WorldWideScience

Sample records for high capital investment

  1. Transnational Investments in Informational Capital

    DEFF Research Database (Denmark)

    D. Munk, Martin

    This paper analyses the acquisition of informational capital, e.g. academic capital, measured as student mobility, and understood as transnational investments in prestigious foreign educational institutions. In the 1990s, educational “zones of prestige” have especially been the United States......) are more likely than students from other social classes to pursue transnational investments, even though students from the middle and working classes have now entered the competition. This result is also recently found in an analysis of Danish academic emigrants. All in all, the studies confirm...... the hypothesis that students from upper classes are more likely than others to invest in specific informational capital in the field of education, in national environments but also in international settings....

  2. Transnational Investments in Informational Capital

    DEFF Research Database (Denmark)

    D. Munk, Martin

    ) are more likely than students from other social classes to pursue transnational investments, even though students from the middle and working classes have now entered the competition. This result is also recently found in an analysis of Danish academic emigrants. All in all, the studies confirm......This paper analyses the acquisition of informational capital, e.g. academic capital, measured as student mobility, and understood as transnational investments in prestigious foreign educational institutions. In the 1990s, educational “zones of prestige” have especially been the United States...... the hypothesis that students from upper classes are more likely than others to invest in specific informational capital in the field of education, in national environments but also in international settings....

  3. Hospital Capital Investment During the Great Recession.

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal.

  4. 78 FR 1991 - Major Capital Investment Projects

    Science.gov (United States)

    2013-01-09

    ... Capital Investment Projects; Notice of Availability of Proposed New Starts and Small Starts Policy... Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCY: Federal Transit Administration (FTA... implementation of the major capital investment program, primarily by giving the project justification criteria...

  5. 77 FR 3847 - Major Capital Investment Projects

    Science.gov (United States)

    2012-01-25

    ... Capital Investment Projects; Proposed Rule #0;#0;Federal Register / Vol. 77 , No. 16 / Wednesday, January... Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCY: Federal Transit Administration (FTA... investments, such as improved water quality or reduced runoff, even though some of these project...

  6. Investment Problems of China Rural Human Capital

    Institute of Scientific and Technical Information of China (English)

    ZHANG Junxia; YU Jialin; CHEN Ying

    2011-01-01

    The rural human capital refers to the condensation of the physical body, knowledge, skills, and all the abilities that can improve the capacity of the rural labor productivity. The ability is a form of human capital stock and it plays an important role in China's development of rural economy and society, but at present the situation of investment in human capital in rural areas is not optimistic. A lot of problems need to be solved such as the inadequate total investment and the irrational structure, as to these issues, strategies and recommendations were proposed in order to strengthen the human capital investment.

  7. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

    Full Text Available In this article, the author has assumed himself an assignment somehow ostentatious but useful, we believe, naming the one to illustrate by means of figures, the influence of both leverage and economic growth over the cost of capital, cost which will be used in capital budgeting. This synthesis is meant to be a forthcoming approach to a later investigation of the problems raised by the estimation of the cost of capital in the specific conditions of both the financial market in Romania and the quality of the economic-financial information, information available for this estimation. The discount rate for an investment project (kinv with a risk equal to the risk undertaken by the enterprise and financed within the firm’s capital structure itself (having the same leverage is equal to the (weighted average cost of capital in the respective risk class (k. Under these circumstances, it is interesting to find out this opportunity cost of capital invested in a medium-sized enterprise: a with investments in rebuilding the productive capacity, all equity financed; b with investments in rebuilding the productive capacity, financed both by equity and debt; c with new investments, all equity financed; d with new investments, financed both by equity and debt. Under these conditions, we estimate the effect of both the leverage and economic growth over the cost of capital (kec and kc to be able to determine in the end the discount rate of the analyzed investment (kinv: for enterprises with only maintaining investments (g = 0, unlevered (U and levered (L; for enterprises with growing investments (g > 0, unlevered (U and levered (L.

  8. State Education as High-Yield Investment: Human Capital Theory in European Policy Discourse

    Science.gov (United States)

    Gillies, Donald

    2011-01-01

    Human Capital Theory has been an increasingly important phenomenon in economic thought over the last 50 years. The central role it affords to education has become even more marked in recent years as the concept of the "knowledge economy" has become a global concern. In this paper, the prevalence of Human Capital Theory within European…

  9. State Education as High-Yield Investment: Human Capital Theory in European Policy Discourse

    Science.gov (United States)

    Gillies, Donald

    2011-01-01

    Human Capital Theory has been an increasingly important phenomenon in economic thought over the last 50 years. The central role it affords to education has become even more marked in recent years as the concept of the "knowledge economy" has become a global concern. In this paper, the prevalence of Human Capital Theory within European…

  10. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A Bank shall require each member to maintain a minimum investment in the capital stock of the Bank,...

  11. Investment opportunities with YPFB capitalization

    Energy Technology Data Exchange (ETDEWEB)

    Escobar, F. [Yacimientos Petroliferos Fiscales Bolivianos, La Paz (Bolivia)

    1996-10-01

    Investment opportunities with Yacimientos Petroliferos Fiscales Bolivianos (LPFB) in La Paz, Bolivia, were discussed, especially as they may be affected by the new Hydrocarbon Law No. 1689, whose main objective is to encourage investments in Bolivia and to increase production capacity through investors` incorporation. Some of the areas of potential importance examined included reserve development, transportation, upstream consulting, and hydrocarbon development.

  12. Capital investment as a basis for innovative enterprises’ capacity development

    Directory of Open Access Journals (Sweden)

    V.V. Shekman

    2013-03-01

    Full Text Available The aim of the article. The purpose of the article is to study the matter of investment in fixed capital of Ukraines enterprises as a basis of country innovation development and to determine the role of fixed capital investments in innovative development providing.The results of the analysis. In the article the structure and the volume of foreign investments attracting to the national economy of Ukraine during 2003-2012 are analyzed. It is determined that in spite of annual positive foreign investments volume growth in compare to the previous year the dynamic shows the investment climate deterioration because of the investment runoff. The determined trends show the problem in providing a countrys sunstainable economic development in the innovative aspect. The basis of the countrys innovative development is the investment activation into the enterprises fixed capital. The economic activity of the subjects of economy and the level of their competitiveness in domestic and foreign markets are determined by the essential level of fixed capital funds. They are the basis of the enterprise productive process. According to the analysis Ukrainian enterprises have a high level of fixed capital consumption. The rate of investments aimed to renovate fixed capital is too small. The volumes of fixed capital funds renovation and reproduction financing at the domestic enterprises reduced according to the reduction production volume and joint profits. The main source of fixed capital funds reproduction at the industrial enterprises of Ukraine is the main financial assets of the enterprise. The catastrophic lack of internal and external funds was the reason why heads of enterprises refused to implement new innovative projects and carry out all required actions on calling in accumulated credit obligations to the counteragents.Investment increasing will make it possible to renew enterprises fixed capital funds, to reorganize the coproduction and to balance the

  13. Review of capital investment in economic growth cycle

    Science.gov (United States)

    Shaffie, Siti Salihah; Jaaman, Saiful Hafizah; Mohamad, Daud

    2016-11-01

    The study of linkages of macroeconomics factors is prominent in order to understand how the economic cycle affects one another. These factors include interest rate, growth rate, saving and capital investment which are mutually correlated to stabilize the GDP. Part of this study, it will look upon the impact of investment which emphasize the efficiency of capital investment to the economic growth. Capital investment is one investment appraisal that gives impact to the economic growth. It is a long term investment and involve with large amount of capital to incorporate the development of private and public capital investment.

  14. 75 FR 39492 - Major Capital Investment Projects

    Science.gov (United States)

    2010-07-09

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF TRANSPORTATION Federal Transit Administration 49 CFR Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Public meetings on ANPRM. SUMMARY: This document...

  15. 75 FR 33757 - Major Capital Investment Projects

    Science.gov (United States)

    2010-06-15

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF TRANSPORTATION Federal Transit Administration 49 CFR Part 611 RIN 2132-AB02 Major Capital Investment Projects AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Public meetings on ANPRM. SUMMARY: This document...

  16. Investments in Human Capital in Romania

    Directory of Open Access Journals (Sweden)

    Florentina MOISESCU

    2012-12-01

    Full Text Available The human capital represents the most important investment made both by state and companies and also individually for the education and development of skills, knowledge, qualifications and capabilities of individuals, in order to obtain various incomes from certain economic activities. Both the expenses made for education and long term benefits influence the value of the investment in education. The analysis performed on the Romanian economy shows that between the educational level and the income, there is a positive relationship as the one, that numbers are showing with no doubt, between the manpower occupancy and the education period (the amount of investments in human capital. Therefore, the analysis of the Romanian labor market shows that the most affected by unemployment are the individuals with a modest education level while persons with a university degree suffer less from this phenomenon.

  17. An investigation between intellectual capital and investment opportunity

    Directory of Open Access Journals (Sweden)

    Shiva Tavakoli

    2014-02-01

    Full Text Available This paper presents an empirical investigation to study the relationship between intellectual capital and investment opportunities on selected firms listed on Tehran Stock Exchange (TSE over the period 2005-2011. In our survey, Tobin Q represents investment opportunity and intellectual capital is measured based on different variables such as value added intellectual capital and human capital. The study uses regression technique with panel data and random effect and the results indicate that there was no meaningful relationship between intellectual capital and investment opportunity. In other words, most investment opportunities on TSE do not depend on intellectual capital and they mostly depend on traditional methods of investment.

  18. 77 FR 5750 - Major Capital Investment Projects (NPRM); Public Meetings

    Science.gov (United States)

    2012-02-06

    ... Federal Transit Administration 49 CFR Part 611 RIN 2132-AB02 Major Capital Investment Projects (NPRM... Major Capital Investment Projects at 49 CFR 611. The docket for comments on the NPRM is open through... Transit Administration (FTA) for its discretionary Major Capital Investments program (``New Starts'' and...

  19. Heterogeneity in Human Capital Investments: High School Curriculum, College Major, and Careers

    Science.gov (United States)

    Altonji, Joseph G.; Blom, Erica; Meghir, Costas

    2012-01-01

    Motivated by the large differences in labor market outcomes across college majors, we survey the literature on the demand for and return to high school and postsecondary education by field of study. We combine elements from several papers to provide a dynamic model of education and occupation choice that stresses the roles of the specificity of…

  20. How to invest in social capital.

    Science.gov (United States)

    Prusak, L; Cohen, D

    2001-06-01

    Business runs better when people within a company have close ties and trust one another. But the relationships that make organizations work effectively are under assault for several reasons. Building such "social capital" is difficult in volatile times. Disruptive technologies spawn new markets daily, and organizations respond with constantly changing structures. The problem is worsened by the virtuality of many of today's workplaces, with employees working off-site or on their own. What's more, few managers know how to invest in such social capital. The authors describe how managers can help their organizations thrive by making effective investments in social capital. For instance, companies that value social capital demonstrate a commitment to retention as a way of limiting workplace volatility. The authors cite SAS's extensive efforts to signal to employees that it sees them as human beings, not just workers. Managers can build trust by showing trust themselves, as well as by rewarding trust and sending clear signals to employees. They can foster cooperation by giving employees a common sense of purpose through good strategic communication and inspirational leadership. Johnson & Johnson's well-known credo, which says the company's first responsibility is to the people who use its products, has helped the company in time of adversity, as in 1982 when cyanide in Tylenol capsules killed seven people. Other methods of fostering cooperation include rewarding the behavior with cash and establishing rules that get people into the habit of cooperating. Social capital, once a given in organizations, is now rare and endangered. By investing in it, companies will be better positioned to seize the opportunities in today's volatile, virtual business environment.

  1. Study on Human Capital Valve Quantity Model and Investment Featuers

    Institute of Scientific and Technical Information of China (English)

    Chen Peian; Li Yujiang; Li Zhen

    2005-01-01

    In this paper, human capital is considered a kind of goods in terms of investment. Basic consumption and profit margin are the two important components of human capital goods value. Compared with that of the material capital, the human capital consumption has the following features.The importance of human capital investment determined by the supply-demand mechanism, is growing gradually; The course of investment and return takes a long period of time; Human capital is characterized by strong technicality and weak negotiability; The investment profit margin is changeable and discriminating.

  2. Determinants of Success in Private Equity-Venture Capital Investments

    Directory of Open Access Journals (Sweden)

    Antonio Gledson de Carvalho

    2011-06-01

    Full Text Available This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influencing the performance of investments are: size of the fund, number of investments, the practice of co-investment, experience and foreign origin of the managing organization, focus on late stage, intensity of contact between managers and portfolio companies and the number of seats on the boards of the invested companies. The number of successes grows with the number of investments at a declining rate. This can indicate 1 a limit to the ability of managers or 2 that a large number of investments allows for greater diversification of risk, directing investments to companies of high risk but with a high upside.

  3. On the uncertain nature of human capital investments

    NARCIS (Netherlands)

    Mazza, J.

    2012-01-01

    The four studies presented here pertain to an often neglected characteristic of educational investments in human capital literature: its unpredictability and how individuals account for and respond to it. The first study elicits, from a sample of Dutch high school students, the level of information

  4. Legal-Ease:Total Investment Capital & Registered Capital Allocations in China

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    With the Chinese Government, on a regional basis, specifying “minimum amounts” for registered capital contributions in order to establish foreign-invested enterprises in China, and with a similar occurrence concerning total invested capital requirements,

  5. Measuring Social Capital Investment: Scale Development and Examination of Links to Social Capital and Perceived Stress.

    Science.gov (United States)

    Chen, Xinguang; Wang, Peigang; Wegner, Rhiana; Gong, Jie; Fang, Xiaoyi; Kaljee, Linda

    2015-02-01

    Individuals with greater social capital have better health outcomes. Investment in social capital likely increases one's own social capital, bearing great implications for disease prevention and health promotion. In this study, the authors developed and validated the Social Capital Investment Inventory (SCII). Direct effects of social capital investment on perceived stress, and indirect effects through social capital were examined. 397 Participants from Beijing and Wuhan, China completed surveys. Analyses demonstrated that the SCII has a single factor structure and strong internal consistency. Structural equation modeling showed that individuals who invested more in social capital had greater bonding social capital, and subsequently less perceived stress. Results suggest that disease prevention and health promotion programs should consider approaches to encourage social capital investment; individuals may be able to reduce stress by increasing their investment in social capital. Future research is needed to provide additional empirical support for the SCII and observed structural relationships.

  6. Measuring Social Capital Investment: Scale Development and Examination of Links to Social Capital and Perceived Stress

    Science.gov (United States)

    Wegner, Rhiana; Gong, Jie; Fang, Xiaoyi; Kaljee, Linda

    2014-01-01

    Individuals with greater social capital have better health outcomes. Investment in social capital likely increases one’s own social capital, bearing great implications for disease prevention and health promotion. In this study, the authors developed and validated the Social Capital Investment Inventory (SCII). Direct effects of social capital investment on perceived stress, and indirect effects through social capital were examined. 397 Participants from Beijing and Wuhan, China completed surveys. Analyses demonstrated that the SCII has a single factor structure and strong internal consistency. Structural equation modeling showed that individuals who invested more in social capital had greater bonding social capital, and subsequently less perceived stress. Results suggest that disease prevention and health promotion programs should consider approaches to encourage social capital investment; individuals may be able to reduce stress by increasing their investment in social capital. Future research is needed to provide additional empirical support for the SCII and observed structural relationships. PMID:25648725

  7. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

    Full Text Available National laws governing collective investment undertakings were updated as a result of European secondary law modernization with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders. Such coordination intended to facilitate the removal of the restrictions on the free movement of units of UCITS in the internal market. For the purposes of internal regulation UCITS means an undertaking: (a with the sole object of collective investment in transferable securities or in other liquid financial assets of capital raised from the public and which operate on the principle of risk-spreading; and (b with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. The UCITS may be constituted in accordance with contract law (as common funds managed by management companies, trust law (as unit trusts, or statute (as investment companies. Key investor information should be provided as a specific document to investors, before the subscription of the UCITS, in order to help them to reach informed investment decisions. Investment funds enjoy in Romania a new regulatory framework: the contract of common society hosted by new Civil Code and the new Emergency Ordinance regarding UCITS.

  8. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

    Full Text Available National laws governing collective investment undertakings were updated as a result of European secondary law modernization with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders. Such coordination intended to facilitate the removal of the restrictions on the free movement of units of UCITS in the internal market. For the purposes of internal regulation UCITS means an undertaking: (a with the sole object of collective investment in transferable securities or in other liquid financial assets of capital raised from the public and which operate on the principle of risk-spreading; and (b with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. The UCITS may be constituted in accordance with contract law (as common funds managed by management companies, trust law (as unit trusts, or statute (as investment companies. Key investor information should be provided as a specific document to investors, before the subscription of the UCITS, in order to help them to reach informed investment decisions. Investment funds enjoy in Romania a new regulatory framework: the contract of common society hosted by new Civil Code and the new Emergency Ordinance regarding UCITS.

  9. 24 CFR 891.145 - Owner deposit (Minimum Capital Investment).

    Science.gov (United States)

    2010-04-01

    ... General Program Requirements § 891.145 Owner deposit (Minimum Capital Investment). As a Minimum Capital... Investment shall be one-half of one percent (0.5%) of the HUD-approved capital advance, not to exceed $25,000. ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Owner deposit (Minimum...

  10. 76 FR 61769 - Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application

    Science.gov (United States)

    2011-10-05

    ... COMMISSION Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application September... for an exemption from section 17(a) of the Act. SUMMARY OF THE APPLICATION: Destra Capital Investments... for an order under section 12(d)(1)(J) of the Investment Company Act of 1940 (``Act'') for...

  11. Venture Capital Investment Base on Grey Relational Theory

    Science.gov (United States)

    Zhang, Xubo

    This paper builds a venture capital investment projects selection evaluation model base on risk-weight investment return using grey relational analysis. The risk and return in venture capital investment projects selection process is analyses. These risk and return mainly constricted in management ability, operation ability, market ability, exit obtain and investment cost. The 18 sub-indicators are the impact factors contributed to these five evaluation aspects. Grey relation analysis is use to evaluate the venture capital investment selection. Get the optimal solution of risk-weight double objective investment selection evaluation model. An example is used to demonstrate the model in this paper.

  12. Investment Capital Flows, Mexican Economics and Electronic Loan Exchange Project

    OpenAIRE

    Tomas Hes

    2007-01-01

    Private capital flows to emerging markets continue at high levels, but concerns are growing about their sustainability. Direct equity investment slows down, as well as lending by bond investors and private creditors. The potentially global impact of a US economy slowdown, global financial imbalances and geopolitical tensions present motives for cautiousness. Situation in Mexico, the world’s ninth largest economy, seems favorable, but confirms written above. Mexico’s FDI rises, but slow down ...

  13. Dynamics of investment in fixed capital in the economy of the Northern regions

    Directory of Open Access Journals (Sweden)

    Yusif Alimovich Gadzhiev

    2015-03-01

    Full Text Available The article describes characteristics and trends of investment in fixed capital of the Northern regions. It singles out phases of rapid pre-crisis growth, crisis, post-crisis growth and stagnation. Stagnation and decline in recent years are caused by completed major investment projects, reduced own funds of enterprises, limited availability of investment resources and increased capital outflow. The article reveals that the growth of investment in fixed capital of the North in the post-crisis period is provided by the regions, carrying out major investment in oil and gas pipeline transport, oil extraction, production and distribution of electricity, gas and water. The changes in the sectoral structure of investment in fixed capital of the Northern regions are barely visible; the share of investment in the traded sector is still high, especially in mining, due to the Northern regions’ specialization in the extractive industries. The share of investment in the public sector and social services remains low. The specific structure of investment in fixed capital has changed: the share of investment in buildings (excluding housing and structures has increased greatly; the share of investment in machinery, equipment, vehicles has decreased due to insufficient investment in mining enterprises and financial shortages in manufacturing. In most regions the structure of investment in fixed capital by directions is characterized by the increase in the share of investment in machinery, equipment, vehicles in new construction, investment in buildings and structures and the decline in the proportion of investment in machinery, equipment, vehicles modernization and reconstruction and acquisition of new fixed assets. The dynamics and the inefficient structure of investment in fixed assets and directions testify the shortage of investment in innovation in the Northern regions

  14. 76 FR 17736 - Major Capital Investment Program-New Starts

    Science.gov (United States)

    2011-03-30

    ... discretionary selection of projects for funding using unallocated Major Capital Investment (New Starts) program... Federal Transit Administration Major Capital Investment Program--New Starts AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Notice of discretionary selection of New Starts projects for Funding. SUMMARY...

  15. \\t Capital Planning and Investment Control (CPIC) for the Management of Information Technology Investments

    Science.gov (United States)

    Capital Planning and Investment Control (CPIC) is the Information Technology (IT) governance and management methodology in use at EPA for selecting, controlling and evaluating the performance of EPA IT investments throughout the full lifecycle.

  16. ROLE OF HUMAN CAPITAL INVESTMENT IN A COMPETITIVE ECONOMY

    Directory of Open Access Journals (Sweden)

    Mungiu-Pupăzan Mariana Claudia

    2012-12-01

    Full Text Available This paper wants an analysis of investment in human capital as an important resource in the economy. The paper also seeks to strengthen the argument that this resource plays an important role in a competitive economy. The essence of the idea of human capital investment is made in human resources to improve their productivity. Costs are incurred in the expectation of future benefits, hence the term "investment" in human resources. Like all investments, and there is no question if economically justified. The answer to this question depends on whether or not the benefits outweigh the costs by an amount satisfactory or not they apply standard investment criteria.

  17. Exploring the Application of Capital Facility Investment Justification Model

    Directory of Open Access Journals (Sweden)

    Marijan Karić

    2013-07-01

    Full Text Available For decades now, the models for identifying and quantifying the level of risk of investment projects and investment justification evaluation have been the subject of investigation by members of professional and research communities. It is important to quantify the level of risk because by evaluating investment justification in terms of the risks involved, the decision-maker (investor is able to choose from available alternatives the one that will achieve the most favourable ratio of expected profit to the assumed risk. In this way, the economic entity can raise its productivity, profitability and the quality of business operation in general. The aim of this paper was to investigate the extent to which medium and large companies have been using modern methods of investment justification evaluation in their decision-making process and determine the level of quality of the application of the selected methods in practice. The study was conducted on a sample of medium and large enterprises in the eastern Croatia during 2011 and 2012, and it was established that despite the fact that a large number of modern investment project profitability and risk assessment models have been developed, the level of their application in practice is not high enough. The analyzed investment proposals included only basic methods of capital budgeting without risk assessment. Hence, it was concluded that individual investors were presented with low-quality and incomplete investment justification evaluation results on the basis of which the decisions of key importance for the development of the economic entity as a whole were made. This paper aims to underline the need for financial managers to get informed and educate themselves about contemporary investment project profitability and risk assessment models as well as the need to create educational programmes and computer solutions that will encourage key people in companies to acquire new knowledge and apply modern

  18. Venture capital and private equity investment preferences in selected countries

    Directory of Open Access Journals (Sweden)

    Krzysztof Dziekoński

    2016-01-01

    Full Text Available Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

  19. Accounting information quality, governance efficiency and capital investment choice

    OpenAIRE

    Zhai, Jinbu; Wang, Yutao

    2016-01-01

    This paper examines the relationship between accounting information quality and capital investment choice from the perspective of accounting information’s governance function. Measuring capital investment choice as the correlation of growth of operating income between company and industry, this paper investigates whether and to what extent companies focus on their core business. The results show that the higher the quality of publicly listed firms’ accounting information, the stronger that co...

  20. Corruption and the Efficiency of Capital Investment in Developing Countries

    DEFF Research Database (Denmark)

    O’Toole, Conor M.; Tarp, Finn

    2014-01-01

    This paper tests the effect of corruption on the efficiency of capital investment. Using firm-level data from the World Bank Enterprise Surveys, covering 90 developing and transition economies, we consider whether the cost of informal bribe payments distorts the efficient allocation of capital...

  1. The importance of trust for investment : Evidence from venture capital

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, Marco; Hellmann, T.

    2016-01-01

    We examine the effect of trust in venture capital. Our theory predicts a positive relationship of trust with investment, but a negative relationship with success. Using a hand-collected dataset of European venture capital deals, we find that the Eurobarometer measure of trust among nations positivel

  2. The importance of trust for investment : Evidence from venture capital

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, Marco; Hellmann, T.

    We examine the effect of trust in venture capital. Our theory predicts a positive relationship of trust with investment, but a negative relationship with success. Using a hand-collected dataset of European venture capital deals, we find that the Eurobarometer measure of trust among nations

  3. Human Capital Investment and an Analysis of Its Progressive Profit

    Institute of Scientific and Technical Information of China (English)

    张德平; 孙诚

    2004-01-01

    Skilled labor force cultivated through putting in funds and time in their education are undoubtedly essential in the operation of sophisticated machines in production, but it is so also in the creation of new ideas and methods in production and other economic activities, and ultimately in the promotion of the progressive increase of material capital. Thus strengthening the investment of human capital and enriching the stock of human capital is of primary importance, especially for China, in the 21st century.

  4. Education - an investment in human capital

    Directory of Open Access Journals (Sweden)

    Daniela Neamţu

    2012-12-01

    Full Text Available Formal education, personal abilities and the health state play an important role in this paper. Those are all essential constituent elements of the human capital. In the present paper we intend to present briefly the fundamental concepts of the human capital, with an emphasis on education and abilities. We also mark out the importance of the human capital development in the purpose of maintaining the development and the motivation of the human resources, which are the main premises organizations need to capitalize. The higher education has a determinant role in the attainment of this desideratum.

  5. provider venture capital funds: investing in innovation.

    Science.gov (United States)

    Potter, Mary Jo; Wesslund, Rick

    2016-05-01

    As health systems continue to embrace disruptive innovation, they are increasingly likely to consider making a move into venture capital. Working in venture capital can benefit a health system in several ways, including: Allowing it to operate outside of bureaucracy and align projects with its core values. Encouraging innovation within the organization. Enabling it to respond quickly to changes in the market.

  6. Accounting information quality, governance efficiency and capital investment choice

    Directory of Open Access Journals (Sweden)

    Jinbu Zhai

    2016-12-01

    Full Text Available This paper examines the relationship between accounting information quality and capital investment choice from the perspective of accounting information’s governance function. Measuring capital investment choice as the correlation of growth of operating income between company and industry, this paper investigates whether and to what extent companies focus on their core business. The results show that the higher the quality of publicly listed firms’ accounting information, the stronger that correlation, particularly when the corporate governance of the listed company is poor. The findings imply that accounting information quality can thus optimize the capital investment choice, which complements and strengthens the functioning of corporate governance. Hence, regulators should pay more attention to the market’s power to supervise the behavior of listed firms, improve the governance functions of accounting information and increase the efficiency of capital allocation.

  7. Venture capital and private equity investment strategies in selected European countries

    Directory of Open Access Journals (Sweden)

    Krzysztof Dziekoński

    2016-09-01

    Full Text Available Private equity and venture capital (PE/VC funding is the provision of equity capital by financial investors to non-quoted companies with high growth potential. It has a particular emphasis on entrepreneurial activities rather than on mature businesses. PE/VC investors differ on several dimensions including: investment targets, screening evaluation methods, governance mechanisms, and objectives. The paper is a conti nuati on of the discussion that concerns investment strategies of PE/VC funds. While studying the PE/VC market it is important to analyze the origin and structure of capital. The authors assumed that different types of investors have different investment strategies. Our research is an attempt to answer the following research question: whether the investor type, on the European PE/VC market, has an impact on the selection of industries. The paper presents results of statistical analysis of venture capital and private equity funds investment strategies in selected countries.

  8. Higher Objectives of Islamic Investment Products: Islamizing Indonesian Capital Market

    Directory of Open Access Journals (Sweden)

    Andri Soemitra

    2016-09-01

    Full Text Available Indonesian capital market regulators have already accommodated Islamic products as one of Indonesian capital market products. Theoretically, Islamic investment promises three main benefits i.e. spiritual, financial, and social benefits. Realizing Islamic investment in the sense of those three main benefits needs serious effort. This paper discusses the perception of capital market investors. This study suggests that their opinion as to whether or not sharī‘ah capital market products had fulfilled their expectations of Islamic comprehensive objectives. Islamic capital market instruments are part of Islamic instruments. The Islamization of financial institutions and instruments in the modern era has emerged not only to meet Muslims’ need for financial activities but also as the medium to realize the higher objectives of Islam, i.e. maqāṣid al-sharī‘ah in economic and financial activities.DOI: 10.15408/sdi.v23i2.2408

  9. Investments and capital market imperfections, identification issues: a survey

    Directory of Open Access Journals (Sweden)

    Bruno Ćorić

    2010-12-01

    Full Text Available If financial markets are perfect, the choice of the sources of finance does not influence investment decisions. However, financial markets are considered to be far from perfect. This review concentrates on the role of information asymmetry in determining real investment decisions. Despite the theoretical plausibility of a relationship between capital market imperfections and real investments, the empirical literature has found it difficult to identify this channel. Overall, more research is needed to identify a method that will not be subject to criticisms related to the use of cash-flow in the investment equation and will be based on the data that are relatively available across countries and over time.

  10. Investment Capital Flows, Mexican Economics and Electronic Loan Exchange Project

    Directory of Open Access Journals (Sweden)

    Tomas Hes

    2007-04-01

    Full Text Available Private capital flows to emerging markets continue at high levels, but concerns are growing about their sustainability. Direct equity investment slows down, as well as lending by bond investors and private creditors. The potentially global impact of a US economy slowdown, global financial imbalances and geopolitical tensions present motives for cautiousness. Situation in Mexico, the world’s ninth largest economy, seems favorable, but confirms written above. Mexico’s FDI rises, but slow down is expected: and with more than 40% of the population living below official poverty line, the inequality continues rampant. Fortunately, there are innovations unseen ever before promising ways how to tackle the lack of investment. Electronic Loan Exchange Network, ELEN Project in development between group of Czech elite bankers, IT specialists and FIPS, prime Mexican microfinance institution. Goal of this ambitious endeavor is to enable tens of millions of small European and US investors to lend for attractive interest rate to poor micro-borrowers in marginalized regions on a massive scale, thus creating an alternative for savings accounts and stock market investments.

  11. Human capital, stock, investment and other estimates

    OpenAIRE

    Giraldez, Roxana; Quiñonez, María del Carmen

    2014-01-01

    En el presente trabajo se realiza una cuantificación del capital humano en el Perú expresado en unidades monetarias. Se estiman el stock y la inversión en capital humano así como las tasas de rentabilidad de esta inversión. La principal variable considerada es el nivel de educación. Se trabaja sobre la base de información del ingreso laboral según sexo, edad y nivel de educación, de acuerdo al censo de 1981. A partir de ello se construye el Ingreso Laboral Esperado de por Vida para cada grupo...

  12. Toward an American Rural Renaissance. The Role of Investment Capital in Rural Development.

    Science.gov (United States)

    Brace, Lloyd

    This essay examines the role of investment capital in rural development. The development of government capitalism is traced. Outlined next are the premises for private and public investment. Geographic/geopolitical concerns in the formation of investment priorities are described. The need for greater availability of investment capital for small…

  13. Venture Capital Investment Selection Decision-making Base on Fuzzy Theory

    Science.gov (United States)

    Zhang, Xubo

    Venture capital investment decision-making is the most important issue in venture capital investment selection. There are higher uncertainty and complexity in venture capital investment decision-making process. This paper analysis these uncertain risk in venture capital investment decision-making base the previous studies. Attributed the venture capital candidate firms' select to fuzzy optimal decision-making. Build a risk-weight fuzzy optimal return model to avoid the decision-making risk. Get the optimal solution set.

  14. Characteristics and drivers of venture capital investment activity in Romania

    Directory of Open Access Journals (Sweden)

    Mihaela DIACONU

    2012-07-01

    Full Text Available The present paper aims at characterising the venture capital market and identifying factors affecting the venture capital investments activity in Romania in the period 2000-2010. With a view to assessing the intensity of manifestation of various factors on the supply and demand of venture capital we use an econometric model of macroeconomic variables already tested in the literature. We consider, however, that we bring contributions to the approach, by analysing the features of the venture capital market in Romania and impact factors, our work being, at the same time, support in assessing the types of decisions to be adopted by policymakers to the formation of an authentic market and stimulating innovation. Our results indicate that the total R&D intensity is the main determinant of the venture capitals invested in this period in the two phases (for early stages and expansion. A significant incidence, mainly on the supply side, also shows the annual long term real interest rate, while the market capitalisation, the effective marginal tax rate on corporate income, the annual inflation or unemployment rate do not impact on the venture capital. Our recommendations, in terms of formation and development of the venture capital market, look as a priority, strengthening the demand for resources, respectively encouraging of enterprises to innovate, creating of conditions for the supply to be manifested in the seed and start-up stages and the compatibilization of the need for resources with prudential rules by adapting regulations for institutional investors.

  15. INVESTMENT IN HUMAN CAPITAL – PREREQUISITE FOR THE GROWTH OF THE ORGANIZATIONAL PERFORMANCE

    Directory of Open Access Journals (Sweden)

    BÎRCĂ ALIC

    2015-12-01

    Full Text Available This paper is devoted to investment in human capital as an essential element for ensuring organizational performance. Human capital investments may be direct, more focused on professional training, as well as indirect, more oriented towards the health of employees and the purchase of equipment for their development. In Moldovan organizations investments in human capital are more oriented towards training and professional development of employees. At the same time, in the recruitment and selection of candidates’ process, organizations are trying to attract people that have a high level of professional knowledge and skills, which contribute to increasing the value of their human capital. In order to assess the involvement level of the organizations from Republic of Moldova in terms of human capital development investment, a sociological research that included 152 organizations was conducted. The result of investigations have shown us that human capital value into an organization depends, in the first instance, on the selection tools and techniques that allow election of candidates with an intellectual and professional potential at higher level. Human capital value within organizations increases provided that their staff participates in various professional training programs.

  16. Variations in Human Capital Investment Activity by Age.

    Science.gov (United States)

    Simpson, Patricia A.; Greller, Martin M.; Stroh, Linda K.

    2002-01-01

    Late-career workers (ages 50-65) were more likely to participate in credentialing programs, targeted job-related courses, and on-the-job computer training than younger adults and received similar employer support. However, participation might be a consequence of support received. Human capital investment thus is more complex than conventional…

  17. Taking Human Capital Investment Seriously: Reflections on Educational Reform

    Science.gov (United States)

    Kang, Trivina

    2004-01-01

    This paper presents the 2002 Junior College/Upper Secondary Review in Singapore in the context of the nation-state's commitment to human capital investment. It discusses how these changes have led to a radically altered upper secondary educational landscape through the implementation of the Integrated Programme, the establishment of Specialized…

  18. 31 CFR 223.7 - Investment of capital and assets.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Investment of capital and assets. 223.7 Section 223.7 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE SURETY COMPANIES DOING...

  19. Heterogeneity in Human Capital Investments: High School Curriculum, College Major, and Careers. NBER Working Paper No. 17985

    Science.gov (United States)

    Altonji, Joseph G.; Blom, Erica; Meghir, Costas

    2012-01-01

    Motivated by the large differences in labor market outcomes across college majors, we survey the literature on the demand for and return to high school and post-secondary education by field of study. We combine elements from several papers to provide a dynamic model of education and occupation choice that stresses the roles of specificity of human…

  20. Investments in social capital--implications of social interactions for the production of health.

    Science.gov (United States)

    Bolin, Kristian; Lindgren, Björn; Lindström, Martin; Nystedt, Paul

    2003-06-01

    This paper develops a theoretical model of the family as producer of health- and social capital. There are both direct and indirect returns on the production and accumulation of health- and social capital. Direct returns (the consumption motives) result since health and social capital both enhance individual welfare per se. Indirect returns (the investment motives) result since health capital increases the amount of productive time, and social capital improves the efficiency of the production technology used for producing health capital. The main prediction of the theoretical model is that the amount of social capital is positively related to the level of health; individuals with high levels of social capital are healthier than individuals with lower levels of social capital, ceteris paribus. An empirical model is estimated, using a set of individual panel data from three different time periods in Sweden. We find that social capital is positively related to the level of health capital, which supports the theoretical model. Further, we find that the level of social capital (1) declines with age, (2) is lower for those married or cohabiting, and (3) is lower for men than for women.

  1. Capital Investment by Independent and System-Affiliated Hospitals

    Directory of Open Access Journals (Sweden)

    Nathan W. Carroll PhD

    2015-06-01

    Full Text Available Capital expenditures are a critical part of hospitals’ efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best strategy is to join a multi-hospital system. There is scant empirical evidence to support the idea that system membership improves independent hospitals’ ability to make capital expenditures. Using data from the American Hospital Association and Medicare Cost Reports, we use difference-in-difference methods to examine changes in capital expenditures for independent hospitals that joined multi-hospital systems between 1997 and 2008. We find that in the first 5 years after acquisition, capital expenditures increase by an average of almost $16 000 per bed annually, as compared with non-acquired hospitals. In later years, the difference in capital expenditure is smaller and not statistically significant. Our results do not suggest that increases in capital expenditures vary by asset age or the size of the acquiring system.

  2. Capital Investment by Independent and System-Affiliated Hospitals.

    Science.gov (United States)

    Carroll, Nathan W; Smith, Dean G; Wheeler, John R C

    2015-01-01

    Capital expenditures are a critical part of hospitals' efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best strategy is to join a multi-hospital system. There is scant empirical evidence to support the idea that system membership improves independent hospitals' ability to make capital expenditures. Using data from the American Hospital Association and Medicare Cost Reports, we use difference-in-difference methods to examine changes in capital expenditures for independent hospitals that joined multi-hospital systems between 1997 and 2008. We find that in the first 5 years after acquisition, capital expenditures increase by an average of almost $16,000 per bed annually, as compared with non-acquired hospitals. In later years, the difference in capital expenditure is smaller and not statistically significant. Our results do not suggest that increases in capital expenditures vary by asset age or the size of the acquiring system.

  3. 高新技术企业人力资本投资对财务绩效的影响分析%Analysis of the Impact of High-Tech Enterprise Human Capital Investment on Financial Performance

    Institute of Scientific and Technical Information of China (English)

    刘叶云; 朱洪慧

    2014-01-01

    This paper focuses on the impact of human capital investment of high-tech enterprise on the finan-cial performance.40 “National Torch Plan” enterprises in eight high-tech fields were selected as samples.Gray correlation analysis method was used to discuss the effects of human capital investment on the financial performance of different high-tech enterprises.The results show that there is a strong positive correlation between the amount of high-tech enterprise human capital investment and its financial performance.Furtheremore, it is revealed that hu-man capital investment has greatest influence on financial performance in new materials technology enterprises.%围绕高新技术企业人力资本投资对财务绩效的影响这一中心,选取八大高新技术领域的40家“国家火炬计划”企业为样本。采用灰色关联分析方法探讨了人力资本投资对不同高新技术企业财务绩效的影响,研究发现高新技术企业人力资本投入额与其财务绩效之间具有较强正相关关系,人力资本投资对新材料技术类企业财务绩效的影响最大。

  4. International capital flows and investment volatility in selected sub-Saharan African countries

    Directory of Open Access Journals (Sweden)

    William Brafu-Insaidoo

    2011-07-01

    Full Text Available The study examines the impact of foreign capital flows on investment volatility in emerging and frontier market economies in sub-Saharan Africa. In particular, the study attempts to answer the question of whether different components of foreign capital inflows explain investment volatility. Theory suggests that increased cross-border capital mobility increases investment volatility due to the possibility of substituting foreign for domestic investments. Empirical literature does not, however, provide any clear evidence in support of this theory. By using the dynamic panel data analysis, this study tests the hypothesis that increased capital flows increases investment volatility and the study established that international capital flows reduce investment volatility.

  5. Determinants of Working Capital Investment: A Study of Malaysian Public Listed Firms

    Directory of Open Access Journals (Sweden)

    Shaista Wasiuzzaman

    2013-06-01

    Full Text Available The paper examines the determinants of the level of investment in net operating working capital by firms in Malaysia. Data from 192 companies spanning a period of 8 years (2000- 2007 are analysed using the OLS regression technique for this purpose. The study finds that in times of economic expansion, younger and smaller firms with less tangible assets, low leverage, high immediate sales growth, high operating cash flows, less volatile revenues and low levels of asymmetric information are likely to have the highest investments inoperating working capital. Board characteristics, namely size and the independence of the board, are not found to have any significant influence on the working capital investment of firms.

  6. Enhancing SMEs’ Growth by Investing in Organizational Capital

    Directory of Open Access Journals (Sweden)

    Urban Pauli

    2016-09-01

    Full Text Available Objective: The objective of this paper is to verify the relationship between the share of investments in organizational capital (OC within the total amount of investments and key performance indicators of SMEs. Research Design & Methods: Quantitative research based on the author’s theoretical model and was conducted on a group of 180 Polish SMEs with the use of a structured questionnaire. To verify the hypothesis measures of dispersion as well as correlation were used. Findings: The share of investments in OC vary at particular growth stages and the highest is in decline stage. Investigated firms invest mostly in 'brand' and 'IT systems'. Investing in OC seems to be important mostly for SMEs that are in the prime stage. In this stage the share of investments in OC is correlated with almost all performance indicators. It suggests that OC can be treated as a source of competitive advantage and firms’ performance. Implications & Recommendations: The appropriate share of investments in particular resources positively impact the effectiveness of decisions aimed at enhancing SMEs growth. Guidelines in what to invest help managers to plan their activities, especially while operating in a rapidly changing environment. Contribution & Value Added: The study contributes to the stream of research devoted to SME growth factors. Despite the fact that there already are publications on the impact of particular resources on organisations’ success or failure, complex studies, including those concerning Polish SMEs, are much needed.

  7. The role of financial market performance in hospital capital investment.

    Science.gov (United States)

    Reiter, Kristin L; Song, Paula H

    2011-01-01

    Many not-for-profit hospitals hold large portfolios of financial investments, making them vulnerable to fluctuations in market performance. This article examines the association of bond and equity market performance with investment in property, plant, and equipment by 194 not-for-profit general hospitals in California over the period 1997 to 2006. The study combines retrospective panel data from the California Office of Statewide Health Planning and Development with year-end returns on the S&P 500 and ten-year US Treasury bonds. Using fixed-effects regression, we find a significant positive association between S&P 500 performance and hospitals' capital investment; investment is not correlated with ten-year Treasury bond performance.

  8. THE INVESTMENT IN HUMAN CAPITAL – MORE THAN AN IDEA IN PRESENT AND FUTURE REALITIES

    Directory of Open Access Journals (Sweden)

    BUTA SIMONA

    2014-07-01

    In countries, there is a consensus, that parts of the level of government investment include also the need for investment in educational services, governments undoubtedly playing a central role in directing the formation and development of human capital. We need to invest in human capital, doubly so as that the investment in education is a profitable one, the rate of capitalization of the investment in education ranging from 5-30%, according to OECD statistics.

  9. ANALYSIS OF CAPITAL FLOW WITH GIS -- Two Approaches for Regional Investment in China

    Institute of Scientific and Technical Information of China (English)

    2003-01-01

    GIS technology has been mostly concerned with handling physical data and modeling physical environment. However, the requirements of GIS for handling socio-economic information in many cases are different from those concerning phenomena in the physical environment. Analysis of capital flow among regions requires the transitions both from economic values to physical landscape and from physical surface to economic explanation. Rapid growth of Chinese economy comes mainly from investment. There are two main ways for obtaining high growth of investment. One is government expenditure which usually invests in regional facility and amenity block, which is regarded as stimulus for attracting investment. The other is the creation of investing center and corresponding capital source areas, both of which need the central city with the highest growth rate of investment among regions. This paper presents the cluster areas of both government revenue and total investment, the potential situation of capital flow between central city Shanghai and its neighbor provinces by using " Classification" and " Interpolation" functions of ArcView GIS.

  10. Venture Capital Investment in the Life Sciences in Switzerland.

    Science.gov (United States)

    Hosang, Markus

    2014-12-01

    Innovation is one of the main driving factors for continuous and healthy economic growth and welfare. Switzerland as a resource-poor country is particularly dependent on innovation, and the life sciences, which comprise biotechnologies, (bio)pharmaceuticals, medical technologies and diagnostics, are one of the key areas of innovative strength of Switzerland. Venture capital financing and venture capitalists (frequently called 'VCs') and investors in public equities have played and still play a pivotal role in financing the Swiss biotechnology industry. In the following some general features of venture capital investment in life sciences as well as some opportunities and challenges which venture capital investors in Switzerland are facing are highlighted. In addition certain means to counteract these challenges including the 'Zukunftsfonds Schweiz' are discussed.

  11. GROWTH AND VENTURE CAPITAL INVESTMENT IN TECHNOLOGY-BASED SMALL FIRMS THE CASE OF HUNGARY

    Directory of Open Access Journals (Sweden)

    Becsky Nagy Patricia

    2014-07-01

    Full Text Available Venture capital backed enterprises represent a low proportion of companies, even of innovative ones. The research question was, whether these companies have an important role in innovation and economic growth in Hungary compared to other countries. In the first part of the article I present the theoretical background of technology-based small firms, highlighting the most important models and theories of the economic impact and the special development of innovative technology-oriented small firms. In the second part of the article I present the status of the most important indicators of innovation in connection with entrepreneurship, than I elaborate on the measures of start-ups, mainly the high-tech ones with high-growth potential. I describe the current position of venture capital industry, detailing the venture capital investments, with particular emphasis on classical venture capital investments that points out the number and the amount of venture capital investments financing early stage firms with high-growth potential. At the end I summarize the status of Hungarian technology-based small firms and their possibilities to get financial sources form venture capital investors, with regards to the status and the prospects of the JEREMIE program. In Hungary the number of internationally competitive firms, ready and willing to obtain venture capital, is much lower than in the US or Western European countries. Hungary could take advantage of its competitive edges in some special fields of innovation. The efficiency of information flow would reduce the information gap between the demand and the supply side of the venture capital market and more Hungarian firms could be internationally successful through venture capital financing. The recent years’ policy and special programs like JEREMIE generated more transactions, that helped to inform the entrepreneurs about venture capital and helped to co-invest public resources with private equity more

  12. Does social capital affect investment in human capital? Family ties and schooling decisions

    NARCIS (Netherlands)

    Di Falco, Salvatore; Bulte, E.H.

