Sample records for financing model crisis

  1. Regulating Finance After the Crisis

    Moschella, Manuela; Tsingou, Eleni


    It is now widely recognized that regulatory failures contributed to the onset of the global financial crisis. Redressing such failures has, thus, been a key policy priority in the post-crisis reform agenda at both the domestic and international levels. This special issue investigates the process ...

  2. Financial and Economic Crisis and Corporate Finance Development

    LI Xinhe


    Financial and economic crisis has challenged the ideological and methodological basis,the basic assumptions and the universal applicability of the research conclusions of the mainstream corporate finance.In order to construct corporate finance appropriate to the state of financial crisis,it is necessary to adjust the objective function of corporate finance,modify the corporate financing theory,extend corporate investment theory,enrich corporate working capital management theory,and adjust corporate dividend policy theory.

  3. Corporate finance theorie en financiële crisis in breder perspectief

    Boot, A.W.A.


    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

  4. Personal Finances during the Economic and Financial Crisis

    Ioana LUPASC; Adrian LUPASC


    The crisis is unfortunately a negative feature specific to recent years which has affected most areas of activity in many countries, including the powerful economical ones. As a direct consequence, the crisis has had a significant and direct impact on people's personal finances. In this paper we propose different solutions which lead to a better administration of personal finances, so that the involved actors to be able to manage difficult situations made by the economic and financial crisis....

  5. Modern Finance, Methodology and the Global Crisis

    Esteban Pérez Caldentey; Matías Vernengo


    Modern finance has a conceptually unified theoretical core that includes the efficient market hypothesis (EMH), the relationship between risk and return based on the Capital Asset Pricing Model (CAPM), the Modigliani-Miller theorems (M&M) and the Black-Scholes-Merton approach to option pricing. The core has been instrumental to the growth of the financial services industry, financial innovation, globalization, and deregulation. The significant impact of the core is explained by their success ...

  6. Finance, growth, and stability : Lessons from the crisis

    Beck, T.H.L.

    This article introduces a special issue on lessons from the recent crisis on finance, growth, and stability. The papers in the special issue discuss (i) the benefits and risks of financial innovation and regulatory responses to these risks, (ii) the effect of finance and globalization on the real

  7. Globalization, economy financing model crisis and the institutional re-structuration of the Brazilian electric power system; Globalizacao, crise do padrao de financiamento da economia e reestruturacao institucional do setor eletrico brasileiro

    Maciel, Claudio Schuller


    This thesis discusses the crisis in the Brazilian economical financing model and the consequent re-structuration of the Brazilian electric power system, giving special emphasis to: global historical factors; the new economic order; and, the consequences of the financial crisis in the Brazilian electric power system. In addition, it suggests new strategies for the institutional reformulation of the Brazilian electric power system 226 refs., 13 tabs.

  8. Globalization, economy financing model crisis and the institutional re-structuration of the Brazilian electric power system; Globalizacao, crise do padrao de financiamento da economia e reestruturacao institucional do setor eletrico brasileiro

    Maciel, Claudio Schuller


    This thesis discusses the crisis in the Brazilian economical financing model and the consequent re-structuration of the Brazilian electric power system, giving special emphasis to: global historical factors; the new economic order; and, the consequences of the financial crisis in the Brazilian electric power system. In addition, it suggests new strategies for the institutional reformulation of the Brazilian electric power system 226 refs., 13 tabs.

  9. Financing Africa : Through the crisis and beyond

    Beck, T.H.L.; Munzele Maimbo, S.; Faye, I.; Triki, T.


    The environment in which African financial systems operate has changed dramatically over the past years. The global financial system has undergone a major transformation after the recent financial crisis, with the center of economic and financial power shifting from developed to several emerging

  10. Aspects of Development Financing After the Financial and Economic Crisis

    Bruno Gurtner


    Full Text Available Published by Palgrave MacmillanThe financial and economic crisis saw developing and emerging countries experience more severe setbacks in their growth rates than industrialised countries and they did not all have sufficient funds to finance robust stimulus measures. The major emerging economies have nevertheless recovered quickly and are currently the most important growth engines in the world economy.Private capital flows collapsed, leaving the global South with an overall deficit in financing. Greater official financing flows have not yet been able to compensate for the shortfalls and the slow increase in private capital flows since the end of 2009 has not been able to do so either. Overall, according to the UN, more capital flows from the South to the North than vice versa. The South thus continues to finance the North.Discussions regarding a reform of the global financial and economic order are ongoing but to date have had little impact on developing countries. The international financing institutions do have more funds at their disposal, but developing countries are still under-represented. The IMF and the World Bank have begun to question some of their previous dogmas. Opinions are divided on whether one can already speak of a new policy.The debate on the role of taxation in the mobilisation of local resources for development financing has intensified. Insight favouring comprehensive reforms of the taxation systems in developing countries has sharpened, but technical aid provided by industrialised countries to realise these reforms is still insufficient. Taxation is acquiring growing recognition as an instrument of State-building, democratisation and governance. The campaign to deal with international tax evasion and illicit capital flows is gaining momentum and the exchange of information on tax issues has improved. However, it is difficult to establish newer and more trenchant instruments for improved transparency, given the predominant

  11. Behavioral finance during financial crisis in a banking company

    Niraula, Saroj


    Panchashil Multi-Purpose Co-Operative Limited, a banking company of Nepal, commissioned this study. After the end of civil war in Nepal, which lasted for ten years, there was a situation of financial crisis. This situation was not brought by any economic changes in the country but be-cause of the bias behaviour of people. The main purpose of this thesis is to use behavioral finance as a tool and suggest the commissioning company a way to overcome the situation caused by an irrational deci...

  12. Access to Finance of the Macedonian Companies in the Post-Crisis period

    Meri Boshkoska


    Full Text Available In this paper we analyzed the liquidity of the companies, the plans for the future cash flows and questions related to the new law regarding the financial discipline. Main questions addressed here are the number of difficulties related to the sources of financing the current and the developing activities of the companies in Macedonia. The analysis is undertaken by using statistical techniques and models. The results suggest that in the post-crisis period the companies are facing with number of difficulties of providing financial resources for the current and the developing activities where the most significant source of finance are the bank credits. Also, the results suggest that delayed payment of claims, the legislative and the high level of interest rate are the most common factors that restrict the access to finance of the Macedonian companies.

  13. The resurgence of cultural borders in international finance during the financial crisis: Evidence from Eurozone cross-border depositing

    Kleimeier, S.; Sander, H.; Heuchemer, S.


    In this paper, we demonstrate that cultural borders in international finance resurge during financial crises. To investigate the role of cultural borders during both tranquil and crisis periods, we employ a unique data set that focuses on Eurozone cross-border depositing in a gravity-model

  14. Main sources of finance for development: retrospective view on the evolution of pre-crisis ideas.

    Sherstnev, Mikhail


    The paper provides the overview of the ideas on the sources of finance for development which were widely discussed by international community before the crisis in order to achieve the Millennium Development Goals. This set of ideas remains the starting point for further discussion on the issue and political action in the post-crisis world.

  15. Effects of financing on the investment of Dutch SMEs during the financial crisis

    Zubair, Sirazul


    This study investigates the effect of the recent financial crisis on the investment of Dutch SMEs (small and medium sized enterprises). Precisely, the focus is on the availability of internal finance and external finance of Dutch SMEs and their effect on the investments during the recent financial

  16. Renewable Energy Project Financing: Impacts of the Financial Crisis and Federal Legislation

    Schwabe, P.; Cory, K.; Newcomb, J.


    Extraordinary financial market conditions have disrupted the flows of equity and debt investment into U.S. renewable energy (RE) projects since the fourth quarter of 2008. The pace and structure of renewable energy project finance has been reshaped by a combination of forces, including the financial crisis, global economic recession, and major changes in federal legislation affecting renewable energy finance. This report explores the impacts of these key market events on renewable energy project financing and development.

  17. Fiscal adjustment and deficit financing during the debt crisis

    Easterly, William R.


    To study the adjustment to the debt crisis, this paper compares the experience of seven"crisis"debtor countries with those of five"noncrisis"debtor countries. In response to a sharp reduction in external capital flows, the crisis countries rescheduled their debt during 1982-87. The noncrisis group avoided debt resheduling during that period and maintained access to external capital. The paper finds that highly indebted countries are probably better off raising conventional taxes and cutting c...

  18. Trade Finance and Trade Collapse during the Global Financial Crisis: Evidence from the Republic of Korea

    E. Young Song


    Full Text Available This study examines the role of trade finance in the trade collapse of 2008-09 from the perspective of the Korean economy. We use two approaches. Firstly, as background to a more formal analysis, we make a casual observation on the behavior of aggregate data on trade finance, on which Korea has relatively abundant data. Aggregate data do not convincingly support the view that trade finance played an active role in causing the trade collapse. The measures of trade finance and the value of trade both dropped sharply, but the ratio of trade finance over trade was stable and in some cases increased during the crisis period. Secondly, using quarterly data on listed firms in Korea, we conduct panel estimations to test whether firms that are more dependent on external finance experienced greater export contraction during the crisis. Our regression analysis suggests that the financial vulnerability of firms, measured by various financial ratios, did not contribute to export contraction during the financial crisis. This observation largely applies even to smaller firms, who are usually thought of as being more vulnerable financially. However, we find that small exporters that relied heavily on cross-border trade payables or receivables suffered larger drops in export growth during the crisis.


    Mihaela Brindusa Tudose


    Full Text Available Our study analyses the changes in the financial structure of the firms in the context of the vulnerabilities induced by the financial crisis. The study show that there have been registered a reconfiguration of firms’ financial structure which has triggered an increase in their financial fragility and vulnerability to crises. The results obtained confirm that the effects of financing differ depending on the economic conditions in particular period (normal periods and crisis periods. In tranquil times solvency is more important for the firms than liquidity. After crisis, the firms became more cautious regarding liquidity, solvency and the prospect of securing long-term financial balance. These firms have abandoned the objective of maximizing the positive effects of debt financing adopting a more prudent financing.

  20. The US Finance Wage Premium Before and After the Financial Crisis

    Capuano, Stella; Lai, Tat-kei; Schmerer, Hans-Jörg


    Does the recent financial crisis change the wage structures of the US finance and nonfinance sectors? In this article, we study the wage gap between workers in these two sectors between 1990 and 2011. Using data from the Current Population Survey, we find that the finance wage premium increased...... over time and only dropped modestly during the crisis. Using the Oaxaca–Blinder method to decompose the wage gap into ‘explained’ and ‘unexplained’ parts, we also find that the wage gap was entirely driven by unexplained factors....

  1. Another Lost Decade? Effects of the Financial Crisis on Project Finance for Infrastructure

    James Leigland; Henry Russell


    Rapid growth in project finance, driven by huge increases in liquidity, helped fuel the gains in private participation in infrastructure (PPI) in developing countries in the past decade. But when the financial crisis hit, the excess liquidity began to dry up as lenders backed away from practices that had helped generate it. The effects are already apparent in greater delays in financial cl...

  2. Tertiary Education and the Crisis of Public Finance

    Milos Maryska


    Full Text Available Turbulent economic environment after overwhelming the last crisis period is typical for present days as well as permanent increasing dependability of all our activities on information and communication technology (ICT. Although the global economic crisis was the reason for disinvestment into ICT in 2009 there is expected that ICT will generate almost 5.8 million new jobs in Europe till year 2013 and they have to be saturated also by adequately qualified ICT specialists.This contribution presents the research in the progress focused on the tertiary education system in the Czech Republic. We are predicting trends in education and especially in ICT education in Europe and in the Czech Republic as well for next ten years. We can expect that future ten years period will be critical not only for the Czech tertiary education system, but also for the Czech Republic because number of ICT students will be decreasing and number of ICT specialist demanded by labor market will be increasing. From macroeconomic point of view we can expect that also state subventions into state governed tertiary education system will decrease in the whole Europe.Some recommendations, proposals and forecasts for further development of education system are presented at the end of this contribution.

  3. Can differentiated care models solve the crisis in HIV treatment financing? Analysis of prospects for 38 countries in sub-Saharan Africa.

    Barker, Catherine; Dutta, Arin; Klein, Kate


    Rapid scale-up of antiretroviral therapy (ART) in the context of financial and health system constraints has resulted in calls to maximize efficiency in ART service delivery. Adopting differentiated care models (DCMs) for ART could potentially be more cost-efficient and improve outcomes. However, no study comprehensively projects the cost savings across countries. We model the potential reduction in facility-level costs and number of health workers needed when implementing two types of DCMs while attempting to reach 90-90-90 targets in 38 sub-Saharan African countries from 2016 to 2020. We estimated the costs of three service delivery models: (1) undifferentiated care, (2) differentiated care by patient age and stability, and (3) differentiated care by patient age, stability, key vs. general population status, and urban vs. rural location. Frequency of facility visits, type and frequency of laboratory testing, and coverage of community ART support vary by patient subgroup. For each model, we estimated the total costs of antiretroviral drugs, laboratory commodities, and facility-level personnel and overhead. Certain groups under four-criteria differentiation require more intensive inputs. Community-based ART costs were included in the DCMs. We take into account underlying uncertainty in the projected numbers on ART and unit costs. Total five-year facility-based ART costs for undifferentiated care are estimated to be US$23.33 billion (95% confidence interval [CI]: $23.3-$23.5 billion). An estimated 17.5% (95% CI: 17.4%-17.7%) and 16.8% (95% CI: 16.7%-17.0%) could be saved from 2016 to 2020 from implementing the age and stability DCM and four-criteria DCM, respectively, with annual cost savings increasing over time. DCMs decrease the full-time equivalent (FTE) health workforce requirements for ART. An estimated 46.4% (95% CI: 46.1%-46.7%) fewer FTE health workers are needed in 2020 for the age and stability DCM compared with undifferentiated care. Adopting DCMs can

  4. Equity during an economic crisis: financing of the Argentine health system.

    Cavagnero, Eleonora; Bilger, Marcel


    This article analyses the redistributive effect caused by health financing and the distribution of healthcare utilization in Argentina before and during the severe 2001/2002 economic crisis. Both dramatically changed during this period: the redistributive effect became much more positive and utilization shifted from pro-poor to pro-rich. This clearly demonstrates that when utilization is contingent on financing, changes can occur rapidly; and that an integrated approach is required when monitoring equity. From a policy perspective, the Argentine health system appears vulnerable to economic downturns mainly due to high reliance on out-of-pocket payments and the strong link between health insurance and employment.




    Full Text Available In the pursuit of understanding the behavior of the market player, the basic argument relays on the supposition that the risk appetite increases exactly at the worst moment - when the capacity to assume additional risk decreases significantly. People view a sample randomly drawn from a population as highly representative and cvasi similar to the population in all its essential characteristics. They expect any two samples drawn from a particular population to be more similar to one another and to the population than is statistically justifiable. This behavior is different from the tenets of classic finance theory. The gap between from theory to the practice of Behavioral Finance (BiFi- nickname has direct application to the investment management practice. Students of Behavioral Finance can develop skills to be employed in their practices for their clients. Behavioral Finance can teach about mental, emotional, psychological and social biases that lead to mistakes and biases o market efficiency, pricing anomalies and other market dynamics and risk – return investment outcomes.

  6. Financing innovative small and medium-sized enterprises in times of crisis

    Dejan ERIC


    Full Text Available Small and Medium-sized Enterprises (SME in general and particularly innovative ones are becoming an increasingly important factor on the road to achieving smart, sustainable and comprehensive development. Because of their propensity to innovative undertaking and risk, SMEs contribute significantly to economic growth but are generally less productive and pay the cost of high rates of death and lower rates of profitability. Financing SMEs is risky and uncertain and for innovative SMEs it is even more difficult to access financing. When financing innovative activities, investors perceive high risks and it is even more emphasized in times of crisis when there is an increase in the cost of capital. Institutional support and governmental programmes have an important role in closing financial gap that innovative SMEs are faced with. Because the survival and development of SMEs is to a great extant determined by their ability to access favorable financing, the main objective of this paper is to provide policy recommendations for promoting availability of financing to innovative SMEs in order to foster economic recovery and more dynamic development of Serbia. The recommendations are to emerge from analyzes and evaluation of currently available sources of finance for innovative SMEs.

  7. Crisis in Context Theory: An Ecological Model

    Myer, Rick A.; Moore, Holly B.


    This article outlines a theory for understanding the impact of a crisis on individuals and organizations. Crisis in context theory (CCT) is grounded in an ecological model and based on literature in the field of crisis intervention and on personal experiences of the authors. A graphic representation denotes key components and premises of CCT,…

  8. PFI redux? Assessing a new model for financing hospitals.

    Hellowell, Mark


    There is a growing need for investments in hospital facilities to improve the efficiency and quality of health services. In recent years, publicly financed hospital organisations in many countries have utilised private finance arrangements, variously called private finance initiatives (PFIs), public-private partnerships (PPPs) or P3s, to address their capital requirements. However, such projects have become more difficult to implement since the onset of the global financial crisis, which has led to a reduction in the supply of debt capital and an increase in its price. In December 2012, the government of the United Kingdom outlined a comprehensive set of reforms to the private finance model in order to revive this important source of capital for hospital investments. This article provides a critical assessment of the 'Private Finance 2' reforms, focusing on their likely impact on the supply and cost of capital. It concludes that constraints in supply are likely to continue, in part due to regulatory constraints facing both commercial banks and institutional investors, while the cost of capital is likely to increase, at least in the short term. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.

  9. Public finances in Romania during and after the economic crisis 2008-2009

    Stelian Dan CÂMPEAN


    Full Text Available The aim of this article is to present Romania’s problems and solutions during and after the economic crisis of 2008-2009. The paper starts with the definitions of public finances and economic crisis and also a brief description of Romania’s economy, continuing with a deeper analysis of the determinants and symptoms of the recession in the country, as well as the perspectives for further development. The financial assessment of Romania’s situation in the broader EU context can be understood by looking at the GDP and the country’s economic activities in relation to it, and by reviewing the information supplied by the National Bank of Romania and others institutions and selected literature. The article is complemented by author’s opinions.

  10. School Crisis Management: A Model of Dynamic Responsiveness to Crisis Life Cycle

    Liou, Yi-Hwa


    Purpose: This study aims to analyze a school's crisis management and explore emerging aspects of its response to a school crisis. Traditional linear modes of analysis often fail to address complex crisis situations. The present study applied a dynamic crisis life cycle model that draws on chaos and complexity theory to a crisis management case,…

  11. Modeling and assessing international climate financing

    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.

  12. The role of financing frictions in agricultural investment decisions: an analysis pre and post financial crisis

    O'Toole, Conor M.; Newman, Carol F.; Hennessy, Thia C.


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

  13. Portugal and the Global Financial Crisis – short-sighted politics, deteriorating public finances and the bailout imperative

    Paulo T. Pereira,; Lara Wemans,


    The aim of this paper is twofold. On the one hand to explain the institutional, economic and political foundations of the Portuguese bailout in April 2011. On the other hand, to clarify the impact of the global financial crisis (GFC) in Portuguese public finances, and the interaction between domestic fiscal policy and monitoring and recommendations from the European Commission (EC) and the European Council (ECo). A long run perspective (1974-2011) on management of public finances ...

  14. Applying Olap Model On Public Finance Management

    Dorde Pavlovic; Branko Gledovic


    Budget control is derivate from one of the main functions of budget, that aims that the budget is control instrument of acquiring and pending of budget needs. OLAP model represents an instrument that finds its place in the budget planning process, executive phases of budget, accountancy, etc. There is a direct correlation between the OLAP model and public finance management process.

  15. The other crisis: the economics and financing of maternal, newborn and child health in Asia.

    Anderson, Ian; Axelson, Henrik; Tan, B-K


    The Global Financial Crisis (GFC) of 2008/2009 was the largest economic slowdown since the Great Depression. It undermined the growth and development prospects of developing countries. Several recent studies estimate the impact of economic shocks on the poor and vulnerable, especially women and children. Infant and child mortality rates are still likely to continue to decline, but at lower rates than would have been the case in the absence of the GFC. Asia faces special challenges. Despite having been the fastest growing region in the world for decades, and even before the current crisis, this region accounted for nearly 34% of global deaths of children under 5, more than 40% of maternal deaths and 60% of newborn deaths. Global development goals cannot be achieved without much faster and deeper progress in Asia. Current health financing systems in much of Asia are not well placed to respond to the needs of women and their children, or the recent global financial and economic slowdown. Public expenditure is often already too low, and high levels of out-of-pocket health expenditure are an independent cause of inequity and impoverishment for women and their children. The GFC highlights the need for reforms that will improve health outcomes for the poor, protect the vulnerable from financial distress, improve public expenditure patterns and resource allocation decisions, and so strengthen health systems. This paper aims to highlight the most recent assessments of how economic shocks, including the GFC, affect the poor in developing countries, especially vulnerable women and children in Asia. It concludes that conditional cash transfers, increasing taxation on tobacco and increasing the level, and quality, of public expenditure through well-designed investment programmes are particularly relevant in the context of an economic shock. That is because these initiatives simultaneously improve health outcomes for the poor and vulnerable, protect them from further financial

  16. The Theory of Finance: A novel finance model being formed on the Internet

    Magomet Yandiev


    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.

  17. Multivariate Density Modeling for Retirement Finance

    Rook, Christopher J.


    Prior to the financial crisis mortgage securitization models increased in sophistication as did products built to insure against losses. Layers of complexity formed upon a foundation that could not support it and as the foundation crumbled the housing market followed. That foundation was the Gaussian copula which failed to correctly model failure-time correlations of derivative securities in duress. In retirement, surveys suggest the greatest fear is running out of money and as retirement dec...

  18. Finance-Growth-Crisis Nexus in Asian Emerging Economies: Evidence from VECM and ARDL Assessment

    Takashi Fukuda; Jauhari Dahalan


    This paper examines the causal relationship between financial development, economic growth and financial crisis in the five Asian emerging economies (India, Indonesia, South Korea, Malaysia and Thailand) during the period 1982 to 2007. All of these countries are known as emerging economies with well known financial crisis episodes (i.e., India's 1991 crisis and the Asian 1997 crisis). The summary indicators of financial development, financial crisis and financial repression are constructed th...

  19. Holonic Crisis Handling Model for Corporate Sustainability

    Levente Bakos


    Full Text Available The new approaches of risk and crisis management of organizations point to corporate responsibility and corporate sustainability. In the ‘Internet of Everything’ era, when the new media and social networks create the possibility to ruin in a few seconds the reputation of a company built in decades, it is important to afford the maximum attention to risk management and crisis communication. Long-term sustainability requires a transparent, trustful communication in due time. In our study, we propose a crisis management model that leads to sustainable corporate behaviour. We consider organizations as complex systems, and we use the holonic multiagent modelling concept to depict the emergent behaviour of these systems. This theoretical paper has as its main result a crisis communication model, based on the adaptability feature of holons. In our non-linear approach for unpredictable situations we merged some findings of sustainability theory, corporate social responsibility (CSR management, crisis communication, the holonic manufacturing concept and the latest security standards in computer communication.

  20. Understanding financial crisis through accounting models

    Bezemer, D.J.


    This paper presents evidence that accounting (or flow-of-funds) macroeconomic models helped anticipate the credit crisis and economic recession Equilibrium models ubiquitous in mainstream policy and research did not This study traces the Intellectual pedigrees of the accounting approach as an

  1. A Study of Crisis Management Based on Stakeholders Analysis Model

    Qingchun, Yue


    From the view of stakeholder theory, not only the enterprises should provide services to shareholders, but also take care of the demands of stakeholders. Stakeholders for the enterprise crisis are the organizations and individuals, which cause crisis, respond to the crisis and affected by the enterprise crisis. In this paper, first of all, to comb the development of stakeholder theory systematically; secondly, with the help of the enterprise crisis stakeholder analysis model, analyze the concept of stakeholders for the enterprise crisis and membership, and with the example of Shuanghui Group for further analysis; finally, we put forward relevant proposals for the enterprise crisis from the view of stakeholders.

  2. Risk Assessment of Engineering Project Financing Based on PPP Model

    Ma Qiuli


    Full Text Available At present, the project financing channel is single, and the urban facilities are in short supply, and the risk assessment and prevention mechanism of financing should be further improved to reduce the risk of project financing. In view of this, the fuzzy comprehensive evaluation model of project financing risk which combined the method of fuzzy comprehensive evaluation and analytic hierarchy process is established. The scientificalness and effectiveness of the model are verified by the example of the world port project in Luohe city, and it provides basis and reference for engineering project financing based on PPP mode.

  3. An examination of contemporary financing practices and the global financial crisis on nonprofit multi-hospital health systems.

    Stewart, Louis J; Smith, Pamela C


    This study examines the impact of the 2008 global financial crisis on large US nonprofit health systems. We proceed from an analysis of the contemporary capital financing practices of 25 of the nation's largest nonprofit hospitals and health systems. We find that these institutions relied on operating cash flows, public issues of insured variable rate debt, and accumulated investment to meet their capital financing needs. The combined use of these three financial instruments provided these organizations with $22.4 billion of long-term capital at favorable terms and the lowest interest rates. Our analysis further indicates that the extensive utilization of bond insurance, auction rate debt, and interest rate derivatives created significant risk exposures for these health systems. These risks were realized by the broader global financial crisis of 2008. Findings indicate these health systems incurred large losses from the early retirement of their variable rate debt. In addition, many organizations were forced to post nearly $1 billion of liquid collateral due to the falling values of their interest rate derivatives. Finally, the investment portfolios of these large nonprofit health systems suffered millions of dollars of unrealized capital losses, which may minimize their ability to finance future capital investment requirements.

  4. Network models in economics and finance

    Pardalos, Panos; Rassias, Themistocles


    Using network models to investigate the interconnectivity in modern economic systems allows researchers to better understand and explain some economic phenomena. This volume presents contributions by known experts and active researchers in economic and financial network modeling. Readers are provided with an understanding of the latest advances in network analysis as applied to economics, finance, corporate governance, and investments. Moreover, recent advances in market network analysis  that focus on influential techniques for market graph analysis are also examined. Young researchers will find this volume particularly useful in facilitating their introduction to this new and fascinating field. Professionals in economics, financial management, various technologies, and network analysis, will find the network models presented in this book beneficial in analyzing the interconnectivity in modern economic systems.

  5. Finance


    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...

  6. Finance


    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...

  7. Implications Of The Crisis Of Objectivity In Accounting Measurement On The Development Of Finance Theory

    Saratiel Wedzerai Musvoto


    Studies in accounting measurement indicate the absence of empirical relational structures that should form the basis for accounting measurement. This suggests the lack of objectivity of accounting information. Landmarks in the development of finance theory indicate the use of accounting measurement information as a basis for their development. This indicates that subjective accounting information is incorporated in finance theory. Consequently, this questions the status of finance as a univer...

  8. Trade Finance and Trade Collapse during the Global Financial Crisis: Evidence from the Republic of Korea

    E. Young Song


    This study examines the role of trade finance in the trade collapse of 2008-09 from the perspective of the Korean economy. We use two approaches. Firstly, as background to a more formal analysis, we make a casual observation on the behavior of aggregate data on trade finance, on which Korea has relatively abundant data. Aggregate data do not convincingly support the view that trade finance played an active role in causing the trade collapse. The measures of trade finance and the value of trad...

  9. Effect of the financial crisis on investments and alternative financing sources of SMEs in the Netherlands

    Zubair, Sirazul


    The recent financial crisis not only affected the financial sector but also the whole economy. The crisis caused many countries to experience a major decline in economic output and the usual consequences associated with a recession. The Dutch economy has also not been fully immune from the crisis’s

  10. The impact of financing on the investments of SMEs: evidence from the recent financial crisis

    Zubair, Sirazul


    This paper examines how the recent financial crisis has affected the investments of Small and Medium-sized Enterprises (SMEs). We use a novel dataset of private firms from the Netherlands covering a long time-period (2004-2012). The results show that the financial crisis has no significant impact on

  11. Financing the Electronic Library: Models and Options.

    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)

  12. Finance

    Spremann, Klaus


    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...


    Cristina, GRADEA


    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.

  14. Individual Learning Accounts and Other Models of Financing Lifelong Learning

    Schuetze, Hans G.


    To answer the question "Financing what?" this article distinguishes several models of lifelong learning as well as a variety of lifelong learning activities. Several financing methods are briefly reviewed, however the principal focus is on Individual Learning Accounts (ILAs) which were seen by some analysts as a promising model for…

  15. Corporate Governance, Competition, and Finance: Re-thinking Lessons from the Asian Crisis

    Jack Glen; Ajit Singh


    This paper critically examines the Greenspan-Summers-IMF thesis concerning the Asian crisis, which suggested that the fundamental causes of the Asian crisis lay in the microeconomic behavior of economic agents in these societies--in the Asian way of doing business. The paper concentrates on corporate governance and competition in emerging markets and outlines the international significance of these issues in the context of the New International Financial Architecture and the Doha Development ...




    Full Text Available If the exit from the crisis is linked to the productivity, the technological boom, the orientation should take place by sectors with high growth potential. The idea is that the power of the Government to rely on increasing economic value and implementing effective measures to redress and not on fiscal destructive policies that can block even more the economic development. In order to exit from the economic and financial crisis it is necessary to identify the risks and vulnerabilities of the financial system as a whole. However, the emergence of malfunctions such as inaccurate assessment of risks and the inefficiency with which capitals are allocated can affect the equilibrium of the financial structure. Some solutions to overcome the negative effects of the global crisis to which has been submitted to Romania are represented by the design and implementation of strong macroeconomic frameworks, reviewing and improving the capacity of institutional, organizational level, to ensure a sustainable and environmentally sound growth of the economy in the long run, for the benefit of the society in general. The real cause of the economic crisis, whether it is called: recession, crisis, economic depression or another name, the content and the effect of the crisis are the same, however, can be solved if the policy makers choose to stabilize the financial conditions and to find solutions stimulus, achieving strong macroeconomic frameworks, improving the institutional capacity to ensure a sustainable and favorable growth of the economy, the society in general.

  17. Financing models for HTR plants: Co-financing, counter trade, joint ventures

    Bogen, J.; Stoelzl, D.


    Structure and volume of investment cost for HTR nuclear power plants are different in comparison to other types of nuclear power plants. Even if the share of local participation is in comparable order of magnitude to other nuclear power plants, the required technical infrastructure for HTR plants is more suitable for existing and still practised technologies in countries which are in development processes. These HTR specific features offer special possibilities in HTR project financing. Various models are discussed in respect of the special HTR situation. Even if it is not possible to point out in a general manner the best solution - due to national, local and time dependant situations - this paper discusses the HTR specific impacts to buyer's credit financing, supplier's credit financing, barter trades or joint ventures and combined financing. (author). 4 refs, 9 figs

  18. Developing Viable Financing Models for Space Tourism

    Eilingsfeld, F.; Schaetzler, D.


    Increasing commercialization of space services and the impending release of government's control of space access promise to make space ventures more attractive. Still, many investors shy away from going into the space tourism market as long as they do not feel secure that their return expectations will be met. First and foremost, attracting investors from the capital markets requires qualifying financing models. Based on earlier research on the cost of capital for space tourism, this paper gives a brief run-through of commercial, technical and financial due diligence aspects. After that, a closer look is taken at different valuation techniques as well as alternative ways of streamlining financials. Experience from earlier ventures has shown that the high cost of capital represents a significant challenge. Thus, the sophistication and professionalism of business plans and financial models needs to be very high. Special emphasis is given to the optimization of the debt-to-equity ratio over time. The different roles of equity and debt over a venture's life cycle are explained. Based on the latter, guidelines for the design of an optimized loan structure are given. These are then applied to simulating the financial performance of a typical space tourism venture over time, including the calculation of Weighted Average Cost of Capital (WACC) and Net Present Value (NPV). Based on a concluding sensitivity analysis, the lessons learned are presented. If applied properly, these will help to make space tourism economically viable.


    O. Chernyak


    Full Text Available The paper considers and presents synthesis of theoretical models of balance of payment crisis and investigates the most effective ways to model the crisis in Ukraine. For mathematical formalization of balance of payment crisis, comparative analysis of the effectiveness of different calculation methods of Exchange Market Pressure Index was performed. A set of indicators that signal the growing likelihood of balance of payments crisis was defined using signal approach. With the help of minimization function thresholds indicators were selected, the crossing of which signalize increase in the probability of balance of payment crisis.

  20. The Dominance of the Agency Model on Financing Decisions

    Bramantyo Djohanputro


    Full Text Available There are some issues about how companies consider their financing. These issues are related to the amount, source, type, and the structure of such financing. So far, there is no uniform model that is able to explain how companies deal with these issues. There are three competing, dominant theories of financing decision making, i.e. the Pecking Order Theory, the Static Trade-off Theory, and the Agency Model Theory. This study attempts to explore which theory explains the best way for companies in the consumer industry to decide their financing method. There are five hypotheses to be tested in this study. Using data from public listed companies on the Indonesian Stock Exchange from 2008 to 2011, it seems that the Agency Model Theory is more dominant than the other two theories in explaining the way companies fulfill their financing needs.

  1. Finance


    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...

  2. Finance


    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...

  3. Mudaraba as a Model of Islamic Finance

    M Nidaussalam


    Full Text Available Sharia bank has mostly been determined by its absent of rate transaction which is officially decided in agreement between the bank and its customer (akad. Mudharaba, one of the akad variants, offers equity finance requiring profit and loss sharing (PLS. This paper aims to critically discuss the principles of mudharaba commitment, mainly focusing on the process of funding and financing. To argue, mudharaba is an cooperating commitment between two economic agencies for which the first agency expected to provide financial capital while the other takes a part in managerial work-progress. In this process, the more profit for mudharib the more profit for the investor.        Keywords: mudharaba, islamic finance, profit and loss sharing

  4. The impact of financing on the investments of SMEs during the recent Financial Crisis

    Zubair, Sirazul; Kabir, Mohammed Rezaul; Huang, Xiaohong


    This paper examines how the recent financial crisis has affected the investments of small and medium-sized enterprises (SMEs). Using a novel dataset of private firms from the Netherlands for the period of 2004–2012 and controlling for major firm-specific variables, we find that the investments of

  5. New model. Local financing for local energy

    Detroy, Florent


    While evoking the case of the VMH Energies company in the Poitou-Charentes region, and indicating the difference between France and Germany in terms of wind and photovoltaic energy production potential, of number of existing local companies, and of citizen-based funding, this article shows that renewable energies could put the energy production financing in France into question again, with a more important participation of local communities and of their inhabitants. The author describes how the law on energy transition makes this possible, notably with the strengthening of citizen participation. The author evokes some French local experiments and the case of Germany where this participation is already very much developed

  6. Organization And Financing Models Of Health Service In Selected Countries

    Branimir Marković


    Full Text Available The introductory part of the work gives a short theoretical presentation regarding possible financing models of health services in the world. In the applicative part of the work we shall present the basic practical models of financing health services in the countries that are the leaders of classic methods of health services financing, e. g. the USA, Great Britain, Germany and Croatia. Working out the applicative part of the work we gave the greatest significance to analysis of some macroeconomic indicators in health services (tendency of total health consumption in relation to GDP, average consumption per insured person etc., to structure analysis of health insurance and just to the scheme of health service organization and financing. We presume that each model of health service financing contains certain limitations that can cause problem (weak organization, increase of expenses etc.. This is the reason why we, in the applicative part of the work, paid a special attention to analysis of financial difficulties in the health sector and pointed to the needs and possibilities of solving them through possible reform measures. The end part of the work aims to point out to advantages and disadvantages of individual financing sources through the comparison method (budgetary – taxes or social health insurance – contributions.

  7. Equity financing constraints and corporate capital structure:a model

    Zhengwei Wang; Wuxiang Zhu


    Purpose-The "supply-side effect" brought about by the imperfection of the capital market has increasingly been concerned.The purpose of this paper is to study how will the uncertainty of equity financing brought about by the equity financing regulations in emerging capital market affect company's capital structure decisions.Design/methodology/approach-This paper establishes a theoretical model and tries to introduce equity financing uncertainty into the company's capital structure decision-making.The paper uses mathematical derivation method to get some basic conclusions.Next,in order to characterize the quantitative impact of specific factor on capital structure,numerical solution methods are used.Findings-The model shows that firm's value would decrease with the uncertainty of equity financing,because of the relationship between firm's future cash and their financing policies.The numerical solution of the model suggests that the uncertainty of equity financing is one of the important factors affecting the choice of optimal capital structure,the greater the uncertainty is,the lower optimal capital structure is.Originality/value-The research of this paper has certain academic value for further understanding of the issues.

  8. Instruments for the Financing Investment Opportunities in Post-Crisis Europe: The Investment Plan for Europe

    Mariana Trandafir


    Full Text Available The study is based on an analysis of the opportunities provided by The Investment Plan for Europe. The Plan, launched in December 2014, aims at stimulating additional investment at least EUR 315 billion in real economy in the 2015-2017 period and making the most of every public euro mobilized through both new and existing instrument, in order to achieve the high multiplier effect. The challenge for the Member States is to put the funds made available by these instruments to productive use in order to support sustainable jobs and growth in Europe. In this context, Romania is facing a major challenge: to promote projects of interest to investors, economically viable, sufficiently mature and consistent with EU policy priorities. According official sources, until the mid - March 2016, only two projects was selected for financing through The Investment Plan for Europe. The study contributes to the identification of the new innovative financial instruments that could improve the access to finance in general and to Romanian projects especially. The analysis uses the most recent official data, official documents published by the European Commission and other institutions in the field.

  9. Modelling of nuclear power plant decommissioning financing.

    Bemš, J; Knápek, J; Králík, T; Hejhal, M; Kubančák, J; Vašíček, J


    Costs related to the decommissioning of nuclear power plants create a significant financial burden for nuclear power plant operators. This article discusses the various methodologies employed by selected European countries for financing of the liabilities related to the nuclear power plant decommissioning. The article also presents methodology of allocation of future decommissioning costs to the running costs of nuclear power plant in the form of fee imposed on each megawatt hour generated. The application of the methodology is presented in the form of a case study on a new nuclear power plant with installed capacity 1000 MW. © The Author 2015. Published by Oxford University Press. All rights reserved. For Permissions, please email:

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

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


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

  11. Crisis and emergency risk communication as an integrative model.

    Reynolds, Barbara; W Seeger, Matthew


    This article describes a model of communication known as crisis and emergency risk communication (CERC). The model is outlined as a merger of many traditional notions of health and risk communication with work in crisis and disaster communication. The specific kinds of communication activities that should be called for at various stages of disaster or crisis development are outlined. Although crises are by definition uncertain, equivocal, and often chaotic situations, the CERC model is presented as a tool health communicators can use to help manage these complex events.

  12. Monte Carlo methods and models in finance and insurance

    Korn, Ralf; Kroisandt, Gerald


    Offering a unique balance between applications and calculations, Monte Carlo Methods and Models in Finance and Insurance incorporates the application background of finance and insurance with the theory and applications of Monte Carlo methods. It presents recent methods and algorithms, including the multilevel Monte Carlo method, the statistical Romberg method, and the Heath-Platen estimator, as well as recent financial and actuarial models, such as the Cheyette and dynamic mortality models. The authors separately discuss Monte Carlo techniques, stochastic process basics, and the theoretical background and intuition behind financial and actuarial mathematics, before bringing the topics together to apply the Monte Carlo methods to areas of finance and insurance. This allows for the easy identification of standard Monte Carlo tools and for a detailed focus on the main principles of financial and insurance mathematics. The book describes high-level Monte Carlo methods for standard simulation and the simulation of...

