...
... 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 OPERATIONS DESCRIPTION OF ORGANIZATION AND FUNCTIONS Functions and Responsibilities of Finance Board § 905.4 Duties of the Finance Board. (a) Bank Syste...
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...
Screenings ICCL 'Human Rights' screening, Cork Film Festival, Ireland (November, 2009). Galway Junior Film Fleadh, Ireland (November, 2009). Culture Ireland Film Festival, Bucharest, Romania (July,2009). Shortlisted, ICCL Human Rights Film Competition, Ireland (November, 2008).
Mylenko, Nataliya; Iqbal, Zamir
This report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion. It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinanc...
Berke, Joel S.; And Others
Research on legislative and electoral consideration of school finance reforms identifies three important elements; the art of compromise, the fiscal context, and political leadership. Adoption of new school finance formulas is far more likely through the legislative process than through a referendum. (Author/AM)
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
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 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 ...
Vliet, van der K.; Reindorp, M.J.; Fransoo, J.C.
Supply Chain Finance (SCF) arrangements aim to add value by taking a cooperative approach to financing the supply chain. Interest in SCF has been increasing, and decision makers need a comprehensive view of possible applications and their potential. By means of theoretical and empirical exploration,
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.
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
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
... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.570 Section 3560.570 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, DEPARTMENT OF... financing. The requirements established in § 3560.71 apply to all applications involving off-farm labor...
... 32 National Defense 5 2010-07-01 2010-07-01 false Financing. 705.19 Section 705.19 National Defense Department of Defense (Continued) DEPARTMENT OF THE NAVY UNITED STATES NAVY REGULATIONS AND OFFICIAL RECORDS PUBLIC AFFAIRS REGULATIONS § 705.19 Financing. (a) The financial requirements for...
... 49 Transportation 7 2010-10-01 2010-10-01 false Audit financing. 663.11 Section 663.11 Transportation Other Regulations Relating to Transportation (Continued) FEDERAL TRANSIT ADMINISTRATION... Audit financing. A recipient purchasing revenue rolling stock with FTA funds may charge the cost of...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.620 Section 3560.620 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, DEPARTMENT OF... financing. The requirements established in § 3560.71 apply to all applications involving on-farm labor...
... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Contract financing. 1553.232 Section 1553.232 Federal Acquisition Regulations System ENVIRONMENTAL PROTECTION AGENCY CLAUSES AND FORMS FORMS Prescription of Forms 1553.232 Contract financing. ...
Meijerink, G.W.; Diemont, W.H.; Groot, de R.S.; Schrijver, R.A.M.; Verhagen, A.
The increasing human influence on ecosystems and the ensuing unsustainable exploitation and degradation has led in many places to depletion and loss of function of these ecosystems. These problems cannot be solved by (innovative) financing mechanisms, as the causes do not lie in a lack of financing
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
Swagerman, D.M.; van Steenis, Jorn; Sieber, Pascal; Griese, Joachim
The purpose of this paper is to present examples of the current state of the Shared Services Concept as applied to the finance function. The paper arises out of the ongoing research after current developments in the finance function enabled by information and communication technology, at the
Schofield, B J
The financing of individual coal development projects in China is discussed. External finance can be raised from various sources including international and national aid institutions together with export credit agencies and commercial banks, or by means of a compensation trade agreement whereby the value of the coal produced meets the cost of equipment, etc.
This dissertation consists of three chapters that concern technology adoption and corporate finance. The first chapter analyzes the optimal investment strategy of two firms confronted with the option to adopt a new technology. The second chapter analyzes the link between debt maturity and term spread. The third chapter analyzes the role of debt financing on skyscraper heights.
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…
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
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 Finance Committee is an advisory committee to the CERN Council. It has the exacting job of supervising CERN’s finances, being concerned with such things as examining budget proposals, salary structures and cost variation formulae and with approving the award of major contracts to industry.
Waters, Richard L.; Kralisz, Victor Frank
Places the cost considerations associated with public library automation in a framework of public finance comfortable to most administrators, discusses the importance of experience with use patterns in the electronic library in opening up new and innovative financing methods, and stresses the role of the library in the information industry. (JL)
Branko Matic; Hrvoje Serdarusic; Maja Vretenar Cobovic
The authors examine the impact of changed economic circumstances to manage personal finances. Analyze financial involvement, level of education and the management of personal finances population in Croatia. The paper used the method of analysis, synthesis, induction, deduction, and a survey poll.