    2015-01-01

    We analyse whether traditional sharing norms within kinship networks affect education decisions of poor black households in KwaZulu-Natal. Theory predicts that the size of the kinship network ambiguously impacts on the incentive to invest in human capital (due to opposing ‘empathy’ and ‘free-rider’

  13. Does social capital affect investment in human capital? Family ties and schooling decisions

    NARCIS (Netherlands)

    Falco, Di Salvatore; Bulte, Erwin

    2015-01-01

    We analyse whether traditional sharing norms within kinship networks affect education decisions of poor black households in KwaZulu-Natal. Theory predicts that the size of the kinship network ambiguously impacts on the incentive to invest in human capital (due to opposing ‘empathy’ and ‘free-ride

  14. Dynamic Investment Behavior Taking into Account Ageing of the Capital Good

    NARCIS (Netherlands)

    Feichtinger, G.; Hartl, R.F.; Kort, P.M.; Veliov, V.

    2001-01-01

    In standard capital accumulation models all capital goods are equally productive and produce goods of the same quality.However, due to ageing, in reality it holds most of the time that newer capital goods are more productive. Implications of this feature for the firm's investment policies are invest

  15. The Power of Professional Capital: With an Investment in Collaboration, Teachers Become Nation Builders

    Science.gov (United States)

    Hargreaves, Andrew; Fullan, Michael

    2013-01-01

    This article explores the powerful idea of capital and articulates its importance for professional work, professional capacity, and professional effectiveness. Systems that invest in professional capital recognize that education spending is an investment in developing human capital from early childhood to adulthood, leading to rewards of economic…

  16. The Investment of Social Capital & Performance Derived from the Institutional Change

    Institute of Scientific and Technical Information of China (English)

    LiHuamin,; ZhaoBaohua; DavidKelly

    2004-01-01

    Investment in social capital refers to the payments--of time, energy and monetary cost—made by individuals in a bid to obtain social capital, and the sustained efforts they make for incessant identification of social relations with other people. The return on investment of social capital is seen in the following:

  17. 12 CFR 956.4 - Risk-based capital requirement for investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement for investments... OFF-BALANCE SHEET ITEMS FEDERAL HOME LOAN BANK INVESTMENTS § 956.4 Risk-based capital requirement for investments. Each Bank shall hold retained earnings plus general allowance for losses as support for...

  18. 77 FR 65025 - Trust for Professional Managers and Collins Capital Investments, LLC; Notice of Application

    Science.gov (United States)

    2012-10-24

    ... COMMISSION Trust for Professional Managers and Collins Capital Investments, LLC; Notice of Application.... Windhorst, Collins Capital Investments, LLC, 806 Douglas Road, Suite 570, Coral Gables, FL 33134. FOR... application under section 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from...

  19. Improvements in ecosystem services from investments in natural capital.

    Science.gov (United States)

    Ouyang, Zhiyun; Zheng, Hua; Xiao, Yi; Polasky, Stephen; Liu, Jianguo; Xu, Weihua; Wang, Qiao; Zhang, Lu; Xiao, Yang; Rao, Enming; Jiang, Ling; Lu, Fei; Wang, Xiaoke; Yang, Guangbin; Gong, Shihan; Wu, Bingfang; Zeng, Yuan; Yang, Wu; Daily, Gretchen C

    2016-06-17

    In response to ecosystem degradation from rapid economic development, China began investing heavily in protecting and restoring natural capital starting in 2000. We report on China's first national ecosystem assessment (2000-2010), designed to quantify and help manage change in ecosystem services, including food production, carbon sequestration, soil retention, sandstorm prevention, water retention, flood mitigation, and provision of habitat for biodiversity. Overall, ecosystem services improved from 2000 to 2010, apart from habitat provision. China's national conservation policies contributed significantly to the increases in those ecosystem services.

  20. Trends in U.S. Venture Capital Investments Related to Energy: 1980-2007

    Energy Technology Data Exchange (ETDEWEB)

    Dooley, James J.

    2008-10-10

    This report documents trends in U.S. venture capital investments over the period 1980-2008. Particular attention is given to U.S. venture capital investments for “internet-specific”, biotechnology, and energy / industrial sectors over the period 1980-2007. During the early 1980s, U.S. venture capital investments in the energy / industrial area accounted for more than 20% of all venture capital investments. However subsequent periods of low energy prices and the emergence of fast growing new industries like computers (both hardware and software), biotechnology and the Internet quickly reduced the priority accorded to energy / industrial investments as by 2000 these investments accounted for only 1% of the $119 billion dollars invested that year by the U.S. venture capital community. The significant increase in the real price of oil that began in 2003-2004 correlates with renewed interest and increased investment by the venture capital community in energy / industrial investment opportunities. Venture capital investments in 2007 for the energy / industrial sector accounted for $3 billion or slightly more than 10% of all venture capital invested that year.

  1. The Risk-Return Trade-Off in Human Capital Investment

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Joensen, Juanna Schrøter; Nielsen, Helena Skyt

    In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by sing...

  2. Investment in Human Capital through Institutions of Higher Education for the Revival of Kenya's Economy

    Science.gov (United States)

    Wawire, Nelson W.; Nafukho, Fredrick M.

    2006-01-01

    Despite economic theory postulating that increases in investment in human capital and physical capital leads to increase in economic growth, in the Kenyan case, this has not been true. This paper empirically examines the contribution of human capital and physical capital to economic growth in Kenya. Measures to be undertaken by higher education…

  3. Foreign Direct Investments and Human Capital Development in Subsaharan Africa

    Directory of Open Access Journals (Sweden)

    Luc NEMBOT NDEFFO

    2010-12-01

    Full Text Available The objective of the present study is to estimate the impact of foreign direct investments on human capital development in 32 Subsaharan African countries over the period 1980 – 2005. Human capital is captured by the percentage of children in full-time education in primary and secondary schools. Panel data regressions are used for the estimations. The results show a correlation not only between FDI and the percentage of children in full-time education in primary school but also between the FDI and the percentage of children in full-time education in secondary school. These results are not significant for that. This shows that FDI directed towards Sub-Saharan Africa still remain insufficient. That is why a lot of effort should be made in order to favour the attraction of FDI in this part of the continent. The other variables which have a positive and significant impact on the percentage of children in full-time education are: the domestic investment rate, public sector expenditures, life expectancy at birth and the growth rate of the gross domestic product per capita.

  4. Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments

    Science.gov (United States)

    Lahr, Henry; Mina, Andrea

    2014-01-01

    This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments. PMID:26166906

  5. Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments.

    Science.gov (United States)

    Lahr, Henry; Mina, Andrea

    2014-06-01

    This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments.

  6. 26 CFR 1.857-2 - Real estate investment trust taxable income and net capital gain.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Real estate investment trust taxable income and... TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.857-2 Real estate investment trust taxable income and net capital gain. (a) Real estate investment trust taxable...

  7. Equilibrium points for Optimal Investment with Vintage Capital

    CERN Document Server

    Faggian, Silvia

    2007-01-01

    The paper concerns the study of equilibrium points, namely the stationary solutions to the closed loop equation, of an infinite dimensional and infinite horizon boundary control problem for linear partial differential equations. Sufficient conditions for existence of equilibrium points in the general case are given and later applied to the economic problem of optimal investment with vintage capital. Explicit computation of equilibria for the economic problem in some relevant examples is also provided. Indeed the challenging issue here is showing that a theoretical machinery, such as optimal control in infinite dimension, may be effectively used to compute solutions explicitly and easily, and that the same computation may be straightforwardly repeated in examples yielding the same abstract structure. No stability result is instead provided: the work here contained has to be considered as a first step in the direction of studying the behavior of optimal controls and trajectories in the long run.

  8. INVESTMENTS IN BONDS ON ROMANIA’S CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    ILIE RĂSCOLEAN

    2010-01-01

    Full Text Available Capital market, both the primary and secondary record financial transactions not only through property titles, but also issues debt securities, designed to attract monetary funds in the form of loans or medium term. Bonds are securities, consisting of a long-term debt on a company giving the holder of Bonds (Bondholders claim equal rights, corresponding nominal value of the bond. Bonds can be bought either in the public offering period, from banks or corporations Brokerage Financial Services Distributors, or from the stock through a brokerage firm by a procedure similar to that for action. Investing in bonds also entails risks, among which include the risk of default, interest rate risks and currency risks.

  9. Staged Venture Capital Investment considering Unexpected Major Events

    Directory of Open Access Journals (Sweden)

    Yindong Zhang

    2017-01-01

    Full Text Available This paper presents a dynamic model of capital financing, taking into consideration unexpected major events occurring within continuous time model. We are considering a special jump-diffusion model first described by Samuelson (1973 while using traditional geometric Brownian motion. This paper seeks to accurately show the innovative project valuation when unexpected major events occur and get the analytical results of the project option value. Furthermore, we analyzed the impact of multistaged financing; results indicated that both sources of uncertainty positively impact the project option value; particularly, the option price when considering unexpected major events occurrence is larger than the option price without unexpected major events. Based on a comparative-static analysis, new propositions for optimal amount of investment and optimal level of project are derived from simulations.

  10. Association of market, operational, and financial factors with nonprofit hospitals' capital investment.

    Science.gov (United States)

    Kim, Tae Hyun; McCue, Michael J

    2008-01-01

    Capital investments in the latest medical equipment and the replacement of aging facilities are critical decisions for sustaining hospitals' financial viability. A recent survey over the period 1997 to 2001 found that hospitals increased their capital expenditures by only 1%. The aim of this study is to gain insight into the changes in market, operational, and financial factors that may have influenced hospital capital investment during this period. The sample consisted of a panel of nonprofit hospitals operating between 1998 and 2001. Capital investment was measured on the basis of capital purchases for buildings, fixtures, and movable equipment during a fiscal year. The results suggest that liquidity-the availability of internal funds-is a critical determinant of capital investment in both urban and rural facilities. From a market perspective, findings indicate that growth in the over-65 population led to increases in the capital investment of rural hospitals. Financially, an increase in cash flow also was strongly related to a change in capital investment among urban facilities. Surprisingly, rural hospitals with aging plants and equipment had declining capital investment.

  11. AACP Special Taskforce on Diversifying Our Investment in Human Capital Interim Update.

    Science.gov (United States)

    White, Carla; Adams, Jennifer

    2016-09-25

    The 2015-2017 AACP Special Taskforce on Diversifying our Investment in Human Capital was appointed for a two-year term, therefore the interim update from the Taskforce. A full report will be provided in 2017 in the form of a white paper for academic pharmacy on diversifying our investment in human capital.

  12. Performance of the Higher Education Students Loans Board in Human Capital Investment from 2005-2015

    Science.gov (United States)

    Memba, Albert Zephaniah; Feng, Zhao Zun

    2016-01-01

    Many studies conducted on the Higher Education Students Loans Board (HESLB) have mostly concentrated on its success, sustainability and effectiveness on loans issuance and repayment. None had focused on its performance towards human capital investment. This study sought to explain and analyze HESLB's performance in human capital investment, which…

  13. 76 FR 37174 - Capital Investment Program-New Starts and Small Starts Program Funds

    Science.gov (United States)

    2011-06-24

    ... Federal Transit Administration Capital Investment Program--New Starts and Small Starts Program Funds... appropriated for the Capital Investments Grant Account, which includes the New Starts and Small Starts programs... Transportation's (DOT) Federal Transit Administration (FTA) announces the apportionment of the FY 2011...

  14. THE ROLE OF THE BANKING SYSTEM OF UKRAINE IN FUNDING OF CAPITAL INVESTMENTS INTO NATIONAL ECONOMY

    Directory of Open Access Journals (Sweden)

    N. Shpygotska

    2014-01-01

    Full Text Available The paper studies the capital structure of domestic enterprises by sources, forms and terms of financing. The structure of capital investments financing in the economy of Ukraine are analysed. The role of banking lending in financing of current and investment activity of domestic enterprises are anatomized. The key tools to foster bank lending to stimulate the national economy are developed.

  15. Venture Capital Investments for Life Sciences Start-ups in Switzerland.

    Science.gov (United States)

    Gantenbein, Pascal; Herold, Nils

    2014-12-01

    Despite its economic and technological importance, the Swiss life sciences sector faces severe challenges in attracting enough venture capital for its own development. Although biotechnology and medical technology have been the most important areas of venture financing from 1999 through 2012 according to our own data, average investment volumes nevertheless remain on a low level of only 0.05 percent of Swiss GDP. After 2008, there was a pronounced shift away from early-stage financing. While business angels still play an important role at the early stage, venture capitalists are the most important investor type by volumes having their main focus on expansion financing. The industry faces predominant challenges in securing capital availability for entrepreneurs, in transforming the highly skewed and back-loaded payoff profile of investments into a more stable return stream, and in defining appropriate business and collaboration models.

  16. Human Capital Investment and the Value of Risky R&D Projects

    DEFF Research Database (Denmark)

    Dockner, Engelbert; Siyahhan, Baran

    We consider a firm that employs human capital to make a technological breakthrough. Since the probability of success of the breakthrough depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but can...... consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value of the firm...... be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and risk...

  17. Exploring the Relationship between Human Capital Investment and Corporate Financial Performance of Jordanian Industrial Sectors

    Directory of Open Access Journals (Sweden)

    Faris Nasif ALSHUBIRI

    2013-12-01

    Full Text Available The revolution of globalization, computerization and information technology has entered to Jordanian market. This phenomenon requires company's attention of human element and the acquired knowledge, experience and the development of the so-called concept of intellectual capital.(IC In this study I used only the human capital as a part of IC. This study aims to exploring the relationship between human capital investment (HCI, and corporate financial performance. This study used an 11 industrial sectors listed of Amman Stock Exchange from 2005to 2011. Correlation analysis tests used in this study and the results indicate the high positive significant relationship between HCI and corporate financial performance related to, ROE , PTBV , log of sales , log of assets , DPS and ICR but no significant relationship between HCI and WCTO. The researcher recommends industrial companies to strengthen and stimulate the concept of human capital in the companies and the need for develop administrative innovation program. For future analysis may be used more sectors listed in market in addition used the all parts of intellectual capital related to structural and physical capital with corporate financial performance.

  18. Limited Life Expectancy, Human Capital and Health Investments: Evidence from Huntington Disease

    OpenAIRE

    Emily Oster; Ira Shoulson; Ray Dorsey, E.

    2012-01-01

    One of the most basic predictions of human capital theory is that life expectancy should impact human capital investment. Limited exogenous variation in life expectancy makes this difficult to test, especially in the contexts most relevant to the macroeconomic applications. We estimate the relationship between life expectancy and human capital investments using genetic variation in life expectancy driven by Huntington disease (HD), an inherited degenerative neurological disorder with large im...

  19. Limited Life Expectancy, Human Capital and Health Investments: Evidence from Huntington Disease

    OpenAIRE

    Emily Oster; Ira Shoulson; Ray Dorsey, E

    2012-01-01

    One of the most basic predictions of human capital theory is that life expectancy should impact human capital investment. Limited exogenous variation in life expectancy makes this difficult to test, especially in the contexts most relevant to the macroeconomic applications. We estimate the relationship between life expectancy and human capital investments using genetic variation in life expectancy driven by Huntington disease (HD), an inherited degenerative neurological disorder with large im...

  20. Education as an Investment in Turkey’s Human Capital: A Work in Progress

    Directory of Open Access Journals (Sweden)

    William A. OWINGS

    2012-11-01

    Full Text Available As a nation, Turkey sees education as an essential component in building its economy to world class levels. Yet school equity and teacher quality issues are preventing Turkey from fully developing its human capital. Authors discuss the concept of education as an investment in human capital, Turkey’s human capital challenges, equity practices which undermine the widespread development of Turkey’s human capital, how improving teacher quality could help remedy the situation, and recommendations to strengthen Turkey’s education as an investment in human capital.

  1. Exploring Best Practice Skills to Predict Uncertainties in Venture Capital Investment Decision-Making

    Science.gov (United States)

    Blum, David Arthur

    Algae biodiesel is the sole sustainable and abundant transportation fuel source that can replace petrol diesel use; however, high competition and economic uncertainties exist, influencing independent venture capital decision making. Technology, market, management, and government action uncertainties influence competition and economic uncertainties in the venture capital industry. The purpose of this qualitative case study was to identify the best practice skills at IVC firms to predict uncertainty between early and late funding stages. The basis of the study was real options theory, a framework used to evaluate and understand the economic and competition uncertainties inherent in natural resource investment and energy derived from plant-based oils. Data were collected from interviews of 24 venture capital partners based in the United States who invest in algae and other renewable energy solutions. Data were analyzed by coding and theme development interwoven with the conceptual framework. Eight themes emerged: (a) expected returns model, (b) due diligence, (c) invest in specific sectors, (d) reduced uncertainty-late stage, (e) coopetition, (f) portfolio firm relationships, (g) differentiation strategy, and (h) modeling uncertainty and best practice. The most noteworthy finding was that predicting uncertainty at the early stage was impractical; at the expansion and late funding stages, however, predicting uncertainty was possible. The implications of these findings will affect social change by providing independent venture capitalists with best practice skills to increase successful exits, lessen uncertainty, and encourage increased funding of renewable energy firms, contributing to cleaner and healthier communities throughout the United States..

  2. Investing in human and natural capital. An alternative paradigm for sustainable development in Awassa, Ethiopia

    Energy Technology Data Exchange (ETDEWEB)

    Reynolds, Travis W. [Evans School of Public Affairs, University of Washington, Seattle, Washington, 98195 (United States); Farley, Joshua [Gund Institute for Ecological Economics and Department of Community Development and Applied Economics, University of Vermont, Burlington, Vermont, 05405 (United States); Huber, Candice [UVM Agricultural Extension Service, University of Vermont, Burlington, Vermont, 05405 (United States)

    2010-09-15

    Ethiopia remains underdeveloped due to limitations in natural, human, social and built capital. A 2006 scientific atelier conducted in the city of Awassa, Ethiopia investigated investments in human and natural capital as a sustainable development strategy. Local stakeholders identified firewood shortages, degradation of croplands, rising lake levels encroaching on croplands and poor water quality as major impediments to development. They further identified ecological degradation as a key component of these problems, and they acknowledged multiple vicious cycles compounding the environmental and economic threats to the Awassa community. Proposed solutions included investment in natural capital in the form of reforestation activities, investment in human capital in the form of promoting more efficient wood stoves along with increasing public awareness of environmental threats, and investments in social capital in the form of inter-institutional coordination to address environmental problems. All recommended investments rely primarily on national resources, in distinct contrast to the extensive imports required for most built capital investments. Unfortunately, Awassa lacks the surplus necessary for major capital investments of any kind. The atelier therefore helped local participants identify potential funders and write grant proposals for various projects, though none have been funded so far. Reversing the ecological degradation on the scale necessary for sustained economic development in Ethiopia however will require a steady flow of substantial investments, and cannot rely solely on the short term generosity of funders. International payments for carbon sequestration and other ecosystem services could help provide the necessary resources. (author)

  3. Determinants of the capital structure of Portuguese firms with investments in Angola

    Directory of Open Access Journals (Sweden)

    Jorge H.F. Mota

    2017-02-01

    Full Text Available Background: This article seeks to complement the previous literature and clarify the particularities of the capital structure policy of firms with foreign direct investment in Angola. Aim: This article seeks to identify the determinants of the capital structure of Portuguese firms with direct investment in Angola and to understand whether the determinants normally considered by standard finance theory are in line with those used by firms when structuring their capital structure policy to participate in the specific market of Angola. Setting: This article examines 26 large Portuguese firms with investments in Angola using econometric panel data for the period 2006–2010. Methods: The study applied fixed and random effects methods and panel-corrected standard errors that maintain efficiency and unbiased behaviour even in the presence of panel-level heteroscedasticity and contemporaneous correlation of observations among panels. Results: The results provide evidence that the determinants normally considered by standard finance theory are in fact – in terms of sign and coefficient dimension – those used by firms for structuring their capital structure policy when involved in the internationalisation process of entering Angola. Specifically, age, asset structure, return on assets and tangibility have a positive influence on the capital structure of Portuguese firms that have invested in Angola, while non-debt tax shields and liquidity have a negative influence on these companies’ leverage ratios. When comparing our results with studies that have analysed the capital structure determinants of listed Portuguese firms – firms belonging to the PSI 20 Index and large firms in the Portuguese corporate sector – we found similarities in the sign and coefficient dimension of the determinants of capital structure. However, the profitability coefficient sign is in line with the trade-off framework (i.e. profitability is positively related to debt but

  4. Bilevel Programming Model of Private Capital Investment in Urban Public Transportation: Case Study of Jinan City

    Directory of Open Access Journals (Sweden)

    Yunqiang Xue

    2015-01-01

    Full Text Available Increasing public transportation subsidies have created fiscal pressures for governments. To ease this financial pressure, Chinese government strongly encourages private capital investment in public transportation. However, previous private capital investments in public transportation operations have largely failed, mainly due to low ticket fares that cannot support sustainable operations. To address this issue, several previous research projects have developed methods to facilitate private capital investment. The majority of the research focuses on qualitative analysis and value for money analysis. Our research proposed a new method of private capital investment in public transportation operations based on the concept of “passenger value.” The feasibility of the proposed method of private investment was analyzed quantitatively by constructing a bilevel programming model. The model was verified based on a sample analysis of Jinan city traffic. Results showed that effective private capital investment increases the total societal benefit from the public transportation system and additionally that the investment method considering “passenger value” is superior to the traditional one. A quantitative tool was provided by the model to evaluate private capital investment effects, design investment policies, and develop further research.

  5. Managing Debt and Capital Investments: A Toolbox for Private Colleges and Universities

    Science.gov (United States)

    Townsley, Michael K.

    2008-01-01

    All private colleges and universities make strategic capital investments and consider the use of debt to fund those investments. From the commonplace purchase of photocopiers to the construction of new academic buildings or dormitories, investment decisions that yield long-term financial benefits must follow on the heels of careful analysis. To…

  6. Managing Debt and Capital Investments: A Toolbox for Private Colleges and Universities

    Science.gov (United States)

    Townsley, Michael K.

    2008-01-01

    All private colleges and universities make strategic capital investments and consider the use of debt to fund those investments. From the commonplace purchase of photocopiers to the construction of new academic buildings or dormitories, investment decisions that yield long-term financial benefits must follow on the heels of careful analysis. To…

  7. Human Capital Investment and the Completion of Risky R&D Projects

    DEFF Research Database (Denmark)

    Siyahhan, Baran; Engelbert, Dockner

    2010-01-01

    but can be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if nec- essary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value...... of the firm is driven by fixed labor costs that occur until the breakthrough is made, the call option to invest in human capital and market the product, and the put option to abandon the project. These options together with labor costs’ based operating leverage determine the risk dynamics. Risk varies non...... and risk consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value...

  8. FUNDS INVESTMENT STRATEGIES ON CAPITAL MARKETS FROM EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    REGEP HORAŢIU DAN

    2015-04-01

    Full Text Available The purpose of this paper is the understanding of how to establish investment strategies of investment funds depending on the area, sector of investment, and time horizon, and the management involvement in investment decisions making. There have been considered funds from Trustnet, investing in Eastern Europe. For each investment fund, the sector and also a set of indicators to measure performance and risks have been analyzed: dynamics, beta, alpha, Sharpe ratio, info ratio and R-Squared.

  9. The Value of Human Capital Signals for Investment Decision Making under Uncertainty

    DEFF Research Database (Denmark)

    Hain, Daniel; Christensen, Jesper Lindgaard; Jurowetzki, Roman

    In this paper, we analyze the interaction between human capital signals of entrepreneurial founding teams with the contextual experience of potential investors, aiming to explain investment decision making. We use the case of cross-border venture capital (VC) investments in volatile and uncertain...... experience, investors improve their heuristics and develop more sophisticated and contextual decision making procedures. Previous research in the context of VC investments particularly points at human capital signals of the founding team as an important criteria considered by venture capitalists. Among those...... their less experienced peers. We do so by contrasting cross-border VC investments by the same investors in a selection of sub-Saharan African countries with their investments in European economies. Using a propensity score matching procedure, we match every observed investor-company investment pair...

  10. Designing a Forex Trading and Equity Investment Strategy for the New-State Capital Hedge Fund

    OpenAIRE

    Malik, Rizvan

    2008-01-01

    Construct the investment strategy for the New-State Capital Hedge Fund. Identify profit making opportunities in Foreign Exchange (Forex) & Equities using both conventional and non-conventional indicators. The author is to articulate and document his current knowledge in the chosen area in order to stimuate ideas in creating potential investment strategies. Justify knowledge with actual results in a genuine live investment. Critique and evluate the effectiveness of the proposed investment ...

  11. The Risk-Return Trade-Off in Human Capital Investment

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Joensen, Juanna Schrøter; Nielsen, Helena Skyt

    tests for mean-variance spanning. A risk-return trade-off is revealed, hich is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may......In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by sing...

  12. Capital Mobility: An application of Saving-Investment Link for Tunisia

    Directory of Open Access Journals (Sweden)

    Jauhari Dahalan

    2012-01-01

    Full Text Available The paper examines the degree of capital mobility in Tunisia for 1970 to 2009 period, using Feldstein and Horioka (1980 method of savings and investment comovement. We apply ARDL bound test to assess comovement between savings and investment; and to compute the savings retention ratio with FMOLS and DOLS as complements. The results reveal low capital mobility, in contrary to Maminingi (1997 who note perfect capital immobility in Tunisia. Hence, efforts should be made by authorities in Tunisia to evolve policies that will mobilize international capital into Tunisia

  13. SMEs perspective on venture capital investment criteria - A study of Croatian SMEs

    Directory of Open Access Journals (Sweden)

    Marija Šimić Šarić

    2017-01-01

    Full Text Available The importance of small and medium sized enterprises (SMEs for the economy is indisputable. However, SMEs worldwide, including Croatian ones, have difficulties in accessing financing sources, primarily the alternative ones like venture capital. Seeking venture capital for entrepreneurs is a big challenge because of the absence of unique venture capital investment criteria and investment process. Less than 3% of the entrepreneurs succeed in attracting venture capital. In order to increase the chances of obtaining venture capital in the first phase, this study seeks to explain the required venture capital investment criteria from the perspective of SMEs. To the author’s best knowledge, no studies have to date been undertaken specifically on venture capital investment criteria in Croatia. Final results suggest that that the SME manager/owner (manager/owner of SMEs who seeks to attract venture capital is a male, aged between 35-44, has an BSc academic degree and the company is privately owned. Regarding the profile characteristics, the results show that, looking from the point of the SME manager/owner, goal orientation and hard work are the most important factors for seeking venture capital in the first phase, followed by innovation and reasonable risk-taking.

  14. 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.

  15. The relationship between venture capital investment and macro economic variables via statistical computation method

    Science.gov (United States)

    Aygunes, Gunes

    2017-07-01

    The objective of this paper is to survey and determine the macroeconomic factors affecting the level of venture capital (VC) investments in a country. The literary depends on venture capitalists' quality and countries' venture capital investments. The aim of this paper is to give relationship between venture capital investment and macro economic variables via statistical computation method. We investigate the countries and macro economic variables. By using statistical computation method, we derive correlation between venture capital investments and macro economic variables. According to method of logistic regression model (logit regression or logit model), macro economic variables are correlated with each other in three group. Venture capitalists regard correlations as a indicator. Finally, we give correlation matrix of our results.

  16. The Value of Human and Social Capital Investments for the Business Performance of Start-ups

    NARCIS (Netherlands)

    N. Bosma (Niels); M. van Praag (Mirjam); A.R. Thurik (Roy); G. de Wit (Gerrit)

    2002-01-01

    textabstractWe investigate the manifold posed question: "To what extent does investment in human and social capital, besides the effect of "talent", enhance entrepreneurial performance?". We distinguish between three different performance measures: survival, profits, and generated employment. On the

  17. Empirical Study on the Relationship between Farmers’ Human Capital Investment and Rural Poverty

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Literatures about the relationship between human capital investment and rural poverty are reviewed.According to the time-series data from 1990 to 2007,VAR model and variance decomposition research are used to study the relationship between household human capital investment and rural poverty.Result shows that there is long-run equilibrium relationship between household human capital investment and rural poverty.Educational investment and health investment have significant impacts on the alleviation of rural poverty;while migration investment does not have significant impact on the alleviation of rural poverty.Among the factors causing poverty fluctuations,educational investment has greater impacts on poverty fluctuations than health investment in the short run,but health investment has greater impacts on poverty fluctuations than educational investment in the long run.Based on this,related countermeasures are put forward,such as further increasing the investment in education and health,implementing the compulsory education and social security system,consolidating the rural cooperative medical care,improving the retirement pension system in rural areas,and perfecting the training and technical extension system for rural population under the poverty line.

  18. Human Capital Investment and the Value of Risky R&D Projects

    DEFF Research Database (Denmark)

    Dockner, Engelbert; Siyahhan, Baran

    be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and risk...... is driven by fixed labor costs that occur until the breakthrough is made, the call option to invest in human capital and market the product, and the put option to abandon the project. These options together with labor costs’ based operating leverage determine the risk dynamics. Firm risk is inverse U......We consider a firm that employs human capital to make a technological breakthrough. Since the probability of success of the breakthrough depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but can...

  19. Depreciation cost for the capital investment of a pyroprocess facility

    Energy Technology Data Exchange (ETDEWEB)

    Kim, S. K.; Lee, S. H.; Ko, W. I. [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

    2015-10-15

    The pyroprocess produces U/TRU metal ingots using four important processes, pretreatment, electrochemical reduction, electrorefining and electrowinning, in order to recycle spent fuel. KAPF+'s capacity is shown the cost that is injected into the KAPF+. The pyroprocess unit cost is data that are essential for inputting to calculate the pyroprocess-Sodiumcooled Fast Reactor (SFR) nuclear fuel cycle cost. Moreover, since the pyroprocess facility's depreciation cost is included in the manufacturing indirect cost of the pyroprocess cost, it can become an important element for judging the pyroprocess' economic viability. Since the pyroprocess unit cost calculates the sum of the costs that are incurred each year by dividing with the total amount of U/TRU ingot produced, the pyroprocess unit cost uncertainty increases as well when the uncertainty of the costs incurred by each year increases. KAPF+, which is a commercialization facility, was set as the cost object, and the existing methods (straightline method and fixed percentage of declining-balance method) used today and the depreciation cost of the ADDM were subjected to a comparative analysis. The results are as follows. First, in case of the straight-line method that calculated the durable period as 40 years, and in case of ADDM that factored in a 5% deceleration rate, the difference in the depreciation costs of $65.26/kgHM and $119.05/kgHM resulted during the first and last years, respectively. Accordingly, it was analyzed that there is a significant difference in terms of the cost of the capital investment every year depending on the depreciation method. Secondly, since the depreciation cost is a component of the manufacturing indirect cost, it is necessary to maintain a trend that is similar to that of the direct labor cost in addition to the direct material cost.

  20. The Portfolio Creation Model Developed for the Capital Investment Program Plan Review (CIPPR)

    Science.gov (United States)

    2014-11-12

    Basinger, Director, DCI, CFD Scientific Letter The PORTFOLIO CREATION MODEL developed for the Capital Investment Program Plan Review (CIPPR) To inform...the portfolio creation model that has been developed to produce project portfolios for the Capital Investment Program Plan Review (CIPPR). The portfolio ...creation model is one element of the portfolio approach that has been envisioned for CIPPR in order to enable better decisions concerning the

  1. The Portfolio Approach Developed to Underpin the Capital Investment Program Plan Review (CIPPR)

    Science.gov (United States)

    2014-11-06

    Basinger, Director, DCI, CFD Scientific Letter The PORTFOLIO APPROACH developed to underpin the Capital Investment Program Plan Review (CIPPR) To better...the key concepts about the new analytical approach that has been used to produce alternative project portfolios for consideration within the Capital...Investment Program Plan Review (CIPPR). This approach has come to be known as the portfolio approach. This letter begins with a brief description of

  2. DYNAMIC PERSPECTIVE ON THE TRIANGLE FOREIGN DIRECT INVESTMENTS – EXCHANGE RATE – CAPITAL MARKET

    OpenAIRE

    2011-01-01

    This paper focuses on the triangular causal relationship between foreign direct investments, exchange rate and capital market at the level of the CEE countries. For this purpose, we use the weight of market capitalization of listed companies into GDP as proxy for the degree corresponding to the stock market development, the variability of the exchange rate as proxy for the macroeconomic environment and weight of foreign direct investments into GDP as a proxy for the country’s capacity to attr...

  3. Does Human Capital Investment Impact the Earning Mobility of the Near Poor?

    Science.gov (United States)

    Karasik, Bradley

    2012-01-01

    This secondary analysis of the earning mobility of the near poor examined the impact of human capital investment on the earning mobility of the near poor between 2005 and 2009. The theory framing this study is Human Capital Theory (Shultz, 1961). Other demographic and socioeconomic variables were included in this study to further explore factors…

  4. The Importance of Trust for Investment : Evidence from Venture Capital (Replaced by DP 2010-49)

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, M.; Hellmann, T.

    2009-01-01

    We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions.

  5. The Importance of Trust for Investment : Evidence From Venture Capital (Revision of DP 2009-43)

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, M.; Hellmann, T.

    2010-01-01

    We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions.

  6. The Importance of Trust for Investment : Evidence from Venture Capital (Replaced by DP 2010-49)

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, M.; Hellmann, T.

    2009-01-01

    We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions.

  7. Capital market imperfections, uncertainty and corporate investment in the Czech Republic

    NARCIS (Netherlands)

    Lensink, R; Sterken, E

    2000-01-01

    In this study we examine private investment behavior of firms in the Czech Republic. A special feature of the study is that the investment equations include variables which may give some more insights into the role of capital market imperfections as well as the effect of uncertainty. Our results

  8. 26 CFR 1.851-6 - Investment companies furnishing capital to development corporations.

    Science.gov (United States)

    2010-04-01

    ... development corporations. 1.851-6 Section 1.851-6 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE... Investment Trusts § 1.851-6 Investment companies furnishing capital to development corporations. (a... development corporations, section 851 (e) provides an exception to the rule relating to the diversification...

  9. Venture Capital Investment in the Life Sciences in Switzerland

    National Research Council Canada - National Science Library

    Hosang, Markus

    2014-01-01

    .... Venture capital financing and venture capitalists (frequently called 'VCs') and investors in public equities have played and still play a pivotal role in financing the Swiss biotechnology industry...

  10. Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region

    Directory of Open Access Journals (Sweden)

    Michael Regan

    2017-02-01

    Full Text Available This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation’s output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth.

  11. The impact of capital investments on dairy processing industry features: evidence from Slovenia, Croatia and Serbia

    Directory of Open Access Journals (Sweden)

    Saša Muminović

    2013-08-01

    Full Text Available Dairy farming and dairy processing industry have rapidly changed in recent decades in "old" European Union members, “new” members, as well as in other East European transitional countries. In East European transitional countries, a specific pattern of changes could be noticed. Those changes have usually begun with foreign direct investments, whereupon acquisitions, concentration and consolidation are followed. The process finished with capital investments to meet competition challenges. Thus, the main aim of our paper is to investigate the impact of capital investments on different quantitative and qualitative features of dairy processing companies in Slovenia, Croatia and Serbia. Capital investments per employee significantly increase productivity measured by EBITDA and personnel costs. Also, statistically significant association of capital investments and foreign ownership is identified. On the other hand, capital investments per employee do not significantly affect the profitability of those companies, if they are not accompanied by changes in owners’ structure and know-how that foreign owners bring; regardless the country in which company operates. Amount of capitalinvestment per employee are found statistically significant for country in which company operates of Slovenia and Croatia, but not Serbia.

  12. TAFE Diploma Graduates: Personal Capital Investments and Returns

    Science.gov (United States)

    van der Linde, Chris

    2008-01-01

    TAFE currently uses the NCVER Student Outcomes Survey (SOS) to determine outcomes related to TAFE diploma programs. The SOS measures TAFE outcomes in terms of three major categories: skills development, employment and further study. This study introduces the notion of personal capital as distinct from human capital. It argues that, while valuable,…

  13. [Provision of integrity and reliability in hygienic examination of investment projects for human capital development].

    Science.gov (United States)

    Tarkhov, P V; Matsenko, A M; Krugliak, A P; Derkach, Zh V

    2012-01-01

    To reach normal competitiveness in world division of labour, investment projects should stimulate development of human capital towards advance of modern technologies and organizational development of all types of labour. At present time there are only separate calculations of certain types of people's health damage and completely disparate matters of damage compensation exceptionally for chemical contamination effects. The purpose of the paper is development of algorithms to provide hygienic welfare of human capital in investment projects. For this purpose in investments assessment and hygienic examination it is necessary to apply complete and comprehensive (systematic) evaluation of all factors that influence human capital welfare and practical hygienic and research institutions should be focused on systematic elimination of possible dangers and risks of investment projects.

  14. THE VENTURE CAPITAL CONTRIBUTION TO THE FINANCING OF ENTREPRENEURIAL PROJECTS: CASE OF TUNISIAN RISK CAPITAL INVESTMENT COMPANY (SICAR

    Directory of Open Access Journals (Sweden)

    GHODBANE ADEL

    2016-11-01

    Full Text Available Venture capital is a form of financing that a company can get. These are "temporary and minority equity participation in unlisted companies to subsequently generate capital gains. Translation of American term "venture capital. Venture capital in the strict sense concerns, meanwhile, that the only interventions in capital in new enterprises or in the creation phase "It is a kind private funding, unlike the financing of listed companies. The rationale of venture capital is that it is sometimes one of the only sources of major funding that a company can get for it. Other sources, such as loans from banks are often too difficult to obtain for a new business, as these sources consider some business projects are too risky. Starting a business environment that requires greater dynamism in investment and entrepreneurship, venture capital, a structured and organized in Tunisia, plays an important role in the financing chain and supporting businesses including innovative SMEs which constitute the most dynamic sector of the economy. In this report, we believe that venture capital is an important segment for the financing of SMEs in Tunisia it is imperative to develop in the direction of a better contribution to the scheme of financing of SMEs.

  15. Determinants of Cross-border Venture Capital Investments in Emerging and Developed Economies

    DEFF Research Database (Denmark)

    Hain, Daniel; Johan, Sofia A.; Wang, Daojuan

    2016-01-01

    VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we......Frequent and open interaction between venture capitalists (VCs) and entrepreneurs is necessary for venture capital investments to occur. Increasingly, these investments are made across jurisdictions. The vast majority of these cross-border investments are carried out in a syndicate of two or more...... examine worldwide venture capital investment flows from 2000–2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance, where institutional trust...

  16. Public Investments, Human Capital, and Political Stability: The Triptych of Economic Success

    Directory of Open Access Journals (Sweden)

    Ioannis Kostakis

    2014-01-01

    Full Text Available This study assesses the effects of fiscal policy on economic growth in a sample of 96 countries from 1990 to 2010. Ordinary Least Squares (OLS and Extreme Bound Analysis are mainly estimated in order to investigate whether public investments, human capital, and political stability affect growth controlling for initial output and human capital levels. Furthermore, in this empirical research four subsets of independent variables were used: (a demographic factors, (b political determinants, (c region variables, and (d variables regarding macroeconomic policy. Empirical results suggest that there is an important difference in the impact of public and private sector investments on the growth of per capita income. Moreover, political indicators such as corruption control, rule of law, and government effectiveness have a high impact on economic growth. Demographic factors, including fertility rate and mortality growth, as well as several macroeconomic variables, like inflation rate index and government consumption, were estimated to be statistically significant factors of economic performance. Fiscal volatility may also be a new possible channel of macroeconomic instability that leads to lower growth. Policy implications of the findings are discussed in detail.

  17. Trends in U.S. Venture Capital Investments Related to Energy: 1980 through the Second Quarter of 2010

    Energy Technology Data Exchange (ETDEWEB)

    Dooley, James J.

    2010-07-29

    This report documents trends in U.S. venture capital investments over the period 1980 through the second quarter of calendar year 2010 (2010Q1+Q2). Particular attention is given to U.S. venture capital investments in the energy/industrial sector over the period 1980-2010Q1+Q2 as well as in the more recently created cross-cutting category of CleanTech over the period 1995-2010Q1+Q2. During the early 1980s, U.S. venture capital investments in the energy/industrial sector accounted for more than 20% of all venture capital investments. However subsequent periods of low energy prices, the deregulation of large aspects of the energy industry, and the emergence of fast growing new industries like computers (both hardware and software), biotechnology and the Internet quickly reduced the priority accorded to energy/industrial investments. To wit, venture capital investments related to the energy/industrial sector accounted for only 1% of the $119 billion dollars invested in 2000 by the U.S. venture capital community. The significant increase in the real price of oil that began in 2003-2004 correlates with renewed interest and increased investment by the venture capital community in energy/industrial investment opportunities. Venture capital investments for 2009 for the energy/industrial sector accounted for $2.1 billion or slightly more than 13% of all venture capital invested that year. The total venture capital invested in energy/industrial during the first two quarters of 2010 is close to $1.8 billion accounting for 17% of all venture capital investments during the first two quarters of 2010. In 2009, the aggregate amount invested in CleanTech was $1.8 billion (30% of the total US venture capital invested in that lean year) and for the first two quarters of 2010 US venture capital investments in CleanTech have already exceeded $1.9 billion (19% of all US venture capital investments made during the first half of 2010). Between 2004 and 2009, U.S. venture capital

  18. Trends in U.S. Venture Capital Investments Related to Energy: 1980 through the Third Quarter of 2010

    Energy Technology Data Exchange (ETDEWEB)

    Dooley, James J.

    2010-11-08

    This report documents trends in U.S. venture capital investments over the period 1980 through the third quarter of calendar year 2010 (2010 Q1+Q2+Q3). Particular attention is given to U.S. venture capital investments in the energy/industrial sector over the period 1980-2010 Q1+Q2+Q3 as well as in the more recently created cross-cutting category of CleanTech over the period 1995-2010 Q1+Q2+Q3. During the early 1980s, U.S. venture capital investments in the energy/industrial sector accounted for more than 20% of all venture capital investments. However subsequent periods of low energy prices, the deregulation of large aspects of the energy industry, and the emergence of fast growing new industries like computers (both hardware and software), biotechnology and the Internet quickly reduced the priority accorded to energy/industrial investments. To wit, venture capital investments related to the energy/industrial sector accounted for only 1% of the $132 billion (in real 2010 US$) invested in 2000 by the U.S. venture capital community. The significant increase in the real price of oil that began in 2003-2004 correlates with renewed interest and increased investment by the venture capital community in energy/industrial investment opportunities. Venture capital investments for 2009 for the energy/industrial sector accounted for $2.4 billion or slightly more than 13% of all venture capital invested that year. The total venture capital invested in energy/industrial during the first three quarters of 2010 is close to $2.4 billion accounting for slightly less than 15% of all venture capital investments during the first three quarters of 2010. In 2009, the aggregate amount invested in CleanTech was $2.1 billion (11% of the total US venture capital invested in that lean year) and for the first three quarters of 2010 US venture capital investments in CleanTech have already exceeded $2.8 billion (18% of all US venture capital investments made during the first three quarters of

  19. Study on Venture Capital Investment Risk Avoiding Base on Option Pricing in Agricultural Production and Processing Enterprises

    Science.gov (United States)

    Zhang, Xubo

    This paper uses the approaches and models of option theory to analyze two-stage venture capital investment in agricultural production and processing enterprises decision-making under uncertainty. Mathematics expressions of this two-stage venture capital investment decision-making are presented. An option value model about two-stage venture capital investment decision-making base on options pricing theory under the uncertainty is presented. Get the solution of option pricing model which we present.

  20. The Study of Optimization of Human Capital Investment Portfolio about Talent in High Technology Industry in the New Normal%经济新常态下高技术产业人力资本投资组合优化研究

    Institute of Scientific and Technical Information of China (English)

    张樨樨; 陆世晴

    2015-01-01

    Under the economic environment of the new normal ,Industry leaders neglected the human capital investment portfolio led to that human capital input donnot match the output .In fact ,the human capital investment return rate is low but people have high expectations of investment .By constructing the simulation model based on C -D production function ,We make a research on human capital investment portfolio from the empirical perspective .The results show thatthe health careinvestment ,formal education investment and training investment is conducive to the overall improvement of the output .In addition ,We realized that the investment of social security is not conducive to the overall output in short term . When the high technology enterprise organization make a plan about human capital investment portfolio ,this article can provide reference for them .%目前,对人力资本投资组合关注的失衡化导致人力资本投入与产出不对等的现象频发。投资深化的溢出性期望与人力资本投资收益率低下的无奈现实形成鲜明的冲击性反差。通过构建基于C-D生产函数的仿真模型,深化对高技术产业人力资本投资组合研究,解析人力资本投资组合中健康保健投入、正规教育投入以及培训投入对整体产出的异质化作用,进一步明确社会保障投入对整体产出的“假性抑制作用”。在不忽视薪资与培训等传统方式方法的同时,通过重视健康保健投入与多元化社会保障投入逐步实现高技术产业人力资本投资的优化组合。

  1. 77 FR 27499 - Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application

    Science.gov (United States)

    2012-05-10

    ...) riskless trading in investment company securities due to backward pricing, (b) disruption of orderly... securities or shares of registered investment companies which do not satisfy the definition of eligible...

  2. A Segment Level Study of Defense Industry Capital Investment.

    Science.gov (United States)

    1985-12-01

    and James Tobin. "Pitfalls in Financial Model Building," American Economic Review , 58: 99-122 (May 1968). 10. Brock, Horace R. Accounting Principles...Function," I Econometrica, 28: 1-29 (January 1960). 16. "Investment Plans and Realizations," American Economic Review , 52: 190-203 (May 1962). 17...34Investment: Fact and Fancy," American Economic Review , 53: 237-246 (May 1963). 18. Gansler, Jaques S. The Defense Industry. Cambridge MA: Mit Press, 1980

  3. THE ROLE OF THE COMMERCIAL BANKS' CAPITAL IN REALIZATION OF INVESTMENT POTENTIAL OF BANKING SYSTEM OF UKRAINE

    Directory of Open Access Journals (Sweden)

    I. Lyutiy

    2015-03-01

    Full Text Available The article studies modern trends in investment corporate lending in Ukraine and the ultimate role of banking system in context of capital investments funding in Ukraine. The impact of structure and dynamics of commercial banks’ financial resources on realization of investment potential of Ukrainian banking system is analyzed. The role of banks’ capital adequacy as a precondition for expansion of investment corporate lending is determined.

