Risk Management of Assets Dependency Based on Copulas Function

Directory of Open Access Journals (Sweden)

Cheng Lei

2017-01-01

Full Text Available As the two important form of financial market, the risk of financial securities, such as stocks and bonds, has been a hot topic in the financial field; at the same time, under the influence of many factors of financial assets, the correlation between portfolio returns causes more research. This paper presents Copula-SV-t model that it uses SV-t model to measure the edge distribution, and uses the Copula-t method to obtain the high-dimensional joint distribution. It not only solves the actual deviation with using the ARCH family model to calculate the portfolio risk, but also solves the problem to overestimate the risk with using extreme value theory to study financial risk. Through the empirical research, the conclusion shows that the model describes better assets and tail characteristics of assets, and is more in line with the reality of the market. Furthermore, Empirical evidence also shows that if the portfolio is relatively large degree of correlation, the ability to disperse portfolio risk is relatively weakness.

Regionalisation of asset values for risk analyses

Directory of Open Access Journals (Sweden)

A. H. Thieken

2006-01-01

Full Text Available In risk analysis there is a spatial mismatch of hazard data that are commonly modelled on an explicit raster level and exposure data that are often only available for aggregated units, e.g. communities. Dasymetric mapping techniques that use ancillary information to disaggregate data within a spatial unit help to bridge this gap. This paper presents dasymetric maps showing the population density and a unit value of residential assets for whole Germany. A dasymetric mapping approach, which uses land cover data (CORINE Land Cover as ancillary variable, was adapted and applied to regionalize aggregated census data that are provided for all communities in Germany. The results were validated by two approaches. First, it was ascertained whether population data disaggregated at the community level can be used to estimate population in postcodes. Secondly, disaggregated population and asset data were used for a loss evaluation of two flood events that occurred in 1999 and 2002, respectively. It must be concluded that the algorithm tends to underestimate the population in urban areas and to overestimate population in other land cover classes. Nevertheless, flood loss evaluations demonstrate that the approach is capable of providing realistic estimates of the number of exposed people and assets. Thus, the maps are sufficient for applications in large-scale risk assessments such as the estimation of population and assets exposed to natural and man-made hazards.

A Case Study of Risk Informed Asset Management (RIAM) for Nuclear Power Plant

International Nuclear Information System (INIS)

Lee, Gyoung Cheol; Jeong, Yong Hoon; Chang, Soon Heung; Chung, Dae Wook

2006-01-01

Recently, the concern for Nuclear Asset Management (NAM) is increasing in nuclear industry. Asset Management is management of the financial assets of a company in order to maximize return. However, asset management in the nuclear industry is needed for coincidental consideration of nuclear safety and risk. Over fast several years, efforts for development of safety concerned and financial asset maximizing method, process and tools have been continued internationally. Risk Informed Asset Management (RIAM) is a methodology, process, and (eventually) software tool by which analyst review historical performance and develop predictive logic models and data analyses to provide plant manager and company decision-makers critical quantitative performance indicators

Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets

OpenAIRE

Louise M. Arthur; Colin A. Carter; Fay Abizadeh

1988-01-01

A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing th...

Critical asset and portfolio risk analysis: an all-hazards framework.

Science.gov (United States)

Ayyub, Bilal M; McGill, William L; Kaminskiy, Mark

2007-08-01

This article develops a quantitative all-hazards framework for critical asset and portfolio risk analysis (CAPRA) that considers both natural and human-caused hazards. Following a discussion on the nature of security threats, the need for actionable risk assessments, and the distinction between asset and portfolio-level analysis, a general formula for all-hazards risk analysis is obtained that resembles the traditional model based on the notional product of consequence, vulnerability, and threat, though with clear meanings assigned to each parameter. Furthermore, a simple portfolio consequence model is presented that yields first-order estimates of interdependency effects following a successful attack on an asset. Moreover, depending on the needs of the decisions being made and available analytical resources, values for the parameters in this model can be obtained at a high level or through detailed systems analysis. Several illustrative examples of the CAPRA methodology are provided.

The Earnings/Price Risk Factor in Capital Asset Pricing Models

Directory of Open Access Journals (Sweden)

Rafael Falcão Noda

2015-01-01

Full Text Available This article integrates the ideas from two major lines of research on cost of equity and asset pricing: multi-factor models and ex ante accounting models. The earnings/price ratio is used as a proxy for the ex ante cost of equity, in order to explain realized returns of Brazilian companies within the period from 1995 to 2013. The initial finding was that stocks with high (low earnings/price ratios have higher (lower risk-adjusted realized returns, already controlled by the capital asset pricing model's beta. The results show that selecting stocks based on high earnings/price ratios has led to significantly higher risk-adjusted returns in the Brazilian market, with average abnormal returns close to 1.3% per month. We design asset pricing models including an earnings/price risk factor, i.e. high earnings minus low earnings, based on the Fama and French three-factor model. We conclude that such a risk factor is significant to explain returns on portfolios, even when controlled by size and market/book ratios. Models including the high earnings minus low earnings risk factor were better to explain stock returns in Brazil when compared to the capital asset pricing model and to the Fama and French three-factor model, having the lowest number of significant intercepts. These findings may be due to the impact of historically high inflation rates, which reduce the information content of book values, thus making the models based on earnings/price ratios better than those based on market/book ratios. Such results are different from those obtained in more developed markets and the superiority of the earnings/price ratio for asset pricing may also exist in other emerging markets.

THE IMPORTANCE OF INTAGIBILE ASSETS FOR TOURISTIC`S ENTERPRISE IN THE PERSPECTIVE OF GLOBALIZATION

Directory of Open Access Journals (Sweden)

Maja DJUKIC

2009-12-01

Full Text Available In time of globalization very important role in touristic enterprise have intangible assets: human capital, information capital and organization capital. Intangible assets, especially human resources drive long-term value creation. So human resources are generally accepted as being strategically important. The main management problem is being able to make alignment of intangible assets and organization's strategy. The tools which management in tourism enterprise can use for this purpose are balanced score card and strategy map, which will be explained in this article.

The estimation of time-varying risks in asset pricing modelling using B-Spline method

Science.gov (United States)

Nurjannah; Solimun; Rinaldo, Adji

2017-12-01

Asset pricing modelling has been extensively studied in the past few decades to explore the risk-return relationship. The asset pricing literature typically assumed a static risk-return relationship. However, several studies found few anomalies in the asset pricing modelling which captured the presence of the risk instability. The dynamic model is proposed to offer a better model. The main problem highlighted in the dynamic model literature is that the set of conditioning information is unobservable and therefore some assumptions have to be made. Hence, the estimation requires additional assumptions about the dynamics of risk. To overcome this problem, the nonparametric estimators can also be used as an alternative for estimating risk. The flexibility of the nonparametric setting avoids the problem of misspecification derived from selecting a functional form. This paper investigates the estimation of time-varying asset pricing model using B-Spline, as one of nonparametric approach. The advantages of spline method is its computational speed and simplicity, as well as the clarity of controlling curvature directly. The three popular asset pricing models will be investigated namely CAPM (Capital Asset Pricing Model), Fama-French 3-factors model and Carhart 4-factors model. The results suggest that the estimated risks are time-varying and not stable overtime which confirms the risk instability anomaly. The results is more pronounced in Carhart’s 4-factors model.

Dynamic asset allocation and downside-risk aversion

NARCIS (Netherlands)

A.B. Berkelaar (Arjan); R.R.P. Kouwenberg (Roy)

2000-01-01

textabstractThis paper considers dynamic asset allocation in a mean versus downside-risk framework. We derive closed-form solutions for the optimal portfolio weights when returns are lognormally distributed. Moreover, we study the impact of skewed and fat-tailed return distributions. We find that

Confidence sets for asset correlations in portfolio credit risk

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Carlos Castro

2012-06-01

Full Text Available Asset correlations are of critical importance in quantifying portfolio credit risk and economic capitalin financial institutions. Estimation of asset correlation with rating transition data has focusedon the point estimation of the correlation without giving any consideration to the uncertaintyaround these point estimates. In this article we use Bayesian methods to estimate a dynamicfactor model for default risk using rating data (McNeil et al., 2005; McNeil and Wendin, 2007.Bayesian methods allow us to formally incorporate human judgement in the estimation of assetcorrelation, through the prior distribution and fully characterize a confidence set for the correlations.Results indicate: i a two factor model rather than the one factor model, as proposed bythe Basel II framework, better represents the historical default data. ii importance of unobservedfactors in this type of models is reinforced and point out that the levels of the implied asset correlationscritically depend on the latent state variable used to capture the dynamics of default,as well as other assumptions on the statistical model. iii the posterior distributions of the assetcorrelations show that the Basel recommended bounds, for this parameter, undermine the levelof systemic risk.

Evaluation of the importance of the 39 subjects defined by the global forum for maintenance and asset management

OpenAIRE

Visser, Jacobus Krige; Botha, Arnold

2015-01-01

The Global Forum on Maintenance and Asset Management (GFMAM) was formed in 2011 to bring together various experts, practitioners, academics, and other professionals who are active in the field of asset and maintenance management. The primary mission of GFMAM is to develop and promote knowledge, standards, and education for the maintenance and asset management professions. To fulfil this mission, GFMAM developed an ‘Asset Management Landscape’ document, which defines 39 subjects on asset manag...

Solving the collective-risk social dilemma with risky assets in well-mixed and structured populations

Science.gov (United States)

Chen, Xiaojie; Zhang, Yanling; Huang, Ting-Zhu; Perc, Matjaž

2014-11-01

In the collective-risk social dilemma, players lose their personal endowments if contributions to the common pool are too small. This fact alone, however, does not always deter selfish individuals from defecting. The temptations to free ride on the prosocial efforts of others are strong because we are hardwired to maximize our own fitness regardless of the consequences which might have for the public good. Here we show that the addition of risky assets to the personal endowments, both of which are lost if the collective target is not reached, can contribute to solving the collective-risk social dilemma. In infinite well-mixed populations, risky assets introduce new stable and unstable mixed steady states, whereby the stable mixed steady state converges to full cooperation as either the risk of collective failure or the amount of risky assets increases. Similarly, in finite well-mixed populations, the introduction of risky assets enforces configurations where cooperative behavior thrives. In structured populations cooperation is promoted as well, but the distribution of assets among the groups is crucial. Surprisingly, we find that the completely rational allocation of assets only to the most successful groups is not optimal, and this regardless of whether the risk of collective failure is high or low. Instead, in low-risk situations bounded rational allocation of assets works best, while in high-risk situations the simplest uniform distribution of assets among all the groups is optimal. These results indicate that prosocial behavior depends sensitively on the potential losses individuals are likely to endure if they fail to cooperate.

Securitization of residential solar photovoltaic assets: Costs, risks and uncertainty

International Nuclear Information System (INIS)

Alafita, T.; Pearce, J.M.

2014-01-01

Limited access to low-cost financing is an impediment to high-velocity technological diffusion and high grid penetration of solar photovoltaic (PV) technology. Securitization of solar assets provides a potential solution to this problem. This paper assesses the viability of solar asset-backed securities (ABS) as a lower cost financing mechanism and identifies policies that could facilitate implementation of securitization. First, traditional solar financing is examined to provide a baseline for cost comparisons. Next, the securitization process is modeled. The model enables identification of several junctures at which risk and uncertainty influence costs. Next, parameter values are assigned and used to generate cost estimates. Results show that, under reasonable assumptions, securitization of solar power purchase agreements (PPA) can significantly reduce project financing costs, suggesting that securitization is a viable mechanism for improving the financing of PV projects. The clear impediment to the successful launch of a solar ABS is measuring and understanding the riskiness of underlying assets. This study identifies three classes of policy intervention that lower the cost of ABS by reducing risk or by improving the measurement of risk: (i) standardization of contracts and the contracting process, (ii) improved access to contract and equipment performance data, and (iii) geographic diversification. - Highlights: • Limited access to low-cost financing is hampering penetration of solar PV. • Solar asset-backed securities (ABS) provide a low cost financing mechanism. • Results for securitization of solar leases and power purchase agreements (PPA). • Securitization can significantly reduce project financing costs. • Identifies policy intervention that lower cost of ABS by reducing risk

77 FR 60732 - PACE Select Advisors Trust and UBS Global Asset Management (Americas) Inc.; Notice of Application

Science.gov (United States)

2012-10-04

....; Institutional Capital, LLC; J.P. Morgan Investment Management, Inc.; Kayne Anderson Rudnick Investment...; Standish Mellon Asset Management Company, LLC; Systematic Financial Management, L.P.; Wellington Management... Select Advisors Trust and UBS Global Asset Management (Americas) Inc.; Notice of Application September 27...

Processing Risk In Asset Management : Exploring The Boundaries Of Risk Based Optimization Under Uncertainty For An Energy Infrastructure Asset Manager

NARCIS (Netherlands)

Wijnia, Y.C.

2016-01-01

In the liberalized energy market Distribution Network Operators (DNOs) are confronted with income reductions by the regulator. The common response to this challenge is the implementation of asset management, which can be regarded as systematically applying Cost Benefit Analysis (CBA) to the risks in

Communicating asset risk: how name recognition and the format of historic volatility information affect risk perception and investment decisions.

Science.gov (United States)

Weber, Elke U; Siebenmorgen, Niklas; Weber, Martin

2005-06-01

An experiment examined how the type and presentation format of information about investment options affected investors' expectations about asset risk, returns, and volatility and how these expectations related to asset choice. Respondents were provided with the names of 16 domestic and foreign investment options, with 10-year historical return information for these options, or with both. Historical returns were presented either as a bar graph of returns per year or as a continuous density distribution. Provision of asset names allowed for the investigation of the mechanisms underlying the home bias in investment choice and other asset familiarity effects. Respondents provided their expectations of future returns, volatility, and expected risk, and indicated the options they would choose to invest in. Expected returns closely resembled historical expected values. Risk and volatility perceptions both varied significantly as a function of the type and format of information, but in different ways. Expected returns and perceived risk, not predicted volatility, predicted portfolio decisions.

Integrating risk analysis and multi-criteria decision support under uncertainty in electricity distribution system asset management

International Nuclear Information System (INIS)

Catrinu, M.D.; Nordgard, D.E.

2011-01-01

Asset managers in electricity distribution companies generally recognize the need and the challenge of adding structure and a higher degree of formal analysis into the increasingly complex asset management decisions. This implies improving the present asset management practice by making the best use of the available data and expert knowledge and by adopting new methods for risk analysis and decision support and nevertheless better ways to document the decisions made. This paper discusses methods for integrating risk analysis and multi-criteria decision support under uncertainty in electricity distribution system asset management. The focus is on how to include the different company objectives and risk analyses into a structured decision framework when deciding how to handle the physical assets of the electricity distribution network. This paper presents an illustrative example of decision support for maintenance and reinvestment strategies based, using expert knowledge, simplified risk analyses and multi-criteria decision analysis under uncertainty.

Youth Assets and Sexual Risk Behavior: Differences between Male and Female Adolescents

Science.gov (United States)

Mueller, Trisha; Gavin, Lorrie; Oman, Roy; Vesely, Sara; Aspy, Cheryl; Tolma, Eleni; Rodine, Sharon

2010-01-01

Youth internal assets and external resources are protective factors that can help youth avoid potentially harmful behaviors. This study investigates how the relationship between youth assets or resources and two sexual risk behaviors (ever had sex and birth control use) varied by gender. Data were collected through in-home interviews from…

What’s Next: The Status of ISO Global KM Standards and the Importance of Managing Knowledge Assets

International Nuclear Information System (INIS)

Young, R.

2016-01-01

Full text: Ron Young, CEO of Knowledge Associates International, based in Cambridge UK, is Chair of the BSI KM Standards Committee KMS/1, member of the BSI Asset Management Committee AMS/1 working with ISO 55000, and member of the ISO 30401 workgroup developing a global KM Standard. He will present the benefits, challenges and implications of a global KM standard, from his perspective, and give an update on the ISO/BSI standard development. He will also provide insights into the latest developments with knowledge asset management. (author

Global Health after Pentecost: Toward Theological Reflection as a Religious Health Asset

Directory of Open Access Journals (Sweden)

Matthew T Bersagel Braley

2014-01-01

Full Text Available This article examines the recent turn on the part of global health leaders to Christian communities as allies in the response to the HIV pandemic. A cursory survey of this turn highlights how global health leaders have used the language of religious health assets to revalue the activities of faith-based organizations, including Christian churches. In this way, religious health assets — tangible and intangible — become valuable if they can be rendered intelligible and appreciated using the existing lexicon and logic of global health. As a result, the primary activity of religious entities in partnerships with global health institutions is limited to conforming their practices to the best practices of HIV programs. But a closer examination of this revaluation reveals how it obscures a distinctive dimension of Christian participation, namely, critical theological reflection. The current turn to religion as a global health ally presents an opportunity to reimagine the spaces in which complex social phenomena are described, interpreted, and responded to. Christians live into the role of co-participants in these spaces when they seek to develop a greater competence for engaging the complex arena of global health policy and programming. This competence emerges from demonstrating understanding of the empirical context in which global health is carried out as well as showing in an imaginative and compelling manner how the theological resources from their own tradition illumine the patterns and processes of human suffering. We have a unique presence and reach within communities. We have unique structures and programmes that are already in place. We are available. We are reliable. And we are sustainable. We were there long before AIDS came and we will still be there when AIDS goes away. Rev. Canon Gideon Byamugisha1

Life Assets in Teenage Pregnancy

Directory of Open Access Journals (Sweden)

Thatsanee Soontrapirom

2017-05-01

Full Text Available Background: Teenage pregnancy is an evolving global public health problem. Level of life assets could predict behaviors and take effect to less sexual risk behaviors in teenagers. Objective: To compare life assets between pregnant and non-pregnant teenagers and to evaluate the relationship between basic factors and teenage pregnancy. Methods: A total of 172 female teenagers aged 12-19 years were included. The control group was matched with the case group by age with mean age of 17.07 years old. The case group consisted of 86 pregnant teenagers who attended the Teenage Antenatal Care Unit at Siriraj Hospital. The control group consisted of 86 teenagers who were not pregnant and who had never been pregnant. The research instruments were general information and life assets inventory questionnaires developed by Suriyadeo Tripathi with Cronbach’s Alpha coefficient at 0.890. Results: Mean life assets scores were significantly higher in the control group than in the case group (T-test analysis: Mean = 94.70/87.65, SD = 17.45/22.68, p-value =.024, respectively. The control group scored more favorably than the case group on 16 items. In addition, the case group could not meet the minimum assessment criteria on 21 items, which indicated their status as an at risk group. A total of 12 factors were found to be statistically significantly associated with teenage pregnancy. Conclusion: Overall life assets were significantly higher among teenagers who had not experienced pregnancy. The risk factors included level of education, GPA, family income, mothers or family members of teenagers having experience of teenage pregnancy, main guardians, father education, mother occupation, parental relationship, family warmth and smoking were found to be significantly associated with risk of teenage pregnancy in this study. These results will help to facilitate preventive interventions and the development of policies and guidelines to control and perhaps reverse current

Making decentralised systems viable: a guide to managing decentralised assets and risks.

Science.gov (United States)

Willetts, J; Fane, S; Mitchell, C

2007-01-01

Decentralised systems have the potential to provide a viable option for long term sustainable management of household wastewater. Yet, at present, such systems hold an uncertain status and are frequently omitted from consideration. Their potential can only be realised with improved approaches to their management, and improved methods to decision-making in planning of wastewater systems. The aim of this paper is to demonstrate the value of a novel framework to guide the planning of decentralised systems so that asset management and risk management are explicitly considered. The framework was developed through a detailed synthesis of literature and practice in the area of asset management of centralised water and wastewater systems, and risk management in the context of decentralised systems. Key aspects of the framework are attention to socio-economic risks as well as engineering, public health and ecological risks, the central place of communication with multiple stakeholders and establishing a shared asset information system. A case study is used to demonstrate how the framework can guide a different approach and lead to different, more sustainable outcomes, by explicitly considering the needs and perspectives of homeowners, water authorities, relevant government agencies and society as a whole.

EFFICIENCY OF CURRENCY ASSET CLASSES

Directory of Open Access Journals (Sweden)

Mohammad R. Safarzadeh

2013-04-01

Full Text Available Analyzing the risk and return for the S&P Currency Index Arbitrage and the Merk Absolute Return Currency Fund, this study intends to find whether currency asset classes are worthwhile investments. To determine where the efficient currency portfolios lie in the risk and return spectrum, this paper compares the two portfolios to fixed income and equity asset portfolios. The results lead to a baffling conclusion that, in general, the returns to low-risk currency asset portfolios are higher than the equity asset portfolios of same risk level.

The risk of stranded assets for utilities in Canada

International Nuclear Information System (INIS)

Schroeder, W.

1998-01-01

The problems of dealing with stranded assets in Canada and the United States were discussed. Compared to the United States, the risk associated with stranded assets for utilities in Canada was considered to be relatively low because of the following factors: (1) low variable cost, (2) isolation, (3) lack of transmission interconnection capacity, (4) lack of tight synchronization in North America, (5) the likelihood of an increase in natural gas prices, (6) the absence of jurisdictional disputes such as FERC versus the states, (7) social considerations, (8) the learning curve, (9) politics, (10) weak balance sheets, (11) relatively low electricity prices, (12) the weak Canadian dollar, and (13) the possibility of refinancing at lower interest rates. Ontario Hydro, New Brunswick and Nova Scotia Power are the three Canadian utilities that may have stranded costs. For Ontario Hydro and New Brunswick Power the stranded costs would be related to nuclear generator problems, whereas for Nova Scotia Power, the stranded costs would be related to the thermal generating base, the threat from Sable Island Gas and the changing tax structure of the utility. Some other reasons why stranded assets could be created in Canada would include low variable costs and high fixed costs, over capacity of at least 30 per cent in generation, limited domestic energy growth, competitive threat from gas, reliability and safety of nuclear plants, and technology change. Five factors in terms of which stranded assets can be expressed are: (1) variable cost definition, (2) total cost definition, (3) operating profit definition, (4) wide geographic definition, and (5) free market definition. In calculating stranded assets, the number of years over which the assets are recovered and the discount rate are considered to be key factors. 26 tabs

International Asset Pricing, Currency Risk and Integration of Markets

Directory of Open Access Journals (Sweden)

Sema BAYRAKTAR

2014-11-01

Full Text Available This study attempts to test the conditional version of the international asset-pricing model proposed in Bayraktar (2000, 2009 by using a parsimonious multivariate GARCH process. The theoretical model, contrary to previous empirical studies that have used random selection of currency risks, determines which currencies should be included in an empirical test, thus avoids this kind of random selection bias. The results from both full and sub-samples regressions provide some weak evidence for the existence of exchange rate risks, thus partially support the theory. However, exchange rate risks' premia are found considerably smaller than that of market risk.

Risk Exposure and Net Flow in Investment Funds: Do Shareholders Monitor Asset Allocation?

Directory of Open Access Journals (Sweden)

Rafael Felipe Schiozer

2014-03-01

Full Text Available This study investigates the impact of asset allocation on the net flow of fixed income funds in the Brazilian market, by exploiting the exogenous variation in the risk perception of bank liabilities (CDs caused by the financial turmoil that followed Lehman Brothers’ demise in September 2008. The central hypothesis is that the exposure to assets negatively affected by the crisis impacts negatively the fund’s net flow. We find that, for mutual funds, the larger proportion of assets negatively affected by the crisis the larger the net outflow of resources, indicating that shareholders monitor asset allocation and exert disciplining power on fund managers by withdrawing their resources. In exclusive (fundos exclusivos, i.e., funds with a single shareholder, for which the shareholder is presumed to exert more influence on asset reallocation, we find no significant relationship between the exposure to assets negatively affected by the crisis and net flows.

75 FR 66298 - Prompt Corrective Action; Amended Definition of Low-Risk Assets

Science.gov (United States)

2010-10-28

...; Amended Definition of Low-Risk Assets AGENCY: National Credit Union Administration (NCUA). ACTION: Interim...-weighting of zero, reflecting the absence of credit risk. The amendment will expand the definition of ``low... exists today, the NGNs held by a natural person credit union would fall within the ``investments'' risk...

Positioning the Learning Asset Portfolio as a Key Component in an Organization's Enterprise Risk Management Strategy

Science.gov (United States)

McAliney, Peter J.

2009-01-01

This article presents a process for valuing a portfolio of learning assets used by line executives across industries to value traditional business assets. Embedded within the context of enterprise risk management, this strategic asset allocation process is presented step by step, providing readers the operational considerations to implement this…

76 FR 16234 - Prompt Corrective Action; Amended Definition of Low-Risk Assets

Science.gov (United States)

2011-03-23

...; Amended Definition of Low-Risk Assets AGENCY: National Credit Union Administration (NCUA). ACTION: Final... to reflect the absence of credit risk. Having considered the public comments addressing the Interim...), (f) and (g); 12 CFR 702.204(a)-(b). For a credit union that is subject to an additional Risk-Based...

Correlation and Relationship Analisys for Business Risk and Company Assets

Directory of Open Access Journals (Sweden)

Subagyo Ahmad

2017-12-01

Full Text Available Purpose : This study aims to investigate how variable ratios such as capital structure, NPM, ROA, asset structure and business risk on 60 companies listed on the IDX to know the book ending 2016. Research methodology : The method used in this research is descriptive statistic analysis, correlation analysis and multiple regression analysis. Findings : result of research explains that capital structure of 60 food and beverage industry company have significant relation with variable of Net Profit Margin (NPM equal to 0,0658, business risk equal to 0,0401, asset structure equal to 0,0019 and for ROA variable with no relation significant with a value of 0.5929. So that 3 variables that have significant relationship and 1 variable of capital structure with ROA is not significant. Originality : This study can contribute to the existing literature, especially those related to the analysis of the company’s financial ratios. And later the results of this study can be used as an investigation tool about the impact of business risk to the company’s financial analysis of the food and beverage industry.

Value focused thinking : An approach to structure company values for asset risk management

NARCIS (Netherlands)

Van der Lei, T.E.; Ligtvoet, A.

2012-01-01

For public and semi public organizations the use of risk assessment matrices is becoming a standard approach for asset management decisions. The risk matrix allows companies to assess the chance and effects of different risks with respect to proposed investment decisions. When the values in the risk

Risk-free assets: Are they truly risk-free? A comparative study of South African rates and instruments

Directory of Open Access Journals (Sweden)

Oosthuizen, A.V.

2013-10-01

Full Text Available Determining the price of a financial instrument is something that happens every day in the financial markets. Every price starts off with a spot price adjusted for interest until maturity of the particular instrument. The interest is usually described as risk-free interest. The price so determined is the most basic price that an investor is willing to pay if not risk is involved. Risk-free assets, then, are securities of which the future rates of return are known with certainty. An exceptional degree of confidence in the issuer of the security brings about this certainty. Risk-free assets are normally in the fixed income securities (capital markets investment category or in the liquid money market instruments such as treasury bills, category. This study attempts to determine whether the risk-free rates used by treasury managers and traders in South Africa to formulate their bond yield curves and which are used in valuation models, may be deemed risk-free. The study specifies certain criteria that an asset must satisfy in order to be used as a risk-free asset. Short term and long term South African instruments are compared to the US counterpart instruments, to gain an understanding of the South African instruments relative to the US ones. The behaviour of the risk-free instruments used in South Africa is also compared to the FTSE/JSE All Share Index and gold spot prices, which are perceived to be a risky asset classes. To gain some understanding of the behaviour of these instruments, analyses were done from different angles. The standard deviations of the daily percentage changes of the R157 were significantly lower than that of the ALSI and the gold spot price change. Compared to the ALSI and gold spot price, therefore, the R157 may be deemed a “low risk” instrument. The JIBAR was even less volatile that the R157. Interestingly, the US instruments were substantially more risky than the SA instruments over the analysis period. Also the JIBAR

Using risk-informed asset management for feedwater system preventative maintenance optimization

International Nuclear Information System (INIS)

Kee, Ernest; Sun, Alice; Richards, Andrew; Grantom, Rick; Liming, James; Salter, James

2004-01-01

The initial development of a South Texas Project Nuclear Operating Company process for supporting preventative maintenance optimization by applying the Balance-Of-Plant model and Risk-Informed Asset Management alpha-level software applications is presented. Preventative maintenance activities are evaluated in the South Texas Project Risk-Informed Asset Management software while the plant maintains or improves upon high levels of nuclear safety. In the Balance-Of-Plant availability application, the level of detail in the feedwater system is enhanced to support plant decision-making at the component failure mode and human error mode level of indenture by elaborating on the current model at the super-component level of indenture. The enhanced model and modeling techniques are presented. Results of case studies in feedwater system preventative maintenance optimization sing plant-specific data are also presented. (author)

The PREVIEW Global Risk Data Platform: a geoportal to serve and share global data on risk to natural hazards

Directory of Open Access Journals (Sweden)

G. Giuliani

2011-01-01

Full Text Available With growing world population and concentration in urban and coastal areas, the exposure to natural hazards is increasing and results in higher risk of human and economic losses. Improving the identification of areas, population and assets potentially exposed to natural hazards is essential to reduce the consequences of such events. Disaster risk is a function of hazard, exposure and vulnerability. Modelling risk at the global level requires accessing and processing a large number of data, from numerous collaborating centres.

These data need to be easily updated, and there is a need for centralizing access to this information as well as simplifying its use for non GIS specialists. The Hyogo Framework for Action provides the mandate for data sharing, so that governments and international development agencies can take appropriate decision for disaster risk reduction.

Timely access and easy integration of geospatial data are essential to support efforts in Disaster Risk Reduction. However various issues in data availability, accessibility and integration limit the use of such data. In consequence, a framework that facilitate sharing and exchange of geospatial data on natural hazards should improve decision-making process. The PREVIEW Global Risk Data Platform is a highly interactive web-based GIS portal supported by a Spatial Data Infrastructure that offers free and interoperable access to more than 60 global data sets on nine types of natural hazards (tropical cyclones and related storm surges, drought, earthquakes, biomass fires, floods, landslides, tsunamis and volcanic eruptions and related exposure and risk. This application portrays an easy-to-use online interactive mapping interface so that users can easily work with it and seamlessly integrate data in their own data flow using fully compliant OGC Web Services (OWS.

The PREVIEW Global Risk Data Platform: a geoportal to serve and share global data on risk to natural hazards

Science.gov (United States)

Giuliani, G.; Peduzzi, P.

2011-01-01

With growing world population and concentration in urban and coastal areas, the exposure to natural hazards is increasing and results in higher risk of human and economic losses. Improving the identification of areas, population and assets potentially exposed to natural hazards is essential to reduce the consequences of such events. Disaster risk is a function of hazard, exposure and vulnerability. Modelling risk at the global level requires accessing and processing a large number of data, from numerous collaborating centres. These data need to be easily updated, and there is a need for centralizing access to this information as well as simplifying its use for non GIS specialists. The Hyogo Framework for Action provides the mandate for data sharing, so that governments and international development agencies can take appropriate decision for disaster risk reduction. Timely access and easy integration of geospatial data are essential to support efforts in Disaster Risk Reduction. However various issues in data availability, accessibility and integration limit the use of such data. In consequence, a framework that facilitate sharing and exchange of geospatial data on natural hazards should improve decision-making process. The PREVIEW Global Risk Data Platform is a highly interactive web-based GIS portal supported by a Spatial Data Infrastructure that offers free and interoperable access to more than 60 global data sets on nine types of natural hazards (tropical cyclones and related storm surges, drought, earthquakes, biomass fires, floods, landslides, tsunamis and volcanic eruptions) and related exposure and risk. This application portrays an easy-to-use online interactive mapping interface so that users can easily work with it and seamlessly integrate data in their own data flow using fully compliant OGC Web Services (OWS).

Time-frequency wavelet analysis of the interrelationship between the global macro assets and the fear indexes

Science.gov (United States)

Abid, Fathi; Kaffel, Bilel

2018-01-01

Understanding the interrelationships of the global macro assets is crucial for global macro investing. This paper investigates the local variance and the interconnection between the stock, gold, oil, Forex and the implied volatility markets in the time/frequency domains using the wavelet methodology, including the wavelet power spectrum, the wavelet squared coherence and phase difference, the wavelet multiple correlation and cross-correlation. The univariate analysis reveals that, in some crisis periods, underlying asset markets present the same pattern in terms of the wavelet power spectrum indicating high volatility for the medium scale, and that for the other market stress periods, volatility behaves differently. Moreover, unlike the underlying asset markets, the implied volatility markets are characterized by high power regions across the entire period, even in the absence of economic events. Bivariate results show a bidirectional relationship between the underlying assets and their corresponding implied volatility indexes, and a steady co-movement between the stock index and its corresponding fear index. Multiple correlation analysis indicates a strong correlation between markets at high scales with evidence of a nearly perfect integration for a period longer than a year. In addition, the hedging strategies based on the volatility index lead to an increase in portfolio correlation. On the other hand, the results from multiple cross-correlations reveal that the lead-lag effect starts from the medium scale and that the VIX (stock market volatility index) index is the potential leader or follower of the other markets.

Family dinner meal frequency and adolescent development: relationships with developmental assets and high-risk behaviors.

Science.gov (United States)

Fulkerson, Jayne A; Story, Mary; Mellin, Alison; Leffert, Nancy; Neumark-Sztainer, Dianne; French, Simone A

2006-09-01

To examine associations between family meal frequency and developmental assets and high-risk behaviors among a national sample of adolescents. Anonymous surveys were distributed to 99,462 sixth to 12th grade students from public and alternative schools in 213 cities and 25 states across the United States. Logistic regression analyses tested differences in assets and high-risk behaviors by family dinner frequency. Consistent positive associations were found between the frequency of family dinners and all developmental assets, including both external (e.g., support, boundaries and expectations; odds ratio [OR] 2.1-3.7) and internal assets (e.g., commitment to learning, positive values, social competencies, and positive identity; OR 1.8-2.6); relationships were attenuated, but remained significant after adjusting for demographics and general family communication and support. Consistent inverse relationships were found between the frequency of family dinners and all high-risk behaviors measured (i.e., substance use, sexual activity, depression/suicide, antisocial behaviors, violence, school problems, binge eating/purging, and excessive weight loss; OR .36-.58), relationships were attenuated, but remained significant after adjusting for demographics and family factors. The findings of the present study suggest that the frequency of family dinner is an external developmental asset or protective factor that may curtail high-risk behaviors among youth. Creative and realistic strategies for enhancing and supporting family meals, given the context within which different families live, should be explored to promote healthy adolescent development. Family rituals such as regular mealtimes may ease the stress of daily living in the fast-paced families of today's society.

Livelihood asset maps: a multidimensional approach to measuring risk-management capacity and adaptation policy targeting—a case study in Bhutan

DEFF Research Database (Denmark)

Jakobsen, Kristian Thor

2013-01-01

to the fact that some areas facing increased level of climate-related risks lack access to productive and human capital, while other areas facing a similar situation have relatively insufficient access to financial assets. This again shows that any non-targeted policy aiming at improving households’ risk-management......The application of a livelihood asset-based approach to adaptation policy targeting is presented through the creation of maps highlighting the spatial contrasts of access to various types of livelihood assets utilizing primary household data. Thus, the livelihood maps provide policy......-makers with a tool to quickly identify areas with limited access to certain types of assets, making the latter less able to react to a changing level of climaterelated risks. In the case of Bhutan, distinct spatial patterns of asset endowments is identified using five different asset indicators drawing attention...

Asset Decommissioning Risk Metrics for Floating Structures in the Gulf of Mexico.

Science.gov (United States)

Kaiser, Mark J

2015-08-01

Public companies in the United States are required to report standardized values of their proved reserves and asset retirement obligations on an annual basis. When compared, these two measures provide an aggregate indicator of corporate decommissioning risk but, because of their consolidated nature, cannot readily be decomposed at a more granular level. The purpose of this article is to introduce a decommissioning risk metric defined in terms of the ratio of the expected value of an asset's reserves to its expected cost of decommissioning. Asset decommissioning risk (ADR) is more difficult to compute than a consolidated corporate risk measure, but can be used to quantify the decommissioning risk of structures and to perform regional comparisons, and also provides market signals of future decommissioning activity. We formalize two risk metrics for decommissioning and apply the ADR metric to the deepwater Gulf of Mexico (GOM) floater inventory. Deepwater oil and gas structures are expensive to construct, and at the end of their useful life, will be expensive to decommission. The value of proved reserves for the 42 floating structures in the GOM circa January 2013 is estimated to range between $37 and $80 billion for future oil prices between 60 and 120 $/bbl, which is about 10 to 20 times greater than the estimated $4.3 billion to decommission the inventory. Eni's Allegheny and MC Offshore's Jolliet tension leg platforms have ADR metrics less than one and are approaching the end of their useful life. Application of the proposed metrics in the regulatory review of supplemental bonding requirements in the U.S. Outer Continental Shelf is suggested to complement the current suite of financial metrics employed. © 2015 Society for Risk Analysis.

Endogenous time-varying risk aversion and asset returns.

Science.gov (United States)

Berardi, Michele

2016-01-01

Stylized facts about statistical properties for short horizon returns in financial markets have been identified in the literature, but a satisfactory understanding for their manifestation is yet to be achieved. In this work, we show that a simple asset pricing model with representative agent is able to generate time series of returns that replicate such stylized facts if the risk aversion coefficient is allowed to change endogenously over time in response to unexpected excess returns under evolutionary forces. The same model, under constant risk aversion, would instead generate returns that are essentially Gaussian. We conclude that an endogenous time-varying risk aversion represents a very parsimonious way to make the model match real data on key statistical properties, and therefore deserves careful consideration from economists and practitioners alike.

Revealing the underlying drivers of disaster risk: a global analysis

Science.gov (United States)

Peduzzi, Pascal

2017-04-01

Disasters events are perfect examples of compound events. Disaster risk lies at the intersection of several independent components such as hazard, exposure and vulnerability. Understanding the weight of each component requires extensive standardisation. Here, I show how footprints of past disastrous events were generated using GIS modelling techniques and used for extracting population and economic exposures based on distribution models. Using past event losses, it was possible to identify and quantify a wide range of socio-politico-economic drivers associated with human vulnerability. The analysis was applied to about nine thousand individual past disastrous events covering earthquakes, floods and tropical cyclones. Using a multiple regression analysis on these individual events it was possible to quantify each risk component and assess how vulnerability is influenced by various hazard intensities. The results show that hazard intensity, exposure, poverty, governance as well as other underlying factors (e.g. remoteness) can explain the magnitude of past disasters. Analysis was also performed to highlight the role of future trends in population and climate change and how this may impacts exposure to tropical cyclones in the future. GIS models combined with statistical multiple regression analysis provided a powerful methodology to identify, quantify and model disaster risk taking into account its various components. The same methodology can be applied to various types of risk at local to global scale. This method was applied and developed for the Global Risk Analysis of the Global Assessment Report on Disaster Risk Reduction (GAR). It was first applied on mortality risk in GAR 2009 and GAR 2011. New models ranging from global assets exposure and global flood hazard models were also recently developed to improve the resolution of the risk analysis and applied through CAPRA software to provide probabilistic economic risk assessments such as Average Annual Losses (AAL

Research on Methodology to Prioritize Critical Digital Assets based on Nuclear Risk Assessment

Energy Technology Data Exchange (ETDEWEB)

Kim, Wonjik; Kwon, Kookheui; Kim, Hyundoo [Korea Institute of Nuclear Nonproliferation and Control, Daejeon (Korea, Republic of)

2016-10-15

Digital systems are used in nuclear facilities to monitor and control various types of field devices, as well as to obtain and store vital information. Therefore, it is getting important for nuclear facilities to protect digital systems from cyber-attack in terms of safety operation and public health since cyber compromise of these systems could lead to unacceptable radiological consequences. Based on KINAC/RS-015 which is a cyber security regulatory standard, regulatory activities for cyber security at nuclear facilities generally focus on critical digital assets (CDAs) which are safety, security, and emergency preparedness related digital assets. Critical digital assets are estimated over 60% among all digital assets in a nuclear power plant. Therefore, it was required to prioritize critical digital assets to improve efficiency of regulation and implementation. In this paper, the research status on methodology development to prioritize critical digital assets based on nuclear risk assessment will be introduced. In this paper, to derive digital asset directly affect accident, PRA results (ET, FT, and minimal cut set) are analyzed. According to result of analysis, digital systems related to CD are derived ESF-CCS (safety-related component control system) and Process-CCS (non-safety-related component control system) as well as Engineered Safety Features Actuation System (ESFAS). These digital assets can be identified Vital Digital Asset (VDA). Hereafter, to develop general methodology which was identified VDA related to accident among CDAs, (1) method using result of minimal cut set in PRA model will be studied and (2) method quantifying result of Digital I and C PRA which is performed to reflect all digital cabinet related to system in FT will be studied.

