WorldWideScience

Sample records for investment analysis proper

  1. Quantitative investment analysis

    CERN Document Server

    DeFusco, Richard

    2007-01-01

    In the "Second Edition" of "Quantitative Investment Analysis," financial experts Richard DeFusco, Dennis McLeavey, Jerald Pinto, and David Runkle outline the tools and techniques needed to understand and apply quantitative methods to today's investment process.

  2. Proper power pricing policy for re-investment

    Energy Technology Data Exchange (ETDEWEB)

    Lee, M.W.; Baek, S.K. [Korea Energy Economics Institute, Euiwang (Korea, Republic of)

    1997-08-01

    This study searched for ways to accomplish securing investment capital by maintaining power rates at appropriate levels. For this, long-term marginal expenses were calculated to estimate the costs that consider even the power generation facilities of the future, and a model that considers the uncertainty inherent in the power industry was studied. In the case of the current power rate for households, the base rate is set at a very low level against the power rate considering it based on marginal expenses. In the case of the general rate, the base rate surpasses the total facilities costs in the high voltage category while marginal facilities expenses goes over the base rate in the low voltage category. This is so because the costs required for sending and receiving power get higher as it moves from high voltage to low voltage, and this fact is not considered in setting up the base rate at all under the present pricing system. Also, in case of industrial power, it relatively approaches the marginal facilities expenses or shows low levels of rates compared to other uses, and this can be contributed to the political considerations of the government. However, according to recent studies, there is an argument that setting up relatively inexpensive power rates would rather increase the unit consumption costs so that its effect is minimal or decreased, and this brings the necessity of reconsidering the current pricing system that applies low prices to industrial power. 44 refs., 5 figs., 6 tabs.

  3. Identifying Proper Names Based on Association Analysis

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    The issue of proper names recognition in Chinese text was discussed. An automatic approach based on association analysis to extract rules from corpus was presented. The method tries to discover rules relevant to external evidence by association analysis, without additional manual effort. These rules can be used to recognize the proper nouns in Chinese texts. The experimental result shows that our method is practical in some applications.Moreover, the method is language independent.

  4. ROMANIAN INVESTMENT POLICY ANALYSIS

    Directory of Open Access Journals (Sweden)

    Hategan Anca

    2011-07-01

    Full Text Available Starting with the year 2009, the European Union, as well as the rest of the world, was affected by the economic and financial crisis, and one of the effects reflected in the decrease of foreign direct investment (FDI projects and also in the reduction of their host locations. Creating a healthy economic environment, that should be efficient for any form of international investment , represents the nowadays challenge of all market economies. This paper concentrates on analyzing our country’s attractiveness from the international investor’s point of view, it also focuses on the Romanian investment policy, its investment climate, as well as on identifying or valuating the strengths and opportunities offered by Romania. The advantages of the foreign direct investments are universally recognized and they basically include the expansion of the production capacity and income, job creation, technologically diffusion and economic development. Creating an appropriate economic environment, that is efficient for any form of international investments represents the nowadays challenge of all market economies. OECD member states experience, for example, outlines the advantages of a functional legal and normative climate, based on the principles of transparency and non discrimination, that are essential for attracting foreign investments. In the actual competition for attracting FDI, every state tries to offer as many incentives to the future foreign investors. The Romanian investment policy sets out incentives in a non-discriminatory and transparent way offering the investors the specific criteria. The Romanian business environment has improved significantly in recent years, driven in particular by EU accession. Major progress has been recorded in areas such as the fiscal environment, rule of law, the fight against corruption and property registration. When considering our country a possible location for the development of their businesses, the foreign

  5. Evaluating Investments For Services: A Value Chain Analysis Framework

    Directory of Open Access Journals (Sweden)

    Narcyz Roztocki

    2011-05-01

    Full Text Available This paper presents a framework based on value chain analysis to evaluate investments for services. The rationale for this approach is that to properly evaluate the benefits of any services investments, the value and cost interactions resulting from different business processes or activities need to be considered. To achieve reliable cost estimations, the framework employs a costing system, which integrates activity-based costing with the economic value added performance measure. The proposed framework is illustrated using a hypothetical case of an information technology investment in a car repair shop.

  6. Real Options Analysis of Electricity Investments

    Energy Technology Data Exchange (ETDEWEB)

    Heggedal, Ane Marte

    2012-07-01

    This thesis utilizes real options analysis for evaluating investment opportunities in the electricity sector. It also formally tests how investors in hydropower plants have included uncertainty when considering their investment opportunities. The real options method applies financial options theory to quantify the value of management flexibility and is chosen due to three important characteristics of investments in the electricity sector. First; the investment is completely or partially irreversible, second; the investor can choose when to invest in the facility, and third; there is uncertainty in several factors affecting the cash flows of the investments. Factors of uncertainty include the development of electricity prices, policies, technological advances, and macroeconomics measures.Four papers are included in this thesis. Paper 1, Upgrading hydropower plants with storage: Timing and capacity choice, presents a valuation framework for deciding when to upgrade an existing hydropower plant and which capacity to choose. The second paper, Transmission capacity between Norway and Germany: A real options analysis, sheds light on when two electricity markets, in this case Norway and Germany, should be connected through a sub sea cable. The investor can choose when to invest and the capacity of the cable, and may also choose to invest sequentially. Paper 3, Optimal timing and capacity choice for pumped hydropower storage, investigates when investment in a pumped hydropower plant with storage should be undertaken and what the capacity of the facility should be. Whereas the three first papers investigate investment opportunities, Paper 4, Uncertain climate policy decisions and investment timing: Evidence from small hydropower plants, studies when investors in small hydropower plants chose to invest. The analyses disclose whether the net present value approach or the real options method best describe the investment decisions made by the investors. Viewing investment

  7. Ratio Analysis: Where Investments Meet Mathematics.

    Science.gov (United States)

    Barton, Susan D.; Woodbury, Denise

    2002-01-01

    Discusses ratio analysis by which investments may be evaluated. Requires the use of fundamental mathematics, problem solving, and a comparison of the mathematical results within the framework of industry. (Author/NB)

  8. Towards proper sampling and statistical analysis of defects

    Directory of Open Access Journals (Sweden)

    Cetin Ali

    2014-06-01

    Full Text Available Advancements in applied statistics with great relevance to defect sampling and analysis are presented. Three main issues are considered; (i proper handling of multiple defect types, (ii relating sample data originating from polished inspection surfaces (2D to finite material volumes (3D, and (iii application of advanced extreme value theory in statistical analysis of block maximum data. Original and rigorous, but practical mathematical solutions are presented. Finally, these methods are applied to make prediction regarding defect sizes in a steel alloy containing multiple defect types.

  9. Gold versus stock investment: An econometric analysis

    Directory of Open Access Journals (Sweden)

    Martin Surya Mulyadi

    2012-06-01

    Full Text Available It is important to have a portfolio in investment to diversify the investment to different kinds of instruments. Based on previous research, it is concluded that gold is a good portfolio diversifier, a hedge against stock and safe haven in extreme stock market condition. As an investment instrument, stock is exposed to macroeconomic risks and global stock market risks. In this research, we conduct a comparison between the stock investment and gold investment by using the probit econometric model and data from 1997 to 2011. The final result obtained from the model shows that the gold investment is more advantageous than the stock investment.

  10. ECONOMIC EFFICENCY ANALYSIS OF THE INVESTMENT PROJECTS IN AGRICULTURE

    Directory of Open Access Journals (Sweden)

    Sorin Briciu

    2014-10-01

    Full Text Available The investments represent a factor of economic growth and development on long term, and for this reason, the economic efficiency analysis of the investment projects is an important element in funding the strategic options and decisions. In this article it is realized an overview of the theoretical framework regarding the investments, the relevance of cost - benefit analysis for investment projects, the economic efficiency of investments and ways to increase economic efficiency and it is realized a case study on the determination and analysis of economic efficiency of investment projects within the agriculture entities. The research leads to two major categories of tangible results, on the one hand it realized a qualitative theoretical synthesis on investments and their efficiency and on the other hand, it exemplifies the calculation, analysis and interpretation of the indicators used in the investment projects in entity by agriculture field.

  11. Analysis of Lithuanian Direct Investment into European Union Countries

    Directory of Open Access Journals (Sweden)

    Evelina Zigmantavičiūtė

    2015-05-01

    Full Text Available In this paper the valuation of macroeconomic factors influencing the Lithuanian direct investment into European Union was conducted. The problem of this paper is the different chosen macroeconomic factors influencing foreign direct investment. The object of this paper is Lithuanian direct investment. The methods of this paper include: comparative literature analysis, correlation regression analysis, paired regression analysis. After conducting a research of dependency of Lithuanian direct investment to EU countries from price changes, government sector income, gross domestic product, inflation, jobless rate results, it is found that gross domestic product and government sector income have the most influence on the changes of Lithuanian direct investment.

  12. Investment analysis baking industry in Ukraine

    OpenAIRE

    Oleksandr S. Balan; Zoya A. Stepanjuk; Julia O. Dubenchuk

    2015-01-01

    The investment attractiveness of the baking industry in Ukraine is considered in the article. The factors that affect the investment attractiveness of the industry are considered. Dedicated key issues bakery products.

  13. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

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

  14. The Lorentzian proper vertex amplitude: Classical analysis and quantum derivation

    CERN Document Server

    Engle, Jonathan

    2015-01-01

    Spin foam models, an approach to defining the dynamics of loop quantum gravity, make use of the Plebanski formulation of gravity, in which gravity is recovered from a topological field theory via certain constraints called simplicity constraints. However, the simplicity constraints in their usual form select more than just one gravitational sector as well as a degenerate sector. This was shown, in previous work, to be the reason for the "extra" terms appearing in the semiclassical limit of the Euclidean EPRL amplitude. In this previous work, a way to eliminate the extra sectors, and hence terms, was developed, leading to the what was called the Euclidean proper vertex amplitude. In the present work, these results are extended to the Lorentzian signature, establishing what is called the Lorentzian proper vertex amplitude. This extension is non-trivial and involves a number of new elements since, for Lorentzian bivectors, the split into self-dual and anti-self-dual parts, on which the Euclidean derivation was b...

  15. Analysis of foreign direct investment in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Marcela Domesová

    2011-01-01

    Full Text Available The foreign direct investments are joined with the process of world globalisation. Foreign direct investments are carried out especially by multinational companies. The basic forms of the foreign direct investments are “greenfield” investments and “brownfield“ investments in the form of the privatization. The Czech Republic has shown mass inflow of foreign direct investments since 1998. The aim of the paper is to evaluate the inflow of foreign direct investments in the context of the balance of payments and the evaluation their impact on the outside economic equilibrium and gross value added in the Czech Republic. The subject of the analysis is the identification of the most important factors of foreign direct investments inflow and the classification of foreign direct investments inflow from the point of view of branches and technological intensity of production as well. The aim is fulfilled by analysis of selected indicators of the balance of payments, analysis of gross value added and international comparison of foreign direct investments inflow in countries of Visegrad Group. The results show the part of privatization in foreign capital inflow, increasing import intensity and export efficiency linked with foreign direct investments. The results are subject of research focused on the process of world globalisation and regional development.

  16. Analysis of Different Inhibitors for Magnesium Investment Casting

    Science.gov (United States)

    Herrero-Dorca, N.; Sarriegi Etxeberria, H.; Hurtado, I.; Andres, U.; Rodriguez, P.; Arruebarrena, G.

    2012-01-01

    Investment casting of magnesium is a well suited process for the production of aeronautic and automotive components. But still, this process has not been properly developed. One reason for that are the reactions between the Mg melt and the ceramics of the mould that produce a non-desired oxide layer on the part surface. These reactions can be inhibited by the use of silica-free slurries with a higher stability than conventional ones. Another way is using inhibitors, chemical compounds based in fluorides that react with the melt, creating a protective surface layer in the casting. With the aim of developing a reaction-free process, alumina moulds with a stepped geometry have been constructed. These provide different interface conditions. Conventional SF6, non-conventional KBF4 and NaBF4 and environmentally friendly FK inhibitors have been tested on. As a result, KBF4 has been identified as the most suitable inhibitor for magnesium investment casting. Furthermore, the analysis of the cooling curve of different interfaces has provided essential information about the reaction mechanism of the inhibitors.

  17. Hydro investment analysis under new market conditions

    Energy Technology Data Exchange (ETDEWEB)

    Doorman, Gerard

    2010-07-01

    Full text: A future energy system with stronger coupling to Europe and with an increased share of non-regulated renewables will lead to increasing variability of the demand faced by the hydro system. In a market based system these variations will be reflected by larger daily price variations, both in the Elspot day ahead market, the Elbas intraday market and in the balancing market. With its unique regulation capabilities, hydro power will be very well positioned to handle these variations. However, existing model concepts for long term hydro scheduling were not developed for this framework, and do not take the new market conditions into account to a sufficient degree. Therefore hydro scheduling tools used for upgrading and investment analysis as well as analysing consequences of new environmental demands need adaptation to a finer temporal resolution, and to perform optimisation under varying constraints and uncertain input data for inflow and electricity prices. Focus is on investment analysis for a river system or power producer. Existing models can be grouped in the long-term (scheduling models with a time horizon up to 5 years) EOPS (Vansimtap), EOPS-ST (SimtapEffekt) and ProdRisk, and the shortterm scheduling models with a typical time horizon up to a few weeks, but focus on 1-2 days (SHOP and ID-SIM). A perfect tool in the present context would combine the properties of the long term stochastic optimisation models with the modelling details of SHOP and/or ID-SIM. However, this is probably not possible and simplifications will be necessary. Some important deficiencies in the present long term models are: Insufficiently realistic plant models in the relevant optimization models; Time delays are not handled; Handing of flexible / state dependent constraints; Handling of ramping constraints; Modelling of the cost of frequent regulations (wear and tear); Reserve markets As a result of these deficiencies the investment analysis does not adequately assess the value

  18. ANALYSIS OF INVESTMENT DIVERSIFICATION OF THE PRECIOUS METALS

    Directory of Open Access Journals (Sweden)

    Ivan I. Agafonov

    2013-01-01

    Full Text Available Analysis of the impact of investment portfolio of precious metals on its minimum risk with limited mean income is carried out based on the data from the beginning of 2009 to the July of 2013. Vector and matrix criteria of assessment of the effects of investment diversification at the precious metals market are offered.

  19. Commercial real estate analysis and investments

    NARCIS (Netherlands)

    Geltner, D.; Miller, N.; Clayton, J.; Eichholtz, P.M.A.

    2013-01-01

    The well-known and respected authorship team of Geltner and Miller bring you a new edition of what has become the undisputed and authoritative resource on commercial real estate investment. Streamlined and completely updated with expanded coverage of corporate and international real estate investmen

  20. Review of assessment methods discount rate in investment analysis

    Directory of Open Access Journals (Sweden)

    Yamaletdinova Guzel Hamidullovna

    2011-08-01

    Full Text Available The article examines the current methods of calculating discount rate in investment analysis and business valuation, as well as analyzes the key problems using various techniques in terms of the Russian economy.

  1. Comparative analysis of direct and indirect property investment ...

    African Journals Online (AJOL)

    Comparative analysis of direct and indirect property investment returns in Abuja. ... The study utilized mean score, variance, standard deviation, coefficient of ... is more risky than commercial property due to the risk variation of 0.15605 that ...

  2. Profitability Analysis for Agricultural Investment Projects

    Directory of Open Access Journals (Sweden)

    Florina Oana VIRLANUTA

    2011-11-01

    Full Text Available In agriculture production is based on a process both economically as well as the biological one, the work results are influenced, more than any branch of economic, natural and climatic conditions are subject to higher risk and permanently. Due to the features of production in agriculture, we believe that it is necessary such as performance agricultural units to be assessed under a system of specific indicators. The correct assessment units are closely related agricultural economic-financial investment in agriculture. In the following we present and analyze a complex system of specific performance indicators of the extremely for assessing agricultural units.

  3. THE INVESTMENT RELIABILITY ANALYSIS FOR A SURFACE MINE

    Institute of Scientific and Technical Information of China (English)

    彭世济; 卢明银; 张达贤

    1990-01-01

    It is stipulated in the China national document, named"The Economical Appraisal Methods for Construction Projects" that dynamic analysis should dominate the project economical appraisal methods.This paper has set up a dynamic investment forecast model for Yuanbaoshan Surface Coal Mine. Based on this model, the investment reliability using simulation and analytic methods has been analysed, anti the probability that the designed internal rate of return can reach 8.4%, from economic points of view, have been also studied.

  4. Risk analysis of investments in-farm milk cooling tanks

    Directory of Open Access Journals (Sweden)

    Sant´Anna Danielle D.

    2003-01-01

    Full Text Available A risk analysis for the installation of milk cooling tanks (250, 500 and 1,000 L on Brazilian rural properties was conducted in this study. The results showed that all investments had a return higher than the annual 12% minimum rate of attractiveness. There was a direct relationship between tank size and investment profitability and an inverse relation between size and risk. The probability of achieving returns lower than the opportunity cost was highest for the smallest tank (42%. In order to make the investment in small cooling tanks more attractive, the dairy industry incentives offered to farmers for supplying cooled milk could be increased. However, this approach might make investments in bulk milk collection by dairy companies infeasible. Thus, a recommendable strategy for a successful modernization of the Brazilian dairy sector?s inbound logistics would be to promote an increase in the volume of the milk produced per farm.

  5. SPECIAL LOTTERY DRAWINGS - ANALYSIS OF AN UNCONVENTIONAL INVESTMENT OPPORTUNITY

    Directory of Open Access Journals (Sweden)

    Jaques Deivinson da Silva Castello

    2015-04-01

    Full Text Available Quina Loto is one of the most popular lottery games in Brazil. Prizes are paid as a percentage of each drawing's revenues. After deductions and taxes, 34% of the revenues are destined for the payments of prizes on each drawing, 29% divided among winners and 5% saved in order to contribute for the major prize of the special drawing held annually, in June 24th. Due to the low expected return on investment, lotteries are widely regarded as a bad investment decision. Experience, however, shows that the special drawing might be an exception. In this paper we provide a thorough analysis of a theoretical investment in the special drawing of 2013, considering players' behavior, lesser prizes earnings, effects of the own investment in the jackpot, probabilities of sharing the prizes and outcomes covering methods. Finally, we compare our conclusions against the result of the lottery on June 24th, 2013.

  6. Major indicators of analysis of insurers’ investment activity

    Directory of Open Access Journals (Sweden)

    O.O. Poplavskyi

    2016-12-01

    Full Text Available The article is devoted to topical issues of economic nature, selection and use of economic indicators in analysis of insurers’ investment activity. The author determines the main criteria of permissible investment activity, such as different assets covering the insurance reserves and share of various types of investments in assets and capital on the base of the results of summarizing recent public requirements of key banks to insurance companies in Ukraine. The recommendations of the insurers’ analysis approved by the regulatory bodies in Ukraine (the State Commission for Regulation of Financial Services Markets, Belarus (the Ministry of Finance and Poland (the Financial Supervision Authority are not left without author’s attention. According to the results of comparing using of different indicators, like the return on equity and investment, their strength and weaknesses are identified and the improving the scales of their assessment are proposed. The article singles out the main indicators which can be adapted to national features+ and used for management decisions and regulation of investment activities of insurers.

  7. Econometric Analysis of Overseas Investment by Chinese Enterprises

    Institute of Scientific and Technical Information of China (English)

    CCPIT

    2010-01-01

    @@ The analysis contained in this chapter focuses in particular on those Chinese companies that already have overseas operations. The purpose of the chapter is threefold: i) to identify the main characteristics of the Chinese companies active in foreign markets, ii) to investigate the privileged locations abroad and iii) to understand the main driving forces leading Chinese companies to invest abroad.

  8. Application of scenario analysis in the investment projects evaluation

    Directory of Open Access Journals (Sweden)

    Brzaković Tomislav

    2016-01-01

    Full Text Available Investing represents an investment in the present to achieve certain effects in the future, and risk is an essential part of the investment process. Scenario analysis involves key risk factors of the project, its sensitivity to changes in key factors and the likelihood of their changes. Scenario analysis allows us to assign probabilities to the base case, the best case and the worst case so that we can find the expected value and standard deviation of the project's NPV to get a better idea of the project's risk. The goal is to determine whether it is possible to make relevant investment decisions on the basis of the parameters of projects risk, such as the standard deviation and the coefficient of variation. The paper is based on a mathematical model, applied to a specific agricultural company. In our case, the project has a wide range of possibilities and a large potential negative value, which suggests a great risk of the project. Although the scenario analysis shows a higher risk, it is not clear if the project should be accepted or not, and therefore, it is necessary to conduct simulation analysis, in order to get reliable answers.

  9. Evaluating Training: Return on Investment and Cost-Benefit Analysis.

    Science.gov (United States)

    Munoz, Maria D.; Munoz, Marco A.

    Training interventions can be evaluated by calculating return on investment (ROI) and cost-benefit analysis. The four-level model proposed by Kirkpatrick is the dominant evaluation model used. Calculating ROI has been a critical issue for trainers and executives, but only a few organizations have implemented the process that is considered as…

  10. Strategic Technology Investment Analysis: An Integrated System Approach

    Science.gov (United States)

    Adumitroaie, V.; Weisbin, C. R.

    2010-01-01

    Complex technology investment decisions within NASA are increasingly difficult to make such that the end results are satisfying the technical objectives and all the organizational constraints. Due to a restricted science budget environment and numerous required technology developments, the investment decisions need to take into account not only the functional impact on the program goals, but also development uncertainties and cost variations along with maintaining a healthy workforce. This paper describes an approach for optimizing and qualifying technology investment portfolios from the perspective of an integrated system model. The methodology encompasses multi-attribute decision theory elements and sensitivity analysis. The evaluation of the degree of robustness of the recommended portfolio provides the decision-maker with an array of viable selection alternatives, which take into account input uncertainties and possibly satisfy nontechnical constraints. The methodology is presented in the context of assessing capability development portfolios for NASA technology programs.

  11. Strategic Technology Investment Analysis: An Integrated System Approach

    Science.gov (United States)

    Adumitroaie, V.; Weisbin, C. R.

    2010-01-01

    Complex technology investment decisions within NASA are increasingly difficult to make such that the end results are satisfying the technical objectives and all the organizational constraints. Due to a restricted science budget environment and numerous required technology developments, the investment decisions need to take into account not only the functional impact on the program goals, but also development uncertainties and cost variations along with maintaining a healthy workforce. This paper describes an approach for optimizing and qualifying technology investment portfolios from the perspective of an integrated system model. The methodology encompasses multi-attribute decision theory elements and sensitivity analysis. The evaluation of the degree of robustness of the recommended portfolio provides the decision-maker with an array of viable selection alternatives, which take into account input uncertainties and possibly satisfy nontechnical constraints. The methodology is presented in the context of assessing capability development portfolios for NASA technology programs.

  12. Proper motion survey and kinematic analysis of the Rho Ophiuchi embedded cluster

    CERN Document Server

    Ducourant, C; Krone-Martins, A; Bontemps, S; Despois, D; Galli, P A B; Bouy, H; Campion, J F Le; Rapaport, M; Cuillandre, J C

    2016-01-01

    We aim at performing a kinematic census of young stellar objects (YSOs) in the Rho Ophiuchi F core and partially in the E core of the L1688 dark cloud. We run a proper motion program at the ESO New Technology Telescope (NTT) with the Son of ISAAC (SOFI) instrument over nine years in the near-infrared. We complemented these observations with various public image databases to enlarge the time base of observations and the field of investigation to 0.5 deg X 0.5 deg. We derived positions and proper motions for 2213 objects. From these, 607 proper motions were derived from SOFI observations with a ~1.8 mas/yr accuracy while the remaining objects were measured only from auxiliary data with a mean precision of about ~3 mas/yr. We performed a kinematic analysis of the most accurate proper motions derived in this work, which allowed us to separate cluster members from field stars and to derive the mean properties of the cluster. From the kinematic analysis we derived a list of 68 members and 14 candidate members, comp...

  13. A guide to forestry investment analysis.

    Science.gov (United States)

    Dietmar W. Rose; Charles R. Blinn; Gary J. Brand

    1988-01-01

    It is often necessary to choose between several forestry projects. This paper provides the background needed to evaluate projects from a financial perspective. The basic steps for preparing a project analysis, suggestions for dealing with uncertainty, and techniques for monitoring a projects are presented.

  14. Activation of Investment and Innovation Development of Ukraine’s Economy by Improving the Accounting and Analysis of Foreign Investments

    Directory of Open Access Journals (Sweden)

    Izmaylov Yaroslav O.

    2016-05-01

    Full Text Available The aim of the article is to justify and present recommendations on improving the accounting and economic analysis of foreign investments for investment and innovation development of the Ukrainian economy. The dynamics of macroeconomic indicators of foreign investments, which have a direct impact on investment and innovation development of the Ukrainian economy, has been analyzed. The main problems of the investment and innovation development have been indicated and systematized and the places of Ukraine in the world rankings in terms of the weak positions of the economy are presented. The explanation of the category of «foreign investments» with a view to their use in accounting and economic analysis is presented. The ways for improving the accounting and analytical procedures of foreign investment to create transparent and clear rules of doing business for foreigners in Ukraine have been offered. There has been proved a positive influence of the presented recommendations on investment and innovation development of the Ukrainian economy.

  15. Empirical analysis on risk of security investment

    Institute of Scientific and Technical Information of China (English)

    AN Peng; LI Sheng-hong

    2009-01-01

    The paper analyzes the theory and application of Markowitz Mean-Variance Model and CAPM model. Firstly, it explains the development process and standpoints of two models and deduces the whole process in detail. Then 30 stocks are choosen from Shangzheng 50 stocks and are testified whether the prices of Shanghai stocks conform to the two models. With the technique of time series and panel data analysis, the research on the stock risk and effective portfolio by ORIGIN and MATLAB software is conducted. The result shows that Shanghai stock market conforms to Markowitz Mean-Variance Model to a certain extent and can give investors reliable suggestion to gain higher return, but there is no positive relation between system risk and profit ratio and CAPM doesn't function well in China's security market.

  16. Analysis of stage-investing strategy in equity financing market

    Institute of Scientific and Technical Information of China (English)

    XUN Minghui

    2007-01-01

    Stage-investing strategy is a primary measure to mitigate asymmetric information during equity investment. This paper attempts to investigate the problem faced by equity investors wishing to make optimal investment decision under stage-investing strategy.A serial investment-decision making model will be designed to help investors to take the best choice.

  17. Design Analysis Rules to Identify Proper Noun from Bengali Sentence for Universal Networking language

    Directory of Open Access Journals (Sweden)

    Md. Syeful Islam

    2014-08-01

    Full Text Available Now-a-days hundreds of millions of people of almost all levels of education and attitudes from different country communicate with each other for different purposes and perform their jobs on internet or other communication medium using various languages. Not all people know all language; therefore it is very difficult to communicate or works on various languages. In this situation the computer scientist introduce various inter language translation program (Machine translation. UNL is such kind of inter language translation program. One of the major problem of UNL is identified a name from a sentence, which is relatively simple in English language, because such entities start with a capital letter. In Bangla we do not have concept of small or capital letters. Thus we find difficulties in understanding whether a word is a proper noun or not. Here we have proposed analysis rules to identify proper noun from a sentence and established post converter which translate the name entity from Bangla to UNL. The goal is to make possible Bangla sentence conversion to UNL and vice versa. UNL system prove that the theoretical analysis of our proposed system able to identify proper noun from Bangla sentence and produce relative Universal word for UNL.

  18. Private and Public Investment in Malaysia: A Panel Time-series Analysis

    Directory of Open Access Journals (Sweden)

    Sallahuddin Hassan

    2011-01-01

    Full Text Available Public capital hypothesis explains that a positive relationship exists between private and public investment. This paper examines the validity of the hypothesis by using a panel time series analysis on four sectors of the Malaysian economy (agriculture, industry and trade, transportation and communication, and construction. Panel co-integration analysis is used to prove the relationship between private domestic investment and public investment by using panel data for the period of 1976–2006. Two interaction variables, public investment and gross domestic product and investment and privatization policy were included as independent variables to take into account the influence of gross domestic product and privatization policy on the effect of public investment on private investment. Results of the study indicate that public investment has positive effect on private investment in all the three sectors except agricultural sector, suggesting that government expenditure encourage more private investment if focus is given towards productive expenditure.

  19. Proper motion survey and kinematic analysis of the ρ Ophiuchi embedded cluster

    Science.gov (United States)

    Ducourant, C.; Teixeira, R.; Krone-Martins, A.; Bontemps, S.; Despois, D.; Galli, P. A. B.; Bouy, H.; Le Campion, J. F.; Rapaport, M.; Cuillandre, J. C.

    2017-01-01

    Context. The ρ Ophiuchi molecular complex and in particular the Lynds L1688 dark cloud is unique in its proximity ( 130 pc), in its richness in young stars and protostars, and in its youth (0.5 Myr). It is certainly one of the best targets currently accessible from the ground to study the early phases of star-formation. Proper motion analysis is a very efficient tool for separating members of clusters from field stars, but very few proper motions are available in the ρ Ophiuchi region since most of the young sources are deeply embedded in dust and gas. Aims: We aim at performing a kinematic census of young stellar objects (YSOs) in the ρ Ophiuchi F core and partially in the E core of the L1688 dark cloud. Methods: We run a proper motion program at the ESO New Technology Telescope (NTT) with the Son of ISAAC (SOFI) instrument over nine years in the near-infrared. We complemented these observations with various public image databases to enlarge the time base of observations and the field of investigation to 0.5° × 0.5°. We derived positions and proper motions for 2213 objects. From these, 607 proper motions were derived from SOFI observations with a 1.8 mas/yr accuracy while the remaining objects were measured only from auxiliary data with a mean precision of about 3 mas/yr. Results: We performed a kinematic analysis of the most accurate proper motions derived in this work, which allowed us to separate cluster members from field stars and to derive the mean properties of the cluster. From the kinematic analysis we derived a list of 68 members and 14 candidate members, comprising 26 new objects with a high membership probability. These new members are generally fainter than the known ones. We measured a mean proper motion of (μαcosδ, μδ) = (-8.2,-24.3) ± 0.8 mas/yr for the L1688 dark cloud. A supervised classification was applied to photometric data of members to allocate a spectral energy distribution (SED) classification to the unclassified members

  20. Impacts of project attributes on investment preferences : an empirical cluster analysis of energy conservation investment attitudes

    NARCIS (Netherlands)

    Meisner, Jan; Gillissen, Merlijn

    1994-01-01

    Investment attitude refers to the way managements of firms value attributes of investmentproposals and weigh them in their final appraisal. It seems that among firms in the Netherlands an investment attitude exists that hinders theimplementation of energy conservation projects. Using paired comparis

  1. Impacts of project attributes on investment preferences : an empirical cluster analysis of energy conservation investment attitudes

    NARCIS (Netherlands)

    Meisner, Jan; Gillissen, Merlijn

    1994-01-01

    Investment attitude refers to the way managements of firms value attributes of investmentproposals and weigh them in their final appraisal. It seems that among firms in the Netherlands an investment attitude exists that hinders theimplementation of energy conservation projects. Using paired

  2. An Analysis of the Factors Impacting Employee's Specific Investment

    Institute of Scientific and Technical Information of China (English)

    WU Ai-hua; GE Wen-lei

    2008-01-01

    The amount of specific investment from employees is limited, and the reasons of the under-investment from employees are analyzed in this paper. Based on the relationship of the specific investment and the employee demission, an empirical study has been conducted focusing on the factors influencing the employee turnover and the specific investment. A theoretical model of the factors influencing employee's specific investment is given.

  3. THE ANALYSIS OF INVESTMENTS IN AN UNCERTAIN ENVIRONMENT

    Directory of Open Access Journals (Sweden)

    Silviu Cornel Virgil CHIRIAC

    2014-11-01

    Full Text Available The notion of investment is extremely complex, perceived with different meanings and significations. The use of investment strategies in the management activity implies the application of scientific techniques and methods. In order to ensure a constant economic growth it is necessary to prepare investment projects. In practice the predominant one is the investment activity based on real investments performed for the modernising of assets, in order to ensure their physical and moral wear and tear.

  4. Solvency, Indebtedness, Rates of Return and Investment Impact on Economic and Technical Analysis Indicators (Case Study)

    National Research Council Canada - National Science Library

    A. Chiran; Elena Gîndu; A.F. Jităreanu; C.R. Vîntu; Adriana Măgureanu

    2015-01-01

    .... The authors have based the research on the technical-economic and financial analysis of investments, which sets economic efficiency and investments viability and assumes forecast of revenue, expenses...

  5. TRANSACTION COSTS: AN EMPIRICAL ANALYSIS OF THEIR RELATIONSHIP WITH INVESTMENT AND FOREIGN DIRECT INVESTMENT

    Directory of Open Access Journals (Sweden)

    William Eid Junior

    2011-04-01

    Full Text Available As stated by the New Institutional Economics theory, transaction costs play a relevant role in economics and, according to the extent of such costs, agents make investment decisions. Actually,transaction costs may represent a disincentive to entrepreneurship.This work aims to verify whether transaction costs are related to investment rate and foreign direct investment rate (FDI in different business environments. The results suggest that foreign investors do not have precise information about other countries as domestic investors do; as it is observed, only the relation between ransaction costs and investment rate is significant. Furthermore, there is evidence that the business environments of BRIC countries are less developed when compared to business environments of other countries in the study

  6. ANALYSIS OF THE INVESTMENT RISK IN CRYPTOCURRENCY BITCOIN

    National Research Council Canada - National Science Library

    Kinga Kądziołka

    2015-01-01

    .... There was also paid attention to the effect of day of the week on the Bitcoin’s exchanges. The investment in cryptocurrency was characterized by higher risk than investing in “traditional” currencies...

  7. Deterministic versus Stochastic Sensitivity Analysis in Investment Problems : An Environmental Case Study

    NARCIS (Netherlands)

    van Groenendaal, W.J.H.; Kleijnen, J.P.C.

    2001-01-01

    Sensitivity analysis in investment problems is an important tool to determine which factors can jeopardize the future of the investment.Information on the probability distribution of those factors that affect the investment is mostly lacking.In those situations the analysts have two options: (i) app

  8. Deterministic versus Stochastic Sensitivity Analysis in Investment Problems : An Environmental Case Study

    NARCIS (Netherlands)

    van Groenendaal, W.J.H.; Kleijnen, J.P.C.

    2001-01-01

    Sensitivity analysis in investment problems is an important tool to determine which factors can jeopardize the future of the investment.Information on the probability distribution of those factors that affect the investment is mostly lacking.In those situations the analysts have two options: (i)

  9. The Analysis of a Deviation of Investment and Corporate Governance.

    OpenAIRE

    HISA Shoichi

    2008-01-01

    Investment of firms is affected by not only fundamentals factors, but liquidity constraint, ownership or corporate structure. Information structure between manager and owner is a significant factor to decide the level of investment, and deviation of investment from optimal condition. The reputation model between manager and owner suggest that the separate of ownership and management may induce the deviation of investment, and indicate that governance structure is important to reduce it. In th...

  10. Saving, growth, and investment: a macroeconomic analysis using a panel of countries

    OpenAIRE

    Attanasio, O.; L. Picci; A. E. Scorcu

    2000-01-01

    This paper provides a descriptive analysis of the long- and short-run correlations among saving, investment, and growth rates for 123 countries over the period 1961-94. Three results are robust across data sets and estimation methods: i) lagges saving rates are positively related to investment rates; ii) investment rates Granger cause growth rates with a negative sign; iii) growth rates Granger-cause investment with a positive sign.

  11. Evaluating water quality investments using cost utility analysis.

    Science.gov (United States)

    Hajkowicz, Stefan; Spencer, Rachel; Higgins, Andrew; Marinoni, Oswald

    2008-09-01

    This study borrows concepts from healthcare economics and uses cost utility analysis (CUA) to select an optimum portfolio of water quality enhancement projects in Perth, Western Australia. In CUA, costs are handled via standard discounted cash flow analysis, but the benefits, being intangible, are measured with a utility score. Our novel methodology combines CUA with a binary combinatorial optimisation solver, known as a 'knapsack algorithm', to identify the optimum portfolio of projects. We show how water quality projects can be selected to maximise an aggregate utility score while not exceeding a budget constraint. Our CUA model applies compromise programming (CP) to measure utility over multiple attributes in different units. CUA is shown to provide a transparent and analytically robust method to maximise benefits from water quality remediation investments under a constrained budget.

  12. Aviation System Analysis Capability Air Carrier Investment Model-Cargo

    Science.gov (United States)

    Johnson, Jesse; Santmire, Tara

    1999-01-01

    The purpose of the Aviation System Analysis Capability (ASAC) Air Cargo Investment Model-Cargo (ACIMC), is to examine the economic effects of technology investment on the air cargo market, particularly the market for new cargo aircraft. To do so, we have built an econometrically based model designed to operate like the ACIM. Two main drivers account for virtually all of the demand: the growth rate of the Gross Domestic Product (GDP) and changes in the fare yield (which is a proxy of the price charged or fare). These differences arise from a combination of the nature of air cargo demand and the peculiarities of the air cargo market. The net effect of these two factors are that sales of new cargo aircraft are much less sensitive to either increases in GDP or changes in the costs of labor, capital, fuel, materials, and energy associated with the production of new cargo aircraft than the sales of new passenger aircraft. This in conjunction with the relatively small size of the cargo aircraft market means technology improvements to the cargo aircraft will do relatively very little to spur increased sales of new cargo aircraft.