  4. CAPITAL INVESTMENT CRITERION FOR BULK ELECTRICITY TRANSMISSION INFRASTRUCTURE: A CONSUMPTION APPROACH

    Directory of Open Access Journals (Sweden)

    R.D. Smith

    2012-01-01

    Full Text Available The primary technical function of an electric utility company is to supply electrical energy to its customers economically and at acceptable levels of reliability. The aspects of economics and reliability are however, competing constraints, since increased reliability of supply generally requires increased capital investment, which leads to higher prices for electricity.
    Traditional capital budgeting criteria, such as positive net present value, have been found to inhibit sound economic capital investment decision-making within the bulk electricity transmission environment. It is submitted that the results of this investigation will enable the operators of bulk electricity transmission systems to match the level of investment in reliability related infrastructure, with customers’ reliability preferences. To do this it is necessary to incorporate the economic valueof- service reliability to customers into the economic evaluation used by utility planners.

  5. Empirical Analysis of Hungarian Firms According to Venture Capital Investment Criteria

    Directory of Open Access Journals (Sweden)

    Futó Judit Edit

    2016-06-01

    Full Text Available Over the past decade the venture capital industry has become more and more prominent, not just on a global level, but in Hungary, too. Thanks to the JEREMIE Program a large number of new venture capital firms are located in our country, and therefore an investment wave has started. The aim of the paper is to sort micro- and small sized enterprises in terms of how appropriate is a venture capital financing. The main topic of the paper relates to the selection of firms for venture capital investment; therefore, in the first part of the study we briefly summarize a general venture capital investment process, highlighting both the selection process and the criteria used for selection. Then we propose 3 indexes (trustworthiness index, openness index, investment index, which we have created to help venture capitalists to decide whether the targeted enterprises are appropriate for them, or not. In the main part of the paper we provide a classification of micro- and small sized Hungarian firms based on my own survey, and we analyze what kind of relationship exists between the proposed indexes and the type of the classified firms. The result of the classification is that we identify four main firm types and, based on statistical tests, it can be said that there is no significant relationship between the trustworthiness index and the clusters, but that there are between the two other indexes and the clusters.

  6. Human Capital Investment and the Gender Division of Labor in a Brawn-Based Economy

    Science.gov (United States)

    Pitt, Mark M.; Rosenzweig, Mark R.; Hassan, Nazmul

    2013-01-01

    We use a model of human capital investment and activity choice to explain facts describing gender differentials in the levels and returns to human capital investments. These include the higher return to and level of schooling, the small effect of healthiness on wages, and the large effect of healthiness on schooling for females relative to males. The model incorporates gender differences in the level and responsiveness of brawn to nutrition in a Roy-economy setting in which activities reward skill and brawn differentially. Empirical evidence from rural Bangladesh provides support for the model and the importance of the distribution of brawn. PMID:25152536

  7. The impact of outsourcing on investments in firm-specific human capital under varying contract regimes

    DEFF Research Database (Denmark)

    Bråd Nielsen, Lars

    knowledge and skills, thus requiring continuous updating of employee competences. This paper develops a two-period agency model to show how the threat of layoff (outsourcing of job tasks to a third party supplier) can help a company trigger or ease employee investments in .firm-speci.c human capital...... by creating explicit career concerns for the individual employee. Results are provided under long-term as well as short-term contracting regimes. In particular, the paper has relevance for companies operating under short-term contracting where investments in fi.rm-speci.c human capital might be profi.table...

  8. An Analysis on the Disparity of the Private Investment in Human Capital between Urban and Rural Residents in Guangxi

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The constant growth of human capital is the essential force of Economic growth. The deep research on private investment in urban and rural human capital in Guangxi is necessary for developing economy and narrowing urban-rural gap. Through the analysis on the historic statistics, it is found that there were disparities total quantity and investment structure of private investment in human capital of urban and rural residents. By using the ELES model, the marginal investment trend, investment demand, elastic income, own-price elasticity and mutual-price elasticity of private investment in human capital of urban and rural residents are analyzed. It is pointed out that income is the key factor that affects the private investment in human capital of urban and rural residents. In Guangxi, the private investment and marginal investment in human capital of urban and township residents are higher than that of rural residents;the own-price elasticity and mutual price elasticity of rural residents’ private investment in human capital are all higher than that of urban residents’.

  9. Capital investment at North Bohemian Brown Coal Mines

    Energy Technology Data Exchange (ETDEWEB)

    Vavrecka, S.

    1987-03-01

    Various categories of investment are discussed to be undertaken by North Bohemian Brown Coal Mines: State Plan projects, such as new extraction capacity at Most and Vrsany mines; other construction work, such as schools and recreation facilities, housing construction; underground mine workings; equipment and machinery not included in other categories; restoration work, such as the Ervenicky road/rail/water corridor; work to remove obstacles hindering future mining operations. Investments are briefly summarizes since the beginning of the 5th Five Year Plan as being concerned mainly with the shift in emphasis from underground mining to surface mining at 8 large-scale mines (Merkur, Brezno, Vrsany, Sverma, VCSA, Most, VMG, Chabrovice). An analysis of investment procedures conducted in 1980 is briefly discussed, the results of which had 4 main themes: investment control systems should be strengthened, communications between general directorate and individual departments should be improved, links between specialist institutes should be improved and these recommendations should be built into the organizational structure.

  10. Quantifying a Financially Sustainable Strategy of Public Transport: Private Capital Investment Considering Passenger Value

    Directory of Open Access Journals (Sweden)

    Yunqiang Xue

    2017-02-01

    Full Text Available Releaving traffic congestion by developing public transport as an alternative mode of travel is a common practice all over the world. However, the increasing public transport subsidies have created a financial burden for governments. Encouragingly, private capital supplies an opportunity for public transport in sustainable finance. Previous research mainly focuses on qualitative analysis and money-for-value (MFV analysis. In this paper, a new investment model is proposed based on the concept ‘passenger value’, and a bi-level programming model (BLPM is constructed as a quantitative analysis tool. The upper target of BLPM is the total surplus (including the value of time (VOT of passengers of the public transport system and the upper constraint is the ticket price. The lower target of BLPM is passenger’s surplus, the lower constraints are service capability and the lowest return rate of the private sector. The public transport of Jinan City, China is taken as a case to quantify the impacts of private capital investment in public transport. Results show that the proposed investment model considering passenger value is superior to the traditional one, and effective private capital investment could increase the total societal benefit of the transportation system. The proposed investment strategy satisfies economic viability and is a financially sustainability strategy. Additionally, travelers should be encouraged to use public transport through improving the service quality and passenger returns. Only in this way can the success rate of the private sector investment in public transport be improved efficiently.

  11. 75 FR 3502 - KLH Capital, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act...

    Science.gov (United States)

    2010-01-21

    ... ADMINISTRATION KLH Capital, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that KLH Capital, L.P., 101 East Kennedy Boulevard, Suite 3925, Tampa, Florida 33602, a Federal Licensee under the Small Business Investment Act of 1958, as...

  12. 76 FR 17180 - KLH Capital II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment...

    Science.gov (United States)

    2011-03-28

    ... ADMINISTRATION KLH Capital II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that KLH Capital, L.P., 101 East Kennedy Boulevard, Suite 3925, Tampa, FL, 33602 a Federal Licensee under the Small Business Investment Act of 1958,...

  13. Outward Foreign Direct Investment and Human Capital Development: A Small Country Perspective

    Science.gov (United States)

    McDonnell, Anthony

    2008-01-01

    Purpose: The purpose of this paper is to examine the pattern of outward foreign direct investment (FDI) by Irish MNCs, and more specifically, to investigate their approach to human capital development and how these correspond to foreign MNCs in Ireland. In particular, it seeks to investigate training and development expenditure, adoption of…

  14. Life Expectancy and Human Capital Investments: Evidence from Maternal Mortality Declines. NBER Working Paper No. 13947

    Science.gov (United States)

    Jayachandran, Seema; Lleras-Muney, Adriana

    2008-01-01

    Longer life expectancy should encourage human capital accumulation, since a longer time horizon increases the value of investments that pay out over time. Previous work has been unable to determine the empirical importance of this life-expectancy effect due to the difficulty of isolating it from other effects of health on education. We examine a…

  15. The study of venture capital finance and investment behaviour in small and medium-sized enterprises

    Directory of Open Access Journals (Sweden)

    Patmond Mbhele

    2012-03-01

    The tentative factor analysis findings suggest an integrated framework for the venture capital industry from the significant intercorrelations among the variables. The most important focus of this article, however, is its attempt to examine the behavioural traits of SMEs and venture capitalists regarding systematic finance and investment for inclusivity and due diligence.

  16. Education and the Labour Market: Subjective Aspects of Human Capital Investment.

    Science.gov (United States)

    Killeen, John; Turton, Richard; Diamond, Wayne; Dosnon, Odile; Wach, Monique

    1999-01-01

    Explores subjective aspects of human-capital investment decisions in education. Explores connections that 11th- and 13th-year British students perceive between their education and the labor market, and between qualifications mechanisms and life chances. Most students believe education plays a market-signaling role and a marginal role in raising…

  17. INVESTMENT OF HUMAN CAPITAL IN TOURISM AND HOSPITALITY WITH A SPECIFIC REFERENCE OF R.MACEDONIA

    Directory of Open Access Journals (Sweden)

    Snezana Bardarova

    2013-10-01

    Full Text Available The fact that today tourism takes a bigger swing in the share of GDP, has prompted firms from the tourism sector to take measures to invest in their business. Thus, given the numerous studies proved that today tourism take a greater participation in the economy and hence the performance and creation of profit in tourism lies in more employees, unlike in the past when equity is created in the area of money and materiel. Today, the capital of every enterprise representing people with their knowledge, professionally, experience, creative ideas and potentials. So investing in a professional and qualified staff is the key to successful and profitable operation of tourism and catering companies. The subject of this research paper are companies from the tourism sector in R. Macedonia and how they invest in human capital

  18. Tactics research of enterprise's manpower capital investment%论企业人力资本投资策略

    Institute of Scientific and Technical Information of China (English)

    栗会敏; 周霞

    2004-01-01

    In the era of knowledge- driven economy, the manpower capital is the most active factor of production and core of social economic development. This text proceeds with the concept of capital manpower, and probes into the importance of manpower capital investment to the survival and development of enterprises. In order to maximize the income of manpower capital investment, enterprises need to set up corresponding incentive mechanism to inspire the enthusiasm of manpower capital, and it is also the key factors that promoting the development modern economic and the enterprises' success.

  19. 77 FR 11618 - Solutions Capital I, L.P.; Notice Seeking Exemption Under the Small Business Investment Act...

    Science.gov (United States)

    2012-02-27

    ... ADMINISTRATION Solutions Capital I, L.P.; Notice Seeking Exemption Under the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Solutions Capital I, L.P., 1100 Wilson Blvd., Suite 3000... Administration Rules and Regulations (13 CFR 107). Solutions Capital I, L.P., proposes to acquire debt...

  20. Syndicated Investing in Private Equity and Venture Capital Industry: Comparing BRICS

    Directory of Open Access Journals (Sweden)

    Lucas V.B. Martins

    2015-04-01

    Full Text Available Objective. This article characterizes and compares the networks structure formed by Managing Organizations (GOs Private Equity and Venture Capital (PE&VC that co-invested in the so called BRICS countries.Methodology. The methodology used consists of PE or VC transactions with target companies based on the BRICS and involving more than one investor, or “syndicated investing”, between 1992 and 2013.Findings. The analysis revealed that the social structure in these countries is highly clustered, showing the existence of small worlds in all markets studied, yet under different intensities. This type of structure stimulates the flow of information impacting access to business opportunities. The results suggest that, when dealing with networks of PE&VC investors, one should consider the particularities of BRICS, which are not homogeneous from the perspective of network analysis.Limitations. This study considers only data from transactions originated and the effect known as BRICS.Originality/Value. This article offers unique contribution in that it explores Syndicated Investing in understudied markets, employing a methodology that provides new results. Copyright © 2015 Instituto Brasileiro de Inovação Financeira All rights reserved

  1. Rising Inequality and Intergenerational Mobility: The Role of Public Investments in Human Capital.

    Science.gov (United States)

    Aizer, Anna

    2014-06-01

    One consequence of the rise in inequality witnessed over the past 40 years is its potentially negative impact on intergenerational mobility if parents at the bottom of the income distribution invest significantly less in their children's human capital. I consider whether public investments in children can potentially offset the inequality of private investments. Specifically, examining changes in public spending in 25 Organization for Economic Co-operation and Development countries over the period 2000-2009, I find that increases in spending on health are most strongly associated with reductions in the importance of family background and declines in inequality in the production of child human capital as measured by the Program for International Student Assessment test scores among 15-year-olds. Public spending on family support, housing, and education are also moderately related. In contrast, increased spending on the elderly is associated with increases in the importance of parental background and inequality of child test scores. These results suggest that public investments in child human capital have the potential to offset the potentially negative impact of increasing income inequality on intergenerational mobility and inequality of the next generation. Further research firmly establishing a causal relationship is needed.

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

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Nielsen, Helena Skyt

    2002-01-01

    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...... 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....

  3. The role of government in supporting the emergence of clean energy venture capital investing in Switzerland

    Energy Technology Data Exchange (ETDEWEB)

    Buerer, M.J.; Wuestenhagen, R.

    2005-07-01

    This report for the Swiss Federal Office of Energy (SFOE) takes a look at the role of the Swiss government in supporting the provision of venture capital for clean energy projects. Topics examined include the lack of sufficient venture capital investment in clean energy technology, the situation encountered in Switzerland today as far as energy entrepreneurship is concerned, key challenges and cultural, legal and fiscal aspects. Present government support in these areas, the relevance of current Swiss programmes and improvements that are to be made are also discussed. Also, activities in other countries are examined and suggestions are made concerning new activities to improve the situation in Switzerland.

  4. Private Rate of Return on Human Capital Investment in the Czech Republic: Differences by Study Fields

    Directory of Open Access Journals (Sweden)

    Savina Finardi

    2012-03-01

    Full Text Available The paper is focused on approaches to the measurement of the returns of private investments on human capital in the Czech Republic. In the last ten years, there is observed a significant increase in number ofstudents at Higher Education Institutions (HEIs and an increasing number of HEIs graduates is also expected in the Czech Republic in forthcoming years. Using data from the research project “REFLEX”, fromthe Czech Statistical Office and from EUROSTUDENT IV survey, the paper provides the methodology and the experimental computations of the rates of return on private investment in the tertiary education broken down by study fields.

  5. Determinants of Cross-border Venture Capital Investments in Emerging and Developed Economies

    DEFF Research Database (Denmark)

    Hain, Daniel; Johan, Sofia A.; Wang, Daojuan

    2016-01-01

    VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we...... examine worldwide venture capital investment flows from 2000–2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance, where institutional trust...

  6. Determinants of Cross-border Venture Capital Investments in Emerging and Developed Economies

    DEFF Research Database (Denmark)

    Hain, Daniel; Johan, Sofia A.; Wang, Daojuan

    2014-01-01

    VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we...... examine worldwide venture capital investment flows from 2000-2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance; where institutional trust...

  7. CVP ANALYSIS INCORPORATING THE COST OF CAPITAL ON R&D INVESTMENT

    Directory of Open Access Journals (Sweden)

    DIAN PRIHADYANTI

    2011-04-01

    Full Text Available Cost-volume-profit (CVP analysis is a widely used tool for managerial planning. The failure of CVP analysis to incorporate the cost of capital into a product's cost function can lead to underestimating a product's cost, while overstating its profitability. This paper proposes another variation of the CVPanalytical model to include cost of capital on R&D investment and its risk level on strategic decisions. The modified CVP model provides more useful information to management because it focuses on morespecific type of investment which has particular characteristics. The CVP model developed is more complex, because it includes risk and uncertainty for the expected revenue, and specifies the R&D expense as percentage of total sales. However, the model still needs further development.

  8. RiskAnalysis of Private Capital Investment in Small Hydropower%民营资本投资小水电的风险剖析

    Institute of Scientific and Technical Information of China (English)

    陈创新

    2012-01-01

      The small hydropower resources have the advantages of short construction period, less investment, simple management, high rate of return and the like as clean energy with sustainable use, and are suitable for private capital investment. The risks and uncertainties of private capital investment in small hydropower were analyzed from macro and micro environment aspects of investment in small hydropower.%  小水电资源作为可持续利用的清洁能源,其建设周期短,投资少,管理简单,回报率高等优势适合民间资本投资。从小水电投资的宏观和微观环境两方面剖析了民营资本投资小水电存在的诸多风险和不确定因素

  9. Getting a return on investment from spending capital dollars on new beds.

    Science.gov (United States)

    Hardy, Patsy A

    2004-01-01

    In assessing this bed-purchase process and the resulting return on investment, I identified the following critical success factors related to capital investments: Evaluation of capital equipment for return on investment from the expense side, particularly when looking at use of manpower for critical positions in the organization Evaluation of capital equipment for increasing nursing satisfaction, a factor in addressing the healthcare worker shortage in today's environment Involvement of a representative team to create personal ownership through individuals wanting to take care of something they are involved in purchasing Spin-off timesaving that can be realized through the adage "form follows function" The last factor was found not only in savings of nurse staff time but also in pharmacy time because the weight function on the new beds saved approximately one hour, allowing for speedier calculation of creatinine clearance in antibiotic dosing. Changing my position and perspective was rewarding. The persistence of the CNO and the involvement of the employees made the experience gratifying on a personal level as well.

  10. Getting the most out of your capital investment with operational readiness

    Energy Technology Data Exchange (ETDEWEB)

    McGee, M. [Fluor, Greenville, SC (United States)

    2009-07-01

    Fluor specializes in site location and economic development services for companies and communities around the world. This presentation discussed how to get the most out of a capital investment with operational readiness. The presentation addressed several questions, regarding the difference between successful and unsuccessful capital projects and the measure of success. It also questioned whether a project manager should be rewarded based on achieving the project goals. Cultural aspects were also presented. The presentation noted that behavioural scientists have repeatedly demonstrated that the result is determined by the reward system in place and that in capital projects, the reward system is generally driven by cost and schedule goals. The author questioned what kinds of behaviour could be expected during the project if the project team was rewarded and measured based on cost and schedule. The UpFront system to achieving operational readiness by Fluor was also discussed. This included capacity planning; operations readiness; maintenance readiness; organizational readiness; support readiness; systems readiness; supply chain readiness; life cycle design support; and vertical launch. It was concluded that the goal for a capital investment should be to minimize the total cost of ownership. figs.

  11. The association of debt financing with not-for-profit hospitals' operational and capital-investment efficiency.

    Science.gov (United States)

    Magnus, Stephen A; Wheeler, John R C; Smith, Dean G

    2004-01-01

    Increased debt in companies can motivate both operational and capital-investment efficiency. This positive influence of debt is attributed to creditors' oversight of corporate behavior and the need to generate cash flows to service debt. Our study investigates whether debt has a similar relationship with efficiency in not-for-profit hospitals. Using statistical analysis of a database of audited financial statements of not-for-profit hospitals, we test whether debt is associated with six distinct measures of operational and capital-investment efficiency. We find that debt either has no association with efficiency or predicts decreased efficiency. Possible explanations are that creditors' oversight is less tight in the not-for-profit setting and that debt may at times motivate excessive capital investment because of a legal requirement to tie tax-exempt debt with a capital-investment project.

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

    Institute of Scientific and Technical Information of China (English)

    MCDONALD John F.

    2004-01-01

    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.

  13. 76 FR 50813 - Major Capital Investment Projects; Guidance on News Starts/Small Starts Policies and Procedures

    Science.gov (United States)

    2011-08-16

    ... Federal Transit Administration Major Capital Investment Projects; Guidance on News Starts/Small Starts... policy guidance on the New and Small Starts capital project review and evaluation process and criteria...) published by FTA in June 2010, which sought public comment on the New Starts and Small Starts project...

  14. Amortization as source of capital investments in Belarus: historiography, theoretical and practical aspects

    Directory of Open Access Journals (Sweden)

    S.L. Korotayev

    2016-12-01

    Full Text Available The article focuses on the historiography of defining amortization as the source of further reproduction and creation due to the amortization of sinking funds, used by economic entities for future capital investments. Acting as the source of capital investments, sinking funds were established during the socialist era, as well as in the post-Soviet period, that is before the beginning of the 21st century. However, starting from 2010, economic entities no longer have been creating sinking funds on the balance sheet and outside it, that corresponds to the international practice, in particular the rules and principles of International Financial Reporting Standards. The author proves that the amortization, recoverable in the price of goods (works, services, is the reimbursement of the past, not future expenditures. Accordingly, the sinking funds, as the source of future investments, cannot be made at the expenses of amortization charges. At the same time, the author analyzes the possible consequences of the legal right of enterprises to unchanged amortization installments in the reporting period with the extension of the life of depreciable fixed assets for the period when no amortization charges were calculated.

  15. The Contribution of Human Capital Investment in the Growth of East Asian Economy – A Literature Review

    Directory of Open Access Journals (Sweden)

    Nabaz Nawzad Abdullah

    2016-01-01

    Full Text Available Human capital as the wealth of nation supports the economy in a variety of ways. This study intended to elucidate the significance of education, technology utilization and health investment in economic affluence of East Asia. The finding shows a significant relationship between human capital investment and economic growth in East Asia. Human capital investment has become an essential tool to determine nations productivity in both, micro and macro level. The findings come across to assume that, in order to be successful, HC investment through the improvement of technology, education and health system must be cautiously considered in any endeavor towards economic development and sustainability. The study concluded that a person with poor health, lack of knowledge or vocational training will offer less, theoretically, than a person who has been specifically trained or who has attained a higher level of education.

  16. Optimal Consumption and Investment with Labor Income and European/American Capital Guarantee

    Directory of Open Access Journals (Sweden)

    Morten Tolver Kronborg

    2014-05-01

    Full Text Available We present the optimal consumption and investment strategy for an investor, endowed with labor income, searching to maximize utility from consumption and terminal wealth when facing a binding capital constraint of a European (constraint on terminal wealth or an American (constraint on the wealth process type. In both cases, the optimal strategy is proven to be of the option-based portfolio insurance type. The optimal strategy combines a long position in the optimal unrestricted allocation with a put option. In the American case, where the investor is restricted to fulfill a capital guarantee at every intermediate time point over the interval of optimization, we prove that the investor optimally changes his budget constraint for the unrestricted allocation whenever the constraint is active. The strategy is explained in a step-by-step manner, and numerical illustrations are presented in order to support intuition and to compare the restricted optimal strategy with the unrestricted optimal counterpart.

  17. The missing technology: an international comparison of human capital investment in healthcare.

    Science.gov (United States)

    Frogner, Bianca K

    2010-01-01

    This article explores human capital investment to understand cross-sectional variation and differences in growth of health spending among the US, Australia and Canada. Using a human capital model developed by Mincer, the article examines how rate of return to schooling and years of schooling impact wage rate levels in healthcare. The model is extended to approximate the probable trajectory of healthcare wage rate growth and thus the impact on health spending. The results suggest that a higher rate of return to schooling and a more educated healthcare workforce in the US may contribute to higher healthcare wage rates and thus contribute to higher health spending levels than in Canada and Australia. The results also suggest that average healthcare wage rates are growing at the rate of potential GDP; healthcare wage rates are not driving the growth of health spending.

  18. [Financing problems of capital goods. Part 2: procedure for investment appraisal].

    Science.gov (United States)

    Clausen, C C; Bauer, M; Saleh, A; Picker, O

    2008-07-01

    In part 1 of this series about problems of financing capital goods the multiple and partly diametric economic effects of financing instruments were presented using the leasing procedure as an example. The result indicated that due to the complexity of these effects the choice of a specific financing instrument requires an individual consideration. Therefore, part 2 of the series introduces the method of dynamic capital budgeting which allows the instruments discussed in part 1 to be compared with each other and helps to evaluate their economic benefits. More precisely this paper focuses on a comparative analysis of the most common alternatives, leasing, credit financing and investment financing by the state. In this context, after having identified the total costs of ownership of anesthesia devices, the final asset values of the three financing instruments can be compared with each other using the method of dynamic capital budgeting. In contrast to the prevailing opinion, the results show that from a purely fiscal perspective leasing anesthesia devices is the most expensive alternative. Given the fact that no financial support is available from the state, the option of credit financing turns out to be the most preferable alternative from a relatively limited pool of possibilities. However, it still remains to be answered whether credit financing can defend this position against further, innovative forms of debt financing (e.g., factoring, asset-backed securities, hedge funds, mezzanine capital, etc.).

  19. An analysis of the impact of venture capital investment on economic growth and innovation: Evidence from the USA and Russia

    Directory of Open Access Journals (Sweden)

    Kolmakov Vladimir Vladimirovich

    2015-01-01

    Full Text Available We hear a lot of political declarations stating the importance of developing an innovation economy by fostering venture capital inflows. But it is obvious that the venture capital market makes an extremely low contribution in terms of total R&D spending or gross investment. Thus, theory says venture capital investment (VCI is important due to its huge impact on modernization, but practitioners note that there is no evidence and VCI constitutes about 1% of total investments. Formal logic foregrounds the thesis that the effect of venture investment is important and significant, but delayed. We contribute to the theory and discussion of the problem of choosing between venture and non-venture funding by determining a specific niche for venture capital investment. We derive lagged regression models for GDP and patent applications for the US and Russia, to test VCI’s impact on economic growth and innovation. Comparison of model estimates shows significant VCI influence on GDP at a 4-6- year lag and no synchronous influence, valid for both the US and Russia. We prove the main hypothesis of our research: the effect of venture investment on economic and innovation development parameters is significant and much greater than that of ‘conventional’ investment.

  20. The German model of capitalism and the persistence of outward foreign direct investment: evidence from German manufacturing industries

    Directory of Open Access Journals (Sweden)

    Martin T Bohl

    2011-06-01

    Full Text Available Against the backdrop of critique on the German model of capitalism in general, and German public policy in particular as to the ability to successfully adjust to rapid change and exogenous shocks in wake of economic globalisation, this paper investigates the degree of shock persistence in foreign direct investment (FDI of ten German manufacturing industries for the period 1976 to 2003. Theory on exports and non-FDI investment suggests that FDI should exhibit a considerable degree of shock persistence because they are subject to high sunk costs because of high entry and exit costs associated with the high level of asset specificity that is normally connected to FDI. Persistence in foreign direct investment time series data is established by applying various unit root tests. The results are robust to the potential presence of structural breaks in the data. The empirical analysis shows that German outward FDI in mature manufacturing industries, with one exception, exhibits a high degree of shock persistence. The results suggest, at least for mature German industries, that the sunk costs view on shock persistency is confirmed for outward FDI. The results furnish evidence for a tentative assessment of the relationship between German public policy and FDI strategies of multinational firms.

  1. Joint venture capital investment for clean technologies and their problems in developing countries.

    Science.gov (United States)

    Doelle, H W

    1996-09-01

    All technological developments are aimed at improving the quality of life of a community of people. Biotechnology is a technology which allows the exploitation of microorganisms, plants and animal cells to take place within an economic framework. Developing countries are looking for programmes achieving sustainable, economical growth conducive to a higher per capita income of the community. Any joint venture which promises social advances and economic benefits will have to be rural-based. This presentation discusses the need for a change in fermentation industry attitudes to allow joint venture capital investment in clean technologies together with the problems developing countries face for the implementation of such technologies.

  2. The effects of capital and human resource investments on hospital performance.

    Science.gov (United States)

    Stock, Gregory N; McDermott, Christopher; McDermott, Margaret

    2014-01-01

    Data are employed from a sample of New York hospitals and the Hospital Consumer Assessment Healthcare Providers and Systems database to analyze the effects of capital spending, staffing levels, and salaries on hospital performance. The most striking result is that higher average salaries are associated with lower length of stay, lower mortality rate, and higher satisfaction but are not significantly related to cost per patient. Therefore, it appears that human resource investments may be associated with better patient outcomes without significantly increasing the cost of patient care.

  3. Risk analysis and probability of return on invested capital in an intensive beef cattle production system in Minas Gerais, Brazil

    Directory of Open Access Journals (Sweden)

    Ronan Aparecido Valadares Santana

    Full Text Available ABSTRACT The study evaluated the average return on invested capital (ROIC in function of the variations in the historical prices of beef cattle and the odds of return on that capital gain within the system of beef cattle fattening on a farm in the state of Minas Gerais, Brazil, from 2004 to 2007. To calculate the risk of ROIC, monthly data of beef cattle prices (BM&F were used from July 1997 to December 2013, revised by the General Price Index of the Fundação Getúlio Vargas in December 2013. The corrected data were divided into five classes that correspond to the risk scenarios. In light of these classes, the observed frequencies and their respective probabilities were calculated. The cumulative and updated ROIC were -3.02 and 0.24%, respectively. The odds for obtaining returns above 8.4% (Brazilian Selic Rate per year were median, corresponding to 32.0 and 34.94% for the calculation of operating profit (ROIC OP and total profit (ROIC TP, respectively. The expected average annual return was 6.26 and 7.66% for ROIC OP and ROIC TP, respectively. The standard deviation and coefficient of variation showed a high risk of ROIC because the scale and extent of dispersion per unit of expected return were elevated in the accumulation period and the risk for 2013 was reduced according to the price of beef cattle. The expected risk of ROIC was considered high between 2004 and 2007 and average for 2013. The probability of return on capital invested in the intensification of fattening beef cattle is a function of the selling price of cattle and purchase of inputs, in which the high scenario ranching provides greater probability of getting a return above the bank interest rates.

  4. R&D investment, searching and the research of venture capital investments cyclicality of multi-countries%R&D投资、搜寻与多个国家风险投资周期性波动研究

    Institute of Scientific and Technical Information of China (English)

    杜传文

    2013-01-01

    This article extends Barlevy's R&D investment volatility model, and constructs a logic linkage mechanism of R&D investment, venture capital investment and macroeconomic aggregates (GDP) fluctuations. The paper argues that when macroeconomic aggregates are in the downstream stage, the opportunity cost of R&D investments which enterprise carried out is small; enterprise should increase R&D investments. However, the investment risk is also high; enterprises should introduce a venture capital fund that can bear a higher risk. Venture capital investments increase R&D investment funds and improve the success probability of technological innovation, and enhance macroeconomic growth potential. We analyses the Granger causality relationship of R&D investments, venture capital investments and macroeconomic cyclical fluctuations of 12 countries in the 1995 - 2010 period. The test results further confirm the model inference. Finally, we suggested that when Chinas economic growth is in the relatively slow stage, China should further open up the capital market, encourage and guide more social capital into the field of venture capital investment. Through the introduction of more venture capital, we can improve the incentives of the R&D investment and technological innovation, and foster macroeconomic growth potential at various periods in the future.%文章对Barlevy的R&D投资波动模型进行了扩展,建立了R&D投资、风险投资与宏观经济总量(GDP)波动这三者之间的逻辑联系机制.论文认为,当宏观经济处于下行阶段时,企业进行R&D投资的机会成本较小,企业适于增加R&D投资.但是,企业此时进行投资的风险性也很大,有必要引入能承担更高风险的风险投资基金.风险投资的进入提高了企业的R&D投资资金和技术创新成功概率,并增进了宏观经济增长潜力.论文对12个国家在1995-2010年期间的R&D投资、风险投资和宏观经济周期性波动之间的关系进行

  5. Stem cell industry update: 2012 to 2016 reveals accelerated investment, but market capitalization and earnings lag.

    Science.gov (United States)

    Ng, Mitchell; Song, Simon; Piuzzi, Nicolas S; Ng, Kenneth; Gwam, Chukwuweike; Mont, Michael A; Muschler, George F

    2017-10-01

    Treatments based on stem cells have long been heralded for their potential to drive the future of regenerative medicine and have inspired increasing medical and business interest. The stem cell therapy market has been expanding since 2012, but earnings and profitability still lag the broader health care sector (compounded annual growth rate in annual financing of 31.5% versus 13.4%, respectively). On the basis of historical financial data, approximately $23 billion has been invested in stem cell companies since 1994, with more than 80% of this raised from 2011 through 2016. This reflects a marked acceleration in capital investment, as companies began late-stage clinical trials, initiate partnerships or are acquired by large pharmaceutical companies. All of these data reflect a field that is emerging from infancy, which will demand more time and capital to mature. This update is relevant to researchers, clinicians and investors who wish to quantify the potential in this field. Copyright © 2017 International Society for Cellular Therapy. Published by Elsevier Inc. All rights reserved.

  6. Influence of the Human Capital Characteristics of High Technology Start-ups on the Relationship Between R & D Investment and Financing Structure%高技术创业企业人力资本特征对R & D投资与融资结构的影响

    Institute of Scientific and Technical Information of China (English)

    钟田丽; 胡彦斌

    2014-01-01

    以高技术创业企业为研究对象,利用深市创业板公司样本数据,在实证检验创业企业R&D投资与融资结构相互关系的基础上,实证研究了人力资本特征对R&D投资与融资结构相互关系的影响程度。分析了完善我国创业企业治理、加强高管及核心技术人员队伍建设、规范R&D投资行为和优化融资结构的理论依据。%In this paper, taking the high technology start-ups as the research object, using the sample data from Shenzhen GEM, we firstly testify the inter-relationship between R&D investment and financing structure of start-ups. Then we focus on how the human capital characteristics of these fledging companies exert influence on the relationship between R&D investment and financing structure. We hope that what we discuss in this paper can improve the corporate governance, promote the quality of executives and core technical staff, set standard of R&D investment behavior and give some guide on how to optimize the financing structure from the theoretical perspective.

  7. HUMAN CAPITAL INVESTMENT AND ECONOMIC GROWTH IN NIGERIA: THE ROLE OF EDUCATION AND HEALTH

    Directory of Open Access Journals (Sweden)

    MATTHEW, A. OLUWATOYIN

    2011-12-01

    Full Text Available This study looked at Human Capital Investment and Economic Growth in Nigeria – the Role of Education. Even though there are different perspectives to economic growth, there is a general consensus that growth will lead to a good change manifested in increased capacity of people to have control over material assets, intellectual resources and ideology, and obtain physical necessities of life like food, clothing, shelter, employment, e.t.c. This is why some people have argued that the purpose of growth is to improve peoples’ lives by expanding their choices, freedom and dignity. The belief in human capital as a necessity for growth started in Nigeria during the implementation of the 1955-60 Development Plan and today, with the importance of knowledge in the economy, human capital has increasingly attracted both academic and public interest. This study made use of the Unit Root and Augmented Dickey Fuller (ADF tests and found out that a positive relationship exists between government expenditure on education and economic growth while a negative relationship exists between government expenditure on health and economic growth. Therefore, based on these findings, the study recommended that the Government should increase not just the amount of expenditure made on the education and health sectors, but also the percentage of its total expenditure accorded to these sectors. The ten percent benchmark proffered by the present national plan should be adopted.

  8. Comparative Analysis of Capital Productivity in China's High-Tech Industries

    Institute of Scientific and Technical Information of China (English)

    LingWang; AdamSzirmai

    2005-01-01

    While labor productivity is a topic of constant debate and has been studied extensively, far less attention has been devoted to the question of capital productivity. Productive use of physical capital is an important source of economic growth and investment return. This paper presents a comparative study of capital productivity in China's high-tech industry. Using a version of the perpetual inventory method (PIM), new estimates have been made of the physical capital stock by sector. Capital productivity in China's high-tech industry is higher than in total manufacturing, but the gap between them has been shrinking. Comparison with high-tech industries in the US., highlights that China's high-tech industries could play a more important role in the growth of manufacturing and the whole economy.

  9. Maximum Principle for Linear-Convex Boundary Control Problems applied to Optimal Investment with Vintage Capital

    CERN Document Server

    Faggian, Silvia

    2007-01-01

    The paper concerns the study of the Pontryagin Maximum Principle for an infinite dimensional and infinite horizon boundary control problem for linear partial differential equations. The optimal control model has already been studied both in finite and infinite horizon with Dynamic Programming methods in a series of papers by the same author, or by Faggian and Gozzi. Necessary and sufficient optimality conditions for open loop controls are established. Moreover the co-state variable is shown to coincide with the spatial gradient of the value function evaluated along the trajectory of the system, creating a parallel between Maximum Principle and Dynamic Programming. The abstract model applies, as recalled in one of the first sections, to optimal investment with vintage capital.

  10. 77 FR 5613 - C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment...

    Science.gov (United States)

    2012-02-03

    ... ADMINISTRATION C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that C3 Capital Partners II, L.P., 4520 Main Street, Suite 1600, Kansas City, Missouri 64111-7700, a Federal Licensee under the Small Business Investment...

  11. Promoting and Disseminating Good Practice in the Planning and Management of Educational Facilities: Capital Investment Strategic Planning - A Case Study, Gold Coast Institute of TAFE, Queensland, Australia.

    Science.gov (United States)

    Crump, Kelvin

    This paper presents a case study of the process of capital investment strategic planning at the Gold Coast Institute of Technical and Further Education (TAFE), Queensland, Australia. Capital investment strategic planning is a means of contributing to success by providing strategies to ensure that assets are managed efficiently, effectively, and…

  12. Governance of project management and capital investments: A case study in Brazil’s mining industry

    Directory of Open Access Journals (Sweden)

    Jose Antonio Sousa Neto

    2012-12-01

    Full Text Available The objective of this paper is to present the results of a survey carried out to evaluate the application of corporate governance practices in the management of capital investments and projects by a Brazilian iron ore mining company in 2011. It addresses the main concepts related to projects and corporate governance, as well as the impacts of the Sarbanes-Oxley Act of 2002 on project management. Data were analyzed and processed using descriptive statistics. It was found that the four core disciplines of project governance: portfolio management, project sponsorship, project management, disclosure and reporting, are present in the organization’s management framework, including the application of controls necessary to ensure the accuracy of financial analysis and future cash flows from the successful completion of capital projects. On the other hand, a discrepancy was found in the disproportionate allocation of resources and staff to mega project management compared to small and medium projects which, as a result, are not completed on schedule and within budget. Deficiencies were also found in the attribution of priorities within the organization’s project portfolio.

  13. The impact of IT investments and intellectual capital on firms’ performance

    OpenAIRE

    Meysam Ghaderi; Mohsen Hamidian; Hosein Jabari

    2015-01-01

    This paper presents an empirical study to determine the effects of four different factors including human capital, innovation capital, communication capital and information technology (IT) capital on firms’ return. The study selects the information of 50 selected firms from Tehran Stock Exchange over the period 2007-2013. Using regression analysis, the study has determined that there were some positive and meaning relationships between human capital, innovation capital, communication capital ...

  14. Evolution of Gender Differences in Post-Secondary Human Capital Investments: College Majors. Working Paper #03-11

    Science.gov (United States)

    Gemici, Ahu; Wiswall, Matthew

    2011-01-01

    Over the past 40 years, the level of human capital investments has changed substantially for men and women. Changes in the intensive margin of college major selection have been also been substantial, as the number of graduates in humanities, social science, and teaching has declined, and the number in science, engineering, and business has…

  15. Private Capital and Investment Climate for Economic Growth: Empirical Lessons based on ARDL bound test technique

    Directory of Open Access Journals (Sweden)

    Gérard Tchouassi

    2014-06-01

    Full Text Available Using time series, autoregressive distributed lags (ARDL-bound test approach and error-correction model (ECM, this paper aims to analyze how private capital and investment climate contribute to economic growth in African countries: Cameroon, Côte d’Ivoire, Tunisia, South Africa and Zambia. We find that in short-run there is a significant relationship between private capital, economic freedom and economic growth in Cameroon, in Côte d’Ivoire, in South Africa and in Zambia. In long run, we establish that a long term relationship exists between the variables. This implies that there is a long run cointegration relationship among the variables in some equations in Cameroon, Côte d’Ivoire, South Africa and Zambia. Employing the appropriate order of the ARDL specification and multidimensional economic freedom proxies to examine this linkage, the results obtained are not all significant.  JEL Classifications: C13, C22, E22, F43, O11, O47 Key-Words: Private capital, Investment climate, Economic freedom, Economic growth, Time series, ARDL bound test approach, Error-Correction Model. Normal 0 14 false false false IT X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabella normale"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}

  16. DETERMINATION OF THE OPTIMAL CAPITAL INVESTMENTS TO ENSURE THE SUSTAINABLE DEVELOPMENT OF THE RAILWAY

    Directory of Open Access Journals (Sweden)

    O. I. Kharchenko

    2015-04-01

    Full Text Available Purpose. Every year more attention is paid for the theoretical and practical issue of sustainable development of railway transport. But today the mechanisms of financial support of this development are poorly understood. Therefore, the aim of this article is to determine the optimal investment allocation to ensure sustainable development of the railway transport on the example of State Enterprise «Prydniprovsk Railway» and the creation of preconditions for the mathematical model development. Methodology. The ensuring task for sustainable development of railway transport is solved on the basis of the integral indicator of sustainable development effectiveness and defined as the maximization of this criterion. The optimization of measures technological and technical characters are proposed to carry out for increasing values of the integral performance measure components. To the optimization activities of technological nature that enhance the performance criteria belongs: optimization of the number of train and shunting locomotives, optimization of power handling mechanisms at the stations, optimization of routes of train flows. The activities related to the technical nature include: modernization of railways in the direction of their electrification and modernization of the running gear and coupler drawbars of rolling stock, as well as means of separators mechanization at stations to reduce noise impacts on the environment. Findings. The work resulted in the optimal allocation of investments to ensure the sustainable development of railway transportation of State Enterprise «Prydniprovsk Railway». This allows providing such kind of railway development when functioning of State Enterprise «Prydniprovsk Railway» is characterized by a maximum value of the integral indicator of efficiency. Originality. The work was reviewed and the new approach was proposed to determine the optimal allocation of capital investments to ensure sustainable

  17. The impact of IT investments and intellectual capital on firms’ performance

    Directory of Open Access Journals (Sweden)

    Meysam Ghaderi

    2015-09-01

    Full Text Available This paper presents an empirical study to determine the effects of four different factors including human capital, innovation capital, communication capital and information technology (IT capital on firms’ return. The study selects the information of 50 selected firms from Tehran Stock Exchange over the period 2007-2013. Using regression analysis, the study has determined that there were some positive and meaning relationships between human capital, innovation capital, communication capital and information technology capital and firms’ return, however, each of these four factors had various effect. Other results indicate that IT capital had the greatest impact on future returns of companies and among intellectual capital components, communication capital had the highest impact on future earnings.

  18. Limiting the financial risks of electricity generation capital investments under carbon constraints: Applications and opportunities for public policies and private investments

    Science.gov (United States)

    Newcomer, Adam

    Increasing demand for electricity and an aging fleet of generators are the principal drivers behind an increasing need for a large amount of capital investments in the US electric power sector in the near term. The decisions (or lack thereof) by firms, regulators and policy makers in response to this challenge have long lasting consequences, incur large economic and environmental risks, and must be made despite large uncertainties about the future operating and business environment. Capital investment decisions are complex: rates of return are not guaranteed; significant uncertainties about future environmental legislation and regulations exist at both the state and national levels---particularly about carbon dioxide emissions; there is an increasing number of shareholder mandates requiring public utilities to reduce their exposure to potentially large losses from stricter environmental regulations; and there are significant concerns about electricity and fuel price levels, supplies, and security. Large scale, low carbon electricity generation facilities using coal, such as integrated gasification combined cycle (IGCC) facilities coupled with carbon capture and sequestration (CCS) technologies, have been technically proven but are unprofitable in the current regulatory and business environment where there is no explicit or implicit price on carbon dioxide emissions. The paper examines two separate scenarios that are actively discussed by policy and decision makers at corporate, state and national levels: a future US electricity system where coal plays a role; and one where the role of coal is limited or nonexistent. The thesis intends to provide guidance for firms and policy makers and outline applications and opportunities for public policies and for private investment decisions to limit financial risks of electricity generation capital investments under carbon constraints.

  19. Migration Options for Skilled Labor and Optimal Investment in Human Capital

    DEFF Research Database (Denmark)

    Ghoddusi, Hamed; Siyahhan, Baran

    2011-01-01

    of human capital. The analysis shows that the accu- mulation of human capital depends crucially on the level of uncertainty and the transferability of human capital across countries. Government subsidies are an important determinant of the composition of different types of human capital and can be crucial...

  20. Chinese Investment into the UK Record High

    Institute of Scientific and Technical Information of China (English)

    Alice Yang

    2010-01-01

    @@ Foreign investment from China in the UK has maintained strong growth from 59 projects(2008-09)to a new record 74 projects in2009-2010 financial year according to UK Trade & Investment Annual Review.

  1. High political participation, high social capital? A relational analysis of youth social capital and political participation.

    Science.gov (United States)

    Teney, Celine; Hanquinet, Laurie

    2012-09-01

    Social capital has been alleged to increase the capacity for political mobilization. Yet, until now, the empirical debate has not succeeded in rendering a detailed account of the relationships between social capital and political participation partly because of the use of a reductive conception and operationalization of both concepts. Using a multidimensional and relational technique (multiple correspondence analysis) and a detailed youth survey data from Belgium, the article demonstrates that youth draw on diverse forms of social capital and that these forms vary along socio-economic status and ethnic origin. Six classes based on the forms of social capital were identified. Two of them - the 'Committed' and 'Religious' are highly political active. The 'Committed' Class, based on a diversified social capital, consists mainly of non-immigrant youth with a high socio-economic background undertaking a large diversity of political activities. The 'Religious' Class, based on a narrow social capital built around religious activities, is mostly composed of ethnic minority youth with a low SES involved in more specific political activities.