Research on Methodology to Prioritize Critical Digital Assets based on Nuclear Risk Assessment

International Nuclear Information System (INIS)

Kim, Wonjik; Kwon, Kookheui; Kim, Hyundoo

2016-01-01

Digital systems are used in nuclear facilities to monitor and control various types of field devices, as well as to obtain and store vital information. Therefore, it is getting important for nuclear facilities to protect digital systems from cyber-attack in terms of safety operation and public health since cyber compromise of these systems could lead to unacceptable radiological consequences. Based on KINAC/RS-015 which is a cyber security regulatory standard, regulatory activities for cyber security at nuclear facilities generally focus on critical digital assets (CDAs) which are safety, security, and emergency preparedness related digital assets. Critical digital assets are estimated over 60% among all digital assets in a nuclear power plant. Therefore, it was required to prioritize critical digital assets to improve efficiency of regulation and implementation. In this paper, the research status on methodology development to prioritize critical digital assets based on nuclear risk assessment will be introduced. In this paper, to derive digital asset directly affect accident, PRA results (ET, FT, and minimal cut set) are analyzed. According to result of analysis, digital systems related to CD are derived ESF-CCS (safety-related component control system) and Process-CCS (non-safety-related component control system) as well as Engineered Safety Features Actuation System (ESFAS). These digital assets can be identified Vital Digital Asset (VDA). Hereafter, to develop general methodology which was identified VDA related to accident among CDAs, (1) method using result of minimal cut set in PRA model will be studied and (2) method quantifying result of Digital I and C PRA which is performed to reflect all digital cabinet related to system in FT will be studied

Explaining Asset Prices with Low Risk Aversion and Low Intertemporal Substitution

DEFF Research Database (Denmark)

Andreasen, Martin Møller; Jørgensen, Kasper

model to explain asset prices with a low relative risk aversion (RRA) of 9.8 and a low intertemporal elasticity of substitution (IES) of 0:11. We also show that the proposed preferences allow an otherwise standard New Keynesian model to match the equity premium, the bond premium, and the risk-free rate......This paper extends the class of Epstein-Zin-Weil preferences with a new utility kernel that disentangles uncertainty about the consumption trend (long-run risk) from short-term variation around this trend (cyclical risk). Our estimation results show that these preferences enable the long-run risk...

Asset Identification for Security Risk Assessment in Web Applications

OpenAIRE

Hisham M. Haddad; Brunil D. Romero

2009-01-01

As software applications become more complex they require more security, allowing them to reach an appropriate level of quality to manage information, and therefore achieving business objectives. Web applications represent one segment of software industry where security risk assessment is essential. Web engineering must address new challenges to provide new techniques and tools that guarantee high quality application development. This work focuses asset identification, the initial step in sec...

The Diversification Benefits of Including Carbon Assets in Financial Portfolios

Directory of Open Access Journals (Sweden)

Yinpeng Zhang

2017-03-01

Full Text Available Carbon allowances traded in the EU-Emission Trading Scheme (EU-ETS were initially designed as an economic motivation for efficiently curbing greenhouse as emissions, but now it mimics quite a few characteristics of financial assets, and have now been used as a candidate product in building financial portfolios. In this study, we examine the time-varying correlations between carbon allowance prices with other financial indices, during the third phase of EU-ETS. The results show that, at the beginning of this period, carbon price was still strongly corrected with other financial indices. However, this connection was weakened over time. Given the relative independence of carbon assets from other financial assets, we argue for the diversification benefits of including carbon assets in financial portfolios, and building such portfolios, respectively, with the traditional global minimum variance (GMV strategy, the mean-variance-OGARCH (MV-OGARCH strategy, and the dynamic conditional correlation (DCC strategy. It is shown that the portfolio built with the MV-OGARCH strategy far out-performs the others and that including carbon assets in financial portfolios does help reduce investment risks.

Environmental risk allocation in the asset rationalization process

International Nuclear Information System (INIS)

Kruhlak, R.M.; Miller, S.R.

1999-01-01

Public concern regarding the state of the environment has resulted in improved enforcement of existing laws related to protection of the environment. This has had an impact on oil and gas transactions. One of the factors which affects the nature of oil and gas acquisitions and dispositions is the risk associated with environmental conditions. For example, the purchaser of an oil or gas asset may acquire threats of prosecution under existing legislation, or may acquire significant costs associated with remediation or clean-up. Vendors may also be affected by environmental risks resulting from divestiture. Risks include increased liability, continuing liability, and a growing uncertainty over the potential extent and nature of environmental problems. These problems mean that lawyers must find adequate methods of allocating risk. The best approach is to place more emphasis on rigorous due diligence, disclosure and contractual accommodation of identifiable environmental problems at the time of the acquisition or disposition. 2 figs

Teaching corner: child family health international : the ethics of asset-based global health education programs.

Science.gov (United States)

Evert, Jessica

2015-03-01

Child Family Health International (CFHI) is a U.S.-based nonprofit, nongovernmental organization (NGO) that has more than 25 global health education programs in seven countries annually serving more than 600 interprofessional undergraduate, graduate, and postgraduate participants in programs geared toward individual students and university partners. Recognized by Special Consultative Status with the United Nations Economic and Social Council (ECOSOC), CFHI utilizes an asset-based community engagement model to ensure that CFHI's programs challenge, rather than reinforce, historical power imbalances between the "Global North" and "Global South." CFHI's programs are predicated on ethical principles including reciprocity, sustainability, humility, transparency, nonmaleficence, respect for persons, and social justice.

Risk analysis for decision support in electricity distribution system asset management: methods and frameworks for analysing intangible risks

Energy Technology Data Exchange (ETDEWEB)

Nordgaard, Dag Eirik

2010-04-15

During the last 10 to 15 years electricity distribution companies throughout the world have been ever more focused on asset management as the guiding principle for their activities. Within asset management, risk is a key issue for distribution companies, together with handling of cost and performance. There is now an increased awareness of the need to include risk analyses into the companies' decision making processes. Much of the work on risk in electricity distribution systems has focused on aspects of reliability. This is understandable, since it is surely an important feature of the product delivered by the electricity distribution infrastructure, and it is high on the agenda for regulatory authorities in many countries. However, electricity distribution companies are also concerned with other risks relevant for their decision making. This typically involves intangible risks, such as safety, environmental impacts and company reputation. In contrast to the numerous methodologies developed for reliability risk analysis, there are relatively few applications of structured analyses to support decisions concerning intangible risks, even though they represent an important motivation for decisions taken in electricity distribution companies. The overall objective of this PhD work has been to explore risk analysis methods that can be used to improve and support decision making in electricity distribution system asset management, with an emphasis on the analysis of intangible risks. The main contributions of this thesis can be summarised as: An exploration and testing of quantitative risk analysis (QRA) methods to support decisions concerning intangible risks; The development of a procedure for using life curve models to provide input to QRA models; The development of a framework for risk-informed decision making where QRA are used to analyse selected problems; In addition, the results contribute to clarify the basic concepts of risk, and highlight challenges

Mean-downside risk versus mean-variance efficient asset class allocations in relation to the investment horizon

NARCIS (Netherlands)

Ruiter, de A.J.C.; Brouwer, F.

1996-01-01

In this paper we examine the difference between a Mean-Downside Risk (MDR) based asset allocation decision and a Mean-Variance (MV) based decision. Using a vector autoregressive specification, future return series, trom 1 month up to 10 years, of several US stock and bond asset classes have been

INCLUDING INTANGIBLE ASSETS IN RATES TO ESTIMATE THE RISK OF BANKRUPTCY

Directory of Open Access Journals (Sweden)

Eugenia IANCU

2017-12-01

Full Text Available The purpose of this paper is to show that an economic entity’s intangible assets play an important role in predicting the risk of bankruptcy of the company and at the same time in its evolution. Based on benchmarking and on appeal to the experience and intuition of available human expert it can be shaped a credible model and, based on this model can be projected the future course of a business organization. Among other issues, we note that the intangible assets of a company can and should be entered into the equation for estimating the risk of bankruptcy whether it avails or not to artificial intelligence (AI techniques to solve this problem (values lead to bankruptcy and the graphics functions differ majorly when the analysis includes the Rhine rate which takes into account intangibles of firms. From the structure of the paper we can see that whatever the type of model used in predicting the risk of bankruptcy at either classic or using artificial intelligence techniques (AI a leading role in the evolution and the value of the company represents intangible.

Problems of intangible assets commercialization accounting

Directory of Open Access Journals (Sweden)

S.F. Legenchyk

2016-03-01

Full Text Available The growing role of intangible assets in conditions of global economy postindustrialization is grounded. The problems of intangible assets accounting are singled out. The basic tasks of the intangible assets accounting commercialization process are determined. The difference between the commercialization of intellectual property and intangible assets is considered. The basic approaches to understanding the essence of the intangible assets commercialization are singled out and grounded. The basic forms and methods of intangible assets commercialization researched by the author are analyzed. The order of accounting reflection of licensee royalties is considered. The factors of influence on the accounting process of intangible assets commercialization are determined. The necessity of solving the problem of accounting of lease payments for computer program by providing access to SaaS environment is grounded. The prospects of further studies of intangible assets accounting commercialization are determined.

The California Central Coast Research Partnership: Building Relationships, Partnerships and Paradigms for University-Industry Research Collaboration. Appendix A. Telecommunications Asset Management in A Global Environment

National Research Council Canada - National Science Library

Griggs, Ken

2003-01-01

.... The mission of this project is threefold: To develop a blueprint or design concept for a telecommunications asset management environment that identifies, tracks, and codes global communications assets, brings them into services, and makes...

Asset-Based Community Development as a Strategy for Developing Local Global Health Curricula.

Science.gov (United States)

Webber, Sarah; Butteris, Sabrina M; Houser, Laura; Coller, Karen; Coller, Ryan J

2018-02-07

A significant and growing proportion of US children have immigrant parents, an issue of increasing importance to pediatricians. Training globally minded pediatric residents to address health inequities related to globalization is an important reason to expand educational strategies around local global health (LGH). We developed a curriculum in the pediatric global health residency track at the University of Wisconsin in an effort to address gaps in LGH education and to increase resident knowledge about local health disparities for global community members. This curriculum was founded in asset-based community development (ABCD), a strategy used in advocacy training but not reported in global health education. The initial curriculum outputs have provided the foundation for a longitudinal LGH curriculum and a community-academic partnership. Supported by a community partnership grant, this partnership is focused on establishing a community-based postpartum support group for local Latinos, with an emphasis on building capacity in the Latino community. Aspects of this curriculum can serve other programs looking to develop LGH curricula rooted in building local partnerships and capacity using an ABCD model. Copyright © 2018 Academic Pediatric Association. Published by Elsevier Inc. All rights reserved.

QUANTITATIVE INDICATORS OF THE SECURITIZATION OF ASSETS

Directory of Open Access Journals (Sweden)

Denis VOSTRICOV

2018-02-01

Full Text Available Securitization is instrumental in return on capital increment through the withdrawal from the balance oflending activities being accompanied by off-balance incomes flow from fees, which are less capital-intensive. Thepurpose of this paper is to analyze the quantitative indicators characterizing the securitization of assets. For draftingthis article, the method of analysis, synthesis method, logic and dialectic method, normative method, the study ofstatistical sampling and time series of expert evaluations (Standard and Poor’s, personal observations, andmonographic studies have been used. The main difference between the securitization of assets from traditional waysof financing is related to the achievement of a plenty of secondary goals in attracting financial resources, whichcan play a significant role in choosing to favour the securitization of assets or other types of financing. Inparticular, it gives a possibility to write off the assets from the balance sheet along with the relevant obligationsunder the securities, to expand the range of potential investors accompanied by the reducing of credit risk, interestrate and liquidity risk, as well as to improve the management quality of assets, liabilities and risks. All of thesesecondary effects are achieved by the isolation of selected assets from the total credit risk of the enterprise, raisingits funds, which forms the pivotal actuality and significance of asset securitization. The article containsdemonstrations of quantitative and qualitative indicators characterizing the securitization of assets.

Financial Integration and Asset Returns

OpenAIRE

P Martin; H Rey

2000-01-01

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

Setting Optimal Bounds on Risk in Asset Allocation - a Convex Program

Directory of Open Access Journals (Sweden)

James E. Falk

2002-10-01

Full Text Available The 'Portfolio Selection Problem' is traditionally viewed as selecting a mix of investment opportunities that maximizes the expected return subject to a bound on risk. However, in reality, portfolios are made up of a few 'asset classes' that consist of similar opportunities. The asset classes are managed by individual `sub-managers', under guidelines set by an overall portfolio manager. Once a benchmark (the `strategic' allocation has been set, an overall manager may choose to allow the sub-managers some latitude in which opportunities make up the classes. He may choose some overall bound on risk (as measured by the variance and wish to set bounds that constrain the submanagers. Mathematically we show that the problem is equivalent to finding a hyper-rectangle of maximal volume within an ellipsoid. It is a convex program, albeit with potentially a large number of constraints. We suggest a cutting plane algorithm to solve the problem and include computational results on a set of randomly generated problems as well as a real-world problem taken from the literature.

Engineering Asset Management and Infrastructure Sustainability : Proceedings of the 5th World Congress on Engineering Asset Management

CERN Document Server

Ma, Lin; Tan, Andy; Weijnen, Margot; Lee, Jay

2012-01-01

Engineering Asset Management 2010 represents state-of-the art trends and developments in the emerging field of engineering asset management as presented at the Fifth World Congress on Engineering Asset Management (WCEAM). The proceedings of the WCEAM 2010 is an excellent reference for practitioners, researchers and students in the multidisciplinary field of asset management, covering topics such as: Asset condition monitoring and intelligent maintenance Asset data warehousing, data mining and fusion Asset performance and level-of-service models Design and life-cycle integrity of physical assets Education and training in asset management Engineering standards in asset management Fault diagnosis and prognostics Financial analysis methods for physical assets Human dimensions in integrated asset management Information quality management Information systems and knowledge management Intelligent sensors and devices Maintenance strategies in asset management Optimisation decisions in asset management Risk management ...

Stock Market Integration: Are Risk Premiums of International Assets Equal?

Directory of Open Access Journals (Sweden)

Kusdhianto Setiawan

2014-02-01

Full Text Available This paper studies previous research on capital market integration and applies a simple international capital asset pricing model by considering the incompleteness in market integration and heteroscedasticity of the market returns. When we disregarded those two factors, we found that stock markets were integrated and the law of one price on risk premiums prevails. However, when the factors were considered, the markets were just partially integrated.

Financing Asset Sales and Business Cycles

OpenAIRE

Arnold, Marc; Hackbarth, Dirk; Puhan, Tatjana-Xenia

2013-01-01

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...

Assessment of Costs for a Global Climate Fund Against Public Sector Disaster Risks

Science.gov (United States)

Hochrainer-Stigler, Stefan; Mechler, Reinhard; Pflug, Georg; Williges, Keith

2013-04-01

National governments are key actors in managing climate variability and change, yet, many countries, faced with exhausted tax bases, high levels of indebtedness and limited donor assistance, have been unable to raise sufficient and timely capital to replace or repair damaged assets and restore livelihoods following major disasters exacerbating the impacts of disaster shocks on poverty and development. For weather extremes, which form a subset of the adaptation challenge and are supposed to increase in intensity and frequency with a changing climate, we conduct an assessment of the costs of managing and financing today's public sector risks on a global scale for more than 180 countries. A countries financial vulnerability is defined as a function of its financial resilience and its exposure to disaster risk. While disaster risk is estimated in terms of asset loss distributions based on catastrophe modeling approaches, financial resilience is operationalized as the public sector's ability to pay for relief to the affected population and support the reconstruction of affected assets and infrastructure for a given event. We consider governments financially vulnerable to disasters if they cannot access sufficient funding after a disaster to cover their liabilities. We operationalize this concept by the term resource gap, which we define the net loss associated with a disaster event after exhausting all possible ex-post and ex ante financing sources. Extending this approach for all possible disaster events, the risk that a resource gap will occur over a given time-span can be calculated for each country individually and dependent on the risk level different risk instruments may have to be applied. Furthermore, our estimates may inform decisions pertaining to a "climate insurance fund" absorbing "high level" country risks exceeding the ability of any given country to pay in the case of an extreme event. Our estimates relate to today's climate, yet we suggest that

A Risk Management Approach to Optimal Asset Allocation

OpenAIRE

Thomas J. Flavin; Michael R. Wickens

2001-01-01

This paper extends the tactical asset allocation strategy of Flavin and Wickens(1998) to incorporate the effects of macroeconomic variables in the analysis. Using a VAR in mean with a M-GARCH error structure, we can jointly model financial asset returns and macroeconomic variables, thereby exploiting any predictability in either the first- or second-order moments. Taking a set of UK\\ financial assets and the change in domestic inflation as an illustration, we find a much stronger impact on th...

Historical development of derivatives’ underlying assets

Directory of Open Access Journals (Sweden)

Sylvie Riederová

2011-01-01

Full Text Available The derivative transactions are able to eliminate the unexpected risk arising from the price volatility of the asset. The need for risk elimination relates to the application of derivatives.This paper is focused on derivatives’ underlying assets themselves. With the plain description, supported by progressive summarization, the authors analysed the relevant theoretical sources, dealt with derivatives, their underlying assets and their development in centuries. Starting in the ancient history, 2000 BC, the first non-standard transaction, very close to today’s understanding of derivatives, becomes to be closed between counterparties. During the time, in different kingdoms and emporiums, derivatives started to play a significant role in daily life, helping to reduce the uncertainty of the future. But the real golden era for derivatives started with the so called ‘New derivative markets’ and computer supported trading. They have extended their form from simple tools to most complex structures, without changing their main purpose hedging and risk – reduction.For the main purpose of this paper it is impossible to split the development of derivatives from the very wide extension of underlying assets. The change of these assets was one of the main drivers in derivatives development. Understanding of the dynamic character of these assets helps to understand the world of derivatives.

ASSETS AND LIABILITIES DEPENDENCE: EVIDENCE FROM AN EUROPEAN SAMPLE OF BANKS

Directory of Open Access Journals (Sweden)

Cociuba Mihail Ioan

2014-12-01

Full Text Available In this paper we analyzed the correlation between asset and liabilities using the canonical correlation method, in the case of correlation we analyze the interdependence between two variables, by using canonical correlation analyses we study the interdependence between two groups of variables, X consisting of p variables and Y with q variables from which the best linear combination can be constructed to maximize the correlation between X and Y. While on the financial markets the relation between variables may be linear or non-linear and although canonical correlation analyses only the linear combination of variables it is a more efficient tool than then simple correlation.The asset group which we analyze is composed of different types of loans, derivatives and other earning assets, while in the group of liabilities we have deposits (short and long term, interest bearing liabilities and trading liabilities. We find that the assets and liabilities in the banking sector are directly linked. In the context of the global financial crisis (2007-2008 and the afterwards financial recession this direct correlation between assets and liabilities created a vicious cycle in which the losses from assets had a direct impact on the liabilities which also influenced the levels of assets.The behavior of different variables is important, especially in the financial markets, mainly due to the structure of financial markets. The banking sector and the systemic risk associated with it can affect the financial system and even the whole economy so the study of the correlation of assets and liabilities may give us insights on the causes of the financial crises. We use a panel of fifty-nine European banks for the 2004-2011 period and we analyses the correlation between assets and liabilities. We find that there exists a direct and strong connection between different classes of assets held by banks and the structure of liabilities. The impact of the economic crisis on

Risk analysis tools for force protection and infrastructure/asset protection

International Nuclear Information System (INIS)

Jaeger, C.D.; Duggan, R.A.; Paulus, W.K.

1998-01-01

The Security Systems and Technology Center at Sandia National Laboratories has for many years been involved in the development and use of vulnerability assessment and risk analysis tools. In particular, two of these tools, ASSESS and JTS, have been used extensively for Department of Energy facilities. Increasingly, Sandia has been called upon to evaluate critical assets and infrastructures, support DoD force protection activities and assist in the protection of facilities from terrorist attacks using weapons of mass destruction. Sandia is involved in many different activities related to security and force protection and is expanding its capabilities by developing new risk analysis tools to support a variety of users. One tool, in the very early stages of development, is EnSURE, Engineered Surety Using the Risk Equation. EnSURE addresses all of the risk equation and integrates the many components into a single, tool-supported process to help determine the most cost-effective ways to reduce risk. This paper will briefly discuss some of these risk analysis tools within the EnSURE framework

Portfolio Choice with Illiquid Assets

OpenAIRE

Andrew Ang; Dimitris Papanikolaou; Mark Westerfield

2013-01-01

We present a model of optimal allocation over liquid and illiquid assets, where illiquidity is the restriction that an asset cannot be traded for intervals of uncertain duration. Illiquidity leads to increased and state-dependent risk aversion, and reduces the allocation to both liquid and illiquid risky assets. Uncertainty about the length of the illiquidity interval, as opposed to a deterministic non-trading interval, is a primary determinant of the cost of illiquidity. We allow market liqu...

Impact of Owner-Occupied Property Valuation by Historical Cost on Fixed Assets Value at Bankruptcy Risk

Directory of Open Access Journals (Sweden)

Kinga Bauer

2015-06-01

Full Text Available Purpose: The purpose of this article is to present the findings of the author’s own studies on the influence of owner-occupied property valuation by historical cost on fixed assets value of entities at risk of bankruptcy. Methodology: As part of the implementation of the study, objective desk research was carried out. Empirical research was carried out on a group of 100 companies on which the courts had declared bankruptcy. The study sample constituted 14% of all bankruptcy cases in 2011 and was a significant representation of the national phenomenon. Findings: The findings indicated that historical cost values of owner-occupied properties in most cases are significantly lower that estimated fair value when business activities continuation is threatened. The historical cost valuation also does not provide useful information about the market value of property, plant and equipment of entities at risk of bankruptcy that do not possess real estate. Research limitations/implications: Information about market value of fixed assets of entities at risk of bankruptcy is essential in making the decision to begin bankruptcy roceedings and estimating the ability to repay debts to creditors. Originality/value: The results are a part of the author’s own study concerning assets valuation when business activities continuation is threatened. The results emphasize the role of fair value estimation of property, plant and equipment when an entity is at risk of bankruptcy.

Portfolio management fees: assets or profits based compensation?

OpenAIRE

Gil-Bazo, Javier

2001-01-01

This paper compares assets-based portfolio management fees to profits-based fees. Whilst both forms of compensation can provide appropriate risk incentives, fund managers' limited liability induces more excess risk-taking under a profits-based fee contract. On the other hand, an assets-based fee is more costly to investors. In Spain, where the law explicitly permits both forms of retribution, assets-based fees are observed far more frequently. Under this type of compensation, the paper provid...

Asset protection: why a preventive approach is the best insurance against liability.

Science.gov (United States)

Rinaldi, Ellen; Shin, Alisa

2008-02-01

Asset-protection planning is critical for people in high-risk professions, such as dentistry. Planning requires a careful weighing of risks, such as the risk of a lawsuit versus that of relinquishing control of assets. The authors examine several lawful techniques that may protect a dentist's assets from claims of future creditors. Asset-protection planning, if done early and with the guidance of an attorney well-versed in the subject, can help deter creditors from claims resulting from malpractice suits, divorce, business partner disputes, bad investments, poor tax planning or a combination of these. Practice Implications. Careful planning can minimize the risk to a dentist's personal assets and the assets of the practice resulting from a lawsuit or other liabilities.

Global Natural Disaster Risk Hotspots: Transition to a Regional Approach

Science.gov (United States)

Lerner-Lam, A.; Chen, R.; Dilley, M.

2005-12-01

The "Hotspots Project" is a collaborative study of the global distribution and occurrence of multiple natural hazards and the associated exposures of populations and their economic output. In this study we assess the global risks of two disaster-related outcomes: mortality and economic losses. We estimate risk levels by combining hazard exposure with historical vulnerability for two indicators of elements at risk-gridded population and Gross Domestic Product (GDP) per unit area - for six major natural hazards: earthquakes, volcanoes, landslides, floods, drought, and cyclones. By calculating relative risks for each grid cell rather than for countries as a whole, we are able to estimate risk levels at sub-national scales. These can then be used to estimate aggregate relative multiple hazard risk at regional and national scales. Mortality-related risks are assessed on a 2.5' x 2.5' latitude-longitude grid of global population (GPW Version 3). Economic risks are assessed at the same resolution for gridded GDP per unit area, using World Bank estimates of GDP based on purchasing power parity. Global hazard data were compiled from multiple sources. The project collaborated directly with UNDP and UNEP, the International Research Institute for Climate Prediction (IRI) at Columbia, and the Norwegian Geotechnical Institute (NGI) in the creation of data sets for several hazards for which global data sets did not previously exist. Drought, flood and volcano hazards are characterized in terms of event frequency, storms by frequency and severity, earthquakes by frequency and ground acceleration exceedance probability, and landslides by an index derived from probability of occurrence. The global analysis undertaken in this project is clearly limited by issues of scale as well as by the availability and quality of data. For some hazards, there exist only 15- to 25-year global records with relatively crude spatial information. Data on historical disaster losses, and particularly on

The efficiency of asset management strategies to reduce urban flood risk.

Science.gov (United States)

ten Veldhuis, J A E; Clemens, F H L R

2011-01-01

In this study, three asset management strategies were compared with respect to their efficiency to reduce flood risk. Data from call centres at two municipalities were used to quantify urban flood risks associated with three causes of urban flooding: gully pot blockage, sewer pipe blockage and sewer overloading. The efficiency of three flood reduction strategies was assessed based on their effect on the causes contributing to flood risk. The sensitivity of the results to uncertainty in the data source, citizens' calls, was analysed through incorporation of uncertainty ranges taken from customer complaint literature. Based on the available data it could be shown that increasing gully pot blockage is the most efficient action to reduce flood risk, given data uncertainty. If differences between cause incidences are large, as in the presented case study, call data are sufficient to decide how flood risk can be most efficiently reduced. According to the results of this analysis, enlargement of sewer pipes is not an efficient strategy to reduce flood risk, because flood risk associated with sewer overloading is small compared to other failure mechanisms.

2014 World Congress on Engineering Asset Management

CERN Document Server

Hoohlo, Changela; Mathew, Joe

2015-01-01

Engineering asset management encompasses all types of engineered assets including built environment, infrastructure, plant, equipment, hardware systems and components. Following the release of ISO 5500x set of standards, the 9th WCEAM addresses the hugely important issue of what constitutes the body of knowledge in Engineering Asset Management. Topics discussed by Congress delegates are grouped into a number of tracks including strategies for investment and divestment of assets, operations and maintenance of assets, assessments of assets condition, risk and vulnerability, technologies and systems for management of asset, standards, education, training and certification. These proceedings include a sample of the wide range of topics presented during the 9th World Congress on Engineering Asset Management in Pretoria South Africa 28 – 31 October, 2014 and complements other emerging publications and standards that embrace the wide ranging issues concerning the management of engineered physical assets.

Monitoring highway assets using remote sensing technology : research spotlight.

Science.gov (United States)

2014-04-01

Collecting inventory data about roadway assets is a critical part of : MDOTs asset management efforts, which help the department operate, : maintain and upgrade these assets cost-effectively. Federal law requires : that states develop a risk-based...

Development of an Asset Value Map for Disaster Risk Assessment in China by Spatial Disaggregation Using Ancillary Remote Sensing Data.

Science.gov (United States)

Wu, Jidong; Li, Ying; Li, Ning; Shi, Peijun

2018-01-01

The extent of economic losses due to a natural hazard and disaster depends largely on the spatial distribution of asset values in relation to the hazard intensity distribution within the affected area. Given that statistical data on asset value are collected by administrative units in China, generating spatially explicit asset exposure maps remains a key challenge for rapid postdisaster economic loss assessment. The goal of this study is to introduce a top-down (or downscaling) approach to disaggregate administrative-unit level asset value to grid-cell level. To do so, finding the highly correlated "surrogate" indicators is the key. A combination of three data sets-nighttime light grid, LandScan population grid, and road density grid, is used as ancillary asset density distribution information for spatializing the asset value. As a result, a high spatial resolution asset value map of China for 2015 is generated. The spatial data set contains aggregated economic value at risk at 30 arc-second spatial resolution. Accuracy of the spatial disaggregation reflects redistribution errors introduced by the disaggregation process as well as errors from the original ancillary data sets. The overall accuracy of the results proves to be promising. The example of using the developed disaggregated asset value map in exposure assessment of watersheds demonstrates that the data set offers immense analytical flexibility for overlay analysis according to the hazard extent. This product will help current efforts to analyze spatial characteristics of exposure and to uncover the contributions of both physical and social drivers of natural hazard and disaster across space and time. © 2017 Society for Risk Analysis.

Asset management techniques

International Nuclear Information System (INIS)

Schneider, Joachim; Gaul, Armin J.; Neumann, Claus; Hograefer, Juergen; Wellssow, Wolfram; Schwan, Michael; Schnettler, Armin

2006-01-01

Deregulation and an increasing competition in electricity markets urge energy suppliers to optimize the utilization of their equipment, focusing on technical and cost-effective aspects. As a respond to these requirements utilities introduce methods formerly used by investment managers or insurance companies. The article describes the usage of these methods, particularly with regard to asset management and risk management within electrical grids. The essential information needed to set up an appropriate asset management system and differences between asset management systems in transmission and distribution systems are discussed. The bulk of costs in electrical grids can be found in costs for maintenance and capital depreciation. A comprehensive approach for an asset management in transmission systems thus focuses on the 'life-cycle costs' of the individual equipment. The objective of the life management process is the optimal utilisation of the remaining life time regarding a given reliability of service and a constant distribution of costs for reinvestment and maintenance ensuring a suitable return. In distribution systems the high number of components would require an enormous effort for the consideration of single individuals. Therefore statistical approaches have been used successfully in practical applications. Newest insights gained by a German research project on asset management systems in distribution grids give an outlook to future developments. (author)

Asset management techniques

Energy Technology Data Exchange (ETDEWEB)

Schneider, Joachim; Gaul, Armin J. [RWE Energy AG, Assetmanagement, Dortmund (Germany); Neumann, Claus [RWE Transportnetz Strom GmbH, Dortmund (Germany); Hograefer, Juergen [SAG Energieversorgungsloesungen GmbH, Langen (Germany); Wellssow, Wolfram; Schwan, Michael [Siemens AG, Power Transmission and Distribution, Erlangen (Germany); Schnettler, Armin [RWTH-Aachen, Institut fuer Hochspannungstechnik, Aachen (Germany)

2006-11-15

Deregulation and an increasing competition in electricity markets urge energy suppliers to optimize the utilization of their equipment, focusing on technical and cost-effective aspects. As a respond to these requirements utilities introduce methods formerly used by investment managers or insurance companies. The article describes the usage of these methods, particularly with regard to asset management and risk management within electrical grids. The essential information needed to set up an appropriate asset management system and differences between asset management systems in transmission and distribution systems are discussed. The bulk of costs in electrical grids can be found in costs for maintenance and capital depreciation. A comprehensive approach for an asset management in transmission systems thus focuses on the 'life-cycle costs' of the individual equipment. The objective of the life management process is the optimal utilisation of the remaining life time regarding a given reliability of service and a constant distribution of costs for reinvestment and maintenance ensuring a suitable return. In distribution systems the high number of components would require an enormous effort for the consideration of single individuals. Therefore statistical approaches have been used successfully in practical applications. Newest insights gained by a German research project on asset management systems in distribution grids give an outlook to future developments. (author)

General overview of the ASSET activities in Ukraine

Energy Technology Data Exchange (ETDEWEB)

Ruday, C G [Ministry for Environmental Protection and Nuclear Safety of Ukraine, Kiev (Ukraine)

1997-12-31

Brief retrospective summary of the ASSET experience in Ukraine since first mission held in June 1992. Analysis of the positive influence of the ASSET approaches to the general safety culture status. Specific problems of the current situation. Difference in attitude to ASSET missions of plant managers and plant safety experts reveals global safety culture drawbacks on the organizational level. Analysis of the direct and root causes of the situation. Lessons learned. Ideas for corrective measures to be implemented. (author). 7 tabs.

General overview of the ASSET activities in Ukraine

International Nuclear Information System (INIS)

Ruday, C.G.

1996-01-01

Brief retrospective summary of the ASSET experience in Ukraine since first mission held in June 1992. Analysis of the positive influence of the ASSET approaches to the general safety culture status. Specific problems of the current situation. Difference in attitude to ASSET missions of plant managers and plant safety experts reveals global safety culture drawbacks on the organizational level. Analysis of the direct and root causes of the situation. Lessons learned. Ideas for corrective measures to be implemented. (author). 7 tabs

Measuring Risk Structure Using the Capital Asset Pricing Model

Directory of Open Access Journals (Sweden)

Zdeněk Konečný

2015-01-01

Full Text Available This article is aimed at proposing of an inovative method for calculating the shares of operational and financial risks. This methodological tool will support managers while monitoring the risk structure. The method is based on the capital asset pricing model (CAPM for calculation of equity cost, namely on determination of the beta coefficient, which is the only variable, that is dependent on entrepreneurial risk. There are combined both alternative approaches for calculation betas, which means, that there are accounting data used and there is distinguished unlevered beta and levered beta. The novelty of the proposed method is based on including of quantities for measuring operational and financial risks in beta calculation. The volatility of cash flow, as a quantity for measuring of operational risk, is included in the unlevered beta. Return on equity based on the cash flow and the indebtedness are variables used in calculation of the levered beta. This modification makes it possible to calculate the share of operational risk as the proportion of the unlevered/levered beta and the share of financial risk, which is the remainder of levered beta. The modified method is applied on companies from two sectors of the Czech economy. In the data set there are companies from one cyclical sector and from one neutral sector to find out potential differences in the risk structure. The findings show, that in both sectors the share of operational risk is over 50%, however, in the neutral sector is this more dominant.

Downside Risk And Empirical Asset Pricing

NARCIS (Netherlands)

P. van Vliet (Pim)

2004-01-01

textabstractCurrently, the Nobel prize winning Capital Asset Pricing Model (CAPM) celebrates its 40th birthday. Although widely applied in financial management, this model does not fully capture the empirical riskreturn relation of stocks; witness the beta, size, value and momentum effects. These

77 FR 52887 - Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and...

Science.gov (United States)

2012-08-30

... Discipline and Disclosure Requirements; Proposed Rule #0;#0;Federal Register / Vol. 77 , No. 169 / Thursday... Assets; Market Discipline and Disclosure Requirements AGENCY: Office of the Comptroller of the Currency... Approach NPR) includes proposed changes to the agencies' general risk-based capital requirements for...

Liquidity-related plan asset issues.

Science.gov (United States)

Murphy, B B; Johnson, M K; Zorn, W P

2000-12-01

By about 2025, most baby boomers will have retired, which will put a tremendous strain on public sector pension plans. Many will experience negative cash flows, and liquidity will be an increasing concern. Asset/liability studies can help measure the effect of this risk on system funding and contribution requirements, resulting in more informed asset allocation choices and benefit policies.

Nuclear industry strategic asset management: Managing nuclear assets in a competitive environment

International Nuclear Information System (INIS)

Mueller, H.; Hunt, E.W. Jr.; Oatman, E.N.

1999-01-01

The former Electric Power Research Institute took the lead in developing an approach now widely known as strategic asset management (SAM). The SAM methodology applies the tools of decision/risk analysis used in the financial community to clarify effective use of physical assets and resources to create value: to build a clear line of sight to value creation. SAM processes have been used in both the power and other industries. The rapid change taking place in the nuclear business creates the need for competitive decision making regarding the management of nuclear assets. The nuclear industry is moving into an era in which shareholder value is determined by the net revenues earned on power marketed in a highly competitive and frequently low-priced power market environment

12 CFR 347.210 - Asset maintenance.

Science.gov (United States)

2010-01-01

... primary regulator, may require that a higher ratio of eligible assets be maintained if the financial..., copies of periodic memoranda that include an analysis of the borrower's recent financial statements and a... requiring a higher ratio of eligible assets are the concentration of risk to any one borrower or group of...

Financial Super-Markets: Size Matters for Asset Trade.

OpenAIRE

Philippe Martin and Hélène Rey.

2000-01-01

This paper presents a new theoretical framework to analyze financial markets in an international context. We build a two-country macroeconomic model in which agents are risk averse, assets are imperfect substitutes, the number of financial assets is endogenous, and cross-border asset trade entails transaction costs. We show that demand effects have important implications for the link between market size, asset prices and financial market development. These effects are consistent with the exis...

Entropy-based financial asset pricing.

Directory of Open Access Journals (Sweden)

Mihály Ormos

Full Text Available We investigate entropy as a financial risk measure. Entropy explains the equity premium of securities and portfolios in a simpler way and, at the same time, with higher explanatory power than the beta parameter of the capital asset pricing model. For asset pricing we define the continuous entropy as an alternative measure of risk. Our results show that entropy decreases in the function of the number of securities involved in a portfolio in a similar way to the standard deviation, and that efficient portfolios are situated on a hyperbola in the expected return-entropy system. For empirical investigation we use daily returns of 150 randomly selected securities for a period of 27 years. Our regression results show that entropy has a higher explanatory power for the expected return than the capital asset pricing model beta. Furthermore we show the time varying behavior of the beta along with entropy.

Entropy-based financial asset pricing.

Science.gov (United States)

Ormos, Mihály; Zibriczky, Dávid

2014-01-01

We investigate entropy as a financial risk measure. Entropy explains the equity premium of securities and portfolios in a simpler way and, at the same time, with higher explanatory power than the beta parameter of the capital asset pricing model. For asset pricing we define the continuous entropy as an alternative measure of risk. Our results show that entropy decreases in the function of the number of securities involved in a portfolio in a similar way to the standard deviation, and that efficient portfolios are situated on a hyperbola in the expected return-entropy system. For empirical investigation we use daily returns of 150 randomly selected securities for a period of 27 years. Our regression results show that entropy has a higher explanatory power for the expected return than the capital asset pricing model beta. Furthermore we show the time varying behavior of the beta along with entropy.

Financial Super-Markets: Size Matters for Asset Trade

OpenAIRE

Philippe Martin; Helene Rey

2001-01-01

This paper presents a new theoretical framework to analyze=20 financial markets in an international context. We build a two-country=20 macroeconomic model in which agents are risk averse, assets are imperfect=20 substitutes, the number of financial assets is endogenous, and cross-border= =20 asset trade entails transaction costs. We show that demand effects have=20 important implications for the link between market size, asset prices and=20 financial market development. These effects are cons...

Review of asset hierarchy criticality assessment and risk analysis practices.

Science.gov (United States)

2014-01-01

The MTA NYC Transit (NYCT) has begun an enterprise-wide Asset Management Improvement Program (AMIP). In : 2012, NYCT developed an executive-level concept of operations that defined a new asset management : framework following a systems engineering ap...

Strategic Asset Seeking by EMNEs

DEFF Research Database (Denmark)

Petersen, Bent; Seifert, Jr., Rene E.

2014-01-01

Purpose: The chapter provides an economic explanation and perspectivation of strategic asset seeking of multinational enterprises from emerging economies (EMNEs) as a prominent feature of today’s global economy. Approach: The authors apply and extend the “springboard perspective.” This perspective...

Human Asset Internalization and Global Sourcing of Services

DEFF Research Database (Denmark)

Ørberg Jensen, Peter D.; Petersen, Bent

In this exploratory study we look at human asset aspects of offshore outsourcing of services that over time become more advanced and strategic potent to the outsourcing firms. As a consequence, the outsourcing firms might want to internalize the operations. We focus on the ways that outsourcing......, the internalization process....

IMPLEMENTATION OF ASSET MANAGEMENT IN ROAD ADMINISTRATION OF SLOVAK REPUBLIC

Directory of Open Access Journals (Sweden)

Ľubomír Pepucha

2014-03-01

Full Text Available The article presents basic principles and solutions for the application of Asset Management as part of road administration in Slovakia. It deals with application of Assets management methods and best practices of global trends in road maintenance, repair and rehabilitation strategies. An effective public Asset Management combines principles and strategies of asset management used in private sector with sound practices and methods proven to be applicable by public road administrator and his digital information systems. The under-funding of road management leads to development of tools and methods, which enable us to define criteria for establishing priorities for investments into road assets.