  13. Model application of Murabahah financing acknowledgement statement of Sharia accounting standard No 59 Year 2002

    Muda, Iskandar; Panjaitan, Rohdearni; Erlina; Ginting, Syafruddin; Maksum, Azhar; Abubakar


    The purpose of this research is to observe murabahah financing implantation model. Observations were made on one of the sharia banks going public in Indonesia. Form of implementation of such implementation in the form of financing given the exact facilities and maximum financing, then the provision of financing should be adjusted to the type, business conditions and business plans prospective mudharib. If the financing provided is too low with the mudharib requirement not reaching the target and the financing is not refundable.

  14. The Interval Market Model in Mathematical Finance : Game Theoretic Methods

    Bernhard, P.; Engwerda, J.C.; Roorda, B.; Schumacher, J.M.; Kolokoltsov, V.; Saint-Pierre, P.; Aubin, J.P.


    Toward the late 1990s, several research groups independently began developing new, related theories in mathematical finance. These theories did away with the standard stochastic geometric diffusion “Samuelson” market model (also known as the Black-Scholes model because it is used in that most famous

  15. Funding models for financing water infrastructure in South Africa ...

    Government needs to find a solution to this backlog by putting in place new institutional structures and funding models for effective strategies leading to prompt ... These models see Government planning, installing and financing infrastructure with pricing at marginal costs or on a loss-making basis, with returns recovered ...

  16. Fukushima, Crisis of a Model of Governance

    Delamotte, Guibourg


    The year following the March 11, 2011, Fukushima catastrophe was a period of stock taking, self-criticism, and adjustment: a model of governance was on trial in Japan. In order to avoid widespread panic, the government chose to under-inform the population. Yet the government itself was very poorly informed, and the agencies on which it depended in this domain did not possess the firsthand information or expertise they were supposed to supply. Of all the actors involved in managing the nuclear crisis, the government was no doubt the least at fault. The operator surveillance body, the Nuclear and Industrial Safety Agency, and the operator, TEPCO, were both aware that safety standards had been neglected at the Fukushima Daiichi reactor. The various reports produced since the catastrophe have shed light on the failings of a system of governance, and the Japanese government has quickly drawn lessons from them. The doubts that were thus raised concerning the place of the nuclear sector in energy production were nevertheless shelved following the return to power of a liberal-democrat majority in December 2012

  17. The New Community College Business and Finance Model

    Myran, Gunder


    The term "community college business and finance model" is unlikely to evoke a positive response from educators who resist labeling students as "customers," do not want to call the college's offerings "products," and don't like to hear the college referred to as a "business." Faculty and staff tend…

  18. Application of the cognitive therapy model to initial crisis assessment.

    Calvert, Patricia; Palmer, Christine


    This article provides a background to the development of cognitive therapy and cognitive therapeutic skills with a specific focus on the treatment of a depressive episode. It discusses the utility of cognitive therapeutic strategies to the model of crisis theory and initial crisis assessment currently used by the Community Assessment & Treatment Team of Waitemata District Health Board on the North Shore of Auckland, New Zealand. A brief background to cognitive therapy is provided, followed by a comprehensive example of the use of the Socratic questioning method in guiding collaborative assessment and treatment of suicidality by nurses during the initial crisis assessment.

  19. Hyperbolic and semi-parametric models in finance

    Bingham, N. H.; Kiesel, Rüdiger


    The benchmark Black-Scholes-Merton model of mathematical finance is parametric, based on the normal/Gaussian distribution. Its principal parametric competitor, the hyperbolic model of Barndorff-Nielsen, Eberlein and others, is briefly discussed. Our main theme is the use of semi-parametric models, incorporating the mean vector and covariance matrix as in the Markowitz approach, plus a non-parametric part, a scalar function incorporating features such as tail-decay. Implementation is also briefly discussed.

  20. The Study on Stage Financing Model of IT Project Investment

    Si-hua Chen


    Full Text Available Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

  1. The Study on Stage Financing Model of IT Project Investment

    Xu, Sheng-hua; Xiong, Neal N.


    Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model. PMID:25147845

  2. The study on stage financing model of IT project investment.

    Chen, Si-hua; Xu, Sheng-hua; Lee, Changhoon; Xiong, Neal N; He, Wei


    Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

  3. A dynamic factor model of the evaluation of the financial crisis in Turkey.

    Sezgin, F; Kinay, B


    Factor analysis has been widely used in economics and finance in situations where a relatively large number of variables are believed to be driven by few common causes of variation. Dynamic factor analysis (DFA) which is a combination of factor and time series analysis, involves autocorrelation matrices calculated from multivariate time series. Dynamic factor models were traditionally used to construct economic indicators, macroeconomic analysis, business cycles and forecasting. In recent years, dynamic factor models have become more popular in empirical macroeconomics. They have more advantages than other methods in various respects. Factor models can for instance cope with many variables without running into scarce degrees of freedom problems often faced in regression-based analysis. In this study, a model which determines the effect of the global crisis on Turkey is proposed. The main aim of the paper is to analyze how several macroeconomic quantities show an alteration before the evolution of the crisis and to decide if a crisis can be forecasted or not.

  4. A managerial modernization model in crisis conditions



    The improvement of the economic performances of Romanian enterprises facing crisis conditions could be achieved by means of promoting and implementing a range of managerial modernization methods. Among them we mention several factors pertaining to strategic management: redesigning the managerial system, implementing methodological management – with an emphasis on profit center management and other managerial tools which ensure process and organizational flexibility – and professionalizing...

  5. The sudden coalescene model of the boiling crisis

    Carrica, P.M.; Clausse, A.


    A local two-phase flow integral model of nucleate boiling and crisis is presented. The model is based on average balances on a control volume, yielding to a set of three nonlinear differential equations for the local void fraction, bubble number density and velocity. Boiling crisis as critical heat flux is interpreted as a dynamic transition caused by the coalescence of bubbles near the heater. The theoretical dynamic model is compared with experimental results obtained for linear power ramps in a horizontal plate heater in R-113, showing an excellent qualitative agreement

  6. The sudden coalescene model of the boiling crisis

    Carrica, P.M.; Clausse, A. [Centro Atomico Bariloche and Instituto Balseiro, Bariloche (Argentina)


    A local two-phase flow integral model of nucleate boiling and crisis is presented. The model is based on average balances on a control volume, yielding to a set of three nonlinear differential equations for the local void fraction, bubble number density and velocity. Boiling crisis as critical heat flux is interpreted as a dynamic transition caused by the coalescence of bubbles near the heater. The theoretical dynamic model is compared with experimental results obtained for linear power ramps in a horizontal plate heater in R-113, showing an excellent qualitative agreement.

  7. Comparing the Nordic and South Korean Models: Labour-Market Regulation and Social Welfare in Times of Crisis

    Schmidt, Johannes Dragsbæk


    The first part of the paper briefly describes the causes and impacts of the US induced financial crisis cum “Great Depression”. The second part discusses the status of the various models of contemporary capitalism – the discredited Anglo-Saxon finance-driven model versus the export-driven product......The first part of the paper briefly describes the causes and impacts of the US induced financial crisis cum “Great Depression”. The second part discusses the status of the various models of contemporary capitalism – the discredited Anglo-Saxon finance-driven model versus the export......-driven production model of growth, with weak safety nets, adopted by East Asian countries in contrast to the export-oriented Nordic social welfare model. The third section documents the impact of the crisis on the economies, and discusses core examples of state intervention in the socio-economic sectors...... such as labor markets and social welfare in the Nordic as well as Korean contexts. The final section discusses some tentative conclusions about the resilience of the Nordic and ROK models and their potential for recovery....

  8. Designing a crisis management model in Iran’s archival centers: Pre-crisis stage

    Maryam Nakhoda


    Full Text Available The purpose of this research is to design a crisis management model in the archival centers of Iran during the pre-crisis phase. The present study was conducted with a qualitative approach using the Grounded theory method. The necessary data was collected using semi-structured interviews. Data saturation was a major factor in determining the sample size. The research population included 20 crisis management specialists and managers of archives in Iran and the data analysis was performed in three stages: open, axial, and selective coding. The paradigmatic model derived from the findings of the research includes the sections of the causal conditions, strategies, intervening conditions and the underlying conditions and their outcomes. The causal conditions are located in two categories of internal crises such as biological crises and lack of proper management, and external crises such as natural disasters, fires and human-made crises. Intervener conditions and backgrounds include cat-egories such as lack of specialist staff training, lack of appropriate environmental conditions and management mechanisms, archival building and human resources issues. To prevent and mitigate the effects of the crisis in archives, some strategies are required such as modern education for resil-ience, teaching how to use documents, standardizing buildings and equipment (non-use of steel skeletons in building archives, use of concrete skeletons Armed or metal, as well as the use of walls and doors and floors of anti-fire covers in the building of archives and the establishment of multi-layer protective systems for the protection of documents.

  9. A business model for managing system change through strategic financing and performance indicators: a case study.

    Armstrong, Mary I; Milch, Heidi; Curtis, Peter; Endress, Phillip


    This article describes how a system of care operated by a county government agency used a fiscal crisis as the opportunity to reform its children's system. A cross-system response to the crisis is outlined that includes a system of care framework coupled with a business model, inter-departmental collaboration and leadership, the use of strategic reinvestment strategies, and a quality improvement system that focuses on key indicators. Implementation of the system change is described with a specific focus on cross-system entry points, financing strategies that re-allocate funds from deep-end programs to community-based services, and management oversight through the use of performance indicators to monitor and support effectiveness. This article examines the results of the system change, including the diversion of youth from system penetration, the reduction in residential treatment bed days, the re-allocation of these savings to community-based services, and the outcomes of children who were diverted from residential care and served in the community. The article offers a number of recommendations for other communities contemplating system change.

  10. Caring finance practices

    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

  11. Project Finance Model for Small Contractors in USA

    Jawahar Nesan


    Full Text Available Construction projects do not require a large capital outlay but a large working capital to start up the project. Unfortunately, for small contractors there are very limited options available from the banks or other lending institutions to cover this large working capital requirement in the absence of sufficient collateral. The “Project Finance” method presented in this paper is recommended as the most effective method for small contractors in the United States. The problems of small and start up contractors in funding their projects have been little addressed in the literature. The current financing practices were observed through both the literature review and interviews with contractors and bankers in the western Michigan area and subsequently a system has been proposed which could help a small start-up company seeking higher growth. The growth rates that can be achieved using the project finance system in contrast to the traditional “line of credit” arrangements as illustrated in this paper show that the project finance model is beneficial.

  12. Model of the mechanism of crisis management in the administrative-territorial entities

    I. V. Yarova; Y. P. Sharov


    The model of the crisis-mechanism for administrative-territory unit is descript including aim-setting, projects of the risk-oriented strategy formation, the structure institutionalization of the crisis-assignment, crisis-management during strategy realization, diagnostic and identification of the crisis-threats. The approach to management for the system of the strategy realization based on the crisis-group creation, which exist on dual virtual-real status. The approach delivers such differs: ...

  13. Crisis of interspike intervals in Hodgkin-Huxley model

    Jin Wuyin; Xu Jianxue; Wu Ying; Hong Ling; Wei Yaobing


    The bifurcations of the chaotic attractor in a Hodgkin-Huxley (H-H) model under stimulation of periodic signal is presented in this work, where the frequency of signal is taken as the controlling parameter. The chaotic behavior is realized over a wide range of frequency and is visualized by using interspike intervals (ISIs). Many kinds of abrupt undergoing changes of the ISIs are observed in different frequency regions, such as boundary crisis, interior crisis and merging crisis displaying alternately along with the changes of external signal frequency. And there are logistic-like bifurcation behaviors, e.g., periodic windows and fractal structures in ISIs dynamics. The saddle-node bifurcations resulting in collapses of chaos to period-6 orbit in dynamics of ISIs are identified

  14. Architecture-based Model for Preventive and Operative Crisis Management

    Jungert, Erland; Derefeldt, Gunilla; Hallberg, Jonas; Hallberg, Niklas; Hunstad, Amund; Thuren, Ronny


    .... A system that should support activities of this type must not only have a high capacity, with respect to the dataflow, but also have suitable tools for decision support. To overcome these problems, an architecture for preventive and operative crisis management is proposed. The architecture is based on models for command and control, but also for risk analysis.

  15. Computational Finance

    Rasmussen, Lykke

    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...

  16. The role of negotiated developer obligations in financing large public infrastructure after the economic crisis in the Netherlands

    Gielen, Demetrio Munoz; Lenferink, Sander


    The economic crisis that started in 2009 has negatively impacted in the Netherlands the available financial resources for urban development. Dutch municipalities struggle since then with falling local financial sources, especially since active public land policy, traditionally an important

  17. Model documentation: Electricity market module, electricity finance and pricing submodule


    The purpose of this report is to define the objectives of the model, describe its basic approach, and provide detail on how it works. The EFP is a regulatory accounting model that projects electricity prices. The model first solves for revenue requirements by building up a rate base, calculating a return on rate base, and adding the allowed expenses. Average revenues (prices) are calculated based on assumptions regarding regulator lag and customer cost allocation methods. The model then solves for the internal cash flow and analyzes the need for external financing to meet necessary capital expenditures. Finally, the EFP builds up the financial statements. The EFP is used in conjunction with the National Energy Modeling System (NEMS). Inputs to the EFP include the forecast generating capacity expansion plans, operating costs, regulator environment, and financial data. The outputs include forecasts of income statements, balance sheets, revenue requirements, and electricity prices.

  18. A New Approach to Special Education Finance: The Resource Cost Model.

    Geske, Terry G.; Johnston, Mary Jo


    Describes current practices in Illinois where a personnel reimbursement formula is used to finance special education. Summarizes the basic components of the Resource Cost Model (RCM), a complex school finance formula, and compares and contrasts RCM with Illinois' current method of financing special education. (MLF)

  19. Quantum Theory for the Binomial Model in Finance Thoery

    Chen, Zeqian


    In this paper, a quantum model for the binomial market in finance is proposed. We show that its risk-neutral world exhibits an intriguing structure as a disk in the unit ball of ${\\bf R}^3,$ whose radius is a function of the risk-free interest rate with two thresholds which prevent arbitrage opportunities from this quantum market. Furthermore, from the quantum mechanical point of view we re-deduce the Cox-Ross-Rubinstein binomial option pricing formula by considering Maxwell-Boltzmann statist...

  20. Endogenous Crisis Waves: Stochastic Model with Synchronized Collective Behavior

    Gualdi, Stanislao; Bouchaud, Jean-Philippe; Cencetti, Giulia; Tarzia, Marco; Zamponi, Francesco


    We propose a simple framework to understand commonly observed crisis waves in macroeconomic agent-based models, which is also relevant to a variety of other physical or biological situations where synchronization occurs. We compute exactly the phase diagram of the model and the location of the synchronization transition in parameter space. Many modifications and extensions can be studied, confirming that the synchronization transition is extremely robust against various sources of noise or imperfections.

  1. The Integrated Crisis Management Model for the Hotel Industry: Lowering Crisis Susceptibility and Strengthening Stakeholder Relationship Management

    Nicola ZECH


    Full Text Available This research paper focuses on crisis management processes within the hotel industry – an industry which still seems reluctant in implementing profound and structured crisis management concepts. Responses to crisis situations are mostly intuitive and ad-hoc. In times of high competition in almost all destinations, categories and conceptions no opportunity of convincing guests as well as all other stakeholders of a trustworthy management shall be missed in order to gain competitive advantage. Each corporate crisis affects several or all stakeholder groups of the organisation – to a varying extent. Stakeholders might either affect or be affected by the hotel organisation and the respective crisis management processes. Taking the manifold opportunities for co-operation of a hotel organisation and its respective stakeholder groups into consideration, an integrated crisis management model for the hotel industry is evolved based both on theoretical foundations and empirical findings from the analysis of expert interviews as well as stakeholder surveys. The model neutralizes the deficits and discrepancies revealed between general crisis management literature and status quo respectively specific prerequisites for the hotel industry.


    Popovici Ioana


    Full Text Available The classical theory of finance is based on the premises of rationality and maximizing profits that accompany economic decision-making. Complementarily, the modern theory of behavioral finance studies the effect of emotional and psychological factors of decision- maker on the choice of financing sources for economic activities. In opposition with the classical perspective, the contemporary theory of finance brings up to the stage various aspects of decision making, including elements of strategic behavior towards risk. All these contradictory elements are used as premises for modeling the decision making process of financing a project.

  3. Mukhabarah as Sharia Financing Model in Beef Cattle Farm Entrepise

    Asnawi, A.; Amrawaty, A. A.; Nirwana


    Financing constraints on beef cattle farm nowadays have received attention by the government through distributed various assistance programs and program loans through implementing banks. The existing financing schemes are all still conventional yet sharia-based. The purpose of this research is to formulate financing pattern for sharia beef cattle farm. A qualitative and descriptive approach is used to formulate the pattern by considering the profit-sharing practices of the beef cattle farmers. The results of this study have formulated a financing pattern that integrates government, implementing banks, beef cattle farmers group and cooperative as well as breeders as its members. This pattern of financing is very accommodating of local culture that develops in rural communities. It is expected to be an input, especially in formulating a business financing policy Sharia-based beef cattle breeding.

  4. Project Investment and Project Financing: A study on Business Case and Financing Models

    Wang, Simiao


    Uncertainty is a very significant factor that must be taken into consideration in project front-end phase management. By taking into uncertainty, the planners can to a great extent make sure that the business case could be accurate between specific intervals, hence business case can be based on to make decision. In a highly uncertain environment; the project sponsors should prefer other means to finance the project rather than using debt. Risk management is extremely important in project fina...

  5. A Brazilian Debt-Crisis Model

    Assaf Razin; Efraim Sadka


    We develop a stylised model of multiple equilibria, with country risk spreads at the focus of the analysis. Fears that the country default on its debt triggers a reversal in the direction of inflows of international financial capital raise interest-rate spreads and thus the cost of servicing the public debt. The analytical framework is standard: creditors observe the output of borrowing only at a cost.

  6. Package models and the information crisis of prebiotic evolution.

    Silvestre, Daniel A M M; Fontanari, José F


    The coexistence between different types of templates has been the choice solution to the information crisis of prebiotic evolution, triggered by the finding that a single RNA-like template cannot carry enough information to code for any useful replicase. In principle, confining d distinct templates of length L in a package or protocell, whose survival depends on the coexistence of the templates it holds in, could resolve this crisis provided that d is made sufficiently large. Here we review the prototypical package model of Niesert et al. [1981. Origin of life between Scylla and Charybdis. J. Mol. Evol. 17, 348-353] which guarantees the greatest possible region of viability of the protocell population, and show that this model, and hence the entire package approach, does not resolve the information crisis. In particular, we show that the total information stored in a viable protocell (Ld) tends to a constant value that depends only on the spontaneous error rate per nucleotide of the template replication mechanism. As a result, an increase of d must be followed by a decrease of L, so that the net information gain is null.

  7. Heavy Reliance on the Indirect Financing as Sources of Funds for Business Firms in Japan: As a Comparison for Indonesian Financial Crisis

    Yulius Yulius


    Full Text Available The purpose of this article is to study the implication of financial liberalization to the heavy reliance of firms to the indirect finance in Japanese experience. In order to analyze the goal of this article, we start to examine the causes of the main bank system in Japan before and the pre-war period. Then, this article discusses the impacts of financial liberalization to the to the heavy reliance on the indirect-financing for business firms in the light with Japan’s financial market, particularly the main bank system. Finally, this article also discusses the implication of loose relationship of big firms and major banks (main bank system to the recent financial condition in starting from the early of 1990s until now. This article discovered that financial liberalization, which started at the latter half of 1970s, has shaken the foundation of the main bank system. The major firms started to less dependent on the major banks and they issued the securities in domestic and international market. As a consequence, the SMBS still depend on the banks as their source of indirect financing. However, the competitiveness in the SMBS market turned to erode the bank profits that induced them to enter the risk activities, such as real estate. In addition, the bubble burst economy also triggered the boom in real estate. Naturally, as a nature of risk asset, loan to the real estate became the potential of bad loans that also was exacerbated the bubble burst in economy. Then, the financial crisis has revealed in 1990s.

  8. Sharing of risks in Islamic finance

    Sekreter, Ahmet


    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...


    Uyan, Ozgul


    Purpose-Today, growing commercial and financialintegration between countries with globalization leads to intense competitionand global economic crises. Due to these developments, the companies have somedifficulties carrying on their business and managing the crises withtraditional marketing and financing techniques. So they are turning alternativemethods. One of them is barter system meaning buying and selling goods andservices without using money. Barter is an innovated form of exchange syst...

  10. Model of the mechanism of crisis management in the administrative-territorial entities

    I. V. Yarova


    Full Text Available The model of the crisis-mechanism for administrative-territory unit is descript including aim-setting, projects of the risk-oriented strategy formation, the structure institutionalization of the crisis-assignment, crisis-management during strategy realization, diagnostic and identification of the crisis-threats. The approach to management for the system of the strategy realization based on the crisis-group creation, which exist on dual virtual-real status. The approach delivers such differs: accented proactive management; integration of the strategic and crisis functions without the special institution creation; the matrix structure integrates the functional and aimed activity; adaptively opportunities; stimulate of the project management implementation; opportunities to create the inter-organizational crisis-cell under crisis-threat.

  11. Modelling and simulating a crisis management system: an organisational perspective

    Chaawa, Mohamed; Thabet, Inès; Hanachi, Chihab; Ben Said, Lamjed


    Crises are complex situations due to the dynamism of the environment, its unpredictability and the complexity of the interactions among several different and autonomous involved organisations. In such a context, establishing an organisational view as well as structuring organisations' communications and their functioning is a crucial requirement. In this article, we propose a multi-agent organisational model (OM) to abstract, simulate and analyse a crisis management system (CMS). The objective is to evaluate the CMS from an organisational view, to assess its strength as well as its weakness and to provide deciders with some recommendations for a more flexible and reactive CMS. The proposed OM is illustrated through a real case study: a snowstorm in a Tunisian region. More precisely, we made the following contribution: firstly, we provide an environmental model that identifies the concepts involved in the crisis. Then, we define a role model that copes with the involved actors. In addition, we specify the organisational structure and the interaction model that rule communications and structure actors' functioning. Those models, built following the GAIA methodology, abstract the CMS from an organisational perspective. Finally, we implemented a customisable multi-agent simulator based on the Janus platform to analyse, through several performed simulations, the organisational model.

  12. Using Probabilistic Models to Appraise and Decide on Sovereign Disaster Risk Financing and Insurance

    Ley-Borrás, Roberto; Fox, Benjamin D.


    This paper presents an overview of the structure of probabilistic catastrophe risk models, discusses their importance for appraising sovereign disaster risk financing and insurance instruments and strategy, and puts forward a model and a process for improving decision making on the linked disaster risk management strategy and sovereign disaster risk financing and insurance strategy. The pa...

  13. Mathematical finance theory review and exercises from binomial model to risk measures

    Gianin, Emanuela Rosazza


    The book collects over 120 exercises on different subjects of Mathematical Finance, including Option Pricing, Risk Theory, and Interest Rate Models. Many of the exercises are solved, while others are only proposed. Every chapter contains an introductory section illustrating the main theoretical results necessary to solve the exercises. The book is intended as an exercise textbook to accompany graduate courses in mathematical finance offered at many universities as part of degree programs in Applied and Industrial Mathematics, Mathematical Engineering, and Quantitative Finance.

  14. The models for financial crisis detection in Indonesia based on import, export, and foreign exchange reserves

    Sugiyanto; Wibowo, Supriyadi; Rizky Aristina Suwardi, Vivi


    The severity of the financial crisis that occurred in Indonesia required an early warning system of financial crisis. The financial crisis in Indonesia can be detected based on imports, exports, and foreign exchange reserves. The purpose of the research is to determine an appropriate model to detect the financial crisis in Indonesia based on imports, exports, and foreign exchange reserves. Markov switching is an alternative framework for the approach often used in financial crisis detection. Combined volatility and Markov switching model with three states assumptions can be established if an AR and volatility models have been obtained. Imports, exports, and foreign exchange reserves data from January 1990 to December 2016 have the heteroscedasticity effect so that an ARCH model is used as a volatility model. Research shows that SWARCH(3.1) model is an appropriate model for detecting financial crisis in Indonesia based on imports, exports, and foreign exchange reserves.

  15. Report on Financing the New Model of Family Medicine

    Spann, Stephen J.


    PURPOSE To foster redesigning the work and workplaces of family physicians, this Future of Family Medicine task force was created to formulate and recommend a financial model that sustains and promotes a thriving New Model of care by focusing on practice reimbursement and health care finances. The goals of the task force were to develop a financial model that assesses the impact of the New Model on practice finances, and to recommend health care financial policies that, if implemented, would be expected to promote the New Model and the primary medical care function in the United States for the next few decades. METHODS The members of the task force reflected a wide range of professional backgrounds and expertise. The group met in person on 2 occasions and communicated by e-mail and conference calls to achieve consensus. A marketing study was carried out using focus groups to test the concept of the New Model with consumers. External consultants with expertise in health economics, health care finance, health policy, and practice management were engaged to assist the task force with developing the microeconomic (practice level) and macroeconomic (societal level) financial models necessary to achieve its goals. Model assumptions were derived from the published medical literature, existing practice management databases, and discussions with experienced physicians and other content experts. The results of the financial modeling exercise are included in this report. The initial draft report of the findings and recommendations was shared with a reactor panel representing a broad spectrum of constituencies. Feedback from these individuals was reviewed and incorporated, as appropriate, into the final report. RESULTS The practice-level financial model suggests that full implementation of the New Model of care within the current fee-for-service system of reimbursement would result in a 26% increase in compensation (from $167,457 to $210,288 total annual compensation) for

  16. Report on financing the new model of family medicine.

    Spann, Stephen J


    To foster redesigning the work and workplaces of family physicians, this Future of Family Medicine task force was created to formulate and recommend a financial model that sustains and promotes a thriving New Model of care by focusing on practice reimbursement and health care finances. The goals of the task force were to develop a financial model that assesses the impact of the New Model on practice finances, and to recommend health care financial policies that, if implemented, would be expected to promote the New Model and the primary medical care function in the United States for the next few decades. The members of the task force reflected a wide range of professional backgrounds and expertise. The group met in person on 2 occasions and communicated by e-mail and conference calls to achieve consensus. A marketing study was carried out using focus groups to test the concept of the New Model with consumers. External consultants with expertise in health economics, health care finance, health policy, and practice management were engaged to assist the task force with developing the microeconomic (practice level) and macroeconomic (societal level) financial models necessary to achieve its goals. Model assumptions were derived from the published medical literature, existing practice management databases, and discussions with experienced physicians and other content experts. The results of the financial modeling exercise are included in this report. The initial draft report of the findings and recommendations was shared with a reactor panel representing a broad spectrum of constituencies. Feedback from these individuals was reviewed and incorporated, as appropriate, into the final report. The practice-level financial model suggests that full implementation of the New Model of care within the current fee-for-service system of reimbursement would result in a 26% increase in compensation (from 167,457 dollars to 210,288 dollars total annual compensation) for prototypical

  17. [Job crisis and transformations in the new model of accumulation].

    Zerda-Sarmiento, Alvaro


    The general and structural crisis capitalism is going through is the token of the difficulties accumulation model has been dealing with since 70's in developed countries. This model has been trying to settle down again on the basis of neoliberal principle and a new technical-economical paradigm. The new accumulation pattern has had a effect in employment sphere which have been made evident at all the elements that constitute work relationships. In Colombia, this model implementation has been partial and segmented. However, its consequences (and the long-term current crisis) have been evident in unemployment, precarious work, segmentation, informal work and restricted and private health insurance. Besides, financial accumulation makes labour profits flow at different levels. The economic model current government has aimed to implement leads to strengthening exports, so making population life conditions more difficult. In order to overcome the current state of affairs, the work sphere needs to become more creative. This creative approach should look for new schemes for expression and mobilization of work sphere's claims. This is supposed to be done by establishing a different economic model aimed to build a more inclusive future, with social justice.

  18. Water institutions and governance models for the funding, financing ...


    Oct 5, 2015 ... pal level/sphere. Figure 1. Financial flows and water infrastructure in South Africa ... Furthermore, the research identified principal drivers for the funding and financing of water .... executive directors. Accounting, disclosure and.

  19. A family of crisis in a dissipative Fermi accelerator model

    Leonel, Edson D.; Egydio de Carvalho, R.


    The Fermi accelerator model is studied in the framework of inelastic collisions. The dynamics of this problem is obtained by use of a two-dimensional nonlinear area-contracting map. We consider that the collisions of the particle with both periodically time varying and fixed walls are inelastic. We have shown that the dissipation destroys the mixed phase space structure of the nondissipative case and in special, we have obtained and characterized in this problem a family of two damping coefficients for which a boundary crisis occurs

  20. Feedback Models for Collaboration and Trust in Crisis Response Networks

    Hudgens, Bryan J; Bordetsky, Alex


    .... Coordination within disaster response networks is difficult for several reasons, including the chaotic nature of the crisis, a need for the various organizations to balance shared goals (crisis amelioration...

  1. The export marketing-financing based on forfeiting model

    Petrović Pero B.


    Full Text Available The contemporary business finance have a lot of modalities of involving in the international market with different options. Twenty years ago, financial aspects and insurance of export transactions especially in international practice have been successfully solved by application of forfeiting model. The forfeiting is a medium-term transaction mainly which basic subject is right to buy claim with maturity from 6 to 60 months, and mainly related to drafts. In essence, this transaction mean the purchase of securities in order to cover claims with maturity in future related to delivery of goods and services, mainly of export character without the owner's right to demand payment. The right to claim is based both on a draft (which is the most frequent subject of forfeiting because of its simple form and long tradition and on any other financial instrument. As a rule, the exporter is owner and seller of claim. He accept the draft as a cover for payment of exported goods or services in order to speed-up the collection, and transferring the risk of collection on forfeiter (any person buying a securities without the owner's right to demand payment from previous owner. As a compensation, he receive the reduced value of security and providing a necessary liquid assets immediately in that way. Buying a securities without the owner's right to demand payment from previous owner (exporter, the forfeiter accept all risks from exporter related to the collection in certain transaction.

  2. Finance-Growth-Crisis Nexus in India: Evidence from Cointegration and Causality Assessment” - L’interazione finanza-crescita-crisi in India: evidenze da una analisi di cointegrazione e causalità

    Fukuda, Takashi; Dahalan, Jauhari


    This paper attempts to explore a new dimension of India’s ‘financegrowth- crisis’ nexus. For this end, the summary indicators of financial development, financial crisis and financial repression are created through the principal component approach, and we perform the cointegration and Granger causality analysis employing the methods of vector error correction model (VECM) and autoregressive distributed lag (ARDL). The element of structural break is also taken into assessment while specifying t...

  3. Funding models for financing water infrastructure in South Africa: framework and critical analysis of alternatives

    Ruiters, C


    Full Text Available by putting in place new institutional structures and funding models for effective strategies leading to prompt water infrastructure provision. The research identified several funding models for financing water infrastructure development projects. The existing...

  4. The Swedish Model in Employment. Post-Crisis Solutions

    Mirela Ionela ACELEANU


    Full Text Available The Swedish model in the field of employment is part of the Nordic countries model focused on labour market flexibility in terms of a generous welfare system. This paper presents the characteristics of this model and its application effects in Sweden before and after the current crisis. According to specialized studies and registered indicators, Sweden has very good results in terms of general well-being, quality of life, employment of labour resources, being among the top countries. Thus, since the experience of the developed countries should be a benchmark for the developing countries, the purpose of the paper is to identify some measures that can be applied in Romania to improve employment, economic and social policies.

  5. Innovative business models and financing mechanisms for distributed solar PV (DSPV) deployment in China

    Zhang, Sufang


    The Chinese government has in recent years put in place a large number of incentive policies for distributed solar PV (DSPV). However, some of these policies have not been well performed due to many constraints, particularly the lack of innovative business models and financing mechanisms. This paper looks into this issue through the approach of combining literature review and interactive research, including interactions with managers from China's policy and commercial banks and PV projects. A comprehensive literature review on DSPV business models and financing mechanisms are firstly reviewed. Then the rapid evolving business models and financing mechanisms in the United States are examined, which provides some insights for China. Subsequent to this, the existing innovative business models and financing mechanisms for DSPV deployment in China and challenges facing them are discussed. Built on this discussion, policy recommendations are provided at the end of the paper. This study provides some insights for renewable energy policy makers in China as well as in other countries. - Highlights: •Reviewed literature on DSPV business models and financing mechanisms. •Presented the US DSPV business models and financing mechanisms. •Examined China's DSPV business models and financing mechanisms. •Made policy recommendations for DSPV deployment in China.




    Full Text Available This article explains how an effective leadership is made on a team during an emergency, during a decision crisis in the context of a disaster. From the approach of the process, we analyze some variables such as flexibility, value congruence, rationality, politicization, and quality of design. To achieve that, we made a fi eld work with the information obtained from the three Emergency headquarters deployed by the Chilean Armed Forces, due to the effects of the 8.8 earthquake on February 27th 2010. The data is analyzed through econometric technics. The results suggested that the original ideas and the rigorous analysis are the keys to secure the quality of the decision. It also, made possible to unveil the fact, that to have efficiency in operations in a disaster, it requires a big presence of a vision, mission, and inspiration about a solid and pre-existing base of goals and motivations. Finally, we can fi nd the support to the relationship between kinds of leadership and efficiency on crisis decision-making process of the disaster and opens a space to build a decision making theoretic model.

  7. Gypsum Formation during the Messinian Salinity Crisis: an Alternative Model

    Grothe, A.; Krijgsman, W.; Sangiorgi, F.; Vasiliev, I.; Baak, C. V.; Wolthers, M.; Stoica, M.; Reichart, G. J.; Davies, G.


    During the Messinian Salinity Crisis (MSC; 5.97 - 5.33 Myr ago), thick packages of evaporites (gypsum and halite) were deposited in the Mediterranean Basin. Traditionally, the occurrence of these evaporites is explained by the so-called "desiccation-model", in which evaporites are considered to result from a (partly) desiccated basin. In the last decade, it was thought that changes in the Mediterranean-Atlantic connectivity could explain the formation of gypsum. Stable isotope studies, however, show that the gypsum formed under influence of large freshwater input. Here we present new strontium isotope data from two well-dated Messinian sections in the Black and Caspian Seas. Our Sr isotope records suggest a persistent Mediterranean-Black Sea connection throughout the salinity crisis, which implies a large additional freshwater source to the Mediterranean. We claim that low saline waters from the Black Sea region are a prerequisite for gypsum formation in the Mediterranean and speculate about the mechanisms explaining this apparent paradox.

  8. Interest rate modeling post-crisis challenges and approaches

    Grbac, Zorana


    Filling a gap in the literature caused by the recent financial crisis, this book provides a treatment of the techniques needed to model and evaluate interest rate derivatives according to the new paradigm for fixed income markets. Concerning this new development, there presently exist only research articles and two books, one of them an edited volume, both being written by researchers working mainly in practice. The aim of this book is to concentrate primarily on the methodological side, thereby providing an overview of the state-of-the-art and also clarifying the link between the new models and the classical literature. The book is intended to serve as a guide for graduate students and researchers as well as practitioners interested in the paradigm change for fixed income markets. A basic knowledge of fixed income markets and related stochastic methodology is assumed as a prerequisite.

  9. On the energy crisis in noncommutative CP(1) model

    Sourrouille, Lucas


    We study the CP(1) system in (2+1)-dimensional noncommutative space with and without Chern-Simons term. Using the Seiberg-Witten map we convert the noncommutative CP(1) system to an action written in terms of the commutative fields. We find that this system presents the same infinite size instanton solution as the commutative Chern-Simons-CP(1) model without a potential term. Based on this result we argue that the BPS equations are compatible with the full variational equations of motion, rejecting the hypothesis of an 'energy crisis'. In addition we examine the noncommutative CP(1) system with a Chern-Simons interaction. In this case we find that when the theory is transformed by the Seiberg-Witten map it also presents the same instanton solution as the commutative Chern-Simons-CP(1) model.


    T. Kolyada


    Full Text Available In the article arguments are analysed in relation to determination of expedience of introduction of Tobin’s tax at the financial and credit market in the conditions of crisis of trust to the banking system of Eurozone and growth of volumes of deficit of state finances, and prognoses are done for adaptation of the Ukrainian banking system to the new operating conditions.

  11. A Study on the Pricing Model for 3PL of Inventory Financing

    Zhilan Song


    Full Text Available Being a new research area, logistics finance solves the contradiction between banks and SMEs (small and medium enterprises about financing; it is beneficial to financial market and logistics market development too. As a service innovation, it unites the interests of bank, 3PL (third-party logistics providers, and SMEs and integrates material, finance, and information. Logistics finance has been developed in recent years in China, but the research is not enough on 3PL enterprises. On the background of that, the paper makes a research in the field of logistics finance with different pricing methods, based on the perspective of third-party logistics enterprises. This paper proposes a pricing model of inventory financing that can maximize the cash flow of 3PL enterprise, when the default rate of the small- and medium-sized enterprise is affected by the pledge price. And then this paper studies the model of inventory financing that can maximize the cash flow of enterprise under the condition of the existence of cash discount rate. The core factors affecting the loan-to-value ratio were established through analysis of mathematical model. We also consider the loan-to-value ratio of cash discount rate in the model. Results show that in the pledge of the known function and cash discount the price change can be calculated to meet enterprise cash flow lending rates and get biggest loan-to-value ratio.

  12. Models of Financing and Available Financial Resources for Transport Infrastructure Projects

    O. Pokorná


    Full Text Available A typical feature of transport infrastructure projects is that they are expensive and take a long time to construct. Transport infrastructure financing has traditionally lain in the public domain. A tightening of many countries' budgets in recent times has led to an exploration of alternative resources for financing transport infrastructures. A variety of models and methods can be used in transport infrastructure project financing. The selection of the appropriate model should be done taking into account not only financial resources but also the distribution of construction and operating risks and the contractual relations between the stakeholders.


    Vyacheslav Riznyk; Nadiya Riznyk


    The subject of research is crowdfunding as an alternative model of attracting financing for the implementation business ideas and projects based on the use of crowdfunding Internet platforms. The purpose of the article is to clarify the possibilities of crowdfunding as a new financial instrument and a promising source of funding. The aim of the article is to consider crowdfunding as an alternative model for financing author's business ideas and projects, to analyze the main types and mo...

  14. A family systems nursing intervention model for paediatric health crisis.

    Tomlinson, Patricia Short; Peden-McAlpine, Cynthia; Sherman, Suzan


    This article discusses the development of a family systems nursing intervention for clinical use in health crisis. Although studies in paediatric critical care provide evidence that family stress is an important clinical phenomenon, studies have demonstrated that few nurses have the requisite family intervention skills to provide family members with adequate support during crisis. In addition, few intervention studies that focus on provider-family relationships with the goal of reducing stress have been reported. This article contributes to the literature by redressing this lack. Data sources.  The literature search supporting this project spanned from 1980 to 2009 and included searches from classic nursing theory, family theory and relevant nursing research specific to the design of the intervention reported. The goal of the intervention is to provide a theoretical and practical foundation for explicit action that enhances relationships with caregivers thereby supporting the integrity of the family and enhancing their coping abilities. The intervention, based on the Family Systems Model and the family's understandings of the situation, defines specific goals and desired outcomes to guide strategic actions. Discussion of the conceptual foundation, procedural development and an example of the protocol is provided. Implications for nursing.  The intervention is designed for nurses with limited knowledge in family theory to aid them to better help families dealing with stress. The proposed intervention can be used to increase nurses' skills in family centred nursing care. Although designed for use in paediatric critical care, it can, with modifications, be used in other nursing specialty areas. © 2011 Blackwell Publishing Ltd.