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 finance academics. In addition, we investigate the potential of a framework of different types of knowledge to differentiate the delivery of the finance curriculum and the role of modelling in finance. Our purpose is to identify ways to improve curriculum design and delivery, leading to better student outcomes. Whilst we find that there is significant overlap between what students identify as important in finance and the threshold concepts identified by academics, much of this overlap is expressed by indirect reference to the concepts. Further, whilst different types of knowledge are apparent in the student data, there is evidence that students do not necessarily distinguish conceptual from other types of knowledge. As well as investigating the finance curriculum, the research demonstrates the use of threshold concepts to compare and contrast student and academic perceptions of a discipline and, as such, is of interest to researchers in education and other disciplines.
Schena, F P
Basic and clinical research is accomplished by projects. The design of a project is not only based on the scientific content but also on its financing and management. This article wants to illustrate the correct modalities for project financing and project management in a scientific project.
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…
This work study the self-financing problematic, with particular emphasis on their benefits for the enterprise, but also for shareholders, on domestic or external factors that influence the self-financing decision and its level, on the relationship between self-financing and depreciation, degree of debt and profitability and not in the last line on the self-financing cost. In the factors that acting on the self-financing decision was granted a special attention to taxation, whose impact has be...
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
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 Public financing of infrastructure proved under performing at uneconomic prices, and because of political interference in the management of funds, understanding the problem leading to the adoption of private funding variant, an effective way of private funding being the financing of the project. Project financing is a concept that assessed by means of financing a specific technique. In this context, those granting funds usually through loans typically are only interested in cash flows and project profit, which are a source of funds for repayment of loans; they are less interested in the creditworthiness of those employed in the project (organizations, governments, communities and so on. This approach has led to the emergence of new ways of financing projects, new types of projects, such as regional and rural development.
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.
Presents a set of hands-on, outdoor science experiments designed to teach elementary school students about animal adaptation. The experiments focus on: how color camouflage affects an insect population; how spiderlings find a home; and how chameleons camouflage themselves by changing color. (SM)
This chapter presents historical x rays of a wide variety of animals taken within 5 years of the discovery of x radiation. Such photos were used as tests or as illustrations for radiographic publications. Numerous historical photographs are included. 10 refs
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...
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...
Screenings 2010: Seattle Children's Film Festival, USA (January). 2009: Galway Junior Film Fleadh, Ireland (November). Culture Ireland Film Festival, Bucharest, Romania (July). v. Team Spirit (2008, Ireland, 5-min), Co-Producer, FOMACS Production. 2009: ICCL 'Human Rights' screening, Cork Film Festival, Ireland (November). Galway Junior Film Fleadh, Ireland (November). Culture Ireland Film Festival, Bucharest, Romania (July). 2008: Shortlisted, ICCL...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Law governing rights and obligations of Banks, 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...
Describes the methodology and results of a study of the preferences of fourth- and fifth-grade children for film form and technique. Indicates that children prefer narrative/live action films, followed by narrative/animation, nonnarrative/live action, and nonnarrative/animation. (HTH)
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
finance industry are inadequate finance, high risk, heavy transaction cost, mounting loan ... management of funds meant for credit disbursement, the capital base of micro finance institutions should be strengthened in order to mobilize domestic ...
...; Information Collection; Contract Financing AGENCIES: Department of Defense (DoD), General Services... previously approved information collection requirement concerning contract financing. Public comments are... substantially changed the statutory authorities for Government financing of contracts. Sections 2001(f) and 2051...
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...
... RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings...
... RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings...
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 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.)
Fritz, T.E.; Angerman, J.M.; Keenan, W.G.; Linsley, J.G.; Poole, C.M.; Sallese, A.; Simkins, R.C.; Tolle, D.
The animal facilities in the Division are described. They consist of kennels, animal rooms, service areas, and technical areas (examining rooms, operating rooms, pathology labs, x-ray rooms, and 60 Co exposure facilities). The computer support facility is also described. The advent of the Conversational Monitor System at Argonne has launched a new effort to set up conversational computing and graphics software for users. The existing LS-11 data acquisition systems have been further enhanced and expanded. The divisional radiation facilities include a number of gamma, neutron, and x-ray radiation sources with accompanying areas for related equipment. There are five 60 Co irradiation facilities; a research reactor, Janus, is a source for fission-spectrum neutrons; two other neutron sources in the Chicago area are also available to the staff for cell biology studies. The electron microscope facilities are also described
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.