GAR Global Risk Assessment

Science.gov (United States)

Maskrey, Andrew; Safaie, Sahar

2015-04-01

Disaster risk management strategies, policies and actions need to be based on evidence of current disaster loss and risk patterns, past trends and future projections, and underlying risk factors. Faced with competing demands for resources, at any level it is only possible to priorities a range of disaster risk management strategies and investments with adequate understanding of realised losses, current and future risk levels and impacts on economic growth and social wellbeing as well as cost and impact of the strategy. The mapping and understanding of the global risk landscape has been greatly enhanced by the latest iteration of the GAR Global Risk Assessment and the objective of this submission is to present the GAR global risk assessment which contributed to Global Assessment Report (GAR) 2015. This initiative which has been led by UNISDR, was conducted by a consortium of technical institutions from around the world and has covered earthquake, cyclone, riverine flood, and tsunami probabilistic risk for all countries of the world. In addition, the risks associated with volcanic ash in the Asia-Pacific region, drought in various countries in sub-Saharan Africa and climate change in a number of countries have been calculated. The presentation will share thee results as well as the experience including the challenges faced in technical elements as well as the process and recommendations for the future of such endeavour.

The model of asset management of commercial banks

OpenAIRE

Shaymardanov, Shakhzod; Nuriddinov, Sadriddin; Mamadaliev, Donierbek; Murodkhonov, Mukhammad

2018-01-01

The main objective of the commercial bank's policy in the sphere of asset and liability management is to maintain the optimal structure of assets and liabilities, ensure the compliance of amounts, terms and currency of attracting and allocating resources. The objectives and principles of asset and liability management are based on the bank's strategy and the fundamental principles of the risk management policy.

Risk Quantification for Sustaining Coastal Military Installation Asset and Mission Capabilities (RC-1701)

Science.gov (United States)

2014-06-06

5a. CONTRACT NUMBER Risk Quantification for Sustaining Coastal Military Installation Asset and Mission Capabilities (RC-1701) 5b. GRANT NUMBER...Planetary Boundary Layer (PBL) wind model TC96 (Thompson and Cardone 1996), 2) Surge has been simulated using the ADvanced CIRCulation model ADCIRC...coefficient, and h is the depth of the PBL (Thompson and Cardone 1996). The cyclone pressure is defined by an axisymmetrical exponential pressure or by

Modelling of capital asset pricing by considering the lagged effects

Science.gov (United States)

Sukono; Hidayat, Y.; Bon, A. Talib bin; Supian, S.

2017-01-01

In this paper the problem of modelling the Capital Asset Pricing Model (CAPM) with the effect of the lagged is discussed. It is assumed that asset returns are analysed influenced by the market return and the return of risk-free assets. To analyse the relationship between asset returns, the market return, and the return of risk-free assets, it is conducted by using a regression equation of CAPM, and regression equation of lagged distributed CAPM. Associated with the regression equation lagged CAPM distributed, this paper also developed a regression equation of Koyck transformation CAPM. Results of development show that the regression equation of Koyck transformation CAPM has advantages, namely simple as it only requires three parameters, compared with regression equation of lagged distributed CAPM.

Management of capital assets by local governments: an assessment and benchmarking survey

OpenAIRE

KAGANOVA, Olga; TELGARSKY, Jeffrey

2018-01-01

There is a growing recognition of the importance of government-owned capital assets, both conceptually and in practice, in large part due to the 2008 global financial crisis. However, a sizeable gap remains between the academic and professional “universe of knowledge” surrounding government asset management, and the actual asset management practiced by governments. In particular, the majority of governments around the world are wholly uninformed when it comes to good asset management. The pur...

Improvement of the methods for company’s fixed assets analysis

Directory of Open Access Journals (Sweden)

T. A. Zhurkina

2018-01-01

Full Text Available Fixed assets are an integral component of the productive capacity of any enterprise. The financial results of the enterprise largely depend on their intensity and efficiency of use. The analysis of fixed assets is usually carried out using an integrated and systematic approach, based on their availability, their movement, efficiency of use (including their active part. In the opinion of some authors, the traditional methods of analyzing fixed assets have a number of shortcomings, since they do not take into account the life cycle of an enterprise, the ecological aspects of the operation of fixed assets, the operation specifics of the individual divisions of a company and its branches. In order to improve the methodology for analyzing fixed assets, the authors proposed to use formalized and nonformalized criteria for analyzing the risks associated with the fixed asset use. A survey questionnaire was designed to determine the likelihood of the risk of economic losses associated with the use of fixed assets. The authors propose using the integral indicator for the purpose of analyzing the risk of using fixed assets in dynamics. In order to improve the procedure for auditing, the authors proposed segregation of economic transactions with fixed assets according to their cycles in accordance with the stage of their reproduction. Operational analysis is important for managing the efficiency of the fixed asset use, especially during a critical period. Using the analysis of the regularity in grain combines performance would reduce losses during harvesting, implement the work within strictly defined time frame and remunerate the employees for high-quality and intensive performance of their tasks.

Asset management techniques for transformers

International Nuclear Information System (INIS)

Abu-Elanien, Ahmed E.B.; Salama, M.M.A.

2010-01-01

In a deregulated/reformed environment, the electric utilities are under constant pressure for reducing operating costs, enhancing the reliability of transmission and distribution equipments, and improving quality of power and services to the customer. Moreover, the risk involved in running the system without proper attention to assets integrity in service is quite high. Additionally, the probability of losing any equipment vital to the transmission and distribution system, such as power and distribution transformers, is increasing especially with the aging of power system's assets. Today the focus of operating the power system is changed and efforts are being directed to explore new approaches/techniques of monitoring, diagnosis, condition evaluation, maintenance, life assessment, and possibility of extending the life of existing assets. In this paper, a comprehensive illustration of the transformer asset management activities is presented. The importance of each activity together with the latest researches done in the area is highlighted. (author)

Research on Calculating of Shareholder Assets in the Joint Account in the Global Market%全球市场联名账户股东资产计算的研究

Institute of Scientific and Technical Information of China (English)

鲁大林; 吴斌

2012-01-01

Given the specialty of the global security account products and trading rules, and based on a research on the principles of the calculation of shareholder assets in the joint account in the global market, the presentation of common asset account data and the calculation of shareholder assets, the program is written calculate shareholders assets in Joint account in the global market with C# and SQL SERVER. The principles and methods concerned and analyzed in this paper can be used as a reference point by the global financial and investment institutions such as QFII, QDII.%通过综合考虑全球证券账户产品特点和交易规则，对全球市场联名账户股东资产计算的原理、共同资产账户数据的表示以及股东资产的计算进行了研究，并使用C^#、SQLServer编写了能完成全球市场联名账户股东资产的计算程序．所论述的计算原理和算法可以供QFII、QDII等投资全球的金融机构计算客户资产参考．

A multiple decision support metrics method for effective risk-informed asset management

International Nuclear Information System (INIS)

Liming, J.K.; Salter, J.E.

2004-01-01

The objective of this paper is to provide electric utilities with a concept for developing and applying effective decision support metrics via integrated risk-informed asset management (RIAM) programs for power stations and generating companies. RIAM is a process by which analysts review historical performance and develop predictive logic models and data analyses to predict critical decision support figures-of-merit (or metrics) for generating station managers and electric utility company executives. These metrics include, but are not limited to, the following: profitability, net benefit, benefit-to-cost ratio, projected return on investment, projected revenue, projected costs, asset value, safety (catastrophic facility damage frequency and consequences, etc.), power production availability (capacity factor, etc.), efficiency (heat rate), and others. RIAM applies probabilistic safety assessment (PSA) techniques and generates predictions in a probabilistic way so that metrics information can be supplied to managers in terms of probability distributions as well as point estimates. This enables the managers to apply the concept of 'confidence levels' in their critical decision-making processes. (authors)

Asset Pricing in Markets with Illiquid Assets

OpenAIRE

Longstaff, Francis A

2005-01-01

Many important classes of assets are illiquid in the sense that they cannot always be traded immediately. Thus, a portfolio position in these types of illiquid investments becomes at least temporarily irreversible. We study the asset-pricing implications of illiquidity in a two-asset exchange economy with heterogeneous agents. In this market, one asset is always liquid. The other asset can be traded initially, but then not again until after a “blackout†period. Illiquidity has a dramatic e...

Practical application of decision support metrics for power plant risk-informed asset management

International Nuclear Information System (INIS)

Liming, James K.; Johnson, David H.; Kee, Ernest J.; Sun, Alice Y.; Young, Garry G.

2003-01-01

The objective of this paper is to provide electric utilities with a concept for developing and applying effective decision support metrics via integrated risk-informed asset management (RIAM) programs for power stations and generating companies. RIAM is a process by which analysts review historical performance and develop predictive logic models and data analyses to predict critical decision support figures-of-merit (or metrics) for generating station managers and electric utility company executives. These metrics include, but are not limited to, the following; profitability, net benefit, benefit-to-cost ratio, projected return on investment, projected revenue, projected costs, asset value, safety (catastrophic facility damage frequency and consequences, etc.), power production availability (capacity factor, etc.), efficiency (heat rate), and others. RIAM applies probabilistic safety assessment (PSA) techniques and generates predictions probabilistically so that metrics information can be supplied to managers in terms of probability distributions as well as point estimates. This enables the managers to apply the concept of 'confidence levels' in their critical decision-making processes. (author)

A Global Stock and Bond Model

OpenAIRE

Connor, Gregory

1996-01-01

Factor models are now widely used to support asset selection decisions. Global asset allocation, the allocation between stocks versus bonds and among nations, usually relies instead on correlation analysis of international equity and bond indexes. It would be preferable to have a single integrated framework for both asset selection and asset allocation. This framework would require a factor model applicable at an asset or country level, as well as at a global level,...

A Theoretical Assessment on Optimal Asset Allocations in Insurance Industry

Directory of Open Access Journals (Sweden)

Bilel Jarraya

2013-10-01

Full Text Available In recent years the financial markets known a rapid development and become more and more complex. So, many regulatory requirements, focused on banks as well as insurance sector, have been developed. These regulatory are concentrated essentially on business risk control and required capital to cover risks. These requirements have influenced the asset allocation issue in insurance industry. These requirements have influenced the asset allocation issue in insurance industry. This section is interested by this issue. In first time it highlights some research works in this issue. Then we will investigate the relation between Solvency and optimal asset allocation. Finally we will explore the principal used methods in modeling asset and in choosing the optimal portfolio composition.

Comprehensive transportation asset management : risk-based inventory expansion and data needs.

Science.gov (United States)

2011-12-01

Several agencies are applying asset management principles as a business tool and paradigm to help them define goals and prioritize agency resources in decision making. Previously, transportation asset management (TAM) has focused more on big ticke...

Effects of Diversification of Assets on Mean and Variance | Jayeola ...

African Journals Online (AJOL)

Diversification is a means of minimizing risk and maximizing returns by investing in a variety of assets of the portfolio. This paper is written to determine the effects of diversification of three types of Assets; uncorrelated, perfectly correlated and perfectly negatively correlated assets on mean and variance. To go about this, ...

The evolution of global disaster risk assessments: from hazard to global change

Science.gov (United States)

Peduzzi, Pascal

2013-04-01

The perception of disaster risk as a dynamic process interlinked with global change is a fairly recent concept. It gradually emerged as an evolution from new scientific theories, currents of thinking and lessons learned from large disasters since the 1970s. The interest was further heighten, in the mid-1980s, by the Chernobyl nuclear accident and the discovery of the ozone layer hole, both bringing awareness that dangerous hazards can generate global impacts. The creation of the UN International Decade for Natural Disaster Reduction (IDNDR) and the publication of the first IPCC report in 1990 reinforced the interest for global risk assessment. First global risk models including hazard, exposure and vulnerability components were available since mid-2000s. Since then increased computation power and more refined datasets resolution, led to more numerous and sophisticated global risk models. This article presents a recent history of global disaster risk models, the current status of researches for the Global Assessment Report on Disaster Risk Reduction (GAR 2013) and future challenges and limitations for the development of next generation global disaster risk models.

A Risk-Based Approach for Asset Allocation with A Defaultable Share

Directory of Open Access Journals (Sweden)

Yang Shen

2018-02-01

Full Text Available This paper presents a novel risk-based approach for an optimal asset allocation problem with default risk, where a money market account, an ordinary share and a defaultable security are investment opportunities in a general non-Markovian economy incorporating random market parameters. The objective of an investor is to select an optimal mix of these securities such that a risk metric of an investment portfolio is minimized. By adopting a sub-additive convex risk measure, which takes into account interest rate risk, as a measure for risk, the investment problem is discussed mathematically in a form of a two-player, zero-sum, stochastic differential game between the investor and the market. A backward stochastic differential equation approach is used to provide a flexible and theoretically sound way to solve the game problem. Closed-form expressions for the optimal strategies of the investor and the market are obtained when the penalty function is a quadratic function and when the risk measure is a sub-additive coherent risk measure. An important case of the general non-Markovian model, namely the self-exciting threshold diffusion model with time delay, is considered. Numerical examples based on simulations for the self-exciting threshold diffusion model with and without time delay are provided to illustrate how the proposed model can be applied in this important case. The proposed model can be implemented using Excel spreadsheets.

A critical evaluation of risk-return characteristics of environmentally focused stock’s companies

Directory of Open Access Journals (Sweden)

Stanislav Škapa

2013-01-01

Full Text Available The objective of the paper is to critically evaluate and determine risk-return profile environmentally focused stock’s companies which are covered by STOXX Global ESG Environmental Leaders Index and whether this index should be taken in as an independent asset class of investments portfolio for its risk-return improvement. This paper gives an empirical view on the ex-post asset classes characteristics focused mainly on risk side of investment.

Asset sales, asset exchanges, and shareholder wealth in China

Directory of Open Access Journals (Sweden)

Weiting Huang

2012-01-01

Full Text Available In this paper, we study a sample of 1376 corporate asset sales and 250 asset exchanges in China between 1998 and 2006. We find that corporate asset sales in China enhance firm value with a cumulative abnormal return (CAR of 0.46% for the pre-announcement five-day period, which is consistent with the evidence discovered in both U.K. and U.S. For companies that exchanged assets during the sample period, the pre-announcement five-day CAR of 1.32% is statistically significant. We also discover that gains from divesting assets are positively related to managerial performance measured by Tobin's q ratio and the relative size of the asset sold or exchanged. Well-managed (high-q companies are more likely to sell or exchange assets in a value-maximizing fashion than poorly managed (low-q companies. Furthermore, asset-seller gains are not related to enhancing corporate focus, but improving corporate focus by exchanging for core assets enhances firm value.

THE ROLE OF VALUE AT RISK IN THE MANAGEMENT OF ASSET AND LIABILITIES

Directory of Open Access Journals (Sweden)

Petria Nicolae

2012-12-01

Full Text Available ALM is the management of risk at enterprise level, the models used in ALM can be static or dynamic: single period-static models, multiple period static model, single period stochastic model, multi period stochastic model. While single period-static don't incorporate the dynamic of the economical changes the multiple period-static models are an extension of the single period-static model, the most common used are multi-period stochastic which model the evolution of financial series in time and the assets and liabilities using different types of probability distributions (Student, GED. Highly correlated with ALM is the Value at Risk which can be used as and function to be minimized in ALM models. In the Value at Risk methodology the estimation models are classified as: parametric, nonparametric, semi-parametric; we present the parametric models (GARCH models used in Value at Risk and the connections that can be established between ALM models and Value at Risk. We present the Conditional Value-at-risk and offer and example on how to calculate CVaR .

Efficiently Inefficient Markets for Assets and Assets Management

DEFF Research Database (Denmark)

Garleanu, Nicolae; Heje Pedersen, Lasse

We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset management market: if investors can find managers more easily......, more money is allocated to active management, fees are lower, and asset prices are more efficient. Informed managers outperform after fees, uninformed managers underperform after fees, and the net performance of the average manager depends on the number of "noise allocators." Finally, we show why large...

A bit risky? A comparison between Bitcoin and other assets using an intraday Value at Risk approach

OpenAIRE

Valstad, Ole Christian Andreas; Vagstad, Kristian

2014-01-01

The promising cryptocurrency Bitcoin has attracted a lot of attention recently, but the high volatility of the Bitcoin price has so far been a barrier to widespread adoption. Given the way Bitcoin transactions work, users will be exposed to exchange rate risk even for short intraday horizons. This paper analyzes this risk, and compares it to more traditional assets, namely Gold and the Euro/USD exchange rate. To do this we make use of the recent literature on market risk measures for ultra-hi...

A risk assessment model based on fuzzy logic for electricity distribution system asset management

Directory of Open Access Journals (Sweden)

Alireza Yazdani

2014-06-01

Full Text Available Electricity distribution systems are considered as the most critical sectors in countries because of the essentiality of power supplement security, socioeconomic security, and way of life. According to the central role of electricity distribution systems, risk analysis helps decision maker determine the most serious risk items to allocate the optimal amount of resources and time. Probability-impact (PI matrix is one of the most popular methods for assessment of the risks involved in the system. However, the traditional PI matrix is criticized for its inability to take into account the inherent uncertainty imposed by real-world systems. On the other hand, fuzzy sets are capable of handling the uncertainty. Thus, in this paper, fuzzy risk assessment model is developed in order to assess risk and management for electricity distribution system asset protection. Finally, a comparison analysis is conducted to show the effectiveness and the capability of the new risk assessment model.

Risk and Reliability of Infrastructure Asset Management Workshop

National Research Council Canada - National Science Library

2006-01-01

...) in collaboration with Headquarters, USACE and in support of the initiatives on asset management. Over 75 people attended representing 6 of 8 Corps divisions, many districts, HQ, ERDC, Institute for Water Resources and academia...

Asset liability management using stochastic programming

OpenAIRE

Pirbhai, M; Mitra, G; Kyriakis, T

2003-01-01

This chapter sets out to explain an important financial planning model called asset liability management (ALM); in particular, it discusses why in practice, optimum planning models are used. The ability to build an integrated approach that combines liability models with that of asset allocation decisions has proved to be desirable and more efficient in that it can lead to better ALM decisions. The role of uncertainty and quantification of risk in these planning models is con...

SUBSEQUENTLY AQCUIRED ASSETS AS FIDUCIARY SECURITY ON BANK LOANS

Directory of Open Access Journals (Sweden)

Trisadini Prasastinah Usanti

2016-05-01

Full Text Available Collateral in terms of subsequently acquired assets namely subsequently acquired credit might be charged with fiduciary security. This collateral is not considered ideal regarding the high risk a bank must take. To minimize the risks, the bank analyzes the credit thoroughly, impose fiduciary security officials perfectly and performs monitoring of credits regularly to avoid misconduct committed by the debtor. If a default occurs, the bank will take over the assets. Nevertheless, the problems of execution on the subsequently acquired credits might arise due to debtor’s default and bad debts to the third party. Consequently, subsequently acquired assets as collateral provides as additional collateral. Keywords: bank, subsequently acquired objects, fiduciary, security, loans.

Integrasi Manajemen Asset dan Liabilitas Perbankan Syari’ah

Directory of Open Access Journals (Sweden)

Parmujianto Parmujianto

2017-04-01

Full Text Available Asset management focus and liability is to coordinate asset-liability portfolio of the bank in order to maximize profits for the banks and the results are distributed to the shareholders in the long term by taking into account liquidity needs and prudence. Prastimoyo (1997 says that the focus or objectives of management of assets and liabilities is to optimize revenue and keep the risk does not exceed the tolerable limit, while also maximizing the market price of the company's equity, while according to Bambang (2000, the management of assets and liabilities has a function and kenijakan in implementing a pricing strategy, both in the areas of lending and funding, in general, the responsibility of ALCO is to manage positions and allocation of funds that banks provided liquidity, maximize profit and minimize risk. On the other hand, Islamic banking has the characteristics berbada with conventional banks which do not recognize interest but for the results except that there are some business activities that exist only on Islamic banking such as trade and pawn so that it impacts extensive technical on banking activities one of which is the management asset-liabilit. So this paper will describe how the ALM policy applied to Islamic banking.

Challenging the myths: the mid-stream asset provider's view

International Nuclear Information System (INIS)

Findlay, R.

1996-01-01

The term 'mid-stream asset business' implies custom processing and gathering, meaning that a gas producer sells his gas at the wellhead, thereby transferring the business of gathering, processing and marketing of the gas and liquids to a third party. The concept is popular in the United States, but is not yet common in Canada. In Canada, producers own the gas gathering and processing systems. The mid-stream asset business was claimed to be more user friendly than the old custom processing business. Three myths about the mid-stream asset business were challenged: (1) all the risk is on the producer, the processor takes no risk, (2) the mid-stream asset business is an expensive means of financing further exploration, and (3) owning and operating gathering and processing facilities is an integral part of a producer's business. Arguments were brought forth to dispel these myths and to emphasize that a processor should be prepared to accept risks associated with the commodity, prices, production and operations. To be operationally effective, the producer's flexibility and strategic advantages must approach the same level as if he were the owner of the facility

Demography, Capital Flows and Asset Allocation over the Life-cycle

OpenAIRE

Mann, Katja; Davenport, Margaret

2016-01-01

This paper studies the effect of population aging on portfolio choice, asset prices and international asset trades. In a multi-period OLG model, we analyze how an increase in longevity or a decrease in fertility in a country affects the demand for safe and risky assets. In a closed economy, given a fixed supply, the riskfree rate falls and the risk premium rises, because retirees prefer to hold a larger share of safe assets in their portfolio than working-age households. In a financially inte...

CLUSTER ANALYSIS OF TOTAL ASSETS PROVIDED BY BANKS FROM FOUR CONTINENTS

Directory of Open Access Journals (Sweden)

MIRELA CĂTĂLINA TÜRKEȘ

2017-08-01

Full Text Available The paper analysed the total assets in 2016 achieved by the strongest 96 banks from 4 continents: Europe, America, Asia and Africa. It aims to evaluate the level of total assets provided by banks in 2016 and continental banking markets degree of differentiation to determine the overall conditions of the banks. Methodologies used in this study are based on cluster and descriptives analysis. Data set was built based on informations reported by banks on total assets. The results indicate that most of total banking assets are found in Asia and the fewest in Africa. At the end of 2016, the top 16 global banks owned total assets of $ 30.19 trillion according to the data set contains cluster 1 and the centroid was (2.25, 2.11, 3.06, 0.01.

GLOBAL RISKS AND INSTRUMENTS OF ITS MINIMIZATION

Directory of Open Access Journals (Sweden)

O. Havryliuk

2014-06-01

Full Text Available It is argued that economic globalization leads to the formation of macro-economic, political and other risks that are able to grow into global risks affecting, without exception, all national economies, creating a serious threat to national economic security. The emphasis is on the negative elements of a set of global risks, their development and minimize the possibility of using a number of tools. Ensuring firmness of the state to external risks demands continuous monitoring and forecasting of world processes and usage of economic instruments of rapid response for prevention of negative consequences. The essence of the category of "risk" is revealed and deepened. The global risks that can not affect the economic security of Ukraine is disclosed. It is shown that the emergence of these global risks has negative impact on the economic security of Ukraine.

Risk and Return under Shari’a Framework: An Attempt to Develop Shari’a Compliant Asset Pricing Model (SCAPM

Directory of Open Access Journals (Sweden)

Muhammad Hanif

2011-12-01

Full Text Available A speedy emerging area of finance is the Shari’a compliant financial system. In first decade of 21st century Islamic financing has shown tremendous increase and global volume has reached to US $ 1,041 billion by the end of 2009. Being financial intermediaries Islamic Financial Institutions (IFIs have shown commendable progress in deposit collection under profit and loss sharing schemes however investment avenues are limited in comparison of conventional banks. Although a large number of financing modes are available to IFIs, yet maintenance of required liquidity is serious issue because money market and capital market is dominated by interest based instruments and conventional practices (some are clearly prohibited by Shari’a. Recently Al-meezan Investment Management Ltd. (AIML has started screening of Shari’a compliant stocks on KSE, and provided an avenue for Shari’a Compliant Investors/IFIs to invest in equities. This study is conducted to understand conventional asset pricing models, document any mismatching with Shari’a financial system, and suggest amendments if required. Findings suggest existing models of equity pricing (CAPM, APT/MFM are very much practicable under Shari’a framework with slight modification of risk free return because under Shari’a frame work risk free returns do not exist.

THE BUSINESS MODEL AND FINANCIAL ASSETS MEASUREMENT

OpenAIRE

NICULA Ileana

2012-01-01

The paper work analyses some aspects regarding the implementation of IFRS 9, the relationship between the business model approach and the assets classification and measurement. It does not discuss the cash flows characteristics, another important aspect of assets classification, or the reclassifications. The business model is related to some characteristics of the banks (opaqueness, leverage ratio, compliance to capital, sound liquidity requirements and risk management) and to Special Purpose...

Global Volcano Mortality Risks and Distribution

Data.gov (United States)

National Aeronautics and Space Administration — Global Volcano Mortality Risks and Distribution is a 2.5 minute grid representing global volcano mortality risks. The data set was constructed using historical...

The Global Age NGIOA @ Risk

CERN Document Server

Pandya, Jayshree

2012-01-01

Dr. Jayshree Pandya, founder of Risk Group LLC, is ahead of the curve in addressing the changing global fundamentals of the emerging Global Age.   The Global Age, and its changing global fundamentals has brought complex, chaotic, and turbulent times for every nation—where failures on all levels have become self-evident, repetitive, destructive, and potentially hopeless in nature and uncertainty. Nations are caught off guard.   From what is visible worldwide today, the promise of progress and prosperity for all nations does not seem to have materialized in this Global Age. Instead of progress and prosperity, we see crisis and catastrophe  overpowering and overwhelming the capability of most nations to meet their promise of progress and prosperity. Nations are in crisis. This introductory book addresses the global shifts and the changing global fundamentals of the Global Age, to lay out a much needed foundation of an integrated NGIOA risk governance framework for the near future. This book will make a conv...

Global Multihazard Mortality Risks and Distribution

Data.gov (United States)

National Aeronautics and Space Administration — Global Multihazard Mortality Risks and Distribution is a 2.5 minute grid identifying and characterizing the nature of multihazard risk at the global scale. For this...

Global Drought Mortality Risks and Distribution

Data.gov (United States)

National Aeronautics and Space Administration — Global Drought Mortality Risks and Distribution is a 2.5 minute grid of global drought mortality risks. Gridded Population of the World, Version 3 (GPWv3) data...

Efficiently Inefficient Markets for Assets and Asset Management

DEFF Research Database (Denmark)

Garleanu, Nicolae; Pedersen, Lasse Heje

We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset management market: if investors can find managers more easily......, more money is allocated to active management, fees are lower, and asset prices are more efficient. Informed managers outperform after fees, uninformed managers underperform after fees, and the net performance of the average manager depends on the number of "noise allocators." Small investors should...... be passive, but large and sophisticated investors benefit from searching for informed active managers since their search cost is low relative to capital. Hence, managers with larger and more sophisticated investors are expected to outperform....

The Educational Asset Market: A Finance Perspective on Human Capital Investment

DEFF Research Database (Denmark)

Christiansen, Charlotte; Nielsen, Helena Skyt

2002-01-01

on type and level of education enables us to focus on the shared features between human capital and stock investments. An innovative finance-labor approach is applied to study the educational asset market. A risk-return trade-off is revealed which is not directly related to the length of education.......Like the stock market, the human capital market consists of a wide range of assets, i.e. educations. Each young individual chooses the educational asset that matches his preferred combination of risk and return in terms of future income. A unique register-based data set with exact information...

Asset Management of Roadway Signs Through Advanced Technology

Science.gov (United States)

2003-06-01

This research project aims to ease the process of Roadway Sign asset management. The project utilized handheld computer and global positioning system (GPS) technology to capture sign location data along with a timestamp. This data collection effort w...

The world price of jump and volatility risk

NARCIS (Netherlands)

Driessen, J.; Maenhout, P.

2006-01-01

Jump and volatility risk are important for understanding equity returns, option pricing and asset allocation. This paper is the first to study international integration of markets for jump and volatility risk, using data on index options for each of the three main global markets: US S&P 500 index

An index for drought induced financial risk in the mining industry

Science.gov (United States)

Bonnafous, L.; Lall, U.; Siegel, J.

2017-02-01

Water scarcity has emerged as a potential risk for mining operations. High capital spending for desalination and water conflicts leading to asset stranding have recently occurred. Investors in mining companies are interested in the exposure to such risks across portfolios of mining assets (whether the practical at-site consequences are foregone production, higher OPEX and CAPEX and ensuing lost revenues, or asset-stranding). In this paper, an index of the potential financial exposure of a portfolio is developed and its application is illustrated. Since the likely loss at each mine is hard to estimate a priori, one needs a proxy for potential loss. The index considers drought duration, severity and frequency (defined by a return-level in years) at each mining asset, and provides a measure of financial exposure through weighing of production or Net Asset Value. Changes in human needs are not considered, but are relevant, and could be incorporated if global data on mine and other water use were available at the appropriate resolution. Potential for contemporaneous drought incidence across sites in a portfolio is considered specifically. Through an appropriate choice of drought thresholds, an analyst can customize a scenario to assess potential losses in production value or profits, or whether conflicts could emerge that would lead to stranded assets or capital expenditure to secure alternate water supplies. Global climate data sets that allow a customized development of such an index are identified, and selected mining company portfolios are scored as to the risk associated with one publicly available drought index.

Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-06-01

Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-03-01

Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

Key performance indicators in plant asset management: hype, burden or real help?

Energy Technology Data Exchange (ETDEWEB)

Jovanovic, A. (Steinbeis Advanced Risk Technologies, Stuttgart (Germany)); Bareiss, J.M. (EnBW, Stuttgart (Germany))

2010-05-15

The paper tackles the increasing role and use of indicators (e.g. the key performance indicators, KPIs) in asset management in power and process plants, in particular for risk and safety management (safety performance indicators, SPIs), inspection, maintenance, emerging risks analysis and aging management. The two main aspects of the use of indicators are monitoring of performance (e.g. of a single unit) and benchmarking (e.g. among different units). The basis for the considerations presented in the paper are several international projects in the field, showing that the main issue in the field is not and cannot be just the introduction of new indicators as such. They deal with the principles of establishing indicators, establishing generally accepted indicators (goal 'globally accepted' indicators), creating of 'repositories' of indicators in industry and respective tools. The repository/tool developed in the EU project iNTeg-Risk is presented in more detail. The main proposed criteria for successful introduction are the acceptance, transparency and clear added value, e.g. when the indicators help in finding solutions for the issues where the conventional analysis, e.g. the one based on engineering models and analysis is too expensive, complex or simply unavailable. Three practical cases are briefly shown in the paper: one for the improved asset management in a refinery, one for the identification of indicators helping to deal with emerging risks (how to identify them and how to assess risks of a new technology) and one for the implementation of a complex aging management program for industrial plants. (orig.)

Key performance indicators in plant asset management: hype, burden or real help?

International Nuclear Information System (INIS)

Jovanovic, A.; Bareiss, J.M.

2010-01-01

The paper tackles the increasing role and use of indicators (e.g. the key performance indicators, KPIs) in asset management in power and process plants, in particular for risk and safety management (safety performance indicators, SPIs), inspection, maintenance, emerging risks analysis and aging management. The two main aspects of the use of indicators are monitoring of performance (e.g. of a single unit) and benchmarking (e.g. among different units). The basis for the considerations presented in the paper are several international projects in the field, showing that the main issue in the field is not and cannot be just the introduction of new indicators as such. They deal with the principles of establishing indicators, establishing generally accepted indicators (goal 'globally accepted' indicators), creating of 'repositories' of indicators in industry and respective tools. The repository/tool developed in the EU project iNTeg-Risk is presented in more detail. The main proposed criteria for successful introduction are the acceptance, transparency and clear added value, e.g. when the indicators help in finding solutions for the issues where the conventional analysis, e.g. the one based on engineering models and analysis is too expensive, complex or simply unavailable. Three practical cases are briefly shown in the paper: one for the improved asset management in a refinery, one for the identification of indicators helping to deal with emerging risks (how to identify them and how to assess risks of a new technology) and one for the implementation of a complex aging management program for industrial plants. (orig.)

Sinopec Goes After Oil Assets Worldwide

Institute of Scientific and Technical Information of China (English)

2010-01-01

@@ US$2.45b deal to gain reserves of 393m barrels of crude equivalent China's enterprises eye global expansion via mergers and acquisitions in 2010 as the country's economic power increases.China Petrochemical Corporation (Sinopec),Asia's largest oil refiner, plans to purchase the entire oil and gas assets in the Argentinean arm of US-based Occidental Petroleum Corp.

Building Assets Reducing Risks: Academic Success for All Students through Positive Relationships and Use of Real-Time Data

Science.gov (United States)

Corsello, Maryann; Sharma, Anu; Jerabek, Angela

2015-01-01

Building Assets Reducing Risks (BARR) is a social emotional model that achieves academic outcomes through combining use of real-time student data with proven relationship-building strategies and intensive teacher collaboration to prevent course failure. BARR is a recipient of US Department of Education "Investing in Innovation (i3)"…

Inflation, Index-Linked Bonds, and Asset Allocation

OpenAIRE

Zvi Bodie

1988-01-01

The recent introduction of CPI-linked bonds by several financial institutions is a milestone in the history of the U.S. financial system. It has potentially far-reaching effects on individual and institutional asset allocation decisions because these securities represent the only true long-run hedge against inflation risk. CPI-linked bonds make possible the creation of additional financial innovations that would use them as the asset base. One such innovation that seems likely is inflation-pr...

Capital Regulation and Bank Risk-Taking Behavior: Evidence from Pakistan

Directory of Open Access Journals (Sweden)

Badar Nadeem Ashraf

2016-08-01

Full Text Available In response to the global financial crisis of 2007–2009, risk-based capital requirements have been reinforced in the new Basel III Accord to counter excessive bank risk-taking behavior. However, prior theoretical as well as empirical literature that studies the impact of risk-based capital requirements on bank risk-taking behavior is inconclusive. The primary purpose of this paper is to examine the impact of risk-based capital requirements on bank risk-taking behavior, using a panel dataset of 21 listed commercial banks of Pakistan over the period 2005–2012. Purely regulatory measures of bank capital, capital adequacy ratio, and bank assets portfolio risk, risk-weighted assets to total assets ratio, are used for the main analysis. Recently developed small N panel methods (bias corrected least squares dummy variable (LSDVC method and system GMM method with instruments collapse option are used to control for panel fixed effects, dynamic dependent variables, and endogenous independent variables. Overall, the results suggest that commercial banks have reduced assets portfolio risk in response to stringent risk-based capital requirements. Results also confirm that all banks having risk-based capital ratios either lower or higher than the regulatory required limits, have decreased portfolio risk in response to stringent risk-based capital requirements. The results are robust to alternative proxies of bank risk-taking, alternative estimation methods, and alternative samples.

Internal audit of costs on fixed assets repair

Directory of Open Access Journals (Sweden)

M.Yu. Samchyk

2016-12-01

Full Text Available The article focuses on the approaches to the process and methods of expenditure audit on repair and modernization of fixed assets and the author considers that there is no single approach to understanding the issue. The author improves the organizational and methodological support of internal audit of expenditures on the fixed assets repair and modernization that forms the accurate information for management repair and modernization of fixed assets. The paper specifies the goals and objectives of internal expenditures on repair and modernization of fixed assets, depending on the sources of such facilities to the company, allowing the author to determine the documentary control methods to be applied by an auditor to perform each task. The article determines the areas of risk components of internal control that can lead to ineffective implementation of authority by officials of an enterprise in the process of fixed assets repair, which can cause inefficient use of resources and, consequently, decrease in the efficiency of the work of fixed assets repair and modernization. The author proposes the list of auditor’s questions to assess the internal control system in the repair of fixed assets and these questions will help identify the significant drawbacks of control means.

Time Consistent Strategies for Mean-Variance Asset-Liability Management Problems

Directory of Open Access Journals (Sweden)

Hui-qiang Ma

2013-01-01

Full Text Available This paper studies the optimal time consistent investment strategies in multiperiod asset-liability management problems under mean-variance criterion. By applying time consistent model of Chen et al. (2013 and employing dynamic programming technique, we derive two-time consistent policies for asset-liability management problems in a market with and without a riskless asset, respectively. We show that the presence of liability does affect the optimal strategy. More specifically, liability leads a parallel shift of optimal time-consistent investment policy. Moreover, for an arbitrarily risk averse investor (under the variance criterion with liability, the time-diversification effects could be ignored in a market with a riskless asset; however, it should be considered in a market without any riskless asset.

Risk Quantification for Sustaining Coastal Military Installation Assets and Mission Capabilities

Science.gov (United States)

2014-06-01

Sustaining Coastal Military Assets and 5a. CONTRACT NUMBER Mission Capabilities: Final Technical Report 5b. GRANT NUMBER 6. AUTHOR(S) Burks-Copes...critical assets system wide: 1) Hurricane winds have been generated using the Planetary Boundary Layer (PBL) wind model TC96 (Thompson and Cardone 1996...mean air density, pc is pressure representing the tropical cyclone, CD is the drag coefficient, and h is the depth of the PBL (Thompson and Cardone

Application of Securitization of Leasing Assets

Directory of Open Access Journals (Sweden)

Igor Viktorovich Linev

2014-01-01

Full Text Available Securitization of leasing assets was widely adopted abroad within the last decades. Securitization of leasing assets usually is meant as process of formation of a portfolio based on future leasing payments of one and (or more leasing company and sale of securities to investors for the subsequent refinancing of leasing operations. These securities can be bonds, actions or bills. Thus the asset leased, acts as providing these papers. Nomenclature of property includes office, medical (first of all, stomatology, training, video the equipment, and also a car, motor-equipment, towers of cellular communication production of heavy mechanical engineering and computers. The essence of securitization of leasing assets consists in isolation of streams of leasing payments from risk of bankruptcy of the leasing company. As the considered mechanism has the greatest development in the USA, so far as consideration of experience of its application in this country is represented especially actual. The special attention is deserved by a question of decrease in credit risk of the investor. External and internal providing is applied to its decision in different types. Interest of participants in securitization of leasing assets consists in distribution of risks between them, emergence of a new source of financing, depreciation of attracted resources, increase of liquidity of a leasing portfolio and optimization by management by balance of the enterprise. Appeal of this tool to the leasing company in a case when it has no available own funds for business development, represents separate interest. Securitization allows the leasing company to expand sources of attraction of the capital and to receive a reserve for the future, and also to broaden the sphere of options of activity and to give it new opportunities for financing of projects. Widespread introduction of schemes of securitization in practice of the Russian leasing business, requires development, and on some

Financial Stabilisation of Global Economy Countries under Conditions of the Debt Crisis

Directory of Open Access Journals (Sweden)

Vovchenko Natalia G.

2014-01-01

Full Text Available European crisis hinders global restoration of economy, the growth of restoration slows down. All these require supranational solutions: creatio9n of regulation structures and new financial instruments in order to preserve stable world financial order. Methods of quantitative easing (QE, carried out by the American Federal Reserve System and Bank of England, aim at stimulation of private sector activity through reduction of loan cost, generation of positive effects of well-being and increase of investment income. Purchase of assets efficiently move dangerous financial assets from private sector to the balance of the central bank or special QE fund in exchange to risk free reserves of the central bank. Thus, both types of measures are performed by means of risks, accumulating on balances of central banks and indirectly on the balance of state administration. Exchange of information between relevant agencies, including debt administration office, state enterprises that administer assets and central bank, is important for efficient administration of all state assets and liabilities. Proper assessment of financial positions requires all-sided and transparent reporting of all state liabilities and assets. Besides, financial transparency facilitates consolidation.

Global Awareness in the Classroom: Global Classroom Initiative

Science.gov (United States)

Education Canada, 2004

2004-01-01

As countries around the world move toward global integration, knowledge of how Canada interrelates globally is becoming an increasingly useful asset. It is important that young Canadians learn what it means to become responsible global citizens. Awareness about global issues and appreciation of Canada's efforts in international development offer a…

Efficient "Myopic" Asset Pricing in General Equilibrium: A Potential Pitfall in Excess Volatility Tests

OpenAIRE

Willem H. Buiter

1987-01-01

Excess volatility tests for financial market efficiency maintain the hypothesis of risk-neutrality. This permits the specification of the benchmark efficient market price as the present discounted value of expected future dividends. By departing from the risk-neutrality assumption in a stripped-down version of Lucas's general equilibrium asset pricing model, I show that asset prices determined in a competitive asset market and efficient by construction can nevertheless violate the variance bo...

The 5C model: A new approach to asset integrity management

International Nuclear Information System (INIS)

Rahim, Yousif; Refsdal, Ingbjorn; Kenett, Ron S.

