Sensitivity Analysis Of Financing Demand In Syariah Banking

Directory of Open Access Journals (Sweden)

DR. HJ. ROSYETTI

2017-11-01

Full Text Available This study aims to analyze the Sensitivity of Demand Financing in syariah banking with a focus on the elasticity of financing demand income elasticity and cross elasticity. The type of data used in this study is secondary data quantitative and time series obtained from the publication of BPS BI and OJK. The data analysis technique begins by estimating multiple linear regression equations using the Eviews Application further measuring the sensitivity using elasticity. The research variables consist of revenue gross domestic product and conventional bank interest rate as independent variables and demand for financing as a dependent variable. The results obtained for the results gross domestic product and interest rate of conventional banks simultaneously affect the demand for financing in Islamic banking with a significant level of 5 obtained probability value F statistic amp945 005. Partially revenue share and gross domestic product have a significant effect on demand for financing. While the variable interest rate of conventional banks partially does not have a significant effect on demand for financing in Islamic banking. The ability of the three independent variables to explain the dependent variable of 99.06 the rest of 0.04 influenced by other factors outside this study. The sensitive value of demand for financing in syariah banking during the observation period was 3.94 amp400P 1 so that it can be said that demand for financing in syariah banking is elastic. The elasticity of income demand for financing in syariah banking during the observation period of 3.08 amp400I 1 is categorized as luxuries goods. The cross elasticity value of financing demand in syariah banking during the observation period is 0.52 or positive amp400C 0 it can be categorized that the interest rate of a conventional bank is a substitute of profit sharing.

Accounting & Finance; a Basic Introduction

NARCIS (Netherlands)

drs. Ewoud Jansen

2011-01-01

The book is about finance and accounting, subjects widely discussed in many other books. What sets this book apart from most others is that it discusses all the basic aspects of finance and accounting in one single textbook. Three areas of interest are discussed: Financial Management; Management

31 CFR 594.306 - Interest.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Interest. 594.306 Section 594.306 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY GLOBAL TERRORISM SANCTIONS REGULATIONS General Definitions...

31 CFR 595.307 - Interest.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Interest. 595.307 Section 595.307 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY TERRORISM SANCTIONS REGULATIONS General Definitions § 595.307...

Financing nuclear power

International Nuclear Information System (INIS)

Sheriffah Noor Khamseah Al-Idid Syed Ahmad Idid

2009-01-01

Global energy security and climate change concerns sparked by escalating oil prices, high population growth and the rapid pace of industrialization are fueling the current interest and investments in nuclear power. Globally, a significant number policy makers and energy industry leaders have identified nuclear power as a favorable alternative energy option, and are presently evaluating either a new or an expanded role for nuclear power. The International Atomic Energy Agency (IAEA) has reported that as of October 2008, 14 countries have plans to construct 38 new nuclear reactors and about 100 more nuclear power plants have been written into the development plans of governments for the next three decades. Hence as new build is expected to escalate, issues of financing will become increasingly significant. Energy supply, including nuclear power, considered as a premium by government from the socio-economic and strategic perspective has traditionally been a sector financed and owned by the government. In the case for nuclear power, the conventional methods of financing include financing by the government or energy entity (utility or oil company) providing part of the funds from its own resources with support from the government. As national financing is, as in many cases, insufficient to fully finance the nuclear power plants, additional financing is sourced from international sources of financing including, amongst others, Export Credit Agencies (ECAs) and Multilateral Development Institutions. However, arising from the changing dynamics of economics, financing and business model as well as increasing concerns regarding environmental degradation , transformations in methods of financing this energy sector has been observed. This paper aims to briefly present on financing aspects of nuclear power as well as offer some examples of the changing dynamics of financing nuclear power which is reflected by the evolution of ownership and management of nuclear power plants

Clean air and project financing

International Nuclear Information System (INIS)

Zimmer, M.J.

1992-01-01

This article examines how environmental requirements are challenging the developers ability to secure financing for independent energy projects. The topics addressed in the article include a review of the US Environmental Protection Agency auction rules for acid rain emission allowances, short term and long term market demand, project financing issues, credit value and matching interests

13 CFR 108.730 - Financings which constitute conflicts of interest.

Science.gov (United States)

2010-01-01

... any understanding, agreement, or cross dealing, reciprocal or circular arrangement). (3) Borrow money... NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Financing of Small Businesses by NMVC Companies... Associates must not, directly or indirectly: (1) Borrow money from any Person described in paragraph (a)(3...

Interest Rates and Coupon Bonds in Quantum Finance

Science.gov (United States)

Baaquie, Belal E.

2009-09-01

1. Synopsis; 2. Interest rates and coupon bonds; 3. Options and option theory; 4. Interest rate and coupon bond options; 5. Quantum field theory of bond forward interest rates; 6. Libor Market Model of interest rates; 7. Empirical analysis of forward interest rates; 8. Libor Market Model of interest rate options; 9. Numeraires for bond forward interest rates; 10. Empirical analysis of interest rate caps; 11. Coupon bond European and Asian options; 12. Empirical analysis of interest rate swaptions; 13. Correlation of coupon bond options; 14. Hedging interest rate options; 15. Interest rate Hamiltonian and option theory; 16. American options for coupon bonds and interest rates; 17. Hamiltonian derivation of coupon bond options; Appendixes; Glossaries; List of symbols; Reference; Index.

Clean Energy Finance Tool

Science.gov (United States)

State and local governments interested in developing a financing program can use this Excel tool to support energy efficiency and clean energy improvements for large numbers of buildings within their jurisdiction.

Maximising the value of supply chain finance

NARCIS (Netherlands)

Vliet, van der K.; Reindorp, M.J.; Fransoo, J.C.

2013-01-01

Supply Chain Finance (SCF) arrangements aim to add value by taking a cooperative approach to financing the supply chain. Interest in SCF has been increasing, and decision makers need a comprehensive view of possible applications and their potential. By means of theoretical and empirical exploration,

Project finance and international energy development

International Nuclear Information System (INIS)

Pollio, G.

1998-01-01

This paper explores the preference for and the features unique to project finance, one of the favoured vehicles for funding energy development. Our main focus is on the interests of project sponsors, commercial banks and host governments. Inclusion of the latter reflects the fact host governments are often leading participants in primary energy and energy-related projects; more recently, they have come to use limited recourse structures to finance local infrastructure development. Traditional analyses, whilst providing useful insights into the interests of leading project participants, are incapable of isolation a single motive or set of motives that can comprehensively account for all of the features common to this form of debt. Within an options-theoretic framework, most of these ambiguities are resolved. Risk management, long recognised as one of the primary reasons for choosing project finance over rival debt structures, is affirmed as a key explanatory factor. One the other hand, options pricing theory provides a radically different perspective on how to project finance contributes to the realisation of these objectives. (author)

Risk sharing, public policy and the contribution of Islamic finance

Directory of Open Access Journals (Sweden)

Hossein Askari

2014-12-01

Full Text Available A major reason for the recurrent episodes of financial instability is the predominance of interest-based debt and leveraging. Financial stability is achievable through risk sharing finance instead of risk shifting that characterizes contemporary finance. A risk sharing system serves the true function of finance as facilitator of real sector activities and avoids the emergence of a “paper economy” where there is gradual decoupling of finance from the real sector. Islamic finance was initially proposed as a profit-loss sharing system, but its core principle is risk sharing. In prohibiting interest-based debt instruments, Islam grounds finance on a strong risk sharing footing. Although still a young industry that has come a long way, it has not managed to develop truly risk-sharing instruments that would allow individuals, households, and firms as well as whole economies to mitigate systematic and un-systematic risks. It is suggested that governments should intervene and issue macro-market instruments to provide their treasuries with a significant source of non-interest rate based financing while promoting risk sharing. Moreover, given that evidence across the world suggests that monetary policy’s transmission mechanism may be impaired, it is suggested that these government issued securities could also impart added potency to monetary policy.

31 CFR 515.311 - Property; property interests.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Property; property interests. 515.311 Section 515.311 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... way of limitation, money, checks, drafts, bullion, bank deposits, savings accounts, debts...

31 CFR 205.27 - How are Interest Calculation Costs calculated?

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false How are Interest Calculation Costs calculated? 205.27 Section 205.27 Money and Finance: Treasury Regulations Relating to Money and Finance... this subpart A, other than Interest Calculation Costs, are subject to the procedures and principles of...

Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS?

Directory of Open Access Journals (Sweden)

Peter Quartey

2017-06-01

Full Text Available This study attempts to provide some understanding about SMEs’ access to finance within the West African sub-region with particular interest in establishing whether there are similarities and/or differences in the determinants of SMEs access to finance across countries in SSA. For robustness sake, we developed both subjective and objective measures of access to finance. Using data from World Bank’s Enterprise Survey data set, we examine the determinants of access to finance both at the sub-regional level and at the country-level. We found that, generally, at the sub-regional level, access to finance is strongly determined by factors such as firm size, ownership, strength of legal rights, and depth of credit information, firm’s export orientation and the experience of the top manager. However, we found important differences in the correlates of firms’ access to finance at the country level. The findings of this study therefore have important implications for policy.

Hardship financing of healthcare among rural poor in Orissa, India

NARCIS (Netherlands)

E. Binnendijk (Erica); R. Koren (Ruth); D.M. Dror (David)

2012-01-01

textabstractBackground: This study examines health-related "hardship financing" in order to get better insights on how poor households finance their out-of-pocket healthcare costs. We define hardship financing as having to borrow money with interest or to sell assets to pay out-of-pocket healthcare

Specialized financing techniques

International Nuclear Information System (INIS)

Shepherd, J.

1992-01-01

Specific financing techniques applicable to wind energy projects in Canada are discussed. A limited partnership is the classic Canadian approach to tax-advantaged financing. For a typical wind project, the limited partners would get an internal rate of return of around 8% over 20 years as well as income tax deductions on Class 34 investments. This rate can be improved if the investors borrow some of the money; they get tax-free cash flow while having deductible loan interest, raising their rate of return after taxes to ca 9-10%. Special situation investors can get to take all of the Class 34 deduction right away, raising their return up to the 12% range. These investors include principal business corporations (such as utilities or oil companies), or companies who have sold their business. A second type of financing structure is related to inflation-indexed debt. The loan is structured like a mortgage, with the annual payments indexed to inflation but nevertheless low enough to provide an early positive cash flow from the project. Other possible financing structures are the immigrant investor fund and the provincial incentive corporations

Essais en finance mathématique et en épistémologie de la finance

OpenAIRE

De Scheemaekere, Xavier

2011-01-01

The goal of this thesis in finance is to combine the use of advanced mathematical methods with a return to foundational economic issues. In that perspective, I study generalized rational expectations and asset pricing in Chapter 2, and a converse comparison principle for backward stochastic differential equations with jumps in Chapter 3. Since the use of stochastic methods in finance is an interesting and complex issue in itself - if only to clarify the difference between the use of mathemati...

What physicists should know about finance

Science.gov (United States)

Schmidt, Anatoly B.

2005-05-01

There has been growing interest in Econophysics, i.e. analysis and modeling of financial time series using the theoretical Physics concepts (scaling, fractals, chaos). Besides the scientific stimuli, this interest is backed by perception that the financial industry is a viable alternative for those physicists who are not able or are not willing to pursue an academic career. However, the times when any Ph.D. in Physics had a chance to find a job on the Wall Street are gone (if they ever existed). Indeed, not every physicist wields the stochastic calculus, non-normal statistical distributions, and the methods of time series analysis. Moreover, now that many universities offer courses in mathematical finance, the applicants for quantitative positions in finance are expected to know such concepts as option pricing, portfolio management, and risk measurement. Here I describe a synthetic course based on my book [1] that outlines both worlds: Econophysics and Mathematical Finance. The course may be offered as elective for senior undergraduate or graduate Physics majors.

Threshold concepts in finance: student perspectives

Science.gov (United States)

Hoadley, Susan; Kyng, Tim; Tickle, Leonie; Wood, Leigh N.

2015-10-01

Finance threshold concepts are the essential conceptual knowledge that underpin well-developed financial capabilities and are central to the mastery of finance. In this paper we investigate threshold concepts in finance from the point of view of students, by establishing the extent to which students are aware of threshold concepts identified by finance academics. In addition, we investigate the potential of a framework of different types of knowledge to differentiate the delivery of the finance curriculum and the role of modelling in finance. Our purpose is to identify ways to improve curriculum design and delivery, leading to better student outcomes. Whilst we find that there is significant overlap between what students identify as important in finance and the threshold concepts identified by academics, much of this overlap is expressed by indirect reference to the concepts. Further, whilst different types of knowledge are apparent in the student data, there is evidence that students do not necessarily distinguish conceptual from other types of knowledge. As well as investigating the finance curriculum, the research demonstrates the use of threshold concepts to compare and contrast student and academic perceptions of a discipline and, as such, is of interest to researchers in education and other disciplines.

Interest Rate Rish of Australian Financial Sector Companies in a ...

African Journals Online (AJOL)

African Journal of Finance and Management ... In a recent study, Madura and Zarruk (1995) provide evidence that interest rate risk is greater for non-US ... interest rate sensitivity of a large banks portfolio and a finance companies portfolio is ...

31 CFR 359.19 - How is interest calculated?

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false How is interest calculated? 359.19 Section 359.19 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL.... The effect of rounding off the value of the $25 unit increases at higher denominations. This can work...

Analysis of accessibility of finance by women entrepreneurs in Abia ...

African Journals Online (AJOL)

Analysis of accessibility of finance by women entrepreneurs in Abia State, Nigeria: a ... A structured questionnaire was administered to 60 respondents using simple ... to the accessibility of finance while type of business ownership and interest ...

Social security financing.

Science.gov (United States)

1980-05-01

After nearly 2 years of study, the 1979 Advisory Council on Social Security submitted its findings and recommendations in December. In February the Bulletin published the Executive Summary of the Council's report. Because of the continuing wide public interest in the future of social security financing, the Council's detailed findings and recommendations on that subject are published below. The Council unanimously reports that all current and future beneficiaries can count on receiving the payments to which they are entitled. Among the recommendations it calls for are partial financing with nonpayroll-tax revenues. Suggested changes include hospital insurance (HI) financed through portins of personal and corporate income taxes and a part of the HI insurance payroll tax diverted to cash benefits with the balance of this tax repealed. The Council also recommends that the social security cash benefits program be brought into long-run actuarial balance--with a payroll-tax rate increase in the year 2005. It rejects the idea of a value-added tax as being inflationary. Parenthetical remarks represent additional views of the Council members cited.

Social Workers’ Interest in Building Individuals’ Financial Capabilities

Directory of Open Access Journals (Sweden)

Gina A. N. Chowa

2010-10-01

Full Text Available Social workers have many opportunities to integrate a focus on personal finance into their practice with mostly lower-income and vulnerable client populations. However, little is known about social workers’ interest in personal finance. Results of a survey of social workers (N = 56 interested in integrating personal finance content into their practice are reported in this paper. Ways in which social workers might further develop knowledge and skills in personal finance are discussed. Professional perspectives that social workers may lend to inform financial education and counseling and the emerging field of financial therapy are also explored. Social workers can offer an understanding of the environmental risks that affect the financial health of low-income individuals and families and resources that can help build financial capability.

Understanding Interest Rate Volatility

OpenAIRE

Volker, Desi

2016-01-01

This thesis is the result of my Ph.D. studies at the Department of Finance of the Copenhagen Business School. It consists of three essays covering topics related to the term structure of interest rates, monetary policy and interest rate volatility. The rst essay, \\Monetary Policy Uncertainty and Interest Rates", examines the role of monetary policy uncertainty on the term structure of interest rates. The second essay, \\A Regime-Switching A ne Term Structure Model with Stochast...

Behavioral finance: Finance with normal people

Directory of Open Access Journals (Sweden)

Meir Statman

2014-06-01

Behavioral finance substitutes normal people for the rational people in standard finance. It substitutes behavioral portfolio theory for mean-variance portfolio theory, and behavioral asset pricing model for the CAPM and other models where expected returns are determined only by risk. Behavioral finance also distinguishes rational markets from hard-to-beat markets in the discussion of efficient markets, a distinction that is often blurred in standard finance, and it examines why so many investors believe that it is easy to beat the market. Moreover, behavioral finance expands the domain of finance beyond portfolios, asset pricing, and market efficiency and is set to continue that expansion while adhering to the scientific rigor introduced by standard finance.

Royalty financing for the oil and gas industry

International Nuclear Information System (INIS)

Read, F. M. D.

1998-01-01

Key concepts in royalty financing for the oil and gas industry are described. The basic significance of royalty financing for a public company is that financing is 'off balance sheet', and can be used to achieve objectives that neither debt, equity, nor outright sale of assets or farm-outs can accomplish. Royalty financing can provide increased available capital or debt reduction while maintaining the full gross share of reserve and production volumes on the books. This paper provides an overview of the field of royalty financing, with an appreciation of the benefits, reviews each of the financial alternatives (debt, equity, farmout and or sale of assets to reduce capital requirements), and provides examples of specific application of royalty financing. It is claimed that this type of financing, which has been available to the mining sector for some time, is a useful alternative to other financing instruments to acquire new oil and gas assets, to develop new areas, to implement enhanced recovery projects or to carry out mergers and acquisitions. Used judiciously, royalty financing can provide significant benefits to both the working interest owner and his shareholders, as well as the royalty company

Financing private power in Eastern Europe

International Nuclear Information System (INIS)

Sen, A.

1993-01-01

Finance is needed for upgrading Eastern Europe's electric power industries. Capacity is not a problem, as all countries have more than adequate capacity in the light of the deep industrial recession. However, much of the capacity is elderly and poorly maintained, so availability is low. Coal fired plant may have electrostatic precipitators, but no desulfurization or de-NO x equipment is present. Price rises in oil and gas imported from Russia have however increased interest in energy efficiency measures. Power generation is mainly coal or lignite based. Commercial banks will be little involved in financing. The best viable sources of large scale financing will be the IBRD, EIB, EBRD, and IFC, among the multilateral investment banks. Loans so far have mainly gone to Poland. The multilateral institutions have great experience in lending to developing countries, but long procurement processes are often involved. Raising finance is inevitably a difficult process. The financing of the Cracow Environmental Project, a model private power venture in Poland is described and discussed, with particular reference to contract, legal and economic problems

The Economics of Islamic Finance and Securitization

OpenAIRE

Andreas Jobst

2007-01-01

Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitization seems straightforward. This paper explains the fundamental legal principles of Islamic finance, which includes the presentation of a valuation model that he...

Financing the Welfare State and the Politics of Taxation

OpenAIRE

Morel , Nathalie; Palme , Joakim

2012-01-01

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

48 CFR 32.407 - Interest.

Science.gov (United States)

2010-10-01

... REQUIREMENTS CONTRACT FINANCING Advance Payments for Non-Commercial Items 32.407 Interest. (a) Except as provided in paragraph (d) below, the contracting officer shall charge interest on the daily unliquidated... institution (depository) in which the special account (see 32.409-3) is established; or (2) The rate...

Information,Informal finance,and SME financing

Institute of Scientific and Technical Information of China (English)

LIN Justin Yifu; SUN Xifang

2006-01-01

Informal finance exists extensively and has been playing an important role in small-and medium-sized enterprise (SME) financing in developing economies,This paper tries to rationalize the extensiveness of informal finance.SME financing suffers more serious information asymmetry to the extent that most SMEs are more opaque and can only provide less collateral.Informal lenders have an advantage over formal financial institutions in collecting "soft information" about SME borrowers.This paper establishes a model including formal and informal lenders and high-and low-risk borrowers with or without sufficient collateral and shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way,and the efficiency of allocating credit funds can be improved once informal finance is allowed to coexist with formal finance.

Financing of gas production expansion at Taipo

International Nuclear Information System (INIS)

Chan, R.T.H.

1991-01-01

Financing strategies applied to Phase I and Phase II were quite different. In Phase I, the project was more sophisticated and involved investments in different types of assets: Site acquisition; site formation and foundations; gas-making plants and associated equipment; naptha tanks; naptha pipeline; twin submarine gas pipeline connected to the existing distribution network; and workshop and offices. For Phase II, the tenderers demanded payment in foreign currencies because of their international procurement and their concern over Hong Kong currency at the time of submitting the tender. The Phase II financing package consists of: (1) ECGD facilities with a fixed interest rate at 9.15% p.a.--8 years with repayment in 10 semiannual installments over the last 5 years. (2) Fixed rate bank borrowings at 9% p.a. with repayment at the end of 5 years (use of swaps to obtain long-term money at lower interest rate). (3) Foreign currency deposits to cover exposure in two other currencies. (4) Forward contract to cover repayment installments in Sterling in the last 5 years at much lower rates of exchange. In a nutshell, by using a combination of different financing instruments, HKCG was able to eliminate foreign exchange and interest rate risks and reduce the overall capital cost of the plant

13 CFR 107.800 - Financings in the form of Equity Securities.

Science.gov (United States)

2010-01-01

... of any class in a corporation, stock options, warrants, limited partnership interests in a limited partnership, membership interests in a limited liability company, or joint venture interests. If the Financing...

Legal aspects of financing Canadian offshore oil and gas developments

International Nuclear Information System (INIS)

Green, J.M.; Hudec, A.J.

1992-01-01

A review is presented of the significant legal considerations involved in structuring, negotiating, and documenting commercial financing of a Canadian offshore oil and gas production facility. Emphasis is placed on the Hibernia Project in the Newfoundland offshore as an example, and more specifically the $450 million bank financing completed in November 1991. The legal framework governing offshore production financing in this case was complex, due to the project's location in international waters on the continental shelf. Complex intergovernmental arrangements have been implemented between Canada and Newfoundland to govern the offshore area and regulate the project. An agreement called the Atlantic Accord allowed the Canada Newfoundland Offshore Petroleum Board (CNOPB) to grant production licenses and to regulate offshore exploration and development, with matters relating to legislation, taxation, and royalties shared between the governments. Certain other acts were enacted or extended for application to the offshore area. The CNOPB administers a registry system for transfers and security interests in offshore licenses. Security interests including property are ensured by the Hibernia Act, which makes Newfoundland's existing security interest regime applicable to the offshore. The project owners are operating Hibernia as a joint venture, and the structure of project financing and inter-creditor arrangements is examined. The competing security interest of project lenders and non-defaulting participants is discussed, along with assignment of priorities on the security in case of default

Nuclear Physicists in Finance

Science.gov (United States)

Mattoni, Carlo

2017-01-01

The financial services industry presents an interesting alternative career path for nuclear physicists. Careers in finance typically offer intellectual challenge, a fast pace, high caliber colleagues, merit-based compensation with substantial upside, and an opportunity to deploy skills learned as a physicist. Physicists are employed at a wide range of financial institutions on both the ``buy side'' (hedge fund managers, private equity managers, mutual fund managers, etc.) and the ``sell side'' (investment banks and brokerages). Historically, physicists in finance were primarily ``quants'' tasked with applying stochastic calculus to determine the price of financial derivatives. With the maturation of the field of derivative pricing, physicists in finance today find work in a variety of roles ranging from quantification and management of risk to investment analysis to development of sophisticated software used to price, trade, and risk manage securities. Only a small subset of today's finance careers for physicists require the use of advanced math and practically none provide an opportunity to tinker with an apparatus, yet most nevertheless draw on important skills honed during the training of a nuclear physicist. Intellectually rigorous critical thinking, sophisticated problem solving, an attention to minute detail and an ability to create and test hypotheses based on incomplete information are key to both disciplines.

9 CFR 201.67 - Packers not to own or finance selling agencies.

Science.gov (United States)

2010-01-01

... 9 Animals and Animal Products 2 2010-01-01 2010-01-01 false Packers not to own or finance selling... STOCKYARDS ACT Trade Practices § 201.67 Packers not to own or finance selling agencies. No packer subject to the Act shall have an ownership interest in, finance, or participate in the management or operation of...

Financing arrangements for nuclear power projects in developing countries

International Nuclear Information System (INIS)

1993-01-01

This reference book reviews the main features and problems or difficulties involved in the financing of nuclear power projects with special reference to developing countries. It provides basic information and advice to developing countries interested in nuclear power projects as part of their power sector planning. The book outlines the general characteristics of financing a nuclear power project and presents innovative approaches for power generation financing. It discusses the special conditions and requirements of nuclear power projects and their financing complexities. The focus is on the practical issues that need to be dealt with in order to successfully finance these power projects, as well as the constraints faced by most developing countries. Possible ways and means of dealing with these constraints are presented. 58 refs, figs and tabs

Power project financing in the People's Republic of China

International Nuclear Information System (INIS)

Gomm, R.

1998-01-01

The current state of financing and security issues which in the past have constrained the amount of foreign investment and project financing in the electric power market in the Peoples Republic of China (PRC) are reviewed. Past impediments to foreign investment and financing of power projects revolved around the rate of return on investment, the difficulties of obtaining project approvals, conflict of interest issues wherein the Chinese power bureau could act in its interest as a contracted party rather than for the joint venture as an equity investor, and currency convertibility. Recent developments such as the new security law, the new electricity law, and new project financing regulations represent major improvements, but foreign investment and financing is still much less than originally anticipated, the potential of the PRC power market for foreign investments notwithstanding. (For example, in 1997, 13,500 MW of new generation capacity was added to the Chinese grid system. This increased the total installed capacity to 250,000 MW, making China the second largest installed capacity in the world.) Recent trends in the market and the likely future of foreign investment in the PRC are also discussed, the conclusion being that although the size of the IPP and project finance market in China is probably smaller than originally hoped, a sufficient proportion of new generation capacity has been allocated to foreign investors to ensure a steady stream of investment opportunities

31 CFR 31.212 - Personal conflicts of interest.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Personal conflicts of interest. 31... RELIEF PROGRAM Conflicts of Interest § 31.212 Personal conflicts of interest. (a) Retained entity's... arrangement and key individuals have no personal conflicts of interest unless mitigation measures have...

78 FR 39820 - Notice Seeking Exemption Under the Small Business Investment Act, Conflicts of Interest

Science.gov (United States)

2013-07-02

... Seeking Exemption Under the Small Business Investment Act, Conflicts of Interest Notice is hereby given... Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration...'s equity. Therefore this transaction is considered a financing constituting a conflict of interest...

Financing Preference Behaviour for Private Finance Initiative (PFI Projects

Directory of Open Access Journals (Sweden)

Yati Md Lasa

2016-01-01

Full Text Available Project Financing Initiative (PFI projects require the private sector to invest an enormous amount of capital for the development of public projects. The private sector has to seek cost-effective financing sources for their survival in the long-term concession. Conventional financing uses widely; however, Islamic financing promises better financing through profit and loss sharing. This paper reviews financing preferences for PFI projects and the factors influencing the choice of funding. The results show that religious perspective, quality of services, financing facilities and reputation are the factors that are expected will influence the financing preference behaviour, either Islamic or conventional finance.

42 CFR 413.153 - Interest expense.

Science.gov (United States)

2010-10-01

... general rule regarding interest on loans from controlled sources of funds are made in the following... improvement, replacement, or expansion of facilities or equipment related to patient care, allowable interest... to patient care: (i) For loans made to finance acquisition of a facility, that portion of the cost...

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

Directory of Open Access Journals (Sweden)

Mohd Thas Thaker Mohamed Asmy Bin

2016-01-01

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

Sustainable house construction and green financing. Explanation for 'green mortgages'

International Nuclear Information System (INIS)

1997-05-01

The Dutch government finances the sustainable construction of new houses by means of so-called 'green loans'. Extra costs for the construction of a sustainable house are compensated by a lower interest rate for a green loan. In this brochure it is explained when green financing of house construction is possible and how to apply for such loans

12 CFR 906.5 - Monthly interest rate survey.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Monthly interest rate survey. 906.5 Section 906... OPERATIONS OPERATIONS Monthly Interest Rate Survey (MIRS) § 906.5 Monthly interest rate survey. The Finance... Board and is used for determining the movement of the interest rate on renegotiable-rate mortgages and...

Access to finance from different finance provider types

NARCIS (Netherlands)

Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.

2017-01-01

Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance

Market turbulence creates financing opportunity.

Science.gov (United States)

Cooper, James H

2012-03-01

The flight to high-quality assets resulting from Standard & Poor's downgrade of the U.S. government's credit rating has dropped the yield on U.S. Treasury securities as investors have sought refuge amid uncertain market conditions. Consequently, hospitals can now obtain mortgage insurance from the U.S. government to finance expansions and refinance their debt with GNMA securities at taxable interest rates that are often more favorable than tax-exempt bond fixed rates. Because GNMA certificates can be sold in a forward purchase transaction that locks in a fixed interest rate while avoiding payment of interest until construction funds are disbursed, they can help avoid the effects of negative arbitrage.

PPP-PROJECTS INFRASTRUCTURE AND SPECIFICS OF THEIR FINANCING

OpenAIRE

Dzambolat Valerevich Mrikaev

2014-01-01

The article examines the financing of public–private partnership (PPP) infrastructure programs in Russia and analyzes the role of financial credit systems. The object of the study becomes more relevant then ever as the demand in programs support by the government is growing as well as the need in creating an extra initiative for raising an external investment.The study observes the most essential program financing features in Russia, the aims and interests of the partners.Objective: to compar...

Financing of nuclear projects

International Nuclear Information System (INIS)

Diel, R.

1983-01-01

Delays in the completion of nuclear power plants aggravate the financing of such ventures because the contractual sums to be paid for interest and amortization are not generated. Moreover, economic feasibility analyses by the banks are rendered ineffective by changes in the underlying data, such as the structure of electricity rates and the supply monopoly held by utilities. The German nuclear power plants at present in operation or under construction were financed mainly through subsidiares of the participating utilities outside the balance sheets of the parent companies. The banks have developed a number of financing concepts to adapt funding to the specific needs of practice. Future nuclear power plants make-up one third of the present capacity of the participating utilities. However, they will require three to four times the previous volume of capital investments. Yet it is certain that the expansion of nuclear power in the Federal Republic of Germany will not be hampered by financial problems. The funding models developed for nuclear power plants have already proved their qualities. However, the problems of nuclear power have not become less. Attention must also be drawn to some weak spots in the financial sector. (orig.) [de

Macro-Finance Determinants of the Long-Run Stock-Bond Correlation

DEFF Research Database (Denmark)

Asgharian, Hossein; Christiansen, Charlotte; Hou, Ai Jun

2016-01-01

We investigate long-run stock–bond correlation using a model that combines the dynamic conditional correlation model with the mixed-data sampling approach and allows long-run correlation to be affected by macro-finance factors (historical and forecasts). We use macro-finance factors related...... to inflation and interest rates, illiquidity, state of the economy, and market uncertainty. Macro-finance factors, particularly their forecasts, are good at forecasting long-run stock–bond correlation. Supporting the flight-to-quality phenomenon, long-run correlation tends to be small and negative when...

31 CFR 537.413 - Sale of interest in economic development projects in Burma.

Science.gov (United States)

2010-07-01

... SANCTIONS REGULATIONS Interpretations § 537.413 Sale of interest in economic development projects in Burma... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Sale of interest in economic development projects in Burma. 537.413 Section 537.413 Money and Finance: Treasury Regulations Relating to...

Stochastic analysis for finance with simulations

CERN Document Server

Choe, Geon Ho

2016-01-01

This book is an introduction to stochastic analysis and quantitative finance; it includes both theoretical and computational methods. Topics covered are stochastic calculus, option pricing, optimal portfolio investment, and interest rate models. Also included are simulations of stochastic phenomena, numerical solutions of the Black–Scholes–Merton equation, Monte Carlo methods, and time series. Basic measure theory is used as a tool to describe probabilistic phenomena. The level of familiarity with computer programming is kept to a minimum. To make the book accessible to a wider audience, some background mathematical facts are included in the first part of the book and also in the appendices. This work attempts to bridge the gap between mathematics and finance by using diagrams, graphs and simulations in addition to rigorous theoretical exposition. Simulations are not only used as the computational method in quantitative finance, but they can also facilitate an intuitive and deeper understanding of theoret...

Do Financial Constraints Moderate the Impact of Financing Decisions From Internal-financing Sources on Investment?

Directory of Open Access Journals (Sweden)

Andewi Rokhmawati

2017-07-01

Full Text Available To prevent investment growth in 2013 to 2015 from decreasing, the Industrial Ministry provided fiscal incentives to stimulate investment-growth. Nevertheless, the investment growth of manufacturing firms still declined. This condition indicated that fiscal stimulus might be ineffective to prevent investment-growth from declining. The decline of investment might be influenced by the increase of firm financial constraints to access a source of long term debts. This study aimed to examine the influence of financial constraints in moderating the effect of financing decisions from internal financing sources on investment. The population of the study was all listed-manufacturing firms in Indonesia from 2013 to 2015. Samples were chosen based on the availability of firms’ financial report covering the period of the study. The study concluded that financial constraints significantly weaken the effect of internal funding decision on investment. Unconstrained firms had a higher beta than constrained firms. Although unconstrained firms had an opportunity to choose their source of funding, they preferred to finance their investment from cash flows because the cost of debts might be much higher than the cost of equity.Hence, to help firms to finance their feasible investment opportunity, the government should not only provide tax incentives but also provide a low-interest loan.