  13. Agricultural investments in Mozambique : An analysis of investment trends, business models and social and environmental conduct

    NARCIS (Netherlands)

    di Matteo, F.; Schoneveld, G.C.

    2016-01-01

    The recent influx of agricultural investment to Africa is increasingly equated with land grabbing by investors from emerging and Northern economies seeking to produce commodities to serve the needs of their own food and energy markets. This paper reflects on this discourse by unpacking agricultural

  14. Transitional flow analysis in the carotid artery bifurcation by proper orthogonal decomposition and particle image velocimetry.

    Science.gov (United States)

    Kefayati, Sarah; Poepping, Tamie L

    2013-07-01

    Blood flow instabilities in the carotid artery bifurcation have been highly correlated to clot formation and mobilization resulting in ischemic stroke. In this work, PIV-measured flow velocities in normal and stenosed carotid artery bifurcation models were analyzed by means of proper orthogonal decomposition (POD). Through POD analysis, transition to more complex flow was visualized and quantified for increasing stenosis severity. While no evidence of transitional flow was seen in the normal model, the 50%-stenosed model started to show characteristics of transitional flow, which became highly evident in the 70% model, with greatest manifestation during the systolic phase of the cardiac cycle. By means of a model comparison, we demonstrate two quantitative measures of the flow complexity through the power-law decay slope of the energy spectrum and the global entropy. The more complex flow in the 70%-stenosed model showed a flatter slope of energy decay (-0.91 compared to -1.34 for 50% stenosis) and higher entropy values (0.26 compared to 0.17). Finally, the minimum temporal resolution required for POD analysis of carotid artery flow was found to be 100 Hz when determined through a more typical energy-mode convergence test, as compared to 400 Hz based on global entropy values.

  15. ANALYSIS OF THE INVESTMENT RISK IN CRYPTOCURRENCY BITCOIN

    Directory of Open Access Journals (Sweden)

    Kinga Kądziołka

    2015-09-01

    Full Text Available The aim of the article was to evaluate the risks of investing in Bitcoin cryptocurrency. Particular attention was paid to the risk of investment on the Polish exchanges: Bitcurex, BitBay, BitMarket.pl and LocalBitcoins. To evaluate the risk there was used VaR measure. There were compared the risk of investing in Bitcoin cryptocurrency and the risk of investing in the selected "traditional" currencies. There was also paid attention to the effect of day of the week on the Bitcoin’s exchanges. The investment in cryptocurrency was characterized by higher risk than investing in “traditional” currencies. The Polish Bitcoin exchange LocalBitcoins was characterized by the highest risk and highest average daily rate of return.

  16. The Investment Paradigm

    Science.gov (United States)

    Perna, Mark C.

    2005-01-01

    Is marketing an expense or an investment? Most accountants will claim that marketing is an expense, and clearly that seems true when cutting the checks to fund these efforts. When it is done properly, marketing is the best investment. A key principle to Smart Marketing is the Investment Paradigm. The Investment Paradigm is understanding that every…

  17. To Invest or Not to Invest, That Is the Question: Analysis of Firm Behavior under Anticipated Shocks.

    Science.gov (United States)

    Kovac, Dejan; Vukovic, Vuk; Kleut, Nikola; Podobnik, Boris

    2016-01-01

    When companies are faced with an upcoming and expected economic shock some of them tend to react better than others. They adapt by initiating investments thus successfully weathering the storm, while others, even though they possess the same information set, fail to adopt the same business strategy and eventually succumb to the crisis. We use a unique setting of the recent financial crisis in Croatia as an exogenous shock that hit the country with a time lag, allowing the domestic firms to adapt. We perform a survival analysis on the entire population of 144,000 firms in Croatia during the period from 2003 to 2015, and test whether investment prior to the anticipated shock makes firms more likely to survive the recession. We find that small and micro firms, which decided to invest, had between 60 and 70% higher survival rates than similar firms that chose not to invest. This claim is supported by both non-parametric and parametric tests in the survival analysis. From a normative perspective this finding could be important in mitigating the negative effects on aggregate demand during strong recessionary periods.

  18. ANALYSIS OF THE INVESTMENT RISK IN CRYPTOCURRENCY BITCOIN

    OpenAIRE

    Kinga Kądziołka

    2015-01-01

    The aim of the article was to evaluate the risks of investing in Bitcoin cryptocurrency. Particular attention was paid to the risk of investment on the Polish exchanges: Bitcurex, BitBay, BitMarket.pl and LocalBitcoins. To evaluate the risk there was used VaR measure. There were compared the risk of investing in Bitcoin cryptocurrency and the risk of investing in the selected "traditional" currencies. There was also paid attention to the effect of day of the week on the Bitcoin’s exchanges. T...

  19. ANALYSIS OF THE INVESTMENT RISK IN CRYPTOCURRENCY BITCOIN

    OpenAIRE

    Kinga Kądziołka

    2015-01-01

    The aim of the article was to evaluate the risks of investing in Bitcoin cryptocurrency. Particular attention was paid to the risk of investment on the Polish exchanges: Bitcurex, BitBay, BitMarket.pl and LocalBitcoins. To evaluate the risk there was used VaR measure. There were compared the risk of investing in Bitcoin cryptocurrency and the risk of investing in the selected "traditional" currencies. There was also paid attention to the effect of day of the week on the Bitcoin’s exchanges. T...

  20. TECHNIQUE OF THE STATISTICAL ANALYSIS OF INVESTMENT APPEAL OF THE REGION

    Directory of Open Access Journals (Sweden)

    А. А. Vershinina

    2014-01-01

    Full Text Available The technique of the statistical analysis of investment appeal of the region is given in scientific article for direct foreign investments. Definition of a technique of the statistical analysis is given, analysis stages reveal, the mathematico-statistical tools are considered.

  1. Foreign Direct Investment in the United States: An Economic Analysis

    Science.gov (United States)

    2008-08-15

    foreigners acquire existing U.S. firms and those in which foreigners establish new firms — termed “ greenfield ” investments. New investments are often...proven technologies or techniques they have successfully transferred to the United States. Small foreign ventures , experimenting with unproven

  2. SWOT ANALYSIS OF THE REPUBLIC OF CROATIA AS AN INVESTMENT DESTINATION

    Directory of Open Access Journals (Sweden)

    Martina Hedda Sola

    2014-12-01

    Full Text Available Research has shown that foreign direct investments benefit the economic development of a host country. However, numerous examples of an inadequate investment structure point to the possible damages for an economic, as well as socio- political development of a country. The purpose of this paper is to looks into the structure of total foreign direct investments realised in the Republic of Croatia and, by using scientific methods, analyse the importance and the effect of foreign direct investments on the Croatian economy. Through following world’s the best practice, the paper offers a comparative analysis of the Republic of Croatia and the countries of the region, with the purpose of identifying the institutional obstacles for investment and producing a detailed SWOT analysis of the Republic of Croatia as an investment destination. Despite numerous existing conventions and protocols, a desired degree of adjustment to international conventions has not yet been achieved, which hinders investment. The Government should create a protection mechanism in order to keep the investors in the times of crisis, as well as policy of attracting the strategically oriented investments that will facilitate long-term economic growth. The first method through which it is possible to define a strategy of attracting strategically oriented investments into the economy, is the qualitative identification of the Republic of Croatia as an investment destination through SWOT analysis.

  3. 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.

  4. A Simple Method for Causal Analysis of Return on IT Investment

    Directory of Open Access Journals (Sweden)

    Farrokh Alemi

    2011-01-01

    Full Text Available This paper proposes a method for examining the causal relationship among investment in information technology (IT and the organization's productivity. In this method, first a strong relationship among (1 investment in IT, (2 use of IT and (3 organization's productivity is verified using correlations. Second, the assumption that IT investment preceded improved productivity is tested using partial correlation. Finally, the assumption of what may have happened in the absence of IT investment, the so called counterfactual, is tested through forecasting productivity at different levels of investment. The paper applies the proposed method to investment in the Veterans Health Information Systems and Technology Architecture (VISTA system. Result show that the causal analysis can be done, even with limited data. Furthermore, because the procedure relies on overall organization's productivity, it might be more objective than when the analyst picks and chooses which costs and benefits should be included in the analysis.

  5. An Analysis of Southeast Asian Firms' Investment in China

    Institute of Scientific and Technical Information of China (English)

    KaishengZeng

    2004-01-01

    Economic cooperation between China and Southeast Asian economies is increasingly attracting the attention of policy-makers, scholars, and practitioners. Firms from Southeast Asia have been playing an important role in China's utilization of foreign direct investment, though most of these firms have been viewed as small, labor-intensive, and ordinary in technology. This paper reveals one important dimension of economic cooperation between China and Southeast Asia. It investigates the factors that influence Southeast Asian firms' investments in Guangdong, which is one of the largest provinces in China in terms of utilization of foreign direct investment, and it tries to answer the question of what make Southeast Asian firms invest in China in a large scale and in the way of advancing waves.T he research outcomes contribute to the knowledge of the changing economic relations between China and Southeast Asia.

  6. Analysis on Investment Behavior of Agricultural Sector in China

    Institute of Scientific and Technical Information of China (English)

    Sun Zhuo

    2015-01-01

    In the process of industrialization, China has been a big agricultural country, and the agricultural sector's economic activities have been playing important role in economic growth. This paper established the investment behavior model of agricultural enterprises on the basis of Chinese practice. And then, the model presented the important factors impacting on investment, such as financing cost, wage, and policy factors,etc. Thirdly, this paper in particular usedR-studio to estimate the impact of financing cost and policy factor on investment and capital accumulation of primary industry sector by gathering the data from 2003 to 2013. The results showed that the official interest rate of loans of financial institutions could be the proxy variable as the financing cost of agricultural enterprises, and the employment level of agricultural enterprises had negative impact on investment. Finally, this paper provided some explanations and suggestions on the basis of above results.

  7. An Empirical Analysis of Foreign Direct Investment in Pakistan

    Directory of Open Access Journals (Sweden)

    Akbar Minhas

    2015-04-01

    Full Text Available The aim of this paper is to explore the trends in Foreign Direct Investment (FDI inflows in Pakistan and to identify the key determinants of FDI for the period of 2000-2013. The country experienced a continuous surge in FDI inflows from 2000-2008. On the contrary, the phase of 2009-2013 has been characterized by a persistent decline in FDI in Pakistan. This slump is mainly attributed to political and economic instability as wells as poor law and order situation in the country. Keeping these periods with differing results in perspective, multiple regression analysis is employed to empirically analyze the key determinants that are expected to explain variation in FDI in Pakistan. The selected variables were found significant determinants of FDI in Pakistan. Gross Domestic Product (GDP, degree of trade openness and regime of dictatorship have a significant positive effect on FDI. While, terrorism attacks foreign debt, exchange rate, political instability, and domestic capital formation are negatively significant determinants of FDI inflows in Pakistan. Considering the dynamic changes in the broad macro factors in economy, this study provides a fresh perspective on the factors that determine FDI in Pakistan. Moreover, the study findings provide important insights to policy makers to design policy measures that enhance FDI inflows in Pakistan.

  8. The economics of project analysis: Optimal investment criteria and methods of study

    Science.gov (United States)

    Scriven, M. C.

    1979-01-01

    Insight is provided toward the development of an optimal program for investment analysis of project proposals offering commercial potential and its components. This involves a critique of economic investment criteria viewed in relation to requirements of engineering economy analysis. An outline for a systems approach to project analysis is given Application of the Leontief input-output methodology to analysis of projects involving multiple processes and products is investigated. Effective application of elements of neoclassical economic theory to investment analysis of project components is demonstrated. Patterns of both static and dynamic activity levels are incorporated.

  9. On the properness condition for modal analysis of non-symmetric second-order systems

    Science.gov (United States)

    Ouisse, Morvan; Foltête, Emmanuel

    2011-02-01

    Non-symmetric second-order systems can be found in several engineering contexts, including vibroacoustics, rotordynamics, or active control. In this paper, the notion of properness for complex modes is extended to the case of non-self-adjoint problems. The properness condition is related to the ability of a set of complex modes to represent in an exact way the behavior of a physical second-order system, meaning that the modes are the solutions of a quadratic eigenvalue problem whose matrices are those of a physical system. This property can be used to identify the damping matrices which may be difficult to obtain with mathematical modeling techniques. The first part of the paper demonstrates the properness condition for non symmetric systems in general. In the second part, the authors propose a methodology to enforce that condition in order to perform an optimal reconstruction of the "closest" physical system starting from a given basis complex modes. The last part is dedicated to numerical and experimental illustrations of the proposed methodology. A simulated academic test case is first used to investigate the numerical aspects of the method. A physical application is then considered in the context of rotordynamics. Finally, an experimental test case is presented using a structure with an active control feedback. An extension of the LSCF identification technique is also introduced to identify both left and right complex mode shapes from measured frequency response functions.

  10. Factor Analysis with EM Algorithm Never Gives Improper Solutions when Sample Covariance and Initial Parameter Matrices Are Proper

    Science.gov (United States)

    Adachi, Kohei

    2013-01-01

    Rubin and Thayer ("Psychometrika," 47:69-76, 1982) proposed the EM algorithm for exploratory and confirmatory maximum likelihood factor analysis. In this paper, we prove the following fact: the EM algorithm always gives a proper solution with positive unique variances and factor correlations with absolute values that do not exceed one,…

  11. Factor Analysis with EM Algorithm Never Gives Improper Solutions when Sample Covariance and Initial Parameter Matrices Are Proper

    Science.gov (United States)

    Adachi, Kohei

    2013-01-01

    Rubin and Thayer ("Psychometrika," 47:69-76, 1982) proposed the EM algorithm for exploratory and confirmatory maximum likelihood factor analysis. In this paper, we prove the following fact: the EM algorithm always gives a proper solution with positive unique variances and factor correlations with absolute values that do not exceed one,…

  12. Analysis of petroleum company investments in nonpetroleum energy sources. Book II. Appendices

    Energy Technology Data Exchange (ETDEWEB)

    Ryan, P. Jr.; Ryan, T.C.

    1979-12-12

    Financial data from the analysis of investment strategies of US oil companies and the depth of their present and future investments in nonpetroleum energy sources are tabulated in these appendices. The nonpetroleum energy sources included in the study are: coal, oil shale, geothermal, and solar.

  13. Critical analysis of realibility of the model of investment credit approval in agriculture and food processing industry

    Directory of Open Access Journals (Sweden)

    Barjaktarović Lidija

    2016-01-01

    Full Text Available Investments are funds which are invested in certain manufacturing goods, revenue on investments, the process of investment, subject in which it is invested, and which is obtained as a result of the assessment of investment. Every rational investor entering into an investment expects some benefits. Entry decision into a particular investment project carries a business risk, both for investors and for the bank as co-financier of the project. Accordingly, the subject of this paper-research is a critical analysis of the reliability of the model of investment credit approval in agriculture and food processing industry (MICA used by local banks when considering whether to financially support investment needs of large corporate customers in the segment of secondary agriculture production and food processing industry. Applying the model of the correlation analysis, the degree of interconnectedness of indicators of the quality of assets and business performances of Serbian banking sector are quantified.

  14. The Analysis of China's Absorption of French Investment

    Institute of Scientific and Technical Information of China (English)

    Wu Hui

    2014-01-01

    Since the reform and opening up,the rapid development of China’ s national economic trends for decades to promote sustained,rapid and healthy growth of the show,attracted the attention of people around the world.This article aims to analyze the basic way China attracts foreign investment and policies,prompting foreign investors to understand China’s trade policy,to provide a clear idea of China attracts investment,to promote bilateral trade to maximize and achieve more bilateral trade exchanges and cooperation.

  15. Empirical analysis of investment strategies for institutional investors

    NARCIS (Netherlands)

    Swinkels, L.A.P.

    2003-01-01

    This thesis consists of three parts that examine several topics concerning institutional asset management. In Part I, investment strategies based on stock returns in previous months known as momentum strategies are investigated in more detail. More specifically, the driving forces behind these strat

  16. Investments in technology subject to uncertainty. Analysis and policy

    DEFF Research Database (Denmark)

    Pedersen, Jørgen Lindgaard

    1997-01-01

    Investments in technology are today of such a magnitude that it matters. In the paper there are three important questions. First on the question in which sense technological uncertainty can be said to be a problem. Second on strategies for diminishing technological uncertainties. Three on policy...

  17. Empirical analysis of investment strategies for institutional investors

    NARCIS (Netherlands)

    Swinkels, L.A.P.

    2003-01-01

    This thesis consists of three parts that examine several topics concerning institutional asset management. In Part I, investment strategies based on stock returns in previous months known as momentum strategies are investigated in more detail. More specifically, the driving forces behind these

  18. Investments in technology subject to uncertainty. Analysis and policy

    DEFF Research Database (Denmark)

    Pedersen, Jørgen Lindgaard

    1997-01-01

    Investments in technology are today of such a magnitude that it matters. In the paper there are three important questions. First on the question in which sense technological uncertainty can be said to be a problem. Second on strategies for diminishing technological uncertainties. Three on policy...

  19. Bridging the gap between health and non-health investments: moving from cost-effectiveness analysis to a return on investment approach across sectors of economy.

    Science.gov (United States)

    Sendi, Pedram

    2008-06-01

    When choosing from a menu of treatment alternatives, the optimal treatment depends on the objective function and the assumptions of the model. The classical decision rule of cost-effectiveness analysis may be formulated via two different objective functions: (i) maximising health outcomes subject to the budget constraint or (ii) maximising the net benefit of the intervention with the budget being determined ex post. We suggest a more general objective function of (iii) maximising return on investment from available resources with consideration of health and non-health investments. The return on investment approach allows to adjust the analysis for the benefits forgone by alternative non-health investments from a societal or subsocietal perspective. We show that in the presence of positive returns on non-health investments the decision-maker's willingness to pay per unit of effect for a treatment program needs to be higher than its incremental cost-effectiveness ratio to be considered cost-effective.

  20. Preliminary analysis of construction investment estimation on petrochemical project%浅析石油化工项目建设投资估算

    Institute of Scientific and Technical Information of China (English)

    陈瑜芳

    2011-01-01

    石油化工项目的建设投资估算是项目前期工作的重要内容之一.在分析石油化工项目的特点、说明投资估算的重要性和范围的基础上,提出投资估算编制应注重资料搜集、制定投资估算原则、编制方法及确定工程量等环节.并分析说明了如何根据项目的具体情况,选取适当的估算方法完成项目投资估算.最终提出了投资估算中应注意的问题.%The construction investment estimation of petrochemical project is one of important work activities in the early stage of project. On the basis of analysis of the characteristics of petroleum refining and petrochemical engineering projects and the importance of investment estimation and its scope, the investment estimate preparation should focus on such steps as data collection, development of investment estimation method and principles and determination of bill of quantities, etc. An example is provided to illustrate how to select a proper estimation method to perform the investment estimate according to specific project conditions. The precautions in capital investment estimation are finally presented.

  1. Network topology analysis approach on China's QFII stock investment behavior

    Science.gov (United States)

    Zhang, Yongjie; Cao, Xing; He, Feng; Zhang, Wei

    2017-05-01

    In this paper, the investment behavior of QFII in China stock market from 2004 to 2015 is studied with the network topology method. Based on the nodes topological characteristics, stock holding fluctuations correlation is studied from the micro network level. We conclude that the QFII mutual stock holding network have both scale free and small world properties, which presented mainly small world characteristics from 2005 to 2011, and scale free characteristics from 2012 to 2015. Moreover, fluctuations correlation is different with different nodes topological characteristics. In different economic periods, QFII represented different connection patterns and they reacted to the market crash spontaneously. Thus, this paper provides the first evidence of complex network research on QFII' investment behavior in China as an emerging market.

  2. Differential diagnosis and proper treatment of acute rhinosinusitis: Guidance based on historical data analysis.

    Science.gov (United States)

    Cevc, Gregor

    2017-06-01

    The time course of rhinovirus positive and negative rhinosinusitis has not been quantified yet, which aggravates proper selection and justification of the optimum treatment for this illness. Such quantitative information would facilitate an early and proper identification of the disease and its differentiation from acute bacterial rhinosinusitis, and could diminish harmful overuse of antibiotics, arguably driven by patients' want for attention and the treating physicians' inability to offer an adequate verbal comfort in its stead. Extraction of the quantitative information needed to identify rhinovirus positive or negative rhinosinusitis and to allow selection of the most appropriate treatment from the published time dependence of individual clinical symptoms of the disease. Scrutiny (and modeling) of temporal evolution of all noteworthy symptoms of rhinosinusitis with a simple mathematical expression that relies on two adjustable parameters per symptom (and potentially a general time offset as an extra adjustable parameter). Adverse effects of rhinosinusitis can be grouped according to the sequence of their exponential appearance and ∼2.6 times slower exponential disappearance, rhinovirus negative rhinosinusitis generally improving ∼25% faster and being ∼40% less severe. The major early local symptoms (throat soreness and scratchiness, headache) vanish with a half-life of ∼1.8 days, whereas further local symptoms take ∼1.6 times longer to disappear. At least 50-60% improvement of two prominent early symptoms, sore throat and sneezing (but not of nasal discharge, cough, and hoarseness) by day 5 of the disease implies a nonbacterial origin of rhinitis and should exclude use of antibiotics. Temporal evolution of all rhinosinusitis symptoms is qualitatively similar, which makes the early symptom decay a good proxy for, and predictor of, the disease perspective. Knowing a symptom intensity at just three to four time points suffices for reconstructing its

  3. Funding Infectious Disease Research: A Systematic Analysis of UK Research Investments by Funders 1997–2010

    Science.gov (United States)

    Fitchett, Joseph R.; Head, Michael G.; Cooke, Mary K.; Wurie, Fatima B.; Atun, Rifat

    2014-01-01

    Background Research investments are essential to address the burden of disease, however allocation of limited resources is poorly documented. We systematically reviewed the investments awarded by funding organisations to UK institutions and their global partners for infectious disease research. Methodology/Principal Findings Public and philanthropic investments for the period 1997 to 2010 were included. We categorised studies by infectious disease, cross-cutting theme, and by research and development value chain, reflecting the type of science. We identified 6165 funded studies, with a total research investment of UK £2.6 billion. Public organisations provided £1.4 billion (54.0%) of investments compared with £1.1 billion (42.4%) by philanthropic organisations. Global health studies represented an investment of £928 million (35.7%). The Wellcome Trust was the leading investor with £688 million (26.5%), closely followed by the UK Medical Research Council (MRC) with £673 million (25.9%). Funding over time was volatile, ranging from ∼£40 million to ∼£160 million per year for philanthropic organisations and ∼£30 million to ∼£230 million for public funders. Conclusions/Significance Infectious disease research funding requires global coordination and strategic long-term vision. Our analysis demonstrates the diversity and inconsistent patterns in investment, with volatility in annual funding amounts and limited investment for product development and clinical trials. PMID:25162631

  4. Funding infectious disease research: a systematic analysis of UK research investments by funders 1997-2010.

    Science.gov (United States)

    Fitchett, Joseph R; Head, Michael G; Cooke, Mary K; Wurie, Fatima B; Atun, Rifat

    2014-01-01

    Research investments are essential to address the burden of disease, however allocation of limited resources is poorly documented. We systematically reviewed the investments awarded by funding organisations to UK institutions and their global partners for infectious disease research. Public and philanthropic investments for the period 1997 to 2010 were included. We categorised studies by infectious disease, cross-cutting theme, and by research and development value chain, reflecting the type of science. We identified 6165 funded studies, with a total research investment of UK £2.6 billion. Public organisations provided £1.4 billion (54.0%) of investments compared with £1.1 billion (42.4%) by philanthropic organisations. Global health studies represented an investment of £928 million (35.7%). The Wellcome Trust was the leading investor with £688 million (26.5%), closely followed by the UK Medical Research Council (MRC) with £673 million (25.9%). Funding over time was volatile, ranging from ∼£40 million to ∼£160 million per year for philanthropic organisations and ∼£30 million to ∼£230 million for public funders. Infectious disease research funding requires global coordination and strategic long-term vision. Our analysis demonstrates the diversity and inconsistent patterns in investment, with volatility in annual funding amounts and limited investment for product development and clinical trials.

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

    Institute of Scientific and Technical Information of China (English)

    张德平; 孙诚

    2004-01-01

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

  6. Analysis of Dividend Policy of the Romanian Financial Investment Companies

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2013-12-01

    Full Text Available The purpose of dividend policy, promoted by a joint-stock company may be: building trust and forming a true business ownership, business growth, increase creditworthiness of the company and of trust others to it. The paper aim is to study the dividend policy to those five Romanian Financial Investment Companies in the period 2006-2012, through a series of specific indicators such as: dividend per share, dividend growth rate, dividend distribution rate, dividend yield, earnings per share, price earnings ratio, in order to reflect the performance and the impact of financial crisis on their performance on the financial market. Tracking the dynamics of these indicators allows us to draw conclusions on the position of the companies on the securities market, and their level influences the decision of shareholders to maintain or withdraw of shares, to invest in other more profitable businesses. Dividend yields made every year by Financial Investment Companies justify the high interest from investors for these shares. Currently, these companies offer a very attractive return for investors compared to the average dividend yield of the Stock Exchange. The evolution of the price earnings ratio shows the normal trend of rise of the companies’ shares in the period 2007-2008, after that they have entered the market at highly undervalued levels especially after declining in 2008.

  7. Rank defect analysis and the realization of proper singularity in normal equations of geodetic networks

    Science.gov (United States)

    Kotsakis, C.; Chatzinikos, M.

    2017-06-01

    The singularity of input normal equations (NEQ) is a crucial element for their optimal handling in the context of terrestrial reference frame (TRF) estimation under the minimal-constraint framework. However, this element is often missing in the recovered NEQ from SINEX files after the usual deconstraining based on the stated information for the stored solutions. The same setback also occurs with the original NEQ that are formed by the least-squares processing of space geodetic data due to the datum information which is carried by various modeling choices and/or software-dependent procedures. In the absence of this datum-related singularity, it is not possible to obtain genuine minimally constrained solutions because of the interference between the input NEQ's content and the external datum conditions, a fact that may alter the geometrical information of the original measurements and can cause unwanted distortions in the estimated solution. The main goal of this paper is the formulation of a filtering scheme to enforce the proper (or desired) singularity in the input NEQ with regard to datum parameters that will be handled by the minimal-constraint setting in TRF estimation problems. The importance of this task is extensively discussed and justified with the help of several numerical examples in different GNSS networks.

  8. Proper orthogonal decomposition analysis of vortex shedding behind a rotating circular cylinder

    Directory of Open Access Journals (Sweden)

    Dol Sharul Sham

    2016-01-01

    Full Text Available Turbulence studies were made in the wake of a rotating circular cylinder in a uniform free stream with the objective of describing the patterns of the vortex shedding up to suppression of the periodic vortex street at high velocity ratios, λ. The results obtained in the present study establish that shedding of Kármán vortices in a rotating circular cylinder-generated wake is modified by rotation of the cylinder. Alternate vortex shedding is highly visible when λ < 2.0 although the strength of the separated shear layers differ due to the rotation of the cylinder. The spectral density in the wakes indicate significant changes at λ = 2.0. The results indicate that the rotation of the cylinder causes significant disruption in the structure of the flow. Alternate vortex shedding is weak, distorted and close to being suppressed at λ = 2.0. It is clear that flow asymmetries will weaken vortex shedding, and when the asymmetries are significant enough, total suppression of a periodic street occurs. Particular attention was paid to the decomposition of the flow using Proper Orthogonal Decomposition (POD. By analyzing this decomposition with the help of Particle Image Velocimetry (PIV data, it was found that large scales contribute to the coherent motion. Vorticity structures in the modes become increasingly irregular with downstream distance, suggesting turbulent interactions are occurring at the more downstream locations, especially when the cylinder rotates.

  9. BVRIJHK photometry and proper motion analysis of NGC 6253 and the surrounding field

    CERN Document Server

    Montalto, M; Desidera, S; Platais, I; Carraro, G; Momany, Y; De Marchi, F; Recio-Blanco, A

    2009-01-01

    Context. We present a photometric and astrometric catalog of 187963 stars located in the field around the old super-metal-rich Galactic open cluster NGC 6253. The total field-of-view covered by the catalog is 34' x 33'. In this field, we provide CCD BVRI photometry. For a smaller region close to the cluster's center, we also provide near-infrared JHK photometry. Aims. We analyze the properties of NGC 6253 by using our new photometric data and astrometric membership. Methods. In June 2004, we targeted the cluster during a 10 day multi-site campaign, which involved the MPG/ESO 2.2m telescope with its wide-field imager and the Anglo-Australian 3.9m telescope, equipped with the IRIS2 near-infrared imager. Archival CCD images of NGC 6253 were used to derive relative proper motions and to calculate the cluster membership probabilities. Results. We have refined the cluster's fundamental parameters, deriving (V_0-M_v)=11.15, E(B - V)=0.15, E(V - I)=0.25, E(V - J)=0.50, and E(V - H)=0.55. The color excess ratios obtai...

  10. Rank defect analysis and the realization of proper singularity in normal equations of geodetic networks

    Science.gov (United States)

    Kotsakis, C.; Chatzinikos, M.

    2017-01-01

    The singularity of input normal equations (NEQ) is a crucial element for their optimal handling in the context of terrestrial reference frame (TRF) estimation under the minimal-constraint framework. However, this element is often missing in the recovered NEQ from SINEX files after the usual deconstraining based on the stated information for the stored solutions. The same setback also occurs with the original NEQ that are formed by the least-squares processing of space geodetic data due to the datum information which is carried by various modeling choices and/or software-dependent procedures. In the absence of this datum-related singularity, it is not possible to obtain genuine minimally constrained solutions because of the interference between the input NEQ's content and the external datum conditions, a fact that may alter the geometrical information of the original measurements and can cause unwanted distortions in the estimated solution. The main goal of this paper is the formulation of a filtering scheme to enforce the proper (or desired) singularity in the input NEQ with regard to datum parameters that will be handled by the minimal-constraint setting in TRF estimation problems. The importance of this task is extensively discussed and justified with the help of several numerical examples in different GNSS networks.

  11. Principles of Proper Validation

    DEFF Research Database (Denmark)

    Esbensen, Kim; Geladi, Paul

    2010-01-01

    Validation in chemometrics is presented using the exemplar context of multivariate calibration/prediction. A phenomenological analysis of common validation practices in data analysis and chemometrics leads to formulation of a set of generic Principles of Proper Validation (PPV), which is based...

  12. Maggie Creek Water Quality Data for Ecological Proper Functioning Condition Analysis

    Data.gov (United States)

    U.S. Environmental Protection Agency — These data are "standard" water quality parameters collected for surface water condition analysis (for example pH, conductivity, DO, TSS). This dataset is associated...

  13. An ex ante analysis on the use of activity meters for automated estrus detection: to invest or not to invest?

    Science.gov (United States)

    Rutten, C J; Steeneveld, W; Inchaisri, C; Hogeveen, H

    2014-11-01

    The technical performance of activity meters for automated detection of estrus in dairy farming has been studied, and such meters are already used in practice. However, information on the economic consequences of using activity meters is lacking. The current study analyzes the economic benefits of a sensor system for detection of estrus and appraises the feasibility of an investment in such a system. A stochastic dynamic simulation model was used to simulate reproductive performance of a dairy herd. The number of cow places in this herd was fixed at 130. The model started with 130 randomly drawn cows (in a Monte Carlo process) and simulated calvings and replacement of these cows in subsequent years. Default herd characteristics were a conception rate of 50%, an 8-wk dry-off period, and an average milk production level of 8,310 kg per cow per 305 d. Model inputs were derived from real farm data and expertise. For the analysis, visual detection by the farmer ("without" situation) was compared with automated detection with activity meters ("with" situation). For visual estrus detection, an estrus detection rate of 50% and a specificity of 100% were assumed. For automated estrus detection, an estrus detection rate of 80% and a specificity of 95% were assumed. The results of the cow simulation model were used to estimate the difference between the annual net cash flows in the "with" and "without" situations (marginal financial effect) and the internal rate of return (IRR) as profitability indicators. The use of activity meters led to improved estrus detection and, therefore, to a decrease in the average calving interval and subsequent increase in annual milk production. For visual estrus detection, the average calving interval was 419 d and average annual milk production was 1,032,278 kg. For activity meters, the average calving interval was 403 d and the average annual milk production was 1,043,398 kg. It was estimated that the initial investment in activity meters

  14. Analysis on Dynamic Decision-Making Model of the Enterprise Technological Innovation Investment under Uncertain Environment

    Directory of Open Access Journals (Sweden)

    Yong Long

    2012-01-01

    Full Text Available Under the environment of fuzzy factors including the return of market, performance of product, and the demanding level of market, we use the method of dynamic programming and establish the model of investment decision, in technology innovation project of enterprise, based on the dynamic programming. Analysis of the influence caused by the changes of fuzzy uncertainty factors to technological innovation project investment of enterprise.

  15. Public versus Private Incentives to Invest in Green Roofs: A Cost Benefit Analysis for Flanders.

    OpenAIRE

    Claus, Karla; Rousseau, Sandra

    2010-01-01

    By means of a cost benefit analysis, we compare public and private incentives to invest in extensive green roofs in urban areas. From the comparison of these public and private incentives we find that subsidies for green roofs are socially desirable and that subsidies are actually needed to convince potential private investors to construct green roofs. Specifically, we estimate the costs and benefits associated with an investment project in Groot-Bijgaarden (Belgium) where a real estate inves...

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

    Institute of Scientific and Technical Information of China (English)

    2003-01-01

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

  17. Econometric Analysis of Bulk Shipping: implications for investment strategies and financial decision-making

    NARCIS (Netherlands)

    S. Tsolakis

    2005-01-01

    textabstractThis thesis provides an econometric analysis of the bulk shipping markets and the implications for shipping investment and financial decision making. Chapter 1 sets the scene by providing a historic analysis of bulk shipping markets over the last 55 years. From this analysis, four shipp

  18. Econometric Analysis of Bulk Shipping: implications for investment strategies and financial decision-making

    NARCIS (Netherlands)

    S. Tsolakis

    2005-01-01

    textabstractThis thesis provides an econometric analysis of the bulk shipping markets and the implications for shipping investment and financial decision making. Chapter 1 sets the scene by providing a historic analysis of bulk shipping markets over the last 55 years. From this analysis, four

  19. Econometric Analysis of Bulk Shipping: implications for investment strategies and financial decision-making

    NARCIS (Netherlands)

    S. Tsolakis

    2005-01-01

    textabstractThis thesis provides an econometric analysis of the bulk shipping markets and the implications for shipping investment and financial decision making. Chapter 1 sets the scene by providing a historic analysis of bulk shipping markets over the last 55 years. From this analysis, four shipp

  20. ANALYSIS OF EFFICIENCY OF INVESTMENT IN THE EU AGRICULTURAL FUNDS

    Directory of Open Access Journals (Sweden)

    Bojan Krstić

    2014-12-01

    Full Text Available The purpose of this paper is understanding of the importance of financial support for agricultural development and achieved results. The aim is an assessment of the importance of the European Union funds intended for agricultural and rural development. In accordance with the purpose and objectives of the research, we analyze the efficiency of investment in the European Union agricultural funds. Also, the interdependence between agriculture expenditures from the European Union funds and results achieved in agriculture in the European Union countries is examined in this paper. Homogeneity of the European Union countries, according to agricultural expenditures and agricultural results is analyzed. The results of this research highlight the importance of financial support provided from the European Union funds for agricultural and rural development.

  1. Mixed stock analysis (MSA - a tool for proper management in fisheries

    Directory of Open Access Journals (Sweden)

    Viorica Coşier

    2013-03-01

    Full Text Available For natural environment, it is crucial to develop a fishery management plan, outliningconservation and restoration measures. From this point of view, if the fishery is managed as a singleunit (stock, there is a huge potential of overfishing of the less abundant population. In order toachieve population levels that support harvests or to protect a particular vulnerable population fromanthropogenic pressure, the uses of genetic markers information have been proposed in fisherymanagement. Mixed stock analysis uses genetic markers information in several source populations andin a single mixture population to estimate proportional contribution of each source to the mixedpopulation

  2. Broken Robustness Analysis: How to make proper climate change conclusions in contradictory multimodal measurement contexts.

    Science.gov (United States)

    Keyser, V.

    2015-12-01

    Philosophers of science discuss how multiple modes of measurement can generate evidence for the existence and character of a phenomenon (Horwich 1982; Hacking 1983; Franklin and Howson 1984; Collins 1985; Sober 1989; Trout 1993; Culp 1995; Keeley 2002; Staley 2004; Weber 2005; Keyser 2012). But how can this work systematically in climate change measurement? Additionally, what conclusions can scientists and policy-makers draw when different modes of measurement fail to be robust by producing contradictory results? First, I present a new technical account of robust measurement (RAMP) that focuses on the physical independence of measurement processes. I detail how physically independent measurement processes "check each other's results." (This account is in contrast to philosophical accounts of robustness analysis that focus on independent model assumptions or independent measurement products or results.) Second, I present a puzzle about contradictory and divergent climate change measures, which has consistently re-emerged in climate measurement. This discussion will focus on land, drilling, troposphere, and computer simulation measures. Third, to systematically solve this climate measurement puzzle, I use RAMP in the context of drought measurement in order to generate a classification of measurement processes. Here, I discuss how multimodal precipitation measures—e.g., measures of precipitation deficit like the Standard Precipitation Index vs. air humidity measures like the Standardized Relative Humidity Index--can help with the classification scheme of climate change measurement processes. Finally, I discuss how this classification of measures can help scientists and policy-makers draw effective conclusions in contradictory multimodal climate change measurement contexts.