2010-01-01

As organizations grow more complex in operation and more global in scope, assets and technical integrity become key success factors. A company's asset integrity business process needs to be mapped in order to 1) provide a proper overview of operation and business processes, 2) identify all critical interfaces and 3) ensure that all gaps and overlaps in processes are eliminated. Achieving asset integrity requires companies to sustain their activities and identify the hazards, weaknesses and objectives of their strategic assets. Technical integrity emphasizes a complete overview of technical conditions and related information, and the ability of the companies to document the technical state of its assets. It is based on an integrated view of the current state of operations, and the identification of all critical interfaces, in order to ensure that all gaps and unnecessary overlaps in processes are eliminated. Companies look increasingly at their asset integrity management system as a means to extend the life of their assets, beyond the original design conditions and production capacity. Establishing an asset integrity management system requires the documentation of the company's technical integrity management, a strategy and the processes for carrying it out, identifying gaps; selecting corrective interventions and conducting follow up actions. The paper discusses various aspects of asset integrity management, including its planning and implementation. We begin with an introduction to asset technical integrity, provide some theoretical backgrounds, present a model we call 5C and conclude with a summary and discussion.

Acculturation and Adjustment in Latino Adolescents: How Cultural Risk Factors and Assets Influence Multiple Domains of Adolescent Mental Health

Science.gov (United States)

Smokowski, Paul; Buchanan, Rachel L.; Bacallao, Martica L.

2009-01-01

The purpose of this study was to examine the relationships among risk factors, cultural assets, and Latino adolescent mental health outcomes. We extend past research by using a longitudinal design and evaluating direct and moderated acculturation effects across a range of internalizing, externalizing, and academic engagement outcomes. The sample…

Transparent Global Seismic Hazard and Risk Assessment

Science.gov (United States)

Smolka, Anselm; Schneider, John; Pinho, Rui; Crowley, Helen

2013-04-01

Vulnerability to earthquakes is increasing, yet advanced reliable risk assessment tools and data are inaccessible to most, despite being a critical basis for managing risk. Also, there are few, if any, global standards that allow us to compare risk between various locations. The Global Earthquake Model (GEM) is a unique collaborative effort that aims to provide organizations and individuals with tools and resources for transparent assessment of earthquake risk anywhere in the world. By pooling data, knowledge and people, GEM acts as an international forum for collaboration and exchange, and leverages the knowledge of leading experts for the benefit of society. Sharing of data and risk information, best practices, and approaches across the globe is key to assessing risk more effectively. Through global projects, open-source IT development and collaborations with more than 10 regions, leading experts are collaboratively developing unique global datasets, best practice, open tools and models for seismic hazard and risk assessment. Guided by the needs and experiences of governments, companies and citizens at large, they work in continuous interaction with the wider community. A continuously expanding public-private partnership constitutes the GEM Foundation, which drives the collaborative GEM effort. An integrated and holistic approach to risk is key to GEM's risk assessment platform, OpenQuake, that integrates all above-mentioned contributions and will become available towards the end of 2014. Stakeholders worldwide will be able to calculate, visualise and investigate earthquake risk, capture new data and to share their findings for joint learning. Homogenized information on hazard can be combined with data on exposure (buildings, population) and data on their vulnerability, for loss assessment around the globe. Furthermore, for a true integrated view of seismic risk, users can add social vulnerability and resilience indices to maps and estimate the costs and benefits

[Global risk management].

Science.gov (United States)

Sghaier, W; Hergon, E; Desroches, A

2015-08-01

Risk management is a fundamental component of any successful company, whether it is in economic, societal or environmental aspect. Risk management is an especially important activity for companies that optimal security challenge of products and services is great. This is the case especially for the health sector institutions. Risk management is therefore a decision support tool and a means to ensure the sustainability of an organization. In this context, what methods and approaches implemented to manage the risks? Through this state of the art, we are interested in the concept of risk and risk management processes. Then we focus on the different methods of risk management and the criteria for choosing among these methods. Finally we highlight the need to supplement these methods by a systemic and global approach including through risk assessment by the audits. Copyright © 2015 Elsevier Masson SAS. All rights reserved.

Self-consistent asset pricing models

Science.gov (United States)

Malevergne, Y.; Sornette, D.

2007-08-01

We discuss the foundations of factor or regression models in the light of the self-consistency condition that the market portfolio (and more generally the risk factors) is (are) constituted of the assets whose returns it is (they are) supposed to explain. As already reported in several articles, self-consistency implies correlations between the return disturbances. As a consequence, the alphas and betas of the factor model are unobservable. Self-consistency leads to renormalized betas with zero effective alphas, which are observable with standard OLS regressions. When the conditions derived from internal consistency are not met, the model is necessarily incomplete, which means that some sources of risk cannot be replicated (or hedged) by a portfolio of stocks traded on the market, even for infinite economies. Analytical derivations and numerical simulations show that, for arbitrary choices of the proxy which are different from the true market portfolio, a modified linear regression holds with a non-zero value αi at the origin between an asset i's return and the proxy's return. Self-consistency also introduces “orthogonality” and “normality” conditions linking the betas, alphas (as well as the residuals) and the weights of the proxy portfolio. Two diagnostics based on these orthogonality and normality conditions are implemented on a basket of 323 assets which have been components of the S&P500 in the period from January 1990 to February 2005. These two diagnostics show interesting departures from dynamical self-consistency starting about 2 years before the end of the Internet bubble. Assuming that the CAPM holds with the self-consistency condition, the OLS method automatically obeys the resulting orthogonality and normality conditions and therefore provides a simple way to self-consistently assess the parameters of the model by using proxy portfolios made only of the assets which are used in the CAPM regressions. Finally, the factor decomposition with the

Ambiguity and Volatility : Asset Pricing Implications

NARCIS (Netherlands)

Pataracchia, B.

2011-01-01

Using a simple dynamic consumption-based asset pricing model, this paper explores the implications of a representative investor with smooth ambiguity averse preferences [Klibano¤, Marinacci and Mukerji, Econometrica (2005)] and provides a comparative analysis of risk aversion and ambiguity aversion.

Intellectual Capital and Intangible Assets Analysis and Valuation

Directory of Open Access Journals (Sweden)

Ion Anghel

2008-03-01

Full Text Available Today the intellectual capital is a key factor in company’s profitability. Two major forces have driven the high performance workplace over the past two decades: globalization and increasing in technological changes. In this environment, the intellectual capital and intangible assets is fundamental to success. In the new economic competition, knowledge assets provide a sustainable competitive advantage. The measurement is fundamental to support management decision in allocation investment and investor’s decision regarding the value versus price. In our research we consider a group of Romanian listed companies on Bucharest Stock Exchange and analyze the importance of intangible value into the total market value of the equity. From accounting point of view the importance of intangible assets is very low but from the market evidence was indicated 47% importance of intangible value in total market value for the Romanian listed companies.

Flood damage curves for consistent global risk assessments

Science.gov (United States)

de Moel, Hans; Huizinga, Jan; Szewczyk, Wojtek

2016-04-01

Assessing potential damage of flood events is an important component in flood risk management. Determining direct flood damage is commonly done using depth-damage curves, which denote the flood damage that would occur at specific water depths per asset or land-use class. Many countries around the world have developed flood damage models using such curves which are based on analysis of past flood events and/or on expert judgement. However, such damage curves are not available for all regions, which hampers damage assessments in those regions. Moreover, due to different methodologies employed for various damage models in different countries, damage assessments cannot be directly compared with each other, obstructing also supra-national flood damage assessments. To address these problems, a globally consistent dataset of depth-damage curves has been developed. This dataset contains damage curves depicting percent of damage as a function of water depth as well as maximum damage values for a variety of assets and land use classes (i.e. residential, commercial, agriculture). Based on an extensive literature survey concave damage curves have been developed for each continent, while differentiation in flood damage between countries is established by determining maximum damage values at the country scale. These maximum damage values are based on construction cost surveys from multinational construction companies, which provide a coherent set of detailed building cost data across dozens of countries. A consistent set of maximum flood damage values for all countries was computed using statistical regressions with socio-economic World Development Indicators from the World Bank. Further, based on insights from the literature survey, guidance is also given on how the damage curves and maximum damage values can be adjusted for specific local circumstances, such as urban vs. rural locations, use of specific building material, etc. This dataset can be used for consistent supra

Risk-based asset management methodology for highway infrastructure systems.

Science.gov (United States)

2004-01-01

Maintaining the infrastructure of roads, highways, and bridges is paramount to ensuring that these assets will remain safe and reliable in the future. If maintenance costs remain the same or continue to escalate, and additional funding is not made av...

ASSET guidelines

International Nuclear Information System (INIS)

1990-11-01

The IAEA Assessment of Safety Significant Events Team (ASSET) Service provides advice and assistance to Member States to enhance the overall level of plant safety while dealing with the policy of prevention of incidents at nuclear power plants. The ASSET programme, initiated in 1986, is not restricted to any particular group of Member States, whether developing or industrialized, but is available to all countries with nuclear power plants in operation or approaching commercial operation. The IAEA Safety Series publications form common basis for the ASSET reviews, including the Nuclear Safety Standards (NUSS) and the Basic Safety Principles (Recommendations of Safety Series No. 75-INSAG-3). The ASSET Guidelines provide overall guidance for the experts to ensure the consistency and comprehensiveness of their review of incident investigations. Additional guidance and reference material is provided by the IAEA to complement the expertise of the ASSET members. ASSET reviews accept different approaches that contribute to ensuring an effective prevention of incidents at plants. Suggestions are offered to enhance plant safety performance. Commendable good practices are identified and generic lessons are communicated to other plants, where relevant, for long term improvement

Global Landslide Total Economic Loss Risk Deciles

Data.gov (United States)

National Aeronautics and Space Administration — Global Landslide Total Economic Loss Risk Deciles is a 2.5 minute grid of global landslide total economic loss risks. A process of spatially allocating Gross...

Global Drought Total Economic Loss Risk Deciles

Data.gov (United States)

National Aeronautics and Space Administration — Global Drought Total Economic Loss Risk Deciles is a 2.5 minute grid of global drought total economic loss risks. A process of spatially allocating Gross Domestic...

Abundance in Capital: Global Risk Sharing and Insurance in a Changing Financial Environment

Science.gov (United States)

Michel, Gero; Schaper, Christopher

2014-05-01

Insurance has played a viable role in the hedging of homeowners and commercial risks around the world. Countries that have significant penetration in insurance have in addition performed better after large regional or over-regional catastrophic losses. Insurance has hence increased the resilience of western societies. This is opposed to emerging or developing markets with low insurance penetration which have suffered significant drawbacks in their development after large catastrophic events. Examples include the recent Typhoon(s) in the Philippines and the 2010 Haiti earthquake. This presentation will provide insights into the opportunities, views and risk management features a global reinsurance company must assume in order to hedge and mitigate risk across the world. During the past year, an unprecedented amount of new capital has been entering the insurance market, looking for profitable investments outside the much wider capital market. Catastrophe insurance is seen as a valuable alternative to investing in assets that that have shown low returns and high correlation in the recent financial meltdown. The new capital is mostly deployed - or competing with already deployed capital - in the US where insurance penetration is already high. This is opposed to more than half of the world including all developing and most emerging countries which have low insurance penetration and often lack infrastructure hindering new capital to be deployed effectively. What is needed to overcome this obvious deficiency in capital supply and demand? One reason why it is difficult to deploy capital in developing countries is the lack of available exposure information and catastrophe models. This presentation sheds light on the potential science needs of our market and gives an overview of what is being done at Montpelier, a global reinsurance company, to understand catastrophe risk around the globe.

International asset pricing under segmentation and PPP deviations

NARCIS (Netherlands)

Chaieb, I.; Errunza, V.

2007-01-01

We analyze the impact of both purchasing power parity (PPP) deviations and market segmentation on asset pricing and investor's portfolio holdings. The freely traded securities command a world market risk premium and an inflation risk premium. The securities that can be held by only a subset of

A study on intangible assets disclosure: An evidence from Indian companies

Directory of Open Access Journals (Sweden)

Subash Chander

2011-04-01

Full Text Available Purpose: India has emerged at the top of the pedestal in the present knowledge-driven global marketplace, where intangible assets hold much more value than physical assets. The objective of this study is to determine the extent of intangible asset disclosure by companies in IndiaDesign/methodology/approach: This study relates to the years 2003-04 and 2007-08 and is based on 243 companies selected from BT-500 companies. The annual reports of these companies were analyzed using content analysis so as to examine the level of disclosure of intangible asset information. Intangible assets disclosure index based on the intangible assets framework as given by Sveiby (1997 and as used and tested by Guthrie and Petty (2000 and many other subsequent studies was modified and used for this study. Findings: The results showed that external capital is the most disclosed intangible asset category with a disclosure score of 37.90% and 35.83% in the years 2003-04 and 2007-08 respectively. Infosys technologies Ltd. is the company with the highest intangible assets reporting for both the years (2003-04: 68.52%, 2007-08: 81.48%. Further the reporting of intangible assets is unorganized and unsystematic. There is lack of appropriate framework for disclosing intangible assets information in the annual reports.Originality/value: This is perhaps the first comprehensive study on intangible assets disclosure based on a large sample of the companies from India. Literature reveals that now the intangible assets play relatively an increasingly significant role in the decision making process of various users of corporate reports. This study shows that the overall disclosure of intangible assets is low in India. Thus this study may be of value to the corporate sector in India to explore the areas of intangible assets disclosure so that they can provide useful and relevant information to the users of annual reports.

Impairment of intangible assets: quality of disclosures in the financial crisis period

Directory of Open Access Journals (Sweden)

T. R. Ismagilova

2016-01-01

Full Text Available The role of intangible assets presented in companies’ financial statements cannot be underestimated as in recent years the structure of the companies’ statement of financial position has significantly changed and is mainly presented by intangible assets instead of tangible assets. Global trends suggest a growing importance of intangible assets to business value, at the same time intangibles are one of the most complex assets in terms of their valuation. The widespread economic slowdown means that assets and businesses in many industries will generate lower cash flows than expected. This increases the likelihood that asset carrying amounts are greater than the expected cash flows from the assets. A number of assumptions used by management have increased, therefore there is a need for the detailed analysis of the disclosed information in terms of its reasonableness. IAS 36 Impairment of Assets sets out the requirements for the disclosed information, however, companies impairment testing processes, models and assumptions depend on the certain business and are individual. Impairment of intangible assets should not be treated by the companies as an exercise to conform IFRS requirements as it is the key element of the financial statements faithful re presentation. Main questions in terms of the quality of disclosed information regarding intangible assets impairment are addressed in this article, including the following: the role of the disclosed assumptions and estimates made by management is analysed, su ggestions are made on the documentation of the stages of the impairment test performed, key disclosure requirements are summarised and can be used by companies in self-review purposes.

Asset Allocation:diversification dan Rebalancing sebagai Bagian dari Proses Perencanaan Keuangan (suatu Kajian Pustaka)

OpenAIRE

Dewi, Vera Intanie

2013-01-01

Financial planning is the process of designing an investmentstrategy that can helps an individual to achieve financial goals. Asset allocation, diversification and rebalancing is a particularly important steps of investment strategy process. By doing asset allocation and diversification among a variety of different asset categories such as bonds,stocks,mutual funds and saving can helps minimize risk and maximize return. And the goal of rebalancing is to move the current asset allocation back ...

Basel III Liquidity Risk Measures and Bank Failure

Directory of Open Access Journals (Sweden)

L. N. P. Hlatshwayo

2013-01-01

Full Text Available Basel III banking regulation emphasizes the use of liquidity coverage and nett stable funding ratios as measures of liquidity risk. In this paper, we approximate these measures by using global liquidity data for 391 hand-selected, LIBOR-based, Basel II compliant banks in 36 countries for the period 2002 to 2012. In particular, we compare the risk sensitivity of the aforementioned Basel III liquidity risk measures to those of traditional measures such as the nonperforming assets ratio, return-on-assets, LIBOR-OISS, Basel II Tier 1 capital ratio, government securities ratio, and brokered deposits ratio. Furthermore, we use a discrete-time hazard model to study bank failure. In this regard, we find that Basel III risk measures have limited ability to predict bank failure when compared with their traditional counterparts. An important result is that a higher liquidity coverage ratio is associated with a higher bank failure rate. We also find that market-wide liquidity risk (proxied by LIBOR-OISS was the major predictor of bank failures in 2009 and 2010 while idiosyncratic liquidity risk (proxied by other liquidity risk measures was less. In particular, our contribution is the first to achieve these results on a global scale over a relatively long period for a variety of banks.

Integrated risk analysis of global climate change

International Nuclear Information System (INIS)

Shlyakhter, Alexander; Wilson, Richard; Valverde A, L.J. Jr.

1995-01-01

This paper discusses several factors that should be considered in integrated risk analyses of global climate change. We begin by describing how the problem of global climate change can be subdivided into largely independent parts that can be linked together in an analytically tractable fashion. Uncertainty plays a central role in integrated risk analyses of global climate change. Accordingly, we consider various aspects of uncertainty as they relate to the climate change problem. We also consider the impacts of these uncertainties on various risk management issues, such as sequential decision strategies, value of information, and problems of interregional and intergenerational equity. (author)

Empirical estimation of default and asset correlation of large corporates and banks in India

OpenAIRE

Bandyopadhyay, Arindam; Ganguly, Sonali

2011-01-01

Estimation of default and asset correlation is crucial for banks to manage and measure portfolio credit risk. This would require studying the risk profile of the banks’ entire credit portfolio and developing the appropriate methodology for the estimation of default dependence. Measurement and management of correlation risk in the credit portfolio of banks has also become an important area of concern for bank regulators worldwide. The BCBS (2006) has specifically included an asset correlation ...

PID feedback controller used as a tactical asset allocation technique: The G.A.M. model

Science.gov (United States)

Gandolfi, G.; Sabatini, A.; Rossolini, M.

2007-09-01

The objective of this paper is to illustrate a tactical asset allocation technique utilizing the PID controller. The proportional-integral-derivative (PID) controller is widely applied in most industrial processes; it has been successfully used for over 50 years and it is used by more than 95% of the plants processes. It is a robust and easily understood algorithm that can provide excellent control performance in spite of the diverse dynamic characteristics of the process plant. In finance, the process plant, controlled by the PID controller, can be represented by financial market assets forming a portfolio. More specifically, in the present work, the plant is represented by a risk-adjusted return variable. Money and portfolio managers’ main target is to achieve a relevant risk-adjusted return in their managing activities. In literature and in the financial industry business, numerous kinds of return/risk ratios are commonly studied and used. The aim of this work is to perform a tactical asset allocation technique consisting in the optimization of risk adjusted return by means of asset allocation methodologies based on the PID model-free feedback control modeling procedure. The process plant does not need to be mathematically modeled: the PID control action lies in altering the portfolio asset weights, according to the PID algorithm and its parameters, Ziegler-and-Nichols-tuned, in order to approach the desired portfolio risk-adjusted return efficiently.

A new method to estimate risk and return of non-traded assets from cash flows : The case of private equity funds

NARCIS (Netherlands)

Driessen, J.J.A.G.; Lin, T.C.; Phalippou, L.

2012-01-01

We develop a new methodology to estimate abnormal performance and risk exposure of nontraded assets from cash flows. Our methodology extends the standard internal rate of return approach to a dynamic setting. The small-sample properties are validated using a simulation study. We apply the method to

Contingency Factors Influencing Implementation of Physical Asset Management Practices

Directory of Open Access Journals (Sweden)

Maletič Damjan

2017-02-01

Full Text Available Purpose: The purpose of this empirical study is to examine the role of two contingency factors, i.e. uncertainty and competitiveness in relation to physical asset management (PAM practices as well as to maintenance key performance indicators. The research is based on a premise that PAM, which was defined by risk management practices, performance assessment practices, life cycle management practices, and policy & strategy practices, has become an indispensable element of strategic thinking of asset owners as well as maintenance and asset managers. The purpose of this study is to advance the understanding of how organizations that face high or low level of uncertainty and competitiveness respond in terms of PAM deployment.

Asset allocation using option-implied moments

Science.gov (United States)

Bahaludin, H.; Abdullah, M. H.; Tolos, S. M.

2017-09-01

This study uses an option-implied distribution as the input in asset allocation. The computation of risk-neutral densities (RND) are based on the Dow Jones Industrial Average (DJIA) index option and its constituents. Since the RNDs estimation does not incorporate risk premium, the conversion of RND into risk-world density (RWD) is required. The RWD is obtained through parametric calibration using the beta distributions. The mean, volatility, and covariance are then calculated to construct the portfolio. The performance of the portfolio is evaluated by using portfolio volatility and Sharpe ratio.

Evaluation of the Effect of Non-Current Fixed Assets on Profitability and Asset Management Efficiency

Science.gov (United States)

Lubyanaya, Alexandra V.; Izmailov, Airat M.; Nikulina, Ekaterina Y.; Shaposhnikov, Vladislav A.

2016-01-01

The purpose of this article is to investigate the problem, which stems from non-current fixed assets affecting profitability and asset management efficiency. Tangible assets, intangible assets and financial assets are all included in non-current fixed assets. The aim of the research is to identify the impact of estimates and valuation in…

Leverage Aversion and Risk Parity

DEFF Research Database (Denmark)

Asness, Clifford; Frazzini, Andrea; Heje Pedersen, Lasse

2012-01-01

The authors show that leverage aversion changes the predictions of modern portfolio theory: Safer assets must offer higher risk-adjusted returns than riskier assets. Consuming the high risk-adjusted returns of safer assets requires leverage, creating an opportunity for investors with the ability...... to apply leverage. Risk parity portfolios exploit this opportunity by equalizing the risk allocation across asset classes, thus overweighting safer assets relative to their weight in the market portfolio....

Modern Finance, Methodology and the Global Crisis

OpenAIRE

Esteban Pérez Caldentey; Matías Vernengo

2010-01-01

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 ...

Global drivers of future river flood risk

Science.gov (United States)

Winsemius, Hessel C.; Aerts, Jeroen C. J. H.; van Beek, Ludovicus P. H.; Bierkens, Marc F. P.; Bouwman, Arno; Jongman, Brenden; Kwadijk, Jaap C. J.; Ligtvoet, Willem; Lucas, Paul L.; van Vuuren, Detlef P.; Ward, Philip J.

2016-04-01

Understanding global future river flood risk is a prerequisite for the quantification of climate change impacts and planning effective adaptation strategies. Existing global flood risk projections fail to integrate the combined dynamics of expected socio-economic development and climate change. We present the first global future river flood risk projections that separate the impacts of climate change and socio-economic development. The projections are based on an ensemble of climate model outputs, socio-economic scenarios, and a state-of-the-art hydrologic river flood model combined with socio-economic impact models. Globally, absolute damage may increase by up to a factor of 20 by the end of the century without action. Countries in Southeast Asia face a severe increase in flood risk. Although climate change contributes significantly to the increase in risk in Southeast Asia, we show that it is dwarfed by the effect of socio-economic growth, even after normalization for gross domestic product (GDP) growth. African countries face a strong increase in risk mainly due to socio-economic change. However, when normalized to GDP, climate change becomes by far the strongest driver. Both high- and low-income countries may benefit greatly from investing in adaptation measures, for which our analysis provides a basis.

Japanese views on ASSET

Energy Technology Data Exchange (ETDEWEB)

Hirano, M [Department of Reactor Safety Research, Japan Atomic Energy Research Inst. (Japan)

1997-10-01

The presentation briefly reviews the following aspects directed to ensuring NPP safety: Japanese participation in ASSET activities; views to ASSET activities; recent operating experience in Japan; future ASSET activities.

Japanese views on ASSET

International Nuclear Information System (INIS)

Hirano, M.

1997-01-01

The presentation briefly reviews the following aspects directed to ensuring NPP safety: Japanese participation in ASSET activities; views to ASSET activities; recent operating experience in Japan; future ASSET activities

Double hedge aids commercial terms of upstream asset purchase

International Nuclear Information System (INIS)

Wood, D.

1993-01-01

In recent years many major oil companies have elected to rationalize their producing assets. Mature production--particularly onshore in developed countries, associated with high costs and small profit margins--has been the major target. The current weakness in oil prices has resulted in many such properties being on the market. However, much production marginal to a major can be highly profitable to a cost-effective independent, particularly if the production fits strategically with the independent's asset portfolio. Although many independents recognize that some of the producing assets on the market could be of potential value to them, in a period of volatile prices two important valuations have to be technically justified and negotiated to enable or persuade them to conclude a purchase agreement for a specific asset. These are: A purchase value for an asset that is acceptable to both seller and buyer; and A loan value for the asset to establish the level of debt that the asset can support for the buyer. In defining these two important values (both of which are usually established as ranges rather than single values) the independent has to protect itself against a downturn in commodity prices and exposing itself to an unserviceable level of debt. The paper discusses reducing risks, purchase price hedge, an example of a hedged purchase price, price elements, loan value analysis, agreement structure, loan value hedge, and an example of a hedged loan value

A dynamic decision model for portfolio investment and assets management

Institute of Scientific and Technical Information of China (English)

QIAN Edward Y.; FENG Ying; HIGGISION James

2005-01-01

This paper addresses a dynamic portfolio investment problem. It discusses how we can dynamically choose candidate assets, achieve the possible maximum revenue and reduce the risk to the minimum level. The paper generalizes Markowitz's portfolio selection theory and Sharpe's rule for investment decision. An analytical solution is presented to show how an institutional or individual investor can combine Markowitz's portfolio selection theory, generalized Sharpe's rule and Value-at-Risk(VaR) to find candidate assets and optimal level of position sizes for investment (dis-investment). The result shows that the generalized Markowitz's portfolio selection theory and generalized Sharpe's rule improve decision making for investment.

On the governance of global and catastrophic risks

DEFF Research Database (Denmark)

Faber, Michael Havbro

2011-01-01

The focus of the present paper regards the identification and treatment of critical issues in the process of societal decision making concerning management of global and catastrophic risks. Taking basis in recent works by the author, the paper in particular addresses: 1) Which are the most relevant...... hazards in a holistic global perspective and how may these be categorised in view of strategies for their treatment?; 2) How might robust societal decisions on risk management subject to large uncertainties be formally supported?; 3) How may available economic resources be prioritised for the purpose...... of sustainable and global life safety and health improvements? Finally, new results and perspectives are presented on the issue of allocation of resources for the purpose of improving global public health and a discussion on global risk governance concludes the paper....

Investing in Global Markets: Big Data and Applications of Robust Regression

Directory of Open Access Journals (Sweden)

John eGuerard

2016-02-01

Full Text Available In this analysis of the risk and return of stocks in global markets, we apply several applications of robust regression techniques in producing stock selection models and several optimization techniques in portfolio construction in global stock universes. We find that (1 the robust regression applications are appropriate for modeling stock returns in global markets; and (2 mean-variance techniques continue to produce portfolios capable of generating excess returns above transaction costs and statistically significant asset selection. We estimate expected return models in a global equity markets using a given stock selection model and generate statistically significant active returns from various portfolio construction techniques.

Usefulness and limitations of global flood risk models

Science.gov (United States)

Ward, Philip; Jongman, Brenden; Salamon, Peter; Simpson, Alanna; Bates, Paul; De Groeve, Tom; Muis, Sanne; Coughlan de Perez, Erin; Rudari, Roberto; Mark, Trigg; Winsemius, Hessel

2016-04-01

Global flood risk models are now a reality. Initially, their development was driven by a demand from users for first-order global assessments to identify risk hotspots. Relentless upward trends in flood damage over the last decade have enhanced interest in such assessments. The adoption of the Sendai Framework for Disaster Risk Reduction and the Warsaw International Mechanism for Loss and Damage Associated with Climate Change Impacts have made these efforts even more essential. As a result, global flood risk models are being used more and more in practice, by an increasingly large number of practitioners and decision-makers. However, they clearly have their limits compared to local models. To address these issues, a team of scientists and practitioners recently came together at the Global Flood Partnership meeting to critically assess the question 'What can('t) we do with global flood risk models?'. The results of this dialogue (Ward et al., 2013) will be presented, opening a discussion on similar broader initiatives at the science-policy interface in other natural hazards. In this contribution, examples are provided of successful applications of global flood risk models in practice (for example together with the World Bank, Red Cross, and UNISDR), and limitations and gaps between user 'wish-lists' and model capabilities are discussed. Finally, a research agenda is presented for addressing these limitations and reducing the gaps. Ward et al., 2015. Nature Climate Change, doi:10.1038/nclimate2742

"Asset Ownership Across Generations"

OpenAIRE

Ngina S. Chiteji; Frank P. Stafford

2000-01-01

This paper examines cross-generational connections in asset ownership. It begins by presenting a theoretical framework that develops the distinction between the intergenerational transfer of knowledge about financial assets and the direct transfer of dollars from parents to children. Its analysis of data from the Panel Study of Income Dynamics (PSID) reveals intergenerational correlations in asset ownership, and we find evidence to suggest that parental asset ownership or family-based exposur...

Accounting treatment of intangible assets

OpenAIRE

Gorgieva-Trajkovska, Olivera; Koleva, Blagica; Georgieva Svrtinov, Vesna

2015-01-01

The accounting for fixed assets is, in many cases, a straightforward exercise, but it isn’t always so when it comes to the issue of intangible fixed assets and recognizing such assets on the balance sheet. IAS 38, In¬tan¬gi¬ble Assets, outlines the accounting re¬quire¬ments for in¬tan¬gi¬ble assets, which are non-mon¬e¬tary assets which are without physical substance and iden¬ti¬fi¬able (either being separable or arising from con¬trac¬tual or other legal rights). In¬tan¬gi¬ble assets meeting ...

Peran Manajemen Sumber Daya Manusia dalam Proses Penciptaan Pengetahuan sebagai Intangible Asset di Perusahaan

OpenAIRE

Dewi, Utari

2003-01-01

In an era of globalization, most companies face mounting pressure from their boards and from capital markets to add value. Although executives have become shopisticated in their understanding of what it to achieve competitive adventage, lntengible asset will be basis for company to get it, through creating knowledge. This effort has focused on employee performance as a knowledge creator, and sustainability of learning process. Keywords: knowledge, intangible asset, human capital

Does Beta Explain Global Equity Market Volatility – Some Empirical Evidence

Directory of Open Access Journals (Sweden)

Radosław Kurach

2013-06-01

Full Text Available The purpose of this study is to assess the diversification benefits resulting from international asset allocation. In this study, we examine Capital Asset Pricing Model (CAPM in its international context (ICAPM using the monthly equity returns for 26 countries (18 developed and 8 emerging markets between July 1996 and June 2011 and adopting the US investor’s perspective. We verify the beta-return trade-off employing two approaches: the unconditional trade-off and the conditional relationship. In this latter case, we find the country beta to be a significant variable explaining the cross-country variation of returns. Next, we test the degree of market integration in the light of the ICAPM. The results of this test indicate that country-idiosyncratic risks are generally not priced. In the subsidiary outcomes of our verification procedure, we argue that country betas are time-varying and that currently, global factors are the dominant source of equity market volatility. Consequently, the opinion regarding emerging market assets and their role in global portfolio management should be reconsidered. The results of the entire study may provide essential implications for fund managers because the decreasing international diversification gains have been identified.

The Replacement of Safe Assets: Evidence from the U.S. Bond Portfolio

OpenAIRE

Bertaut, Carol C.; Tabova, Alexandra M.; Wong, Vivian

2014-01-01

The expansion in financial sector "safe" assets, largely in the form of structured products from the U.S. and the Caribbean, in the lead-up to the global financial crisis has by now been fairly well documented. Using a unique dataset derived from security-level data on U.S. portfolio holdings of foreign securities, we show that since the crisis, it is mostly the foreign financial sector that appears to have met U.S. demand for safe and liquid investment assets by expanding its supply of debt ...

Capital Budgeting: Do Private Sector Methods of Budgeting for Capital Assets Have Applicability to the Department of Defense

Science.gov (United States)

2005-12-01

asset pricing model ( CAPM ). “According to the CAPM theory, investors determine their required return by adding a risk premium to the interest rate...NUMBER OF PAGES 77 14. SUBJECT TERMS Capital Budgeting; GAO; DOD; Capital Assets ; Risk, OMB; NPV, IRR 16. PRICE CODE 17. SECURITY...needs of the mission, as defined by the strategic plan, and limit the number of “nice to haves” (OMB, 1997). d. Alternatives to Capital Assets

The instrument of asset securitization on the basis of investment funds

Directory of Open Access Journals (Sweden)

O.S. Novak

2015-03-01

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

A framework for global river flood risk assessments

Science.gov (United States)

Winsemius, H. C.; Van Beek, L. P. H.; Jongman, B.; Ward, P. J.; Bouwman, A.

2013-05-01

There is an increasing need for strategic global assessments of flood risks in current and future conditions. In this paper, we propose a framework for global flood risk assessment for river floods, which can be applied in current conditions, as well as in future conditions due to climate and socio-economic changes. The framework's goal is to establish flood hazard and impact estimates at a high enough resolution to allow for their combination into a risk estimate, which can be used for strategic global flood risk assessments. The framework estimates hazard at a resolution of ~ 1 km2 using global forcing datasets of the current (or in scenario mode, future) climate, a global hydrological model, a global flood-routing model, and more importantly, an inundation downscaling routine. The second component of the framework combines hazard with flood impact models at the same resolution (e.g. damage, affected GDP, and affected population) to establish indicators for flood risk (e.g. annual expected damage, affected GDP, and affected population). The framework has been applied using the global hydrological model PCR-GLOBWB, which includes an optional global flood routing model DynRout, combined with scenarios from the Integrated Model to Assess the Global Environment (IMAGE). We performed downscaling of the hazard probability distributions to 1 km2 resolution with a new downscaling algorithm, applied on Bangladesh as a first case study application area. We demonstrate the risk assessment approach in Bangladesh based on GDP per capita data, population, and land use maps for 2010 and 2050. Validation of the hazard estimates has been performed using the Dartmouth Flood Observatory database. This was done by comparing a high return period flood with the maximum observed extent, as well as by comparing a time series of a single event with Dartmouth imagery of the event. Validation of modelled damage estimates was performed using observed damage estimates from the EM

A framework for global river flood risk assessments

Directory of Open Access Journals (Sweden)

H. C. Winsemius

2013-05-01

Full Text Available There is an increasing need for strategic global assessments of flood risks in current and future conditions. In this paper, we propose a framework for global flood risk assessment for river floods, which can be applied in current conditions, as well as in future conditions due to climate and socio-economic changes. The framework's goal is to establish flood hazard and impact estimates at a high enough resolution to allow for their combination into a risk estimate, which can be used for strategic global flood risk assessments. The framework estimates hazard at a resolution of ~ 1 km2 using global forcing datasets of the current (or in scenario mode, future climate, a global hydrological model, a global flood-routing model, and more importantly, an inundation downscaling routine. The second component of the framework combines hazard with flood impact models at the same resolution (e.g. damage, affected GDP, and affected population to establish indicators for flood risk (e.g. annual expected damage, affected GDP, and affected population. The framework has been applied using the global hydrological model PCR-GLOBWB, which includes an optional global flood routing model DynRout, combined with scenarios from the Integrated Model to Assess the Global Environment (IMAGE. We performed downscaling of the hazard probability distributions to 1 km2 resolution with a new downscaling algorithm, applied on Bangladesh as a first case study application area. We demonstrate the risk assessment approach in Bangladesh based on GDP per capita data, population, and land use maps for 2010 and 2050. Validation of the hazard estimates has been performed using the Dartmouth Flood Observatory database. This was done by comparing a high return period flood with the maximum observed extent, as well as by comparing a time series of a single event with Dartmouth imagery of the event. Validation of modelled damage estimates was performed using observed damage estimates from

The globalization of risk and risk perception: why we need a new model of risk communication for vaccines.

Science.gov (United States)

Larson, Heidi; Brocard Paterson, Pauline; Erondu, Ngozi

2012-11-01

Risk communication and vaccines is complex and the nature of risk perception is changing, with perceptions converging, evolving and having impacts well beyond specific geographic localities and points in time, especially when amplified through the Internet and other modes of global communication. This article examines the globalization of risk perceptions and their impacts, including the example of measles and the globalization of measles, mumps and rubella (MMR) vaccine risk perceptions, and calls for a new, more holistic model of risk assessment, risk communication and risk mitigation, embedded in an ongoing process of risk management for vaccines and immunization programmes. It envisions risk communication as an ongoing process that includes trust-building strategies hand-in-hand with operational and policy strategies needed to mitigate and manage vaccine-related risks, as well as perceptions of risk.

Financier-led asset lease model

NARCIS (Netherlands)

Zhao, X.; Angelov, S.A.; Grefen, P.W.P.J.; Meersman, R.A.; Dillon, T.S.

2010-01-01

Nowadays, the business globalisation trend drives organisations to spread their business worldwide, which in turn generates vast asset demands. In this context, broader asset channels and higher financial capacities are required to boost the asset lease sector to meet the increasing asset demands

Asset Pricing - A Brief Review

OpenAIRE

Li, Minqiang

2010-01-01

I first introduce the early-stage and modern classical asset pricing and portfolio theories. These include: the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), the consumption capital asset pricing model (CCAPM), the intertemporal capital asset pricing model (ICAPM), and some other important modern concepts and techniques. Finally, I discuss the most recent development during the last decade and the outlook in the field of asset pricing.

Assessing Asset Pricing Anomalies

NARCIS (Netherlands)

W.A. de Groot (Wilma)

2017-01-01

markdownabstractOne of the most important challenges in the field of asset pricing is to understand anomalies: empirical patterns in asset returns that cannot be explained by standard asset pricing models. Currently, there is no consensus in the academic literature on the underlying causes of

Polish and European SST Assets: the Solaris-Panoptes Global Network of Robotic Telescopes and the Borowiec Satellite Laser Ranging System

Science.gov (United States)

Konacki, M.; Lejba, P.; Sybilski, P.; Pawłaszek, R.; Kozłowski, S.; Suchodolski, T.; Litwicki, M.; Kolb, U.; Burwitz, V.; Baader, J.; Groot, P.; Bloemen, S.; Ratajczak, M.; Helminiak, K.; Borek, R.; Chodosiewicz, P.

2016-09-01

We present the assets of the Nicolaus Copernicus Astronomical Center, Space Research Center (both of the Polish Academy of Sciences), two Polish companies Sybilla Technologies, Cillium Engineering and a non-profit research foundation Baltic Institute of Technology. These assets are enhanced by telescopes belonging to The Open University (UK), the Max Planck Institute for Extraterrestrial Physics and in the future the Radboud University. They consist of the Solaris-Panoptes global network of optical robotic telescopes and the satellite laser ranging station in Borowiec, Poland. These assets will contribute to the Polish and European Space Surveillance and Tracking (SST) program. The Solaris component is composed of four autonomous observatories in the Southern Hemisphere. Solaris nodes are located at the South African Astronomical Observatory (Solaris-1 and Solaris-2), Siding Spring Observatory, Australia (Solaris-3) and Complejo Astronomico El Leoncito, Argentina (Solaris-4). They are equipped with 0.5-m telescopes on ASA DDM-160 direct drive mounts, Andor iKon-L cameras and housed in 3.5-m Baader Planetarium (BP) clamshell domes. The Panoptes component is a network of telescopes operated by software from Sybilla Technologies. It currently consists of 4 telescopes at three locations, all on GM4000 mounts. One 0.36-m (Panoptes-COAST, STL- 1001E camera, 3.5 BP clamshell dome) and one 0.43-m (Panoptes-PIRATE, FLI 16803 camera, 4.5-m BP clamshell dome, with planned exchange to 0.63-m) telescope are located at the Teide Observatory (Tenerfie, Canary Islands), one 0.6-m (Panoptes-COG, SBIG STX 16803 camera, 4.5-m BP clamshell dome) telescope in Garching, Germany and one 0.5-m (Panoptes-MAM, FLI 16803 camera, 4.5-m BP slit dome) in Mammendorf, Germany. Panoptes-COAST and Panoptes-PIRATE are owned by The Open University (UK). Panoptes-COG is owned by the Max Planck Institute

The capital-asset-pricing model and arbitrage pricing theory: a unification.

Science.gov (United States)

Ali Khan, M; Sun, Y

1997-04-15

We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset's return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen-Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting.

Portability, Salary and Asset Price Risk: A Continuous-Time Expected Utility Comparison of DB and DC Pension Plans

Directory of Open Access Journals (Sweden)

An Chen

2015-03-01

Full Text Available This paper compares two different types of private retirement plans from the perspective of a representative beneficiary: a defined benefit (DB and a defined contribution (DC plan. While salary risk is the main common risk factor in DB and DC pension plans, one of the key differences is that DB plans carry portability risks, whereas DC plans bear asset price risk. We model these tradeoffs explicitly in this paper and compare these two plans in a utility-based framework. Our numerical analysis focuses on answering the question of when the beneficiary is indifferent between the DB and DC plan. Most of our results confirm the findings in the existing literature, among which, e.g., portability losses considerably reduce the relative attractiveness of the DB plan. However, we also find that the attractiveness of the DB plan can decrease in the level of risk aversion, which is inconsistent with the existing literature.