  2. The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation.

    Science.gov (United States)

    Fleming, Jonathan J

    2015-02-01

    A key element required for translating new knowledge into effective therapies is early-stage venture capital that finances the work needed to identify a lead molecule or medical device prototype and to develop it to the proof-of-concept stage. This early investment is distinguished by great uncertainty over whether the molecule or prototype is safe and effective, the stability of the regulatory standards to which clinical trials are designed, and the likelihood that large follow-on investments for commercial development can be secured. Regulatory and reimbursement policies have a profound impact on the amount of capital and the types of life science projects that investors pursue. In this article I analyze several recent trends in early-stage venture capital funding, describe how these trends are influenced by regulatory and reimbursement policies, and discuss the role of policy makers in bringing new treatments to market. Policy makers can foster renewed private investment into critically needed early-stage products by increasing Small Business Innovation Research (SBIR) funding and public support for clinical trials in targeted areas of interest; creating regulatory pathways to enable early testing of experimental compounds in limited populations; and offering economic incentives for investors and developers in designated therapeutic areas.

  3. Evaluating net investments in the operating working capital under certainty: The integrated approach to working capital management

    Directory of Open Access Journals (Sweden)

    Aleksandra Szpulak

    2015-04-01

    Full Text Available In day-to-day operations managers decide on a variety of working capital variables influencing the size of operating cash flows its timing and risk and therefore the firm’s value. This paper reveals the tool based on NPV criterion appropriate for evaluation of net effect the changes in working capital management have on the firm’s value. This research merge previous work on the applications of the NPV criterion in the field of working capital management within discounted cash flows framework (Lieber and Orgler, 1975; Sartoris and Hill, 1983; Kim and Chung, 1990; Arcelus and Srinivasan, 1993 and contributes to it by (i including additional working capital decision variables: advance payments, labor costs and deferral of salaries payments, (ii focusing on moments of outflows instead of moments of costs arising and (iii it is designed to be applicable for discretionary type of business activity. As being value-based tool presented here is superior to well established financial ratios analysis usually suggested for assessing the efficiency of working capital management.

  4. A capital investment: The effects of teacher human and social capital on student achievement in improving schools

    NARCIS (Netherlands)

    Daly, A.J.; Daly, Alan J.; Moolenaar, Nienke; Der-Martirosian, Claudia; Canrinus, Esther T.; Chrispeels, Janet H.

    2011-01-01

    s accountability policy presses for higher student achievement, elementary schools across the nation are enacting a host of reform efforts with varied outcomes. Mounting evidence suggests reforms that support greater collaboration among teachers may enhance the intellectual capital available in a sc

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

    Directory of Open Access Journals (Sweden)

    Radu CIOBANU

    2011-06-01

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

  6. 76 FR 17180 - C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment...

    Science.gov (United States)

    2011-03-28

    ... ADMINISTRATION C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that C3 Capital Partners IT, L.P., 4520 Main Street, Suite 1600, Kansas City, Missouri, 64111-7700, a Federal Licensee under the Small Business...

  7. The Long-Term Impact of Human Capital Investment on GDP: A Panel Cointegrated Regression Analysis

    Directory of Open Access Journals (Sweden)

    Ahmet Gökçe Akpolat

    2014-01-01

    Full Text Available This study aims to determine the long-run impact of physical and human capital on GDP by using the panel data set of 13 developed and 11 developing countries over the period 1970–2010. Gross fixed capital formation is used as physical capital indicator while education expenditures and life expectancy at birth are used as human capital indicators. Panel DOLS and FMOLS panel cointegrated regression models are exploited to detect the magnitude and sign of the cointegration relationship and compare the effect of these physical and human capital variables according to these two different country groups. As a consequence of panels DOLS and FMOLS models, the impact of physical capital and education expenditures on GDP in the developed countries is determined as higher than the impact in the developing countries. On the other hand, the impact of life expectancy at birth on GDP is determined as higher in the developing countries.

  8. Rolling capital: managing investments in a value-based care world.

    Science.gov (United States)

    Jasuta, Lynette

    2016-06-01

    The importance of capital planning is increasing as the healthcare industry moves toward value-based care. Replacing unwieldy and inflexible traditional capital planning processes with a rolling capital planning approach can result in: Greater standardization, facilitating better strategic planning across the whole system. Reduced labor intensity in the planning and budgeting process. Reduced costs through being able to plan better for replacement purchases and take advantage of group purchasing and bundling opportunities. Increased transparency in the decision-making process.

  9. The use of capital market instruments in investment of European insurance companies

    OpenAIRE

    Wolski, Rafał

    2011-01-01

    The financial and the insurance markets are increasingly penetrating each other, accounting for the fact that insurers are more and more often seen as major institutional investors of capital markets. The capital market offers a range of new opportunities, although it is not devoid of faults, mercilessly exposed by consecutive stock market collapses. Do insurance companies use the capital market instruments? And if so, to what extent? The conducted analysis has pointed at growing involvement ...

  10. The Influence of Profitability Ratios and Company Size on Profitability and Investment Risk in the Capital Market

    Directory of Open Access Journals (Sweden)

    Rutkowska-Ziarko Anna

    2015-06-01

    Full Text Available A study was conducted of 15 food companies listed on the Warsaw Stock Exchange. The profitability of companies was measured by: return on assets (ROA, return on equity (ROE and return on sales (ROS. Investment risk was measured by standard deviation and semi-deviation. The main objective of the study was to examine whether the average level and variability of selected indicators of profitability are reflected in the average level and the variability of returns on the capital market. An additional aim was to examine whether the size of the company affects the profitability and risk of investment in stocks as well as the average value and the volatility of profitability ratios. A positive correlation between the average value of the profitability ratios (ROA and ROS and the average rates of return on the capital market was identified. Similarly, companies with higher volatility and semi-volatility of profitability ratios were simultaneously characterized by larger fluctuations in rates of return on the stock market. Studies have shown that the size of the company is negatively correlated with the risk of stock market investments and the volatility of profitability ratios.

  11. Geography and the costs of urban energy infrastructure: The case of electricity and natural gas capital investments

    Science.gov (United States)

    Senyel, Muzeyyen Anil

    Investments in the urban energy infrastructure for distributing electricity and natural gas are analyzed using (1) property data measuring distribution plant value at the local/tax district level, and (2) system outputs such as sectoral numbers of customers and energy sales, input prices, company-specific characteristics such as average wages and load factor. Socio-economic and site-specific urban and geographic variables, however, often been neglected in past studies. The purpose of this research is to incorporate these site-specific characteristics of electricity and natural gas distribution into investment cost model estimations. These local characteristics include (1) socio-economic variables, such as income and wealth; (2) urban-related variables, such as density, land-use, street pattern, housing pattern; (3) geographic and environmental variables, such as soil, topography, and weather, and (4) company-specific characteristics such as average wages, and load factor. The classical output variables include residential and commercial-industrial customers and sales. In contrast to most previous research, only capital investments at the local level are considered. In addition to aggregate cost modeling, the analysis focuses on the investment costs for the system components: overhead conductors, underground conductors, conduits, poles, transformers, services, street lighting, and station equipment for electricity distribution; and mains, services, regular and industrial measurement and regulation stations for natural gas distribution. The Box-Cox, log-log and additive models are compared to determine the best fitting cost functions. The Box-Cox form turns out to be superior to the other forms at the aggregate level and for network components. However, a linear additive form provides a better fit for end-user related components. The results show that, in addition to output variables and company-specific variables, various site-specific variables are statistically

  12. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master chapter core concepts and come to class more prepared. Bodie Investments' blend of practical and theoretical coverage combines with a complete digital solution to help your students achieve higher outcomes in the course

  13. Investimento direto externo, acumulação de capital produtivo e distribuição de renda: uma abordagem pós-keynesiana Foreign direct investment, productive capital accumulation and income distribution: a post-keynesian approach

    Directory of Open Access Journals (Sweden)

    Mário Augusto Bertella

    2005-04-01

    Full Text Available It is developed a macrodynamic model in the post-keynesian tradition of political economy of the productive capital accumulation and income distribution to analyze some of the impacts of the (flow of foreign direct investment and the (stock of foreign productive capital on capital accumulation, economic growth and functional income distribution in a stylized economy. Alongside a usual demand effect, the impacts of such an internationalization of local capital through labor productivity and market concentration are taken into account as well.

  14. Suboptimal investments and M&A deals in emerging capital markets

    Directory of Open Access Journals (Sweden)

    Cherkasova Victoria

    2016-01-01

    Full Text Available This paper focuses on the efficiency of target-company investment decisions before and after Merger & Acquisition deals. We study whether M&A deals help to solve the problem of suboptimal investment after the acquisition. Using a sample of 145 target companies from BRICS countries that were acquired during the period 2004-2014, we outline those that had over- or underinvested before the deal and show that more than half the companies managed to optimize the investment level after the deal. We determine the key factors that improve the inefficiency of investment decisions and demonstrate that the industry and country have an impact on the degree of suboptimal investment.

  15. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

    Investors are a heterogeneous group, they may be large or small, rich or poor, expert or lay man and not all investors need equal degree of protection (Mayya, 1996). An investor has three objectives while investing his money, namely safety of invested money, liquidity position of invested money and return on investment. The return on investment may further be divided into capital gain and the rate of return on investment as interest or dividend. Among all investment options available, securities are considered the most challenging as well as rewarding. Securities include shares, debentures, derivatives, units of mutual funds, Government securities etc. An investor may be an individual or corporate legal entity investing funds with a view to derive maximum economic advantage from investment such as rate of return, capital appreciation, marketability, tax advantage and convenience of investment.The Capital market facilitates mobilization of savings of individuals and pools them into reservoir of capital which can be used for the economic development of a country. An efficient capital market is essential for raising capital by the corporate sector of the economy and for the protection of the interest of investors in corporate securities. There arises a need to strike a balance between raising of capital for economic development on one side and protection of investors on the other. Unless the interests of investors are protected, raising of capital, by corporates is not possible. Like, the primary objective of a senior citizenís asset allocation is the generation of regular income.

  16. Corporate venture capital: geração e acompanhamento de oportunidades de investimento em empresas inovadoras Corporate Venture Capital: originating and monitoring investment opportunities in innovative companies

    Directory of Open Access Journals (Sweden)

    Thiago Pinheiro Faury

    2013-01-01

    Full Text Available O objetivo deste trabalho é compreender a utilização de estruturas corporate venture capital - CVC (capital de risco corporativo, identificando as motivações e as dificuldades no processo de implementação, com foco nos estágios de geração e acompanhamento de oportunidades de investimentos. A abordagem metodológica pautou-se inicialmente por uma revisão de literatura, seguida de um estudo de caso em uma empresa com unidade de novos negócios voltada ao CVC. Finalmente, foi utilizado um painel de especialistas da área de VC, composto por três grupos de especialistas: Mercado, Empreendedores e Neutro (acadêmicos, consultores em inovação e gerentes de incubadoras. Com o auxílio do software ATLAS.ti foi feita a análise de conteúdo dos discursos dos entrevistados, gerando um interessante painel a respeito das práticas de venture capital que poderá orientar não só a organização estudada, como também aos envolvidos na indústria de capital de risco, inovação e empreendedorismo. O trabalho aponta para a busca de opções de investimentos alinhadas aos mercados alvo, mas também de empreendedores alinhados à filosofia da organização. Também se observou diferenças na percepção entre os atores do painel de especialistas. Finalmente, foi destacada a importância de intermediários na aproximação das empresas inovadoras e o CVC.This study aims to understand the use of corporate venture capital structures (CVCs, identifying the motivations and difficulties in the implementation process, with focus on the generation and monitoring of investment opportunities. The methodological approach was based on a literature review, followed by an exploratory study performed in a service firm, especially in the new business unit dedicated to CVCs. Finally, we used a panel of specialists of the VC, composed of three groups of experts: Market, Entrepreneurs, and Neutral (academics, consultants, and managers of innovation incubators. The

  17. Impact of Rural Basic Human Capital Investment on Regional Development Ability

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    From the perspective of human resources development and regional economic cooperation,this paper expounds the basic conditions for socio-economic transformation and development in underdeveloped rural areas,and the ways to acquire basic human capital.On the basis of this,this paper further analyses the regional competitiveness difference arising from human capital difference,and proposes that we should solve this problem through sufficient supply of rural compulsory education.

  18. Is China’s Investment Ratio Too High?

    Institute of Scientific and Technical Information of China (English)

    张汉亚

    2007-01-01

    In recent years,overseas observers have reached a consensus upon attributing China’s sustained rapid economic growth primarily to high investment.This consensus opinion has also struck a resonant chord among a large number of domestic researchers who acknowledge the tremendous contribution of continued high fixed asset investment to China’s economic growth,and often wonder whether"the investment ratio is too high"and"the economy is overheating".In this article,renowned economist Zhang Hanya elaborates upon the real economic meaning of"investment ratio",and sets out reasonable criteria for the"investment/consumption ratio".His explanations help us to clarify our understanding and judgments regarding the related issues.

  19. Implementation of investment and working capital financing allocated by banks towards the added GDP, labors, and welfare in four regencies in Madura

    Directory of Open Access Journals (Sweden)

    Didin Fatihudin

    2015-06-01

    Full Text Available This study investigates the implementation of investment financing absorption and private bank sectors working capital to increase GDP, employment, and welfare of the four counties in Madura island (Bangkalan, Sampang, Pamekasan, Sumenep. This is the development of a previous study. This explanatory study is based on the model devel-opment concept or theory with Path Analysis through the data normality, multicolli-nearity, and heteroscedasticity test as well as causality. The data were taken from Bank Indonesia, Investment Coordinating Board, and the Central Bureau of Statistics. This is a time series data of 2002 to 2006. It shows that the financing of investment to GDP has significant and negative effect, financing of investment to labor absorption has signifi-cant and negative effect; financing working capital to GDP has significant and positive effect; financing of working capital to labor absorption has significant and negative effect; GDP in the labor market has no significant nor positive effect; GDP for the welfare effect, it has positive but not significant effect; employment in the welfare has a significant and positive effect. The direct effect or indirect implementation of financing from banks to finance investments and working capital to the entrepreneurs has increasingly a significant and positive effect. Absorption has dominated world finance working capital financing, following the least consumption and investment. Thus, it was natural that the implementa-tion of the investment credit and working capital has a significant and positive effect on economic growth, absorption of labor, and welfare in all four counties in Madura.

  20. Capital investment of overseas Vietnamese to the economy of the Socialist Republic of Vietnam

    Directory of Open Access Journals (Sweden)

    Tyabaev Andrey E.

    2016-01-01

    Full Text Available The paper explores the vital issues of attracting investment from Vietnamese emigrants of different generations to the economy of the present-day Vietnam. We give the definition of the Vietnamese Diaspora (Viet Kieu and a short overview of emigrant waves. In addition, we explain how leaders of the Socialist Republic of Vietnam have interacted with overseas Vietnamese and their organizations in the field of economy over the years. The paper demonstrates geographic differences existing in this type of investment. Further, we outline the measures taken to encourage the Viet Kieu investment in the country’s economy as well as the success rate of these measures. Finally, we specify the barriers to investing in the national economy of Vietnam for “overseas fellow nationals”.

  1. Defining Advancement Career Paths and Succession Plans: Critical Human Capital Retention Strategies for High-Performing Advancement Divisions

    Science.gov (United States)

    Croteau, Jon Derek; Wolk, Holly Gordon

    2010-01-01

    There are many factors that can influence whether a highly talented staff member will build a career within an institution or use it as a stepping stone. This article defines and explores the notions of developing career paths and succession planning and why they are critical human capital investment strategies in retaining the highest performers…

  2. Defining Advancement Career Paths and Succession Plans: Critical Human Capital Retention Strategies for High-Performing Advancement Divisions

    Science.gov (United States)

    Croteau, Jon Derek; Wolk, Holly Gordon

    2010-01-01

    There are many factors that can influence whether a highly talented staff member will build a career within an institution or use it as a stepping stone. This article defines and explores the notions of developing career paths and succession planning and why they are critical human capital investment strategies in retaining the highest performers…

  3. Challenges of attracting private capital investments in the Russian power sector

    Energy Technology Data Exchange (ETDEWEB)

    Kiss, Peter; Sagodi, Attila

    2010-09-15

    The level of investment required by the Russian power sector by 2020 are expected to be in the range of USD 500-550 billion. It is of vital importance that Russia outlines an appropriate regulatory regime for its energy market that attracts foreign investors and combats corruption. The most important challenges determining the long term development of the country's power sector are skills development, regulatory effectiveness, corporate governance, and assurance regarding private investments.

  4. New Approach to Remuneration Policy for Investment Firms: a Polish Capital Market Perspective

    Directory of Open Access Journals (Sweden)

    Szymon Okoń

    2012-03-01

    Full Text Available The experience of the recent financial crisis leads to reflections on the relevant mechanisms of risk reduction of an investment firms activity. Within the European Union, the Directive 2010/76/EU (CRD III has introduced new rules regarding the remuneration policy for investment firms. The main goal was to reduce the risk of investment firms’ activity. This is a prudential regulation. The purpose of this article is to evaluate, from the point of view of an investment firm, proposed by the EU legislator approach to remuneration policy aimed at reducing the risk of the operation of this type of financial institutions. The aim was to identify the key problems with which Polish investment firms may face in the future in connection with new remuneration policy rules. As far as the methodology is concerned, the author carried out in-depth and standardized interviews with the representatives of several investment firms in Poland. In addition, the method of observation has been applied. The results of the research demonstrates that the abovementioned regulations will have limited impact on reducing the risk of the activities of these financial institutions as well as their implementation will be difficult for them in practice.

  5. Assessing the capital efficiency of healthcare information technologies investments: an econometric perspective.

    Science.gov (United States)

    Meyer, Rodolphe; Degoulet, Patrice

    2008-01-01

    To examine the different methods that can be used in the quantification of the added value of information technologies (IT) in the health care sector. This quantification represents a major issue for decision-makers and health care professionals when they have to plan an IT investment. Articles were chosen via Medline, internet and the University of Geneva bibliographic portal. Some of the papers were obtained directly from their authors. We examine the most current methods used to evaluate IT return on investment (ROI) in the general business and in the health care sector, drawing attention on methods traditionally used in macroeconomic studies that could reveal themselves disruptive for IT ROI impact evaluation in hospitals. Financial and accounting methods can provide interesting data on a specific IT project but are usually incomplete for revealing the global IT investment influence. Econometric methods tend to demonstrate the positive impact of health care IT (HIT) on hospital production and productivity. Hospitals having higher levels of IT investment tend to deliver a higher level of clinical quality and show improved hospital cost performances. Information technologies are so intermingled with people and processes that the identification of specific IT benefit remains questionable. Using macroeconomic tools could be the best way to analyze and compute IT ROI in health care. Econometric tools take into account all types investments (inputs) and all the returns (outputs) enabling the precise measurement of IT investments impact, breakeven points, and possible threshold levels, thus providing helpful intelligence to reach the higher levels of IT governance in hospitals.

  6. Investing in Cognac Producing Vineyards to Hedge Wealth While Receiving High Returns

    Directory of Open Access Journals (Sweden)

    Hakob Hakobyan

    2015-07-01

    Full Text Available The general trend over the last decade for investments has been moving towards emerging markets, where investors are promised high returns for risky investments. These kind of investments favor the brave and bold, but are frightening for the risk averse. In this paper I will be presenting the opportunities that an investment into cognac producing vineyards can offer. High return and relatively low risk investment opportunities that exists in France. Included in the paper will be examples of large investments made recently into the industry. I will analyze the trends in the market over the past 8 years for the prices of land, cognac itself and the ease of sales of such products. There will also be an in-depth explanation of why cognac is today’s least risky product to invest into, comparing it to the Champagne regions’ similar historic trends. The findings show that land prices have increased at an average of 10% while simultaneously the price of cognac, has grow at an average of 14%. This product also has a unique hedging opportunity for investors. In short, excluding the growth of cognac prices in general the product itself gains value the longer it is stored, by an average of 12%. In this industry there are 5 big players that compete with each other on quality and also access to future stocks. This reality gives an investor the unique ability to sign futures contracts for 100% of their production over a 5 year period (standard market contract. Similar contracts can be signed with cooperatives who manage the lands for the investor, making the investment hassle free. This allows for an assured projection of both costs and returns for an unprecedented length of time compared to any other industry today. In conclusion, cognac producing vineyards are an investment that can potentially bring high returns, while being able to hedge the investment and see capital gains over the course of time. There will be a final simulation of a 5 year

  7. The Kingdom of Saudi Arabia and the challenges of globalisation, human capital investment and economic reform : a critical evaluation of the King Abdullah scholarship programme

    OpenAIRE

    Al Yousef, Maha

    2016-01-01

    Globalisation has developed alongside the growth of information technologies. These have in turn required states to pursue policies promoting adaptation to a knowledge-based economy reliant on 'human capital' (a phrase first coined in 1961 by Theodore Schultz). This thesis explores and assesses one aspect of the Saudi Arabian government's response to this globalisation process: investment in capital and development of the population's workplace skills requirements through the King Abdu...

  8. The Strategic Management of Human Capital: Making the Smart Investments in Teachers and Principals

    Science.gov (United States)

    Berry, Barnett

    2009-01-01

    In this paper the author summarizes some of the most relevant issues, evidence, and divergent thinking relative to the strategic management of human capital in education. This paper has been built upon the most recent research, interviews with 20 of the leading experts around the nation, and structured conversations with leading-edge educators in…

  9. Social Capital and Regional Social Infrastructure Investment : Evidence From New Zealand

    NARCIS (Netherlands)

    Roskruge, Matthew; Grimes, Arthur; McCann, Philip; Poot, Jacques

    2012-01-01

    In this article, we link unique data on local social infrastructure expenditure with microlevel individual survey data of self-reported social capital measures of trust and participation in community activities. We use both probit and tobit models to estimate the impact of social infrastructure expe

  10. Social Capital and Regional Social Infrastructure Investment : Evidence From New Zealand

    NARCIS (Netherlands)

    Roskruge, Matthew; Grimes, Arthur; McCann, Philip; Poot, Jacques

    In this article, we link unique data on local social infrastructure expenditure with microlevel individual survey data of self-reported social capital measures of trust and participation in community activities. We use both probit and tobit models to estimate the impact of social infrastructure

  11. The investment pyramid: give due consideration to risk-reward ratios and capital liquidity.

    Science.gov (United States)

    Blau, Joel; Paprocki, Ronald J

    2003-01-01

    In spite of constraints in reimbursement and relatively flat incomes in many specialties for the last decade, most physicians can still look forward to significant incomes over their professional lives. Hopefully, they may accumulate sufficient funds for retirement. In the interim, the management of their resources has become evermore difficult with the vagaries of investment results over the past three years. This article details the authors' views to a balanced approach to structuring one's financial position with a focus on insurance and general investment options.

  12. 人口老龄化、公共人力资本投资与经济增长%POPULATION AGING,PUBLIC HUMAN CAPITAL INVESTMENT AND ECONOMIC GROWTH

    Institute of Scientific and Technical Information of China (English)

    吴俊培; 赵斌

    2015-01-01

    This paper analyzes the growth-oriented optimal structure and relative scale of public hu-man capital investment in an aging society by establishing an extended overlapping-generation model which endogenizes population aging.The theoretical analyses indicate that there are inverse U-curve relationships between the relative scale and structure of public human capital investment and economic growth.The op-timal scale and structure of public human capital investment are reflected by the correlation of aging popu-lation and economic growth.Specifically,if aging has positive (negative)effects on economic growth,the growth-oriented policy is to increase (decrease)public human capital investment to GDP ratio and public health investment to public human capital investment ratio.The empirical studies based on the panel data of Chinese provinces suggest that population aging has negative effects on economic growth.The scale of the public human capital investment and the proportion of public human health investment become so large,lying in the decline stage of inverse U-curve,that they depress the economic growth through crowd-ed-out effects.The policy implications of this paper are as follows:the government should increase the public education investment to public human capital investment ratio and encourage more efficient social private capital to invest in human capital accumulation so as to decrease the relative scale of public human capital investment;the scale of public physical investment should be reinforced at present.%本文利用内生化老龄化的世代交叠模型,探讨了老龄化社会中为了促进经济增长可选择的公共人力资本投资的最优相对规模和结构。本文研究表明,公共人力资本投资相对规模(即占 GDP 比例)和公共健康支出占比(即占公共人力资本投资比例)均与经济增长呈倒 U型关系,且最优值通过老龄化对经济增长的作用表现出来。即当老龄化对经济增

  13. Labor force participation and human capital increases in an aging population and implications for U.S. research investment.

    Science.gov (United States)

    Manton, Kenneth G; Lowrimore, Gene R; Ullian, Arthur D; Gu, Xiliang; Tolley, H Dennis

    2007-06-26

    The proportion of the United States labor force >/=65 years of age is projected to increase between 2004 and 2014 by the passing of age 65 of the large post-World War II baby boom cohorts starting in 2010 and their greater longevity, income, education, and health [Toossi M (2005) Mon Labor Rev 128(11):25-44]. The aging of the U.S. labor force will continue to at least 2034, when the largest of the baby boom cohorts reaches age 70. Thus, the average health and functional capacity of persons age 65+ must improve for sufficient numbers of elderly persons to be physically and cognitively capable of work. This will require greater investments in research, public health, and health care. We examine how disability declines and improved health may increase human capital at later ages and stimulate the growth of gross domestic product and national wealth.

  14. Credit Enhancements and Capital Markets to Fund Solar Deployment: Leveraging Public Funds to Open Private Sector Investment

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Urdanick, Marley [National Renewable Energy Lab. (NREL), Golden, CO (United States); Joshi, John [Capital Fusion Markets, London (United Kingdom)

    2015-02-01

    Credit enhancements represent a variety of financial support structures that are designed to reduce risk to those holding the debt, including debt raised via a securitization process, and thus lower the required yield associated with the security. The purpose of all forms of credit enhancement is to increase the collateral against which notes are secured (Lin,1999). The following section evaluates is not guaranteed. Perceived risks of the solar asset class--including those related to technology, offtaker creditworthiness, and regulatory policy--can increase the required yield, increase probability of investor loss of interest and/or principal, or both. In many cases, this is a cyclical phenomenon: risk perception is fed by lack of historical knowledge, which is in turn fed by risk perception. Therefore, successful access to capital market investment in order to spur low-cost solar deployment depends on the success of this initial fledgling period.

  15. The structured finance of leading private capital to invest cultural industry%民间资本投资文化产业的结构性融资

    Institute of Scientific and Technical Information of China (English)

    冷建飞

    2014-01-01

    This thesis constructs the system of private capital investment in the cultural industry by structured fi-nance, identifies the participation body, makes the flow of private capital investment in the cultural industry by structured finance, and settles the role of assistant people. Meanwhile, this thesis studies the key problem of private capital invest-ment in the cultural industry by structured finance. The thesis proposes that we should carry out the credit enhancement of assets pool, set up the SPV to quarantine the risks, and make a good price of private capital investment in cultural industry by structured finance. This thesis also deals with the operation mechanism of private capital investment in the cultural industry by structured finance. We must establish the mechanism of asset evaluation, improve the mechanism of investor protection, and perfect the mechanism of securities issuance.%本文对民间资本投资文化产业结构性融资的体系进行了构建,明确了参与的主体,制定了这种结构性融资的流程,梳理了辅助参与人的作用;对民间资本投资文化产业结构性融资的关键问题进行了研究,对资产池进行信用增级,设立好风险隔离的SPV,做好民间资本投资文化产业结构性融资的定价;对民间资本投资文化产业结构性融资的运行机制进行了研究,提出要建立资产评估机制、完善投资者保护机制、健全证券的发行机制。

  16. Real estate capitalization of Public Administration Institutions - a chance to stimulate investment and increase economic competitiveness

    Directory of Open Access Journals (Sweden)

    Ionut Constantin

    2012-12-01

    Full Text Available The divide in the development of the different European space regions, is exemplified by the different ability to attract investments between rural and urban areas. Urban areas usually assure to investors a broad availability of structures and services that rural areas cannot offer. Another limiting factor for rural areas is the difficulty the enterprises which want to localize their structures outside the urban area meet when they try to find information about the quantity and the quality of the available structures. This penalization affects also the unused real estates of the public administration institutions; these real estates could represent for the investors an important opportunity to improve area’s resources, meeting some forms of converging collaboration with the public administration institutions. POLYINVEST project aims at improving conditions for investment in the rural areas, directly tackling the development gap between the regions of the South East Europe and to develop an information system useful for those public administration institutions.

  17. Evaluation of NASA-sponsored research on capital investment decision making in the civil aviation industry

    Science.gov (United States)

    Donovan, D. J.

    1977-01-01

    Significant findings of three studies undertaken to provide the NASA Aircraft Energy Efficiency (ACEE) Office with information regarding how aircraft manufacturers and commercial airlines make investment decisions concerning the acquisition of new and derivative technology are analyzed and their general implications explored. Topics discussed include: the market for airline aircraft, factors affecting the corporate decision making process of air transport manufacturers, and flight equipment purchasing practices of representative air carriers.

  18. Human Capital Formation and Foreign Direct Investment in Developing Countries. OECD Development Centre Working Paper No. 211 (Formerly Technical Paper No. 211)

    Science.gov (United States)

    Miyamoto, Koji

    2003-01-01

    This paper synthesises the existing literature on human capital formation and foreign direct investment (FDI) in developing countries. The aim is to take a bird's eye view of the complex linkages between the activities of multinational enterprises (MNEs) and policies of host developing countries. In doing so, general trends, best practices and…

  19. 人力资本投资、就业能力与农民收入增长%Human Capital Investment,Employability and Farmers’Income Growth

    Institute of Scientific and Technical Information of China (English)

    吴振华

    2015-01-01

    当前我国农民自身增收能力较弱,收入增长缺乏稳定性,根本原因在于低水平人力资本投资约束下的低水平就业能力限制了其收入增长的空间。根据在重庆市的调研资料分析表明:农民收入的增长来源于农民就业能力的增强,尤其是就业岗位胜任能力的提高;农民的就业能力受制于其人力资本投资水平,特别是教育投资水平;农民收入水平的高低又影响到其人力资本投资水平;就业能力对人力资本投资影响农民非农收入具有完全中介作用,对人力资本投资影响农民农业收入具有部分中介作用,“教育—就业岗位胜任能力—收入”是人力资本投资影响农民收入路径中的核心传导机制。通过提高人力资本投资水平提升农民就业能力,是农民稳定增收的根本途径。%At present,the capability to increase income by farmers themselves in China is weak and the income increase is unstable.The root reason for it is that low level of employability restricted by low level of human capital investment limits income increase.According to the investigation data,the analysis shows that farmers’income increase comes from the enhancement of employability,especially the promotion of position competence which is restricted by human capital investment,especially education level.Farmers’income level influences the human capital investment level.Employability has fully mediating effect on human capital investment influencing non-farming income for farmers,and has partly mediating effect on human capital investment influencing farming income.“Education-position competence-income”is the core transmission mechanism in human capital investment influencing farmers’income.Therefore,the essential way to stabilize farmers’income is to enhance farmers’ employability by promoting human capital investment level.

  20. Public Policy, Venture Capital and Corporate R & D Investment%创新激励政策、风险投资与企业创新投入

    Institute of Scientific and Technical Information of China (English)

    黄燕; 吴婧婧; 商晓燕

    2013-01-01

    以深圳中小板上市公司为样本,选取2008年~2011年四年间的面板数据实证检验税收优惠、研发补贴、金融支持、产权保护及人才激励五项创新促进政策的实施效果,并研究风险投资与中小企业创新投入的相关性问题。研究发现税收优惠及人才激励政策显著促进企业的研发投入;研发补贴对企业研发投入具有挤出效应---政府的研发补贴显著地减少了企业研发投入;金融支持政策效没有显著地促进企业加大研发投入。风险投资从总体上对企业的研发投入没有非常显著影响;有风险投资的企业研发产出高于无风险投资的企业;风险投资的持股比例对企业的研发行为没有显著影响。%This paper evaluates the impact of national innovation policy on small and medium enterprises with the sample of companies listed on Shenzhen Stock Exchange and discusses the relevance between venture capital and corporate R&D in -vestment.Our data start from 2008 and end with 2011.The empirical analysis shows that: (1) tax incentives and talent truly promote corporate R&D investment;(2) subsidies show a crowding -out effect to corporate R&D investment , instead of a positive effect as we assume ( 3 ) financial support do not show any significant effect if we use a whole sample .But when we get our sample into two parts according to market -oriented degree , financial support has a crowding -out effect on low-market-oriented degree of region and a positive effect on high -market-oriented degree of region;(4) intellec-tive property right is vital to encourage corporate R&D activities .However in this paper enterprises in cities which are fa-mous for intellective property right protect do not invest more money on R&D activities than those in other cities ;(5) ven-ture capital has a significant effect on corporate R&D investment .Those enterprises which get some venture capital will pay more money to do research , but

  1. Social capital and physical activity among Croatian high school students.

    Science.gov (United States)

    Novak, D; Doubova, S V; Kawachi, I

    2016-06-01

    To examine factors associated with regular physical activity in Croatian adolescents. A cross-sectional survey among high school students was carried out in the 2013/14 school year. A survey was conducted among 33 high schools in Zagreb City, Croatia. Participants were students aged 17-18 years. The dependent variables were regular moderate to vigorous physical activity (MVPA) and overall physical activity measured by the short version of International Physical Activity Questionnaire and defined as 60 min or more of daily physical activity. The independent variables included family, neighborhood, and high school social capital. Other study covariates included: socio-economic status, self-rated health, psychological distress and nutritional status. The associations between physical activity and social capital variables were assessed separately for boys and girls through multiple logistic regression and inverse probability weighting in order to correct for missing data bias. A total of 1689 boys and 1739 girls responded to the survey. A higher percentage of boys reported performing regular vigorous and moderate physical activity (59.4%) and overall physical activity (83.4%), comparing with the girls (35.4% and 70%, respectively). For boys, high family social capital and high informal social control were associated with increased odds of regular MVPA (1.49, 95%CI: 1.18 - 1.90 and 1.26, 95%CI: 1.02 - 1.56, respectively), compared to those with low social capital. For girls, high informal social control was associated with regular overall physical activity (OR 1.38, 95% CI: 1.09 - 1.76). High social capital is associated with regular MVPA in boys and regular overall activity in girls. Intervention and policies that leverage community social capital might serve as an avenue for promotion of physical activity in youth. Copyright © 2016 The Royal Society for Public Health. Published by Elsevier Ltd. All rights reserved.

  2. The Influence of Cross and Human Capital investment on R&D Outsourcing Decision-making Mechanisms%相互投资与人力资本投资对研发外包决策影响研究

    Institute of Scientific and Technical Information of China (English)

    杨治; 张俊

    2011-01-01

    a function of potential R&D output values, and the probability of R&D project success. Ownership structure determines the payoff of R&D outsourcing partners under non-cooperative conditions. According to the Coarse theorem, the ownership structure can maximize the total surplus of social welfare, followed by the equilibrium result that can maximize payoffs for each R&D outsourcing partner. We further employ a comparative static analysis on the elasticity of self-investment and cross-investment for ownership structure, and on the effect of potential R&D output values on ownership allocation. The analysis results indicate that R&D partners with higher investment elasticity own R&D assets.When the potential R&D output value is high, the outsourcing company that has crucial R&D resources will own R&D assets. The higher the cross-investment elasticity the outsourcing company has for its R&D partner, the better the company can conduct internal R&D activities. In contrast, the higher the cross-investment elasticity the R&D partner has for the outsourcing company, the better the company outsources R&D activities. On the contrary, when the research unit has R&D resources the higher the cross-investment elasticity a company has for research unit,the better a company can outsource R&D activities to the research unit. The higher the cross-investment elasticity of the research unit to the company,the better the company can conduct R&D activities internally.In the last part, this research examines the effect of human capital and physical capital investment on R&D outsourcing decisions. Analysis results show that human capital investment is more important than physical capital investment in R&D outsourcing decisions. R&D partners that have more specific human capital investment should implement R&D activities internally.

  3. High Standard Capital Farmland Construction Based on Grain Security

    Institute of Scientific and Technical Information of China (English)

    Zhi ZHANG; Zhongxiang YU

    2016-01-01

    In the context that global grain security is still in very severe situation,the grain security situation in China is not optimistic as well. The " Red Line of Farmland Area" cannot completely solve the grain security problems in China. We still need to seek new breakthroughs in the quality and yield of farmland. The construction of high standard capital farmland is the important premise to guarantee national grain security. On this basis,this paper has summarized the difficulties we are facing in the construction of high standard capital farmland,and has proposed the methods and measures to construct high standard capital farmland and lay a solid foundation for grain security in China.

  4. THE INVESTMENT IN HUMAN CAPITAL, AN INTRISIC FACTOR OF THE SUSTAINABLE ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    CRISTINA TEODORA BALACEANU

    2011-04-01

    Full Text Available The educational system will need to direct its actions and programs towards the identification of the current and future values of the labour market, starting from the existing and potential labour resources, anticipating first and foremost the adjusting of the economy to fast-developing fields and domains, put forward by the State via the Fast-developing Field Strategies or even via the Fast-developing National Strategy. It will accordingly generate a binder between the demands of the labour market as a response to the developing necessities of the economy, and the training/specialization of the labour force as offered by the national syllabus. By these means the educational system would create a labour force compatible with the labour market, which is both a premiss for the increasing level of employment and for the sustainable economic growth. Our task is therefore to provide a concept of education related to technological progress, based on the model of Nelson and Phelps, and a suggestion for investments and education policies.

  5. 浅析人力资本投资与经济增长%Elementary Analysis on the Relationship Between Human Capital Investment and Economic Growth

    Institute of Scientific and Technical Information of China (English)

    尚忠人

    2001-01-01

    Human capital is the source for the realization of economicgrowth, and works as a determinant factor in promoting the restructure of industry and industrial development. Therefore, the stimulation and acceleration that the human capital investment exerts on the economic growth should be given enough attention to better the human capital investment and utilize the macro-and micro-environment, so as to improve the utilization efficiency of human capital. Raising accumulation of human capital and improving the quality of human resources for the establishment of the foundation of economic growth will help the rapid, steady healthy and sustainable economic growth.%人力资本是实现经济增长的源泉,对推动产业结构调整和产业发展起着决定性作用。因此,要重视人力资本投资对经济增长的促进作用,改善人力资本投资并提高其利用效率;增加人力资本的积累,提高人力资源的质量,以推动经济持续、稳定增长。

  6. Dimensions of Social Capital among High School Mathematics Teachers

    Science.gov (United States)

    Koebley, Sarah Cotton

    2013-01-01

    This study sought to uncover teacher perceptions of social capital within a high school mathematics department utilizing a research design that acknowledged the complex environment faced by high school teachers and their subsequent interpretations of how and from whom they sought access to professional resources. Through an analysis of narratives…

  7. NETWORK MODEL AND ALGORITHM FOR SOLVING PROBLEM PERTAINING TO OPTIMUM DISTRIBUTION OF CAPITAL INVESTMENT WHILE MODERNIZING ENTERPRISES OF HEATING SYSTEMS

    Directory of Open Access Journals (Sweden)

    V. A. Sednin

    2009-01-01

    Full Text Available The paper presents a problem statement, a developed mathematical model and proposed algorithm for  solving  optimization of capital  investments in modernization  (introduction of  automatic  controlsystems of thermal processes of large systems of centralized heat supply which are based on application of network model.The formulated problem refers to the problems of combinatory (discrete optimization. Methods of «branches and boundaries» or dynamic programming are applied nowadays for solving problems of this type. These methods are not considered as universal ones because they greatly depend on description  of  solution feasible area. As a result of it it is not possible to develop a universal software for solving any assignments which can be formulated as problems of combinatory optimization.The presented network model of the investigated problem does not have above-mentioned disadvantages and an algorithm is proposed for solving this problem which admits a simple programming realization. 

  8. 资本流动、投资效率与福建省资本市场一体化%Capital Flow, Investment Efficiency and Integration of Capital Market in Fujian Province

    Institute of Scientific and Technical Information of China (English)

    陈燕赟

    2014-01-01

    Based on the provincial panel data in China during 1978-2012 and the productivity of capital and the marginal product of capital, this paper tries to, with Feldstein-Horioka test, measure the degree of capital market integration in Fujian province and its changing trend. The results show that the productivity of capital and the marginal product of capital among various regions of the province and industry are gradually converging, the degree of capital market integration is increasing while the private capital is the most important factor of capital mobility and economic development and the capital in the three industries are unreasonably allocated. So, we should optimize the capital structure by further opening, speed up the financial reform to release further capital activity, increase the allocation of agricultural investment, adjust the allocation of the three industries to optimize the industrial capital so at to improve the capital output efficiency.%利用FH模型,运用我国各省(市、自治区)1978-2012年间的面板数据,结合资本生产率、资本边际产出等指标计算,对福建省资本市场一体化程度及其变化趋势进行测度。福建省内各地区和产业之间的资本生产率和边际产出逐渐趋同,资本市场一体化程度日益提高,民间资本是影响福建省资本流动性和经济增长的最重要因素,资本在三次产业之间的配置不尽合理。福建省要加大内联外放力度,优化资本来源结构;加快金融改革,进一步释放资本活力;通过增加农业投资、调整三产内部结构等途径优化资本配置,提高产出效益。

  9. Conglomerate investment, skewness, and the CEO long shot bias

    NARCIS (Netherlands)

    Schneider, C.A.R.; Spalt, Oliver

    2016-01-01

    Do behavioral biases of executives matter for corporate investment decisions? Using segment-level capital allocation in multi-segment firms ("conglomerates") as a laboratory, we show that capital expenditure is increasing in the expected skewness of segment returns. Conglomerates invest more in high

  10. Fuzzy model investic do High-tech projektů

    Directory of Open Access Journals (Sweden)

    Alžběta Kubíčková

    2013-10-01

    Full Text Available Purpose of the article: Relations among parameters of High-tech projects are very complex, vague, partially inconsistent and multidimensional. Optimal decisions to invest into High-tech companies require top field experts and knowledgeable investors. Therefore the conventional methods of investments analysis are not relevant. Therefore fuzzy logic is introduced. Methodology/methods: A fuzzy knowledge base is a flexible framework for acquisition of vague inconsistent knowledge items which are typical for knowledge economics and consequently for High-tech projects. The pooling of the records and / or observations represents a trade-off between minimal modification of the original data and elimination of inconsistencies among available sets of data. Scientific aim: The paper presents a detailed description of fuzzy model of investment decision making into High-tech firm’s projects. A set of conditional statements was used to formalize the effects of selected variables on investment feasibility of High-tech projects. The main aim is to quantify feasibilities of High-tech projects risk investors make good /not bad decisions. Findings: A set of 50 observations of High-tech companies was transformed into a set of 50 conditional statements using 14 variables. The result is the fuzzy model, which can be used to answer investors’ queries. Two queries are answered and presented in details as an example and as a nucleus of a fuzzy dialogue investor – computer. Conclusions: The main problem is the sparseness of the fuzzy model. Many fuzzy similarities are relatively low and the decision process is therefore often problematic. A much more complex set of variables must be applied to specify the fuzzy model to increase reliability of predictions and decisions.

  11. Determinants of Cross-border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust

    DEFF Research Database (Denmark)

    Hain, Daniel; Johan, Sofia A.; Wang, Daojuan

    2015-01-01

    VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we...... is more relevant for investments in emerging economies, relational trust is more relevant for investments in developed economies....

  12. The Current Dilemma of Private Capital Investment in Real Estate Investment Trusts and the Legal Countermeasures%民间资本投资房地产投资信托基金法律研究

    Institute of Scientific and Technical Information of China (English)

    邱思萍

    2015-01-01

    低迷的房地产市场使民间资本受到前所未有的冲击。民间资本正在寻求收益回报稳定的投资渠道,房地产企业又有着迫切的直接融资需求,房地产投资信托基金(REITs)开始受到民间资本的关注。但是中国还未出现国际意义上的 REITs,有关方面的专门立法至今尚未出台,民间资本投资 REITs 依然存在很多现实困境。只有借鉴美国、新加坡等国和香港、台湾地区立法,在明确信托财产权属、实现受益凭证自由流动、降低投资门槛、采取信托税制优惠等方面完善相关法律,才能最大程度地满足各方房地产市场主体的利益需求,使 REITs 成为广大中小民间投资者最主要的长期投资工具。%The downturn in the real estate market makes the private capital receive the unprecedented impact, which makes private capital be seeking stable returns of investment channels;the real estate development company also has an urgent demand for direct financing.Private capital has begun to concern about real estate investment trusts (REITs).But the international sense of REITs has not appeared in China;specifical legislation about REITs has not launched.Private capital investment in REITs still exist many practical difficulties.China should learn from the domestic and overseas legislation,such as USA,Singapore,Hongkong and Taiwan.China should improve the relevant legislation to clear ownership of the trust property in order to achieve free flow of beneficiary certificates,lower investment threshold,and take the trust tax concessions,etc in which ways to maximum meet the main parties to the interests of the real estate market and make REITs become a long -term investment tool for the medium and small private investors.

  13. An Analysis on Private Capital's Investing in Rural Infrastructure%民间资本投资农村基础设施分析

    Institute of Scientific and Technical Information of China (English)

    曹小宁

    2012-01-01

    目前,陕西榆林市一方面存在着大量的民间资本,另一方面农村基础设施建设却相对落后,因此如何引导民间资本参与和投资农村基础设施具有重要意义。本文探讨了榆林市农村基础设施存在的问题,并针对民间资本投资农村基础设施进行了可行性分析,提出了加强政府引导、扩大融资渠道、完善税收优惠等政策建议。%At present, on the one hand there is a large amount of private capital in Yulin city in Shaanxi province, but on the other hand the rural infrastructure is in relative low stage. Therefore, how to guide private capital to invest in the rural infrastructure is of significance. The paper discusses the problems in the rural infrastructure in Yulin city, makes the feasibility analysis on private capital's investing in rural infrastructure, and puts forward policy suggestions like strengthening government's guidance, expanding financing channels and perfecting preferential revenue policy.

  14. Increasing Returns to Education and the Impact on Social Capital

    Science.gov (United States)

    Leeves, Gareth D.