  15. A Cash Waqf Investment Model: An Alternative Model for Financing Micro-Enterprises in Malaysia

    Jarita Duasa


    Full Text Available This study was designed to empirically determine: (i to look the factors causes micro enterprises opt for using internal funding instead of external funding; and (ii to observe the probability of micro enterprises opt for Cash Waqf fund as alternative source of funding their business. The primary data is collected from the administered survey questions in Klang Valley (Selangor and Kuala Lumpur and the analysis is conducted using statistical analysis and Structural Equation Modeling (SEM. The model is validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA. From the findings, among the factors that lead micro enterprises to use internal funding are strict collateral requirement by commercial financial institutions, high cost of financing, strict documentation requirement and good financial and business track record. Unfortunately, most of them cannot fulfill these conditions and continue to face the problem of accessing finance. The present study has developed the Cash Waqf Investment model to support micro enterprises to improve their access to finance and enhance the skills. Based on the responses received from the field, it has been shown that the intention and readiness of micro enterprises in accepting the model as a source of financial and human capital development services is impressive.

  16. Innovations in healthcare finance lessons from the 401(k) model.

    Myers, Chris; Lineen, Jason


    *Escalating health benefit expenses are leading employers to shift more of the costs to their employees. *Global financial services companies and startup entrepreneurs are competing to develop private-sector solutions to capitalize on the ailing and mis-aligned healthcare financing system. *Emerging innovations are targeting insured individuals who are facing increasing responsibility for first-dollar coverage. *Healthcare providers should view patients as individual "price-sensitive payers" as new tools enable them to shop around for services based on cost and quality.

  17. A crisis recovery model for adolescents with severe mental health problems.

    Kaplan, Tony; Racussen, Lisa


    A model of intervention at the interface and for the in-patient phase for adolescents with severe mental health crises was developed to reduce length of stay while maintaining quality of service consonant with the 'recovery model'. The model is described, and discussed in the context of the limited literature on both crisis intervention with adolescents and families, and 'recovery' in this age-group. The model may be suitable also for use by community teams dealing with adolescents in crisis.

  18. From Ecology to Finance (and Back?): A Review on Entropy-Based Null Models for the Analysis of Bipartite Networks

    Straka, Mika J.; Caldarelli, Guido; Squartini, Tiziano; Saracco, Fabio


    Bipartite networks provide an insightful representation of many systems, ranging from mutualistic networks of species interactions to investment networks in finance. The analyses of their topological structures have revealed the ubiquitous presence of properties which seem to characterize many—apparently different—systems. Nestedness, for example, has been observed in biological plant-pollinator as well as in country-product exportation networks. Due to the interdisciplinary character of complex networks, tools developed in one field, for example ecology, can greatly enrich other areas of research, such as economy and finance, and vice versa. With this in mind, we briefly review several entropy-based bipartite null models that have been recently proposed and discuss their application to real-world systems. The focus on these models is motivated by the fact that they show three very desirable features: analytical character, general applicability, and versatility. In this respect, entropy-based methods have been proven to perform satisfactorily both in providing benchmarks for testing evidence-based null hypotheses and in reconstructing unknown network configurations from partial information. Furthermore, entropy-based models have been successfully employed to analyze ecological as well as economic systems. As an example, the application of entropy-based null models has detected early-warning signals, both in economic and financial systems, of the 2007-2008 world crisis. Moreover, they have revealed a statistically-significant export specialization phenomenon of country export baskets in international trade, a result that seems to reconcile Ricardo's hypothesis in classical economics with recent findings on the (empirical) diversification industrial production at the national level. Finally, these null models have shown that the information contained in the nestedness is already accounted for by the degree sequence of the corresponding graphs.

  19. Multivariate Models to Forecast Portfolio Value at Risk: from the Dot- Com crisis to the global financial crisis

    Manuel Sousa Gabrie


    Full Text Available This study analyzed market risk of an international investment portfolio by means of a new methodological proposal based on Value-at- Risk, using the covariance matrix of multivariate GARCH-type models and the extreme value theory to realize if an international diversification strategy minimizes market risk, and to determine if the VaR methodology adequately captures market risk, by applying Backtesting tests. To this end, we considered twelve international stock indexes, accounting for about 62% of the world stock market capitalization, and chose the period from the Dot-Com crisis to the current global financial crisis. Results show that the proposed methodology is a good alternative to accommodate the high market turbulence and can be considered as an adequate portfolio risk management instrument.


    Nenad Mladineo


    Full Text Available This paper aims to propose a decision support system for maritime crisis situation, due to fact that Croatia has decided to implement Directive 2002/59/EC to define places of refuge for ships in need of assistance off their coasts, or to develop techniques for providing assistance to such ships. In order to fulfill this Directive it is necessary to build an effective Decision Support System (DSS based on GIS and mathematical modeling. The basic module of the proposed system is GIS, for all levels of DSS, that comprise information subsystems about spatial and other data and serves the other modules with data and information. Starting points for analysis are shipping corridors, and 380 potential locations for places of refuge designated in the official navigational pilot book. Multicriteria analysis, with GIS-generated input data, has been used to establish "worthiness" of a place of refuge for each ship category, taking into account kinds of accident. Proposed mathematical models facilitate optimal usage of "available intervention resources".

  1. Financing the New Adequacy: Towards New Models of State Education Finance Systems That Support Standards Based Reform.

    Verstegen, Deborah A.


    Discusses need for reinventing state education finance systems to provide adequacy and equity aligned to standards-based reform. Provides initial specifications for "The New Finance." Examines in depth approaches for determining a base spending level considered adequate for the average child to reach high educational standards. (Contains…

  2. A brief history of mathematics in finance

    Erdinç Akyıldırım


    Full Text Available In the list of possible scapegoats for the recent financial crises, mathematics, in particular mathematical finance has been ranked, without a doubt, as the first among many and quants, as mathematicians are known in the industry, have been blamed for developing and using esoteric models which are believed to have caused the deepening of the financial crisis. However, as Lo and Mueller (2010 state “Blaming quantitative models for the crisis seems particularly perverse, and akin to blaming arithmetic and the real number system for accounting fraud.” Throughout the history, mathematics and finance have always been in a close relationship. Starting from Babylonians, through Thales, and then Fibonacci, Pascal, Fermat, Bernoulli, Bachelier, Wiener, Kolmogorov, Ito, Markowitz, Black, Scholes, Merton and many others made huge contributions to the development of mathematics while trying to solve finance problems. In this paper, we present a brief historical perspective on how the development of finance theory has influenced and in turn been influenced by the development of mathematical finance theory.

  3. Workshop on Advanced Modelling in Mathematical Finance : in Honour of Ernst Eberlein

    Papapantoleon, Antonis


    This Festschrift resulted from a workshop on “Advanced Modelling in Mathematical Finance” held in honour of Ernst Eberlein’s 70th birthday, from 20 to 22 May 2015 in Kiel, Germany. It includes contributions by several invited speakers at the workshop, including several of Ernst Eberlein’s long-standing collaborators and former students. Advanced mathematical techniques play an ever-increasing role in modern quantitative finance. Written by leading experts from academia and financial practice, this book offers state-of-the-art papers on the application of jump processes in mathematical finance, on term-structure modelling, and on statistical aspects of financial modelling. It is aimed at graduate students and researchers interested in mathematical finance, as well as practitioners wishing to learn about the latest developments.

  4. The Asiatic Crisis and Models of Sub-Development

    Francesc Granell


    Full Text Available The re-thinking of the Theories of Development and the analysis of the limited results of the traditional focus on cooperation gave rise to a new approach whose aim was for the developing countries to adjust to the global system and to attain macroeconomical balance by way of implementing plans of economic restructuring. Many are still convinced that only in such an economic context can the process of attracting international and domestic investment be generated that would lead to economic and social progress.The pressure to reduce public spending that has brought on budgetary discipline has, however, led to serious cut backs on social policies and has negatively impacted on the under-privileged sectors of the populations. Today, poverty relief has turned into one of the driving forces for cooperation, unlike years earlier when such relief contained a global-state characteristic and largely failed to evaluate how such relief would affect a societyís different sectors.The high rates of economic growth in the so-called Asian Tigers unleashed great expectations regarding the surging, successful model of Asian development, despite both the flagrant democratic deficit in the regimes that upheld the model and the evidence that social progress lagged far behind economic progress. The monetary and fnancial crisis that whiplashed these countries at the end of 1997 has since led to the questioning of both the solidity of the system and the validity of using, exclusively, macroeconomic statistics as the basic indicators of development. As result of the recent UN summits and conferences, a higher sensitivity towards the interdependencies that globalization imposes on all nations has been reached, and it is to this sensitivity which Cooperation for development must heed in promoting actions aimed at a generalized enjoyment of Human Rights.




    Full Text Available Crowdfunding is an increasingly attractive source to fund social projects. However, to our best knowledge, the study of crowdfunding for social purposes has remained largely unexplored in the literature. This research envisages a detailed examination of the role of crowdfunding on the early-stage of the social projects at regional level. By comparing the characteristics of the projects available in the Portuguese Social Stock Exchange platform with others that did not use this source of financial support, we envisage to show the critical role of crowdfunding on regional development. The use of inferential techniques (Chi-square test, the Cramer’s V statistic, the Goodman and Kruskal λ and the odds ratio demonstrates that the use of the Portuguese Social Stock Exchange platform was linked to the geographical location of the social venture as well as its geographical scope. Also, social ventures located on rural regions are more likely to use social crowdfunding platforms than social ventures located in urban areas. Further, the circumstance of having the social ventures acting at a local or regional level seems to be strongly associated with the possibility of using crowdfunding for financing social projects.


    George BOROVAS


    Full Text Available The present paper reviews two fundamental investing paradigms, which have had a substantial impact on the manner investors tend to develop their own strategies. specifically, the study elaborates on efficient market hypothesis (emh, which, despite remaining most prominent and popular until the 1990s, is considered rather controversial and often disputed, and the theory of behavioural finance, which has increasingly been implemented in financial institutions. based on an extensive survey of behavioural finance and emh literature, the study demonstrates, despite any assertions, the inherent irrationality of the theory of efficient market, and discusses the potential reasons for its recent decline, arguing in favor of its replacement or co-existence with behavioural finance. in addition, the study highlights that the theory of behavioural finance, which endorses human behavioral and psychological attitudes, should become the theoretical framework for successful and profitable investing.

  7. Innovative finance : strategic research project.


    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...

  8. A model of the demand for Islamic banks debt-based financing instrument

    Jusoh, Mansor; Khalid, Norlin


    This paper presents a theoretical analysis of the demand for debt-based financing instruments of the Islamic banks. Debt-based financing, such as through baibithamanajil and al-murabahah, is by far the most prominent of the Islamic bank financing and yet it has been largely ignored in Islamic economics literature. Most studies instead have been focusing on equity-based financing of al-mudharabah and al-musyarakah. Islamic bank offers debt-based financing through various instruments derived under the principle of exchange (ukud al-mu'awadhat) or more specifically, the contract of deferred sale. Under such arrangement, Islamic debt is created when goods are purchased and the payments are deferred. Thus, unlike debt of the conventional bank which is a form of financial loan contract to facilitate demand for liquid assets, this Islamic debt is created in response to the demand to purchase goods by deferred payment. In this paper we set an analytical framework that is based on an infinitely lived representative agent model (ILRA model) to analyze the demand for goods to be purchased by deferred payment. The resulting demand will then be used to derive the demand for Islamic debt. We also investigate theoretically, factors that may have an impact on the demand for Islamic debt.

  9. Crisis Decision Making Through a Shared Integrative Negotiation Mental Model

    Van Santen, W.; Jonker, C.M.; Wijngaards, N.


    Decision making during crises takes place in (multi-agency) teams, in a bureaucratic political context. As a result, the common notion that during crises decision making should be done in line with a Command & Control structure is invalid. This paper shows that the best way for crisis decision

  10. Response to Agencywide Crisis: A Model for Administrative Action.

    Alwon, Floyd J.


    Guidelines are suggested whereby mental health agency administrators can promote organizational growth and avoid dangers during an agency crisis. Emphasis is placed on the administrator's comprehension of leadership styles and task organization. Typical staff reactions to agency crises are described. (Author/DB)

  11. Partial delegation in a model of currency crisis

    Boinet, V


    Stressing the inßuence of expected devaluation on currency crises, this paper shows that, in a Þxed exchange-rate system with an escape clause, partial delegation of exchange-rate policy to an inßation-averse central banker reduces the probability of crisis.

  12. Nuclear fuel financing

    Lurf, G.


    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

  13. Evolution Model and Simulation of Profit Model of Agricultural Products Logistics Financing

    Yang, Bo; Wu, Yan


    Agricultural products logistics financial warehousing business mainly involves agricultural production and processing enterprises, third-party logistics enterprises and financial institutions tripartite, to enable the three parties to achieve win-win situation, the article first gives the replication dynamics and evolutionary stability strategy between the three parties in business participation, and then use NetLogo simulation platform, using the overall modeling and simulation method of Multi-Agent, established the evolutionary game simulation model, and run the model under different revenue parameters, finally, analyzed the simulation results. To achieve the agricultural products logistics financial financing warehouse business to participate in tripartite mutually beneficial win-win situation, thus promoting the smooth flow of agricultural products logistics business.

  14. Reflections from the GPE Financing Conference in Dakar: A Model of Education Diplomacy

    Golden, April Michelle


    Providing inclusive and equitable quality education for all children will require sustained cooperation and investment from donor and partner nations worldwide. As a multi-stakeholder funding mechanism, the Global Partnership for Education (GPE) is an important Education Diplomacy model. The 2018 Dakar Financing Conference is a vibrant…

  15. Foreword to the Special Issue on "Dynamic Models in Economics and Finance"

    Gardini, Laura; Kubin, Ingrid; Tramontana, Fabio; Wagener, Florian


    International workshops on Dynamic Models in Economics and Finance (MDEF) take place every two years in Urbino (Italy); since the inception of the series in 2000, there have been nine editions. The subject has become a central topic for scholars working on economic dynamics. In 2016 the workshop was held under the auspices of University of Urbino "Carlo Bo" , DESP1

  16. Report on Spending Trends Highlights Inequities in Model for Financing Colleges

    Blumenstyk, Goldie


    An analysis of spending trends that is designed to discourage policy makers' focus on finding new revenue rather than reining in spending suggests that the model for financing colleges has reinforced educational inequities and failed to increase the rate at which students graduate. According to the analysis, "serious fault lines" in the current…

  17. The Finance Curse

    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...

  18. Emerging Media Crisis Value Model: A Comparison of Relevant, Timely Message Strategies for Emergency Events

    Sabrina Page


    Full Text Available Communication during an emergency or crisis event is essential for emergency responders, the community involved, and those watching on television as well as receiving information via social media from family members, friends or other community members. The evolution of communication during an emergency/crisis event now includes utilizing social media. To better understand this evolution the Emerging Media Crisis Value Model (EMCVM is used in comparing two emergency events; Hurricane Irene (2011, a natural disaster, and the theater shooting in Aurora, Colorado (2012, a man-made crisis. The EMCVM provides a foundation for future studies focusing on the use of social media, emergency responders at the local, state and national levels are better prepared to educate a community thus, counteracting public uncertainty, fear, while providing timely, accurate information.

  19. Fisher information and quantum potential well model for finance

    Nastasiuk, V.A., E-mail:


    The probability distribution function (PDF) for prices on financial markets is derived by extremization of Fisher information. It is shown how on that basis the quantum-like description for financial markets arises and different financial market models are mapped by quantum mechanical ones. - Highlights: • The financial Schrödinger equation is derived using the principle of minimum Fisher information. • Statistical models for price variation are mapped by the quantum models of coupled particle. • The model of quantum particle in parabolic potential well corresponds to Efficient market.

  20. Fisher information and quantum potential well model for finance

    Nastasiuk, V.A.


    The probability distribution function (PDF) for prices on financial markets is derived by extremization of Fisher information. It is shown how on that basis the quantum-like description for financial markets arises and different financial market models are mapped by quantum mechanical ones. - Highlights: • The financial Schrödinger equation is derived using the principle of minimum Fisher information. • Statistical models for price variation are mapped by the quantum models of coupled particle. • The model of quantum particle in parabolic potential well corresponds to Efficient market

  1. Decision Model on Financing a Project Using Knowledge about Risk Areas

    Ioana POPOVICI; Emil SCARLAT; Francesco RIZZO


    The research presents an alternative to the classical method of measuring financial risk in funding a project. The goal of the model described in the paper implies identifying "risky areas" within the financial balance of the project. The model analysis the financial risk behavior studied along four scenarios by varying only the cost of financing source used according to the specific type of funding. The model introduces the time factor into the analysis of financial risk due to the specific ...

  2. [The NETWASS prevention model for early identification and assessment of adolescents in psychosocial crisis].

    Sommer, Friederike; Fiedler, Nora; Leuschner, Vincenz; Scheithauer, Herbert


    The research-based NETWASS prevention model aims to enable school staff to identify students experiencing a psychosocial crisis that could lead to severe targeted school violence and to initiate appropriate support measures. A detailed analysis of the adolescent psychosocial crisis is conducted at an early stage by evaluating possible warning behaviors, crisis symptoms, a student’s individual and social background, and resources. The model was implemented in 98 schools. During the project duration of seven months staff from 59 schools reported 99 cases of a student’s psychosocial crisis. Three experts conducted a content analysis of the reported qualitative data focusing on crisis symptoms of the students as well as the initiated measures. Results show a broad spectrum of risk factors, whereas aggressive behavior of students was reported most frequently. On the basis of theoretical assumptions, the reported cases were divided into three distinct risk groups. A total of eight high-risk cases were observed and reported by the school staff. The school staff mostly reacted to the student crisis by initiating resource-orientated measures, the expertise of child and youth therapists was mostly requested for the high risk cases. By describing the impact of cases and choice of measures undertaken, the study aims to give an overview of incidents schools as well as clinical psychologists and therapists are confronted with.

  3. The Regulation of Securities and Islamic Finance in Dubai: Implications for Models of Sharīʿah Compliance

    Lee, Paul


    The Dubai International Financial Centre (“DIFC”) has become an important component of an increasingly significant global market for Islamic finance. However, the state of academic discussion has not necessarily kept pace with its growing economic import. This paper improves the current state of literature by (1) examining the current regulatory infrastructure for securities and Islamic finance in the DIFC, (2) comparing its regulatory model with those of other important Islamic finance juris...

  4. Finance-growth nexus: Insights from an application of threshold regression model to Malaysia's dual financial system

    Alaa Alaabed


    Full Text Available The purpose of this paper is to test the growing converging views regarding the destabilizing and growth-halting impact of interest-based debt financial system. The views are as advocated by the followers of Keynes and Hyman Minsky and those of Islam. Islam discourages interest rate based debt financing as it considers it not very conducive to productive activities and human solidarity. Likewise, since the onset of the crisis of 2007/2008, calls by skeptics of mainstream capitalism have been renewed. The paper applies a threshold regression model to Malaysian data and finds that the relationship between growth and financial development is non-linear. A threshold is estimated, after which credit expansion negatively impacts GDP growth. While the post-threshold negative relationship is found to be statistically significant, the estimated positive relationship at lower levels of financial development is insignificant. The findings provide support to the above views and are hoped to guide monetary authorities to better growth-promoting policy-making.

  5. Role of scaling in the statistical modelling of finance

    Modelling the evolution of a financial index as a stochastic process is a problem awaiting a full, satisfactory solution since it was first formulated by Bachelier in 1900. Here it is shown that the scaling with time of the return probability density function sampled from the historical series suggests a successful model.

  6. Quantitative Finance

    James, Jessica


    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.

  7. Modelling of subcooled boiling and DNB-type boiling crisis in forced convection

    Bricard, Patrick


    This research thesis aims at being a contribution to the modelling of two phenomena occurring during a forced convection: the axial evolution of the vacuum rate, and the boiling crisis. Thus, the first part of this thesis addresses the prediction of the vacuum rate, and reports the development of a modelling of under-saturated convection in forced convection. The author reports the development and assessment of two-fluid one-dimensional model, the development of a finer analysis based on an averaging of local equations of right cross-sections in different areas. The second part of this thesis addresses the prediction of initiation of a boiling crisis. The author presents generalities and motivations for this study, reports a bibliographical study and a detailed analysis of mechanistic models present in this literature. A mechanism of boiling crisis is retained, and then further developed in a numerical modelling which is used to assess some underlying hypotheses [fr

  8. Classical and Weak Solutions for Two Models in Mathematical Finance

    Gyulov, Tihomir B.; Valkov, Radoslav L.


    We study two mathematical models, arising in financial mathematics. These models are one-dimensional analogues of the famous Black-Scholes equation on finite interval. The main difficulty is the degeneration at the both ends of the space interval. First, classical solutions are studied. Positivity and convexity properties of the solutions are discussed. Variational formulation in weighted Sobolev spaces is introduced and existence and uniqueness of the weak solution is proved. Maximum principle for weak solution is discussed.

  9. Risky forward interest rates and swaptions: Quantum finance model and empirical results

    Baaquie, Belal Ehsan; Yu, Miao; Bhanap, Jitendra


    Risk free forward interest rates (Diebold and Li, 2006 [1]; Jamshidian, 1991 [2 ]) - and their realization by US Treasury bonds as the leading exemplar - have been studied extensively. In Baaquie (2010), models of risk free bonds and their forward interest rates based on the quantum field theoretic formulation of the risk free forward interest rates have been discussed, including the empirical evidence supporting these models. The quantum finance formulation of risk free forward interest rates is extended to the case of risky forward interest rates. The examples of the Singapore and Malaysian forward interest rates are used as specific cases. The main feature of the quantum finance model is that the risky forward interest rates are modeled both a) as a stand-alone case as well as b) being driven by the US forward interest rates plus a spread - having its own term structure -above the US forward interest rates. Both the US forward interest rates and the term structure for the spread are modeled by a two dimensional Euclidean quantum field. As a precursor to the evaluation of put option of the Singapore coupon bond, the quantum finance model for swaptions is tested using empirical study of swaptions for the US Dollar -showing that the model is quite accurate. A prediction for the market price of the put option for the Singapore coupon bonds is obtained. The quantum finance model is generalized to study the Malaysian case and the Malaysian forward interest rates are shown to have anomalies absent for the US and Singapore case. The model's prediction for a Malaysian interest rate swap is obtained.




    Full Text Available Permasalahan yang saat ini dihadapi UMKM adalah seringkali pembiayaan dana komersil dengan cost of capital yang relatif tinggi, persyaratan sangat selektif dan jumlah yang tidak mencukupi serta kadangkala salah sasaran, sehingga program permodalan tidak dapat memberikan manfaat yang optimal pada pengembangan UMKM. Tujuan penelitian ini untuk merancang model penyaluran dana (financing dalam optimalisasi pengembangan UMKM, terutama dari sudut pandang pelaku UMKM. Metode yang digunakan dalam penelitian ini ada 3 (tiga tahapan, yang pertama yaitu metode deskriptif dengan pendekatan tabulasi, yang kedua yaitu analisis medan kekuatan (Force Field Analysis, serta yang terakhir yaitu The House Model. Hasil penelitian mengindentifikasi permasalahan financing yang dihadapi pelaku UMKM, mengkaji kekuatan pendorong dan kekuatan penghambat pengembangan UMKM, dan mengembangkan rancangan The House Model yaitu model penyaluran dana dalam optimalisasi pengembangan UMKM di Kabupaten Kubu Raya Provinsi Kalimantan Barat.

  11. Fisher information and quantum mechanical models for finance

    Nastasiuk, Vadim


    The probability distribution function (PDF) for prices on financial markets is derived by extremization of Fisher information. It is shown how on that basis the quantum-like description for financial markets arises and different financial market models are mapped by quantum mechanical ones.

  12. Behavioral finance: Finance with normal people

    Meir Statman


    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.

  13. Testing a Model of Functional Impairment in Telephone Crisis Support Workers.

    Kitchingman, Taneile A; Wilson, Coralie J; Caputi, Peter; Wilson, Ian; Woodward, Alan


    It is well known that helping professionals experience functional impairment related to elevated symptoms of psychological distress as a result of frequent empathic engagement with distressed others. Whether telephone crisis support workers are impacted in a similar way is not currently reported in the literature. The purpose of this study was to test a hypothesized model of factors contributing to functional impairment in telephone crisis support workers. A national sample of 210 telephone crisis support workers completed an online survey including measures of emotion regulation, symptoms of general psychological distress and suicidal ideation, intentions to seek help for symptoms, and functional impairment. Structural equation modeling was used to test the fit of the data to the hypothesized model. Goodness-of-fit indices were adequate and supported the interactive effects of emotion regulation, general psychological distress, suicidal ideation, and intentions to seek help for ideation on functional impairment. These results warrant the deliberate management of telephone crisis support workers' impairment through service selection, training, supervision, and professional development strategies. Future research replicating and extending this model will further inform the modification and/or development of strategies to optimize telephone crisis support workers' well-being and delivery of support to callers.

  14. The advertising-financed business model in two-sided media markets

    Anderson, Simon P.; Jullien, Bruno


    This chapter focuses on the economic mechanisms at work in recent models of advertising finance in media markets developed around the concept of two-sided markets. The objective is to highlight new and original insights from this approach, and to clarify the conceptual aspects. The chapter first develops a canonical model of two-sided markets for advertising, where platforms deliver content to consumers and resell their "attention" to advertisers. A key distinction is drawn between free media...

  15. Forecasting performance of three automated modelling techniques during the economic crisis 2007-2009

    Kock, Anders Bredahl; Teräsvirta, Timo

    In this work we consider forecasting macroeconomic variables during an economic crisis. The focus is on a speci…c class of models, the so-called single hidden-layer feedforward autoregressive neural network models. What makes these models interesting in the present context is that they form a cla...... during the economic crisis 2007–2009. Forecast accuracy is measured by the root mean square forecast error. Hypothesis testing is also used to compare the performance of the different techniques with each other....

  16. Banking Crisis Early Warning Model based on a Bayesian Model Averaging Approach

    Taha Zaghdoudi


    Full Text Available The succession of banking crises in which most have resulted in huge economic and financial losses, prompted several authors to study their determinants. These authors constructed early warning models to prevent their occurring. It is in this same vein as our study takes its inspiration. In particular, we have developed a warning model of banking crises based on a Bayesian approach. The results of this approach have allowed us to identify the involvement of the decline in bank profitability, deterioration of the competitiveness of the traditional intermediation, banking concentration and higher real interest rates in triggering bank crisis.

  17. Information-based models for finance and insurance

    Hoyle, Edward


    In financial markets, the information that traders have about an asset is reflected in its price. The arrival of new information then leads to price changes. The `information-based framework' of Brody, Hughston and Macrina (BHM) isolates the emergence of information, and examines its role as a driver of price dynamics. This approach has led to the development of new models that capture a broad range of price behaviour. This thesis extends the work of BHM by introducing a wider class of processes for the generation of the market filtration. In the BHM framework, each asset is associated with a collection of random cash flows. The asset price is the sum of the discounted expectations of the cash flows. Expectations are taken with respect (i) an appropriate measure, and (ii) the filtration generated by a set of so-called information processes that carry noisy or imperfect market information about the cash flows. To model the flow of information, we introduce a class of processes termed Lévy random bridges (LRBs), generalising the Brownian and gamma information processes of BHM. Conditioned on its terminal value, an LRB is identical in law to a Lévy bridge. We consider in detail the case where the asset generates a single cash flow X_T at a fixed date T. The flow of information about X_T is modelled by an LRB with random terminal value X_T. An explicit expression for the price process is found by working out the discounted conditional expectation of X_T with respect to the natural filtration of the LRB. New models are constructed using information processes related to the Poisson process, the Cauchy process, the stable-1/2 subordinator, the variance-gamma process, and the normal inverse-Gaussian process. These are applied to the valuation of credit-risky bonds, vanilla and exotic options, and non-life insurance liabilities.

  18. An approach for evaluating utility-financed energy conservation programs. The economic welfare model

    Costello, K W; Galen, P S


    The main objective of this paper is to illustrate how the economic welfare model may be used to measure the economic efficiency effects of utility-financed energy conservation programs. The economic welfare model is the theoretical structure that was used in this paper to develop a cost/benefit test. This test defines the net benefit of a conservation program as the change in the sum of consumer and producer surplus. The authors advocate the operation of the proposed cost/benefit model as a screening tool to eliminate from more detailed review those programs where the expected net benefits are less than zero. The paper presents estimates of the net benefit derived from different specified cost/benefit models for four illustrative pilot programs. These models are representative of those which have been applied or are under review by utilities and public utility commissions. From the numerical results, it is shown that net benefit is greatly affected by the assumptions made about the nature of welfare gains to program participants. The main conclusion that emerges from the numerical results is that the selection of a cost/benefit model is a crucial element in evaluating utility-financed energy conservation programs. The paper also briefly addresses some of the major unresolved issues in utility-financed energy conservation programs. 2 figs., 3 tabs., 10 refs. (A.V.)


    Anastasios KONSTANTINIDIS; Androniki KATARACHIA; George BOROVAS; Maria Eleni VOUTSA


    The present paper reviews two fundamental investing paradigms, which have had a substantial impact on the manner investors tend to develop their own strategies. specifically, the study elaborates on efficient market hypothesis (emh), which, despite remaining most prominent and popular until the 1990s, is considered rather controversial and often disputed, and the theory of behavioural finance, which has increasingly been implemented in financial institutions. based on an extensive survey of b...

  20. Proposed Model of Information Behaviour in Crisis: The Case of Hurricane Sandy

    Lopatovska, Irene; Smiley, Bobby


    Introduction: The paper proposes a model of information behaviour in crisis. No previous model has attempted to integrate information resources, information behaviour and needs of the storm-affected communities within the temporal stages of a natural disaster. Method: The study was designed as autoethnography. The data were collected through a…

  1. Economic Crisis and Marital Problems in Turkey: Testing the Family Stress Model

    Aytac, Isik A.; Rankin, Bruce H.


    This paper applied the family stress model to the case of Turkey in the wake of the 2001 economic crisis. Using structural equation modeling and a nationally representative urban sample of 711 married women and 490 married men, we tested whether economic hardship and the associated family economic strain on families resulted in greater marital…

  2. Interest rates and coupon bonds in quantum finance

    Baaquie, Belal E


    The economic crisis of 2008 has shown that the capital markets need new theoretical and mathematical concepts to describe and price financial instruments. Focusing almost exclusively on interest rates and coupon bonds, this book does not employ stochastic calculus - the bedrock of the present day mathematical finance - for any of the derivations. Instead, it analyzes interest rates and coupon bonds using quantum finance. The Heath-Jarrow-Morton and the Libor Market Model are generalized by realizing the forward and Libor interest rates as an imperfectly correlated quantum field. Theoretical models have been calibrated and tested using bond and interest rates market data. Building on the principles formulated in the author's previous book (Quantum Finance, Cambridge University Press, 2004) this ground-breaking book brings together a diverse collection of theoretical and mathematical interest rate models. It will interest physicists and mathematicians researching in finance, and professionals working in the fin...

  3. 'TeV Gamma-ray Crisis' and an Anisotropic Space Model

    Cho, Gi-Chol; Kamoshita, Jun-ichi; Matsunaga, Mariko; Sugamoto, Akio; Watanabe, Isamu


    To solve the `TeV gamma crisis', we examine a model whose one spatial direction is discretized at a high energy scale. Assuming the standard extra-galactic IR photon distribution, we evaluate the mean free-path of a energetic photon which acquires an effective mass in the model. For a wide range of the value of the lattice energy scale between a few TeV and around $10^{10}$ GeV, the mean free-path of a TeV energy photon can be enlarged enough to solve the `crisis'. Taking into account the eff...

  4. Derivative Trade Optimizing Model Utilizing GP Based on Behavioral Finance Theory

    Matsumura, Koki; Kawamoto, Masaru

    This paper proposed a new technique which makes the strategy trees for the derivative (option) trading investment decision based on the behavioral finance theory and optimizes it using evolutionary computation, in order to achieve high profitability. The strategy tree uses a technical analysis based on a statistical, experienced technique for the investment decision. The trading model is represented by various technical indexes, and the strategy tree is optimized by the genetic programming(GP) which is one of the evolutionary computations. Moreover, this paper proposed a method using the prospect theory based on the behavioral finance theory to set psychological bias for profit and deficit and attempted to select the appropriate strike price of option for the higher investment efficiency. As a result, this technique produced a good result and found the effectiveness of this trading model by the optimized dealings strategy.

  5. Ontbrekende alternatieven en gevestigde belangen: een studie naar de posities van overheden in hervormingsdebatten tijdens de financiële crisis

    Mügge, D.; Stellinga, B.


    The credit crisis that began in the summer of 2007 has fundamentally challenged much financial regulation and the political institutions that produced it. Measured against the criticisms that have been brought forth against previous financial governance, the extent of governments’ overall reform

  6. Privatization: The Use of Risk, Economic and Finance Models to Ensure Its Success

    Jaksch, John A.; Weimar, Mark R.; Young, Joan K.; Taylor, William J.; Furlong, Peter T.; Feldman, Roger D.; Diprinzio, Ray


    The article describes the use of risk, economic and financial models as they were used to help DOE in their decision-making processes on TWRS Privatization. The article describes how the models were used to allocate risk between the contractor and DOE, evaluate whether DOE should accept certain risk allocations, how the economic and financial models were used to evaluate whether the government was receiving the best bid price and whether any money was being saved by using privatization, and evaluated alternative financing schemes. The paper also describes how the financial model was used to evaluate and negotiate the pricing structure which became a part of the contract.

  7. Prospects and requirements for an operational modelling unit in flood crisis situations

    Anders Katharina


    Full Text Available Dike failure events pose severe flood crisis situations on areas in the hinterland of dikes. In recent decades the importance of being prepared for dike breaches has been increasingly recognized. However, the pre-assessment of inundation resulting from dike breaches is possible only based on scenarios, which might not reflect the situation of a real event. This paper presents a setup and workflow that allows to model dike breachinduced inundation operationally, i.e. when an event is imminent or occurring. A comprehensive system setup of an operational modelling unit has been developed and implemented in the frame of a federal project in Saxony-Anhalt, Germany. The modelling unit setup comprises a powerful methodology of flood modelling and elaborated operational guidelines for crisis situations. Nevertheless, it is of fundamental importance that the modelling unit is instated prior to flood events as a permanent system. Moreover the unit needs to be fully integrated in flood crisis management. If these crucial requirements are met, a modelling unit is capable of fundamentally supporting flood management with operational prognoses of adequate quality even in the limited timeframe of crisis situations.

  8. Physical modeling of the boiling crisis: theory and experiment

    Nikolayev, Vadim; Beysens, Daniel; Chatain, Denis


    Full text of publication follows: In this presentation we describe a physical approach to the boiling crisis called also the critical heat flux (CHF) phenomenon. This approach is based on the hypothesis that the boiling crisis is triggered by spreading of individual vapor bubbles over the heater or equivalently by the growth of individual dry spots under the bubbles. The role of bubble coalescence is assumed to be secondary. The spreading is due to forces acting at the microscopic scale, in the neighborhood of the line of triple contact of liquid, vapor and heater where the local heat fluxes are the strongest. This picture is supposed to be independent on boiling conditions. It is confirmed by the pool boiling experiments carried out at extremely high pressures close to the gas-liquid critical point. Such unusual conditions are chosen to slow down the bubble growth sufficiently to be able to observe the dryout dynamics. In the above experiments it lasted during about a minute. To keep the usual bubble geometry, it is necessary to perform such experiments under reduced gravity. The numerical simulations are carried out for high pressures. They show two regimes of bubble growth. When the heat flux is smaller than a threshold value associated with the CHF, a vapor bubble grows and then leaves the heater by buoyancy. When the heat flux is larger than the CHF, the bubble spreads over the heater without leaving it in agreement with the experimental data. This occurs because the vapor recoil force causes both bubble spreading and strong adhesion to the heater. The CHF variation with system parameters predicted by simulations is briefly discussed. (authors) [fr

  9. The Ethical Judgment and Moral Reaction to the Product-Harm Crisis: Theoretical Model and Empirical Research

    Dong Lu


    Full Text Available Based on the dual-process theory of ethical judgment, a research model is proposed for examining consumers’ moral reactions to a product-harm crisis. A national-wide survey was conducted with 801 respondents in China. The results of this study indicate that consumers will react to a product-harm crisis through controlled cognitive processing and emotional intuition. The results of the study also show that consumers view a product-harm crisis as an ethical issue, and they will make an ethical judgment according to the perceived severity and perceived relevance of the crisis. The ethical judgment in the perceived crisis severity and perceived crisis relevance will affect consumers’ condemning emotions in terms of contempt and anger. Through controlled cognitive processing, a personal consumption-related reaction (purchasing intention is influenced by the perceived crisis severity. Furthermore, a social and interpersonal reaction (negative word of mouth is influenced by the perceived crisis relevance through the controlled cognitive processing. This social and interpersonal reaction is also influenced by the perceived crisis severity and perceived crisis relevance through the intuition of other-condemning emotion. Moreover, this study finds that the product knowledge negatively moderates the impact of the perceived crisis severity on the condemning emotions. Therefore, when a consumer has a high level of product knowledge, the effect of perceived crisis severity on the condemning emotions will be attenuated, and vice versa. This study provides scholars and managers with means of understanding and handling of consumers’ reactions to a product-harm crisis.


    Oliviero Antonio Carboni


    Full Text Available This paper studies the equilibrium dynamics of a growth model with public finance where two different allocations of public resources are considered. The model simultaneously determines the optimal shares of consumption, capital accumulation, taxes and composition of the two different public expenditures which maximize a representative household's lifetime utilities in a centralized economy. The analysis supplies a closed form solution. Moreover, with one restriction on the parameters ( we fully determine the solutions path for all variables of the model and determine the conditions for balanced growth.

  11. Are tax subsidies for private medical insurance self-financing? Evidence from a microsimulation model.

    López Nicolás, Angel; Vera-Hernández, Marcos


    This paper develops an empirical strategy to estimate whether subsidies to private medical insurance are self-financing in countries where public and private insurance coexist and the latter covers the same treatments as the former. We construct a simulation routine based on a micro-econometric discrete choice model that allows us to evaluate the impact of premium changes on the utilization of outpatient and inpatient health care services. As an application, we estimate the budgetary effects of scrapping a subsidy from the purchase of individual private policies, using micro-data from Catalonia. Our results suggest that the subsidy is not self-financing. This result is driven by the fact that private medical insurance holders make concurrent use of public and private services, and by the price inelasticity of the demand for private policies.

  12. The Determinants of Investor Preferences during the Financial Crisis Periods: A Study on 2001 Crisis

    Gülfen TUNA


    Full Text Available The study is targeting to examine the effects of 2001 financial crisis on the shares included in the lowest-risk portfolios of Istanbul Stock Exchange. To this end; monthly returns data of all shares traded in Istanbul Stock Exchange between 2000:11-2002:09 term, are evaluated. While portfolio selection is carried out via Markowitz Model, the effects of 2001 financal crisis are examined whereby ratio analysis. The findings display that the firms examined have benefited from the positive impact of exporting, furthermore, the amounts of short term debts are increased. Besides, both stock retention and receivable collection periods of the mentioned firms are decreased.