Fundamentals of asset management in an ageing nuclear power station

International Nuclear Information System (INIS)

Crook, B.

2014-01-01

In an ageing nuclear power station there are many challenges associated with implementing and refining an asset management program. Ageing nuclear power stations are faced with the formidable task of replacing and refurbishing major Structures, Systems, and Components (SSCs) in a managed and cost-effective way. This paper provides a brief background on equipment reliability and asset management, covers Bruce Power's methodology for implementing this complex and all-encompassing program, and describes one of the key challenges faced by Bruce Power and the industry. The effective scoping and identification of critical components is an on-going challenge which can affect the integrity of many processes built upon it. This is a fundamental building block to nearly all processes at Bruce Power and one that is at the centre of many improvement initiatives and projects. The consequences from lacking this baseline data, or worse relying upon incorrect data, can permeate the asset management process and hinder the organization's ability to assess risk properly and take the necessary steps to mitigate this risk in the short and long term. (author)

Capital Structure and Assets

DEFF Research Database (Denmark)

Flor, Christian Riis

2008-01-01

This paper analyzes a firm's capital structure choice when assets have outside value. Valuable assets implicitly provide a collateral and increase tax shield exploitation. The key feature in this paper is asset value uncertainty, implying that it is unknown ex ante whether the equity holders ex p...

S&P500 Forecasting and Trading using Convolution Analysis of Major Asset Classes

OpenAIRE

Papaioannou, Panagiotis; Dionysopoulos, Thomas; Janetzko, Dietmar; Siettos, Constantinos

2016-01-01

By monitoring the time evolution of the most liquid Futures contracts traded globally as acquired using the Bloomberg API from 03 January 2000 until 15 December 2014 we were able to forecast the S&P 500 index beating the Buy and Hold trading strategy. Our approach is based on convolution computations of 42 of the most liquid Futures contracts of four basic financial asset classes, namely, equities, bonds, commodities and foreign exchange. These key assets were selected on the basis of the glo...

Comprehensive transportation asset management : making a business case and prioritizing assets for inclusion in formal asset management programs.

Science.gov (United States)

2011-12-01

Several agencies are applying asset management principles as a business tool and paradigm to help them define goals and prioritize agency resources in decision making. Previously, transportation asset management (TAM) has focused more on big ticke...

Risk assessment and management logistics chains

Directory of Open Access Journals (Sweden)

Vladimir Vikulov

2014-03-01

Full Text Available Background: In the context of economic globalization and increasing complexity of economic relations enterprises need methods and techniques to improve and sustain their position on the global market. Integration processes offer business new opportunities, but at the same time present new challenges for the management, including the key objectives of the risk management. Method: On the basis of analysis tools known from the pertinent literature (Supply Chain Management and Supply Chain Risk Management methods, methods of probability theory, methods of risk management, methods of statistics the authors of this paper proposed their own risk assessment method and the method of management of logistics chains. The proposed tool is a specific hybrid of solutions known from the literature. Results: The presented method has been successfully used within the frames of economic-mathematical model of industrial enterprises. Indicators of supply chain risks, including risks caused by supplier are considered in this paper. Authors formed a method of optimizing the level of supply chain risk in the integration with suppliers and customers. Conclusion: Every organization, which starting the process of integration with supplier and customers, needs to use tools, methodologies and techniques for identification of "weak links" in the supply chain. The proposed method allows to fix risk origin places in various links of the supply chain and to identify "weak links" of a logistic chain that may occur in the future. The method is a useful tool for managing not only risks and risk situations, but also to improve the efficiency of current assets management by providing the ability to optimize the level of risk in the current assets management of the industrial enterprise.

Market risks and oilfield ownership - Refining oil and gas disclosures

International Nuclear Information System (INIS)

Kretzschmar, Gavin L.; Hatherly, David; Misund, Bard

2007-01-01

Market risk exposures of balance sheet asset values are becoming an increasingly important accounting issue. In oil and gas, oilfield exposures to oil prices are specific and contractual, presenting a contingency problem for investors, financial analysts, standard setting bodies and government agencies. Our paper uses an extensive sample of 292 oilfields to provide evidence that the US Securities and Exchange Commission (SEC) supplementary disclosures do not capture the price sensitivities of oil and gas disclosures implicit in the two main forms of oilfield ownership, concession and production sharing contracts (PSCs). Current asset disclosures neither distinguish between global variations in oilfield ownership terms, nor on market risk implications for the value of oilfield assets. Importantly, we show that unlike concessions, reserve and production disclosures vary in response to oil price movements for PSC regimes. Our results highlight the need to differentiate PSC disclosures from concession fields, and to fully reflect price risks implicit in oilfield ownership contracts. We extend findings by Rajgopal [1999. Early evidence on the informativeness of the SEC's market risk disclosures: the case of commodity price risk exposure of oil and gas producers. The Accounting Review 74, 251-280] and propose refinements to capture market risk in financial reporting. (author)

Public policy and risk financing strategies for global catastrophe risk management - the role of global risk initiatives

Science.gov (United States)

McSharry, Patrick; Mitchell, Andrew; Anderson, Rebecca

2010-05-01

Decision-makers in both public and private organisations depend on accurate data and scientific understanding to adequately address climate change and the impact of extreme events. The financial impacts of catastrophes on populations and infrastructure can be offset through effective risk transfer mechanisms, structured to reflect the specific perils and levels of exposure to be covered. Optimal strategies depend on the likely socio-econonomic impact, the institutional framework, the overall objectives of the covers placed and the level of both the frequency and severity of loss potential expected. The diversity of approaches across different countries has been documented by the Spanish "Consorcio de Compensación de Seguros". We discuss why international public/private partnerships are necessary for addressing the risk of natural catastrophes. International initiatives such as the Global Earthquake Model (GEM) and the World Forum of Catastrophe Programmes (WFCP) can provide effective guidelines for constructing natural catastrophe schemes. The World Bank has been instrumental in the creation of many of the existing schemes such as the Turkish Catastrophe Insurance Pool, the Caribbean Catastrophe Risk Insurance Facility and the Mongolian Index-Based Livestock Insurance Program. We review existing schemes and report on best practice in relation to providing protection against natural catastrophe perils. The suitability of catastrophe modelling approaches to support schemes across the world are discussed and we identify opportunities to improve risk assessment for such schemes through transparent frameworks for quantifying, pricing, sharing and financing catastrophe risk on a local and global basis.

A framework for global river flood risk assessments

NARCIS (Netherlands)

Winsemius, H.C.; van Beek, L.P.H.|info:eu-repo/dai/nl/14749799X; Jongman, B.; Ward, P.J.; Bouwman, A.

2013-01-01

There is an increasing need for strategic global assessments of flood risks in current and future conditions. In this paper, we propose a framework for global flood risk assessment for river floods, which can be applied in current conditions, as well as in future conditions due to climate and

Rational Asset Pricing Bubbles Revisited

OpenAIRE

Jan Werner

2012-01-01

Price bubble arises when the price of an asset exceeds the asset's fundamental value, that is, the present value of future dividend payments. The important result of Santos and Woodford (1997) says that price bubbles cannot exist in equilibrium in the standard dynamic asset pricing model with rational agents as long as assets are in strictly positive supply and the present value of total future resources is finite. This paper explores the possibility of asset price bubbles when either one of ...

Managing Assets in The Infrastructure Sector

Directory of Open Access Journals (Sweden)

T.P. van Houten

2010-09-01

Full Text Available In view of the importance of managing assets and the lack of research in managing assets in the infrastructure sector, we develop an asset management model in this study. This model is developed in line with the unique characteristics of the infrastructure assets and asset management principles and criteria. In the proposed model, we consider activities at three levels, namely the strategical, tactical and operational levels. The interviews with experts in asset management and officials in several Dutch organizations have proven the potential of our asset management model.

Vulnerable transportation and utility assets near actively migrating streams in Indiana

Science.gov (United States)

Sperl, Benjamin J.

2017-11-02

An investigation was completed by the U.S. Geological Survey in cooperation with the Indiana Office of Community and Rural Affairs that found 1,132 transportation and utility assets in Indiana are vulnerable to fluvial erosion hazards due to close proximity to actively migrating streams. Locations of transportation assets (bridges, roadways, and railroad lines) and selected utility assets (high-capacity overhead power-transmission lines, underground pipelines, water treatment facilities, and in-channel dams) were determined using aerial imagery hosted by the Google Earth platform. Identified assets were aggregated by stream reach, county, and class. Accompanying the report is a polyline shapefile of the stream reaches documented by Robinson. The shapefile, derived from line work in the National Hydrography Dataset and attributed with channel migration rates, is released with complete Federal Geographic Data Committee metadata. The data presented in this report are intended to help stakeholders and others identify high-risk areas where transportation and utility assets may be threatened by fluvial erosion hazards thus warranting consideration for mitigation strategies.

Methodological aspects of network assets accounting

Directory of Open Access Journals (Sweden)

Yuhimenko-Nazaruk I.A.

2017-08-01

Full Text Available The necessity of using innovative tools of processing and representation of information about network assets is substantiated. The suggestions for displaying network assets in accounts are presented. The main reasons for the need to display the network assets in the financial statements of all members of the network structure (the economic essence of network assets as the object of accounting; the non-additional model for the formation of the value of network assets; the internetworking mechanism for the formation of the value of network assets are identified. The stages of accounting valuation of network assets are allocated and substantiated. The analytical table for estimating the value of network assets and additional network capital in accounting is developed. The order of additional network capital reflection in accounting is developed. The method of revaluation of network assets in accounting in the broad sense is revealed. The order of accounting of network assets with increasing or decreasing the number of participants in the network structure is determined.

Basel III and Asset Securitization

Directory of Open Access Journals (Sweden)

M. Mpundu

2013-01-01

Full Text Available Asset securitization via special purpose entities involves the process of transforming assets into securities that are issued to investors. These investors hold the rights to payments supported by the cash flows from an asset pool held by the said entity. In this paper, we discuss the mechanism by which low- and high-quality entities securitize low- and high-quality assets, respectively, into collateralized debt obligations. During the 2007–2009 financial crisis, asset securitization was seriously inhibited. In response to this, for instance, new Basel III capital and liquidity regulations were introduced. Here, we find that we can explicitly determine the transaction costs related to low-quality asset securitization. Also, in the case of dynamic and static multipliers, the effects of unexpected negative shocks such as rating downgrades on asset price and input, debt obligation price and output, and profit will be quantified. In this case, we note that Basel III has been designed to provide countercyclical capital buffers to negate procyclicality. Moreover, we will develop an illustrative example of low-quality asset securitization for subprime mortgages. Furthermore, numerical examples to illustrate the key results will be provided. In addition, connections between Basel III and asset securitization will be highlighted.

Managing assets in the infrastructure sector

NARCIS (Netherlands)

van Houten, T.P.; Zhang, L.

2010-01-01

In view of the importance of managing assets and the lack of research in managing assets in the infrastructure sector, we develop an asset management model in this study. This model is developed in line with the unique characteristics of the infrastructure assets and asset management principles and

Determinants of investment in fixed assets and in intangible assets for high-tech firms

Directory of Open Access Journals (Sweden)

Paulo Maçãs Nunes

2017-05-01

Full Text Available Based on a sample of 141 Portuguese high-tech firms for the period 2004-2012 and using GMM system (1998 and LSDVC (2005 dynamic estimators, this paper studies whether the determinants of high-tech firms’ investment in fixed assets are identical to the determinants of their investment in intangible assets. The multiple empirical evidence obtained allows us to conclude that the determinants of their investment in fixed assets are considerably different from those of their investment in intangible assets. Debt is a determinant stimulating investment in fixed assets, with age being a determinant restricting such investment. Size, age, internal finance and GDP are determinants stimulating investment in intangible assets, whereas debt and interest rates restrict such investment. These results let us make important suggestions for the owners/managers of high-tech firms, and also for policy-makers.

Global risks from energy consumption

International Nuclear Information System (INIS)

von Hippel, F.

1983-01-01

A discussion of some of the global risks associated with current and frequently proposed future levels of consumption of energy from oil, coal, fission, fusion, and renewable sources points out the the dangers are serious and relatively near term. These include world war over Persian Gulf oil, climate change due to the buildup of atmospheric carbon dioxide, the accelerated proliferation of nuclear weapons, and competition between food and energy for land and water. The author urges placing a greater emphasis on how we use energy and how to reduce energy waste. At the levels of consumption which economically justified levels of energy efficiency could bring about, enough flexibility could develop in our choice of a future energy-supply mix to dramatically reduce the associated global risks. 47 references, 3 figures

Portuguese version of a stress and well-being evaluation tool (ASSET)at the workplace: validation of the psychometric properties

Science.gov (United States)

Moreira, Sérgio; Carreiras, Joana; Cooper, Cary; Smeed, Matthew; Reis, Maria de Fátima; Pereira Miguel, José

2018-01-01

Objective The main objective of this work was to translate the English version of ASSET (A Shortened Stress Evaluation Tool) into the Portuguese version and to validate its psychometric properties. Additionally, this work tested the convergent validity of the instrument. Methods The translation and retroversion were conducted by experts and submitted to the authors for approval. Within an observational, cross-sectional study, regarding mental health at the workplace, ASSET together with other scales was applied to a sample of 405 participants. The psychometric validity of the subscales was studied using confirmatory factorial analysis. Results The factorial structure of ASSET is globally supported by the results, with the Perceptions of Your Job and Attitudes Towards your Organisation subscales requiring slight adjustments in the item structure and the Your Health subscales replicating the original structure. The convergent validity also supports the ASSET, showing that all subscales are significantly correlated with variables used to test convergence. Conclusions Globally, the results constitute an important contribution to ASSET and open the possibility of its usage among Portuguese-speaking countries. The results provide an evidence on the validity of the instrument and, in particular, of the mental and physical health subscales. PMID:29440211

Theoretical and Empirical Review of Asset Pricing Models: A Structural Synthesis

Directory of Open Access Journals (Sweden)

Saban Celik

2012-01-01

Full Text Available The purpose of this paper is to give a comprehensive theoretical review devoted to asset pricing models by emphasizing static and dynamic versions in the line with their empirical investigations. A considerable amount of financial economics literature devoted to the concept of asset pricing and their implications. The main task of asset pricing model can be seen as the way to evaluate the present value of the pay offs or cash flows discounted for risk and time lags. The difficulty coming from discounting process is that the relevant factors that affect the pay offs vary through the time whereas the theoretical framework is still useful to incorporate the changing factors into an asset pricing models. This paper fills the gap in literature by giving a comprehensive review of the models and evaluating the historical stream of empirical investigations in the form of structural empirical review.

Asset Allocation to Cover a Region of Piracy

Science.gov (United States)

2011-09-01

1087-1092. 8. Kirkpatrick, S., Optimization by Simulated Annealing. Science, 1983. 220(4598): p. 671-680. 9. Daskin , M. S., A bibliography for some...... a uniform piracy risk and where some areas are more vulnerable than others. Simulated annealing was used to allocate the patrolling naval assets

Trader characteristics and fundamental value trajectories in an asset market experiment

NARCIS (Netherlands)

Breaban, Adriana; Noussair, Charles

2015-01-01

We report results from an asset market experiment, in which we investigate the relationship between traders’ risk aversion, loss aversion, and cognitive ability and their trading behavior and market outcomes. Greater average risk aversion on the part of traders in the market predicts lower market

Success in Investing: Integrating Spending Policy into Asset Allocation Strategy.

Science.gov (United States)

Morrell, Louis R.

1996-01-01

Successful college and university investments hinge on an asset allocation strategy capable of meeting the institution's needs for income and growth in principal at the lowest possible risk. Periodic adjustments must be made when there is a shift in the institution's risk tolerance, modification in need for income distribution, and changes in…

Education and hypertension: impact on global cardiovascular risk.

Science.gov (United States)

Di Chiara, Tiziana; Scaglione, Alessandra; Corrao, Salvatore; Argano, Christiano; Pinto, Antonio; Scaglione, Rosario

2017-10-01

Improving cardiovascular risk prediction continues to be a major challenge and effective prevention of cardiovascular disease. Accordingly, several studies have recently reported on the role of cardiovascular risk education. This study was designed to evaluate the impact of education on global cardiovascular risk in hypertensive patients. The study population consisted of 223 consecutive hypertensive outpatients. Their educational status was categorized according to the number of years of formal education as follows: (1) low education (less than 10 years) and (2) medium-high education (10-15 years). In both groups, cardiometabolic comorbidities, global cardiovascular risk and echocardiographic measurements were analysed. Less educated hypertensive subjects were characterized by a significantly higher prevalence of patients with metabolic syndrome (MetS) (p educated hypertensive subjects. In the same subjects, a significant increase in microalbuminuria (MA) (p education (r = -0.45; p Education was independently (p education may be considered the best predictor of global cardiovascular risk in hypertensives and thus has to be evaluated in the strategies of hypertension and cardiovascular risk management.

Empirical test of Capital Asset Pricing Model on Selected Banking Shares from Borsa Istanbul

Directory of Open Access Journals (Sweden)

Fuzuli Aliyev

2018-03-01

Full Text Available In this paper we tested Capital Asset Pricing Model (shortly CAPM hereafter on the selected banking stocks of Borsa Istanbul. Here we tried to explain how to price financial assets based on their risks in the case of BIST-100 index. CAPM is an important model in the portfolio management theory used by economic agents for the selection of financial assets. We used 12 random banking stocks’ monthly return data for 2001–2010 periods. To test the validity of the CAPM, we first derived the regression equation for the risk-free interest rate and risk premium relationship using January 2001–December 2009 data. Then, estimated January–December 2010 returns with the equation. Comparing forecasted return with the actual return, we concluded that the CAPM is valid for the portfolio consisting of the 12 banks traded in the ISE, i.e. The model could predict the overall outcome of portfolio of selected banking shares

Effects of climate variability on global scale flood risk

Science.gov (United States)

Ward, P.; Dettinger, M. D.; Kummu, M.; Jongman, B.; Sperna Weiland, F.; Winsemius, H.

2013-12-01

In this contribution we demonstrate the influence of climate variability on flood risk. Globally, flooding is one of the worst natural hazards in terms of economic damages; Munich Re estimates global losses in the last decade to be in excess of $240 billion. As a result, scientifically sound estimates of flood risk at the largest scales are increasingly needed by industry (including multinational companies and the insurance industry) and policy communities. Several assessments of global scale flood risk under current and conditions have recently become available, and this year has seen the first studies assessing how flood risk may change in the future due to global change. However, the influence of climate variability on flood risk has as yet hardly been studied, despite the fact that: (a) in other fields (drought, hurricane damage, food production) this variability is as important for policy and practice as long term change; and (b) climate variability has a strong influence in peak riverflows around the world. To address this issue, this contribution illustrates the influence of ENSO-driven climate variability on flood risk, at both the globally aggregated scale and the scale of countries and large river basins. Although it exerts significant and widespread influences on flood peak discharges in many parts of the world, we show that ENSO does not have a statistically significant influence on flood risk once aggregated to global totals. At the scale of individual countries, though, strong relationships exist over large parts of the Earth's surface. For example, we find particularly strong anomalies of flood risk in El Niño or La Niña years (compared to all years) in southern Africa, parts of western Africa, Australia, parts of Central Eurasia (especially for El Niño), the western USA (especially for La Niña), and parts of South America. These findings have large implications for both decadal climate-risk projections and long-term future climate change

Asset securitization and rate of return: A study on letters of guarantee

Science.gov (United States)

Wu, Binghui

2018-01-01

Using the theory of asset securitization, we analyze the feasibility of the securitization of letters of guarantee in theory. In the process of constructing the model of rate of return of securities backed by letters of guarantee, we propose two indices: the risk probability of asset-backed securities and the loss rate of asset-backed securities to analyze the cash flow of securities. On the basis of no arbitrage principle, the expression of rate of return of securities backed by letters of guarantee is put forward. In order to study the relationship between the rate of return of securities and other influential factor in the model, a simulation experiment is designed. The experiment results show that (i) an increasing risk probability of cash flow or a short maturity date also make the return rate of securities increase and (ii) the return rate of securities is higher in economic boom than that in economic recession when other parameters remain unchanged.

Asset Mapping: A Course Assignment and Community Assessment

Science.gov (United States)

Crozier, Mary; Melchior, Florence

2013-01-01

Asset mapping is a relatively new data collection strategy to identify services, staff capacity, programs, resources, values, and other protective factors in a geographic area that can be juxtaposed to risk factors when initiating community planning. A substance abuse prevention course for undergraduates added an assignment of assessing community…

Valuation of intangible assets

OpenAIRE

Karlíková, Jitka

2010-01-01

The thesis is focused on the valuation of intangible assets, particularly trademarks and copyrights. In the beginning it deals with the problems of valuation of intangible assets. The main part of the thesis provides an overview of methods for valuation of intangible assets. This part is followed by a practical section that illustrates the procedure of valuation of trademarks and copyrights on a concrete example.

PeerShield: determining control and resilience criticality of collaborative cyber assets in networks

Science.gov (United States)

Cam, Hasan

2012-06-01

As attackers get more coordinated and advanced in cyber attacks, cyber assets are required to have much more resilience, control effectiveness, and collaboration in networks. Such a requirement makes it essential to take a comprehensive and objective approach for measuring the individual and relative performances of cyber security assets in network nodes. To this end, this paper presents four techniques as to how the relative importance of cyber assets can be measured more comprehensively and objectively by considering together the main variables of risk assessment (e.g., threats, vulnerabilities), multiple attributes (e.g., resilience, control, and influence), network connectivity and controllability among collaborative cyber assets in networks. In the first technique, a Bayesian network is used to include the random variables for control, recovery, and resilience attributes of nodes, in addition to the random variables of threats, vulnerabilities, and risk. The second technique shows how graph matching and coloring can be utilized to form collaborative pairs of nodes to shield together against threats and vulnerabilities. The third technique ranks the security assets of nodes by incorporating multiple weights and thresholds of attributes into a decision-making algorithm. In the fourth technique, the hierarchically well-separated tree is enhanced to first identify critical nodes of a network with respect to their attributes and network connectivity, and then selecting some nodes as driver nodes for network controllability.

INNOVATION IN ACCOUNTING BIOLOGIC ASSETS

OpenAIRE

Stolуarova M. A.; Shcherbina I. D.

2016-01-01

The article describes the innovations in the classification and measurement of biological assets according to IFRS (IAS) 41 "Agriculture". The difficulties faced by agricultural producers using standard, set out in article. The classification based on the adopted amendments, according to which the fruit-bearing plants, previously accounted for as biological assets are measured at fair value are included in the category of fixed assets. The structure of biological assets and main means has bee...

Compendium of best practice and innovation in asset management of water services infrastructure

CSIR Research Space (South Africa)

Bhagwan, J

2008-05-01

Full Text Available As part of a water services infrastructure asset management best practice and innovation initiative of the Global Water Research Coalition (GWRC), the Water Research Commission (WRC) agreed to contribute a selection of ten South African best...

Digital asset ecosystems rethinking crowds and cloud

CERN Document Server

Blanke, Tobias

2014-01-01

Digital asset management is undergoing a fundamental transformation. Near universal availability of high-quality web-based assets makes it important to pay attention to the new world of digital ecosystems and what it means for managing, using and publishing digital assets. The Ecosystem of Digital Assets reflects on these developments and what the emerging 'web of things' could mean for digital assets. The book is structured into three parts, each covering an important aspect of digital assets. Part one introduces the emerging ecosystems of digital assets. Part two examines digital asset manag

Initial cash/asset ratio and asset prices: an experimental study.

Science.gov (United States)

Caginalp, G; Porter, D; Smith, V

1998-01-20

A series of experiments, in which nine participants trade an asset over 15 periods, test the hypothesis that an initial imbalance of asset/cash will influence the trading price over an extended time. Participants know at the outset that the asset or "stock" pays a single dividend with fixed expectation value at the end of the 15th period. In experiments with a greater total value of cash at the start, the mean prices during the trading periods are higher, compared with those with greater amount of asset, with a high degree of statistical significance. The difference is most significant at the outset and gradually tapers near the end of the experiment. The results are very surprising from a rational expectations and classical game theory perspective, because the possession of a large amount of cash does not lead to a simple motivation for a trader to bid excessively on a financial instrument. The gradual erosion of the difference toward the end of trading, however, suggests that fundamental value is approached belatedly, offering some consolation to the rational expectations theory. It also suggests that there is a time scale on which an evolution toward fundamental value occurs. The experimental results are qualitatively compatible with the price dynamics predicted by a system of differential equations based on asset flow. The results have broad implications for the marketing of securities, particularly initial and secondary public offerings, government bonds, etc., where excess supply has been conjectured to suppress prices.

Asset planning performance measurement framework

NARCIS (Netherlands)

Arthur, D.; Hodkiewicz, M.; Schoenmaker, R.; Muruvan, S.

2014-01-01

The international asset management standard ISO 55001, introduced in early 2014, outlines the requirement for an effective Asset Management System. Asset Management practitioners are seeking guidance on implementing one of the key requirements of the standard: the “line of sight” between the

Implementation of ASSET concept in India

International Nuclear Information System (INIS)

Koley, J.

1997-01-01

The paper presents a retrospective assessment of the use of ASSET methodology in India since the first ASSET seminary organized by IAEA in collaboration with the Atomic Energy Regulatory Board, India (AERB) in May, 1994. The first ASSET seminar was organized to initiate the spread of idea among operating and research organizations and regulatory body personnel. The participants were carefully chosen from various fields and with different levels of experiences to generate teams with sufficiently wide spectrum of knowledge base. AERB took initiative in leading by example and formed ASSET teams to carry out the first ASSET reviews in India. These teams at the instance of AERB carried out ASSET review of three Safety Related Events, two at Nuclear Power Plants and one at Research Reactor. This paper describes the outcome of these ASSET studies and subsequent implementation of the recommendations. The initiative taken by the regulatory body has led to formation of ASSET teams by the utilities to carry out ASSET study on their own. The results of these studies are yet to be assessed by the regulatory body. The result of the ASSET experience reveals the fact that it has further potential in improving the safety performance and safety culture and brining in fresh enthusiasm among safety professionals of Indian Nuclear Utilities

Implementation of ASSET concept in India

Energy Technology Data Exchange (ETDEWEB)

Koley, J [Operating Plants Safety Div., AERB, Mumbai (India)

1997-10-01

The paper presents a retrospective assessment of the use of ASSET methodology in India since the first ASSET seminary organized by IAEA in collaboration with the Atomic Energy Regulatory Board, India (AERB) in May, 1994. The first ASSET seminar was organized to initiate the spread of idea among operating and research organizations and regulatory body personnel. The participants were carefully chosen from various fields and with different levels of experiences to generate teams with sufficiently wide spectrum of knowledge base. AERB took initiative in leading by example and formed ASSET teams to carry out the first ASSET reviews in India. These teams at the instance of AERB carried out ASSET review of three Safety Related Events, two at Nuclear Power Plants and one at Research Reactor. This paper describes the outcome of these ASSET studies and subsequent implementation of the recommendations. The initiative taken by the regulatory body has led to formation of ASSET teams by the utilities to carry out ASSET study on their own. The results of these studies are yet to be assessed by the regulatory body. The result of the ASSET experience reveals the fact that it has further potential in improving the safety performance and safety culture and brining in fresh enthusiasm among safety professionals of Indian Nuclear Utilities.

Food hygiene challenges in older people: Intergenerational learning as a health asset

OpenAIRE

Wythe, H.; Wilkinson, C.; Orme, J.; Meredith, L.; Weitkamp, E.

2013-01-01

Older people are more at risk of contracting foodborne infections, however the majority remain well despite the physical, social and cognitive challenges of older age. Future healthcare strategies targeting older people can be informed by exploring the food history and current context of their lives and what 'assets' they employ to successfully consume ‘safe’ food in the home. Phase I: Socio-demographic, health and asset related data collection through a researcher completed questionnaire i) ...

Global prevalence and major risk factors of diabetic retinopathy

DEFF Research Database (Denmark)

Yau, Joanne W Y; Rogers, Sophie L; Kawasaki, Ryo

2012-01-01

To examine the global prevalence and major risk factors for diabetic retinopathy (DR) and vision-threatening diabetic retinopathy (VTDR) among people with diabetes.......To examine the global prevalence and major risk factors for diabetic retinopathy (DR) and vision-threatening diabetic retinopathy (VTDR) among people with diabetes....

24 CFR 990.270 - Asset management.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Asset management. 990.270 Section... THE PUBLIC HOUSING OPERATING FUND PROGRAM Asset Management § 990.270 Asset management. As owners, PHAs have asset management responsibilities that are above and beyond property management activities. These...

[ASSET experience in China

International Nuclear Information System (INIS)

Zhang Shanming

1996-01-01

The ASSET philosophy for prevention of nuclear safety incident is being implemented in our nuclear power plant as the other international nuclear power plants, and the in-depth analysis of operational events in order to find out and eliminate the root causes is considered as the prioritized work in the plant safety management. Some observations are discussed which were made during the implementation of ASSET philosophy and the ASSET approach in our nuclear power plant

[ASSET experience in China

Energy Technology Data Exchange (ETDEWEB)

Shanming, Zhang [Dayabay NPP (China)

1997-12-31

The ASSET philosophy for prevention of nuclear safety incident is being implemented in our nuclear power plant as the other international nuclear power plants, and the in-depth analysis of operational events in order to find out and eliminate the root causes is considered as the prioritized work in the plant safety management. Some observations are discussed which were made during the implementation of ASSET philosophy and the ASSET approach in our nuclear power plant.

Asset Opacity and Liquidity

OpenAIRE

Stenzel, A.; Wagner, W.B.

2013-01-01

Abstract: We consider a model of private information acquisition in which the cost of information depends on an asset's opacity. The model generates a hump-shaped relationship between opacity and the equilibrium amount of private information. In particular, the incentives to acquire information are largest for assets of intermediate opacity; such assets hence display low liquidity in the secondary market due to adverse selection. We also show that costly information acquisition generates ince...

Competitive Procurement and Asset Specificity

NARCIS (Netherlands)

Sorana, V.

2003-01-01

This paper studies the effects of asset specificity on the performance of procurement auctions with subcontracting and asset sales.The analysis highlights the role of several asset features like transfer costs, type of alternative uses and maintenance requirements.It is argued that, if bargaining

Risk and Derivative Price

OpenAIRE

Yusuke Osaki

2007-01-01

We consider an asset market traded three types of assets: the risk–free asset, the market portfolio and derivatives written on the market portfolio return. We determine a sufficient condition to guarantee that noise risk monotonically changes their derivatives. The condition is that Arrow–Pratt absolute risk aversion is decreasing and convex.

Does Central Bank Tone Move Asset Prices?

DEFF Research Database (Denmark)

Schmeling, Maik; Wagner, Christian

the next press conference. Moreover, we find that positive tone changes are associated with increasing government bond yields, lower implied equity volatility, lower variance risk premia, and lower corporate credit spreads. Since we also show that tone changes are unrelated to current and future economic...... fundamentals, these results support the conjecture that central bank tone matters for asset prices through a risk-based channel. Our main findings also apply to U.S. markets, where stock prices and Treasury yields increase when the Fed chair’s tone in the Congressional Testimony becomes more positive....

MEASUREMENT OF INTANGIBLE ASSETS IN RECOVERY AREAS AND OPERATION OF NATURAL RESOURCES

Directory of Open Access Journals (Sweden)

Ioan I. Gâf-Deac

2017-09-01

Full Text Available The paper shows that to date, intangible assets are considered "goods" and as such, the practice of classical accounting consider intellectual capital in the same category of "goods equivalent / similar to those visible / tangible". From research that literature on measuring knowledge assets / intellectual capital, both in Romania and worldwide, is not large enough and does not provide finite significant "strong" on classifications semantic of the content and quality issues in the field. The book titled New Economy between knowledge and risk – Infomin Ed., Deva, 2010 (www.infomindeva.ro (ISBN 978-973-7646-11-8, (Ioan I. Gâf-Deac  presents systematization and classification of original models and methodologies for measuring knowledge assets, intellectual capital in socio-economic sciences, and as such, in this present article resorting to the extension applied to formalizing measurement of intangible assets in areas operation and exploitation of natural resources.

Using an inflation-augmented price-earnings ratio to guide tactical asset allocation

Directory of Open Access Journals (Sweden)

Adrian Saville

2011-08-01

Full Text Available Asset allocation plays a central role in determining investment outcomes, and available evidence shows that portfolio results can be enhanced through tactical asset allocation if managers use the simple price-earnings ratio as a predictor of equity returns. Recently, some international evidence has emerged which shows that, by augmenting the price-earnings metric with information about consumer price inflation, further enhancements can be achieved in tactical asset allocation.  This study reviews these arguments  as they apply to South Africa, and finds that an inflation-augmented price-earnings ratio is more successful in forecasting equity returns than is the simple price-earnings ratio.  Moreover, the metric is found to be significant in explaining relative asset class returns. On a risk-adjusted basis, however, the tool fails to improve the portfolio results when compared to a buy-and-hold strategy.

Using an inflation-augmented price-earnings ratio to guide tactical asset allocation

Directory of Open Access Journals (Sweden)

Adrian Saville

2011-04-01

Full Text Available Asset allocation plays a central role in determining investment outcomes, and available evidence shows that portfolio results can be enhanced through tactical asset allocation if managers use the simple price-earnings ratio as a predictor of equity returns. Recently, some international evidence has emerged which shows that, by augmenting the price-earnings metric with information about consumer price inflation, further enhancements can be achieved in tactical asset allocation.  This study reviews these arguments  as they apply to South Africa, and finds that an inflation-augmented price-earnings ratio is more successful in forecasting equity returns than is the simple price-earnings ratio.  Moreover, the metric is found to be significant in explaining relative asset class returns. On a risk-adjusted basis, however, the tool fails to improve the portfolio results when compared to a buy-and-hold strategy.

Improving the asset pricing ability of the Consumption-Capital Asset Pricing Model?

DEFF Research Database (Denmark)

Rasmussen, Anne-Sofie Reng

This paper compares the asset pricing ability of the traditional consumption-based capital asset pricing model to models from two strands of literature attempting to improve on the poor empirical results of the C-CAPM. One strand is based on the intertemporal asset pricing model of Campbell (1993...... able to price assets conditionally as suggested by Cochrane (1996) and Lettau and Ludvigson (2001b). The unconditional C-CAPM is rewritten as a scaled factor model using the approximate log consumptionwealth ratio cay, developed by Lettau and Ludvigson (2001a), as scaling variable. The models...... and composite. Thus, there is no unambiguous solution to the pricing ability problems of the C-CAPM. Models from both the alternative literature strands are found to outperform the traditional C-CAPM on average pricing errors. However, when weighting pricing errors by the full variance-covariance matrix...

Valuing carbon assets for high-tech with application to the wind energy industry

International Nuclear Information System (INIS)

Han, Liyan; Liu, Yang; Lin, Qiang; Huang, Gubo

2015-01-01

In contrast to the traditional methods for high-tech evaluation, we introduce a new, more active idea for considering the carbon asset effect, in addition to the economic and technological considerations for strategic significance. The method proposed in this paper considers a reduced amount of carbon emissions, less than that of the current industry baseline, to be an asset that is beneficial to a firm that adopts a new technology. The measured carbon asset values vary across different technologies, in different industries and over time. The new method is applied to the valuing of wind energy technology and uses the Weibull distribution to estimate the wind energy capacity and a concrete sensitivity analysis. These applications support the validity of the new method and show that the impact of the fluctuations of carbon sinks on the values of carbon assets is significantly greater than that of volatility in the production output. The paper also presents some policy recommendations based on the results. - Highlights: • Carbon asset dimension for high-tech evaluation. • Valuing wind energy technology by Weibull distribution. • Greater impact of the carbon sink price on the carbon asset value than that of production output. • The environmental risk could be measured based on the carbon asset assessment.

Japanese views on ASSET

Energy Technology Data Exchange (ETDEWEB)

Hirano, Masashi [Department of Reactor Safety Research, Japan Atomic Energy Research Inst., Tokai, Ibaraki (Japan)

1997-12-31

In general, the ASSET has had a positive effect on enhancement of operating experience feedback. The ASSET has played an important role to supply information to the IAEA Extra Budgetary Program. However, this role has come to an end; since the needs for safety upgrading have become identified and prioritized. ASSET missions in future: Linkage among various safety missions should be sought in order to avoid duplication and to enhance effective usage of a limited budget and human resources.

Global Precipitation Measurement (GPM) and International Space Station (ISS) Coordination for CubeSat Deployments to Minimize Collision Risk

Science.gov (United States)

Pawloski, James H.; Aviles, Jorge; Myers, Ralph; Parris, Joshua; Corley, Bryan; Hehn, Garrett; Pascucci, Joseph

2016-01-01

The Global Precipitation Measurement Mission (GPM) is a joint U.S. and Japan mission to observe global precipitation, extending the Tropical Rainfall Measuring Mission (TRMM), which was launched by H-IIA from Tanegashima in Japan on February 28TH, 2014 directly into its 407km operational orbit. The International Space Station (ISS) is an international human research facility operated jointly by Russia and the USA from NASA's Johnson Space Center (JSC) in Houston Texas. Mission priorities lowered the operating altitude of ISS from 415km to 400km in early 2105, effectively placing both vehicles into the same orbital regime. The ISS has begun a program of deployments of cost effective CubeSats from the ISS that allow testing and validation of new technologies. With a major new asset flying at the same effective altitude as the ISS, CubeSat deployments became a serious threat to GPM and therefore a significant indirect threat to the ISS. This paper describes the specific problem of collision threat to GPM and risk to ISS CubeSat deployment and the process that was implemented to keep both missions safe from collision and maximize their project goals.

Does Online Investor Sentiment Affect the Asset Price Movement? Evidence from the Chinese Stock Market

Directory of Open Access Journals (Sweden)

Chi Xie

2017-01-01

Full Text Available With the quick development of the Internet, online platforms that provide financial news and opinions have attracted more and more attention from investors. The question whether investor sentiment expressed on the Internet platforms has an impact on asset return has not been fully addressed. To this end, this paper uses the Baidu Searching Index as the agent variable to detect the effect of online investor sentiment on the asset price movement in the Chinese stock market. The empirical study shows that although there is a cointegration relationship between online investor sentiment and asset return, the sentiment has a poor ability to predict the price, return, and volatility of asset price. Meanwhile, the structural break points of online investor sentiment do not lead to changes in the asset price movement. Based on the empirical mode decomposition of online investor sentiment, we find that high frequency components of online investor sentiment can be used to predict the asset price movement. Thus, the obtained results could be useful for risk supervision and asset portfolio management.

A stochastic-programming approach to integrated asset and liability ...

African Journals Online (AJOL)

This increase in complexity has provided an impetus for the investigation into integrated asset- and liability-management frameworks that could realistically address dynamic portfolio allocation in a risk-controlled way. In this paper the authors propose a multi-stage dynamic stochastic-programming model for the integrated ...

Climate finance, climate investors and assets for low emission development

Directory of Open Access Journals (Sweden)

Collins C Ngwakwe

2015-05-01

Full Text Available This research examines the relationship between climate finance, growth in climate investors and growth in climate assets for low emission development. It also evaluates the effect of climate policy evolution on the growth of climate investors and climate assets. Adopting a positivist paradigm, the paper makes use of a quantitative research approach and applies the causal and correlational research design. The paper made use of secondary data from the World Bank Carbon Finance Unit and from the Carbon Disclosure Project (ADP. The major objective was to examine the combined effect of climate finance and climate policy on the growth of carbon investors and carbon assets for the companies in the Carbon Disclosure Project which includes the 100 JSE companies. Findings from the test reveal that the combined effect of growth in climate finance and climate policy evolution has a significant relationship with growth in climate investors and climate assets. Given this result the paper proceeded to examine if the growth in climate finance has any correlation with South Africa’s emission reduction trend. Results however indicate that South Africa’s GHG emission trend does not correlate with climate finance availability; GHG emissions in South Africa have continued to soar despite a seeming growth in climate finance. The paper reasoned that the global climate finance might not be effectively available to corporates in South Africa at the expected level of financing to initiate the expected level of climate investment to effect a significant reduction in greenhouse gas emissions. This confirms literature assertions that global climate finance might not easily be accessible, at least to entities in developing countries. In conclusion, the paper suggests the establishment of a Southern African Climate Finance pool where the public and private sector can contribute and that such pool should be made easily available to carbon investors at a cheap rate with

Labor Unions and Asset Prices

DEFF Research Database (Denmark)

Busato, Francesco; Addessi, William

The paper investigates the nexus between labor and financial markets, focusing on the interaction between labor union behavior in setting wages, firms' investment strategy and asset prices. The way unions set wage claims after observing firm's financial performance increases the volatility of firms......' returns and the riskiness of corporate ownership. To remunerate this higher volatility and stronger risk, firms' equities have to grant high return. This mechanism is able to offer an explanation of for the "equity puzzle", that is it can explain the difference between equity returns and the risk free...... rate. It is a welcome result that the simulated excess return is about the empirical estimate and this result is obtained with a logarithmic specification of the shareholders preferences....