  3. Return of investment and profitability analysis of bio-fuels production using a modeling approach

    Directory of Open Access Journals (Sweden)

    Yangyang Deng

    2016-06-01

    Full Text Available The objectives of this study were to evaluate the return of investment and profitability of a bio-gasification facility using a modeling method. Based on preliminary market analysis, the results determined that the power facilities driven by biomass gasifiers could be profitable if they consider the most sensitive cost factors such as labor, project investment, and feedstock supply. The result showed that economic feasibility of bio-gasification facility can significantly affect by its production capacity and operating modes (one shift, two shifts, or three shifts. The cost analysis modeling approach developed in this study could be a good approach for economic analysis of bio-syngas and bio-fuel products. In addition, this study demonstrated a unique modeling approach to analyze return of investment and profitability of biofuels production.

  4. On-Line Investment Analysis and Portfolio Management: Using Learning Outcome Statements To Design Projects.

    Science.gov (United States)

    Pettijohn, James B.; Ragan, Gay A.; Ragan, Kent P.

    2003-01-01

    Describes an Internet-based project to familiarize students with online investment analysis and stock portfolio management. Outlines a process for writing learning outcomes that address three levels of cognition: knowledge/comprehension, application/analysis, and synthesis/evaluation. (SK)

  5. On-Line Investment Analysis and Portfolio Management: Using Learning Outcome Statements To Design Projects.

    Science.gov (United States)

    Pettijohn, James B.; Ragan, Gay A.; Ragan, Kent P.

    2003-01-01

    Describes an Internet-based project to familiarize students with online investment analysis and stock portfolio management. Outlines a process for writing learning outcomes that address three levels of cognition: knowledge/comprehension, application/analysis, and synthesis/evaluation. (SK)

  6. ANALYSIS OF FOREIGN DIRECT INVESTMENTS ENGAGED BY JAPANESE MULTINATIONAL COMPANIES

    Directory of Open Access Journals (Sweden)

    CODRUŢA DURA

    2011-01-01

    Full Text Available In recent years, the most visible feature of globalization was the new trend of the capital flow which moves from the stage of nternalization to the stage of transnationalization. The decisive factor that led to this development was the trans-nationalization of production/ distribution networks by multinational companies (MNCs. MNCs, which are also frequently referred to as transnational corporations (TNCs, are conglomerate organizations which carry out multiple and diverse economic activities and they consists of a parent company and a large number of subsidiaries operating in various countries of the world. Japan has been worthy of note on the international business scene not only by the high competitiveness of its companies on the global markets, but especially through the transnationalization of the activities of these enterprises, a process which has resulted in the implementation, via Foreign Direct Investments (FDI of Japanese production units abroad, with significant positive impact both on the global economy and on the domestic economy. A great number of empirical studies since the mid-1990s, using firm-level data, have shown that multinational companies (MNCs dominate today the Japanese business environment. The paper puts together the findings of some interesting working papers published by Japanese researchers in recent years, trying to provide a scientific answer to the following question: “In what way do FDI undertaken by MNCs influence the level of performances achieved by Japanese companies at home?” The conclusion is that FDI and the activity carried out by Japanese MNCs abroad have indubitable positive effects on both countries and firms involved - such as raises in production, employment and productivity at firms’ level or increases in competition intensity among firms, improvements in real wage and welfare at macroeconomic level.

  7. Selection of the Bank Investment Strategy on the Basis of the Hierarchy Analysis Method

    Directory of Open Access Journals (Sweden)

    Zhytar Maksym O.

    2014-02-01

    Full Text Available The goal of the article lies in identification of a methodical approach to selection of the investment strategy of banks on the basis of factors of its formation with the use of the hierarchy analysis method. Factors of formation of the bank’s investment strategy were identified in the result of the study. The article demonstrates that selection of the investment strategy of the bank could be efficiently realised on the basis of the hierarchy analysis method, which is the most popular under conditions of a multi-criteria assessment of the search for optimal solution of the set task. The article offers a hierarchical structure of decision making, which could be a basis of selection of the bank’s investment strategy with consideration of the institutional flexibility. The prospect of further study in this direction is development of an optimisation model of the bank’s investment portfolio with consideration of not only institutional, but also market flexibility of decision making.

  8. Financialisation in health care: An analysis of private equity fund investments in Turkey.

    Science.gov (United States)

    Eren Vural, Ipek

    2017-08-01

    The 2007-2008 global financial crisis revived interest in the impacts of financial markets and actors on our social and economic life. Nevertheless, research on health care financialisation remains scant. This article presents findings from research on one modality of financial investments in health care: global private equity funds' investments in private hospitals. Adopting a political economy approach, it analyses the drivers and impacts of the upsurge of global private equity investments in the Turkish private hospital sector amid the global financial crisis. The analysis derives from review of research and archival literature, as well as six in-depth interviews held with owners/executive board directors/general managers of the largest private hospital chains in Turkey and the general partners of their PE investors. The interviewing process took place between January and November 2016. All interviews were conducted by the author in Istanbul. The findings point to a mutually reinforcing relationship between neoliberal policies and financialisation processes in health care. The article shows that neoliberal healthcare reforms, introduced under consecutive Justice and Development Party (JDP) governments in Turkey, have been important precursors of private equity investments in healthcare services. These private equity investments, in turn, intensified and broadened the process of marketisation in health care services. Four impacts are identified, through which private equity investments hasten the marketisation of health care services. These relate to the impacts of private equity investments on a) advancing the process of chain formation by large hospital groups, b) spreading financial imperatives into the operations of private hospitals c) fostering internationalisation of capital, and d) augmenting inequities in access to health care services and standards. Copyright © 2017 Elsevier Ltd. All rights reserved.

  9. AN ECONOMETRIC ANALYSIS ON THE ECONOMIC DETERMINANTS OF FOREIGN DIRECT INVESTMENTS IN TURKEY

    Directory of Open Access Journals (Sweden)

    SEVDA YAPRAKLI

    2013-06-01

    Full Text Available The purpose of this study is to investigate whether there is a relationship among foreign direct investment and some of the macroeconomics variables in Turkey. For this purpose for the period of 1970-2006, the relationships among foreign direct investment and GDP, labour cost, real exchange rate, openness and foreign trade deficit are econometrically analyzed by employing multivariate cointegration analysis and error correction model. According to the results, FDI is positively effected by GDP and openness, and negatively by labour cost, real exchange rate ve foreign trade deficit variables. Morever, bi-directional causality is observed among FDI and GDP and real exchange rate.

  10. Evaluating Financial Model Performance: An Empirical Analysis of Some North Sea Investments

    CERN Document Server

    Croll, Grenville J; Lawal, Ola

    2010-01-01

    Fifty North Sea oil & gas investment transactions were analysed using traditional spreadsheet based financial modelling methods. The purpose of the analysis was to determine if there was a statistically significant relationship between the price paid for an oil & gas asset and the actual or expected financial return over the asset's economically useful life. Several interesting and statistically significant relationships were found which reveal useful information about financial modelling performance, the premia paid to acquire North Sea assets, the contribution oil and gas price uncertainty has on estimates of future financial returns and the median financial return of these North Sea Investments.

  11. A Hybrid Model for IT Investment Analysis: Application to RFID Adoption in the Retail Sector

    Science.gov (United States)

    Kasiri, Narges A.

    2010-01-01

    Scope and Method of Study. One of the major obstacles in Information Technology (IT) adoption is its return on investment analysis. IT benefits in organizations are hard to measure and are usually realized over time. System dynamics approach has been used in IT literature to identify the impact of IT on business processes. Given benefits of any IT…

  12. A Hybrid Model for IT Investment Analysis: Application to RFID Adoption in the Retail Sector

    Science.gov (United States)

    Kasiri, Narges A.

    2010-01-01

    Scope and Method of Study. One of the major obstacles in Information Technology (IT) adoption is its return on investment analysis. IT benefits in organizations are hard to measure and are usually realized over time. System dynamics approach has been used in IT literature to identify the impact of IT on business processes. Given benefits of any IT…

  13. Review of "How Sound an Investment? An Analysis of Federal Prekindergarten Proposals"

    Science.gov (United States)

    Barnett, W. Steven

    2008-01-01

    This new report from the Lexington Institute, "How sound an investment? An analysis of federal prekindergarten proposals," considers current proposals for federal involvement in prekindergarten (pre-K). It is misleading, however, with respect to both the provisions and likely consequences of those proposals. The report attempts to disparage the…

  14. Econometric Analysis of Bulk Shipping: implications for investment strategies and financial decision-making

    OpenAIRE

    Tsolakis, S.

    2005-01-01

    textabstractThis thesis provides an econometric analysis of the bulk shipping markets and the implications for shipping investment and financial decision making. Chapter 1 sets the scene by providing a historic analysis of bulk shipping markets over the last 55 years. From this analysis, four shipping markets (freight, newbuilding, second-hand and demolition) are distinguished as well as a fifth one (ship finance) that acts as a facilitator to the other four. Also, with the help of correlatio...

  15. Comparative Analysis of Investment Funds Stocks-based Portfolios and BET Stocks-based Portfolios

    Directory of Open Access Journals (Sweden)

    Ion STANCU

    2010-04-01

    Full Text Available In this paper we intend to find out what is the best choice of stocks-based portfolio. The major goal is to find whether is more efficient to invest the whole capital in a single sector, like financial investments, or to create a diversified portfolio, taking into account assets from various economic sectors. Capital allocation will be based on the concept of cointegration. We have chosen this method because it can be applied on non-stationary data series, and, besides, it has the advantage of using the whole set of information provided by the financial assets. Another goal is to study how the portfolio structure adjusts if a shock occurs during the period under analysis so that to preserve a certain return or minimize a potential loss. The study will result in an investment solution in the Romanian capital market, even in the context of financial crisis.

  16. A Risk Analysis of Small-Hydro Power (SHP Plants Investments

    Directory of Open Access Journals (Sweden)

    Jorge Cunha

    2014-06-01

    Full Text Available The increase in electricity consumption has led to a sharp increase in energy demand which rose environmental and sustainability concerns. To address this issue, there has been an incentive to resource to renewable energy sources for electricity production. Departing from a real case study, the investment appraisal of a SHP project under the present market conditions is described, followed by a sensitivity analysis in order to identify the main sources of risk. The main results obtained showed that in the context of a regulated tariff the project is worthwhile due to a positive NPV. However, if electricity had to be sold at market prices, the project becomes unprofitable. Theresults put also in evidence the vulnerability of the investment to an adverse change in interest rates. Future SHP plant investments should take into account the need to operate in a free market and to compete with technologies based on fossil fuels or large hydro.

  17. Windfall profit in portfolio diversification? An empirical analysis of the potential benefits of renewable energy investments

    Energy Technology Data Exchange (ETDEWEB)

    Bruns, Frederik

    2013-05-01

    Modern Portfolio Theory is a theory which was introduced by Markowitz, and which suggests the building of a portfolio with assets that have low or, in the best case, negative correlation. In times of financial crises, however, the positive diversification effect of a portfolio can fail when Traditional Assets are highly correlated. Therefore, many investors search for Alternative Asset classes, such as Renewable Energies, that tend to perform independently from capital market performance. 'Windfall Profit in Portfolio Diversification?' discusses the potential role of Renewable Energy investments in an institutional investor's portfolio by applying the main concepts from Modern Portfolio Theory. Thereby, the empirical analysis uses a unique data set from one of the largest institutional investors in the field of Renewable Energies, including several wind and solar parks. The study received the Science Award 2012 of the German Alternative Investments Association ('Bundesverband Alternative Investments e.V.').

  18. Not proper ROC curves as new tool for the analysis of differentially expressed genes in microarray experiments

    Directory of Open Access Journals (Sweden)

    Pistoia Vito

    2008-10-01

    Full Text Available Abstract Background Most microarray experiments are carried out with the purpose of identifying genes whose expression varies in relation with specific conditions or in response to environmental stimuli. In such studies, genes showing similar mean expression values between two or more groups are considered as not differentially expressed, even if hidden subclasses with different expression values may exist. In this paper we propose a new method for identifying differentially expressed genes, based on the area between the ROC curve and the rising diagonal (ABCR. ABCR represents a more general approach than the standard area under the ROC curve (AUC, because it can identify both proper (i.e., concave and not proper ROC curves (NPRC. In particular, NPRC may correspond to those genes that tend to escape standard selection methods. Results We assessed the performance of our method using data from a publicly available database of 4026 genes, including 14 normal B cell samples (NBC and 20 heterogeneous lymphomas (namely: 9 follicular lymphomas and 11 chronic lymphocytic leukemias. Moreover, NBC also included two sub-classes, i.e., 6 heavily stimulated and 8 slightly or not stimulated samples. We identified 1607 differentially expressed genes with an estimated False Discovery Rate of 15%. Among them, 16 corresponded to NPRC and all escaped standard selection procedures based on AUC and t statistics. Moreover, a simple inspection to the shape of such plots allowed to identify the two subclasses in either one class in 13 cases (81%. Conclusion NPRC represent a new useful tool for the analysis of microarray data.

  19. LES and Proper Orthogonal Decomposition analysis of vertical entrainment of kinetic energy in large wind farms (Invited)

    Science.gov (United States)

    Meneveau, C. V.; VerHulst, C.

    2013-12-01

    Vertical entrainment of kinetic energy has been shown to be an important limiting factor in the performance of very large wind turbine arrays. Given high Reynolds numbers and domain sizes on the order of kilometers, we rely on wall-modeled Large Eddy Simulation (LES) to predict flow within large wind farm. We use Proper Orthogonal Decomposition (POD) to identify energetically important large-scale structures in the flow. The primary large-scale structures are found to be streamwise counter-rotating vortices located above the height of the wind turbines. The contribution of each flow structure to the kinetic energy entrainment is quantified. Surprisingly, fewer flow structures (POD modes) contribute to the vertical kinetic energy flux than to the kinetic energy in the flow, for which the POD analysis is optimal. While the general characteristics of the flow structures are robust, the net kinetic energy entrainment to the turbines depends on the orientation of the wind turbines in the array. The various modes' contributions to variability and intermittency is also quantified. The POD analysis is performed for aligned and staggered wind turbine arrays as well as for atmospheric flow without wind turbines. This research is supported by a NSF Graduate Fellowship and by the WINDINSPIRE project, funded through NSF-OISE 1243482.

  20. Finite volume analysis of temperature effects induced by active MRI implants with cylindrical symmetry: 1. Properly working devices

    Directory of Open Access Journals (Sweden)

    Schnorr Jörg

    2005-04-01

    Full Text Available Abstract Background Active Magnetic Resonance Imaging implants are constructed as resonators tuned to the Larmor frequency of a magnetic resonance system with a specific field strength. The resonating circuit may be embedded into or added to the normal metallic implant structure. The resonators build inductively coupled wireless transmit and receive coils and can amplify the signal, normally decreased by eddy currents, inside metallic structures without affecting the rest of the spin ensemble. During magnetic resonance imaging the resonators generate heat, which is additional to the usual one described by the specific absorption rate. This induces temperature increases of the tissue around the circuit paths and inside the lumen of an active implant and may negatively influence patient safety. Methods This investigation provides an overview of the supplementary power absorbed by active implants with a cylindrical geometry, corresponding to vessel implants such as stents, stent grafts or vena cava filters. The knowledge of the overall absorbed power is used in a finite volume analysis to estimate temperature maps around different implant structures inside homogeneous tissue under worst-case assumptions. The "worst-case scenario" assumes thermal heat conduction without blood perfusion inside the tissue around the implant and mostly without any cooling due to blood flow inside vessels. Results The additional power loss of a resonator is proportional to the volume and the quality factor, as well as the field strength of the MRI system and the specific absorption rate of the applied sequence. For properly working devices the finite volume analysis showed only tolerable heating during MRI investigations in most cases. Only resonators transforming a few hundred mW into heat may reach temperature increases over 5 K. This requires resonators with volumes of several ten cubic centimeters, short inductor circuit paths with only a few 10 cm and a quality

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

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

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

  2. THE EFFICIENCY ANALYSIS OF SINGAPORE REAL ESTATE INVESTMENT TRUSTS

    Directory of Open Access Journals (Sweden)

    Hui Chen Chiang

    2016-11-01

    Full Text Available Since the REIT industry is relatively new in Singapore, the objective of this research is to examine the operation efficiency among firms in the industry through the method of Data Envelopment Analysis (DEA. In addition, the method of Tobit regression is applied to investigate the impact factors on efficiency. The results are as follows. First, none of 14 firms analyzed performs relatively efficiently based on the average efficiency scores over the sample periods of 2007 to first quarter of 2015. Nevertheless, it is found that First REIT and Suntec REIT are the most efficient and least efficient REITs respectively. Second, ROA is positively correlated to efficiency scores while the negative relationship is found with the debt ratio. Third, regarding property-type, retail REITSs perform better than commercial ones on average. However, the most efficient group is “others” which consists of one hospitality/residential REITs, one healthcare REITs, and three industrial REITs. Fourth, geographical diversification may not affect REIT’s efficiency. Meanwhile, REITs holding more properties overseas perform better than their counterparts on average. Last, in regards to size, small-size REITs significantly perform better in efficiency than those in other categories. Especially, medium-size and largesize REITs do not have significant differences on average in efficiency.

  3. Private Investment and Financing Analysis in the Field of Infrastructure%民营资本在基础设施项目领域的投融资浅析

    Institute of Scientific and Technical Information of China (English)

    李小勇

    2014-01-01

    The initiatives and investment scale of the private capital investmen in the coastal areas in infrastructure projects has been growing,but its benefit analysis in investment models and returns are less.This phenomenon leads to bittersweet situation in private capital investment.In order to ensure its proper investment benefit,the paper is analyzes private capital investments in infrastructure investment models and compares its financial indicators,expecting to help the healthy development of their investment behavior.%民营资本在沿海地区投资基础设施项目主动性和投资规模在不断增长,但其项目投资模式和投资料效益分析较少,导致民营资本投资出现喜忧参半的局面。为确保其正确投资方式及效益,文中对民营资本投资基础设施投资模式进行分析、并对财务指标的分类进行比较,并提出相关建议,期望有助其投资行为的良性发展。

  4. The economic value of an investment in physiotherapy education: a net present value analysis

    Directory of Open Access Journals (Sweden)

    George Rivers

    2015-07-01

    Full Text Available Questions: What is the economic value for an individual to invest in physiotherapy undergraduate education in Australia? How is this affected by increased education costs or decreased wages? Design: A cost-benefit analysis using a net present value (NPV approach was conducted and reported in Australian dollars. In relation to physiotherapy education, the NPV represents future earnings as a physiotherapist minus the direct and indirect costs in obtaining the degree. Sensitivity analyses were conducted to consider varying levels of experience, public versus private sector, and domestic versus international student fees. Comparable calculations were made for educational investments in medicine and nursing/midwifery. Results: Assuming an expected discount rate of 9.675%, investment in education by domestic students with approximately 34 years of average work experience yields a NPV estimated at $784,000 for public sector physiotherapists and $815,000 for private sector therapists. In relation to international students, the NPV results for an investment and career as a physiotherapist is estimated at $705,000 in the public sector and $736,000 in the private sector. Conclusion: With an approximate payback period of 4 years, coupled with strong and positive NPV values, physiotherapy education in Australia is a financially attractive prospect and a viable value proposition for those considering a career in this field. [Rivers G, Foo J, Ilic D, Nicklen P, Reeves S, Walsh K, Maloney S (2015 The economic value of an investment in physiotherapy education: a net present value analysis. Journal of Physiotherapy 61: 148–154

  5. Investment Decision Support for Engineering Projects Based on Risk Correlation Analysis

    Directory of Open Access Journals (Sweden)

    Yan Liu

    2012-01-01

    Full Text Available Investment decisions are usually made on the basis of the subjective judgments of experts subjected to the information gap during the preliminary stages of a project. As a consequence, a series of errors in risk prediction and/or decision-making will be generated leading to out of control investment and project failure. In this paper, the variable fuzzy set theory and intelligent algorithms integrated with case-based reasoning are presented. The proposed algorithm manages the numerous fuzzy concepts and variable factors of a project and also sets up the decision-making process in accordance with past cases and experiences. Furthermore, it decreases the calculation difficulty and reduces the decision-making reaction time. Three types of risk correlations combined with different characteristics of engineering projects are summarized, and each of these correlations is expounded at the project investment decision-making stage. Quantitative and qualitative change theories of variable fuzzy sets are also addressed for investment risk warning. The approach presented in this paper enables the risk analysis in a simple and intuitive manner and realizes the integration of objective and subjective risk assessments within the decision-makers' risk expectation.

  6. The economic value of an investment in physiotherapy education: a net present value analysis.

    Science.gov (United States)

    Rivers, George; Foo, Jonathan; Ilic, Dragan; Nicklen, Peter; Reeves, Scott; Walsh, Kieran; Maloney, Stephen

    2015-07-01

    What is the economic value for an individual to invest in physiotherapy undergraduate education in Australia? How is this affected by increased education costs or decreased wages? A cost-benefit analysis using a net present value (NPV) approach was conducted and reported in Australian dollars. In relation to physiotherapy education, the NPV represents future earnings as a physiotherapist minus the direct and indirect costs in obtaining the degree. Sensitivity analyses were conducted to consider varying levels of experience, public versus private sector, and domestic versus international student fees. Comparable calculations were made for educational investments in medicine and nursing/midwifery. Assuming an expected discount rate of 9.675%, investment in education by domestic students with approximately 34 years of average work experience yields a NPV estimated at $784,000 for public sector physiotherapists and $815,000 for private sector therapists. In relation to international students, the NPV results for an investment and career as a physiotherapist is estimated at $705,000 in the public sector and $736,000 in the private sector. With an approximate payback period of 4 years, coupled with strong and positive NPV values, physiotherapy education in Australia is a financially attractive prospect and a viable value proposition for those considering a career in this field. Copyright © 2015 Australian Physiotherapy Association. Published by Elsevier B.V. All rights reserved.

  7. Infectious disease research investments: systematic analysis of immunology and vaccine research funding in the UK.

    Science.gov (United States)

    Fitchett, Joseph R; Head, Michael G; Atun, Rifat

    2013-12-05

    Financing for global health is a critical element of research and development. Innovations in new vaccines are critically dependent on research funding given the large sums required, however estimates of global research investments are lacking. We evaluate infectious disease research investments, focusing on immunology and vaccine research by UK research funding organisations. In 1997-2010, £2.6 billion were spent by public and philanthropic organisations, with £590 million allocated to immunology and vaccine research. Preclinical studies received the largest funding amount £505 million accounting for 85.6% of total investment. In terms of specific infection, "the big three" infections dominated funding: HIV received £127 million (21.5% of total), malaria received £59 million (10.0% of total) and tuberculosis received £36 million (6.0% of total). We excluded industry funding from our analysis, as open-access data were unavailable. A global investment surveillance system is needed to map and monitor funding and guide allocation of scarce resources. Copyright © 2013 The Authors. Published by Elsevier Ltd.. All rights reserved.

  8. Do investments in wildfire risk reduction lead to downstream watershed service outcomes? An integrated wildfire-erosion-economic analysis of return on investment from fuel treatments in Colorado

    Science.gov (United States)

    Wilson, C.; Jones, K.; Addington, R.; Cannon, J.; Cheng, T.; Gannon, B.; Kampf, S. K.; Saavedra, F.; Wei, Y.; Wolk, B.

    2016-12-01

    Large, severe wildfires negatively impact forested watersheds in the Western United States and jeopardize critical ecosystem services. Specifically, severe wildfires increase overland flow and runoff that contains sediment and debris, and cause other natural hazards such as floods. High erosion from burned watersheds can fill water supply reservoirs and clog water filtration systems, which has direct costs to water utilities in the form of increased water treatment costs and damage to infrastructure. With increasing wildfire risk due to global climate change and other factors, municipal water providers and users have been investing in management practices to reduce high-severity wildfire risk and increase source water security. In this research we integrate wildfire and erosion prediction models to estimate the return on investment from wildfire fuel treatments in the Upper South Platte watershed, southwest of Denver, Colorado. Denver Water and the U.S. Forest Service created the Forest-To-Faucets Partnership, one of the first payments for watershed services (PWS) programs in the United States. To date they have spent more than $30 million in the Upper South Platte to restore forests and conduct fuel reduction work across landownerships. However, due to the lack of appropriate analytical tools, it is still unclear what returns are being achieved with these investments, aside from the total number of acres treated. In this analysis we consider three treatment scenarios - current fuel treatment investments, a series of investments based on prioritization criteria, and investments based on accessibility - and model potential burn probability, fire severity and erosion. We then estimate the economic benefits of avoiding runoff using past expenditures by Denver Water and compare these to treatment costs. This research directly informs management practices in the Upper South Platte watershed and provides a framework that can inform decisions to optimize location, size

  9. Variables Influencing the Return on Investment in Management Training Programs: A Utility Analysis of 10 Swiss Cases

    Science.gov (United States)

    Chochard, Yves; Davoine, Eric

    2011-01-01

    In this article, we present the utility analysis approach as an alternative and promising approach to measure the return on investment in managerial training programs. This approach, linking economic value with competencies developed by trainees, enables researchers and decision-makers to compare the return on investment from different programs in…

  10. Variables Influencing the Return on Investment in Management Training Programs: A Utility Analysis of 10 Swiss Cases

    Science.gov (United States)

    Chochard, Yves; Davoine, Eric

    2011-01-01

    In this article, we present the utility analysis approach as an alternative and promising approach to measure the return on investment in managerial training programs. This approach, linking economic value with competencies developed by trainees, enables researchers and decision-makers to compare the return on investment from different programs in…

  11. Proper orientation of cacti

    OpenAIRE

    Araujo, Julio; Havet, Frédéric; Linhares Sales, Claudia; Silva, Ana

    2016-01-01

    International audience; An orientation of a graph G is proper if two adjacent vertices have different in-degrees. The proper-orientation number − → χ (G) of a graph G is the minimum maximum in-degree of a proper orientation of G. In [1], the authors ask whether the proper orientation number of a planar graph is bounded. We prove that every cactus admits a proper orientation with maximum in-degree at most 7. We also prove that the bound 7 is tight by showing a cactus having no proper orientati...

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

    Directory of Open Access Journals (Sweden)

    DIAN PRIHADYANTI

    2011-04-01

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

  13. Socially Responsible Investing

    DEFF Research Database (Denmark)

    Parisi, Cristiana; Stang, Andreas

    This paper analyzes the Scandinavian market for Socially Responsible Investing (SRI) mutual funds in order to determine the returns from discriminatory investment decision compared to the return from conventional portfolios. The analysis is conducted on 642 Scandinavian equity mutual funds...

  14. The Analysis of Several Models of Investment Value of Logistics Project Evaluation

    Directory of Open Access Journals (Sweden)

    Ke Qiu Cheng Zhou

    2013-01-01

    Full Text Available The study of the logistics project evaluation model features reviews the traditional value evaluation model. On the basis of this, using the fuzzy theory, we establish several logistics project evaluation models under fuzzy environment. The analysis of the respective characteristics and the comparison of the calculated results of the three models show that these models are important methods of investment value of logistics evaluation.

  15. Network analysis to detect common strategies in Italian foreign direct investment

    Science.gov (United States)

    De Masi, G.; Giovannetti, G.; Ricchiuti, G.

    2013-03-01

    In this paper we reconstruct and discuss the network of Italian firms investing abroad, exploiting information from complex network analysis. This method, detecting the key nodes of the system (both in terms of firms and countries of destination), allows us to single out the linkages among firms without ex-ante priors. Moreover, through the examination of affiliates’ economic activity, it allows us to highlight different internationalization strategies of “leaders” in different manufacturing sectors.

  16. An analysis on investments of transnational corporation in China’s car industry

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The transnational corporations began investing directly in China’s passenger car sector more than 2 decades ago, featuring characters unique in the world. This article, based on a case analysis, fully displays the characters of the transnational corporations in the process of entering the Chinese market, in regard to timing, partner choice, model distribution among different partners and the supplying system under the domination of their subsidiaries, and management of the networks and channels, and others.

  17. REAL OPTIONS ANALYSIS – ASSESSMENT METHOD OF INVESTMENT PROJECTS IN GREEN ENERGY

    Directory of Open Access Journals (Sweden)

    MAFTEI DANIEL

    2014-10-01

    Full Text Available This article highlights the importance of real options as a evaluation method of investment in green energy. Article consider several theoretical and practical approaches, the analysis based on real options by many authors who have theorized and used this method. Each approach provides a operationalisation through a steps series of specific evaluation. This paper highlights the different views: academics, financiers, managers and facilitates the access to an accurate evaluation decisions of projects.

  18. A Study of Caterpillar Tractor Company’s Equipment Investment Analysis Method.

    Science.gov (United States)

    1987-01-01

    Support Division developed the program, Eauioment Investment Analysis III which provided a basis for study. Mr. Johnson, of Caterpillar, was responsive...measurement unit. 9 Operator salary: the total equipment operator’s wages per hour, including insurance, wages, taxes, social security, housing, etc • Fuel...field data supports it; operator skill, temperament, and attitude toward the machine can have up to a twelve percent difference in consumption rate

  19. Burning water: a comparative analysis of the energy return on water invested.

    Science.gov (United States)

    Mulder, Kenneth; Hagens, Nathan; Fisher, Brendan

    2010-02-01

    While various energy-producing technologies have been analyzed to assess the amount of energy returned per unit of energy invested, this type of comprehensive and comparative approach has rarely been applied to other potentially limiting inputs such as water, land, and time. We assess the connection between water and energy production and conduct a comparative analysis for estimating the energy return on water invested (EROWI) for several renewable and non-renewable energy technologies using various Life Cycle Analyses. Our results suggest that the most water-efficient, fossil-based technologies have an EROWI one to two orders of magnitude greater than the most water-efficient biomass technologies, implying that the development of biomass energy technologies in scale sufficient to be a significant source of energy may produce or exacerbate water shortages around the globe and be limited by the availability of fresh water.

  20. Mean-variance portfolio analysis data for optimizing community-based photovoltaic investment

    Directory of Open Access Journals (Sweden)

    Mahmoud Shakouri

    2016-03-01

    Full Text Available The amount of electricity generated by Photovoltaic (PV systems is affected by factors such as shading, building orientation and roof slope. To increase electricity generation and reduce volatility in generation of PV systems, a portfolio of PV systems can be made which takes advantages of the potential synergy among neighboring buildings. This paper contains data supporting the research article entitled: PACPIM: new decision-support model of optimized portfolio analysis for community-based photovoltaic investment [1]. We present a set of data relating to physical properties of 24 houses in Oregon, USA, along with simulated hourly electricity data for the installed PV systems. The developed Matlab code to construct optimized portfolios is also provided in Supplementary materials. The application of these files can be generalized to variety of communities interested in investing on PV systems.

  1. Mean-variance portfolio analysis data for optimizing community-based photovoltaic investment.

    Science.gov (United States)

    Shakouri, Mahmoud; Lee, Hyun Woo

    2016-03-01

    The amount of electricity generated by Photovoltaic (PV) systems is affected by factors such as shading, building orientation and roof slope. To increase electricity generation and reduce volatility in generation of PV systems, a portfolio of PV systems can be made which takes advantages of the potential synergy among neighboring buildings. This paper contains data supporting the research article entitled: PACPIM: new decision-support model of optimized portfolio analysis for community-based photovoltaic investment [1]. We present a set of data relating to physical properties of 24 houses in Oregon, USA, along with simulated hourly electricity data for the installed PV systems. The developed Matlab code to construct optimized portfolios is also provided in . The application of these files can be generalized to variety of communities interested in investing on PV systems.

  2. Comparative empirical analysis of temporal relationships between construction investment and economic growth in the United States

    Directory of Open Access Journals (Sweden)

    Navid Ahmadi

    2017-09-01

    Full Text Available The majority of policymakers believe that investments in construction infrastructure would boost the economy of the United States (U.S.. They also assume that construction investment in infrastructure has similar impact on the economies of different U.S. states. In contrast, there have been studies showing the negative impact of construction activities on the economy. However, there has not been any research attempt to empirically test the temporal relationships between construction investment and economic growth in the U.S. states, to determine the longitudinal impact of construction investment on the economy of each state. The objective of this study is to investigate whether Construction Value Added (CVA is the leading (or lagging indicator of real Gross Domestic Product (real GDP for every individual state of the U.S. using empirical time series tests. The results of Granger causality tests showed that CVA is a leading indicator of state real GDP in 18 states and the District of Columbia; real GDP is a leading indicator of CVA in 10 states and the District of Columbia. There is a bidirectional relationship between CVA and real GDP in 5 states and the District of Columbia. In 8 states and the District of Columbia, not only do CVA and real GDP have leading/lagging relationships, but they are also cointegrated. These results highlight the important role of the construction industry in these states. The results also show that leading (or lagging lengths vary for different states. The results of the comparative empirical analysis reject the hypothesis that CVA is a leading indicator of real GDP in the states with the highest shares of construction in the real GDP. The findings of this research contribute to the state of knowledge by quantifying the temporal relationships between construction investment and economic growth in the U.S. states. It is expected that the results help policymakers better understand the impact of construction investment

  3. Proper orthogonal decomposition of velocity gradient fields in a simulated stratified turbulent wake: analysis of vorticity and internal waves

    Science.gov (United States)

    Gurka, R.; Diamessis, P.; Liberzon, A.

    2009-04-01

    The characterization of three-dimensional space and time-dependent coherent structures and internal waves in stratified environment is one of the most challenging tasks in geophysical fluid dynamics. Proper orthogonal decomposition (POD) is applied to 2-D slices of vorticity and horizontal divergence obtained from 3-D DNS of a stratified turbulent wake of a towed sphere at Re=5x103 and Fr=4. The numerical method employed solves the incompressible Navier-Stokes equations under the Boussinesq approximation. The temporal discretization consists of three fractional steps: an explicit advancement of the nonlinear terms, an implicit solution of the Poisson equation for the pseudo-pressure (which enforces incompressibility), and an implicit solution of the Helmholtz equation for the viscous terms (where boundary conditions are imposed). The computational domain is assumed to be periodic in the horizontal direction and non-periodic in the vertical direction. The 2-D slices are sampled along the stream-depth (Oxz), span-depth (Oyz) and stream-span planes (Oxy) for 231 times during the interval, Nt ∈ [12,35] (N is the stratification frequency). During this interval, internal wave radiation from the wake is most pronounced and the vorticity field in the wake undergoes distinct structural transitions. POD was chosen amongst the available statistical tools due to its advantage in characterization of simulated and experimentally measured velocity gradient fields. The computational procedure, applied to any random vector field, finds the most coherent feature from the given ensemble of field realizations. The decomposed empirical eigenfunctions could be referred to as "coherent structures", since they are highly correlated in an average sense with the flow field. In our analysis, we follow the computationally efficient method of 'snapshots' to find the POD eigenfunctions of the ensemble of vorticity field realizations. The results contains of the separate POD modes, along with

  4. Analysis of the Possibility of Using Dynamic Methods for Assessment of Investment Projects in the Domestic Foundry Industry

    Directory of Open Access Journals (Sweden)

    Szymszal J.

    2014-08-01

    Full Text Available A comparative analysis involving the evaluation of the effectiveness of investment projects can be based on various rules indicating selection of the most favorable decisions. The dynamic methods for assessment of investment projects discussed in this article, which consider the possibility of modifying the predetermined investment options, are quite complex and difficult to implement. They are used both in the construction phase of the new company, as well as in its subsequent modernization. The assessments should be characterized by a high coefficient of the economic efficiency. The, observed in practice, high dynamic variability of both the external and internal conditions under which the company operates is the reason why in the process of calculating the economic efficiency of investment projects, there is a significant number of random parameters affected by high uncertainty and risk. Investments in the metallurgical industry are characterized by a relatively long cycle of implementation and operation. These are capital-intensive projects and often mistakenly taken investment decisions end in failure of the investment project and, consequently, in the collapse of the company. In addition, the applied methods of risk assessment of investment projects, especially the dynamic ones, should be fully understood by managerial staff and constitute an easy to use, yet accurate tool for improving the efficiency of the company.