    Inna Strelchenko


    Full Text Available The phenomenon of crisis transference among financial markets in different countries is especially evident during the global financial crisis of 2007-2009. Abnormal imbalances emerged in the market of secondary financial instruments in the United States in the second half of 2006 and quickly spread to the financial markets of most countries of the world. However, the rate of fall of the main macroeconomic indicators, the duration of the latent period (the time between the date of the beginning of the financial crisis in the source country and date of the recorded fall in GDP of the country that is subjected to “contagion” (Strelchenko, 2016, and recovery period are substantially different. To generate an effective economic policy actually, there is a task of determining the possible scenarios of transferring crisis. The research subject is a process of transfer of the crisis phenomena among the financial markets of countries with different levels of economic development. Methodology. The paper presents the results of a study on the differentiation of the financial markets reactions to the crisis transfer. To build the corresponding classification model, self-organization Kohonen neural networks are used. The purpose of this work is to build a neural network model for clustering economies according to the response to external financial shocks. This model allows predicting the scenarios of transferring crisis among financial markets. Conclusion. As a result of the study, there is built a neural network with the architecture of the Kohonen map. The neural network has one hidden layer consisting of six neurons and has a hexagonal structure. Six clusters describe six possible scenarios of the economy dynamics under the impact of the transfer of crises. Cluster number one and two unite countries characterized by a short period of economic recovery and return of the main macroeconomic indicators to the precrisis levels. A longer recovery period and

  14. Increasing security of supply: The search for stable models of financing for new nuclear build in the European Union

    Heffron, Raphael James


    Full text: This research assesses models for financing of new nuclear build in European Union (EU) member states to find the most stable form. The countries examined in this study are France, the United Kingdom, Finland and Romania. The results attest that due to various historical, political, competition, and electricity market structural conditions Romania has emerged with the most secure and stable model for financing of new nuclear projects. This paper begins with an assessment of the effects on the nuclear sector from energy, environment and competition legislation in the EU. Then the political and economic climate of the afore mentioned EU member states is completed. Following this an overview of the market structure of the electricity sector in those respective countries is conducted. Then the key research on the models of financing of new nuclear build is explored, contrasted and analysed. The research concludes that there are four main models for financing new nuclear projects in Europe. Each model has transcended from different political and economic forces, and consequently each model has met with varied levels of success. Electricity market structures while operating to the same legal requirements, have been dissimilar in their evolution. The combination of the above factors has led to different models for financing new nuclear build. Upon further analysis it is concluded and demonstrated that the Romanian financing model is the most suitable and provides an example for any new nuclear build aspiring nations in the EU and beyond. (author)

  15. Miraculous financial engineering or toxic finance? The genesis of the U.S. subprime mortgage loans crisis and its consequences on the global financial markets and real economy

    Ivo Pezzuto


    In the fall of 2008, the U.S. subprime mortgage loans defaults have turned into Wall Street’s biggest crisis since the Great Depression. As hundreds of billions in mortgage-related investments went bad, banks became suspicious of one another’s potential undisclosed credit losses and preferred to reduce their exposure in the interbank markets, thus causing interbank interest rates and credit default swaps increases, a liquidity shortage problem and a worsened credit crunch condition to consume...

  16. The Kyoto Protocol Emissions Trading Mechanisms - A Model for financing future nuclear development in Romania

    Purica, Ionut; John Saroudis


    At the beginning of 2001 Romania ratified the Kyoto Protocol (Law 3/2001) thus becoming the first European country to do so. The mechanisms of the Kyoto Protocol are now opening new ways to sponsor the financing of nuclear projects. In May 2001 Societatea Nationala Nuclearoelectrica S.S. (SNN) and Atomic Energy of Canada Limited and ANSALDO of Italy signed a contract to complete the second CANDU unit at Cernavoda thus giving a new momentum to the nuclear program in Romania. The Government of Romania has indicated its desire to proceed with the completion of the other units on the Cernavoda site and is open to explore every potential financing mechanism to make this a reality. Although the Kyoto Protocol was not ratified by those countries that have the greatest need to reduce emissions, a market for emissions trading has developed, Canada being one of the important players in this market. Since the emission reduction per dollar invested in the Romanian nuclear program would bring much more reduction than the marginal reduction per dollar invested in environmental protection programs in Canada, where the saturation effect is already taking place, we consider that the application of the Kyoto Protocol mechanisms represents a realistic source for a sustainable cooperation of the two countries. This trend is in line with the latest activities of the International Atomic Energy Agency (IAEA). This paper analyzes the impact that the use of emissions credits would have on a typical financing scheme for a future CANDU project in Romania given the present situation and also proposes a model for the structure of the emissions trade that would generate a source of funding for the project. The conclusion is that there is real potential in using Kyoto Protocol mechanisms for financing nuclear development with benefits for both Romania and Canada. (authors)

  17. Household Finance

    Campbell, John


    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 ...

  18. Crisis Management: Research Summaries

    Brock, Stephen E., Ed.; Dorman, Sally; Anderson, Luke; McNair, Daniel


    This article presents summaries of three studies relevant to school crisis response. The first report, "A Framework for International Crisis Intervention" (Sally Dorman), is a review of how existing crisis intervention models (including the NASP PREPaRE model) have been adapted for international use. The second article, "Responding…

  19. An implementation study of the crisis resolution team model in Norway: Are the crisis resolution teams fulfilling their role?

    Johnson Sonia


    Full Text Available Abstract Background The establishment of crisis resolution teams (CRTs is part of the national mental health policy in several Western countries. The purpose of the present study is to describe characteristics of CRTs and their patients, explore the differences between CRTs, and examine whether the CRTs in Norway are organized according to the international CRT model. Methods The study was a naturalistic study of eight CRTs and 680 patients referred to these teams in Norway. Mental health problems were assessed using the Health of the Nation Outcome Scales (HoNOS, Global Assessment of Functioning Scales (GAF and the International Statistical Classification of Diseases and Related Health Problems, 10th Revision (ICD-10. Results None of the CRTs operated 24 hours a day, seven days a week (24/7 availability or had gate-keeping functions for acute wards. The CRTs also treated patients who were not considered for hospital admission. Forty per cent of patients waited more than 24 hours for treatment. Fourteen per cent had psychotic symptoms, and 69% had affective symptoms. There were significant variations between teams in patients' total severity of symptoms and social problems, but no variations between teams with respect to patients' aggressive behaviour, non-accidental self-injury, substance abuse or psychotic symptoms. There was a tendency for teams operating extended hours to treat patients with more severe mental illnesses. Conclusions The CRT model has been implemented in Norway without a rapid response, gate-keeping function and 24/7 availability. These findings indicate that the CRTs do not completely fulfil their intended role in the mental health system.

  20. Police Mental Health Partnership project: Police Ambulance Crisis Emergency Response (PACER) model development.

    Huppert, David; Griffiths, Matthew


    To review internationally recognized models of police interactions with people experiencing mental health crises that are sometimes complex and associated with adverse experience for the person in crisis, their family and emergency service personnel. To develop, implement and review a partnership model trial between mental health and emergency services that offers alternative response pathways with improved outcomes in care. Three unique models of police and mental health partnership in the USA were reviewed and used to develop the PACER (Police Ambulance Crisis Emergency Response) model. A three month trial of the model was implemented and evaluated. Significant improvements in response times, the interactions with and the outcomes for people in crisis were some of the benefits shown when compared with usual services. The pilot showed that a partnership involving mental health and police services in Melbourne, Australia could be replicated based on international models. Initial data supported improvements compared with usual care. Further data collection regarding usual care and this new model is required to confirm observed benefits. © The Royal Australian and New Zealand College of Psychiatrists 2015.

  1. Early warning systems of financial crises: implementation of a currency crisis model for Uganda

    Heun, Michael; Schlink, Torsten


    The objective of this paper is to implement a prototype of a currency crisis model as part of an early warning system framework for Uganda. The financial systems of developing countries like Uganda are especially vulnerable and therefore robust instruments to predict crises are needed. Our model is based on the signals approach developed by Kaminsky, Lizondo and Reinhart (1998) and Kaminsky and Reinhart (1999). The basic idea of the signals approach is to monitor several indicators that tend ...

  2. Mainstreaming Low-Carbon Climate-Resilient growth pathways into Development Finance Institutions' activities. A research project on the standards, tools and metrics to support transition to the low-carbon climate-resilient development models. Paper 1 - Climate and development finance institutions: linking climate finance, development finance and the transition to low-carbon, climate-resilient economic models

    Eschalier, Claire; Cochran, Ian; Deheza, Mariana; Risler, Ophelie; Forestier, Pierre


    Development finance institutions (DFIs) are in a position to be key actors in aligning development and the 2 deg. challenge. One of the principal challenges today is to scale-up the financial flows to the trillions of dollars per year necessary to achieve the 2 deg. C long-term objectives. Achieving this transition to a low-carbon, climate resilient (LCCR) economic model requires the integration or 'mainstreaming' of climate issues as a prism through which all investment decisions should be made. This paper presents an overview of the opportunities and challenges of linking a LCCR transition with the objectives of development finance. It first presents the two-fold challenge of climate change and development for countries around the world. Second, the paper explores the role of development finance institutions and their support for the transition to a low-carbon, climate-resilient economic model. Finally, it examines a necessary paradigm shift to integrate climate and development objectives to establish a 'LCCR development model' able to simultaneously tackling development priorities and needs for resilient, low-carbon growth. This will necessitate a move from focusing on a 'siloed' vision of climate finance to a means of aligning activities across the economy with the LCCR objectives to ensure that the majority of investments are coherent with this long-term transition. (authors)

  3. Development of a financing model for nuclear fuel cycle cost evaluation

    Takahashi, Makoto; Yajima, Masayuki


    It is necessary to evaluate the prices of nuclear fuel pre- and post-processing in order to analyse the costs of the nuclear power generation. Those prices are directly related to the costs of construction and operation of facilities in the nuclear fuel cycle. In this report, we propose a model which evaluates financing of an undertaking that constructs and operates one of the facilities such as uranium enrichment, reprocessing or interim storage of spent fuels. The model is divided into two phases, the construction phase and the operation phase. In the construction phase, it calculates expenses during the facility construction and corresponding financings for each term. In the operation phase, the model refers to the results of the construction phase and performs calculations on profits and losses, cash-flow, and disposition to profits term by according to a certain operation schedule. Using this model, feasibility of the undertaking and effects of various pricing strategies on the nuclear fuel costs can be evaluated by simulations. (author)

  4. The Power Stakes Between those who Finance itThe New Managerial Models

    Solomia Andres


    Full Text Available The paper presents the conceptual background and aspects concerning the governing that means the system by which the organizations are leaded and controlled, covering the ensemble of dispositions that allow the insurance that the objectives wanted by the managers are legitimate and the means put to work are adapted to reach these objectives. Considering that the presented models (Stareholder and Stakeholder are stakes of power between those who lead and those that finance the organization, the convergence of the European and international governing models and systems that involve the existence of some superior governing models, economically, socially and political efficient, the approach of these issues presents special interest being a challenge to Romanian economy. The globalization gives a plus to the convergence - pleading for the Stareholder model and the cultural differences plead for the resort to one of the Stakeholder model's variants.

  5. Supply Chain Model with Stochastic Lead Time, Trade-Credit Financing, and Transportation Discounts

    Sung Jun Kim


    Full Text Available This model extends a two-echelon supply chain model by considering the trade-credit policy, transportations discount to make a coordination mechanism between transportation discounts, trade-credit financing, number of shipments, quality improvement of products, and reduced setup cost in such a way that the total cost of the whole system can be reduced, where the supplier offers trade-credit-period to the buyer. For buyer, the backorder rate is considered as variable. There are two investments to reduce setup cost and to improve quality of products. The model assumes lead time-dependent backorder rate, where the lead time is stochastic in nature. By using the trade-credit policy, the model gives how the credit-period would be determined to achieve the win-win outcome. An iterative algorithm is designed to obtain the global optimum results. Numerical example and sensitivity analysis are given to illustrate the model.

  6. Illiquidity and financial crisis

    A.M. Pacces (Alessio)


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

  7. Financing of the site search by a public corporation (organization model)

    Selmer, P.


    The paper is focussed on the development of a concept concerning the final deposit of radioactive waste in Germany in connection with the search of an appropriate site for the repository. The main features of the so called organization model are described, the financing of the site search under constitutional law and the principles of tax law is discussed in this context. Other topics are the legitimacy of a final disposal organization in the form of a public corporation with compulsory membership including unconstitutional contributions, and aspects of basic rights and constitutional legality

  8. The Business Model is an Effective Tool of Crisis Management at Industrial Enterprise

    Artur D. Bobryshev


    Full Text Available Purpose: justification of expediency of application of the concept of business simulation for effective prevention and mitigation of consequences of crisis of the industrial enterprise and for ensuring his sustainable development in the conditions of stagnation of branch. Methods: during the research methods of the analysis of a financial condition of the enterprises, the structural analysis and business simulation are used. Actual data about work of the industrial enterprises are attracted from official statistical sources and from materials of long-term consulting practice of authors. Results: stagnation of the domestic industry and lack of effective industrial policy force the enterprises having growth potential to conduct independent search of ways of recovery from the crisis and increase in the stability. The modern economic thought suggests to use the "theory of firm" which has confirmed the solvency for the solution of these tasks. The research has shown that and subsequently to eliminate with one of tools of this theory capable to weaken considerably the factors causing crisis, to provide effective development of the enterprise, the concept of business simulation is. Conclusions and Relevance: results of a research prove that for prevention of crisis of the industrial enterprise, overcoming his consequences and creation of conditions of his sustainable development, not only the package of measures for financial improvement or restructuring, but in general modification of a business model of the enterprise as the decision directed to elimination of all range of factors of insolvency of business is necessary. 

  9. Exploring Higher Education Financing Options

    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…

  10. Miraculous financial engineering or toxic finance? The genesis of the U.S. subprime mortgage loans crisis and its consequences on the global financial markets and real economy

    Ivo Pezzuto


    Full Text Available In the fall of 2008, the U.S. subprime mortgage loans defaults have turned into Wall Street’s biggest crisis since the Great Depression. As hundreds of billions in mortgage-related investments went bad, banks became suspicious of one another’s potential undisclosed credit losses and preferred to reduce their exposure in the interbank markets, thus causing interbank interest rates and credit default swaps increases, a liquidity shortage problem and a worsened credit crunch condition to consumers and businesses. Massive cash injections into money markets and interest rates reductions have been assured by central banks in an attempt to shore up banks and to restore confidence within the financial system. Even Governments have promoted bail-out deal agreements, protections from bankruptcies, recapitalizations and bank nationalizations in order to rescue banks from disastrous bankruptcies. The credit crisis originated in the previous years when the Federal Reserve sharply lowered interest rates (Fed Funds at 1% to limit the economic damage of the stock market decline due to the 2000 companies’ crisis. Lower interest rates made mortgage payments cheaper, and the demand for homes began to rise, sending prices up. In addition, millions of homeowners took advantage of the rate drop to refinance their existing mortgages. As the industry ramped up, the quality of the mortgages went down due to poor credit origination and credit risk assessment. Delinquency and default rates began to rise in 2006 as interest rates rose (Fed Funds at 5,25% and poor households across the US struggled to pay off their mortgages. Many of them went bankrupt and lost their homes but the pace of lending did not slow. Banks have transformed much of the high-risk mortgage debt (securitizations into mortgage-backed securities (MBS and collateralised debt obligations (CDO, and have sold these assets on the financial markets to investment firms and insurance companies

  11. Simplified Model for the Population Dynamics Involved in a Malaria Crisis

    Kenfack-Jiotsa, A.; Fotsa-Ngaffo, F.


    We adapt a simple model of predator-prey to the population involved in a crisis of malaria. The study is made only in the stream blood inside the human body except for the liver. Particularly we look at the dynamics of the malaria parasites 'merozoites' and their interaction with the blood components, more specifically the red blood cells (RBC) and the immune response grouped under the white blood cells (WBC). The stability analysis of the system reveals an important practical direction to investigate as regards the ratio WBC over RBC since it is a fundamental parameter that characterizes stable regions. The model numerically presents a wide range of possible features of the disease. Even with its simplified form, the model not only recovers well-known results but in addition predicts possible hidden phenomenon and an interesting clinical feature a malaria crisis. (author)

  12. Beyond the Diversity Crisis Model: Decentralized Diversity Planning and Implementation

    Williams, Damon A.


    This article critiques the diversity crises model of diversity planning in higher education and presents a decentralized diversity planning model. The model is based on interviews with the nation's leading diversity officers, a review of the literature and the authors own experiences leading diversity change initiatives in higher education. The…

  13. Water institutions and governance models for the funding, financing and management of water infrastructure in South Africa

    Ruiters, Cornelius


    Full Text Available for the funding, financing and development of water infrastructure projects in South Africa, i.e. Model 1: direct fiscal (NRF) funding, Model 2: ring-fenced special purpose vehicle (SPV), Model 3: SPV housing dedicated water infrastructure cash-flows, Model 4...

  14. Venture financing of start-ups: A model of contract between VC fund and entrepreneur

    Osintsev Yury


    Full Text Available Venture capital has become one of the main sources of innovation in the modern, global economy. It is not just a substitute for bank loans: it has proven to be a more efficient way of financing projects at different stages. On one hand, venture financing allows for projects with higher risk, which leads to the possibility of higher returns on investment. On the other hand, venture investors who usually have managerial experience often participate in governing the business, which certainly adds value to the enterprise. In this paper we establish the model of contract between the venture capital fund and the entrepreneur, focusing on probably the most important issue of this contract: the shares of the parties in the business. The shares in the company determine the distribution of the joint surplus. The expected joint profits are not just exogenously specified in the contract but are dependent on the behavioral variables of both parties at the stage of fulfilling the contract. We call the behavioral variable of the entrepreneur ‘effort’ and the one of the venture fund ‘advice’. The probability of the project’s success, and hence the expected joint revenues, are increased by these two. However, both kinds of effort are costly to the respective parties that have made them. Based on this fact we can elaborate the profit functions of both sides of the contract. Our model can be considered as a basis for specifying contracts concerning venture financing. It can provide the logic for how the equilibrium shares of entrepreneur and venture fund are obtained.


    Popovici Ioana; Tulai Constantin


    The classical theory of finance is based on the premises of rationality and maximizing profits that accompany economic decision-making. Complementarily, the modern theory of behavioral finance studies the effect of emotional and psychological factors of decision- maker on the choice of financing sources for economic activities. In opposition with the classical perspective, the contemporary theory of finance brings up to the stage various aspects of decision making, including elements of strat...

  16. Business models and financing options for a rapid scale-up of rooftop solar power systems in Thailand

    Tongsopit, Sopitsuda; Moungchareon, Sunee; Aksornkij, Apinya; Potisat, Tanai


    Diverse solar PV business models and financing options exist in the international landscape, helping expand and accelerate the adoption of rooftop solar PV systems. The conditions for their emergence are context specific, depending on the policies, regulations, incentives, and market conditions of each country. After a review of the international landscape, this paper compiles and analyzes business models and financing options for rooftop solar PV investment in Thailand that have emerged during the period between 2013 and 2015. Despite policy discontinuity for the support of rooftop solar systems, diverse business models and financing options are driving market expansion and expanding solar access to more Thai consumers. Drawing on our policy and regulatory analyses and in-depth interviews with business representatives, we identify four types of business models and one financing option. The business models include Roof Rental, Solar PPA, Solar Leasing, and Community Solar, and the financing option is the solar loan. We analyze the drivers for their emergence, barriers to their success, and the risks from the business owners' and consumers' viewpoints. Our policy recommendation is focused on crafting a net-metering regulation with evidence-based studies on the potential costs and benefits to different stakeholders. - Highlights: •Advances understanding on PV business models in urban developing countries' context. •Reviews emerging rooftop solar business models in Thailand. •Thailand has a dynamic solar market despite policy uncertainties.

  17. Simple wealth distribution model causing inequality-induced crisis without external shocks

    Benisty, Henri


    We address the issue of the dynamics of wealth accumulation and economic crisis triggered by extreme inequality, attempting to stick to most possibly intrinsic assumptions. Our general framework is that of pure or modified multiplicative processes, basically geometric Brownian motions. In contrast with the usual approach of injecting into such stochastic agent models either specific, idiosyncratic internal nonlinear interaction patterns or macroscopic disruptive features, we propose a dynamic inequality model where the attainment of a sizable fraction of the total wealth by very few agents induces a crisis regime with strong intermittency, the explicit coupling between the richest and the rest being a mere normalization mechanism, hence with minimal extrinsic assumptions. The model thus harnesses the recognized lack of ergodicity of geometric Brownian motions. It also provides a statistical intuition to the consequences of Thomas Piketty's recent "r >g " (return rate > growth rate) paradigmatic analysis of very-long-term wealth trends. We suggest that the "water-divide" of wealth flow may define effective classes, making an objective entry point to calibrate the model. Consistently, we check that a tax mechanism associated to a few percent relative bias on elementary daily transactions is able to slow or stop the build-up of large wealth. When extreme fluctuations are tamed down to a stationary regime with sizable but steadier inequalities, it should still offer opportunities to study the dynamics of crisis and the inner effective classes induced through external or internal factors.

  18. Labor, Welfare and Coping with the Crisis

    Schmidt, Johannes Dragsbæk

    of contemporary capitalism – the discredited Anglo-Saxon finance-driven model versus the export-driven production model of growth, with weak safety nets, adopted by East Asian countries in contrast to the export-oriented Nordic social welfare model. The third section documents the impact of the crisis...... are the weaknesses? What are the human costs and collateral damage in the context of new types of regulation of labor markets and social welfare in the broadest sense and what are the differences and similarities between the models in general specifically with regard to crisis management? The approach guiding...... on the economies, and discusses core examples of state intervention in the socio-economic sectors such as labor markets and social welfare in the Nordic as well as Korean contexts. The final section discusses some tentative conclusions about the resilience of the Nordic and ROK models and their potential...

  19. The impact of the global economic crisis on the finances of non-governmental sport organizations in Slovenia remains to be seen

    Gregor Jurak


    Full Text Available This paper examines the impact of the global economic crisis on revenues on all non-governmental sport organizations (sport NGOs in Slovenia, as a small European economy. Five types of operating revenues of all sport NGOs from 2007 to 2010 have been analyzed. We found that the overall trend of sport NGOs revenues does not correspond exactly to the trends of the Slovenian economy. The greatest financial impacts were experienced in grassroots sport, while professional sport NGOs have increased their operating revenues, mostly due to increases of public revenues. The findings suggest that the true impact of the recession on Slovenian sport NGOs remains to be seen. We conclude that the ongoing recession will affect grassroots sport the least, while semi-professional and professional sport NGOs will be under financial threat. Because of the synergistic effects of different types of NGOs, this could affect the sustainability of Slovenian sport.

  20. Advances in automated valuation modeling AVM after the non-agency mortgage crisis

    Kauko, Tom


    This book addresses several problems related to automated valuation methodologies (AVM). Following the non-agency mortgage crisis, it offers a variety of approaches to improve the efficiency and quality of an automated valuation methodology (AVM) dealing with emerging problems and different contexts. Spatial issue, evolution of AVM standards, multilevel models, fuzzy and rough set applications and quantitative methods to define comparables are just some of the topics discussed.




    A l'heure où certains évoquent l'intégration de la finance islamique à la finance globale, et d'autres rattachent la finance islamique à des thèmes en vogue telles que la finance éthique, la finance participative ou la finance socialement responsable, le présent papier explore le lien entre finance et économie islamiques à partir du modèle principiel "ZR", c’est-à-dire "Zakât" et "Ribâ". Ce modèle montre que les principes invariants de Zakât et Ribâ jouent un rôle central dans l’établissement...

  2. Models for financial crisis detection in Indonesia based on bank deposits, real exchange rate and terms of trade indicators

    Sugiyanto; Zukhronah, Etik; Nur Aini, Anis


    Several times Indonesia has experienced to face a financial crisis, but the crisis occurred in 1997 had a tremendous impact on the economy and national stability. The impact of the crisis fall the exchange rate of rupiah against the dollar so it is needed the financial crisis detection system. Some data of bank deposits, real exchange rate and terms of trade indicators are used in this paper. Data taken from January 1990 until December 2016 are used to form the models with three state. Combination of volatility and Markov switching models are used to model the data. The result suggests that the appropriate model for bank deposit and terms of trade is SWARCH (3,1), and for real exchange rates is SWARCH (3,2).

  3. L’Italia: una crisi nella crisi

    Alessandro Roncaglia


    Full Text Available The article synthesises the large and extending literature on the financial and economic crisis from a Post-Keynesian point of view. The authors take on the position that the international and internal real imbalances are serious and worrying, but yet they are not the cause of the crisis or of its tremendous dimension. The flawed and insufficient regulation of finance is the prime cause of the crisis, as well as it is one of the main hindrances to expansionary macroeconomic policies that may less painfully drive developed countries out of the crisis. It then examines the most recent developments in the euro-area, claiming that we are not facing a sovereign debt crisis but rather a speculative attack on the euro. Finally, the article considers specifically the situation of Italy, currently at the hearth of such an attack, and suggests that the country was already facing critical developments before the 2007/2008 crisis. Thus, the policy measures so far suggested to exit the current stressful situation, in so far as they ignore this fact, seriously run the risk of proving insufficient or altogether noxious.

  4. The nuclear agreement with Germany in the context of Brazilian 'model' and the crisis

    Rosa, L.P.; Pires, R.L.N.F.


    The Brazilian Nuclear Program is discussed in the context of the so-called Brazilian 'model' which conditions the industrial and technological structure of Brazil. The relations between the Brazilian private industry, the Brazilian state industry and the foreign multinational industry in the nuclear agreement Brazil - Germany are indicated. The economic crisis, the 'energy crisis', the mistakes of the nuclear program, the political fight for the revision of the agreement, the present situation and the problems of technological transfer are also discussed. Some alternatives are suggested for NUCLEBRAS. In an annex, comments are made on the question of Brazilian reactors safety. The so-called system of Protection to the Nucleare Program is also mentioned. (I. de C.R.) [pt

  5. St George Acute Care Team: the local variant of crisis resolution model of care.

    Cupina, Denise D; Wand, Anne P F; Phelan, Emma; Atkin, Rona


    The objective of this study was to describe functioning and clinical activities of the St George Acute Care Team and how it compares to the typical crisis resolution model of care. Descriptive data including demographics, sources of referral, type of clinical intervention, length of stay, diagnoses and outcomes were collected from records of all patients who were discharged from the team during a 10 week period. There were 677 referrals. The team's functions consisted of post-discharge follow-up (31%), triage and intake (30%), case management support (23%) and acute community based assessment and treatment (16%). The average length of stay was 5 days. The majority of patients were diagnosed with a mood (23%) or a psychotic (25%) disorder. Points of contrast to other reported crisis resolution teams include shorter length of stay, relatively less focus on direct clinical assessment and more telephone follow-up and triage. St George Acute Care Team provides a variety of clinical activities. The focus has shifted away from the original model of crisis resolution care to meet local and governmental requirements. © The Royal Australian and New Zealand College of Psychiatrists 2016.

  6. An ARIMA-Intervention Analysis Model for the Financial Crisis in China's Manufacturing Industry

    W.H. Ip


    Full Text Available Triggered by the subprime mortgage crisis in the United States (U.S., a financial tsunami has spread rapidly around the globe, from the U.S. to Europe and the rest of the world, causing the world economy to enter a recession. China is no exception, and has suffered a sharp reduction in the growth of its export and manufacturing sectors. In this paper, we attempt to model and analyze the impact of financial crisis on the manufacturing industry in China using data collected from March 2005 to November 2008 by the China Statistical Databases of the National Bureau of Statistics of China. The results indicate that China's manufacturing industry may have to tolerate a significant negative effect caused by the global financial crisis over a period of time, with its gross industrial output value declining continually throughout 2008 and 2009 before reaching a state of equilibrium. The intervention effect is described in this study as temporary but immediate and abrupt. It is found that the ARIMA-Intervention model is more precise at explaining and analyzing the intervention effects of the financial tsunami.

  7. Constructing a model of effective information dissemination in a crisis. Information dissemination, Crisis, Crises, Tuberculosis, Dissemination of information, Meta-ethnographic analysis, Social marketing

    Fiona Duggan; Linda Banwell


    A model of effective information dissemination in a crisis was developed from a Ph.D. study of information dissemination during a suspected TB outbreak. The research aimed to characterise and evaluate the dissemination of information to the community during the incident. A qualitative systematic review of the research literature identified twenty relevant studies. Meta-ethnographic analysis of these studies highlighted the key factors in effective dissemination. Consideration of these factors...

  8. Germany's socio-economic model and the Euro crisis

    Michael Dauderstädt


    Full Text Available Germany's socio-economic model, the "social market economy", was established in West Germany after World War II and extended to the unified Germany in 1990. During a prolonged recession after the adoption of the Euro in 1998, major reforms (Agenda 2010 were introduced which many consider as the key of Germany's recent success. The reforms had mixed results: employment increased but has consisted to a large extent of precarious low-wage jobs. Growth depended on export surpluses based on an internal real devaluation (low unit labour costs which make Germany vulnerable to global recessions as in 2009. Overall inequality increased substantially.

  9. Vehicle coordinated transportation dispatching model base on multiple crisis locations

    Tian, Ran; Li, Shanwei; Yang, Guoying


    Many disastrous events are often caused after unconventional emergencies occur, and the requirements of disasters are often different. It is difficult for a single emergency resource center to satisfy such requirements at the same time. Therefore, how to coordinate the emergency resources stored by multiple emergency resource centers to various disaster sites requires the coordinated transportation of emergency vehicles. In this paper, according to the problem of emergency logistics coordination scheduling, based on the related constraints of emergency logistics transportation, an emergency resource scheduling model based on multiple disasters is established.

  10. Asset Pricing Implications of Firms' Financing Constraints

    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...


    Nadhem Selmi


    Full Text Available This paper examines the role of oil prices, credit, financial and commercial linkages in the propagation of industrial market crises during the period 2004-2012. Using VAR-MGARCH-DCC model regressions on seven markets finds that credit linkage played a significant role in the subprime, financial and global crises. Our results also show that the European debt crisis has already spread like a crisis from oil prices to Ireland and Portugal, and other countries are now at risk: Spain is a probable candidate for financial crisis.

  12. Grading Prediction of Enterprise Financial Crisis Based on Nonlinear Programming Evaluation: A Case Study of Chinese Transportation Industry

    Zhi-yuan Li


    Full Text Available As the core of the effective financial crisis prevention, enterprise finance crisis prediction has been the focal attention of both theorists and businessmen. Financial crisis predictions need to apply a variety of financial and operating indicators for its analysis. Therefore, a new evaluation model based on nonlinear programming is established, the nature of the model is proved, the detailed solution steps of the model are given, and the significance and algorithm of the model are thoroughly discussed in this study. The proposed model can deal with the case of missing data, and has the good isotonic property and profound theoretical background. In the empirical analysis to predict the financial crisis and through the comparison of the analysis of historical data and the real enterprises with financial crisis, we find that the results are in accordance with the real enterprise financial conditions and the proposed model has a good predictive ability.

  13. Modelling the affordability and distributional implications of future health care financing options in South Africa.

    McIntyre, Di; Ataguba, John E


    South Africa is considering introducing a universal health care system. A key concern for policy-makers and the general public is whether or not this reform is affordable. Modelling the resource and revenue generation requirements of alternative reform options is critical to inform decision-making. This paper considers three reform scenarios: universal coverage funded by increased allocations to health from general tax and additional dedicated taxes; an alternative reform option of extending private health insurance coverage to all formal sector workers and their dependents with the remainder using tax-funded services; and maintaining the status quo. Each scenario was modelled over a 15-year period using a spreadsheet model. Statistical analyses were also undertaken to evaluate the impact of options on the distribution of health care financing burden and benefits from using health services across socio-economic groups. Universal coverage would result in total health care spending levels equivalent to 8.6% of gross domestic product (GDP), which is comparable to current spending levels. It is lower than the status quo option (9.5% of GDP) and far lower than the option of expanding private insurance cover (over 13% of GDP). However, public funding of health services would have to increase substantially. Despite this, universal coverage would result in the most progressive financing system if the additional public funding requirements are generated through a surcharge on taxable income (but not if VAT is increased). The extended private insurance scheme option would be the least progressive and would impose a very high payment burden; total health care payments on average would be 10.7% of household consumption expenditure compared with the universal coverage (6.7%) and status quo (7.5%) options. The least pro-rich distribution of service benefits would be achieved under universal coverage. Universal coverage is affordable and would promote health system equity, but

  14. Crisis and Crisis Scenarios

    Larsen, Øjvind


    This special issue of Nordicum-Mediterraneum contains select proceedings from the third meeting of the Nordic Summer University research circle called “Crisis and Crisis Scenarios: Normativity, Possibilities and Dilemmas”, held April 9th — 12th, 2015 at the Lysebu Conference Centre in Oslo, Norway....... The circle’s research program runs from 2014 to 2016 and is aimed at examining the concept of crisis as it is used today in academia and public discussion. In this collection of papers from the symposium we present some of the different ways in which the topic of the study group was addressed....


    Antoni Garrido Torres


    Full Text Available The direct impact of the financial crisis on the Spanish banking system has been small, thanks mainly to the existing securitization model in Spain, far from the so-called originate and distribute that generated most of the financial turmoil. However, the indirect impact of the crisis has been considerable, due to the fact that Spanish banks highly depended on external financing. In the following pages, we analyze the main measures taken by the Spanish authorities to face the crisis in the banking system, with particular attention to the restructuring of savings banks.

  16. Towards an Evolutionary Model of the Entrepreneurial Financing Process: Insights from Biotechnology Startups



    Using multiple longitudinal case studies of young biotechnology firms, we study differences in the financing process between high and low performing firms. Findings suggest that initial differences in the specialization of the investors with whom entrepreneurs affiliate early on, affect the ease with which firms attract (specialized) follow-on financing and firm performance. We demonstrate the role of the social context in shaping initial financing outcomes, as entrepreneurs limit their searc...

  17. Considering Time-Dependency of Social Vulnerability in Crisis Modeling and Management

    Aubrecht, C.; Steinnocher, K.; Freire, S.; Loibl, W.; Peters-Anders, J.; Ungar, J.


    Crisis and disaster management is much more than the immediate first-response actions following an incident. In many projects the main focus has been on the phase starting at the point when an unwanted event happens and lasting until the activities return to normal routines (i.e., ad hoc reaction rather than proactive mitigation). There has been less emphasis on the other phases of the disaster management cycle such as prevention, preparedness, recovery and reconstruction, even though those phases have a strong influence on the general status of a society and its citizens. Especially the potential of a crisis to escalate into a large-scale disaster is heavily dependent on the overall level of preparedness as well as on the planning of mitigation and response actions and their timely execution. There is a need for improved decision-making support that enables modeling of different crisis scenarios and their impacts according to chosen prevention and response actions. Vulnerability describing the status of a society with respect to an imposed hazard or potential impact is considered a strongly multidisciplinary concept. A central objective of vulnerability assessment is to provide indications where and how people - and more specifically, what kind of people - might be affected by a certain impact. Results should provide decision- and policy-makers with supporting information to target response and mitigation actions adequately. For assessment of the social dimension of vulnerability, population exposure mapping is usually considered the starting point. Integration of social structure and varying aspects of resilience further differentiate situation-specific vulnerability patterns on a local scale. In a disaster risk management context, assessment of human vulnerability has generally been lagging behind hazard analysis efforts. Accurately estimating population exposure is a key component of catastrophe loss modeling, one element of effective integrated risk analysis

  18. Forecasting performances of three automated modelling techniques during the economic crisis 2007-2009

    Kock, Anders Bredahl; Teräsvirta, Timo


    . The performances of these three model selectors are compared by looking at the accuracy of the forecasts of the estimated neural network models. We apply the neural network model and the three modelling techniques to monthly industrial production and unemployment series from the G7 countries and the four......In this work we consider the forecasting of macroeconomic variables during an economic crisis. The focus is on a specific class of models, the so-called single hidden-layer feed-forward autoregressive neural network models. What makes these models interesting in the present context is the fact...... that they form a class of universal approximators and may be expected to work well during exceptional periods such as major economic crises. Neural network models are often difficult to estimate, and we follow the idea of White (2006) of transforming the specification and nonlinear estimation problem...

  19. To Own or Lease Solar: Understanding Commercial Retailers' Decisions to Use Alternative Financing Models

    Feldman, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Margolis, Robert [National Renewable Energy Lab. (NREL), Golden, CO (United States)


    This report examines the tradeoffs among financing methods for businesses installing onsite photovoltaics (PV). We present case studies of PV financing strategies used by two large commercial retailers that have deployed substantial U.S. PV capacity: IKEA, which owns its PV, and Staples, which purchases power generated from onsite PV systems through power purchase agreements (PPAs). We also analyze the financial considerations that influence any company's choice of PV financing strategy. Our goal in this report is to clarify the financial and institutional costs and benefits of financing strategies and to inform other companies that are considering launching or expanding similar PV programs.

  20. Entangled geographies of "Irish" finance

    Hendrikse, R.P.


    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

  1. Improving outcomes for people in mental health crisis: a rapid synthesis of the evidence for available models of care.

    Paton, Fiona; Wright, Kath; Ayre, Nigel; Dare, Ceri; Johnson, Sonia; Lloyd-Evans, Brynmor; Simpson, Alan; Webber, Martin; Meader, Nick


    Crisis Concordat was established to improve outcomes for people experiencing a mental health crisis. The Crisis Concordat sets out four stages of the crisis care pathway: (1) access to support before crisis point; (2) urgent and emergency access to crisis care; (3) quality treatment and care in crisis; and (4) promoting recovery. To evaluate the clinical effectiveness and cost-effectiveness of the models of care for improving outcomes at each stage of the care pathway. Electronic databases were searched for guidelines, reviews and, where necessary, primary studies. The searches were performed on 25 and 26 June 2014 for NHS Evidence, Cochrane Database of Systematic Reviews, Database of Abstracts of Reviews of Effects, NHS Economic Evaluation Database, and the Health Technology Assessment (HTA) and PROSPERO databases, and on 11 November 2014 for MEDLINE, PsycINFO and the Criminal Justice Abstracts databases. Relevant reports and reference lists of retrieved articles were scanned to identify additional studies. When guidelines covered a topic comprehensively, further literature was not assessed; however, where there were gaps, systematic reviews and then primary studies were assessed in order of priority. Systematic reviews were critically appraised using the Risk Of Bias In Systematic reviews assessment tool, trials were assessed using the Cochrane risk-of-bias tool, studies without a control group were assessed using the National Institute for Health and Care Excellence (NICE) prognostic studies tool and qualitative studies were assessed using the Critical Appraisal Skills Programme quality assessment tool. A narrative synthesis was conducted for each stage of the care pathway structured according to the type of care model assessed. The type and range of evidence identified precluded the use of meta-analysis. One review of reviews, six systematic reviews, nine guidelines and 15 primary studies were included. There was very limited evidence for access to support

  2. Modelling the impact of raising tobacco taxes on public health and finance.

    Goodchild, Mark; Perucic, Anne-Marie; Nargis, Nigar


    To investigate the potential for tobacco tax to contribute to the 2030 agenda for sustainable development by reducing tobacco use, saving lives and generating tax revenues. A model of the global cigarette market in 2014--developed using data for 181 countries--was used to quantify the impact of raising cigarette excise in each country by one international dollar (I$) per 20-cigarette pack. All currencies were converted into I$ using purchasing power parity exchange rates. The results were summarized by income group and region. According to our model, the tax increase would lead the mean retail price of cigarettes to increase by 42%--from 3.20 to 4.55 I$ per 20-cigarette pack. The prevalence of daily smoking would fall by 9%--from 14.1% to 12.9% of adults--resulting in 66 million fewer smokers and 15 million fewer smoking-attributable deaths among the adults who were alive in 2014. Cigarette excise revenue would increase by 47%--from 402 billion to 593 billion I$--giving an extra 190 billion I$s in revenue. This, in turn, could help create the fiscal space required to finance development priorities. For example, if the extra revenue was allocated to health budgets, public expenditure on health could increase by 4% globally. Tobacco taxation can prevent millions of smoking-attributable deaths throughout the world and contribute to achieving the sustainable development goals. There is also potential for tobacco taxation to create the fiscal space needed to finance development, particularly in low- and middle-income countries.