The financing of cooperative businesses

Directory of Open Access Journals (Sweden)

Alfredo Ispizua

2005-12-01

Full Text Available Concern for adequate funding, both at birth and consolidation of the cooperative enterprise, has been, is and will be a constant concern in the cooperative world. So, have emerged in the legal field, a number of financial instruments of various kinds: as equity securities or special interests that seek to cover traditional financing gaps.

Consumer Decision Rules and Residential Finance.

Science.gov (United States)

Brandt, Jeanette A.; Jaffe, Austin J.

1979-01-01

As guidelines for residential financing, the authors compare different approaches to understanding and figuring the costs of home ownership: the relation of income to house price and housing costs, interest rate, and mortgage term. Instead of the traditional method, they recommend the time value of money approach. (MF)

31 CFR 31.211 - Organizational conflicts of interest.

Science.gov (United States)

2010-07-01

... conflict may depend on a variety of factors, including the type of conflict, the scope of work under the... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Organizational conflicts of interest... ASSET RELIEF PROGRAM Conflicts of Interest § 31.211 Organizational conflicts of interest. (a) Retained...

50 CFR 80.25 - Multiyear financing under the Dingell-Johnson Sport Fish Restoration Program.

Science.gov (United States)

2010-10-01

...-Johnson Sport Fish Restoration Act in two ways: (1) States may finance the entire cost of the acquisition... Program. (a) States may finance the acquisition of lands or interests in lands including water rights and...

31 CFR 535.440 - Commercially reasonable interest rates.

Science.gov (United States)

2010-07-01

... Interpretations § 535.440 Commercially reasonable interest rates. (a) For purposes of §§ 535.212 and 535.213, what... transferred as, or as part of, the interest at “commercially reasonable rates” required to be transferred... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Commercially reasonable interest...

Understanding Interest Rate Volatility

DEFF Research Database (Denmark)

Volker, Desi

This thesis is the result of my Ph.D. studies at the Department of Finance of the Copenhagen Business School. It consists of three essays covering topics related to the term structure of interest rates, monetary policy and interest rate volatility. The rst essay, \\Monetary Policy Uncertainty...... and Interest Rates", examines the role of monetary policy uncertainty on the term structure of interest rates. The second essay, \\A Regime-Switching A ne Term Structure Model with Stochastic Volatility" (co-authored with Sebastian Fux), investigates the ability of the class of regime switching models...... with and without stochastic volatility to capture the main stylized features of U.S. interest rates. The third essay, \\Variance Risk Premia in the Interest Rate Swap Market", investigates the time-series and cross-sectional properties of the compensation demanded for holding interest rate variance risk. The essays...

INVESTMENT FINANCING THROUGH THE "PROJECT FINANCE"

OpenAIRE

Molina Arenaza, Hércules; Del Carpio Gallegos, Javier

2014-01-01

This article analizes and compares the various aspects related to the "Project Finance" technique using projects financing in the Capital Market, both in developed countries and in developing countries. Likewise, the application's technique is illustrated by Antamina mining enterprise. El artículo analiza y compara los diferentes aspectos relacionados con la técnica del Project finance usado en el financiamiento de proyectos en el mercado de capitales, tanto en los países desarrollados com...

Solar Photovoltaic Financing: Residential Sector Deployment

Energy Technology Data Exchange (ETDEWEB)

Coughlin, J.; Cory, K.

2009-03-01

This report presents the information that homeowners and policy makers need to facilitate PV financing at the residential level. The full range of cash payments, bill savings, and tax incentives is covered, as well as potentially available solar attribute payments. Traditional financing is also compared to innovative solutions, many of which are borrowed from the commercial sector. Together, these mechanisms are critical for making the economic case for a residential PV installation, given its high upfront costs. Unfortunately, these programs are presently limited to select locations around the country. By calling attention to these innovative initiatives, this report aims to help policy makers consider greater adoption of these models to benefit homeowners interested installing a residential PV system.

Project financing versus corporate financing under asymmetric information

OpenAIRE

Anton Miglo

2008-01-01

In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...

PPP-PROJECTS INFRASTRUCTURE AND SPECIFICS OF THEIR FINANCING

Directory of Open Access Journals (Sweden)

Dzambolat Valerevich Mrikaev

2014-07-01

Full Text Available The article examines the financing of public–private partnership (PPP infrastructure programs in Russia and analyzes the role of financial credit systems. The object of the study becomes more relevant then ever as the demand in programs support by the government is growing as well as the need in creating an extra initiative for raising an external investment.The study observes the most essential program financing features in Russia, the aims and interests of the partners.Objective: to compare the program financial assurance and specific features of such a public-private partnership form as project financing.  Methodology: We used scientific methods: analysis and synthesis, comparison, generalization, systematic approach.Results: As such “project financing” term doesn't exist in current Russian legislation. However, it is widely spread as a form of financial assurance. As a rule this term is used when talking about the investments in general regardless to specific ways of their execution. Russian governmental financing system under current economical circumstances has it all to use advantages of project financing  and effectively contribute to its further development.DOI: http://dx.doi.org/10.12731/2218-7405-2014-4-4

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

CERN Document Server

Gianin, Emanuela Rosazza

2013-01-01

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

Natural Computing in Computational Finance Volume 4

CERN Document Server

O’Neill, Michael; Maringer, Dietmar

2012-01-01

This book follows on from Natural Computing in Computational Finance  Volumes I, II and III.   As in the previous volumes of this series, the  book consists of a series of  chapters each of  which was selected following a rigorous, peer-reviewed, selection process.  The chapters illustrate the application of a range of cutting-edge natural  computing and agent-based methodologies in computational finance and economics.  The applications explored include  option model calibration, financial trend reversal detection, enhanced indexation, algorithmic trading,  corporate payout determination and agent-based modeling of liquidity costs, and trade strategy adaptation.  While describing cutting edge applications, the chapters are  written so that they are accessible to a wide audience. Hence, they should be of interest  to academics, students and practitioners in the fields of computational finance and  economics.  

Determinants of SME Finance: Evidence from Three Central European Countries

Directory of Open Access Journals (Sweden)

Rahman Ashiqur

2017-09-01

Full Text Available This paper explores the determinants of access to finance for small and medium enterprises (SMEs in the context of three Central European countries: Czech Republic, Slovak Republic, and Hungary. The data set of the research is obtained from the BEEPS survey, which is conducted by the World Bank and the European Bank for Reconstruction and Development. This paper empirically analyses firms not only from the SMEs point of view, but also shows results for micro, small and medium enterprises separately. Additionally, we have analysed the determinants of access to finance for SMEs at each country level for an in-depth understanding of country-level variations in SME financing. The results indicate that micro firms and firms owned and operated by women are experiencing a shortage of credits from banks. On the other hand, we found a positive relationship between the pledge of collateral and access to finance. With respect to the medium firms, we found evidence that innovative firms have a larger amount of credit from banks. The empirical results also suggest that the loan size increases as the interest rates increase in particular for SMEs on the whole and for micro-firms, although the interest rate is in a negative relationship with the loan size in Czech Republic.

Empirical techniques in finance

CERN Document Server

Bhar, Ramaprasad

2005-01-01

This book offers the opportunity to study and experience advanced empi- cal techniques in finance and in general financial economics. It is not only suitable for students with an interest in the field, it is also highly rec- mended for academic researchers as well as the researchers in the industry. The book focuses on the contemporary empirical techniques used in the analysis of financial markets and how these are implemented using actual market data. With an emphasis on Implementation, this book helps foc- ing on strategies for rigorously combing finance theory and modeling technology to extend extant considerations in the literature. The main aim of this book is to equip the readers with an array of tools and techniques that will allow them to explore financial market problems with a fresh perspective. In this sense it is not another volume in eco- metrics. Of course, the traditional econometric methods are still valid and important; the contents of this book will bring in other related modeling topics tha...

Directory of financing sources for foreign energy projects

Energy Technology Data Exchange (ETDEWEB)

La Ferla, L. [La Ferla Associates, Washington, DC (United States)

1995-09-01

The Office of National Security Policy has produced this Directory of Financing Sources for Foreign Energy Projects. The Directory reviews programs that offer financing from US government agencies, multilateral organizations, public, private, and quasi-private investment funds, and local commercial and state development banks. The main US government agencies covered are the US Agency for International Development (USAID), the Export-Import Bank of the US (EXIM Bank), Overseas Private Investment Corporation (OPIC), US Department of Energy, US Department of Defense, and the US Trade and Development Agency (TDA). Other US Government Sources includes market funds that have been in part capitalized using US government agency funds. Multilateral organizations include the World Bank, International Finance Corporation (IFC), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and various organizations of the United Nations. The Directory lists available public, private, and quasi-private sources of financing in key emerging markets in the Newly Independent States and other developing countries of strategic interest to the US Department of Energy. The sources of financing listed in this directory should be considered indicative rather than inclusive of all potential sources of financing. Initial focus is on the Russian Federation, Ukraine, india, China, and Pakistan. Separate self-contained sections have been developed for each of the countries to enable the user to readily access market-specific information and to support country-specific Departmental initiatives. For each country, the directory is organized to follow the project life cycle--from prefeasibility, feasibility, project finance, cofinancing, and trade finance, through to technical assistance and training. Programs on investment and export insurance are excluded.

Beyond venture capital : an exploratory study of the finance-innovation-policy nexus in cleantech

NARCIS (Netherlands)

Migendt, Michael; Polzin, Friedemann|info:eu-repo/dai/nl/413317404; Schock, Florian; Täube, Florian A.; von Flotow, Paschen

2017-01-01

In recent years, scholarly interest in financing for innovation has grown, particularly for mitigating cli-mate change. However, extant literature has neglected the interaction of actors along the equity financing value chain, and the indirect effects of innovation and financial policy on the supply

Capital Market-Driven Corporate Finance

OpenAIRE

Malcolm Baker

2009-01-01

Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited intermediation, and corporate opportunism. Investor tastes when combined with imperfectly competitive intermediaries lead prices and interest rates to deviate from fundamental values. Opportunistic firms respond by issuing securities ...

A reappraisal of Modgliani's finance theories

Directory of Open Access Journals (Sweden)

Terenzio Cozzi

2005-01-01

Full Text Available The paper examines the influence of Modigliani's contributions to the theory of finance. As for the term structure of interest rates, the preferred habitat theory, had a mixed fortune: it was utilized by financial managers for a rather long time, before being discarded in the 1980s and, perhaps, being somewhat resumed in our days. The Modigliani-Miller theorem is considered as a landmark in finance theory, even if the controversies over both its assumptions and conclusions had indeed been very strong. By contrast, financial managers completely disregarded the thesis of an irrational undervaluation of stocks in inflationary periods. But most economists appreciate the proof that, for rather long periods, the market can be inefficient in channelling the resources towards the most productive utilizations.

Financing Public Service Broadcasting

DEFF Research Database (Denmark)

Berg, Christian Edelvold; Lund, Anker Brink

2012-01-01

Broadcasting (PSB) financing regimes in Europe, concluding that Denmark, Finland, Iceland, Norway, and Sweden may still be considered conventional, licence fee PSB countries, but with some interesting differences in relation to competitive and market oriented alternatives of resource provision......Recently several European countries have abolished the traditional public service licence fee system, replacing it with direct public funding. But except for Iceland, the Nordic countries have not followed suit. The article discusses this development within a comparative framework of Public Service...

Financing renewable energy: Obstacles and solutions

Energy Technology Data Exchange (ETDEWEB)

Brown, M.H.

1994-06-01

The majority of renewable energy technology projects now being developed use long term project financing to raise capital. The financial community scrutinizes renewables more closely than some conventionally fueled electric generation facilities because it perceives renewables as risky and expensive. Renewables pay for this perceived risk through higher interest charges and other more restrictive loan covenants. Risks that are not eliminated in the power sales agreement or through some other means generally result in higher project costs during financing. In part, this situation is a product of the private placement market and project finance process in which renewable energy facilities must function. The project finance process attracts banks and institutional lenders as well as equity investors (often pension funds) who do not want to place their capital at great risk. Energy project finance exists on the basis of a secure revenue stream and a thorough understanding of electric generation technology. Renewables, like all energy projects, operating in uncertain regulatory environments are often difficult to finance. In the uncertain regulatory environment in which renewables now operate, investors and lenders are nervous about challenges to existing contracts between independent power producers and utilities. Challenges to existing contracts could foretell challenges to contracts in the future. Investors and lenders now look to state regulatory environments as an indicator of project risk. Renewable energy technology evolves quickly. Yet, often the information about technological evolution is not available to those who invest in the energy projects. Or, those who have invested in new renewable energy technology in the past have lost money and are nervous about doing so in the future - even though technology may have improved. Inadequate or unfavorable information is a barrier to the development of renewables.

Project financing

International Nuclear Information System (INIS)

Cowan, A.

1998-01-01

Project financing was defined ('where a lender to a specific project has recourse only to the cash flow and assets of that project for repayment and security respectively') and its attributes were described. Project financing was said to be particularly well suited to power, pipeline, mining, telecommunications, petro-chemicals, road construction, and oil and gas projects, i.e. large infrastructure projects that are difficult to fund on-balance sheet, where the risk profile of a project does not fit the corporation's risk appetite, or where higher leverage is required. Sources of project financing were identified. The need to analyze and mitigate risks, and being aware that lenders always take a conservative view and gravitate towards the lowest common denominator, were considered the key to success in obtaining project financing funds. TransAlta Corporation's project financing experiences were used to illustrate the potential of this source of financing

REAL INTEREST RATES AND GOVERNMENT DEBT DURING STABILIZATION

OpenAIRE

Velasco, Andres

1989-01-01

High real interest rates typically accompany successful disinflations. If government deficits are financed with domestic debt, this behavior of interest rates can be destabilizing. High interest rates increase debt service costs and contribute to the accumulation of debt, threatening the whole anti-inflation effort. The exchange rate regime matters in this context. Under perfectly flexible exchange rates, the real interest rate is invariant to changes in the rate of money creation. By contras...

Financing Strategies for Nuclear Fuel Cycle Facility

International Nuclear Information System (INIS)

David Shropshire; Sharon Chandler

2005-01-01

To help meet our nation's energy needs, reprocessing of spent nuclear fuel is being considered more and more as a necessary step in a future nuclear fuel cycle, but incorporating this step into the fuel cycle will require considerable investment. This report presents an evaluation of financing scenarios for reprocessing facilities integrated into the nuclear fuel cycle. A range of options, from fully government owned to fully private owned, was evaluated using a DPL (Dynamic Programming Language) 6.0 model, which can systematically optimize outcomes based on user-defined criteria (e.g., lowest life-cycle cost, lowest unit cost). Though all business decisions follow similar logic with regard to financing, reprocessing facilities are an exception due to the range of financing options available. The evaluation concludes that lowest unit costs and lifetime costs follow a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. Other financing arrangements, however, including regulated utility ownership and a hybrid ownership scheme, led to acceptable costs, below the Nuclear Energy Agency published estimates. Overwhelmingly, uncertainty in annual capacity led to the greatest fluctuations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; the annual operating costs dominate the government case. It is concluded that to finance the construction and operation of such a facility without government ownership could be feasible with measures taken to mitigate risk, and that factors besides unit costs should be considered (e.g., legal issues, social effects, proliferation concerns) before making a decision on financing strategy

National industry's interest in colorectal cancer screening programmes.

OpenAIRE

Hart, A R; Barone, T L; Wicks, A C; Mayberry, J F

1994-01-01

The interest of the largest 200 British industries in developing and financing colorectal screening services for employees was determined. A standard questionnaire asked if the company would advertise screening supply names of employees to local hospitals and finance faecal occult blood testing. The reasons for rejection were noted. Eighty-six companies returned the questionnaire (43% response rate) of which 78 firms (39% of the total mailed) were prepared to advertise screening programmes at...

Project financing

International Nuclear Information System (INIS)

Alvarez, M.U.

1990-01-01

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

Obstacles to the Mortgage Financing of Forest Rights and its Countermeasures

Institute of Scientific and Technical Information of China (English)

2011-01-01

Current status of the mortgage financing of forest rights is introduced.Significance of the development of mortgage financing of rural forest rights is analyzed,indicating that the mortgage financing of rural forest rights is an inevitable trend of rural reform development,Mortgage financing of forest rights in rural China is an effective vector for the farmers’ income increase project with financial support,explores the great potential of forest resources,promotes the coordinated development of forestry and financial services.Major obstacles for the mortgage financing of forest rights at present is pointed out,which are the high assessment fees,the complex mortgage valuation,the unsound element market of forestry,and the lack of risk protection mechanism.Countermeasures for the development of mortgage financing of forest rights is out forward.For instance,both government and Forestry Bureau should strengthen the circulation services,establish smooth evaluation mechanism,establish companies for rural assets platform,increase the interest subsidies for forest right mortgage and the risk compensation,strengthen the team construction and improve the service system.

Financing nuclear power plants; in the US and by the US

International Nuclear Information System (INIS)

Gray, J.E.

1985-01-01

US utilities have lost interest in financing any more nuclear power plants until a more favored combination of demand growth, economics, federal safety and environmental regulation, state economic (rate) regulation, and political acceptance are present. Money market and utility financing rating agencies' responses confirm the views of the utilities. Financing of US-origin nuclear power plants outside the United States by the US Government has slowed considerably from earlier levels. The US Government has forsaken its former preference for financing of nuclear power plants in favor of more even-handed treatment and additionally, by virtue of the Nuclear Non-Proliferation Act and related restrictions, created serious roadblocks to the marketing of US-origin nuclear plant equipment and services regardless of the source of the financing. Financing of US-origin nuclear power plant equipment and services in both the domestic and foreign markets is expected to improve due to improved industry/regulator performance and relationships in the US market and more supportive federal executive and legislative department actions with regard to the international markets

Windpower project ownership and financing: The cost impacts of alternative development structures

Energy Technology Data Exchange (ETDEWEB)

Wiser, R.H. [Lawrence Berkeley National Lab., CA (United States)

1997-12-31

This paper uses traditional financial cash-flow techniques to examine the impact of different ownership and financing structures on the cost of wind energy. While most large-scale wind projects are constructed, operated, and financed by non-utility generators (NUGs) via project financing, investor- and publicly-owned utilities have expressed interest in owning and financing their own facilities rather than purchasing wind energy from independent generators. A primary justification for utility ownership is that, because of financing and tax benefits, windpower may be cheaper when developed in this fashion. The results presented in this paper support that justification, though some of the estimated cost savings associated with utility ownership are found to be a result of shortcomings in utility analysis procedures and implicit risk shifting. This paper also discusses the comparative value of the federal production tax credit and renewable energy production incentive; estimates the financing premium paid by NUG wind owners compared to traditional gas-fired generation facilities; and explores the impact of electricity restructuring on financing.

FINANCING CAPACITY, AN INDICATOR OF SELF FINANCING FOR COMPANIES

Directory of Open Access Journals (Sweden)

Teodor Hada

2013-12-01

Full Text Available In the introduction of this paper the research objectives are presented on a case study, the research method, as well as the literature in the field and the novelty of this study. Furthermore, several aspects on the source of information for determining intermediate management balances are covered. In the third part of the study the indicator of self-financing capacity of companies is determined. The correlation between the self-financing capacity and term debts are shown in the fourth part and the fifth part of this study presents some aspects regarding global self-financing, maintaining self-financing, net self-financing, and finally the results of the study are presented.

Financing Trans-European Energy Infrastructures - Past, Present and Perspectives

International Nuclear Information System (INIS)

Hirschhausen, Christian von

2011-01-01

The transformation of the European energy system towards a low carbon industry requires substantial investment and financing. According to the Energy Infrastructure Package (EIP), around one trillion euros must be invested in the European energy system until 2020. Out of the euro 200 billion required investment for transmission networks, only half of the capital will be provided by markets. This leaves a financial gap of ca. euro 100 bn. and poses a question on the EU role in financing European energy infrastructures. This policy paper by Christian Von Hirschhausen focuses on the future financing of trans-European energy infrastructures. After providing an overview of the long-term infrastructure needs and of the various instruments that currently exist to finance these infrastructures, the author discusses various aspects related with the planning and financing of cross border energy infrastructures with the help of a case study: the North Sea Grid Project. On the basis of the North Sea example, he highlights the importance of adopting a regulatory approach balancing European and Member States' interests as well as of streamlining and expanding the EU financial support to sustainable energy infrastructures

Tax Implication of Structuring and Financing Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Cristian Ianca

2008-09-01

Full Text Available The structuring and financing of mergers and acquisitions has substantial tax consequences. The decision to acquire the assets or the shares of the target company should take into consideration, on one hand, the capital gains taxation at the transaction time and, on the other hand, the tax planning opportunities for the future. The tax burden can also be minimized by an optimum selection of the acquisition vehicle. The choice of a financing alternative should take into account the interest deductibility and the specific tax regulations of each jurisdiction concerned.

Behavioral finance

Directory of Open Access Journals (Sweden)

Kapor Predrag

2014-01-01

Full Text Available This paper discuss some general principles of behavioral finance Behavioral finance is the dynamic and promising field of research that mergers concepts from financial economics and cognitive psychology in attempt to better understand systematic biases in decision-making process of financial agents. While the standard academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups and organizations. Most of the research behind behavioral finance has been empirical in nature, concentrating on what people do and why. The research has shown that people do not always act rationally, nor they fully utilise all information available to them.

Nuclear fuel financing

International Nuclear Information System (INIS)

Lurf, G.

1975-01-01

Fuel financing is only at its beginning. A logical way of developing financing model is a step by step method starting with the financing of pre-payments. The second step will be financing of natural uranium and enrichment services to the point where the finished fuel elements are delivered to the reactor operator. The third step should be the financing of fuel elements during the time the elements are inserted in the reactor. (orig.) [de

THE CONTROL OVER LOCAL PUBLIC FINANCES IN ROMANIA AND IN OTHER RELEVANT COUNTRIES OF EU

OpenAIRE

NICU MARCU; RALUCA ANTONEAC

2015-01-01

Local public finances are an essential component of public finances together with the public finances of the central state administration. Because, besides the right of local representative bodies to decide on issues of local interest, local autonomy implies the right of communities to constitute and manage their own budgets in order to create an accurate and integrated image of the functionality of various systems of territorial administrative organization, we considered opportun...

Stochastic interest rates model in compounding | Galadima ...

African Journals Online (AJOL)

Stochastic interest rates model in compounding. ... in finance, real estate, insurance, accounting and other areas of business administration. The assumption that future rates are fixed and known with certainty at the beginning of an investment, ...

Banking on Solar: Debt Finance in Today's Distributed Market (Poster)

Energy Technology Data Exchange (ETDEWEB)

Louder, T.

2014-10-01

Over the last two years, several entities - from banks to credit unions to solar finance companies -have rolled out distributed solar-specific loan programs in the United States. These solar-specific loans are a distinct loan in that the underwriting, loan terms, lender security interest, and other programmatic aspects are designed exclusively for the financing of solar installations. Until recently, loan financing for distributed solar installations was largely through home equity loans, commercial loans, and other standardized loan products available to homeowners and businesses for general expenditures. However, as the U.S. solar market matures, so too are its financing options, and solar-specific loans stand to gain market share. This poster was presented at the Solar Power International conference in Las Vegas, NV in October 2014.

Relationship finance, market finance and endogenous business cycles

OpenAIRE

Deidda, Luca Gabriele; Fattouh, Bassam

2010-01-01

This paper develops an overlapping generation model with asymmetric information in the credit market such that the interplay between relationship finance supplied by investors who monitor investment decisions ex-ante and market finance supplied by investors who relay on public information can be the source of endogenous business fluctuations. Monitoring helps reducing the inefficiency caused by moral hazard. However, the incentives of entrepreneurs to demand relationship finance to induce mon...

Analisis Pengaruh Return on Asset (ROA, Biaya Operasional Terhadap Pendapatan Operasional (BOPO, Suku Bunga, Financing to Deposits Ratio (FDR dan Non Performing Financing (NPF Terhadap Tingkat Bagi Hasil Deposito Mudharabah (Studi Empiris pada Bank Um

Directory of Open Access Journals (Sweden)

Nana Novianti

2016-01-01

Full Text Available Level of profit sharing given by Islamic Banks which is one factor public appeal to save funds in the products of Islamic Banks but in level of profit sharing for giving of Islamic Banks still refers to the rate of Conventional Banks. Still referring to Conventional Bank interest rates make people still think that the same Islamic Banks with Conventional Banks. This research purpose to analyze the effect of financial ratios and interest rate to the level of profit sharing of mudharabah deposits Islamic Banks in Indonesia. The population used is the quarterly financial statements throughout Islamic Banks in Indonesia 2011-2013. Selection of the samples tested in this study using purposive sampling method, 6 selected Islamic Banks. Analysis tools in this study is used multiple regression analysis using SPSS 19.0 software. The variables used in this study are Return On Asset (ROA, BOPO, Interest Rate, Financing To Deposits Ratio (FDR and Non Performing Financing (NPF as the independent variable, and level of profit sharing mudaraba deposits as the dependent variable. Partial results show that Return On Asset (ROA and Financing To Deposits Ratio (FDR significant positive effect on level of profit sharing mudaraba deposits while the BOPO, Interest Rate and Non Performing Financing (NPF have no effect.DOI: 10.15408/ess.v5i1.2333

"Money in Finance"

OpenAIRE

L. Randall Wray

2011-01-01

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial...

Corporate finance theorie en financiële crisis in breder perspectief

NARCIS (Netherlands)

Boot, A.W.A.

2008-01-01

Deze publicatie van het Amsterdam Center for Corporate Finance in haar discussiereeks ‘Topics in Corporate Finance’ gaat over de financiële crisis. Dat het financiële systeem het afgelopen jaar enige schrammetjes heeft opgelopen is een understatement. Het financiële stelsel staat onder druk. Grote

Patterns of financing for the largest hospital systems in the United States.

Science.gov (United States)

Cleverley, William O; Baserman, Sarah Jane

2005-01-01

The ten large systems reviewed in this column have greater degrees of financial leverage than do most freestanding hospitals. Larger firms typically have both greater capital access and lower costs of financing. Both voluntary and IO systems make extensive use of variable rate financing, but the percentage of variable rate financing is slightly higher for voluntary systems. This difference may be attributable to larger yield curve spreads for tax-exempt versus taxable securities. Interest rate swaps were used by 70 percent of the systems, but the actual amount swapped was relatively minor. This may change in the future as financial officers become more comfortable and familiar with interest rate swap arrangements. When compared to IO systems, voluntary systems have extensive levels of cash relative to their debt positions. Cash balances are more critical in the bond-rating process for voluntary hospitals, and the ability to raise new equity is much more limited in the voluntary sector. Very little capital leasing was used in any of the systems.

A Study of Interest and Perception of the Financial Planning Profession Among Finance Undergraduate Students

Science.gov (United States)

Chen, Leon; Severns, Roger

2016-01-01

We conducted an annual survey of undergraduate students taking finance courses over the past 5 years (2009-2014). Our results showed that although more than 70% of students considered the financial planning profession to some extent, the percentage of students who had seriously considered it declined over time, despite the increasing number of new…

More reliable financing of future nuclear waste costs

International Nuclear Information System (INIS)

1994-01-01

This appendix contains seven reports written by consultants to the Commission. The report titles are: Basic document regarding the inquiry on fund management; Scenarios for growth and real interest rates in a long perspective; Stability of the Swedish financing system; Report concerning the financing of nuclear waste management in Sweden and Finland and the cost control system in Sweden; Evaluation of the cost estimates and calculation methods of SKB; A study of the costs for nuclear waste - The basis for cost estimation; A review of scope and costs for the Swedish system for management of nuclear waste. The four last reports are separately indexed

Segmentation, access to finance constraints and the credit monopolistic power of financial institutions in Nicaragua

NARCIS (Netherlands)

Herrera Urbina, C.J.; Ruben, R.; Dijkstra, G.

2015-01-01

Access to finance has been the focus of significant interest in recent years as there are warning signs suggesting that lack of access to credit has an adverse effect on growth and poverty alleviation. Furthermore, recent studies have shown that access to finance is positively correlated with

Students Perspectives toward Key Personal Finance Variables

Science.gov (United States)

Miller, Donald; Hite, Nancy Groneman; Slocombe, Tom; Railsback, Barbara

2010-01-01

Purpose: In the current economic climate, young people's attitudes and habits related to money management seem to be of great interest. The primary purpose of this study is to advance the knowledge base in the area of personal finance education. Methodology: This survey was administered by English teachers to a convenience sample population of 326…

SMES' SECTOR ACCESS TO FINANCE: AN OVERVIEW

Directory of Open Access Journals (Sweden)

Roman Angela

2011-07-01

Full Text Available Through their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity. The access to finance is crucial for efficient allocation of financial resources and entrepreneurial development, which explains the major interest given to this subject both by the academic literature and the policy makers. The paper aims to highlight the difficulties faced by SMEs in securing financing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement appropriate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order to support the access to financing for SMEs. The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research. The analysis conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities concerns regarding their alleviation, especially by adopting measures focused on increasing financial development, which would ensure greater availability of financing for businesses and thus economic growth. The limited

Current Practices in Efficiency Financing: An Overview for State and Local Governments

Energy Technology Data Exchange (ETDEWEB)

Leventis, Greg [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Fadrhonc, Emily Martin [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Kramer, Chris [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Goldman, Charles [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

2016-11-01

In recent years there has been significant growth in the size and sheer number of energy efficiency financing programs. The term “energy efficiency financing” refers to debt or debt-like products that support the installation of energy efficiency measures by allowing costs to be spread over time. The implementation of the American Recovery and Reinvestment Act (ARRA) led to a proliferation of energy efficiency financing programs, which was followed in subsequent years by the launch of green banks in several states and the ramp up of other ratepayer-supported financing initiatives in various jurisdictions. These activities have brought increased attention to energy efficiency financing as an area of programmatic interest. Yet the propagation of various types of financing in a growing number of markets may have also left some policymakers and program administrators with questions as to what categories of products and programs are best suited for their situation.

Access to finance from different finance provider types: Farmer knowledge of the requirements.

Science.gov (United States)

Wulandari, Eliana; Meuwissen, Miranda P M; Karmana, Maman H; Oude Lansink, Alfons G J M

2017-01-01

Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample of finance providers and farmers in Java Island, Indonesia. We find that the most important requirements to acquire finance vary among different finance provider types. We also find that farmers generally have little knowledge of the requirements, which are important to each type of finance provider. Awareness campaigns are needed to increase farmer knowledge of the diversity of requirements among the finance provider types.

Efficient Numerical Methods for Stochastic Differential Equations in Computational Finance

KAUST Repository

Happola, Juho

2017-09-19

Stochastic Differential Equations (SDE) offer a rich framework to model the probabilistic evolution of the state of a system. Numerical approximation methods are typically needed in evaluating relevant Quantities of Interest arising from such models. In this dissertation, we present novel effective methods for evaluating Quantities of Interest relevant to computational finance when the state of the system is described by an SDE.

Efficient Numerical Methods for Stochastic Differential Equations in Computational Finance

KAUST Repository

Happola, Juho

2017-01-01

Stochastic Differential Equations (SDE) offer a rich framework to model the probabilistic evolution of the state of a system. Numerical approximation methods are typically needed in evaluating relevant Quantities of Interest arising from such models. In this dissertation, we present novel effective methods for evaluating Quantities of Interest relevant to computational finance when the state of the system is described by an SDE.

Division of Finance Homepage

Science.gov (United States)

Top Department of Administration logo Alaska Department of Administration Division of Finance Search Search the Division of Finance site DOF State of Alaska Finance Home Content Area Accounting Charge Cards You are here Administration / Finance Division of Finance Updates IRIS Expenditure Object Codes

From public to private climate change adaptation finance : Adapting finance or financing adaptation?

NARCIS (Netherlands)

Pauw, W.P.

2017-01-01

Private financing is the latest mark of the privatisation of global governance. The implementation of international agreements in the fields of environment, climate change and development has always been supported by public finance from developed countries. This tradition is broken by a

25 CFR 170.300 - May tribes use flexible financing to finance IRR transportation projects?

Science.gov (United States)

2010-04-01

... Financing § 170.300 May tribes use flexible financing to finance IRR transportation projects? Yes. Tribes may use flexible financing in the same manner as States to finance IRR transportation projects, unless... 25 Indians 1 2010-04-01 2010-04-01 false May tribes use flexible financing to finance IRR...

Innovations in Wind and Solar PV Financing

Energy Technology Data Exchange (ETDEWEB)

Cory, K.; Coughlin, J.; Jenkin, T.; Pater, J.; Swezey, B.