  5. USAGE OF ACB-MININD SOFTWARE IN THE CBA ANALYSIS FOR FINANCING INVESTMENT PROJECTS THROUGH EUROPEAN FUNDING IN CORRELATION WITH THE FINANCING FROM THE BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Droj Gabriela

    2012-12-01

    Full Text Available The extension of the European Union with the first “wave” of new members in 2004 and later with the second “wave” of members in 2007 brought new opportunities for the countries in Eastern Europe, being obvious that “effective utilisation of EU support can foster the success of their economic performance”. Financing investment projects proposed by the SMEs can be realized through several financial sources internal and external, from which two of the most common external sources constitute from subsidies-grants and through banking system. One of the most important financing programme present in Romania, available for SMEs is SOP IEC, which awards grants for investments proposed by production companies. This financing program encourages its beneficiaries to combine the European grant with private funds mostly provided through the banking system. The paper analyzed the methodology used in Cost Benefit Analysis and also The ACB-MININD software which is compulsory to be used for the CBA analysis of these investment projects links for the first time elements of analysis used by the European Commission with elements of analysis used by the banking system. In this context the present article tries to analyze how the ACB-MININD software links the main elements of Cost-Benefit analysis such as NPV or IRR with elements of the bankability software which are mainly used by the banking system such as: cash-flow analysis, loan/interest payment and financial sustainability. Also are presented the links between the banking sector and the external financing sector in the field on investment projects. As final conclusions of this paper we will demonstrate the theoretical and practical role of cost-benefit analysis - financial component to select the best applications that will be proposed for funding under the European grant programs and to link them to the banking system in order to ensure a proper co-financing for these

  6. Economics of United States tuberculosis airline contact investigation policies: a return on investment analysis.

    Science.gov (United States)

    Coleman, Margaret S; Marienau, Karen J; Marano, Nina; Marks, Suzanne M; Cetron, Martin S

    2014-01-01

    In 2011, the Centers for Disease Control and Prevention modified its 2008 protocol for flight-related tuberculosis contact investigation initiation. The 2011 Modified protocol was implemented and replaced the 2008 CDC protocol based on comparative epidemiologic and economic analyses; this publication reports the economic analysis results. A return on investment model compared relative changes in tuberculosis disease treatment costs resulting from expenditures on tuberculosis contact investigations and latent tuberculosis infection treatment for the 2008 CDC and Modified protocols. At moderate/high rates of latent tuberculosis infection and tuberculosis disease, positive returns on investment indicated each $1.00 spent on tuberculosis contact investigations and latent tuberculosis treatment resulted in more than $1.00 of savings from reduced tuberculosis disease treatment costs. Low rates of latent tuberculosis infection and tuberculosis disease resulted in negative returns on investment, indicating economic losses from tuberculosis disease treatment costs. There were smaller economic losses at low latent tuberculosis infection and tuberculosis disease rates with the Modified protocol in comparison to the 2008 CDC protocol, while both identified comparable numbers of persons at risk for tuberculosis. The Modified protocol for conducting flight-related tuberculosis contact investigations represents a better use of resources and protects public health. Published by Elsevier Ltd.

  7. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...

  8. Decision Analysis Methods Used to Make Appropriate Investments in Human Exploration Capabilities and Technologies

    Science.gov (United States)

    Williams-Byrd, Julie; Arney, Dale C.; Hay, Jason; Reeves, John D.; Craig, Douglas

    2016-01-01

    NASA is transforming human spaceflight. The Agency is shifting from an exploration-based program with human activities in low Earth orbit (LEO) and targeted robotic missions in deep space to a more sustainable and integrated pioneering approach. Through pioneering, NASA seeks to address national goals to develop the capacity for people to work, learn, operate, live, and thrive safely beyond Earth for extended periods of time. However, pioneering space involves daunting technical challenges of transportation, maintaining health, and enabling crew productivity for long durations in remote, hostile, and alien environments. Prudent investments in capability and technology developments, based on mission need, are critical for enabling a campaign of human exploration missions. There are a wide variety of capabilities and technologies that could enable these missions, so it is a major challenge for NASA's Human Exploration and Operations Mission Directorate (HEOMD) to make knowledgeable portfolio decisions. It is critical for this pioneering initiative that these investment decisions are informed with a prioritization process that is robust and defensible. It is NASA's role to invest in targeted technologies and capabilities that would enable exploration missions even though specific requirements have not been identified. To inform these investments decisions, NASA's HEOMD has supported a variety of analysis activities that prioritize capabilities and technologies. These activities are often based on input from subject matter experts within the NASA community who understand the technical challenges of enabling human exploration missions. This paper will review a variety of processes and methods that NASA has used to prioritize and rank capabilities and technologies applicable to human space exploration. The paper will show the similarities in the various processes and showcase instances were customer specified priorities force modifications to the process. Specifically

  9. The use of the multi-cumulant tensor analysis for the algorithmic optimisation of investment portfolios

    Science.gov (United States)

    Domino, Krzysztof

    2017-02-01

    The cumulant analysis plays an important role in non Gaussian distributed data analysis. The shares' prices returns are good example of such data. The purpose of this research is to develop the cumulant based algorithm and use it to determine eigenvectors that represent investment portfolios with low variability. Such algorithm is based on the Alternating Least Square method and involves the simultaneous minimisation 2'nd- 6'th cumulants of the multidimensional random variable (percentage shares' returns of many companies). Then the algorithm was tested during the recent crash on the Warsaw Stock Exchange. To determine incoming crash and provide enter and exit signal for the investment strategy the Hurst exponent was calculated using the local DFA. It was shown that introduced algorithm is on average better that benchmark and other portfolio determination methods, but only within examination window determined by low values of the Hurst exponent. Remark that the algorithm is based on cumulant tensors up to the 6'th order calculated for a multidimensional random variable, what is the novel idea. It can be expected that the algorithm would be useful in the financial data analysis on the world wide scale as well as in the analysis of other types of non Gaussian distributed data.

  10. Application of multi-criteria decision analysis in selecting of sustainable investments

    Science.gov (United States)

    Kozik, Renata

    2017-07-01

    Investors of construction projects, especially financed with public money, quite slowly adapt environmentally friendly solutions, e.g. passive buildings. Practice shows that the use of green public procurement among the public investors is negligible. Energy-saving technologies and equipment are expensive at the construction phase and investors less or not at all take into account the future operating costs. The aim of this article is to apply the method of multi-criteria analysis ELECTRE to select the best investment in terms of cost of implementation, operation, as well as the impact on the environment.

  11. 企业ERP投资公告信息分析%Information Analysis on ERP Investment

    Institute of Scientific and Technical Information of China (English)

    徐扬; 程媛媛

    2015-01-01

    Investment bulletin is valuable information resource open to public,and how to extract tacit information from it is a key issue in information analysis.Enterprise Resource Planning (ERP) is widely applied by enterprises because of its standardization,process-oriented management method and high integration.Researches on ERP investment value have caught attention from academic scholars and enterprise managers,and help decision making of enterprises.This paper analyzes information gathered from ERP investment bulletin,tries to measure ERP value by reflection from stock market,so as to make tacit information which may influence ERP value explicit.Based on former insightful studies,this paper gathers ERP investment bulletin of American publicly traded enterprises from 1997-2013,analyzes how information from investment bulletin may influence enterprise value,and provides decision making supports.%投资公告是重要的企业公开信息来源,如何通过提炼其中蕴含的隐性知识并将其显性表达是企业信息分析与决策的重要内容.本文以企业资源规划(Enterprise Resource Planning,ERP)投资公告为分析对象,将隐藏在投资公告中的ERP投资价值影响因素显性化,在对前人研究进行总结和提炼的基础上,采集了1997~2013年在美国上市企业的ERP投资公告,通过对九大变量的抽取、编码和计算,结合信息系统的组织集成和期权价值理论,分析这些公告信息对企业市值的影响,从而对企业投资决策提供支持.

  12. The Analysis of Network Governance in The Investment Development of Free Trade Zone and Free Port (KPBPB Batam

    Directory of Open Access Journals (Sweden)

    Ady Muzwardi

    2015-11-01

    Full Text Available Large amount of investment is one of income sources for a country. Recently, the investment in Indonesia has not been managed optimally due to, one among others, poor organization system of investment management. This study is aimed at analyzing the network governance within organization system in investment development at   Free Trade Zone and Free Port Batam. The research methodology used was Coordination Network Analysis with 5 aspects of study; those are governance structure, service characteristics, operational interaction of partner characteristics, and network characteristic on 3 organizations at the level of province and regency/city. The result of the analysis indicates that coordination between provincial and regency/city organizations is not yet optimally conducted. Horizontal and vertical coordination are not yet optimally established.

  13. Comparative Analysis of Investment Funds Stocks-based Portfolios and BET Stocks-based Portfolios

    National Research Council Canada - National Science Library

    Ion STANCU; Elena RADU (STANGA)

    2010-01-01

    .... The major goal is to find whether is more efficient to invest the whole capital in a single sector, like financial investments, or to create a diversified portfolio, taking into account assets...

  14. Geothermal investment analysis with site-specific applications to Roosevelt Hot Springs and Cove Fort-Sulphurdale, Utah

    Energy Technology Data Exchange (ETDEWEB)

    Cassel, T.A.V.; Edelstein, R.H.; Blair, P.D.

    1978-12-01

    The analysis and modeling of investment behavior in the development of hydrothermal electric power facilities are reported. This investment behavior reflects a degree of sensitivity to public policy alternatives concerning taxation and regulation of the resource and its related energy conversion facilities. The objective of the current research is to provide a realistic and theoretically sound means for estimating the impacts of such public policy alternatives. A stochastic simulation model was developed which offers an efficient means for site-specific investment analysis of private sector firms and investors. The results of the first year of work are discussed including the identification, analysis, quantification and modeling of: a decision tree reflecting the sequence of procedures, timing and stochastic elements of hydrothermal resource development projects; investment requirements, expenses and revenues incurred in the exploration, development and utilization of hydrothermal resources for electric power generation; and multiattribute investment decision criteria of the several types of firms in the geothermal industry. An application of the investment model to specific resource sites in the state of Utah is also described. Site specific data for the Known Geothermal Resource Areas of Roosevelt Hot Springs and Cove Fort-Sulphurdale are given together with hypothesized generation capacity growth rates.

  15. Weak and Strong Compensation for the Prioritization of Public Investments: Multidimensional Analysis for Pools

    Directory of Open Access Journals (Sweden)

    Gianluigi De Mare

    2015-12-01

    Full Text Available Despite the economic crisis still heavily affecting most of Europe, a possible resumption can be found in the revitalization of public and private investments. These investments should be directed not only towards the strategic areas of infrastructures and production, but also to those which allow for a higher level of the quality of life (sports facilities, parks, etc.. In such cases, the need to balance the reasons of financial sustainability with environmental and social profiles is even more evident. Thus, multicriteria techniques, supporting complex assessments, should be implemented together with a monetary feasibility study (cost-benefit analysis. Multidimensional methods allow for the aggregation of different profiles into overall indicators. This study gives an account of how the application and comparison of multi-criteria approaches based on tools characterized by a higher or lower level of compensation between criteria can broaden the spectrum of analysis of the problems and lead to a more subtle logic of funding for public works and works of public utility, with a more current and mature sharing of profitability between private investors and users of community infrastructures.

  16. ANALYSIS OF METHODS OF RISK ASSESSMENT OF INVESTMENT IN PERSONNEL DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    О. Domkina

    2015-06-01

    Full Text Available In the article, we study the main approaches to the assessment of investment risk aiming to find the most appropriate method for estimation of risks of the investment in personnel development considering the human factor. We analyze the pros and cons of the existing methods. As a result, we suggest using the combination of expert and ranking methods as it provides wide opportunities for risk factors analysis in the sitiuation of data scarcity, in spite of the methods’ limitations of the subjectivity of expert judgments that can, however, be reduced by some of the advanced expert methods. Additionally, we consider the application of the analytical method that provides factor analysis and a foundation for the further risk management of these factors. The use of the statistical group of methods, although promising, is not feasible in practice yet because of the paucity of required data and difficulty of obtaining it from the companies which do not have incentives to provide such sensible information. Logically, the next step of the research should be a practical application of the listed methods, a test of the presented hypotheses, and an evaluation of the obtained results with the accent on the quality of risk indicators, data demands, utility and complexity of the methods’ practical application.

  17. Health systems strengthening: a common classification and framework for investment analysis.

    Science.gov (United States)

    Shakarishvili, George; Lansang, Mary Ann; Mitta, Vinod; Bornemisza, Olga; Blakley, Matthew; Kley, Nicole; Burgess, Craig; Atun, Rifat

    2011-07-01

    Significant scale-up of donors' investments in health systems strengthening (HSS), and the increased application of harmonization mechanisms for jointly channelling donor resources in countries, necessitate the development of a common framework for tracking donors' HSS expenditures. Such a framework would make it possible to comparatively analyse donors' contributions to strengthening specific aspects of countries' health systems in multi-donor-supported HSS environments. Four pre-requisite factors are required for developing such a framework: (i) harmonization of conceptual and operational understanding of what constitutes HSS; (ii) development of a common set of criteria to define health expenditures as contributors to HSS; (iii) development of a common HSS classification system; and (iv) harmonization of HSS programmatic and financial data to allow for inter-agency comparative analyses. Building on the analysis of these aspects, the paper proposes a framework for tracking donors' investments in HSS, as a departure point for further discussions aimed at developing a commonly agreed approach. Comparative analysis of financial allocations by the Global Fund to Fight AIDS, Tuberculosis and Malaria and the GAVI Alliance for HSS, as an illustrative example of applying the proposed framework in practice, is also presented.

  18. Burning Water: A Comparative Analysis of the Energy Return on Water Invested

    Energy Technology Data Exchange (ETDEWEB)

    Mulder, Kenneth (Green Mountain College, Poultney, VT (United States)), e-mail: mulderk@greenmtn.edu; Hagens, Nathan (Gund Inst. for Ecological Economics, Univ. of Vermont, Burlington, VT (United States)); Fisher, Brendan (Program in Science, Technology and Environmental Policy Woodrow Wilson School of Public and International Affairs, Princeton Univ., Princeton, NJ (United States))

    2010-02-15

    While various energy-producing technologies have been analyzed to assess the amount of energy returned per unit of energy invested, this type of comprehensive and comparative approach has rarely been applied to other potentially limiting inputs such as water, land, and time. We assess the connection between water and energy production and conduct a comparative analysis for estimating the energy return on water invested (EROWI) for several renewable and non-renewable energy technologies using various Life Cycle Analyses. Our results suggest that the most water-efficient, fossil-based technologies have an EROWI one to two orders of magnitude greater than the most water-efficient biomass technologies, implying that the development of biomass energy technologies in scale sufficient to be a significant source of energy may produce or exacerbate water shortages around the globe and be limited by the availability of fresh water. We believe our analysis demonstrates that energy technologies must be assessed in a multi-criteria framework and not just from the perspective of energy alone. Ultimately, we should strive to have a renewable resource portfolio aggregating the highest returns on our most limiting inputs

  19. A COMPARATIVE ANALYSIS BETWEEN UNIT-LINKED LIFE INSURANCE AND OTHER ALTERNATIVE INVESTMENTS

    OpenAIRE

    CRISTINA CIUMAS; DIANA-MARIA CHIS

    2015-01-01

    The unit-linked life insurance has two important components: protection and investment. The protection component refers to the insured sum in case of the occurrence of insured risks and the investment component refers to the policyholder’s account that represents the present value of the units from the chosen investment funds.These financial products invest most of the premium paid by the insured person in the funds managed by the insurance company or an external administrator and the lower p...

  20. A COMPARATIVE ANALYSIS BETWEEN UNIT-LINKED LIFE INSURANCE AND OTHER ALTERNATIVE INVESTMENTS

    OpenAIRE

    CRISTINA CIUMAS; DIANA-MARIA CHIS

    2015-01-01

    The unit-linked life insurance has two important components: protection and investment. The protection component refers to the insured sum in case of the occurrence of insured risks and the investment component refers to the policyholder’s account that represents the present value of the units from the chosen investment funds.These financial products invest most of the premium paid by the insured person in the funds managed by the insurance company or an external administrator and...

  1. Geothermal investment and policy analysis with evaluation of California and Utah resource areas

    Energy Technology Data Exchange (ETDEWEB)

    Cassel, T.A.V.; Edelstein, R.H.; Blair, P.D.; Amundsen, C.B.

    1979-10-01

    A geothermal investment decision model was developed which, when coupled to a site-specific stochastic cash flow model, estimates the conditional probability of a positive decision to invest in the development of geothermal resource areas. The geothermal cash flow model, the investment decision model and their applications for assessing the likely development potential of nine geothermal resource areas in California and Utah are described. The sensitivity of this investment behavior to several policy incentives is also analyzed and discussed.

  2. A Framework for Integrating Value and Uncertainty in the Sustainable Options Analysis in Real Estate Investment

    OpenAIRE

    Bozorgi, Alireza

    2012-01-01

    Real estate professionals, such as investors, owner-occupants, and lenders who are involved in the investment decision-making process are increasingly interested in sustainability and energy efficiency investment. However, current tools and techniques, both technical and financial, typically used for assessing sustainability on their own are unable to provide comprehensive and reliable financial information required for making high-quality investment decisions. Sustainability investment often...

  3. Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia.

    Science.gov (United States)

    Mihic, Marko M; Todorovic, Marija Lj; Obradovic, Vladimir Lj; Mitrovic, Zorica M

    2016-01-01

    Social services aimed at the elderly are facing great challenges caused by progressive aging of the global population but also by the constant pressure to spend funds in a rational manner. This paper focuses on analyzing the investments into human resources aimed at enhancing home care for the elderly since many countries have recorded progress in the area over the past years. The goal of this paper is to stress the significance of performing an economic analysis of the investment. This paper combines statistical analysis methods such as correlation and regression analysis, methods of economic analysis, and scenario method. The economic analysis of investing in human resources for home care service in Serbia showed that the both scenarios of investing in either additional home care hours or more beneficiaries are cost-efficient. However, the optimal solution with the positive (and the highest) value of economic net present value criterion is to invest in human resources to boost the number of home care hours from 6 to 8 hours per week and increase the number of the beneficiaries to 33%. This paper shows how the statistical and economic analysis results can be used to evaluate different scenarios and enable quality decision-making based on exact data in order to improve health and quality of life of the elderly and spend funds in a rational manner.

  4. THE NIGERIAN GAS MASTER-PLAN, INVESTMENT OPPORTUNITIES, CHALLENGES, ISSUES AFFECTING POWER SECTOR: AN ANALYSIS

    Directory of Open Access Journals (Sweden)

    R. INGWE

    2014-11-01

    Full Text Available The Nigerian Gas Master-Plan, Investment Opportunities, Challenges, Issues Affecting Power Sector: an Analysis. The objective of this article is to contribute towards understanding of the Nigerian Gas Master Plan (NGMP/Plan and its bifurcations with key socio-economic development factors. I applied the method of discourse to bring to being some points that have hitherto been unknown about the Master-plan and its inter-relationships and bifurcations. Elaborated here are the spectacular gains that have accrued to the Latin American country, Trinidad and Tobago, from its recent development of natural gas resources. This was considered suitable and significant here for highlighting that if such spectacular achievements could be realized from Trinidad and Tobago’s relatively smaller gas deposit (15.3 tcf, probable reserves (8.4 tcf, possible reserves (6.2 tcf would be by far greater considering Nigeria’s larger natural gas reserves (184 tcf wealth as earlier stated. I show that the Plan is well designed relevant to addressing Nigeria’s current development needs generally. It presents potentials for stimulating Nigeria’s economic growth by harnessing the country’s abundant natural gas reserves. The Plan enumerates/ elaborates huge investment opportunities. Some challenges likely to be faced in the implementation/management of the Plan are already being surmounted as recent reports show that some of its key investments have been realized and the required infrastructure are being provided. Regarding the issues in the Master-plan that are likely to affect and are affecting Nigeria’s power sector development, I reckon that they are mostly positive factors due to the way the plan promises to stimulate electricity generation in our country.

  5. Rates of return to sorghum and millet research investments: A meta-analysis.

    Science.gov (United States)

    Zereyesus, Yacob A; Dalton, Timothy J

    2017-01-01

    Sorghum and millet grow in some of the most heterogeneous and austere agroecologies around the world. These crops are amongst the top five cereal sources of food and feed. Yet, few studies document the impact of sorghum and millet genetic enhancement. The Internal Rate of Return (ROR) is one of the most popular metrics used to measure the economic return on investment on agricultural research and development (R&D). This study conducted a meta-analysis of 59 sorghum and millet ROR estimates obtained from 25 sources published between 1958 and 2015. The average rate of return to sorghum and millet R&D investment is between 54-76 percent per year. All studies computed social rather than private RORs because the technologies were developed using public funds originating from host country National Agricultural Research Systems (NARS) and international organizations such as the INTSORMIL CRSP, ICRISAT and others. Nearly three quarter of the studies focused only on sorghum (72 percent) and around one tenth of the studies (8 percent) on millet. Regression models analyzed the determinants of variation in the reported RORs. Results show that ex-ante type and self-evaluated type of analyses are positively and significantly associated with the ROR estimates. Compared to estimates conducted by a university, results from international institutions and other mixed organizations provided significantly smaller estimates. Estimates conducted at national level also are significantly lower than those conducted at sub-national levels. The ROR is higher for studies conducted in the United States and for those conducted more recently. The study also reconstructed modified internal rate of return (MIRR) for a sub-sample of the reported RORs following recent methods from the literature. These results show that the MIRR estimates are significantly smaller than the reported ROR estimates. Both results indicate that investment in sorghum and millet research generates high social rates of

  6. ANALYSIS RESULTS OF THE JUSTIFICATION OF INVESTMENTS INTO QUALITY, ENVIRONMENT PROTECTION AND PRODUCTS SAFETY IN SUMADIJA AND POMORAVLJE REGION

    Directory of Open Access Journals (Sweden)

    Dejan Raonić

    2008-09-01

    Full Text Available Within the project "Improvement of quality and environment protection in Sumadija and Pomoravlje", financed by EU, "The study on vindication investments into quality improvement and environment protection in Sumadija and Pomoravlje" has been made. This paper discusses the results of cost/benefit analysis that includes SME from metal-processing industry, industry for non-metalic materials production and manufacturing, agriculture and food-processing industry, tourism and catering industry. The paper also includes the indicators of total economic benefits and costs that may be the result of QMS, EMS and HACCP initiation, as well as of CE mark for the products obtaining. We illustrated necessary financial investments in relation to predicted percentage of certified SME in the region in five years period, and on this basis financial indicators of justification of investments and the proof of those investments through calculated net present values (NPV.

  7. Combination of real options and game-theoretic approach in investment analysis

    Science.gov (United States)

    Arasteh, Abdollah

    2016-02-01

    Investments in technology create a large amount of capital investments by major companies. Assessing such investment projects is identified as critical to the efficient assignment of resources. Viewing investment projects as real options, this paper expands a method for assessing technology investment decisions in the linkage existence of uncertainty and competition. It combines the game-theoretic models of strategic market interactions with a real options approach. Several key characteristics underlie the model. First, our study shows how investment strategies rely on competitive interactions. Under the force of competition, firms hurry to exercise their options early. The resulting "hurry equilibrium" destroys the option value of waiting and involves violent investment behavior. Second, we get best investment policies and critical investment entrances. This suggests that integrating will be unavoidable in some information product markets. The model creates some new intuitions into the forces that shape market behavior as noticed in the information technology industry. It can be used to specify best investment policies for technology innovations and adoptions, multistage R&D, and investment projects in information technology.

  8. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...... investment model identified. Implications of the altered investment problem are investigated when the dynamics between portfolio risk, expected return and responsibility is considered. Relying on the definition of a responsible investor, it is shown how superior investment opportunities can emerge when...... standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible...

  9. X-Ray Analysis of the Proper Motion and Pulsar Wind Nebula for PSR J1741-2054

    Science.gov (United States)

    Auchettl, Katie; Slane, Patrick; Romani, Roger W.; Posselt, Bettina; Pavlov, George G.; Kargaltsev, Oleg; Ng, C-Y.; Temim, Tea; Weisskopf, Martin C.; Bykov, Andrei; hide

    2015-01-01

    We obtained six observations of PSR J1741-2054 using the Chandra ACIS-S detector totaling approx.300 ks. By registering this new epoch of observations to an archival observation taken 3.2 yr earlier using X-ray point sources in the field of view, we have measured the pulsar proper motion at micron = 109 +/- 10 mas yr(exp. -1) in a direction consistent with the symmetry axis of the observed H(alpha) nebula. We investigated the inferred past trajectory of the pulsar but find no compelling association with OB associations in which the progenitor may have originated. We confirm previous measurements of the pulsar spectrum as an absorbed power law with photon index gamma = 2.68 +/- 0.04, plus a blackbody with an emission radius of (4.5(+3.2/-2.5))d(0.38) km, for a DM-estimated distance of 0.38d(0.38) kpc and a temperature of 61.7 +/- 3.0 eV. Emission from the compact nebula is well described by an absorbed power law model with a photon index of gamma = 1.67 +/- 0.06, while the diffuse emission seen as a trail extending northeast of the pulsar shows no evidence of synchrotron cooling. We also applied image deconvolution techniques to search for small-scale structures in the immediate vicinity of the pulsar, but found no conclusive evidence for such structures.

  10. Focused-based multifractal analysis of the wake in a wind turbine array utilizing proper orthogonal decomposition

    Science.gov (United States)

    Kadum, Hawwa; Ali, Naseem; Cal, Raúl

    2016-11-01

    Hot-wire anemometry measurements have been performed on a 3 x 3 wind turbine array to study the multifractality of the turbulent kinetic energy dissipations. A multifractal spectrum and Hurst exponents are determined at nine locations downstream of the hub height, and bottom and top tips. Higher multifractality is found at 0.5D and 1D downstream of the bottom tip and hub height. The second order of the Hurst exponent and combination factor show an ability to predict the flow state in terms of its development. Snapshot proper orthogonal decomposition is used to identify the coherent and incoherent structures and to reconstruct the stochastic velocity using a specific number of the POD eigenfunctions. The accumulation of the turbulent kinetic energy in top tip location exhibits fast convergence compared to the bottom tip and hub height locations. The dissipation of the large and small scales are determined using the reconstructed stochastic velocities. The higher multifractality is shown in the dissipation of the large scale compared to small-scale dissipation showing consistency with the behavior of the original signals.

  11. X-Ray Analysis of the Proper Motion and Pulsar Wind Nebula for PSR J1741-2054

    Science.gov (United States)

    Auchettl, Katie; Slane, Patrick; Romani, Roger W.; Posselt, Bettina; Pavlov, George G.; Kargaltsev, Oleg; Ng, C-Y.; Temim, Tea; Weisskopf, Martin C.; Bykov, Andrei; Swartz, Douglas

    2015-01-01

    We obtained six observations of PSR J1741-2054 using the Chandra ACIS-S detector totaling approx.300 ks. By registering this new epoch of observations to an archival observation taken 3.2 yr earlier using X-ray point sources in the field of view, we have measured the pulsar proper motion at micron = 109 +/- 10 mas yr(exp. -1) in a direction consistent with the symmetry axis of the observed H(alpha) nebula. We investigated the inferred past trajectory of the pulsar but find no compelling association with OB associations in which the progenitor may have originated. We confirm previous measurements of the pulsar spectrum as an absorbed power law with photon index gamma = 2.68 +/- 0.04, plus a blackbody with an emission radius of (4.5(+3.2/-2.5))d(0.38) km, for a DM-estimated distance of 0.38d(0.38) kpc and a temperature of 61.7 +/- 3.0 eV. Emission from the compact nebula is well described by an absorbed power law model with a photon index of gamma = 1.67 +/- 0.06, while the diffuse emission seen as a trail extending northeast of the pulsar shows no evidence of synchrotron cooling. We also applied image deconvolution techniques to search for small-scale structures in the immediate vicinity of the pulsar, but found no conclusive evidence for such structures.

  12. X-ray analysis of the proper motion and pulsar wind nebula for PSR J1741-2054

    CERN Document Server

    Auchettl, Katie; Romani, Roger W; Posselt, Bettina; Pavlov, George G; Kargaltsev, Oleg; Ng, C-Y; Temim, Tea; Weisskopf, Martin C; Bykov, Andrei; Swartz, Douglas A

    2015-01-01

    We obtained six observations of PSR J1741-2054 using the $Chandra$ ACIS-S detector totaling $\\sim$300 ks. By registering this new epoch of observations to an archival observation taken 3.2 years earlier using X-ray point sources in the field of view, we have measured the pulsar proper motion at $\\mu =109 \\pm 10$ mas/yr. The spectrum of the pulsar can be described by an absorbed power law with photon index $\\Gamma$=2.68$\\pm$0.04, plus a blackbody with an emission radius of (4.5$^{+3.2}_{-2.5})d_{0.38}$ km, for a DM-estimated distance of $0.38d_{0.38}$ kpc and a temperature of $61.7\\pm3.0$ eV. Emission from the compact nebula is well described by an absorbed power law model with a photon index of $\\Gamma$ = 1.67$\\pm$0.06, while the diffuse emission seen as a trail extending northeast of the pulsar shows no evidence of synchrotron cooling. We also looked for extended features that might represent a jet or torus-like structure using image deconvolution and PSF-subtraction but we find no conclusive evidence of suc...

  13. Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia

    Directory of Open Access Journals (Sweden)

    Mihic MM

    2016-01-01

    Full Text Available Marko M Mihic, Marija Lj Todorovic, Vladimir Lj Obradovic, Zorica M Mitrovic Department for Management and Specialised Management Disciplines, Faculty of Organisational Sciences, University of Belgrade, Belgrade, Serbia Background: Social services aimed at the elderly are facing great challenges caused by progressive aging of the global population but also by the constant pressure to spend funds in a rational manner.Purpose: This paper focuses on analyzing the investments into human resources aimed at enhancing home care for the elderly since many countries have recorded progress in the area over the past years. The goal of this paper is to stress the significance of performing an economic analysis of the investment.Methods: This paper combines statistical analysis methods such as correlation and regression analysis, methods of economic analysis, and scenario method.Results: The economic analysis of investing in human resources for home care service in Serbia showed that the both scenarios of investing in either additional home care hours or more beneficiaries are cost-efficient. However, the optimal solution with the positive (and the highest value of economic net present value criterion is to invest in human resources to boost the number of home care hours from 6 to 8 hours per week and increase the number of the beneficiaries to 33%.Conclusion: This paper shows how the statistical and economic analysis results can be used to evaluate different scenarios and enable quality decision-making based on exact data in order to improve health and quality of life of the elderly and spend funds in a rational manner. Keywords: home care, social investment, human resources, economic analysis, elderly

  14. Investment patterns in Dutch glasshouse horticulture

    NARCIS (Netherlands)

    Goncharova, N.

    2007-01-01

    Keywords: investment, uncertainty, investment spikes, entry, exit, duration model, GMM dynamic panel data estimator, Negative Binomial model, Heckman selection model, moving window ARIMA, Principal Component analysis, horticultureThis thesis focuses on the analysis of investment decision-maki

  15. Investment patterns in Dutch glasshouse horticulture

    NARCIS (Netherlands)

    Goncharova, N.

    2007-01-01

    Keywords: investment, uncertainty, investment spikes, entry, exit, duration model, GMM dynamic panel data estimator, Negative Binomial model, Heckman selection model, moving window ARIMA, Principal Component analysis, horticultureThis thesis focuses on the analysis of investment

  16. A COMPARATIVE ANALYSIS BETWEEN UNIT-LINKED LIFE INSURANCE AND OTHER ALTERNATIVE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    CRISTINA CIUMAS

    2015-07-01

    Full Text Available The unit-linked life insurance has two important components: protection and investment. The protection component refers to the insured sum in case of the occurrence of insured risks and the investment component refers to the policyholder’s account that represents the present value of the units from the chosen investment funds.These financial products invest most of the premium paid by the insured person in the funds managed by the insurance company or an external administrator and the lower part of the premium is intended to cover the insured risk (death, disability, etc. An important component of the activity carried out by the insurance companies is the investment of the premiums paid by policyholders in various types of assets, in order to obtain higher yields than those guaranteed by the insurance contracts, while providing the necessary liquidity for the payment of insurance claims in case of occurrence of the assumed risks. This research contributes to the existing literature regarding the study of investment alternatives, with an exclusive focus on the investment in unit-linked life insurance. A special place in this study is the presentation of investments in unit-linked insurance versus other types of financial investments: deposits, treasury bills, shares (BET, currency (EURO and gold.

  17. PARTICULARITIES IN THE FIELD OF THE ANALYSIS OF INVESTMENT EFFICIENCY IN HIDROAMELIORATIVE IMPROVEMENTS

    Directory of Open Access Journals (Sweden)

    Florin Marian BUHOCIU

    2005-01-01

    Full Text Available In the evolution of society, investments have always had a primary role in best satisfying the materialand spiritual needs of its members. Throughout the centuries, every country’s economic and financialevolution has depended on the investments’ volume and efficiency. The correlation betweeninvestments and modernization is fundamental for any economic activity, regardless of the branch inwhich it may be carried out. Promoting economic and technical progress is a vital condition for theeconomy of our country and also one of the most important ways of enhancing competitiveness, bymeans of large investment funds. Thus, the necessity for investment processes justifies the thoroughevaluation of investment projects.

  18. Using Stochastic Frontier Analysis to Analyze Adjustment Costs and Investment Utilization

    DEFF Research Database (Denmark)

    Olsen, Jakob Vesterlund; Henningsen, Arne

    Based on a theoretical microeconomic model, we develop an empirical framework for analyzing the size and the timing of adjustment costs and investment utilization. We show that adjustment costs and investment utilization result in technical inefficiency, because adjustments require the use of add...... influence technical efficiency, as well as the effect of current and past investments on adjustment costs and investment utilization. These results are robust to different model specifications and different ways of measuring capital....... of current and past investments on technical efficiency, which we interpret as adjustment costs and temporary incomplete investment utilization. We apply this methodology to a large panel data set of Danish pig producers with 9,281 observations between 1996 and 2008. The results show that investments have......Based on a theoretical microeconomic model, we develop an empirical framework for analyzing the size and the timing of adjustment costs and investment utilization. We show that adjustment costs and investment utilization result in technical inefficiency, because adjustments require the use...

  19. PROMOTIONS: PROper MOTION Software

    Science.gov (United States)

    Caleb Wherry, John; Sahai, R.

    2009-05-01

    We report on the development of a software tool (PROMOTIONS) to streamline the process of measuring proper motions of material in expanding nebulae. Our tool makes use of IDL's widget programming capabilities to design a unique GUI that is used to compare images of the objects from two epochs. The software allows us to first orient and register the images to a common frame of reference and pixel scale, using field stars in each of the images. We then cross-correlate specific morphological features in order to determine their proper motions, which consist of the proper motion of the nebula as a whole (PM-neb), and expansion motions of the features relative to the center. If the central star is not visible (quite common in bipolar nebulae with dense dusty waists), point-symmetric expansion is assumed and we use the average motion of high-quality symmetric pairs of features on opposite sides of the nebular center to compute PM-neb. This is then subtracted out to determine the individual movements of these and additional features relative to the nebular center. PROMOTIONS should find wide applicability in measuring proper motions in astrophysical objects such as the expanding outflows/jets commonly seen around young and dying stars. We present first results from using PROMOTIONS to successfully measure proper motions in several pre-planetary nebulae (transition objects between the red giant and planetary nebula phases), using images taken 7-10 years apart with the WFPC2 and ACS instruments on board HST. The authors are grateful to NASA's Undergradute Scholars Research Program (USRP) for supporting this research.

  20. Analysis Of The Profitability of Investment In Renewable Energy Sources On The Example of A Semi-Detached House

    Directory of Open Access Journals (Sweden)

    Radziszewska-Zielina Elżbieta

    2016-01-01

    Full Text Available The paper presents an analysis of the profitability of investment in a selection of systems based on renewable energy sources on the example of a semi-detached house with a floor area of nearly 150 m2. The analysis was conducted in three variants:1 the application of a biomass boiler, solar collectors and photovoltaic panels; 2 a heat pump, solar collectors and photovoltaic panels; 3 a heat pump, solar collectors and a wind turbine. Next, the proposed solutions were compared with a traditional heating system featuring a gas-powered boiler and obtaining electricity through the power distribution grid. The investment and operational costs were calculated after the selection of the appropriate equipment. The example under analysis indicates that variant 3 entailed the highest investment costs (the purchase and fitting of a heat pump as well as the drilling required to install underground pumps. Traditional technical solutions were proven to produce the highest costs. The investment profitability analysis was conducted using both the simple and discounted methods of evaluating profitability. It was established that variant 3 yielded the shortest discounted payback period - less than 13 years. It is estimated that the investment will reach the break-even point after this time. As a summary, it must be noted that the profitability of a given investment depends on the adopted technical solutions. Due to high initials costs, investors often lack interest in the purchase and installation of renewable energy generation systems; however, the contribution of the investors can be lowered with the use of subsidies and price reductions regarding the installation of renewable energy generation systems. We can observe a decrease in the price of the most popular and efficient renewable energy systems.