  3. Modelling the impact of raising tobacco taxes on public health and finance

    Perucic, Anne-Marie; Nargis, Nigar


    Abstract Objective To investigate the potential for tobacco tax to contribute to the 2030 agenda for sustainable development by reducing tobacco use, saving lives and generating tax revenues. Methods A model of the global cigarette market in 2014 – developed using data for 181 countries – was used to quantify the impact of raising cigarette excise in each country by one international dollar (I$) per 20-cigarette pack. All currencies were converted into I$ using purchasing power parity exchange rates. The results were summarized by income group and region. Findings According to our model, the tax increase would lead the mean retail price of cigarettes to increase by 42% – from 3.20 to 4.55 I$ per 20-cigarette pack. The prevalence of daily smoking would fall by 9% – from 14.1% to 12.9% of adults – resulting in 66 million fewer smokers and 15 million fewer smoking-attributable deaths among the adults who were alive in 2014. Cigarette excise revenue would increase by 47% – from 402 billion to 593 billion I$ – giving an extra 190 billion I$s in revenue. This, in turn, could help create the fiscal space required to finance development priorities. For example, if the extra revenue was allocated to health budgets, public expenditure on health could increase by 4% globally. Conclusion Tobacco taxation can prevent millions of smoking-attributable deaths throughout the world and contribute to achieving the sustainable development goals. There is also potential for tobacco taxation to create the fiscal space needed to finance development, particularly in low- and middle-income countries. PMID:27034518

  4. Modeling cascading failures with the crisis of trust in social networks

    Yi, Chengqi; Bao, Yuanyuan; Jiang, Jingchi; Xue, Yibo


    In social networks, some friends often post or disseminate malicious information, such as advertising messages, informal overseas purchasing messages, illegal messages, or rumors. Too much malicious information may cause a feeling of intense annoyance. When the feeling exceeds a certain threshold, it will lead social network users to distrust these friends, which we call the crisis of trust. The crisis of trust in social networks has already become a universal concern and an urgent unsolved problem. As a result of the crisis of trust, users will cut off their relationships with some of their untrustworthy friends. Once a few of these relationships are made unavailable, it is likely that other friends will decline trust, and a large portion of the social network will be influenced. The phenomenon in which the unavailability of a few relationships will trigger the failure of successive relationships is known as cascading failure dynamics. To our best knowledge, no one has formally proposed cascading failures dynamics with the crisis of trust in social networks. In this paper, we address this potential issue, quantify the trust between two users based on user similarity, and model the minimum tolerance with a nonlinear equation. Furthermore, we construct the processes of cascading failures dynamics by considering the unique features of social networks. Based on real social network datasets (Sina Weibo, Facebook and Twitter), we adopt two attack strategies (the highest trust attack (HT) and the lowest trust attack (LT)) to evaluate the proposed dynamics and to further analyze the changes of the topology, connectivity, cascading time and cascade effect under the above attacks. We numerically find that the sparse and inhomogeneous network structure in our cascading model can better improve the robustness of social networks than the dense and homogeneous structure. However, the network structure that seems like ripples is more vulnerable than the other two network

  5. Incentive Structure of Financing a Project: An Islamic Finance Approach

    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...

  6. Multiple attractors and crisis route to chaos in a model food-chain

    Upadhyay, Ranjit Kumar


    An attempt has been made to identify the mechanism, which is responsible for the existence of chaos in narrow parameter range in a realistic ecological model food-chain. Analytical and numerical studies of a three species food-chain model similar to a situation likely to be seen in terrestrial ecosystems has been carried out. The study of the model food chain suggests that the existence of chaos in narrow parameter ranges is caused by the crisis-induced sudden death of chaotic attractors. Varying one of the critical parameters in its range while keeping all the others constant, one can monitor the changes in the dynamical behaviour of the system, thereby fixing the regimes in which the system exhibits chaotic dynamics. The computed bifurcation diagrams and basin boundary calculations indicate that crisis is the underlying factor which generates chaotic dynamics in this model food-chain. We investigate sudden qualitative changes in chaotic dynamical behaviour, which occur at a parameter value a 1 =1.7804 at which the chaotic attractor destroyed by boundary crisis with an unstable periodic orbit created by the saddle-node bifurcation. Multiple attractors with riddled basins and fractal boundaries are also observed. If ecological systems of interacting species do indeed exhibit multiple attractors etc., the long term dynamics of such systems may undergo vast qualitative changes following epidemics or environmental catastrophes due to the system being pushed into the basin of a new attractor by the perturbation. Coupled with stochasticity, such complex behaviours may render such systems practically unpredictable

  7. Consequences of the crisis: New concepts

    Andrei Marga


    The crisis that started in 2008 began with the malfunctioning of the financial mechanisms, i.e. as a financial crisis; it quickly became an economic crisis and is now threatening to become an energetic crisis and, lately, a crisis of agricultural products, announcing at the same time the crisis of a development model and an ontological crisis. It engages the questioning of certain conceptualizations and orientations. If one wonders about the new concepts employed by the foreseen “ontological ...

  8. Financing of the site search by a public corporation (organization model)

    Waldhoff, C.


    The topics of the paper are the modifcation of the radioactive waste final deposit concept and the financing form, corporations with compulsory membership, existing examples and their justification, special features of the final deposit corporation including limitations of the functional self-administration within the nuclear management and constitutional aspects of the financing

  9. Financing nuclear power

    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

  10. Credit Risk Analysis of Local Government Financing Platform – An empirical study based on KMV model

    Zhou Tingting


    Full Text Available The local government financing platform is set up by local government through state-owned assets, real estate and equity capital. The functions of these companies are financing, construction, operation, the repaying debts. The local government financing platform can broaden the financing channels of local government in a great extent; alleviate the pressure of capital requirement. But at the same time, with the gradual expansion of the scale of debt, a series of problems has arisen: the amount of financing platform companies is huge, debt repayment depends too much on real estate price, the integration of government administration with enterprise, capital injection, and accounts of these companies are not well exposed. Once these problems outbreak, it may cause a series of financial crises, thereby threaten the entire banking industry even the healthy development of the national economy.

  11. A financing model to solve financial barriers for implementing green building projects.

    Lee, Sanghyo; Lee, Baekrae; Kim, Juhyung; Kim, Jaejun


    Along with the growing interest in greenhouse gas reduction, the effect of greenhouse gas energy reduction from implementing green buildings is gaining attention. The government of the Republic of Korea has set green growth as its paradigm for national development, and there is a growing interest in energy saving for green buildings. However, green buildings may have financial barriers that have high initial construction costs and uncertainties about future project value. Under the circumstances, governmental support to attract private funding is necessary to implement green building projects. The objective of this study is to suggest a financing model for facilitating green building projects with a governmental guarantee based on Certified Emission Reduction (CER). In this model, the government provides a guarantee for the increased costs of a green building project in return for CER. And this study presents the validation of the model as well as feasibility for implementing green building project. In addition, the suggested model assumed governmental guarantees for the increased cost, but private guarantees seem to be feasible as well because of the promising value of the guarantee from CER. To do this, certification of Clean Development Mechanisms (CDMs) for green buildings must be obtained.

  12. A Financing Model to Solve Financial Barriers for Implementing Green Building Projects

    Lee, Baekrae; Kim, Juhyung; Kim, Jaejun


    Along with the growing interest in greenhouse gas reduction, the effect of greenhouse gas energy reduction from implementing green buildings is gaining attention. The government of the Republic of Korea has set green growth as its paradigm for national development, and there is a growing interest in energy saving for green buildings. However, green buildings may have financial barriers that have high initial construction costs and uncertainties about future project value. Under the circumstances, governmental support to attract private funding is necessary to implement green building projects. The objective of this study is to suggest a financing model for facilitating green building projects with a governmental guarantee based on Certified Emission Reduction (CER). In this model, the government provides a guarantee for the increased costs of a green building project in return for CER. And this study presents the validation of the model as well as feasibility for implementing green building project. In addition, the suggested model assumed governmental guarantees for the increased cost, but private guarantees seem to be feasible as well because of the promising value of the guarantee from CER. To do this, certification of Clean Development Mechanisms (CDMs) for green buildings must be obtained. PMID:24376379

  13. Saudi Arabia's oil policy after 1. oil crisis explained with the help of a cartel model

    Linderoth, H.


    Saudi Arabian oil policy is analyzed by using a cartel model where Saudi Arabia's oil production is a function of oil price and oil production in other OPEC countries. Elasticities for oil production and oil price are estimated covering oil crises and 3 intercrises periods. During all intercrises periods, production elasticity is not significantly different from 1 which, to a considerable extent, shows that the oil production in Saudi Arabia followed that of the other OPEC countries. During oil crisis periods, production elasticities were either significantly negative or not significantly different from zero. In most cases, the price elasticity was not significantly different from zero. (au)

  14. Modelling asset correlations during the recent financial crisis: A semiparametric approach

    Aslanidis, Nektarios; Casas, Isabel

    This article proposes alternatives to the Dynamic Conditional Correlation (DCC) model to study assets' correlations during the recent financial crisis. In particular, we adopt a semiparametric and nonparametric approach to estimate the conditional correlations for two interesting portfolios....... The first portfolio consists of equity sectors SPDRs and the S&P 500 composite, while the second one contains major currencies that are actively traded in the foreign exchange market. Methodologically, our contribution is two fold. First, we propose the Local Linear (LL) estimator for the correlations...

  15. Minimal Adequate Model of Unemployment Duration in the Post-Crisis Czech Republic

    Adam Čabla


    Full Text Available Unemployment is one of the leading economic problems in a developed world. The aim of this paper is to identify the differences in unemployment duration in different strata in the post-crisis Czech Republic via building a minimal adequate model, and to quantify the differences. Data from Labour Force Surveys are used and since they are interval censored in nature, proper metodology must be used. The minimal adequate model is built through the accelerated failure time modelling, maximum likelihood estimates and likelihood ratio tests. Variables at the beginning are sex, marital status, age, education, municipality size and number of persons in a household, containing altogether 29 model parameters. The minimal adequate model contains 5 parameters and differences are found between men and women, the youngest category and the rest and the university educated and the rest. The estimated expected values, variances, medians, modes and 90th percentiles are provided for all subgroups.

  16. Analysis of Financing Model of Public Rental Construction%公租房建设融资模式研究



    The construction of public rental needs much money and usually takes a long time , thus it can not only rely on limited financial investment , so financing becomes a bottleneck restricting the construction of public rental .At present, bank loans and project financing are two main financing models of the public rental , while PPP, REITs and other ways are rarely used .This paper introduces the traditional financing methods , focusing on the PPP and REITs . The paper summarizes the pros and cons of nine financing models and concludes that bank loans , project financing , BT, BOT, PPP, TOT, bonds, public rental REITs and ABS can pave the way for opening up social capital into the field of investment and construction of public rental channel .It is suggested that China raise housing finance though multiple channels , and seek to comply with China's specific situation of public rental financing model .%公租房建设资金需求量大、占用时间长,依靠有限的财政投入难以满足,因此,公租房融资成为制约公租房建设的瓶颈。目前,公租房融资主要使用银行贷款、项目融资等方式,而其他市场化融资方式使用较少。为拓宽公租房融资渠道,应积极引入并大力发展REITs、PPP等模式。其中,REITs模式的市场化程度较高,专业性更强,要求有完善的法律体系作保障;而PPP模式强调在政府引导下引入私人资本,以分担风险和成本。总体来说,REITs、PPP都将是中国公租房融资有益尝试。

  17. Project financing

    Cowan, A.


    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

  18. An EPQ Model with Increasing Demand and Demand Dependent Production Rate under Trade Credit Financing

    Juanjuan QIN


    Full Text Available This paper investigates an EPQ model with the increasing demand and demand dependent production rate involving the trade credit financing policy, which is seldom reported in the literatures. The model considers the manufacturer was offered by the supplier a delayed payment time. It is assumed that the demand is a linear increasing function of the time and the production rate is proportional to the demand. That is, the production rate is also a linear function of time. This study attempts to offer a best policy for the replenishment cycle and the order quantity for the manufacturer to maximum its profit per cycle. First, the inventory model is developed under the above situation. Second, some useful theoretical results have been derived to characterize the optimal solutions for the inventory system. The Algorithm is proposed to obtain the optimal solutions of the manufacturer. Finally, the numerical examples are carried out to illustrate the theorems, and the sensitivity analysis of the optimal solutions with respect to the parameters of the inventory system is performed. Some important management insights are obtained based on the analysis.




    Between the years 1820-2008, there have been many economic crises in the World. Each of the crises had different intensity, scope and dimension. 2008 global crisis also had distinctive features. Starting with U.S. financial crisis, with a domino effect of financial instruments, the crisis deepened and shifted to global dimension without any discontinuity. Effects of the 2008 global crisis, as countries could not reach financial balance and could not implement policies that would restart econo...

  20. Corporate finance

    P. Quiry; Y. Le Fur; A. Salvi; M. Dallocchio; P. Vernimmen


    Corporate Finance: Theory and Practice, 3rd Edition, the website and the 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...

  1. Consumer Finance

    Peter Tufano


    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...

  2. Project financing

    Alvarez, M.U.


    This paper presents the basic concepts and components of the project financing of large industrial facilities. Diagrams of a simple partnership structure and a simple leveraged lease structure are included. Finally, a Hypothetical Project is described with basic issues identified for discussion purposes. The topics of the paper include non-recourse financing, principal advantages and objectives, disadvantages, project financing participants and agreements, feasibility studies, organization of the project company, principal agreements in a project financing, insurance, and an examination of a hypothetical project




    Full Text Available The 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.

  4. An Exploratory Study of the Effects of Project Finance on Project Risk Management : How the Distinguishing Attributes of Project Finance affects the Prevailing Risk Factor?

    Chan, Ka Fai


    Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in pro...

  5. Analysis of financing efficiency of big data industry in Guizhou province based on DEA models

    Li, Chenggang; Pan, Kang; Luo, Cong


    Taking 20 listed enterprises of big data industry in Guizhou province as samples, this paper uses DEA method to evaluate the financing efficiency of big data industry in Guizhou province. The results show that the pure technical efficiency of big data enterprise in Guizhou province is high, whose mean value reaches to 0.925. The mean value of scale efficiency reaches to 0.749. The average value of comprehensive efficiency reaches 0.693. The comprehensive financing efficiency is low. According to the results of the study, this paper puts forward some policy and recommendations to improve the financing efficiency of the big data industry in Guizhou.

  6. L’Italia: una crisi nella crisi.(Italy: A Crisis within the Crisis

    Carlo D'ippoliti


    Full Text Available The article synthesises the large and extending literature on the financial and economic crisis from a Post-Keynesian point of view. The authors take on the position that the international and internal real imbalances are serious and worrying, but yet they are not the cause of the crisis or of its tremendous dimension. The flawed and insufficient regulation of finance is the prime cause of the crisis, as well as it is one of the main hindrances to expansionary macroeconomic policies that may less painfully drive developed countries out of the crisis. It then examines the most recent developments in the euro-area, claiming that we are not facing a sovereign debt crisis but rather a speculative attack on the euro. Finally, the article considers specifically the situation of Italy, currently at the hearth of such an attack, and suggests that the country was already facing critical developments before the 2007/2008 crisis. Thus, the policy measures so far suggested to exit the current stressful situation, in so far as they ignore this fact, seriously run the risk of proving insufficient or altogether noxious.JEL: B50; E12; G01  

  7. Prestatiemeting ten tijde van economische crisis: de aanpak van DSM

    van Rinsum, M.; den Dekker, R.; Maas, V.


    Deze studie besteedt aandacht aan de gevolgen van de financiële crisis voor het prestatiemeetsysteem van een onderneming. Vanwege de financiële crisis hebben veel ondernemingen naast langetermijndoelstellingen ook een aantal kortetermijndoelstellingen geformuleerd die betrekking hebben op hun

  8. The project finance model in the supply of residential and commercial premises

    Damir Juričić


    Full Text Available A supply of dwellings greater than the demand, a reduction in the availability of housing loans and increased credit risk, caused, inter alia, by the financial crisis: these are the basic features of today’s residential property and commercial premises markets in Croatia today. Built but unsold housing units have exposed private investors, who have organised the supply of units within the balance sheet of their firms, to significant risk of underinvestment. The materialisation of this risk is most manifested in the impossibility of funding the core business because of loans that they have agreed on for the construction of dwelling units meant for sale on the market. The paper then proposes a model that, if it were applied, could insure investors to a greater extent against the risk of underinvestment. The supply of dwelling units with protected rentals by the local public sector organised in the traditional manner, i.e. according to a model in which the local public sector figures in the role of investor, distributes the burden of development costs onto the future generations as well. However, practice has shown that traditional models inequitably expose future generations to the risk of a reduction in the quality of this kind of public service. From this point of view the proposed model transfers to the future generation not only the costs but also the obligations to secure equal qualities of public service in such a way that the private investor long-term assumes the risk of the availability of public building.The problem in this kind of organisation of the supply of a public service is double taxation via VAT, changes in the law concerning which are accordingly proposed.

  9. Supply chain finance

    Kasavica Petar


    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.

  10. NGOs' Active Roles in the Process of Using Mudaraba as Financing Model in Interest-free Banking

    M. Salih KUMAŞ


    Full Text Available Today, it is commonly accepted fact that conventional banking fails in the fair distribution of economic wealth and in the provision of sustainable economic development. It seems almost impossible for Islamic Banking to be a strong alternative to interest-based banking with its current practice.  That is the reason why the alternative financing methods of Islamic Finance should be improved. In this context, the major obstacle for Islamic Banking to be an alternative to conventional counterpart is that it confines itself to murâbaha financing. Although the Mudaraba financing model suits better to the spirit of Islamic Banking and its historic advancement, it is observed that it is nearly not practiced or cannot be practiced. The reason behind this and major problem of Mudaraba model is having lack of enough entrepreneurs and not being able to raise them. In this sense, we believe that NGOs like MUSIAD and ASKON can contribute for the enhancement of the Islamic Banking as we have witnessed that many NGOs had considerable contributions by taking important roles in the past. This process which sort of means the integration of NGOs and Islamic Banking can be carried out in three stages.

  11. Diagnostics of enterprise bankruptcy occurrence probability in an anti-crisis management: modern approaches and classification of models

    I.V. Zhalinska


    Full Text Available Diagnostics of enterprise bankruptcy occurrence probability is defined as an important tool ensuring the viability of an organization under conditions of unpredictable dynamic environment. The paper aims to define the basic features of diagnostics of bankruptcy occurrence probability models and their classification. The article grounds the objective increasing of crisis probability in modern enterprises where such increasing leads to the need to improve the efficiency of anti-crisis enterprise activities. The system of anti-crisis management is based on the subsystem of diagnostics of bankruptcy occurrence probability. Such a subsystem is the main one for further measures to prevent and overcome the crisis. The classification of existing models of enterprise bankruptcy occurrence probability has been suggested. The classification is based on methodical and methodological principles of models. The following main groups of models are determined: the models using financial ratios, aggregates and scores, the models of discriminated analysis, the methods of strategic analysis, informal models, artificial intelligence systems and the combination of the models. The classification made it possible to identify the analytical capabilities of each of the groups of models suggested.

  12. Behavioral finance

    Kapor Predrag


    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.

  13. Financial crisis and crisis management in Sweden: Lessons for today

    Jonung, Lars


    This paper gives an account of the Swedish financial crisis covering the period 1985-2000, dealing with financial deregulation and the boom in the late 1980s, the bust and the financial crisis in the early 1990s, the recovery from the crisis and the bank resolution policy adopted during the crisis. The paper focuses on three issues: the causes and consequences of the financial crisis, the policy response concerning bank resolution, and the applicability of the Swedish model of bank crisis man...

  14. Financing Investment

    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...

  15. The influence of the 2008 financial crisis on the predictiveness of risky asset pricing models in Brazil

    Adriana Bruscato Bortoluzzo

    Full Text Available ABSTRACT This article examines three models for pricing risky assets, the capital asset pricing model (CAPM from Sharpe and Lintner, the three factor model from Fama and French, and the four factor model from Carhart, in the Brazilian mark et for the period from 2002 to 2013. The data is composed of shares traded on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA on a monthly basis, excluding financial sector shares, those with negative net equity, and those without consecutive monthly quotations. The proxy for market return is the Brazil Index (IBrX and for riskless assets savings accounts are used. The 2008 crisis, an event of immense proportions and market losses, may have caused alterations in the relationship structure of risky assets, causing changes in pricing model results. Division of the total period into pre-crisis and post-crisis sub-periods is the strategy used in order to achieve the main objective: to analyze the effects of the crisis on asset pricing model results and their predictive power. It is verified that the factors considered are relevant in the Brazilian market in both periods, but between the periods, changes occur in the statistical relevance of sensitivities to the market premium and to the value factor. Moreover, the predictive ability of the pricing models is greater in the post-crisis period, especially for the multifactor models, with the four factor model able to improve predictions of portfolio returns in this period by up to 80%, when compared to the CAPM.

  16. Modelling of domestic and foreign visitors’ behaviour at commercial bank website during the recent financial crisis

    Martin Drlík


    Full Text Available The paper focuses on modelling of commercial bank website visitors’ behaviour. The authors analyse domestic and foreign market participants’ interests in mandatory financial information disclosure of a commercial bank during the recent financial crisis and try to answer the question whether the purposes of Basel 2 regulations under the Pillar 3 – Market discipline, publishing financial information, have been fulfilled. The authors analyse bank website logs files using web log mining methods to better understand the rate of using of web pages, where mandatory financial information about Basel 2 is published. After data pre-processing the authors use association rule analysis to identify the association among content categories of the website. The results show that there is small interest in mandatory financial information disclosure by the commercial bank in general. The foreign website visitors take more concern in mandatory financial information disclosure, and they take less interest in general information about bank than domestic ones.




    Full Text Available Although the existing confusion regarding the concept of corporate governance persists, its role on sustainable maximize corporate values and providing high performance is undeniable. Moreover, the test of a corporate governance effectiveness model is the measurement in which it succeed to achieve the main objective, namely, that the company's perspective to maximize value to shareholders. In the economic crisis, it requires that by those systems in which companies are managed and controlled has to interact directly with social responsibility and business ethics held by those entities. It is expected that corporate managers have an efficient economic behavior, different from that of members of governments and economic decline that records do not meet current socio-economic situation

  18. Reconsiderations of the Development and Governance Model after the Financial and Economic Crisis

    Petre Prisecaru


    Full Text Available Financial crisis brought to the fore the fierce confrontation between Keynes disciples and Friedman disciples, between demand siders and supply siders, between Obama’s policies focused on economic growrh and EU austerity policies focused on deficit and debts reduction. Monetary policy showed its limits and neoliberal approach favored the risky products(derivatives and speculative activities. Supply siders, like David Harper, centred on three pillars: tax incentives, competition policy, enhancement of productive credit. Lisbon Strategy and Europe 2020 represent a supply side agenda based on sectoral policies. Great economists like Joseph Stiglitz and Paul Krugman have supported state interventionism and higher government spending for demand recovery and resuming the economic growth. Besides state interventionism one needs the urgent reconsideration of capitalist development model and strongly improving the governance at all levels: global, European, national, corporate.

  19. Financing Innovation

    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...

  20. A new market risk model for cogeneration project financing---combined heat and power development without a power purchase agreement

    Lockwood, Timothy A.

    Federal legislative changes in 2006 no longer entitle cogeneration project financings by law to receive the benefit of a power purchase agreement underwritten by an investment-grade investor-owned utility. Consequently, this research explored the need for a new market-risk model for future cogeneration and combined heat and power (CHP) project financing. CHP project investment represents a potentially enormous energy efficiency benefit through its application by reducing fossil fuel use up to 55% when compared to traditional energy generation, and concurrently eliminates constituent air emissions up to 50%, including global warming gases. As a supplemental approach to a comprehensive technical analysis, a quantitative multivariate modeling was also used to test the statistical validity and reliability of host facility energy demand and CHP supply ratios in predicting the economic performance of CHP project financing. The resulting analytical models, although not statistically reliable at this time, suggest a radically simplified CHP design method for future profitable CHP investments using four easily attainable energy ratios. This design method shows that financially successful CHP adoption occurs when the average system heat-to-power-ratio supply is less than or equal to the average host-convertible-energy-ratio, and when the average nominally-rated capacity is less than average host facility-load-factor demands. New CHP investments can play a role in solving the world-wide problem of accommodating growing energy demand while preserving our precious and irreplaceable air quality for future generations.

  1. Hypertensive Crisis

    ... Artery Disease Venous Thromboembolism Aortic Aneurysm More Hypertensive Crisis: When You Should Call 9-1-1 for ... Nov 13,2017 A hypertensive ( high blood pressure ) crisis is when blood pressure rises quickly and severely ...

  2. Hemolytic crisis

    ... page: // Hemolytic crisis To use the sharing features on this page, please enable JavaScript. Hemolytic crisis occurs when large numbers of red blood cells ...

  3. Crisis Thought

    Morris, Edwin Kent


    Crisis thought is an idea that gives a name to and accounts for some of the problematics of the sign crisis in political, social, cultural, and economic discourse. Specifically, crisis thought is a discursive formation, a concept used loosely here to refer to an assemblage of signs such as anxiety or fear that evoke or invoke similar, but inaccurate connotations as crisis in political and everyday usage. The general question this study grapples with is why political, social, cultural, and eco...

  4. Information,Informal finance,and SME financing

    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.

  5. Crisis of the chaotic attractor of a climate model: a transfer operator approach

    Tantet, Alexis; Lucarini, Valerio; Lunkeit, Frank; Dijkstra, Henk A.


    The destruction of a chaotic attractor leading to rough changes in the dynamics of a dynamical system is studied. Local bifurcations are known to be characterised by a single or a pair of characteristic exponents crossing the imaginary axis. As a result, the approach of such bifurcations in the presence of noise can be inferred from the slowing down of the decay of correlations (Held and Kleinen 2004 Geophys. Res. Lett. 31 1–4). On the other hand, little is known about global bifurcations involving high-dimensional attractors with several positive Lyapunov exponents. It is known that the global stability of chaotic attractors may be characterised by the spectral properties of the Koopman (Mauroy and Mezić 2016 IEEE Trans. Autom. Control 61 3356–69) or the transfer operators governing the evolution of statistical ensembles. Accordingly, it has recently been shown (Tantet 2017 J. Stat. Phys. 1–33) that a boundary crisis in the Lorenz flow coincides with the approach to the unit circle of the eigenvalues of these operators associated with motions about the attractor, the stable resonances. A second class of resonances, the unstable resonances, are responsible for the decay of correlations and mixing on the attractor. In the deterministic case, these cannot be expected to be affected by general boundary crises. Here, however, we give an example of a chaotic system in which slowing down of the decay of correlations of some observables does occur at the approach of a boundary crisis. The system considered is a high-dimensional, chaotic climate model of physical relevance. Moreover, coarse-grained approximations of the transfer operators on a reduced space, constructed from a long time series of the system, give evidence that this behaviour is due to the approach of unstable resonances to the unit circle. That the unstable resonances are affected by the crisis can be physically understood from the fact that the process responsible for the instability, the ice

  6. Salinity stratification of the Mediterranean Sea during the Messinian crisis: A first model analysis

    Simon, Dirk; Meijer, Paul Th.


    In the late Miocene, a thick and complex sequence of evaporites was deposited in the Mediterranean Sea during an interruption of normal marine sedimentation known as the Messinian Salinity Crisis. Because the related deposits are mostly hidden from scrutiny in the deep basin, correlation between onshore and offshore sediments is difficult, hampering the development of a comprehensive stratigraphic model. Since the various facies correspond to different salinities of the basin waters, it would help to have physics-based understanding of the spatial distribution of salt concentration. Here, we focus on modelling salinity as a function of depth, i.e., on the stratification of the water column. A box model is set up that includes a simple representation of a haline overturning circulation and of mixing. It is forced by Atlantic exchange and evaporative loss and is used to systematically explore the degree of stratification that results under a wide range of combinations of parameter values. The model demonstrates counterintuitive behaviour close to the saturation of halite. For parameter values that may well be realistic for the Messinian, we show that a significantly stratified Mediterranean water column can be established. In this case, Atlantic connectivity is limited but may be closer to modern magnitudes than previously thought. In addition, a slowing of Mediterranean overturning and a larger deep-water formation region (both in comparison to the present day) are required. Under these conditions, we would expect a longer duration of halite deposition than currently considered in the MSC stratigraphic consensus model.

  7. [Dilemmas of health financing].

    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.

  8. Development of a measure of model fidelity for mental health Crisis Resolution Teams.

    Lloyd-Evans, Brynmor; Bond, Gary R; Ruud, Torleif; Ivanecka, Ada; Gray, Richard; Osborn, David; Nolan, Fiona; Henderson, Claire; Mason, Oliver; Goater, Nicky; Kelly, Kathleen; Ambler, Gareth; Morant, Nicola; Onyett, Steve; Lamb, Danielle; Fahmy, Sarah; Brown, Ellie; Paterson, Beth; Sweeney, Angela; Hindle, David; Fullarton, Kate; Frerichs, Johanna; Johnson, Sonia


    Crisis Resolution Teams (CRTs) provide short-term intensive home treatment to people experiencing mental health crisis. Trial evidence suggests CRTs can be effective at reducing hospital admissions and increasing satisfaction with acute care. When scaled up to national level however, CRT implementation and outcomes have been variable. We aimed to develop and test a fidelity scale to assess adherence to a model of best practice for CRTs, based on best available evidence. A concept mapping process was used to develop a CRT fidelity scale. Participants (n = 68) from a range of stakeholder groups prioritised and grouped statements (n = 72) about important components of the CRT model, generated from a literature review, national survey and qualitative interviews. These data were analysed using Ariadne software and the resultant cluster solution informed item selection for a CRT fidelity scale. Operational criteria and scoring anchor points were developed for each item. The CORE CRT fidelity scale was then piloted in 75 CRTs in the UK to assess the range of scores achieved and feasibility for use in a 1-day fidelity review process. Trained reviewers (n = 16) rated CRT service fidelity in a vignette exercise to test the scale's inter-rater reliability. There were high levels of agreement within and between stakeholder groups regarding the most important components of the CRT model. A 39-item measure of CRT model fidelity was developed. Piloting indicated that the scale was feasible for use to assess CRT model fidelity and had good face validity. The wide range of item scores and total scores across CRT services in the pilot demonstrate the measure can distinguish lower and higher fidelity services. Moderately good inter-rater reliability was found, with an estimated correlation between individual ratings of 0.65 (95% CI: 0.54 to 0.76). The CORE CRT Fidelity Scale has been developed through a rigorous and systematic process. Promising initial testing indicates

  9. An Alternative Model to Determine the Financing Structure of PPP-Based Young Graduate Apartments in China: A Case Study of Hangzhou

    Yelin Xu


    Full Text Available Public-private partnerships (PPP can be employed to provide public rental housing for young graduates, which has been urgent to achieve social sustainability in China. However, few studies have been conducted to investigate the financing structure of PPPs, particularly the ratio of private investment, which is important in initiating a PPP project. This study develops a robust model to determine the financing structure through considering the uncertainties in operation. A case study in Hangzhou demonstrates the process of the model. The relevant findings provide private investors and the local government with effective references for negotiating the financing structure of a PPP project.

  10. Constructing New Finance Models That Balance Equity, Adequacy and Efficiency with Responsiveness. Education Finance in the States: Its Past, Present and Future. ECS Issue Paper.

    Guthrie, James W.

    Policymakers continue to face major challenges in education finance, despite a history of reforms. Today's challenges include ensuring financial adequacy, maintaining gains in distributional equality, coping with the increasing need for teachers, satisfying public preference for diversity in schools and programs, and devising performance…

  11. The power of supply chain finance : how companies can apply collaborative finance models in their supply chain to mitigate risks and reduce costs

    Michiel Steeman


    Supply chain finance krijgt steeds meer aandacht bij bedrijven als een middel om hun supply chain strategie te ondersteunen. Het gaat hierbij niet alleen om het reduceren van kosten maar ook om het mitigeren van de risico’s in de keten. Wij verwachten dan ook dat vooral bij grote bedrijven de

  12. Modelling Individual Evacuation Decisions during Natural Disasters: A Case Study of Volcanic Crisis in Merapi, Indonesia



    Full Text Available As the size of human populations increases, so does the severity of the impacts of natural disasters. This is partly because more people are now occupying areas which are susceptible to hazardous natural events, hence, evacuation is needed when such events occur. Evacuation can be the most important action to minimise the impact of any disaster, but in many cases there are always people who are reluctant to leave. This paper describes an agent-based model (ABM of evacuation decisions, focusing on the emergence of reluctant people in times of crisis and using Merapi, Indonesia as a case study. The individual evacuation decision model is influenced by several factors formulated from a literature review and survey. We categorised the factors influencing evacuation decisions into two opposing forces, namely, the driving factors to leave (evacuate versus those to stay, to formulate the model. The evacuation decision (to stay/leave of an agent is based on an evaluation of the strength of these driving factors using threshold-based rules. This ABM was utilised with a synthetic population from census microdata, in which everyone is characterised by the decision rule. Three scenarios with varying parameters are examined to calibrate the model. Validations were conducted using a retrodictive approach by performing spatial and temporal comparisons between the outputs of simulation and the real data. We present the results of the simulations and discuss the outcomes to conclude with the most plausible scenario.


    Arif Widodo


    Full Text Available It is widely believed that Islamic finance is inherently stable since the principle of risk-sharing and linking the financial to real counterpart in particular through its social finance are applied, hence the financial stability may successfully be attained. If mimicking the conventional finance, Islamic model will probably be facing instability, following the financial cycle. There has been a growing literature discussing credit cycle in mainstream perspective since 2008 global financial crash. However, it is quite rare to find study, in macro context, on credit cycles and the effectiveness of integrated Islamic commercial and social finance in achieving macroprudential objective: curtailing excessive credit. This study is designed to empirically examine the characteristics of cycles stemming from conventional and Islamic credit whether both have similar trend and also to investigate how the integrated Islamic commercial and social finance may be effective to hamper such cycles. By employing Hodrick-Presscot Filter, Markov Switching and Vector Error Correction Model, this study demonstrates that, in terms of cycle, Islamic model cycle has certain similarities with conventional counterpart since it functions under similar financial environment despite the fact that Islamic has less amplitude compared with conventional credit. Both credit and financing cycles tend to grow rapidly (excessive several months before global financial crisis happened in 2008. This means that, in a dual banking system, credit and financing boom may precede financial crisis. Moreover, it is apparent also that the integrated Islamic finance is proven to be effective in curbing credit growth due to the effectiveness of both macroprudential instrument applied in banking sector and social finance in safeguarding financial stability. Keywords:  Credit cycle, Macroprudential policy, Markov Switching, HP filter JEL Classification: E32, E51, G29

  14. Financing of power supply systems and pollution control equipment. Models, dimensions, developments

    Radtke, G; Raabe, G


    The authors explain the bankers' point of view of the financial and economic aspects of developments in the energy sector, discussing the financing of natural gas pipelines (Muro, Megal, etc.), of nuclear power plant construction, of projects in the oil supply sector, and of pollution abatement measures and equipment for the power industry and other industries. The different financial situations of small firms or large firms supplying pollution control equipment are discussed referring to the financing schemes to be set up, explaining among other things the profitability assessment taking into account long-term development or delays in return on capital investment from borrowed funds as induced, e.g., by delays in the licensing procedure. Future demand for borrowed capital for pollution control or nuclear power plant development is difficult to assess by the banking circles. (orig./RST).

  15. Islamic Micro Finance and Its Impact on Poverty Reduction of Two Village Models in Bogor, Indonesia

    Mustica Bintang Sabiti


    Full Text Available The purpose of this paper is to identify the effectiveness of Islamic microfinance institutions and their impact on poverty reduction in two types of rural areas in the district of Bogor, Indonesia. This research uses descriptive analysis, using a likert’s scale and with a paired sample t test to determine the impact of Islamic micro finance to micro business performance. Multiple regression is also used to see the effect of the types of villages in the implementation of micro-enterprise businesses. The results show that the Islamic micro financing has affected the effectiveness of the income and expenditure aspects, but also quite effective in the aspect of profit and use in expenditure. Furthermore, funding-based Islamic microfinance also has a positive influence on business micro and poverty reduction.DOI:  10.15408/sjie.v6i1.4337

  16. Financing Asset Sales and Business Cycles

    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...

  17. Banking Models Under the Impact of the Post-Crisis Organizational Changes Apt to Confer Sustainable Financial Stability - Romanian Experience

    Claudia Gabriela Baicu


    Full Text Available The global financial crisis led to substantial changes in the operating environment of banks. Reforming the regulatory framework of financial and banking activity and the increase role of state in banking systems in many countries are important factors that involve major changes in the organizing of banking activity, the strategies adopted, the business models practiced, etc. Based on these considerations, the paper examines trends in banking models after the 2007 crisis. The analysis of the banking models is performed from the perspective of the deep organizational changes that affected the banking environment and sustainable financial stability. The study focuses on the analysis of the banking sustenability and the business model in the Romanian banking system, in the context of the post-crisis organizational changes. The profound interdependence of the Romanian banking system with the banking systems of the European countries and the international tendencies in financial regulation are important factors that influence the business models of the Romanian banks. The banking model practiced in Romania continues to be the traditional one. Currently, the most important challenges of the Romanian banking system are the growth of the non-performing loans, the loans in foreign currency to unhedged borrowers, the pressure to meet the Basel III requirements, as well as the possibility that the exposure of foreign banks towards Romania to decrease.

  18. Relationship finance, market finance and endogenous business cycles

    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...

  19. Models for financial crisis detection in Indonesia based on M1, M2 per foreign exchange reverse, and M2 multiplier indicators

    Sugiyanto; Zukhronah, Etik; Pratiwi, Esteti Sophia


    Indonesia has been hit by financial crisis in the middle of 1997. The financial crisis that has occurred gives a severe impact to the economy of Indonesia resulting the needs for a detection system of financial crisis. Crisis can be detected based on several indicators such as M1, M2 per foreign exchange reserves, and M2 multiplier. These three indicators can affect the exchange rate stability and may further affect the financial stability so that it can be one of the causes of the financial crisis. This research aims to determine the appropriate model that can detect the financial crisis in Indonesia. Markov switching is an alternative model that can be approach and used often for detecting financial crisis. We can determine the combination of volatility and Markov switching model with AR and volatility model are determined first. The results of this research are that M1 can be modelled by SWARCH (3, 1) while M2 per foreign research exchange reserves and M2 multiplier can be modelled by SWARCH(3,2).