2008-02-01

There is growing national interest in renewable energy development based on the economic, environmental, and security benefits that these resources provide. Historically, greater development of our domestic renewable energy resources has faced a number of hurdles, primarily related to cost, regulation, and financing. With the recent sustained increase in the costs and associated volatility of fossil fuels, the economics of renewable energy technologies have become increasingly attractive to investors, both large and small. As a result, new entrants are investing in renewable energy and new business models are emerging. This study surveys some of the current issues related to wind and solar photovoltaic (PV) energy project financing in the electric power industry, and identifies both barriers to and opportunities for increased investment.

Hardship financing of healthcare among rural poor in Orissa, India.

Science.gov (United States)

Binnendijk, Erika; Koren, Ruth; Dror, David M

2012-01-27

This study examines health-related "hardship financing" in order to get better insights on how poor households finance their out-of-pocket healthcare costs. We define hardship financing as having to borrow money with interest or to sell assets to pay out-of-pocket healthcare costs. Using survey data of 5,383 low-income households in Orissa, one of the poorest states of India, we investigate factors influencing the risk of hardship financing with the use of a logistic regression. Overall, about 25% of the households (that had any healthcare cost) reported hardship financing during the year preceding the survey. Among households that experienced a hospitalization, this percentage was nearly 40%, but even among households with outpatient or maternity-related care around 25% experienced hardship financing.Hardship financing is explained not merely by the wealth of the household (measured by assets) or how much is spent out-of-pocket on healthcare costs, but also by when the payment occurs, its frequency and its duration (e.g. more severe in cases of chronic illnesses). The location where a household resides remains a major predictor of the likelihood to have hardship financing despite all other household features included in the model. Rural poor households are subjected to considerable and protracted financial hardship due to the indirect and longer-term deleterious effects of how they cope with out-of-pocket healthcare costs. The social network that households can access influences exposure to hardship financing. Our findings point to the need to develop a policy solution that would limit that exposure both in quantum and in time. We therefore conclude that policy interventions aiming to ensure health-related financial protection would have to demonstrate that they have reduced the frequency and the volume of hardship financing.

Hardship financing of healthcare among rural poor in Orissa, India

Directory of Open Access Journals (Sweden)

Binnendijk Erika

2012-01-01

Full Text Available Abstract Background This study examines health-related "hardship financing" in order to get better insights on how poor households finance their out-of-pocket healthcare costs. We define hardship financing as having to borrow money with interest or to sell assets to pay out-of-pocket healthcare costs. Methods Using survey data of 5,383 low-income households in Orissa, one of the poorest states of India, we investigate factors influencing the risk of hardship financing with the use of a logistic regression. Results Overall, about 25% of the households (that had any healthcare cost reported hardship financing during the year preceding the survey. Among households that experienced a hospitalization, this percentage was nearly 40%, but even among households with outpatient or maternity-related care around 25% experienced hardship financing. Hardship financing is explained not merely by the wealth of the household (measured by assets or how much is spent out-of-pocket on healthcare costs, but also by when the payment occurs, its frequency and its duration (e.g. more severe in cases of chronic illnesses. The location where a household resides remains a major predictor of the likelihood to have hardship financing despite all other household features included in the model. Conclusions Rural poor households are subjected to considerable and protracted financial hardship due to the indirect and longer-term deleterious effects of how they cope with out-of-pocket healthcare costs. The social network that households can access influences exposure to hardship financing. Our findings point to the need to develop a policy solution that would limit that exposure both in quantum and in time. We therefore conclude that policy interventions aiming to ensure health-related financial protection would have to demonstrate that they have reduced the frequency and the volume of hardship financing.

Finance

OpenAIRE

2013-01-01

Voici la 17e édition du Rapport moral sur l’argent dans le monde, publié chaque année depuis 1994 par l’Association d’économie financière avec le soutien de la Caisse des Dépôts. Abordant une nouvelle fois les grands débats qui traversent actuellement le monde de la finance, il se consacre dans un premier temps à la lutte contre la criminalité et les délits financiers, et plus particulièrement à la lutte contre la corruption, la délinquance dans la finance et la fraude fiscale. Dans un second...

Financing of Romanian Non-governmental Organizations

Directory of Open Access Journals (Sweden)

Sebastian Ion CEPTUREANU

2017-06-01

Full Text Available Non-governmental organizations (NGOs have become increasingly important in the last decade for the Romanian society. They raise public awareness for human rights, promote development of democracy and seek to improve the well-being of communities by being increasingly engaging in various development, educational, social or health projects. Unfortunately, many NGOs has to cope with significant financing problems since competition for resources amplified and some of the traditional donors cut or reduced support. This paper analyze financing issues in NGOs, based on a quantitative analysis, using a structured questionnaire. Since it is one of the very few studies covering Romania, the scope of the paper was to provide for those involved or interested in NGO sector new data concerning, for instance, sources of revenue or destination of resources, enabling NGOs executives to build financial sustainable organizations.

BANKING WITHOUT INTEREST

Directory of Open Access Journals (Sweden)

Jana Ilieva

2017-06-01

Full Text Available In recent years, there has been increased global awareness of Islamic finance. This topic is mainly opened with respect to the great financial crisis that mostly hit the banking system and the financial markets and caused many bank bankruptcies and state interventions. This paper analyzes the basic principles of Islamic banking. The absolute prohibition of receiving and giving interest (Riba and profit-and-loss sharing (PLS paradigms are elaborated in detail; they are primarily based on mudarabah (profit-sharing and musyarakah (joint venture concepts which nowadays are becoming an accepted way of doing business in several Western multinational banks. An overall comparison of the advantages of Islamic vs. conventional banking is also given. Islamic finance technology solutions have matured and they will face various challenges in the following decades, due to conventional banks offering, increasingly, Islamic products. The need for a more comprehensive environment and regulatory framework is emphasized, so that Islamic banking development can be ensured.

Preliminaries to an investigation of reduced product set finance

NARCIS (Netherlands)

Bergstra, J.A.; Middelburg, C.A.

2010-01-01

Principles of financial product synthesis from a few basic financial products constitute an interesting research topic inspired by Islamic finance. We make an effort to answer general questions that should be answered before starting to investigate the main issues concerning this topic with the

Preliminaries to an investigation of reduced product set finance

NARCIS (Netherlands)

Bergstra, J.A.; Middelburg, C.A.

2011-01-01

Principles of financial product synthesis from a few basic financial products constitute an interesting research topic inspired by Islamic finance. We make an effort to answer general questions that should be answered before starting to investigate the main issues concerning this topic with the

The anatomy and importance of project finance for oil and gas developments

International Nuclear Information System (INIS)

Whyatt, A.S.

1992-01-01

This paper reports that project financing can be of great benefit to oil and gas projects because by separately identifying and securing assets and cashflows it can provide large sums not otherwise accessible to whole projects or to individual companies. Project financing is of interest to members of the SPE because it routinely requires the expertise of petroleum engineers and other professionals to vouch for the viability of petroleum projects and the recoverability of reserves. its essential attraction is that risk analysis and the application of precise professional criteria enable large projects and amounts to be financed, which otherwise might not occur. This is particularly the case when there are a number of participants in a large project, none of which is on its own able to support the finance. The growth in the average size of projects means that an increasing number of projects must be financed in this way or not be able to go forward

Creative Bus Financing.

Science.gov (United States)

Malone, Wade

1982-01-01

Alternative ways of financing school bus purchases include financing privately through contractors or commercial banks, financing through sources such as insurance companies and pension funds, leasing the buses, or contracting for transportation services. (Author/MLF)

Finance/security/life.

OpenAIRE

Langley, P.

2017-01-01

What is the contemporary relation between finance and security? This essay encourages further research into the securitization of finance by developing the notion of ‘finance/security/life’. A focus on the intersections of finance/security/life will be shown to prompt a broadened range of critical, cross-disciplinary concerns with the various ways in which financial markets are positioned as vital to securing wealth, welfare and wellbeing.

Considerations regarding the constitutional obligation determining the financing source for budgetary expenditures

Directory of Open Access Journals (Sweden)

Florentina Camelia Stoica

2016-12-01

Full Text Available This study examines the relation between constitutionality and opportunity in order to adopt regulations in matters of economy and finance. The analysis concerns in particular the regulation process on budgetary expenditures, respectively the constitutional obligation to indicate the source of financing for these expenses. The legal and jurisprudential landmarks identified are likely to reveal the delicate issues of balancing the concurring interests, as well as the constitutionalisation tendency of certain obligations imposed by the law of public finances and, respectively, the Fiscal Responsibility Law in the sense of transforming them into “constitutional criteria” through the application of Article 138 (5 of the Constitution.

Financing dengue vaccine introduction in the Americas: challenges and opportunities.

Science.gov (United States)

Constenla, Dagna; Clark, Samantha

2016-01-01

Dengue has escalated in the region of the Americas unabated despite major investments in integrated vector control and prevention strategies. An effective and affordable dengue vaccine can play a critical role in reducing the human and economic costs of the disease by preventing millions around the world from getting sick. However, there are considerable challenges on the path towards vaccine introduction. These include lack of sufficient financing tools, absence of capacity within national level decision-making bodies, and demands that new vaccines place on stressed health systems. Various financing models can be used to overcome these challenges including setting up procurement mechanisms, integrating regional and domestic taxes, and setting up low interest multilateral loans. In this paper we review these challenges and opportunities of financing dengue vaccine introduction in the Americas.

Financing Distributed Generation

International Nuclear Information System (INIS)

Walker, A.

2001-01-01

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

Revisiting The Concepts of Money, Profit and Interest from The Perspective of Value and Diminishing Marginal Utility

Directory of Open Access Journals (Sweden)

Ahamed Kameel Mydin Meera

2015-08-01

Full Text Available This article is a theoretical article that attempts to clarify the inherent meanings of the concepts of profit and interest, i.e. two important concepts in finance, particularly Islamic Finance. These are age-old concepts in economics that still draw confusion among people. Profit comes from trade and interest comes from lending and borrowing activities. While the former is much encouraged in Islam, the latter is strongly forbidden. Nonetheless, in today’s monetary and financial circumstances, the market interest rate is being used as a benchmark for the Islamic profit rate, drawing criticisms from many quarters that both are indeed one and the same. Using the fundamental economic concept of marginal utility, this paper attempts to clarify the fundamental difference in these two concepts and their implications for modern finance, particularly Islamic finance. Indirectly in the process, the paper also clarifies the concepts of money and riba.

Consumer Finance

OpenAIRE

Peter Tufano

2009-01-01

Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation fo...

THE ENTERPRISE SELF-FINANCING – THE TAXATION IMPACT UPON SELF-FINANCING DECISION

OpenAIRE

Nicoleta BARBUTA-MISU

2009-01-01

This work study the self-financing problematic, with particular emphasis on their benefits for the enterprise, but also for shareholders, on domestic or external factors that influence the self-financing decision and its level, on the relationship between self-financing and depreciation, degree of debt and profitability and not in the last line on the self-financing cost. In the factors that acting on the self-financing decision was granted a special attention to taxation, whose impact has be...

Financing Distributed Generation

Energy Technology Data Exchange (ETDEWEB)

Walker, A.

2001-06-29

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

Corporate finance

OpenAIRE

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

2011-01-01

Corporate Finance: Theory and Practice, 3rd Edition, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. This book covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financie...

Organising the Finances For and the Finances From Transnational Corporate Bribery

OpenAIRE

Lord, Nicholas; Michael Levi,

2016-01-01

This article analyses the finances for and the finances from corporate bribery in international business transactions and how they are organised. Transnational corporate bribery involves non-criminal commercial enterprises that operate in licit markets but that use corrupt means to win or maintain business contracts inforeign jurisdictions. This article first considers what needs to be financed, how much finance is needed, and how the bribes can be generated and distributed. Second, the artic...

Financing innovative technologies in wind projects

International Nuclear Information System (INIS)

Vaughan, C.

2006-01-01

Methods of market entry and the financing of new technologies were discussed from the perspective of Clipper Windpower, a wind energy company based in the northeastern United States and Canada. Many new technology companies only consider private equity when seeking financing for new product development. However, financing for projects and products is only the first step to market entry. Wind projects are the financial equivalent of a high yield bond with mechanical risk. Many wind power projects with company equity can also be seen as a long term bond with upside in any given year. It is therefore important for wind developers to seek out strategic buyers for both product development and project development, in addition to finding sources of private equity. Clipper Windpower Inc. has developed a partnership with British Petroleum (BP), who hold an equity interest in the company. Both companies are now partnering on projects with Clipper turbines, and firm orders are in place for 2007 and 2008. As a result of the partnership, Clipper now has increased its financial strength in cash flows, balance sheets, and projected revenue. It was concluded that a successful partnership can increase the scale of wind power development, and bring financial sophistication to smaller companies with limited resources. refs., tabs., figs

Mathematical and Statistical Methods for Actuarial Sciences and Finance

CERN Document Server

Legros, Florence; Perna, Cira; Sibillo, Marilena

2017-01-01

This volume gathers selected peer-reviewed papers presented at the international conference "MAF 2016 – Mathematical and Statistical Methods for Actuarial Sciences and Finance”, held in Paris (France) at the Université Paris-Dauphine from March 30 to April 1, 2016. The contributions highlight new ideas on mathematical and statistical methods in actuarial sciences and finance. The cooperation between mathematicians and statisticians working in insurance and finance is a very fruitful field, one that yields unique  theoretical models and practical applications, as well as new insights in the discussion of problems of national and international interest. This volume is addressed to academicians, researchers, Ph.D. students and professionals.

A Critical evaluation Of The Nigerian Agricultural Export Financing ...

African Journals Online (AJOL)

The study evaluated the effectiveness of export financing in enhancing agricultural export in Nigeria. Secondary time series data covering the period of 1990 to 2000 were used while econometric and statistical analysis were employed to analyze the data. The result showed that high exchange rate, interest rates and ...

REVISITING THE CONCEPTS OF MONEY, PROFIT AND INTEREST FROM THE PERSPECTIVE OF VALUE AND DIMINISHING MARGINAL UTILITY

Directory of Open Access Journals (Sweden)

Ahamed Kameel Mydin Meera

2015-08-01

Full Text Available This article is a theoretical article that attempts to clarify the inherent meanings of the concepts of profit and interest, i.e. two important concepts in finance, particularly Islamic Finance. These are age-old concepts in economics that still draw confusion among people. Profit comes from trade and interest comes from lending and borrowing activities. While the former is much encouraged in Islam, the latter is strongly forbidden. Nonetheless, in today’s monetary and financial circumstances, the market interest rate is being used as a benchmark for the Islamic profit rate, drawing criticisms from many quarters that both are indeed one and the same. Using the fundamental economic concept of marginal utility, this paper attempts to clarify the fundamental difference in these two concepts and their implications for modern finance, particularly Islamic finance. Indirectly in the process, the paper also clarifies the concepts of money and riba. Keywords: Money, marginal utility, monetary system JEL Classification: D11, E40, E50, E60

Financing energy projects: experience of the International Finance Corporation

International Nuclear Information System (INIS)

Bond, Gary; Carter, Laurence

1995-01-01

This paper provides an overview of the recent trend towards private ownership and financing of power projects in the developing countries, focusing on the role played by both private and public agencies in meeting the large financing challenges. The paper draws upon the operational experience of the International Finance Corporation, which has been involved in the financing of more than 30 private power projects in the developing countries over the past three decades. Among the issues that affect implementation of private power projects is the balancing of risk and reward to equity investors and to commercial lenders. The paper discusses the principal sources of risk and the strategies used to manage them. A related issue is the competition for capital on the international markets, and the techniques that are being devised to bring more finance to the power sector. Finally, the paper considers the role of government in bringing private investors to the power sector, and the approaches being adopted to balance the needs of investors with the needs of the public. (author)

Financing wind energy projects

International Nuclear Information System (INIS)

Blom, P.

1996-01-01

Triodos Bank has more than 10 years of experience with developing and financing wind projects in the Netherlands. Over 50 Megawatt has been installed with direct involvement of the bank. The experience is both as a bank and as a venture capital fund. In this contribution the perspective will be more from a venture capital point of view than as a bank. The bank's activities in the wind energy sector started in 1986 by forming a joint venture with an engineering bureau, experienced i wind energy but not yet in developing wind projects. From 1989 onwards the joint venture started to build wind farms, both as a private company and in a joint venture with utilities. The European Investment Bank became involved with a long-term debt finance facility (15 years, fixed interest loan). The main difficulties were long-term commitments from landowners (Dike authorities) and utilities with regard to power contracts. The development got really stuck when utilities refused to pay a fair price anymore. Also, site development became more and more difficult. Even the poor technical performance improved drastically and did not frighten developers and banks too much. (author)

Carbon Emission Reduction with Capital Constraint under Greening Financing and Cost Sharing Contract.

Science.gov (United States)

Qin, Juanjuan; Zhao, Yuhui; Xia, Liangjie

2018-04-13

Motivated by the industrial practices, this work explores the carbon emission reductions for the manufacturer, while taking into account the capital constraint and the cap-and-trade regulation. To alleviate the capital constraint, two contracts are analyzed: greening financing and cost sharing. We use the Stackelberg game to model four cases as follows: (1) in Case A1, the manufacturer has no greening financing and no cost sharing; (2) in Case A2, the manufacturer has greening financing, but no cost sharing; (3) in Case B1, the manufacturer has no greening financing but has cost sharing; and, (4) in Case B2, the manufacturer has greening financing and cost sharing. Then, using the backward induction method, we derive and compare the equilibrium decisions and profits of the participants in the four cases. We find that the interest rate of green finance does not always negatively affect the carbon emission reduction of the manufacturer. Meanwhile, the cost sharing from the retailer does not always positively affect the carbon emission reduction of the manufacturer. When the cost sharing is low, both of the participants' profits in Case B1 (under no greening finance) are not less than that in Case B2 (under greening finance). When the cost sharing is high, both of the participants' profits in Case B1 (under no greening finance) are less than that in Case B2 (under greening finance).

Carbon Emission Reduction with Capital Constraint under Greening Financing and Cost Sharing Contract

Science.gov (United States)

Qin, Juanjuan; Zhao, Yuhui; Xia, Liangjie

2018-01-01

Motivated by the industrial practices, this work explores the carbon emission reductions for the manufacturer, while taking into account the capital constraint and the cap-and-trade regulation. To alleviate the capital constraint, two contracts are analyzed: greening financing and cost sharing. We use the Stackelberg game to model four cases as follows: (1) in Case A1, the manufacturer has no greening financing and no cost sharing; (2) in Case A2, the manufacturer has greening financing, but no cost sharing; (3) in Case B1, the manufacturer has no greening financing but has cost sharing; and, (4) in Case B2, the manufacturer has greening financing and cost sharing. Then, using the backward induction method, we derive and compare the equilibrium decisions and profits of the participants in the four cases. We find that the interest rate of green finance does not always negatively affect the carbon emission reduction of the manufacturer. Meanwhile, the cost sharing from the retailer does not always positively affect the carbon emission reduction of the manufacturer. When the cost sharing is low, both of the participants’ profits in Case B1 (under no greening finance) are not less than that in Case B2 (under greening finance). When the cost sharing is high, both of the participants’ profits in Case B1 (under no greening finance) are less than that in Case B2 (under greening finance). PMID:29652859

Analysis of Bonds as an Instrument for Financing Mining Investments

Science.gov (United States)

Ranosz, Robert

2017-06-01

The purpose of this article is to examine the structure of financing for mining enterprises in the years 2007-2013, with particular emphasis on bonds. The document pays special attention to Polish mining enterprises. The financing structure analysis was based on data collected from financial statements (cash flows) of the largest mining companies in Poland, and their comparison with the results of global mining enterprises pursuant to reports prepared by international advisory firms. The article takes into account capital sources such as: corporate bonds, bank loans and issue of shares. As indicated by the performed analysis, mining enterprises both around the world and in Poland are increasingly eager to take advantage of obtaining business financing from issue of corporate bonds. It should also be recognized that in the analyzed period, both global and Polish mining enterprises deviate from forms of financing such as issue of shares. This may be caused by the fact that the bonds market in Poland is becoming increasingly popular, mainly due to interest rate on bonds being lower in comparison with bank loans. Another reason may be that banks and potential buyers of shares are less eager to finance this type of investment due to a relatively substantial risk acceptable to bondholders.

Access to finance from different finance provider types: Farmer knowledge of the requirements

OpenAIRE

Wulandari, Eliana; Meuwissen, Miranda P. M.; Karmana, Maman H.; Oude Lansink, Alfons G. J. M.

2017-01-01

Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample o...

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...

Osobní a rodinné finance - finance vysokoškolského studenta

OpenAIRE

Palicová, Helena

2014-01-01

In this thesis, Personal and family finances, subtitled Finances of university student. It is discussed on the way to a happier life through management of personal finances. Just as it is necessary to control corporate finance, it is necessary everyone managed own personal finances. It is indicated as appropriate to tackle your finances,what to focus on, and it's practically demonstrated on the example of a university student. There are analyzed his goals and needs, then it is outlined possib...

Financing petroleum agreements

International Nuclear Information System (INIS)

Robson, C.J.V.

1994-01-01

This chapter describes the typical type of financing agreements which are currently used to finance North Sea petroleum projects whether they are in the cause of development or have been developed and are producing. It deals with the agreements which are entered into to finance borrowings for petroleum projects on a non-resource or limited resource basis. (UK)

Fiddle at financing of Mochovce NPP

International Nuclear Information System (INIS)

Beer, G.

2003-01-01

Slovak police found out and documented racket in financing of third and fourth block of Mochovce NPP. Damage should be 144 millions Slovak crowns. Investigator consequently accused twenty-three Slovaks from foundation, trump up and supporting of criminal group and deception. Two persons are suggested to be taken to custody. Skoda Praha, which was general supplier of construction for 1,5 billions Slovak crowns, in 2001 allowed to create a connection to let the finances between Slovenske elektrarne, a.s., Bratislava as investor and Skoda as subcontractor to be paid through three mediator companies. Companies got authorization to balance the relationship among all interested subjects. Confused network of 118 treaties was created. They invoiced reward from money current based on these treaties. Reward represented up to 70 per cent of transferred resources in some cases. According to Minister of Domestic Affairs Vladimir Palko it will be necessary to find out where is actually the money. For the time being nobody from NPP is among accused. (Author)

New opportunities in climate finance at scale | CRDI - Centre de ...

International Development Research Centre (IDRC) Digital Library (Canada)

21 avr. 2016 ... Thaven Naidoo of the Climate Technology Initiative Private Finance Advisory Network (CTI PFAN) spoke about the importance of interesting the impact investment community in ... L'expérimentation participative pour le renforcement des capacités d'adaptation aux changements climatiques au Burkina Faso.

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

CERN Document Server

Papapantoleon, Antonis

2016-01-01

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

Financing the UK power sector: Is the money available?

International Nuclear Information System (INIS)

Blyth, William; McCarthy, Rory; Gross, Robert

2015-01-01

The UK power generation sector faces a major new round of investment: the coincidence of asset retiring and ambitious goals for decarbonisation is not unique, but is particularly acute in the UK. The UK government has put in place a raft of new policies that seek to promote new, low carbon investment and ensure security of supply. The traditional channel for financing the sector has been through large utility companies, but this now looks challenging for various reasons. The UK therefore offers an interesting case study on several counts; the scale of the challenge, effectiveness of new policies, and the availability of alternative finance. We find that the link between the finance sector and the electricity sector is not ‘broken’, but the flow of money to the sector is threatened by the current weakness of the utilities’ business model. This paper compares estimates of the scale of investment required in the UK with historical investment rates. It summarises contemporary finance industry views of conditions and trends, and potential policy interventions that might be needed to bridge the investment gap. The potential for channelling institutional investor funds directly into energy assets is reviewed. - Highlights: • Power investment need to scale up compared to historical trends, but is achievable. • Traditionally, low-cost finance has been through bonds and shares of large utilities. • Utilities are suffering high debt, reduced demand, and suppressed prices. • Policy interventions to scale-up investment are reviewed.

High-frequency Trading, Algorithmic Finance, and the Flash Crash

DEFF Research Database (Denmark)

Borch, Christian

2016-01-01

The Flash Crash of 6 May 2010 has an interesting status in discussions of high-frequency trading, i.e. fully automated, superfast computerized trading: it is invoked both as an important illustration of how this field of algorithmic trading operates and, more often, as an example of how fully aut...... about resonance in quantitative finance....

International energy financing

International Nuclear Information System (INIS)

Vedavalli, Rangaswamy

1994-01-01

Some of the innovative financing options being considered by developing countries and economies in transition as ways of mobilizing international energy financing are discussed. Build-Own-Operate (BOO) and Transfer (BOOT) is the most commonly adopted approach. This involves limited resource financing of a project on the basis of the associated cash flow and risks and not on the credit of the project owners. The World Bank has set up the Multilateral Investment Guarantee Agency to provide, on a fee basis, guarantees against certain non-commercial forms of risk in order to promote international capital flow to developing countries. In 1989, the World Bank introduced the Expanded Co-financing Operations (ECO) programme as an instrument to catalyze the flow of private finance into developing countries and to improve their access to international financial markets. Other financial instruments currently being established include: leasing of equipment or whole plants by foreign investors; private ownership or operation of generation and distribution facilities; exchange of specific export goods for energy imports; developing instruments to finance local costs; revenue bonds; tax-exempt bonds; sale of electricity futures to those seeking more stable, longer term electricity price contracts. (UK)

The Determinants of Debt Financing

OpenAIRE

Zhao, Chenkai

2013-01-01

Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...

The Relationship between Housing Finance and Macroeconomics Variables in Malaysia

Directory of Open Access Journals (Sweden)

Binti Mohd Shukor Nur Baizura

2016-01-01

Full Text Available Housing finance is one of the factors that contribute in the overall economy growth of the country. The purpose of this paper is to analyse the relationship of housing finance variable and the macroeconomic variables in Malaysia. By adopting time series technique of Vector Auto regression (VAR and Impulse Response to determine the dynamic relationship between the macroeconomic and housing finance variable. The cointegration result shows that there exists a long run relationship between the macroeconomic variable and housing finance variable. The finding from impulse response function indicates that Gross Domestic Product (GDP response positively to the Primary Mortgage Market (PMM, which shows that during the good economy there are more housing loan extends by the banking institution. Meanwhile, interest rate response negatively to Secondary Mortgage Market (SMM, which implies that during the financial crisis, more housing loan sold to the Secondary Mortgage Market as one of the measure by the government to increase liquidity in banking institutions. As a conclusion, there is presence of relationship between the variable which change in one variable will affect the other variable in the long run.

POST BEHAVIORAL FINANCE ADOLESCENCE

Directory of Open Access Journals (Sweden)

ADRIAN MITROI

2016-12-01

Full Text Available The study of behavioral finance combines the investigation and expertise from research and practice into smart portfolios of individual investors’ portfolios. Understanding cognitive errors and misleading emotions drive investors to their long-term goals of financial prosperity and capital preservation. 10 years ago, Behavioral Finance was still considered an incipient, adolescent science. First Nobel Prize in Economics awarded to the study of Behavioral Economics in 2002 established the field as a new, respected study of economics. 2013 Nobel Prize was awarded to three economists, one of them considered the one of the founders of the Behavioral Finance. As such, by now we are entering the coming of age of behavioral finance. It is now recognized as a science of understanding investors behaviors and their biased patterns. It applies quantitative finance and provides practical models grounded on robust understanding of investors behavior toward financial risk. Financial Personality influences investment decisions. Behavioral portfolio construction methods combine classic finance with rigorously quantified psychological metrics and improves models for financial advice to enhance investors chances in reaching their lifetime financial goals. Behavioral finance helps understanding psychological profile dissimilarities of individuals and how these differences manifest in investment decision process. This new science has become now a must topic in modern finance.

FINANCING OF INTERNATIONAL TRANSACTIONS

Directory of Open Access Journals (Sweden)

RADU NICOLAE BĂLUNĂ

2013-02-01

Full Text Available Financing (funding is essentially the purchase of funds necessary for a business. This can be done from internal sources (company’s own funds or external (borrowed funds. The high value of goods traded in international trade makes revenues generated from internal resources not sufficient to settle the value of the goods. Thus, it is frequent to resort to borrowed funds. In International Business Transactions, external financing is done both by classical techniques of credit (credit supplier and buyer credit and modern techniques of financing (factoring, forfeiting, leasing all trade tailored. In terms of the length of financing, accounting funding is short-term (1-12 months and long-term financing (over a year. In principle, export and import operations prevailing short-term financing techniques, while international investment and industrial cooperation actions are specific long-term funding

12 CFR 987.7 - Liability of Banks, Finance Board, Office of Finance and Federal Reserve Banks.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Liability of Banks, Finance Board, Office of Finance and Federal Reserve Banks. 987.7 Section 987.7 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE BOOK-ENTRY PROCEDURE FOR CONSOLIDATED OBLIGATIONS § 987.7 Liability of Banks, Finance Board, Office of Finance and Federal Reserve...

Export development financing

International Nuclear Information System (INIS)

Balint, J.

1995-01-01

The main activities of the Export Development Corporation (EDC) were described, as well as some of the changes currently being implemented. EDC is Canada's official export credit agency, providing risk management services such as insurance, loans, guarantees, equity and leasing. EDC's project finance initiative started in 1991, and focused mainly on the up-front process. It has established itself as a recognized leader in project financing. It has over 15 years experience in a variety of sectors and countries. Energy projects financed to date include hydro projects in India, Argentina and Pakistan, and thermal projects in Thailand, China, Indonesia and Egypt. Lending criteria used to select projects were outlined, along with the risks endemic to project financing

REGULATIONS AND FINANCING OF SMEs IN ALBANIA

Directory of Open Access Journals (Sweden)

Oltiana Muharremi

2012-12-01

Full Text Available An important factor that has contributed in the realization of a positive economic growth in Albania in the last 20 years is undoubtedly the Small and Medium Enterprise (SME sector. SME financing is a topic of significant research interest to academics, and an issue of great importance to the policy makers around the world. Economic, as well as technical and social arguments warrant the promotion of SMEs. They create large scale, low-cost employment opportunities, use locally available inputs and technologies, mobilize small and scattered private savings, develop entrepreneurship, and correct the regional imbalance in development that exists in industrialized countries. Several studies identify financing, infrastructure facilities, taxes, regulations and stability in policies as major obstacles for the growth of small and medium businesses. Improving the business environment for SME development is a key objective of the policy framework in Albania.

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

OpenAIRE

Magomet Yandiev

2015-01-01

The present paper argues that the present Internet conditions favour an entirely new finance model. Understood to soon supplement the existing ones (classical finance, corporate finance, and Islamic finance), it is argued that the new model will be defined by the destructive effect it is to have on the contemporary financial infrastructure of most countries, and the advent of the ‘future money value exceeds its present one’ principle.

Finance and Management Services

Science.gov (United States)

Substance Misuse and Addiction Prevention Finance & Management Services Health Care Services Juvenile health care provider about vitamin D and the risks and benefits of supplementation. Finance and Management Services The Division of Finance and Management Services (FMS) provides financial, administrative

Project financing renewable energy schemes

International Nuclear Information System (INIS)

Brandler, A.

1993-01-01

The viability of many Renewable Energy projects is critically dependent upon the ability of these projects to secure the necessary financing on acceptable terms. The principal objective of the study was to provide an overview to project developers of project financing techniques and the conditions under which project finance for Renewable Energy schemes could be raised, focussing on the potential sources of finance, the typical project financing structures that could be utilised for Renewable Energy schemes and the risk/return and security requirements of lenders, investors and other potential sources of financing. A second objective is to describe the appropriate strategy and tactics for developers to adopt in approaching the financing markets for such projects. (author)

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

Directory of Open Access Journals (Sweden)

Zhilan Song

2016-01-01

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

Financial times: Competing temporalities in the age of finance capitalism

Directory of Open Access Journals (Sweden)

Christian Kloeckner

2018-05-01

Full Text Available This special issue explores how finance deploys time, structures the future, and interacts with actors and institutions that sometimes function according to very different temporal regimes. Finance capitalism’s logic of recurrence, repetitive cycles, and successive ruptures has long been with us, but the essays in this special issue are particularly interested in how recent decades of intensified financialization have restructured temporal experience. They interrogate the production and dissemination of agency in an age of acceleration, risk, and uncertainty, asking how the temporality inscribed in financial transactions emerges from and simultaneously shapes individual and social practice. Topics covered range from the logic of finance and foundational concepts of financial theory to the intersection between objective structures and social practice, the role of literature, and finally questions of social insecurity, political action, and the possibility of resistance within a context of competing temporalities. In this introduction, the editors delineate some fundamental concepts and questions for our financial times.

From Finance Capitalism to Financialization

DEFF Research Database (Denmark)

Hansen, Per H.

2014-01-01

In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...