  1. The Impact Analysis of Direct Public R&D and Innovation Investments in Turkish Space Sector

    Science.gov (United States)

    Kaya, Derya; Cakir, Serhat

    2016-07-01

    According to The Organisation for Economic Co-operation and Development (OECD), space sector plays a pivotal role in the functioning of modern societies and their economic development. It is in the scope of OECD's International Futures Programme. The global space economy, as defined by the OECD Space Forum, comprises the space industry's core activities in space manufacturing and in satellite operations, plus other consumer activities that have been derived over the years from governmental research and development. In 2013 commercial revenues generated by the space economy amounted to USD 256.2 billion globally that is huge amount of space investment in the world. Recently, Turkey has also entered to the sector and it has growing strategic interest in space. First satellite project was started with a technology transfer from UK by TUBITAK Space Technologies Research Institute in 2001 and it launched to its orbit in 2003. Then RASAT and GÖKTÜRK-2 satellites were developed and launched to their orbits respectively in 2011 and 2012. Today, we have other satellite projects that are going on, too. However, we do not have a mechanism or a model to assess the impacts of those projects. What kind of model can be used to measure the impact of direct public R&D and innovation investments in Turkish space sector? The aim of this study is to develop a model which would be useful for monitoring the performance of R&D and Innovation investments that are conducted through government policies and strategies and so on to give feedback for effective strategy making. When we look at the impact analysis studies in Turkey, we see a few such as TUBITAK (Özçelik and Taymaz, 2008; Erden, 2010; Tandoǧan, 2011), İşkur (World Bank Report, 2013), Ministry of Economy (TTGV, 2013), Development Agencies (İZKA, 2011; Elçi vd., 2011; Pınar, 2014; Meydan, 2014). There is need for a systematic approach to impact analysis. Since there is no data for this study, we would develop a model with

  2. Henig Proper Efficient Points and Generalized Henig Proper Efficient Points

    Institute of Scientific and Technical Information of China (English)

    Jing Hui QIU

    2009-01-01

    Applying the theory of locally convex spaces to vector optimization,we investigate the relationship between Henig proper efficient points and generalized Henig proper efficient points. In particular,we obtain a sufficient and necessary condition for generalized Henig proper efficient points to be Henig proper efficient points. From this,we derive several convenient criteria for judging Henig proper efficient points.

  3. Data sources for the purpose of decision making in real estate investment analysis in the territory of Kragujevac City

    Directory of Open Access Journals (Sweden)

    Milena Popović

    2015-04-01

    Full Text Available Analysis of investing in real estate is a complex process for whose implementation two steps are mandatory: data collection and analysis. As the real estate represent a very important resource (both for individuals and for the state, investment analysis must be done carefully in order to achieve the goals of all participants in the investment process. Data necessary for the implementation of investment analysis include data from relevant state institutions which are dealing with planning, management, registration and taxation of real estate. Privacy policy of insight into these data and their usage greatly differs between different institutions. Some of the data are publicly available, while the availability of other is greatly limited. Some institutions have enabled viewing data through web services, while others do not have the technical capabilities to do so. Considering the contemporary aspect of management and use of geo-data in the analysis and decision-making, the availability of data in electronic form via the web service becomes imperative.

  4. Investment Evaluation of Higher Education through Cost-Benefit Analysis: Evidence from Adrar University-Algeria

    Science.gov (United States)

    Hocine, Benlaria; Sofiane, Mostéfaoui

    2017-01-01

    This study aims to measure the social and individual rates of return for investment in higher education at Adrar University. The approach adopted looks for investigating the costs and benefits of the human capital. The study found that the economic feasibility of investment in higher education exists at both the individual and social levels, where…

  5. Is the investment-uncertainty relationship nonlinear? An empirical analysis for the Netherlands

    NARCIS (Netherlands)

    Bo, H; Lensin, R

    We examine the investment-uncertainty relationship for a panel of Dutch non-financial firms. The system generalized method of moments (GMM) estimates suggest that the effect of uncertainty on investment is nonlinear: for low levels of uncertainty an increase in uncertainty has a positive effect on

  6. Proper Islamic Consumption

    DEFF Research Database (Denmark)

    Fischer, Johan

    '[T]his book is an excellent study that is lucidly written, strongly informed by theory, rich in ethnography, and empirically grounded. It has blazed a new trail in employing the tools of both religious studies and cultural studies to dissect the complex subject of “proper Islamic consumption...... because it is the Malay‐dominated state which has been crucial in generating and shaping a particular kind of modernity in order to address the problems posed for nation‐building by a quite radical form of ethnic pluralism.' Reviewed by V.T. (Terry) King, University of Leeds, ASEASUK News 46, 2009   'In...... spite of a long line of social theory analyzing the spiritual in the economic, and vice versa, very little of the recent increase in scholarship on Islam addresses its relationship with capitalism. Johan Fischer’s book,Proper Islamic Consumption, begins to fill this gap. […] Fischer’s detailed...

  7. Spectral proper orthogonal decomposition

    CERN Document Server

    Sieber, Moritz; Paschereit, Christian Oliver

    2015-01-01

    The identification of coherent structures from experimental or numerical data is an essential task when conducting research in fluid dynamics. This typically involves the construction of an empirical mode base that appropriately captures the dominant flow structures. The most prominent candidates are the energy-ranked proper orthogonal decomposition (POD) and the frequency ranked Fourier decomposition and dynamic mode decomposition (DMD). However, these methods fail when the relevant coherent structures occur at low energies or at multiple frequencies, which is often the case. To overcome the deficit of these "rigid" approaches, we propose a new method termed Spectral Proper Orthogonal Decomposition (SPOD). It is based on classical POD and it can be applied to spatially and temporally resolved data. The new method involves an additional temporal constraint that enables a clear separation of phenomena that occur at multiple frequencies and energies. SPOD allows for a continuous shifting from the energetically ...

  8. Empirical Analysis on Effect of Agricultural Financial Investment on Increase of Farmers’ Income

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    On the basis of economic data from 1978 to 2006,the co-integration theory is applied to discuss the relation between agricultural financial investment and farmers’ income.The statistic AR model is obtained.Then,it makes pulse response analysis in combination with principle of pulse response analysis.The regression results show that support in agricultural production,various agricultural operating expenses and three types of costs for agricultural science and technology are favorable to farmers’ income,while expenditure in agricultural capital construction and rural relief costs hinder increase of farmers’ income.The results of pulse response analysis indicate that the change in support of agricultural production and various agricultural operating expenses have positive impact on farmers’ net income,and the impact is greater and greater from the second year;the response of expenditure in agricultural capital construction and rural relief cost is positive in the beginning and starts to fluctuate from the third year;the pulse response of three types of costs for agricultural science and technology is negative,lasts about five periods,and then turns to positive impact.Finally,combining characteristics of China’s financial support for agriculture,it concludes that the scale,proportion and structure of financial support for agriculture are quite improper.

  9. THE THEORY OF REAL OPTIONS in investment ANALYSIS of agroforestry systems

    Directory of Open Access Journals (Sweden)

    Maísa Santos Joaquim

    2015-09-01

    Full Text Available In this study we compared the values generated by traditional economic analysis (Net Present Value - NPV with Real Options Method. The objective was to apply the method proposed by Copeland & Antikarov for rainbow options, due to three stochastic variables selected with decision of abandonment if the project value with flexibility was less than the value of the underlying stock. It enabled the flexibility value generation in order to entrepreneurs to have more confidence in their decision when they are investing in a project with Agroforestry System, with different scenarios visualization in a single analysis. The results evidenced that the economic viability analysis, using Real Options, provided the best view of the possible scenarios, within a range generated by the prices volatility. The Net Present Value adopted as the underlying stock value was R$ 5,684.32, using the discount rate (WACC of 9.95% and risk-free interest rate of 7.5%. To determine the volatility were calculated: the logarithmic return standard deviation (27.06, the average (0.0883, upward movements values (u (1.3107 with 61.34% of probability and downward movements values (d(0.7628 with 38.66%  of probability. The option value in case of abandonment was R$ 2,059.01/ha positive. The results showed that the NPV overestimated the project return and that it would be viable to abandon it.

  10. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...... to benefit from their personal preferences and to remain rational actors in the financial market....

  11. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible......Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...

  12. Modeling and Analysis in Support of Decision Making for Technological Investment

    Energy Technology Data Exchange (ETDEWEB)

    Lenhart, S

    2003-06-11

    Engineering design, resource allocation, military operations, and investment strategies share a major common trait, which is, to a large extent, independent of their different origins, specific features, and intended goals. The unifying trait is the fact that, in any of these endeavors, one has to make reasonable choices, at multiple levels of decision making, among various possible and sometimes competing prospective solutions to an important and consequential practical problem. While the specifics of the problem depend on application, context, additional constraints, etc., the ultimate--albeit imprecise--goal in all these activities is to ''optimize performance,'' which is to have maximal success/profit/return with minimal time/effort/investment. In general, the underlying system is ruled by complex and often unknown dynamics, and affected by various uncertainties, which are unknown as well; on the other hand, there are numerous levels of decision making, which result in a hierarchical structure in the decision process (tree) that is both asynchronous and non-deterministic. Usually, indifferent of the specific application, as one lowers the level of decision making, alternatives depend on fewer independent variables and models become more detailed and physics/engineering based. On the contrary, at higher levels, various components aggregate and decision making is based more on fuzzier criteria instead of readily quantifiable physics/engineering details. Moreover, decisions are strongly influenced by the educational and personal biases of the people who take them. In some instances, this may blur, if not totally obfuscate objective comparisons between various options. Therefore, a crucial point in decision-making is properly understanding and quantifying the tradeoffs, including all their future relevant consequences. Since the interaction between various choices is an intricate nonlinear process, the focus shifts from the dynamics itself to

  13. The Determinants of Foreign Investment in Pakistan: A gravity model analysis

    Directory of Open Access Journals (Sweden)

    Syed Waqar Azeem

    2012-06-01

    Full Text Available Background: During the last two decades Pakistan was one of the most attractive countries that received Foreign Direct Investment (FDI among developing economies, and especially in first half of the last decade the growth was so rapid and sustainable in different industries as well as in agriculture.  In Pakistani economy the role of Foreign Direct Investment is very important. Policies are clear about the foreign investment even then adjustments are made according to the time, objective, needs and economic circumstances in the country.  Methods: The present study aims to investigate the determinants of foreign investment in Pakistan by using Gravity model. By using panel data of FDI which is used as dependent variable and Gross domestic product, Gross domestic product per capita, Gross domestic product growth rate, Inflation rate, Trade, Total government expenditure, Population growth and Distance used as independent variable from 1999 to 2009 for empirical consequences, the study encompasses the examination of Foreign Direct Investment inflows from different countries and their geographical distance from Pakistan. Results:  Two type of test is used (1 fixed and (2 random effect to check the relationship among foreign direct investment and independent variables. In our both models distance shows a negative impact on the decision to make an investment by investing partner while GDP and GDP growth have a positive and significant impact. Gravity in this regards does not effect that much for foreign direct investment attraction because results are negatively significant in this case that shows higher distance is a hurdle for the inflow of foreign investment but rest of the variables are significantly positive and related to the inflow of foreign investment except population growth which is negatively correlated.   Conclusion: This research concludes that there is a strong evidence of existence of gravity between Pakistan and its investing

  14. RATIO ANALYSIS OF ACTUAL BUSINESS PERFORMANCE OF OPEN INVESTMENT FUNDS IN SERBIA

    Directory of Open Access Journals (Sweden)

    Lidija Barjaktarović

    2013-05-01

    Full Text Available The subject of this paper is to analyze the performance of open investment funds in Serbia in the period of 2007 to 2013. By applying Jensen's alpha, Sharper and Sortino ratio it was found that theperformances of domestic investment funds are unsatisfactory. Review of investment funds operations is based on the returns they bring and the risks they accept in the business. In Serbia, the equity funds, as the most risky funds, started to operate in 2007, while cash funds (as the least risky funds were introduced in later phase after 3 years. At the moment there are 16 open investment funds (on 02/28/13, where value growth and value maintenance funds dominate. A total net asset of open investment funds is 2,324 million Dinars i.e. 20 million Euros (at the end of 2012.

  15. College Women's Stay/Leave Decisions in Abusive Dating Relationships: A Prospective Analysis of an Expanded Investment Model

    Science.gov (United States)

    Edwards, Katie M.; Gidycz, Christine A.; Murphy, Megan J.

    2011-01-01

    The purpose of the current study was to explore college women's stay/ leave decisions in abusive relationships using a prospective methodology. Participants (N = 323) completed surveys at the beginning and end of a 10-week academic quarter for course credit. A path analysis suggested that the model--which included investment model variables (i.e.,…

  16. ICT-enabled Social Innovation in support of the Implementation of the Social Investment Package (IESI) - Mapping and analysis of ICT-Enabled Social Innovation initiatives promoting social investment through integrated approaches to the provision of social services

    OpenAIRE

    MISURACA GIANLUCA; COLOMBO VILARRASA CLELIA; KUCSERA CSABA; CARRETERO GOMEZ STEPHANIE; BACIGALUPO MARGHERITA; Radescu, Raluca

    2015-01-01

    This report presents the results of the mapping and analysis of ICT-enabled social innovation initiatives promoting social investment through integrated approaches to the provision of social services, which was conducted as part of the research on ICT-Enabled Social Innovation in support of the Social Investment Package (SIP). The main goal of the research carried out by the European Commission's JRC-IPTS jointly with the Directorate General Employment, Social Affairs and Inclusion, was to ex...

  17. Life support technology investment strategies for flight programs: An application of decision analysis

    Science.gov (United States)

    Schlater, Nelson J.; Simonds, Charles H.; Ballin, Mark G.

    1993-01-01

    Applied research and technology development (R&TD) is often characterized by uncertainty, risk, and significant delays before tangible returns are obtained. Given the increased awareness of limitations in resources, effective R&TD today needs a method for up-front assessment of competing technologies to help guide technology investment decisions. Such an assessment approach must account for uncertainties in system performance parameters, mission requirements and architectures, and internal and external events influencing a development program. The methodology known as decision analysis has the potential to address these issues. It was evaluated by performing a case study assessment of alternative carbon dioxide removal technologies for NASA's proposed First Lunar Outpost program. An approach was developed that accounts for the uncertainties in each technology's cost and performance parameters as well as programmatic uncertainties such as mission architecture. Life cycle cost savings relative to a baseline, adjusted for the cost of money, was used as a figure of merit to evaluate each of the alternative carbon dioxide removal technology candidates. The methodology was found to provide a consistent decision-making strategy for development of new life support technology. The case study results provided insight that was not possible from more traditional analysis approaches.

  18. Summary of Utility Studies: Smart Grid Investment Grant Consumer Behavior Study Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Cappers, Peter [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Todd, Annika [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Goldamn, Charles A. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2013-05-01

    The U.S. Department of Energy’s (DOE’s) Smart Grid Investment Grant (SGIG) program is working with a subset of the 99 SGIG projects to assess the response of mass market consumers (i.e., residential and small commercial customers) to time-varying electricity prices (referred to herein as time-based rate programs) in conjunction with the deployment of advanced metering infrastructure (AMI) and associated technologies. The effort provides an opportunity to advance the electric industry’s understanding of consumer behavior. In addition, DOE is attempting to apply a consistent study design and analysis framework for the SGIG Consumer Behavior Studies (CBS). The aim is to collect information across the studies on variables and impacts that have been defined in a consistent manner. This will enable Lawrence Berkeley National Lab (LBNL), as DOE’s principal investigator for these Consumer Behavior Studies, to leverage the data from the individual studies and conduct comparative analysis of the impacts of AMI, time-based rate programs and enabling technologies that facilitate customer control, automation and information/feedback on customer energy usage.

  19. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

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

  20. Climate Risk Informed Decision Analysis (CRIDA): A novel practical guidance for Climate Resilient Investments and Planning

    Science.gov (United States)

    Jeuken, Ad; Mendoza, Guillermo; Matthews, John; Ray, Patrick; Haasnoot, Marjolijn; Gilroy, Kristin; Olsen, Rolf; Kucharski, John; Stakhiv, Gene; Cushing, Janet; Brown, Casey

    2016-04-01

    Engineers and water managers have always incorporated uncertainty in water resources operations, design and planning. In recent years, concern has been growing concern that many of the fundamental principles to address uncertainty in planning and design are insufficient for coping with unprecedented shifts in climate, especially given the long lifetimes of water investments - spanning decades, even centuries. Can we design and operate new flood risk management, energy, water supply and sanitation, and agricultural projects that are robust to shifts over 20, 50, or more years? Since about 2009, better approaches to planning and designing under climate uncertainty have been gaining ground worldwide. The main challenge is to operationalize these approaches and bring them from science to practice, embed them within the existing decision-making processes of particular institutions, and shift from highly specialized "boutique" applications to methods that result in consistent, replicable outcomes accessible to water managers worldwide. With CRIDA a serious step is taken to achieve these goals. CRIDA is built on two innovative but complementary approaches that have developed in isolation across the Atlantic over the past seven years: diagnosing and assessing risk (decision scaling), and developing sequential decision steps to compensate for uncertainty within regulatory / performance standards (adaptation pathways). First, the decision scaling or "bottom up" framework to climate change adaptation was first conceptualized during the US/Canada Great Lakes regulation study and has recently been placed in a decision-making context for water-related investments published by the World Bank Second, the adaptation pathways approach was developed in the Netherlands to cope with the level of climate uncertainty we now face. Adaptation pathways is a tool for maintaining options and flexibility while meeting operational goals by envisioning how sequences of decisions can be navigated

  1. Proper Islamic Consumption

    DEFF Research Database (Denmark)

    Fischer, Johan

    ”. It is a must-read for researchers and students alike, especially those who want to pursue their study on the middle class, Islam and consumption.' Reviewed by Prof. Abdul Rahman Embong, Asian Anthropology    'This volume does make an important contribution to our understanding of the responses of socially...... spite of a long line of social theory analyzing the spiritual in the economic, and vice versa, very little of the recent increase in scholarship on Islam addresses its relationship with capitalism. Johan Fischer’s book,Proper Islamic Consumption, begins to fill this gap. […] Fischer’s detailed...

  2. Characterizations of proper actions

    Science.gov (United States)

    Biller, Harald

    2004-03-01

    Three kinds of proper actions of increasing strength are defined. We prove that the three definitions specialize to the definitions by Bourbaki, by Palais and by Baum, Connes and Higson in their respective settings. The third of these, which thus turns out to be the strongest, originally only concerns actions of second countable locally compact groups on metrizable spaces. In this situation, it is shown to coincide with the other two definitions if the total space locally has the Lindelöf property and the orbit space is regular.

  3. An Empirical Analysis of Cash Flow and Investment Fluctuations Using Firm-Level Panel Data

    Directory of Open Access Journals (Sweden)

    Abdul Ghafar Ismail

    2005-01-01

    Full Text Available Since the pioneering work of Gurley and Shaw (1955, the attempt has been done to justify money as a primary focal point of macroeconomic theorizing. However, other researchers argue that variables such as financial development and indicators are also important to be linked with macroeconomic performance. Here, if money can be thought as means of production and consumer goods as the ultimate end toward which production is directed, and then capital also occupies a position that is both logically and temporarily intermediate between original means and ultimate ends. This temporarily intermediate status of capital is not in serious dispute, but its significance for macroeconomic theorizing is rarely recognized. The firms’ decision to acquire funds through debt and equity financings affects the capital structure, and, in the firm’s balance sheet, the impact of capital appears to influence the inventory investment. Hence, the significance of capital structure –induced inventory distortions in the context of firm-level is the basis for our article. The sample for our analysis is compiled from the balance sheets of listed syaria firms in the Kuala Lumpur Stock Exchange for the period 1995-2000.

  4. Foreign direct investment and liberalization policies in Pakistan: An empirical analysis

    Directory of Open Access Journals (Sweden)

    Rana Ejaz Ali Khan

    2014-12-01

    Full Text Available To enhance the inflow of foreign direct investment (FDI and ultimately to increase the economic growth, the countries have implemented a variety of financial and trade liberalization policies in the last three decades. Pakistan also initiated such type of policies. This study makes an analysis of the impact of liberalization (financial and trade in Pakistan, on the inflow of FDI using the time series data of 1971–2009. The DF-GLS test is used to determine the level of integration, and autoregressive distributed lag model to examine the long-run relationship. The results indicate that liberalization indicators, like financial liberalization index and trade openness along with real interest rate, negatively affect the inflow of FDI in Pakistan. Tax revenue of product also negatively affects the FDI. On the other hand, the gross fixed capital formation, infrastructure, and inflation positively influence the FDI in Pakistan. The market size (proxied by real gross domestic product has shown insignificant effect on FDI.

  5. BUSINESS DEVELOPMENT, FOREIGN DIRECT INVESTMENT AND INTERNATIONAL TRADE: A policy and economic comparative analysis for Canada

    Directory of Open Access Journals (Sweden)

    Isabel Husid

    2015-01-01

    Full Text Available The present work aims to achieve an overall view of Foreign Direct Investment and International Trade in Canada, analyzing both the current situation and the actions and policies being implemented by several provinces to promote this subject. This study will be valuable to companies and governments to understand what has been done and to support strategic planning to invest and trade with Canada, especially for the Brazilian market.

  6. “Financial constraints to enterprise investments: an international analysis on financial accounts of OECD countries”

    OpenAIRE

    Cinquegrana, Giuseppe; De Rita, Paola

    2012-01-01

    Since the ’80s, economic literature has stressed the importance of external financing on enterprises’ investment decisions; in particular the pecking order theory highlighted the existence of a hierarchy of financing sources, an approach that originates from the existence of asymmetric information between fund borrowers and lenders. The presence of effective financial constraints to the realisation of investments of productive units was reasserted in the work by Fazzari, Hubbard a...

  7. Financing constraints and corporate investment: an empirical analysis of china's manufacturing firms

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China's manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China's manufacturing firms, but the results are different with different variables to measure the financing constraints.

  8. Analysis of the Investment in Wood Processing and Furniture Manufacturing Entities by Key Factors of Competitiveness

    Directory of Open Access Journals (Sweden)

    Renata Ojurović

    2013-06-01

    Full Text Available Processing of wood and manufacture of wood and cork products, excluding furniture, manufacture of straw and plaiting goods (C16 and manufacture of furniture (C31 were the most competitive activities of the Republic of Croatia in the European market in the late 1980s and early 1990s. Those activities began losing their market share at the end of 1994, and no significant positive change in market competitiveness has been recorded since then. The question is how to achieve and maintain competitiveness, which is the condition of survival in an increasingly demanding environment. Preliminary and previous research on investments points to the assumption that the problem of competitiveness in the observed economic branch essentially boils down to a problem in the quality and efficiency of the investments of associated business entities. This paper tries to give answers to the following questions: What is the investment policy, is there an internal factor for lagging behind in competitiveness, what the other reasons are and how competitiveness can be achieved. By analyzing the investment in key factors of competitiveness in the period 2007 to 2010, consistently established by this paper, the existing data on investment of wood processing and furniture manufacturing entities will be identified, and an AHP investment model will be proposed that takes into account the simultaneous influence of all of the key factors of competitiveness and is the best indicator of the direction to be taken, with the final aim of achieving competitiveness.

  9. The health impact of trade and investment agreements: a quantitative systematic review and network co-citation analysis.

    Science.gov (United States)

    Barlow, Pepita; McKee, Martin; Basu, Sanjay; Stuckler, David

    2017-03-08

    Regional trade agreements are major international policy instruments that shape macro-economic and political systems. There is widespread debate as to whether and how these agreements pose risks to public health. Here we perform a comprehensive systematic review of quantitative studies of the health impact of trade and investment agreements. We identified studies from searches in PubMed, Web of Science, EMBASE, and Global Health Online. Research articles were eligible for inclusion if they were quantitative studies of the health impacts of trade and investment agreements or policy. We systematically reviewed study findings, evaluated quality using the Quality Assessment Tool from the Effective Public Health Practice Project, and performed network citation analysis to study disciplinary siloes. Seventeen quantitative studies met our inclusion criteria. There was consistent evidence that implementing trade agreements was associated with increased consumption of processed foods and sugar-sweetened beverages. Granting import licenses for patented drugs was associated with increased access to pharmaceuticals. Implementing trade agreements and associated policies was also correlated with higher cardiovascular disease incidence and higher Body Mass Index (BMI), whilst correlations with tobacco consumption, under-five mortality, maternal mortality, and life expectancy were inconclusive. Overall, the quality of studies is weak or moderately weak, and co-citation analysis revealed a relative isolation of public health from economics. We identified limitations in existing studies which preclude definitive conclusions of the health impacts of regional trade and investment agreements. Few address unobserved confounding, and many possible consequences and mechanisms linking trade and investment agreements to health remain poorly understood. Results from our co-citation analysis suggest scope for greater interdisciplinary collaboration. Notwithstanding these limitations, our

  10. Calculating proper transfer prices

    Energy Technology Data Exchange (ETDEWEB)

    Dorkey, F.C. (Meliora Research Associates, Rochester, NY (United States)); Jarrell, G.A. (Univ. of Rochester, NY (United States))

    1991-01-01

    This article deals with developing a proper transfer pricing method. Decentralization is as American as baseball. While managers laud the widespread benefits of both decentralization and baseball, they often greet the term transfer price policy with a yawn. Since transfer prices are as critical to the success of decentralized firms as good pitchers are to baseball teams, this is quite a mistake on the part of our managers. A transfer price is the price charged to one division for a product or service that another division produced or provided. In many, perhaps most, decentralized organizations, the transfer pricing policies actually used are grossly inefficient and sacrifice the potential advantages of decentralization. Experience shows that far too many companies have transfer pricing policies that cost them significantly in foregone growth and profits.

  11. THE ANALYSIS OF THE REAL ESTATE INVESTMENTS IN THE CURRENT ECONOMIC ENVIRONMENT

    Directory of Open Access Journals (Sweden)

    Hristea Anca Maria

    2013-07-01

    Full Text Available Real estate investments are one of the most attractive business opportunities in the context of the contemporary economy, generally marked by economic recession and especially by monetary and financial instability. Last years international reporting concluded that deepening the global economic crisis determined an increase of the real estate request, while despite all expectations one did not assist a crash of the prices. Economic reality showed that real estate assets value (buildings, land kept proportions with economic reality over time. A comparison between stock exchange market and the real estate market shows that while an movables investor (investments in stocks, bonds or life insurance might lose completely his initial investment, the investments in real estate assets, such as buildings, would keep their quality as goods and would also keep a value to better resist shocks and thus allowing an increase of the capital. When appreciating the value of an investment the first things to analyze are the return, liquidity and risk criteria, which are essential in real estate investments too. Stimulating real estate market must be not only a wish but also a reality of global economy, since it can correct many of the aggregated indicators of a country. Containing scientifically detached from economic practice, this article is addressed to readers with interests in real estate investment. The language is usually referred particularly to the qualitative side of the real estate market approach. The feasibility of the real estate investments is being conditioned by their capacity to generate important profits, on the background of the reduction of the duration of recovery of their value. The economic instability from the last couple of years has generated fears and failures but, paraphrasing Johann Wolfgang von Goethe, courage is a mixture of genius, magic and power that helps us succeed in everything we set our mind to. The investments on the real

  12. Mapping pneumonia research: A systematic analysis of UK investments and published outputs 1997-2013.

    Science.gov (United States)

    Head, Michael G; Fitchett, Joseph R; Newell, Marie-Louise; Scott, J Anthony G; Harris, Jennifer N; Clarke, Stuart C; Atun, Rifat

    2015-09-01

    The burden of pneumonia continues to be substantial, particularly among the poorest in global society. We describe here the trends for UK pneumonia R&D investment and published outputs, and correlate with 2013 global mortality. Data related to awards to UK institutions for pneumonia research from 1997 to 2013 were systematically sourced and categorised by disease area and type of science. Investment was compared to mortality figures in 2010 and 2013 for pneumonia, tuberculosis and influenza. Investment was also compared to publication data. Of all infectious disease research between 2011 and 2013 (£917.0 million), £28.8 million (3.1%) was for pneumonia. This was an absolute and proportionate increase from previous time periods. Translational pneumonia research (33.3%) received increased funding compared with 1997-2010 where funding was almost entirely preclinical (87.5%, here 30.9%), but high-burden areas such as paediatrics, elderly care and antimicrobial resistance received little investment. Annual investment remains volatile; publication temporal trends show a consistent increase. When comparing investment to global burden with a novel 'investment by mortality observed' metric, tuberculosis (£48.36) and influenza (£484.21) receive relatively more funding than pneumonia (£43.08), despite investment for pneumonia greatly increasing in 2013 compared to 2010 (£7.39). Limitations include a lack of private sector data and the need for careful interpretation of the comparisons with burden, plus categorisation is subjective. There has been a welcome increase for pneumonia funding awarded to UK institutions in 2011-2013 compared with 1997-2010, along with increases for more translational research. Published outputs relating to pneumonia rose steadily from 1997 to 2013. Investment relative to mortality for pneumonia has increased, but it remains low compared to other respiratory infections and clear inequities remain. Analyses that measure investments in pneumonia

  13. Mapping pneumonia research: A systematic analysis of UK investments and published outputs 1997–2013

    Science.gov (United States)

    Head, Michael G.; Fitchett, Joseph R.; Newell, Marie-Louise; Scott, J. Anthony G.; Harris, Jennifer N.; Clarke, Stuart C.; Atun, Rifat

    2015-01-01

    Background The burden of pneumonia continues to be substantial, particularly among the poorest in global society. We describe here the trends for UK pneumonia R&D investment and published outputs, and correlate with 2013 global mortality. Methods Data related to awards to UK institutions for pneumonia research from 1997 to 2013 were systematically sourced and categorised by disease area and type of science. Investment was compared to mortality figures in 2010 and 2013 for pneumonia, tuberculosis and influenza. Investment was also compared to publication data. Results Of all infectious disease research between 2011 and 2013 (£917.0 million), £28.8 million (3.1%) was for pneumonia. This was an absolute and proportionate increase from previous time periods. Translational pneumonia research (33.3%) received increased funding compared with 1997–2010 where funding was almost entirely preclinical (87.5%, here 30.9%), but high-burden areas such as paediatrics, elderly care and antimicrobial resistance received little investment. Annual investment remains volatile; publication temporal trends show a consistent increase. When comparing investment to global burden with a novel ‘investment by mortality observed’ metric, tuberculosis (£48.36) and influenza (£484.21) receive relatively more funding than pneumonia (£43.08), despite investment for pneumonia greatly increasing in 2013 compared to 2010 (£7.39). Limitations include a lack of private sector data and the need for careful interpretation of the comparisons with burden, plus categorisation is subjective. Conclusions There has been a welcome increase for pneumonia funding awarded to UK institutions in 2011–2013 compared with 1997–2010, along with increases for more translational research. Published outputs relating to pneumonia rose steadily from 1997 to 2013. Investment relative to mortality for pneumonia has increased, but it remains low compared to other respiratory infections and clear inequities remain

  14. Benefit-cost analysis of selected DOE/OHER investments in coal liquefaction.

    Energy Technology Data Exchange (ETDEWEB)

    Callaway, J.M.; Fillo, J.P.; Gray, R.H.; Felix, W.D.; Mahlum, D.D.

    1982-09-01

    Based in large part of the lack of specific information about the nature and magnitude of health impacts that could occur from commercialization of a coal liquefaction industry, DOE initiated a broad-based program to study the potential health and environmental fate and effects of process streams from several coal liquefaction process options. Responsibility for this research was assigned to OHER. Specific results of this research program that are important for the purpose of this analysis include findings that: the toxicity and teratogenic potential of coal liquids boiling below 450/sup 0/F is small; mutagenic and carcinogenic activity is typically expressed in coal liquids boiling above 750/sup 0/F; and mutagenic and carcinogenic activity increases markedly in coal liquids boiling above 800/sup 0/F. Based on the above findings, OHER funded research to evaluate the effect of various hydrotreatment levels on the biological activity of coal-derived liquids. Studies using the Ames assay or mammalian cell transformation assays indicated that hydrotreatment was effective in reducing biological activity of coal-derived liquids. Skin-painting studies demonstrated that carcinogenicity was also reduced by hydrotreatment. Studies in progress are evaluating the effects of hydrotreatment severity on biological activity. However, it appears reasonably clear that health risks can be reduced by hydrotreating only materials that boil above 750/sup 0/F. Materials boiling below 750/sup 0/ could be marketed directly without significant risk to individuals exposed to these products. The benefit-cost analysis presented is based on the premise that the cost differential between full and partial hydrotreatment provides the basis for approximating the potential benefits associated with the relevant OHER research investments.

  15. Does Investment Treaty Affect the Improvement on FDI?

    OpenAIRE

    Eunsook Seo

    2008-01-01

    The paper analyzes how investment treaty affects investment creation. Analysis results show that investment treaty could not directly affect the increase in investment with the form of investment agreement contradicting and the opening of investment treaty countries have increased a great deal of investment. Contracting the investment agreement means to ultimately improve the investment environment such as policy transparency, simplification of administration, and the simplification or the cl...

  16. Investment Invited

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    T he 2006 Major Projects Investment Consultation and Talks, an investment promotion fair, jointly sponsored by the All-China Federation of Industry and Commerce and the Nanjing Municipal Government, will be held at the Nanjing International Expo Center from May 28 to 30. Organizers of the event also include Nanjing's neighboring cities of

  17. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...... of underinvestment and, hence, induces cutting down investment. On the other hand, severely constrained firms benefit more by getting closer to the first-best investment implying higher investment....

  18. SWOT Analysis for China's Investment on Oil and Gas in Africa%我国在非洲地区油气投资的SWOT分析

    Institute of Scientific and Technical Information of China (English)

    鞠武; 练迪克

    2014-01-01

    本文对我国在非洲地区油气投资进行了SWOT分析,并提出了投资对策。%This article carries on SWOT analysis on China's investment on oil and gas in Africa, and puts forward investment strategies.

  19. ECONOMIC EFFICIENCY - DETERMINED ELEMENT IN INVESTMENT DECISION

    Directory of Open Access Journals (Sweden)

    Claudia MUNGIU-PUPAZAN

    2010-03-01

    Full Text Available Economic activity of a country are conducted by industry, under branches and production sectors, each with special characteristics and conditions of work, which, of course, put their imprint on the organization manner of the production process By an analysis of the concept of economic efficiency of investment is found that this is an amount of qualitative factors, which gives the latter a complex character, aimed to improving activity in the area where are taking place to the putting into service of such investment, which can be modernization, bringing new equipments, reconstruction and development. Study the economic efficiency of investment involves, as a base, an analysis of causal factors that determine the decision in the afferent medium of risk. Corresponding to peculiarities of the production process, it requires a proper methodology of assessment the economic efficiency of investment, with specification to maintain the general principles for calculating the economic efficiency indicators and specific indicators come only to complete the picture of indicators of general, basic and supplementary already calculated in order to provide additional clues, afferent to branch, under-branch or sector of activity.

  20. Impact analysis of government investment on water projects in the arid Gansu Province of China

    Science.gov (United States)

    Wang, Zhan; Deng, Xiangzheng; Li, Xiubin; Zhou, Qing; Yan, Haiming

    In this paper, we introduced three-nested Constant Elasticity of Substitution (CES) production function into a static Computable General Equilibrium (CGE) Model. Through four levels of factor productivity, we constructed three nested production function of land use productivity in the conceptual modeling frameworks. The first level of factor productivity is generated by the basic value-added land. On the second level, factor productivity in each sector is generated by human activities that presents human intervention to the first level of factor productivity. On the third level of factor productivity, water allocation reshapes the non-linear structure of transaction among first and second levels. From the perspective of resource utilization, we examined the economic efficiency of water allocation. The scenario-based empirical analysis results show that the three-nested CES production function within CGE model is well-behaved to present the economy system of the case study area. Firstly, water scarcity harmed economic production. Government investment on water projects in Gansu thereby had impacts on economic outcomes. Secondly, huge governmental financing on water projects bring depreciation of present value of social welfare. Moreover, water use for environment adaptation pressures on water supply. The theoretical water price can be sharply increased due to the increasing costs of factor inputs. Thirdly, water use efficiency can be improved by water projects, typically can be benefited from the expansion of water-saving irrigation areas even in those expanding dry area in Gansu. Therefore, increasing governmental financing on water projects can depreciate present value of social welfare but benefit economic efficiency for future generation.

  1. International Direct Investment and Transboundary Pollution: An Empirical Analysis of Complex Networks

    Directory of Open Access Journals (Sweden)

    Yuping Deng

    2015-04-01

    Full Text Available Using complex networks and spatial econometric methods, we empirically test the extent to which a country’s influence and its position in an international investment network affect environmental quality as well as the country’s role in transboundary pollution transfer. The estimated results show that the ties connecting nodes together in an international investment network have significant impacts on global environmental pollution. Additionally, node linkages between developing countries have stronger negative effects on environmental quality than node linkages between developed countries. Moreover, greater node importance and node centrality accelerate the speed and scale of the growth of polluting industries, which allows developed countries to more easily transfer their pollution-intensive industries to developing countries that possess higher node dependency. We also find that the factor endowment effect coexists with the pollution haven effect, the effects of environmental regulation advantage in the international investment network are greater than the impact of factor endowment advantage.

  2. Foreign Remittances, Foreign Direct Investment, Foreign Imports and Economic Growth in Pakistan: A Time Series Analysis

    Directory of Open Access Journals (Sweden)

    Muhammad Tahir

    2015-10-01

    Full Text Available This empirical research paper focuses on establishing a relationship between external determinants and economic growth of Pakistan economy. Empirical analyses are carried out with time series econometric techniques using data over the period of 1977-2013. The main finding is that external determinants such as foreign remittances, foreign direct investment, and foreign imports matter from a growth perspective. Foreign remittances and foreign direct investment have a significant positive role in the growth process of Pakistan economy. Furthermore, it is found that foreign imports have adversely influenced the economic growth of Pakistan. The study recommends that policy makers shall take appropriate steps to increase the inflow of both foreign remittances and foreign direct investment in order to achieve the long run economic growth.