Influence of the Farmer’s Livelihood Assets on Livelihood Strategies in the Western Mountainous Area, China

Directory of Open Access Journals (Sweden)

Zhifei Liu

2018-03-01

Full Text Available The livelihood strategies of farm households depend on the conditions of their assets, and farm households cope with risks and shocks through portfolios consisting of different types of assets. Thus, discussing the relationship between the livelihood assets and the livelihood strategies of farm households helps in understanding their livelihood conditions and in formulating reasonable poverty reduction policies. Taking Zunyi City, which is located in a western, mountainous area of China, as the study region and using the framework of sustainability analysis, this study first tries to establish the mechanism of the influence of farm household livelihood assets on livelihood strategies, then evaluates different farm household livelihood assets by establishing an evaluation index system for them, and finally conducts an empirical analysis on the influence of farm household livelihood assets on livelihood strategies using a multinomial logit model. The research results indicate the following: (1 natural assets and material assets have a significant negative influence on farm households’ choice of livelihood strategies, that is, the more natural assets and material assets that farm households own, the more likely they are to choose livelihood strategies involving engaging in agricultural production; (2 Manpower assets and financial assets have a significant positive influence on farm households’ choice of livelihood strategy, namely, the more manpower assets and financial assets that farm households own, the more likely they are to choose livelihood strategies involving engaging in non-agricultural production; (3 Social assets have no significant influence on farm households’ choice of livelihood strategy.

Test Of Capital Asset Pricing Model On Stocks At Karachi Stock Exchange

Directory of Open Access Journals (Sweden)

Arbab Khalid Cheema

2010-12-01

Full Text Available This paper attempts to empirically test the single-factor CAPM developed by Sharpe (1964, Lintner (1965 and Jan Mossin (1966 and others, which proposes that the expected returns of capital assets are dependent on their risk relative to the entire market which is quantified by a correlation co-efficient between asset returns and market returns. The test of 20 stocks at Karachi Stock Exchange have shown that though, the beta co-efficients are significant, their strength is considerably weak. Therefore, other factors which are unaccounted for in this model are important in determining risk and return. In addition, betas are less relevant in a volatile emerging capital markets like the KSE. Thus, the multi-factor models are better than the classical CAPM at determining the risk-return relationship. However, the single-factor CAPM remains in practice beacause of its simplicity.

Alocação de ativos no mercado acionário brasileiro segundo o conceito de downside risk Asset allocation in the Brazilian stock market according to the downside risk strategy

Directory of Open Access Journals (Sweden)

Fabio Wendling Muniz de Andrade

2006-06-01

Full Text Available O artigo compara a abordagem tradicional de média-variância na determinação de portfólios eficientes com a abordagem de risco assimétrico (downside risk, que substitui a variância pela semivariância ou outro LPM (Lower Partial Moment. Um estudo empírico é realizado para obter as fronteiras eficientes usando-se ambas as abordagens, e estratégias de alocação de ativos são simuladas e comparadas. Resultados demonstram que, se os investidores possuem preferências assimétricas em relação ao risco, a abordagem de média-semivariância é superior em termos de eficiência. Adicionalmente, verifica-se que a minimização do risco assimétrico fornece efetivamente maior proteção contra perdas quando comparada com a minimização da variância na alocação de ativos.The traditional mean-variance approach for building efficient portfolios was compared to the downside risk approach that substitutes variance of returns by semi-variance or another lower partial momentum of returns. Empirical investigation searched for efficient frontiers using both approaches and strategies for asset allocation which were simulated for comparison. The downside risk approach was shown to be superior in terms of efficiency when investors had asymmetric preferences related to risk. Further the strategy of minimizing downside risk effectively provided greater protection against losses when compared to the strategy of variance minimization, for asset allocation.

Asset prices and priceless assets

NARCIS (Netherlands)

Penasse, J.N.G.

2014-01-01

The doctoral thesis studies several aspects of asset returns dynamics. The first three chapters focus on returns in the fine art market. The first chapter provides evidence for the existence of a slow-moving fad component in art prices that induces short-term return predictability. The article has

AUTOMATING ASSET KNOWLEDGE WITH MTCONNECT.

Science.gov (United States)

Venkatesh, Sid; Ly, Sidney; Manning, Martin; Michaloski, John; Proctor, Fred

2016-01-01

In order to maximize assets, manufacturers should use real-time knowledge garnered from ongoing and continuous collection and evaluation of factory-floor machine status data. In discrete parts manufacturing, factory machine monitoring has been difficult, due primarily to closed, proprietary automation equipment that make integration difficult. Recently, there has been a push in applying the data acquisition concepts of MTConnect to the real-time acquisition of machine status data. MTConnect is an open, free specification aimed at overcoming the "Islands of Automation" dilemma on the shop floor. With automated asset analysis, manufacturers can improve production to become lean, efficient, and effective. The focus of this paper will be on the deployment of MTConnect to collect real-time machine status to automate asset management. In addition, we will leverage the ISO 22400 standard, which defines an asset and quantifies asset performance metrics. In conjunction with these goals, the deployment of MTConnect in a large aerospace manufacturing facility will be studied with emphasis on asset management and understanding the impact of machine Overall Equipment Effectiveness (OEE) on manufacturing.

INFORMATION SECURITY: Strengthened Management Needed to Protect Critical Federal Operations and Assets

National Research Council Canada - National Science Library

Dodaro, Gene

1998-01-01

.... Our most recent report, done at the request of this Committee, delineates the serious information security weaknesses placing critical operations and assets at risk and outlines actions needed...

What can'(t) we do with global flood risk models?

Science.gov (United States)

Ward, P.; Jongman, B.; Salamon, P.; Simpson, A.; Bates, P. D.; de Groeve, T.; Muis, S.; Coughlan, E.; Rudari, R.; Trigg, M. A.; Winsemius, H.

2015-12-01

Global flood risk models are now a reality. Initially, their development was driven by a demand from users for first-order global assessments to identify risk hotspots. Relentless upward trends in flood damage over the last decade have enhanced interest in such assessments. The adoption of the Sendai Framework for Disaster Risk Reduction and the Warsaw International Mechanism for Loss and Damage Associated with Climate Change Impacts have made these efforts even more essential. As a result, global flood risk models are being used more and more in practice, by an increasingly large number of practitioners and decision-makers. However, they clearly have their limits compared to local models. To address these issues, a team of scientists and practitioners recently came together at the Global Flood Partnership meeting to critically assess the question 'What can('t) we do with global flood risk models?'. The results of this dialogue (Ward et al., 2013) will be presented, opening a discussion on similar broader initiatives at the science-policy interface in other natural hazards. In this contribution, examples are provided of successful applications of global flood risk models in practice (for example together with the World Bank, Red Cross, and UNISDR), and limitations and gaps between user 'wish-lists' and model capabilities are discussed. Finally, a research agenda is presented for addressing these limitations and reducing the gaps. Ward, P.J. et al., 2015. Nature Climate Change, doi:10.1038/nclimate2742.

Nuclear asset management. Slide notes

International Nuclear Information System (INIS)

Puglia, W.; Bailey, H.; Kubinova, J.

2004-01-01

Nuclear asset management is defined as the process for making resource allocation and risk management decisions at all levels of nuclear generation business to maximize value/profitability for all stakeholders while maintaining plant safety. In the presentation, the NAM concept is explained, financial benefits achieved in US industry over the past 12 years are outlined, Data Systems and Solutions (DS and S) is presented as a joint venture between Rolls-Royce and SAIC, and NAM benefits in nuclear industry from DS and S client experience are demonstrated. (P.A.)

GLOBAL TRENDS OF ALTERNATIVE INVESTMENTS

Directory of Open Access Journals (Sweden)

Ivan LUCHIAN

2016-08-01

Full Text Available An alternative investment is an investment product other than the traditional investments of stocks, bonds, cash, or property. The term is a relatively loose one and includes tangible assets such as art, wine, antiques, coins, or stamps and some financial assets such as commodities, hedge funds, venture capital,and others. At the moment it was created a global industry opportunities for making investments in nontraditional form. The aim of this paper consists in demonstrating the possibilities of these investments. For this have been studied related main international markets, a fter then deducted world dominant trends. This article is concerned to present some details of alternative investments global market.

Dukovany ASSET mission preparation

International Nuclear Information System (INIS)

Kouklik, I.

1996-01-01

We are in the final stages of the Dukovany ASSET mission 1996 preparation. I would like to present some of our recent experiences. Maybe they would be helpful to other plants, that host ASSET missions in future

Dukovany ASSET mission preparation

Energy Technology Data Exchange (ETDEWEB)

Kouklik, I [NPP Dukovany (Czech Republic)

1997-12-31

We are in the final stages of the Dukovany ASSET mission 1996 preparation. I would like to present some of our recent experiences. Maybe they would be helpful to other plants, that host ASSET missions in future.

Implementace Asset managementu

OpenAIRE

Fuxa, Lukáš

2016-01-01

Tato diplomová práce obsahuje návrh implementace Asset managementu do ServiceNow v nejmenované nadnárodní společnosti. Cílem diplomové práce je analýza požadavku společnosti a nalezení vhodného řešení implementace Asset managementu v rámci stávajících nástrojů. Závěrem zhodnotím, zda je možné vybraný nástroj využít. This master’s thesis contains proposal to implementation Asset management to ServiceNow in unnamed multinational company. The aim of this master’s thesis is analysis of company...

6th World Congress on Engineering Asset Management

CERN Document Server

Ni, Jun; Sarangapani, Jagnathan; Mathew, Joseph

2014-01-01

This text represents state-of-the-art trends and developments in the emerging field of engineering asset management as presented at the Sixth World Congress on Engineering Asset Management (WCEAM) held in Cincinnati, OH, USA from October 3-5, 2011 The Proceedings of the WCEAM 2011 is an excellent reference for practitioners, researchers and students in the multidisciplinary field of asset management, covering topics such as: • Asset condition monitoring and intelligent maintenance • Asset data warehousing, data mining and fusion • Asset performance and level-of-service models • Design and lifecycle integrity of physical assets • Deterioration and preservation models for assets • Education and training in asset management • Engineering standards in asset management • Fault diagnosis and prognostics • Financial analysis methods for physical assets • Human dimensions in integrated asset management • Information quality management • Information systems and knowledge management • Intellig...

Consumption Risk and the Cross Section of Expected Returns.

Science.gov (United States)

Parker, Jonathan A.; Julliard, Christian

2005-01-01

This paper evaluates the central insight of the consumption capital asset pricing model that an asset's expected return is determined by its equilibrium risk to consumption. Rather than measure risk by the contemporaneous covariance of an asset's return and consumption growth, we measure risk by the covariance of an asset's return and consumption…

Association between low education and higher global cardiovascular risk.

Science.gov (United States)

Di Chiara, Tiziana; Scaglione, Alessandra; Corrao, Salvatore; Argano, Christiano; Pinto, Antonio; Scaglione, Rosario

2015-05-01

This study was designed to evaluate the impact of educational status on global cardiovascular risk in a southern Italian urban population. The study population consisted of 488 consecutive outpatients aged 18 years and older. Educational status was categorized according to the number of years of formal education as follows: (1) low education group (education group (10-15 years). In both groups, cardiometabolic comorbidities (obesity, visceral obesity, diabetes, dyslipidemia, metabolic syndrome, microalbuminuria, left ventricular hypertrophy) and global cardiovascular risk, according to international guidelines, were analyzed. Left ventricular mass index and ejection fraction by echocardiography and E/A ratio, by pulsed-wave Doppler, were calculated. The low education group was characterized by a significantly higher prevalence of patients with visceral obesity (P=.021), hypertension (P=.010), metabolic syndrome (P=.000), and microalbuminuria (P=.000) and greater global cardiovascular risk (P=.000). Significantly increased levels of microalbuminuria (P=.000) and significantly decreased values of E/A ratio (P=.000) were also detected in the low education group. Global cardiovascular risk correlated directly with waist-to-hip ratio (P=.010), microalbuminuria (P=.015), and the metabolic syndrome (P>.012) and inversely with educational status (P=.000). Education was independently (P=.000) associated with global cardiovascular risk. These data indicate a strong association between low education and cardiometabolic comorbidities suitable to influence the evolution of chronic degenerative diseases. Preventive strategies need to be more efficient and more effective in this patient population. ©2015 Wiley Periodicals, Inc.

Speaking of Securitization of Financial Assets

Directory of Open Access Journals (Sweden)

Munteanu Bogdan

2017-01-01

Full Text Available The history of securitization dates back to “Middle Ages”, as it has emerged into today’s refinements under various ways of obtaining liquidity to finance business growth. As today many blame securitization and low interest rates for the American crisis, this paper aims at shedding light upon what this technique is, what are its benefits and why the past economic growth expanded based on pools of pledged assets. The main risk of securitization is that the systematic risk (beta of the market is less relevant then the assets’ inner risks (alpha, as this technique creates tailor made products with very specific features. The relevance of securitization will remain open for future analysis in America as basis for creating investment resources to sustain development after the gloomy days of September 2008.

Pricing Volatility Referenced Assets

Directory of Open Access Journals (Sweden)

Alan De Genaro Dario

2006-12-01

Full Text Available Volatility swaps are contingent claims on future realized volatility. Variance swaps are similar instruments on future realized variance, the square of future realized volatility. Unlike a plain vanilla option, whose volatility exposure is contaminated by its asset price dependence, volatility and variance swaps provide a pure exposure to volatility alone. This article discusses the risk-neutral valuation of volatility and variance swaps based on the framework outlined in the Heston (1993 stochastic volatility model. Additionally, the Heston (1993 model is calibrated for foreign currency options traded at BMF and its parameters are used to price swaps on volatility and variance of the BRL / USD exchange rate.

Retrading, production, and asset market performance.

Science.gov (United States)

Gjerstad, Steven D; Porter, David; Smith, Vernon L; Winn, Abel

2015-11-24

Prior studies have shown that traders quickly converge to the price-quantity equilibrium in markets for goods that are immediately consumed, but they produce speculative price bubbles in resalable asset markets. We present a stock-flow model of durable assets in which the existing stock of assets is subject to depreciation and producers may produce additional units of the asset. In our laboratory experiments inexperienced consumers who can resell their units disregard the consumption value of the assets and compete vigorously with producers, depressing prices and production. Consumers who have first participated in experiments without resale learn to heed their consumption values and, when they are given the option to resell, trade at equilibrium prices. Reproducibility is therefore the most natural and most effective treatment for suppression of bubbles in asset market experiments.

The pricing of illiquidity and illiquid assets : Essays on empirical asset pricing

NARCIS (Netherlands)

Tuijp, Patrick

2016-01-01

This dissertation studies the pricing of liquidity and illiquid assets. For this thesis, liquidity will generally refer to the ease with which an asset can be traded. The first chapter investigates the role of the investment horizon in the impact of illiquidity on stock prices. We obtain a clientele

Risiko Likuiditas Bank dan Asset Liabilities Management

OpenAIRE

Lesmana, Iwan

2007-01-01

Uquidity is of critical importance to companies in the banking services sector. Most failures of financialintermediaries have occured in large part due to insufficient liquidity resulting from adverse circumstances.Goldman Sachs has in piace a comprehensive set of liquidity and funding policies that are intended tomaintain significant flexibility to address specific and broader industry or market liquidity events.In asset liabilities mal1agement or liquidity management, liquidity risk is mana...

Review of UK participation in ASSET activities 1995/96 for the annual workshop on ASSET experience

International Nuclear Information System (INIS)

Phipps, C.R.

1996-01-01

With the restructuring of the Nuclear Generation Industry in the UK over the last 12 months it has been difficult to provide support to international activities including ASSET. This is likely to continue for a further 12 months whilst consolidation of the privatised part of the industry takes place and Magnox Electric plc is merged with British Nuclear Fuels Ltd. Having made that statement I would confirm that the UK is fully supportive of the ASSET methodology and will continue to be a participant in as many ASSET activities as possible. It was noted that during 1995 ASSET completed its 100th mission and the UK would like to congratulate the staff in the IAEA on this achievement. Discussions are at present ongoing within Magnox Electric plc, regarding the possibility of hosting an ASSET Peer Review mission, at one of the UK's Magnox plants, in 1997/98. During the 1995/96 period the UK participated in a number of ASSET activities as detailed below

Review of UK participation in ASSET activities 1995/96 for the annual workshop on ASSET experience

Energy Technology Data Exchange (ETDEWEB)

Phipps, C R

1997-12-31

With the restructuring of the Nuclear Generation Industry in the UK over the last 12 months it has been difficult to provide support to international activities including ASSET. This is likely to continue for a further 12 months whilst consolidation of the privatised part of the industry takes place and Magnox Electric plc is merged with British Nuclear Fuels Ltd. Having made that statement I would confirm that the UK is fully supportive of the ASSET methodology and will continue to be a participant in as many ASSET activities as possible. It was noted that during 1995 ASSET completed its 100th mission and the UK would like to congratulate the staff in the IAEA on this achievement. Discussions are at present ongoing within Magnox Electric plc, regarding the possibility of hosting an ASSET Peer Review mission, at one of the UK`s Magnox plants, in 1997/98. During the 1995/96 period the UK participated in a number of ASSET activities as detailed below.

Bivariate value-at-risk

Directory of Open Access Journals (Sweden)

Giuseppe Arbia

2007-10-01

Full Text Available In this paper we extend the concept of Value-at-risk (VaR to bivariate return distributions in order to obtain measures of the market risk of an asset taking into account additional features linked to downside risk exposure. We first present a general definition of risk as the probability of an adverse event over a random distribution and we then introduce a measure of market risk (b-VaR that admits the traditional b of an asset in portfolio management as a special case when asset returns are normally distributed. Empirical evidences are provided by using Italian stock market data.

Exposure of coastal built assets in the South Pacific to climate risks

Science.gov (United States)

Kumar, Lalit; Taylor, Subhashni

2015-11-01

Pacific island countries (PICs) are situated in a highly dynamic ocean-atmosphere interface, are dispersed over a large ocean area, and have highly populated urban centres located on the coastal margin. The built infrastructure associated with urban centres is also located within close proximity to the coastlines, exposing such infrastructure to a variety of natural and climate change-related hazards. In this research we undertake a comprehensive analysis of the exposure of built infrastructure assets to climate risk for 12 PICs. We show that 57% of the assessed built infrastructure for the 12 PICs is located within 500 m of their coastlines, amounting to a total replacement value of US$21.9 billion. Eight of the 12 PICs have 50% or more of their built infrastructure located within 500 m of their coastlines. In particular, Kiribati, Marshall Islands and Tuvalu have over 95% of their built infrastructure located within 500 m of their coastlines. Coastal adaptation costs will require substantial financial resources, which may not be available in developing countries such as the PICs, leaving them to face very high impacts but lacking the adaptive capacity.

Problems with Cash and Other Non-Operating Assets Value in the Process of Valuing Company

Directory of Open Access Journals (Sweden)

Piotr Szczepankowski

2007-12-01

Full Text Available In economic practice the process of valuing enterprises is based on potential earnings from companies operating assets ñ operating fixed assets and operating working capital. Cash and other non-operating assets (mainly financial are treated as unproductive, non-income assets. Eventually, in process of pricing their current, accounting value is added to income value of enterprise or cash is treated as source for quick covering the debts of firm, what of course indirectly improve for better value of equity (the lower financial risk. Not taking into account the profitable influence of cash value and other non-operating assets can negatively affect on result of final value of enterprise, reducing it. In the article two alternative approaches (separate and inclusive of cash value is presented. Also main determinants of estimating value of cash are described as well as potential threats of its valuation.

THEORETICAL ASPECTS REGARDING THE VALUATION OF INTANGIBLE ASSETS

Directory of Open Access Journals (Sweden)

HOLT GHEORGHE

2015-03-01

Full Text Available Valuation of intangible assets represents one of the most delicate problems of assessing a company. Usually, valuation of intangible assets is in the process of evaluating enterprise as a whole. Therefore, Intangible Asset Valuers must have detailed knowledge on business valuation, in particular, the income-based valuation methods (capitalization / updating net cash flow. Valuation of Intangible Assets is the objective of the International Valuation Standards (GN 4 Valuation of Intangible Assets (revised 2010. Next to it was recently proposed GN 16 Valuation of Intangible Assets for IFRS reporting. International Accounting Standard (IAS 38 Intangible Assets prescribe the accounting treatment for intangible assets, analyze the criteria that an intangible asset must meet to be recognized, specific carrying amount of intangible assets and sets out requirements for disclosure of intangible assets. From an accounting perspective, relevant professional accounting standards and the following: IFRS 3 Business Combinations, IAS 36 Impairment of Assets and SFAS 157 fair value measurement, developed by the FASB. There is a more pronounced near the provisions of IAS 38 contained in GN 4. Therefore, a good professional intangible asset valuation must know thoroughly the conditions, principles, criteria and assessment methods recognized by those standards

Life-cycle asset allocation with focus on retirement savings

OpenAIRE

Konicz, Agnieszka Karolina

2013-01-01

We consider optimal asset allocation of a pension saver with uncertain lifetime. The objective is to maximize the expected utility of the retirement savings. The model accounts for characteristics of a pension saver given by her mortality risk, risk attitude, type of retirement contract, trading costs, taxes, and uncertain labor income. The problem is solved using a combination of a multi-stage stochastic linear programming (SLP) model and stochastic optimal control, such that the practical a...

Asset life cycle plans: twelve steps to assist strategic decision-making in asset life cycle management

NARCIS (Netherlands)

Ruitenburg, Richard Jacob; Braaksma, Anne Johannes Jan; van Dongen, Leonardus Adriana Maria; Carnero, Maria Carmen; Gonzalez-Prida, Vicente

2017-01-01

Effective management of physical assets should deliver maximum business value. Therefore, Asset Management standards such as PAS 55 and ISO 55000 ask for a life cycle approach. However, most existing methods focus only on the short term of the asset's life or the estimation of its remaining life.

THE PROBLEMS OF FIXED ASSETS CLASSIFICATION FOR ACCOUNTING

Directory of Open Access Journals (Sweden)

Sophiia Kafka

2016-06-01

Full Text Available This article provides a critical analysis of research in accounting of fixed assets; the basic issues of fixed assets accounting that have been developed by the Ukrainian scientists during 1999-2016 have been determined. It is established that the problems of non-current assets taxation and their classification are the most noteworthy. In the dissertations the issues of fixed assets classification are of exclusively particular branch nature, so its improvement is important. The purpose of the article is developing science-based classification of fixed assets for accounting purposes since their composition is quite diverse. The classification of fixed assets for accounting purposes have been summarized and developed in Figure 1 according to the results of the research. The accomplished analysis of existing approaches to classification of fixed assets has made it possible to specify its basic types and justify the classification criteria of fixed assets for the main objects of fixed assets. Key words: non-current assets, fixed assets, accounting, valuation, classification of the fixed assets. JEL:G M41  

Convergence or Divergence between National and International View on Tangible Assets - Case Study Romania

Directory of Open Access Journals (Sweden)

Mariana Muresan

2013-10-01

Full Text Available A controversial subject at the present time is the issue of harmonization of accounting both at European level and globally. Although much has been made in bringing the accounting at a uniform level, this request it has not reached yet. A comparative study between the accounting treatment of fixed assets amounted to Romanian national regulations and in accordance with international rules, will bring out the best in show the similarities and differences between the regulations. The rules used for comparison will be OMFP 3055/2009, International Accounting Standard 16 – Tangible Assets and Generally Accepted Accounting Principles 360.

Essays on asset pricing

NARCIS (Netherlands)

Nazliben, Kamil

2015-01-01

The dissertation consists of three chapters that represent separate papers in the area of asset pricing. The first chapter studies investors optimal asset allocation problem in which mean reversion in stock prices is captured by explicitly modeling transitory and permanent shocks. The second chapter

Water security, risk and economic growth: lessons from a dynamical systems model

Science.gov (United States)

Dadson, Simon; Hall, Jim; Garrick, Dustin; Sadoff, Claudia; Grey, David; Whittington, Dale

2016-04-01

Investments in the physical infrastructure, human capital, and institutions needed for water resources management have been a noteworthy feature in the development of most civilisations. These investments affect the economy in two distinct ways: (i) by improving the factor productivity of water in multiple sectors of the economy, especially those that are water intensive such as agriculture and energy; and (ii) by reducing the acute and chronic harmful effects of water-related hazards like floods, droughts, and water-related diseases. The need for capital investment to mitigate these risks in order to promote economic growth is widely acknowledged, but prior work to conceptualise the relationship between water-related risks and economic growth has focused on the productive and harmful roles of water in the economy independently. Here the two influences are combined using a simple, dynamical model of water-related investment, risk, and growth at the national level. The model suggests the existence of a context-specific threshold above which growth proceeds along an 'S'-curve. In many cases there is a requirement for initial investment in water-related assets to enable growth. Below the threshold it is possible for a poverty trap to arise. The presence and location of the poverty trap is context-specific and depends on the relative exposure of productive water-related assets to risk, compared with risks faced by assets in the wider economy. Exogenous changes in the level of water-related risk (through, for example, climate and land cover change) can potentially push an economy away from a growth path towards a poverty trap. These results illustrate the value of accounting for environmental risk in models of economic growth and may offer guidance in the design of robust policies for investment in water-related productive assets to manage risk, particularly in the face of global and regional environmental change.

Asset Attribution Stability and Portfolio Construction: An Educational Example

Science.gov (United States)

Chong, James T.; Jennings, William P.; Phillips, G. Michael

2014-01-01

This paper illustrates how a third statistic from asset pricing models, the R-squared statistic, may have information that can help in portfolio construction. Using a traditional CAPM model in comparison to an 18-factor Arbitrage Pricing Style Model, a portfolio separation test is conducted. Portfolio returns and risk metrics are compared using…

Three-dimensional GIS approach for management of assets

Science.gov (United States)

Lee, S. Y.; Yee, S. X.; Majid, Z.; Setan, H.

2014-02-01

Assets play an important role in human life, especially to an organization. Organizations strive and put more effort to improve its operation and assets management. The development of GIS technology has become a powerful tool in management as it is able to provide a complete inventory for managing assets with location-based information. Spatial information is one of the requirements in decision making in various areas, including asset management in the buildings. This paper describes a 3D GIS approach for management of assets. An asset management system was developed by integrating GIS concept and 3D model assets. The purposes of 3D visualization to manage assets are to facilitate the analysis and understanding in the complex environment. Behind the 3D model of assets is a database to store the asset information. A user-friendly interface was also designed for more easier to operate the application. In the application developed, location of each individual asset can be easily tracked according to the referring spatial information and 3D viewing. The 3D GIS approach described in this paper is certainly would be useful in asset management. Systematic management of assets can be carried out and this will lead to less-time consuming and cost-effective. The results in this paper will show a new approach to improve asset management.

Three-dimensional GIS approach for management of assets

International Nuclear Information System (INIS)

Lee, S Y; Yee, S X; Majid, Z; Setan, H

2014-01-01

Assets play an important role in human life, especially to an organization. Organizations strive and put more effort to improve its operation and assets management. The development of GIS technology has become a powerful tool in management as it is able to provide a complete inventory for managing assets with location-based information. Spatial information is one of the requirements in decision making in various areas, including asset management in the buildings. This paper describes a 3D GIS approach for management of assets. An asset management system was developed by integrating GIS concept and 3D model assets. The purposes of 3D visualization to manage assets are to facilitate the analysis and understanding in the complex environment. Behind the 3D model of assets is a database to store the asset information. A user-friendly interface was also designed for more easier to operate the application. In the application developed, location of each individual asset can be easily tracked according to the referring spatial information and 3D viewing. The 3D GIS approach described in this paper is certainly would be useful in asset management. Systematic management of assets can be carried out and this will lead to less-time consuming and cost-effective. The results in this paper will show a new approach to improve asset management

Incarceration and Household Asset Ownership.

Science.gov (United States)

Turney, Kristin; Schneider, Daniel

2016-12-01

A considerable literature documents the deleterious economic consequences of incarceration. However, little is known about the consequences of incarceration for household assets-a distinct indicator of economic well-being that may be especially valuable to the survival of low-income families-or about the spillover economic consequences of incarceration for families. In this article, we use longitudinal data from the Fragile Families and Child Wellbeing Study to examine how incarceration is associated with asset ownership among formerly incarcerated men and their romantic partners. Results, which pay careful attention to the social forces that select individuals into incarceration, show that incarceration is negatively associated with ownership of a bank account, vehicle, and home among men and that these consequences for asset ownership extend to the romantic partners of these men. These associations are concentrated among men who previously held assets. Results also show that post-incarceration changes in romantic relationships are an important pathway by which even short-term incarceration depletes assets.

Essays on Empirical Asset Pricing

DEFF Research Database (Denmark)

Gormsen, Niels Joachim

that the expected return to the distant-future cash flows increases by more in bad times than the expected return to near-future cash flows does. This new stylized fact is important for understanding why the expected return on the market portfolio as a whole varies over time. In addition, it has strong implications...... for which economic model that drives the return to stocks. Indeed, I find that none of the canonical asset pricing models can explain this new stylized fact while also explaining the previously documented facts about stock returns. The second chapter, called Conditional Risk, studies how the expected return...... on individual stocks is influenced by the fact that their riskiness varies over time. We introduce a new ”conditional-risk factor”, which is a simple method for determining how much of the expected return to individual stocks that can be explained by time variation in their market risk, i.e. market betas. Using...

Intelligent tactical asset allocation support system

NARCIS (Netherlands)

Hiemstra, Y.

1995-01-01

This paper presents an advanced support system for Tactical Asset Allocation. Asset allocation explains over 90% of portfolio performance (Brinson, Hood and Beebower, 1988). Tactical asset allocation adjusts a strategic portfolio on the basis of short term market outlooks. The system includes

Work at Forsmark since ASSET 1996

Energy Technology Data Exchange (ETDEWEB)

Loewenhielm, G; Andersson, O [Forsmark Kraftgrupp AB, Oesthammar (Sweden)

1997-10-01

The following directions of work at Forsmark since ASSET 1996 are briefly described: peer review follow-up; work related to peer review, Forsmark 2 mini-ASSET; MTO(man-technology-organization)-analysis method, concept development, combination of MTO and ASSET methods; Forsmark INES manual.

Higher-order co-moments in asset pricing on the stock exchange in Brazil

Directory of Open Access Journals (Sweden)

Paulo Vitor Jordão da Gama Silva

2015-12-01

Full Text Available This study seeks to identify the behavior of systemic asymmetry (coskewness and systemic kurtosis (cokurtosis in asset pricing on the Brazilian stock exchange (in BM&F Bovespa. The methodology explored by Harvey and Siddique (2000 was used to estimate the degree of coskewness and cokurtosis for stocks in each month t, following the CAPM regression. The three-factor model was used according to Fama and French (1993, with modifications to the calculation of the factors following the methodology exploited by Neves (2003. The results show that for the Brazilian market, assets with negative coskewness and cokurtosis tend to yield more than assets with positive coskewness and cokurtosis. According to observations in the American and London markets, as investors expect higher returns for the high risk, a preference was found for negative coskewness and positive cokurtosis. In Brazil, it was found that in the case of coskewness, it repeats itself, but not for cokurtosis, where the reverse is true, which can lead to the conclusion of a typically risk-averse behavior.

System and Method for Monitoring Distributed Asset Data

Science.gov (United States)

Gorinevsky, Dimitry (Inventor)

2015-01-01

A computer-based monitoring system and monitoring method implemented in computer software for detecting, estimating, and reporting the condition states, their changes, and anomalies for many assets. The assets are of same type, are operated over a period of time, and outfitted with data collection systems. The proposed monitoring method accounts for variability of working conditions for each asset by using regression model that characterizes asset performance. The assets are of the same type but not identical. The proposed monitoring method accounts for asset-to-asset variability; it also accounts for drifts and trends in the asset condition and data. The proposed monitoring system can perform distributed processing of massive amounts of historical data without discarding any useful information where moving all the asset data into one central computing system might be infeasible. The overall processing is includes distributed preprocessing data records from each asset to produce compressed data.

A Data Mining Approach to Modelling of Water Supply Assets

DEFF Research Database (Denmark)

Babovic, V.; Drecourt, J.; Keijzer, M.

2002-01-01

supply assets are mainly situated underground, and therefore not visible and under the influence of various highly unpredictable forces. This paper proposes the use of advanced data mining methods in order to determine the risks of pipe bursts. For example, analysis of the database of already occurred...

ISO 55000: Creating an asset management system.

Science.gov (United States)

Bradley, Chris; Main, Kevin

2015-02-01

In the October 2014 issue of HEJ, Keith Hamer, group vice-president, Asset Management & Engineering at Sodexo, and marketing director at Asset Wisdom, Kevin Main, argued that the new ISO 55000 standards present facilities managers with an opportunity to create 'a joined-up, whole lifecycle approach' to managing and delivering value from assets. In this article, Kevin Main and Chris Bradley, who runs various asset management projects, examine the process of creating an asset management system.

Accounting valuation development of specific assets

Directory of Open Access Journals (Sweden)

I.V. Zhigley

2017-12-01

Full Text Available The current issues of accounting estimate development are considered. The necessity of the development of accounting estimate in the context of the non-institutional theory principles based on the selection of a number of reasons is grounded. The reasons for deterioration of accounting reputation as a separate socio-economic institute in the context of developing the methodology for specific assets accounting are discovered. The system of normative regulation of accounting estimate of enterprise non-current assets in the case of diminishing their usefulness is analyzed. The procedure for determining and accounting for the depreciation of assets in accordance with IFRS 36 «Depreciation of Assets» is developed. The features of the joint use of the concept of «value in use» and «fair value» in the accounting system are disclosed. The procedure for determining the value of compensation depending on the degree of specificity of assets is developed. The necessity to clarify the features that indicate the possibility of diminishing the usefulness of specific assets (termination or pre-term termination of the contract for the use of a specific asset is grounded.

CONTRADICTORY ASPECTS ASSESSMENT ON INTANGIBLE ASSETS

OpenAIRE

Ecaterina Necşulescu

2011-01-01

In Romania, the evaluation of intangible assets is rarely used due to extremely poor casuistry. From a sample of 100 companies we analyzed, only 4.5% revealed the existence of intangible assets worth less than 3% of total assets and none of the companies has not reviewed the assets. In crisis conditions, the study concludes that companies value decreases (bad will), and while economic growth increases the value of companies (good will). An effective leadership in the crisis assessment may be ...

REVIEW: Towards a risk register for natural capital.

Science.gov (United States)

Mace, Georgina M; Hails, Rosemary S; Cryle, Philip; Harlow, Julian; Clarke, Stewart J

2015-06-01

Natural capital is essential for goods and services on which people depend. Yet pressures on the environment mean that natural capital assets are continuing to decline and degrade, putting such benefits at risk. Systematic monitoring of natural assets is a major challenge that could be both unaffordable and unmanageable without a way to focus efforts. Here we introduce a simple approach, based on the commonly used management tool of a risk register, to highlight natural assets whose condition places benefits at risk.We undertake a preliminary assessment using a risk register for natural capital assets in the UK based solely on existing information. The status and trends of natural capital assets are assessed using asset-benefit relationships for ten kinds of benefits (food, fibre (timber), energy, aesthetics, freshwater (quality), recreation, clean air, wildlife, hazard protection and equable climate) across eight broad habitat types in the UK based on three dimensions of natural capital within each of the habitat types (quality, quantity and spatial configuration). We estimate the status and trends of benefits relative to societal targets using existing regulatory limits and policy commitments, and allocate scores of high, medium or low risk to asset-benefit relationships that are both subject to management and of concern.The risk register approach reveals substantial gaps in knowledge about asset-benefit relationships which limit the scope and rigour of the assessment (especially for marine and urban habitats). Nevertheless, we find strong indications that certain assets (in freshwater, mountain, moors and heathland habitats) are at high risk in relation to their ability to sustain certain benefits (especially freshwater, wildlife and climate regulation). Synthesis and applications . With directed data gathering, especially to monitor trends, improve metrics related to asset-benefit relationships, and improve understanding of nonlinearities and thresholds, the

Investments Portfolio Optimal Planning for industrial assets management: Method and Tool

International Nuclear Information System (INIS)

Lonchampt, Jerome; Fessart, Karine

2012-01-01

The purpose of this paper is to describe the method and tool dedicated to optimize investments planning for industrial assets. These investments may either be preventive maintenance tasks, asset enhancement or logistic investment such as spare parts purchase. The three methodological points to investigate in such an issue are: 1. The measure of the profitability of a portfolio of investments 2. The selection and planning of an optimal set of investments 3. The measure of the risk of a portfolio of investments The measure of the profitability of a set of investments in the IPOP (registered) tool is synthesised in the Net Present Value indicator. The NPV is the sum of the differences of discounted cash flows (direct costs, forced outages...) between the situations with and without a given investment. These cash flows are calculated through a pseudo-markov reliability model representing independently the components of the industrial asset and the spare parts inventories. The component model has been widely discussed over the years but the spare part model is a new one based on some approximations that will be discussed. This model, referred as the NPV function, takes for input an investments portfolio and gives its NPV. The second issue is to optimize the NPV. If all investments were independent, this optimization would be an easy calculation, unfortunately there are two sources of dependency. The first one is introduced by the spare part model, as if components are indeed independent in their reliability model, the fact that several components use the same inventory induces a dependency. The second dependency comes from economic, technical or logistic constraints, such as a global maintenance budget limit or a precedence constraint between two investments, making the aggregation of individual optimum not necessary feasible. The algorithm used to solve such a difficult optimization problem is a genetic algorithm. After a description of the features of the software a

31 CFR 594.310 - Specially designated global terrorist; SDGT.

Science.gov (United States)

2010-07-01

... (Continued) OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY GLOBAL TERRORISM SANCTIONS REGULATIONS General Definitions § 594.310 Specially designated global terrorist; SDGT. The term specially...

Managing Food Quality Risk in Global Supply Chain: A Risk Management Framework

Directory of Open Access Journals (Sweden)

Pablo Jose Arevalo Chavez

2012-04-01

Full Text Available Today, the food sector is one of the sectors most vulnerable to intentional contamination by debilitating agents [1]. Some cases of contaminated food have indicated that product quality risk is one of the vulnerabilities in the global supply chain. A series of company scandals, affecting reputation and causing the recall of products and increasing costs have hit the food industry. The obvious problem is that even a minor incident in one part of the chain can have disastrous effects on other parts of the supply chain. Thus, risks are transmitted through the chain. Even though the dangers from members in the supply chain are small, the cumulative effect becomes significant. The aim of this study is to propose an integrated supply chain risk management framework for practitioners that can provide directions for how to evaluate food quality risk in the global supply chain. For validating the proposed model in‐depth, a case study is conducted on a food SME distributor in Central America. The case study investigates how product quality risks are handled according to the proposed framework.

The Global Earthquake Model and Disaster Risk Reduction

Science.gov (United States)

Smolka, A. J.