Financing Nuclear Projects. Case Study: Unit 2 Cernavoda NPP

International Nuclear Information System (INIS)

Chirica, Teodor; Constantin, Carmencita; Dobrin, Marian

2003-01-01

The implementation of a Nuclear Power Plant (NPP) is a major undertaking for all entities involved, due to the necessity of planning work and coordination of the implementation process of the different fields of interest, starting with the governmental authorities and ending with the public. Having in view the specific investment costs (relatively high) for a NPP, finding an adequate financing structure is possible through an iterative process that involves first an assessment of the technical performances of the project and secondly, the mathematical modelling of the financing structure effects on the projects. In this respect, the paper will be focused on the main steps needed in order to promote an investment project in nuclear field, starting with the decision phase, providing the documentation requested by the local and international authorities to promote the project and ending with the negotiation of the contracts (commercial contract, financing contract, purchase contract, etc). The case study will be focused on the phases achieved in order to promote the Unit 2 NPP Cernavoda completion works project. (authors)

Financing nuclear projects. Case study: Unit 2 Cernavoda NPP

International Nuclear Information System (INIS)

Chirica, T.; Pall, S.; Lebedev, A.; Dobrin, M.

2003-01-01

The implementation of a Nuclear Power Plant (NPP) in a country is a major undertaking for all entities involved, due to the necessity of planning work and co-ordination of the implementation process of the different fields of interest, starting with the governmental authorities and ending with the people. Having in view the specific investment cost (relatively high) for a NPP, to find an adequate financing structure is possible through an iterative process that involves first an assessment of the technical performances of the project and second, the mathematical modelling of the financing structure effects on the project. In this respect, the paper proposed will be focused on the main steps needed in order to promote an investment project in nuclear field, starting with the decision phase, providing the documentations requested by the local and international authorities to promote the project and ending with the negotiation of the contracts (commercial contract, financing contract, power purchase contract, etc.) The case study will be focused on the phases achieved in order to promote the Unit 2 Cernavoda NPP completion works project. (author)

Mathematical and statistical methods for actuarial sciences and finance

CERN Document Server

Sibillo, Marilena

2014-01-01

The interaction between mathematicians and statisticians working in the actuarial and financial fields is producing numerous meaningful scientific results. This volume, comprising a series of four-page papers, gathers new ideas relating to mathematical and statistical methods in the actuarial sciences and finance. The book covers a variety of topics of interest from both theoretical and applied perspectives, including: actuarial models; alternative testing approaches; behavioral finance; clustering techniques; coherent and non-coherent risk measures; credit-scoring approaches; data envelopment analysis; dynamic stochastic programming; financial contagion models; financial ratios; intelligent financial trading systems; mixture normality approaches; Monte Carlo-based methodologies; multicriteria methods; nonlinear parameter estimation techniques; nonlinear threshold models; particle swarm optimization; performance measures; portfolio optimization; pricing methods for structured and non-structured derivatives; r...

Aspects of Development Financing After the Financial and Economic Crisis

Directory of Open Access Journals (Sweden)

Bruno Gurtner

2011-05-01

interests of shady centres of finance.

Private sector finance for adaptation

NARCIS (Netherlands)

Atteridge, A.; Pauw, W.P.; Terpstra, P.; Bedini, F.; Bosi, L; Costella, C.

2016-01-01

An emphasis on private finance has emerged in climate finance discussions, particularly in the context of international climate change negotiations. This is partly because the overall volume of finance needed to support adaptation in developing countries is beyond what many expect public finance to

Financing energy projects in Africa

International Nuclear Information System (INIS)

Godier, Kevin; Marks, Jon

1999-12-01

Contains Executive Summary and Chapters on: Overview of financing trends in Africa; Multilateral support - Bedrock of Africa's first generation energy projects; ECA insurance and financing; Bilateral development finance; Offshore commercial bank lending; Local commercial bank finance; Capital markets; Legal ramifications ; Risk factors; Conclusions. (Author)

Quantitative Finance

Science.gov (United States)

James, Jessica

2017-01-01

Quantitative finance is a field that has risen to prominence over the last few decades. It encompasses the complex models and calculations that value financial contracts, particularly those which reference events in the future, and apply probabilities to these events. While adding greatly to the flexibility of the market available to corporations and investors, it has also been blamed for worsening the impact of financial crises. But what exactly does quantitative finance encompass, and where did these ideas and models originate? We show that the mathematics behind finance and behind games of chance have tracked each other closely over the centuries and that many well-known physicists and mathematicians have contributed to the field.

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

Energy Technology Data Exchange (ETDEWEB)

Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

2008-07-01

The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

Finance

OpenAIRE

2011-01-01

Ces deux ouvrages tirent les enseignements de l’impact de la crise de la finance mondiale sur l’économie réelle et se focalisent, dans ce contexte, sur le financement du Mittelstand. Le banquier JASCHINSKI, lorsqu’il passe en revue le système bancaire allemand, constate ainsi que si les moyennes entreprises trouvent les crédits nécessaires auprès de leurs solides partenaires de toujours que sont les Sparkassen, les grandes sociétés, internationales, que compte le Mittelstand n’ont pas de part...

Financing Canadian international operations

International Nuclear Information System (INIS)

Beagle, G.

1996-01-01

A primer on financing international operations by Canadian corporations was provided. Factors affecting the availability to project finance (location, political risk), the various forms of financing (debt, equity, and combinations), the main sources of government backed financing to corporations (the International Finance Corporation) (IFC), the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Overseas Property Insurance Corporation (OPIC), government or agency guarantees, political risk coverage, the use of offshore financial centres, and the where, when and how these various organizations operate, were reviewed. Examples of all of the above, taken from the experiences of Canadian Occidental Petroleum of Calgary in the U.S., in South America, in the Middle and Far East, and in Kazakhstan, were used as illustrations. figs

24 CFR 883.307 - Financing.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 883.307 Section 883.307... § 883.307 Financing. (a) Types of financing. A State Agency that used the Fast Track Procedures formerly in this part must provide permanent financing for any new construction or substantial rehabilitation...

Exploring Higher Education Financing Options

Science.gov (United States)

Nkrumah-Young, Kofi K.; Powell, Philip

2011-01-01

Higher education can be financed privately, financed by governments, or shared. Given that the benefits of education accrue to the individual and the state, many governments opt for shared financing. This article examines the underpinnings of different options for financing higher education and develops a model to compare conditions to choices and…

IDENTIFYING AND IMPLEMENTATION OF THE FINANCING SOURCES OF TOURIST ENTITIES

Directory of Open Access Journals (Sweden)

Gabriela DAVID

2015-12-01

Full Text Available Located at the intersection of the two spheres (tourism markets and financial ones, the tourism entity in Romania is interested in finding the formula to assure optimum financing by attracting financial resources in the field, on the one hand and on the other hand it is interested in meeting the high demand for profit from tourism and economic sphere. The objective determinant of Romanian tourism entity is to maximize the value by carrying out a profitable activity. The touristic entity must obtain profit to generate sufficient funds to distribute cash dividends to shareholders, while paying creditors at a favorable interest on borrowed funds.

31 CFR 595.203 - Holding of certain types of blocked property in interest-bearing accounts.

Science.gov (United States)

2010-07-01

... property in interest-bearing accounts. 595.203 Section 595.203 Money and Finance: Treasury Regulations... interest-bearing accounts. (a)(1) Any person, including a U.S. financial institution, currently holding... effective date, is not being held in an interest-bearing account, or otherwise invested in a manner...

31 CFR 575.203 - Holding of certain types of blocked property in interest-bearing accounts.

Science.gov (United States)

2010-07-01

... property in interest-bearing accounts. 575.203 Section 575.203 Money and Finance: Treasury Regulations... interest-bearing accounts. (a) Any person, including a U.S. financial institution, currently holding... effective date, is not being held in an interest-bearing account, or otherwise invested in a manner...

24 CFR 882.405 - Financing.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 882.405 Section 882.405... § 882.405 Financing. (a) Types. Any type of public or private financing may be utilized with the... Contract as security for financing. An Owner may pledge, or offer as security for any loan or obligation...

Nuclear and finance: the power of lobbies against democracy

International Nuclear Information System (INIS)

Balvet, Jacqueline; Petitjean, Olivier; Plihon, Dominique; Knaebel, Rachel; Gouin, Simon

2017-10-01

This article proposes an analysis of relationships between the finance and nuclear sectors which are two key actors of the French capitalism, and display a deep intertwining of public and private interests within networks present within many institutions. Similarities between these two sectors are first discussed, notably their important economic and political weight, the fact that they are both in a situation of permanent crisis and supported by the State, and both display high risks. An overview of actors is then proposed: the four main French banks, EDF and Engie. Their managers build up an actual techno-structure: they are coming from the same schools, may pass from one sector to the other, know each other well. The article states that this prevailing position of this finance and nuclear elite results in a prevailing ideology to be imposed to the society. An overview of their possible strategies of influence is proposed: standardised speech, ubiquity, and so on. The authors then address and discuss possibilities to struggle against this power: to denounce and to resist, to try to introduce regulations which would give room to the general interest in the nuclear and banking sectors

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

Directory of Open Access Journals (Sweden)

Meri Boshkoska

2016-08-01

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

Property Tax Assessments as a Finance Vehicle for Residential PV Installations: Opportunities and Potential Limitations

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark A; Bolinger, Mark

2008-02-01

Readily accessible credit has often been cited as a necessary ingredient to open up the market for residential photovoltaic (PV) systems. Though financing does not reduce the high up-front cost of PV, by spreading that cost over some portion of the system's life, financing can certainly make PV systems more affordable. As a result, a number of states have, in the past, set up special residential loan programs targeting the installation of renewable energy systems and/or energy efficiency improvements, and often featuring low interest rates, longer terms, and no-hassle application requirements. Historically, these loan programs have met with mixed success (particularly for PV), for a variety of reasons, including: (1) historical lack of homeowner interest in PV, (2) lack of program awareness, (3) reduced appeal in a low-interest-rate environment, and (4) a tendency for early PV adopters to be wealthy, and not in need of financing. Although some of these barriers have begun to fade--most notably, homeowner interest in PV has grown in some states, particularly those that offer solar rebates--the passage of the Energy Policy Act of 2005 (EPAct 2005) introduced one additional roadblock to the success of low-interest PV loan programs: a residential solar investment tax credit (ITC), subject to the Federal government's 'anti-double-dipping' rules. Specifically, the residential solar ITC--equal to 30% of the system's tax basis, capped at $2000--will be reduced or offset if the system also benefits from what is known as 'subsidized energy financing', which is likely to include most government-sponsored low-interest loan programs. Within this context, it has been interesting to note the recent flurry of announcements from several U.S cities concerning a new type of PV financing program. Led by the City of Berkeley, California, these cities propose to offer their residents the ability to finance the installation of a PV system using

The international Finance Corporation and financing of sustainable energy

International Nuclear Information System (INIS)

Younger, D.R.

1999-01-01

The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. (orig.)

An economic theory of Islamic finance

Directory of Open Access Journals (Sweden)

Mabid Ali Al-Jarhi

2017-07-01

Full Text Available Purpose - This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach - Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided. Findings - The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems. Research limitations/implications - The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance. Originality/value - The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.

Using Storytelling to Increase Interest and Recollection in Finance Concepts

Science.gov (United States)

Bryant, Lonnie; Harris, Renard

2011-01-01

The use of storytelling allows lecturers to engage students in a dynamic and enthusiastic way while encouraging students to develop a higher order of thinking and recollection. Storytelling allows the lecturer to show their interest in the material and in the students. Lectures can utilize the art of storytelling to communicate expertise and…

The Finance Curse

DEFF Research Database (Denmark)

Christensen, John; Shaxson, Nick; Wigan, Duncan

2016-01-01

The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts......, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similar effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse...

Statistics for Finance

DEFF Research Database (Denmark)

Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...

31 CFR 536.203 - Holding of certain types of blocked property in interest-bearing accounts.

Science.gov (United States)

2010-07-01

... property in interest-bearing accounts. 536.203 Section 536.203 Money and Finance: Treasury Regulations... property in interest-bearing accounts. (a)(1) Any person, including a U.S. financial institution, currently... to the effective date, is not being held in an interest-bearing account, or otherwise invested in a...

Islamic Public Infrastructure Financing: An Analysis of Alternative Financing Instruments with Application in Developing Countries

National Research Council Canada - National Science Library

Islam, Saiful

2004-01-01

This project examines the structure of public infrastructure financing in Indonesia and examines whether financing based on Islamic principles is a feasible alternative to current financing mechanisms...

Marlim project finance; 'Project finance' de Marlim

Energy Technology Data Exchange (ETDEWEB)

D' Almeida, Albino Lopes [PETROBRAS, Rio de Janeiro, RJ (Brazil)

2004-07-01

Project Finance is often used worldwide to raise the funds to develop big projects, particularly in the area of power and infra-structure. It is designed to support a singular project and a specific purpose company is created to obtain the financing. The debt payment is secured by the enterprise's cash flow, avoiding real guarantee requirements. The lenders receive the future revenues and the property of the assets to be built. The risks are mitigated by agreements exhaustively negotiated among the parties. One of the most important Project Finances performed in Brazil is the Marlim Project, structured in order to complete the development of the Marlim oil field. This is the biggest Brazilian oil field, producing more than 500,000 barrels a day, almost 35% of the national production. This paper presents the general concepts related to this type of financing and general information about the project, including its structuring, negotiation and closing. The total commitment reaches US$ 1.5 billion obtained in both domestic and international markets through equity, bridge loan, bonds and commercial papers. Its whole life is 10 years, using 2 special purpose companies in its configuration. (author)

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

International Nuclear Information System (INIS)

Bogen, J.; Stoelzl, D.

1987-01-01

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

Unlocking Land Values to Finance Urban Infrastructure : Land-Based Financing Options for Cities

OpenAIRE

George E. Peterson

2008-01-01

Raising capital to finance urban infrastructure is a challenge. One solution is to 'unlock' urban land values - such as by selling public lands to capture the gains in value created by investment in infrastructure projects. Land-based financing techniques are playing an increasingly important role in financing urban infrastructure in developing countries. They complement other capital fina...

Small Business Tax Evasion, is There a Case of Internal Finance?

Directory of Open Access Journals (Sweden)

Ilirjan Lipi

2017-04-01

Full Text Available As long as there are taxes, the incentive for evasion will exist as well. Studies for tax evasion are of interest in different fields like that of economics, public finance, personal finance, business administration, business finance, financial accounting, in the banking system etc. However, there are only a few studies about the internal causes and financial incentives that oblige decision-makers of small firms towards tax evasion. When we refer to business tax evasion, always brings to mind sensational cases of large businesses that evade taxes, but business tax evasion is a widespread phenomenon even to small firms. To be more competitive, small business must have a consistently entrepreneurial orientation, but limited financing prevents this, therefore the business savings from tax evasion is believed to be an internally funding path. The restrictions on small firms financing often make them orientate more toward internal generation of funds, which also has few alternatives. As a way to internal saving, firms often find tax evasion, which is not only a deviant and unethical behavior, but also puts firms into many difficulties in the long run. Consequently, the study aims to discuss the phenomenon of tax evasion in the managerial practice of small business in an Albanian region, as well as its financial cause as is perceived by the small business. The study findings report that the deviant behavior of businesses from taxes considers the need for internal financing as an important reason. The study concluded that savings from tax evasion is an alternative of internal financing primarily for small and early-staged firms, and that if entrepreneurs are capable of a good business model and competitive strategy, they will not need to make evasion.

31 CFR 585.203 - Holding of certain types of blocked property in interest-bearing accounts.

Science.gov (United States)

2010-07-01

... property in interest-bearing accounts. 585.203 Section 585.203 Money and Finance: Treasury Regulations... blocked property in interest-bearing accounts. (a)(1) Any person, including a U.S. financial institution... subsequent to July 15, 1992, is not being held in an interest-bearing account or otherwise invested in a...

Peculiarities of activities of public administration subjects in the public finance

Directory of Open Access Journals (Sweden)

Світлана Миколаївна Клімова

2017-12-01

Full Text Available A comprehensive reform of public administration and public finances conducted in Ukraine to implement the Association Agreement between Ukraine and the EU requires a thorough research. Problems related to the functioning of public administration, investigated by V. Averyanov, M. Benio, T.Belozerskaya, S. Vitvitsky, D. Vlasenko, S. Gaiduchenko, N. Hnidyuk, O. Jafarova, A. Zelentsov, T. Karabin, T. Kolomoets. The subject of the study is public administration in the field of public finance. T. Karabin investigated the basic theory of public administration and singled out the following: 1 classical theory; 2 the theory of new public management; 3 the theory of public service. The wording of the "broad" and "narrow" understanding of public administration should be made taking into account that today the public administration in Ukraine in the narrow sense consists of: 1 the bodies of state executive power (the Cabinet of Ministers of Ukraine, central executive authorities, their territorial offices, local state administrations, etc.; 2 specialized public authorities (for example, the Accounting Chamber, the National Bank of Ukraine; 3 subjects of local self-government (village, settlement, city council, village, settlement, city mayor, executive bodies of village, settlement, city council, head of state, rayon and regional councils, representing common interests of territorial communities of villages, settlements, cities; organs of self-organization of the population . In the broad sense, non-state actors (both collective and individual should be included in the circle of subjects of the public administration of Ukraine, which delegates power and administrative powers, which are in continuous interaction with public authorities, performing the functions assigned to them. The complexity of public administration in our country is due to the variability of all elements of the system, the links between them and the environment in which the

Caring finance practices

NARCIS (Netherlands)

I.P. van Staveren (Irene)

2013-01-01

textabstractThe 2008 financial crisis has demonstrated the failure of both utilitarian and deontological ethics in finance. Alternatives do not need to be created from nothing, because the crisis itself has stimulated the emergence of ethically sound finance practices from within the sector. This

48 CFR 32.114 - Unusual contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.114 Unusual contract financing. Any contract financing arrangement that deviates from this part is unusual contract financing...

APPLIED BEHAVIORAL FINANCE IN A POST-CRISIS ENVIRONMENT: EMOTIONAL FINANCE

Directory of Open Access Journals (Sweden)

ADRIAN MITROI

2014-05-01

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

Real Estate Financing and Interest Rate Hedging : A quantitative real estate investment case study

OpenAIRE

van de Wiel, Wimjan; Kristopher Bock, Felix

2017-01-01

Background: The expansive monetary policy of the European Central Bank has been leading to all-time-low interest rates and to a strong move into real estate investment. Low interest rates can work in favor of the investor (due to low interest rate expenditures), but increasing interest rates can jeopardize real estate investments. Since changes in interest rates are unpredictable, an investor needs to deal with this volatility. The capital market offers several financial instruments (so-calle...

Geothermal Financing Workbook

Energy Technology Data Exchange (ETDEWEB)

Battocletti, E.C.

1998-02-01

This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)

The managerial process of business financing

Directory of Open Access Journals (Sweden)

Solomia Andres

2008-10-01

Full Text Available This paper presents some modalities and financing forces for business, getting out in the first place the entrepreneur ingenuity for finding these sources of financing necessary for the business success. Also get some contributions and proposals regarding the criteria’s of which the entrepreneur must be take care in choosing the financial sources, for preparing the finance pack and presenting the financing demands, which good documented, not only grows up the chances of one financing but also can lead to fix some relations on long time with financing source.

31 CFR 515.205 - Holding of certain types of blocked property in interest-bearing accounts.

Science.gov (United States)

2010-07-01

... property in interest-bearing accounts. 515.205 Section 515.205 Money and Finance: Treasury Regulations... interest-bearing accounts. (a) Except as provided by paragraphs (d), (e) and (f) of this section, or as... to any such property, unless it is held in an interest-bearing account in a domestic bank. (b) Any...

31 CFR 500.205 - Holding of certain types of blocked property in interest-bearing accounts.

Science.gov (United States)

2010-07-01

... property in interest-bearing accounts. 500.205 Section 500.205 Money and Finance: Treasury Regulations... interest-bearing accounts. (a) Except as provided by paragraphs (d), (e) and (f) of this section, or as... to any such property, unless it is held in an interest-bearing account in a domestic bank. (b) Any...

Financing Nuclear Power Plant Projects. A New Paradigm?

International Nuclear Information System (INIS)

Pehuet Lucet, Fabienne

2015-05-01

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

What is project finance?

OpenAIRE

João M. Pinto

2017-01-01

Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market ...

Financing Constraints and Entrepreneurship

OpenAIRE

William R. Kerr; Ramana Nanda

2009-01-01

Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal for policymakers worldwide. We review two major streams of research examining the relevance of financing constraints for entrepreneurship. We then introduce a framework that provides a unified perspecti...

The Housing Finance Revolution

OpenAIRE

Richard K. Green; Susan M. Wachter

2007-01-01

While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization of mo...

Denmark; Systemic Issues in Mortgage Loans and Covered Bond Finance: Technical Note

OpenAIRE

International Monetary Fund

2014-01-01

This technical note analyzes systemic issues in mortgage loans and covered bond finance in Denmark. Mortgage lending has seen significant product innovation in recent years. Loans with adjustable interest rates and/or interest-only periods, which have been introduced since the late 1990s, had grown to 75 percent and 53 percent, respectively, of total outstanding mortgage loans at the end of 2013. The major changes in the characteristics of the underlying mortgage loans have naturally been ref...

31 CFR 551.406 - Entities owned by a person whose property and interests in property are blocked.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Entities owned by a person whose property and interests in property are blocked. 551.406 Section 551.406 Money and Finance: Treasury... TREASURY SOMALIA SANCTIONS REGULATIONS Interpretations § 551.406 Entities owned by a person whose property...

Monetary policy as a source of risk in international business financings and investments

Directory of Open Access Journals (Sweden)

Paun Cristian

2017-07-01

Full Text Available This paper aims at explaining the volatility of two main macroeconomic variables (interest rate and exchange rate that impact the cost of international capital and, consequently, the international financing decision. Firstly, the main economic theories are called to illustrate the relevant determinants of these variables from the perspective of demand and supply of capital sides. The state intervention through monetary policy is introduced to emphasize the alteration of these prices (the price of capital, the price of foreign currencies. The paper is presenting the role of these prices in international financing decision (based on the theoretical model used to estimate cost of international capital, their impact on the foreign direct investment decision and on the international portfolio investment decision. Finally, the paper describe the economic consequences of the monetary public intervention on the financing and investment decision in direct connection with the business cycle theory. The paper associates the monetary policy to the business cycles. The paper comments the unsound solutions proposed against the economic crises and that continued to harm negatively these prices generating the seeds for next international economic recession. The paper is a theoretical one, containing some very interesting research hypothesis and opening the paths for presumable further empirical researches.

48 CFR 32.109 - Termination financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Termination financing. 32... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.109 Termination financing. To encourage contractors to invest their own funds in performance despite the susceptibility of...

Risk Sharing in Corporate and Public Finance: The Contribution of Islamic Finance

Directory of Open Access Journals (Sweden)

Obiyathulla Ismath Bacha

2015-09-01

Full Text Available Financial crises have become a recurring problem for modern economies with increasingly detrimental fallouts. Risk-sharing finance (RSF contracts may be the best instrument for addressing the problem and its fallout, and in particular the risk-sharing principles of Islamic finance offer a potential alternative. This paper offers some preliminary thoughts on the design and implementation of RSF for both private and public sector funding, for revenue and non-revenue generating projects. It is argued that such form of financing avoids the leverage of conventional debt, minimizes the costs of dilution, reduces macroeconomic vulnerability, and enhances financial inclusion. It also has the potential to be a less risky alternative for developing countries to finance public spending and economic growth. JEL Classifications: G32, P43, O16

The Role of Capital Structure in Company’s Financing

Directory of Open Access Journals (Sweden)

Nicoleta BARBUTA-MISU

2014-12-01

Full Text Available The changes in capital structure and in financial components of a company have a particular importance in choosing optimal financing decision, in determining the impact of changes in capital structure and of elements within balance sheet. To quantify such an impact in the literature have been considered many factors as debt-equity ratio, profitability, self financing capacity and the ability to earn profit. Using the comparative method over a period of three years to five companies acting in the metallurgical sector in this paper has been analyzed the evolution of debt capacity ratio, return on equity ratio, financial long term debt ratio, interest coverage ratio and long-term financial autonomy ratio. Based on these findings it was concluded that the variation of capital structure and performance of the companies affects and influences funding arrangements considered by the companies’ managers.

The Challenge of Islamic Finance

OpenAIRE

Sheng, Andrew; Singh, Ajit

2012-01-01

From its humble beginnings in the 1990s, Islamic finance has become a trillion US dollar industry. The market consensus is that Islamic finance has a bright future due to favourable demographics and rising incomes in the Muslim community. Moreover, despite voices sceptical of an accommodation between Islamic and global finance, leading global banks are buying Islamic bonds and forming subsidiaries specially to conduct Islamic finance business. Special laws have been passed in non-Muslim fi...

Comparative Evaluation of Financing Programs: Insights From California’s Experience

Energy Technology Data Exchange (ETDEWEB)

Deason, Jeff [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Electricity Markets and Policy Group

2017-07-31

Berkeley Lab examines criteria for a comparative assessment of multiple financing programs for energy efficiency, developed through a statewide public process in California. The state legislature directed the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) to develop these criteria. CAEATFA's report to the legislature, an invaluable reference for other jurisdictions considering these topics, discusses the proposed criteria and the rationales behind them in detail. Berkeley Lab's brief focuses on several salient issues that emerged during the criteria development and discussion process. Many of these issues are likely to arise in other states that plan to evaluate the impacts of energy efficiency financing programs, whether for a single program or multiple programs. Issues discussed in the brief include: -The stakeholder process to develop the proposed assessment criteria -Attribution of outcomes - such as energy savings - to financing programs vs. other drivers -Choosing the outcome metric of primary interest: program take-up levels vs. savings -The use of net benefits vs. benefit-cost ratios for cost-effectiveness evaluation -Non-energy factors -Consumer protection factors -Market transformation impacts -Accommodating varying program goals in a multi-program evaluation -Accounting for costs and risks borne by various parties, including taxpayers and utility customers, in cost-effectiveness analysis -How to account for potential synergies among programs in a multi-program evaluation

Financing Innovation

OpenAIRE

William R. Kerr; Ramana Nanda

2014-01-01

We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and h...

12 CFR 985.4 - Finance Board oversight.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board oversight. 985.4 Section 985.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE THE OFFICE OF FINANCE § 985.4 Finance Board oversight. (a) Oversight and enforcement actions. The Finance Board shall have the same regulatory oversight authority and enforcement powers...

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

OpenAIRE

Erkan Poyraz; Yusuf Tepeli

2016-01-01

The prominent concept of venture capital is examined as a financing model to the financing of entrepreneurship according to related literature. Venture capital is used with success in developed countries for a long time. Venture capital is a modern financing model that allows entrepreneurs to perform dynamic, creative, and innovative investment ideas as well as management, marketing and business support without requesting financial strength from those entrepreneurs. However, venture capital h...

Project Finance: Basic Components

OpenAIRE

Alfieri Li Ojeda, Jaime

2015-01-01

The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras ...

48 CFR 12.210 - Contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contract financing. 12.210... financing. Customary market practice for some commercial items may include buyer contract financing. The contracting officer may offer Government financing in accordance with the policies and procedures in part 32. ...

SABER-School Finance: Data Collection Instrument

Science.gov (United States)

King, Elizabeth; Patrinos, Harry; Rogers, Halsey

2015-01-01

The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing…

Asset Pricing Implications of Firms' Financing Constraints

OpenAIRE

Gomes, Joao F; Yaron, Amir; Zhang, Lu

2002-01-01

We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured by a simple ‘financing cost’ function, equal to the product of the financing premium and the amount of external finance. This approach provides a tractable framework to examine the role of financing fr...

Financing bidders in takeover contests

NARCIS (Netherlands)

Vladimirov, V.

2014-01-01

This paper studies how bidders' choice of financing for cash bids affects takeover prices. Endogenizing this choice shows that takeover premia are lower than when bidders are not cash-constrained for equity-like financing, but higher for debt financing. Intuitively, unlike debt (which leads to

DefenseLink Feature: Personal Finance

Science.gov (United States)

Multimedia / Photos Videos Publications Bloggers DoD Websites Personal Finance Resources As part of the finance director said here recently. Story Security Expert Advises Troops to Safeguard Personal, Financial education in personal finance that commanders say goes a long way in promoting battle readiness. Story

48 CFR 32.113 - Customary contract financing.

Science.gov (United States)

2010-10-01

... financing. 32.113 Section 32.113 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.113 Customary contract financing. The solicitation must specify the customary contract financing offerors may...

Shopping Center Financing: Pricing Loan Default Risk

OpenAIRE

Peter Chinloy; James Musumeci

1994-01-01

The financing structure of a shopping center is decomposed into an income security and two put options. These put options are respectively held by the borrower against the lender for default, and by the lender against an insurer or reinsurer. The prices of the put option depend on the loan-to-value ration of the loan and on the risk of the investment. The interest rate charged on the loan is the sum of four components: a riskless rate, lender production costs, and the net price of the put opt...

7 CFR 3560.71 - Construction financing.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.71 Section 3560.71... Construction financing. (a) Construction financing plan. Prior to loan approval, applicants must submit to the Agency for its concurrence a plan for the construction financing and securing of the loan. (b) Interim...

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

Energy Technology Data Exchange (ETDEWEB)

Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

2008-07-01

The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

48 CFR 32.104 - Providing contract financing.

Science.gov (United States)

2010-10-01

... financing. 32.104 Section 32.104 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.104 Providing contract financing. (a) Prudent contract financing can be a useful working tool in Government...

48 CFR 432.113 - Customary contract financing.

Science.gov (United States)

2010-10-01

... financing. 432.113 Section 432.113 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 432.113 Customary contract financing. The contracting officer may determine the necessity for customary contract financing. The...

Financing Asset Sales and Business Cycles

OpenAIRE

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

2013-01-01

This paper analyzes the decision of firms to sell assets to fund investments (financing asset sales). For a sample of U.S. manufacturing firms during the 1971-2010 period, we document new stylized facts about financing asset sales that cannot be explained by traditional motives for selling assets, such as financial distress or financing constraints. Using a structural model of financing, investment, and macroeconomic risk, we show that financing asset sales attenuate the debt overhang problem...

FINANCING SME FUTURE DEVELOPMENT

Directory of Open Access Journals (Sweden)

Viorica CERBUSCA

2015-04-01

Full Text Available The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the local condition. Article aims to present microfinancing as a tool that could improve the SME access to finance, thus contributing to the economic development of the country by creating new jobs, new products and services

7 CFR 1735.17 - Facilities financed.

Science.gov (United States)

2010-01-01

... Basic Policies § 1735.17 Facilities financed. (a) RUS makes hardship and guaranteed loans to finance the... section. (b) RUS makes concurrent RUS cost-of-money and RTB loans to finance the improvement, expansion... type of loan to finance the following items: (1) Station apparatus (including PBX and key systems) not...

What physicists should learn about finance (if they want to)

Science.gov (United States)

Schmidt, Anatoly

2006-03-01

There has been growing interest among physicists to Econophysics, i.e. analysis and modeling of financial and economic processes using the concepts of theoretical Physics. There has been also perception that the financial industry is a viable alternative for those physicists who are not able or are not willing to pursue career in their major field. However in our times, the Wall Street expects from applicants for quantitative positions not only the knowledge of the stochastic calculus and the methods of time series analysis but also of such concepts as option pricing, portfolio management, and risk measurement. Here I describe a synthetic course based on my book ``Quantitative Finance for Physicists'' (Elsevier, 2004) that outlines both worlds: Econophysics and Mathematical Finance. This course may be offered as elective for senior undergraduate or graduate Physics majors.

12 CFR 987.2 - Law governing rights and obligations of Banks, Finance Board, Office of Finance, United States...

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Law governing rights and obligations of Banks, Finance Board, Office of Finance, United States and Federal Reserve Banks; rights of any Person against Banks, Finance Board, Office of Finance, United States and Federal Reserve Banks. 987.2 Section 987.2 Banks and Banking FEDERAL HOUSING FINANCE...

Financing - general considerations

International Nuclear Information System (INIS)

1977-01-01

Various aspects of the problems of financing a multinational regional fuel cycle centre (RFCC) are briefly discussed. Some of the points covered are: financing by participants; floating long-term loans on capital markets outside the countries of the participants; and export credits for the purchase of equipment manufactured outside the countries of the participants

48 CFR 432.114 - Unusual contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 432.114 Unusual contract financing. The HCA is authorized to approve unusual contract financing. The signed determination and finding...

48 CFR 1332.114 - Unusual contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Unusual contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 1332.114 Unusual contract financing. The designee authorized to approve unusual contract financing arrangements is set forth in CAM...