  3. An approach to the investment analysis of small and medium hydro-power plants

    DEFF Research Database (Denmark)

    Forouzbakhsh, Farshid; Hosseini, S.M.H.; Vakilian, M.

    2007-01-01

    Hydro-power plants, as a part of infrastructure projects, play an important role in the economic-social development of countries. Sincea large amount of investment is needed for construction of these power plants, which appeared to be an obstacle in these developments,however it is possible...... to finance these infrastructure plants by assigning these affairs to private sectors by using build operate transfer(BOT) method, which is quite well-known all around the world. This paper reviews the structure of BOT contracts and through aneconomic evaluation based on different percentage of investments...... of private sector in providing the expenses of small and mediumhydro-power plants (S&M-HPP) (e.g. MHPP in ‘‘Bookan, Iran’’ and SHPP in ‘‘Nari, Iran’’), demonstrates that by increasing thepercentage the share of the private sector in the investment, the economic indices B/C and NPV improve substantially...

  4. The benefit of regional diversification of cogeneration investments in Europe: A mean-variance portfolio analysis

    Energy Technology Data Exchange (ETDEWEB)

    Westner, Guenther, E-mail: guenther.westner@eon-energie.co [E.ON Energy Projects GmbH, Arnulfstrasse 56, 80335 Munich (Germany); Madlener, Reinhard, E-mail: rmadlener@eonerc.rwth-aachen.d [Institute for Future Energy Consumer Needs and Behavior (FCN), Faculty of Business and Economics/E.ON Energy Research Center, RWTH Aachen University, Mathieustrasse 6, 52074 Aachen (Germany)

    2010-12-15

    The EU Directive 2004/8/EC, concerning the promotion of cogeneration, established principles on how EU member states can support combined heat and power generation (CHP). Up to now, the implementation of these principles into national law has not been uniform, and has led to the adoption of different promotion schemes for CHP across the EU member states. In this paper, we first give an overview of the promotion schemes for CHP in various European countries. In a next step, we take two standard CHP technologies, combined-cycle gas turbines (CCGT-CHP) and engine-CHP, and apply exemplarily four selected support mechanisms used in the four largest European energy markets: feed-in tariffs in Germany; energy efficiency certificates in Italy; benefits through tax reduction in the UK; and purchase obligations for power from CHP generation in France. For contracting companies, it could be of interest to diversify their investment in new CHP facilities regionally over several countries in order to reduce country and regulatory risk. By applying the Mean-Variance Portfolio (MVP) theory, we derive characteristic return-risk profiles of the selected CHP technologies in different countries. The results show that the returns on CHP investments differ significantly depending on the country, the support scheme, and the selected technology studied. While a regional diversification of investments in CCGT-CHP does not contribute to reducing portfolio risks, a diversification of investments in engine-CHP can decrease the risk exposure. - Research highlights: {yields}Preconditions for CHP investments differ significantly between the EU member states. {yields}Regional diversification of CHP investments can reduce the total portfolio risk. {yields}Risk reduction depends on the chosen CHP technology.

  5. Investments in cancer research awarded to UK institutions and the global burden of cancer 2000-2013: a systematic analysis.

    Science.gov (United States)

    Maruthappu, Mahiben; Head, Michael G; Zhou, Charlie D; Gilbert, Barnabas J; El-Harasis, Majd A; Raine, Rosalind; Fitchett, Joseph R; Atun, Rifat

    2017-04-20

    To systematically categorise cancer research investment awarded to United Kingdom (UK) institutions in the period 2000-2013 and to estimate research investment relative to disease burden as measured by mortality, disability-adjusted life years (DALYs) and years lived with disability (YLDs). Systematic analysis of all open-access data. Public and philanthropic funding to all UK cancer research institutions, 2000-2013. Number and financial value of cancer research investments reported in 2013 UK pounds (UK£). Mortality, DALYs and YLDs data were acquired from the Global Burden of Disease Study. A compound metric was adapted to estimate research investment relative to disease burden as measured by mortality, DALYs and YLDs. We identified 4299 funded studies with a total research investment of £2.4 billion. The highest fundings by anatomical sites were haematological, breast, prostate, colorectal and ovarian cancers. Relative to disease burden as determined by a compound metric combining mortality, DALYs and YLDs, gender-specific cancers were found to be highest funded-the five sites that received the most funding were prostate, ovarian, breast, mesothelioma and testicular cancer; the least well-funded sites were liver, thyroid, lung, upper gastrointestinal (GI) and bladder. Preclinical science accounted for 66.2% of award numbers and 62.2% of all funding. The top five areas of primary research focus by funding were pathogenesis, drug therapy, diagnostic, screening and monitoring, women's health and immunology. The largest individual funder was the Medical Research Council. In combination, the five lowest funded site-specific cancers relative to disease burden account for 47.9%, 44.3% and 20.4% of worldwide cancer mortality, DALYs and YLDs. Research funding for cancer is not allocated according to relative disease burden. These findings are in line with earlier published studies. Funding agencies and industry should openly document their research investments to

  6. Analysis and models of bilateral investment treaties using a social networks approach

    Science.gov (United States)

    Saban, Daniela; Bonomo, Flavia; Stier-Moses, Nicolás E.

    2010-09-01

    Bilateral investment treaties (BITs) are agreements between two countries for the reciprocal encouragement, promotion and protection of investments in each other’s territories by companies based in either country. Germany and Pakistan signed the first BIT in 1959 and since then, BITs are one of the most popular and widespread form of international agreement. In this work we study the proliferation of BITs using a social networks approach. We propose a network growth model that dynamically replicates the empirical topological characteristics of the BIT network.

  7. Historical Analysis of Investment in Solar Energy Technologies (2000-2007)

    Energy Technology Data Exchange (ETDEWEB)

    Jennings, C. E.; Margolis, R. M.; Bartlett, J. E.

    2008-12-01

    The solar energy industry experienced unprecedented growth in the eight years from 2000 to 2007, with explosive growth occurring in the latter half of this period. From 2004 to 2007, global private sector investment in solar energy increased by almost twenty-fold, marking a dramatic increase in the short span of four years. This paper examines the timing, magnitude, focus and location of various forms of investment in the solar energy sector. It analyzes their trends to provide an understanding of the growth of the solar industry during the past eight years and to identify emerging themes in this rapidly evolving industry.

  8. A Gray Correlation Analysis of Rural Infrastructure Investment and Agricultural Development of Xinjiang Autonomous Region%新疆农村基础设施投资与农业发展灰色分析

    Institute of Scientific and Technical Information of China (English)

    古丽帛斯旦·买买提

    2012-01-01

    Agriculture is the economic basis of Xinjiang and agriculture economic development is the core of "Three Rural Issues" of Xinjiang.Rural infrastructure investment is the precondition to promote the agricultural economy of Xinjiang.Therefore,a proper understanding of different rural infrastructure investment 's influence on the agriculture economic growth of Xinjiang is a basic requirement for the sustainable agriculture development of this region.This paper analyzes the gray correlation analysis of rural infrastructure investment and agriculture economic growth.The outcome proves that there exists high correlation between Xinjiang's agriculture economic growth and infrastructure investment including rural water conservancy,water and electricity,transportation,telecommunication and education etc.Among them,the correlation between water conservancy and transportation investment is closest.%农业是新疆地区的经济基础,农业经济发展是新疆"三农"问题的核心。农村基础设施投资是推动新疆农业经济的前提条件。因此,正确认识不同的农村基础设施投资对新疆农业经济增长的影响是促进新疆农业持续稳定发展的基本要求。本文分析了新疆农村基础设施投资与农业经济增长的灰色关联,结果表明新疆农业经济增长与农村水利、水电、交通运输、通信和教育等基础设施投资的关联度较高,其中水利设施投资和交通运输投资的关联度是最高。

  9. Investment Evaluation Difficulties

    Directory of Open Access Journals (Sweden)

    Bogdan Cosmin Gomoi

    2011-12-01

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

  10. How to conduct a proper sensitivity analysis in life cycle assessment: taking into account correlations within LCI data and interactions within the LCA calculation model.

    Science.gov (United States)

    Wei, Wei; Larrey-Lassalle, Pyrene; Faure, Thierry; Dumoulin, Nicolas; Roux, Philippe; Mathias, Jean-Denis

    2015-01-06

    Sensitivity analysis (SA) is a significant tool for studying the robustness of results and their sensitivity to uncertainty factors in life cycle assessment (LCA). It highlights the most important set of model parameters to determine whether data quality needs to be improved, and to enhance interpretation of results. Interactions within the LCA calculation model and correlations within Life Cycle Inventory (LCI) input parameters are two main issues among the LCA calculation process. Here we propose a methodology for conducting a proper SA which takes into account the effects of these two issues. This study first presents the SA in an uncorrelated case, comparing local and independent global sensitivity analysis. Independent global sensitivity analysis aims to analyze the variability of results because of the variation of input parameters over the whole domain of uncertainty, together with interactions among input parameters. We then apply a dependent global sensitivity approach that makes minor modifications to traditional Sobol indices to address the correlation issue. Finally, we propose some guidelines for choosing the appropriate SA method depending on the characteristics of the model and the goals of the study. Our results clearly show that the choice of sensitivity methods should be made according to the magnitude of uncertainty and the degree of correlation.

  11. Economic development and foreign direct investment: How to create sustainable development an analysis of the potential for sustainable development on the Indian subcontinent

    Directory of Open Access Journals (Sweden)

    Homlong Nathalie

    2010-01-01

    Full Text Available Focusing critically on the effects of the conditions for foreign direct investment on sustainable growth in the recipient country, this paper analyzes the potential for investments in environmental innovations in India. The definition of sustainability applied in this paper incorporates economic development and investment which promotes environmentally and socially friendly production and innovation. As the Indian economy experienced strong growth in GDP in recent years, but is still lagging behind in providing the basic needs of clean water, clean air and proper waste management for households and companies, the necessity for sustainable development exists. From a methodological point of view this paper uses macroeconomic data to evaluate quantitatively the potentials and needs of Indian states. This results in a state ranking showing the potential for sustainable development in selected Indian states, based on economic and environmental indicators.

  12. Analysis and Evaluation of Exclusive Investment Program%互斥型投资方案的分析评价

    Institute of Scientific and Technical Information of China (English)

    李俊磊; 和凯利; 蒋国辉

    2014-01-01

    The analysis and evaluation of exclusive investment program is the process of analyzing and calculating the programs for achieving the same project with a set of economic and cost indicators analysis and selecting one or more technical programs through the appropriate comparison, evaluation and other steps. When selecting programs, there are many methods, but how to use these methods to balance the relationship between investment results and investment efficiency, and thus achieve the correct project decisions is an important issue of this article. Therefore, this article explores the analysis and evaluation of exclusive investment program for reference.%互斥型投资方案分析评价是借助于一组经济、成本指标,对实现同一项目的方案进行分析和计算,并通过相应的比较、评价等步骤,选出一个或者多个技术方案的过程。在选择方案时,有很多方法,但如何运用这些方法去平衡投资效果和投资效率之间的关系,进而实现正确的项目决策是本文研究的重要问题。因此,本文就对互斥型投资方案的分析评价进行重点探究,以供参考。

  13. Analysis on Investment Control of Engineering Design Stage%浅析工程设计阶段的投资控制

    Institute of Scientific and Technical Information of China (English)

    罗胤

    2013-01-01

      近年来,一些企业采取了很多举措来加强投资控制,并取得了一定效果,但个别项目超投资现象仍比较严重。投资控制是建设项目管理的重要环节,控制得当就会降低投资,提高运营经济效益。重点探讨了工程设计阶段的建设项目投资控制,从投资控制的必要性以及投资控制措施方面作了阐述。认为,确定合理的项目功能和投资目标,推行项目法人制,实行招投标制度与加强工程设计的变更管理等是投资控制的关键因素。%In recent years, some enterprises have taken a lot of measures to strengthen the investment control, and achieved certain results. But the excessive investments for some projects still exist. Investment control is an important part of construction project management. Proper control will reduce investment, and improve the operating economic benefit. Therefore, this paper has stated the necessity and measures of investment control focusing on the investment control of construction project in the engineering design stage. The conclusion is that the key factors of investment control are confirming the reasonable project function and investment objective, carrying the project legal person system, applying the public bidding system, and strengthening the charge management of engineering design.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2013-09-30

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2013-09-30

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

  16. Computer simulation environment for comparative analysis of models for investment portfolio management

    Science.gov (United States)

    Marchev, Angel, Jr.; Marchev, Angel

    2013-12-01

    Building on the notion of systematically analyzing investment portfolio as a feedback system, there is a need of experimentation system. In this paper such system for experimenting with various traditional, classical, advanced, etc. models for portfolio management is described. The main objective is to have the ability to compete the models systematically on a unified data track.

  17. The benefit of regional diversification of cogeneration investments in Europe. A mean-variance portfolio analysis

    Energy Technology Data Exchange (ETDEWEB)

    Westner, Guenther; Madlener, Reinhard [E.ON Energy Projects GmbH, Arnulfstrasse 56, 80335 Munich (Germany)

    2010-12-15

    The EU Directive 2004/8/EC, concerning the promotion of cogeneration, established principles on how EU member states can support combined heat and power generation (CHP). Up to now, the implementation of these principles into national law has not been uniform, and has led to the adoption of different promotion schemes for CHP across the EU member states. In this paper, we first give an overview of the promotion schemes for CHP in various European countries. In a next step, we take two standard CHP technologies, combined-cycle gas turbines (CCGT-CHP) and engine-CHP, and apply exemplarily four selected support mechanisms used in the four largest European energy markets: feed-in tariffs in Germany; energy efficiency certificates in Italy; benefits through tax reduction in the UK; and purchase obligations for power from CHP generation in France. For contracting companies, it could be of interest to diversify their investment in new CHP facilities regionally over several countries in order to reduce country and regulatory risk. By applying the Mean-Variance Portfolio (MVP) theory, we derive characteristic return-risk profiles of the selected CHP technologies in different countries. The results show that the returns on CHP investments differ significantly depending on the country, the support scheme, and the selected technology studied. While a regional diversification of investments in CCGT-CHP does not contribute to reducing portfolio risks, a diversification of investments in engine-CHP can decrease the risk exposure. (author)

  18. Analysis of Fixed Asset Investments in the First Half of 2007

    Institute of Scientific and Technical Information of China (English)

    Dong Tao

    2007-01-01

    @@ Fixed asset investment in China picked up mildly overall in the first half of 2007. growing 25.9% from January to June - 3.9 percentage points lower than the same period of 2006 and 2.2 percentage points higher than the first quarter of this year.

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

    Directory of Open Access Journals (Sweden)

    Futó Judit Edit

    2016-06-01

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

  20. FOREIGN DIRECT INVESTMENTS IN SOUTH-EASTERN EUROPE COUNTRIES ANALYSIS OF INFLUENCE FACTORS

    Directory of Open Access Journals (Sweden)

    Nenad POPOVIĆ

    2010-01-01

    Full Text Available That influences the inflow of foreign direct investments (FDIs into South-Eastern Europe (SEE, whereby main emphasis will be put on republics of Former Yugoslavia, but also with some references to Romania’s case.Choice of the countries for comparison is made upon assumption that they were characterized by relatively the same industrial, market and social development before they entered the process of transition, so comparisons from the aspect of achieved results is of scientific importance. Special attention will be directed to the result made by the Republic of Serbia in the process of attracting FDIs. First of all, main terms of foreign direct investments will be defined in this paper and we will give general review of literature related to allocation of foreign direct investments. Then, recent trends of foreign direct investments in south-astern Europe will be described. Finally, the factors that influence allocation of FDIs,as well as relationship between index of global competitiveness of observed countries and accumulated FDIs during period of transition will be analyzed.

  1. Technology Expenditures: A Policy Analysis in a Selected School and Return on Investment

    Science.gov (United States)

    Ferguson, Timothy Brian

    2012-01-01

    The process of retooling schools to prepare students for the Twenty-First Century requires that schools invest in technology resources and ongoing professional development for teachers to support the transformation of teaching and learning practices through technology integration. Technology resources are still considered to be educational…

  2. Secure or Insure: An Economic Analysis of Security Interdependencies and Investment Types

    Science.gov (United States)

    Grossklags, Jens

    2009-01-01

    Computer users express a strong desire to prevent attacks, and to reduce the losses from computer and information security breaches. However, despite the widespread availability of various technologies, actual investments in security remain highly variable across the Internet population. As a result, attacks such as distributed denial-of-service…

  3. Creative Investment

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    Prices for Chinese art are shattering records locally and internationally. Is the investment well placed?Mem Aziz is brimming with confidence about the future of his business in China. Director of Australia’s Redrock Gallery,

  4. Investments in respiratory infectious disease research 1997-2010: a systematic analysis of UK funding.

    Science.gov (United States)

    Head, Michael G; Fitchett, Joseph R; Cooke, Mary K; Wurie, Fatima B; Hayward, Andrew C; Lipman, Marc C; Atun, Rifat

    2014-03-26

    Respiratory infections are responsible for a large global burden of disease. We assessed the public and philanthropic investments awarded to UK institutions for respiratory infectious disease research to identify areas of underinvestment. We aimed to identify projects and categorise them by pathogen, disease and position along the research and development value chain. The UK. Institutions that host and carry out infectious disease research. The total amount spent and number of studies with a focus on several different respiratory pathogens or diseases, and to correlate these against the global burden of disease; also the total amount spent and number of studies relating to the type of science, the predominant funder in each category and the mean and median award size. We identified 6165 infectious disease studies with a total investment of £2·6 billion. Respiratory research received £419 million (16.1%) across 1192 (19.3%) studies. The Wellcome Trust provided greatest investment (£135.2 million; 32.3%). Tuberculosis received £155 million (37.1%), influenza £80 million (19.1%) and pneumonia £27.8 million (6.6%). Despite high burden, there was relatively little investment in vaccine-preventable diseases including diphtheria (£0.1 million, 0.03%), measles (£5.0 million, 1.2%) and drug-resistant tuberculosis. There were 802 preclinical studies (67.3%) receiving £273 million (65.2%), while implementation research received £81 million (19.3%) across 274 studies (23%). There were comparatively few phase I-IV trials or product development studies. Global health research received £68.3 million (16.3%). Relative investment was strongly correlated with 2010 disease burden. The UK predominantly funds preclinical science. Tuberculosis is the most studied respiratory disease. The high global burden of pneumonia-related disease warrants greater investment than it has historically received. Other priority areas include antimicrobial resistance (particularly within

  5. Garment and Cotton Textile Investments Soar The Analysis of Fixed-Asset Investment in China’s Textile Industry from Jan.to Aug.2009

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    From Jan.to Aug.2009,total statistics-worthy fixed-assets investment (over CNY 5million) in the textile industry was up 6.55% to CNY 188.245 billion year-on-year,but that was 4.58 percentage points less than the growth rate of the same period last year.During the Jan.-Aug. 2009

  6. Analysis of the main sources of investments financing in real estate

    Directory of Open Access Journals (Sweden)

    Ylldeze Sokoli

    2016-03-01

    Full Text Available The development of the construction industry is an important sector and the special contribution to the gross domestic product and as such should be subject to study, because the performance of the fund financing the construction production is closely linked to the performance of GDP, but also the role of this sector in generating economic growth. Even in our country’s construction sector, as one of the leading sectors of the economy has affected the growth trend of the Albanian economy. Many developing economies have shown that credit markets and remittances are the main source of financing long-term investments in construction. Increased investment in the real estate market includes free financial resources and other populations, but the development and expansion of this sector has led to the reduction of unemployment in the country. In periods of economic growth, coupled with the growth of personal income, people seek to improve their living conditions and seek to take credit for use to purchase real estate. The role of the banking system in financing for investments in the real estate market is very important. The purpose of this paper is to identify what are the factors affecting the financing of investments in the construction sector, and to analyze the important relationships between them and the financing of investments in real estate. The methodology used in the paper is based on foreign literature, materials and works of local and foreign authors. The data were taken from the reports of Bank of Albania’s Institute of Statistics, World Bank and others. Linear Regression model is built referring OLS method, to determine the factors affecting the financing of investments in the real estate market. The results of this study can be used by relevant institutions and central governmental institutions for the formulation of policies and strategies for the development of this industry, as well as the stakeholders of this sector (businesses

  7. CURRENT CONSIDERATIONS ABOUT COST-BENEFIT ANALYSIS ANDABSORPTION OF THE STRUCTURAL AND COHESION FUNDS USED FOR INVESTMENT PROJECTS FROM ROMANIA

    OpenAIRE

    2012-01-01

    The purpose of this article is to point out the poor absorption problem not only in Romania but also in other Member States of the European Union in terms of Structural and Cohesion Funds At the same time I will point out that the use of the Cost Benefit Analysis (CBA) has big flaws when it comes to funding public investment decisions in the EU cohesion policy. In terms of the Cost Benefit Analysis when dealing with the purpose of using ex-ante (that is a priority of any public commitment to ...

  8. Investigation and analysis of barriers to investment in the tourism industry in Kurdistan province

    Directory of Open Access Journals (Sweden)

    Sara Alipour

    2014-11-01

    Full Text Available The tourism industry is one of the largest and most economic activities in the world, high efficiency, which is the highest amount of added value created and directly and indirectly, other economic and cultural activities affect them. Tourism is one of the major sources of compensation and job creation in the world comes to fly most of it as the first industry in the world .One of the areas currently causing the lack of development of the tourism industry in our country as well as the province of Kurdistan is the lack of capital and the lack of willingness of the Government and investors to invest in the tourism industry can be. In this section investigate how private capital investment, considering the tourism industry in the province of Kurdistan from factors such as economic, administrative bureaucracy failed to amani, social and cultural factors and the geographical position we review, research methodology based on data type definitions and type of work.

  9. A Vector Auto Regression Model Applied to Real Estate Development Investment: A Statistic Analysis

    Directory of Open Access Journals (Sweden)

    Fengyun Liu

    2016-10-01

    Full Text Available This study analyzes the economic system dynamics of investment in real estate from mainly four participants in China. Local governments limit the supply of commercial and residential land to raise fiscal revenue, and expand debts by land mortgage to develop industrial zones and parks. Led by local government, banks and real estate development enterprises forge a coalition on real estate investment and facilitate real estate price appreciation. The above theoretical model is empirically evidenced with VAR (Vector Auto Regression methodology. A panel VAR model shows that land leasing and real estate price appreciation positively affect local government general fiscal revenue. Additional VAR models find that bank credit in addition to private and foreign funds respectively have strong positive dynamic effects on housing prices. Housing prices also have a strong positive impact on speculation from private funds and hot money.

  10. AN ANALYSIS OF CHOSEN ASPECTS OF ENVIROMENT-RELATED CONDITIONS FOR BUILDING INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Jolanta Harasymiuk

    2017-09-01

    Full Text Available The construction of building projects will always result in a degree of interference in the local environment. Legal regulations intended for the most effective protection of natural resources foresee a range of procedures, without which the initation of building projects is not possible. It concerns all investments, but the regulations especially emphasize these, which may negatively affect the environment. A decision on environment-related conditions, which is foressen in the process, requires the preparation of many specialist documents which constitute attachments to the application of its issuance. One of the problems related to this procedure is the time lag associated with an environmental decision, which is difficult to determine or predict. In the article the periods of waiting for issuing a decision for building investments of a different character were analysed. The reason for this situation was also analyzed.

  11. Dragon on a Short Leash : An Inside-Out Analysis of China Investment Corporation

    OpenAIRE

    Sarah Eaton; Zhang Yu Xuan

    2008-01-01

    Rapid growth in the number and size of sovereign wealth funds (SWFs) in recent years has occasioned a broad-ranging policy debate about how best to accommodate or, indeed, limit the participation of these funds in the worlds capital markets. The announcement in March 2007 that China would open an SWF, with an initial investment of US $200 billion, substantially raised the pitch of this debate as pundits and policymakers around the world pondered the impact that Chinas massive foreign exchange...

  12. Foreign direct investment and profit outflows: a causality analysis for the Brazilian economy

    OpenAIRE

    Fernando Seabra; Lisandra Flach

    2005-01-01

    Most empirical works have focused on the effects of foreign direct investment (FDI) to exports and other economic performance indicators, whereas its impacts to profit outflows has been relatively neglected. This paper investigates the nature of the causal relationship between FDI and profit remittance in Brazil using the Granger causality test procedure developed by Toda and Yamamoto (1995). The findings in this paper indicate that FDI causes profit remittance and emphasize significant adver...

  13. Does Migration Raise Agricultural Investment? An Empirical Analysis for Rural Mexico

    OpenAIRE

    Böhme, Marcus

    2013-01-01

    The effect of remittances on capital accumulation remains a contested topic. This paper uses a panel data set from rural Mexico to investigate the impact of remittances on agriculture and livestock investments. After controlling for the endogeneity of migration through an instrumental variable estimation our empirical results show that international migration has a significantly positive effect on the accumulated agricultural assets but not on livestock capital. This suggests that households ...

  14. Dragon on a Short Leash : An Inside-Out Analysis of China Investment Corporation

    OpenAIRE

    Sarah Eaton; Zhang Yu Xuan

    2008-01-01

    Rapid growth in the number and size of sovereign wealth funds (SWFs) in recent years has occasioned a broad-ranging policy debate about how best to accommodate or, indeed, limit the participation of these funds in the worlds capital markets. The announcement in March 2007 that China would open an SWF, with an initial investment of US $200 billion, substantially raised the pitch of this debate as pundits and policymakers around the world pondered the impact that Chinas massive foreign exchange...

  15. Comparative analysis of methodical approaches to evaluating the efficiency of investment projects in the power industry

    Energy Technology Data Exchange (ETDEWEB)

    Tolstooukhov, D.A. [Research and Development Institute of Power Engineering, RDIPE, Minatom RF, Moscow (Russian Federation); Karkhov, A.N. [Nuclear Safety Institute, IBRAE, Russian Academy of Sciences, Moscow (Russian Federation)

    2001-07-01

    At present time, a transition is made to market mechanisms of economy functioning based on equilibrium price formation for products of enterprises and their self-financing. Based on long-term forecasts of economic development, electric power industry should not only ensure preservation of the accumulated potential but should also provide for modernization, reconstruction, service life extension of operating power facilities and construction of new ones. Under market conditions, nuclear power installations will have to prove their right to exist and develop in competition with other power technologies. In these conditions, the responsibility is growing for the correctness of investment decisions taken in the power industry and methods on which they are based. This paper analyzes currently used calculation methods for economic efficiency of investment projects. It emphasizes the limitations and drawbacks of the existing methodical approaches, and their inconsistency with market economy and scientific and technological progress (STP). The said drawbacks lead to serious mistakes in evaluating the prospects for the development of nuclear power. The paper describes a methodical approach based on equilibrium price formation that does not have the said drawbacks and may be used as the basis for further work on creation of improved calculation methods for the economic efficiency of investment projects in nuclear power. (authors)

  16. Analysis of petroleum company investments in nonpetroleum energy sources. Book I

    Energy Technology Data Exchange (ETDEWEB)

    Ryan, P. Jr.; Ryan, T.C.

    1979-12-12

    The purpose of this report is to analyze the investment strategies of US oil companies and the depth of their present and future investments in nonpetroleum energy sources. For purposes of this study, the nonpetroleum energy sources to be discussed are coal, uranium/nuclear, synthetics from coal, oil shale, geothermal, and solar. To gather necessary subjective data, the authors interviewed the managements of more than forty companies, the majority of which are directly involved in the production of various forms of energy. Others are substantial energy users. Interviews were also held with various federal and state regulatory agencies, with federal legislative groups, and with representatives of industry associations. These interviews were not intended to be a survey; their purpose was rather to explore the perceptions of petroleum company managements concerning nonpetroleum energy sources and the reasons for their company's participation, or lack of participation, in the development of these resources. Quantitative data came from reports prepared by federal investigative and regulatory agencies, from testimony given before investigative and regulatory bodies, from public company reports (annual reports, quarterly reports, 10-K's, 8-K's, registration statements, press releases, etc.), from industry, research and investment organizations, from universities, and from a variety of publications.

  17. Misselling as a New Topic of Financial Education? A Didactic Analysis of Investment Advise after the Financial Crisis

    Directory of Open Access Journals (Sweden)

    Dirk Loerwald

    2010-07-01

    Full Text Available Personal financial investments are, as a matter of course, a topic of economic education because they are a life situation which is inherently economical. In contrast, faulty advising in banks which has become focussed upon due to the extent it has played a part in the recent financial crisis is mentioned neither in curricula nor in educational text books. Numerous private funds have been exposed as unprofitable investments. One reason for this problem is to be found in the marketing staff of the banks who did not invest their customer’s funds securely enough – and the customers did not notice it. What conclusions can be drawn from this for general financial education after the financial crisis? The economic education has failed to address the topic of “faulty advising in banks” as well. On the basis of categorical economic didactics the following contribution will analyse whether one has an exemplary case here upon which students can win generalized, transferable insights. In this context, the topic of personal financial investments will be classified in an efficient manner and the risk of opportunism in advising situations will be analysed with the help of the positive principal-agent theory. The results of this analysis of informational asymmetries within financial markets give direction to the development and revision of curricula in the didactics of economic education. With the following article a sustainable theoretical fundament will be created to underscore the obligatory inclusion of this topic in curricula as well as its realisation for target groups in school text books.

  18. 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...

  19. Gender Differences in Investment Preferences

    Directory of Open Access Journals (Sweden)

    Nizamettin Bayyurt

    2013-05-01

    Full Text Available The paper attempts to explore how women and men differ in their individual investment preferences. Although there are some studies for the investors in developed countries, the subject has been overlooked in emerging and underdeveloped countries. Therefore, this study is the first empirical study exploring the investment behaviors of women and men by focusing on an emerging country, Turkey. For the purpose to find out how investment preferences of men and women differ towards six investment tools, namely, gold, foreign currency, funds, common stocks, real estates, and time deposits, a discriminant analysis and a logistic regression were exercised. The results revealed that while men investors prefer common stocks and real estate to invest women investors are more risk averse and invest fund, time deposit and gold. There is no significant difference between men and women in foreign currency investment.

  20. Gender Differences in Investment Preferences

    Directory of Open Access Journals (Sweden)

    Nizamettin Bayyurt

    2016-02-01

    Full Text Available The paper attempts to explore how women and men differ in their individual investment preferences. Although there are some studies for the investors in developed countries, the subject has been overlooked in emerging and underdeveloped countries. Therefore, this study is the first empirical study exploring the investment behaviors of women and men by focusing on an emerging country, Turkey. For the purpose to find out how investment preferences of men and women differ towards six investment tools, namely, gold, foreign currency, funds, common stocks, real estates, and time deposits, a discriminant analysis and a logistic regression were exercised. The results revealed that while men investors prefer common stocks and real estate to invest women investors are more risk averse and invest fund, time deposit and gold. There is no significant difference between men and women in foreign currency investment.

  1. Investment analysis in hydraulic energy generation by using the real options theory; Analise de investimentos em geracao hidraulica utilizando a teoria de opcoes reais

    Energy Technology Data Exchange (ETDEWEB)

    Noronha, J.C. Caminha; Lima, J.W. Marangon [Universidade Federal de Itajuba (UNIFEI), MG (Brazil)]. E-mails: juliaccn@unifei.edu.br; marangon@unifei.edu.br; Ferreira, T.G. Leite [Associacao Brasileira dos Investidores em Autoproducao de Energia Eletrica (ABIAPE), Brasilia, DF (Brazil)]. E-mail: tiago@abiape.com.br

    2006-07-01

    This paper presents a methodology of investment analysis in power plants using the Real Option Theory. Particularly, the investment opportunity of a hydro plant is valued based on the energy that will be traded at the new energy auction using the Brazilian Development Bank - BNDES financing program for the Generation of electric energy (new energy). Since this kind of project involves a multistage investment consisting of design, construction and operation phases, it can be treated as a sequential compound option. A binomial approach was elaborated to model this investment opportunity analysis. This approach models the uncertainties in setting up the cash flow for the investments and incorporates some possible managerial flexibility associated with the decision taken along the investment forecast. The proposed methodology will be described in parallel with an example of a real hydro-plant in which we incorporated the flexibilities regarding the decision to invest in each step of the project and an build phase abandon option, representing the transfer of concession rights after the auction. (author)

  2. INCLUDING RISK IN ECONOMIC FEASIBILITY ANALYSIS:A STOCHASTIC SIMULATION MODEL FOR BLUEBERRY INVESTMENT DECISIONS IN CHILE

    Directory of Open Access Journals (Sweden)

    GERMÁN LOBOS

    2015-12-01

    Full Text Available ABSTRACT The traditional method of net present value (NPV to analyze the economic profitability of an investment (based on a deterministic approach does not adequately represent the implicit risk associated with different but correlated input variables. Using a stochastic simulation approach for evaluating the profitability of blueberry (Vaccinium corymbosum L. production in Chile, the objective of this study is to illustrate the complexity of including risk in economic feasibility analysis when the project is subject to several but correlated risks. The results of the simulation analysis suggest that the non-inclusion of the intratemporal correlation between input variables underestimate the risk associated with investment decisions. The methodological contribution of this study illustrates the complexity of the interrelationships between uncertain variables and their impact on the convenience of carrying out this type of business in Chile. The steps for the analysis of economic viability were: First, adjusted probability distributions for stochastic input variables (SIV were simulated and validated. Second, the random values of SIV were used to calculate random values of variables such as production, revenues, costs, depreciation, taxes and net cash flows. Third, the complete stochastic model was simulated with 10,000 iterations using random values for SIV. This result gave information to estimate the probability distributions of the stochastic output variables (SOV such as the net present value, internal rate of return, value at risk, average cost of production, contribution margin and return on capital. Fourth, the complete stochastic model simulation results were used to analyze alternative scenarios and provide the results to decision makers in the form of probabilities, probability distributions, and for the SOV probabilistic forecasts. The main conclusion shown that this project is a profitable alternative investment in fruit trees in

  3. Analysis of requirements and the necessary investments in the railway station adjustment program for persons with special needs

    Directory of Open Access Journals (Sweden)

    Atanasković Predrag

    2012-03-01

    Full Text Available People with special needs from the standpoint of social communities have specific requirements for access, mobility, entry and exit of railway vehicles designated to transport passengers. The EU has defined standards and requirements related to persons with special needs. The aim of this paper is to analyze the technical requirements of equipment and identify the necessary investment funds related to the increasing mobility of persons with special needs in the rail transportation system. This analysis would be one of the initial steps approaching the conditions and requirements that apply in the EU in adapting the system of transport for people with special needs.

  4. Minimal Investment Risk of Portfolio Optimization Problem with Budget and Investment Concentration Constraints

    OpenAIRE

    Shinzato, Takashi

    2016-01-01

    In the present paper, the minimal investment risk for a portfolio optimization problem with imposed budget and investment concentration constraints is considered using replica analysis. Since the minimal investment risk is influenced by the investment concentration constraint (as well as the budget constraint), it is intuitive that the minimal investment risk for the problem with an investment concentration constraint be larger than that without the constraint (that is, with only the budget c...

  5. Analysis on How does the Culture Conflicts Influence Business Negotiation and Foreign Investment in China

    Institute of Scientific and Technical Information of China (English)

    崔颖

    2007-01-01

    Culture is a distinguishing feature of a nation. Usually we divide culture into eastern and western categories. As the representative of eastern and western culture, China and America have a lot of incongruities in terms of cultural values which have deep influences on international business negotiation. This thesis aims to analyze the main cultural differences of the target countries on five processes of cross-cultural business negotiation. After a general view of these theories Ⅰ suggest some negotiating strategies and tactics to solve Sino-US cultural conflict appearing on the negotiating table. And with a real business invest case happened between US company of Intel and Dalian of China.

  6. Low-dimensional models for the nonlinear vibration analysis of cylindrical shells based on a perturbation procedure and proper orthogonal decomposition

    Science.gov (United States)

    Gonçalves, P. B.; Silva, F. M. A.; Del Prado, Z. J. G. N.

    2008-08-01

    In formulating mathematical models for dynamical systems, obtaining a high degree of qualitative correctness (i.e. predictive capability) may not be the only objective. The model must be useful for its intended application, and models of reduced complexity are attractive in many cases where time-consuming numerical procedures are required. This paper discusses the derivation of discrete low-dimensional models for the nonlinear vibration analysis of thin cylindrical shells. In order to understand the peculiarities inherent to this class of structural problems, the nonlinear vibrations and dynamic stability of a circular cylindrical shell subjected to static and dynamic loads are analyzed. This choice is based on the fact that cylindrical shells exhibit a highly nonlinear behavior under both static and dynamic loads. Geometric nonlinearities due to finite-amplitude shell motions are considered by using Donnell's nonlinear shallow-shell theory. A perturbation procedure, validated in previous studies, is used to derive a general expression for the nonlinear vibration modes and the discretized equations of motion are obtained by the Galerkin method using modal expansions for the displacements that satisfy all the relevant boundary and symmetry conditions. Next, the model is analyzed via the Karhunen-Loève expansion to investigate the relative importance of each mode obtained by the perturbation solution on the nonlinear response and total energy of the system. The responses of several low-dimensional models are compared. It is shown that rather low-dimensional but properly selected models can describe with good accuracy the response of the shell up to very large vibration amplitudes.