  20. Robust linear discriminant models to solve financial crisis in banking sectors

    Lim, Yai-Fung; Yahaya, Sharipah Soaad Syed; Idris, Faoziah; Ali, Hazlina; Omar, Zurni


    Linear discriminant analysis (LDA) is a widely-used technique in patterns classification via an equation which will minimize the probability of misclassifying cases into their respective categories. However, the performance of classical estimators in LDA highly depends on the assumptions of normality and homoscedasticity. Several robust estimators in LDA such as Minimum Covariance Determinant (MCD), S-estimators and Minimum Volume Ellipsoid (MVE) are addressed by many authors to alleviate the problem of non-robustness of the classical estimates. In this paper, we investigate on the financial crisis of the Malaysian banking institutions using robust LDA and classical LDA methods. Our objective is to distinguish the "distress" and "non-distress" banks in Malaysia by using the LDA models. Hit ratio is used to validate the accuracy predictive of LDA models. The performance of LDA is evaluated by estimating the misclassification rate via apparent error rate. The results and comparisons show that the robust estimators provide a better performance than the classical estimators for LDA.


    Sarwanto Sarwanto


    Full Text Available The financing models as an intervention for provinsion of pregnant and delivery services has been implemented in Lumajang and Situbondo districts, each in three sub districts. Those models were Tabulin (Delivery  Saving and referral Fund for High Risk Pregnant Women. Traditional Birth Attendance (TBA Empowerment, Dasabu (Maternal Health Services Fund and DKM (Self Health Fund. The objectives of financing intervention models were: 1 to study the impact  of model toward midwive's delivery coverage, 2 to study the impact of models toward TBA 's and midwive's partnership, and 3 to study. the enabling and obstacle factors influencing its implementation. Quasy  experimental design without control group were used in the study  during 6 montths intervention.

  2. Sustainable finance

    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

  3. Financing Vidalia

    Lagassa, G.


    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.

  5. Overview of reaction to the economic crisis in construction and real estate modelling

    Petrošius, Jonas; Kelpšienė, Loreta


    This paper analyzes general economic crisis and its effect on industry. Construction sector while being a mediator between production and service sectors makes impact on both of them; one new immediate workplace on a construction site incites the establishing of two or more workplaces in other industry branches. After the bursting of the real estate bubble the effects of crisis on construction and real estate sectors are very tangible both in the world and in Lithuania. Companies whose work i...

  6. Research on the influencing factors of financing efficiency of big data industry based on panel data model--Empirical evidence from Guizhou province

    Li, Chenggang; Feng, Yujia


    This paper mainly studies the influence factors of financing efficiency of Guizhou big data industry, and selects the financial and macro data of 20 Guizhou big data enterprises from 2010 to 2016. Using the DEA model to obtain the financing efficiency of Guizhou big data enterprises. A panel data model is constructed to select the six macro and micro influencing factors for panel data analysis. The results show that the external economic environment, the turnover rate of the total assets of the enterprises, the increase of operating income, the increase of the revenue per share of each share of the business income have positive impact on the financing efficiency of of the big data industry in Guizhou. The key to improve the financing efficiency of Guizhou big data enterprises is to improve.

  7. Modeling exchange rate volatility in CEEC countries: Impact of global financial and European sovereign debt crisis

    Miletić Siniša


    Full Text Available The aim of this study is to envisage the impact of global financial (GFC and European sovereign debt crisis (ESDC on foreign exchange markets of emerg- ing countries in Central and Eastern Europe CEEC countries (Czech Republic, Hungary, Romania, poland and Serbia. The daily returns of exchange rates on Czech Republic koruna (CZK, Hungarian forint (HuF, Romanian lea (RoL, polish zloty (pLZ and Serbian dinar (RSD, all against the Euro are analyzed during the period from 3rd January 2000 to15th April 2013, in respect. To examine the impact of global financial crisis and European sovereign debt crisis, dummy variables were adopted. overall results imply that global financial crisis has no impact on exchange rate returns in selected CEEC countries, while European sovereign debt crisis inf luencing in depreciation of polish zloty by 8% and Roma- nian lea by 6%. obtained results by our calculation, imply that global financial crisis increased enhanced volatility on exchange rate returns of Czech koruna, Romanian lea and polish zloty. Moreover, results of empirical analysis imply that this impact has the strongest inf luence in volatility on exchange rate returns of polish zloty.

  8. On Security of Collateral in Danish Mortgage Finance

    Haldrup, Karin


    on the balance principle that assigns risks and responsibility to market players in a self-disciplinary manner and protected the mortgage banks against cash flow mismatches even during deep crisis, as history attests. It is shown how property registers and effective enforcement have created transparent property......Specialized mortgage intermediaries in Denmark have for over two hundred years provided owners and buyers of real property wide access to credit. The present paper sets out to explore the safeguards that nurtured development of a robust, market based financing system and a deep mortgage market....... Observations are made on the nature of collateral performance in respect to property rights, mortgage law and market development in search of general features of required institutional arrangements. The robustness of the Danish mortgage finance system is largely accredited to the securitization model based...

  9. Managing crisis

    Bakacsi, Gyula


    The traditional approach to crisis management suggest autocratic leadership, that has risks anyway (leader is the bottle-neck of problem solving, single-loop learning, crisis management is a matter of efficiency). However, managing nowadays crisis is rather effectiveness issue, and requires double-loop learning (second-order change) and leadership role in the sense of Kotter’s theory. Paper discusses the top-management’s leadership responsibilities, and their special tasks in the problem solv...

  10. Syndromes of the global water crisis - exploring the emergent dynamics through socio-hydrological modeling

    Kuil, Linda; Levy, Morgan; Pavao-Zuckerman, Mitch; Penny, Gopal; Scott, Christopher; Srinivasan, Veena; Thompson, Sally; Troy, Tara


    There is a great variety of human water systems at the global scale due to the types and timing of water supply/availability, and the high diversity in water use, management, and abstraction methods. Importantly, this is largely driven by differences in welfare, social values, institutional frameworks, and cultural traditions of communities. The observed trend of a growing world population in combination with changing habits that generally increase our water consumption per capita implies that an increasing number of communities will face water scarcity. Over the years much research has been done in order to increase our understanding of human water systems and their associated water problems, using both top-down and bottom-up approaches. Despite these efforts, the challenge has remained to generalize findings beyond the areas of interests and to establish a common framework in order to compare and learn from different cases as a basis for finding solutions. In a recent analysis of multiple interdisciplinary subnational water resources case studies, it was shown that a suite of distinct resources utilization patterns leading to a water crisis can be identified, namely: 1) groundwater depletion, 2) ecological destruction, 3) drought-driven conflicts, 4) unmet subsistence needs, 5) resource capture by elite and 6) water reallocation to nature (Srinivasan et al., 2012). The effects of these syndromes on long-lasting human wellbeing can be grouped in the following outcomes: unsustainability, vulnerability, chronic scarcity and adaptation. The aim of this group collaboration is to build on this work through the development of a socio-hydrological model that is capable of reproducing the above syndromes and outcomes, ultimately giving insight in the different pathways leading to the syndromes. The resulting model will be distinct compared to existing model frameworks for two reasons. First of all, feedback loops between the hydrological, the environmental and the human

  11. Small finance banks: Challenges

    Jayadev M


    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.

  12. Health and economic benefits of public financing of epilepsy treatment in India: An agent-based simulation model.

    Megiddo, Itamar; Colson, Abigail; Chisholm, Dan; Dua, Tarun; Nandi, Arindam; Laxminarayan, Ramanan


    An estimated 6-10 million people in India live with active epilepsy, and less than half are treated. We analyze the health and economic benefits of three scenarios of publicly financed national epilepsy programs that provide: (1) first-line antiepilepsy drugs (AEDs), (2) first- and second-line AEDs, and (3) first- and second-line AEDs and surgery. We model the prevalence and distribution of epilepsy in India using IndiaSim, an agent-based, simulation model of the Indian population. Agents in the model are disease-free or in one of three disease states: untreated with seizures, treated with seizures, and treated without seizures. Outcome measures include the proportion of the population that has epilepsy and is untreated, disability-adjusted life years (DALYs) averted, and cost per DALY averted. Economic benefit measures estimated include out-of-pocket (OOP) expenditure averted and money-metric value of insurance. All three scenarios represent a cost-effective use of resources and would avert 800,000-1 million DALYs per year in India relative to the current scenario. However, especially in poor regions and populations, scenario 1 (which publicly finances only first-line therapy) does not decrease the OOP expenditure or provide financial risk protection if we include care-seeking costs. The OOP expenditure averted increases from scenarios 1 through 3, and the money-metric value of insurance follows a similar trend between scenarios and typically decreases with wealth. In the first 10 years of scenarios 2 and 3, households avert on average over US$80 million per year in medical expenditure. Expanding and publicly financing epilepsy treatment in India averts substantial disease burden. A universal public finance policy that covers only first-line AEDs may not provide significant financial risk protection. Covering costs for both first- and second-line therapy and other medical costs alleviates the financial burden from epilepsy and is cost-effective across wealth

  13. Trust vs. Crisis

    Mogensen, Kirsten


    The three social phenomena -- norms, trust, and crisis -- are in this paper combined into one model that illustrates their function and relationship. Crisis is seen as a reaction to serious violations of expectations that leave people disoriented, insecure about situational norms, and unable...... to judge whom to trust. One logical solution to a crisis is to rebuild a shared understanding of the norms involved in any given context. Banking is used as a case. Central concepts are borrowed from Niklas Luhmann Trust (1968), Alf Ross Directives and Norms (1967), and Arthur G. Neal National Trauma...

  14. Trust vs. Crisis

    Kirsten Mogensen


    Full Text Available The three social phenomena -- norms, trust, and crisis -- are in this paper combined into one model that illustrates their function and relationship. Crisis is seen as a reaction to serious violations of expectations that leave people disoriented, insecure about situational norms, and unable to judge whom to trust. One logical solution to a crisis is to rebuild a shared understanding of the norms involved in any given context. Banking is used as a case. Central concepts are borrowed from Niklas Luhmann Trust (1968, Alf Ross Directives and Norms (1967, and Arthur G. Neal National Trauma & Collective Memory (1998.

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

    Joe-Ming Lee


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

  16. Verification of calculational models of heat exchange crisis and overcrisis heat transfer, used in the KORSAR code

    Bezrukov, Yu.A.; Shchekoldin, V.I.


    On the basis of the Gidropress OKB (Special Design Bureau) experimental data bank one verified the KORSAR code design models and correlations as to heat exchange crisis and overcrisis heat transfer as applied to the WWER reactor normal and emergency conditions. The VI.006.000 version of KORSAR code base calculations is shown to describe adequately the conducted experiments and to deviate insignificantly towards the conservative approach. So it may be considered as one of the codes ensuring more precise estimation [ru

  17. Retrieving quantifiable social media data from human sensor networks for disaster modeling and crisis mapping

    Aulov, Oleg

    timely views of the actual levels of surge, as well as provide an upper bound beyond which the surge did not spread. Additionally, we developed AsonMaps---a crisis-mapping tool that combines dynamic model forecast outputs with social media observations and physical measurements to define the regions of event impacts.


    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.

  19. CERN opens finances up for review


    CERN will appoint an external review board to assess future financing needs through to 2012 for both the LHC and the lab as a whole. The action has been prompted by the funding crisis resulting from the cost overruns of the LHC project (1/2 page).

  20. Study of Innovation Model of Railway Project Financing in China%我国铁路建设项目融资创新模式研究



    结合学界和执业界对铁路分类建设与经营的既有研究,对各类型铁路投资特点、不同类型铁路的七种项目融资创新模式进行介绍和分析,最后结合我国铁路融资现状提出现阶段开展融资创新的具体对策。%Based on the existing researches about railway classified construction and operation,this paper analyzes seven new financing models in the view of different railway types and different characteristic of financing.In the end,proposes some countermeasures of railway financing according to the status of railway financing in China.

  1. Crisis Communication

    Anca Jarmila Guţă


    The paper presents the manner in which the crisis of different types can disturb the normal activity of an organization and also the modalities by which the communication in this situation can solve or attenuate the negative effects of a crisis.

  2. Long-term financing needs for HIV control in sub-Saharan Africa in 2015–2050: a modelling study

    Atun, Rifat; Chang, Angela Y; Ogbuoji, Osondu; Silva, Sachin; Resch, Stephen; Hontelez, Jan; Bärnighausen, Till


    Objectives To estimate the present value of current and future funding needed for HIV treatment and prevention in 9 sub-Saharan African (SSA) countries that account for 70% of HIV burden in Africa under different scenarios of intervention scale-up. To analyse the gaps between current expenditures and funding obligation, and discuss the policy implications of future financing needs. Design We used the Goals module from Spectrum, and applied the most up-to-date cost and coverage data to provide a range of estimates for future financing obligations. The four different scale-up scenarios vary by treatment initiation threshold and service coverage level. We compared the model projections to current domestic and international financial sources available in selected SSA countries. Results In the 9 SSA countries, the estimated resources required for HIV prevention and treatment in 2015–2050 range from US$98 billion to maintain current coverage levels for treatment and prevention with eligibility for treatment initiation at CD4 count of <500/mm3 to US$261 billion if treatment were to be extended to all HIV-positive individuals and prevention scaled up. With the addition of new funding obligations for HIV—which arise implicitly through commitment to achieve higher than current treatment coverage levels—overall financial obligations (sum of debt levels and the present value of the stock of future HIV funding obligations) would rise substantially. Conclusions Investing upfront in scale-up of HIV services to achieve high coverage levels will reduce HIV incidence, prevention and future treatment expenditures by realising long-term preventive effects of ART to reduce HIV transmission. Future obligations are too substantial for most SSA countries to be met from domestic sources alone. New sources of funding, in addition to domestic sources, include innovative financing. Debt sustainability for sustained HIV response is an urgent imperative for affected countries and donors

  3. What Finance Can Learn from Biopharma Industry: A Transfer of Innovation Models

    Francesco COREA


    Full Text Available The financial sector is living a profound crisis in order to keep pace with the continuous technological breakthroughs that come out daily, while other sectors seem to be historically more growth-by-innovation-based (e.g., the pharma/biotech sector. This work focuses on an interdisciplinary approach to innovation, and on insights that the banking sector can draw from the pharmaceutical one. Hence, a unique dataset has been built, and it collects information on the most relevant players for both the fields. Different indicators have been created as well in order to empirically test whether the financial industry is actually less innovative with respect to the pharmaceutical one, and to understand the best growing strategy for the banking industry. The results confirm that there is an innovation gap between the two industries, as well as identify the corporate venture capital as the best mean to drive business growth through innovation.

  4. SMEs, banks and the spatial differentiation of access to finance

    Zhao, T.; Jones-Evans, D.


    By utilizing the SME Finance Monitor and a unique dataset on the geographical location of all bank branches in 11 UK economic regions, this paper examines the relevance of spatial differentiation on SMEs’ access to bank finance during the period of economic weakness following the 2007 financial crisis. We find evidence suggesting the presence of a regional-specific effect on SMEs’ access to bank finance. Our findings show that greater functional distance between bank headquarters and branches...

  5. Financing the Welfare State and the Politics of Taxation

    Morel , Nathalie; Palme , Joakim


    In an era of 'permanent austerity' (Pierson, 2001) and financial crisis, the issue of financing welfare state provision is topical. Moreover, the future of welfare state funding in countries with ageing populations is no doubt raising increasing interest in scholarly as well as policy circles. Yet the financing side of welfare provision has traditionally been given little attention and remains somewhat of a black box of the welfare state. The fact that some of the financing mechanisms have re...

  6. Crisis and emergency risk communication in a pandemic: a model for building capacity and resilience of minority communities.

    Crouse Quinn, Sandra


    As public health agencies prepare for pandemic influenza, it is evident from our experience with Hurricane Katrina that these events will occur in the same social, historical, and cultural milieu in which marked distrust of government and health disparities already exist. This article grapples with the challenges of crisis and emergency risk communication with special populations during a pandemic. Recognizing that targeting messages to specific groups poses significant difficulties at that time, this article proposes a model of community engagement, disaster risk education, and crisis and emergency risk communication to prepare minority communities and government agencies to work effectively in a pandemic, build the capacity of each to respond, and strengthen the trust that is critical at such moments. Examples of such engagement and potential strategies to enhance trust include tools familiar to many health educators.

  7. Error Detection-Based Model to Assess Educational Outcomes in Crisis Resource Management Training: A Pilot Study.

    Bouhabel, Sarah; Kay-Rivest, Emily; Nhan, Carol; Bank, Ilana; Nugus, Peter; Fisher, Rachel; Nguyen, Lily Hp


    Otolaryngology-head and neck surgery (OTL-HNS) residents face a variety of difficult, high-stress situations, which may occur early in their training. Since these events occur infrequently, simulation-based learning has become an important part of residents' training and is already well established in fields such as anesthesia and emergency medicine. In the domain of OTL-HNS, it is gradually gaining in popularity. Crisis Resource Management (CRM), a program adapted from the aviation industry, aims to improve outcomes of crisis situations by attempting to mitigate human errors. Some examples of CRM principles include cultivating situational awareness; promoting proper use of available resources; and improving rapid decision making, particularly in high-acuity, low-frequency clinical situations. Our pilot project sought to integrate CRM principles into an airway simulation course for OTL-HNS residents, but most important, it evaluated whether learning objectives were met, through use of a novel error identification model.

  8. Modelli di crisi valutarie e misure di politica economica (Exchange Rate Crises Models and Economic Policy Measures

    Pompeo Della Posta


    Full Text Available  Some recent articles explain the Asian crisis almost exclusively in terms of "fundamentals". The role played by private sector's expectations, however, should also be considered. In my view, then, "escape clause" models exhibiting multiple equilibria within a grey area, especially when integrated with the possibility that expectations may change exogenously so as to modify the grey area itself, allow a better understanding of exchange rate crises. When considering the role played by expectations, the economic policy measures to be adopted in order to assure the stability of financial and currency markets differ from the remedies emerging when those aspects are ignored.        JEL Codes: F31, F32Keywords: Crisis, Exchange Rates

  9. Democratic Potential of New Models of Scholarship and the Crisis of Control

    Jenny Bossaller


    Full Text Available This paper frames the serials crisis as a loss of control over libraries’ collections and development budgets. While libraries have always had to contend with budget constraints, for many the rising cost of serials has become prohibitive, impeding on scholarship itself as librarians are forced to cut journal subscriptions. Open Access (OA journals hold the potential to partially alleviate the crisis, but a lasting solution might lie in altering expectations of scholars. Our critique of the dissemination of scholarly research looks to both Marxian economic theory and later critical theory, but finds both inadequate for a pragmatic solution to the crisis; instead, we adopt Deweyan democratic theory to argue in favour of public scholarship aided by librarians and vetted by scholarly societies.

  10. Mastering R for quantitative finance

    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.

  11. Financing PV solar home systems; A market intervention model from a case study in India

    Painuly, J.P. [UNEP Risoe Centre on Energy, Climate and Sustainable Development, Risoe National Laboratory (Denmark); Usher, E. [Energy and Ozon Action Unit - Division of Technology, Industry and Economics - United Nations Environment Programme, Paris (France)


    Renewable Energy is expected to contribute significantly in future to World Energy Supply. It holds tremendous potential for countries like India where approximately seventy percent of the rural households are still without access to electricity. These households continue to rely on less efficient and polluting energy sources, typically biomass for cooking and heating and kerosene for lighting. Even when connected to grid, problems of capacity shortages and inconsistent quality plague the power supply, especially in rural and semi urban areas in most parts of India. Despite high initial costs, Solar Home Systems (SHS) emerge as an attractive option in the context of costly or unreliable alternatives and escalating grid power tariffs. Barrier to the growth of SHS market include a lack of access to financing, awareness, and risk perception associated with the technology, new to the customers of SHS and financing community. Consultations with stakeholders were held and an intervention was designed to address these barriers through creation of a credit facility in partnership with two banks having wide reach to the potential customers. The facility provides loan to the customers and a small subsidy to buy down high cost of the credit, which is designed to reduce over the three-year operation of the facility, with a target to reach market rates of interest at the end of the project. Technical support, awareness raising strategies and training were included as a part of the overall strategy. The credit facility was launched between April and June 2003 by the two banks. Early indications on sales have been very encouraging and the facility is expected to surpass the target of 5000 SHS sales in two years well in advance. Feedback mechanisms such as customer surveys, new initiatives to reach the poor households, and ongoing consultations with stakeholders etc. are also part of the market development strategy. (orig.)

  12. Financing tourist activity

    Vujović Slavoljub


    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

  13. An introduction to continuous-time stochastic processes theory, models, and applications to finance, biology, and medicine

    Capasso, Vincenzo


    This textbook, now in its third edition, offers a rigorous and self-contained introduction to the theory of continuous-time stochastic processes, stochastic integrals, and stochastic differential equations. Expertly balancing theory and applications, the work features concrete examples of modeling real-world problems from biology, medicine, industrial applications, finance, and insurance using stochastic methods. No previous knowledge of stochastic processes is required. Key topics include: * Markov processes * Stochastic differential equations * Arbitrage-free markets and financial derivatives * Insurance risk * Population dynamics, and epidemics * Agent-based models New to the Third Edition: * Infinitely divisible distributions * Random measures * Levy processes * Fractional Brownian motion * Ergodic theory * Karhunen-Loeve expansion * Additional applications * Additional  exercises * Smoluchowski  approximation of  Langevin systems An Introduction to Continuous-Time Stochastic Processes, Third Editio...

  14. Access to Credit of SMEs in the Czech Republic During the Financial Crisis and in the Post-crisis Period

    Petr Koráb


    Full Text Available We investigate the impact of the financial crisis on the access of small and medium-sized enterprises in the Czech Republic to external financing. We apply the non-parametric kernel density estimation on a firm-level measure of financing constraints and evaluate its distribution on a balanced panel of SMEs. We focus on financing constraints related to financial health of companies since they determine the commercial banks’ lending behaviour. Our results reveal that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that enterprises were financially constrained during the crisis because of reduced cash-flow and cash holdings.

  15. Models of public-private engagement for health services delivery and financing in Southern Africa: a systematic review.

    Whyle, Eleanor Beth; Olivier, Jill


    In low- and middle-income countries (LMICs), the private sector-including international donors, non-governmental organizations, for-profit providers and traditional healers-plays a significant role in health financing and delivery. The use of the private sector in furthering public health goals is increasingly common. By working with the private sector through public -: private engagement (PPE), states can harness private sector resources to further public health goals. PPE initiatives can take a variety of forms and understanding of these models is limited. This paper presents the results of a Campbell systematic literature review conducted to establish the types and the prevalence of PPE projects for health service delivery and financing in Southern Africa. PPE initiatives identified through the review were categorized according to a PPE typology. The review reveals that the full range of PPE models, eight distinct models, are utilized in the Southern African context. The distribution of the available evidence-including significant gaps in the literature-is discussed, and key considerations for researchers, implementers, and current and potential PPE partners are presented. It was found that the literature is disproportionately representative of PPE initiatives located in South Africa, and of those that involve for-profit partners and international donors. A significant gap in the literature identified through the study is the scarcity of information regarding the relationship between international donors and national governments. This information is key to strengthening these partnerships, improving partnership outcomes and capacitating recipient countries. The need for research that disaggregates PPE models and investigates PPE functioning in context is demonstrated. © The Author 2016. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine. All rights reserved. For permissions, please e-mail:

  16. Exchange market pressures during the financial crisis: A Bayesian model averaging evidence

    Feldkircher, M.; Horváth, Roman; Rusnák, M.


    Roč. 40, č. 1 (2014), s. 21-41 ISSN 0261-5606 R&D Projects: GA ČR GA13-11983S Institutional support: RVO:67985556 Keywords : exchange rate pressure * Financial crisis Subject RIV: AH - Economics Impact factor: 2.117, year: 2014

  17. Determinants of managers’ behaviour in a crisis situation in an enterprise - an attempt at model construction

    Walecka Anna


    Full Text Available A crisis in an enterprise is an extremely difficult situation which company managers need to deal with. The enterprise may take all kinds of remedial actions. Ranging from conservative measures, through moderate to very radical ones. These steps may be aimed at counteracting the effects of the past or focused on looking towards the future of the organisation.

  18. A note on modeling consumer reactions to a crisis: The case of the mad cow disease

    Pennings, J.M.E.; Wansink, B.; Meulenberg, M.T.G.


    What drives the behavior of consumers when faced with a product-related crisis, such as that involving food contamination or life-threatening design flaws? For both consumers and companies, these crises have become of increasing importance because of the globalization of markets and an increased

  19. A simulation model to analyze the impact of crisis conditions on the performance of port operations.


    We consider the supply chain for containerized items that arrive at a port in the U.S. whose final destination is also in the U.S. Ports are important entities in global supply chains. As such, when a port cannot operate because of : a crisis, such a...

  20. Lithuanian Investors' Behaviour During Financial Crisis

    Bikas, Egidijus; Kavaliauskas, Andrius


    Based on research of academic literature, this article analyses Lithuanian investors' behaviour during financial crisis. The article summarizes the newest finance science subjects, theories of behavioural finance, and works of various scientists, in order to find cognitive and emotional investors' deviations from rational behaviour, and also to better understand and explain how emotions and environment valuation mistakes influence investors and their decision-making. Emotional nature of inves...

  1. Substantiation and verification of the heat exchange crisis model in a rod bundles by means of the KORSAR thermohydraulic code

    Bobkov, V.P.; Vinogradov, V.N.; Efanov, A.D.; Sergeev, V.V.; Smogalev, I.P.


    The results of verifying the model for calculating the heat exchange crisis in the uniformly heated rod bundles, realized in the calculation code of the improved evaluation KORSAR, are presented. The model for calculating the critical heat fluxes in this code is based on the tabular method. The experimental data bank of the Branch base center of the thermophysical data GNTs RF - FEhI for the rod bundles, structurally similar to the WWER fuel assemblies, was used by the verification within the wide range of parameters: pressure from 0.11 up to 20 MPa and mass velocity from 5- up to 5000 kg/(m 2 s) [ru

  2. Global financial crisis

    MSc. Jusuf Qarkaxhija


    influences the pro-cess of attracting foreign investment, and further influencing the growth of unemployment, and in turn expanding the financial crisis, where finances are already fragile. In the following sections, we will elaborate on the financial crisis in a global aspect, the impacts of this crisis in economic development, and the role of stock exchange in finance, thereby creating a multi-dimensional horizon of the problem.

  3. Beyond EU flexicurity. A hybrid model to financing social security: towards 'totalse­cirity'

    Calogero Massimo Cammalleri


    Full Text Available The poses the empiric bases to introduces kind of 'so­cial security tax' to fight undeclared work, to reduce externalities, to substitute trust in the market with true and strong financial social protection. Therefore this paper tries to give a little contribu­tion to break link between work and se­curity's financing. It aims to demonstrate (also but not only, according to economics perspect­ive as flexicurity-balance can work in accordance with art. 31 and art. 34 of the Charter of Funda­mental Rights of the European Union, social justice, worker se­curity, whether the ex­ternalities in­side flexicur­ity's trade-off will be charged to flexibi­lity. One con­siders universal like wide­spread, as well as flexicurity studies consider it. One considers not to change anything about sub­jective and objective assumptions in benefits, as well as in contri­bution over workers' wages. - on the contrary one considers must not change (except possibles little ad­justments. The effect of the hybrids is the one way. It should introduce a virtuous cycle to reduce the gap in com­petitiveness between local production and extra E.U.

  4. Crowdfunding Financing Development Model And Risk Research%互联网众筹融资发展模式及风险研究



    With the proposed"Internet+"action plan on the financing model, the rise of the Internet in this way crowdfunding financing has become a new way of financing. Crowdfunding financing business as a new financing model, its various aspects in China is still in its infancy. In this paper, the classification of different types of pub⁃lic financing during the characteristics, advantages and disadvantages, combined with von Neumann and Morgen⁃stern expected utility theory, qualitative analysis combined with quantitative research crowdfunding risks associ⁃ated with financing currently in China. Finally, the relevant regulatory proposals.%伴随着“互联网+”行动计划的提出,在融资模式上,众筹融资已经成为一种新兴的融资方式。众筹融资作为一种全新的商业融资模式,其各个方面在中国还处在起步阶段。文章分类研究了不同种类的众筹融资的特点以及优缺点,结合冯·纽曼和摩根斯坦期望效用理论(VNM理论),定量结合定性分析研究众筹融资目前在中国的相关风险。目前众筹融资应该实行差异化监管为主,把握好不同模式的侧重点;行业自律与行业监管双管齐下;加强保护投资者利益,提高投资者的风险意识。

  5. Multiple scales modelling approaches to social interaction in crowd dynamics and crisis management. Comment on "Human behaviours in evacuation crowd dynamics: From modelling to "big data" toward crisis management" by Nicola Bellomo et al.

    Trucu, Dumitru


    In this comprehensive review concerning the modelling of human behaviours in crowd dynamics [3], the authors explore a wide range of mathematical approaches spanning over multiple scales that are suitable to describe emerging crowd behaviours in extreme situations. Focused on deciphering the key aspects leading to emerging crowd patterns evolutions in challenging times such as those requiring an evacuation on a complex venue, the authors address this complex dynamics at both microscale (individual level), mesoscale (probability distributions of interacting individuals), and macroscale (population level), ultimately aiming to gain valuable understanding and knowledge that would inform decision making in managing crisis situations.

  6. Project Financing

    S. GATTI


    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...

  7. Statistics and finance an introduction

    Ruppert, David


    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...

  8. Division of Finance Homepage

    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

  9. Novel software system development for finance

    Maad, Soha


    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...

  10. Using Small Models for Big Issues : Exploratory System Dynamics Modelling and Analysis for Insightful Crisis Management

    Pruyt, E.


    The main goal of this paper is to explain and illustrate different exploratory uses of small System Dynamics models for analysis and decision support in case of dynamically complex issues that are deeply uncertain. The applied focuss of the paper is the field of inter/national safety and security.


    Murniati Mukimni Mukhlisin


    Full Text Available This article summarizes the multitude of empirical studies in the area of Islamic banking and finance with purpose to analyze impact of Islamic banking and finance studies to practice by mapping research direction and the depth of the study. The studies are categorized based on research paradigm, countries being researched, methods employed, and results that lead to policy direction in the particular period. The research found that the research direction of the papers under study mostly employ positivist paradigm with countries being researched are generally Malaysia, Pakistan, Indonesia and UAE. It documents that the papers did not link directly to the future policy directions ie. to predict and prepare for financial crisis, rather they merely responded to the undergoing policies or themes of the journals. This review provides insights for understanding the importance of guiding future policy direction in the area of Islamic banking and finance by publishing more research policy papers authored by both academics and professionals.

  12. Insurance crisis

    Williams, P.L.


    The article discusses the effects of financing and technology advances on the availability of insurance for independent power producers operating gas turbines. Combined cycle units which require new materials and processes make it difficult to assess risk. Insurers are denying coverage, or raising prices and deductibles. Many lenders, however, are requiring insurance prior to financing. Some solutions proposed include information sharing by industry participants and insurers and increased risk acceptance by plant owners/operators

  13. Long-term financing needs for HIV control in sub-Saharan Africa in 2015-2050: a modelling study.

    Atun, Rifat; Chang, Angela Y; Ogbuoji, Osondu; Silva, Sachin; Resch, Stephen; Hontelez, Jan; Bärnighausen, Till


    To estimate the present value of current and future funding needed for HIV treatment and prevention in 9 sub-Saharan African (SSA) countries that account for 70% of HIV burden in Africa under different scenarios of intervention scale-up. To analyse the gaps between current expenditures and funding obligation, and discuss the policy implications of future financing needs. We used the Goals module from Spectrum, and applied the most up-to-date cost and coverage data to provide a range of estimates for future financing obligations. The four different scale-up scenarios vary by treatment initiation threshold and service coverage level. We compared the model projections to current domestic and international financial sources available in selected SSA countries. In the 9 SSA countries, the estimated resources required for HIV prevention and treatment in 2015-2050 range from US$98 billion to maintain current coverage levels for treatment and prevention with eligibility for treatment initiation at CD4 count of <500/mm(3) to US$261 billion if treatment were to be extended to all HIV-positive individuals and prevention scaled up. With the addition of new funding obligations for HIV--which arise implicitly through commitment to achieve higher than current treatment coverage levels--overall financial obligations (sum of debt levels and the present value of the stock of future HIV funding obligations) would rise substantially. Investing upfront in scale-up of HIV services to achieve high coverage levels will reduce HIV incidence, prevention and future treatment expenditures by realising long-term preventive effects of ART to reduce HIV transmission. Future obligations are too substantial for most SSA countries to be met from domestic sources alone. New sources of funding, in addition to domestic sources, include innovative financing. Debt sustainability for sustained HIV response is an urgent imperative for affected countries and donors. Published by the BMJ Publishing Group


    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.

  15. Financing a nuclear programme

    Cameron, R.


    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)

  16. Three lines of defence model and the role of internal audit activities as the response to the global economic crisis

    Dragičević Radičević, T.; Stojanović Trivanović, M.; Stanojević, Lj


    The existing framework of corporate governance has shown a number of weaknesses, and the result was a new economic crisis at the global level. The main problems were identified as: increased risk of investors, non-transparency of information, conflict of interest between corporation subjects. European Institute of Internal Auditors in response to the strengthening the trust in information, shareholders activism, better communication, which all will lead to the reduction of risks and restore investors confidence, proposed the Model Three Lines of Defence, where the key role has internal audit.

  17. Public-private partnership conceptual framework and models for the funding and financing of water services infrastructure in municipalities from selected provinces in South Africa

    Ruiters, Cornelius; Matji, Maselaganye P


    This paper presents public-private partnership (PPP) framework models for funding and financing of water services infrastructure at local government (municipalities) level (sphere) in South Africa. Data were assembled from various stakeholders, viz., private and public sector institutions in the Gauteng and Limpopo Provinces of South Africa. The framework for PPPs identified three models, viz. state, hybrid and private sector models. In the 'state model' the water services value chain is 100%...

  18. Comprehensive Revenue and Expense Data Collection Methodology for Teaching Health Centers: A Model for Accountable Graduate Medical Education Financing.

    Regenstein, Marsha; Snyder, John E; Jewers, Mariellen Malloy; Nocella, Kiki; Mullan, Fitzhugh


    Despite considerable federal investment, graduate medical education financing is neither transparent for estimating residency training costs nor accountable for effectively producing a physician workforce that matches the nation's health care needs. The Teaching Health Center Graduate Medical Education (THCGME) program's authorization in 2010 provided an opportunity to establish a more transparent financing mechanism. We developed a standardized methodology for quantifying the necessary investment to train primary care physicians in high-need communities. The THCGME Costing Instrument was designed utilizing guidance from site visits, financial documentation, and expert review. It collects educational outlays, patient service expenses and revenues from residents' ambulatory and inpatient care, and payer mix. The instrument was fielded from April to November 2015 in 43 THCGME-funded residency programs of varying specialties and organizational structures. Of the 43 programs, 36 programs (84%) submitted THCGME Costing Instruments. The THCGME Costing Instrument collected standardized, detailed cost data on residency labor (n = 36), administration and educational outlays (n = 33), ambulatory care visits and payer mix (n = 30), patient service expenses (n =  26), and revenues generated by residents (n = 26), in contrast to Medicare cost reports, which include only costs incurred by residency programs. The THCGME Costing Instrument provides a model for calculating evidence-based costs and revenues of community-based residency programs, and it enhances accountability by offering an approach that estimates residency costs and revenues in a range of settings. The instrument may have feasibility and utility for application in other residency training settings.

  19. Innovative financing models for low carbon transitions: Exploring the case for revolving funds for domestic energy efficiency programmes

    Gouldson, Andy; Kerr, Niall; Millward-Hopkins, Joel; Freeman, Mark C.; Topi, Corrado; Sullivan, Rory


    The IEA has estimated that over the next four decades US$31 trillion will be required to promote energy efficiency in buildings. However, the opportunities to make such investments are often constrained, particularly in contexts of austerity. We consider the potential of revolving funds as an innovative financing mechanism that could reduce investment requirements and enhance investment impacts by recovering and reinvesting some of the savings generated by early investments. Such funds have been created in various contexts, but there has never been a formal academic evaluation of their potential to contribute to low carbon transitions. To address this, we propose a generic revolving fund model and apply it using data on the costs and benefits of domestic sector retrofit in the UK. We find that a revolving fund could reduce the costs of domestic sector retrofit in the UK by 26%, or £9 billion, whilst also making such a scheme cost-neutral, albeit with significant up-front investments that would only pay for themselves over an extended period of time. We conclude that revolving funds could enable countries with limited resources to invest more heavily and more effectively in low carbon development, even in contexts of austerity. - Highlights: • Examines the need for substantially higher levels of low carbon investment. • Explores the need for innovative financing mechanisms such as revolving funds. • Shows that revolving a fund could reduce the cost of UK retrofit by £9 billion or 26%. • Also shows that a revolving fund could make retrofit cost-neutral in the long term. • Concludes that revolving funds could dramatically increase low carbon investment.

  20. Creative Bus Financing.

    Malone, Wade


    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)

  1. Finance and Management Services

    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

  2. An economic theory of Islamic finance

    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.

  3. Statistics for Finance

    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...

  4. 3D modelling of the Carnian Crisis in a new FWF Project (P22109-B17) - Ammonite mass mortality (200 000 000 !!! specimens) as proxy for the Carnian Crisis (Taurus, Turkey)

    Mayrhofer, Susanne; Lukeneder, Alexander


    The Upper Triassic in general, and the Carnian stage in detail was devastated by one of the most severe ecological crisis of the Mesozoic Era, the Carnian Crisis (= Carnian Pluvial Event), when the carbonate platforms demised and with them most of the reef-builders disappeared. The Orthoceltites assemblage (ammonoids, cephalopods) was formed in the Carnian Crisis, now located at the boundary from Kartoz and Kasimlar Formation (Anatolia, Turkey), can act as proxy for the environmental activities and biotic crisis in the Carnian time. It has to be noted that the ultimate cause of this drastic Mesozoic crisis is still under comprehensive discussion. The main investigation topics of the project are the palaeoecologic, palaeobiogeographic, litho-, cyclo- and magnetostratigraphic development of the Upper Triassic (Carnian) ammonoid mass-occurrence at the Asagiyaylabel section in Anatolia (Turkey), formed during the Carnian Crisis. This area is a key section within the Taurids and has a connecting and intermediate position. Situated on the western end of the Cimmerian System at that time it shows connection to both, the Neo-Tethys and the Palaeo-Tethys Oceans. New insights into the taxonomy and the palaeoecology of the investigated ammonoids and associated macro- and microfossils are expected. The abundant ammonoid Orthoceltites, at least 200 000 000 !!! specimens, is assumed to be a new species. Further topics of investigation are the original position and environmental conditions of the sedimentation area at the Asagiyaylabel section, located in the Taurids. The formation of the ammonoid beds is either autochthonous or allochthonous (transported). Expected 3D modelling results will be essential to reach geodynamic, palaeooceanographic and palaeobiological conclusions. This further leads to the question of the original water depths during the formation of ammonoid mass occurrences. As a multitasking project, one aim is to underline a crucial fact in working within

  5. Europe's crisis : unification without a unifying spirit

    Margriet Krijtenburg


    What is happening to the EU? Following Schuman’s line of thought we can see that the crisis is linked with the lack of a European spirit among member states, together with the lack of a moral order as the guiding principle for European policies – including in the field of finance. It is the speed of

  6. Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

    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.