7 CFR 1735.75 - Interim financing.

Science.gov (United States)

2010-01-01

... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1735.75 Section 1735.75... Involving Loan Funds § 1735.75 Interim financing. (a) A borrower may submit a written request for RUS approval of interim financing if it is necessary to close an acquisition before the loan to finance the...

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

Science.gov (United States)

Stewart, Louis J; Smith, Pamela C

2011-01-01

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

13 CFR 120.476 - Prohibited financing.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Prohibited financing. 120.476... Business Lending Companies (sblc) § 120.476 Prohibited financing. An SBLC may not make a loan to a small business that has received financing (or a commitment for financing) from an SBIC that is an Associate of...

SABER-School Finance : Data Collection Instrument

OpenAIRE

World Bank

2015-01-01

The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing service delivery; (iv) budgeting with adequate an...

Study on Risk Management in Financing and Operational of Grameen Bank Financing Concept in MBK Finance

Directory of Open Access Journals (Sweden)

Bobby Yulandika Putra

2014-03-01

Full Text Available Objective – Poverty is one of the most fundamental issues that still surround the life of 29.89 million people of Indonesia (National Statistical Bureau data from January 2, 2012. During this time, the pattern of poverty alleviation programs undertaken by the government is a pattern of generosity. This pattern can directly exacerbate the poor morals and behavior. Ideally, poverty alleviation efforts are made by concrete steps, which empower poor `communities themselves.In line with the theme of this research, one of the financial institutions (non-Banks who cares and has the spirit to empower people to overcome poverty is Mitra Bisnis Keluarga (MBK. This study aimed to assess the financial risks and operational risks of implementation of Grameen Bank financing concept in MBK.Methods - The method used in this research is literature review and qualitative descriptive study using actual MBK data.Results - Results from this research showed that products with the concept of Grameen Bank financing is relatively safe in the terms of the financing risk, but requires more attention on operational risk and which can be implemented for large-scale poverty alleviation program.Conclusion - The data showed that the risk of financing given to the poor (without collateral is minimal and MBK actual data shows that the Operational self-sufficiency is relatively high at> 90% Keywords : MBK, Grameen Bank, Poverty

Independent power project finance rating criteria

International Nuclear Information System (INIS)

Goldsmith, D.; Chew W.; Moulton, C.

1992-01-01

Continuing growth of project financing for non-utility generators in the US and abroad has led to growing focus on their credit strength. In general, the financings remain relatively risky and would likely be rated below investment grade, because of various factors: loose power purchase arrangements, poor match between power pricing and fuel costs, aggressive leverage, troubled operating performance. But S and P believes some projects have the credit strength to support investment grade ratings. As traditional financing markets for these projects --- bank lending and private placements with highly specialized institutional investors --- have contracted, project sponsors and developers are considering broader markets. These include institutional investors without specialized focus on power project finance. In these markets, distinctions among projects may lead to greater liquidity and efficiency in developing the pricing and terms under which projects can be financed. This paper reports that ratings are most appropriate for projects seeking permanent financing as they enter commercial operations. They also may be useful for projects which have been operating for some time and for some very strong projects which are raising construction financing. To guide both project developers and investors in project financing, S and P has developed the following approach for rating these types of financings

24 CFR 884.114 - Financing.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 884.114 Section 884.114... HOUSING PROJECTS Applicability, Scope and Basic Policies § 884.114 Financing. (a) Types. Eligible projects... contract as security for financing. (1) An Owner may pledge, or offer as security for any loan or...

Constraints on decision making regarding post-commencement finance in Business rescue

Directory of Open Access Journals (Sweden)

Marius Pretorius

2013-12-01

Full Text Available Since its introduction, business rescue has become a critical consideration in business strategy decision making. One of the critical components of business rescue, which appears largely unsuccessful to date, involves securing post-commencement finance (PCF to restore the company’s financial health. Despite extensive theory in the literature on failure, there is a void regarding post-commencement finance. Specialist practitioners and financiers with extensive experience in rescue and turnaround were interviewed in this study. Findings showed that many critical factors and reasons for lack of interest are due to the newness of the South African Companies Act 71 of 2008 (introduced May 2011. These include business rescue filing being left too late; the poor financial state of the business that files for rescue; and the significant impact on the outcome by some of the key players (especially the financiers and business rescue practitioners. Better understanding of this aspect would be beneficial for creditors, rescue practitioners, shareholders, government regulators, court officials and educators alike. Key words: business rescue, post-commencement finance, turnaround, decision making

Post-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant?

Directory of Open Access Journals (Sweden)

Helena Stoop

2017-03-01

Full Text Available The 2008 Companies Act 71 of 2008 introduced a new business rescue regime into South African company law, bringing it into line with trends in developed countries, particularly the United States. Indeed, it appears that the United States Chapter 11 model was followed in this process, introducing the business rescue concept as a legal transplant. Corporate law is well suited to legislative borrowing, but there are important caveats to bear in mind when doing so. In particular: the context and legal culture of the country of origin may differ from those of the destination country. South Africa's commercial environment is different from that of the United States, problematising a transplant of Chapter 11's concepts. Post-commencement finance will be used as a micro-study of this broader phenomenon, and this topic will be investigated with comparative reference to the position in the United States. It will be argued that an essential difference between the two procedures is the lack of legislatively mandated court oversight in South Africa. This impacts on the interests of creditors, as well as on the availability of fresh finance. This results in problems in the implementation of the post-commencement finance provisions, which threaten the viability of this particular legal transplant.

Financing resource development after Campbell

Energy Technology Data Exchange (ETDEWEB)

Gloster, G A

1982-05-01

The paper deals briefly with the basic nature of financial activity and markets and of the intermediaries, including banks, within these markets. It is argued that efforts by the authorities to affect monetary policy through controls on bank lending (quantitative and interest rates) are inefficient and only lead to circumvention. To the degree that prices (interest rates) are kept down in one area, they will be higher in another, and supply of credit reduced from one source will encourage a greater supply from another. The Campbell Committee's recommendations, if implemented, are likely to result in freer financial markets and to improve the resource development sector's access to finance. Clear examples would be the removal of foreign exchange restrictions and the setting up of a market-oriented exchange rate system. However, in one sense this access may be narrowed as the extension of bank-type prudential controls to bank subsidiaries and to all 'deposit-taking institutions' may impede the free functioning of financial markets as well as further entrenching the 'safeguarded deposit' concept over the community's savings.

Interest - “Loan Cost” or “Sin”?

Directory of Open Access Journals (Sweden)

Violeta ISAI

2014-11-01

Full Text Available Interest has appeared from the people need to borrow main agricultural products. Over the time, it has been the subject for many theories - for interest, and against interest- all of them having various reasons. Church has, in general, forbidden interest, but the economic reasons have won, considering fair to reward the creditor for the time passed from the moment of loaning, for the monetary devaluation because of inflation, and for the reason that money is a good which must produce profit. Nowadays, the interest rate and the way haw it modifies the report between demand and supply, is a very debated subject. The interest rate is an instrument in the hand of Governments and International Financial Organisms, and interest is used in the conventional banks from the entire world. But, in the system of Islamic Economy, interest is considered “a sin”, and the appearance of Islamic Banks is a proof for the efforts to introduce in the banking system of Muslim countries, a modality of financing which respects, from the religious point of view, what is allowed and what is forbidden.

31 CFR 359.9 - When are interest rates for Series I savings bonds announced?

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false When are interest rates for Series I... UNITED STATES SAVINGS BONDS, SERIES I General Information § 359.9 When are interest rates for Series I savings bonds announced? (a) The Secretary will furnish fixed rates, semiannual inflation rates, and...

Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

International Nuclear Information System (INIS)

Anyangah, Joshua Okeyo

2010-01-01

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)

Compendium on Financing of Higher Education: Final Report of the Financing the Students' Future Project

Science.gov (United States)

Payne, Bethan; Charonis, George-Konstantinos; Haaristo, Hanna-Stella; Maurer, Moritz; Kaiser, Florian; Siegrist, Rahel; McVitty, Debbie; Gruber, Angelika; Heerens, Nik; Xhomaqi, Brikena; Nötzl, Tina; Semjonov, Meeli; Primožic, Rok

2013-01-01

Higher education plays a vital role in society and the quality, accessibility, and form of higher education is highly dependent on financing. Financing of higher education is conceived to be of central importance for the future creation and dissemination of knowledge and research. Therefore, the financing of higher education is a topic that has…

International finance, Lévy distributions, and the econophysics of exchange rates

Science.gov (United States)

Da Silva, Sergio; Matsushita, Raul; Gleria, Iram; Figueiredo, Annibal; Rathie, Pushpa

2005-06-01

This paper surveys the developments in the field of international finance, in particular the research of economists on foreign exchange rates. That might be of interest to physicists working on the econophysics of exchange rates. We show how the econophysics agenda might follow naturally from the economists' research. We also present our own work on the econophysics of exchange rates.

Capital financing in prospective payment.

Science.gov (United States)

Oszustowicz, R J; Dreachslin, J L

1984-03-01

In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.

31 CFR 535.420 - Transfers of accounts under § 535.508 from demand to interest-bearing status.

Science.gov (United States)

2010-07-01

....508 from demand to interest-bearing status. 535.420 Section 535.420 Money and Finance: Treasury... from demand to interest-bearing status. Section 535.508 authorizes transfer of a blocked demand deposit account to interest-bearing status at the instruction of the Iranian depositor at any time. [44 FR 76784...

Financing power projects in emerging markets

International Nuclear Information System (INIS)

Matsumoto, G.T.

1996-01-01

Financing for power generation projects in the developing countries of the world has been provided by the United States Export-Import Bank. The loans provided by its new Project Finance Division, totalling $8.3 billion are described. The future of project financing for the power generation industry should, it is argued, rest not with government financing agencies, but with private sector financial markets. (UK)

Essays in Household Finance

DEFF Research Database (Denmark)

Hanspal, Tobin

This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay...... on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking...

Is health care financing in Uganda equitable?

Science.gov (United States)

Zikusooka, C M; Kyomuhang, R; Orem, J N; Tumwine, M

2009-10-01

Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing landscape and documents the key equity issues associated with the current financing mechanisms. We extensively reviewed government documents and relevant literature and conducted key informant interviews, with the aim of assessing whether Uganda's health care financing mechanisms exhibited the key principles of fair financing. Uganda's health sector remains significantly under-funded, mainly relying on private sources of financing, especially out-of-pocket spending. At 9.6 % of total government expenditure, public spending on health is far below the Abuja target of 15% that GoU committed to. Prepayments form a small proportion of funding for Uganda's health sector. There is limited cross-subsidisation and high fragmentation within and between health financing mechanisms, mainly due to high reliance on out-of-pocket payments and limited prepayment mechanisms. Without compulsory health insurance and low coverage of private health insurance, Uganda has limited pooling of resources, and hence minimal cross-subsidisation. Although tax revenue is equitable, the remaining financing mechanisms for Uganda are inequitable due to their regressive nature, their lack of financial protection and limited cross-subsidisation. Overall, Uganda's current health financing is inequitable and fragmented. The government should take explicit action to promote equitable health care financing by establishing pre-payment schemes, enhancing cross-subsidisation mechanisms and through appropriate integration of financing mechanisms.

Renewable energy finance and project ownership. The impact of alternative development structures on the cost of wind power

International Nuclear Information System (INIS)

Wiser, R.H.

1997-01-01

This paper uses traditional financial cash flow techniques to examine the impact of different ownership and financing structures on the cost of renewable energy, specifically wind power. Most large, non-hydroelectric, renewable energy projects are developed, owned and financed by private non-utility generators. Recently, however, US utilities have begun to consider owning and financing their own wind power facilities rather than purchasing power from independent renewable energy suppliers. Utilities in other countries have also expressed interest in direct renewable energy investments. A primary justification for utility ownership of wind turbine power plants is that utility self-financing and ownership is cheaper than purchasing wind energy from non-utility renewable energy suppliers. The results presented in this paper support that justification, although some of the estimated cost savings associated with utility ownership are a result of suboptimal utility analysis procedures and implicit risk shifting. Financing terms and variables are shown to significantly impact wind power costs. (author)

Financing medical office buildings.

Science.gov (United States)

Blake, J W

1995-01-01

This article discusses financing medical office buildings. In particular, financing and ownership options from a not-for-profit health care system perspective are reviewed, including use of tax-exempt debt, taxable debt, limited partnerships, sale, and real estate investment trusts (REITs).

Financing Strategies For A Nuclear Fuel Cycle Facility

International Nuclear Information System (INIS)

David Shropshire; Sharon Chandler

2006-01-01

To help meet the nation's energy needs, recycling of partially used nuclear fuel is required to close the nuclear fuel cycle, but implementing this step will require considerable investment. This report evaluates financing scenarios for integrating recycling facilities into the nuclear fuel cycle. A range of options from fully government owned to fully private owned were evaluated using DPL (Decision Programming Language 6.0), which can systematically optimize outcomes based on user-defined criteria (e.g., lowest lifecycle cost, lowest unit cost). This evaluation concludes that the lowest unit costs and lifetime costs are found for a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. However, this does not mean that the facilities should necessarily be constructed and operated by the government. The costs for hybrid combinations of public and private (commercial) financed options can compete under some circumstances with the costs of the government option. This analysis shows that commercial operations have potential to be economical, but there is presently no incentive for private industry involvement. The Nuclear Waste Policy Act (NWPA) currently establishes government ownership of partially used commercial nuclear fuel. In addition, the recently announced Global Nuclear Energy Partnership (GNEP) suggests fuels from several countries will be recycled in the United States as part of an international governmental agreement; this also assumes government ownership. Overwhelmingly, uncertainty in annual facility capacity led to the greatest variations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; and the annual operating costs, forgiveness of debt, and overnight costs dominate the costs computed for the

Corporate Finance: its organization and epistemological basis

Directory of Open Access Journals (Sweden)

Luiz Henrique Herling

2014-08-01

Full Text Available This study aims to show how they are organized studies in financial management and what is the paradigm that support the theories presented until today, contextualizing how financial management is organized within the science of Directors in historical and evolutionary terms . Based on the decisions of the financial manager of investment , financing and operations , the study seeks to show that the philosophical basis that supports the theories developed . Yet for better understanding separates financial management in personal finance , financial markets and corporate finance , the latter being the main focus of the study . In the literature we can divide and stratify studies in corporate finance for a better understanding . By analyzing under an evolutionary approach notes a growing chains in other studies in finance , such as public finance, behavioral finance and here called green finance.

To finance the transition

International Nuclear Information System (INIS)

Regnier, Yannick; Maciel, Guillaume; Zeroual, Bouchra; Leca, Christel; Guillou, Maelle; Mossalgue, Marc; Raguet, Alex; Sabot, Guillaume; Coton, Patrice; Olesen, Gunnar Boye; Friggens, Sam; Pouyet, Regis; Blanc, Nicolas; Laurent, Pierre; Ruedinger, Andreas

2013-01-01

A set of brief articles illustrates the emergence of innovating and operational financing tools aimed at supporting energy transition in France and in Europe. As far as France is concerned, different examples are evoked: raising local savings, crowd-funding for renewable energies, citizen investment, cooperation between industries, communities and citizens, a semi-public company with citizen participation, the case of the Nancy urban community, a joint experience by a local public company and an investment fund. As far as Europe is concerned, the following topics or examples are evoked: local policies as lever for European financing, the Danish example of citizen-based financing, crowd-funding in the UK, the European emergence of cooperatives. As far as banks and institutions are concerned, the following topics are addressed: tools implemented by the Caisse des Depots for energy transition, the roles of banks and of public institutions in the financing of energy transition

Risk Analysis of Telecom Enterprise Financing

Institute of Scientific and Technical Information of China (English)

YU Hua; SHU Hua-ying

2005-01-01

The main research objects in this paper are the causes searching and risk estimating method for telecom enterprises' financial risks. The multi-mode financing for telecom enterprises makes it flexible to induce the capital and obtain the profit by corresponding projects. But there are also potential risks going with these financing modes. After making analysis of categories and causes of telecom enterprises' financing risk, a method by Analytic Hierarchy Process (AHP) is put forward to estimating the financing risk. And the author makes her suggestion and opinion by example analysis, in order to provide some ideas and basis for telecom enterprise's financing decision-making.

INVESTMENT DEPOSITS DECISION-MAKING IN BANK: A BEHAVIORAL FINANCE PERSPECTIVE

Directory of Open Access Journals (Sweden)

Hanopia B.L.

2018-02-01

Full Text Available This research was conducted using behavioral finance theories. The objectives of this research was to analyze influencing factors of investment deposits decision-making for the depositor, and to analyze the most dominant factor of investment deposits decision-making in Bank NTB of Pejanggik Principle Branches. The instrument of this research was questionnaire with the total sample of 90 respondents who were the deposit customers. The research results show that deposits’ interest, gain and cost, feelings of disappointment and satisfaction, worries, reluctances, good companies, budget allocation, self-control, net interest income, belief in net interest income, overestimate and underestimate are factors influencing investment deposits decision-making in Bank NTB of Pejanggik Principle Branches. Dominant factors determining investment deposits decision-making are deposits cost, interest and feelings of satisfaction, budget allocation, overestimate and self-control. Those factors are included in the factor group of deposits cost.

Analysis of Project Finance | Energy Analysis | NREL

Science.gov (United States)

Analysis of Project Finance Analysis of Project Finance NREL analysis helps potential renewable energy developers and investors gain insights into the complex world of project finance. Renewable energy project finance is complex, requiring knowledge of federal tax credits, state-level incentives, renewable

Exploring the private finance initiative as a route to finance for renewable energy projects

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-07-01

This report reviews the private financing of public sector Renewable Energy projects through the Private Finance Initiative (PFI), and the relevance of such a technique to the renewables industry generally. (author)

Financing climate change adaptation

NARCIS (Netherlands)

Bouwer, L.M.; Aerts, J.C.J.H.

2006-01-01

This paper examines the topic of financing adaptation in future climate change policies. A major question is whether adaptation in developing countries should be financed under the 1992 United Nations Framework Convention on Climate Change (UNFCCC), or whether funding should come from other sources.

48 CFR 632.114 - Unusual contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Unusual contract financing. 632.114 Section 632.114 Federal Acquisition Regulations System DEPARTMENT OF STATE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 632.114 Unusual contract financing. The...

48 CFR 2432.114 - Unusual contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Unusual contract financing... DEVELOPMENT GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 2432.114 Unusual contract financing. The Senior Procurement Executive is the agency head for the purpose of...

Statistics and finance an introduction

CERN Document Server

Ruppert, David

2004-01-01

This textbook emphasizes the applications of statistics and probability to finance. Students are assumed to have had a prior course in statistics, but no background in finance or economics. The basics of probability and statistics are reviewed and more advanced topics in statistics, such as regression, ARMA and GARCH models, the bootstrap, and nonparametric regression using splines, are introduced as needed. The book covers the classical methods of finance such as portfolio theory, CAPM, and the Black-Scholes formula, and it introduces the somewhat newer area of behavioral finance. Applications and use of MATLAB and SAS software are stressed. The book will serve as a text in courses aimed at advanced undergraduates and masters students in statistics, engineering, and applied mathematics as well as quantitatively oriented MBA students. Those in the finance industry wishing to know more statistics could also use it for self-study. David Ruppert is the Andrew Schultz, Jr. Professor of Engineering, School of Oper...

Development of project financing in Russia

Directory of Open Access Journals (Sweden)

Nikonova Irina Aleksandrovna

2012-07-01

Full Text Available The implementation of effective investment projects is essential to the modernization of the Russian economy and its transition to a high-tech way of development. The most complex and risky form of financing projects is project financing (Project Finance.

48 CFR 32.007 - Contract financing payments.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contract financing... GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.007 Contract financing payments. (a)(1) Unless... section, the due date for making contract financing payments by the designated payment office is the 30th...

48 CFR 432.007 - Contract financing payments.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING 432.007 Contract financing payments. The HCA may prescribe, on a case-by-case basis, a shorter period for financing payments. [61 FR 53646, Oct. 15, 1996. Redesignated...

Overcoming SMEs Financing and Supply Chain Obstacles by Introducing Supply Chain Finance

Directory of Open Access Journals (Sweden)

Abbasi Waseem Ahmed

2018-05-01

Full Text Available Keeping in view the importance of small and medium enterprises (SMEs for the growth of a nation, we must also keep an eye on the challenges faced by those SMEs. There are various kinds of financing and supply chain options available for SMEs but they still face lot of hindrances. This paper would help us to understand why SMEs are important for the development of any country and how could we help the SMEs from facing challenges related to financing and supply chain. This study further highlights the key financing issues faced by SMEs and also focuses on major supply chain challenges confronted by the SMEs. This study put emphasis on the concept of supply chain finance (SCF and that how SCF could help SMEs to overcome those challenges. In addition, this paper also points out the benefits and prospects of SMEs. Even though the concept of SCF is still in developing phase but it has shown significant assistance to SMEs in order to grow further.

New directions in electric power financing

International Nuclear Information System (INIS)

Jechoutek, K.G.; Lamech, Ranjit

1995-01-01

This paper argues that it is necessary to raise the eyes from the current focus on independent power projects, buttressed by guarantees, to the longer horizon of electric power financing in open markets. Transitional strategies will need to move beyond the commonly seen IPP activity that occurs without fundamental sector reform, and demand-side incentives that introduce further market distortions. These efforts will have to focus on macroeconomic stabilization, removal of price distortions, as well as sector and corporate reform. Mobilization of domestic capital will be essential for sustainable sector financing. Although guarantees to encourage power sector investment can be designed to selectively cover risks, their elimination through fundamental sector reform should be the ultimate goal. Over the longer-term traditional corporate finance should become a more common financing strategy than project finance. Innovations in performance risk management and consumer credit will be crucial to the financing of energy efficiency. (author)

FINANCING PUBLIC INSTITUTIONS OF ACADEMIC EDUCATION IN SPAIN

Directory of Open Access Journals (Sweden)

DRĂGUŞIN CRISTINA-PETRINA

2015-04-01

Full Text Available Currently, Spanish universities meet the educational needs of the students with a wide offer of courses and the opportunity to study at all levels. They appear as an attractive option in the context of the relatively low cost of living compared to other countries in the EU area and under conditions of a tax system controlled by the Government. Starting from the assumption that the financing model of the academic education public institutions represents the foundation of their modernization in the current society based on changes and evolution, in this paper we propose to bring into the light of the concerns of those who are interested, through a persuasive exhibit, the Spanish model and its specific features. To this end, our debate will begin with a description of the Spanish system of academic education under the decentralized model of financing imprint, continuing with the presentation of specific skills in terms of funding on the triptych template: state - autonomous communities - universities. Subsequently, our investigative approach will focus on detailing the tertiary education financing sources: public resources, private and patrimonial revenues. The end of our presentation will be intended for conclusions, through which we aim to advance our vision regarding the investigated problems. In fact, the paper is intended to be a precursor step in carrying out a comparative study between the academic education funding mechanism in Romania and the Spanish one.

Modeling and assessing international climate financing

Science.gov (United States)

Wu, Jing; Tang, Lichun; Mohamed, Rayman; Zhu, Qianting; Wang, Zheng

2016-06-01

Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and recipient countries use the funds exclusively for carbon emission reduction. The burden-sharing principles are based on GDP, historical emissions, and consumptionbased emissions. Using this model, we develop and analyze a series of scenario simulations, including a financing program negotiated at the Cancun Climate Change Conference (2010) and several subsequent programs. Results show that sustained climate financing can help to combat global climate change. However, the Cancun Agreements are projected to result in a reduction of only 0.01°C in global warming by 2100 compared to the scenario without climate financing. Longer-term climate financing programs should be established to achieve more significant benefits. Our model and simulations also show that climate financing has economic benefits for developing countries. Developed countries will suffer a slight GDP loss in the early stages of climate financing, but the longterm economic growth and the eventual benefits of climate mitigation will compensate for this slight loss. Different burden-sharing principles have very similar effects on global temperature change and economic growth of recipient countries, but they do result in differences in GDP changes for Japan and the FSU. The GDP-based principle results in a larger share of financial burden for Japan, while the historical emissions-based principle results in a larger share of financial burden for the FSU. A larger burden share leads to a greater GDP loss.

48 CFR 2832.114 - Unusual contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Unusual contract financing... Contracting Requirements CONTRACT FINANCING Non-Commercial Item Purchase Financing 2832.114 Unusual contract financing. The HCA, or designee at a level not lower than the BPC, is the official authorized to approve...

Third party financing of renewable energy sources

International Nuclear Information System (INIS)

1994-01-01

The Institut of Energy Saving and Diversification (IDAE) hosted the third party on financing Renewable Energy Sources in Spain. The main aspects were : 1) Experiences in renewable energy. 2) Financing of small hydro-power projects. 3) Third party financing of biomass projects. 4) Financing of wind energy projects

Quantum Theory for the Binomial Model in Finance Thoery

OpenAIRE

Chen, Zeqian

2001-01-01

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

78 FR 33755 - Project Financing Loans

Science.gov (United States)

2013-06-05

... CFR Part 1710 [0572-AC21] Project Financing Loans AGENCY: Rural Utilities Service, USDA. ACTION... also considering regulations to clarify the agency's procedures for single asset/project financing... parameters necessary to more effectively and prudently use project financing in the RUS electric loan program...

PROJECT FINANCE THE ROLE OF EXPORT CREDIT AGENCIES IN PROJECT FINANCE

OpenAIRE

Fatma Ceren YALCIN

2013-01-01

The functions of Export Credit Agencies have an important place in the economies of countries in terms of contribution to economic growth. The developed countries follow various policies and constitute institutions for the development and support of export and export financing. Every country develops its own export-financing mechanism, according to its own economic situation within the existing legal framework. However, the privatization and economic deregulation actions in the approaches to ...

Basis Risk and Net Interest Income of Banks

Directory of Open Access Journals (Sweden)

Mielus Piotr

2016-12-01

Full Text Available The results of the banking sector are shaped primarily by commissions and net interest income. Net interest income is determined by the difference between the profitability of bank assets and liabilities. In the case when a different method is used to determine interest for each side of the balance sheet, there occurs a basis risk that may lead to the deterioration in the net interest income of the sector. This is the situation in the Polish banking sector, which is characterized by the presence of variable interest rates for long-term assets and fixed interest rates for short-term liabilities. The study aims to verify the following thesis: in an environment of falling interest rates we can observe the deterioration in net interest income of the banking sector, as a result of the materialization of the basis risk. The authors of the article state that the source of the basis risk is the mismatch between the reference rate used to define the interest flow of loans and the actual cost of financing the balance through term deposits collected from non-financial entities.

INVESTMENT DEPOSITS DECISION-MAKING IN BANK: A BEHAVIORAL FINANCE PERSPECTIVE

OpenAIRE

Hanopia B.L.; Surasni N.K.; Hidayati S.A.

2018-01-01

This research was conducted using behavioral finance theories. The objectives of this research was to analyze influencing factors of investment deposits decision-making for the depositor, and to analyze the most dominant factor of investment deposits decision-making in Bank NTB of Pejanggik Principle Branches. The instrument of this research was questionnaire with the total sample of 90 respondents who were the deposit customers. The research results show that deposits’ interest, gain and cos...

Challenges to micro-financing PLWHA clients in Rwanda : a study based on vision finance, a world vision mico-finance institution, Kigali Branch

NARCIS (Netherlands)

Muyinda, B.

2008-01-01

The study was conducted on Vision Finance a microfinance institution of World Vision in Rwanda. The major research question focussed on determining the factors that have contributed default on loans disbursed to PLWHA clients by Vision Finance. Results show that chronic illness and death disrupt

Paris-Princeton Lectures on Mathematical Finance

CERN Document Server

Çinlar, Erhan; Ekeland, Ivar; Jouini, Elyes; Scheinkman, José; Touzi, Nizar

2004-01-01

The Paris-Princeton Lectures in Financial Mathematics, of which this is the second volume, will, on an annual basis, publish cutting-edge research in self-contained, expository articles from outstanding - established or upcoming! - specialists. The aim is to produce a series of articles that can serve as an introductory reference for research in the field. It arises as a result of frequent exchanges between the finance and financial mathematics groups in Paris and Princeton. This volume presents the following articles: "Hedging of Defaultable Claims" by T. Bielecki, M. Jeanblanc, and M. Rutkowski; "On the Geometry of Interest Rate Models" by T. Björk; "Heterogeneous Beliefs, Speculation and Trading in Financial Markets" by J.A. Scheinkman, and W. Xiong.

Financing landfill gas projects

International Nuclear Information System (INIS)

Bull, R.

1992-01-01

The problems of financing landfill gas projects in the UK in the last few years are discussed. The approach of the author in setting up a company to finance such projects in the power generation field and a separate company to design and supply turnkey packages is reported. (UK)

Novel software system development for finance

OpenAIRE

Maad, Soha

2002-01-01

This paper addresses the need for novel software system development (SSD) practices in finance. It proposes Empirical Modelling as a novel approach for SSD in finance. This approach aims at finding a suitable framework for studying both the traditional and the emerging computing culture to SSD in finance. First, the paper studies the change in the financial industry and identifies key issues of the application of computer-based technology in finance. These key issues are framed in a wider age...

7 CFR 1738.19 - Facilities financed.

Science.gov (United States)

2010-01-01

... AGRICULTURE RURAL BROADBAND ACCESS LOANS AND LOAN GUARANTEES Loan Purposes and Basic Policies § 1738.19 Facilities financed. (a) RUS makes broadband loans to finance the construction, improvement, and acquisition... broadband loans to finance broadband facilities leased under the terms of a capital lease as defined in...

Why Finance Should Care about Ecology

NARCIS (Netherlands)

Scholtens, Lambertus

Finance ignores ecosystems, which has resulted in a growing list of environmental and social problems. In this article, the importance of ecology for finance is assessed. We suggest The piece also suggests that the financial intermediation perspective can align finance and ecology for the benefit of

The financing behavior of Dutch firms

NARCIS (Netherlands)

Chen, Linda H.; Jiang, George J.

2001-01-01

This paper investigates the financing behaviour of Dutch firms by testing whether a firm’s financing decisions are determined by certain factors identified in various theories. Since a firm’s financing decision is reflected in the changes of its leverage, our research focuses on the relationship

48 CFR 32.105 - Uses of contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Uses of contract financing... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.105 Uses of contract financing. (a) Contract financing methods covered in this part are intended to be self-liquidating through...

Finance and the nuclear industry

International Nuclear Information System (INIS)

Radtke, G.G.

1983-01-01

The subject is discussed under the headings: the energy situation today; energy investment and capital requirements (finding the necessary funds); further possibilities; future financing (project financing); summary. (U.K.)

Principals of the Islamic finance:A focus on project finance

OpenAIRE

Elasrag, hussein

2011-01-01

Islamic finance is one of the fastest growing segments of global financial industry. In some countries, it has become systemically important and, in many others, it is too big to be ignored.Islamic finance is based on shariah, an Arabic term that often is translated to “Islamic law.”Shariah provides guidelines for aspects of Muslim life, including religion, politics, economics,banking, business, and law.The basic sources of Shari’ah are the Qur’an and the Sunna, which are followed by the cons...

Third party financing of renewable energy sources

International Nuclear Information System (INIS)

IDAE.

1994-01-01

IDAE (Institute of Energy Saving and Diversification) Hosted the Third party on financing renewable energy sources. The meeting was articulated into chapters: 1.- Experiences in the renewable energy field. 2.- Third party financing of small hydro-power projects. 3.- Third party financing of biomass projects. 4.- Third party financing of wind energy projects

Financing Sustainable Small-Scale Forestry: Lessons from Developing National Forest Financing Strategies in Latin America

Directory of Open Access Journals (Sweden)

Herman Savenije

2010-12-01

Full Text Available The problems that hamper the financing of sustainable forest management (SFM are manifold and complex. However, forestry is also facing unprecedented opportunities. The multiple functions and values of forests are increasingly recognized as part of the solution to pressing global issues (e.g., climate change, energy scarcity, poverty, environmental degradation, biodiversity loss and raw material supply. Emerging initiatives to enhance forest carbon stocks and cut greenhouse gas emissions associated with forest clearing (known as REDD+, together with voluntary carbon markets, are offering additional funding options for SFM. Indigenous peoples, local communities and small scale farmers feature as key players in the discourse on implementing such initiatives. Based on the experience of countries developing national forest financing strategies and instruments, we suggest the following points be considered when financing such initiatives, particularly for small scale forestry: (1 Integrate financing of REDD+ and similar initiatives within broader national strategies for SFM financing; (2 Design REDD+ finance mechanisms that are ‘community ready’, i.e., tailored to local realities; (3 Consider existing livelihood strategies as the starting point; (4 Build on existing structures, but be mindful of their strengths and weaknesses; (5 Be strategic with your priority actions; and (6 Promote innovation, knowledge sharing and information exchange.