    2014-01-01

    The returns to education have been increasing. It is suggested that high-skilled workers' social capital investment has been adversely affected by the increasing incentives to devote human capital to career development. Lower social capital is linked to reduced economic growth and innovation and higher transaction costs and is detrimental to…

  15. Increasing Returns to Education and the Impact on Social Capital

    Science.gov (United States)

    Leeves, Gareth D.

    2014-01-01

    The returns to education have been increasing. It is suggested that high-skilled workers' social capital investment has been adversely affected by the increasing incentives to devote human capital to career development. Lower social capital is linked to reduced economic growth and innovation and higher transaction costs and is detrimental to…

  16. African-American Communities in Economic Crisis: Adult Educators Investing in the Human Capital Development of the Urban Poor

    Science.gov (United States)

    Stephens, Mattyna L.

    2010-01-01

    Through discourse analysis the research will unearth the tension between the Theories of Human Capital (HCT) and the Work First Policy (WFP), Policies Informing Education (PIE), and Human Capital Development (HCD) as they relate to the labor market. The application of discourse analysis demonstrates how the tenants of HCT are missing components…

  17. 刍议民间资本投资农村基础设施建设的困境及对策%A Tentative Study on Difficulties and Countermeasures of Private Capital Investment in Rural Infrastructure

    Institute of Scientific and Technical Information of China (English)

    李梅; 傅东平

    2016-01-01

    农村基础设施建设投资属于农业投资中的先行投资,单靠国有资本投入远不能满足投资需求,大量引入民间资本投资是大势所趋。本文是在加快构建新型农村经营体系的大背景下,提出民间资本投资农村基础设施建设的重要性,并在此基础上,分析了存在的管理体制障碍、市场运行障碍和人员障碍等问题,最后提出了民间资本投资农村基础设施建设的对策。%Investment in rural infrastructure is the first part of the agricultural investment. Only the state-owned capital investment can’t meet the demand of investment, therefore the large scale introduction of private capital investment is the trend. In the background of speeding up the construction of new rural operating system, this article proposed the importance of private capital investment in rural infrastructure, and on this basis, analyzed the existing issues of the management system obstacles, barriers of the market operation and personnel, and finally proposed the countermeasures of private capital investment in rural infrastructure.

  18. Investment Timing When External Financing Is Costly

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

    This paper analyzes the investment timing of firms facing two dimensions of financing constraints: Liquidity constraints and capital market frictions inducing financing costs. We show that liquidity constraints are not sufficient to explain voluntary investment delay. However, when additionally...... considering financing costs, we can explain both voluntary delay and acceleration of investment. More precisely, we find that investment thresholds are U-shaped in liquid funds. For high-liquidity firms, investment thresholds are decreasing (i.e. accelerated investment takes place) in either dimension...... of financing constraint. In contrast, investment thresholds are increasing (i.e. investment is further delayed) in either form of financing constraint for low-liquidity firms. For intermediate levels of liquidity, investment thresholds are U-shaped in market frictions....

  19. Human capital and the adoption of information and communications technologies: Evidence from investment climate survey of Pakistan

    OpenAIRE

    Mazhar MUGHAL; Diawara, Barassou

    2011-01-01

    This paper studies the impact of human capital on the adoption and diffusion of Information and Communications Technologies (ICT) in the Pakistani firms using the World Bank Enterprise Survey 2002-07. The paper considers various indicators of human capital and measures of ICT adoption and diffusion. On-the-job training, manager's level of qualification and production workers' level of education are found to positively determine the use of emails, website and other means of communication in a ...

  20. A three pronged approach to community scale renewable energy: Education, incremental capital investment and smart grid technology

    Science.gov (United States)

    Demeo, Anna E.

    ; first hand exposure to technology, providing a sense of independence that strengthens communities, and developing a direct link between the energy people use and how that energy is created. Ultimately community scale renewable energy projects help bolster support for large-scale projects that are imperative to making real and lasting progress towards reducing emissions. Finally, technological advancements in renewable energy generation, energy storage and distribution systems, are imperative to replacing fossil fuels. The shift towards a higher penetration of renewable energy into the electric grid can be realized with the implementation of a more sophisticated smart grid, which uses dynamic demand response to alter demand to follow generation. Introduction of tidal power can serve to further stabilize the grid and reduce the amount of storage required. This work describes an interdisciplinary approach to addressing issues of energy, and thereby climate, through substantive efforts in three concentrations; energy literacy education, community driven renewable energy projects based on incremental capital investment and a smart, micro grid encompassing tidal power and other renewable energy source.

  1. CAPITAL STRUCTURE AND VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patricia

    2015-07-01

    Full Text Available Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company’s success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and the success of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor’s new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company’s environment, which have effects on the firm. The investor’s decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.

  2. Wenzhou Pilots New Investment Channels

    Institute of Scientific and Technical Information of China (English)

    WANGPEI

    2004-01-01

    Wenzhou, a coastal city in East China's Zhejiang province, has recently drawn much public attention with the establishment of two high profile private financial consortiums. Lying behind these two investment groups is the city's total available private capital, which according to official figures sits at 26o billion yuan (US$31 billion),including 160 billion yuan (US$19 billion) of bank savings.

  3. Embedding the Circular Economy in Investment Decision-making for Capital Assets – A Business Case Framework

    NARCIS (Netherlands)

    Korse, M.; Ruitenburg, Richard Jacob; Toxopeus, Marten E.; Braaksma, Anne Johannes Jan

    2016-01-01

    Industry shows an increasing interest in the circular economy. However, circularity for physical capital assets is still ill-defined and existing models are complex and information dependent hindering implementation. This paper addresses these gaps by operationalizing circular economy principles and

  4. Urban College Graduates: Their Investments in and Returns for Strong Quantitative Skills, Social Capital Skills, and Soft Skills

    Science.gov (United States)

    Haynes, Marie Ellen

    2010-01-01

    This case study examined strong quantitative skills, social capital skills, and soft skills of urban college graduates using data from the Multi-City Study of Urban Inequality Household Survey. The urban college graduates lived in Atlanta, Boston, or Los Angeles and had bachelor's, master's, PhD, and professional degrees. Among the three skills…

  5. Embedding the Circular Economy in Investment Decision-making for Capital Assets – A Business Case Framework

    NARCIS (Netherlands)

    Korse, M.; Ruitenburg, R.J.; Toxopeus, M.E.; Braaksma, A.J.J.

    2016-01-01

    Industry shows an increasing interest in the circular economy. However, circularity for physical capital assets is still ill-defined and existing models are complex and information dependent hindering implementation. This paper addresses these gaps by operationalizing circular economy principles and

  6. Investments in land management in the north-western highlands of Ethiopia: the role of social capital

    NARCIS (Netherlands)

    Firew, A.T.; Graaff, de J.; Kessler, C.A.

    2016-01-01

    In the north-western highlands of Ethiopia investments in land management (LM) have not always been successful. The objectives of this study were to assess farmers⿿ perceptions about implementation approaches of soil and water conservation (SWC) practices and to explore the relationship between the

  7. ON THE INSTITUTIONAL DEFECT AND ITS CORRECTION OF VENTURE CAPITAL IN CHINA

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    With the emergence of Knowledge Economy, venture capital is playing a more and more important role in the high and new technology industry in China. The situation and problems of venture investment in China are analyzed in this paper which pointed out some problems that hinder the process of venture invest- ment, and also, gave some suggestions to promote the development of venture capital.

  8. How venture capital works.

    Science.gov (United States)

    Zider, B

    1998-01-01

    The popular mythology surrounding the U.S. venture-capital industry derives from a previous era. Venture capitalists who nurtured the computer industry in its infancy were legendary both for their risk taking and for their hands-on operating experience. But today things are different, and separating the myths from the realities is crucial to understanding this important piece of the U.S. economy. Today's venture capitalists are more like conservative bankers than the risk takers of days past. They have carved out a specialized niche in the capital markets, filling a void that other institutions cannot serve. They are the linch-pins in an efficient system for meeting the needs of institutional investors looking for high returns, of entrepreneurs seeking funding, and of investment bankers looking for companies to sell. Venture capitalists must earn a consistently superior return on investments in inherently risky businesses. The myth is that they do so by investing in good ideas and good plans. In reality, they invest in good industries--that is, industries that are more competitively forgiving than the market as a whole. And they structure their deals in a way that minimizes their risk and maximizes their returns. Although many entrepreneurs expect venture capitalists to provide them with sage guidance as well as capital, that expectation is unrealistic. Given a typical portfolio of ten companies and a 2,000-hour work year, a venture capital partner spends on average less than two hours per week on any given company. In addition to analyzing the current venture-capital system, the author offers practical advice to entrepreneurs thinking about venture funding.

  9. Ecosystem Services and Ecological Restoration in the Northern Shaanxi Loess Plateau, China, in Relation to Climate Fluctuation and Investments in Natural Capital

    Directory of Open Access Journals (Sweden)

    Hejie Wei

    2017-02-01

    Full Text Available Accurately identifying the spatiotemporal variations and driving factors of ecosystem services (ES in ecological restoration is important for ecosystem management and the sustainability of nature conservation strategies. As the Green for Grain project proceeds, food provision, water regulation and climate regulation services in the Northern Shaanxi Loess Plateau (NSLP are changing and have caused broad attention. In this study, the dynamic pattern of the normalized differential vegetation index (NDVI and the main drivers of grain production (GP, water yield (WY and net primary production (NPP in the NSLP from 2000–2013 are identified by incorporating multiple data and methods, in order to provide a better understanding of how and why ES change during ecological restoration. WY was simulated by hydrological modeling, and NPP was estimated with the Carnegie Ames Stanford Approach (CASA model. The results show that vegetation restoration continued from 2000–2013, but fluctuated because of the comprehensive influence of climate and human activity. GP and NPP both exhibited significantly increasing trends, while changes in WY occurred in two stages: decline (2000–2006 and growth (2007–2013. Spatially, significantly increasing trends in NPP and WY were detected in 52.73% and 24.76% of the region, respectively, in areas that correspond with the Green for Grain project and high precipitation growth. Correlation and partial correlation analyses show that there were different dominant factors (i.e., natural vs. anthropogenic driving ES change in the NSLP from 2000–2013. The change in WY was mainly driven by precipitation, while the improvements in GP and NPP can be attributed to investments in natural capital (i.e., chemical fertilizer, agricultural machinery power and afforestation. We also found that vegetation restoration can produce positive effects on NPP, but negative effects on WY by using response analyses of WY or NPP change to NDVI

  10. Calculation of the working capital invested in fuel cycles and its interest charges (1963); Calcul des immobilisations financieres des cycles de combustible (1963)

    Energy Technology Data Exchange (ETDEWEB)

    Gaussens, J. [Commissariat a l' Energie Atomique, Saclay (France). Centre d' Etudes Nucleaires

    1963-07-01

    All the processes undergone by the nuclear material, including the various steps of fuel element manufacturing and of irradiated fuel reprocessing lead to working capital investments varying with the type of reactor, that must be taken into account in the kWh cost calculation. The author deals with a calculation method called: 'present worth method' and gives some examples concerning reactors the main fuel of which being either natural uranium or enriched uranium or plutonium. He especially points out the importance these investments may take in the case of fast breeder reactors. (author) [French] L'ensemble des etapes parcourues par la matiere fissile comprenant les divers stades d'elaboration des elements combustibles et de leur traitement apres irradiation, implique des immobilisations financieres tres differentes d'un type de reacteur a l'autre, dont il convient de tenir compte dans le calcul du cout du kWh. L'auteur expose une methode de calcul dite 'd'actualisation des couts' et donne quelques exemples relatifs aux reacteurs utilisant l'uranium naturel, l'uranium enrichi et le plutonium comme combustible principal. Il montre en particulier l'importance que peuvent avoir ces immobilisations dans le cas des reacteurs surregenerateurs. (auteur)

  11. Criterion 6, indicator 34 : value of capital investment and annual expenditure in forest management, wood and non-wood product industries, forest-based environmental services, recreation, and tourism

    Science.gov (United States)

    Ken Skog; John Bergstrom; Elizabeth Hill; Ken Cordell

    2010-01-01

    USDA Forest Service capital investment in management infrastructure was $501 and $390 million (2005$) for 2005 and 2007, respectively. National forest programs expenditures decreased from $3.0 to $2.7 billion between 2004 and 2007 and wildfire management expenditures increased from $1.7 to $2.1 billion (2005$). State forestry program expenditures for 1998, 2002, and...

  12. High-Level Symposium on China-Africa Investment Cooperation

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    Date:September 8-9,2011 Venue:Xiamen International Conference and Exhibition Center,China Hosts:United Nations Industrial Development Organization Ministry of Commerce,China Organizers: Organizing Committee of CIFIT(China International Fair for Investment and Trade)(?) UNDO China Office

  13. Intervention analysis of time series of heritage and capital flow of socially responsible investment funds of Brazil

    Directory of Open Access Journals (Sweden)

    Luis Ferruz Agudo

    2011-12-01

    Full Text Available The aim of this study is to analyze whether creating an own category for Socially Responsible Investment Funds (FISR in Brazil generates time series changes in heritage and cash flow of these funds. We studied all FISR Brazilians during the period 2001 to 2009. The methodology used was the Box & Jenkins (1970 and interventions. The results reveal interventions in the two variables; however, the interventions take place before the change of category. Another important conclusion is that the category change does not cause alterations in the time series of the two variables considered.

  14. Venture capital and internationalization

    NARCIS (Netherlands)

    Schertler, Andrea; Tykvova, Tereza

    2011-01-01

    Cross-border investments represent a substantial share of venture capital activities. We use a comprehensive dataset on investments worldwide to analyze the internationalization of venture capital financing. We postulate that cross-border activity is shaped by macroeconomic factors in the venture ca

  15. Spatial Collocation and venture capital in the US biotechnology industry

    NARCIS (Netherlands)

    Kolympiris, C.; Kalaitzandonakes, N.; Miller, D.

    2011-01-01

    Biotechnology firms operate in a high-risk and high-reward environment and are in a constant race to secure venture capital (VC) funds. Previous contributions to the literature show that the VC firms tend to invest locally in order to monitor their investments and to provide operating assistance to

  16. Spatial Collocation and venture capital in the US biotechnology industry

    NARCIS (Netherlands)

    Kolympiris, C.; Kalaitzandonakes, N.; Miller, D.

    2011-01-01

    Biotechnology firms operate in a high-risk and high-reward environment and are in a constant race to secure venture capital (VC) funds. Previous contributions to the literature show that the VC firms tend to invest locally in order to monitor their investments and to provide operating assistance to

  17. Investment in High-Tech Industries : An Example from the LCD Industry

    NARCIS (Netherlands)

    Huisman, K.J.M.; Kort, P.M.; Plasmans, J.E.J.

    2007-01-01

    This paper considers a representative firm taking investment decisions in a high-tech environment where different generations of products are invented over time. First, we develop a real options investment model in which, according to standard practice, the sales price and the unit production cost b

  18. Study of technical feasibility and the payback period of the invested capital for the installation of a grid-connected photovoltaic system at the library of the Technological Federal University of Paraná

    Directory of Open Access Journals (Sweden)

    Henrique Marin Campos, Ana Katherine Rodríguez Manrique, Bruno Victor Kobiski, Eloy Fassi Casagrande Júnior, Jair Urbanetz Junior

    2014-01-01

    Full Text Available This article shows the technical feasibility, and the payback period of the capital invested to install a Grid-connected Photovoltaic (PV system on the rooftop of the library of the Technological Federal University of Parana (UTFPR, Curitiba campus. The rooftop has 897 square meters, and the photovoltaic modules will be used to supply electricity to four consumption scenarios. It is hoped that with the normative resolution 482 of the National Agency of Electric Energy (ANEEL, published in April 2012, the payback period on the initial investment of the PV system is shorter than when there was no such resolution. It is known that, although the resolution represents a breakthrough for inserting the Grid-connected Photovoltaic power generation, it is still not enough to expand this technology. The high tax of the PV equipment and the absence of incentives for this form of generation still prevent large-scale use. In addition, this article also shows the PV systems installed in Florianópolis (LABSOLAR / UFSC and Curitiba, such as the Green Office (GO, which is situated at the Technological Federal University of Parana.

  19. High-growth versus declining firms : The differential impact of human capital and R&D

    NARCIS (Netherlands)

    Goedhuys - Degelin, Micheline; Sleuwaegen, L.

    2016-01-01

    We provide evidence that both human capital and R&D increase the likelihood that a firm will be a high-growth firm in the industry. However, different from human capital, being an R&D active firm also increases the probability of substantial decline or failure, underscoring the risky nature of innov

  20. Cultivating Capital: Latino Newcomer Young Men in a U.S. Urban High School

    Science.gov (United States)

    Hopkins, Megan; Martinez-Wenzl, Mary; Aldana, Ursula S.; Gándara, Patricia

    2013-01-01

    Newcomer young men confront numerous obstacles that limit their chances for attainment and achievement. Using social and cultural capital frameworks and a case study methodology, this article examines how four Latino newcomer young men navigated an urban U.S. high school. It reveals how teachers and a counselor cultivated capital and how the young…

  1. Investments into education

    DEFF Research Database (Denmark)

    Kirchsteiger, Georg; Sebald, Alexander Christopher

    2006-01-01

    groups with differing human capital and welfare levels. Depending on the parameters of the model, a temporary or permanent public investment into human capital formation is needed to overcome steady states with low human capital and welfare levels. Furthermore, even the best steady state is suboptimal...... when the human capital is privately provided. This inefficiency can be removed by a permanent public subsidy for education....

  2. Institutional Venture Capital for the Space Industry: Providing Risk Capital for Space Companies that Provide Investor Returns

    Science.gov (United States)

    Moore, Roscoe M., III

    2002-01-01

    provided by an institution. Those institutions tend to be Banks, Pension Funds, Insurance Funds, Corporations, and other incorporated entities that are obligated to earn a return on their invested capital. These institutions invest in a venture capital firm for the sole purpose of getting their money back with a healthy profit - within a set period of time. The venture capital firm is responsible for investing in and managing companies whose risk and return are higher than other less risky classes of investment. The venture capital firm's primary skill is its ability to manage the high risk of its venture investments while maintaining the high return potential of its venture investments. to businesses for the purpose of providing the above-mentioned Institutions a substantial return on their invested capital. Institutional Venture Capital for the Space Industry cannot be provided to projects or companies whose philosophy or intention is not to increase shareholder equity value within a set time period. efficiently when tied up in companies that intend to spend billions of dollars before the first dollar of revenue is generated. If 2 billion dollars of venture capital is invested in the equity of a Space Company for a minority equity position, then that Space Company must build that minority shareholder's equity value to a minimum investment return of 4 to 8 billion dollars. There are not many start-up companies that are able to reach public market equity valuations in the tens of billions of dollars within reasonable time horizons. Foundations, Manufacturers, and Strategic Investors can invest in projects that cannot realistically provide a substantial return on their equity to their investors within a reasonable period (5-7 years) of time. Venture Capitalists have to make money. Venture capitalists have made money on Satellite Television, Satellite Radio, Fixed Satellite Services, and other businesses. Venture capitalists have not made money on stand

  3. Attraction of Investment in Agriculture of Kazakhstan

    Directory of Open Access Journals (Sweden)

    Dinar Abdrakhmanova

    2014-11-01

    Full Text Available Characteristic for conditions competition increase in the market of the investments, interfaced to world financial crisis, makes superrigid deman ds to investment decisions. In similar conditions the exit on the capital markets is one of the key advantages, providing to the enterprises their further development. Attraction of investments is interfaced to a number of difficulties. In connection with shortage of own means for financing of investment activity of the organizations by the basic source of financing there was an extra financing. Necessity of considerable volume of financial resources on development of investment projects does their attraction by a paramount problem of the enterprises-borrowers. Availability of credit sources of financing is limited both because of the high price of the extra capital, and owing to inability of the enterprises-borrowers to interest potential creditors in realization of investment projects. It causes necessity of an economic justification of efficiency and appeal of investment investments. Only having defined, what concrete parameters the company should possess, and having developed concrete ways and indicators of achievement of these parameters, it is possible in modern conditions effectively to develop business. Such aspiration creates investment appeal and is realized by means of basic tools considered in given work.

  4. On Representative Social Capital

    NARCIS (Netherlands)

    Bellemare, C.; Kroger, S.

    2004-01-01

    This paper analyzes data for a random sample drawn from the Dutch population who reveal their propensity to invest and reward investments in building up social capital by means of an economic experiment.We find substantial heterogeneity and asymmetries in the propensity to invest and in the propensi

  5. 12 CFR 211.9 - Investment procedures.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 2 2010-01-01 2010-01-01 false Investment procedures. 211.9 Section 211.9... Investment procedures. (a) General provisions. 5 Direct and indirect investments shall be made in accordance... investments in excess of the limitations therein based on capital and surplus. (1) Minimum capital...

  6. Private capital investments in health care provision through mergers and acquisitions: from long-term to acute care.

    Science.gov (United States)

    Angeli, Federica; Maarse, Hans

    2016-10-01

    This work aims to test whether different segments of healthcare provision differentially attract private capital and thus offer heterogeneous opportunities for private investors' diversification strategies. Thomson Reuter's SDC Platinum database provided data on 2563 merger and acquisition (M&A) deals targeting healthcare providers in Western Europe between 1990 and 2010. Longitudinal trends of industrial and geographical characteristics of M&As' targets and acquirers are examined. Our analyses highlight: (i) a relative decrease of long-term care facilities as targets of M&As, replaced by an increasing prominence of general hospitals, (ii) a shrinking share of long-term care facilities as targets of financial service organizations' acquisitions, in favor of general hospitals, and (iii) an absolute and relative decrease of long-term care facilities' role as target of cross-border M&As. We explain the decreasing interest of private investors towards long-term care facilities along three lines of reasoning, which take into account the saturation of the long-term care market and the liberalization of acute care provision across Western European countries, regulatory interventions aimed at reducing private ownership to ensure resident outcomes and new cultural developments in favor of small-sized facilities, which strengthen the fragmentation of the sector. These findings advance the literature investigating the effect of private ownership on health outcomes in long-term facilities. Market, policy and cultural forces have emerged over two decades to jointly regulate the presence of privately owned, large-sized long-term care providers, seemingly contributing to safeguard residents' well-being. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

  7. Human and Inhuman Capital, and Schooling

    Directory of Open Access Journals (Sweden)

    Primož Krašovec

    2014-06-01

    Full Text Available Theories of human capital are becoming an increasingly common reference in both newer pedagogical theories as well as political documents, outlining the plans for reforms of science and education. As a part of broader ideology of knowledge society, human capital theories represent ideological legitimation of neoliberal trends in science and education policies. Increased investment in human capital on both social and individual level is supposed to increase the competitiveness of the economy as a whole as well as employability and welfare of individuals. In the first part of the article, we sketch the intellectual history and the socio-political context of the development of theories of human capital. Second part is dedicated to a critique of characteristically neoliberal equalization of labor with capital and of a theory, according to which investment in human capital brings profits to individual workers. In the third part, we outline a general socio-historical dynamics of the development of high-tech capitalism and show that “investments in human capital” and economic innovations do not bring about increased social welfare. In the fourth, final part, we analyze in detail how current educational reforms impact the learning process and working conditions at public universities.

  8. The Relationship between Education and Foreign Direct Investment: Testing the Inverse U Shape

    Directory of Open Access Journals (Sweden)

    Mustafa Seref Akin

    2011-05-01

    Full Text Available The Zhang-Markusen (ZM theory hypothesizes an inverse U-shaped relationship between human capital and foreign direct investment (FDI. Therefore, low wage countries with low human capital cannot attract FDI. To test this hypothesis, we regress FDI on educational levels across countries while grouping them in different income cohorts. Our findings partly support ZM. Rich countries with high human capital and poor countries with low human capital demonstrate an inverse correlation between FDI and human capital proxies. However, for middle-income and upper middle-income countries, human capital (especially tertiary education has a positive relationship with FDI.

  9. The Relationship between Education and Foreign Direct Investment: Testing the Inverse U Shape

    Directory of Open Access Journals (Sweden)

    Mustafa Seref Akin

    2016-02-01

    Full Text Available The Zhang-Markusen (ZM theory hypothesizes an inverse U-shaped relationship between human capital and foreign direct investment (FDI. Therefore, low wage countries with low human capital cannot attract FDI. To test this hypothesis, we regress FDI on educational levels across countries while grouping them in different income cohorts. Our findings partly support ZM. Rich countries with high human capital and poor countries with low human capital demonstrate an inverse correlation between FDI and human capital proxies. However, for middle-income and upper middle-income countries, human capital (especially tertiary education has a positive relationship with FDI.

  10. 固定资产投资项目国家资本金管理的总体构想%Total Conceiving for State Capital Management in Investment on Fixed Assets Project

    Institute of Scientific and Technical Information of China (English)

    连军; 王岿然; 吴育华

    2001-01-01

    固定资产投资项目国家资本金管理制度创新是当前的主要趋势和重要内容。本文对项目国家资本金管理的原则、目标、对象、内容、方式的创新做了初步探索,提出了固定资产投资项目国家资本金管理的总体构想。%The innovation about management of state capital in investment on fixed assets project is the main tendency and important content. This thesis makes a tentative probing about the innovation of the principle, target, object, content and method. In general, it comes up with the total conceiving for state capital management in investment on fixed assets project.

  11. 基本养老金市场化投资的理论依据与风险控制%The Theoretical Basis and Risk Control of the Basic Pension Insurance Investing in the Capital Market

    Institute of Scientific and Technical Information of China (English)

    唐运舒; 胡琪

    2014-01-01

    文章从养老金投资与资本市场互动的视角,以全国社会保障基金和资本市场发展数据为样本,通过格兰杰因果检验和协整检验,研究养老金投资与资本市场发展两者之间的互动关系,为我国基本养老金能否进行入市投资寻求证据支撑,实证表明全国社保基金的投资是我国资本市场发展的重要原因,结果支持我国基本养老金进行市场化投资。同时,运用资产组合原理,模拟成熟市场中的风险环境,通过测算得出,我国基本养老金入市投资承受与美国养老金投资相当的风险,其资产组合中股票配置的比例应控制在30%以内。%Based on the perspective of the interaction between investment of pension insurance and capital market,taking the relevant data of China’s social security funds and development of capital market as samples,the paper uses Granger causality test and co-integration test to study the interactive relationship between investment of pension insurance and capital market, and aims to seek evidence to support the basic pension insurance to invest in the capital market. The empirical results show that the investment of social security funds is a significant cause of the development of China’s capital market,so the results sup-port the basic pension insurance to enter the capital market. Meanwhile,this paper applies the principle of the portfolio to simu-late the risk environment of the developed market. The results indicate that the stock proportion should be controlled within 30%,which has almost the same risk level of the investment as that of US pension insurance.

  12. Social Capital Role in Managing High Risk Behavior: a Narrative Review

    Science.gov (United States)

    Afzali, Mansoure; Shahhosseini, Zohreh; Hamzeghardeshi, Zeinab

    2015-01-01

    Background: Social capital as a social context based concept is a new component in addition to the previous factors including the biologic–environmental, the genetic and the individual behavior factors that influence health and society. Social capital refers to the information that makes people believe being interesting & being paid attention to, & respected, valued, and belonging to a network of bilateral relations. Health issue is greatly affected by the existence of social capital. High risk behaviors refer to the ones enhancing the probability of negative and devastating physical, psychological and social consequences for an individual. Negative & overwhelming results mean keeping one’s distance from social norms as a result rejection and labeling (social stigma) and finally, to distance oneself from the benefits of social life in the individuals with high risk behaviors. The present study reviews social capital in the groups having high risk behaviors. Methods: The present study is a narrative review in which researchers conducted their computer search in public databases like Google Scholar, and more specifically in Pubmed, Magiran, SID, Springer, Science Direct, and ProQuest using the keywords: social capital, social support, risk behaviors, addicts, HIV, AIDS, and selected the articles related to the study subject from 2004 to 2014. Overall 96 articles have been searched. Researchers reviewed the summary of all articles searched, & ultimately, they applied the data from 20 full articles to compile this review paper. Results: Article review results led to organizing the subjects into 6 general categories: Social capital and its role in health; Social capital in groups with high risk behaviors (Including: substance abusers, AIDS patients, the homeless and multi-partner women); Social capital in different social groups; measurement tools for social capital and risk behaviors; the role of health in helping people with risky behaviors with the focus on

  13. Irreversible investments revisited

    DEFF Research Database (Denmark)

    Sandal, Leif K.; Steinshamn, Stein I.; Hoff, Ayoe

    2007-01-01

    A multi-dimensional, non-linear dynamic model in continuous time is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is incorporated in the model through an asymmetric cost......-function of investment, and investments can be both positive and negative. Exploitation is controlled through the utilisation rate of available capital. A novel feature in this model is that there are costs associated with the available capital whether it is utilised or not. And, in contrast to most of the previous...... literature, the state variables, namely the physical capital and the biological resource, enter the objective function. Due to the nonlinearities in this model some of the results are in sharp contrast to previous literature....

  14. Anticipated and experienced emotions in an investment experiment

    NARCIS (Netherlands)

    R.A.J. Bosman; F.A.A.M. van Winden

    2001-01-01

    his paper experimentally investigates investment behavior.We find that global risk - i.e. risk independent of an agent’sinvestment decision (like political risk) - substantiallydecreases investment. Also effort to obtain the capital usedfor investment decreases investment substantially. Theseresults

  15. Guiding Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ In line with China's economic development,a policy introduced earlier this year was meant to optimize the structure of and serve as a guideline in utilizing foreign capital and dircct such investment to China's central and western regions. Now, a new scheme is dem-onstrating the Chinese Government's determi-nation and confidence to further improve the investment environment for foreign capital and enhance its policy initiative.

  16. 基于教育人力资本投资视角的陕西经济增长问题分析%An Analysis of the Human Capital Investment on Economic Growth in Shannxi Based on Eeducation

    Institute of Scientific and Technical Information of China (English)

    杨冬民; 樊瑾

    2012-01-01

      Accumulation of human capital investment play an important role in promoting employment,and employment is the basis of eco-nomic growth driven.In that the Cobb-Douglas production function as the foundation build the production function model,selecting educa-tion funding as a measure of human capital investment,analysising the data of Shaanxi Province in 1996—2010 and inspection the regres-sion results,calculated the human capital contribute to economic growth based on education investment,on this basis,propose relevant measures to promote employment and economic development.%  人力资本投资和积累对促进就业起重要作用,而就业是带动经济增长的重要条件。以柯布—道格拉斯函数为基础建立生产函数模型,选择教育经费作为人力资本投资的衡量标准,对陕西省1996—2010年的数据进行回归分析,并对回归结果进行检验,计算得出基于教育的人力资本投资对经济增长的贡献,在此基础上提出促进就业发展经济的相关对策。

  17. 农村人力资本投资对农民增收的影响探析%The Influence of Rural Human Capital Investment on Improvement of Farmers' Income

    Institute of Scientific and Technical Information of China (English)

    龚敏; 徐义

    2013-01-01

    Under the urban-rural dual institutional stru ctures, China is lack of investment in human capital in rural areas. This is severely restricting on the development of agriculture, rural areas and improvement of farmers' income. We collect data of china's rural per capita income and rural human capital investment. We introduce the significance of rural human capital investment and the specific mechanism on improvement of famers' income by regression analysis and Granger Test. The research indicates: education investments have lagging effect on the improvement of farmers' income. Health investments have significance on middle-low income families.%在城乡二元体制结构下,我国农村人力资本投资不足,严重制约了农业、农村的发展和农民收入的提高。基于我国农民人均收入和农村人力资本投资的相关数据,通过对农民收入和人力资本投资的回归分析和格兰杰检验,可以透析农村人力资本投资的意义和对农民增收的具体作用机制,表明教育投资对农民增收具有滞后效应,其中健康投资对于中低收入家庭有着重要意义。

  18. Cultural and Social Capital and Talent Development: A Study of a High-Ability Aboriginal Student in a Remote Community

    Science.gov (United States)

    Kostenko, Karen; Merrotsy, Peter

    2009-01-01

    During the course of a school year, a study was conducted on the cultural context, the social milieu and the personal characteristics of a high ability Aboriginal student in a remote community in Canada. Using the lenses of cultural capital, social capital and human capital, the study explores the development of the student's talent through his…

  19. Impact of public programs on fertility and gender specific investment in human capital of children in rural India: cross sectional and time series analyses.

    Science.gov (United States)

    Duraisamy, P; Malathy, R

    1991-01-01

    Cross sectional and time series analyses are conducted with 1971 and 1981 rural district level data for India in order to estimate variations in program impacts on household decisionmaking concerning fertility, child mortality, and schooling; to analyze how the variation in public program subsidies and services influences sex specific investments in schooling; and to examine the bias in cross sectional estimates by employing fixed effects methodology. The theory of household production uses the framework development by Rosenzweig and Wolpin. The utility function is expressed as a function of families' desired number of children, sex specific investment in human capital of children measured by schooling of males and females, and a composite consumption good. Budget constraints are characterized in terms of the biological supply of births or natural fertility, the number of births averted by fertility control, exogenous money income, the prices of number of children, contraceptives, child schooling, and consumption of goods. Demand functions are constructed from maximizing the utility function subject to the budget constraint. Data constitute 40% of the total districts and 50% of the rural population. The empirical specification of the linear model and variable description are provided. Other explanatory variables included are adult educational attainment; % of scheduled castes and tribes and % Muslim; and % rural population. Estimation methods are described and justification is provided for the use of ordinary least squares and fixed effects methods. The results of the cross sectional analysis reveal that own-program effects of family planning and primary health centers reduced family size in 1971 and 81. The increase in secondary school enrollment is evidenced in only 1971. There is a significant effect of family planning (FP) clinics on the demand for surviving children only in 1971. The presence of a seconary school in a village reduces the demand for children in

  20. Investment and uncertainty

    DEFF Research Database (Denmark)

    Greasley, David; Madsen, Jakob B.

    2006-01-01

    A severe collapse of fixed capital formation distinguished the onset of the Great Depression from other investment downturns between the world wars. Using a model estimated for the years 1890-2000, we show that the expected profitability of capital measured by Tobin's q, and the uncertainty surro...... of the depression: rather, its slump helped to propel the wider collapse...

  1. HUMAN CAPITAL GROWTH AND POVERTY: EVIDENCE FROM ETHIOPIA AND PERU.

    Science.gov (United States)

    Attanasio, Orazio; Meghir, Costas; Nix, Emily; Salvati, Francesca

    2017-04-01

    In this paper we use high quality data from two developing countries, Ethiopia and Peru, to estimate the production functions of human capital from age 1 to age 15. We characterize the nature of persistence and dynamic complementarities between two components of human capital: health and cognition. We also explore the implications of different functional form assumptions for the production functions. We find that more able and higher income parents invest more, particularly at younger ages when investments have the greatest impacts. These differences in investments by parental income lead to large gaps in inequality by age 8 that persist through age 15.

  2. "I Won't Invest in China's Real Estate"——Can Behavioral Economics Save the Capital Bubble?

    Institute of Scientific and Technical Information of China (English)

    Guo Liqin

    2011-01-01

    @@ "I cannot see clearly when the real estate bubble in China will burst.However, there is certainty that housing prices willswiftly fall, and China can learn the lesson from the 1980s' real estate market in Japan" said Professor Robert.J.Shiller, "I don't want to put my judgment as a foreigner on the Chinese people,however, the housing price is obviously too high in some big cities.

  3. "I Won't Invest in China's Real Estate"——Can Behavioral Economics Save the Capital Bubble?

    Institute of Scientific and Technical Information of China (English)

    Guo Liqin

    2010-01-01

    @@ "I cannot see clearly when the real estate bubble in China will burst. However, there is certainty that housing prices will swiftly fall, and China can learn the lesson from the 1980s' real estate market in Japan" said Professor Robert.J.Shiller, "I don't want to put my judgment as a foreigner on the Chinese people, however, the housing price is obviously too high in some big cities.

  4. Public investment and intergenerational distribution

    NARCIS (Netherlands)

    Heijdra, BJ; Meijdam, L

    2002-01-01

    We study the effects of public investment in a dynamic overlapping-generations model of a small open economy. Boosting public investment stimulates private capital formation, output, and wages in the long run. The impact effects depend critically on whether public capital is modelled as a stock or a

  5. 48 CFR 215.404-71-4 - Facilities capital employed.

    Science.gov (United States)

    2010-10-01

    ... encouraging and rewarding capital investment in facilities that benefit DoD. It recognizes both the facilities... anticipated industrial base enhancing benefits resulting from the facilities capital investment, including— (A... investment recovery, such as termination protection clauses and capital investment indemnification. (2)...

  6. The evolution of investments decision mode in China's telecommunication

    Institute of Scientific and Technical Information of China (English)

    ZHANG Ai-hua; ZHAO Lian-qiang; SHU Hua-ying

    2007-01-01

    This essay analyzes the data of Chinese telecommunication market, telecommunication investments and investment benefits over the past 20 years. On the basis of these data, the essay reviews Chinese changing telecommunication policies and discusses the major events in the course of China's telecommunication development. It is argued that telecommunication policies, regime backgrounds and market demand characteristics have a significant impact on investment decision mode in telecommunication industry. The evolution of network investments decision mode in China's telecommunication has corresponded to the transformation of these key factors. Considering the special events in the development of Chinese telecommunication as divisions, the essay discusses three stages of the evolution of investments decision mode in China's telecommunication. With the firm environment and problems that Chinese telecommunication operators have been facing since 2000 analyzed. it is demonstrated that Chinese telecommunication operators should change their mode of investment decision into the "profit-oriented investment decision mode" in order to achieve a high growth performance in the capital market,. This investment decision mode will result in increase of the investment profit with limited investment capital. The main procedure of profit-oriented investment decision mode is set out, which is abstracted to a mathematical model eventually.

  7. Guiding Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Detailed tasks have been assigned to different government departments to attract and utilize foreign capital In line with China’s economic development,a policy introduced earlier this year was meant to optimize the structure of and serve as a guideline in utilizing foreign capital and direct such investment to China’s central and western regions. Now,a new scheme is demonstrating the Chinese Government’s determination and confidence to further improve the investment environment for foreign capital and enhance its policy initiative.

  8. Does Foreign Aid increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

    2012-01-01

    We examine the idea that aid and FDI are complementary sources of foreign capital. We argue that the relationship between aid and FDI is theoretically ambiguous: aid raises the marginal productivity of capital when used to finance complementary inputs (like public infrastructure and human capital...... investments), but aid may crowd out private investments when it comes in the shape of pure physical capital transfers. Empirically, we find that aid invested in complementary inputs draws in FDI, while aid invested in physical capital crowds it out. The paper shows that the composition of aid matters for its...

  9. Boundary Conditions of the High-Investment Human Resource Systems-Small-Firm Labor Productivity Relationship

    Science.gov (United States)

    Chadwick, Clint; Way, Sean A.; Kerr, Gerry; Thacker, James W.

    2013-01-01

    Although a few published, multiindustry, firm-level, empirical studies have linked systems of high-investment or high-performance human resource management practices to enhanced small-firm performance, this stream of strategic human resource management research is underdeveloped and equivocal. Accordingly, in this study, we use a sample of…

  10. Boundary Conditions of the High-Investment Human Resource Systems-Small-Firm Labor Productivity Relationship

    Science.gov (United States)

    Chadwick, Clint; Way, Sean A.; Kerr, Gerry; Thacker, James W.

    2013-01-01

    Although a few published, multiindustry, firm-level, empirical studies have linked systems of high-investment or high-performance human resource management practices to enhanced small-firm performance, this stream of strategic human resource management research is underdeveloped and equivocal. Accordingly, in this study, we use a sample of…

  11. Measuring the value of groundwater and other forms of natural capital.

    Science.gov (United States)

    Fenichel, Eli P; Abbott, Joshua K; Bayham, Jude; Boone, Whitney; Haacker, Erin M K; Pfeiffer, Lisa

    2016-03-01

    Valuing natural capital is fundamental to measuring sustainability. The United Nations Environment Programme, World Bank, and other agencies have called for inclusion of the value of natural capital in sustainability metrics, such as inclusive wealth. Much has been written about the importance of natural capital, but consistent, rigorous valuation approaches compatible with the pricing of traditional forms of capital have remained elusive. We present a guiding quantitative framework enabling natural capital valuation that is fully consistent with capital theory, accounts for biophysical and economic feedbacks, and can guide interdisciplinary efforts to measure sustainability. We illustrate this framework with an application to groundwater in the Kansas High Plains Aquifer, a rapidly depleting asset supporting significant food production. We develop a 10-y time series (1996-2005) of natural capital asset prices that accounts for technological, institutional, and physical changes. Kansas lost approximately $110 million per year (2005 US dollars) of capital value through groundwater withdrawal and changes in aquifer management during the decade spanning 1996-2005. This annual loss in wealth is approximately equal to the state's 2005 budget surplus, and is substantially more than investments in schools over this period. Furthermore, real investment in agricultural capital also declined over this period. Although Kansas' depletion of water wealth is substantial, it may be tractably managed through careful groundwater management and compensating investments in other natural and traditional assets. Measurement of natural capital value is required to inform management and ongoing investments in natural assets.

  12. Asignación óptima de capital en base al perfil de riesgo de las instituciones de inversión colectiva: una aplicación de las medidas de riesgo distorsionadas || Optimal Capital Allocation Based on the Risk Profile of Collective Investment Schemes: An Application of Distortion Risk Measures

    Directory of Open Access Journals (Sweden)

    Belles-Sampera, Jaume

    2013-01-01

    Full Text Available Los recientes marcos regulatorios del sector financiero y asegurador otorgan una creciente importancia a la gestión de riesgos. El regulador exige a las entidades que dispongan de un capital reservado para hacer frente a posibles pérdidas derivadas de sus actividades; este capital se cuantifica habitualmente mediante la aplicación de medidas de riesgo. Es esencial para la toma de decisiones de los gestores de estas entidades conocer qué partes de su negocio contribuyen en mayor medida a los requerimientos de capital. Para este fin se aplican técnicas de asignación óptima de capital. En este artículo se utilizan criterios de asignación óptima de capital en el contexto de la gestión de activos con el objetivo de analizar los coeficientes de liquidez de un conjunto de Instituciones de Inversión Colectiva (IIC gestionadas por una misma Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC. En este nuevo contexto, el riesgo en el que incurre cada IIC es evaluado a través de un conjunto de medidas de riesgo distorsionadas. Se desarrolla un caso práctico para el que los resultados sugieren que el perfil de riesgo de las inversiones de cada IIC es un criterio que debería ser determinante en el establecimiento de sus respectivos coeficientes de liquidez, evitando de este modo penalizar a las estrategias conservadoras. || Increasing attention is paid to risk management under the recent regulatory frameworks of the insurance and financial sectors. It is required by the regulator that institutions have a capital to face potential losses from their activity. This capital is usually assessed by means of risk measures. To take adequate decisions, it is essential that managers know how individual risk contribute to the aggregated capital requirement. Techniques of optimal capital allocation are developed to deal with it. This article applies optimal capital allocation criteria in the context of asset management. Our goal is to analyze

  13. 过度自信调节下董事会人力资本与企业R & D投入关系研究%The Effect of Board Human Capital and Manager Overconfidence on R & D Investment

    Institute of Scientific and Technical Information of China (English)

    马璐; 彭陈

    2016-01-01

    结合资源依赖理论及冲突理论,以2013-2014年中国创业板149家企业为样本,运用回归分析法考察了董事会人力资本对企业R&D投入的影响,探讨了管理者过度自信在这一过程中的调节作用。结果显示:董事会人力资本广度与企业 R&D投入强度显著负相关;②董事会人力资本深度与企业 R&D投入强度显著正相关;③管理者过度自信对董事会人力资本深度和广度与企业R&D投入之间的关系皆具有显著的负向调节作用,即管理者过度自信程度越高,董事会人力资本深度对企业R&D投入的促进效用越小,其广度对企业R&D投入的消极作用越强。%By employing the data of listed GEM firms from 2013 to 2014 and the regression model ,the research ,combined with resource dependence view and conflict theory ,not only empirically examined the effects of the board human capital on the firm R&D investment ,but also explored the moderating role of managerial overconfident in this process .The results showed that the breadth of board human capital is negatively related with R&D investment ,the depth of board human cap‐ital is positive related with R&D investment ,and at the same time ,managerial overconfidence moderates this relationship . The study suggest that :With the improvement of managerial overconfidence ,the negative effect of the breadth of board human capital on the firm R&D investment will be stronger ,while the positive effect of the depth of board human capital on the firm R&D investment will be reduced .

  14. 我国高等教育人力资本投资私人收益率研究%Study On the Private Rates of Return to Human Capital Investment of Higher Education

    Institute of Scientific and Technical Information of China (English)

    张东; 朱必祥

    2012-01-01

    基于人力资本理论对1998—2006年入学的大学生的高等教育人力资本投资私人收益率进行实证研究,研究发现不论仅系数(收入差异归因于教育的比例)取何值,1998年以来的高等教育人力资本投资私人收益率均呈下降趋势,研究表明这是导致高中毕业生“弃考”的经济原因。%This paper is to study the private rates of returning to human capital investment of higher education from 1998 to 2006 based on human capital theory and educational economics theory, The study finds that no matter what of (the rate of earning difference causing by education) would be, the private rates of return to human capital invest- ment of higher education has been decreasing since 1998. This is the economic mason why some senior middle school graduates are abandoning the entrance examination of college.