    Kozma, Tímea; Gyenge, Balázs


    Many scientific researches look for and study the success factors of businesses. (Colins, 2001; Móricz 2009; Osterwalder-Pigneur 2002:3; Chesbrough-Rosenbloom 2002:535; Casadesus-Masanell-Ricart 2008; Stähler 2002:6; ) After the economic crisis of 2008, attention has especially drawn to those businesses which successfully survived the previous hard times, probably due to their “best practices”. In addition to internal resources, the external environment effects taking place outside the walls ...

  8. An Export Promotion Policy after Financial Crisis

    Ingyo Cheong


    Full Text Available Although the Korean government puts in place various export support policies after the financial crisis, Korean export is still in stagnation because the foreign-oriented economic conditions, such as the continual ripple effect of the Eastern Asia financial crisis and the American economy which is slowing down, are deteriorating. After the financial crisis, Korean trading circle considered the difficulties in financing and the buying of raw material to be the most important factors which blocked the export. This thesis first analyzed the change of the actual export results, then analyzed the policy the government brought forward as the solution of the difficulties in financing and raw material buying. Meanwhile, this thesis brought forward alternative policies like taking auto-rediscount and signing Free Trade Agreement with major trade states.

  9. Adopting Zero Interest Financing Model (ZIFM in Islamic Microfinance Institutions: The Case of Shariah People Credit Bank (BPRS, Indonesia

    Mohd Thas Thaker Mohamed Asmy Bin


    Full Text Available Microfinance has emerged as an important instrument to alleviate poverty in many countries including in developing countries. Despite being able to demonstrate successes in the activity, conventional microfinance is not without controversy. The findings from the existing studies revealed that conventional microfinance is less effective, fail to reach the poorest people and generally have a limited effect on income. In addition, conventional microfinance also has highly criticized for charging excessive interest rates and fees to the poor entrepreneur. In some Muslim countries, conventional microfinance has always been rejected, due to its non-compliance with the Islamic principles, particularly on the issue related to interest or riba. Islamic microfinance evolved and reckoned as an alternative to its counterpart. However, the outreach of Islamic microfinance is very limited where only there is very few Islamic microfinance institutions and Islamic banks involved in microfinance activity. Also, Islamic microfinance is having an issue of convergence of activity with the conventional practices. Thus, this paper aims to propose to adopt Zero Interest Financing Model (ZIFM for Islamic microfinance institutions. This study focuses on the case of Indonesian Islamic microfinance institution namely Shariah People Credit Bank (BPRS by observing their experience and some emerging issues. The proposed model is expected to address an emerging issue in Islamic microfinance institutions.

  10. The use of error components models in business finance. : a review article and an application

    Καραθανάσης, Γεώργιος Α.; Φίλιππας, Νικόλαος


    This study applies and tests several stock valuation models of companies whose shares are traded in the Athens Stock Exchange. The relevant equations are estimated for the five major sectors of the Athens Stock Exchange (Banks, Textiles, Foods, Buildings, Commercials) using a specification which combines cross sectional and time series data. This is the Error Components Model. In view of the results obtained the most important variables across sectors appear to be dividends fol...

  11. Crisis Management

    Brock, Stephen E., Ed.


    This paper presents summaries of four articles relevant to school crisis response. The first article, "Peritraumatic Dissociation Predicts Posttraumatic Stress in Youth Following Accidents" summarized by Jim Matthews, suggests that peritraumatic dissociation is a powerful predictor of PTSD symptoms among youth who have been in a car…

  12. Crisis meeting

    Staff Association


      To all CERN staff: your rights are at risk ! We invite you to come to a crisis meeting on Wednesday 2nd April at 10:30 a.m., Auditorium, Main Building, Meyrin site. Your presence is crucial, we are ALL concerned !

  13. Crisis meeting

    Staff Association


    To all CERN staff: your rights are at risk! We invite you to come to a crisis meeting on Thursday 7th May 2015 at 9 a.m., Auditorium, Main Building, Meyrin site. Your presence is crucial, we are ALL concerned!

  14. Crisis of Transient Chaos

    王文秀; 陆云清; 陈贺胜; 马明全; 竹有章; 何大韧


    A new kind of crisis, which is marked by a sudden change of a strange repeller, is observed in an electronicrelaxation oscillator. Firstly, by its simplified piecewise linear model, we show analytically that a strange repellerappears after a hole-induced crisis, and that the fractal dimension of the strange repeller and the average lifetimeof the iterations in the region occupied by the original attractor suddenly change at the critical parameter valuewhen the repeller disappears. Our numerical investigation convinces us that the corresponding phenomenon canbe found in the original electronic relaxation oscillator.

  15. Modelling News Media Use. Positing and applying the MC/GC model to the analysis of media use in everyday life and crisis situations

    Westlund, Oscar; Ghersetti, Marina


    The contemporary mediascape offers a plethora of news media and social media, which people can turn to in everyday life and during a crisis. The characteristics of media vary, providing different logics and affordances, and occupying different niches in time and space (medium-centric (MC) approach......). Generations develop routinized media usage patterns in the formative phases of their lives, which they often maintain in their daily habits in everyday life (generation-centric (GC) approach). Crisis events in the vicinity, such as gas emissions, terrorist attacks, pandemics and earthquakes, presumably ignite...... an augmented interest for information and news on the events that may cause a destabilization of established media usage routines. This article aims to conceptualize, describe and explain how four generations envision their media use during such crises. The article posits the MC/GC-model, a 2x2 matrix...

  16. Modeling the stylized facts in finance through simple nonlinear adaptive systems

    Hommes, Cars H.


    Recent work on adaptive systems for modeling financial markets is discussed. Financial markets are viewed as evolutionary systems between different, competing trading strategies. Agents are boundedly rational in the sense that they tend to follow strategies that have performed well, according to realized profits or accumulated wealth, in the recent past. Simple technical trading rules may survive evolutionary competition in a heterogeneous world where prices and beliefs co-evolve over time. Evolutionary models can explain important stylized facts, such as fat tails, clustered volatility, and long memory, of real financial series. PMID:12011401

  17. What Type of Finance Matters for Growth? Bayesian Model Averaging Evidence

    Iftekhar, H.; Horváth, Roman; Mareš, J.

    -, - (2018) ISSN 0258-6770 R&D Projects: GA ČR GA16-09190S Institutional support: RVO:67985556 Keywords : long-term economic growth * Bayesian model * uncertainty Subject RIV: AH - Economic s Impact factor: 1.431, year: 2016

  18. Accelerating the Integration of Distributed Water Solutions: A Conceptual Financing Model from the Electricity Sector

    Quesnel, Kimberly J.; Ajami, Newsha K.; Wyss, Noemi


    Modern challenges require new approaches to urban water management. One solution in the portfolio of potential strategies is the integration of distributed water infrastructure, practices, and technologies into existing systems. However, many practical barriers have prevented the widespread adoption of these systems in the US. The objective of this paper is to address these challenges by developing a conceptual model encompassing regulatory, financial, and governance components that can be used to incorporate new distributed water solutions into our current network. To construct the model, case studies of successfully implemented distributed electricity systems, specifically energy efficiency and renewable energy technologies, were examined to determine how these solutions have become prominent in recent years and what lessons can be applied to the water sector in a similar pursuit. The proposed model includes four action-oriented elements: catalyzing change, establishing funding sources, using resource pathways, and creating innovative governance structures. As illustrated in the model, the water sector should use suite of coordinated policies to promote change, engage end users through fiscal incentives, and encourage research, development and dissemination of new technologies over time.

  19. A New Model for the Financing of Higher Education Institutions by Students and Alumni.

    Schily, Konrad


    Describes a new model of university funding by German students and alumni. A system of tuition fees was introduced to secure the university's future. Based on the "reversed generation contract" concept, there are three options for payment (payment after graduation based on income, immediate payment, and paying half of the total tuition…

  20. Rent pricing decision support mathematical model for finance leases under effective risks

    Rabbani Masoud


    Full Text Available Nowadays, leasing has become an increasingly important and popular method for equipment acquisition. But, because of the rent pricing difficulties and some risks that affect the lessor and lessee's decision making, there are many people that still tend to buy equipment instead of lease it. In this paper we explore how risk can affect the leasing issue support mathematical model. For this purpose, we consider three types of risk; Credit risk, Transaction risk and Risk based pricing. In particular, our focus was on how to make decision about rent pricing in a leasing problem with different customers, various quality levels and different pricing methods. Finally, the mathematical model has been solved by Genetic Algorithm that is a search heuristic to optimize the problem. This algorithm was coded in MATLAB® R2012a to provide the best set of results.

  1. "Money in Finance"

    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...

  2. Leading, Following or Complementing in Economic Crisis: A Conceptual Model Illustrating Nonprofit Relationships with Public Schools

    Laurie Paarlberg


    Full Text Available Public and nonprofit organizations, entwined in the delivery of public goods and services, are in the midst of challenging economic times. In these circumstances, sound collaborative leadership may help bridge budget and program service delivery shortfalls. In this paper, we examine the administrative dynamics of mutual reliance between two prominent public and nonprofit organizations: public schools and parent-teacher groups (PTGs. We conclude that the partnership is changing as a result of external, economic forces. In essence, we are seeing a threat-rigidity response. The economic crisis may be responsible for causing PTGs to narrow their range of activities away from broader strategic issues that can be addressed through their confrontation activities and advocacy mission towards a narrower focus on classroom activities that protect core school operations, namely instruction.

  3. On possible resolutions of the spin crisis in the parton model

    Anselmino, M.; Ioffe, B.L.; Leader, E.


    The recent experimental data of the EMC group on deep inelastic scattering of polarized muons on polarized protons has led to serious doubt on the correctness of our understanding of how the total spin of the proton is built up from the spins of its parton constituents (the so-called spin crisis). Several attempts have been made to solve this problem. From our point of view none of these is satisfactory. Based on the Gerasimov-Drell-Hearn sum rule, we show that in the range of Q 2 values characteristic for the EMC experiment there should be substantial corrections from higher twist terms. Taking these corrections into account gives the possibility to resolve the problem both in sign and in magnitude of the effect

  4. Multi-factor models and signal processing techniques application to quantitative finance

    Darolles, Serges; Jay, Emmanuelle


    With recent outbreaks of multiple large-scale financial crises, amplified by interconnected risk sources, a new paradigm of fund management has emerged. This new paradigm leverages "embedded" quantitative processes and methods to provide more transparent, adaptive, reliable and easily implemented "risk assessment-based" practices.This book surveys the most widely used factor models employed within the field of financial asset pricing. Through the concrete application of evaluating risks in the hedge fund industry, the authors demonstrate that signal processing techniques are an intere

  5. Health, autonomic financing and transferences

    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.

  6. Quantitative modeling of operational risk in finance and banking using possibility theory

    Chaudhuri, Arindam


    This book offers a comprehensive guide to the modelling of operational risk using possibility theory. It provides a set of methods for measuring operational risks under a certain degree of vagueness and impreciseness, as encountered in real-life data. It shows how possibility theory and indeterminate uncertainty-encompassing degrees of belief can be applied in analysing the risk function, and describes the parametric g-and-h distribution associated with extreme value theory as an interesting candidate in this regard. The book offers a complete assessment of fuzzy methods for determining both value at risk (VaR) and subjective value at risk (SVaR), together with a stability estimation of VaR and SVaR. Based on the simulation studies and case studies reported on here, the possibilistic quantification of risk performs consistently better than the probabilistic model. Risk is evaluated by integrating two fuzzy techniques: the fuzzy analytic hierarchy process and the fuzzy extension of techniques for order prefere...

  7. Currency Crisis Revisited: A Literature Review

    Teuta Ismaili Muharremi


    Full Text Available This paper elaborates on currency crisis, focusing on the main factors causing the currency crisis. After a brief overview of the main factors driving currency crisis, the paper provides a literature review highlighting that the history of the global economy experienced a number of currency crisis whereas as relates to the triggers of the currency crisis there are three generations of models that have been used to explain currency crisis during the last four decades. Underscoring the role of the government in financial market, in particular the evolution of this role as a result of the recent global financial crisis and highlighting other factors that trigger such crisis, the paper concludes that the potential financial crisis can be addressed using early warning system, which consists of indicators proven to be beneficial in anticipation of the currency crisis, and using the advanced empirical models of currency crisis. In this context the paper reveals that currency crisis are associated with all factors impacting them such as inflation, real exchange rate, import growth, US interest rates, public debt/GDP, and current account/GDP – all with a slightly different time lag.

  8. Financing of nuclear projects

    Diel, R.


    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

  9. The impact of the originate-to-distribute model on banks before and during the financial crisis

    Richard J. Rosen


    The growth of securitization made it easier for banks to sell home mortgage loans that they originated. I explore how mortgage sales affected banks in the years leading up to the financial crisis that began in 2007 and how their pre-crisis mortgage sales affected banks during the crisis. Loan sales are important because most banks sell mortgages as part of the securitization process, but few actually do the securitization. I find that stock returns increase when banks increase sales of mortga...

  10. Finance & Stochastic

    Giandomenico, Rossano


    The study analyses quantitative models for financial markets by starting from geometric Brown process and Wiener process by analyzing Ito’s lemma and first passage model. Furthermore, it is analyzed the prices of the options, Vanilla & Exotic, by using the expected value and numerical model with geometric applications. From contingent claim approach ALM strategies are also analyzed so to get the effective duration measure of liabilities by assuming that clients buy options for protection and ...


    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...

  12. Information Crisis

    Losavio, Michael


    Information Crisis discusses the scope and types of information available online and teaches readers how to critically assess it and analyze potentially dangerous information, especially when teachers, editors, or other information gatekeepers are not available to assess the information for them. Chapters and topics include:. The Internet as an information tool. Critical analysis. Legal issues, traps, and tricks. Protecting personal safety and identity. Types of online information.

  13. Model and Characteristics of Micro Finance Institutions Based on SME Women in Batu City

    Ike Kusdyah Rachmawati


    This study used exploratory research, descriptive, experimental and applied research conducted in stages for the development of a comprehensive model of microfinance accommodative Informants determined based on the information needs. Using a descriptive and qualitative analysis of the MFI deliberately selected examples illustrate the following: (A The existence of MFIs is recognized community has a strategic role as an intermediary in economic activity that has not affordable public services of banking institutions / conventional banks; (B service MFIs have demonstrated success, but success can still be in business economics. Skim MFI lending to businesses has not received the priority, it is characterized by a relatively small ceiling (budget allocation to support farming, which is less than 10% of the total ceiling of MFIs; (C A critical factor in the development of the agricultural sector MFI lies in the institutional legality, capability management, seed capital support, the economic viability of farming, farm characteristics and technical assistance clients / service users MFIs; (D To initiate the growth and development of agricultural MFIs needed guidance enhanced capabilities for HR candidates MFI managers, support the strengthening of capital and technical assistance to customers of credit users. Keywords: Financial Institutions Micro, Small Business Micro

  14. Trade finance and Latin America's lost decade: The forgotten link

    Alvarez, Sebastian; Flores Zendejas, Juan


    The Great recession has brought back to foreground the link between trade credit international trade and economic growth. Scholars have recently found that the effects of the fall in trade finance are strong and accurately explain the recent fall in international trade. We argue that the lost decade that followed Latin America's debt crisis is a useful comparative benchmark to recognize the scope of impact on international trade stemming from a sharp decline in trade finance. The years that f...

  15. Present and future of crowdfunding as source of entrepreneurial financing

    Peñarroya Romero, Iván


    Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 New financing techniques have emerged due to the recently experienced deep crisis. In a changing technological environment any individual with an innovative business idea and an achievable entrepreneurial project can easily undertake it without resorting to traditional banking. As a result of the new Fintech technology, a word stemming from a contraction of the words “finance” and “technology”, it may...

  16. The rates and financing of electric sector expansion

    Chiganer, L.; Coutinho, L.H.S.A.; Dias, L.E.N.; Silva Pegado, P.A. da; Foletto, N.S.; Guerreiro, A.G.


    The current economic and political crisis of Brazilian society reach the several productive sectors that compose the national economy, and among them the electric sector. An adequate rate policy, new ways of getting resources to its financing, costs reduction, and the increase of internal generation of resources, are the objective of this work, that evaluates and evidences these questions in order to their repercussion in financing of electric sector expansion. (C.M.)

  17. Money, Finance and the Real Economy: What went wrong?

    Brender, Anton; Pisani, Florence; Gagna, Emile


    The functions of the financial system of a developed economy are often badly understood. This can largely be attributed to free-market ideology, which has spread the belief that leaving finance to its own devices would provide the best possible mechanism for allocating savings. The latest financial crisis has sparked the beginnings of a new awareness on this point, but it is far from having led to an improved understanding of the role of the financial institutions. For many people, finance re...

  18. Evaluation of publicly financed and privately delivered model of emergency referral services for maternal and child health care in India.

    Shankar Prinja

    Full Text Available BACKGROUND: Emergency referral services (ERS are being strengthened in India to improve access for institutional delivery. We evaluated a publicly financed and privately delivered model of ERS in Punjab state, India, to assess its extent and pattern of utilization, impact on institutional delivery, quality and unit cost. METHODS: Data for almost 0.4 million calls received from April 2012 to March 2013 was analysed to assess the extent and pattern of utilization. Segmented linear regression was used to analyse month-wise data on number of institutional deliveries in public sector health facilities from 2008 to 2013. We inspected ambulances in 2 districts against the Basic Life Support (BLS standards. Timeliness of ERS was assessed for determining quality. Finally, we computed economic cost of implementing ERS from a health system perspective. RESULTS: On an average, an ambulance transported 3-4 patients per day. Poor and those farther away from the health facility had a higher likelihood of using the ambulance. Although the ERS had an abrupt positive effect on increasing the institutional deliveries in the unadjusted model, there was no effect on institutional delivery after adjustment for autocorrelation. Cost of operating the ambulance service was INR 1361 (USD 22.7 per patient transported or INR 21 (USD 0.35 per km travelled. CONCLUSION: Emergency referral services in Punjab did not result in a significant change in public sector institutional deliveries. This could be due to high baseline coverage of institutional delivery and low barriers to physical access. Choice of interventions for reduction in Maternal Mortality Ratio (MMR should be context-specific to have high value for resources spent. The ERS in Punjab needs improvement in terms of quality and reduction of cost to health system.

  19. Communicating through Crisis: A Strategy for Organizational Survival.

    Sturges, David L.


    Suggests that crisis communication should be a part of the larger issues of communication policy and strategy. Builds a case for the need to consider crisis communication in a larger context. Proposes a model of crisis communication content that may serve as a framework for research into the efficacy of communication during crisis episodes. (RS)

  20. The new role of the going concern concept in corporate finance management

    Gintaras Černius


    This paper tackles different issues related to the development of the system of the objectives of a company's financial management that also includes its sustainability. Prior to the recent financial crisis the formulation of the corporate finance management objective focused only on the company’s finances that were reported and measured using the company's profit and its worth growth ratios. The financial crisis has highlighted an additional aspect in corporate management, i.e., a need for t...

  1. Los inicios de la crisis del bachillerato tradicional en Galicia (1900-1930 The crisis of the traditional model of Secondary Education in Galicia (1900-1930

    Carmen BENSO CALVO


    Full Text Available Este artículo analiza el alcance y características de la expansión del bachillerato en Galicia a principios del siglo XX. El objetivo es valorar hasta qué punto, en esta parte del territorio español, se produce la crisis del modelo tradicional de bachillerato iniciándose el proceso hacia la enseñanza secundaria moderna. El incremento de la matrícula, la incorporación de la mujer a la segunda enseñanza, la extracción social y procedencia geográfica del alumnado y los niveles de éxito/fracaso del bachillerato gallego de la época, son los aspectos más importantes que se analizan en este trabajo.Este artículo analiza el alcance y características de la expansión del bachillerato en Galicia a principios del siglo XX. El objetivo es valorar hasta qué punto, en esta parte del territorio español, se produce la crisis del modelo tradicional de bachillerato iniciándose el proceso hacia la enseñanza secundaria moderna. El incremento de la matrícula, la incorporación de la mujer a la segunda enseñanza, la extracción social y procedencia geográfica del alumnado y los niveles de éxito/fracaso del bachillerato gallego de la época, son los aspectos más importantes que se analizan en este trabajo.

  2. Problems of transition from tax-based system of health care finance to mandatory health insurance model in Russia.

    Shishkin, S


    This article examines three problems burdening the Russian system of health care finance in transition period: (a) unrealistic government promise to cover health care coverage too wide to be achieved with available resources; (b) inefficient management of health care delivery systems; and (c) lack in evidence of actual positive changes effected by the new players: mandatory health insurance carriers and funds. Radical reshaping of the health benefits promised by the government and introduction of patient co-payments are considered as a way to normalize public health sector finance and operations. Two alternative approaches to the reform of the existing eclectic system of health care management are available. Institutional preconditions for operational effectiveness of third-party purchasers of health services in public-financed health sector are defined.

  3. The Sustanability of Public Finance in New Members States of European Union

    Adrian INCEU


    Full Text Available The issue of public finance sustainability is very important for all EU member states in the actual context after the economic crisis. This article makes an analysis of the sustainability of public finances for the new member states (which joined EU in 2004 and 2007. Firstly, we try to analyze the impact of the economic crisis on public finances sustainability. The sustainability of public finances can be reflected through the level of public debt and budget deficit for a country. For this reason the article presents the evolution of budget deficits for NMS 12 before and after the recent economic crisis. Based on the econometric regression the correlation between economic growth rate (indicator used for measuring the economic evolution and the budget deficit is revealed. Results for Romania and NMS 12 are quite similar; fact that tells us that the status of public finances is following the same trend in Romania as in the NMS 12.

  4. The fiscal crisis in the health sector: Patterns of cutback management across Europe.

    Ongaro, Edoardo; Ferré, Francesca; Fattore, Giovanni


    The article investigates trends in health sector cutback management strategies occurred during the ongoing financial and fiscal crisis across Europe. A European-wide survey to top public healthcare managers was conducted in ten different countries to understand their perception about public sector policy reactions to the financial and economic crisis; answers from 760 respondents from the healthcare sector (30.7% response rate) were analyzed. A multinomial logistic regression was used to assess the characteristics of respondents, countries' institutional healthcare models and the trend in public health resources availability during the crisis associated to the decision to introduce unselective cuts, targeted cuts or efficiency savings measures. Differentiated responses to the fiscal crisis that buffeted public finances were reported both across and within countries. Organizational position of respondents is significant in explaining the perceived cutback management approach introduced, where decentralized positions detect a higher use of linear cuts compared to their colleagues working in central level organizations. Compared to Bismark-like systems Beveridge-like ones favour the introduction of targeted cuts. Postponing the implementation of new programmes and containing expenses through instruments like pay freezes are some of the most popular responses adopted, while outright staff layoffs or reduction of frontline services have been more selectively employed. To cope with the effects of the fiscal crisis healthcare systems are undergoing important changes, possibly also affecting the scope of universal coverage. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

  5. The role of crisis in family crisis intervention: do crisis experience and crisis change matter?

    Al, C.M.W.; Stams, G.J.J.M.; van der Laan, P.H.; Asscher, J.J.


    Evaluation studies of crisis intervention have focused on prevention of out-of-home placement of children or family functioning, but largely neglected the aspect of crisis. The present study examined crisis in 183 families receiving Family Crisis Intervention (FCI), addressing crisis characteristics

  6. Principal Leadership and School Culture with a School-Wide Implementation of Professional Crisis Management: A Redemptive v. Punitive Model

    Adams, Mark Thomas


    This qualitative study investigated the nature of the relationship between principal leadership and school culture within a school-wide implementation of Professional Crisis Management (PCM). PCM is a comprehensive and fully integrated system designed to manage crisis situations effectively, safely, and with dignity. While designed primarily to…

  7. Mortgage Finance and Security of Collateral

    Haldrup, Karin


    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...

  8. Development of a Model for Quantitative Assessment of Risks and Identification of Threats in Anti-Crisis Management of a Machine-Building Enterprise

    Kozyk Vasyl V.


    Full Text Available The aim of the article is to develop a model for quantitative assessment of risks in anti-crisis management of a machine-building enterprise. The quantitative assessment will allow to identify among the risks the threats that can be considered as catastrophic risks. To assess the integral risk of anti-crisis management of the enterprise, there used a process approach distinguishing the process of anti-crisis management activity and the process of implementation of the anti-crisis program. Within the framework of the process the types of activity are singled out, for each of them risks are identified with revealing their reasons. There built a fuzzy hierarchical model comprising the following elements: terminal nodes — indicators (factors of risks; non-terminal nodes — separate risks that are characteristic for the processes and risks of each process as a whole; root of the tree — the integral risk of anti-crisis management. The expediency of building a hierarchical fuzzy model, within which conclusions are formed for intermediate variables, is substantiated. Based on the own research and taking into account the opinion of experts, the parameters of the trapezoidal membership functions for assessing indicators and risks are determined. Fuzzy bases of knowledge about the correlation are formed using the Mamdani algorithm. The adequacy of the model is estimated on the basis of the learning sample. The built fuzzy model makes it possible to obtain risk assessment based on the set values of the indicators, thus providing an analysis of the sensitivity of risks to various factors. It is easily adjusted to other conditions and types of economic activity of the enterprise.

  9. F# for quantitative finance

    Astborg, Johan


    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.

  10. Quantum Finance

    Martin Schaden


    Quantum theory is used to model secondary financial markets. Contrary to stochastic descriptions, the formalism emphasizes the importance of trading in determining the value of a security. All possible realizations of investors holding securities and cash is taken as the basis of the Hilbert space of market states. The temporal evolution of an isolated market is unitary in this space. Linear operators representing basic financial transactions such as cash transfer and the buying or selling of...

  11. Chinese Crisis Management

    Gudgel, Andy


    .... China's crisis management strategy is geared towards obtaining the maximum political advantage for China, as opposed to resolving the crisis. China tries to define the crisis on its terms in order to shape the resolution favorably.

  12. Crisis Communication Online

    Utz, Sonja; Schultz, Friederike; Glocka, Sandra


    Social media play in today's societies a fundamental role for the negotiation and dynamics of crises. However, classical crisis communication theories neglect the role of the medium and focus mainly on the interplay between crisis type and crisis communication strategy. Building on the recently...... developed “networked crisis communication model” we contrast effects of medium (Facebook vs. Twitter vs. online newspaper) and crisis type (intentional vs. victim) in an online experiment. Using the Fukushima Daiichi nuclear disaster as crisis scenario, we show that medium effects are stronger than...... the effects of crisis type. Crisis communication via social media resulted in a higher reputation and less secondary crisis reactions such as boycotting the company than crisis communication in the newspaper. However, secondary crisis communication, e.g. talking about the crisis communication, was higher...

  13. Statistics for Finance

    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...


    William H Carter


    • ISSUE 2-1, 2011 • 68 KANT CRISIS This study approaches the last days of Immanuel Kant through the lens of his contemporary biographers and other correspondents. Among the latter, Kant’s brother and, subsequently, his brother’s family provide a symptomatic reflection upon Kant’s management of his genealogy and his legacy. Yet behind this body of work is another corpus, one which embodies maternal and paternal legacies that are not readily subsumed by Oedipus or Kant’s philosophy. This work (...

  15. Quantum finance

    Schaden, Martin


    Quantum theory is used to model secondary financial markets. Contrary to stochastic descriptions, the formalism emphasizes the importance of trading in determining the value of a security. All possible realizations of investors holding securities and cash is taken as the basis of the Hilbert space of market states. The temporal evolution of an isolated market is unitary in this space. Linear operators representing basic financial transactions such as cash transfer and the buying or selling of securities are constructed and simple model Hamiltonians that generate the temporal evolution due to cash flows and the trading of securities are proposed. The Hamiltonian describing financial transactions becomes local when the profit/loss from trading is small compared to the turnover. This approximation may describe a highly liquid and efficient stock market. The lognormal probability distribution for the price of a stock with a variance that is proportional to the elapsed time is reproduced for an equilibrium market. The asymptotic volatility of a stock in this case is related to the long-term probability that it is traded.

  16. Towards a model-based understanding of the Mediterranean circulation during the Messinian Salinity Crisis

    Simon, Dirk; Meijer, Paul


    Today, the Atlantic-Mediterranean gateway (the Strait of Gibraltar) and the strong evaporative loss in the east let the Mediterranean Sea attain a salinity of 2-3 g/l higher than the Atlantic Ocean. During the winter months, strong cooling of surface waters in the north forms deep water, which mixes the Mediterranean, while during summer the water column is stratified. During the Messinian Salinity Crisis (MSC, 5.97-5.33Ma) the salt concentration was high enough to reach the saturation of gypsum (~130-160 g/l) and halite (~350 g/l). This caused large deposits of these evaporites all over the basin, capturing 6% of the World Ocean salt within the Mediterranean at the time. Although several mechanisms have been proposed as to how the Mediterranean circulation might have functioned, these mechanisms have yet to be rooted in physics and tested quantitatively. Understanding circulation during the MSC becomes particularly important when comparing Mediterranean marginal to deep basins. On the one hand, many of the marginal basins in the Mediterranean are well studied, like the Sorbas basin (Spain) or the Vena del Gesso basin (Italy). On the other hand, the deep Mediterranean is less well studied, as no full record of the whole deep sequence exists. This makes it very complicated to correlate marginal and deep basin records. Here we are presenting the first steps in working towards a physics-based understanding of the mixing and stratification bahaviour of the Mediterranean Sea during the MSC. The final goal is to identify the physical mechanism needed to form such a salt brine and to understand how it differs from today's situation. We are hoping to compare our results to, and learn from, the much smaller but best available analog to the MSC, the Dead Sea, where recent overturning has been documented.

  17. Finance/security/life.

    Langley, P.


    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.

  18. Financing petroleum agreements

    Robson, C.J.V.


    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)

  19. Essays in household finance

    Djordjevic, Ljubica


    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

  20. Measuring a leader's ability to identify and avert crisis

    Jamie Brownlee-Turgeon


    Leaders often have influence over the impact of pending crises by either preventing or minimizing the crisis (Pearson and Mitroff, 1993; Bonvillian, 2013). With crisis looming just around the corner, a leader’s ability to identify, avert, and manage a crisis has become a fundamental element in organizational sustainability. Yet, most literature on crisis is focused in the field of communication or crisis management during the actual event. Wooten and James (2008) provide a conceptual model...

  1. Crisis?: What crisis?: currency vs. banking in the financial crisis of 1931

    Albrecht Ritschl; Samad Salferaz


    This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through the Gold Standard played only a minor role in causing and propagating the crisis, while financial distress was important. We also find evidence of crisis propagation from Germany to the U.S. via the ban...

  2. Overpopulation crisis.

    Russell, C; Russell Wms


    This article reviews field research on the violent response on the part of animals to conditions of crowding. Monkey species in zoos have consistently been noted to be more quarrelsome and violent than their counterparts in the wild. Up to a certain critical population density various animal species form cooperative social units; however, a surplus population upsets this balance. In addition, under conditions of intense crowding, mammal's care and protection of the young is transformed into indifference, neglect, competition, domination, and ultimately murder. The reversal of social behavior under crowded conditions can be understood as a means of response to a population crisis, in which population is in danger of outrunning resources. In the absence of confinement, tensions among monkeys lead to war between bands. A community weakened by crowding also is more likely to succumb to certain stress diseases and to have less resilience against parasites. Under various special conditions, tolerance may evolve to permit temporary compression without violence; on the other hand, when a violent response is suppressed, the response tends to be explosive when it does occur. If population reduction is delayed too long, the result may be violence, famine, and permanent damage to the environment from overgrazing. In human society there has generally been a lag in the full development of the violent response to crowding. Given the power of modern military technology, it is imperative that human populations avert a population crisis response by substituting voluntary fertility control for involuntary mortality control.

  3. Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms

    Degryse, H.A.; Lu, L.; Ongena, S.


    Abstract: The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small firms and lower sales growth for large firms. We

  4. Business cycle volatility, growth and financial openness: Does Islamic finance make any difference?

    Mustapha Djennas


    Overall, the results showed a relatively similar performance between economies where Islamic finance prevails, and other conventional economic systems. Moreover, when considering some specific components of the financial stress index, countries that adopt the principles of Islamic finance are strongly positioned to avoid various situations of crisis and economic downturns.

  5. Empirical techniques in finance

    Bhar, Ramaprasad


    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...

  6. Financing Nuclear Power Plant Projects. A New Paradigm?

    Pehuet Lucet, Fabienne


    enter nuclear projects. Securing revenues by entering into long term purchase agreements or tariff schemes and sharing the owner's risk by taking equity or debt interest contributes to reducing uncertainties and build investor's confidence. Recent financing schemes such as those proposed in the UK contribute, in this regard, to the feasibility of new nuclear power plants projects. The Build Own Operate model recently contracted for the Akkuyu project in Turkey goes beyond mere financing and long term price agreements, as most of the overall viability risk of the project is transferred to the vendor. After the 2008 financial crisis and its regulatory consequences, new constraints were imposed on banks. It is now necessary to consider new funding resources and new financing schemes to supplement traditional financing. As innovative fund raising and financing of nuclear projects is needed, financial conditions are now at the forefront of competition. Concurrently, competition to win new nuclear tenders exacerbated in recent years as markets became global and newcomer exporters of nuclear power plants' have been pursuing ambitious objectives on the international markets. The traditional competition system is organized along the OECD guidelines, ECA financing and the EU rules, whereas the challengers' competition system is free from such regulations and constraints. This provides countries such as Russia and China with possibilities to propose more advantageous financing and risk allocation schemes than the OECD countries, often through government to government agreements. The traditional vendors and nuclear projects' stakeholders are entering a new, more complex multilateral competition field requiring new strategies built on the protagonists' respective strengths. The international nuclear market is more and more intertwined. Overlapping competition systems now co-exist, bringing about major alliances and partnerships cutting across national

  7. Complications in financing new nuclear power plants

    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


    Liliia Savchuk


    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

  9. The Effect of Personal Financing Disruptions on Entrepreneurship

    Hanspal, Tobin

    by entrepreneurs during operations affectthe survival of their firms. Variation in personal wealth and debt financing stem fromthe solvency of retail banking institutions following the 2007-2009 financial crisis. Ifind that retail bank disruptions reduce personal borrowing and increase the rate offirm exit...

  10. Community centers of UNESCO-Chernobyl programme-psychological support model for population in a post-catastrophe crisis

    Garnets, O. [UNESCO-Chernobyl Programme Project (Ukraine)


    Community Centers for Psycho-social Rehabilitation created within UNESCO - Chernobyl Programme (Project no 64) is aimed at providing psychological support to population suffered from the catastrophe. Centers are located in communities that in different ways suffered from Chernobyl - people evacuated and relocated from the contaminated territories, people who are still living in contaminated regions, employees of the nuclear power plant etc. Centres are providing psychological support to people suffered from Chernobyl catastrophe, trough developing adaptive behavior models under living conditions that changed - both ecological and social and economic crises, developing of personal and social responsibility in community members. The professionals of Community Centers implement activities aimed on coping victimization, on community interaction and communities restructuring. They are working with all age and social groups in the communities, with acute crises and suicide prevention, creating mutual support mechanisms. Centres performance results in decrease of psycho-social tension and anxiety in population. Centers present successfully functioning model of social and psychological support under complicated ecological and social conditions in post soviet countries. They have accumulated unique professional and organizational experience of efficient work in, a post-catastrophe period under social and economic crisis. (author)

  11. Community centers of UNESCO-Chernobyl programme-psychological support model for population in a post-catastrophe crisis

    Garnets, O.


    Community Centers for Psycho-social Rehabilitation created within UNESCO - Chernobyl Programme (Project no 64) is aimed at providing psychological support to population suffered from the catastrophe. Centers are located in communities that in different ways suffered from Chernobyl - people evacuated and relocated from the contaminated territories, people who are still living in contaminated regions, employees of the nuclear power plant etc. Centres are providing psychological support to people suffered from Chernobyl catastrophe, trough developing adaptive behavior models under living conditions that changed - both ecological and social and economic crises, developing of personal and social responsibility in community members. The professionals of Community Centers implement activities aimed on coping victimization, on community interaction and communities restructuring. They are working with all age and social groups in the communities, with acute crises and suicide prevention, creating mutual support mechanisms. Centres performance results in decrease of psycho-social tension and anxiety in population. Centers present successfully functioning model of social and psychological support under complicated ecological and social conditions in post soviet countries. They have accumulated unique professional and organizational experience of efficient work in, a post-catastrophe period under social and economic crisis. (author)

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

    Radu CIOBANU


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

  13. Population-production-pollution nexus based air pollution management model for alleviating the atmospheric crisis in Beijing, China.

    Zeng, X T; Tong, Y F; Cui, L; Kong, X M; Sheng, Y N; Chen, L; Li, Y P


    In recent years, increscent emissions in the city of Beijing due to expanded population, accelerated industrialization and inter-regional pollutant transportation have led to hazardous atmospheric pollution issues. Although a number of anthropogenic control measures have been put into use, frequent/severe haze events have still challenged regional governments. In this study, a hybrid population-production-pollution nexus model (PPP) is proposed for air pollution management and air quality planning (AMP) with the aim to coordinate human activities and environmental protection. A fuzzy-stochastic mixed quadratic programming method (FSQ) is developed and introduced into a PPP for tackling atmospheric pollution issues with uncertainties. Based on the contribution of an index of population-production-pollution, a hybrid PPP-based AMP model that considers employment structure, industrial layout pattern, production mode, pollutant purification efficiency and a pollution mitigation scheme have been applied in Beijing. Results of the adjustment of employment structure, pollution mitigation scheme, and green gross domestic product under various environmental regulation scenarios are obtained and analyzed. This study can facilitate the identification of optimized policies for alleviating population-production-emission conflict in the study region, as well as ameliorating the hazardous air pollution crisis at an urban level. Copyright © 2017 Elsevier Ltd. All rights reserved.

  14. Crisis management and crisis prevention

    Wallensteen, P.


    This paper reports that many proposals have come forth to ease the tension between East and West. Some focus on arms developments, others take up diplomatic issues. In addition, some have raised the question of crisis management and crisis prevention. Can crises be prevented even before they have taken place? The Palme Commission on Disarmament and Security suggested, in its 1982 report, ways of restraining superpower involvement in Third World conflicts. Such conflicts, it was argued, could escalate and ultimately result in nuclear confrontation between the United States and the Soviet Union. Certainly, the commission also paid attention to conflicts over issues in Europe and to problems in Eastern or in Western Europe. However, the commission raised a question that lately has received increasing attention: the dangers of superpower confrontation over Third World issues. In his statement to the United Nations on 24 October 1985, President Regan pointed to the need for settling regional conflicts as they play a large role in building suspicions and tensions. Regan's initiative explicitly concerned Afghanistan, Cambodia, Ethiopia, Angola and Nicaragua. It included negotiations with the Soviet Union over Afghanistan, and, at a later stage, also over other issues. The goal, he the, was not to force a settlement on the parties. The initiative concerned issues that have for the American public, justified armaments and reduced Soviet credibility

  15. Improving the availability of trade finance in developing countries: An assessment of remaining gaps

    Auboin, Marc


    While conditions in trade finance markets returned to normality in the main routes of trade, the structural difficulties of poor countries in accessing trade finance have not disappeared – and might have been worsened during and after the global financial crisis. In fact, there is a consistent flow of information indicating that trade finance markets have remained characterized by a greater selectivity in risk-taking and flight to “quality” customers. In that environment, the lower end of the...