7 CFR 1738.21 - Interim financing.

Science.gov (United States)

2010-01-01

... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1738.21 Section 1738.21... Interim financing. (a) Upon notification by RUS that an applicant's application is considered complete, the applicant may enter into an interim financing agreement with a lender other than RUS or use its...

Why Finance Should Care about Ecology.

Science.gov (United States)

Scholtens, Bert

2017-07-01

Finance ignores ecosystems, which has resulted in a growing list of environmental and social problems. In this article, the importance of ecology for finance is assessed. We suggest The piece also suggests that the financial intermediation perspective can align finance and ecology for the benefit of society. This requires that financial institutions account for information about the impact of finance on the environment and vice versa, and that they are held accountable by their supervisors in this domain. Copyright © 2017 Elsevier Ltd. All rights reserved.

12 CFR 613.3030 - Rural home financing.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Rural home financing. 613.3030 Section 613.3030 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM ELIGIBILITY AND SCOPE OF FINANCING Financing Under Titles I and II of the Farm Credit Act § 613.3030 Rural home financing. (a) Definitions. (1...

12 CFR 907.12 - Finance Board procedures.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board procedures. 907.12 Section 907.12 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND OPERATIONS PROCEDURES Case-by-Case Determinations; Review of Disputed Supervisory Determinations § 907.12 Finance Board procedures. (a) Notice of Receipt...

Participatory financing for green growth

International Nuclear Information System (INIS)

Laville, Dorine; Phantharangsi, Maryvonne; Monnoyer-Smith, Laurence; Demeulenaere, Laurence; Lequeux, Typhaine; Cuny, Alicia

2017-01-01

As for the French Ministry of the Environment, participatory financing can be an innovating and mobilising tool to finance projects related to the energy and ecological transition, and as such a financing is promoted by the law on energy transition for a green growth, this publication presents this type of financing. It evokes its legal framework, its different forms (loan to companies, loan to individuals, gift, capital investment), its safe legal framework (definition of different types of status). It outlines how it can be a lever for energy and ecological transition even if green projects are difficult to quantify. It evokes the future introduction of a label, and the introduction of legal and regulatory measures to develop the renewable energy sector

Health, autonomic financing and transferences

Directory of Open Access Journals (Sweden)

David Cantarero Prieto

2002-01-01

Full Text Available The present paper has as objective to study the whole relative problem to the autonomous communities and regional heath care expenditure financing in Spain. This article has a dual purpose. First, the financing of the current health care attendance is approached in the Spanish regions passing magazine to its possible variants and we observe that the balance of our system is clearly inclined towards the side of the integration in the general pattern of financing («Fiscal Room» with specific conditions («Mixed System». Secondly, we examine the new situation in the mark of health care and its corresponding financing in the new model approved in 2001, in terms of the effects of tax assignment on autonomous communities.

13 CFR 107.840 - Maximum term of Financing.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Maximum term of Financing. 107.840... COMPANIES Financing of Small Businesses by Licensees Structuring Licensee's Financing of An Eligible Small Business: Terms and Conditions of Financing § 107.840 Maximum term of Financing. The maximum term of any...

Water Finance Webinars and Forums

Science.gov (United States)

The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.

Long-term care financing: lessons from France.

Science.gov (United States)

Doty, Pamela; Nadash, Pamela; Racco, Nathalie

2015-06-01

adjusted and amounts are low. Nevertheless, expenditures have exceeded projections, burdening local governments. Private supplemental insurance covers 11% of French, mostly middle-income adults (versus 3% of Americans 18 and older). Whether policyholders will maintain employer-sponsored coverage after retirement is not known. The government's interest in pursuing an explicit public/private partnership has waned under President François Hollande, a centrist socialist, in contrast to the previous center-right leader, President Nicolas Sarkozy, thereby reducing the prospects of a coordinated public/private strategy. American private insurers are showing increasing interest in long-term care financing approaches that combine public and private elements. The French example shows how a simple, cheap, cash-based product can gain traction among middle-income individuals when offered by employers and combined with a steeply income-adjusted universal public program. The adequacy of such coverage, however, is a concern. © 2015 Milbank Memorial Fund.

Financing of Renewable Energy Projects

International Nuclear Information System (INIS)

Santizo, Rodolfo; Berganza, Jose

2000-01-01

The paper describes the role of the Banco Centroamericano de Integracion Economica in financing renewable energy projects in Central America. Also decribes the different financing modes to the goverment and private sectors

Cross-Referencing National Standards in Personal Finance for Business Education with National Standards in Personal Finance Education

Science.gov (United States)

Gayton, Jorge

2005-01-01

The purpose of this study was to determine the extent to which National Standards in Personal Finance for Business Education correlate with National Standards in Personal Finance Education. A content analysis revealed that the National Standards in Personal Finance for Business Education, established by the National Business Education Association…

The financing of new mining ventures

International Nuclear Information System (INIS)

Etheredge, D.A.; Lilja, J.R.

1983-01-01

Various options are presented for tackling the problem in mining today of the high capital costs required for a new mine combined with the front end exposure that the exploiters face. Equity finance from the producers, private investors, oil companies, consumers and governments is discussed as well as loan finance from export credit agencies, international agencies, production-related loans, leasing and commercial bank loans. The future in financing mining is outlined and it is proposed that the future will lie in smaller projects financed primarily with equity. (U.K.)

Mortgage Finance and Security of Collateral

DEFF Research Database (Denmark)

Haldrup, Karin

2011-01-01

Developing economies face a gigantic lack of financing for urbanization due to the absence of formal and transparent property markets. The paper discuss the interference between mortgage finance and collateral security by using the Danish mortgage financing model as an example, because of its 200...... years long history, and because the system is recommended as an option in emerging markets and as a possible model for remedying failures in mature housing finance markets. It is suggested that development policies in land administration need to be revised in order to support a widening of credit...

Hydropower projects financing through the public private partnership a future powered by hydro

International Nuclear Information System (INIS)

Oprea, Traian; Teleanu, Mihai; Dobrescu, Dan

2004-01-01

/////In the frame of economy type that characterized Romania before 1990, the infrastructure and public utilities development, from which the hydropower sector is integral part, was ensured from public funds. The power generation belongs to the public services, which make profits on an average or long terms, in the benefit of the society. The demand for these services is increasing because of both economical increasing and the private sector weight in economy increasing. But, the quality increasing of these services needs investments, that is access to the long-term loans. Romanian banks are not prepared for long-run loans, and the international agencies don't have sufficient investment funds for all necessary projects. One of the options is or, could be, the transfer of entirely responsibility for infrastructure in the private sector hands, but this is not feasible in many cases. For this reason the government can choose a middle way realizing a private public partnership for solving the problem of the investment funds. In a general manner, this scenario consists in the fact of appealing to the private sector to finance, build and operate, for a limited period, an infrastructure, power or tourism project, necessary to the development. The impact zone between the public sector interest and private sector interest defined the concept of 'private public partnership' in its multiple alternatives (BOT, BOO, BOOT, ROT, etc.). The first official mentioning of a project in private public development under the name of BOOT 'Build, Own, Operate, Transfer' has been used in Turkey, in 1984, by the prime-minister ever since, Turgut Ozal, as part of a huge development program through the privatization in the power sector, infrastructure and tourism. The 'private public partnership' concept was studied and promoted, beginning with '95 years by the European Community too, with the view of this financing model utilization to the infrastructure projects development. One of the most

Threshold Concepts in Finance: Student Perspectives

Science.gov (United States)

Hoadley, Susan; Kyng, Tim; Tickle, Leonie; Wood, Leigh N.

2015-01-01

Finance threshold concepts are the essential conceptual knowledge that underpin well-developed financial capabilities and are central to the mastery of finance. In this paper we investigate threshold concepts in finance from the point of view of students, by establishing the extent to which students are aware of threshold concepts identified by…

Selected Determinants of Mezzanine Financing in Poland

Directory of Open Access Journals (Sweden)

Robert Golej

2016-01-01

Full Text Available A very significant form of company activity determining its development and even survival is innovation activity. Raising capital for the implementation of innovation is an important but not the only factor in the introduction of innovation. Characteristics of innovation, and in particular the risk of failure, make for a significant difficulty in obtaining external financing, particularly from third parties, which is an obstacle to their development and implementation. The subject of discussion in the article is the hybrid formula mezzanine type of financing innovative projects implemented both in start-up companies and in already well established companies. The purpose of the article is to discuss the possibilities and to perform an analysis of the practices followed by mezzanine funds in Poland in respect to the innovation activities of Polish companies. Research presented in the article was conducted on the basis of information on investments performed by mezzanine funds in Poland. Of particular importance for the innovativeness of the economy is to have companies from the SME sector, and therefore we also carried out research in this group. Innovations are often initiated in special purpose companies, start-up, etc., that operate in the SME sector. Therefore, the financing of innovation cannot be ignored as a thread of innovation in SMEs. The study involved interviews in several companies in the sector. The study concerned the possibilities of financing innovation involving mezzanine, knowledge of hybrid forms of financing, preparedness for hybrid financing. Studies are not representative, but are rather sounding a view to clarify any further research. Hypothesis: mezzanine financing, utilizing its specific benefits, is increasingly used to finance the gap in the financing of innovation, in particular special purpose companies in the SME sector. So the hypothesis raises two strands of research. The first concerned the financing of innovation

12 CFR 980.6 - Finance Board consent.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board consent. 980.6 Section 980.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD NEW FEDERAL HOME LOAN BANK ACTIVITIES NEW BUSINESS ACTIVITIES § 980.6 Finance Board consent. The Finance Board may at any time provide consent for a Bank to undertake a particular new business activity and...

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

Directory of Open Access Journals (Sweden)

Marcel Ioan Bolos

2007-11-01

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

"Lines of Credit and Relationship Lending in Small Firm Finance"

OpenAIRE

Allen N. Berger; Gregory E. Udell

1994-01-01

This paper examines the role of relationship lending using a data set on small firm finance. The abilities to acquire private information over time about borrower quality and to use this information in designing debt contracts largely define the unique nature of commercial banking. Recently, a theoretical literature on relationship lending has appeared which provides predictions about how loan interest rates evolve over the course of a bank-borrower relationship. The study focuses on small, m...

Financing energy efficiency investments. Third party financing: practical problems and possible solutions

International Nuclear Information System (INIS)

Warren, A.

1992-01-01

Third Party Financing means the packaging together of both technical aid and the necessary funding for energy cost saving investments by an outside company (outside to the energy user that is), using the energy cost savings themselves to pay for that investment. There are two key factors which differentiate Third Party Financing and conventional approaches to the implementation of energy conservation projects, the first of which is the provision of all the necessary technical services - both initial and detailed energy audits, engineering design and implementation - from one source. The second difference involves viewing the energy cost savings as a ''stream oincome'' which will repay the cost of the investment. This approach has a number of attractions to energy users: the outside company brings both its technical expertise and the necessary up-front capital to fund the energy saving investment. In addition, because the payments to the outside company are contingent, either wholly or in part, upon the level and timing of the energy cost savings the technical and financial risk for the investment is transferred from the energy user to the outside company. However, although simple in concept, third party financing is complex in practice. How does an energy user judge one third party financing proposal against another? If an agreement is made, how are energy savings measured or what happens if there is a dispute between the two parties? These are examples of the practical questions addressed in this paper which must be resolved if third party financing is to be used to assist energy saving. (Author)

Personal finances of urology residents in Canada.

Science.gov (United States)

Teichman, J M; Tongco, W; MacNeily, A E; Smart, M

2000-12-01

We examined how Urology residents in Canada manage their personal finances. A survey instrument was designed to elicit information on demographics, expenses, savings and incomes. The questionnaire was completed by 40 Urology residents attending the 2000 Queen's Urology Exam Skills Training (QUEST) program. Twenty-eight residents (70%) had educational debt (median debt $50 000). Seventeen residents (45%) paid credit card interest charges within the last year. Four residents (10%) maintained an unpaid credit card balance > $7500 at 17% annual interest rate. Twenty-six residents (67%) contributed to Registered Retirement Savings Program (RRSP) accounts. Seventeen residents (44%) contributed to non-RRSP retirement accounts. Nineteen residents (50%) budgeted expenses. Median resident income was $45 000. Thirteen residents (34%) had cash reserves < $250. Many residents save little, and incur substantial debt over and above educational loans. Many residents would benefit from instruction concerning prudent financial management. Residents should be informed of the consequences of low saving and high debt.

Bond financing for renewable energy in Asia

International Nuclear Information System (INIS)

Ng, Thiam Hee; Tao, Jacqueline Yujia

2016-01-01

Addressing the financing gap for renewable energy (RE) projects in Asia is critical to ensure that the rapidly increasing energy needs could be met sustainably. This paper explores the cause of the financing gap in Asia and proposes the use of bond financing to address the financing gap. Specifically, three fixed income instruments, namely local currency denominated (LCY) corporate bonds, asset backed project bonds and financial green bonds, will be assessed. Whilst the potential for these three instruments to mobilize large flows of private sector financing is great, key supportive policies aimed at reducing the capital market bias for conventional power generation technologies and supportive RE policies are required. Another key aspect would be the necessary deepening of local and regional fixed income markets before such capital market instruments are able to play a big role. - Highlights: •This study looks at the current financing gap and RE financing landscape in developing Asia. •LCY corporate bonds, asset backed projects bonds and financial green bonds could help to address the financing gap for RE in the region. •Policy recommendations for building the fixed income market for RE projects are provided.

26 CFR 1.6050H-1T - Information reporting of mortgage interest received in a trade or business from individuals after...

Science.gov (United States)

2010-04-01

... commercial loan because the proceeds were used to finance the payor's trade or business, the obligation is... is a mortgage shall be made without regard to the interest recipient's classification of that... classifies the obligation as a commercial loan because the proceeds are to be used to finance the payor's...

Financing tourist activity

Directory of Open Access Journals (Sweden)

Vujović Slavoljub

2014-01-01

Full Text Available This paper researches which of the possible financing models (self-financing, loan, mutual fund, issuing securities and leasing is the most convenient for tourism financing on the grounds of opinions and views of student population. Taking into account that future social and economic development depends on student population, that in every society intellectual endeavor (science and art exists ever since man exists, that the overall progress of mankind is based on the great intellectual endeavor of former civilizations, as well as the fact that Western Serbia has remarkable natural and anthropogenic characteristics suitable for valorization for the purpose of tourism development, the research questions were formulated and the research was performed. The methods used were: analysis, correlation, deduction and induction. Field research has been of the primary importance and it was based on questionnaires, interviews and in-depth interview. [Projekat Ministarstva nauke Republike Srbije, br. 46001 i br. 47007

48 CFR 32.003 - Simplified acquisition procedures financing.

Science.gov (United States)

2010-10-01

... procedures financing. 32.003 Section 32.003 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.003 Simplified acquisition procedures financing. Unless agency regulations otherwise permit, contract financing shall not be provided for...

Finance islamique : Représente-t-elle une alternative pertinente face à la finance conventionnelle ?

OpenAIRE

Boussabat, Badr

2017-01-01

D'abord, il s'agit d'exploiter les différents concepts économiques sur lesquels baser notre réflexion. Via un modèle, nous avons exploité différents variables permettant de faire contraster la finance conventionnelle de la finance islamique en concluant sur la croissance, la stabilité, l'aléa moral, le financement et enfin, l'entrepreunariat. Master [120] en sciences économiques, orientation générale, Université catholique de Louvain, 2017

75 FR 23152 - Board of Directors of Federal Home Loan Bank System Office of Finance

Science.gov (United States)

2010-05-03

...Governed by the Federal Housing Finance Agency's (FHFA) regulations, the Federal Home Loan Bank System's (Bank System) Office of Finance issues debt (``consolidated obligations'') as agent for the Federal Home Loan Banks (Banks) on which the Banks are jointly and severally liable and publishes combined financial reports on the Banks so that members of the Bank System, investors in the consolidated obligations, and other interested parties can assess the strength of the Bank System that stands behind them. The Office of Finance (OF) is governed by a board of directors, the composition and functions of which are determined by FHFA's regulations. FHFA's experience with the Bank System and with the OF's combined financial reports during the recent period of market stress suggests that the OF and the Bank System could benefit from a reconstituted board and strengthened audit committee. This regulation is intended to achieve that end.

INTERNATIONALLY LEGAL MEASURES TO COMBAT TERRORIST FINANCING

Directory of Open Access Journals (Sweden)

Yuniarti Yuniarti

2014-09-01

Full Text Available Following the terrorist attacks in the USA on September 11th, 2001, it was discovered that money laundering was a significant source of finance for terrorists. Although, the amount of money that involve is not as involve as in drug and gun trafficking, terrorist financing had been the most important substance to be monitor. Further, various legal measures have been taken internationally in order to combat terrorist financing. This research analyses the legal measures that have been taken internationally and at EU level to combat terrorist financing. Key words: Money Laundering, Terrorist Financing, International Legal measures, EU.

NPS transportation innovative finance options

Science.gov (United States)

2013-05-01

This paper provides a summary of innovative transportation finance techniques and discusses their applicability to the National Park Service (NPS). The primary finding of this analysis is that while NPS is engaging in innovative finance techniques su...

Financing public healthcare institutions in Ghana.

Science.gov (United States)

Akortsu, Mercy Akosua; Abor, Patience Aseweh

2011-01-01

The financing of healthcare services has been of a major concern to all governments in the face of increasing healthcare costs. For developing countries, where good health is considered a poverty reduction strategy, it is imperative that the hospitals used in the delivery of healthcare services are well financed to accomplish their tasks. The purpose of this paper is to examine how public hospitals in Ghana are financed, and the challenges facing the financing modes adopted. To achieve the objectives of the study, one major public healthcare institution in Ghana became the main focus. The findings of the study revealed that the main sources of financing the public healthcare institution are government subvention, internally-generated funds and donor-pooled funds. Of these sources, the internally generated fund was regarded as the most reliable, and the least reliable was the donor-pooled funds. Several challenges associated with the various financing sources were identified. These include delay in receipt of government subvention, delay in the reimbursement of services provided to subscribers of health insurance schemes, influence of government in setting user fees, and the specifications to which donor funds are put. The findings of this study have important implications for improving the financing of public healthcare institutions in Ghana. A number of recommendations are provided in this regard.

48 CFR 432.003 - Simplified acquisition procedures financing.

Science.gov (United States)

2010-10-01

... procedures financing. 432.003 Section 432.003 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 432.003 Simplified acquisition procedures financing. (a) The chief of the contracting office may approve contract financing on a contract to be...

48 CFR 1332.003 - Simplified acquisition procedures financing.

Science.gov (United States)

2010-10-01

... procedures financing. 1332.003 Section 1332.003 Federal Acquisition Regulations System DEPARTMENT OF COMMERCE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 1332.003 Simplified acquisition procedures financing. Contract financing may be provided for purchases made under the authority of FAR Part 13. Contract...

Energy Finance Data Warehouse Manual

Energy Technology Data Exchange (ETDEWEB)

Lee, Sangkeun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Shankar, Mallikarjun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Zeng, Claire [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hendrickson, Stephen [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

2016-11-30

The Office of Energy Policy and Systems Analysis s finance team (EPSA-50) requires a suite of automated applications that can extract specific data from a flexible data warehouse (where datasets characterizing energy-related finance, economics and markets are maintained and integrated), perform relevant operations and creatively visualize them to provide a better understanding of what policy options affect various operators/sectors of the electricity system. In addition, the underlying data warehouse should be structured in the most effective and efficient way so that it can become increasingly valuable over time. This report describes the Energy Finance Data Warehouse (EFDW) framework that has been developed to accomplish the defined requirement above. We also specifically dive into the Sankey generator use-case scenario to explain the components of the EFDW framework and their roles. An excel-based data warehouse was used in the creation of the energy finance Sankey diagram and other detailed data finance visualizations to support energy policy analysis. The framework also captures the methodology, calculations and estimations analysts used for the calculation as well as relevant sources so newer analysts can build on work done previously.

ASPECTS REGARDING THE FINANCING OF HIGHER EDUCATION

OpenAIRE

Adrian Macris; Maria Macris

2008-01-01

This paper sets forth the issue of financing higher education in Romania according tothe fundamental principles adopted by most of the countries of the European Union. Under suchcircumstances, the two components of financing State universities are minutely exhibited, namelybasic financing and complementary financing. At the same time, the extremely important matterrequiring the foundation of an efficient and competitive educational system demanded by the newenvironment also implies the provid...

12 CFR 226.4 - Finance charge.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Finance charge. 226.4 Section 226.4 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM TRUTH IN LENDING (REGULATION Z) General § 226.4 Finance charge. (a) Definition. The finance charge is the cost of consumer credit as a dollar amount. It...

Behavioural Finance: Theory and Survey

Directory of Open Access Journals (Sweden)

Daiva Jurevičienė

2013-04-01

Full Text Available The paper analyses the importance of behavioural finance theories in household decision-making process. Behavioural finance theories investigate emotional characteristics to explain subjective factors and irrational anomalies in financial markets. In this regard, behavioural theories and behavioural anomalies in the decision-making process are examined; the application opportunities in the financial market are described. The aim of investigation is to determine the basic features and slopes of behavioural finance in concordance with financial decisions of a household. The survey method was applied to ascertain financial behaviour of literate households.

PUBLIC FINANCING OF HEALTHCARE SERVICES

Directory of Open Access Journals (Sweden)

Agnieszka Bem

2013-10-01

Full Text Available Healthcare in Poland is mainly financed by public sector entities, among them the National Health Fund (NFZ, state budget and local government budgets. The task of the National Health Fund, as the main payer in the system, is chiefly currently financing the services. The state budget plays a complementary role in the system, and finances selected groups of services, health insurance premiums and investments in healthcare infrastructure. The basic role of the local governments is to ensure access to the services, mostly by performing ownership functions towards healthcare institutions.

12 CFR 995.9 - Reports to the Finance Board.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Reports to the Finance Board. 995.9 Section 995.9 Banks and Banking FEDERAL HOUSING FINANCE BOARD NON-BANK SYSTEM ENTITIES FINANCING CORPORATION OPERATIONS § 995.9 Reports to the Finance Board. The Financing Corporation shall file such reports as the Finance Board shall direct...

Financing end-use solar technologies in a restructured electricity industry: Comparing the cost of public policies

International Nuclear Information System (INIS)

Jones, E.; Eto, J.

1997-09-01

Renewable energy technologies are capital intensive. Successful public policies for promoting renewable energy must address the significant resources needed to finance them. Public policies to support financing for renewable energy technologies must pay special attention to interactions with federal, state, and local taxes. These interactions are important because they can dramatically increase or decrease the effectiveness of a policy, and they determine the total cost of a policy to society as a whole. This report describes a comparative analysis of the cost of public policies to support financing for two end-use solar technologies: residential solar domestic hot water heating (SDHW) and residential rooftop photovoltaic (PV) systems. The analysis focuses on the cost of the technologies under five different ownership and financing scenarios. Four scenarios involve leasing the technologies to homeowners in return for a payment that is determined by the financing requirements of each form of ownership. For each scenario, the authors examine nine public policies that might be used to lower the cost of these technologies: investment tax credits (federal and state), production tax credits (federal and state), production incentives, low-interest loans, grants (taxable and two types of nontaxable), direct customer payments, property and sales tax reductions, and accelerated depreciation

48 CFR 3032.003 - Simplified acquisition procedures financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Simplified acquisition procedures financing. 3032.003 Section 3032.003 Federal Acquisition Regulations System DEPARTMENT OF HOMELAND... FINANCING Scope of Part 3032.003 Simplified acquisition procedures financing. Contract financing may be...

48 CFR 32.005 - Consideration for contract financing.

Science.gov (United States)

2010-10-01

... financing. 32.005 Section 32.005 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.005 Consideration for contract financing. (a) Requirement. When a contract financing clause is included at the inception of a contract, there shall be no...

Book Review of : The Theory of Corporate Finance

OpenAIRE

Georges Dionne

2011-01-01

The book proposes an original contribution to the economics and finance literature by developing the foundations of corporate finance. It also covers in detail various corporate governance issues faced by organizations. The common treatment of corporate finance and corporate governance started with the contribution of Williamson (Journal of Finance, 1988), who argued that corporate finance and corporate governance must be treated simultaneously because they are complementary. This book fills ...

Financing of Solar Home Systems (SHS); Finanzierung von Solar Home Systemen. Erfahrungen aus der Praxis

Energy Technology Data Exchange (ETDEWEB)

Adelmann, P.; Rimpler, G.; Zimmermann, A. [Phocos AG, Ulm (Germany)

2005-07-01

In many cases Solar Systems are the cheapest option for rural electrification. Often the users spend every month a quite high amount of money for dry cell batteries, kerosene and candles to supply a radio or to have light. Problem is that the users can spend a certain amount every month, but they are not able to have the necessary investment for a SHS at one. Financing would be requires. There are different ways to finance the solar home systems. In some cases the user has to pay a fee for the service. In these cases the investor is the owner of the system. In other cases a microcredit is given to the user. His then the owner of the system and responsible for any losses in the system. An interesting model is a battery charging station. In this model it is possible for the user to become step by step owner of a solar system. Conclusion. Fee for service systems did not perform perfectly. Main reason is the missing responsibility of the user for any damage. Microcredits did perform well in several places in Asia. A interesting option for the future are battery charging stations. This model hashighest flexibility in financing. It can be adopted at any moment to the abilities of the user. (orig.)

Financing the Ranger uranium project

International Nuclear Information System (INIS)

Hodge, S.J.; Miskelly, N.

1983-01-01

Construction of the Ranger uranium project located 230 km east of Darwin in the Northern Territory commenced in January 1979. Energy Resources of Australia Ltd was incorporated in February 1980 to acquire all the rights in the project. The total cost to ERA of these rights was $407 million. In October 1980 ERA'S cash requirements were estimated to be $553 million. Overseas participants (power utilities who had agreed to purchase uranium yellowcake under contract) arranged to take up 25% of the equity capital, Peko-Wallsend Ltd and EZ Industries Ltd were allotted 30.5% each and 14% was issued to Australian residents. The loan and equity financing arrangements required the successful resolution of many complex and interlocking factors, including technical and economic feasibility, agreement with aboriginal interests, compliance with Government policies and securing of sales contracts

48 CFR 32.203 - Determining contract financing terms.

Science.gov (United States)

2010-10-01

... financing terms. 32.203 Section 32.203 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Commercial Item Purchase Financing 32.203 Determining contract financing terms. When the criteria in 32.202-1(b) are met, the contracting officer may either...

MICRO FINANCING SCHEME BASED ON OPTIMIZATION OF NETWORK (MFS-ON: APROPOSED IMPROVEMENT ON CURRENT PRACTICES

Directory of Open Access Journals (Sweden)

Soenartomo Soepomo

2017-03-01

Full Text Available One important method in reducing poverty was through finance.The poor were lack of qualification andcapacity to borrow from formal financial sector. Therefore they should resort their financing needs to informalsources albeit very high cost implication.This dependency in turn would disrupt their productive capacitysincethe interest was very high. We focus on special segment of theproductive poor. We reviewed various financingscheme that widely practiced both domestically and globally. We perceived that existing schemes were inadequatefrom several perspectives: (1 partial nature, (2 substandard business practices, (3 lack of cooperationand (4 limited coverage. We proposed an alternative financing scheme.The spirit of the approach emphasizedthe critical role of self-sufficiency of Microfinance Institution (MFI. Through self sufficiency, MFI coulddevelop a healthy business with reasonable rate of return. In addition to self sufficiency, first, the proposal alsoincluded financing from private sector through mobilization of Corporate Social Responsibility (CSR funds.The funding sources became broad and economics scale could be achieved. Second, the proposal improved risksharing mechanism by introducing the regional government banks as well as insurers. Third, the proposalmade the distribution channel optimum by involvement of society elements

An Introduction to International Factoring & Project Finance

OpenAIRE

Glinavos, Ioannis

2002-01-01

This work consists of two essays on law and finance in international trade. It addresses the means of raising funds for investment through receivables financing and project finance. The first essay discusses the role of receivables financing and in particular factoring in international trade. It examines the nature of factoring transactions and presents the efforts at regulation on an international level aimed at overcoming the difficulties in enforcement. The second essay discusses project f...

The economic and financing viability of the OPR-1000 construction at Muria Peninsula

International Nuclear Information System (INIS)

Moch Djoko Birmano; Mochamad Nasrullah

2005-01-01

The study of the economic and financing viability of the OPR-1000 construction at Muria Peninsula have been done. This study is carried out with steps as follows: updating of newest OPR-1000 technical and economic data; survey of financing sources; the calculation of electricity generation cost, electricity tariff, construction cost of OPR-1000; and calculation of OPR-1000 financing viability by using feasibility criteria such as Net Present Value (NPV), Internal Rate of Return (IRR) and capital payback period. The calculation of generation cost, electricity tariff, construction cost and financing viability criteria (IRR, NPV, Payback Period)by using KEPCO Spread Sheet. From the results of calculations how that the electricity generation cost is 4.0866 cent/kWh, while the electricity tariff is 6.6399 cent/kWh(after Value Added Tax). The total construction cost of OPR-1000 is US $4,092.09 million (included interest and financial fee, excluded initial nuclear fuel). The calculation of financing viability in base case obtained that value of IRR, NPV and Payback Period for total investment is 10.37%. US$90.52 million and 12.11 years respectively. From these results can be concluded that with the electricity tariff of 6.640 cent/kWh or 0.0664 US$/kWh, basically this project of OPR-1000 construction is very feasible and beneficial. From investment side, this project can attract investor because the rate of capital return is high enough, profit in the end of economic life is big enough and payback period is short. (author)

24 CFR 891.825 - Mixed-finance closing documents.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Mixed-finance closing documents...-Profit Limited Partnerships and Mixed-Finance Development for Supportive Housing for the Elderly or Persons with Disabilities § 891.825 Mixed-finance closing documents. The mixed-finance owner must submit...

Management and financing of e-Government projects in India: Does financing strategy add value?

Directory of Open Access Journals (Sweden)

Shashank Ojha

2017-06-01

Full Text Available How do managers structure e-government projects and address challenges of risks, lack of technical expertise, and mitigation of strategic error for preventing loss of investments? Our aim was to compare the traditional finance approach and the strategy-driven, innovative financing approaches under the PPP model, to examine their managerial value-addition. We found that e-government projects require a carefully crafted structuring strategy and that innovative financing is more suitable in facilitating flexible decision making, building core capabilities, managing and sharing project risks, providing funds needed for growth and innovation, and customising tailor-made project governance strategy. Based on our findings, we develop five theoretical propositions.

Financing the nuclear fuel cycle

International Nuclear Information System (INIS)

Stephany, M.

1975-01-01

While conventional power stations usually have fossil fuel reserves for only a few weeks, nuclear power stations, because of the relatively long time required for uranium processing from ore extraction to the delivery of the fuel elements and their prolonged in-pile time, require fuel reserves for a period of several years. Although the specific fuel costs of nuclear power stations are much lower than those of conventional power stations, this results in consistently higher financial requirements. But the problems involved in financing the nuclear fuel do not only include the aspect of financing the requirements of reactor operators, but also of financing the facilities of the nuclear fuel cycle. As far as the fuel supply is concerned, the true financial requirements greatly exceed the mere purchasing costs because the costs of financing are rather high as a consequence of the long lead times. (orig./UA) [de

13 CFR 120.890 - Source of interim financing.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Source of interim financing. 120... Development Company Loan Program (504) Interim Financing § 120.890 Source of interim financing. A Project may use interim financing for all Project costs except the Borrower's contribution. Any source (including...

13 CFR 120.900 - Sources of permanent financing.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Sources of permanent financing... Development Company Loan Program (504) Permanent Financing § 120.900 Sources of permanent financing. Permanent financing for each Project must come from three sources: the Borrower's contribution, Third-Party Loans, and...

24 CFR 891.815 - Mixed-finance developer's fee.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Mixed-finance developer's fee. 891...-Profit Limited Partnerships and Mixed-Finance Development for Supportive Housing for the Elderly or Persons with Disabilities § 891.815 Mixed-finance developer's fee. (a) Mixed-finance developer's fee. A...

Public-Privat e Partnership in the System of Regional Healthcare Financing

Directory of Open Access Journals (Sweden)

Margarita Yur’evna Molchanova

2016-05-01

Full Text Available Healthcare financing reform in the Russian Federation, besides its positive consequences, has led to the emergence of several major organizational and economic problems that hinder the expansion of financing sources for this sphere, which also involves public-private partnership (PPP. The paper highlights the regional specifics of such healthcare projects compared to similar projects of other spheres of the national economy. The author describes the problems of PPP projects implementation in healthcare; they include the insufficiency of substantiation of public-private partnership application in healthcare, and the absence of typical models for establishment of relations between PPP participants. The paper presents the healthcare priorities put forward by the author; these priorities are based on the theory of the life cycle of a service. The author presents her own model for organizing a regional concession, which is the most common form of public-private partnership in healthcare so far. The cluster brings together on a voluntary basis the legally independent organizations that are interested in improving the quality and increasing the accessibility of health services. These can include medical institutions of various forms of ownership located in the region, clinics, facilities, institutions that train healthcare workers, authorities, etc. The author shows that a favorable environment for the formation and implementation of PPP projects can be created under the cluster approach to the organization of healthcare. When establishing the medical cluster, the main task is to organize interaction between all its subjects in the interest of the overall development of healthcare in the region and the implementation of one’s own interests

Gender gap in parents' financing strategy for hospitalization of their children: evidence from India.