2015-12-01

Advanced, reliable and transparent tools and data to assess earthquake risk are inaccessible to most, especially in less developed regions of the world while few, if any, globally accepted standards currently allow a meaningful comparison of risk between places. The Global Earthquake Model (GEM) is a collaborative effort that aims to provide models, datasets and state-of-the-art tools for transparent assessment of earthquake hazard and risk. As part of this goal, GEM and its global network of collaborators have developed the OpenQuake engine (an open-source software for hazard and risk calculations), the OpenQuake platform (a web-based portal making GEM's resources and datasets freely available to all potential users), and a suite of tools to support modelers and other experts in the development of hazard, exposure and vulnerability models. These resources are being used extensively across the world in hazard and risk assessment, from individual practitioners to local and national institutions, and in regional projects to inform disaster risk reduction. Practical examples for how GEM is bridging the gap between science and disaster risk reduction are: - Several countries including Switzerland, Turkey, Italy, Ecuador, Papua-New Guinea and Taiwan (with more to follow) are computing national seismic hazard using the OpenQuake-engine. In some cases these results are used for the definition of actions in building codes. - Technical support, tools and data for the development of hazard, exposure, vulnerability and risk models for regional projects in South America and Sub-Saharan Africa. - Going beyond physical risk, GEM's scorecard approach evaluates local resilience by bringing together neighborhood/community leaders and the risk reduction community as a basis for designing risk reduction programs at various levels of geography. Actual case studies are Lalitpur in the Kathmandu Valley in Nepal and Quito/Ecuador. In agreement with GEM's collaborative approach, all

The Aqueduct Global Flood Analyzer

Science.gov (United States)

Iceland, Charles

2015-04-01

As population growth and economic growth take place, and as climate change accelerates, many regions across the globe are finding themselves increasingly vulnerable to flooding. A recent OECD study of the exposure of the world's large port cities to coastal flooding found that 40 million people were exposed to a 1 in 100 year coastal flood event in 2005, and the total value of exposed assets was about US 3,000 billion, or 5% of global GDP. By the 2070s, those numbers were estimated to increase to 150 million people and US 35,000 billion, or roughly 9% of projected global GDP. Impoverished people in developing countries are particularly at risk because they often live in flood-prone areas and lack the resources to respond. WRI and its Dutch partners - Deltares, IVM-VU University Amsterdam, Utrecht University, and PBL Netherlands Environmental Assessment Agency - are in the initial stages of developing a robust set of river flood and coastal storm surge risk measures that show the extent of flooding under a variety of scenarios (both current and future), together with the projected human and economic impacts of these flood scenarios. These flood risk data and information will be accessible via an online, easy-to-use Aqueduct Global Flood Analyzer. We will also investigate the viability, benefits, and costs of a wide array of flood risk reduction measures that could be implemented in a variety of geographic and socio-economic settings. Together, the activities we propose have the potential for saving hundreds of thousands of lives and strengthening the resiliency and security of many millions more, especially those who are most vulnerable. Mr. Iceland will present Version 1.0 of the Aqueduct Global Flood Analyzer and provide a preview of additional elements of the Analyzer to be released in the coming years.

Foreign exchange risk in terms of global financial crisis

Directory of Open Access Journals (Sweden)

Michał Buszko

2009-12-01

Full Text Available Fx risk is one of the most important types of risk of financial activity. In practice, this risk comprises several risk aspects related to currencies exchanging, however most often it is identified with unexpected changes of their prices. In terms of the global financial crisis of 2007–2009, the fx risk has raised significantly, revealing a high daily volatility, increased spreads and the reversal of long-term exchange rate trends. Such increased risk especially influenced emerging markets economies, including Poland. Its consequence was quick strengthening of Polish currency at the beginning of the global crisis followed by a very sudden fall of its value. This event led to a substantial increase of banking risk, investment funds and corporate operations. It changed the structure of GDP sources as well as generated huge losses for exporting companies, using currency options hedging strategies.

12 CFR 560.160 - Asset classification.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Asset classification. 560.160 Section 560.160... Lending and Investment Provisions Applicable to all Savings Associations § 560.160 Asset classification... consistent with, or reconcilable to, the asset classification system used by OTS in its Thrift Activities...

77 FR 52977 - Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule

Science.gov (United States)

2012-08-30

...-weighted assets for residential mortgages, securitization exposures, and counterparty credit risk. The.... Risk-Weighted Assets--Proposed Modifications to the Advanced Approaches Rules A. Counterparty Credit... Margin Period of Risk 3. Changes to the Internal Models Methodology (IMM) 4. Credit Valuation Adjustments...

13 CFR 120.546 - Loan asset sales.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Loan asset sales. 120.546 Section....546 Loan asset sales. (a) General. Loan asset sales are governed by § 120.545(b)(4) and by this... consented to SBA's sale of the loan (guaranteed and unguaranteed portions) in an asset sale conducted or...

Preparing for asset retirement.

Science.gov (United States)

Luecke, Randall W; Reinstein, Alan

2003-04-01

Statement of Financial Accounting Standards (SFAS) No. 143 requires organizations to recognize a liability for an asset retirement obligation when it is incurred--even if that occurs far in advance of the asset's planned retirement. For example, organizations must recognize future costs associated with medical equipment disposal that carries hazardous material legal obligations.

Global scientific research commons under the Nagoya Protocol: Towards a collaborative economy model for the sharing of basic research assets.

Science.gov (United States)

Dedeurwaerdere, Tom; Melindi-Ghidi, Paolo; Broggiato, Arianna

2016-01-01

This paper aims to get a better understanding of the motivational and transaction cost features of building global scientific research commons, with a view to contributing to the debate on the design of appropriate policy measures under the recently adopted Nagoya Protocol. For this purpose, the paper analyses the results of a world-wide survey of managers and users of microbial culture collections, which focused on the role of social and internalized motivations, organizational networks and external incentives in promoting the public availability of upstream research assets. Overall, the study confirms the hypotheses of the social production model of information and shareable goods, but it also shows the need to complete this model. For the sharing of materials, the underlying collaborative economy in excess capacity plays a key role in addition to the social production, while for data, competitive pressures amongst scientists tend to play a bigger role.

Fractional-moment Capital Asset Pricing model

International Nuclear Information System (INIS)

Li Hui; Wu Min; Wang Xiaotian

2009-01-01

In this paper, we introduce the definition of the 'α-covariance' and present the fractional-moment versions of Capital Asset Pricing Model,which can be used to price assets when asset return distributions are likely to be stable Levy (or Student-t) distribution during panics and stampedes in worldwide security markets in 2008. Furthermore, if asset returns are truly governed by the infinite-variance stable Levy distributions, life is fundamentally riskier than in a purely Gaussian world. Sudden price movements like the worldwide security market crash in 2008 turn into real-world possibilities.

Introducing Expected Returns into Risk Parity Portfolios: A New Framework for Tactical and Strategic Asset Allocation

OpenAIRE

Roncalli, Thierry

2013-01-01

Risk parity is an allocation method used to build diversified portfolios that does not rely on any assumptions of expected returns, thus placing risk management at the heart of the strategy. This explains why risk parity became a popular investment model after the global financial crisis in 2008. However, risk parity has also been criticized because it focuses on managing risk concentration rather than portfolio performance, and is therefore seen as being closer to passive management than act...

Asset management in theory and practice.

Science.gov (United States)

Mace, J D

1998-01-01

Managing capital-intensive imaging environments continues to be a challenge for nearly all administrators. Asset management, the strategic management of equipment inventory, must include planning, assessment, procurement, utilization review, maintenance, repair and disposal of equipment to reduce costs and improve efficiency. It must involve some shared risk between the facility and the provider, whether an original equipment manufacturer (OEM) or independent service organization (ISO). An absence of risk in the arrangement implies the provider is offering service management or consulting. A case study reports on three hospitals in the OhioHealth system. Their immediate goal, as they began to investigate asset management: cut costs immediately. A cross-functional team from the three hospitals began its investigation of various options, including working with ISOs, OEMs and development of inhouse clinical engineering. After developing a process to evaluate vendors, the team was able to score each against their cost-reduction potential, quality and implementation skills. The team narrowed its selection quickly to two multivendor service providers. An initial contract guaranteed savings of 20 percent of the annual budget, with a projected two to five percent additional savings. OEM relationships were moved to a time-and-materials basis, and ISOs were used in selected areas. In addition, the internal inhouse clinical engineering services group was moved into a "first call" approach in some areas. That expanded role resulted in savings and improved response time. The process, although not without its problems, was viewed favorably overall.

A Tutorial on Nonlinear Time-Series Data Mining in Engineering Asset Health and Reliability Prediction: Concepts, Models, and Algorithms

Directory of Open Access Journals (Sweden)

Ming Dong

2010-01-01

Full Text Available The primary objective of engineering asset management is to optimize assets service delivery potential and to minimize the related risks and costs over their entire life through the development and application of asset health and usage management in which the health and reliability prediction plays an important role. In real-life situations where an engineering asset operates under dynamic operational and environmental conditions, the lifetime of an engineering asset is generally described as monitored nonlinear time-series data and subject to high levels of uncertainty and unpredictability. It has been proved that application of data mining techniques is very useful for extracting relevant features which can be used as parameters for assets diagnosis and prognosis. In this paper, a tutorial on nonlinear time-series data mining in engineering asset health and reliability prediction is given. Besides that an overview on health and reliability prediction techniques for engineering assets is covered, this tutorial will focus on concepts, models, algorithms, and applications of hidden Markov models (HMMs and hidden semi-Markov models (HSMMs in engineering asset health prognosis, which are representatives of recent engineering asset health prediction techniques.

A comparative analysis of returns of various financial asset classes ...

African Journals Online (AJOL)

kirstam

2014-12-09

Dec 9, 2014 ... returns on all asset classes should conceptually more or less converge. The results from ..... Based on monthly means, clearly cash underperforms both equities and bonds as might be ..... valuation models. Conclusion ... does not explore the complexities of the risk-parity style of investment, which is left for.

RISKS AND CONTRADICTORY OF INTERNATIONAL CAPITAL FLOWS IN BANKING

Directory of Open Access Journals (Sweden)

V. Shevchenko

2014-03-01

Full Text Available The content of the international capital flows are studied, its contradictor influence on global and national processes. Some theoretical approaches on contradictory impact of capital flows. The major risks of international capital flows in banking sector are determined including financial, currency, assets value decrease, credit rating etc. The capital flows reversal flows are explained. The modern changes of international capital flows to banking sector of Ukraine are discovered.

Modeled changes in 100 year Flood Risk and Asset Damages within Mapped Floodplains of the Contiguous United States

Science.gov (United States)

Wobus, C. W.; Gutmann, E. D.; Jones, R.; Rissing, M.; Mizukami, N.; Lorie, M.; Mahoney, H.; Wood, A.; Mills, D.; Martinich, J.

2017-12-01

A growing body of recent work suggests that the extreme weather events that drive inland flooding are likely to increase in frequency and magnitude in a warming climate, thus increasing monetary damages from flooding in the future. We use hydrologic projections based on the Coupled Model Intercomparison Project Phase 5 (CMIP5) to estimate changes in the frequency of modeled 1% annual exceedance probability flood events at 57,116 locations across the contiguous United States (CONUS). We link these flood projections to a database of assets within mapped flood hazard zones to model changes in inland flooding damages throughout the CONUS over the remainder of the 21st century, under two greenhouse gas (GHG) emissions scenarios. Our model generates early 21st century flood damages that reasonably approximate the range of historical observations, and trajectories of future damages that vary substantially depending on the GHG emissions pathway. The difference in modeled flood damages between higher and lower emissions pathways approaches $4 billion per year by 2100 (in undiscounted 2014 dollars), suggesting that aggressive GHG emissions reductions could generate significant monetary benefits over the long-term in terms of reduced flood risk. Although the downscaled hydrologic data we used have been applied to flood impacts studies elsewhere, this research expands on earlier work to quantify changes in flood risk by linking future flood exposure to assets and damages at a national scale. Our approach relies on a series of simplifications that could ultimately affect damage estimates (e.g., use of statistical downscaling, reliance on a nationwide hydrologic model, and linking damage estimates only to 1% AEP floods). Although future work is needed to test the sensitivity of our results to these methodological choices, our results suggest that monetary damages from inland flooding could be substantially reduced through more aggressive GHG mitigation policies.

BIM: enabling sustainability and asset management through knowledge management.

Science.gov (United States)

Kivits, Robbert Anton; Furneaux, Craig

2013-11-10

Building Information Modeling (BIM) is the use of virtual building information models to develop building design solutions and design documentation and to analyse construction processes. Recent advances in IT have enabled advanced knowledge management, which in turn facilitates sustainability and improves asset management in the civil construction industry. There are several important qualifiers and some disadvantages of the current suite of technologies. This paper outlines the benefits, enablers, and barriers associated with BIM and makes suggestions about how these issues may be addressed. The paper highlights the advantages of BIM, particularly the increased utility and speed, enhanced fault finding in all construction phases, and enhanced collaborations and visualisation of data. The paper additionally identifies a range of issues concerning the implementation of BIM as follows: IP, liability, risks, and contracts and the authenticity of users. Implementing BIM requires investment in new technology, skills training, and development of new ways of collaboration and Trade Practices concerns. However, when these challenges are overcome, BIM as a new information technology promises a new level of collaborative engineering knowledge management, designed to facilitate sustainability and asset management issues in design, construction, asset management practices, and eventually decommissioning for the civil engineering industry.

The capital-asset-pricing model and arbitrage pricing theory: A unification

Science.gov (United States)

Khan, M. Ali; Sun, Yeneng

1997-01-01

We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset’s return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen–Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting. PMID:11038614

Global Drought Proportional Economic Loss Risk Deciles

Data.gov (United States)

National Aeronautics and Space Administration — Global Drought Proportional Economic Loss Risk Deciles is a 2.5 minute grid of drought hazard economic loss as proportions of Gross Domestic Product (GDP) per...

ENSO impacts on flood risk at the global scale

Science.gov (United States)

Ward, Philip; Dettinger, Michael; Jongman, Brenden; Kummu, Matti; Winsemius, Hessel

2014-05-01

We present the impacts of El Niño Southern Oscillation (ENSO) on society and the economy, via relationships between ENSO and the hydrological cycle. We also discuss ways in which this knowledge can be used in disaster risk management and risk reduction. This contribution provides the most recent results of an ongoing 4-year collaborative research initiative to assess and map the impacts of large scale interannual climate variability on flood hazard and risk at the global scale. We have examined anomalies in flood risk between ENSO phases, whereby flood risk is expressed in terms of indicators such as: annual expected damage; annual expected affected population; annual expected affected Gross Domestic Product (GDP). We show that large anomalies in flood risk occur during El Niño or La Niña years in basins covering large parts of the Earth's surface. These anomalies reach statistical significance river basins covering almost two-thirds of the Earth's surface. Particularly strong anomalies exist in southern Africa, parts of western Africa, Australia, parts of Central Eurasia (especially for El Niño), the western USA (especially La Niña anomalies), and parts of South America. We relate these anomalies to possible causal relationships between ENSO and flood hazard, using both modelled and observed data on flood occurrence and extremity. The implications for flood risk management are many-fold. In those regions where disaster risk is strongly influenced by ENSO, the potential predictably of ENSO could be used to develop probabilistic flood risk projections with lead times up to several seasons. Such data could be used by the insurance industry in managing risk portfolios and by multinational companies for assessing the robustness of their supply chains to potential flood-related interruptions. Seasonal forecasts of ENSO influence of peak flows could also allow for improved flood early warning and regulation by dam operators, which could also reduce overall risks

Asset Pricing Model and the Liquidity Effect: Empirical Evidence in the Brazilian Stock Market

Directory of Open Access Journals (Sweden)

Otávio Ribeiro de Medeiros

2011-09-01

Full Text Available This paper is aims to analyze whether a liquidity premium exists in the Brazilian stock market. As a second goal, we include liquidity as an extra risk factor in asset pricing models and test whether this factor is priced and whether stock returns were explained not only by systematic risk, as proposed by the CAPM, by Fama and French’s (1993 three-factor model, and by Carhart’s (1997 momentum-factor model, but also by liquidity, as suggested by Amihud and Mendelson (1986. To achieve this, we used stock portfolios and five measures of liquidity. Among the asset pricing models tested, the CAPM was the least capable of explaining returns. We found that the inclusion of size and book-to-market factors in the CAPM, a momentum factor in the three-factor model, and a liquidity factor in the four-factor model improve their explanatory power of portfolio returns. In addition, we found that the five-factor model is marginally superior to the other asset pricing models tested.

Optimization Case Study: ISR Allocation in the Global Force Management Process

Science.gov (United States)

2016-09-01

assets available to meet the GCC requirements. The Joint Staff, in concert with USSTRATCOM, use many factors to prioritize allocation of assets to...include determining which GCC gets the assets and for how long. The decision influencers recommend a resource allocation solution based on experience...The allocation process illustrated in Figure 1 is the OV-1 diagram from the Joint Staff Global Force Management Enterprise Integration

Asset management trends and challenges

Energy Technology Data Exchange (ETDEWEB)

Rijks, E. [Continuon, Arnhem (Netherlands); Ford, G.L. [PowerNex Associates Inc., Toronto, ON (Canada); Sanchis, G. [Reseau de Transport d' Electricite, Paris (France)

2007-07-01

Recent business and regulatory changes in the electric power industry have affected the operation of electric utilities. Most have accepted competition and commercialization. Various strategies have emerged as companies strive to improve performance and retain profitability in an environment where competition or regulatory pressure is reducing revenues at a time when customer expectation is increasing. As focus shifts away from engineering excellence towards commercial performance, the new business ideology for electric utilities is to optimize asset management. This paper identified asset management technology trends, opportunities and challenges. Although many utilities are currently comfortable with their existing asset management processes, regulators are increasingly scrutinizing utilities as they seek approval for rates and investments in aging infrastructure. Much more rigorous financial analysis methods are needed to justify the large investments that are needed. In addition, the credibility of the processes and methods used by utilities will be increasingly questioned. In recognition of the growing importance of asset management, several initiatives have been launched to provide forums for sharing information and to provide a unifying force to asset management methods. The International Council on Large Electric Systems (CIGRE) was one of the first to recognize the importance of asset management. This paper summarized recent CIGRE activities as well as the developments of publicly available specification (PAS) 55 in the United Kingdom. It was concluded that utilities that adopt standardized approaches will be more credible in the eyes of regulatory authorities. 3 refs., 4 figs.

Agility in asset management, or: how to be flexible with assets designed for stability

NARCIS (Netherlands)

Ruitenburg, Richard Jacob; Braaksma, Anne Johannes Jan; van Dongen, Leonardus Adriana Maria

2016-01-01

Agility is increasingly important in manufacturing. However, thus far little attention has been paid to the agility of the physical assets used in production, which are typically designed for decades of operation in a stable context. This paper investigates the topic of agile Asset Management using

Dynamic service contracting for on-demand asset delivery

NARCIS (Netherlands)

Zhao, X.; Angelov, S.A.; Grefen, P.W.P.J.

2014-01-01

Traditional financial asset lease operates in an asset provider centred mode, in which financiers passively provide financial solutions to the customers of their allied asset vendors. To capture the highly customised asset lease demands from the mass market, this paper advocates adopting a

12 CFR 955.3 - Required credit risk-sharing structure.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Required credit risk-sharing structure. 955.3...-BALANCE SHEET ITEMS ACQUIRED MEMBER ASSETS § 955.3 Required credit risk-sharing structure. (a... conducting a rating review of the asset or pool of assets in a securitization transaction. (b) Credit risk...

The Role of Agribusiness Assets in Investment Portfolios

OpenAIRE

Johnson, Michael; Malcolm, Bill; O'Connor, Ian

2006-01-01

Investment in agribusiness assets has grown significantly in recent years. The question of interest is whether including agribusiness assets in investment portfolios provide benefits. The effects of diversification by including agribusiness assets in two investment portfolios, a mixed asset portfolio and a diversified share portfolio was investigated using Markowitz’s (1952) Modern Portfolio Theory (MPT) of mean-variance optimization. To measure the performance of agribusiness assets, an in...

Assets Held for Sale and Discontinued Operations – Evaluation of Liquidity – Determination of Ratio – or Necessity of Adjustment?

Directory of Open Access Journals (Sweden)

Grazyna Voss

2015-03-01

Full Text Available The change in the use of an asset results from economic conditions and requires that a company revalue the asset and adjusts its value by costs of sale or liquidation. The current value of the asset determined in that way influences the financial result of the company and enables the movement of value from non-current assets to current assets. This change has an impact on the evaluation of financial situation and financial ratios.The aim of this article is to describe principles of measurement and presentation of assets held for sale and application of financial analysis in order to assess risks by potential investors. The purpose of this work constitutes part of a wide-ranging discussion on the directions of changes in financial reporting and principles of effective investing.

An asset pricing approach to liquidity effects in corporate bond markets

NARCIS (Netherlands)

Bongaerts, Dion; de Jong, Frank; Driessen, Joost

We use an asset pricing approach to compare the effects of expected liquidity and liquidity risk on expected U.S. corporate bond returns. Liquidity measures are constructed for bond portfolios using a Bayesian approach to estimate Roll’s measure. The results show that expected bond liquidity and

Optimizing asset value (OAV) -- A decision tool for mergers and acquisitions

Energy Technology Data Exchange (ETDEWEB)

Blanchard, D.; Brinsfield, W.; Franklin, E. [Tenera Energy, LLC, San Francisco, CA (United States); Turnage, J. [US Generating Co., Bethesda, MD (United States)

1999-11-01

As the energy industry restructures and realigns, companies are increasingly engaged in all aspects of mergers, acquisitions, and divestiture. Successful transactions are no accident, and new insights are emerging daily. This paper describes a tool called Optimizing Asset Value (OAV) that provides support to the Valuation phase of the merger, acquisition, and divestiture process. The methodology is based upon a quantitative, risk-based approach that is used to calculate the impact of equipment operation and operations/maintenance practices upon the ability to generate maximum revenue. By combining probabilistic reliability data with the economic consequences of plant derating, equipment can be prioritized as to its importance to revenue generation. Savvy buyers can apply OAV to plants under consideration for purchase to estimate where the plant is on its revenue generation capability curve, and thus gain a better understanding as to the risks, or opportunities for improvement, that exist. This information can be used along with other pro forma analyses to set the bid price for the asset.

Global Production Planning Process considering the Supply Risk of Overseas Manufacturing Sites

Directory of Open Access Journals (Sweden)

Hosang Jung

2015-01-01

Full Text Available Although global manufacturers can produce most of their final products in local plants, they need to source components or parts from desirable overseas manufacturing partners at low cost in order to fulfill customer orders. In this global manufacturing environment, capacity information for planning is usually imprecise owing to the various risks of overseas plants (e.g., foreign governments’ policies and labor stability. It is therefore not easy for decision-makers to generate a global production plan showing the production amounts at local plants and overseas manufacturing facilities operated by manufacturing partners. In this paper, we present a new global production planning process considering the supply risk of overseas manufacturing sites. First, local experts estimate the supply capacity of an overseas plant using their judgment to determine when the risk could occur and how large the risk impact would be. Next, we run a global production planning model with the estimated supply capacities. The proposed process systematically adopts the qualitative judgments of local experts in the global production planning process and thus can provide companies with a realistic global production plan. We demonstrate the applicability of the proposed process with a real world case.

Computer Based Asset Management System For Commercial Banks

Directory of Open Access Journals (Sweden)

Amanze

2015-08-01

Full Text Available ABSTRACT The Computer-based Asset Management System is a web-based system. It allows commercial banks to keep track of their assets. The most advantages of this system are the effective management of asset by keeping records of the asset and retrieval of information. In this research I gather the information to define the requirements of the new application and look at factors how commercial banks managed their asset.

76 FR 78594 - Reporting of Specified Foreign Financial Assets

Science.gov (United States)

2011-12-19

... Reporting of Specified Foreign Financial Assets AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... foreign financial assets and the value of those assets is more than the applicable reporting threshold... hold specified foreign financial assets generally will be excepted from reporting such assets under...

Getting Digital Assets from Public-Private Partnership Research Projects through "The Valley of Death," and Making Them Sustainable.

Science.gov (United States)

Aartsen, Wendy; Peeters, Paul; Wagers, Scott; Williams-Jones, Bryn

2018-01-01

Projects in public-private partnerships, such as the Innovative Medicines Initiative (IMI), produce data services and platforms (digital assets) to help support the use of medical research data and IT tools. Maintaining these assets beyond the funding period of a project can be a challenge. The reason for that is the need to develop a business model that integrates the perspectives of all different stakeholders involved in the project, and these digital assets might not necessarily be addressing a problem for which there is an addressable market of paying customers. In this manuscript, we review four IMI projects and the digital assets they produced as a means of illustrating the challenges in making digital assets sustainable and the lessons learned. To progress digital assets beyond proof-of-concept into widely adopted tools, there is a need for continuation of multi-stakeholder support tailored to these assets. This would be best done by implementing a structure similar to the accelerators that are in place to help transform startup businesses into growing and thriving businesses. The aim of this article is to highlight the risk of digital asset loss and to provoke discussion on the concept of developing an "accelerator" for digital assets from public-private partnership research projects to increase the chance that digital assets will be sustained and continue to add value long after a project has ended.

The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis.

Science.gov (United States)

McDonald, John F

2004-05-01

The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.

Asset pricing restrictions on predictability : Frictions matter

NARCIS (Netherlands)

de Roon, F.A.; Szymanowska, M.

2012-01-01

U.S. stock portfolios sorted on size; momentum; transaction costs; market-to-book, investment-to-assets, and return-on-assets (ROA) ratios; and industry classification show considerable levels and variation of return predictability, inconsistent with asset pricing models. This means that a

Spectral decomposition of optimal asset-liability management

NARCIS (Netherlands)

Decamps, M.; de Schepper, A.; Goovaerts, M.

2009-01-01

This paper concerns optimal asset-liability management when the assets and the liabilities are modeled by means of correlated geometric Brownian motions as suggested in Gerber and Shiu [2003. Geometric Brownian motion models for assets and liabilities: from pension funding to optimal dividends.

Benchmarking Global Food Safety Performances: The Era of Risk Intelligence.

Science.gov (United States)

Valleé, Jean-Charles Le; Charlebois, Sylvain

2015-10-01

Food safety data segmentation and limitations hamper the world's ability to select, build up, monitor, and evaluate food safety performance. Currently, there is no metric that captures the entire food safety system, and performance data are not collected strategically on a global scale. Therefore, food safety benchmarking is essential not only to help monitor ongoing performance but also to inform continued food safety system design, adoption, and implementation toward more efficient and effective food safety preparedness, responsiveness, and accountability. This comparative study identifies and evaluates common elements among global food safety systems. It provides an overall world ranking of food safety performance for 17 Organisation for Economic Co-Operation and Development (OECD) countries, illustrated by 10 indicators organized across three food safety risk governance domains: risk assessment (chemical risks, microbial risks, and national reporting on food consumption), risk management (national food safety capacities, food recalls, food traceability, and radionuclides standards), and risk communication (allergenic risks, labeling, and public trust). Results show all countries have very high food safety standards, but Canada and Ireland, followed by France, earned excellent grades relative to their peers. However, any subsequent global ranking study should consider the development of survey instruments to gather adequate and comparable national evidence on food safety.

Asset Condition, Information Systems and Decision Models

CERN Document Server

Willett, Roger; Brown, Kerry; Mathew, Joseph

2012-01-01

Asset Condition, Information Systems and Decision Models, is the second volume of the Engineering Asset Management Review Series. The manuscripts provide examples of implementations of asset information systems as well as some practical applications of condition data for diagnostics and prognostics. The increasing trend is towards prognostics rather than diagnostics, hence the need for assessment and decision models that promote the conversion of condition data into prognostic information to improve life-cycle planning for engineered assets. The research papers included here serve to support the on-going development of Condition Monitoring standards. This volume comprises selected papers from the 1st, 2nd, and 3rd World Congresses on Engineering Asset Management, which were convened under the auspices of ISEAM in collaboration with a number of organisations, including CIEAM Australia, Asset Management Council Australia, BINDT UK, and Chinese Academy of Sciences, Beijing University of Chemical Technology, Chin...

Is there time discounting for risk premium?

Science.gov (United States)

Shavit, Tal; Rosenboim, Mosi

2015-03-01

Individuals with a higher subjective discount rate concentrate more on the present and delay is more significant for them. However, when a risky asset is delayed, not only is the outcome delayed but also the risk. In this paper, we suggest a new, two-stage experimental method with real monetary incentives that allows us to distinguish between the effect of the risk and the effect of the time when pricing a risky asset. We show that when individuals have greater preference for the present, their risk aversion for a risky asset realized in the future decreases. We argue that the effect of the risk for future asset is lower for individuals with higher time preference because they discount not only the outcome but also the risks. © Society for the Experimental Analysis of Behavior.

Value and Momentum Everywhere

DEFF Research Database (Denmark)

Asness, Clifford S.; Moskowitz, Tobias J.; Heje Pedersen, Lasse

across asset classes than passive exposures to the asset classes themselves. However, value and momentum are negatively correlated both within and across asset classes. Our results indicate the presence of common global risks that we characterize with a three factor model. Global funding liquidity risk...... is a partial source of these patterns, which are identifiable only when examining value and momentum simultaneously across markets. Our findings present a challenge to existing behavioral, institutional, and rational asset pricing theories that largely focus on U.S. equities....

Defining ecosystem assets for natural capital accounting

NARCIS (Netherlands)

Hein, Lars; Bagstad, Ken; Edens, Bram; Obst, Carl; Jong, de Rixt; Lesschen, Jan Peter

2016-01-01

In natural capital accounting, ecosystems are assets that provide ecosystem services to people. Assets can be measured using both physical and monetary units. In the international System of Environmental-Economic Accounting, ecosystem assets are generally valued on the basis of the net present

Analytical Provision of Management of Intangible Assets

Directory of Open Access Journals (Sweden)

Shelest Viktoriya S.

2013-11-01

Full Text Available The goal of the article lies in the study of the process of conduct of economic analysis of such a complex product of the innovation and information society as objects of intellectual property, which are accepted in business accounting as intangible assets. All-absorbing integration processes in the economy and large-scale propagation of information technologies influence the capital structure. Thus, accepting intangible assets as a driving factor of competitiveness, enterprises prefer namely these assets, reducing the share of tangible assets. Taking this into account the scientists thoroughly studied the issues of economic analysis of intangible assets, since the obtained data are the main source of accounting and analytical information required for making weighted managerial decisions. At the same time, the issues of authenticity, accuracy, efficiency and transparency of the obtained results become topical. In the process of the study the article shows information content of the accounting and analytical data due to introduction of accounting and conduct of economic analysis of intangible assets. The article considers the modern state of the methods of analysis of intangible assets based on opinions of scientists. It characterises economic and legal state of development of licence agreements in Ukraine. It justifies economic expediency of use of such agreements. It forms the ways of making efficient managerial decisions on use of intangible assets in economic activity of subjects of entrepreneurship.

Bank Credit Risk Management and Rating Migration Analysis on the Business Cycle

Directory of Open Access Journals (Sweden)

Dimitris Gavalas

2014-03-01

Full Text Available Credit risk measurement remains a critical field of top priority in banking finance, directly implicated in the recent global financial crisis. This paper examines the dynamic linkages between credit risk migration due to rating shifts and prevailing macroeconomic conditions, reflected in alternative business cycle states. An innovative empirical methodology applies to bank internal rating data, under different economic scenarios and investigates the implications of credit risk quality shifts for risk rating transition matrices. The empirical findings are useful and critical for banks to align to Basel guidelines in relation to core capital requirements and risk-weighted assets in the underlying loan portfolio.

Aqueduct: a methodology to measure and communicate global water risks

Science.gov (United States)

Gassert, Francis; Reig, Paul

2013-04-01

The Aqueduct Water Risk Atlas (Aqueduct) is a publicly available, global database and interactive tool that maps indicators of water related risks for decision makers worldwide. Aqueduct makes use of the latest geo-statistical modeling techniques to compute a composite index and translate the most recently available hydrological data into practical information on water related risks for companies, investors, and governments alike. Twelve global indicators are grouped into a Water Risk Framework designed in response to the growing concerns from private sector actors around water scarcity, water quality, climate change, and increasing demand for freshwater. The Aqueduct framework organizes indicators into three categories of risk that bring together multiple dimensions of water related risk into comprehensive aggregated scores and includes indicators of water stress, variability in supply, storage, flood, drought, groundwater, water quality and social conflict, addressing both spatial and temporal variation in water hazards. Indicators are selected based on relevance to water users, availability and robustness of global data sources, and expert consultation, and are collected from existing datasets or derived from a Global Land Data Assimilation System (GLDAS) based integrated water balance model. Indicators are normalized using a threshold approach, and composite scores are computed using a linear aggregation scheme that allows for dynamic weighting to capture users' unique exposure to water hazards. By providing consistent scores across the globe, the Aqueduct Water Risk Atlas enables rapid comparison across diverse aspects of water risk. Companies can use this information to prioritize actions, investors to leverage financial interest to improve water management, and governments to engage with the private sector to seek solutions for more equitable and sustainable water governance. The Aqueduct Water Risk Atlas enables practical applications of scientific data

Developing Asset Life Cycle Management capabilities through the implementation of Asset Life Cycle Plans – an Action Research project

OpenAIRE

Ruitenburg, Richard; Braaksma, Anne Johannes Jan

2017-01-01

Asset Life Cycle Management is a strategic approach to managing physical assets over their complete life cycle. However, the literature and the recent ISO 55,000 standard do not offer guidance as to how to develop such an approach. This paper investigates the main capabilities for Asset Life Cycle Management by means of a four year Action Research project implementing Asset Life Cycle Plans. Five main capabilities emerged: 1. strategic information use; 2. alignment of operations and strategy;...

Intangible Assets – Important Resources for Performant Enterprise Gestion

Directory of Open Access Journals (Sweden)

Corina Grosu

2006-10-01

Full Text Available Along time, the goal of intangible assets became very important for the activity and prosperity of business. This matter is achieved as well as more and more the companies operate in a global economy which has as main base the digital revolution and information management. The increase of the immaterial investments percent requires evaluation and recognition criteria by knowledge, intelligence and human competence. But recently, the accounting standards were about to accord negligible attention or even totally ignored the appropriate modalities of report this category of assets. The accounting, obliged to bend to economic, financial and juridical logics, in a „Taylor” modality, presents an unreal image of the company economic life and particularly of investment activity. In a competitive environment, the reliability of future economic benefits, generated by investments, depends less on their material or immaterial nature and more on the characteristics of the market they operate on. These are just a few reflections which determined us to focus our attention to this thought-provoking domain of immaterial investments, appreciated as a potential for the company.

INTANGIBLE ASSETS – IMPORTANT RESOURCE FOR ENTERPRISE PERFORMANCE MANAGEMENT

Directory of Open Access Journals (Sweden)

ANDREEA PAULA DUMITRU

2011-04-01

Full Text Available Along time, the goal of intangible assets became very important for the activity and prosperity of business. This matter is achieved as well as more and more the companies operate in a global economy which has as main base the digital revolution and information management. The increase of the immaterial investments percent requires evaluation and recognition criteria by knowledge, intelligence and human competence. But recently, the accounting standards were about to accord negligible attention or even totally ignored the appropriate modalities of report this category of assets. The accounting, obliged to bend to economic, financial and juridical logics, in a „Taylor” modality, presents an unreal image of the company economic life and particularly of investment activity. In a competitive environment, the reliability of future economic benefits, generated by investments, depends less on their material or immaterial nature and more on the characteristics of the market they operate on. These are just a few reflections which determined us to focus our attention to this thoughtprovoking domain of immaterial investments, appreciated as a potential for the company.

Unrecorded capital flows and accumulation of foreign assets: the case of Croatia

Directory of Open Access Journals (Sweden)

Goran Vukšić

2010-03-01

Full Text Available This paper evaluates the magnitude of unrecorded capital flows and the resulting unrecorded accumulation of foreign assets for Croatia, over the period between 2000 and 2007. The problem of unrecorded capital outflows, often labeled as capital flight, has gained significance in the present global financial and economic crises, because of increasing capital scarcity in many emerging markets and transition economies including Croatia. The findings reveal relatively large amounts of unrecorded foreign asset accumulation over the observed period. A large portion of this accumulation relates to cumulative amounts of net errors and omissions term, which is interpreted as unrecorded capital flow. There are reasons to believe that this net errors and omissions item in Croatia possibly partly represents the unrecorded accumulation of foreign cash from foreign tourist spending, and/or partly results from overstated tourism income in the official statistics.However, even after excluding this item from the calculation of capital flight, the remaining unrecorded accumulation of foreign assets over the period is still substantial. Consequently, if these unrecorded flows are taken into account, Croatia’s net international investment position is improved.

Experience with the ASSET service in Slovakia

International Nuclear Information System (INIS)

Misak, J.

1996-01-01

The experience with the ASSET service in Slovakia is described, including the following: ASSET follow-up mission to Bohunice Unit 1-2 NPP; IAEA peer review of the national Incident Reporting System in the Slovak Republic; ASSET seminar on prevention of incidents, Bratislava, January 8-12, 1996

Experience with the ASSET service in Slovakia

Energy Technology Data Exchange (ETDEWEB)

Misak, J [Nuclear Regulatory Authority, Bratislava (Slovakia)

1997-12-31

The experience with the ASSET service in Slovakia is described, including the following: ASSET follow-up mission to Bohunice Unit 1-2 NPP; IAEA peer review of the national Incident Reporting System in the Slovak Republic; ASSET seminar on prevention of incidents, Bratislava, January 8-12, 1996.

Compound risk judgment in tasks with both idiosyncratic and systematic risk: The "Robust Beauty" of additive probability integration.

Science.gov (United States)

Sundh, Joakim; Juslin, Peter

2018-02-01

In this study, we explore how people integrate risks of assets in a simulated financial market into a judgment of the conjunctive risk that all assets decrease in value, both when assets are independent and when there is a systematic risk present affecting all assets. Simulations indicate that while mental calculation according to naïve application of probability theory is best when the assets are independent, additive or exemplar-based algorithms perform better when systematic risk is high. Considering that people tend to intuitively approach compound probability tasks using additive heuristics, we expected the participants to find it easiest to master tasks with high systematic risk - the most complex tasks from the standpoint of probability theory - while they should shift to probability theory or exemplar memory with independence between the assets. The results from 3 experiments confirm that participants shift between strategies depending on the task, starting off with the default of additive integration. In contrast to results in similar multiple cue judgment tasks, there is little evidence for use of exemplar memory. The additive heuristics also appear to be surprisingly context-sensitive, with limited generalization across formally very similar tasks. Copyright © 2017 Elsevier B.V. All rights reserved.

Prudent management of utility assets -- Problem or promise?

International Nuclear Information System (INIS)

Hatch, D.; Serwinowski, M.

1998-01-01

As utilities move into a deregulated market, the extent and nature of their asset base, as well as, the manner in which they have managed it, may play a key factor in the form of regulatory recovery. Utilities must face the issue of stranded assets. One form of addressing this issue is using ''EVA'', Economic Value Added as a mechanism to form financial models for prudent asset management. The authors present an approach to this challenging aspect of deregulation. They focus on the following utility assets: buildings/facilities, and excess real physical assets. Primarily focusing on Niagara Mohawk, two or three case studies are used to demonstrate how proactive management and EVA analysis transforms underperforming utility assets. These will be presented in a way that can show benefits for all utility stakeholders such as cost avoidance, load growth, real estate tax savings, stranded asset reductions, environmental gains, corporate image enhancement, and regulatory/governmental gains; over and above possible economic gains. Examples will be given that include the transformation of utility assets into award winning commercial, residential, and industrial developments as well as recreational/park lands and greenways. Similarly, other examples will show the many tangible and intangible benefits of an effective investment recovery and waste stream management program. Various strategies will also be presented that detail how utilities can begin to develop a total comprehensive plan for their asset portfolio. The first step in realizing and maximizing EVA towards a portfolio of assets is a change in corporate policy--one from passive ownership to active prudent management. Service and cost will drive competition resulting from full deregulation. To drive down costs, utilities will need to become more efficient in dealing with their asset base. By embracing an EVA model on an entire asset portfolio, utilities can prepare and excel in the newly shaped marketplace

Assessing Asset Pricing Models Using Revealed Preference

OpenAIRE

Jonathan B. Berk; Jules H. van Binsbergen

2014-01-01

We propose a new method of testing asset pricing models that relies on using quantities rather than prices or returns. We use the capital flows into and out of mutual funds to infer which risk model investors use. We derive a simple test statistic that allows us to infer, from a set of candidate models, the model that is closest to the model that investors use in making their capital allocation decisions. Using this methodology, we find that of the models most commonly used in the literature,...

Macroeconomic influences on optimal asset allocation

OpenAIRE

Flavin, Thomas; Wickens, M.R.

2003-01-01

We develop a tactical asset allocation strategy that incorporates the effects of macroeconomic variables. The joint distribution of financial asset returns and the macroeconomic variables is modelled using a VAR with a multivariate GARCH (M-GARCH) error structure. As a result, the portfolio frontier is time varying and subject to contagion from the macroeconomic variable. Optimal asset allocation requires that this be taken into account. We illustrate how to do this using three ri...

Managing corporate assets to maximize value

International Nuclear Information System (INIS)

Rubin, L.

1992-01-01

As the utility industry environment becomes more complex, pressures grow for managers to make more effective use of all their assets - including fuel, equipment, and personnel. Improving the management of assets leads to the delivery of greater value to ratepayers, stockholders, and society. EPRI is sponsoring a broad research program to help utilities effectively apply the tools needed in these changing business conditions, especially the latest in cost and quality management and asset management techniques

Intelligent tactical asset allocation support system

OpenAIRE

Hiemstra, Y.

1995-01-01

This paper presents an advanced support system for Tactical Asset Allocation. Asset allocation explains over 90% of portfolio performance (Brinson, Hood and Beebower, 1988). Tactical asset allocation adjusts a strategic portfolio on the basis of short term market outlooks. The system includes aprediction model that forecasts quarterly excess returns on the S and PSOO, an optimization model that adjusts a user-specified strategic portfolio on thebasis of the excess return forecast, and a compo...