  15. A Policy Framework for Investment: An International Tool for Improving the Global Investment Regime

    Directory of Open Access Journals (Sweden)

    Andrey Sakharov

    2016-12-01

    Full Text Available International investment is one of the key drivers of economic growth in today’s world economy. Thus, creating favourable investment conditions is imperative for any state willing to maintain its competitiveness in attracting international investment capital required for sustainable economic growth. In this regard, the harmonization of investment and regulatory environments is one of the pressing issues facing many countries around the world. Addressing this issue is a collective task to be undertaken by leading economies, international organizations and informal global governance institutions, such as the Group of 20 (G20 or BRICS group of Brazil, Russia, India, China and South Africa. The contribution of the Organisation for Economic Co-operation and Development (OECD to harmonizing international investment regimes is significant and includes such documents as the OECD Declaration on International Investment and Multinational Enterprises, the Code of Liberalisation of Capital Movements, the Code of Liberalisation of Current Invisible Operations, G20/OECD High-Level Principles of Long-Term Investment Financing, and the Policy Framework for Investment (PFI. The PFI has become the most comprehensive and exhaustive compendium of investment policy best practices. This article analyzes the evolution of the PFI and the negotiation processes behind it to compare its content with analogous international documents dealing with investment policy and regulation across all 12 issue areas covered by the PFI, as well as to assess the international business community’s corresponding positions and contributions. It also addresses the OECD-G20 cooperation in formulating the future agenda for investment policy among the leading economies. The selected approach allows for a determination of the PFI’s role in shaping the potential set of universal investment policy principles and concrete rules.

  16. Human Capital, Fertility, and Economic Growth

    OpenAIRE

    Gary S. Becker; Murphy, Kevin M.; Robert F. Tamura

    1990-01-01

    Our model of growth departs from both the Malthusian and neoclassical approaches by including investments in human capital. We assume, crucially, that rates of return on human capital investments rise, rather than, decline, as the stock of human capital increases, until the stock becomes large. This arises because the education sector uses human capital note intensively than either the capital producing sector of the goods producing sector. This produces multiple steady scares: an undeveloped...

  17. Co-alignment between Environment Risk, Capital Structure, Growth and High-tech Firm Performance

    Institute of Scientific and Technical Information of China (English)

    LI Yan-xi; BAO Shi-ze

    2007-01-01

    To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.

  18. The Role of Capital Productivity in British Airways' Financial Recovery

    Science.gov (United States)

    Morrell, Peter

    1999-01-01

    British Airways (BA) was privatised in 1987, but its financial recovery occurred a number of years earlier. This recovery was sustained throughout the early 1990s economic recession, a period when few major airlines were operating profitably. This paper examines the role of productivity developments at British Airways from the early 1980s through 1996. The emphasis is on capital productivity and investment, but changes in capital intensity and labour productivity are also evaluated. Various measures are considered for both capital and labour productivity: outputs are measured in available tonne-kms (ATKS) and revenue tonne-kms (RTKs), with the former preferred over the latter two measures, after adjustment for work performed by BA for others. Capital inputs are measured in equivalent lease costs adjusted to constant prices with a different treatment of flight and ground equipment or assets. Labour inputs are derived from total payroll costs deflated by a UK wage price index. The airline made considerable capital investments over the period and at the same time went through two major processes of labour restructuring. This resulted in a gradual increase in capital intensity, relative high labour productivity growth, but poor capital productivity performance. However, capital investment played an important role in the airline's sustained labour and total factor productivity over the whole period.

  19. Developing High-Potential Youth Program: A Return on Investment Study for U.S. Programs

    Science.gov (United States)

    Millett, Catherine M.; Nettles, Michael T.

    2009-01-01

    When The Goldman Sachs Foundation (GSF) made its first strategic social investment decision in 1999, it took note of one of Goldman Sachs' core corporate values: People are its greatest asset. The program's objective was--and is--clear and simple: to increase the number of high-potential young adults from historically underrepresented backgrounds…

  20. Human Capital and Optimal Positive Taxation of Capital Income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2005-01-01

    textabstractThis paper analyzes optimal linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heteroge- nous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also capital inco

  1. Human Capital and Optimal Positive Taxation of Capital Income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2005-01-01

    textabstractThis paper analyzes optimal linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heteroge- nous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also capital inco

  2. Where Can Johnnie Learn?--An Investigation into the Acquisition of Social and Cultural Capital by Students during High School

    Science.gov (United States)

    Juarez, Paul A.

    2010-01-01

    A set of ten students from an urban high school were interviewed regarding experiences in Advanced Placement (AP) and non-Advanced Placement courses in high school. Those participants who took an AP Calculus course described opportunities during high school where cultural capital and social capital lead to a successful experience in college. Those…

  3. Where Can Johnnie Learn?--An Investigation into the Acquisition of Social and Cultural Capital by Students during High School

    Science.gov (United States)

    Juarez, Paul A.

    2010-01-01

    A set of ten students from an urban high school were interviewed regarding experiences in Advanced Placement (AP) and non-Advanced Placement courses in high school. Those participants who took an AP Calculus course described opportunities during high school where cultural capital and social capital lead to a successful experience in college. Those…

  4. 市场压力、财政补贴与上市高新技术企业双元创新投资%Market Pressures, Fiscal Subsidy and Ambidextrous Innovation Invest-ment of Listed High-tech Enterprises

    Institute of Scientific and Technical Information of China (English)

    翟淑萍; 毕晓方

    2016-01-01

    This article explores how the listed high-tech enterprises make use of fiscal subsidy re-sources to implement the ambidextrous innovation investment, and further analyses the modera-ting effect of market pressure on fiscal subsidies promoting ambidextrous innovation invest-ment. The study finds that: ( 1 ) The fiscal subsidy has incentive effect on enterprise innovation investment, further more, the incentive effect of fiscal subsidy for exploratory innovation invest-ment is stronger than exploitative innovation investment. (2) The increase of capital markets ex-pected pressure significantly facilitates the incentive effect of fiscal subsidies promoting explorato-ry innovation investment. (3) When the enterprise is facing the dual pressure of product market competition and capital market expectations, the fiscal subsidy has stronger incentive effect on exploratory innovation investment. This article’s research conclusion has a certain theoretical and practical significance for guiding enterprise reasonable al ocation of fiscal subsidies resources, re-ducing the innovation investment myopia behavior, improving enterprise’s capacity for independ-ent innovation and competitive advantage.%探讨上市高新技术企业如何利用财政补贴资源实施双元创新投资,并进一步分析市场压力对财政补贴激励双元创新投资的调节作用。研究发现:(1)财政补贴对企业创新投资具有激励效应,相对开发式创新投资,财政补贴对企业探索式创新投资具有更强的激励效应;(2)资本市场业绩预期压力的增加会显著促进财政补贴对企业开发式创新投资的激励效应;(3)当企业面临产品市场竞争与资本市场业绩预期双重压力时,财政补贴对企业开发式创新投资的激励效应更明显。研究结论对于引导企业合理分配财政补贴资源、减少创新投资的短视行为、提升企业自主创新能力和竞争优势具有一定的理论与现实意义。

  5. 76 FR 40407 - Sterling Capital Funds and Sterling Capital Management LLC; Notice of Application

    Science.gov (United States)

    2011-07-08

    ... COMMISSION Sterling Capital Funds and Sterling Capital Management LLC; Notice of Application July 1, 2011.... Applicants: Sterling Capital Funds (the ``Trust'') and Sterling Capital Management LLC (``Sterling'' and... serves as a Sub-Adviser of Sterling Capital International Fund; and Federated Investment...

  6. Human Capital Diversification within the Household

    DEFF Research Database (Denmark)

    Lilleør, Helene Bie

    Lack of primary schooling among rural children in developing countries is often attributed to credit constraints and household demand for child labour, implying that direct and indirect costs of schooling are high. Surprisingly few studies have considered the importance of parents' expected returns...... of investing in their childrens human capital, despite the fact that most parents rely on their children for old-age support and subsistence. In this paper, I propose an alternative model for human capital investment based on the household, rather than the individual child, incorporating the fact that parents...... bear the costs of educating all their children and face uncertainty about the level and share of future returns. This uncertainty can make it optimal for parents to ensure a certain degree of human capital diversification within the household. The model implications allow me to test whether...

  7. Economic Model For a Return on Investment Analysis of United States Government High Performance Computing (HPC) Research and Development (R & D) Investment

    Energy Technology Data Exchange (ETDEWEB)

    Joseph, Earl C. [IDC Research Inc., Framingham, MA (United States); Conway, Steve [IDC Research Inc., Framingham, MA (United States); Dekate, Chirag [IDC Research Inc., Framingham, MA (United States)

    2013-09-30

    This study investigated how high-performance computing (HPC) investments can improve economic success and increase scientific innovation. This research focused on the common good and provided uses for DOE, other government agencies, industry, and academia. The study created two unique economic models and an innovation index: 1 A macroeconomic model that depicts the way HPC investments result in economic advancements in the form of ROI in revenue (GDP), profits (and cost savings), and jobs. 2 A macroeconomic model that depicts the way HPC investments result in basic and applied innovations, looking at variations by sector, industry, country, and organization size. A new innovation index that provides a means of measuring and comparing innovation levels. Key findings of the pilot study include: IDC collected the required data across a broad set of organizations, with enough detail to create these models and the innovation index. The research also developed an expansive list of HPC success stories.

  8. Economic Model For a Return on Investment Analysis of United States Government High Performance Computing (HPC) Research and Development (R & D) Investment

    Energy Technology Data Exchange (ETDEWEB)

    Joseph, Earl C.; Conway, Steve; Dekate, Chirag

    2013-09-30

    This study investigated how high-performance computing (HPC) investments can improve economic success and increase scientific innovation. This research focused on the common good and provided uses for DOE, other government agencies, industry, and academia. The study created two unique economic models and an innovation index: 1 A macroeconomic model that depicts the way HPC investments result in economic advancements in the form of ROI in revenue (GDP), profits (and cost savings), and jobs. 2 A macroeconomic model that depicts the way HPC investments result in basic and applied innovations, looking at variations by sector, industry, country, and organization size.  A new innovation index that provides a means of measuring and comparing innovation levels. Key findings of the pilot study include: IDC collected the required data across a broad set of organizations, with enough detail to create these models and the innovation index. The research also developed an expansive list of HPC success stories.

  9. Indeterminacy and Business Fluctuations under Partial Capital Mobility

    Directory of Open Access Journals (Sweden)

    Jongkyou Jeon

    2008-12-01

    Full Text Available The paper examines a modified real business cycle model of a small open economy such as the Korean economy. The model economy is assumed to produce output with two types of capital: traded capital and non¡ⓒtraded capital. Domestic individuals can borrow from the world capital market only by using traded capital as collateral, and investment in non¡ⓒtraded capital must be financed by domestic savings. It implies that the capital mobility is partial rather than perfect although domestic residents have free access to the world capital market. By incorporating externalities into the production technology, the model economy is able to generate dynamic path of equilibrium time series solely driven by non¡ⓒfundamental shocks such as animal spirits of investors or self¡ⓒfulfilling expectations if the ratio of traded capital to total capital is sufficiently high. The paper shows that the second moment properties of the Korean aggregate data could be reproduced in a modified real business cycle framework where fluctuations are driven only by non¡ⓒfundamental shocks, not by the disturbances to economic fundamentals such as technology. This requires a high value of traded capital relative to total capital, which means that the domestic capital market must be highly integrated with the world capital market. It implies that there exists some critical level of capital mobility beyond which the business cycles of an open economy becomes highly vulnerable to non¡ⓒfundamental shocks such as self¡ⓒfulfilling expectations.

  10. Capital cost: low and high sulfur coal plants; 800 MWe

    Energy Technology Data Exchange (ETDEWEB)

    None

    1978-01-01

    This Commercial Electric Power Cost Study for 800-MWe (Nominal) low- and high-sulfur coal plants consists of three volumes. (This is the fourth subject in a series of eight performed in the Commercial Electric Power Cost Studies by the US NRC). The low-sulfur coal plant is described in Volumes I and II, while Volume III (this volume) describes the high sulfur coal plant. The design basis, drawings, and summary cost estimate for a 794-MWe high-sulfur coal plant are presented in this volume. This information was developed by redesigning the low-sulfur sub-bituminous coal plant for burning high-sulfur bituminous coal. The reference design includes a lime flue-gas-desulfurization system. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal. Costs of alternate cooling systems are provided in Report No. 7 in this series of studies of costs of commercial electrical power plants.

  11. Decision-Making for Adaptation Investment in a Highly Variable Climate

    Science.gov (United States)

    Enda O'Connell, P.; O'Donnell, Greg; Hall, Jim; Blenkinsop, Stephen

    2010-05-01

    Methodologies for determining flood protection investments have traditionally relied on past hydrological records being stationary and therefore statistically representative of future conditions. Due to climate change, it has been suggested that the hypothesis of stationarity for hydrological time series models is no longer tenable, and that nonstationarity must be invoked. However, while this proposition is very plausible, nonstationarity represents a highly intractable assumption in that it can take many different forms, and the usual processes of statistical averaging used in calculating means, variances and covariances can no longer be invoked. It is suggested that, before stationarity is discarded, its limits should be explored more fully by using stationary time series models that exhibit long-term variability/persistence to explore investment strategies as a function of increasing levels of variability in hydrological time series. One such model, the ARMA (1,1) model, is employed here in a virtual case study where a flood protection investment problem is formulated as the optimization of a cost-benefit function for different levels of persistence and knowledge of the pdf of annual flood maxima. Do nothing, reactive and proactive investment strategies are formulated, and results for each in terms of costs and damages will be presented.

  12. Productivity spillovers of organization capital

    NARCIS (Netherlands)

    Chen, Wen; Inklaar, Robert

    Investments in organization capital increase productivity of not just the investing firm but could also spillover to other firms-similar to investments in research and development. Recent evidence at the industry and economy level suggests such spillovers could be important. In this paper, we fail

  13. Determinants of Discretionary Investments

    Directory of Open Access Journals (Sweden)

    K. S. Sujit

    2016-03-01

    Full Text Available Theoretical and empirical studies have focused on discretionary investments such as research and development (R&D and advertisement as value-creating activities. This empirical research article examines the determinants of the discretionary investment policy of food sector firms in India. The study aims to analyze the impact of financial policies and firm characteristics on the discretionary investment strategy of the food industry firms. The article uses the partial least squares structural equation modeling (PLS-SEM to understand the drivers of discretionary investment policy of food sector firms. The study finds that investment policy of firms is a major determinant of profitability of food sector firms. Higher investments in capital expenditures and working capital result in higher profitability. Management efficiency significantly influences firm profitability. The results suggest that riskier firms in food sector might focus on R&D investments as a strategy to generate more cash flows. Size of firm is negatively related to R&D intensity. Smaller firms in food sector tend to invest more in R&D. The study does not provide evidence to suggest that profitable firms invest more in R&D activities.

  14. The Effect of Net National Product on Chinese Human Capital Investment%绿化国民收入与人力资本投资模式再解读

    Institute of Scientific and Technical Information of China (English)

    熊娜

    2012-01-01

    我国经济结构向环境友好、资源节约方向转变将影响人力资本投资模式。文中引入净国民收入资调整时,可持续经济比重上升,收入对人力资本的作用方向由负转正,人力资本投资决策由教育机会成本主导转变为收益主导,利于经济持续发展;但因当前人力资本收益多由非可持续型经济提供,提高可持续经济占比将压缩劳动力需求,加剧劳动力供给的结构性过剩;上述困境可借助消费政策予以缓解,因消费对人力资本波动的影响力远大于收入。综上,推进经济结构调整,最小化其对劳动力市场的不良冲击.应降低消费支出的泡沫比。%To readjust economic structure to resource conservation and environment friendly society, it is important to ex- plain the effect of the readjustment on labor market and then human capital investment behavior. The paper proposes to use the theory of sustainable development by introducing concept of Net National Product to improve the cointegration system consisting of logarithm of income and consumption, and average years of schooling invented by Xiong-Na. In details, the income will be adjusted by conventional gross investment, conventional net investment, green net investment and genuine investment separately. Sufficient results for modified cointegration system have been observed with the method we depicted above, which suggests the behavior of human capital investment turns to be driven by the return of education from the opportunity cost when the income is adjusted by saving rates from the conventional gross one to the genuine one. This work gives an implication that unsustainable economic activities occupy the major part of labor force in the market thus it is nessecery to crushed foam from consumption expenditure to minimize social cost of economic structure readjustment.

  15. Capital cost: low and high sulfur coal plants; 800 MWe

    Energy Technology Data Exchange (ETDEWEB)

    None

    1978-01-01

    The Commercial Electric Power Cost Study for 800-MWe (Nominal) low- and high-sulfur coal plants consists of three volumes. (This the fourth subject in a series of eight performed in the Commercial Electric Power Cost Studies by the US NRC). The low-sulfur coal plant is described in Volumes I and II (this volume), while Volume III describes the high-sulfur coal plant. The design basis and cost estimate for the 801-MWe low-sulfur coal plant is presented in Volume I and the drawings, equipment list, and site description are contained in this document. The design basis, drawings, and summary cost estimate for a 794-MWe high-sulfur coal plant are presented in Volume III. This information was developed by redesigning the low-sulfur sub-bituminous coal plant for burning high-sulfur bituminous coal. The reference design includes a lime flue gas desulfurization system. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal. Costs of alternate cooling systems are provided in Report No. 7 in this series of studies of costs of commercial electrical power plants.

  16. How a Venture Capitalist Approaches an Investment Decision

    Science.gov (United States)

    Colbert, Daniel

    2012-02-01

    In this talk, I will provide a high-level overview of the venture capital history, structure, process and approaches to investing in early-stage companies. I will discuss what VCs look for, and share some dos and don'ts for entrepreneurs looking for venture funding. I will close with a description of the Tatarstand CleanTech Fund, and some examples of deals we invested in and passed over and why.

  17. PRIVATE INVESTMENT AND FINANCIAL SECTOR POLICIES IN DEVELOPING COUNTRIES

    OpenAIRE

    James Ang

    2008-01-01

    This paper examines the role of financial sector policies in determining private investment in the economies of India and Malaysia. The results suggest that the presence of significant directed credit programs favoring certain priority sectors in the economies appear to be harmful for private capital formation in both countries. Interest rate controls seem to have a positive impact on investment in the private sector, and the effect is found to be stronger in India. While high reserve and liq...

  18. State support of regional investment projects

    OpenAIRE

    Skopin Aleksey Olegovich

    2012-01-01

    The author provides an overview of the regulatory framework in the field of public support (at the federal level and at federation) regional investment projects in the form of capital investment. Marks a significant role in co-financing of regional investment projects Investment Fund of Russia, shows the role of regional investment funds, as a new instrument of government support for regional investment projects.

  19. 制度成本、规模效应与厂商投资决策%Relationship Between Institutional Cost, Capital Stock and Investment Decision-making of a Corporate

    Institute of Scientific and Technical Information of China (English)

    陈张杭健; 王力

    2016-01-01

    制度成本是否会影响厂商的投资决策?是如何影响的?基于存在调整成本的投资模型,将制度成本内生化到该模型中,以探究制度成本是如何影响厂商的资本存量,进而改变厂商的投资决策。针对制度成本的特点提出假设:随着单位资本存量的减少,边际制度调整成本是增加的,即边际制度调整成本随调整的规模递减。理论模型的结果和面板数据模型实证分析表明:(1)在利润最大化的条件下,一单位资本的市场价值等于购买价格(1加上边际制度成本)和边际经济成本之和;(2)相对于内部经济调整成本,制度调整成本占厂商资本存量的比例更大,而且规模越大的厂商,其面临的制度调整成本越小。%Whether the institutional cost will affect the investment decision of corporate or not How it affected the decision -making In this paper , based on the investment model , we put the institutional cost into the model to explore how it affects the capital stock of a corporate and the manufacturer's investment decisions .With the reduction of capital stock , the marginal cost of institution-al adjustment is increased , which means the marginal cost to adjust the size of cost declining .The results of the theoretical model and the Panel Data Model analysis showed that:(1) Under the condition of profit maximization , the market value of a unit capital is equal to the purchase price (one plus the marginal institutional cost ) and the sum of the marginal economic costs;(2) with re-spect to the larger internal economic adjustment costs , the proportion of the capital stock should be larger .The institutional adjust-ment costs of large corporations would be smaller .

  20. 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.

  1. Human Capital and Optimal Positive Taxation of Capital Income

    OpenAIRE

    Jacobs, B.; Bovenberg, A.L.

    2005-01-01

    This paper analyzes optimal linear taxes on capital and labor incomes in a life-cyclemodel of human capital investment, financial savings, and labor supply with heteroge-nous individuals. A dual income tax with a positive marginal tax rate on not onlylabor income but also capital income is optimal. The positive tax on capital incomeserves to alleviate the distortions of the labor tax on human capital accumulation.The optimal marginal tax rate on capital income is lower than that on labor inco...

  2. German crowd-investing platforms: Literature review and survey

    Directory of Open Access Journals (Sweden)

    David Grundy

    2016-12-01

    Full Text Available This article presents a comprehensive overview of the current German crowd-investing market drawing on a data-set of 31 crowd-investing platforms including the analysis of 265 completed projects. While crowd-investing market still only represents a niche in the German venture capital market, there is potential for an increase in both market volume and in average project investment. The market share is distributed among a few crowd-investing platforms with high entry barriers for new platforms although platforms that specialise in certain sectors have managed to successfully enter the market. German crowd-investing platforms are found to promote mainly internet-based enterprises (36% followed by projects in real estate (24% and green projects (19%, with the median money raised 100,000 euro.

  3. Evaluation Of Investments In Science, Technology And Innovation: Applying Scientific and Technical Human Capital Framework For Assessment of Doctoral Students In Cooperative Research Centers

    Science.gov (United States)

    Leonchuk, Olena

    This dissertation builds on an alternative framework for evaluation of science, technology and innovation (STI) outcomes - the scientific & technical (S&T) human capital which was developed by Bozeman, Dietz and Gaughan (2001). At its core, this framework looks beyond simple economic and publication metrics and instead focuses on scientists' social capital. The premise of the framework is that science does not happen in vacuum and that resources embedded in scientists' social networks are important and enduring outcomes of the scientific process that were not being captured by traditional metrics. This dissertation examines social capital of science and engineering (S&E) graduate students, an underrepresented group of stakeholders in STI evaluations. S&E graduate students are unique for several reasons. In comparison with students in other disciplines, S&E graduate students have a greater proportion of international students; are widely employed by industry in numbers exceeded only by business graduates. And, most importantly, S&E graduates pursue education in fields that contribute the most to the US innovation capacity. This dissertation introduces a multidimensional measure of social capital based on the network theory of social capital proposed by Nan Lin (1999). According to Lin, social capital consists of three components: availability of resources and social embeddedness in one's network and mobilization of these resources. In order to address these elements, the dissertation employs two studies that focus on different components of social capital. Study 1 looks at accessibility of resources in students' social networks and whether students would be likely to mobilize them by using a proxy measure of norms and values about collaborations. The study also addresses the effect of social capital on students' experiences and outcomes, specifically, on their satisfaction and perceived career preparedness. The researcher investigates the mechanisms that explain

  4. Intellectual Capital and Intangible Assets Analysis and Valuation

    OpenAIRE

    Ion Anghel

    2008-01-01

    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...

  5. Mengukur Kontribusi Human Capital terhadap Tujuan Perusahaan

    Directory of Open Access Journals (Sweden)

    Brata Wibawa Djojo

    2010-10-01

    Human Capital Cost Factor, (iv Human Capital Value Added, and (v Human Capital Return on Investment. Results of research can provide guidelines for the management, especially for management of JLI in view of Human Capital contribution to corporate objectives, namely in terms of staffing and agency.

  6. Does high-stakes testing increase cultural capital among low-income and racial minority students?

    Directory of Open Access Journals (Sweden)

    Won-Pyo Hong

    2008-03-01

    Full Text Available This article draws on research from Texas and Chicago to examine whether high-stakes testing enables low-income and racial minority students to acquire cultural capital. While students' performance on state or district tests rose after the implementation of high-stakes testing and accountability policies in Texas and Chicago in the 1990s, several studies indicate that these policies seemed to have had deleterious effects on curriculum, instruction, the percentage of students excluded from the tests, and student dropout rates. As a result, the policies seemed to have had mixed effects on students' opportunities to acquire embodied and institutionalized cultural capital. These findings are consistent with the work of Shepard (2000, Darling-Hammond (2004a, and others who have written of the likely negative repercussions of high-stakes testing and accountability policies.

  7. Environment Uncertainty and Local Bias:An Empirical Analysis of Chinese Venture Capital Investments%环境不确定性与本地投资偏好--基于中国本土VC样本的研究

    Institute of Scientific and Technical Information of China (English)

    黄晓; 陈金丹; 于斌斌

    2015-01-01

    Venture capital usually prefers to invest in the target venture geographically closer with itself in order to mitigate environment uncertainty derived from information asymmetries and agency cost. By collecting the infor-mation of 3558 investment deals in 2207 Chinese portfolio firms invested by 587 Chinese venture capital firms be-tween 1993 and 2012 from Thomson Venture Xpert database, this paper examines the influence of uncertainty on local bias of Chinese venture capital using Binary Logistic Regression method from two levels: venture-specific un-certainty and market-specific uncertainty. The result indicates that the reduced environment uncertainty will miti-gate the local bias of Chinese venture capital controlling the variables of strategy option and the characteristics of venture capital firms in the context of capital market segmentation in China. Therefore, for those undeveloped re-gions, to reduce the environment uncertainty is needed to absorb more outside venture capital and promote the lo-cal innovation.%为了消除信息不对称及代理成本增加所带来的环境不确定性,风险投资机构往往倾向于进行地理邻近的本地投资。通过Thomson Venture Xporter数据库搜集到1993—2012年间587家中国本土风险投资企业投资于2207家本土创新企业的共计3558个投资交易样本,以此为实证对象,运用二元Logistic回归方法,从微观企业层面和宏观市场层面研究了环境不确定性对风险投资本地偏好的影响。研究表明,在中国现有的资本市场分割情境下,当控制了风险投资的战略选择及风险投资机构的特征等变量后,随着环境不确定性水平的降低,风险投资机构对本地偏好的依赖也会随之减弱。因此,对于后发地区而言,可以通过降低投资环境的不确定性,来吸引更多的外地风险资本而实现本地的创新发展。

  8. THE IMPORTANCE OF CAPITAL MARKET IN ECONOMY

    Directory of Open Access Journals (Sweden)

    Alin Marius Andrieş

    2009-12-01

    Full Text Available All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial markets and in financing investments, trying to highlight the growing importance of this subsystem, shown both to economic agents and to all categories of investors.

  9. Does Foreign Aid Increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

    that the theoretical relationship between foreign aid and FDI is indeterminate. Aid may raise the marginal productivity of capital by financing complementary inputs, such as public infrastructure projects and human capital investment. However, aid may also crowd out productive private investments if it comes......  The notion that foreign aid and foreign direct investment (FDI) are complementary sources of capital is conventional among governments and international cooperation agencies. This paper argues that the notion is incomplete. Within the framework of an open economy Solow model we show...... in the shape of physical capital transfers. We therefore turn to an empirical analysis of the relationship between FDI and disaggregated aid flows. Our results strongly support the hypotheses that aid invested in complementary inputs draws in foreign capital while aid invested in physical capital crowds out...

  10. Specific Investment, Trust and Control Rights Governance in Venture Capital-backed Entrepreneurial Firms%专用性投资、信任与创业企业控制权治理

    Institute of Scientific and Technical Information of China (English)

    王雷

    2014-01-01

    基于控制权收益交互作用视角,研究创业投资模式下的异质性创业企业控制权治理问题,分析控制权共享收益和私人收益综合影响下投资家投资专用性和合作双方信任度对创业企业剩余控制权和特定控制权治理的作用机理,以193家不同产业类型创业企业为样本,运用混合回归模型,实证检验投资专用性、信任及其交互作用对异质性创业企业两类控制权治理的影响。研究结果表明,由于异质性企业的控制权收益类型和大小存在差异,导致投资专用性和信任对不同产业类型创业企业控制权治理的影响存在差异;创业企业家控制权私人收益较大、创业投资家的战略收益较小时,创业投资家获得的剩余控制权与其投入资本的专用性、合作双方间的信任度呈非线性倒U形关系;创业企业家控制权私人收益较小、创业投资家的战略收益较大时,创业投资家获得的剩余控制权与其投入资本的专用性、合作双方间的信任度呈非线性U形关系;投资专用性与合作双方信任度的交互项与创业投资家拥有的剩余控制权和特定控制权负相关,在高新技术创业企业样本中交互效应尤为显著。%This paper studies the problem of control right governance of heterogeneity entrepreneurial firms from venture capital -backed modes , based on the perspective of interaction effect between different control right benefits .Under the comprehensive in-fluence of sharing and private benefits of control rights , the paper analyses how the investment specificity of venture capitalists (VCs) and trust of cooperation between both sides affect residual control rights and general control right governance in entrepre -neurial firms.The paper uses 193 VC-backed firms with different types as sample , and empirically tests the impact of investment specificity of VCs , trust and the interaction between them on two

  11. Shortage of High-skill Talents : an Analytical Framework of Specific Human Capital%高技能人才短缺:一个专用性人力资本的分析框架

    Institute of Scientific and Technical Information of China (English)

    李晓霞

    2011-01-01

    The main characteristics of high-skill talents of human capital is specific human capital. Shortage of skilled talents in China is mainly due to the value "deviation" in the labor market, which increases human capital investment risk. In high-skill talents cultivation of dislocation and some institutional obstacles has also increased the shortage of skilled talents. According to the human capital of skilled talents features, we can build reasonable high-skill talents assessment system, and the reasonable allocation of education institutions, government, enterprises and individuals, then build multivariate share modes of human capital investment of high-skill talents to alleviate the high-skill talent shortage in China.%高技能人才的人力资本特性更多的表现为专用性人力资本。我国高技能人才短缺的主要原因是高技能人才的市场价值存在"偏离",从而使投资风险加大;在高技能人才培养上的错位和一些体制性障碍也加剧了高技能人才的短缺。根据高技能人才的人力资本特征建立合理的高技能人才人力资本评价体系,并合理配置政府、各类教育机构、企业和个人的资源,形成高技能人才人力资本投资的多元分担模式,进而构建高技能人才人力资本投资风险防范体系是缓解我国高技能人才短缺的可行途径。

  12. 农村人力资本投资视阈下的地方农业高校作为%Rural Human Capital Investment and the Role of Local Agricultural Colleges Universities

    Institute of Scientific and Technical Information of China (English)

    郭晓丽; 何云峰

    2012-01-01

    Rural human capital is a capital of providing future economic values.The cultivation of human capital in rural areas is demanding in constructing a new socialist countryside.With advantages of location, experience,information, talents and technology, local agricultural colleges and universities should play more vigorous role in rural human capital investment by building rural labor training system, exploring various ARES model, establishing learning rural community, improving learning ability and scientific quality to provide great intellectual and brainpower support.%农村人力资本是一种提供未来经济价值的资本。新农村建设对农村人力资本的培育提出了更高的要求。地方农业高校处于中心城市的区位优势,加之长久服务三农的经验及得天独厚的信息、人才、科技优势决定了其在农村人力资本的投资中应积极作为:建立农村劳动力培训体系,探索各形式的科技推广服务,并致力于学习型农村的构建,提升农村人力资本的学习能力与科技素质,为新农村建设提供强有力的智力支持与人才支撑。

  13. Developing 2 C-compatible investment criteria

    Energy Technology Data Exchange (ETDEWEB)

    Roeser, Frauke [NewClimate - Institute for Climate Policy and Global Sustainability gGmbH, Bonn (Germany); Weischer, Lutz [Germanwatch e.V., Koeln (Germany); Thomae, Jakob [2degrees Investing Initiative, New York, NY (United States); Hoehne, Niklas; Hagemann, Markus; El Alaoui, Alexander; Bals, Christoph; Eckstein, David; Kreft, Soenke; Rosse, Morten

    2015-11-30

    This report studies the development of criteria for assessing the compatibility of financial investments with the international goal to limit global temperature increase to below 2 C above pre-industrial levels. The findings are intended as a starting point and a key input for a longer term process to develop consensus-based 2 C investing criteria. The focus here is placed on investments in projects and physical assets, in particular of development and climate finance organisations. In order to limit global temperature increase to 2 C, global greenhouse gas (GHG) emissions will have to be reduced significantly, eventually to zero, during the course of this century. This requires shifting capital from high to low carbon investments as well as significant capital mobilisation for investments in 2 C-compatible infrastructure. Given the long lifetime of physical assets, and the urgency of decarbonisation over the coming decades, this needs to begin today. Public financial institutions can play a prominent role in contributing to aligning investment flows with the 2 C limit, as well as in closing the current infrastructure investment gap, responding to their explicit or implicit climate mandates and leadership role in the finance sector. The majority of international financial institutions integrate climate considerations into their finance decisions to some degree, and are familiar with different types of criteria, including positive and negative lists, qualitative and quantitative benchmarks, and the use of shadow carbon pricing. However, current approaches do not link to the 2 C limit. 2 C investment criteria are therefore needed to guide investors in this regard. Such criteria may also support other purposes, including an understanding of climate risks and improved reporting and accountability.

  14. Evaluation of Intellectual and Social Capital of Companies Ranked by Iran’s High Informatics Council

    Directory of Open Access Journals (Sweden)

    Kamran Feizi

    2012-02-01

    Full Text Available To overcome the competition, a company not only focuses on physical capital, but also focuses on intellectual capital. Company can achieve a competitive advantage and earn profit by owing intellectual capital. Since intellectual capital is intangible, there is a need for sufficient transparency in management and measurement. This study was a descriptive survey. The purpose of this paper was to examine the inter-relationships and the interaction effects among intellectual capital components and to demonstrate the impact of intellectual capital on organizational performance, in IT industry. The main conclusion from this particular study was the intellectual capital has influence on IT companies' performance

  15. The most influential investment.

    Science.gov (United States)

    Summers, L

    1993-01-01

    Investment in women's education possibly has a greater return than investing in areas such as power generation. Education is an economic issue. When the self-fulfilling prophecy of girls' lack of education yielding lower economic worth is compared with the self-fulfilling prophecy of educated women having healthy children and greater earning ability, there is no doubt which scenario is more beneficial to the individual and society. Wages of educated female workers rise by 20%, and personal hygiene and public health improvements contribute to lower fertility and infant mortality. In Pakistan, educating an additional 1000 girls/year would cost $40,000 in 1990 prices. Each year of schooling would reduce the under-5 year child mortality rate by 10%. 1000 women with an extra year of schooling would prevent 60 infant deaths, which if prevented through health care interventions would cost an estimated $48,000. Female fertility would be reduced by about 10% for an extra year of schooling, and thus would avert 660 births or a saving $43,000. Social improvement alone is worth the extra cost. Investing in female education means establishing scholarship funds, providing more free books and other supplies, adapting curricula to cultural and practical concerns, and hiring female teachers. Increasing female primary school enrollment to equal boys enrollment in low income countries would mean educating an extra 25 million girls every/year at a total cost of about $938 million. Equalizing secondary school enrollment would entail educating an extra 21 million girls at a cost of $1.4 billion. The total cost of $2.4 billion constitutes less than .25% of the gross domestic product of low income countries, less than 1% of investment in new capital goods, and less than 10% of defense spending. Investment statistics on power plants in a sample of 57 developing countries showed a return on physical plant assets of less than 4% over the past 3 years and less than 6% over the past 10 years

  16. Public Investment in a Small Open Economy

    NARCIS (Netherlands)

    Heijdra, B.J.; Meijdam, A.C.

    1997-01-01

    We study the effects of public investment in a dynamic overlapping-generations model of a small open economy. Boosting public investment stimulates private capital formation, output, employment, and wages in the long run. The impact effects depend critically on whether public capital is modeled as a

  17. Foreign Investment Welcome

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    BusinessWeek recently published an article reporting that China is becoming hostile to foreign capital and that China's policy on foreign investment will change to reflect that attitude. Yi Xianrong, a researcher at the Institute of Finance and Banking of the Chinese Academy of Social Sciences, explains China's position in an article posted on People's Daily Online.

  18. 我国人力资本投资对经济增长作用的实证研究%Chinese Investment in Human Capital and Economic Growth

    Institute of Scientific and Technical Information of China (English)

    张玉枚

    2012-01-01

    我国作为世界上的大国,拥有世界1/5的人口,但是资源的稀缺约束着我国的发展。不过,我国所具备的充裕人力劳动资源是不可忽视的优势,若能将人力资源转化为人力资本,必定会推动我国经济进一步发展。通过计量经济学分析模式,剖析了我国人力资本投资对经济增长的贡献作用,阐明了人力资本投资对经济增长的促进作用。并就如何加强我国人力资本投资与建设提出了建议。%China has the world' s one - fifth population. But the scarcity of resources constraints Chinese eco- nomic development. China' s advantages is human resources. If the human resources can be human capital, the eco- nomic will make the rapid development . Using the empirical analysis, the paper studies the contribution of the hu- man capital to economic growth. And the author proposes some policy suggestions of the human capital' strengthe- ning and construction.

  19. Overseas Investment, Encouraging Long Journey

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2010-01-01

    @@ In the context of the financial crisis,international capital flows,cross-border investment,as well as the mergers and acquisitions generally continues shrinking at a large range in 2009,while China's foreign investment and overseas cooperation still maintains a good momentum of development.

  20. Study on Capital Investment and Allocation Efficiency under Large Shareholders' Self-interest Motivation%大股东自利动机下的资本投资与配置效率研究

    Institute of Scientific and Technical Information of China (English)

    郝颖; 刘星

    2011-01-01

    本文将终极控制人和直接控制人两类大股东的利益动机纳入统一的分析框架,实证考察了大股东自利动机下的资本投资选择与配置效率.研究发现:(1)终极控制人的现金流权比例越低,越有动机增加资本在固定资产、无形资产和长期股权上的自利性投入,导致总体投资规模扩张;(2)地方企业集团投资扩张受终极控制人自利动机的影响最强,央企投资所受影响最弱,民营企业居中;(3)随着控制层级的增加,终极控制人决策权的履行成本增大,企业资本配置行为因直接控制人持股比例高低而表现出"利益攫取"与"利益协同"两种效应;(4)在较高持股比例的收益分配激励下,直接控制人将减少自利性资本投入,抑制过度投资,提高资本配置效率.%s The paper considers both ultimate control shareholders and direct control shareholders, the two kinds large shareholders, in the same analysis framework, and empirically studies capital allocation selection and efficiency of allocation based on ultimate shareholders' self-interest motivation.Here are the conclusions: (1)as the ultimate shareholders' cash flow right proportion getting lower, they have more motivation to increase the self-interest capital investment on the fixed asset, the intangible asset and the longterm equity, which lead to the expansion of the whole investment scale; (2)the ultimate shareholders' self-interest motivation has the most strong influence on investment expansion of local enterprise group, while the most weak influence on the central government enterprise and private enterprise is between the above two; (3)as the control hierarchy increasing, the fulfill cost of ultimate control shareholders' decision right increasing, then based on the direct control shareholders' share proportion scale, enterprise capital allocation exhibits effects of interest grab and benefit coordination; (4)under incentives of income distribution in

  1. Capital structure strategy in health care systems.

    Science.gov (United States)

    Wheeler, J R; Smith, D G; Rivenson, H L; Reiter, K L

    2000-01-01

    The capital structures (the relative use of debt and equity to support assets) of leading health care systems are viewed as a strategic component of their financial plans. While not-for-profit hospitals as a group have maintained nearly constant levels of debt over the past decade, investor-owned hospitals and a group of leading health care systems have reduced their relative use of debt. Chief financial officers indicated that in addition to reducing debt because of less favorable reimbursement incentives, there was a focus on maintaining high bond ratings. Debt levels have not been reduced as sharply in these health care systems as they have in investor-owned hospitals, in part due to the use of debt to support investments in financial markets. Because these health care systems do not have easy access to equity, high bond ratings and solid investment earnings are central to their capital structure policies of preserving access to debt markets.

  2. China’s Keeps High Investment in Lead and Zinc Industry

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    <正>Statistics from China Nonferrous Metals Industry Association (CNIA) shows that in the year 2005, China’s fixed assets investment in the lead and zinc industry reached RMB 10.27 billion yuan, accounting for 11.9 per cent of the total fixed assets investment in the nonferrous metals industry. Among the total investment,

  3. 高技术风险投资中的投资保护机制%On the Investment Protection Mechanism in Venture Capital

    Institute of Scientific and Technical Information of China (English)

    廖理; 姜彦福

    2001-01-01

    This paper lists, expounds and analyzes main measures that venture capitalists adopt to protect their venture investments. The measures include the use of composite investment instruments, management involvement and the design of exit strategy. The most commonly used tools of composite investments are convertible preferred stocks and warrants. Venture capitalists also participate in corporate governance of start-up ventures. They either present themselves on the board of directors or require contractual veto rights on making major corporate decisions. Finally, venture capitalists concoct several forms of quit strategies such as put option, restrictions on both buying and selling shares in private sales and public offerings. As soon as the financial situation is critically perilous to their presence, it is necessary for them to timely slip out of the banking predicament.%本文简要论述了风险投资近年总结出的一些规避风险保护投资者利益的策略和方法,形成了一套有效的投资保护机制,也就是复合投资工具的使用,选择介入管理的方式及退出机制的设计。

  4. Effectiveness and Effects of China's Capital Controls

    Institute of Scientific and Technical Information of China (English)

    FengjuanXiao; DonaldKimball

    2005-01-01

    Reductions in barriers to global trade have not been accompanied by a widespread loosening of restrictions on international flows of capital, especially in China. This study shows that China has some of the most restrictive controls and uses them effectively to bias flows of cross-border capital heavily in favor of foreign direct investment (FDI) and limit flows of portfolio and bank assets and liabilities, as well as reducing capital flow volatility. China is now facing pressure to speed up its opening to all forms of cross border capital. But since China is still struggling to strengthen its domestic financial structure, capital account liberalization would expose it to considerable risks and potentially high costs.

  5. Why Invest in Economic & Technological Development Zones?

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    In order to attract foreign direct investment, China has established 52 Statelevel Economic & technological Investment Zones (ETDZs). ETDZs lay emphasis on capital-intensive, technology-intensive, hi-tech and production export enterprises. The investment scale of every project in the zones is twice that of the rest of the country. A large number of investment projects are large projects with investment capital over US$IO million,

  6. Human capital and optimal positive taxation of capital income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2010-01-01

    textabstractThis paper analyzes optimal linear and non-linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heterogenous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also

  7. Investment Irreversibility and Precautionary Savings in General Equilibrium

    DEFF Research Database (Denmark)

    Ejarque, João

    Partial equilibrium models suggest that when uncertainty increases, agents increase savings and at the same time reduce investment in irreversible goods. This paper characterizes this problem in general equilibrium with technology shocks, additive output shocks and shocks to the marginal efficiency...... if the shocks affect the marginal efficiency of investment. For all types of shocks, when concavity of the utility function is moderate or high, the irreversibility constraint never binds and the increase in variance has a negligible impact. Persistence in the shock process induces precautionary savings rather...... than irreversibility effects. If shocks are idiosyncratic and affect a cross section of agents over capital, an increase in their variance may induce an increase in aggregate investment even if all agents have an incentive to invest less, because zero investment is now an active lower bound for part...

  8. “四化两型”视角下区域生态资本投资机制创新探讨%The Research of the Regional Eco -capital Investment Innovation Mechanism under the Perspective of “Four -changed and Two -oriented”

    Institute of Scientific and Technical Information of China (English)

    刘加林

    2015-01-01

    The article analyzes the “Four -changed and Two -oriented”capital investment mechanism under the back-ground of regional Eco -innovation from both home and abroad,tracks the latest developments in Eco -capital investment, theoretically analyzes the relationship between capital investment and the “Four -changed and Two -oriented”regional e-cology,elaborates the regional ecological problems in capital investment mechanism,and proposes regional ecological opti-mization strategy accordingly.%主要分析“四化两型”下区域生态资本投资机制创新的背景,从国内外两个方面追踪了生态资本投资的最新动态,并从理论上分析“四化两型”与区域生态资本投资之间的关系,在此基础上阐述区域生态资本投资机制存在的问题,进而提出区域生态资本投资机制优化策略。

  9. A cost and returns evaluation of alternative dairy products to determine capital investment and operational feasibility of a small-scale dairy processing facility.

    Science.gov (United States)

    Becker, K M; Parsons, R L; Kolodinsky, J; Matiru, G N

    2007-05-01

    This study examines the economic feasibility of 50- and 500-cow dairy processing facilities for fluid milk, yogurt, and cheese. Net present value and internal rate of return calculations for projected costs and returns over a 10-yr period indicate that larger yogurt and cheese processing plants offer the most profitable prospects, whereas a smaller yogurt plant would break even. A smaller cheese plant would have insufficient returns to cover the cost of capital, and fluid milk processing at either scale is economically infeasible. Economic success in processing is greatly contingent upon individual business, financial management, and marketing skills.

  10. IMPLICATIONS OF FOREIGN DIRECT INVESTMENTS ON SMALL ANS MEDIUM ENTERPRISES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Nicoleta, MIHAILĂ

    2014-11-01

    Full Text Available Foreign investments contribute massively to the increase of business profitability. Attraction and efficient allocation of capital inflows (mainly in the form of high quality investment made at microeconomic level represent the main “engine” for GDP growth in medium and long term. This will facilitate private sector access to finance investments, encourage technology transfer and innovation, promote technological parks and business incubators, stimulate innovation and entrepreneurship, support female entrepreneurship, increase efficiency and labor productivity for private companies , as well as management practices based on the principle of investing in people. Analysing the business environment involves, among other things, identifying and removing barriers that produce strain effects of overcoming difficulties for firms, respectively: - the desire that the investment in human capital would have immediate effects; - Insufficient correlation of wage increases and granting bonuses with increasing productivity; - Dialogue and partnerships with universities that could bring competitive advantage stands sometimes in incipient phases;

  11. A Survey of Venture Capital Research

    NARCIS (Netherlands)

    Da Rin, M.; Hellmann, T.; Puri, M.L.

    2011-01-01

    This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on or

  12. From capital to capital

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    HOW easy it is for one who lives in Beijing, capital of the country, to have the impression that all things significant happen there! This is to forget how there are now many provincial capitals in China, that are rapidly modernizing. In order to achieve such modernization, these cities, like

  13. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

    Da Rin, M.; Penas, M.F.

    2015-01-01

    Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the

  14. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

    Da Rin, M.; Penas, M.F.