Science.gov (United States)

Asfaw, Abay; Lamanna, Francesca; Klasen, Stephan

2010-03-01

The 'missing women' dilemma in India has sparked great interest in investigating gender discrimination in the provision of health care in the country. No studies, however, have directly examined discrimination in health-care financing strategies in the case of severe illness of sons versus daughters. In this paper, we hypothesize that households who face tight budget constraints are more likely to spend their meager resources on hospitalization of boys rather than girls. We use the 60th round of the Indian National Sample Survey (2004) and a multinomial logit model to test this hypothesis and to throw some light on this important but overlooked issue. The results reveal that boys are much more likely to be hospitalized than girls. When it comes to financing, the gap in the usage of household income and savings is relatively small, while the gender gap in the probability of hospitalization and usage of more onerous financing strategies is very high. Ceteris paribus, the probability of boys to be hospitalized by financing from borrowing, sale of assets, help from friends, etc. is much higher than that of girls. Moreover, in line with our theoretical framework, the results indicate that the gender gap intensifies as we move from the richest to poorest households. (c) 2009 John Wiley & Sons, Ltd.

Project finance: a type of financing applied to wind CearÃ

OpenAIRE

Allisson David de Oliveira Martins

2010-01-01

Este trabalho enfatiza a importÃncia da energia eÃlica e demonstra o potencial eÃlico tecnicamente aproveitÃvel no Estado do CearÃ. Investiga-se especificamente a modalidade de financiamento Project Finance, atravÃs de suas definiÃÃes, riscos, vantagens e desvantagens como uma alternativa de crÃdito de longo prazo capaz de viabilizar novos projetos relacionados à diversificaÃÃo da matriz energÃtica brasileira. A estrutura do Project Finance à estudada para projetos eÃlicos no Cearà onde...

Financing bidders in takeover contests

NARCIS (Netherlands)

Vladimirov, V.

2015-01-01

This paper argues that endogenizing how acquirers finance their cash bids is just as important for understanding bidding in takeovers as endogenizing acquirers' payment method choice. The paper shows that acquirers finance their cash bids with equity only if they lack access to competitive

FACTORS AFFECTING ACCESS TO FINANCE OF SMALL AND MEDIUM ENTERPRISES (SMEs OF BANGLADESH

Directory of Open Access Journals (Sweden)

Mohammed CHOWDHURY

2017-12-01

Full Text Available This study addresses the issues that impede SMEs of Bangladesh in obtaining finance from the financial institutions. To accomplish our goals we collected data from a sample of 86 SMEs to investigate the problems and suggest policy recommendations. We collected data by directly interviewing the respondents with the help of a questionnaire for self-guidance. We also used secondary data for this purpose. Findings revealed that the size and age of the firms, education and skills of the owners, and unfavorable credit terms such as high interest rates, lack of collateral security, corruption by bank officials etc. are some of the biggest hurdles that SMEs in Bangladesh face in getting loans from financial institutions. The limitation is that the study has included one city in its sample population. A nationwide study where there are SMEs in large numbers could lead to better results for this kind of study. The implication is that small businesses, as opposed to the larger ones, face funding obstacles and are discriminated by the financial institutions in granting loans. Built on current literatures and research on SMEs, specially in regard to their ability to access finance, this study captures the information relating to problems identified by SMEs in having access to finance and suggesting the ways and means needed for strengthening the SMEs access to finance for their expansion and growth.

Financing Structure and Liquidity Risk: Lesson from Malaysian Experience

Directory of Open Access Journals (Sweden)

Abdul-Rahman Aisyah

2017-05-01

Full Text Available This study examines the relationship between financing structure and bank liquidity risk. We compare the findings between Islamic and conventional banks for the case of Malaysia. We adopt four measures to represent financing structure; namely 1 real estate financing, 2 financing concentration, 3 stability of short-term financing structure and 4 stability of medium-term financing structure. Two BASEL III liquidity risk measures are tested; namely, liquidity coverage ratio (LCR and the net stable funding ratio (NSFR to measure short- and long-term liquidity risk, respectively. Based on panel data regression comprising 27 conventional and 17 Islamic banks from 1994 to 2014, our findings show that real estate financing and stability of short-term financing structure for Islamic banks are positively related to both liquidity risk measures. This implies that an increasing number of real estate financing and a stable short-term financing structure may increase Islamic banks’ short- and long-term liquidity risks. However, although real estate financing does not affect conventional banks’ liquidity risks, a stable short-term financing structure and increasing financing concentration can positively influence bank long-term liquidity risk. Our findings shed light crucial policy implications for regulatory bodies and market players in the context of liquidity risk management framework as well as the need to develop a separate framework between conventional and Islamic banking institutions.

Optimal capital stock and financing constraints

OpenAIRE

Saltari, Enrico; Giuseppe, Travaglini

2011-01-01

In this paper we show that financing constraints affect the optimal level of capital stock even when the financing constraint is ineffective. This happens when the firm rationally anticipates that access to external financing resources may be rationed in the future. We will show that with these expectations, the optimal investment policy is to invest less in any given period, thereby lowering the desired optimal capital stock in the long run.

46 CFR 298.18 - Financing Shipyard Projects.

Science.gov (United States)

2010-10-01

... 46 Shipping 8 2010-10-01 2010-10-01 false Financing Shipyard Projects. 298.18 Section 298.18 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION VESSEL FINANCING ASSISTANCE OBLIGATION GUARANTEES Eligibility § 298.18 Financing Shipyard Projects. (a) Initial criteria. We may issue Guarantees to...

13 CFR 107.830 - Minimum duration/term of financing.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Minimum duration/term of financing... INVESTMENT COMPANIES Financing of Small Businesses by Licensees Structuring Licensee's Financing of An Eligible Small Business: Terms and Conditions of Financing § 107.830 Minimum duration/term of financing. (a...

FINANCING MECHANISMS OF AGRICULTURE IN ROMANIA

Directory of Open Access Journals (Sweden)

BUMBESCU SORINA SIMONA

2015-03-01

Full Text Available The objective of this article is to highlight the importance of the agriculture financing ways, existing an interdependence relationship between the stage of agriculture development and its funding mechanisms. This article presents in a complex way, the general theoretical framework of the agriculture financing, and the practical methods of agriculture finance from bank loans to European programs and projects, the impact of EU funds on agriculture. The research leads to two important categories of tangible results; on one hand it highlights the most important and used ways to finance the Romanian agriculture, and on the other hand, there is analised the impact of EU funds on rural development, their absorption.

Financing and organisation of veterinary services.

Science.gov (United States)

Gallacher, M; Barcos, L

2012-08-01

This paper analyses the different ways of financing official Veterinary Services (VS) and the effects of these choices on the performance of such Services. The links between governance, organisational effectiveness and financing arrangements are seen as particularly important. The paper comments on some of the advantages and disadvantages of financing VS with service fees, as compared to budget transfers from general government revenues. Evidence is presented on the considerable heterogeneity in the size of VS and on the impact of this heterogeneity on organisation and financing. The paper concludes with a stylised case study, which emphasises the importance of collaboration and the division of labour between the official and the private sector of the veterinary profession.

The Rationality and Irrationality of Financing Green Start-Ups

Directory of Open Access Journals (Sweden)

Linda Bergset

2015-11-01

Full Text Available Green start-ups contribute towards a transition to a more sustainable economy by developing sustainable and environmentally friendly innovation and bringing it to the market. Due to specific product/service characteristics, entrepreneurial motivation and company strategies that might differ from that of other start-ups, these companies might struggle even more than usual with access to finance in the early stages. This conceptual paper seeks to explain these challenges through the theoretical lenses of entrepreneurial finance and behavioural finance. While entrepreneurial finance theory contributes to a partial understanding of green start-up finance, behavioural finance is able to solve a remaining explanatory deficit produced by entrepreneurial finance theory. Although some behavioural finance theorists are suggesting that the current understanding of economic rationality underlying behavioural finance research is inadequate, most scholars have not yet challenged these assumptions, which constrict a comprehensive and realistic description of the reality of entrepreneurial finance in green start-ups. The aim of the paper is thus, first, to explore the specifics of entrepreneurial finance in green start-ups and, second, to demonstrate the need for a more up-to-date conception of rationality in behavioural finance theory in order to enable realistic empirical research in this field.

Financing Agricultural Enterprises By Cooperative Societies In ...

African Journals Online (AJOL)

The study was on cooperative societies financing of agricultural enterprises in Mbaise Area of Imo State, Nigeria. The objectives includes, identification of sources of finance for the cooperative societies and types of agricultural enterprises financed, profitability of the enterprises and the members or loan beneficiaries ...

32 CFR 705.19 - Financing.

Science.gov (United States)

2010-07-01

... 32 National Defense 5 2010-07-01 2010-07-01 false Financing. 705.19 Section 705.19 National Defense Department of Defense (Continued) DEPARTMENT OF THE NAVY UNITED STATES NAVY REGULATIONS AND OFFICIAL RECORDS PUBLIC AFFAIRS REGULATIONS § 705.19 Financing. (a) The financial requirements for...

Default risk in project finance

NARCIS (Netherlands)

Klompjan, R.; Wouters, Marc

2002-01-01

Understanding default risk in project finance is relevant to investors. This article investigates which factors are most strongly associated with the occurrence of project finance default, using data from 210 projects, of which 37 were in default. The authors found that the use of proven technology,

The Possibilities of Strategic Finance

Science.gov (United States)

Chaffee, Ellen

2010-01-01

Strategic finance is aligning financial decisions--regarding revenues, creating and maintaining institutional assets, and using those assets--with the institution's mission and strategic plan. The concept known as "strategic finance" increasingly is being seen as a useful perspective for helping boards and presidents develop a sustainable…

7 CFR 4290.840 - Maximum term of Financing.

Science.gov (United States)

2010-01-01

... RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings...

7 CFR 4290.830 - Minimum term of Financing.

Science.gov (United States)

2010-01-01

... RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings...

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....

The challenge of financing nuclear power plants

International Nuclear Information System (INIS)

Csik, B.J.

1999-01-01

To date, more then 500 nuclear power reactors have been successfully financed and built. Experience in recent nuclear projects confirms that nuclear power will not cease to be a viable option due to a worldwide financing constraint. For financing nuclear plants there are special considerations: large investment; long lead and construction times; complex technology; regulatory risk and political risk. The principal preconditions to financing are a national policy supporting nuclear power; creditworthiness; economic competitiveness; project feasibility; assurance of adequate revenues; acceptability of risks; and no open-ended liabilities. Generally, nuclear power plants are financed conventionally through multi-sources, where a package covers the entire cost. The first source, the investor/owner/operator responsible for building and operating the plant, should cover a sizable portion of the overall investment. In addition, bond issues, domestic bank credits etc. and, in case of State-owned or controlled enterprises, donations and credits from public entities or the governmental budget, should complete the financing. A financially sound utility should be able to meet this challenge. For importing technology, bids are invited. Export credits should form the basis of foreign financing, because these have favorable terms and conditions. Suppliers from several countries may join in a consortium subdividing the scope of supply and involve several Export Credit Agencies (ECAs). There are also innovative financing approaches that could be applied to nuclear projects. Evolutionary Reactors with smaller overall investment, shorter construction times, reliance on proven technology, together with predictable regulatory regimes and reliable long-term national policies favorable to nuclear power, should make it easier to meet the future challenges of financing. (author)

Equity in health care financing: The case of Malaysia.

Science.gov (United States)

Yu, Chai Ping; Whynes, David K; Sach, Tracey H

2008-06-09

Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments) independently, and subsequently by combined the financing sources to evaluate the whole financing system. Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO) and a regressive finance source (indirect taxes). Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers can gain an in depth understanding of the equity impact, in order to help

Equity in health care financing: The case of Malaysia

Directory of Open Access Journals (Sweden)

Sach Tracey H

2008-06-01

Full Text Available Abstract Background Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. Objective The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments independently, and subsequently by combined the financing sources to evaluate the whole financing system. Methods Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO and a regressive finance source (indirect taxes. Conclusion Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers

Family control and financing decisions

NARCIS (Netherlands)

Croci, Ettore; Doukas, John A.; Gonenc, Halit

2011-01-01

This study uses a comprehensive European dataset to investigate the role of family control in corporate financing decisions during the period 1998-2008. We find that family firms have a preference for debt financing, a non-control-diluting security, and are more reluctant than non-family firms to

Importance of public warehouse system for financing agribusiness sector

Directory of Open Access Journals (Sweden)

Zakić Vladimir

2014-01-01

Full Text Available The aim of this study was to determine the economic viability of the use of warehouse receipts for the storage of wheat and corn, based on the analysis of trends in product prices, storage costs in public warehouses and interest rate of loans against warehouse receipts. Agricultural producers are urged to sell grain at the harvest time when the price of agricultural products is usually lowest, mostly because of their needs for financial sources. Instead of selling products, farmers can store them in the public warehouses and use short-time financing by lending against warehouse receipt with usually lowest interest rate. In following months, farmers can sell products at higher price and repay short-term loan. This study showed that strategy of using public warehouses and postponing the sale of grains after harvest is profitable strategy for agricultural producers.

The International Finance Corporation and financing of sustainable energy

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-12-01

The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. IFC created an Infrastructure Department in 1992 in response to the growing demand for its services in this area. During fiscal 1996 IFC approved 33 projects for new investments of $715 million of which 27% were in the power sector. In recognition of the continuing demand growth for private power investments an expanded Power Department has been formed to handle IFC`s investments in electric power generation projects using renewable resources such as: run-of-the-river hydro, geothermal, biomass cogeneration, wind energy, and solar (photovoltaic, solar thermal, etc.), as well as conventional thermal generation projects, transmission and distribution projects, and energy efficiency investments.

12 CFR 905.4 - Duties of the Finance Board.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Duties of the Finance Board. 905.4 Section 905.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND OPERATIONS DESCRIPTION OF ORGANIZATION AND FUNCTIONS Functions and Responsibilities of Finance Board § 905.4 Duties of the Finance Board. (a) Bank Syste...

Finance and Economic Development

OpenAIRE

Panizza, Ugo

2012-01-01

Published by Palgrave Macmillan This chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth....

Finance and Industrial Dynamics (In French)

OpenAIRE

Claude DUPUY (GREThA UMR CNRS 5113); Matthieu MONTALBAN (GREThA UMR CNRS 5113); Sylvain MOURA (GREThA UMR CNRS 5113)

2009-01-01

The transformations of the finance sector linked to the emergence of new actors (pension funds, mutual funds, hedge funds…) and its globalization have changed the rules of corporate governance and the competitive context of industrial companies. The theme of the influence between finance and industry is not new in the economic literature. The first thesis of the influence of finance on industry born in the United States (with the Veblen thesis) and Europe (Hilferding, 1910) with the developme...

Private Placement Debt Financing for Public Entities

Science.gov (United States)

Holman, Lance S.

2010-01-01

Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…

[Project financing in public hospital trusts].

Science.gov (United States)

Contarino, F; Grosso, G; Mistretta, A

2009-01-01

The growing debate in recent years over how to finance public works through private capital has progressively highlighted the role of project finance (PF) and publicprivate partnerships (PPP) in general. More and more European countries are turning to PF to finance their public infrastructure development. The UK, which pioneered the adoption of project finance in this field, has been followed by Italy, Spain, France, Portugal and Germany and more recently by Greece, Czech Republic and Poland. Beginning in the late 1990's, Italy has steadily amplified its use of PF and PPPs in key sectors such as healthcare as an alternative way of funding the modernisation of its health facilities and hospitals. The trend reveal an average annual growth of 10.9% since 2002 with peaks of varying intensity over the five year period. Project finance and PPPs represent an effective response to the country's infrastructure gap and support the competitiveness of local systems and the quality of public services. None of this will transpire, however without energetic new planning efforts and adequate policy at the centre.

Financing mechanisms for capital improvements : interchanges : final report.

Science.gov (United States)

2010-03-01

This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing, value capture finan...

7 CFR 4290.835 - Exceptions to minimum term of Financing.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Exceptions to minimum term of Financing. 4290.835... (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings § 4290.835 Exceptions to minimum term of Financing. You may make a Financing with a...

Financing the energy renovation of residential buildings through soft loans and third-party investment schemes. Infinite Solutions Guidebook

International Nuclear Information System (INIS)

Schilken, Peter; Cicmanova, Jana; Turner, Ian; Van Liefland, Stijn; Kaiser, Maaike; Ethuin, Perrine; Bernair, Corinne; Bertolotti, Enzo; Mordacci, Marco; Fraval, Jacques; Beaupetit, Helene; Safiulins, Timurs; Latisevs, Jevgenijs; Wenzel, Philipp; Dehghan, Bahram; Rask Nielsen, Poul

2017-02-01

Financing the energy retrofitting of buildings is a great challenge. With investments ranging from euros 200 to euros 1,200 /m 2 (CITYnvest study, 2015), access to attractive and long-term financing is perceived as the primary barrier to carrying out ambitious energy retrofits, in particular those aiming at achieving 50-75% energy savings. In this guidebook, Energy Cities' members share their experience and guide you through the process of setting up a soft loan financing scheme. The Stuttgart's 'care-free energy renovation package' and third party investment scheme are described in detail in a dedicated case study. The guidebook is intended for local and regional authorities, energy agencies and their associations, national energy agencies, ministries and fund managers, organisations providing training to cities and regions, banks and financing institutions. In short, all organisations and actors who could be interested in replicating these financing schemes or who could support cities and regions in doing so. The guidebook consists of four chapters: Chapter 1: an introduction to soft loan schemes. Chapter 2: step-by-step guidance on how to build a soft loan financing scheme, including an overview of three already tested alternative business models. Chapter 3: summary and recommendations. Chapter 4: case studies, including Stuttgart's third party investment scheme

Finance and Accounting; a comprehensive introduction

NARCIS (Netherlands)

drs. Ewoud Jansen

2005-01-01

Finance and accounting behandelt in een boek de essentiele aspecten van drie disciplines: financieel management, management accounting en financial accounting. Dit maakt Finance and accounting tot een breed en waardevol engelstalig naslagwerk.

Water Infrastructure and Resiliency Finance Center

Science.gov (United States)

The Water Infrastructure and Resiliency Finance Center serves as a resource to communities to improve their wastewater, drinking water and stormwater systems, particularly through innovative financing and increased resiliency to climate change.

Lending Interest Rates’ Relationships of Malaysia and Other Countries

Directory of Open Access Journals (Sweden)

Noor Azryani Auzairy

2016-06-01

Full Text Available This paper is to examine the relationship of Malaysia‟s lending interest rate with other countries which include China, Singapore, United States, Indonesia and Thailand. Those five countries are Malaysia‟s major trading partners. The daily base lending interest rates from 2006 to 2014 were applied to this study. The associations of the interest rates were tested by coefficient correlation and multivariate regression analysis. Results showed that Malaysian lending interest rate is significant and positively related to those of China, Thailand and the United States. Among the five countries‟ interest rates, only the changes in interest rates of China, Thailand and the United States would affect Malaysia‟s lending rate. The independence of monetary policy would hardly be expected by the Malaysian authority, Bank Negara, in its decision on lending interest rate. In addition, it may affect the trade finance and money market hedge decisions by the international traders. This study provides an overview and guidance to the government authorities in making more effective decisions related to monetary policy, international trade and foreign exchange exposure in order to strengthen the economy.

Financing Mode and Enterprise Innovation: from the Respective of the Secondary Financing in a Start-up Enterprise

Directory of Open Access Journals (Sweden)

Yunxia Ning

2014-02-01

Full Text Available The enterprise nature has a close connection with its financing mode. An entrepreneur must distinguish between products and mainstream markets in order to make a positive profit in the competitive market, and he shall be in adequate control of the enterprise assets to execute this differentiation strategy. However, the start-up enterprise usually shall be invested with high capital, which makes the entrepreneur perform the secondary transformation to realize the standardization. Meanwhile the standardization may make the entrepreneur himself replaced by either external managers or internal staff. The paper shows that it generally makes equity financing more profitable than bond financing, and that the financing mode of an enterprise shall finally have an influence on its innovation ability.

Determinants of Funds Demand and Supply; Deepening Finance Access of Real Estate Investment in China

Directory of Open Access Journals (Sweden)

Lkhagvasuren Togtokhbuyan

2012-11-01

Full Text Available This huge gap between financing needs and the available financing capacity represents major constraints to growth opportunities in business financing, and accords with one of requirements strategy of stimulating real sector financing by mobilizing cheap long term saving. Real estate investment is a capital intensive venture and this implies that firms venturing into this sector need to have a strong capital structure to sustain development. There is high competition amongst the real developers in quest for funds from formal and informal sources to meet their financial needs. Many real Estate firms are experiencing a credit fix. In the recent move by the Peoples Bank of China to clamp down lending in the real estate sector; the People’s bank of China tightened monetary policy by raising interest rates which in effect lead to increased cost of capital. The central government has also encouraged banks to adopt slow lending to real estate projects. According to the People's Bank of China (PBOC, the increase in cumulative loans related to housing projects totaled ¥1.3 trillion ($198 billion in 2011, down 38 percent from 2010, and new loans to the property sector comprised 17.5 percent of total loans in 2011, down from 27 percent in 2010.The remaining prudent alternative is innovation for exploitation of other means of acquiring funds for real estate venture. Real estate investors need to deepen and broaden their options of financing their activities to avoid credit squeeze.

Financing wind power projects : perspectives from the US market

International Nuclear Information System (INIS)

Alam, M.

2005-01-01

This presentation outlined the recent assignments, core competencies and scope of services provided by Alyra Renewable Energy Finance Advisors. Renewable energy developers seek Alyra's assistance in developing strategies to achieve the most competitive solutions in finance and strategy. Alyra has broad finance expertise in renewable energy projects, a deep knowledge of markets and a significant wind industry network. Alyra identifies emerging issues, completes financing solutions and helps with contract negotiations. This presentation outlined the notable features of wind financing, wind assessment, offtake arrangements, equity considerations, US wind debt markets, long term bank financing, and combined bank and private placement financing. It also included recent debt market activity for seven large wind farms in the United States. tabs., figs

Innovative financing for health: what is truly innovative?

Science.gov (United States)

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

2012-12-08

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

Innovative financing for energy-efficiency improvements. Phase I report

Energy Technology Data Exchange (ETDEWEB)

Klepper, M.; Schwartz, H.K.; Feder, J.M.; Smith, D.C.; Green, R.H.; Williams, J.; Sherman, J.L.; Carroll, M.

1982-01-01

The use of utility-assisted financing, tax-exempt financing, bank financing, leasing, and joint venture financing to promote energy efficiency investments for each of three different categories of buildings (multifamily, commercial, and industrial) is discussed in separate chapters. (MCW)

48 CFR 232.102 - Description of contract financing methods.

Science.gov (United States)

2010-10-01

... financing methods. 232.102 Section 232.102 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 232.102 Description of contract financing methods. (e)(2) Progress payments...

Finance Companies and Small Business Borrowers: An Empirical Investigation

OpenAIRE

Haynes, George; Watts, Myles

1996-01-01

Finance companies have been perceived as isolated and insignificant lenders, attracting high risk borrowers and charging these borrowers relatively high prices. Using the 1988 National Survey of Small Business Finance, this study examines the relationship between finance companies and other lenders, describes the characteristics of borrowers attracted to finance companies and assesses whether finance companies charge higher loan prices and impose more stringent collateral requirements on thei...

LA FINANCE ISLAMIQUE, DES FONDEMENTS AU SYSTÈME

OpenAIRE

Fatima Zahra ALIOUI; Zeyneb GUELLIL; Soufyane BADRAOUI

2015-01-01

Force est de constater aujourd’hui, que la finance basée sur les préceptes de l’Islam, à savoir la finance islamique, remet violemment en cause notre conception de la finance et de l’économie. Cette nouvelle finance, pour certains, de «toutes les vertus«éthiques» et anti-crise», ou simple attirail marketing pour d’autres, a au moins le mérite de faire parler d’elle! Associé finance et Islam, c’est faire le postulat qu’il existe une relation entre économie et religio...

Flatness-based adaptive fuzzy control of chaotic finance dynamics

Science.gov (United States)

Rigatos, G.; Siano, P.; Loia, V.; Tommasetti, A.; Troisi, O.

2017-11-01

A flatness-based adaptive fuzzy control is applied to the problem of stabilization of the dynamics of a chaotic finance system, describing interaction between the interest rate, the investment demand and the price exponent. By proving that the system is differentially flat and by applying differential flatness diffeomorphisms, its transformation to the linear canonical (Brunovsky) is performed. For the latter description of the system, the design of a stabilizing state feedback controller becomes possible. A first problem in the design of such a controller is that the dynamic model of the finance system is unknown and thus it has to be identified with the use neurofuzzy approximators. The estimated dynamics provided by the approximators is used in the computation of the control input, thus establishing an indirect adaptive control scheme. The learning rate of the approximators is chosen from the requirement the system's Lyapunov function to have always a negative first-order derivative. Another problem that has to be dealt with is that the control loop is implemented only with the use of output feedback. To estimate the non-measurable state vector elements of the finance system, a state observer is implemented in the control loop. The computation of the feedback control signal requires the solution of two algebraic Riccati equations at each iteration of the control algorithm. Lyapunov stability analysis demonstrates first that an H-infinity tracking performance criterion is satisfied. This signifies elevated robustness against modelling errors and external perturbations. Moreover, the global asymptotic stability is proven for the control loop.

Innovative financing for HIV response in sub-Saharan Africa.

Science.gov (United States)

Atun, Rifat; Silva, Sachin; Ncube, Mthuli; Vassall, Anna

2016-06-01

In 2015 around 15 million people living with HIV were receiving antiretroviral treatment (ART) in sub-Saharan Africa. Sustained provision of ART, though both prudent and necessary, creates substantial long-term fiscal obligations for countries affected by HIV/AIDS. As donor assistance for health remains constrained, novel financing mechanisms are needed to augment funding domestic sources. We explore how Innovative Financing has been used to co-finance domestic HIV/AIDS responses. Based on analysis of non-health sectors, we identify innovative financing instruments that could be used in the HIV response. We undertook a systematic review to identify innovative financing instruments used for (1) domestic HIV/AIDS financing in sub-Saharan Africa (2) international health financing and (3) financing in non-health sectors. We analyzed peer-reviewed and grey literature published between 2002 and 2014. We examined the nature and volume of funds mobilized with innovative financing, then in consultation with leading experts, identified instruments that held potential for financing the HIV response. Our analysis revealed three innovative financing instruments in use: Zimbabwe's AIDS Trust Fund (a tax/levy-based instrument), Botswana's National HIV/AIDS Prevention Support (BNAPS) International Bank for Reconstruction and Development (IBRD) Buy-Down (a debt conversion instrument), and Côte d'Ivoire's Debt2Health Debt Swap Agreement (a debt conversion instrument). Zimbabwe's AIDS Trust Fund generated US$ 52.7 million between 2008 and 2011, Botswana's IBRD Buy-Down generated US$ 20 million, and Côte d'Ivoire's Debt2Health Debt Swap Agreement generated US$ 27 million, at least half of which was to be invested in HIV/AIDS programs. Four additional categories of innovative financing instruments met our criteria for future use: (1) remittances and diaspora bonds (2) social and development impact bonds (3) sovereign wealth funds (4) risk and credit guarantees. A limited number of

48 CFR 432.202-4 - Security for Government financing.

Science.gov (United States)

2010-10-01

... financing. 432.202-4 Section 432.202-4 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Commercial Item Purchase Financing 432.202-4 Security for Government financing. Prior to determining that an offeror's financial condition is adequate...

Financing the energy renovation of public buildings through Internal Contracting. Infinite Solutions Guidebook

International Nuclear Information System (INIS)

Schilken, Peter; Turner, Ian; Kuehnbach, Matthias; Simic, Ivan; Kuharic, Boris; Laranjeira, Celia; Rodrigues, Carlos; Couceiro, Carla; Presotto, Agnese; Mazzeschi, Alessandro; Cleto, Joao

2017-02-01

Meeting the European energy and climate policy objectives will require the mobilisation of substantial energy efficiency and renewable energy investments at the local level. Given both the substantial effort necessary to finance the energy transition and restricted municipal budgets, it is clear that these objectives cannot be met through traditional public financing such as grants or direct investment, but by finding a new approach to financing solutions. This Energy Cities guidebook is built upon a comprehensive analysis of Stuttgart's Internal Contracting scheme and a detailed questioning of it by the learning authorities within the INFINITE Solutions project. It is intended to offer guidelines to municipalities as well as universities, hospitals or other institutions interested in applying Internal Contracting to improve their energy consumption and efficiency performance. The approach of this guidebook is developed as follows: The concept of contracting - especially Internal Contracting - is introduced. Universal guidance is offered on how to implement an Internal Contracting scheme and keep it working over the long term. The Internal Contracting scheme is presented in practice. Several cities describe their individual approaches to Internal Contracting and the various ways they have been able to adapt the scheme

12 CFR 995.5 - Bank and Office of Finance employees.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Bank and Office of Finance employees. 995.5 Section 995.5 Banks and Banking FEDERAL HOUSING FINANCE BOARD NON-BANK SYSTEM ENTITIES FINANCING CORPORATION OPERATIONS § 995.5 Bank and Office of Finance employees. Without further approval of the Finance Board, the Financing Corporation shall have...

Nuclear fuel financing by USA investor-owned utilities

International Nuclear Information System (INIS)

Cave, W.F.

1981-01-01

Investor-owned utilities in the USA currently have almost 60 nuclear plants in commercial operation and an additional 90 plants under construction or awaiting operating licenses. To understand the specific techniques implemented to finance nuclear fuel and the advantages which they provide to individual companies, the total financing needs of the industry, the traditional pattern which utility external financing has taken, and the varied financial and regulatory bodies whose often conflicting objectives management must attempt to reconcile, must be understood. The aim of this paper is to aid such an understanding. The subject is discussed under the following headings: industry background; regulation and rating agencies; management objectives; financing structure; advantages (low financing cost; regulatory treatment; freer nature of agreement; access to commercial paper market; appropriate financing time-span; rating benefits; accounting treatment); conclusions. (U.K.)

Paiton II financing locked up

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-04-01

The 2 x 610 MW Paiton II coal-fired independent power project in Indonesia became a reality last week with the completion of a 1.36 billion dollars commercial financing for the 1.65 billion dollar undertaking. Details of the financing are given. A table lists Indonesia`s independent power projects and their current status.

Public Finance Administration. Second Edition.

Science.gov (United States)

Reed, B. J.; Swain, John W.

This book is intended for the nonexpert in finance who has a public administration background. It opens with a broad introduction to public finance administration and how this job is related to public budgeting, the practice of public-sector accounting, and the economic concepts of money and value. Issues surrounding public revenue, its sources,…

Micro Finance in Nigeria: Problems and Prospects | Nwanyanwu ...

African Journals Online (AJOL)

finance industry are inadequate finance, high risk, heavy transaction cost, mounting loan ... management of funds meant for credit disbursement, the capital base of micro finance institutions should be strengthened in order to mobilize domestic ...

Complications in financing new nuclear power plants

International Nuclear Information System (INIS)

Rubow, L.; Bataklieva, L.

2011-01-01

Historical Financing Approach; Recent Financing Complexities; Typical NPP Project Structure; Project Funding; Technical Developments; Financing Drivers; Conflicting Goals; Different Motivation/ Values: Public vs. Private and other financial aspects are discussed. Some suggestions for consideration are given, such as: Stronger involvement of Government. Stronger involvement of off takers as investors: – Large industrial entities – Utilities/ Distribution companies – Smaller, aggregated industrial entities. Return to corporate finance model (e.g. balance sheet based on existing operating assets), More creative BOO(T) structures, EPCM project execution structures; Better communication with outside stake holders, i.e., why nuclear is best option

48 CFR 1432.102 - Description of contract financing methods.

Science.gov (United States)

2010-10-01

... financing methods. 1432.102 Section 1432.102 Federal Acquisition Regulations System DEPARTMENT OF THE INTERIOR GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 1432.102 Description of contract financing methods. Use of progress payments based on a percentage or stage...

48 CFR 932.102 - Description of contract financing methods.

Science.gov (United States)

2010-10-01

... financing methods. 932.102 Section 932.102 Federal Acquisition Regulations System DEPARTMENT OF ENERGY GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 932.102 Description of contract financing methods. (e)(2) Progress payments based on a percentage or stage of...