  16. Crisis Communication

    Dunkle, M.K.


    The author discusses how one of the strongest examples of how destructive poor crisis communications can be the Three Mile Island accident of March 1979. This was an event that was minimal in its physical effects on the public and environment beyond the walls of that nuclear power plant. However, the emotional trauma on the local public, the economic impact on area businesses and property owners, and the long term impact on the entire nuclear utility industry were great. Approximately 80,000 people as far as 15 miles from the plant evacuated over a weekend. There have been no new orders for nuclear plants and many cancellations since the event 10 years ago. This paper presents an analysis of the accident at Three Mile Island

  17. The Importance of Venture Capital Financing System in Financing Entrepreneurship: Applications in Turkey

    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...

  18. The Public Finances, the Utility of the Taxpayer and the Public Services – towards a New Connecting Model?

    Marcel Ioan Bolos


    Full Text Available Public finances from everywhere have followed along the centuries, as it was natural, some periods when they had to accommodate to the needs resulted from the economic and social life. Their mission was not at all a simple one. To conceive the taxes and rates (dues system, to ensure a performing and an efficient budgetary process, to finance some categories of public expenses, to ensure a fiscal decentralization which would not lead to severe interferences within the public field are only a few of the problems of major importance that they had to deal with. And also the challenges that have come upon public finances are not to be neglected. We may bring to mind here the opposed interests of the taxpayer, interested in obtaining a higher level of goods and public services and of the public authorities who, trying to satisfy the needs of taxpayers, have obtained almost all the time a quite high level of taxes and rates (dues. The purpose of this paper is, though, the setting up of these apparently opposed interests in an equation. We have also tried to” measure” the dependence degree of the utility felt by the taxpayer, as a consequence of the growth with one unit of the quantity of public services performed by the authorities.

  19. The Marginal Source of Finance

    Lindhe, Tobias


    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...

  20. The Design and Risk Management of Structured Finance Vehicles

    Sanjiv Das


    Full Text Available Special investment vehicles (SIVs, extremely popular financial structures for the creation of highly-rated tranched securities, experienced spectacular demise in the 2007-2008 financial crisis. These financial vehicles epitomize the shadow banking sector, characterized by high leverage, undiversified asset pools, and long-dated assets supported by short-term debt, thus bearing material rollover risk on their liabilities which led to defeasance. This paper models these vehicles, and shows that imposing leverage risk control triggers can be optimal for all capital providers, though they may not always be appropriate. The efficacy of these risk controls varies depending on anticipated asset volatility and fire-sale discounts on defeasance. Despite risk management controls, we show that a high failure rate is inherent in the design of these vehicles, and may be mitigated to some extent by including contingent capital provisions in the ex-ante covenants. Post the recent subprime financial crisis, we inform the creation of safer SIVs in structured finance, and propose avenues of mitigating risks faced by senior debt through deleveraging policies in the form of leverage risk controls and contingent capital.




    Full Text Available The evolution of the pharmaceutical industry was a positive constant with the indicators of industrial production even in years of crisis. Although the economic crisis in Romania decreased average growth rate of pharmaceutical companies, market value is expected to increase. The explanation comes from the fact that in order to boost productivity, pharmaceutical companies are turning to emerging countries with aging populations such as open new markets for future development. Add to this the recent health policies implemented by newly industrialized countries that are aimed at ensuring increased access to care. Analysts see the field phenomenon called "Farma-merger" a good chance for European pharmaceutical companies oriented to developing countries where drug sales should record a double-digit annual growth until 2017. In Erste Group reports stated that the impact of the crisis on the pharmaceutical industry should be limited markets for EU only their economic slowdown. This will be possible because the external indebtedness of pharmaceutical companies in the EU remains at a minimum, they are able to finance their investment plans without tapping financial markets, are not adversely affected by the current limited availability of credit resources. Therefore major pharmaceutical companies in the EU will remain a solid investment on the long term, the negative developments are limited due to high resistance to the crisis their business model segment "generic". The consequence of these developments is reflected in the recognition for the first time, the pharmaceutical sector as a strategic sector for the Romanian economy. In the context of public debate launching the National Strategy for Competitiveness 2014-2020, Generic Medicines Industry Association of Romania (APMGR local pharmaceutical industry reminds the Government proposals on correcting the current fiscal and operational regulatory framework, to allow unlocking investments in facilities

  2. Financial crisis and global imbalances: its labour market origins and the aftermath

    Pasquale Tridico


    The objective of this paper is to articulate how the 2007--09 economic crisis is rooted in the uneven income distribution and inequality caused by the current finance-led model of growth. The process of financialisation that took place in the 1980s in the USA and then in the European Union was coupled with labour flexibility, wage moderation and soaring profits. The flexibility agenda of the labour market and the end of wage increases, along with the contraction of indirect wages (i.e. public...


    Najeeb Zada; Ahcene Lahsasna; Muhammad Yusuf Saleem


    The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI) is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar'iyyah and attempts to derive public policy guidel...

  4. Current crisis or artifact of surveillance: insights into rebound chlamydia rates from dynamic modelling

    Vickers David M


    Full Text Available Abstract Background After initially falling in the face of intensified control efforts, reported rates of sexually transmitted chlamydia in many developed countries are rising. Recent hypotheses for this phenomenon have broadly focused on improved case finding or an increase in the prevalence. Because of many complex interactions behind the spread of infectious diseases, dynamic models of infection transmission are an effective means to guide learning, and assess quantitative conjectures of epidemiological processes. The objective of this paper is to bring a unique and robust perspective to observed chlamydial patterns through analyzing surveillance data with mathematical models of infection transmission. Methods This study integrated 25-year testing volume data from the Canadian province of Saskatchewan with one susceptible-infected-treated-susceptible and three susceptible-infected-treated-removed compartmental models. Calibration of model parameters to fit observed 25-year case notification data, after being combined with testing records, placed constraints on model behaviour and allowed for an approximation of chlamydia prevalence to be estimated. Model predictions were compared to observed case notification trends, and extensive sensitivity analyses were performed to confirm the robustness of model results. Results Model predictions accurately mirrored historic chlamydial trends including an observed rebound in the mid 1990s. For all models examined, the results repeatedly highlighted that increased testing volumes, rather than changes in the sensitivity and specificity of testing technologies, sexual behaviour, or truncated immunological responses brought about by treatment can, explain the increase in observed chlamydia case notifications. Conclusions Our results highlight the significant impact testing volume can have on observed incidence rates, and that simple explanations for these observed increases appear to have been dismissed in


    Jarema Batorski


    Full Text Available The communiqué presents some methodological assumptions of research into organizational crisismanagement. The subject of research, both theoretical and empirical, is crisis management in anenterprise from the point of view of organizational learning. There are some paradoxes in crises andin using common practices during a crisis. These paradoxes constitute the research field forrecomposition of various models of crisis management in enterprises.

  6. Financing Distributed Generation

    Walker, A.


    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.




    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

  8. Financing Distributed Generation

    Walker, A.


    This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market

  9. Models of local journalism and strategies against the crisis: the case of the News & Observer / Modelos de periodismo local y estrategias ante la crisis: el caso del News & Observer

    Dr. José Luis González Esteban,


    Full Text Available In the global crisis of the traditional press, some regional and local newspapers have been able to survive and get stronger thanks to adequate strategies that have been planned during the past few years and that now are beginning to bear fruit. This paper aims at analysing one of these models, exploring the keys of a particular case such as the North American newspaper The News & Observer, in North Carolina. This newspaper, that belongs to the McClatchy group, has gone for a hybrid paper-online model, with meticulous spaces for citizen participation, and for a hyperlocal press with a character all of its own. A comparative analysis of that model with the Spanish daily newspaper Información is also carried out. This newspaper is published in Alicante and belongs to the Prensa Ibérica group En la actual crisis global de la prensa tradicional, algunos periódicos regionales y locales han sobrevivido y salido fortalecidos gracias a estrategias adecuadas que se han planificado durante los últimos años y que ahora están dando sus frutos. Este trabajo de investigación pretende avanzar en uno de esos modelos, descifrando las claves de un caso concreto como es el periódico norteamericano News & Observer, en el estado de Carolina del Norte. Este diario del grupo McClatchy ha apostado por un modelo híbrido papel-online, por cuidados espacios de participación ciudadana y por una prensa hiperlocal, dotada de personalidad propia. De igual modo, la investigación pretende realizar un análisis comparativo de aquel modelo respecto a un caso español, el del diario Información, en Alicante, dentro del grupo Prensa Ibérica.

  10. The Housing Finance Revolution

    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...

  11. Project Finance: Basic Components

    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 ...

  12. What is project finance?

    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 ...

  13. Financing Constraints and Entrepreneurship

    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...

  14. Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

    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.

  15. Kant Crisis

    William H Carter


    Full Text Available • ISSUE 2-1, 2011 • 68 KANT CRISIS This study approaches the last days of Immanuel Kant through the lens of his contemporary biographers and other correspondents. Among the latter, Kant’s brother and, subsequently, his brother’s family provide a symptomatic reflection upon Kant’s management of his genealogy and his legacy. Yet behind this body of work is another corpus, one which embodies maternal and paternal legacies that are not readily subsumed by Oedipus or Kant’s philosophy. This work (of art is Kant’s own body or corpus, which he painstakingly maintained and which provided a case study for his refelctions on preventive medicine in The Conflict of the Faculties. William H. Carter studied at the University of Virginia, the University of Heidelberg, and earned his Ph.D. at the University of California, Santa Barbara. He taught German for three years at Tulane University and recently returned to the Department of World Languages and Cultures at Iowa State University, where he began his teaching career. His current book project is titled “Devilish Details: Goethe’s Public Service and Political Economy.” Julian Fickler attends the Academy of Fine Arts Karlsruhe, class of Helmut Dorner. He is the recipient of a prestigious fellowship award bestowed by the Künstlerförderung des Cusanuswerks Bonn. He has exhibited solo locally and in group at venues in Berlin and Hamburg.

  16. Financing Preference Behaviour for Private Finance Initiative (PFI Projects

    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.

  17. The crisis impact on taxation and the social model in Spain. A gender approach

    Palom de Villota


    Full Text Available This article underlines the plummet of public incomes in year 2008 as consequence of the collapse of the building sector and the risk to maintain the Spanish social model that this fact supposed. This model was established since Democratic Transition in year 1977 and has supposed and important increase during last thirty years in the tax burden to be paid by citizens. Even though, Spain has developed a social regime completely underdeveloped, inside European Union, similar to those existing in Italy, Greece and Portugal, countries where social services or public transfers for children or dependants, especially old, it is not yet a priority of their social policy.

  18. Applied quantitative finance

    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...

  19. The Impact of the Global Financial Crisis on Japan's Higher Education

    Huang, Futao


    This paper deals with the impact of the global financial crisis on Japan's economy, especially on its higher education. The first section provides an overview of Japan's national economy with a focus on the impact of the global financial crisis on the national economy, then the author touches on the impact on the Japanese government's finances,…

  20. Teaching Students about the Financial Crisis through Best-Selling Books

    Stowe, Kristin; Schwartz, Lisa A.


    The 2007-2009 financial crisis was such a momentous time that entire business courses could be devoted to its study. While some schools may undertake that task, this paper discusses ways in which students may learn about the crisis as part of an established course in economics or finance departments. Popular press books are highlighted, and…

  1. Entrepreneurship Snapshots 2010 : Measuring the Impact of the Financial Crisis on New Business Registration

    World Bank


    New businesses are likely to have been even more severely affected by the crisis than mature businesses, even in non crisis times, new and young firms tend to be more constrained than older firms which often have established reputations and enjoy easier access to finance. Given the sudden scarcity of credit and the uncertain economic outlook, it is reasonable to assume that entrepreneurs w...

  2. Decision model of project financing based on triangular fuzzy AHP%基于三角模糊AHP的项目融资决策模型

    李香花; 王孟钧


    A new infrastructure project financing decision model is constructed by systematically analyzing of project financing modes. It uses the hierarchical decomposition method to decompose the complex project financing mode decision problem and its corresponding evaluation indexes. It uses the Delphi method to evaluate these indexes. Because expert advice is characteristic of fuzzy and uncertainty, expert advice is converted into triangular fuzzy numbers by using the triangular fuzzy language variables. And the fuzzy decision judgment matrixes are constructed. Synthesis weights of all alternative models are obtained and the decisions are made by transforming the judge matrixes and calculating their vectors together with Analytical Hierarchy Process (AHP). The practical case shows that the proposed model provides a good method for the urban infrastructure project finance decision making.%通过对项目融资模式进行系统分析,构建了一个全新的基础设施项目融资模式决策模型.运用层次分解法将复杂项目融资模式决策问题进行分解简化,采用德尔菲法专家打分对备选模式对应的分解指标进行评价.针对专家意见具有模糊性和不确定性的特点,运用三角模糊语言变量,将专家意见转换成三角模糊数并构建模糊决策判断矩阵,再结合层次分析法(AHP)对判断矩阵进行模糊变换和向量计算,得到备选模式综合权重并据以做出决策.最后进行实例验证,为城市基础设施项目融资提供决策参考.

  3. 基于不完全信息博弈的PROT项目融资模型研究%PROT Project Financing Model Based on Incomplete Information Game

    王艳伟; 刘艳慧; 程静; 高鑫; 张仙


    以中小水电项目为代表的经营性公共基础设施项目,在采用 PROT 项目融资模式经营运行过程中,由于涉及的利益相关方之间存在信息不对称的情况,致使各方在博弈过程中存在“道德风险”,从而损害PROT项目的整体利益。将不完全信息博弈和熵理论引入 PROT 项目融资模式当中,分析社会投资者、政府以及公众三方的支付函数、期望收益以及项目融资系统熵的大小,建立了基于不完全信息博弈的 PROT 项目融资模型,通过该模型可以深入了解各利益相关方博弈的内在机理,并通过项目融资系统熵的变化来有效防范和监控产生的“道德风险”。经实例验证表明该模型具有较好的适用性。%Because of the existence of information asymmetry between the stakeholders,small and medium hydropower project will result "moral hazard",which may damage the whole benefit of PROT project in the operation process of PROT project. This paper introduces game theory and entropy theory into PROT project financing model. Firstly,through the analysis of payoff function,expected revenue of three parties and project financing system entropy,the paper established the PROT project financing model based on incomplete information game. The model can understand the intrinsic mechanism of the stakeholders’ game and effectively prevent and control the moral hazard through the changes of project financing system entropy. Finally,through the examples,it has better effect.

  4. Building a democratic education. The Teacher Training College Model in times of revolutionary crisis (1974-1976

    Luís Mota


    Full Text Available The present paper attempts to analyze the model and meaning of the reform of ordinary primary education, its ends and goals, and to address the ideological debate and clashes present in Teacher Training Colleges during the Ongoing Revolutionary Process (PREC. Experimental times of «pedagogical experiences», of the democratic construction of education, supported by a logic of equal opportunities and openness and intervention in the community, at a time when the educational system received the mandate to democratize success and combat social inequalities (Stoer, Stoleroff, Correia, 1990. Based on the triangulation of information (Denzin and Lincoln, 2000, our analysis focuses on the stakeholders’ discourses published by media specialized in education and teaching, or other, using anamnesis, oral accounts collected through interviews, and the few (still existing information sources. During the ideological debate and clash, two trends of the revolutionary process competed, that of the basic dynamics and of instrumentalisation. In the context of Teacher Training Colleges, the latter prevailed. It formed a centralised vision of the revolutionary process by fostering a mobilising dynamics, from the centre to the periphery, using the dimensions of academic knowledge, ideological principles and techniques for organising society following the ideological model established. It captured the strength and energy of the basic dynamics, either by outlining first the sense of mobilisation or assessing the propriety of the proposals arising from the mobilisation and adjusting them to its purposes. How to reference this article Mota, L., & Ferreira, A. G. (2015. La construcción de una educación democrática. Las escuelas de magisterio primario en tiempos de crisis revolucionaria (1974-1976. Espacio, Tiempo y Educación, 2(2, 265-288. doi:

  5. Modelling the Choices of Romanian Consumers in the Context of the Current Economic Crisis

    Madalina Balau


    Full Text Available Consumption is a key factor of the nowadays post-industrial society, while it is a real engine ofproduction, diversity of offer and demand, and motive for innovation. On the other side, consumption can beharmful to the same society and to environment if it develops in an un-sustainable way. That is why,understanding the consumer behaviour is of great importance not only to satisfy his or her needs but also tofind appropriate means to educate people and issue policies that can lead to sustainable consumption anddevelopment. The paper presents some models and theories regarding the consumer behaviour and proposesmeans to influence consumption characteristics and habits of people. The modelling approach isdeterministic, using Expectancy-Value theory, taking into account not only explicit (rational choices but alsohabits or incentives (non-rational choices, in a weighted quantitative model. The novelty of the approachconsists in the way non-rational choices are taken into consideration for the existing model, and on how it isused in determining directions for sustainable consumption. The study is developed on public data regardingconsumers of general goods in Romania.


    Gavrylenko Valentina


    Full Text Available Introduction. In today’s conditions of a changing market environment, uncertainty and risk, one of the main tasks of management is the timely detection of crisis symptoms and the development of measures aimed at preventing their negative impact on the activities of the enterprise. The purpose of this article is to determine the accounting and analytical information for the development of the model KRIZІS-diagnostics and ensure the effectiveness of its functioning in anti-crisis management. Results. The analysis of definition of the concept «KRIZІS-diagnostics» in the scientific literature is carried out. Multi-factor models for assessing the financial status and the diagnostics of enterprises bankruptcy for different countries are presented. The specified classification of management KRIZІS-diagnostics is specified. The stages and tasks of KRIZІS-diagnostics are determined. The sources of information, which are determinants of the early symptoms of the crisis and necessary for KRIZІS-diagnostics are indicated and the characteristic is also given. Qualitative and quantitative indicators that characterize the business processes of the enterprise and can be used to analyze the state of the enterprise in a changing environment for preventing the crisis are determined. Conclusions. This approach of identifying crisis symptoms in business processes is the basis for managing an enterprise to make strategic management decisions in order to prevent a crisis at its early stages. The development of KRIZІS-diagnostics as an information provision for anti-crisis management is the direction of further research.

  7. The Behavioral Intention of Micro Enterprises to Use the Integrated Cash Waqf Micro Enterprise Investment (ICWME-I Model as a Source of Financing

    Mohamed Asmy Mohd Thas Thaker


    Full Text Available This study is designed to examine the behavioural intention of micro enterprises to use the Integrated Cash Waqf Micro Enterprise Investment (ICWME-I model as a source of financing in Malaysia. The primary data are collected from the survey administered to micro entrepreneurs in the Klang Valley and the analysis is conducted using Structural Equation Modeling (SEM. Furthermore, the model has validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA. This study has revealed that both the attitude and subjective norms are found to have a positive impact on the intention of micro entrepreneurs to use the ICWME-I Model in the context of Malaysia.

  8. Humanizing Finance by Hedging Property Values

    Jaume Roig Hernando


    Full Text Available The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management. While there has been innovation in the management of corporate finance risk, real estate has lagged behind. Now is the time to expand the range of tools available for hedging households’ risks and, thus, to advance the democratization of finance. Property equity represents the major asset in households’ portfolios in developed and undeveloped countries. The present paper analyzes a set of potential innovations in real estate risk management, such as price level-adjusted mortgages, property derivatives, and home equity value insurance. Financial institutions, households, and governments should work together to improve the performance of the financial instruments available and, thus, to help mitigate the worst impacts of economic cycles.

  9. The effects of the global economic crisis in Latin America

    Arturo Guillén R.


    Full Text Available The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

  10. Political pragmatism and principles in times of crisis : the role of pragmatist political crisis management during the U.S. financial crisis

    Bartenberger, M.


    Based on philosophical pragmatism, this study builds a model of pragmatist crisis management at the political-strategic level and contrasts it with a principle-guided approach towards political crisis management. It identifies four cornerstons of pragmatist political crisis management and builds a


    Mura Petru-Ovidiu


    Full Text Available The main objective of this paper is to evaluate the sustainability of public finance in Romania and to explore the fiscal threats Romania might face in the future. A sound fiscal policy implies avoiding excessive liabilities of the government, but at the same time delivering the proper public goods and services, including the necessary safety net in times of crisis. An unsustainable fiscal position negatively impacts on macroeconomic stability; moreover, if public finances are perceived to be unsustainable in the long run, the reaction of the international financial markets could generate a fiscal crisis, which might surprise the fiscal planners. The main findings of the paper are the following: i according to the multidimensional approach of the European Commission, in the short run, it seems that Romania is free from fiscal stress, there is a low risk in the medium term, and in the long run the risk becomes medium; ii a potential medium-term fiscal sustainability risk derives from the accumulation of losses and arrears in the business and companies sectors in which the state is a majority shareholder; iii Romania records one of the lowest budget revenues to GDP ratios in EU, while the Romanian tax system is characterized by a poor tax collection, inefficient administration and excessive bureaucracy; iv the structure of public spending in Romania is characterized by the predominance of wage spending and social assistance, while the poor state of the public pension system is an important vulnerability of the public finance position; v overall, the degree of tax compliance in Romania was only 55.8% in 2013, and according to the calculations made by the Fiscal Council, tax evasion represented 16.2% of GDP in 2013. All these aspects make up a grim picture of sustainability of public finances, which has to be considered by the public decision makers regarding future fiscal policy actions.


    JOMO K.S.


    This paper focuses on the prospects for sustained development in the four East Asian economies most adversely affected by the crises of 1997/98. These include all three second-tier South-East Asian newly industrializing countries (NICs) – Indonesia, Malaysia and Thailand – as well as the Republic of Korea, the most adversely affected of the first-generation newly industrialized economies (NIEs). The first section critically examines the East Asian model presented by the World Bank’s “East Asi...

  13. Modelling Monetary and Fiscal Governance in the Wake of the Sovereign Debt Crisis in Europe

    Bodo Herzog


    Full Text Available This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM. The analysis reveals the following: First, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted countries default anyway. Third, if the probability to be an impatient government is high, then the supply of loans is constrained. In general, sustainable and unsustainable governments should be incentivized differently especially in a supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone.

  14. Threshold concepts in finance: student perspectives

    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.

  15. Financing - general considerations


    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

  16. Geothermal Financing Workbook

    Battocletti, E.C.


    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)

  17. Financing Sustainable Development

    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?...

  18. Financing landfill gas projects

    Bull, R.


    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)

  19. Financing climate change adaptation

    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.

  20. Financing medical office buildings.

    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).

  1. Application of the SEIPS Model to Analyze Medication Safety in a Crisis Residential Center.

    Steele, Maria L; Talley, Brenda; Frith, Karen H


    Medication safety and error reduction has been studied in acute and long-term care settings, but little research is found in the literature regarding mental health settings. Because mental health settings are complex, medication administration is vulnerable to a variety of errors from transcription to administration. The purpose of this study was to analyze critical factors related to a mental health work system structure and processes that threaten safe medication administration practices. The Systems Engineering Initiative for Patient Safety (SEIPS) model provides a framework to analyze factors affecting medication safety. The model approach analyzes the work system concepts of technology, tasks, persons, environment, and organization to guide the collection of data. In the study, the Lean methodology tools were used to identify vulnerabilities in the system that could be targeted later for improvement activities. The project director completed face-to-face interviews, asked nurses to record disruptions in a log, and administered a questionnaire to nursing staff. The project director also conducted medication chart reviews and recorded medication errors using a standardized taxonomy for errors that allowed categorization of the prevalent types of medication errors. Results of the study revealed disruptions during the medication process, pharmacology training needs, and documentation processes as the primary opportunities for improvement. The project engaged nurses to identify sustainable quality improvement strategies to improve patient safety. The mental health setting carries challenges for safe medication administration practices. Through analysis of the structure, process, and outcomes of medication administration, opportunities for quality improvement and sustainable interventions were identified, including minimizing the number of distractions during medication administration, training nurses on psychotropic medications, and improving the documentation

  2. Innovative financing for health: what is truly innovative?

    Atun, Rifat; Knaul, Felicia Marie; Akachi, Yoko; Frenk, Julio


    Development assistance for health has increased every year between 2000 and 2010, particularly for HIV/AIDS, tuberculosis, and malaria, to reach US$26·66 billion in 2010. The continued global economic crisis means that increased external financing from traditional donors is unlikely in the near term. Hence, new funding has to be sought from innovative financing sources to sustain the gains made in global health, to achieve the health Millennium Development Goals, and to address the emerging burden from non-communicable diseases. We use the value chain approach to conceptualise innovative financing. With this framework, we identify three integrated innovative financing mechanisms-GAVI, Global Fund, and UNITAID-that have reached a global scale. These three financing mechanisms have innovated along each step of the innovative finance value chain-namely resource mobilisation, pooling, channelling, resource allocation, and implementation-and integrated these steps to channel large amounts of funding rapidly to low-income and middle-income countries to address HIV/AIDS, malaria, tuberculosis, and vaccine-preventable diseases. However, resources mobilised from international innovative financing sources are relatively modest compared with donor assistance from traditional sources. Instead, the real innovation has been establishment of new organisational forms as integrated financing mechanisms that link elements of the financing value chain to more effectively and efficiently mobilise, pool, allocate, and channel financial resources to low-income and middle-income countries and to create incentives to improve implementation and performance of national programmes. These mechanisms provide platforms for health funding in the future, especially as efforts to grow innovative financing have faltered. The lessons learnt from these mechanisms can be used to develop and expand innovative financing from international sources to address health needs in low-income and middle

  3. Financing Canadian international operations

    Beagle, G.


    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

  4. The impact of production capacity utilization on metallurgical companies financing

    J. Kutáč


    Full Text Available The most important and the most problematic in-house sources of financing of metallurgical companies are profit and depreciations. In the event that the aggregate value of the economic result and depreciations goes over to negative values, then this kind of in-house financing ceases to increase Cash Flow of the company but, on the contrary, it will cause its reduction. It means that this type of financing is to some extent uncertain, particularly in times of crisis, when there are noticeable fluctuations in sales volumes, leading to a significant influence of the volume of production on the amount of profit. The article discusses the impact of production capacity utilization on metallurgical companies financing.

  5. Attractor merging crisis in chaotic business cycles

    Chian, Abraham C.-L.; Borotto, Felix A.; Rempel, Erico L.; Rogers, Colin


    A numerical study is performed on a forced-oscillator model of nonlinear business cycles. An attractor merging crisis due to a global bifurcation is analyzed using the unstable periodic orbits and their associated stable and unstable manifolds. Characterization of crisis can improve our ability to forecast sudden major changes in economic systems

  6. Attribution Theory and Crisis Intervention Therapy.

    Skilbeck, William M.

    It was proposed that existing therapeutic procedures may influence attributions about emotional states. Therefore an attributional analysis of crisis intervention, a model of community-based, short-term consultation, was presented. This analysis suggested that crisis intervention provides attributionally-relevant information about both the source…

  7. Economic crisis and oil market balances

    Duquesnoy, S.; Rozenberg, J.; Hourcade, J.Ch.


    One might intuitively think that an economic crisis would at least relieve the pressure on oil supply since it slows energy demand. From the model of the oil market DYSMO, we show that an economic crisis may on the contrary increase tension, as it postpones investment in oil supply. (authors)

  8. Recent abuse from in-laws and associations with adverse experiences during the crisis among rural Ivorian women: extended families as part of the ecological model.

    Falb, Kathryn L; Annan, Jeannie; Hossain, Mazeda; Topolska, Monika; Kpebo, Denise; Gupta, Jhumka


    Violence against women in the aftermath of conflict represents a growing area of concern. However, little is known about violence perpetrated by a woman's in-laws and how these experiences may be related to adverse experiences during a crisis. Therefore, guided by the ecological model, the objectives of the following analysis were to (1) document adverse experiences during the crisis among rural Ivorian women and (2) investigate the association between such experiences and abuse perpetrated by partners' extended families, among a sample of women residing in rural Côte d'Ivoire. Utilising data from a baseline survey conducted in 2010, we generated descriptive statistics and used generalised estimating equations to assess the relationships of interest. Women whose family was victimised during the crisis had 1.7 times the odds of reporting past-year in-law abuse compared to those women whose families did not experience such adversity (95% CI: 1.1-2.4), and women who experienced a personal form of adversity had twice the odds of reporting past-year in-law abuse compared to women who did not report victimisation (95% CI: 1.2-3.2). Being forced to flee was not statistically associated with in-law abuse. Findings underscore the importance of addressing in-law abuse in order to promote women's health in post-conflict settings.

  9. System viability of organizations and the aetiology of organizational crisis : A Quantitative Assessment of Stafford Beer's Viable System Model

    Pfiffner, M.D.


    Subject of this dissertation is the aetiology of crisis processes which place organizations under existential threats and which often cause organizational demise and bankruptcy. To date, research on organizational crises (OC) has not succeeded in identifying the generic grounds for these detrimental


    Inceu Adrian


    Full Text Available This paper tries to evaluate the situation of the fiscal revenues in Romania in the context of economic and financial crisis, because the fiscal revenues are the major source of financing the public expenditure. The evolution of the level of fiscal revenu

  11. The Financial Crisis: Origins, Causes And Conclusions

    Eneida Permeti


    Full Text Available The crisis in recent years took start in response to a crisis of the real estate market in the United States in 2007. The year 2009 has seen an economic crisis and between 2010 and 2011 it was known the spreading of the crisis sovereign debt and public finances of many countries. The financial markets failed in their main task: the allocation of risk. The products and services traded in the financial market are characterized by the immateriality and legal complexity. It means a high uncertainty degree and a high risk. Therefore is very important to protect the investors and this means: give them the right information, right legislation, market confidence and a product that respond to their needs. The crisis causes are: weaknesses in the regulatory, malfunction of the rating agencies, political errors and conflicts of interest. This means that we need: more rules, more capital, less debt, more transparency. The financial markets and the economy have always moved in harmony and savers have undertaken a countercyclical behavior, against trend or against the cycle and for investing in financial markets with the probability in favor we need a map that comes from the statistics.

  12. The Greek crisis: Causes and implications

    Vlamis Prodromos


    Full Text Available This paper presents and critically discusses the origins and causes of the Greek fiscal crisis and its implications for the euro currency as well as the SEE economies. In the aftermath of the 2007-2009 financial crisis the enormous increase in sovereign debt has emerged as an important negative outcome, since public debt was dramatically increased in an effort by the US and the European governments to reduce the accumulated growth of private debt in the years preceding the recent financial turmoil. Although Greece is the country member of the eurozone that has been in the middle of this ongoing debt crisis, since November 2009 when it was made clear that its budget deficit and mainly its public debt were not sustainable, Greece’s fiscal crisis is not directly linked to the 2007 US subprime mortgage loan market crisis. As a result of this negative downturn the Greek government happily accepted a rescue plan of 110 billion euros designed and financed by the European Union and the IMF. A lengthy austerity programme and a fiscal consolidation plan have been put forward and are to be implemented in the next three years.

  13. Price and Income Elasticity of Australian Retail Finance: An Autoregressive Distributed Lag (ARDL Approach

    Helen Higgs


    Full Text Available This paper models the price and income elasticity of retail finance in Australia using aggregate quarterly data and an autoregressive distributed lag (ARDL approach. We particularly focus on the impact of the global financial crisis (GFC from 2007 onwards on retail finance demand and analyse four submarkets (period analysed in brackets: owneroccupied housing loans (Sep 1985–June 2010, term loans (for motor vehicles, household goods and debt consolidation, etc. (Dec 1988–Jun 2010, credit card loans (Mar 1990–Jun 2010, and margin loans (Sep 2000–Jun 2010. Other than the indicator lending rates and annual full-time earnings respectively used as proxies for the price and income effects, we specify a large number of other variables as demand factors, particularly reflecting the value of the asset for which retail finance demand is derived. These variously include the yield on indexed bonds as a proxy for inflation expectations, median housing prices, consumer sentiment indices as measures of consumer confidence, motor vehicle and retail trade sales, housing debt-to-housing assets as a measure of leverage, the proportion of protected margin lending, the available credit limit on credit cards, and the All Ordinaries Index. In the long run, we find significant price elasticities only for term loans and margin loans, and significant income elasticities of demand for housing loans, term loans and margin loans. We also find that the GFC only significantly affected the longrun demand for term loans and margin loans. In the short run, we find that the GFC has had a significant effect on the price elasticity of demand for term loans and margin loans. Expected inflation is also a key factor affecting retail finance demand. Overall, most of the submarkets in the analysis indicate that retail finance demand is certainly price inelastic but more income elastic than conventionally thought.

  14. Financial Policies of Turkish Industrial Companies during the Global Crisis

    Cenk Gokce Adas


    Full Text Available Latest global financial crisis that shrank the credit market affected the companies’ financial policies since the credit contraction led the firms to rely more on their own resources rather than external financing. The expectation during such crises is more equity issues along with less borrowing. In economic literature there are some evidence supporting this fact for developed countries. As an emerging country Turkey’s case is different than that of advanced countries. The era commenced with Lehman turmoil by passed Turkish economy in the first years due to the solid, strong and healthy banking sector due to the measurements taken after 2001 banking crisis of Turkey. Therefore, international lenders did not hesitate directing their funds to Turkish banks. As a result, Turkish companies did not suffer in financing their investments through bank loans. Moreover, the growth policy of Turkey based on current account deficit supported Turkish economy and in turn the firms due to the abundance of liquidity after the peak of the crisis. In this work we examined 164 industrial firms that are traded on Borsa Istanbul to see if there happened to be a shift in their financing preferences during the recent global crisis. We found that the importance of borrowing had not decreased and that contradicts the expectations. As of equity issues, before and after 2009 no radical change has been observed. In 2009 where the crisis hit worst Turkish economy leading a 4.7% GDP decrease, the equity issues were doubled.

  15. Effects of New Funding Models for Patient-Centered Medical Homes on Primary Care Practice Finances and Services: Results of a Microsimulation Model.

    Basu, Sanjay; Phillips, Russell S; Song, Zirui; Landon, Bruce E; Bitton, Asaf


    We assess the financial implications for primary care practices of participating in patient-centered medical home (PCMH) funding initiatives. We estimated practices' changes in net revenue under 3 PCMH funding initiatives: increased fee-for-service (FFS) payments, traditional FFS with additional per-member-per-month (PMPM) payments, or traditional FFS with PMPM and pay-for-performance (P4P) payments. Net revenue estimates were based on a validated microsimulation model utilizing national practice surveys. Simulated practices reflecting the national range of practice size, location, and patient population were examined under several potential changes in clinical services: investments in patient tracking, communications, and quality improvement; increased support staff; altered visit templates to accommodate longer visits, telephone visits or electronic visits; and extended service delivery hours. Under the status quo of traditional FFS payments, clinics operate near their maximum estimated possible net revenue levels, suggesting they respond strongly to existing financial incentives. Practices gained substantial additional net annual revenue per full-time physician under PMPM or PMPM plus P4P payments ($113,300 per year, 95% CI, $28,500 to $198,200) but not under increased FFS payments (-$53,500, 95% CI, -$69,700 to -$37,200), after accounting for costs of meeting PCMH funding requirements. Expanding services beyond minimum required levels decreased net revenue, because traditional FFS revenues decreased. PCMH funding through PMPM payments could substantially improve practice finances but will not offer sufficient financial incentives to expand services beyond minimum requirements for PCMH funding. © 2016 Annals of Family Medicine, Inc.




    Full Text Available The current economic and financial crisis, beyond the problems it generates both at micro and macro level, should determine an adaptation of the mechanisms, institutions and monetary / financial policies to the real economy we are facing. The issue of financial crises is extremely complex, including a series of quantitative and qualitative factors, financial, economic, social, ethical, technological and human, which can intervene and influence the financial operations in a country or several countries simultaneously. We believe that it is difficult to appreciate that a traditional model might explain a financial crisis, given that every context of occurrence, conditions of development and crisis settlement programs are unique and unrepeatable. Every crisis has in its structure certain issues that may be capitalized and can lead to success. Perhaps more obvious are the ways that can lead to total failure of the organization. Finding and capitalizing the potential success is the essence of the crisis management. The essence of the mismanagement of the crisis is to worse situation. The successful management of a crisis involves admitting that you are facing a crisis, taking reasonable measures to remedy the situation, to be seen taking them and heard saying the right words. The issue at this stage of crisis management is that perception becomes true reality. Crisis management is a set of factors designed to combat the crisis and reduce the damage caused by the crisis. In other words, crisis management attempts to prevent or reduce the negative effects of the crisis and protect the organization, the public involved and the specific field by the possible damages. The effective management of the crisis includes crisis communication. This is an essential component through which the organization faced with the difficult situation can rehabilitate it’s publicly image or even to improve it. The crisis communication occurs between the organization and

  17. The Determinants of Debt Financing

    Zhao, Chenkai


    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...

  18. The risks of nation branding as crisis response

    Rasmussen, Rasmus Kjærgaard; Merkelsen, Henrik


    alternative strategies for handling crises based on 'societal models'. Through a case study of Denmark's so-called Cartoon Crisis we demonstrate how crisis communication falls short of coping aptly with the complexity of the crisis due to the branding-inspired translation from 'sudden' to 'ongoing' crisis. We......In this article, we investigate the limitations of organization-centric models for crisis communication in handling place crises. Two distinct types of place crisis are identified as what we respectively term the 'sudden' and the 'ongoing' type. We point out that place branding traditionally has...... been used to handle the latter type. We then demonstrate how the inspiration from corporate communication in place branding has led to a fixation on reputation, which becomes salient when place branding is used as crisis communication in sudden crisis. Here the corporate inspiration tends to rule out...

  19. The drinking water contamination crisis in Flint: Modeling temporal trends of lead level since returning to Detroit water system.

    Goovaerts, Pierre


    Since Flint returned to its pre-crisis source of drinking water close to 25,000 water samples have been collected and tested for lead and copper in >10,000 residences. This paper presents the first analysis and time trend modeling of lead data, providing new insights about the impact of this intervention. The analysis started with geocoding all water lead levels (WLL) measured during an 11-month period following the return to the Detroit water supply. Each data was allocated to the corresponding tax parcel unit and linked to secondary datasets, such as the composition of service lines, year built, or census tract poverty level. Only data collected on residential parcels within the City limits were used in the analysis. One key feature of Flint data is their collection through two different sampling initiatives: (i) voluntary or homeowner-driven sampling whereby concerned citizens decided to acquire a testing kit and conduct sampling on their own (non-sentinel sites), and (ii) State-controlled sampling where data were collected bi-weekly at selected sites after training of residents by technical teams (sentinel sites). Temporal trends modeled from these two datasets were found to be statistically different with fewer sentinel data exceeding WLL thresholds ranging from 10 to 50μg/L. Even after adjusting for housing characteristics the odds ratio (OR) of measuring WLL above 15μg/L at non-sentinel sites is significantly >1 (OR=1.480) and it increases with the threshold (OR=2.055 for 50μg/L). Joinpoint regression showed that the city-wide percentage of WLL data above 15μg/L displayed four successive trends since the return to Detroit Water System. Despite the recent improvement in water quality, the culprit for differences between sampling programs needs to be identified as it impacts exposure assessment and might influence whether there is compliance or not with the Lead and Copper Rule. Copyright © 2016 Elsevier B.V. All rights reserved.

  20. Commodities, energy and environmental finance

    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 ...