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.
Akortsu, Mercy Akosua; Abor, Patience Aseweh
The financing of healthcare services has been of a major concern to all governments in the face of increasing healthcare costs. For developing countries, where good health is considered a poverty reduction strategy, it is imperative that the hospitals used in the delivery of healthcare services are well financed to accomplish their tasks. The purpose of this paper is to examine how public hospitals in Ghana are financed, and the challenges facing the financing modes adopted. To achieve the objectives of the study, one major public healthcare institution in Ghana became the main focus. The findings of the study revealed that the main sources of financing the public healthcare institution are government subvention, internally-generated funds and donor-pooled funds. Of these sources, the internally generated fund was regarded as the most reliable, and the least reliable was the donor-pooled funds. Several challenges associated with the various financing sources were identified. These include delay in receipt of government subvention, delay in the reimbursement of services provided to subscribers of health insurance schemes, influence of government in setting user fees, and the specifications to which donor funds are put. The findings of this study have important implications for improving the financing of public healthcare institutions in Ghana. A number of recommendations are provided in this regard.
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
.... 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...
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.
Kistner, Rainer [National Renewable Energy Lab. (NREL), Golden, CO (United States); Price, Henry W. [National Renewable Energy Lab. (NREL), Golden, CO (United States)
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.
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
Gloster, G A
The paper deals briefly with the basic nature of financial activity and markets and of the intermediaries, including banks, within these markets. It is argued that efforts by the authorities to affect monetary policy through controls on bank lending (quantitative and interest rates) are inefficient and only lead to circumvention. To the degree that prices (interest rates) are kept down in one area, they will be higher in another, and supply of credit reduced from one source will encourage a greater supply from another. The Campbell Committee's recommendations, if implemented, are likely to result in freer financial markets and to improve the resource development sector's access to finance. Clear examples would be the removal of foreign exchange restrictions and the setting up of a market-oriented exchange rate system. However, in one sense this access may be narrowed as the extension of bank-type prudential controls to bank subsidiaries and to all 'deposit-taking institutions' may impede the free functioning of financial markets as well as further entrenching the 'safeguarded deposit' concept over the community's savings.
North, David J.; Baldock, Robert; Deakins, David; Whittam, Geoff
There is evidence that some SMEs may still face difficulties in accessing bank finance from lenders (CEEDR, 2007). This paper reports an in-depth study into demand and supply side issues relating to access to bank finance by Scottish SMEs and whether there is still market\\ud failure associated with good, bankable business cases from SMEs that do not receive finance. We argue that our study utilises innovative methodology and is relatively rare as a robust study in this area. We combine demand...
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)
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...
The energy investments to be financed within the framework of the Federal Republic's energy programme require a growing proportion of external financing. The lending possibilities here are, however, also bound to the general regulations of the financial system where the credit solvency of the borrower, i.e. the earnings of the electricity industry, is a major criterion. Considering the promising market situation of the electricity industry, an elevation of the present credit line and a relaxation of the demands made on the balance relations should be justifiable, as even in this case the problems of financing cannot be solved by the exclusive application of conventional methods. (orig./AK) [de
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.
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.
In this thesis, Personal and family finances, subtitled Finances of university student. It is discussed on the way to a happier life through management of personal finances. Just as it is necessary to control corporate finance, it is necessary everyone managed own personal finances. It is indicated as appropriate to tackle your finances,what to focus on, and it's practically demonstrated on the example of a university student. There are analyzed his goals and needs, then it is outlined possib...
... 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 Board, Office of Finance and Federal Reserve...
... Animal & Veterinary Cosmetics Tobacco Products Animal & Veterinary Home Animal & Veterinary Safety & Health Antimicrobial Resistance Animation of Antimicrobial Resistance Share Tweet Linkedin Pin ...
Full Text Available ... Animal & Veterinary Cosmetics Tobacco Products Animal & Veterinary Home Animal & Veterinary Safety & Health Antimicrobial Resistance Animation of Antimicrobial Resistance Share Tweet Linkedin Pin ...