48 CFR 232.202-4 - Security for Government financing.

Science.gov (United States)

2010-10-01

... financing. 232.202-4 Section 232.202-4 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Commercial Item Purchase Financing 232.202-4 Security for Government financing. (a)(2) When determining whether an offeror...

48 CFR 432.102 - Description of contract financing methods.

Science.gov (United States)

2010-10-01

... financing methods. 432.102 Section 432.102 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 432.102 Description of contract financing methods. Progress payments based on a percentage or stage of completion are...

48 CFR 32.102 - Description of contract financing methods.

Science.gov (United States)

2010-10-01

... financing methods. 32.102 Section 32.102 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.102 Description of contract financing methods. (a) Advance payments are advances of money by the Government to a...

Local Currency Financing--The Next Frontier for MDBs?

OpenAIRE

Hoschka, Tobias C.

2005-01-01

This paper surveys the issues involved in local currency financing by multilateral development banks (MDBs). While MDBs have traditionally provided financing in foreign currency to their borrowers, greater sensitivity by borrowers to potential currency mismatches, political decentralization, and the development of local capital markets have recently led MDBs to consider providing financing in local currency. While still small in comparison to MDBs' foreign currency financing, this paper argue...

FATF in Combating the Financing of Terrorism

Directory of Open Access Journals (Sweden)

Kristina Slavikovna Melkumyan

2014-01-01

Full Text Available The article examines the FATF specific approach to the problem of terrorism financing. The FATF essence, content of the activity and influence levers are also analyzed within the article. It is shown that the FATF has reviewed the problem of terrorism financing in the broadest perspective, having engaged simultaneously and consistently mechanisms for combating money laundering and terrorism financing. The Task Force has greatly contributed to building of the world counter-terrorism financing system through forming the legal and institutional basis as well as through interaction with all the possible participants and actors of world politics in this area. Moreover, the FATF has succeeded in geographical expansion of the FATF influence from the original 16 to187 jurisdictions by promotion of FATF-style regional bodies establishment. Particular attention is drawn to the unique features of the FATF Recommendations in comparison with the earlier issued sources of international law, which define the international counter-terrorism financing regime. The author believes that one of the advantages of the FATF as an institute within the counter-terrorism financing system among others is the informal status of the FATF, which provides its flexibility and high ability to respond quickly and in a timely manner to evolving nature of money laundering and terrorism financing as well as emerging threats.

Present and future nuclear power financing schemes

International Nuclear Information System (INIS)

Diel, R.

1977-01-01

The financial requirement for nuclear power plants in the Federal Republic of Germany for the period up until 1985 was estimated to run up to some DM 100 billion already in the Nuclear Energy Study published by the Dresdner Bank in 1974. This figure is not changed in any way by the reduction the nuclear power program has suffered in the meantime, because the lower requirement for investment capital is more than offset by the price increases that have occurred meanwhile. A capital requirement in the order of DM 100 billion raises major problems for the power producing industry and the banks which, however, are not going to hamper the further expansion of nuclear power, because new financing schemes have been specially developed for the nuclear field. They include financing by leasing, the use of funds from real estate credit institutions for long term financing, borrowing of long term funds in the Euro market, and financing through subsidiaries of the utilities. The new financing schemes also apply to the large financial requirement associated with the nuclear fuel cycle, waste management in particular. In this sector the utilities agree to bear the economic risk of the companies implementing the respective projects. Accordingly, financing will not entail any major difficulties. Another area of great importance is export financing. The German-Brazilian nuclear agreement is a model of this instrument. (orig.) [de

Breaking the taboo: a history of monetary financing in Canada, 1930-1975.

Science.gov (United States)

Ryan-Collins, Josh

2017-12-01

Monetary financing - the funding of state expenditure via the creation of new money rather than through taxation or borrowing - has become a taboo policy instrument in advanced economies. It is generally associated with dangerously high inflation and/or war. Relatedly, a key institutional feature of modern independent central banks is that they are not obligated to support government expenditure via money creation. Since the financial crisis of 2007-2008, however, unorthodox monetary policies, in particular quantitative easing, coupled with stagnant growth and high levels of public and private debt have led to questions over the monetary financing taboo. Debates on the topic have so far been mainly theoretical with little attention to the social and political dynamics of historical instances of monetary financing. This paper analyses one of the most significant twentieth-century cases: Canada from the period after the Great Depression up until the monetarist revolution of the 1970s. The period was a successful one for the Canadian economy, with high growth and employment and manageable inflation. It offers some interesting insights into the relationship between states and central banks and present-day discussions around the governance of money creation. © London School of Economics and Political Science 2017.

Effectiveness, Teaching, and Assessments: Survey Evidence from Finance Courses

Science.gov (United States)

Lai, Ming Ming; Kwan, Jing Hui; Kadir, Hazlina Abdul; Abdullah, Mahdhir; Yap, Voon Choong

2010-01-01

The present article examines the effectiveness, teaching, assessment methods, and the importance of finance concepts in three undergraduate finance courses in a private university in Malaysia. Approximately 224 undergraduates (finance majors) were surveyed and demonstrated positive attitudes toward the effectiveness of the finance subjects. The…

Bank finance versus bond finance: what explains the differences between US and Europe?

OpenAIRE

De Fiore, Fiorella; Uhlig, Harald

2005-01-01

We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The calibrated model is used to address questions such as: What explains differences in the financial structure of the US and the euro area? What are the implications of these differences for allocations? We f...

48 CFR 1532.003 - Simplified acquisition procedures financing.

Science.gov (United States)

2010-10-01

... procedures financing. 1532.003 Section 1532.003 Federal Acquisition Regulations System ENVIRONMENTAL PROTECTION AGENCY GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 1532.003 Simplified acquisition procedures financing. (a) Scope. This subpart provides for authorization of advance and interim payments on...

LA FINANCE ISLAMIQUE, DES FONDEMENTS AU SYSTÈME

Directory of Open Access Journals (Sweden)

Fatima Zahra ALIOUI

2015-04-01

Full Text Available Force est de constater aujourd’hui, que la finance basée sur les préceptes de l’Islam, à savoir la finance islamique, remet violemment en cause notre conception de la finance et de l’économie. Cette nouvelle finance, pour certains, de «toutes les vertus«éthiques» et anti-crise», ou simple attirail marketing pour d’autres, a au moins le mérite de faire parler d’elle! Associé finance et Islam, c’est faire le postulat qu’il existe une relation entre économie et religion. Pour comprendre la finance islamique, il faut la considérer, comme un tout, non pashomogène, mais un tout dont les valeurs forment un système qui se veut intrinsèquement éthique.

Financing patterns around the world: Are small firms different?.

OpenAIRE

Beck, T.H.L.; Demirgüc-Kunt, A.; Maksimovic, V.

2008-01-01

Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large firms but includes small and medium-size firms and data on a broad spectrum of financing sources, including leasing, supplier, development, and informal finance. Small firms and firms in countries with poor institutions use less external finance, especially bank finance. Protection of property righ...

Impact of Digital Finance on Financial Inclusion and Stability

OpenAIRE

Ozili, Peterson Kitakogelu

2018-01-01

This article provides a discussion on some issues associated with digital finance – an area which has not been critically addressed in the literature. Digital finance and financial inclusion has several benefits to financial services users, digital finance providers, governments and the economy; notwithstanding, a number of issues still persist which if addressed can make digital finance work better for individuals, businesses and governments. The digital finance issues discussed in this arti...

Solar Photovoltaic Financing: Deployment by Federal Government Agencies

Energy Technology Data Exchange (ETDEWEB)

Cory, K.; Coggeshall, C.; Coughlin, J.; Kreycik, C.

2009-07-01

The goal of this report is to examine how federal agencies can finance on-site PV projects. It explains state-level cash incentives available, the importance of solar renewable energy certificate revenues (in certain markets), existing financing structures, as well as innovative financing structures being used by federal agencies to deploy on-site PV. Specific examples from the DOD, DOE, and other federal agencies are highlighted to explain federal project financing in detail.

Financial and Economic Crisis and Corporate Finance Development

Institute of Scientific and Technical Information of China (English)

LI Xinhe

2015-01-01

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

Financing for Infrastructure Investment in G-20 Countries.

OpenAIRE

Sengupta, Ramprasad; Mukherjee, Sacchidananda; Gupta, Manish

2015-01-01

This study looks into various sources of financing infrastructure and the demands for infrastructure investments and highlights the mismatch between demand and supply of funds for infrastructure financing in India. In order to address this mismatch, and given the constraints of traditional sources of infrastructure finance in India, this paper suggests credit enhancement scheme (CES) as an alternative framework for mobilizing long-term infrastructure finance. It suggests for scaling up CES as...

E3 Financing How-to Guide

Science.gov (United States)

The Financing How-to-Guide is intended to help manufacturers and their communities navigate financing and investment opportunities. While this guide provides an overview, there is no one-way to pay for E3 activities or attract investment.

48 CFR 1553.232 - Contract financing.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Contract financing. 1553.232 Section 1553.232 Federal Acquisition Regulations System ENVIRONMENTAL PROTECTION AGENCY CLAUSES AND FORMS FORMS Prescription of Forms 1553.232 Contract financing. ...

Mechanism Research on Standardized Development of Rural Private Finance

Institute of Scientific and Technical Information of China (English)

2010-01-01

In generalizing the researching conditions of researchers on private finance,the paper introduces the connoted meaning of rural private finance broadly and narrowly.The paper states the forms of rural private finance(including private loaning,private bank,rural private collecting,financing organizations,cooperatives,NGO,small loaning organizations and so on),the relations between rural private finance and rural economic relations,pointing out that it is the combination of the strong and the weak,which may generate benefits with the operation of marketing mechanisms.The paper analyzes the historical causes,supervision causes and cultural causes of rural private finance,discussing mechanisms of standardized development of rural private finance:firstly,standardize the organization management mechanisms,including scaled controlling mechanisms and bank management mechanisms;secondly,complete finance supervision mechanisms;thirdly,moderate government intervention,including affording liberal policy environment and reducing the improper intervention;fourthly,upgrading qualities mechanisms,including cultivating the rural credit culture and improving the quality of regulatory personnel.

The Concept of Public Goods, the State, and Higher Education Finance: A View from the BRICs

Science.gov (United States)

Carnoy, Martin; Froumin, Isak; Loyalka, Prashant K.; Tilak, Jandhyala B.

2014-01-01

Because higher education serves both public and private interests, the way it is conceived and financed is contested politically, appearing in different forms in different societies. What is public and private in education is a political--social construct, subject to various political forces, primarily interpreted through the prism of the state.…

Financing and insurance problems

International Nuclear Information System (INIS)

Laurenge, M.-T.

1975-01-01

The author analyses the papers presented at the Paris Conference on the maturity of nuclear energy. It is evident that financing possibilities will be a determinant factor in the rate of development of nuclear power during the years to come. After having evaluated the capital requirements necessitated for the development of nuclear programmes, the parties intervening have examined the means at the disposal of electricity manufacturers to meet these needs (self-financing, recourse to external financing, regrouping, on an international scale of the electricity manufacturers of the setting up of high capacity plants). As concerns the insurance problems, they are becoming more and more involved as nuclear applications, are further diversified and intensified. The parties intervening have discussed new tarification techniques likely to be applied and pointed out the possibilities offered by regrouping or pooling of insurers (Market Pool) which allow for a maximum of risks to be covered without exceeding the means proper to each company concerned [fr

Tools for computational finance

CERN Document Server

Seydel, Rüdiger U

2017-01-01

Computational and numerical methods are used in a number of ways across the field of finance. It is the aim of this book to explain how such methods work in financial engineering. By concentrating on the field of option pricing, a core task of financial engineering and risk analysis, this book explores a wide range of computational tools in a coherent and focused manner and will be of use to anyone working in computational finance. Starting with an introductory chapter that presents the financial and stochastic background, the book goes on to detail computational methods using both stochastic and deterministic approaches. Now in its sixth edition, Tools for Computational Finance has been significantly revised and contains:    Several new parts such as a section on extended applications of tree methods, including multidimensional trees, trinomial trees, and the handling of dividends; Additional material in the field of generating normal variates with acceptance-rejection methods, and on Monte Carlo methods...

Financing Investment: The Cost Trade-Off

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...

Finance leadership imperatives in clinical redesign.

Science.gov (United States)

Harris, John; Holm, Craig E; Inniger, Meredith C

2015-03-01

As physicians embrace their roles in managing healthcare costs and quality, finance leaders should seize the opportunity to engage physicians in clinical care redesign to ensure both high-quality performance and efficient resource use. Finance leaders should strike a balance between risk and reward to achieve a portfolio of clinical initiatives that is organizationally sustainable and responsive to current external drivers of payment changes. Because these initiatives should be driven by physicians, the new skill set of finance leaders should include an emphasis on relationship building to achieve consensus and drive change across an organization.

13 CFR 107.820 - Financings in the form of guarantees.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Financings in the form of... BUSINESS INVESTMENT COMPANIES Financing of Small Businesses by Licensees Structuring Licensee's Financing of Eligible Small Businesses: Types of Financing § 107.820 Financings in the form of guarantees. At...

Essays in Banking and Corporate Finance

NARCIS (Netherlands)

T. Wang (Teng)

2015-01-01

markdownabstract__Abstract__ This dissertation bundles three empirical studies in the area of corporate finance and banking. These studies investigate corporates’ financing activity with a special focus on the interaction between the banking industry and corporate borrowers. By showing how

FINANCING RENEWABLE ENERGY SOURCES INVESTMENT IN POLAND

Directory of Open Access Journals (Sweden)

Jerzy Piotr Gwizdała

2017-09-01

Full Text Available In Poland, as in other European Union countries, the project finance structure is used to finance investments in the field of energy. This method investment financing is often used in the world. The upward trend inhibition in recent periods has been due to the global financial crisis and financial instability in the euro zone. On account of the necessity to develop the energy infrastructure associated with renewable sources, the considerable strengthening in the use of project finance techniques can be expected. The particular progression may be observed in the case of public-private partnership (ppp, where public investments are carried out by private companies. Companies, in case of investment realization in the field of ppp, almost always use project finance, because it is a beneficial way to separate the risks associated with an investment from the balance sheet of the compa-ny.

Computational Finance

DEFF Research Database (Denmark)

Rasmussen, Lykke

One of the major challenges in todays post-crisis finance environment is calculating the sensitivities of complex products for hedging and risk management. Historically, these derivatives have been determined using bump-and-revalue, but due to the increasing magnitude of these computations does...

Reasons on the similarity of objections with regards to gambling and speculation in Islamic finance and conventional finance.

Science.gov (United States)

Kunhibava, Sherin

2011-03-01

Gambling and speculation which leads to zero-sum outcomes are prohibited in Islamic finance and condemned in conventional finance. This article explores the reasons for the similarity of objections towards gambling and speculation. Three probable reasons are explored namely the concept of stewardship in conventional thought and the concept of khalifa in Islam, Christianity and morality's influence on conventional law and finance and the concept of ethics of sacrifice and ethics of tolerance.

Innovative financing for HIV response in sub–Saharan Africa

Science.gov (United States)

Atun, Rifat; Silva, Sachin; Ncube, Mthuli; Vassall, Anna

2016-01-01

Background In 2015 around 15 million people living with HIV were receiving antiretroviral treatment (ART) in sub–Saharan Africa. Sustained provision of ART, though both prudent and necessary, creates substantial long–term fiscal obligations for countries affected by HIV/AIDS. As donor assistance for health remains constrained, novel financing mechanisms are needed to augment funding domestic sources. We explore how Innovative Financing has been used to co–finance domestic HIV/AIDS responses. Based on analysis of non–health sectors, we identify innovative financing instruments that could be used in the HIV response. Methods We undertook a systematic review to identify innovative financing instruments used for (1) domestic HIV/AIDS financing in sub–Saharan Africa (2) international health financing and (3) financing in non–health sectors. We analyzed peer–reviewed and grey literature published between 2002 and 2014. We examined the nature and volume of funds mobilized with innovative financing, then in consultation with leading experts, identified instruments that held potential for financing the HIV response. Results Our analysis revealed three innovative financing instruments in use: Zimbabwe’s AIDS Trust Fund (a tax/levy–based instrument), Botswana’s National HIV/AIDS Prevention Support (BNAPS) International Bank for Reconstruction and Development (IBRD) Buy–Down (a debt conversion instrument), and Côte d'Ivoire's Debt2Health Debt Swap Agreement (a debt conversion instrument). Zimbabwe’s AIDS Trust Fund generated US$ 52.7 million between 2008 and 2011, Botswana’s IBRD Buy–Down generated US$ 20 million, and Côte d’Ivoire’s Debt2Health Debt Swap Agreement generated US$ 27 million, at least half of which was to be invested in HIV/AIDS programs. Four additional categories of innovative financing instruments met our criteria for future use: (1) remittances and diaspora bonds (2) social and development impact bonds (3) sovereign wealth

31 CFR 351.30 - What are interest rates and monthly accruals for Series EE bonds with issue dates of May 1, 1997...

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What are interest rates and monthly... are interest rates and monthly accruals for Series EE bonds with issue dates of May 1, 1997, through... making up the semiannual rate period during which interest is earned at the announced rate (disregarding...

31 CFR 351.27 - What are the interest rates and redemption values for bonds with issue dates from May 1, 1995...

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What are the interest rates and... What are the interest rates and redemption values for bonds with issue dates from May 1, 1995, through... subject to the terms and conditions in effect when it is issued, and will continue to earn interest as...

Conference on 'How to finance wind energy?'

International Nuclear Information System (INIS)

Metzler, Vincent; Weiler, Sibylle; Mous, Dirk; Hodges, Charlie; Talagrand, Romain; Soerensen, Hans Chr.; Feddersen, Hans; Dosdall, Bjoern; Jourdain, Pierre; Duval, Jocelyn

2010-01-01

The French-German office for Renewable energies (OFAEnR) organised a conference on wind energy financing. In the framework of this French-German exchange of experience, more than 150 participants exchanged views on the existing financing solutions for wind energy projects in France, Germany, UK and Denmark. This document brings together the available presentations (slides) made during this event: 1 - How to go on with wind energy projects financing? What evolution of the senior wind energy debt? (Vincent Metzler); 2 - Financing of wind energy projects - Legal aspects (Sibylle Weiler); 3 - Current and future trends in offshore wind financing in Germany (Dirk Mous); 4 - Financing offshore wind: a UK perspective (Charlie Hodges); 5 - Financing the UK Offshore Wind Sector - Transverse analysis of French and European Offshore Wind energy financing (Romain Talagrand); 6 - Cooperative ownership of Danish Wind Turbines (Hans Chr. Soerensen); 7 - Development and financing of a citizen's wind farm - Buergerwindpark (Hans Feddersen); 8 - Citizens' wind farms in Germany - as seen by a project developer (Bjoern Dosdall); 9 - Wind turbines in Vilaine region - A cooperative and pedagogical wind farm: a unique experience in France (Pierre Jourdain); 10 - Status of French participative models (Jocelyn Duval)

Supply chain finance

Directory of Open Access Journals (Sweden)

Kasavica Petar

2014-01-01

Full Text Available The concept of supply chain finance is a response to global illiquidity, intensified through the global economic crisis and globalization of commercial and financial flows. The growing illiquidity undermines credit ratings of economic entities, thereby reducing the potential for achieving the projected goals (profitability and portfolio quality. In order to overcome this, banks have introduced certain products flexible to the requirements of specific transactions. The concerned products redirect the focus from a client's credit rating and risk to the credit rating and risk of a business partner (buyer, resulting in benefits for all transaction participants ('win-win-win'. Moreover, the activities are targeted at transaction analysis, i.e. the isolation and protection of the cash flow as the source of financial instrument's repayment. On the other hand, there has been an increasing number of transactions based on the risk of the commercial bank of the client's business partner, or on the risk of collateral (inventory. The focus is actually placed on the financing of adequate supply chain stages, given that counterparty relationship management has been proven to be crucial for efficient management of one's own business. The tensions existing in the relations between partners (increasingly long payment deadlines are in the basis of the supply chain finance concept. Decisions made by banks are based on the entire supply chain (wide information basis, thereby shifting the focus from the product (as was the case before the crisis to the client's needs. Thus, decisions become increasingly comprehensive, quicker, and more precise, and portfolios less risky. Through the individual portfolio of banks, the market of national economies also becomes safer and more liquid. These are rather profitable transactions, because, due to the risk transfer, financing is enabled to companies to whom classic crediting in most cases is not available.

12 CFR 614.4700 - Financing foreign trade receivables.

Science.gov (United States)

2010-01-01

... OPERATIONS Banks for Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4700 Financing foreign trade receivables. (a) Banks for cooperatives and agricultural credit banks, under policies adopted by their boards of directors, are authorized to finance foreign trade receivables on...

Mastering R for quantitative finance

CERN Document Server

Berlinger, Edina; Badics, Milán; Banai, Ádám; Daróczi, Gergely; Dömötör, Barbara; Gabler, Gergely; Havran, Dániel; Juhász, Péter; Margitai, István; Márkus, Balázs; Medvegyev, Péter; Molnár, Julia; Szucs, Balázs Árpád; Tuza, Ágnes; Vadász, Tamás; Váradi, Kata; Vidovics-Dancs, Ágnes

2015-01-01

This book is intended for those who want to learn how to use R's capabilities to build models in quantitative finance at a more advanced level. If you wish to perfectly take up the rhythm of the chapters, you need to be at an intermediate level in quantitative finance and you also need to have a reasonable knowledge of R.

Financement de la santé

International Development Research Centre (IDRC) Digital Library (Canada)

Dans le cadre d'un projet de recherche participative dirigé par la Coalition for Health Promotion and Social ... De 2006 à 2011, le CRDI a financé le parte- nariat de recherche Strategies for Health. Insurance for Equity in Less ... obligatoire ou des mécanismes de finance- ment par voie d'imposition ou de taxation ciblée.

Some topics in mathematical finance: Asian basket option pricing, Optimal investment strategies

OpenAIRE

Diallo, Ibrahima

2010-01-01

This thesis presents the main results of my research in the field of computational finance and portfolios optimization. We focus on pricing Asian basket options and portfolio problems in the presence of inflation with stochastic interest rates.In Chapter 2, we concentrate upon the derivation of bounds for European-style discrete arithmetic Asian basket options in a Black and Scholes framework.We start from methods used for basket options and Asian options. First, we use the general approach f...

FROM EFFICIENT MARKET HYPOTHESIS TO BEHAVIOURAL FINANCE: CAN BEHAVIOURAL FINANCE BE THE NEW DOMINANT MODEL FOR INVESTING?

Directory of Open Access Journals (Sweden)

George BOROVAS

2012-12-01

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

Financing renewables - wind energy

International Nuclear Information System (INIS)

Armstrong, J.

1998-01-01

This paper describes the status of the wind energy markets world-wide, in Europe and in the UK. It outlines the main methods of financing wind energy installations and discusses why different institutional structures have led to different markets in the UK and in Germany, with some concern about the state of the UK onshore industry. The paper looks ahead to the opening up of the potentially much larger offshore wind resource, concluding that in this area, existing UK development and financing structures are well suited. (Author)

13 CFR 107.810 - Financings in the form of Loans.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Financings in the form of Loans... INVESTMENT COMPANIES Financing of Small Businesses by Licensees Structuring Licensee's Financing of Eligible Small Businesses: Types of Financing § 107.810 Financings in the form of Loans. You may make Loans to...

Evaluating The Financial Consequences of Different Financing Structure for Nuclear Power Project under Malaysian Market

International Nuclear Information System (INIS)

Muhammed Zulfakar Zolkaffly; Faisal Izwan Abdul Rashid; Siti Syarina Mat Sali; Fairuz Suzana Mohd Chachuli; Mohd Azmi Sidid Omar

2016-01-01

Full text: In 2010, Malaysia through the Economic Transformation Programme (ETP) has initiated an effort to explore nuclear energy as an option for electricity generation post-2020 in order to meet country's growing energy demand and diversify its energy mix. To date, Malaysia is focusing its efforts on the preparatory activities, pending to make decision to embark on nuclear power project. The development of nuclear power plants is a major undertaking for any country which that requires huge financial implications and commitments. On this note, this paper aims at evaluating the financial consequences of different financing structure for nuclear power project under Malaysian market condition, based on two key financial indicators, namely, Net Present Value (NPV) and Internal Rate of Return (IRR). The computer model FINPLAN developed by the IAEA was used to perform this study. The result shows that different financing structure significantly affect the sensitivity of NPV and IRR, that may be of interest to the investors in exploring viable financing structure for nuclear power project development. (author)

Public financing systems for radiology: experience in 12 European countries

International Nuclear Information System (INIS)

Kesteloot, K.

1999-01-01

This paper illustrates the evolution in public health care financing systems in 12 European countries, in terms of the financing of radiology services. The financing systems for radiology used by public health care financing agencies are described in detail. The implications of these new financing conditions for health care delivery are briefly sketched. The paper concludes with some strategies to help radiologists cope with the tightening financing conditions for medical imaging. (orig.) (orig.)

Equity in Irish health care financing: measurement issues.

Science.gov (United States)

Smith, Samantha

2010-04-01

This paper employs widely used analytic techniques for measuring equity in health care financing to update Irish results from previous analysis based on data from the late 1980s. Kakwani indices are calculated using household survey data from 1987/88 to 2004/05. Results indicate a marginally progressive financing system overall. However, interpretation of the results for the private sources of health financing is complicated. This problem is not unique to Ireland but it is argued that it may be relatively more important in the context of a complex health financing system, illustrated in this paper by the Irish system. Alternative options for improving the analysis of equity in health care financing are discussed.

US wind finance : is there a special case for finance?

Energy Technology Data Exchange (ETDEWEB)

Pospisil, R.

2006-03-15

The issues exercising the US wind finance sector were discussed at two recent high-level financing and investment events in New York. The financial community still tends to be cautious about wind projects; more sophisticated forecasting of wind availability is reducing the complications posed by wind's variability but as much wind data as possible is vital. Projects involve large areas of land with multiple owners, long distances of buried cable and often difficult terrain. Some commentators believe that, as oil and gas prices rise, utilities will start to choose wind for its inherent benefits rather than to meet state Renewable Portfolio Standards (RPS) and to take advantage of generous national tax credits. However, few utilities are currently prepared to sign contracts lasting more than a year or two. Transmission and connection to the national grid remain problem areas, as are the threat posed by imbalance penalties imposed by some utilities when a project's output deviates from that scheduled. Utilities are also imposing tougher performance standards on wind projects. The periodic expiry and need for renewal by Congress of the Production Tax Credit (PTC) is seen as the biggest 'wild card' in US wind financing, as its volatility unsettles many bankers. Some wind developers would prefer a national RPS rather than the PTC to provide greater stability.

EnergySmart Schools National Financing Roundtable II—Key Outcomes

Energy Technology Data Exchange (ETDEWEB)

None

2009-11-01

As a follow-up to the release of its Guide to Financing EnergySmart Schools, the the National Financing Roundtable brought together individuals with diverse knowledge of school building programs and projects to discuss financing issues and options that build upon those described in the first Guide to Financing EnergySmart Schools.

Informal finance as alternative route to SME access to finance: Evidence from Ethiopia

Directory of Open Access Journals (Sweden)

Ashenafi Beyene Fanta

2015-03-01

Full Text Available The problem of SME financing has received attention of policy makers and academics in recent years owing to the role of the sector in reducing unemployment, narrowing income gap and alleviating poverty. Alternative financing schemes were suggested but their success depends to a large extent on the development of legal, informational, and institutional frameworks. Existing body of literature grossly undermines SME ability in reacting towards financial restraint and generally assumes they are passive participants in the credit market. Through a survey of 102 randomly selected firms across 10 industrial sectors in the manufacturing sector, we examined how the Ethiopian manufacturing SMEs reacted to acute shortage of formal credit. We found that SME owners actively react towards financial restraint by resorting to alternative schemes such as iqqub(variant of rotating saving and credit association, customer advances, and trade credit. Although the alternative financing schemes are not the best but they are useful in evading the impact of credit restraint on their operation and growth.

49 CFR 663.11 - Audit financing.

Science.gov (United States)

2010-10-01

... 49 Transportation 7 2010-10-01 2010-10-01 false Audit financing. 663.11 Section 663.11 Transportation Other Regulations Relating to Transportation (Continued) FEDERAL TRANSIT ADMINISTRATION... Audit financing. A recipient purchasing revenue rolling stock with FTA funds may charge the cost of...

ECONOMIC CIRCUMSTANCES AND PERSONAL FINANCE MANAGEMENT

OpenAIRE

Branko Matic; Hrvoje Serdarusic; Maja Vretenar Cobovic

2014-01-01

The authors examine the impact of changed economic circumstances to manage personal finances. Analyze financial involvement, level of education and the management of personal finances population in Croatia. The paper used the method of analysis, synthesis, induction, deduction, and a survey poll.

Finance as a business partner at Marimekko : Searching for Finance Business Partnering opportunities at a Finnish Design Company

OpenAIRE

Tynkkynen, Jannika

2016-01-01

Finance Business Partnering is an innovative strategic orientation where the accounting disciplines and business understanding of the finance department are combined to pro-vide analysis and insights to inform and influence decision making and performance man-agement in an organization. To get a practical view on this and its implications, Finance Business Partnering was explored in the context of a company. The aim of my thesis was to explore whether Marimekko, a Finnish design company, coul...

FINANCING CULTURE INSTITUTIONS IN EUROPEAN CONTEXT

Directory of Open Access Journals (Sweden)

Cezar Corneliu MANDA

2017-05-01

Full Text Available The paper, on the coordinates of the analysis of the problematic of financing culture institutions within the European Union member states, performs a comparative analysis focused on the financing mechanism available to the cultural sector, created both at the level of the public, and of the private sector. For the comparative analysis, the paper selected several EU member states, grouped on four geographical areas (North, South, East and Center. The analysis performed in the paper emphasized that most EU member states make significant efforts to finance the cultural sector, but the effects of the economic crisis have had a negative impact on this financing, causing, from this perspective, a gap between the states in the north and center of the EU, on the one hand, and the states in the south and east of the EU, on the other hand and outlining a cultural Europe with two peripheries.

24 CFR 891.525 - Amount and terms of financing.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Amount and terms of financing. 891... Handicapped-Section 8 Assistance § 891.525 Amount and terms of financing. (a) The amount of financing approved... financing provided shall not exceed the lesser of: (1) The dollar amounts stated in paragraphs (b) through...

An Economic Theory of Islamic Finance Regulation

OpenAIRE

Al-Jarhi, Mabid

2015-01-01

We argue that regulation can improve the performance of conventional banks up to a limit, but cannot eliminate the deficiencies resulting from the use of the conventional loan contract. Islamic finance requires complicated and costly procedures compared to conventional finance. Yet, it has significant macroeconomic benefits, which cannot be internalized by individual banks. Therefore, Islamic bankers tend to mimic conventional finance in order to cut costs and maximize short-term profits....

Financing a nuclear programme

International Nuclear Information System (INIS)

Cameron, R.

2010-10-01

Nuclear power plant construction projects have many characteristics in common with other types of large infrastructure investment, both within the power generation sector and elsewhere. However, nuclear power itself has special features that can make nuclear financing particularly challenging. These features include the high capital cost, the relatively long period required to recoup investments, the often controversial nature of nuclear projects. The need for clear solutions and financing schemes for radioactive waste management and decommissioning and the need for nuclear power plants to operate at high capacity factors, preferably under base load conditions. During the previous major expansion of nuclear power in the 1970 and 1980, many nuclear projects suffered very large construction delays and cost overruns. The legacy of such problems increases the risks perceived by potential investors. A recent study undertaken jointly by the Iea and the Nea showed that the competitiveness of nuclear power strongly depends on the cost of financing due to the high share of fixed capital costs in the total lifetime costs of nuclear power. A key issue in this context is the long-term predictability of carbon pricing arrangements, which, for the time being and despite positive evolutions in this respect, most notably in Europe, does not yet exist. This paper will consider how the risks can be mitigated and examine in detail various models for corporate finance and the role of government assistance in providing a suitable financial basis. (Author)

7 CFR 22.306 - Financing rural development planning.

Science.gov (United States)

2010-01-01

... 7 Agriculture 1 2010-01-01 2010-01-01 false Financing rural development planning. 22.306 Section... Responsibilities of State Governments § 22.306 Financing rural development planning. States will be required to finance rural development planning through their own resources, revenue-sharing allocations, or the...

Teorie behavioráních financí

OpenAIRE

Vopasek, Luboš

2010-01-01

Theory of behavioral finance combines psychology and finance theory. Main goal of thesis is to describe basic psychological factors influencing economic and financial behaviour. Thesis also focuses on so-called financial puzzles which are empirical phenomenons inconsistent with traditional finance theory such as efficient market hypothesis.