  7. Bedside ROP screening and telemedicine interpretation integrated to a neonatal transport system: Economic aspects and return on investment analysis.

    Science.gov (United States)

    Kovács, Gábor; Somogyvári, Zsolt; Maka, Erika; Nagyjánosi, László

    Peter Cerny Ambulance Service - Premature Eye Rescue Program (PCA-PERP) uses digital retinal imaging (DRI) with remote interpretation in bedside ROP screening, which has advantages over binocular indirect ophthalmoscopy (BIO) in screening of premature newborns. We aimed to demonstrate that PCA-PERP provides good value for the money and to model the cost ramifications of a similar newly launched system. As DRI was demonstrated to have high diagnostic performance, only the costs of bedside DRI-based screening were compared to those of traditional transport and BIO-based screening (cost-minimization analysis). The total costs of investment and maintenance were analyzed with micro-costing method. A ten-year analysis time-horizon and service provider's perspective were applied. From the launch of PCA-PERP up to the end of 2014, 3722 bedside examinations were performed in the PCA covered central region of Hungary. From 2009 to 2014, PCA-PERP saved 92,248km and 3633 staff working hours, with an annual nominal cost-savings ranging from 17,435 to 35,140 Euro. The net present value was 127,847 Euro at the end of 2014, with a payback period of 4.1years and an internal rate of return of 20.8%. Our model presented the NPVs of different scenarios with different initial investments, annual number of transports and average transport distances. PCA-PERP as bedside screening with remote interpretation, when compared to a transport-based screening with BIO, produced better cost-savings from the perspective of the service provider and provided a return on initial investment within five years after the project initiation. Copyright © 2017 Elsevier B.V. All rights reserved.

  8. A Neuroeconomics Analysis of Investment Process with Money Flow Information: The Error-Related Negativity

    Directory of Open Access Journals (Sweden)

    Cuicui Wang

    2015-01-01

    Full Text Available This investigation is among the first ones to analyze the neural basis of an investment process with money flow information of financial market, using a simplified task where volunteers had to choose to buy or not to buy stocks based on the display of positive or negative money flow information. After choosing “to buy” or “not to buy,” participants were presented with feedback. At the same time, event-related potentials (ERPs were used to record investor’s brain activity and capture the event-related negativity (ERN and feedback-related negativity (FRN components. The results of ERN suggested that there might be a higher risk and more conflict when buying stocks with negative net money flow information than positive net money flow information, and the inverse was also true for the “not to buy” stocks option. The FRN component evoked by the bad outcome of a decision was more negative than that by the good outcome, which reflected the difference between the values of the actual and expected outcome. From the research, we could further understand how investors perceived money flow information of financial market and the neural cognitive effect in investment process.

  9. MAHIS-based analysis and design of financial investment planning system

    Institute of Scientific and Technical Information of China (English)

    Ren Guisheng; Li Chunsheng

    2008-01-01

    In financial investment planning, a large number of components that interact in varying and complex ways are involved. This leads to complex behavior that is difficult to understand, predict and manage. A single intelligent technique can not solve the complicated and elaborate investment planning problems. It is necessary to study those problems synthetically by combining the multiple intelligent techniques. We employed fussy algorithms, genetic algorithms, etc. to solve complicated financial portfolio management in this paper. We analyse and design an agent-based hybrid intelligent system by following the methodology for constructing agent-based hybrid intelligent system (MAHIS). The system starts with the financial risk tolerance evaluation based on fussy algorithms. Asset allocation, portfolio selections, interest predictions, and ordered weighted averaging can be conducted by using hybrid intelligent techniques. The planning agent in the system can easily access all the intelligent processing agents, including the agents of financial risk tolerance assessment, asset allocation, portfolio selection, interest prediction, and decision aggregation. Overall system robustness is facilitated.

  10. A Neuroeconomics Analysis of Investment Process with Money Flow Information: The Error-Related Negativity.

    Science.gov (United States)

    Wang, Cuicui; Vieito, João Paulo; Ma, Qingguo

    2015-01-01

    This investigation is among the first ones to analyze the neural basis of an investment process with money flow information of financial market, using a simplified task where volunteers had to choose to buy or not to buy stocks based on the display of positive or negative money flow information. After choosing "to buy" or "not to buy," participants were presented with feedback. At the same time, event-related potentials (ERPs) were used to record investor's brain activity and capture the event-related negativity (ERN) and feedback-related negativity (FRN) components. The results of ERN suggested that there might be a higher risk and more conflict when buying stocks with negative net money flow information than positive net money flow information, and the inverse was also true for the "not to buy" stocks option. The FRN component evoked by the bad outcome of a decision was more negative than that by the good outcome, which reflected the difference between the values of the actual and expected outcome. From the research, we could further understand how investors perceived money flow information of financial market and the neural cognitive effect in investment process.

  11. Framework for the Analysis of Geography of Transnational Corporations Investments Abroad

    Directory of Open Access Journals (Sweden)

    Kuznetsov Alexey V.

    2016-09-01

    Full Text Available This article develops a methodology for studying the geography of companies — an area of human geography that remains understudied in Russia. The authors refer to foreign direct investment (FDI studies to stress the importance of analysing individual transnational corporations. Special attention is paid to FDI statistics, including international statistics provided by IMF, OECD, and UNCTAD, the official data of central banks on FDI destinations, and information on companies’ assets by geographical segments. The article emphasises limitations of classical localisation concepts (e. g. A. Lösch’s theory and key concepts of transnationalisation (e. g. J. H. Dunning’s ‘eclectic paradigm’, R. Vernon’s ‘product life cycle’, and the ‘flying geese paradigm’ developed by Japanese authors. Dynamic localisation concepts (e. g. the Uppsala model and hierarchical/wave diffusion models are considered an important contribution to the existing theoretical framework for studying FDI geography. Various patterns of spatial d istribution of FDI are examined taking Russian transboundary investments, including those distorted by the ‘neighbourhood effect’ as an example.

  12. Swedish hedge funds : An analysis of the Swedish hedge funds’ investment strategies and risks associated with hedge funds

    OpenAIRE

    Werner-Zankl, Simon; Samuelsson, Linda; Jonsson, Emma

    2007-01-01

    Background Out of the different fund categories hedge funds have had the highest development in Sweden since 1994. Swedish investors’ interest in hedge funds doubled from 2005 to 2006. Hedge funds are said to be an investment with a low risk and not being dependent upon business cycle movements. Historically there have been high initial investments, most often over 100 000 SEK, required to invest in hedge funds. This has started to shift towards lower initial investments. This is a reason why...

  13. The effects of meshed offshore grids on offshore wind investment – a real options analysis

    DEFF Research Database (Denmark)

    Schröder, Sascha Thorsten; Kitzing, Lena

    Offshore wind farms in future meshed offshore grids could be subject to different regulatory regimes. Feed-in tariffs would absorb market risk from wind farm operators, whereas price premium mechanisms leave operators exposed to market price signals. In this case, it plays a decisive role which...... price applies to a node in an offshore grid. The offshore node will either be integrated into any of the neighbouring markets, with access to the respective maximum price, or be subject to separate nodal pricing. We investigate the different regulatory regimes for connections to one to four countries...... investment or lead to windfall profits, if the level of support were not adjusted according to the choice of regulatory regime. This should therefore be considered when designing the regulatory regime and level of support in the offshore grid in order to maintain an effective and efficient development...

  14. The effects of meshed offshore grids on offshore wind investment – a real options analysis

    DEFF Research Database (Denmark)

    Schröder, Sascha Thorsten; Kitzing, Lena

    2012-01-01

    Offshore wind farms in future meshed offshore grids could be subject to different regulatory regimes. Feed-in tariffs would absorb market risk from wind farm operators, whereas price premium mechanisms leave operators exposed to market price signals. In this case, it plays a decisive role which...... price applies to a node in an offshore grid. The offshore node will either be integrated into any of the neighbouring markets, with access to the respective maximum price, or be subject to separate nodal pricing. We investigate the different regulatory regimes for connections to one to four countries...... investment or lead to windfall profits, if the level of support were not adjusted according to the choice of regulatory regime. This should therefore be considered when designing the regulatory regime and level of support in the offshore grid in order to maintain an effective and efficient development...

  15. Economic Growth, Foreign Direct Investment and CO2 Emissions in China: A Panel Granger Causality Analysis

    Directory of Open Access Journals (Sweden)

    Hongfeng Peng

    2016-03-01

    Full Text Available Using a sample of province-level panel data, this paper investigates the Granger causality associations among economic growth (GDP, foreign direct investment (FDI and CO2 emissions in China. By applying the bootstrap Granger panel causality approach (Kónya, 2006, we consider both cross-sectional dependence and homogeneity of different regions in China. The empirical results support that the causality direction not only works in a single direction either from GDP to FDI (in Yunnan or from FDI to GDP (in Beijing, Neimenggu, Jilin, Shanxi and Gansu, but it also works in both directions (in Henan. Moreover, we document that GDP is Granger-causing CO2 emissions in Neimenggu, Hubei, Guangxi and Gansu while there is bidirectional causality between these two variables in Shanxi. In the end, we identify the unidirectional causality from FDI to CO2 emissions in Beijing, Henan, Guizhou and Shanxi, and the bidirectional causality between FDI and CO2 emissions in Neimenggu.

  16. Analysis of Return on Investment in Different Types of Agile Software Development Project Teams

    Directory of Open Access Journals (Sweden)

    Goran MILANOV

    2012-01-01

    Full Text Available This exploratory study of IT project teams in Serbia investigates how the choice of agile methods in different development project teams affects the return-on-investment (ROI. In this paper different types of software project teams are analyzed in order to examine and identify the business-value of using agile methods. In various software development project teams, the ROI of agile methods is yet to be fully explored, while the ROI of traditional methods is well-understood. Since ROI is important indicator of the projects success, in this paper we examine the factors that influence the ROI both from software solution customer point of view, and different agile project teams.

  17. Investment and Economy Analysis of Water-Source Heat Pump System in Chongqing, China

    Directory of Open Access Journals (Sweden)

    Yong Ding

    2013-01-01

    Full Text Available In China, the application of renewable energy witnesses rapid development. In the near future, a lot of demonstration projects will be built and thus it is urgent to know the economics of renewable energy building application technologies. Based on the renewable energy demonstration projects in Chongqing city, the author discussed the economy issue of water-source heat pump system (WSHPs in order to provide suggestions for the application projects. According to the design information of demonstration projects, the average incremental investment, allowance, and payback period are calculated in this paper. Comparing WSHPs with traditional heating, ventilation, and air conditioning (HVAC system, the saved energy of WSHPs is estimated in the current paper. The author calculated the amount of saved energy in unit applied area and unit intake water. Besides, the economy and efficiency of WSHPs project is analyzed at the end of this paper.

  18. Active Versus Passive Investing - An Analysis of UK Equity Markets, 1991-2005

    Directory of Open Access Journals (Sweden)

    Edel Barnes

    2008-12-01

    Full Text Available This study examines the pattern of active versus passive trading in UK equities over the period 1991-2005. We describe a metric to analyse trading activity and volumes in the UK FTSE350 and AIM markets, with emphasis on industrial and size-based effects. Our findings indicate that active stock picking has been consistently declining in the UK market over the period studied for all markets, size quintiles and in virtually every industrial sector. Moreover, trading patterns reveal a pronounced size effect with significantly less stock picking in larger capitalisation stocks vis-à-vis smaller stocks. Patterns of investment in the AIM suggest an increase in index trading over time but higher overall levels of stock picking relative to the FTSE350 list.

  19. THE ANALYSIS OF EUROPEAN INVESTMENT BANK’S ACTIVITIES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Lorena, DUDUIALA-POPESCU

    2013-12-01

    Full Text Available The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions. Its shareholders are the 27 Member States of the Union, which have jointly subscribed its capital. The EIB's Board of Governors is composed of the Finance Ministers of these States. Outside the EU, the EIB is active in over 150 countries (the pre-accession countries of South-East Europe, the Mediterranean partner countries, the African, Caribbean and Pacific countries, Asia and Latin America, and Russia and other neighbours to the East, working to implement the financial pillar of EU external cooperation and development policies (private sector development, infrastructure development, security of energy supply, and environmental sustainability.

  20. Investment Banking

    OpenAIRE

    Oana Mihaela Vãsioiu

    2008-01-01

    The economic, financial and monetary changes had serious consequences not only on the level of providing the finance necessary for the development process but also on the level of providing the finance required for importing the basic food needs and rendering necessary production inputs. All these problems show the importance of “Banks” generally and “Investment Banks” particularly in the emerging and underdeveloped countries. Banks as financial institution or intermediary mobilize either nat...

  1. DETERMINING THE INVESTMENT PORTFOLIO IN THE ENVIRONMENT FIELD BY USING THE SWOT ANALYSIS OF THE ENVIRONMENT CONDITION. EXEMPLIFYING THE ECOLOGIC REHABILITATION IN THE IER VALLEY

    Directory of Open Access Journals (Sweden)

    Doru Ioan Ardelean

    2013-12-01

    Full Text Available When it comes to the environment investment, there is a great challenge in determining the project portfolio because there is no unanimously accepted solution. The objective to bring an area to its initial shape, existing before the anthropic investment, is only possible theoretically. In practice, my recommendation is to rebuild to a certain extent the whole area in order to make it attractive for economic activities which, once implemented, should justify the investment effort. Economic effectiveness strictly calculated for environment projects is an unproper approach in my opinion. By the SWOT analysis I shall follow to cause a relationship between the area’s business opportunities and its environment investment needs.

  2. Investing in river health.

    Science.gov (United States)

    Bennett, J

    2002-01-01

    Rivers provide society with numerous returns. These relate to both the passive and extractive uses of the resources embodied in river environments. Some returns are manifest in the form of financial gains whilst others are non-monetary. For instance, rivers are a source of monetary income for those who harvest their fish. The water flowing in rivers is extracted for drinking and to water crops and livestock that in turn yield monetary profits. However, rivers are also the source of non-monetary values arising from biological diversity. People who use them for recreation (picnicking, swimming, boating) also receive non-monetary returns. The use of rivers to yield these returns has had negative consequences. With extraction for financial return has come diminished water quantity and quality. The result has been a diminished capacity of rivers to yield (non-extractive) environmental returns and to continue to provide extractive values. A river is like any other asset. With use, the value of an asset depreciates because its productivity declines. In order to maintain the productive capacity of their assets, managers put aside from their profits depreciation reserves that can be invested in the repair or replacement of those assets. Society now faces a situation in which its river assets have depreciated in terms of their capacity to provide monetary and non-monetary returns. An investment in river "repair" is required. But, investment means that society gives up something now in order to achieve some benefit in the future. Society thus has to grapple wih the choice between investing in river health and other investments--such as in hospitals, schools, defence etc. - as well as between investing in river health and current consumption--such as on clothes, food, cars etc. A commonly used aid for investment decision making in the public sector is benefit cost analysis. However, its usefulness in tackling the river investment problem is restricted because it requires all

  3. Guidelines for integrating socially responsible investment in the investment process

    NARCIS (Netherlands)

    de Graaf, F.J.; Slager, A.

    2009-01-01

    Socially Responsible Investment (SRI) is of growing importance for institutional investors. Our analysis shows that SRI strategies can be grouped in ethically-based, investment-driven and value-ensuring objectives. We demonstrate that this categorization strengthens decisionmaking in SRI. Based on

  4. Analysis of Scientific and Methodical Approaches to Portfolio Investment as a Tool of Financial Provision of Sustainable Economic Development

    Directory of Open Access Journals (Sweden)

    Leus Daryna V.

    2013-12-01

    Full Text Available The article analyses scientific and methodical approaches to portfolio investment. It develops recommendations on specification of the categorical apparatus of portfolio investment in the context of differentiation of strategic (direct and portfolio investments as alternative approaches to the conduct of investment activity. It identifies the composition and functions of objects and subjects of portfolio investment under conditions of globalisation of the world financial markets. It studies main postulates of the portfolio theory and justifies a necessity of identification of the place, role and functions of subjects of portfolio investment in them for ensuring sustainable development of the economy. It offers to specify, as one of the ways of further development of portfolio theories, a separate direction in the financial provision of economy with consideration of ecologic and social components – socio responsible investment.

  5. MEASURES OF EFFICIENCY AND INVESTMENTS RETURN: AN STUDY OF BRAZILIAN ELECTRICITY DISTRIBUTORS WITH DATA ENVELOPMENT ANALYSIS, MALMQUIST INDEX AND ROI

    Directory of Open Access Journals (Sweden)

    Valter Saurin

    2013-03-01

    Full Text Available This paper aims to determine, in a group of companies from the Brazilian electric sector, if there is a relationship between the return on investment (ROI and the concept of efficiency estimated by the method Data Envelopment Analysis (DEA, as well as evaluating the growth of productivity based on Malmquist Index (Fare et al, 1996. The hypothesis is that firms that had return on investment higher during certain period of time are those employed their resources efficiently in getting their outputs (DEA efficient. The input (1 Products (5 DEA model correspond to the operating cost (I, the network length (km, the number of consumers and the market billed high, medium and low voltage, respectively. The sample consisted of 31 companies of Brazilian electricity distribution and timing of the study was from 2007 to 2009. We calculated the Malmquist index (M0, represented by the change in total factor productivity (TFPC, which is composed by the evolution of technical efficiency (EC and the change in the technological frontier (TC of the companies were also determined ROI for each period. We calculated the correlation between the TFPC, TC, EC, score the DEA and the ROI for the period 2007 to 2009. The results showed a positive correlation, although weak, between efficiency change and the indexes mentioned above, rejecting the initial hypothesis

  6. Yuan Exchange Rate 'Properly Adjusted'

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

      The currency exchange rate was "properly adjusted" this year and takes into account effects on the country's neighbors and the world, Premier Wen Jiabao said at a regional meeting in Malaysia.……

  7. On the Crab Proper Motion

    CERN Document Server

    Caraveo, P A; Caraveo, Patrizia A; Mignani, Roberto

    1998-01-01

    Owing to the dramatic evolution of telescopes as well as optical detectors in the last 20 yrs, we are now able to measure anew the proper motion of the Crab pulsar, after the classical result of Wyckoff and Murray (1977) in a time span 40 times shorter. The proper motion is aligned with the axis of symmetry of the inner Crab nebula and, presumably, with the pulsar spin axis.

  8. Investment opportunities as real options

    Directory of Open Access Journals (Sweden)

    Adnan Rovčanin

    2005-06-01

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

  9. On proper linearization, construction and analysis of the Boyle-van't Hoff plots and correct calculation of the osmotically inactive volume.

    Science.gov (United States)

    Katkov, Igor I

    2011-06-01

    The Boyle-van't Hoff (BVH) law of physics has been widely used in cryobiology for calculation of the key osmotic parameters of cells and optimization of cryo-protocols. The proper use of linearization of the Boyle-vant'Hoff relationship for the osmotically inactive volume (v(b)) has been discussed in a rigorous way in (Katkov, Cryobiology, 2008, 57:142-149). Nevertheless, scientists in the field have been continuing to use inappropriate methods of linearization (and curve fitting) of the BVH data, plotting the BVH line and calculation of v(b). Here, we discuss the sources of incorrect linearization of the BVH relationship using concrete examples of recent publications, analyze the properties of the correct BVH line (which is unique for a given v(b)), provide appropriate statistical formulas for calculation of v(b) from the experimental data, and propose simplistic instructions (standard operation procedure, SOP) for proper normalization of the data, appropriate linearization and construction of the BVH plots, and correct calculation of v(b). The possible sources of non-linear behavior or poor fit of the data to the proper BVH line such as active water and/or solute transports, which can result in large discrepancy between the hyperosmotic and hypoosmotic parts of the BVH plot, are also discussed. Copyright © 2011 Elsevier Inc. All rights reserved.

  10. Attractiveness of foreign investments in Albania: a focused analysis of factors, constrains and policy assessment

    Directory of Open Access Journals (Sweden)

    Blerta Dragusha (Spahija

    2013-01-01

    Full Text Available Foreign direct investments are very important for the implementation of strategic reforms, transfer of advanced technologies and managerial methods, thereby stimulating economic growth in developing countries and in particular, transition economies such as Albania is. During the last years, Albania experienced an increase in foreign investors’ interest in a wide range of sectors, with energy generation, telecommunication, cement production, mining, oil and industrial parks heading the list. However, the major obstacle factors for FDI inflows seem to remain the same: pervasive corruption, weak law enforcement, poor rule of law, lack of developed infrastructure, lack of a reliable energy supply and insufficiently defined property rights. Determining the factors that attract FDI, and furthermore identify the main characteristics of the host country’s economy, are essential to understand the reason of FDI inflows to a country or region. In the empirical perspective, various studies give different results. More specifically, this paper has focused on determining the factors for and against FDI in Albania.

  11. A Descriptive Analysis of Islamic Finance as a Possible Alternative to Conventional Investment Management

    Directory of Open Access Journals (Sweden)

    Timothy A. Falade – Obalade

    2012-10-01

    Full Text Available In the Western World, prior to the financial crisis, very few people know or understand Islamic Finance or Islamic tools in the financial world. It can be seen that since 2008 every week at least one article would be published in specialized economic and financial presses on the niche market of Islamic Finance. Some columnists predict that Islamic Finance will be the only resource that will save the world from the current financial crisis. One could even read press release from the Vatican saying that the Pope Benedict XVI encourage banks to look at the rules of Islamic Finance to restore confidence amongst their clients at the time of global economic crisis1. What a sudden infatuation for a tool that was almost not known outside the Islamic World until recently. In this report, I will give an overview of Islamic Finance and ponder on questions of the authenticity of this growing financial tool within the investment community. I will also present the different tools used in Islamic Finance including Takaful insurance, and present the way they work and how they differ (if they differ at all from “regular” conventional financing. The final part of the paper will review the viability of meeting the requirements to be deemed as “Islamic Finance.”

  12. FOREIGN DIRECT INVESTMENTS AND THEIR NON-TRADITIONAL QUALITY FACTORS. A VAR ANALYSIS IN ROMANIA AND BULGARIA

    Directory of Open Access Journals (Sweden)

    Magdalena RADULESCU

    2016-05-01

    Full Text Available The aim of this paper is to present an econometric analysis using VAR techniques for emphasizing the political institutional factors, economic freedom factors and the quality of labor force factors impacting on FDIs attracted in Bulgaria and Romania. We used yearly data series between 2000 and 2014, provided by the World Bank. These two countries display a very friendly climate (law income corporate tax, but they attracted large amounts of FDIs only for a short period of time at mid-2000s’. The foreign investments sharply dropped during the crisis, and the perspectives are not so good. The foreign investors claim that high corruption and bureaucracy greatly diminish the advantages of an attractive fiscal environment in these two specific countries.

  13. FOREIGN DIRECT INVESTMENTS AND THEIR NON-TRADITIONAL QUALITY FACTORS. A VAR ANALYSIS IN ROMANIA AND BULGARIA

    Directory of Open Access Journals (Sweden)

    Magdalena RADULESCU

    2016-05-01

    Full Text Available The aim of this paper is to present an econometric analysis using VAR techniques for emphasizing the political institutional factors, economic freedom factors and the quality of labor force factors impacting on FDIs attracted in Bulgaria and Romania. We used yearly data series between 2000 and 2014, provided by the World Bank. These two countries display a very friendly climate (law income corporate tax, but they attracted large amounts of FDIs only for a short period of time at mid-2000s’. The foreign investments sharply dropped during the crisis, and the perspectives are not so good. The foreign investors claim that high corruption and bureaucracy greatly diminish the advantages of an attractive fiscal environment in these two specific countries.

  14. Ukraine in the International Rankings of Investment Attractiveness: an Analysis of the Views of Global Agencies and Organizations

    Directory of Open Access Journals (Sweden)

    Shuba Maryna V

    2015-09-01

    Full Text Available The article is aimed at determination of the Ukraine's positions in the most prominent global investment and credit rankings. The article considers the estimations of Ukraine by the Index of investment attractiveness, carried out by the European Business Association, by the Index of economic freedom, the rating of investment attractiveness by the International Business Compass, Doing Business rating, credit ratings by the agencies S&P, Moody's and Fitch. The positive characteristics as to the investment climate in Ukraine have been summarized. To establish a relationship between the economic growth of Ukraine and inflows of the foreign direct investment, a coefficient of steamy correlation between GDP and the foreign direct investment in Ukraine has been calculated. The result of the calculation is indicative of the close relationship and a direct linear dependence between these indicators.

  15. Proper conformal symmetries in SD Einstein spaces

    CERN Document Server

    Chudecki, Adam

    2014-01-01

    Proper conformal symmetries in self-dual (SD) Einstein spaces are considered. It is shown, that such symmetries are admitted only by the Einstein spaces of the type [N]x[N]. Spaces of the type [N]x[-] are considered in details. Existence of the proper conformal Killing vector implies existence of the isometric, covariantly constant and null Killing vector. It is shown, that there are two classes of [N]x[-]-metrics admitting proper conformal symmetry. They can be distinguished by analysis of the associated anti-self-dual (ASD) null strings. Both classes are analyzed in details. The problem is reduced to single linear PDE. Some general and special solutions of this PDE are presented.

  16. The Present and Future of Szigetvár Spa – An Economic Analysis of Geothermal Energy Investment

    Directory of Open Access Journals (Sweden)

    Judit Pálné Schreiner

    2014-09-01

    Full Text Available In Hungary, geothermal energy has proved to be an economical source of energy for direct use. It highlights the pros and cons of including renewable energy in the power generation mix of Hungary, and the pros and cons of local application. This paper looks at the operation of Szigetvár Spa from both economic and social aspects. In this study, qualitative analysis is used for the basic economic and social introduction of the Spa, and then real options, based on quantitative methods, are described to identify the long-term financial consequences of the project. In 1966, thermal water was found in Szigetvár. In 1997, this thermal water was certified as medicinal water. The wellhead temperature of Szigetvár thermal water is 62°C in the 790 metres deep thermal well. It is used as so-called domestic hot water in the Szent István housing estate and in Szigetvár Spa. One of the problems with the project is that it is based on single stage thermal water utilization, another problem is that the waste water is too hot. This can be solved by exploiting the heat energy of thermal water more intensively. This way, maximum benefits can be gained from geothermal energy with minimum use of energy. Static and dynamic investment analyses were carried out to examine the spa from a financial aspect. The methods used include static payback period, average rate of return, levelized cost of electricity, net present value, profitability index, dynamic payback period, internal rate of return and real options. By pricing geothermal technology, it is possible to identify the strategic value of flexibility, to quantify what was previously left unquantified, and thus to show that geothermal investments are profitable not only from a social but also from a financial aspect as well.

  17. VVV High Proper Motion Survey

    CERN Document Server

    Gromadzki, M; Folkes, S; Beamin, J C; Ramirez, K Pena; Borissova, J; Pinfield, D; Jones, H; Minniti, D; Ivanov, V D

    2013-01-01

    Here we present survey of proper motion stars towards the Galactic Bulge and an adjacent plane region base on VISTA-VVV data. The searching method based on cross-matching photometric Ks-band CASU catalogs. The most interesting discoveries are shown.

  18. Experimental Analysis of Saving-Investment Transition Rate of China from 1978 to 2002%我国储蓄-投资转化率的经验性研究:1978~2002

    Institute of Scientific and Technical Information of China (English)

    包群; 阳小晓; 赖明勇

    2004-01-01

    The long-term equilibrium relationship and short-term dynamics between investments and savings are both investigated in this paper. The result of co-integration test reveals that although there exists a positive long-term relationship between private saving, public saving and investment, the low correlation between private saving and investment is the key reason that restraints the effective formation of investment.A further impulse response function analysis based on the VAR system is used to study the dynamic relation between saving and investment, which demonstrates that an obvious lagged effect exists for the transformation of private to investment. Finally, it's concluded that a competitive and multi-channels mechanism of capital formation is crucial to transform savings to investments.

  19. INTERNAL PROPER MOTIONS IN THE ESKIMO NEBULA

    Energy Technology Data Exchange (ETDEWEB)

    García-Díaz, Ma. T.; Gutiérrez, L.; Steffen, W.; López, J. A. [Instituto de Astronomía, Universidad Nacional Autónoma de México, Km 103 Carretera Tijuana-Ensenada, 22860 Ensenada, B.C. (Mexico); Beckman, J., E-mail: tere@astro.unam.mx, E-mail: leonel@astro.unam.mx, E-mail: wsteffen@astro.unam.mx, E-mail: jal@astro.unam.mx, E-mail: jeb@iac.es [Instituto de Astrofísica de Canarias, La Laguna, Tenerife (Spain)

    2015-01-10

    We present measurements of internal proper motions at more than 500 positions of NGC 2392, the Eskimo Nebula, based on images acquired with WFPC2 on board the Hubble Space Telescope at two epochs separated by 7.695 yr. Comparisons of the two observations clearly show the expansion of the nebula. We measured the amplitude and direction of the motion of local structures in the nebula by determining their relative shift during that interval. In order to assess the potential uncertainties in the determination of proper motions in this object, in general, the measurements were performed using two different methods, used previously in the literature. We compare the results from the two methods, and to perform the scientific analysis of the results we choose one, the cross-correlation method, because it is more reliable. We go on to perform a ''criss-cross'' mapping analysis on the proper motion vectors, which helps in the interpretation of the velocity pattern. By combining our results of the proper motions with radial velocity measurements obtained from high resolution spectroscopic observations, and employing an existing 3D model, we estimate the distance to the nebula to be 1.3 kpc.

  20. Benson真有效意义下向量优化的灵敏度分析%Sensitivity Analysis in Vector Optimization under Benson Proper Efficiency

    Institute of Scientific and Technical Information of China (English)

    盛宝怀; 刘三阳

    2002-01-01

    本文用关于集值映射的Contingent切导数定量地讨论了参数映射G(u)在Ben-son真有效意义下的扰动情况.记W(u)=Pmin[G(u),S],y∧∈W(u∧),则在某些条件下DW(u∧,y∧)(u)c Pmin[DG(u∧,y∧)(u)],而在另外一些条件下DW(u∧,y∧)(u))P min[DG(u∧,y∧)(u)].%The behavior of the perturbation map is analyzed quantitatively by usingthe concept of contingent derivatives for set-valued maps under Benson proper efficiency.Let W(u) = Pmin[G(u),S],y∧∈ W(u∧). It is shown that, under some conditions,DW(u∧, y∧) C P min[DG(u∧, y∧), S], and under some other conditions, DW(u∧, y∧) P min[DG(u∧, y∧), S].

  1. Hearing the Signal in the Noise: A Software-Based Content Analysis of Patterns in Responses by Experts and Students to a New Venture Investment Proposal

    Science.gov (United States)

    Hostager, Todd J.; Voiovich, Jason; Hughes, Raymond K.

    2013-01-01

    The authors apply a software-based content analysis method to uncover differences in responses by expert entrepreneurs and undergraduate entrepreneur majors to a new venture investment proposal. Data analyzed via the Leximancer software package yielded conceptual maps highlighting key differences in the nature of these responses. Study methods and…

  2. Hearing the Signal in the Noise: A Software-Based Content Analysis of Patterns in Responses by Experts and Students to a New Venture Investment Proposal

    Science.gov (United States)

    Hostager, Todd J.; Voiovich, Jason; Hughes, Raymond K.

    2013-01-01

    The authors apply a software-based content analysis method to uncover differences in responses by expert entrepreneurs and undergraduate entrepreneur majors to a new venture investment proposal. Data analyzed via the Leximancer software package yielded conceptual maps highlighting key differences in the nature of these responses. Study methods and…

  3. Status Analysis and Prospect of Jiangsu Investment System%江苏投资体制现状分析与展望

    Institute of Scientific and Technical Information of China (English)

    聂晟玮

    2016-01-01

    Since the reform and opening up, the economic base of Jiangsu has changed significantly, but comparing with the economic development, the original investment system as the superstructure is still relatively backward. With the continuous development of the market economy, the investment system reform in Jiangsu is gradually deepening, and the change of the investment system is bound to bring a series of far-reaching impact on Jiangsu investment.This article gives analysis about the present situation of Jiangsu investment mechanism and prospect of Jiangsu Ivestment System.%改革开放以来,江苏的经济基础发生了重大变化,但与经济发展相比,作为上层建筑的原有投资体制却依然相对落后。随着市场经济的不断发展,江苏的投资体制改革逐渐深入,而投资体制的变迁对于江苏投资势必会带来一系列深远影响。文章对江苏投资机制现状作了分析和展望。

  4. [Analysis on funds application of community based organizations involved in HIV/AIDS response and government financial investment in China, 2014].

    Science.gov (United States)

    Zhang, G; Zhu, Y X; Wang, P; Liu, P; Li, J F; Sha, S; Yang, W Z; Li, H

    2017-03-06

    Objective: To understand the government financial investments to community based organizations (CBO) involved in HIV/AIDS Control and Prevention of China and its influencing factors. Methods: Questionnaire of the situation of CBO involved in HIV/AIDS control and prevention were designed, and filled by the staff of Provincial Health Administrative Departments of 31 provinces (autonomous regions and municipalities). The research focused on the fields of CBO involved in HIV/AIDS response in 31 provinces (autonomous regions and municipalities), including intervention on HIV/AIDS high risk population (female sex worker (FSW), man who sex with man (MSM), drug user (DU) and case management and care for people living with HIV/AIDS (PLWH)). 29 valid questionnaires were collecting, with Shanxi Province and Inner Mongolia Autonomous Regions not filled. Questionnaire included financial supports from local governments, transfer payment from central government for CBO involved in HIV/AIDS response in 2014, and unit cost for CBO involved in HIV/AIDS control and prevention. Multivariate analysis was conducted on the project application and financial investment of community based organizations involved in HIV/AIDS control and prevention in 2014. Results: The total amount of CBO to apply for participation in AIDS prevention and control was 64 482 828 Yuan in 2014. The actual total amount of investment was 50 616 367 Yuan, The investment came from the central government funding, the provincial level government funding, the prefecture and county level government funding investment and other sources of funding. 22 of 28 provinces (autonomous regions and municipalities) received the funds from the central government finance, and median of investment funds 500 000 Yuan. 15 provinces (autonomous regions and municipalities) gained the funds from the provincial government finance, and median of investment funds 350 000 Yuan. 12 provinces (autonomous regions and municipalities) got the funds

  5. SENSITIVITY ANALYSIS OF BUILDING STRUCTURES WITHIN THE SCOPE OF ENERGY, ENVIRONMENT AND INVESTMENT

    Directory of Open Access Journals (Sweden)

    František Kulhánek

    2015-10-01

    Full Text Available The primary objective of this paper is to prove the feasibility of sensitivity analysis with dominant weight method for structure parts of envelope of buildings inclusive of energy; ecological and financial assessments, and determination of different designs for same structural part via multi-criteria assessment with theoretical example designs ancillary. Multi-criteria assessment (MCA of different structural designs or in other word alternatives aims to find the best available alternative. The application of sensitivity analysis technique in this paper bases on dominant weighting method. In this research, to choose the best thermal insulation design in the case of that more than one projection, simultaneously, criteria of total thickness (T; heat transfer coefficient (U through the cross section; global warming potential (GWP; acid produce (AP; primary energy content (PEI non renewable and cost per m2 (C are investigated for all designs via sensitivity analysis. Three different designs for external wall (over soil which are convenient with regard to globally suggested energy features for passive house design are investigated through the mentioned six projections. By creating a given set of scenarios; depending upon the importance of each criterion, sensitivity analysis is distributed. As conclusion, uncertainty in the output of model is attributed to different sources in the model input. In this manner, determination of the best available design is achieved. The original outlook and the outlook afterwards the sensitivity analysis are visualized, that enables easily to choose the optimum design within the scope of verified components.

  6. ICT Investment and Productivity: A Provincial Perspective

    OpenAIRE

    Andrew Sharpe; Jean-François Arsenault

    2008-01-01

    In 2008, Statistics Canada, for the first time, made available estimates of information and communication technology (ICT) investment by province. Given the importance of ICT investment for productivity growth, these data are important for the comparative analysis and understanding of productivity growth by province. The objective of this report is to present the basic data on ICT investment and ICT investment per worker in Canada and the ten provinces over the 1981-2007 period. The first par...