Guthrie, James W.
Article examined the remedies available to states in the wake of Serrano and its progeny. As well, it analyzed the strengths and weaknesses of "district power equalizing" and "full state assumption" as alternative methods of financing schools. (Editor/RK)
Rossmiller, Richard A.; Geske, Terry G.
Reports the results of a case study of the political decision-making process in Wisconsin through which control over educational finance reform was exercised between January, 1972, and August, 1973. (Author)
Using detailed trade and firm-level financial data, the authors demonstrate, ... This book examines the link between finance and competitiveness at the macro and sectoral levels in ... Asian outlook: New growth dependent on new productivity.
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.
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.
Assenza, Tiziana; Bao, Te; Hommes, Cars; Massaro, Domenico; Duffy, John
Expectations play a crucial role in finance, macroeconomics, monetary economics, and fiscal policy. In the last decade a rapidly increasing number of laboratory experiments have been performed to study individual expectation formation, the interactions of individual forecasting rules, and the
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.)
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.
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...
Gallacher, M; Barcos, L
This paper analyses the different ways of financing official Veterinary Services (VS) and the effects of these choices on the performance of such Services. The links between governance, organisational effectiveness and financing arrangements are seen as particularly important. The paper comments on some of the advantages and disadvantages of financing VS with service fees, as compared to budget transfers from general government revenues. Evidence is presented on the considerable heterogeneity in the size of VS and on the impact of this heterogeneity on organisation and financing. The paper concludes with a stylised case study, which emphasises the importance of collaboration and the division of labour between the official and the private sector of the veterinary profession.
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 ....
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.
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.
Subki, I.M.; Arbie, B.; Adiwardojo; Seotrisnanto, A.Y.
In anticipation of the introduction in the early 2000s of a nuclear power plant, the Government of Indonesia (GOI), through the National Atomic Energy Agency (BATAN) , has formulated a Bid Invitation Specification (BIS) in parallel with the completion of the NPP Feasibility Study. This BIS formulation assumed an open international tender for the first unit of the NPP with project financing as a conventional loan. The GOI's recent policy is to minimize government financial support for power development. This paper summarizes a financing strategy for the Indonesian NPP project to make the NPP economically viable, and provides a general discussion on project financing using a conventional approach, Build--Own-Operate (BOO) and a counter-purchase approach. Innovative approaches for financing are still being pursued in order to obtain an optimum solution for investors and owners, to fulfill the Indonesian government's requirements. (author)
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
Spain, Peter L.
Discusses the financing of Third World media projects that are designed for development, and reports on five main sources of funding--government sources, international agencies, advertising sales, private local support, and self-support. (Author/JEG)
The African Review of Economics and Finance is a peer-reviewed, scholarly ... financial markets and institutions, asset pricing, forecasting, impact of culture and ... In: Friedman BM, Hahn FH (Eds), Handbook of monetary economics, vol.1.
Walker, Ellen A
As clinical studies reveal that chemotherapeutic agents may impair several different cognitive domains in humans, the development of preclinical animal models is critical to assess the degree of chemotherapy-induced learning and memory deficits and to understand the underlying neural mechanisms. In this chapter, the effects of various cancer chemotherapeutic agents in rodents on sensory processing, conditioned taste aversion, conditioned emotional response, passive avoidance, spatial learning, cued memory, discrimination learning, delayed-matching-to-sample, novel-object recognition, electrophysiological recordings and autoshaping is reviewed. It appears at first glance that the effects of the cancer chemotherapy agents in these many different models are inconsistent. However, a literature is emerging that reveals subtle or unique changes in sensory processing, acquisition, consolidation and retrieval that are dose- and time-dependent. As more studies examine cancer chemotherapeutic agents alone and in combination during repeated treatment regimens, the animal models will become more predictive tools for the assessment of these impairments and the underlying neural mechanisms. The eventual goal is to collect enough data to enable physicians to make informed choices about therapeutic regimens for their patients and discover new avenues of alternative or complementary therapies that reduce or eliminate chemotherapy-induced cognitive deficits.
Erkan Poyraz; Yusuf Tepeli
The prominent concept of venture capital is examined as a financing model to the financing of entrepreneurship according to related literature. Venture capital is used with success in developed countries for a long time. Venture capital is a modern financing model that allows entrepreneurs to perform dynamic, creative, and innovative investment ideas as well as management, marketing and business support without requesting financial strength from those entrepreneurs. However, venture capital h...