    2015-01-01

    Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the fir

  15. Universities Venture into Venture Capitalism.

    Science.gov (United States)

    Desruisseaux, Paul

    2000-01-01

    Reports that some universities are starting their own venture-capital funds to develop campus companies, or are investing endowment funds with established venture-capital firms inclined to finance potential spinoffs from campus research. Examples cited are from the University of Alabama, Vanderbilt University (Tennessee), University of…

  16. 我国矿业资本市场风险投资浅析%Analysis on venture investment of Chinas mining capital market

    Institute of Scientific and Technical Information of China (English)

    吕朋林; 胥碧华

    2011-01-01

    The mineral resource is an important material foundation of national economy and social development. The exploration and utilization of mineral resources plays an important role to protect and promote the sustainable development of the national economy. In China mining companies are in a completely new stage of development and have difficult to become listed companies. We must constantly improve the capital market of China's mining industry, accelerate the development of the mining venture capital market in order to solve the growing problem about the lack of funds and promote to develop China's mining companies into internationally competitive mining group.%矿产资源是国民经济和社会发展的重要物质基础,矿产资源的勘探、开发利用对国民经济的持续发展起到重要的保障和促进作用.而我国矿业企业正处于一个全新的发展时期,上市难度大,还需不断完善矿业资本市场,加速发展矿业资本市场风险投资以解决日益凸昱的资金缺乏问题,促进我国矿业企业发展为具有国际竞争力的矿业集团.

  17. Investment Evaluation Difficulties

    Directory of Open Access Journals (Sweden)

    Bogdan Cosmin Gomoi

    2011-12-01

    Full Text Available The financial criteria used for evaluation of the enterprise are not numerous; however, they are causing heated discussion on whether using a criterion at the expense of another. The most utilized financial criteria used in the ranking of investment alternatives are: the net present value criterion, the internal rate of return criterion, the payback period limit criterion and last, but not least, the profitability index criterion. These criteria have in mind, in the first place: \tinvestments impact on enterprise profitableness and results, by recording the future positive cash-flow \tinvestments influence on the balance of an enterprise, traced through the evolution, on one side of the working capital , on the other hand, the size of necessary working capital \tincidence of the investment project on enterprise risk level Therefore, to ensure the best possible decision making, investors must choose of using, and why not, even construction of relevant indicators regarding the opportunity of an investment decision in one alternative or another. It is advisable to take into account a number of principles, which are nothing more than to highlight various aspects of technical analysis of investment projects. As a result, it is preferable not to neglect the value of money in time problem, solved by using dynamic indicators of investment; investment project analysis with reference the binomial risk - profitableness, ensuring that profitableness of an investment is directly proportional to the risk category in which is framed; the basis for the investment decision to materialize with the help of marginal cash flow analysis and, certainly not with the help of paper profits; taking into consideration the fiscal policy of the company; elimination of the inflationary phenomenon in the decision process; targeting of low risk investment projects, because this risk adds to the whole risk of the enterprise etc.

  18. Public funding and private investment for R&D: a survey in China's pharmaceutical industry.

    Science.gov (United States)

    Qiu, Lan; Chen, Zi-Ya; Lu, Deng-Yu; Hu, Hao; Wang, Yi-Tao

    2014-06-13

    In recent years, China has experienced tremendous growth in its pharmaceutical industry. Both the Chinese government and private investors are motivated to invest into pharmaceutical research and development (R&D). However, studies regarding the different behaviors of public and private investment in pharmaceutical R&D are scarce. Therefore, this paper aims to investigate the current situation of public funding and private investment into Chinese pharmaceutical R&D. The primary data used in the research were obtained from the China High-tech Industry Statistics Yearbook (2002-2012) and China Statistical Yearbook of Science and Technology (2002-2012). We analyzed public funding and private investment in five aspects: total investment in the industry, funding sources of the whole industry, differences between provinces, difference in subsectors, and private equity/venture capital investment. The vast majority of R&D investment was from private sources. There is a significantly positive correlation between public funding and private investment in different provinces of China. However, public funding was likely to be invested into less developed provinces with abundant natural herbal resources. Compared with the chemical medicine subsector, traditional Chinese medicine and biopharmaceutical subsectors obtained more public funding. Further, the effect of the government was focused on private equity and venture capital investment although private fund is the mainstream of this type of investment. Public funding and private investment play different but complementary roles in pharmaceutical R&D in China. While being less than private investment, public funding shows its significance in R&D investment. With rapid growth of the industry, the pharmaceutical R&D investment in China is expected to increase steadily from both public and private sources.

  19. 77 FR 4885 - Rural Business Investment Program

    Science.gov (United States)

    2012-02-01

    ...-Cooperative Service Rural Utilities Service 7 CFR Part 4290 RIN 0570-AA80 Rural Business Investment Program... the Rural Business Investment Program (RBIP) regulation, including one to conform to the 2008 Farm Bill provision that allows a Rural Business Investment Company two years to raise its capital....

  20. Investment Timing, Liquidity, and Agency Costs of Debt

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    for low-liquidity firms, there is overinvestment for high-liquidity firms. In the absence of tax effects, we derive the optimal level of liquid funds that eliminates agency costs by implementing the first-best investment policy for some given capital structure. In a second step we generalize the framework......This paper examines the effect of debt and liquidity on corporate investment in a continuous-time dynamic framework. We show that due to stockholder-bondholder agency conflicts, investment thresholds are U-shaped in leverage and decreasing in liquidity. While the underinvestment problem dominates...... by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally trades off tax benefits and agency costs of debt....

  1. Capital Structure and Assets

    DEFF Research Database (Denmark)

    Flor, Christian Riis

    2008-01-01

    post optimally sell the assets or re-optimize the capital structure. Ex ante, more uncertain asset value decreases leverage, but not firm value, and selling the assets becomes less likely. Firms should tend to invest in assets whose value is less correlated to changes in earnings and, in addition...

  2. Capital Structure and Assets

    DEFF Research Database (Denmark)

    Flor, Christian Riis

    2008-01-01

    post optimally sell the assets or re-optimize the capital structure. Ex ante, more uncertain asset value decreases leverage, but not firm value, and selling the assets becomes less likely. Firms should tend to invest in assets whose value is less correlated to changes in earnings and, in addition...

  3. Social capital

    OpenAIRE

    Landhäußer, Sandra; Ziegler, Holger

    2003-01-01

    This paper surveys research on social capital. We explore the concepts that motivate the social capital literature, efforts to formally model social capital using economic theory, the econometrics of social capital, and empirical studies of the role of social capital in various socioeconomic outcomes. While our focus is primarily on the place of social capital in economics, we do consider its broader social science context. We argue that while the social capital literature has produced many i...

  4. Investment opportunities as real options

    Directory of Open Access Journals (Sweden)

    Adnan Rovčanin

    2005-06-01

    Full Text Available Opportunity (optional approach to capital investment appraisal represents, completely new theoretical and methodological framework for investment analysis. Compared to traditional, discount cash flow (DCF model of analysis, the optional approach provides opportunity for valuation and managing flexibility, i.e. possibility of approaching (amending the previous decisions in compliance with market changes. Risk and uncertainty are inevitably following the capital investment. Therefore, the importance of optional approach to investments is also that it provides possible better “treatment” of risks in the investment analysis, and also more rational allocation of resources, accordingly. This approach should be of more interest to the Countries in transition, considering the limited financial sources as well as risk and uncertainty are emphasized.

  5. Optimal Investment and Consumption for an Insurer with High-Watermark Performance Fee

    Directory of Open Access Journals (Sweden)

    Lin Xu

    2015-01-01

    Full Text Available The optimal investment and consumption problem is investigated for an insurance company, which is subject to the payment of high-watermark fee from profit. The objective of insurance company is to maximize the expected cumulated discount utility up to ruin time. The consumption behavior considered in this paper can be viewed as dividend payment of the insurance company. It turns out that the value function of the proposed problem is the viscosity solution to the associated HJB equation. The regularity of the viscosity is discussed and some asymptotic results are provided. With the help of the smooth properties of viscosity solutions, we complete the verification theorem of the optimal control policies and the potential applications of the main result are discussed.

  6. Micro precision casting based on investment casting for micro structures with high aspect ratio

    Institute of Scientific and Technical Information of China (English)

    YANG Chuang; LI Bang-sheng; REN Ming-xing; FU Heng-zhi

    2009-01-01

    Microcasting is one of the significant technologies for the production of metallic micro parts with high aspect ratio (ratio of flow length to diameter). A micro precision casting technology based on investment casting using centrifugal method was investigated. The micro parts of Zn-4%Al alloy with an aspect ratio up to 200 was produced at the centrifugal speed of 1 500 r/min and the mold temperature of 270 ℃. The investigations on the relationship between flow length and rotational speed were carried out. For microcasting, the flow length is not only dependent on the centrifugal speed under the constant centrifugal radius, but also on the preheating temperature of mold. The flow length increases as the rotational speed and the mold temperature increase, and is much higher at a mold temperature of 270 ℃ than at other mold temperatures.

  7. 47 CFR 69.310 - Capital leases.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Capital leases. 69.310 Section 69.310 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES (CONTINUED) ACCESS CHARGES Apportionment of Net Investment § 69.310 Capital leases. Capital Leases in Account 2680 shall be...

  8. Problems of Development of Human Capital in the Regions of North Caucasian Federal District

    Directory of Open Access Journals (Sweden)

    Aminat Ruslanovna Kappusheva

    2016-03-01

    Full Text Available The article specifies types of investments in human capital: spending on education, health and mobility. The author highlights the key actors invest in human capital development: the state, the corporate sector, households; emphasizes the low activity of the corporate sector and households in the process of investing in human capital. During the analysis of the problems of development of the human capital of the North Caucasian Federal District the author highlighted the interdependence of development of the productive sector of the economy and human capital: the low level of industrialization determines the gap in terms of gross regional product, high unemployment and low incomes, lack of investment in human capital of households. The article also deals with the problems of health and education in the North Caucasian Federal District: the shortage of qualified personnel, insufficient capacity of institutions. The analysis of the structure of regional budget expenditures on human capital development are pointed out. They include the spheres of health, education and culture. There is a direct and close relationship between the amount of budget spending on health, education, culture and the level of development of human capital in the country and the region. In the regions of the North Caucasian Federal District the lower level of educated population engaged in the sphere of economics was revealed. Particular attention is paid to analysis of the quality of human capital state and municipal employees of the North Caucasian Federal District, whose activities in the conditions of underdevelopment of large business, significantly affects the prospects for regional economic growth. The necessity of developing and implementing regional policies to promote health, education and culture, determines the quality of human capital in the economy.

  9. Factor investing based on Musharakah principle

    Science.gov (United States)

    Simon, Shahril; Omar, Mohd; Lazam, Norazliani Md; Amin, Mohd Nazrul Mohd

    2015-10-01

    Shariah stock investing has become a widely discussed topic in financial industry as part of today's investment strategy. The strategy primarily applies market capitalization allocations. However, some researchers have argued that market capitalization weighting is inherently flawed and have advocated replacing market capitalization allocations with factor allocations. In this paper, we discuss the rationale for factor investing based on Musharakah principle. The essential elements or factors of Musharakah principle such as business sector, management capability, profitability growth and capital efficiency are embedded in the Shariah-compliant stock. We then transform these factors into indexation for better analysis and performance measurement. Investment universe for this research covers Malaysian stocks for the period of January 2009 to December 2013. We found out that these factor indexes have historically earned excess returns over market capitalization weighted indexes and experienced higher Sharpe Ratios.

  10. Alternative Investment Funds Implications for Financial Stability in Lithuania

    Directory of Open Access Journals (Sweden)

    Gytis Jarašius

    2014-12-01

    Full Text Available The rapid growth of the AIF assets under management and increasing relative share of these assets in the overall investment fund assets, indicate that AIF successfully established their position in the Lithuanian investment funds market. Due to the specific investment activity AIF are different from other investment funds, they also could be associated with additional threats to the economy and financial system. Private equity and real estate funds invest in the real sector and their impact on the financial system are more indirect, through linkages to the financial market participants. Hedge funds are actively involved in the capital markets, therefore they might have not only indirect but also direct impact on the financial system due to the use of leverage, derivatives or potential occur of crowded trades. Research results has shown that due to the still relatively small volumes of assets under management and high engagement in foreign capital markets (especially hedge funds case, AIF connections with other financial market participants are very low. AIF do not use excess leverage and trading in derivatives is not widespread – only hedge funds use such financial instruments. The high pairwise correlations between hedge funds returns suggest that there is a potential threat to the Lithuanian financial market stability. However because of the small relative share of the hedge funds and their concentration in foreign capital markets, such a threat is only theoretical. Moreover, high level of pairwise correlation coefficients between hedge funds and other investment funds do not determine the growth of the weighted average correlation. It could be added, that AIF in general did not increase values of the weighted average correlation, which could reflect potential crowding in the investment funds market. Bearing in mind small size of the AIF assets under management and fairly conservative type of their activities, it could be concluded, that

  11. 77 FR 37079 - Versus Capital Multi-Manager Real Estate Income Fund LLC and Versus Capital Advisors; Notice of...

    Science.gov (United States)

    2012-06-20

    ...; File No. 812-14008] Versus Capital Multi-Manager Real Estate Income Fund LLC and Versus Capital...-Manager Real Estate Income Fund LLC (``Initial Fund'') and Versus Capital Advisors LLC (``Adviser... to achieve its objectives by investing in funds that invest indirectly in real estate and by...

  12. Capital Markets Integration: The Case of Select South Asia Markets

    Directory of Open Access Journals (Sweden)

    V. Srinivasa Kumar

    2015-04-01

    Full Text Available In these days of globalization, liberalization and IT, nations have become mutually dependent across the globe. The volume of merchandise transactions as well as international capital mobility has been improved. The investors, both domestic and international, are able to optimize portfolio diversification through multi-country investments. Emerging market economies are removing the reins of investment and introduce investor responsive policies to draw overseas finance in the form of FDI or equity participation. Thus, free and perfect capital mobility has become the important feature of highly integrated financial markets. In this context we investigated the degree and direction of capital market integration among select South Asian countries. We found that the markets have long-run interdependency among themselves and the short-run dynamics is significant in few cases. Such findings will keep much relevance for managing international portfolios.

  13. FORMATION OF THE HUMAN CAPITAL IN MODEL OF INTEGRATION OF HIGH SCHOOL SCIENCE IN INDUSTRY

    Directory of Open Access Journals (Sweden)

    Sergey N. Mityakov

    2013-01-01

    Full Text Available Analyzed the problems of reproduction of human resources in the scientific and educational cooperation and collaboration of university research with industry. Proposed a model integration high school science to industry of the region, including the internal and external levels. On the internal level, proposed a scheme of transfer technology in a technical university, where the formation of human capital is produced in two related areas: training of competitive labor market specialists with higher education, as well as consolidation in the universities of highly qualified personnel. On the external level, proposed creation of an integrated research and education production cluster, which brings together the personnel and technological capabilities of the industrial region.

  14. 虚报公司资本与虚假出资行为本不应去罪化%Illegality of False Capital Declaration and Fictitious Investment in Corporations Should not have been Removed

    Institute of Scientific and Technical Information of China (English)

    彭运朋

    2014-01-01

    False capital declaration and fictitious investment in corporations will still exist, and probably become more common after the recent revise of China Corporation Act. These acts are immoral and should be condemned. They cause damage to registration ofifce’s work and threat to beneifts of companies’ creditors and the safety of transaction, which means we should avoid underestimating the hazards to society result from them. Doubt about the rules punishing these behaviors has been brought about, it is not, however, convincing enough to abolish these rules that has been operating for almost twenty years and have foundation in theory and practice. This round of revise in Corporation Act does not afford any deifnitive conclusion for the dispute. We should keep our self-restrain in removing illegality from false capital declaration and ifctitious investment in corporations.%虚报公司资本与虚假出资行为在此次《公司法》修改后依然会存在,而且可能更加泛滥。“两虚”行为是具有可谴责性的不道德行为;侵害登记机关的管理秩序,威胁公司债权人权益、交易安全,社会危害性不容小视。尽管理论上对于“两虚”行为的处罚规定存在质疑,但这些质疑尚不足以推翻一种已运行近二十年并且具有一定的理论和实践基础的制度。此次公司法修改并未就有关争议给出确定性结论。我们在解决争议前本不应让虚报公司资本与虚假出资行为去罪化。

  15. 风险资本约束下保险公司的最优比例再保险-投资策略%Optimal proportional reinsurance-investment policies for an insurer under Capital-at-Risk constraint

    Institute of Scientific and Technical Information of China (English)

    曾燕; 李仲飞

    2011-01-01

    This paper investigates a reinsurance-investment problem for an insurer.Assume that the integral risk of the insurer is measured by Capital-at-Risk(CaR), the surplus process is described by a diffusion approximation model;the insurer is allowed to purchase proportional reinsurance(or acquire new business) and to invest on a risk-free asset and multiple risky assets at any time; the prices of risky assets are driven by the model of geometric Brownian motions.The target of the insurer is to maximize the expectation of the terminal wealth under a CaR constraint.Two mean-CaR models are established for the problem.Explicit expressions of the optimal policies and efficient frontiers to the models are derived by using a hierarchical optimization method and the variational calculus approach.%本文研究保险公司的再保险-投资问题.假定保险公司的整体风险由风险资本(Capital-at-Risk,CaR)来度量;盈余过程由扩散模型近似表示;在任意时刻保险公司可购买比例再保险(或获取新业务)和投资无风险资产与多种风险资产;风险资产的价格由几何布朗运动驱动.保险公司的目标是在整体风险CaR受约束的条件下最大化终端财富的期望值.对这一问题,建立了两个均值-CaR模型.利用分层优化方法和变分法,得到了模型的最优比例再保险一投资策略以及有效边界的解析表达式.

  16. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    Maria-Loredana POPESCU

    2011-12-01

    Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.

  17. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    MARIA-LOREDANA POPESCU

    2011-04-01

    Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.

  18. A Note On the Attitude of Pension Fund Investment Managers toward Mortgage-Backed Securities

    OpenAIRE

    William A. Christiansen; Clarence C. Elebash

    1987-01-01

    Mortgage-backed securities (MBS) have been successful in attracting a broad variety of financial institutions to invest in the mortgage market. By attracting a variety of new types of investors to the mortgage market and by integrating the mortgage market into the more highly developed corporate capital markets, the issuance of mortgage-backed securities resulted in both enlarging and stabilizing the flow of mortgage funds. However, pension funds,the largest source of new long-term capital in...

  19. Depression among last-year high school students in Vientiane, capital city of Lao PDR.

    Science.gov (United States)

    Phanthavong, Pinkham; Naphayvong, Philaysak; Reinharz, Daniel

    2015-03-01

    In spite of being a major public health issue, no data on depression in young people exist in Laos. Decision makers are therefore poorly equipped to define the degree of prioritization of this pathology among their preoccupations. This study aimed at estimating the prevalence of depression among last-year high schools students and exploring some of its determinants with a qualitative approach. The quantitative component was based on a survey of a representative sample consisting of 210 students studying in 30 schools in the capital city, Vientiane, using the Beck Depression Inventory validated in the Lao language. The qualitative component was based on interviews with 5 nondepressive and 5 depressive students. Clinical depression prevalence was 24%. Depressed students were aware of the effectiveness of available medication and its importance in controlling the disease. The other students had little knowledge about the disease and how to handle it.

  20. Human capital, percieved domestic institutional quality and entrepreneurship among highly skilled Chinese returnees

    DEFF Research Database (Denmark)

    Bao, Yue; Miao, Qi; Liu, Ying

    2016-01-01

    Over the past two decades, returnee entrepreneurs have emerged as major promoters of business startups and entrepreneurship in China. Recognizing their positive impact in promoting new and innovative companies, Chinese national and local governments have instituted a raft of preferential policies...... aimed at assisting returnee entrepreneurs. Based on a survey of Chinese returnees and returnee entrepreneurship from 2011 to 2012, this paper examines how human capital and perceptions of domestic institutional quality affect entrepreneurial activity among highly skilled returnees. We find...... entrepreneurship, suggesting the relationship between regulatory transparency and entrepreneurial behavior is more complex than is portrayed in previous research done on this matter. The results of our analysis are robust against a number of rigorous statistical specification checks....

  1. The Characteristics of Foreign Direct Investments in Serbia

    Directory of Open Access Journals (Sweden)

    Pero PETROVIĆ

    2011-10-01

    Full Text Available The international movement of capital takes place in three main forms,namely: international mobility of credit capital, portfolio investments and foreign direct investments. Foreign direct investments(Greenfield investments today are considered as the most desirableform of international capital. They represent such type ofcapital investment in the company through which ownership controlover the company is being acquired. Direct investment of capital canbe made in the existing company(modernization, expansion, etc.abroad,or in the construction of a new capacities("Greenfield investment". In both cases the capital owner decides where to invest capital, how to organize production, takes care of the conditions of placements,the financial results of operations and the like, but alsobears the risk of doing business. Therefore,foreign direct investmentscarry the highest business risk, but also bring the most revenue orprofit.Foreign direct investments(FDIplay a key role in economicdevelopment. When it comes to the exporting countries, export of capital allows increased use of capacities, expansion of markets andnew technology development, and essentially comes down to profit maximization,especially in medium and long term. When it comes toimporting countries, import of capital provides an additional accumulation, transfer of new technologies and know-­‐how without needto purchase a license, higher exports, the ability to finance new investments which affects the growth of employment,income, laborproductivity, increase of budget revenues and other effects. Thepaper analyzes the main characteristics of FDI in Serbia.

  2. Taxes and Venture Capital Support

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    -set may paradoxically contribute to higher quality of venturecapital finance and welfare. Subsidies to physical investment in VC-backed startupsare detrimental in our framework.Keywords: Venture capital, capital gains taxation, double moral hazard.JEL-Classification: D82, G24, H24, H25......'s success, but is not verifiable. Asa result, the market equilibrium is biased towards inefficiently low venture capitalsupport. The capital gains tax becomes especially harmful, as it further impairsadvice and causes a first-order welfare loss. Once the capital gains tax is in place,limitations on loss off...

  3. Central China Expo Records $ 6.37 Bin Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    @@ On April 28, the Expo Central China 2009 was successfully concluded in Hefei, the capital city of Anhui province. During the Expo, the number of for-eign capital investment projects reached 127, valued at 6.37 billion dollars. And 356 domestic investment contracts were signed, drawing an invest-ment of 144.9 billion Yuan.

  4. EBRD equity investment

    Directory of Open Access Journals (Sweden)

    Simen, A.

    2012-01-01

    Full Text Available The EBRD is the largest investor in private equity funds, mainly focusing on growth and expansion in countries of operation. The significant support to its private equity fund managers accelerates the development and institutionalisation of the private equity industry in the region. For EBRD, equity investments are made indirectly through regional and sector funds. These funds are created by groups of investors, mostly private, to which the EBRD participates with capital.

  5. CRISIS FOCUS:Alert Over Capital Inflow

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Emerging Asia's capital markets have posted rapid gains as the pace of economic recovery in the region has increased,drawing massive investment from overseas.Governments in emerging Asia should remain vigilant and be ready to act if volatile capital inflows threaten to destabilize the region's financial markets,said the Asia Capital Markets Monitor,Asian Development Bank's annual assessment of the performance and outlook for the region's capital markets released on May18.Edited excerpts follow:

  6. Rationality and Momentum in Real Estate Investment Forecasts

    OpenAIRE

    2014-01-01

    This study examines the rationality and momentum in forecasts for rental, capital value and total returns for the real estate investment market in the United Kingdom. In order to investigate if forecasters are affected by the general economic conditions present at the time of forecast we incorporate into the analysis Gross Domestic Product (GDP) and the Default Spread (DS). The empirical findings show high levels of momentum in the forecasts, with highly persistent forecast errors. The result...

  7. Rationality and momentum in real estate investment forecasts\\ud

    OpenAIRE

    2014-01-01

    This study examines the rationality and momentum in forecasts for rental, capital value and total returns for the real estate investment market in the United Kingdom. In order to investigate if forecasters are affected by the general economic conditions present at the time of forecast we incorporate into the analysis Gross Domestic Product(GDP) and the Default Spread (DS). The empirical findings show high levels of momentum in the forecasts, with highly persistent forecast errors. The results...

  8. Capital y capital social

    OpenAIRE

    Bolívar Espinoza, Gardy Augusto; Elizalde, Antonio

    2012-01-01

    La perspectiva teórica del Capital, del siglo XIX, aparece alejada del capital social del siglo XXI.  Ambas, con la misma raíz, sin embargo, pareciera que no se tocan, ni teórica ni prácticamente.  Quizás, sería pertinente escudriñar esta relación. Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia ...

  9. Capital y capital social

    OpenAIRE

    Avalos-Lozano, José Antonio; Barrientos,Jaime; Bolívar Espinoza, Gardy Augusto; Brower Beltramin, Jorge; Cabrera, Cecilia; Caloca Osorio, Oscar Rogelio; Castro Sáez, Bernardo; Ceberio de León, Iñaki; Cleary, Eda; Córdova, María Gabriela; Cuéllar Saavedra, Óscar; Elizalde, Antonio; Flores Vega, Leonel; Gajardo Cornejo, Claudio; Garcés, Alejandro

    2011-01-01

    Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia y la sociología política, expertos de diversas instituciones internacionales han concurrido a este campo en busca de soluciones para el diseño de políticas públicas, que es donde parece brillar más este concepto. El “capital social”, sin embargo, –a...

  10. Capital y capital social

    OpenAIRE

    Avalos-Lozano, José Antonio; Barrientos,Jaime; Bolívar Espinoza, Gardy Augusto; Brower Beltramin, Jorge; Cabrera, Cecilia; Caloca Osorio, Oscar Rogelio; Castro Sáez, Bernardo; Ceberio de León, Iñaki; Cleary, Eda; Córdova, María Gabriela; Cuéllar Saavedra, Óscar; Elizalde, Antonio; Flores Vega, Leonel; Gajardo Cornejo, Claudio; Garcés, Alejandro

    2011-01-01

    Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia y la sociología política, expertos de diversas instituciones internacionales han concurrido a este campo en busca de soluciones para el diseño de políticas públicas, que es donde parece brillar más este concepto. El “capital social”, sin embargo, –a...

  11. Investing in threatened species conservation: does corruption outweigh purchasing power?

    Science.gov (United States)

    Garnett, Stephen T; Joseph, Liana N; Watson, James E M; Zander, Kerstin K

    2011-01-01

    In many sectors, freedom in capital flow has allowed optimization of investment returns through choosing sites that provide the best value for money. These returns, however, can be compromised in countries where corruption is prevalent. We assessed where the best value for money might be obtained for investment in threatened species that occur at a single site, when taking into account corruption. We found that the influence of corruption on potential investment decisions was outweighed by the likely value for money in terms of pricing parity. Nevertheless global conservation is likely to get best returns in terms of threatened species security by investing in "honest" countries than in corrupt ones, particularly those with a high cost of living.

  12. Investing in Threatened Species Conservation: Does Corruption Outweigh Purchasing Power?

    Science.gov (United States)

    Garnett, Stephen T.; Joseph, Liana N.; Watson, James E. M.; Zander, Kerstin K.

    2011-01-01

    In many sectors, freedom in capital flow has allowed optimization of investment returns through choosing sites that provide the best value for money. These returns, however, can be compromised in countries where corruption is prevalent. We assessed where the best value for money might be obtained for investment in threatened species that occur at a single site, when taking into account corruption. We found that the influence of corruption on potential investment decisions was outweighed by the likely value for money in terms of pricing parity. Nevertheless global conservation is likely to get best returns in terms of threatened species security by investing in “honest” countries than in corrupt ones, particularly those with a high cost of living. PMID:21818383

  13. EUROPEAN INVESTMENT BANK'S ROLE IN ECONOMIC DEVELOPMENT OF ROMANIA AND EUROPE

    Directory of Open Access Journals (Sweden)

    HAGIU ALINA

    2014-10-01

    Full Text Available European Investment Bank is the European Union's financial institution. It finances investment projects to contribute to the balanced development of the Union. At the same time "bank" and "body" of the European Union, it contributes to the achievement of the European Union objectives by funding projects to promote European integration, balanced development, economic and social cohesion and the development of an economy based on innovation. Today, the EIB exists on the capital markets with the best quote, “Triple A”. This quote allows it to mobilize in highly competitive conditions, the most important financial volume required to support investments. As an institution, EIB continuously adapts its working mode to changes in EU policies. As a bank, it works closely with the banking community, both for loans on the capital markets as well as for financing investments.

  14. White biotechnology: ready to partner and invest in.

    Science.gov (United States)

    Kircher, Manfred

    2006-01-01

    It needs three factors to build an industry: market demand, product vision and capital. White biotechnology already produces high volume products such as feed additive amino acids and specialty products like enzymes for enantioselective biocatalysis. It serves large and diverse markets in the nutrition, wellness, pharmaceutical, agricultural and chemical industry. The total volume adds up to $ 50 billion worldwide. In spite of its proven track record, white biotechnology so far did not attract as much capital as red and even green biotechnology. However, the latest finance indicators confirm the continuously growing attractiveness of investment opportunities in white biotechnology. This article discusses white biotechnology's position and potential in the finance market and success factors.

  15. High Return on Investments in Scientist-Educator Partnerships: Broader Impact Strategies That Endure and Propagate

    Science.gov (United States)

    Peach, C. L.; Franks, S. E.

    2004-12-01

    Tackling the broader impact section of a research proposal need not be a dilemma that "rears its ugly head" with each proposal deadline. By investing in partnerships with informal science education (ISE) organizations, researchers can establish a foundation for efficient, high quality, research-based educational outreach (EO) that can help them fulfill their broader impact obligations for years to come. Just as an interdisciplinary research project requires collaboration among scientists from a variety of disciplines, a research project with exemplary EO requires partnerships with those who specialize in science education. By engaging in such partnerships scientists gain access to professionals who have expertise in translating research topics into concept-centered programs, exhibits and online resources, and to the diverse student, teacher and public audience reached through ISE. By leveraging the intellectual and material resources of researchers and educators, these potentially long-lived relationships provide an efficient and effective means for achieving broader impact. Ultimately, the efficacy of this investment strategy depends on relieving the researcher of the time consuming burden of seeking out appropriate partners, initiating partnerships and conferring with science educators on potential projects. Recognizing this barrier to scientists' participation, the California Center for Ocean Sciences Education Excellence (CACOSEE) has adopted a unique approach - one in which CACOSEE serves primarily as a catalyst and facilitator of researchers EO activities rather than as an EO provider. We have apprised ourselves of the programs, interests and needs of a carefully selected group of ISE organizations and used this information as the basis for creating a spectrum of EO opportunities for researchers. These options are flexible, scalable and easily customized to fit the research interests, time constraints and budgetary limitations of any researcher. Through e

  16. Cultural Capital in Context:

    DEFF Research Database (Denmark)

    Andersen, Ida Gran; Jæger, Mads Meier

    This paper analyzes the extent to which the effect of cultural capital on academic achievement varies across high- and low-achieving schooling environments. We distinguish three competing theoretical models: Cultural reproduction (cultural capital yields higher returns in high-achieving schooling...... environments than in low-achieving ones), cultural mobility (cultural capital yields higher returns in low-achieving environments), and cultural resources (cultural capital yields the same returns in different environments). We analyze PISA data from six countries and find that returns to cultural capital tend...... to be higher in low-achieving schooling environments than in high-achieving ones. These results support the cultural mobility explanation and are in line with previous research suggesting that children from low-SES families benefit more from cultural capital than children from high-SES families....

  17. The Role of Social Media in Shaping First-Generation High School Students' College Aspirations: A Social Capital Lens

    Science.gov (United States)

    Wohn, Donghee Yvette; Ellison, Nicole B.; Khan, M. Laeeq; Fewins-Bliss, Ryan; Gray, Rebecca

    2013-01-01

    Using survey data collected from a sample of high school students in the United States (N = 504), this study examined how different types of social capital associated with parents, close friends, and Facebook Friends were related to students' confidence about their knowledge of the college application process and their expectations about…

  18. The Role of Social Media in Shaping First-Generation High School Students' College Aspirations: A Social Capital Lens

    Science.gov (United States)

    Wohn, Donghee Yvette; Ellison, Nicole B.; Khan, M. Laeeq; Fewins-Bliss, Ryan; Gray, Rebecca

    2013-01-01

    Using survey data collected from a sample of high school students in the United States (N = 504), this study examined how different types of social capital associated with parents, close friends, and Facebook Friends were related to students' confidence about their knowledge of the college application process and their expectations about…

  19. Public funding and private investment for R&D: a survey in China’s pharmaceutical industry

    Science.gov (United States)

    2014-01-01

    Background In recent years, China has experienced tremendous growth in its pharmaceutical industry. Both the Chinese government and private investors are motivated to invest into pharmaceutical research and development (R&D). However, studies regarding the different behaviors of public and private investment in pharmaceutical R&D are scarce. Therefore, this paper aims to investigate the current situation of public funding and private investment into Chinese pharmaceutical R&D. Methods The primary data used in the research were obtained from the China High-tech Industry Statistics Yearbook (2002–2012) and China Statistical Yearbook of Science and Technology (2002–2012). We analyzed public funding and private investment in five aspects: total investment in the industry, funding sources of the whole industry, differences between provinces, difference in subsectors, and private equity/venture capital investment. Results The vast majority of R&D investment was from private sources. There is a significantly positive correlation between public funding and private investment in different provinces of China. However, public funding was likely to be invested into less developed provinces with abundant natural herbal resources. Compared with the chemical medicine subsector, traditional Chinese medicine and biopharmaceutical subsectors obtained more public funding. Further, the effect of the government was focused on private equity and venture capital investment although private fund is the mainstream of this type of investment. Conclusions Public funding and private investment play different but complementary roles in pharmaceutical R&D in China. While being less than private investment, public funding shows its significance in R&D investment. With rapid growth of the industry, the pharmaceutical R&D investment in China is expected to increase steadily from both public and private sources. PMID:24925505

  20. Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

    Energy Technology Data Exchange (ETDEWEB)

    Anyangah, Joshua Okeyo [Department of Economics, University of Lethbridge, 4401 University Drive, Lethbridge Alberta (Canada)

    2010-08-15

    This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

  1. INVESTMENTS AND INVESTMENT INCENTIVES IN THE BALKAN STATES

    Directory of Open Access Journals (Sweden)

    MEHMET YÜCE

    2016-04-01

    Full Text Available Balkan region, located in the south eastern part of the European Continent, is composed Albania, Bosnia and Herzegovina, Bulgaria, Montenegro, Kosovo, Macedonia, Greece with a portion of the Croatia, Romania, Serbia, Slovenia and Turkey. Southeast Europe are composed of Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Kosovo, Macedonia and Albania which known as the Western Balkans countries. That international investments are assessed on a regional and global scale in the Balkans, these investments gained importance after the 1990s with political, social and geographical variation. In the 2000s, after legal and administrative framework oriented reforms of investments which are continuations of global integration efforts, development of the investment opportunities in Balkans have been considered positively. While the investment incentive structures and rates differ on the basis of the countries, they are of capital importance for investors. After the 2008 global economic crisis which has happened because of the economic shrinkage on global scale, despite the worries for political and economic unsteadiness in specific countries, development of investments in Balkans has not been affected in a negative way. In this study development of investment in Balkans is analysed with negative and positive factors, investment opportunities and incentives are examined on the basis of countries. The Balkans gain acceleration positively thanks to the reforms of investment opportunities on the national scope. As to the need of investment development oriented local and international coordinated programme and approach is an important issue that should be analysed.

  2. 77 FR 55880 - Prudential Short Duration High Yield Fund, Inc. and Prudential Investments LLC; Notice of...

    Science.gov (United States)

    2012-09-11

    ... as used in the application means return of capital for financial accounting purposes and not for tax... provision of the Act to the extent that such exemption is necessary or appropriate in the public interest... provisions of the Act. 3. Applicants state that the one of the concerns leading to the enactment of...

  3. Environmental policy instruments in an international duopoly with feedback investment strategies

    NARCIS (Netherlands)

    Feenstra, T; Kort, PM; de Zeeuw, A

    2001-01-01

    This paper analyses the effects of the environmental policy instruments taxes and standards on the investment behaviour of firms in the context of an international duopoly. Two production factors are considered: the capital stock and a polluting input. The government of each country values high prof

  4. FINANCIAL COMMUNICATION AND INTELLECTUAL CAPITAL REPORTING PRACTICES

    Directory of Open Access Journals (Sweden)

    BELENESI (BUMBA MARIOARA

    2014-07-01

    Full Text Available In a highly competitive economy, driven by globalization, the abundance of digital information and communication facilities, the investor directs its capital to those companies that promise added value of the invested capital. Even so, companies seek to obtain favorable terms of financing by rendering sensitive the investors. To achieve their goal, they must provide information about their financial and non financial performance with sufficient regularity to meet the information needs of actual or potential capital bidders in decision making. Financial communication through standardized annual statements of financial reporting in the context of corporate governance is no longer sufficient. The organization has more resources than those included in its balance sheet, capable of attracting huge benefits, but which do not meet the criteria for recognition in the financial statements. It requires, therefore, a voluntary disclosure of information on intangible resources, which are key factors in creating future value for both the organization itself and the industry it is part of. The reports of intellectual capital can effectively complement the shortcomings of the traditional model of accounting and financial reporting. In our paper we wanted to analyze financial communication in the context of corporate governance, presented through financial statements, reaching the intellectual capital reporting practices, as a means to improve communication of the organization with the outside. In this sense we presented two examples of good practice of two service companies (consultancy and design that publish annually intellectual capital reports. To alleviate the negative consequences of non-recognition of intangible assets in the financial statements, we are for the voluntary disclosure of information on intangible assets in the intellectual capital reports, annual reports, those regarding corporate responsibility, or at least in the explanatory notes of

  5. Urgency Analysis About the Enhancements of Human Capital Investment in Enterprises Under the Chinese Economy New Normal%中国经济新常态下加强企业人力资本投入的急迫性分析

    Institute of Scientific and Technical Information of China (English)

    吴珍妮; 娄世艳

    2016-01-01

    Based on the background of China’s economy new normal,the author used the method of descriptive statistics,Pearson correlation analysis and Regression analysis to analyze the reasons why the enterprises should enhance the investment of human capital from the angle of characteristics of economy new normal,economic globalization and regionalization,the big data and internet economy era and the development needs of enterprises.In addition,the author utilized Maslow’s hierarchy of needs and Alderfer’s ERG theory to analyze the requirement of employees’self-development and self-realization,thereby discussing the reasons of strengthening enterprises’human capital investment, which includes the demands of economy new normal and the lack of high-quality talents,the demands of technology innovation, economic development of enterprises, and the self-development of employees,the problem of professional manager,the development of economic globalization and regionalization,and the development of big data and internet economy.%以中国经济新常态为背景,运用描述性统计、皮尔逊相关分析和回归分析从经济新常态特征、经济全球化和区域化、大数据和互联网经济时代到来,以及企业自身发展需求等角度出发分析了企业需加强人力资本投入的原因,同时运用马斯洛需求层次理论和奥尔德弗的E RG理论探析了员工自身发展和自我实现的需求。进而探讨了企业需加强人力资本投入的原因包括经济新常态的需求、国家高素质人力的缺乏的需求、企业技术创新的需求、企业经济发展的需求、企业员工发展的需求、职业经理人问题、经济全球化、区域化发展的需求,以及大数据和互联网经济发展的需求。

  6. Venture Capital Industry Index Portfolio Analysis

    Directory of Open Access Journals (Sweden)

    Dagang Yang

    2013-05-01

    Full Text Available This paper using index analysis method, knowledge of venture capital as well as index funds investment ideas, successively set up the Markowitz model and the single index model of index investing. Markowitz model for the calculation of the risk of workload is too big and single-index model although accuracy is slightly lower, but can certainly be very well used in practice. Therefore, We use index invest to invest in Shanghai 10 index securities with the single-index model , and apply lingo software to figure out the venture capital portfolio which have different yields.

  7. CORRUPTION'S EFFECT ON FOREIGN DIRECT INVESTMENT – THE CASE OF MONTENEGRO

    Directory of Open Access Journals (Sweden)

    Elvira Pupović

    2012-11-01

    Full Text Available All investments and asset classes have different levels of risks and expected returns. For example, low risk investments such as cashgenerally provide a lower return than high risk investments over the long term, but are unlikely to lead to a capital loss. High risk investments generally offer the potential of a higher returnover the long term, but there is a higher probability that high risk investments will be more volatile in the short term (leading tocapital loss if funds are withdrawn in the short term. This study introduces a new perspective on the role of corruption in investment growth and provides quantitative estimates of the impact of corruption on the investment inflows. Motivated by these issues, the main objective of this article is to empirically reexamine theeffects of corruption on foreign direct investment (FDI inflows by incorporating a further link between corruption and investmentinflows as new understanding investment concepts. Using data from Transparency International report, World Bank and NationalBanking Statistical data, it is manifested in a cross sectional setting that corruption has a negative and significant impact on the foreign direct investment inflows. There are a number of risks to be considered such as investment market risk, credit risk orinterest rate risk, but the new model of eliminated unexpected risk involved managing corruption's effect on investments. Because ofthe need that assessing risk and potential investment returns should be in the context of goals and the time that we have to achieve ourobjectives, we have to immediately consider the linkage between corruption and investment inflows and to teach how to manage thisphenomenon like an old risk of a new model.

  8. Positive Effects FROM SHRINKING INVESTMENT

    Institute of Scientific and Technical Information of China (English)

    Luo Yang

    2009-01-01

    @@ Since its launch in November 2008,the RMB 4 trillion investment plan has been carrying the task of "capital growth".According to the plan,from the fourth quarter of 2008 to the end of 2010,the central government will increase a total of RMB 1.18 trillion additional funds to promote local and social investment.The goal is to achieve a total investment of around RMB 4 trillion,of which RMB 487.5 billion will be added this year.

  9. High Insecticides Resistance in Culex pipiens (Diptera: Culicidae from Tehran, Capital of Iran

    Directory of Open Access Journals (Sweden)

    Yaser Salim-Abadi

    2016-10-01

    Full Text Available Background: During recent years transmission of Dirofilaria immitis (dog heart worm by Culex pipiens and West Nile virus have been reported from Iran. The present study was preformed for evaluating the susceptibility status of Cx. pipiens collected from capital city of Tehran, Iran.Methods: Four Insecticides including: DDT 4%, Lambdacyhalothrin 0.05%, Deltamethrin 0.05% and Cyfluthrin 0.15 % according to WHO standard  methods were used for evaluating the susceptibility status of Cx. pipiens from Tehran moreover  For comparison susceptibility status a Laboratory strain also was used.  Bioassay data were ana­lyzed using Probit program. The lethal time for 50% and 90% mortality (LT50 and LT90 values were calculated from regression line.Results: The susceptibility status of lab strain of Cx. pipiens revealed that it is susceptible to Lambdacyhalothrin, Deltamethrin, Cyfluthrin and resistant to DDT. Moreover cyfluthrin with LT50=36 seconds and DDT with LT50=3005 seconds had the least and most LT50s. Field population was resistance to all tested insecticides and DDT yielded no mortality.Conclusion: Highly resistance level against all WHO recommended imagicides were detected in field populations. We suggest more biochemical and molecular investigations to detect resistance mechanisms in the field population for further decision of vector control.

  10. Characteristics of violence suffered by high school adolescents in a Brazilian state capital

    Directory of Open Access Journals (Sweden)

    Christine Baccarat de Godoy Martins

    2015-09-01

    Full Text Available The aims of this cross-sectional study was to describe the characteristics of violence suffered by high school adolescent students of public schools in a Brazilian state capital. The data correspond to 456 adolescent victims of violence, collected by means of a questionnaire and processed by Epi-Info, in which analyses considered a value of p<0.05. Most of the adolescents were girls and the variables (gender, age, relationship with aggressor, frequency/length of time of abuse, place of occurrence and its interruption varied according to the type of violence (bullying, physical, psychological, threat, sexual, witness, harassment, cyber-bullying, abandonment, neglect, child labor and parental alienation. The results represent the scene of violence suffered by adolescents, a reality that is poorly known and reported to official bodies, however, the descriptive data represent only part of the problem, highlighting the need to develop new studies to further investigate the various facets of the theme and to suggest new measures for facing violence in adolescence.

  11. The Effect of Institutional Investors on Cost of Capital under the Investment Behavior Heterogeneity:An Evidence from China' s Capital Market%异质机构投资者持股对资本成本的影响研究——基于沪深 A 股上市公司的数据

    Institute of Scientific and Technical Information of China (English)

    霍晓萍

    2015-01-01

    Take A-share companies listed in the stock market in 2005~2012 as a sample, from the perspec-tive of investment behavior heterogeneity of institutional investors, the paper uses an Ordinary Least Squares regres-sion and the fixed effect model method to verify the effect of institutional investors on the cost of capital.The result from all samples is that institutional investors have a negative effect on cost of capital and they have played a posi-tive role in the listing corporate management.The results from sub-samples further show that institutional investors holding a large number of its shares can effectively reduce the cost of capital.Institutional investors holding a small number of its shares have a negative impact on corporate governance.Holding period of institutional investors has a significant effect on the decrease degree of cost of capital, and institutional investors with longer holding period can more effectively reduce the cost of capital and enhance the level of corporate governance.The paper makes a contri-bution to the institutional investors' role in corporate governance, and also casts a light on how to further promote the reform of China' s securities market.%基于机构投资者投资行为异质的视角,利用我国沪深A股上市公司2005~2012年的数据,运用多元回归和固定效应模型等方法,从机构投资者持股与否、持股高低和持股期限等多个方面实证检验机构投资者对上市公司资本成本的影响. 研究结果显示:机构投资者持股比例与资本成本之间显著负相关;持股比例较高时机构投资者能有效降低资本成本,提升上市公司治理水平;持股比例较低时机构投资者对公司治理产生负面影响,不利于改善公司治理水平;机构投资者的持股期限影响其降低资本成本的程度,持股期限越长,降低资本成本的作用越显著. 对机构投资者异质投资行为的研究为理解机构投资者的治理角色提供了新

  12. The Happy Few. Cross-Country Evidence on Social Capital and Life Satisfaction

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    2003-01-01

    I examine why the populations of certain countries are so much more satisfied with their lives than the rest of the world. In cross-country analyses, income per capita, economic uncertainty and expectations for the future are robust predictors of happiness while a social capital measure emerges...... strongly and robustly associated with happiness. Moreover, the effect of investing in social capital is remarkably strong compared to the alternatives. I conclude that the populations in a few Northern European countries are probably the happiest in the world because of their high levels of social capital...