Approaches of Improving University Assets Management Efficiency

Science.gov (United States)

Wang, Jingliang

2015-01-01

University assets management, as an important content of modern university management, is generally confronted with the issue of low efficiency. Currently, to address the problems exposed in university assets management and take appropriate modification measures is an urgent issue in front of Chinese university assets management sectors. In this…

Current approaches to assessing intangible assets

OpenAIRE

Урусова, Зінаїда Петрівна

2013-01-01

The article analyzes methods of assessing intangible assets in Ukraine as well as in accordance with International Financial Reporting Standards. Contemporary approaches to assessing intangible assets have been researched.

A SURVEY OF INTERNATIONAL FINANCIAL RISK MANAGEMENT SYSTEM

Directory of Open Access Journals (Sweden)

SETHI Narayan

2013-12-01

Full Text Available Rising global competition, increasing deregulation, and introduction of innovative products have pushed financial risk management to the forefront of today's financial landscape. Identification of different types of risks and effective management of these risks in the international financial system would help to alleviate crisis, financial losses and also helpful to the long term success of all the financial institutions. The present study aims to analyze different types of risk management strategies and throws some light on challenges and opportunities regarding implementation of Basel-II in international financial system. The present paper also attempts to discuss the different methods and techniques used to measure financial risk management. There are three types of risk faced by all financial institutions: market risk, credit risk and operational risk. In commercial banking, credit risk is the biggest risk; in investment banking, its market risk; and in asset management, it’s operational risk.

What can('t) we do with global flood risk models?

Science.gov (United States)

Ward, Philip; Jongman, Brenden; Salamon, Peter; Simpson, Alanna; Winsemius, Hessel

2015-04-01

In recent years, several global scale flood risk models have become available. Within the scientific community these have been, and are being, used to assess and map the current levels of risk faced by countries and societies. Increasingly, they are also being used to assess how that level of risk may change in the future, under scenarios of climate change and/or socioeconomic development. More and more, these 'quick and not so dirty' methods are also being used in practice, for a large range of uses and applications, and by an increasing range of practitioners and decision makers. For example, assessments can be used by: International Financing Institutes for prioritising investments in the most promising natural disaster risk reduction measures and strategies; intra-national institutes in the monitoring of progress on risk reduction activities; the (re-)insurance industry in assessing their risk portfolios and potential changes in those portfolios under climate change; by multinational companies in assessing risks to their regional investments and supply chains; and by international aid organisations for improved resource planning. However, global scale flood risk models clearly have their limits, and therefore both modellers and users need to critically address the question 'What can('t) we do with global flood risk models?'. This contribution is intended to start a dialogue between model developers, users, and decision makers to better answer this question. We will provide a number of examples of how the GLOFRIS global flood risk model has recently been used in several practical applications, and share both the positive and negative insights gained through these experiences. We wish to discuss similar experiences with other groups of modelers, users, and decision-makers, in order to better understand and harness the potential of this new generation of models, understand the differences in model approaches followed and their impacts on applicability, and develop

VIDEOR: cultural heritage risk assessment and monitoring on the Web

Science.gov (United States)

Monteleone, Antonio; Dore, Nicole; Giovagnoli, Annamaria; Cacace, C.

2016-08-01

Cultural heritage is constantly threatened by several factors, such as anthropic activities (e.g. urbanization, pollution) and natural events (e.g. landslides, subsidence) that compromise cultural assets conservation and integrity over time. Italy is the country with the highest number of UNESCO cultural and natural World Heritage sites (51) containing both monuments and archaeological assets of global significance that need to be preserved for future generations, as declared and requested both by UNESCO and the European Commission. VIDEOR, the first web-service completely dedicated to cultural heritage, arises as support tool to institutions and organisations responsible of CH safeguard, with the goal to guarantee a constant and continuous monitoring of cultural assets considered to be at risk. Thanks to its services, VIDEOR allows a periodic situation evaluation, performed with the use of satellite remote sensing data (both optical and SAR) and aerial platform remote sensing data (UAVs), these last used when satellites identify a critical situation that requires deeper analyses. This constant and periodic monitoring will allow not only always updated information about the asset health status, but also early warnings launched by the operative center (NAIS) directly to experts of the responsible institutions (ISCR) after risk identification. The launch of early warnings will be essential for triggering promptly activities of preventive restoration, a less expensive way of intervention if compared to the post-event restoration, both in economic terms and in terms of historical preservation of a country.

On the management and operation of enterprises intangible asset

Science.gov (United States)

Zhu, Yu; Wang, Hong

2011-10-01

Since entering the knowledge economy, the management of intangible assets becomes an important part of manage, this article discusses the problem of management on intangible assets, the properties of intangible assets, and the channels of management and operation on intangible assets, and stressed the important role of intangible assets in the development and innovation of the enterprise.

BIM: Enabling Sustainability and Asset Management through Knowledge Management

Directory of Open Access Journals (Sweden)

Robbert Anton Kivits

2013-01-01

Full Text Available Building Information Modeling (BIM is the use of virtual building information models to develop building design solutions and design documentation and to analyse construction processes. Recent advances in IT have enabled advanced knowledge management, which in turn facilitates sustainability and improves asset management in the civil construction industry. There are several important qualifiers and some disadvantages of the current suite of technologies. This paper outlines the benefits, enablers, and barriers associated with BIM and makes suggestions about how these issues may be addressed. The paper highlights the advantages of BIM, particularly the increased utility and speed, enhanced fault finding in all construction phases, and enhanced collaborations and visualisation of data. The paper additionally identifies a range of issues concerning the implementation of BIM as follows: IP, liability, risks, and contracts and the authenticity of users. Implementing BIM requires investment in new technology, skills training, and development of new ways of collaboration and Trade Practices concerns. However, when these challenges are overcome, BIM as a new information technology promises a new level of collaborative engineering knowledge management, designed to facilitate sustainability and asset management issues in design, construction, asset management practices, and eventually decommissioning for the civil engineering industry.

BIM: Enabling Sustainability and Asset Management through Knowledge Management

Science.gov (United States)

2013-01-01

Building Information Modeling (BIM) is the use of virtual building information models to develop building design solutions and design documentation and to analyse construction processes. Recent advances in IT have enabled advanced knowledge management, which in turn facilitates sustainability and improves asset management in the civil construction industry. There are several important qualifiers and some disadvantages of the current suite of technologies. This paper outlines the benefits, enablers, and barriers associated with BIM and makes suggestions about how these issues may be addressed. The paper highlights the advantages of BIM, particularly the increased utility and speed, enhanced fault finding in all construction phases, and enhanced collaborations and visualisation of data. The paper additionally identifies a range of issues concerning the implementation of BIM as follows: IP, liability, risks, and contracts and the authenticity of users. Implementing BIM requires investment in new technology, skills training, and development of new ways of collaboration and Trade Practices concerns. However, when these challenges are overcome, BIM as a new information technology promises a new level of collaborative engineering knowledge management, designed to facilitate sustainability and asset management issues in design, construction, asset management practices, and eventually decommissioning for the civil engineering industry. PMID:24324392

Identification and Ranking of Critical Assets within an Electrical Grid under Threat of Cyber Attack

Science.gov (United States)

Boyer, Blake R.

This paper examines the ranking of critical assets within an electrical grid under threat of cyber attack.1 Critical to this analysis is the assumption of zero hour exploits namely, the threat of an immediate attack as soon as a vulnerability is discovered. Modeling shows that over time load fluctuations as well as other system variations will change the importance of each asset in the delivery of bulk power. As opposed to classic stability studies where risk can be shown to be greatest during high load periods, the zero hour exploit-cyber-risk assumes that vulnerabilities will be attacked as soon as they are discovered. The probability of attacks is made uniform over time to include any and all possible attacks. Examining the impact of an attack and how the grid reacts immediately following an attack will identify and determine the criticality of each asset. This work endeavors to fulfill the NERC Critical Infrastructure Protection Requirements CIP-001-1 through CIP-009-2, cyber security requirements for the reliable supply of bulk power to customers throughout North America. 1Critical assets will here refer to facilities, systems, and equipment, which, if destroyed, degraded, or otherwise rendered unavailable, would affect the reliability or operability of the Bulk Electric System, NERC Glossary of Terms Used in Reliability Standards, 2009

Developing Asset Life Cycle Management capabilities through the implementation of Asset Life Cycle Plans – an Action Research project

NARCIS (Netherlands)

Ruitenburg, Richard; Braaksma, Anne Johannes Jan

2017-01-01

Asset Life Cycle Management is a strategic approach to managing physical assets over their complete life cycle. However, the literature and the recent ISO 55,000 standard do not offer guidance as to how to develop such an approach. This paper investigates the main capabilities for Asset Life Cycle

Single factor financial asset pricing models: an empirical test of the Capital Asset Pricing Model CAPM and the Downside Capital Asset Pricing Model D-CAPM Modelos de precificação de ativos financeiros de fator único: um teste empírico dos modelos CAPM e D-CAPM

Directory of Open Access Journals (Sweden)

Felipe Dias Paiva

2005-06-01

Full Text Available This study analyzed the Capital Asset Pricing Model CAPM as well as the Downside Capital Asset Pricing Model D-CAPM and evaluated the latter as an efficient alternative asset pricing model. The returns of 40 companies on the São Paulo Stock Exchange BOVESPA were studied between December 1996 and August 2002. To test the models the study used as variables the Interbank Deposit Certificate CDI as a risk free asset and the Index of São Paulo Stock Exchange IBOVESPA as a proxy of the market portfolio. The D-CAPM was shown to be more useful in explaining the return of the stock market than the CAPM.O objetivo deste estudo é analisar o capital asset pricing model (CAPM e o downside capital asset pricing model (D-CAPM, bem como avaliar se este último modelo é uma eficiente alternativa de modelo de precificação de ativos. Os dados da pesquisa referem-se a 40 retornos de companhias listadas na Bolsa de Valores de São Paulo, de dezembro de 1996 a agosto de 2002. O artigo utilizou, para testar os modelos, as variáveis Certificado de Depósito Interbancário (CDI, como um ativo livre de risco, e o índice da Bolsa de Valores de Sao Paulo (Ibovespa, como proxy do portfólio de mercado. Conclui-se, então, que o D-CAPM possui uma maior capacidade explicativa dos retornos dos ativos se comparado ao CAPM.

Positive Solutions for Fractional Differential Equations from Real Estate Asset Securitization via New Fixed Point Theorem

Directory of Open Access Journals (Sweden)

Hao Tao

2012-01-01

analysis of real estate asset securitization by using the generalized fixed point theorem for weakly contractive mappings in partially ordered sets. Based on the analysis for the existence and uniqueness of the solution and scientific numerical calculation of the solution, in further study, some optimization schemes for traditional risk control process will be obtained, and then the main results of this paper can be applied to the forefront of research of real estate asset securitization.

Assets and Educational Achievement: Theory and Evidence

Science.gov (United States)

Elliott, William; Sherraden, Michael

2013-01-01

This special issue of Economics of Education Review explores the role of savings and asset holding in post-secondary educational achievement. Most college success research has focused on income rather than assets as a predictor, and most college financing policy has focused on tuition support and educational debt, rather than asset accumulation.…

Community Asset Mapping. Trends and Issues Alert.

Science.gov (United States)

Kerka, Sandra

Asset mapping involves documenting tangible and intangible resources of a community viewed as a place with assets to be preserved and enhanced, not deficits to be remedied. Kretzmann and McKnight (1993) are credited with developing the concept of asset-based community development (ABCD) that draws on appreciative inquiry; recognition of social…

The process of developing policy based on global environmental risk assessment

International Nuclear Information System (INIS)

Fisk, D.J.

1995-01-01

A brief presentation is given on developing policy based on a global environmental risk assessment. The author looks at the global warming issue as if it were a formal problem in risk assessment. He uses that framework to make one or two suggestions as to how the interaction of policy and research might evolve as the climate convention progresses

Operational management of offshore energy assets

Science.gov (United States)

Kolios, A. J.; Martinez Luengo, M.

2016-02-01

Energy assets and especially those deployed offshore are subject to a variety of harsh operational and environmental conditions which lead to deterioration of their performance and structural capacity over time. The aim of reduction of CAPEX in new installations shifts focus to operational management to monitor and assess performance of critical assets ensuring their fitness for service throughout their service life and also to provide appropriate and effective information towards requalification or other end of life scenarios, optimizing the OPEX. Over the last decades, the offshore oil & gas industry has developed and applied various approaches in operational management of assets through Structural Health and Condition Monitoring (SHM/CM) systems which can be, at a certain level, transferable to offshore renewable installations. This paper aims to highlight the key differences between offshore oil & gas and renewable energy assets from a structural integrity and reliability perspective, provide a comprehensive overview of different approaches that are available and applicable, and distinguish the benefits of such systems in the efficient operation of offshore energy assets.

Documentation Protocols to Generate Risk Indicators Regarding Degradation Processes for Cultural Heritage Risk Evaluation

Science.gov (United States)

Kioussi, A.; Karoglou, M.; Bakolas, A.; Labropoulos, K.; Moropoulou, A.

2013-07-01

Sustainable maintenance and preservation of cultural heritage assets depends highly on its resilience to external or internal alterations and to various hazards. Risk assessment of a heritage asset's can be defined as the identification of all potential hazards affecting it and the evaluation of the asset's vulnerability (building materials and building structure conservation state).Potential hazards for cultural heritage are complex and varying. The risk of decay and damage associated with monuments is not limited to certain long term natural processes, sudden events and human impact (macroscale of the heritage asset) but is also a function of the degradation processes within materials and structural elements due to physical and chemical procedures. Obviously, these factors cover different scales of the problem. The deteriorating processes in materials may be triggered by external influences or caused because of internal chemical and/or physical variations of materials properties and characteristics. Therefore risk evaluation should be dealt in the direction of revealing the specific active decay and damage mechanism both in mesoscale [type of decay and damage] and microscale [decay phenomenon mechanism] level. A prerequisite for risk indicators identification and development is the existence of an organised source of comparable and interoperable data about heritage assets under observation. This unified source of information offers a knowledge based background of the asset's vulnerability through the diagnosis of building materials' and building structure's conservation state, through the identification of all potential hazards affecting these and through mapping of its possible alterations during its entire life-time. In this framework the identification and analysis of risks regarding degradation processes for the development of qualitative and quantitative indicators can be supported by documentation protocols. The data investigated by such protocols help

DOCUMENTATION PROTOCOLS TO GENERATE RISK INDICATORS REGARDING DEGRADATION PROCESSES FOR CULTURAL HERITAGE RISK EVALUATION

Directory of Open Access Journals (Sweden)

A. Kioussi

2013-07-01

Full Text Available Sustainable maintenance and preservation of cultural heritage assets depends highly on its resilience to external or internal alterations and to various hazards. Risk assessment of a heritage asset's can be defined as the identification of all potential hazards affecting it and the evaluation of the asset's vulnerability (building materials and building structure conservation state.Potential hazards for cultural heritage are complex and varying. The risk of decay and damage associated with monuments is not limited to certain long term natural processes, sudden events and human impact (macroscale of the heritage asset but is also a function of the degradation processes within materials and structural elements due to physical and chemical procedures. Obviously, these factors cover different scales of the problem. The deteriorating processes in materials may be triggered by external influences or caused because of internal chemical and/or physical variations of materials properties and characteristics. Therefore risk evaluation should be dealt in the direction of revealing the specific active decay and damage mechanism both in mesoscale [type of decay and damage] and microscale [decay phenomenon mechanism] level. A prerequisite for risk indicators identification and development is the existence of an organised source of comparable and interoperable data about heritage assets under observation. This unified source of information offers a knowledge based background of the asset's vulnerability through the diagnosis of building materials' and building structure's conservation state, through the identification of all potential hazards affecting these and through mapping of its possible alterations during its entire life-time. In this framework the identification and analysis of risks regarding degradation processes for the development of qualitative and quantitative indicators can be supported by documentation protocols. The data investigated by such

Ambiguity Aversion, Asset Prices, and the Welfare Costs of Aggregate Fluctuations

DEFF Research Database (Denmark)

Alonso, Irasema; Prado, Mauricio

2015-01-01

with a representative agent facing consumption fluctuations calibrated to match U.S. data from 1889 to 2008. Our experiment is to restrict preference parameters in order to as well as possible match some asset-price facts—the average returns on equity and a short-term risk-free bond—and then compute the welfare...

Asset management: the big picture.

Science.gov (United States)

Deinstadt, Deborah C

2005-10-01

To develop an comprehensive asset management plan, you need, first of all, to understand the asset management continuum. A key preliminary step is to thoroughly assess the existing equipment base. A critical objective is to ensure that there are open lines of communication among the teams charged with managing the plan's various phases.

Systemic risk in dynamical networks with stochastic failure criterion

Science.gov (United States)

Podobnik, B.; Horvatic, D.; Bertella, M. A.; Feng, L.; Huang, X.; Li, B.

2014-06-01

Complex non-linear interactions between banks and assets we model by two time-dependent Erdős-Renyi network models where each node, representing a bank, can invest either to a single asset (model I) or multiple assets (model II). We use a dynamical network approach to evaluate the collective financial failure —systemic risk— quantified by the fraction of active nodes. The systemic risk can be calculated over any future time period, divided into sub-periods, where within each sub-period banks may contiguously fail due to links to either i) assets or ii) other banks, controlled by two parameters, probability of internal failure p and threshold Th (“solvency” parameter). The systemic risk decreases with the average network degree faster when all assets are equally distributed across banks than if assets are randomly distributed. The more inactive banks each bank can sustain (smaller Th), the smaller the systemic risk —for some Th values in I we report a discontinuity in systemic risk. When contiguous spreading becomes stochastic ii) controlled by probability p2 —a condition for the bank to be solvent (active) is stochastic— the systemic risk decreases with decreasing p2. We analyse the asset allocation for the U.S. banks.

APPROACHES CONCERNING ACCOUNTING OF INTANGIBLE ASSETS

Directory of Open Access Journals (Sweden)

Gheorghe MOROSAN

2016-02-01

Full Text Available Given the importance of intangible assets in the company the paper aims to establish criteria for recognizing and measuring these assets through which the company can not only reflect the true value and its carrying amount. The main objective is to formulate a logical definition of intangible assets in accounting terms that allows their recognition in financial reporting to help build an accurate image of the company. It will demonstrate how important intangible assets for a successful company are and how they can help develop the economy and especially the Romanian economy. The secondary objectives are: - Setting limits in the valuation of intellectual capital from the point of view of internal control and external - Create a new post in the balance sheet to include this related value

Investment in Transportation Assets : Briefing Paper

Science.gov (United States)

2017-11-21

Highways, streets, railroad lines, transit systems, ports, and other transportation fixed assets enable the movement of people and goods. Investment in transportation fixed assets helps build and maintain these critical resources. The pattern of tran...

Implementing SFAS No 121: Accounting for Impaired Assets.

Science.gov (United States)

Luecke, R W; Meeting, D T; Stotzer, W G

1996-10-01

In March 1995, FASB issued Statement of Financial Accounting Standards (SFAS) No. 121: "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." It establishes accounting standards for assets whose carrying costs have been overstated due to a variety of circumstances that have reduced the value of the assets. Healthcare financial managers should fully understand the statement's implications for their organizations.

THEORETICAL ASPECTS REGARDING THE VALUATION OF INTANGIBLE ASSETS

OpenAIRE

HOLT GHEORGHE

2015-01-01

Valuation of intangible assets represents one of the most delicate problems of assessing a company. Usually, valuation of intangible assets is in the process of evaluating enterprise as a whole. Therefore, Intangible Asset Valuers must have detailed knowledge on business valuation, in particular, the income-based valuation methods (capitalization / updating net cash flow). Valuation of Intangible Assets is the objective of the International Valuation Standards (GN) 4 Valuation of Intangible A...

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

OpenAIRE

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

2018-01-01

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

Tactical Asset Allocation mit Genetischen Algorithmen

OpenAIRE

Manuel Ammann; Christian Zenkner

2003-01-01

In this study of tactical asset allocation, we use a genetic algorithm to implement a market timing strategy. The algorithm makes a daily decision whether to invest in the market index or in a riskless asset. The market index is represented by the S&P500 Composite Index, the riskless asset by a 3-month T-Bill. The decision of the genetic algorithm is based on fundamental macroeconomic variables. The association of fundamental variables with a set of operators creates a space of possible strat...

Electrical actuators in asset management systems; Elektrische Stellantriebe in Asset-Management-Systemen

Energy Technology Data Exchange (ETDEWEB)

Herbstritt, Michael [AUMA Riester GmbH und Co. KG, Muellheim (Germany)

2010-06-15

The terms ''asset management'' and ''life-cycle management'' are nowadays popularly used to designate modern plant management. In the case of complex systems such as process-engineering plants, time and effort are necessary before an idea can be translated into data clear to all the persons involved, however. A key role is played in this context by NAMUR. This article discusses the potential benefits of asset management for electrical actuators and similar field devices and the part played by the NAMUR recommendations. (orig.)

Asset liquidity, corporate investment, and endogenous financing costs

DEFF Research Database (Denmark)

Flor, Christian Riis; Hirth, Stefan

2013-01-01

We analyze how the liquidity of real and financial assets affects corporate investment. The trade-off between liquidation costs and underinvestment costs implies that low-liquidity firms exhibit negative investment sensitivities to liquid funds, whereas high-liquidity firms have positive sensitiv......We analyze how the liquidity of real and financial assets affects corporate investment. The trade-off between liquidation costs and underinvestment costs implies that low-liquidity firms exhibit negative investment sensitivities to liquid funds, whereas high-liquidity firms have positive...... sensitivities. If real assets are not divisible in liquidation, firms with high financial liquidity optimally avoid external financing and instead cut new investment. If real assets are divisible, firms use external financing, which implies a lower sensitivity. In addition, asset redeployability decreases...... the investment sensitivity. Our findings demonstrate that asset liquidity is an important determinant of corporate investment....

CONSIDERATION REGARDING CURRENT ASSETS IN THE CONSTRUCTION ENTITIES

Directory of Open Access Journals (Sweden)

Laura Adriana COJOCARU (ALIONESCU

2014-06-01

Full Text Available Accounting for current assets mainly aims to obtain useful information on the management of their best in order to make management decisions. Counting efficiency of these assets, their importance, provides improved performance of the entity. In this paper we want to study the degree of implementation of policies and accounting treatments on the current assets in the specific construction economic entities, the problems of implementation and thus better addressing their theoretical and procedural to improve the information provided by financial statements. Due to the importance of proper conduct of business owned entities, accounting current assets should result in optimal and efficient control of current assets.

Looking for Synergy with Momentum in Main Asset Classes

OpenAIRE

Lukas Macijauskas; Dimitrios I. Maditinos

2014-01-01

As during turbulent market conditions correlations between main asset-classes falter, classical asset management concepts seem unreliable. This problem stimulates search for non-discretionary asset allocation methods. The aim of the paper is to test weather the concept of Momentum phenomena could be used as a stand alone investment strategy using all main asset classes. The study is based on exploring historical prices of various asset classes; statistical data analysis method is used. Result...

Solar Asset Management Software

Energy Technology Data Exchange (ETDEWEB)

Iverson, Aaron [Ra Power Management, Inc., Oakland, CA (United States); Zviagin, George [Ra Power Management, Inc., Oakland, CA (United States)

2016-09-30

Ra Power Management (RPM) has developed a cloud based software platform that manages the financial and operational functions of third party financed solar projects throughout their lifecycle. RPM’s software streamlines and automates the sales, financing, and management of a portfolio of solar assets. The software helps solar developers automate the most difficult aspects of asset management, leading to increased transparency, efficiency, and reduction in human error. More importantly, our platform will help developers save money by improving their operating margins.

Dynamic Asset Allocation Strategies Based on Volatility, Unexpected Volatility and Financial Turbulence

OpenAIRE

Grimsrud, David Borkner

2015-01-01

Masteroppgave økonomi og administrasjon- Universitetet i Agder, 2015 This master thesis looks at unexpected volatility- and financial turbulence’s predictive ability, and exploit these measures of financial risk, together with volatility, to create three dynamic asset allocation strategies, and test if they can outperform a passive and naively diversified buy-and-hold strategy. The idea with the dynamic strategies is to increase the portfolio return by keeping the portfolio risk at a low a...

24 CFR 990.290 - Compliance with asset management requirements.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Compliance with asset management... URBAN DEVELOPMENT THE PUBLIC HOUSING OPERATING FUND PROGRAM Asset Management § 990.290 Compliance with asset management requirements. (a) A PHA is considered in compliance with asset management requirements...

THE EQUITY PREMIUM PUZZLE AND EMOTIONAL ASSET PRICING

OpenAIRE

MARC GÜRTLER; NORA HARTMANN

2007-01-01

"Since the equity premium as well as the risk-free rate puzzle question the concepts central to financial and economic modeling, we apply behavioral decision theory to asset pricing in view of solving these puzzles. U.S. stock market data for the period 1960-2003 and German stock market data for the period 1977-2003 show that emotional investors who act in accordance to Bell's (1985) disappointment theory -a special case of prospect theory- and additionally administer mental accounts demand a...

The complexity classification of intangible assets

Directory of Open Access Journals (Sweden)

Paula-Angela Vidrascu

2013-03-01

Full Text Available This paper tries to solve the complex problems of arising in the definition and delimitation of the intangible assets. Over time the technology develops and resizes continuously and along with it redefine in a very short time the theoretical and practical concepts of the economy. From the economic point of view an asset can be defined as a resource controlled by the enterprise as a result of past transactions or investments, and which is expected to generate future economic benefits. Intangible assets are the most important economic resources of an entity because in terms of their analysis of the technical, material and financial ñ of her evolution over time and the ability of continuous development. The main purpose of this article is to analyse the research carried out for the purposes of the definition and delimitation of intangible assets.

18 CFR 367.22 - Accounting for asset retirement obligations.

Science.gov (United States)

2010-04-01

... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Accounting for asset... GAS ACT General Instructions § 367.22 Accounting for asset retirement obligations. (a) An asset... measurement changes to the initial liability for the legal obligation recorded in account 230, Asset...

Intellectual assets management and transfer in food science sector in Indian research and development organizations.

Science.gov (United States)

Singh, Vikram; Chakraborty, Kajal

2016-05-01

In recent years, the food science sector has gained importance since the society is focusing on high-quality and safety foods. With a specific end goal to meet this societal need, the research and development organizations in India have adopted innovative technical and research processes, which gave more accentuation on intellectual assessment in food processing industry. The global Intellectual Property regime in food science sector had witnessed an increment in the number of patents filed and granted during 2006-2010. Ever since there has been a gradual increase in the number of patents applied mainly in food processing industries by research organizations related to food sciences, for example, those working under the aegis of ICAR and CSIR in India. In this study, a review has been done on the intellectual assets generated by ICAR and other national research organizations in India, in the food science sector. Emphasis has been given on the global relevance of these assets, modes of IP protection and technology transfer mechanisms followed by different public and private organizations.

SECTORAL RISK AND RETURN FOR COMPANIES IN ROMANIA

Directory of Open Access Journals (Sweden)

Anis Cecilia

2012-12-01

Full Text Available probability that cash flows or return will vary from expectations. Standard corporate finance theory supposes that a company chooses a capital structure that maximizes company value. A fundamental idea in finance is the relationship between risk and return. The greater the amount of risk that an investor is willing to take on, the greater the potential return. The reason for this is that investors need to be compensated for taking on additional risk. Why put capital at significant risk for a return that is no higher than the return on government bonds? Or expect higher than averages returns from low-risk activities? It is impossible to separate measuring the performance of a company from the risks that the management takes to achieve it.In most aspects of company operations, risk assessment plays a different but equally important, role. It is an integral part of informed decision taking in achieving performance. Risk assessment is involved from the highest level in strategic choices about what activities to undertake, what assets to buy or what markets to serve all the way to detailed operational decisions about whether to accept payment in foreign currencies and the adequacy of safety measures in the workplace. It plays a part whether or not an organization is aware of managing risk and many managers feel that their instinct and judgment are enough – a behavior risk. The danger is that this leaves company risk unplanned and unmanaged. This paper proposes a framework where we realized a study cases: we test if return on assets and return on equity has influence on the risk, both on long and short term. For this purposes, we conduct an empirical research that covers 59 selected companies traded at the Bucharest Stock Exchange within the time period 1999-2010. For this study our results reveal that dynamic global risk can be associated to a low intensity with total assets performance of the company’s. Investments efficiency and the

Getting Digital Assets from Public–Private Partnership Research Projects through “The Valley of Death,” and Making Them Sustainable

Science.gov (United States)

Aartsen, Wendy; Peeters, Paul; Wagers, Scott; Williams-Jones, Bryn

2018-01-01

Projects in public–private partnerships, such as the Innovative Medicines Initiative (IMI), produce data services and platforms (digital assets) to help support the use of medical research data and IT tools. Maintaining these assets beyond the funding period of a project can be a challenge. The reason for that is the need to develop a business model that integrates the perspectives of all different stakeholders involved in the project, and these digital assets might not necessarily be addressing a problem for which there is an addressable market of paying customers. In this manuscript, we review four IMI projects and the digital assets they produced as a means of illustrating the challenges in making digital assets sustainable and the lessons learned. To progress digital assets beyond proof-of-concept into widely adopted tools, there is a need for continuation of multi-stakeholder support tailored to these assets. This would be best done by implementing a structure similar to the accelerators that are in place to help transform startup businesses into growing and thriving businesses. The aim of this article is to highlight the risk of digital asset loss and to provoke discussion on the concept of developing an “accelerator” for digital assets from public–private partnership research projects to increase the chance that digital assets will be sustained and continue to add value long after a project has ended. PMID:29594123

Substantiation of the Essence of Intangible Assets in Accounting

OpenAIRE

Beskosta Halyna M.

2013-01-01

Economic subjects in Ukraine started to use intangible assets in their financial and economic activity more often, but still less than in other countries of the world. One of the reasons is a difficulty in understanding the essence of an intangible asset as an object of accounting. The goal of the article is to identify the essence of intangible assets for accounting in accordance with regulatory documents on accounting of intangible assets. The article justifies essence of intangible assets,...

Fundamental-driven and Tactical Asset Allocation: what really matters?

OpenAIRE

Hartpence, Maria; Boulier, Jean-François

2004-01-01

Asset allocation contribution to ex-post performance is of primary importance. Nobody denies its role, yet the subject of allocating assets remains controversial. To some contenders, the added value stems only from strategic asset allocation which aims at providing the long-term average exposure to the selected asset classes. On the other hand, proponents of active management have introduced several forms of tactical asset allocation. In this paper, we will go a step further by distinguishing...

AMERICAN CONCEPTUAL FRAME REGARDING INTELLECTUALY PROPERTY,PART OF INTANGIBLE ASSETS

OpenAIRE

Ecaterina NECSULESCU

2006-01-01

Generally, appraisers and economists categorize individual intangible assets into several distinct categories. This categorization of intangible assets is made for general asset identification and classification purposes. The intangible assets are often grouped in the same category when similar valuation methods are particularly applicable to tha t group of assets.

Population risk perceptions of global warming in Australia.

Science.gov (United States)

Agho, Kingsley; Stevens, Garry; Taylor, Mel; Barr, Margo; Raphael, Beverley

2010-11-01

According to the World Health Organisation (WHO), global warming has the potential to dramatically disrupt some of life's essential requirements for health, water, air and food. Understanding how Australians perceive the risk of global warming is essential for climate change policy and planning. The aim of this study was to determine the prevalence of, and socio-demographic factors associated with, high levels of perceived likelihood that global warming would worsen, concern for self and family and reported behaviour changes. A module of questions on global warming was incorporated into the New South Wales Population Health Survey in the second quarter of 2007. This Computer Assisted Telephone Interview (CATI) was completed by a representative sample of 2004 adults. The weighted sample was comparable to the Australian population. Bivariate and multivariate statistical analyses were conducted to examine the socio-demographic and general health factors. Overall 62.1% perceived that global warming was likely to worsen; 56.3% were very or extremely concerned that they or their family would be directly affected by global warming; and 77.6% stated that they had made some level of change to the way they lived their lives, because of the possibility of global warming. After controlling for confounding factors, multivariate analyses revealed that those with high levels of psychological distress were 2.17 (Adjusted Odds Ratio (AOR)=2.17; CI: 1.16-4.03; P=0.015) times more likely to be concerned about global warming than those with low psychological distress levels. Those with a University degree or equivalent and those who lived in urban areas were significantly more likely to think that global warming would worsen compared to those without a University degree or equivalent and those who lived in the rural areas. Females were significantly (AOR=1.69; CI: 1.23-2.33; P=0.001) more likely to report they had made changes to the way they lived their lives due to the risk of

Asset management inventory and data collection.

Science.gov (United States)

2009-10-01

An efficient and accurate inventory of a state highway agencys assets, along with the means to assess the condition : of those assets and model their performance, is critical to enabling an agency to make informed investment decisions : in a Trans...

The Impact of Short-Sale Constraints on Asset Allocation Strategies via the Backward Markov Chain Approximation Method

OpenAIRE

Carl Chiarella; Chih-Ying Hsiao

2005-01-01

This paper considers an asset allocation strategy over a finite period under investment uncertainty and short-sale constraints as a continuous time stochastic control problem. Investment uncertainty is characterised by a stochastic interest rate and inflation risk. If there are no short-sale constraints, the optimal asset allocation strategy can be solved analytically. We consider several kinds of short-sale constraints and employ the backward Markov chain approximation method to explore the ...

Effects of cash transfers on Children's health and social protection in Sub-Saharan Africa: differences in outcomes based on orphan status and household assets.

Science.gov (United States)

Crea, Thomas M; Reynolds, Andrew D; Sinha, Aakanksha; Eaton, Jeffrey W; Robertson, Laura A; Mushati, Phyllis; Dumba, Lovemore; Mavise, Gideon; Makoni, J C; Schumacher, Christina M; Nyamukapa, Constance A; Gregson, Simon

2015-05-28

Unconditional and conditional cash transfer programmes (UCT and CCT) show potential to improve the well-being of orphans and other children made vulnerable by HIV/AIDS (OVC). We address the gap in current understanding about the extent to which household-based cash transfers differentially impact individual children's outcomes, according to risk or protective factors such as orphan status and household assets. Data were obtained from a cluster-randomised controlled trial in eastern Zimbabwe, with random assignment to three study arms - UCT, CCT or control. The sample included 5,331 children ages 6-17 from 1,697 households. Generalized linear mixed models were specified to predict OVC health vulnerability (child chronic illness and disability) and social protection (birth registration and 90% school attendance). Models included child-level risk factors (age, orphan status); household risk factors (adults with chronic illnesses and disabilities, greater household size); and household protective factors (including asset-holding). Interactions were systematically tested. Orphan status was associated with decreased likelihood for birth registration, and paternal orphans and children for whom both parents' survival status was unknown were less likely to attend school. In the UCT arm, paternal orphans fared better in likelihood of birth registration compared with non-paternal orphans. Effects of study arms on outcomes were not moderated by any other risk or protective factors. High household asset-holding was associated with decreased likelihood of child's chronic illness and increased birth registration and school attendance, but household assets did not moderate the effects of cash transfers on risk or protective factors. Orphaned children are at higher risk for poor social protection outcomes even when cared for in family-based settings. UCT and CCT each produced direct effects on children's social protection which are not moderated by other child- and household

RISK MANAGEMENT IN LENDING INSTITUTIONS IN THE CONTEXT OF ECONOMIC GLOBALIZATION

Directory of Open Access Journals (Sweden)

BOGHEAN FLORIN

2014-05-01

Full Text Available The Romanian companies are nowadays facing process of extinction of decisions based on risk and uncertainty, as a consequence of the permanent transforming process of the economy and because of the privatization, restructuring and globalization activities. The main forms of risk are can be grouped in eight categories: economical risks, financial risks, commercial risks, manufacturing risks, political risks, social risks, juridical risks, natural risks. Through its nature the decision is referring to the future, mainly being provisional. In any decisional process developed at the company level, there are involved in the same time some economical, techniques, juridical, human and managerial variables. The economic recession generated by the chaos affecting financial systems has profoundly distressed the public, business circles and political leaders. The crisis has inexorably had negative effects on global economic growth and will have political, strategic and social consequences as well. The contents of this paper encompasses theoretical and practical aspects, quantitative and qualitative analyses, all aimed at identifying, analysing and controlling bank risks and, last but not least, at managing these risks.

Development of an international scale of socio-economic position based on household assets.

Science.gov (United States)

Townend, John; Minelli, Cosetta; Harrabi, Imed; Obaseki, Daniel O; El-Rhazi, Karima; Patel, Jaymini; Burney, Peter

2015-01-01

The importance of studying associations between socio-economic position and health has often been highlighted. Previous studies have linked the prevalence and severity of lung disease with national wealth and with socio-economic position within some countries but there has been no systematic evaluation of the association between lung function and poverty at the individual level on a global scale. The BOLD study has collected data on lung function for individuals in a wide range of countries, however a barrier to relating this to personal socio-economic position is the need for a suitable measure to compare individuals within and between countries. In this paper we test a method for assessing socio-economic position based on the scalability of a set of durable assets (Mokken scaling), and compare its usefulness across countries of varying gross national income per capita. Ten out of 15 candidate asset questions included in the questionnaire were found to form a Mokken type scale closely associated with GNI per capita (Spearman's rank rs = 0.91, p = 0.002). The same set of assets conformed to a scale in 7 out of the 8 countries, the remaining country being Saudi Arabia where most respondents owned most of the assets. There was good consistency in the rank ordering of ownership of the assets in the different countries (Cronbach's alpha = 0.96). Scores on the Mokken scale were highly correlated with scores developed using principal component analysis (rs = 0.977). Mokken scaling is a potentially valuable tool for uncovering links between disease and socio-economic position within and between countries. It provides an alternative to currently used methods such as principal component analysis for combining personal asset data to give an indication of individuals' relative wealth. Relative strengths of the Mokken scale method were considered to be ease of interpretation, adaptability for comparison with other datasets, and reliability of imputation for even quite

Building a DAM To Last: Archiving Digital Assets.

Science.gov (United States)

Zeichick, Alan

2003-01-01

Discusses archiving digital information and the need for organizations to develop policies regarding digital asset management (DAM) and storage. Topics include determining the value of digital assets; formats of digital information; use of stored information; and system architecture, including hardware and asset management software. (LRW)

Global Risks as Factors that Affect the Current system of international Relations

Directory of Open Access Journals (Sweden)

Irina A. Zaitseva

2017-01-01

Full Text Available The problem of the globalization of risks is examined in this article. Based on the World Economic Forum (WEF report on global risks 2015-2017, the impact of global risks on the social and economic development of countries is examined. Economic, social, environmental, geopolitical, technological risks are analyzed in a coordinated fashion. The article notes that the main risks are in the field of environment and ecology. Anthropogenic pressure amplification, scientific and technological advance have an influence on the natural environment. The risks of infrastructure and environmental damage in danger zone are increased because of the growth of the frequency of extreme weather events. The measures for the protection of the environment are examined. The unilateral approach to solving international issues, instead of the collective efforts of the international community; the deployment of weapons of mass destruction (nuclear, chemical, biological and technologies for the production of radioactive materials; escalation of economic and resource nationalization (the desire of States to expropriate or restrict the export of important for the world economy of resources, etc. promote the increasing geopolitical risks.Economic risks include the risk in terms of their likelihood their impact on the macroeconomic, as from the financial systems and infrastructure to price volatility and regulatory issues. Social risks are the risks relating to instability of population dynamics, social crises and human survival.Technological risks include such problems as software defects, failure of important information systems, upon which today industrial production is depended, the services and communications sector; the escalation of large-scale cyber-attacks; theft of electronic information and the illegal usage of personal data. The trends that can intensify the global risks or to change the correlation between them are analyzed in this article.

Community asset mapping for violence prevention

African Journals Online (AJOL)

opperwjj

Responses to this violence take many forms, including various violence prevention and ... 2 SCRATCHMAPS: Spiritual Capacity and Religious Assets for Transforming Community Health by Mobilising Males for Peace and. Safety .... The asset mapping methodology and toolset were designed by the collaborative research.

Proceedings: 2001 Nuclear Asset Management Workshop

International Nuclear Information System (INIS)

2002-01-01

The fourth annual EPRI Nuclear Asset Management Workshop helped decision makers at all levels of nuclear enterprises to keep informed about developing nuclear asset management (NAM) processes, methods, and tools. The goal is to operate nuclear plants with enhanced profitability, while maintaining safety

Research Synthesis Methods in an Age of Globalized Risks: Lessons from the Global Burden of Foodborne Disease Expert Elicitation