Swagerman, D.M.; van Steenis, Jorn; Sieber, Pascal; Griese, Joachim
The purpose of this paper is to present examples of the current state of the Shared Services Concept as applied to the finance function. The paper arises out of the ongoing research after current developments in the finance function enabled by information and communication technology, at the University of Twente. The rapid developments in information and communication technology (leading to new ‘economics of information’) combined with developments in organisation theory, have far-reaching im...
Mohamed Ariff; J. Ratnatunga
A brief review of recent literature on corporate governance is provided, which is then concluded with a proposed corporate governance framework as a starting point for further development. We propose that it is stakeholder concentration that determines the quality of corporate governance. Next objective of this paper is the more ambitious one of addressing the role of accounting and finance disciplines to serve corporate governance. We test empirically if the use of some accounting and financ...
Silva, João Ricardo Ferreira Hipolito da
H3 is a fast-food chain that introduced the concept of gourmet hamburgers in the Portuguese market. This case-study illustrates its financing strategy that supported an exponential growth represented by opening 33 restaurants within approximately 3 years of its inception. H3 is now faced with the challenge of structuring its foreign ventures and change its financial approach. The main covered topics are the options an entrepreneur has for financing a new venture and how it evolves along th...
Isasi Viñuela, Pedro; Quintana Montero, David; Sáez Achaerandio, Yago; Mochón, Asunción
This article introduces some relevant research works on computational intelligence applied to finance and economics. The objective is to offer an appropriate context and a starting point for those who are new to computational intelligence in finance and economics and to give an overview of the most recent works. A classification with five different main areas is presented. Those areas are related with different applications of the most modern computational intelligence techniques showing a ne...
Dans le cadre d'un projet de recherche participative dirigé par la Coalition for Health Promotion and Social ... De 2006 à 2011, le CRDI a financé le parte- nariat de recherche Strategies for Health. Insurance for Equity in Less ... obligatoire ou des mécanismes de finance- ment par voie d'imposition ou de taxation ciblée.
This essay in celebration of Grossman and Hart (GH) (Grossman, S., and H. Oliver. 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," 94 Journal of Political Economy 691–719.) discusses how the introduction of incomplete contracts has fundamentally changed economists’ perspectives on corporate finance and control. Before GH, the dominant theory in corporate finance was the tradeoff theory pitting the tax advantages of debt (relative to equity) against ba...
Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitization seems straightforward. This paper explains the fundamental legal principles of Islamic finance, which includes the presentation of a valuation model that he...
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
The aim of the article. The purpose of the article is to analyze the theoretical and practical basis for financing national economy innovative development, and ways of financing innovation with international experience.The results of the analysis. It should be noted that Ukraine's transition to an innovative model of national economy development is the only way to improve the quality of economic growth. Some aspects of innovative development are shown in several regulatory documents. However,...
Fagnan, David Erik; Gromatzky, Austin A.; Stein, Roger Mark; Fernandez, Jose-Maria; Lo, Andrew W.
Recently proposed ‘megafund’ financing methods for funding translational medicine and drug development require billions of dollars in capital per megafund to de-risk the drug discovery process enough to issue long-term bonds. Here, we demonstrate that the same financing methods can be applied to orphan drug development but, because of the unique nature of orphan diseases and therapeutics (lower development costs, faster FDA approval times, lower failure rates and lower correlation of failures...
North, Carol S.; Pollio, David E.
Background: Cocaine use is highly prevalent among homeless populations, yet little is known about how it is financed. This study examined associations of income sources with cocaine use and financing of drugs in a longitudinal evaluation of a homeless sample. Methods: A homeless sample was recruited systematically in St. Louis in 1999–2001 and longitudinally assessed annually over two years using the Diagnostic Interview Schedule and the Homeless Supplement, with urine drug testing. Results: ...
Abstract The question of aggregate welfare over time makes business cycle studies important. Finance studies allocation of resources under uncertainty. Thus both these fields of study dwell on intertemporal resource allocation under uncertainty. This paper attempts to shed light on how finance can be integrated into business cycle theory to provide richer and deeper insights than the standard real business cycle theory. JEL Classification: E32, E44, G
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.