  13. The Happy Few. Cross-Country Evidence on Social Capital and Life Satisfaction

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    2003-01-01

    strongly and robustly associated with happiness. Moreover, the effect of investing in social capital is remarkably strong compared to the alternatives. I conclude that the populations in a few Northern European countries are probably the happiest in the world because of their high levels of social capital......I examine why the populations of certain countries are so much more satisfied with their lives than the rest of the world. In cross-country analyses, income per capita, economic uncertainty and expectations for the future are robust predictors of happiness while a social capital measure emerges...

  14. Output Dynamics, Technology, and Public Investment

    NARCIS (Netherlands)

    Duarte Bom, P.R.; Heijdra, B.J.; Ligthart, J.E.

    2010-01-01

    The paper studies the dynamic output effects of public infrastructure investment in a small open economy. We develop an overlapping generations model that includes a production externality of public capital and a wealth effect on labor supply. Public capital enters the firm's production function und

  15. The Structure of Adjustment Costs in Information Technology Investment

    OpenAIRE

    Hyunbae Chun; Sung-Bae Mun

    2005-01-01

    We examine the pattern of information technology (IT) capital adjustment using data from U.S. industries. Using the gap between actual and desired IT capital stocks, we estimate the shape of the adjustment cost function in IT investment. Both ordinary least squares and nonparametric regression estimates support irreversibility in IT investment.

  16. Conglomerate investment, skewness, and the CEO long shot bias

    NARCIS (Netherlands)

    Schneider, C.A.R.; Spalt, Oliver

    2016-01-01

    Do behavioral biases of executives matter for corporate investment decisions? Using segment-level capital allocation in multi-segment firms ("conglomerates") as a laboratory, we show that capital expenditure is increasing in the expected skewness of segment returns. Conglomerates invest more in

  17. Male Investments in High Quality Sperm Improve Fertilization Success, but May Have Negative Impact on Offspring Fitness in Whitefish

    Science.gov (United States)

    Kekäläinen, Jukka; Soler, Carles; Veentaus, Sami; Huuskonen, Hannu

    2015-01-01

    Many ejaculate traits show remarkable variation in relation to male social status. Males in disfavoured (subordinate) mating positions often invest heavily on sperm motility but may have less available resources on traits (e.g., secondary sexual ornaments) that improve the probability of gaining matings. Although higher investments in sperm motility can increase the relative fertilization success of subordinate males, it is unclear whether status-dependent differences in sperm traits could have any consequences for offspring fitness. We tested this possibility in whitefish (Coregonus lavaretus L.) by experimentally fertilizing the eggs of 24 females with the sperm of either highly-ornamented (large breeding tubercles, dominant) or less-ornamented (small tubercles, subordinate) males (split-clutch breeding design). In comparison to highly-ornamented individuals, less-ornamented males had higher sperm motility, which fertilized the eggs more efficiently, but produced embryos with impaired hatching success. Also offspring size and body condition were lower among less-ornamented males. Furthermore, sperm motility was positively associated with the fertilization success and offspring size, but only in highly-ornamented males. Together our results indicate that male investments on highly motile (fertile) sperm is not necessarily advantageous during later offspring ontogeny and that male status-dependent differences in sperm phenotype may have important effects on offspring fitness in different life-history stages. PMID:26389594

  18. Research on Pastoral Capital Investment from the Perspective of Inclusive Economic Growth---A Case of Inner Mongolia Pasturing Area%条件不利地区特色农业发展的理论与实践--以内蒙古奈曼旗为例

    Institute of Scientific and Technical Information of China (English)

    韩柱

    2013-01-01

    Pastoral areas are performing a very important function in areas such as politics ,economy , culture and ecology in China .Besides ,it also plays an important role in eco -civilization construction ,na-tional unity as well as in social stability .What’s more ,it is not only a main aspect of balanced urban and rural development but also the main concern of realizing inclusive economic growth .As we know ,in recent years the economy of Inner Mongolia’s has grown rapidly ,but the funs needed in the development pastoral area are not in step with the rapid economic grow th .So ,there is a mismatch between the funs and the functions of the pastoral areas .Thus ,this article will give us a detailed analysis of investment situation of pastoral area from the different aspects such as the central ,local ,pastoral ,financial institutions and for-eign investment .In addition ,from the different aspects like dual economic structure ,frangibility of animal husbandry and herdsmen self -accumulation ,this article explores the reasons for the shortage of funds .It also proposed that capital investment in pastoral areas should be increased .For one thing ,in order to in-crease the capital investment in pastoral areas ,not only will we increase the national finance construction fund investment in pastoral areas ,but also we increase the increase the capital investment in pastoral areas under the help of large and medium cities and towns .For another thing ,we can make full use of the for-eign capital ,fully formed herdsmen cooperative financial institutions and countermeasures .%发展特色农业是实施西部大开发战略的重点任务,位于科尔沁沙地腹部的奈曼旗是自然条件和社会经济条件属于条件不利地区,发展特色农业对于农业结构调整、增加农民收入的有效途径。近年来,该旗立足于地区实际和自身优势,遵循“特色+规模+档次=效益”的市场规律,按照“一村一品,一乡一业

  19. INSTITUTIONAL PROBLEMS OF FINANCIAL CAPITAL MOBILIZATION IN MODERN RUSSIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    Igor Barhatov

    2015-07-01

    Full Text Available This article views the mechanism and modern forms of financial capital mobilization in risky and uncertain conditions of the economic environment. From the perspective of the institutional approach, there is a group of problems typical for two different financial capital mobilization models: the bank loans market and the stock market. It reveals some contradictions of capital mobilization mechanism through bank lending by a critical assessment of subjective and purely subject-object relations; the major participant currently is the State. The features of the process of investing in a portfolio of securities in the current environment of high volatility of systematic and specific nature are defined, which ultimately determine the need to revise the prerequisites of classical portfolio theory and the development of new algorithms for redistribution of capital.Solving the problem of the role of the State in the financial capital mobilization will allow the mechanism to adjust itself in the direction of growth in bank lending instruments. Simultaneously, there is an increase in the growth rate in the real sector of the Russian economy.  The proposed mathematical apparatus of fuzzy set theory, based on uncertainty factors variety of the economic system being considered, is capable of minimizing the portfolio investment risk.

  20. Human Capital and Romania’s Perspective in the EU

    Directory of Open Access Journals (Sweden)

    Mihai CHIRILĂ

    2009-01-01

    Full Text Available The source of improving people life standard depends, alongsideother factors, on efforts oriented towards education, research, andknowledge enrichment. It is also related to development and disseminationof high performance technology, with knowledge development, skills andabilities, professional training able to realize, disseminate, and useinnovation. However, these investments in human capital will lead to goodresults by extending the active life of skilled workers, by improving thegeneral health status of the population, by preserving the environment, byimproving food products quality. All these are the more valid for Romania’seconomy, the more it needs to be integrated in the Western European area,which is a highly competitive area. Or, relative sub-investment inautochthonous human capital might force our country to developcomparative advantages in border fields from the point of view ofproductivity, to specialize in fields that intensively use raw materials, to turninto a low paid labour market.

  1. 77 FR 45385 - Capital Research and Management Company, et al.; Notice of Application

    Science.gov (United States)

    2012-07-31

    ... COMMISSION Capital Research and Management Company, et al.; Notice of Application July 25, 2012. AGENCY... of America, Capital Income Builder, Capital World Bond Fund, Capital World Growth and Income Fund Inc..., and Washington Mutual Investors Fund (the ``Investment Companies'') and Capital Research...

  2. Overseas Investment,Encouraging Long Jonrney

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2011-01-01

    @@ In the context of the financial crisis, international capital flows, cross-border investment, as well as the mergers and acquisitions generally continues shrinking at a large range in 2009, while China's foreign investment and overseas cooperation still maintains a good momentum of development.

  3. 12 CFR 704.5 - Investments.

    Science.gov (United States)

    2010-01-01

    ... policy that is consistent with its other risk management policies, including, but not limited to, those related to credit risk management, asset and liability management, and liquidity management. The policy... liquidity investments in relation to capital. (b) General. All investments must be U.S....

  4. Policy Uncertainty, Investment and Commitment Periods

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Today's investment decisions in key sectors such as energy, forestry or transport have significant impacts on the levels of greenhouse gas (GHG) emissions over the coming decades. Given the economic and environmental long-term implications of capital investment and retirement, a climate mitigation regime should aim to encourage capital investment in climate-friendly technologies. Many factors affect technology choice and the timing of investment, including investor expectations about future prices and policies. Recent international discussions have focused on the importance of providing more certainty about future climate policy stringency. The design of commitment periods can play a role in creating this environment. This paper assesses how the length of commitment periods influences policy uncertainty and investment decisions. In particular, the paper analyses the relationship between commitment period length and near term investment decisions in climate friendly technology.

  5. Capital cost: high and low sulfur coal plants-1200 MWe. [High sulfur coal

    Energy Technology Data Exchange (ETDEWEB)

    1977-01-01

    This Commercial Electric Power Cost Study for 1200 MWe (Nominal) high and low sulfur coal plants consists of three volumes. The high sulfur coal plant is described in Volumes I and II, while Volume III describes the low sulfur coal plant. The design basis and cost estimate for the 1232 MWe high sulfur coal plant is presented in Volume I, and the drawings, equipment list and site description are contained in Volume II. The reference design includes a lime flue gas desulfurization system. A regenerative sulfur dioxide removal system using magnesium oxide is also presented as an alternate in Section 7 Volume II. The design basis, drawings and summary cost estimate for a 1243 MWe low sulfur coal plant are presented in Volume III. This information was developed by redesigning the high sulfur coal plant for burning low sulfur sub-bituminous coal. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal. Costs of alternate cooling systems are provided in Report No. 7 in this series of studies of costs of commercial electrical power plants.

  6. Analysis of Intellectual Capital Effect toward Final Performance and Growt

    OpenAIRE

    Sasya Sabrina

    2015-01-01

    The purpose of this research is to investigate the influence of intellectual capital of firm toward financial performance and growth. The Value Added Intellectual Coefficient (VAICTM) is used to measure intellectual capital. The indicators for VAICTM are Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). The indicators for financial performance are Current Ratio (CR), Total Assets Turnover (TATO), Return on Investment (ROI), and R...

  7. Analysis of Intellectual Capital Effect Toward Financial Performance and Growth

    OpenAIRE

    Sasya Sabrina

    2015-01-01

    The purpose of this research is to investigate the influence of intellectual capital of firm toward financial performance and growth. The Value Added Intellectual Coefficient (VAICTM) is used to measure intellectual capital. The indicators for VAICTM are Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). The indicators for financial performance are Current Ratio (CR), Total Assets Turnover (TATO), Return on Investment (ROI), and R...

  8. 社会资本、法律保护与研发投资--来自中国上市公司面板数据的证据%Social Capital, Law Protection and R & D Investment-evidence from Listed Companies Panel Data in China

    Institute of Scientific and Technical Information of China (English)

    张洪辉

    2014-01-01

    对于公司研发投资的研究,现有研究一般从公司规模、公司年龄等内部因素,及地区经济发展、对外开放程度等外部因素展开的。本文引入社会学中的社会资本理论,结合法律保护状况,研究社会资本、法律保护程度对上市公司研发投资的影响。利用2007-2012年中国上市公司的不平衡面板数据,研究发现社会资本能够对公司研发投资产生正面的作用,它所规定的诚实、守信原则,作为一种非正式的、非强制的制度来规范个体的行为,刺激公司研发投资;法律保护也能对公司研发投资产生激励作用,随着法律保护水平的提高,公司研发投资水平相应增加。同时,社会资本和法律保护之间存在着替代作用,当法律保护增强时,社会资本对公司研发投资的正面作用减弱。此外,财务杠杆并不能制约公司的研发投资行为,这与传统代理理论不一致;现金流并没有成为公司研发投资的资金来源,这也不符合传统的融资约束理论。%Among the researches on corporate investing , much of them were made from the internal fac-tors of corporate size , corporate age , and the external factors of regional economic development and the level of opening-up.This paper introduces social capital theory from sociology , and with law protection , to analyze social capital and law protection impact on listed companies ’ R&D investment .Using unbalance panel data of Chinese listed companies in 2007-2012 , it finds that social capital , as an informal rule , can erect an positive effect on corporate R&D investment , which uses its honesty rule to stimulate corporate R&D investment; law protection also can cause more corporate R&D investment , as the law protection level increasing , more R&D investment were made in listed companies .Meanwhile , social capital and law protection can substitute with each other , with the law protection

  9. BANKING ETHICS IN THE FOREIGN DIRECT INVESTMENTS FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    MEDAR LUCIAN-ION

    2011-09-01

    Full Text Available Capital account liberalization created premises and allow Romania for final exit from the financial crisis. Promoting direct investment in Romania can lead to sustainable economic growth, create new jobs and thus, by selling labor set up new forms of saving, which will support investments. Banking ethics elements behind the development of direct investments in Romania are legislation, regulation and behavior of participants. Amid an emerging economy rocked by the global financial crisis, capital account liberalization has allowed entry direct investment, but allowed and the capital flight. Respect for ethics in the business financial banking groups provide, at least, economic development and upgrading the infrastructure of Romania

  10. Uncovering configurations of HRM service provider intellectual capital and worker human capital for creating high HRM service value using fsQCA

    NARCIS (Netherlands)

    Meijerink, Jeroen Gerard; Bondarouk, Tatiana

    Although traditionally applied independently, this study combines two theoretical perspectives – the intellectual capital theory and the consumer perspective – to uncover value-creating configurations of human resource management (HRM) service providers' and workers' knowledge resources. We examined

  11. The Risk Evaluation of Agricultural High-tech Investment Project%农业高新技术投资项目风险评价

    Institute of Scientific and Technical Information of China (English)

    陆迁; 苗姗姗

    2005-01-01

    The agricultural high-tech investment project (AHIP) is characterized by technology-intensive, high risk and great profit. This article analyzes essential factors of the risks of the agricultural high-tech investment projects and the traditional risk evaluation method of agricultural projects. We think that the applications of the sensitivity analysis and probability are defective. Therefore, this article introduces a structural model to evaluate the risks of the agricultural high-tech investment projects and the system of the concrete evaluation indexes.

  12. BUSINESS PERFORMANCE, INVESTMENTS AND COMPETITIVENESS OF ISTRIAN HOTEL INDUSTRY

    Directory of Open Access Journals (Sweden)

    Dijana Pletikosa

    2015-12-01

    Full Text Available Istria is often mentioned as one of the most developed tourist regions of Croatia. In order to recognize its significance in the Croatian and international tourism markets this research compares performance of Istrian hoteliers with those of domestic and foreign competitors. The other purpose of this paper is to assess the impact of domestic and foreign direct investments on the financial results of Istrian hoteliers. Analyse of Istrian hotel companies business performance has been made regarding the origin of invested capital. General findings show that among the best performing hoteliers there are equally domestic and foreign owned companies, as well as among the loss making ones. Contrary to initial expectations this research did not confirm thesis that Istria is highly successful and competitive tourist region. Reasons for that are many, such as seasonality, lack of high class hotels and quality greenfield investments

  13. Natural gas market review 2008 - optimising investments and ensuring security in a high-priced environment

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-09-18

    Over the last 18 months, natural gas prices have continued to rise steadily in all IEA markets. What are the causes of this steady upward trend? Unprecedented oil and coal prices which have encouraged power generators to switch to gas, together with tight supplies, demand for gas in new markets and delayed investments all played a role. Investment uncertainties, cost increases and delays remain major concerns in most gas markets and are continuing to constitute a threat to long-term security of supply. A massive expansion in LNG production is expected in the short term to 2012, but the lag in LNG investment beyond 2012 is a concern for all gas users in both IEA and non-IEA markets. Despite this tight market context, regional markets continue on their way to globalisation. This tendency seems irreversible, and it impacts even the most independent markets. Price linkages and other interactions between markets are becoming more pronounced. This publication addresses these major developments, assessing investment in natural gas projects (LNG, pipelines, upstream), escalating costs, the activities of international oil and gas companies, and gas demand in the power sector. In addition, the publication includes data and forecasts on OECD and non-OECD regions to 2015 and in-depth reviews of five OECD countries and regions including the European Union. It also provides analysis of 34 non-OECD countries in South America, the Middle East, Africa, and Asia, including a detailed assessment of the outlook for gas in Russia, as well as insights on new technologies to deliver gas to markets.

  14. Yichuan Power’s High-precision Aluminum Belt Project Invests RMB2.95 Billion

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    <正>Yichuan Power Group’s continuous casting and rolling aluminum belt project features an annual production capacity of 250,000 tons and commenced construction in April 2009.Total investment in the project will be RMB2.95 billion, and following production,sales income are projected to reach RMB5.2 billion,with profits and taxes amounting to RMB0.6 billion.

  15. ENTREPRENEURIAL FINANCE: ANGEL INVESTING AS A SOURCE OF FUNDING HIGH-GROWTH START-UP FIRMS

    Directory of Open Access Journals (Sweden)

    SONJA MARKOVA

    2010-01-01

    Full Text Available One of the most difficult components in starting and growing a new venture is securing funding and other resources to sustain the firm’s survival and growth. Funding for many new ventures comes from a large, yet relatively unidentified, group called angel investors. This paper provides an overview of angel investing as a source of funding for start-up firms.

  16. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

    investment expenditures: one eliminates the capital stock by direct substitution, while the other employs generalized differences of detrended data and the Malmquist index. In short samples, these measures can exhibit consistently lower root mean squared errors than the Solow–Törnqvist counterpart. Capital......We use synthetic data generated by a prototypical stochastic growth model to assess the accuracy of the Solow residual (Solow, 1957) as a measure of total factor productivity (TFP) growth when the capital stock in use is measured with error. We propose two alternative measurements based on current...

  17. Investing in the Future

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    THIS month the pretty coastal city of Xiamen is buzzing with African visitors and while they will be taking in the tourist attractions in their spare time,the focus of the visit is the High-Level Symposium on China-Africa Investment Cooperation,held on the sidelines of China International Fair for Investment and Trade (CIFIT).

  18. RISK AND FOREIGN DIRECT INVESTMENT IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Catalin Drob

    2014-07-01

    Full Text Available This paper tries to present the main categories (types of risks that affect the inflows of foreign direct investment (FDI in Romania, such as: country risk, political risk, economic risks, sovereign risks and so on. FDI is an important factor contributing to the economic development and to the economic growth of a country. In order to recuperate its economic handicap as compared to the other countries in the EU, Romania needs a massive inflow of foreign capital, especially in the form of direct investment. The paper also presents the evolution of FDI inflows in Romania and how they were influenced by the main factors affecting the FDI. In principle, between risk and the level of FDI inflows there is a direct dependency relationship: the higher the risk is in a country, the lower the level of FDI inflows is in that country. This is demonstrated by the empirical studies regarding FDI. These studies show that countries with high risk have major difficulties in attracting foreign investment. Therefore, it is important to identify very precisely the main risks that may affect the level of FDI inflows in Romania, in order to propose and implement strategies to mitigate these risks and to attract more foreign direct investment in Romania.

  19. COLOMBIA CAPITAL INVESTMENT S.A

    Directory of Open Access Journals (Sweden)

    GUILLERMO BUENAVENTURA VERA

    2009-01-01

    Full Text Available El caso presenta la vivencia, los análisis y las decisiones que se toman en una firma de inversiones financieras de renta fija, en el período de dos años, enfocando los diez últimos días y analizando en profundidad lo ocurrido en los últimos dos días de transacción. Además, un anexo con el glosario ilustra la terminología utilizada en el medio; otro anexo muestra el modelo de predicciones empleado, y un tercer anexo explica las relaciones matemáticas entre la tasa del mercado de los bonos y el precio de los mismos.

  20. Credit and Insurance for Human Capital Investments

    OpenAIRE

    Alexander Monge; Lance Lochner

    2012-01-01

    Student loan debt in the US stands at roughly $1 trillion, exceeding credit card debt. In recent years, private lending for undergraduates has skyrocketed to account for roughly 20% of all student loan dollars disbursed. At the same time, youth from low-income families are significantly less likely to attend college relative to their higher-income counterparts. This paper examines the nature of credit for education in the presence of uncertainty and problems of limited commitment by borrowers...

  1. 75 FR 31383 - Major Capital Investment Projects

    Science.gov (United States)

    2010-06-03

    ..., Canada V6C 2R7 (Hyatt Regency Hotel). FOR FURTHER INFORMATION CONTACT: Elizabeth Day, Office of Planning... Environmental Design (LEED) Green Building Rating System; low impact development of transit facilities; or... 27601 (Marriott City Center Hotel), concurrent with the conference on ``Environment and Energy: Better...

  2. Invest in China, Invest in the Future Of Your Business Growth

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    Despite the challenging credit environment, investors remain bullish about the long-term prospects of travel as an investment category, according to a recent survey by Hudson Crossing, a venture capital and private equity firm based in New York.

  3. The Role of Parental Language Acculturation in the Formation of Social Capital: Differential Effects on High-risk Children

    OpenAIRE

    Valdez, Carmen R.; Mills, Monique T.; Bohlig, Amanda J.; Kaplan, David

    2013-01-01

    This person-centered study examines the extent to which parents’ language dominance influences the effects of an after school, multi-family group intervention, FAST, on low-income children’s emotional and behavioral outcomes via parents’ relations with other parents and with school staff. Social capital resides in relationships of trust and shared expectations, which are highly dependent on whether parents share the language of other parents and teachers. This study is based on a community ep...

  4. Tax Policy, Venture Capital, and Entrepreneurship

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide equity finance. They must structure the entrepreneur's profit share and base salary to assure their incentives for full effort....... In addition to providing equity finance, venture capitalists assist with valuable business advice to enhance survival rates. Within a general equilibrium framework with a traditional and an entrepreneurial sector, the paper investigates the effects of taxes on the equilibrium level of entrepreneurship...... and managerial advice. It considers differential wage and capital income taxes, a comprehensive income tax, incomplete loss offset, progressive taxation as well as investment and output subsidies to the entrepreneurial sector...

  5. Modeling regulated water utility investment incentives

    Science.gov (United States)

    Padula, S.; Harou, J. J.

    2014-12-01

    This work attempts to model the infrastructure investment choices of privatized water utilities subject to rate of return and price cap regulation. The goal is to understand how regulation influences water companies' investment decisions such as their desire to engage in transfers with neighbouring companies. We formulate a profit maximization capacity expansion model that finds the schedule of new supply, demand management and transfer schemes that maintain the annual supply-demand balance and maximize a companies' profit under the 2010-15 price control process in England. Regulatory incentives for costs savings are also represented in the model. These include: the CIS scheme for the capital expenditure (capex) and incentive allowance schemes for the operating expenditure (opex) . The profit-maximizing investment program (what to build, when and what size) is compared with the least cost program (social optimum). We apply this formulation to several water companies in South East England to model performance and sensitivity to water network particulars. Results show that if companies' are able to outperform the regulatory assumption on the cost of capital, a capital bias can be generated, due to the fact that the capital expenditure, contrarily to opex, can be remunerated through the companies' regulatory capital value (RCV). The occurrence of the 'capital bias' or its entity depends on the extent to which a company can finance its investments at a rate below the allowed cost of capital. The bias can be reduced by the regulatory penalties for underperformances on the capital expenditure (CIS scheme); Sensitivity analysis can be applied by varying the CIS penalty to see how and to which extent this impacts the capital bias effect. We show how regulatory changes could potentially be devised to partially remove the 'capital bias' effect. Solutions potentially include allowing for incentives on total expenditure rather than separately for capex and opex and allowing

  6. 77 FR 15145 - Ares Capital Corporation et al.;

    Science.gov (United States)

    2012-03-14

    ...: Ares Capital Corporation (the ``Company''), Ares Capital Management LLC (``ACM'') and Ivy Hill Asset...''). The Board has delegated daily management and investment authority to ACM pursuant to an investment advisory and management agreement between ACM and the ] Company. ACM, a Delaware limited liability...

  7. Fueling innovation in medical devices (and beyond): venture capital in health care.

    Science.gov (United States)

    Ackerly, D Clay; Valverde, Ana M; Diener, Lawrence W; Dossary, Kristin L; Schulman, Kevin A

    2009-01-01

    Innovation in health care requires new ideas and the capital to develop and commercialize those ideas into products or services. The necessary capital is often "venture capital," but the link between public policy and the venture capital industry has not been well examined. In this paper we explore the link between venture capital and innovation in health care, and we present new descriptive data from a survey of health care venture capital fund managers. Respondents generally viewed policy levers (for example, reimbursement and regulations) as important risks to venture capital investments, potentially affecting their ability to raise capital for early-stage investment funds.

  8. Interdependence of NAFTA capital markets: A minimum variance portfolio approach

    Directory of Open Access Journals (Sweden)

    López-Herrera Francisco

    2014-01-01

    Full Text Available We estimate the long-run relationships among NAFTA capital market returns and then calculate the weights of a “time-varying minimum variance portfolio” that includes the Canadian, Mexican, and USA capital markets between March 2007 and March 2009, a period of intense turbulence in international markets. Our results suggest that the behavior of NAFTA market investors is not consistent with that of a theoretical “risk-averse” agent during periods of high uncertainty and may be either considered as irrational or attributed to a possible “home country bias”. This finding represents valuable information for portfolio managers and contributes to a better understanding of the nature of the markets in which they invest. It also has practical implications in the design of international portfolio investment policies.

  9. Human Capital, (Human) Capabilities and Higher Education

    Science.gov (United States)

    Le Grange, L.

    2011-01-01

    In this article I initiate a debate into the (de)merits of human capital theory and human capability theory and discuss implications of the debate for higher education. Human capital theory holds that economic growth depends on investment in education and that economic growth is the basis for improving the quality of human life. Human capable…

  10. Capital Power:From Input to Output

    Institute of Scientific and Technical Information of China (English)

    You Wanlong; Alice

    2009-01-01

    @@ After thirty yeas "going out" of China overseas investment,we learn from our failed lessons and also successful experience.Chinese enterprises are now standing at a new starting point of "going out".China is transforming from "capital input power" to "capital output power".

  11. Human Capital, (Human) Capabilities and Higher Education

    Science.gov (United States)

    Le Grange, L.

    2011-01-01

    In this article I initiate a debate into the (de)merits of human capital theory and human capability theory and discuss implications of the debate for higher education. Human capital theory holds that economic growth depends on investment in education and that economic growth is the basis for improving the quality of human life. Human capable…

  12. A Conceptualized Investment Model of Crowdfunding

    DEFF Research Database (Denmark)

    Tomczak, A.; Brem, Alexander

    2013-01-01

    Crowdfunding is growing in popularity as a new form of both investment opportunity and source of venture capital. This article takes a view on whether crowdfunding is a replacement or an addition to traditional seed capital sources in the early stages of a new venture. With access to angel...... investment decreasing since the financial crisis of 2008, crowdfunding is of great importance to start-ups seeking starting capital. However, little effort has been made to define the investment model of crowdfunding with both crowdfunder and crowdfundee in mind. Drawing on an in-depth review of current...... literature on crowdfunding, this article creates an investment model of crowdfunding with various reward models available to investor and investee in mind. This article provides an extensive survey of the environment of crowdfunding based on current literature. It offers a jumping off point and a thorough...

  13. A Conceptualized Investment Model of Crowdfunding

    DEFF Research Database (Denmark)

    Tomczak, A.; Brem, Alexander

    2013-01-01

    investment decreasing since the financial crisis of 2008, crowdfunding is of great importance to start-ups seeking starting capital. However, little effort has been made to define the investment model of crowdfunding with both crowdfunder and crowdfundee in mind. Drawing on an in-depth review of current......Crowdfunding is growing in popularity as a new form of both investment opportunity and source of venture capital. This article takes a view on whether crowdfunding is a replacement or an addition to traditional seed capital sources in the early stages of a new venture. With access to angel...... literature on crowdfunding, this article creates an investment model of crowdfunding with various reward models available to investor and investee in mind. This article provides an extensive survey of the environment of crowdfunding based on current literature. It offers a jumping off point and a thorough...

  14. Understanding the differentiating impacts of the communication strategies of a high involvement service (investment advisory services) and a high involvement product (precious jewellery) on customer satisfaction and loyalty.

    OpenAIRE

    Gupta, Gauri

    2009-01-01

    While marketing literature has largely focused on high and low involvement purchases and the positive relationship between customer satisfaction and loyalty; the differentiating impacts of communication strategies for a high involvement service and a high involvement product on customer satisfaction and loyalty has received little academic attention. Consequently, this study examines the differentiating impacts of the communication strategies for investment advisory services and precious jewe...

  15. DISPUTE RESOLUTION AND MEDIATION ON CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    CRISTIAN GHEORGHE

    2011-04-01

    Full Text Available Capital Market is usually depicted as a place for experts, for people with high trading skills. This is a half truth. There are entities established and functioning under strict scrutiny of Romanian National Securities Commission (RNSC, in compliance with Capital Market Law and regulations. There are also the investors, in many cases individuals involved in shares/financial instruments trade. In both cases disputes can rise. Disputes are inevitable a part of human interaction, hence the need for dispute resolution. First option is the judicial court system. Alternative dispute resolution comprises arbitration and mediation. Arbitration is an alternative choice to provide simpler, speedier and more accessible justice than ordinary courts as well as expertise in matters that are technical in nature and require special knowledge to adjudicate upon. Capital Market environment provides an institutional arbitration court for all participants, including investors. In many cases the agreement executed between participants under RNSC scrutiny The other option for settling disputes outside the court is mediation. Mediation can provide a much cheaper and quick extrajudicial resolution of disputes in commercial matters without time consuming procedures and rigid rules. Agreements resulting from mediation are more likely to be complied with voluntarily and are more likely to foster the commercial relationship between the parties. The interaction between investors and brokerage houses is based on investment services agreement concluded by parties. This is the usual framework for disputes between parties and the usual “landscape” for mediation on capital market.

  16. Capital financing in an uncertain future.

    Science.gov (United States)

    Widmayer, T G

    1980-10-01

    A critical test of the hospital's ability to survive will be its ability to raise capital in private debt markets as traditional funding sources (philanthropy and government) continue to shrink. This article assesses the impact of inflation and recession on hospital capital financing and investment, describes what a commercial banker looks for in evaluating a hospital's ability to borrow, and suggests a role for trustees in meeting the hospital's capital needs.

  17. Applying temporal network analysis to the venture capital market

    Science.gov (United States)

    Zhang, Xin; Feng, Ling; Zhu, Rongqian; Stanley, H. Eugene

    2015-10-01

    Using complex network theory to study the investment relationships of venture capital firms has produced a number of significant results. However, previous studies have often neglected the temporal properties of those relationships, which in real-world scenarios play a pivotal role. Here we examine the time-evolving dynamics of venture capital investment in China by constructing temporal networks to represent (i) investment relationships between venture capital firms and portfolio companies and (ii) the syndication ties between venture capital investors. The evolution of the networks exhibits rich variations in centrality, connectivity and local topology. We demonstrate that a temporal network approach provides a dynamic and comprehensive analysis of real-world networks.

  18. Cultural Capital in Context:

    DEFF Research Database (Denmark)

    Andersen, Ida Gran; Jæger, Mads Meier

    This paper analyzes the extent to which the effect of cultural capital on academic achievement varies across high- and low-achieving schooling environments. We distinguish three competing theoretical models: Cultural reproduction (cultural capital yields higher returns in high-achieving schooling...... to be higher in low-achieving schooling environments than in high-achieving ones. These results support the cultural mobility explanation and are in line with previous research suggesting that children from low-SES families benefit more from cultural capital than children from high-SES families....

  19. Investment Invited

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    T he 2006 Major Projects Investment Consultation and Talks, an investment promotion fair, jointly sponsored by the All-China Federation of Industry and Commerce and the Nanjing Municipal Government, will be held at the Nanjing International Expo Center from May 28 to 30. Organizers of the event also include Nanjing's neighboring cities of

  20. 26 CFR 1.852-4 - Method of taxation of shareholders of regulated investment companies.

    Science.gov (United States)

    2010-04-01

    ... investment company, shall treat such capital gain dividends as gains from the sale or exchange of capital... the purchaser or seller of a share or regulated investment company stock is the shareholder at the... § 1.860-2(b)(1). (d) Special treatment of loss on the sale or exchange of regulated investment...

  1. Research of Microcosmic Affection Factors on Capital Misallocation: A Case of Chinese Listed Companies

    Directory of Open Access Journals (Sweden)

    Zhefan Piao

    2016-01-01

    Full Text Available With the restrictions of equity financing of Chinese listed companies, debt dimensions are increasing, and the issue of corporate financial structure and financing constraints influence on capital misallocation has become an important practical problem which Chinese listed companies face. This paper is concerned with a model about capital misallocation and its influencing factors of integrated financing, capital operation, and investment performance. We take 7096 observations of 646 Chinese listed companies during fiscal years 2003 to 2014 for A-shares on the Shanghai and Shenzhen stock exchange, for instance, to empirically test the microscopic influencing factors of capital misallocation under different external financing dependence. The study illustrates the following: (1 in descriptive statistics of different industries capital misallocation, more than half of firms experience the circumstance of capital misallocation; (2 although Chinese listed companies are faced with financing constraints, capital market inefficiency, and other issues, most companies still depend on external financing; (3 the main factors that affect capital misallocation of the listed companies are financial liquidity and financial pledgeability; (4 the firms with high innovation abilities generally have stronger profitability, superior financial liquidity, and better financial pledgeability, thus reducing corporate capital misallocation; (5 the Chinese listed companies with large-scale assets and strong profitability easily obtain bank loans and equity financing, while violating the principle of assets matching.

  2. FOREIGN DIRECT INVESTMENTS DURING FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    VINTILA DENISIA MARIANA

    2011-12-01

    Full Text Available The fundamental idea of International capital flows is that short-term flows can be easily reversed, while flows on a longer time horizon are more stable. Crises are associated with withdrawals of short-term capital flows and growth of the foreign direct investment flows. The current crisis has meant a major decline of international capital flows, also of the foreign direct investment. The analysis in this article tries to establish if and under which conditions foreign direct investments can bring greater stability during the crisis, comparing the evolution of foreign direct investments in the current crisis with their response in previous crises. We show that during previous crises foreign direct investments were stable, behaving differently from other types of capital. Yet, during the current crisis, foreign direct investments have proven to be not so stable and all the components declined, raising questions about the resumption of the positive trend. The stability of foreign direct investments in the past was given by the increase of mergers and acquisitions during the crisis, reflecting fire-sale FDI. This feature is not found in the current crisis as mergers and acquisitions were severe affected by the crises and recorded a major decline. The current paper is realized in the doctoral program entitled PhD in economics at the standards of European knowledge- DoEsEc, scientific coordinator Prof. PhD Rodica Zaharia, institution The Academy of Economic Studies Bucharest, Faculty of International Business, period of research 2009-2012.

  3. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...... of underinvestment and, hence, induces cutting down investment. On the other hand, severely constrained firms benefit more by getting closer to the first-best investment implying higher investment....

  4. Foreign Direct Investment and China’s Productivity Growth during the 1997 Asian Financial Crisis

    Directory of Open Access Journals (Sweden)

    Fulgence Dominick Waryoba

    2017-09-01

    Full Text Available The study estimates the fixed effect model using cross–section weights to estimate panel EGLS for 7 years in 29 regions of China. Though for the sample period, foreign direct investment influences productivity positively, the effect is very lower compared to other factors in the model. Conversely, labor has a very high influence on productivity for the period under consideration. Nevertheless, the years after 1997 have shown more productivity growth compared to the years before 1997. This is probably due to the fact that the government acted quickly to recover by boosting the external demand. Consequently, the contribution of export on productivity growth is significantly large. As long as China’s productivity keeps growing, high technological foreign direct investments will continue to flow into the economy. Chinese government should continue to invest in human capital to match with high technology embodied in foreign direct investments for the economy to continue experiencing high productivity growth.

  5. Energy price uncertainty, energy intensity and firm investment

    Energy Technology Data Exchange (ETDEWEB)

    Yoon, Kyung Hwan; Ratti, Ronald A. [Western Sydney Univ., NSW (Australia). School of Economics and Finance

    2011-01-15

    This paper examines the effect of energy price uncertainty on firm-level investment. An error correction model of capital stock adjustment is estimated with data on U.S. manufacturing firms. Higher energy price uncertainty is found to make firms more cautious by reducing the responsiveness of investment to sales growth. The result is robust to consideration of energy intensity by industry. The effect is greater for high growth firms. It must be emphasized that the direct effect of uncertainty is not estimated. Conditional variance of energy price is obtained from a GARCH model. Findings suggest that stability in energy prices would be conducive to greater stability in firm-level investment. (author)

  6. Parents' socioeconomic factors related to high antibiotic prescribing in primary health care among children aged 0-6 years in the Capital Region of Denmark

    DEFF Research Database (Denmark)

    Jensen, Jette Nygaard; Bjerrum, Lars; Boel, Jonas

    2016-01-01

    -based registers from Statistics Denmark. SETTING: Antibiotic prescriptions in 2012 from primary health care in the Capital Region of Denmark. SUBJECTS: The population of children aged 0-6 years (n = 139,398) in the Capital Region of Denmark. MAIN OUTCOME MEASURES: High use of antibiotics identified by number...... and the association between high antibiotic use and low educational level. This would provide valuable information in the planning of strategies to promote rational use of antibiotics among children. KEY POINTS The Capital Region of Denmark has the highest rate of antibiotic prescribing in Denmark. Preschool children...

  7. Analyzing the impact of investment spikes on dynamic productivity growth

    NARCIS (Netherlands)

    Kapelko, Magdalena; Oude Lansink, Alfons; Stefanou, S.E.

    2015-01-01

    Firm-level data usually show that a large portion of firm-level investment takes place in a few investment episodes. This paper assesses productivity growth and its components in production framework that accounts for the dynamics of capital adjustment and relates this to investment spikes using

  8. Investment Policy, Internal Financing and ownership Concentration in the UK

    NARCIS (Netherlands)

    Goergen, M.; Renneboog, L.D.R.

    2000-01-01

    This paper investigates whether investment spending of firms is sensitive to the availability of internal funds.Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent.The relation between corporate investment

  9. INTELLECTUAL INVESTMENT. THE PROSPECTS IN EDUCATION IN THE USA AND IN THE EU

    Directory of Open Access Journals (Sweden)

    LOREDANA-IOANA PRIBAC

    2010-01-01

    Full Text Available This paper approaches a few theoretical issues related to the investments in intellectual capital and those in human capital, these investments influencing education system and society. As a particular case, we have analysed the education prospects for the next ten years in the USA and in the European Union, the education system being one of the most important immaterial investments, with a decisive impact over the society we live in. The main conclusion is this: a tendency of increase in the number of individuals who will hold a higher education diploma, both in the USA and in the European Union. In other words, the decrease in the number of secondary school graduates and high school graduates is desired.

  10. Financial Disclosure and International Capital Mobility in Latin America

    Directory of Open Access Journals (Sweden)

    Luis Gustavo do Lago Quinteiro

    2008-04-01

    Full Text Available The extant literature provides evidence on the impact of financial disclosure environments on international capital mobility. However, to our knowledge, there are no such studies including Latin-American countries. We aimed to fill this void by assessing the influence of accounting information on international capital mobility in a twenty-two-country sample, including the three largest Latin-American countries: Argentina, Brazil and Mexico. The countries included in the sample represent around 80% of the world’s GDP from 1995 to 2001. Our empirical results show with a 99% confidence level that the degree of disclosure of value-relevant accounting information has positively influenced international capital mobility. We also show, with a 95% confidence level, that countries where financial accounting is less aligned with tax accounting present higher international capital mobility. The three Latin-American countries studied present relatively low levels of disclosure among thesampled countries. However, whereas Argentina and Brazil show low levels of capital mobility, Mexico stands out with a high capital mobility, which we reckon could be accounted for by the country’s trade and investment connections with the US and by its participation in the NAFTA.

  11. Internal capital markets: The bright side of corporate politics

    NARCIS (Netherlands)

    Cremers, M.; Huang, R.; Sautner, Z.

    2008-01-01

    This study looks inside the internal capital market of a large retail-banking group to study how internal corporate politics affect internal capital allocation. Our data is from the firm's managerial accounting system and covers all cash flows, internal capital transfers, and investments at the loca

  12. Internal capital markets: The bright side of corporate politics

    NARCIS (Netherlands)

    Cremers, M.; Huang, R.; Sautner, Z.

    2008-01-01

    This study looks inside the internal capital market of a large retail-banking group to study how internal corporate politics affect internal capital allocation. Our data is from the firm's managerial accounting system and covers all cash flows, internal capital transfers, and investments at the

  13. 10 CFR 503.35 - Inability to obtain adequate capital.

    Science.gov (United States)

    2010-01-01

    ... capital investment, through tariffs, without unreasonably adverse economic effect on its service area... 10 Energy 4 2010-01-01 2010-01-01 false Inability to obtain adequate capital. 503.35 Section 503... New Facilities § 503.35 Inability to obtain adequate capital. (a) Eligibility. Section 212(a)(1)(D)...

  14. 78 FR 45592 - DeltaPoint Capital IV, LP;

    Science.gov (United States)

    2013-07-29

    ... ADMINISTRATION DeltaPoint Capital IV, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that DeltaPoint Capital IV, L.P., 45 East Avenue... Business Administration (``SBA'') Rules and Regulations (13 CFR 107.730). DeltaPoint Capital IV,...

  15. Social Capital as Exchange: Its Contribution to Morale

    Science.gov (United States)

    Cheung, Chau-kiu; Chan, Raymond Kwok-hong

    2010-01-01

    A way to clarify the measurement of social capital is the differentiation of its bases on opportunity and exchange. Social capital based on opportunity incorporates organizational participation, network strength, trust, helping and continuing relationships, whereas social capital based on exchange consists of the investment and reciprocation of…

  16. Social Capital as Exchange: Its Contribution to Morale

    Science.gov (United States)

    Cheung, Chau-kiu; Chan, Raymond Kwok-hong

    2010-01-01

    A way to clarify the measurement of social capital is the differentiation of its bases on opportunity and exchange. Social capital based on opportunity incorporates organizational participation, network strength, trust, helping and continuing relationships, whereas social capital based on exchange consists of the investment and reciprocation of…

  17. Working Capital Approaches and Firm’s Returns in Pakistan

    Directory of Open Access Journals (Sweden)

    Dr. Talat Afza

    2008-09-01

    Full Text Available This study investigates the relationship between the aggressive/conservative working capital policies for seventeen industrial groups of public limited companies listed at Karachi Stock Exchange for a period of 1998-2003. The ordinary least square regression model has been used to investigate into the relationship of working capital approaches and the returns of firms. The study found significant differences among their working capital investment and financing policies across different industries. Moreover, these significant differences are remarkably stable over the period of six years. The aggressive investment working capital policies are accompanied by aggressive working capital financing policies. Finally, we found a negative relationship between the profitability measures of firms and degree of aggressiveness of working capital investment and financing policies. The study would contribute a better understanding of working capital management policies in an emerging market like Pakistan.

  18. Intellectual Capital

    DEFF Research Database (Denmark)

    Mouritsen, Jan; Bukh, Per Nikolaj

    2015-01-01

    Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because...... it forms a starting point for understanding and managing value-creating processes. Three distinct agendas within IC management and research can be identified. The first concerns to measure the components of IC, the second attempts to relate indicators to effects using statistical models, while the third...

  19. The Cost-Effectiveness of Investments to Meet the Guiding Principles for High-Performance Sustainable Buildings on the PNNL Campus

    Energy Technology Data Exchange (ETDEWEB)

    Cort, Katherine A.; Judd, Kathleen S.

    2014-08-29

    As part its campus sustainability efforts, Pacific Northwest National Laboratory (PNNL) has invested in eight new and existing buildings to ensure they meet the U.S. Department of Energy’s requirements for high performance sustainable buildings (HPSB) at DOE sites. These investments are expected to benefit PNNL by reducing the total life-cycle cost of facilities, improving energy efficiency and water conservation, and making buildings safer and healthier for the occupants. This study examines the cost-effectiveness of the implementing measures that meet the criteria for HPSBs in 3 different types of buildings on the PNNL campus: offices, scientific laboratories, and data centers. In each of the three case studies examined the investments made to achieve HPSB status demonstrated a high return on the HPSB investments that have taken place in these varied environments. Simple paybacks for total investments in the three case study buildings ranged from just 2 to 5 years; savings-to-investment ratios all exceeded the desirable threshold of 1; and the net present values associated with these investments were all positive.

  20. Human capital, schooling and health.

    Science.gov (United States)

    Schultz, T Paul

    2003-06-01

    A consensus has been forged in the last decade that recent periods of sustained growth in total factor productivity and reduced poverty are closely associated with improvements in a population's child nutrition, adult health, and schooling, particularly in low-income countries. Estimates of the productive returns from these three forms of human capital investment are nonetheless qualified by a number of limitations in our data and analytical methods. This paper reviews the problems that occupy researchers in this field and summarizes accumulating evidence of empirical regularities. Social experiments must be designed to assess how randomized policy interventions motivate families and individuals to invest in human capital, and then measure the changed wage opportunities of those who have been induced to make these investments. Statistical estimation of wage functions that seek to represent the relationship between wage rates and a variety of human capital stocks may yield biased estimates of private rates of return from these investments for a variety of reasons. The paper summarizes several of these problems and illustrates how data and statistical methods can be used to deal with some of them. The measures of labor productivity and the proxies specified for schooling and adult health are first discussed, and then the functional relationships between human capital and wages are described. Three types of estimation problem are discussed: (1) bias due to omitted variables, such as ability or frailty; (2) bias due to the measurement of an aggregation of multiple sources of human capital, e.g. genetic and socially reproducible variation, which may contribute to different gains in worker productivity; and (3) errors in measurement of the human capital stocks. Empirical examples and illustrative estimates are surveyed.