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
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
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)
... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Simplified acquisition procedures financing. 3032.003 Section 3032.003 Federal Acquisition Regulations System DEPARTMENT OF HOMELAND... FINANCING Scope of Part 3032.003 Simplified acquisition procedures financing. Contract financing may be...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Amount and terms of financing. 891... Handicapped-Section 8 Assistance § 891.525 Amount and terms of financing. (a) The amount of financing approved... financing provided shall not exceed the lesser of: (1) The dollar amounts stated in paragraphs (b) through...
... procedures financing. 432.003 Section 432.003 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 432.003 Simplified acquisition procedures financing. (a) The chief of the contracting office may approve contract financing on a contract to be...
... procedures financing. 1332.003 Section 1332.003 Federal Acquisition Regulations System DEPARTMENT OF COMMERCE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 1332.003 Simplified acquisition procedures financing. Contract financing may be provided for purchases made under the authority of FAR Part 13. Contract...
... financing methods. 232.102 Section 232.102 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 232.102 Description of contract financing methods. (e)(2) Progress payments...
... financing methods. 1432.102 Section 1432.102 Federal Acquisition Regulations System DEPARTMENT OF THE INTERIOR GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 1432.102 Description of contract financing methods. Use of progress payments based on a percentage or stage...
... financing terms. 32.203 Section 32.203 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Commercial Item Purchase Financing 32.203 Determining contract financing terms. When the criteria in 32.202-1(b) are met, the contracting officer may either...
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contract financing... GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.007 Contract financing payments. (a)(1) Unless... section, the due date for making contract financing payments by the designated payment office is the 30th...
... financing. 32.005 Section 32.005 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.005 Consideration for contract financing. (a) Requirement. When a contract financing clause is included at the inception of a contract, there shall be no...
... financing methods. 932.102 Section 932.102 Federal Acquisition Regulations System DEPARTMENT OF ENERGY GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 932.102 Description of contract financing methods. (e)(2) Progress payments based on a percentage or stage of...
... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING 432.007 Contract financing payments. The HCA may prescribe, on a case-by-case basis, a shorter period for financing payments. [61 FR 53646, Oct. 15, 1996. Redesignated...
... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Unusual contract financing... Contracting Requirements CONTRACT FINANCING Non-Commercial Item Purchase Financing 2832.114 Unusual contract financing. The HCA, or designee at a level not lower than the BPC, is the official authorized to approve...
... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Rural home financing. 613.3030 Section 613.3030 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM ELIGIBILITY AND SCOPE OF FINANCING Financing Under Titles I and II of the Farm Credit Act § 613.3030 Rural home financing. (a) Definitions. (1...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Source of interim financing. 120... Development Company Loan Program (504) Interim Financing § 120.890 Source of interim financing. A Project may use interim financing for all Project costs except the Borrower's contribution. Any source (including...
... financing. 232.202-4 Section 232.202-4 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Commercial Item Purchase Financing 232.202-4 Security for Government financing. (a)(2) When determining whether an offeror...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Sources of permanent financing... Development Company Loan Program (504) Permanent Financing § 120.900 Sources of permanent financing. Permanent financing for each Project must come from three sources: the Borrower's contribution, Third-Party Loans, and...
... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Unusual contract financing. 632.114 Section 632.114 Federal Acquisition Regulations System DEPARTMENT OF STATE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 632.114 Unusual contract financing. The...
... financing methods. 432.102 Section 432.102 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 432.102 Description of contract financing methods. Progress payments based on a percentage or stage of completion are...
... financing. 432.202-4 Section 432.202-4 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Commercial Item Purchase Financing 432.202-4 Security for Government financing. Prior to determining that an offeror's financial condition is adequate...
... financing methods. 32.102 Section 32.102 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.102 Description of contract financing methods. (a) Advance payments are advances of money by the Government to a...
... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Unusual contract financing... DEVELOPMENT GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 2432.114 Unusual contract financing. The Senior Procurement Executive is the agency head for the purpose of...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Mixed-finance developer's fee. 891...-Profit Limited Partnerships and Mixed-Finance Development for Supportive Housing for the Elderly or Persons with Disabilities § 891.815 Mixed-finance developer's fee. (a) Mixed-finance developer's fee. A...