  7. Evaluation of proper height for squatting stool.

    Science.gov (United States)

    Jung, Hwa S; Jung, Hyung-Shik

    2008-05-01

    Many jobs and activities in people's daily lives have them in squatting postures. Jobs such as housekeeping, farming and welding require various squatting activities. It is speculated that prolonged squatting without any type of supporting stool would gradually and eventually impose musculoskeletal injuries on workers. This study aims to examine the proper height of the stool according to the position of working materials for the squatting worker. A total of 40 male and female college students and 10 female farmers participated in the experiment to find the proper stool height. Student participants were asked to sit and work in three different positions: floor level of 50 mm; ankle level of 200 mm; and knee level of 400 mm. They were then provided with stools of various heights and asked to maintain a squatting work posture. For each working position, they were asked to write down their thoughts on a preferred stool height. A Likert summated rating method as well as pairwise ranking test was applied to evaluate user preference for provided stools under conditions of different working positions. Under a similar experimental procedure, female farmers were asked to indicate their body part discomfort (BPD) on a body chart before and after performing the work. Statistical analysis showed that comparable results were found from both evaluation measures. When working position is below 50 mm, the proper stool height is 100 or should not be higher than 150 mm. When working position is 200 mm, the proper stool height is 150 mm. When working position is 400 mm, the proper stool height is 200 mm. Thus, it is strongly recommended to use proper height of stools with corresponding working position. Moreover, a wearable chair prototype was designed so that workers in a squatting posture do not have to carry and move the stool from one place to another. This stool should ultimately help to relieve physical stress and hence promote the health of squatting workers. This study sought

  8. METHODOLOGICAL APPROACHES IN REALIZING AND APPLYING COST-BENEFIT ANALYSIS FOR THE INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    Pelin Andrei

    2009-05-01

    Full Text Available Cost-benefit analysis represents the most frequent technique used for a rational allocation of resources. This modality of evaluating the expenditure programs is an attempt to measure the costs and gains of a community as a result of running the evaluated

  9. Advances in geospatial analysis platforms and tools: Creating space for differentiated policy and investment responses

    CSIR Research Space (South Africa)

    Maritz, Johan

    2010-09-01

    Full Text Available Over the last 5 years a set of incremental advances within geospatial analysis platforms and tools developed by the CSIR's Planning Support Systems in collaboration with key stakeholders such as The Presidency, enabled a more nuanced regional level...

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

    Directory of Open Access Journals (Sweden)

    Kolmakov Vladimir Vladimirovich

    2015-01-01

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

  11. 论投资项目可行性研究中的竞争情报分析%On Competitive Intelligence Analysis in the Feasibility Study of Investment Project

    Institute of Scientific and Technical Information of China (English)

    彭靖里; 宋林清; 郭平; 尚朝秋

    2003-01-01

    This article analyzes the limitafions of the traditional method used in the feasibility study of investment project, researches into the focus, content and method of competitive intelligence analysis in the feasibility study of investment project, and provides a corresponding case analysis.

  12. Assessing National Employment Impacts of Investment in Residential and Commercial Sector Energy Efficiency: Review and Example Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Anderson, David M.; Belzer, David B.; Livingston, Olga V.; Scott, Michael J.

    2014-06-18

    Pacific Northwest National Laboratory (PNNL) modeled the employment impacts of a major national initiative to accelerate energy efficiency trends at one of two levels: • 15 percent savings by 2030. In this scenario, efficiency activities save about 15 percent of the Annual Energy Outlook (AEO) Reference Case electricity consumption by 2030. It is assumed that additional energy savings in both the residential and commercial sectors begin in 2015 at zero, and then increase in an S-shaped market penetration curve, with the level of savings equal to about 7.0 percent of the AEO 2014 U.S. national residential and commercial electricity consumption saved by 2020, 14.8 percent by 2025, and 15 percent by 2030. • 10 percent savings by 2030. In this scenario, additional savings begin at zero in 2015, increase to 3.8 percent in 2020, 9.8 percent by 2025, and 10 percent of the AEO reference case value by 2030. The analysis of the 15 percent case indicates that by 2030 more than 300,000 new jobs would likely result from such policies, including an annual average of more than 60,000 jobs directly supporting the installation and maintenance of energy efficiency measures and practices. These are new jobs resulting initially from the investment associated with the construction of more energy-efficient new buildings or the retrofit of existing buildings and would be sustained for as long as the investment continues. Based on what is known about the current level of building-sector energy efficiency jobs, this would represent an increase of more than 10 percent from the current estimated level of over 450,000 such jobs. The more significant and longer-lasting effect comes from the redirection of energy bill savings toward the purchase of other goods and services in the general economy, with its attendant influence on increasing the total number of jobs. This example analysis utilized PNNL’s ImSET model, a modeling framework that PNNL has used over the past two decades to assess

  13. Sustainable Markets Investment Briefings: Investment Treaties

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the second of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 2 explains how investment treaties between states work to protect and promote foreign investment.

  14. Sustainable Markets Investment Briefings: Investment Treaties

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the second of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 2 explains how investment treaties between states work to protect and promote foreign investment.

  15. Analysis and Control of the Complex Dynamics of a Multimarket Cournot Investment Game with Bounded Rationality

    Directory of Open Access Journals (Sweden)

    LiuWei Zhao

    2016-01-01

    Full Text Available A dynamic multimarket Cournot model is introduced based on a specific inverse demand function. Puu’s incomplete information approach, as a realistic method, is used to contract the corresponding dynamical model under this function. Therefore, some stability analysis is carried out on the model to detect the stability and instability conditions of the system’s Nash equilibrium. Based on the analysis, some dynamic phenomena such as bifurcation and chaos are found. Numerical simulations are used to provide experimental evidence for the complicated behaviors of the system evolution. It is observed that the equilibrium of the system can lose stability via flip bifurcation or Neimark-Sacker bifurcation and time-delayed feedback control is used to stabilize the chaotic behaviors of the system.

  16. INVESTMENT ANALYSIS OF REPLACING ENDOPHYTE-INFECTED WITH ENDOPHYTE-FREE TALL FESCUE PASTURES

    OpenAIRE

    Marchant, Mary A.; Murrell, Courtney Paige; Zhuang, Jun

    2004-01-01

    Cattle consuming tall fescue pastures infected with the endophyte Neotyphodium coenophialum often suffer physiological disorders that reduce animal performance. One solution is to replace endophyte-infected tall fescue pastures with an endophyte-free mixture. A benefit-cost analysis was conducted to determine the profitability of pasture restoration. The profitability of this action depends on the percentage of endophyte in existing pastures, the discount rate, and the stand life of the endop...

  17. Analysis of System-Wide Investment in the National Airspace System: A Portfolio Analytical Framework and an Example

    Science.gov (United States)

    Bhadra, Dipasis; Morser, Frederick R.

    2006-01-01

    In this paper, the authors review the FAA s current program investments and lay out a preliminary analytical framework to undertake projects that may address some of the noted deficiencies. By drawing upon the well developed theories from corporate finance, an analytical framework is offered that can be used for choosing FAA s investments taking into account risk, expected returns and inherent dependencies across NAS programs. The framework can be expanded into taking multiple assets and realistic values for parameters in drawing an efficient risk-return frontier for the entire FAA investment programs.

  18. An Analysis on the Present Situation of Foreign Direct Investment in Indian Market and its Enlightenment to China%外国在印度市场上直接投资的现状分析及对中国的启示

    Institute of Scientific and Technical Information of China (English)

    杨永红; 戴月

    2004-01-01

    Recently, India, as a wodd newly emerging market, has drawn a large amount of FDI from abroad. The sources of investment are diversified and the multi - international corporations have become the main forces of its investment. Locations and regional advantages are the focus of their choices. The investment is mostly put into industries of market - orientation and least of the infrastructure. From this article, China can learn a lot from India. China should choose the proper industries for foreign investment and adopt the model of putting the investment on foreign - trade - orientation industries. China should also take great measures to strengthen mutual cooperation to draw more foreign investment on industries of processing and assembling, to develop more contract projects, to encourage small and middle - typed enterprises to join with foreign investment and to take precautious measures to prevent investment risks.

  19. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    Maria-Loredana POPESCU

    2011-12-01

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

  20. APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    MARIA-LOREDANA POPESCU

    2011-04-01

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

  1. The use of a basic safety investment model in a practical risk management context

    Energy Technology Data Exchange (ETDEWEB)

    Aven, Terje, E-mail: terje.aven@uis.no [University of Stavanger (Norway); Hiriart, Yolande [University of Franche-Comte, Besancon (France)

    2011-11-15

    We consider a basic model in economic safety analysis: a firm is willing to invest an amount x in safety measures to avoid an accident A, which in the case of occurrence, leads to a loss of size L. The probability of an accident is a function of x. The optimal value of x is determined by minimizing the expected costs. In the paper, we re-examine this model by adopting a practical risk/safety management perspective. We question how this model can be used for guiding the firm and regulators in determining the proper level of investment in safety. Attention is given to issues like how to determine the probability of an accident and how to take into account uncertainties that extend beyond the expected value. It is concluded that the model, with suitable extensions and if properly implemented, provides a valuable decision support tool. By focusing on investment levels and stimulating thereby the generation of alternative risk-reducing measures, the model is considered particularly useful in risk reduction (ALARP) processes. - Highlights: > It is shown how to use a basic investment model in a practical risk management setting. > The model may be a valuable decision support tool if properly implemented. > It guides decision makers on risk reduction and how to determine what is ALARP. > The model stimulates the generation of alternative risk-reducing measures.

  2. Quantifying the value of investing in distributed natural gas and renewable electricity systems as complements: Applications of discounted cash flow and real options analysis with stochastic inputs

    Energy Technology Data Exchange (ETDEWEB)

    Pless, Jacquelyn; Arent, Douglas J.; Logan, Jeffrey; Cochran, Jaquelin; Zinaman, Owen

    2016-10-01

    One energy policy objective in the United States is to promote the adoption of technologies that provide consumers with stable, secure, and clean energy. Recent work provides anecdotal evidence of natural gas (NG) and renewable electricity (RE) synergies in the power sector, however few studies quantify the value of investing in NG and RE systems together as complements. This paper uses discounted cash flow analysis and real options analysis to value hybrid NG-RE systems in distributed applications, focusing on residential and commercial projects assumed to be located in the states of New York and Texas. Technology performance and operational risk profiles are modeled at the hourly level to capture variable RE output and NG prices are modeled stochastically as geometric Ornstein-Uhlenbeck (OU) stochastic processes to capture NG price uncertainty. The findings consistently suggest that NG-RE hybrid distributed systems are more favorable investments in the applications studied relative to their single-technology alternatives when incentives for renewables are available. In some cases, NG-only systems are the favorable investments. Understanding the value of investing in NG-RE hybrid systems provides insights into one avenue towards reducing greenhouse gas emissions, given the important role of NG and RE in the power sector.

  3. A decade of investments in monitoring the HIV epidemic: how far have we come? A descriptive analysis.

    Science.gov (United States)

    Alfven, Tobias; McDougal, Lotus; Frescura, Luisa; Aran, Christian; Amler, Paul; Gill, Wayne

    2014-10-16

    The 2001 Declaration of Commitment (DoC) adopted by the General Assembly Special Session on HIV/AIDS (UNGASS) included a call to monitor national responses to the HIV epidemic. Since the DoC, efforts and investments have been made globally to strengthen countries' HIV monitoring and evaluation (M&E) capacity. This analysis aims to quantify HIV M&E investments, commitments, capacity, and performance during the last decade in order to assess the success and challenges of national and global HIV M&E systems. M&E spending and performance was assessed using data from UNGASS country progress reports. The National Composite Policy Index (NCPI) was used to measure government commitment, government engagement, partner/civil society engagement, and data generation, as well as to generate a composite HIV M&E System Capacity Index (MESCI) score. Analyses were restricted to low and middle income countries (LMICs) who submitted NCPI reports in 2006, 2008, and 2010 (n = 78). Government commitment to HIV M&E increased considerably between 2006 and 2008 but decreased between 2008 and 2010. The percentage of total AIDS spending allocated to HIV M&E increased from 1.1% to 1.4%, between 2007 and 2010, in high-burden LMICs. Partner/civil society engagement and data generation capacity improved between 2006 and 2010 in the high-burden countries. The HIV MESCI increased from 2006 to 2008 in high-burden countries (78% to 94%), as well as in other LMICs (70% to 77%), and remained relatively stable in 2010 (91% in high-burden countries, 79% in other LMICs). Among high-burden countries, M&E system performance increased from 52% in 2006 to 89% in 2010. The last decade has seen increased commitments and spending on HIV M&E, as well as improved M&E capacity and more available data on the HIV epidemic in both high-burden and other LMICs. However, challenges remain in the global M&E of the AIDS epidemic as we approach the 2015 Millennium Development Goal targets.

  4. Leaving an Abusive Dating Relationship: A Prospective Analysis of the Investment Model and Theory of Planned Behavior.

    Science.gov (United States)

    Edwards, Katie M; Gidycz, Christine A; Murphy, Megan J

    2015-10-01

    The purpose of the current study was to build on the existing literature to better understand young women's leaving processes in abusive dating relationships using a prospective design. Two social psychological models-the investment model and theory of planned behavior-were tested. According to the investment model, relationship continuation is predicted by commitment, which is a function of investment, satisfaction, and low quality of alternatives. The theory of planned behavior asserts that a specific behavior is predicted by an individual's intention to use a behavior, which is a function of the individual's attitudes toward the behavior, the subjective norms toward the behavior, and the individual's perceived behavioral control over the behavior. College women (N = 169 young women in abusive relatinships) completed surveys at two time points, approximately 4 months apart, to assess initially for the presence of intimate partner violence (IPV) in a current relationship and investment model and theory of planned behavior variables; the purpose of the 4-month follow-up session was to determine if women had remained in or terminated their abusive relationship. Path analytic results demonstrated that both the theory of planned behavior and investment models were good fits to the data in prospectively predicting abused women's stay/leave decisions. However, the theory of planned behavior was a better fit to the data than the investment model. Implications for future research and intervention are discussed.

  5. Retention payoff-based cost per day open regression equations: Application in a user-friendly decision support tool for investment analysis of automated estrus detection technologies.

    Science.gov (United States)

    Dolecheck, K A; Heersche, G; Bewley, J M

    2016-12-01

    Assessing the economic implications of investing in automated estrus detection (AED) technologies can be overwhelming for dairy producers. The objectives of this study were to develop new regression equations for estimating the cost per day open (DO) and to apply the results to create a user-friendly, partial budget, decision support tool for investment analysis of AED technologies. In the resulting decision support tool, the end user can adjust herd-specific inputs regarding general management, current reproductive management strategies, and the proposed AED system. Outputs include expected DO, reproductive cull rate, net present value, and payback period for the proposed AED system. Utility of the decision support tool was demonstrated with an example dairy herd created using data from DairyMetrics (Dairy Records Management Systems, Raleigh, NC), Food and Agricultural Policy Research Institute (Columbia, MO), and published literature. Resulting herd size, rolling herd average milk production, milk price, and feed cost were 323 cows, 10,758kg, $0.41/kg, and $0.20/kg of dry matter, respectively. Automated estrus detection technologies with 2 levels of initial system cost (low: $5,000 vs. high: $10,000), tag price (low: $50 vs. high: $100), and estrus detection rate (low: 60% vs. high: 80%) were compared over a 7-yr investment period. Four scenarios were considered in a demonstration of the investment analysis tool: (1) a herd using 100% visual observation for estrus detection before adopting 100% AED, (2) a herd using 100% visual observation before adopting 75% AED and 25% visual observation, (3) a herd using 100% timed artificial insemination (TAI) before adopting 100% AED, and (4) a herd using 100% TAI before adopting 75% AED and 25% TAI. Net present value in scenarios 1 and 2 was always positive, indicating a positive investment situation. Net present value in scenarios 3 and 4 was always positive in combinations using a $50 tag price, and in scenario 4, the $5

  6. Spillovers from Foreign Direct Investment

    DEFF Research Database (Denmark)

    Meyer, Klaus E.; Sinani, Evis

    2005-01-01

    The extensive empirical literature analyzing productivity spillovers from foreign direct investment to local firms provides inconclusive results. Some studies find that foreign presence has a positive impact on the productivity of domestic firms, while others find no evidence or a negative effect...... for industrialized countries in the 1990s. Transition economies may experience spillovers, but these have been declining in recent years. Keywords: developing countries, transition economies, spillovers, foreign direct investment, technology transfer, meta-analysis...

  7. Proper motions of the HH 1 jet

    Science.gov (United States)

    Raga, A. C.; Reipurth, B.; Esquivel, A.; Castellanos-Ramírez, A.; Velázquez, P. F.; Hernández-Martínez, L.; Rodríguez-González, A.; Rechy-García, J. S.; Estrella-Trujillo, D.; Bally, J.; González-Gómez, D.; Riera, A.

    2017-10-01

    We describe a new method for determining proper motions of extended objects, and a pipeline developed for the application of this method. We then apply this method to an analysis of four epochs of [S II] HST images of the HH 1 jet (covering a period of ≈20 yr). We determine the proper motions of the knots along the jet, and make a reconstruction of the past ejection velocity time-variability (assuming ballistic knot motions). This reconstruction shows an "acceleration" of the ejection velocities of the jet knots, with higher velocities at more recent times. This acceleration will result in an eventual merging of the knots in ≈450 yr and at a distance of ≈80'' from the outflow source, close to the present-day position of HH 1.

  8. A tulajdonnevek pszicho- és neurolingvisztikája. Vizsgálati szempontok és modellek a tulajdonnevek feldolgozásáról [The psycho- and neurolinguistics of proper names. Aspects and models of analysis on processing proper names

    Directory of Open Access Journals (Sweden)

    Reszegi, Katalin

    2014-12-01

    Full Text Available This paper provides an overview of the results of psycho- and neurolinguistic examinations into the mental processes involving proper names (i.e. storing, processing, retrieving proper names. We can denote entities of various types with the help of proper names, and although most of these types are universal, there are in fact some cultural differences. In the fields of science concerned, that is, in psycho- and neurolinguistics and in neuropsychology, attention is given almost exclusively to anthroponyms; mental and neurological features of toponyms and other name types are much less examined. Processing names is generally believed to display more difficulties than processing common nouns, and these difficulties present themselves more and more strongly with age. In connection with the special identifying function and semantic features of proper names, many researchers assume that we process the two groups of words in different ways. This paper, reflecting also on these assumptions, summarizes and explains the results of research into a selective anomia affecting monolingual speakers (word-finding disturbances; b localization; c reaction time measurement; and d speech disfluency concerning proper names (especially the “tip of the tongue phenomenon”. The author also presents the models of processing proper names, examining to what degree these models can be reconciled with our knowledge of the acquisition of proper names. Finally, the results and possible explanations of the small amount of research into the representation and processing of proper names by bilingual speakers are discussed.

  9. Environmental assessment and investment strategies of provincial industrial sector in China — Analysis based on DEA model

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Juan, E-mail: wangjuan_tju@163.com [College of Management and Economics, Tianjin University, Tianjin 300072 (China); Zhao, Tao [College of Management and Economics, Tianjin University, Tianjin 300072 (China); Zhang, Xiaohu [College of Civil Aviation, Nanjing University of Aeronautics and Astronautics, Nanjing, Jiangsu, 210016 (China)

    2016-09-15

    As an energy-intensive industry, the industrial sector consumes 70% of energy consumption and causes serious environmental pollution in China. Also, the government emphasized the promotion of R&D investment in the industrial sector in China's National Plan on Climate Change (2014–2020). It is meaningful and contributes to assessing energy and environmental performance, as well as R&D and industrial pollution control (IPC) investment strategies of China's industrial sector. A non-radial DEA model, as with natural and managerial disposability, was adopted to evaluate this from provincial and regional perspectives during the 2008–2012 period. Energy and environmental performance was evaluated by unified efficiency under natural disposability (UEN), unified efficiency under managerial disposability (UEM), and unified efficiency under natural and managerial disposability (UENM). The empirical results indicated that Shandong and Hainan were efficient under natural and managerial disposability, while other provinces had the potential to improve their energy and environmental performance. The number of provinces that was fit for investments of R&D and IPC increased from 2008 to 2010, then decreased in 2011 and 2012. In spite of this, many provincial industrial sectors should make efforts to reduce pollution by investment on technology. Tianjin, Heilongjiang, Jiangxi and Henan were especially the best investment objects because investments of R&D and IPC turned to be effective for them during the whole study period. Moreover, western China had the highest average UENM, followed by eastern China and central China. Eastern China and central China were rewarding to expand investments. Coal consumption was the main factor to negatively affect unified efficiency whereas the increase in economic development level was primarily responsible for the improvement of unified efficiency. According to the results, differentiated suggestions to further improve energy and

  10. ECONOMIC AND SOCIAL EFFICIENCY OF PROPERTY INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Florina Oana Virlanuta

    2014-03-01

    Full Text Available Investments play a key part within the goods and services industry, consumerism and community as well. The effects generated by any investment project substantiate this statement, regardless the sector of activity in which they are implemented. In the current market economy, economic efficiency indicators are playing an important role in assessing and analyzing an investment project since due to these indicators, the investor can become aware of the most important aspects they need to respond promptly. In this respect, we conducted a market analysis of real estate investments in Romania, highlighting economic and social efficiency of property investments.

  11. An Analysis on Mining Investment Environments of the Republic of Kazakhstan%哈萨克斯坦共和国矿业投资环境分析

    Institute of Scientific and Technical Information of China (English)

    陈良玺; 陈超

    2013-01-01

    本文主要介绍了哈萨克斯坦共和国的优势矿产资源情况、矿业管理部门及法规、投资政策等,分析了投资哈萨克斯坦共和国矿业的有利及不利因素,建议在政府合作框架下利用上合组织合作机制和优惠贷款在哈萨克斯坦矿业市场进行融资开发,深入哈外资企业中进行考察,确保项目手续齐全、依法经营,妥善解决环境污染问题,理性投资,为我国企业“走出去”提供支持.%This paper introduces the advantageous ore resources of the Republic of Kazakhstan,mining administration and laws,and investment and mining policies in this country.It also analyzes its pros and cons in the mining sector,and recommends to using the cooperation mechanisms and concessional loans under the framework of the SCO to finance and develop the Kazakh mining market.Investigations to foreign-investment enterprises in Kazakhstan are also required.So that a series of problems can be solved,such as the complete procedures of projects,being in compliance with business laws,properly dealing with environmental pollution problems,and rational investments,to provide support for Chinese mining investors going abroad.

  12. A CGE analysis to study the impacts of energy investment on economic growth and carbon dioxide emission: A case of Shaanxi Province in western China

    Energy Technology Data Exchange (ETDEWEB)

    Lu, Chuanyi; Zhang, Xiliang; He, Jiankun [Institute of Nuclear Energy and New Energy Technology, Tsinghua University, Beijing 100084 (China)

    2010-11-15

    A two-region ten-sector computable general equilibrium (CGE) model was built to analyze the effects of investment growth in the energy sectors of western areas of China on the local economy and emission of carbon dioxide (CO{sub 2}). There are three different scenarios in the quantitative analysis for the investment increase in energy sectors of the western areas. The investment to energy sectors is increased at the rate of 20%, 40%, and 60%. Based on Shaanxi Province's 2002 input-output table, the change of some macro-economic variables is simulated under these scenarios. The results show that the GDP growth is at 0-8.92%, households disposable income growth is at 0-8.94%, and emission of carbon dioxide growth is at 0-11.10% when the investment growth is at 0-60%. The oil and gas sector is the most effective sector with a growth rate of 0-19.47%. (author)

  13. Power Project Investment Risk Analysis and Management%电力项目投资风险分析及管理

    Institute of Scientific and Technical Information of China (English)

    韩树英

    2015-01-01

    Influenced by many factors, the risk of investment in power projects is increasing. Introduces the main source of electric power project investment risk and technical risk, market risk and risk management point of view of power projects in-depth analysis of investment risk. On this basis, the power from the project development phase, construction phase and the operational phase put forward specific measures to strengthen the power project investment risk management.%受到众多因素的影响,电力项目投资的风险在不断增大。介绍了电力项目投资风险的主要来源,并从技术风险、市场风险和管理风险的角度对电力项目投资风险进行了深入分析。在此基础上,从电力项目的开发阶段、建设阶段和经营阶段提出了加强电力项目投资风险管理的具体措施。

  14. Inconsistent Investment and Consumption Problems

    DEFF Research Database (Denmark)

    Kronborg, Morten Tolver; Steffensen, Mogens

    2015-01-01

    of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal......In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system...... of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth...

  15. Comparability of Accounting Choices in Future Valuation of Investment Properties: An Analysis of Brazilian and Portuguese Listed Companies

    Directory of Open Access Journals (Sweden)

    Flaida Êmine Alves de Souza

    2015-08-01

    Full Text Available One of the main purposes for adopting the International Financial Reporting Standards (IFRS is the quest for comparability between financial statements within the same country, over time, and between different countries. IFRS have the feature of allowing accounting choices in most of their standards. However, the existence of such flexibility in the process for recognizing, measuring, and disclosing as sets and liabilities may impact on comparability. IFRS have been criticized both due to their accounting choices and the adoption of the fair value paradigm. This article examines these two issues, investigating the choice of the cost model versus the choice of the fair value model for investment properties (IPs, an option guaranteed under the terms of the International Accounting Standard (IAS 40. This research aimed to identify the comparability degree and the factors that determine the accounting choices made by managers of IPs, in Brazilian and Portuguese listed companies, within the periods from 2010 to 2012. Comparability, within and between countries, was identified by the T-index and the search for the determining factors of accounting choices made by managers was performed by means of a logistic re gression analysis. As a result, it was found that, despite the accounting choices allowed by IAS 40, there was a mean comparability between the accounting practices of firms in these countries, but showing a decrease in the index over the years. The explanatory factors identified were auditing by one of the big four (PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG, or Ernst & Young, companies' indeb tedness, relative importance of IPs' balance, net profit, and less experience of Brazil in using the fair value method to appraise IPs.

  16. Risk analysis of the proxy life-cycle investments in the second pillar pension scheme in Croatia

    Directory of Open Access Journals (Sweden)

    Renata Kovačević

    2015-03-01

    Full Text Available In this article we analyze the expected risk of pension funds with different risk profiles in the proxy life-cycle model of investments for the 2nd pillar pension scheme in Croatia. The benefits of implementing proxy life-cycle investments, compared to the previous model of mandatory pension funds investments, are clearly visible in the total expected amount of accumulated savings from the risk/return perspective. However, those benefits are partially diminished by the fact that the expected risk of a pension fund with the lowest risk profile is not substantially different from the expected risk of a pension fund with a medium risk profile, due to the lack of diversification. Additionally, we analyze the robustness of the proxy life-cycle model to a sudden and severe market shock, where we determine the presence of risk for those members who choose to switch to a pension fund with a lower risk profile at an unfavorable moment.

  17. Investments in sexually transmitted infection research, 1997-2013: a systematic analysis of funding awarded to UK institutions.

    Science.gov (United States)

    Head, Michael G; Fitchett, Joseph R; Cassell, Jackie A; Atun, Rifat

    2015-12-01

    We report the first study that analyses public and philanthropic investments awarded to UK institutions for research related to sexually transmitted infections (STIs). We systematically searched award data from the major funders for information on all infectious disease research funding awarded in 1997-2013. The STI-related projects were identified and categorised by pathogen, disease and type of science along the research pipeline from preclinical to translational research. We identified 7393 infection-related awards with total investment of GBP 3.5 billion. Of these, 1238 awards (16.7%) covering funding of GBP 719.1 million (20.5%) were for STI research. HIV as an STI received GBP 465 million across 719 studies; non-HIV STIs received GBP 139 million across 378 studies. The Medical Research Council provided greatest investment (GBP 193 million for HIV, GBP 45 million for non-HIV STIs). Preclinical awards totalled GBP 233 million (37.1%), whilst translational research received GBP 286 million (39.7%). Substantial proportions of HIV investment addressed global health research (GBP 265 million), vaccinology (GBP 110 million) and therapeutics (GBP 202 million). For other STIs, investments focused on diagnostics (GBP 45 million) and global health (GBP 27 million). Human Papilloma Virus research received GBP 58 million and chlamydia GBP 24 million. Funding for non-HIV STIs has declined in the three most recent years of this data set. The investment for HIV research awarded to UK institutions correlates with the high global burden, but other STIs are relatively neglected, including gonorrhoea and syphilis. Future STI funding should be better aligned with burden while addressing the emerging risk of antimicrobial resistance in Neisseria gonorrhoeae and outbreaks of other pathogens.

  18. 房地产投资决策的期权博弈分析%Analysis of the option game in the real estate investment

    Institute of Scientific and Technical Information of China (English)

    郭秀颖; 张彬林; 郝建平; 惠晓峰

    2012-01-01

      近年来随着房地产行业竞争的日益加剧,基于房地产企业核心竞争力的战略投资越来越引起房地产企业的重视。在一些资产雄厚的企业中,一家房地产公司可以同时对几个项目进行投资,这就需要企业充分考虑内部资金的合理分配,项目的投资顺序等系列投资决策问题,以使企业获得的综合效益最大。引用期权博弈理论对房地产企业内部的项目投资决策进行研究,在深入剖析房地产开发项目所具有的期权特性的基础上,建立房地产企业内部双项目投资期权博弈模型。此外,我们还将利用变分法对模型的最优解进行讨论,从而为房地产企业内部多项目投资提供最优化策略建议。%  In recent years, real estate industry as competition intensifies day by day, based on the core competitiveness of real estate enterprises strategic investment has attracted more and more attention of real estate enterprises.In some strong asset in the enterprise, a Real Estate Company can be simultaneously on several projects for investment, which requires enterprises to fully consider the internal capital allocation, project investment sequential series of investment, to make the enterprise to obtain the maximum comprehensive benefits. This paper will use the options game theory to the real estate enterprise project investment decision research, in-depth analysis of real estate development project with the option characteristics on the basis of the establishment of real estate enterprises, internal double investment option game model.In addition, we will also use a variational method for the optimal solution of the model was discussed, so as to real estate enterprise multi project investment optimization strategy.

  19. The Importance of Investment Decisions in Project Management

    Directory of Open Access Journals (Sweden)

    Cosmina Mădălina Pop

    2008-10-01

    Full Text Available The financing decision alongside with investment decision represents the core of financial management. The paper presents the main steps in realizing investment projects, the option criteria used in pre-investment analysis, the techniques of financing the investments project, but also the methods of evaluation applied in selecting the most suitable project, accordingly with company’s developlment strategy and policy.

  20. The Contribution Analysis of Agricultural Infrastructure Investment to Grain Production in Henan Province%农业基础设施投入的粮食增产效应研究——以河南为例

    Institute of Scientific and Technical Information of China (English)

    马培衢

    2011-01-01

    This paper conducted an empirical analysis of the contribution of agricultural infrastructure investment on grain production in Henan province, used two panel data analysis method. And proved the impact factors of the contribution of agricultural infrastructure investment on grain production, such as the fit level of supply and demand of investment in agricultural infrastructure, investment scale, investment and structure. Finally, the paper proposed some related suggestions.%运用综列数据分析方法,实证分析了河南省农业基础设施投入的粮食增产效应,并考察了农业基础设施投入的供求契合度、投入规模、投入结构对农业基础设施投入增产效应的影响.最后,提出了相应的对策建议.

  1. Sharpe (Ratio Thinking about the Investment Opportunity Set and CAPM Relationship

    Directory of Open Access Journals (Sweden)

    Valeriy Zakamulin

    2011-01-01

    Full Text Available In the presence of a risk-free asset the investment opportunity set obtained via the Markowitz portfolio optimization procedure is usually characterized in terms of the vector of excess returns on individual risky assets and the variance-covariance matrix. We show that the investment opportunity set can alternatively be characterized in terms of the vector of Sharpe ratios of individual risky assets and the correlation matrix. This implies that the changes in the characteristics of individual risky assets that preserve the Sharpe ratios and the correlation matrix do not change the investment opportunity set. The alternative characterization makes it simple to perform a comparative static analysis that provides an answer to the question of what happens with the investment opportunity set when we change the risk-return characteristics of individual risky assets. We demonstrate the advantages of using the alternative characterization of the investment opportunity set in the investment practice. The Sharpe ratio thinking also motivates reconsidering the CAPM relationship and adjusting Jensen's alpha in order to properly measure abnormal portfolio performance.

  2. Understanding the impact of business cases on IT investment decisions : An analysis of municipal e-government projects

    NARCIS (Netherlands)

    Berghout, Egon; Tan, Chee-Wee

    2013-01-01

    This study synthesizes the extant literature to derive an integrative developmental framework for IT business cases that can be applied to diagnose the feasibility of technological investments. We then construct a theoretical model that postulates the impact of IT business case elements on the initi

  3. Traffic Management of Video on Demand: An Analysis of Investments for Improving the End User’s Quality of Experience

    Directory of Open Access Journals (Sweden)

    Francesca Di Pillo

    2016-05-01

    Full Text Available The current escalation in user demand for web contents, particularly Video on Demand (VoD, is causing a continu‐ ing increase in both the types of web traffic and the volumes of data transmitted. The greater demand arises from the new means of communication employed by individuals and companies, as well as the development of readily usable applications distributed by ‘app stores’. In this paper, we suggest that the stakeholders of a VoD frame‐ work, the Content Providers (CPs and the Internet Service Providers (telcos/ISPs, should guarantee a solid Quality of Experience (QoE to the end user through two potential investments: either in ultra-broadband (UBB or in the technologies for the acceleration of web content, known as the Content Delivery Network (CDN and Transparent Internet Caching (TIC. The aim of the paper is to analyse these investments in terms of providers' profits. The base hypothesis is that the investments are subsidized by the CPs, which, in recent years, have indeed been directing a large part of their revenues towards investments in network infrastructure.

  4. Understanding the impact of business cases on IT investment decisions : An analysis of municipal e-government projects

    NARCIS (Netherlands)

    Berghout, Egon; Tan, Chee-Wee

    2013-01-01

    This study synthesizes the extant literature to derive an integrative developmental framework for IT business cases that can be applied to diagnose the feasibility of technological investments. We then construct a theoretical model that postulates the impact of IT business case elements on the initi

  5. AN ANALYSIS OF THE DETERMINANTS OF FOREIGN DIRECT INVESTMENT IN TURKEY : THE ROLE OF THE INSTITUTIONAL CONTEXT

    NARCIS (Netherlands)

    Dumludag, Devrim

    2009-01-01

    This paper tries to empirically verify the argument that institutional factors such as enforcement mechanisms, political and economic stability, stable and reliable, transparent legal and regulatory framework and corruption are critical in explaining the behaviour of the foreign direct investment in

  6. Foreign direct investment and technology spillovers in low and middle-income countries : a comparative cross-sectoral analysis

    NARCIS (Netherlands)

    Jacob, J.; Sasso, S.

    2015-01-01

    In this paper we analyse the trends in Foreign Direct Investment (FDI) flows worldwide across sectors and across value-chain activities, with a particular focus on low- and middle-income countries in comparison with advanced countries. We begin by discussing the growing fragmentation of global produ

  7. The analysis of irreversibility, uncertainty and dynamic technical inefficiency on the investment decision in the Spanish olive sector

    NARCIS (Netherlands)

    Lambarraa, Fatima; Stefanou, Spiro; Gil, José M.

    2016-01-01

    This study addresses irreversible investment decision-making in the context of uncertainty when allowing for inefficiency to be transmitted over time. Both irreversibility and persistence in technical inefficiency can lead to sluggish adjustment of quasi-fixed factors of production. The context o

  8. The Analysis on Strategies of Personal Investment in Shares%个股投资决策初探

    Institute of Scientific and Technical Information of China (English)

    王会芹

    2011-01-01

    随着我国经济的不断发展,人民生活水平的日益提高,个股投资理财已成为日益重要的问题,个股投资理财是针对风险进行个人资财的有效投资,以使财富保值、增值。本文通过对我国股市的研究,分析个人投资股票的策略与方法,探讨个人投资理财如何获取收益及风险的规避,希望对个人投资理财有所帮助。%With the rapid development of economy and the improvement of people's living standard, it is very important for people to have a personal investment in shares. Personal investment in shares has been an effective way to prevent all kinds of risks. At the same time, it can make your money keep its value, even increase value. By studying share market of our cnuntry and analyzing the strategies and ways of personal investment in shares ,we will explore the methods of getting profit as well as rules to prevent from certain risks in that field. I hope it will do some help when people invest and manage their money.

  9. Understanding the impact of business cases on IT investment decisions : An analysis of municipal e-government projects

    NARCIS (Netherlands)

    Berghout, Egon; Tan, Chee-Wee

    2013-01-01

    This study synthesizes the extant literature to derive an integrative developmental framework for IT business cases that can be applied to diagnose the feasibility of technological investments. We then construct a theoretical model that postulates the impact of IT business case elements on the

  10. VALUATION AND INVESTMENT PROFESSION

    Directory of Open Access Journals (Sweden)

    Lidija Dedi

    2013-06-01

    Full Text Available Investment professionals, particularly financial analysts or security analysts evaluate securities and try to determine characteristics of securities and to identify mispriced securities. For that purpose they use different models to estimate the intrinsic value of the common stocks. Traditional valuation models based on the present value of future cash flows are affected by estimated growth rate of the variable used and by the investor’s required rate of return. These models can be used for valuing fixed income securities, such as bonds and preferred stocks. However, in valuing companies with significant growth opportunities they have to expand traditional analysis with option valuation.

  11. Access to Heart Transplantation: A Proper Analysis of the Competing Risks of Death and Transplantation Is Required to Optimize Graft Allocation.

    Science.gov (United States)

    Cantrelle, Christelle; Legeai, Camille; Latouche, Aurélien; Tuppin, Philippe; Jasseron, Carine; Sebbag, Laurent; Bastien, Olivier; Dorent, Richard

    2017-08-01

    Heart allocation systems are usually urgency-based, offering grafts to candidates at high risk of waitlist mortality. In the context of a revision of the heart allocation rules, we determined observed predictors of 1-year waitlist mortality in France, considering the competing risk of transplantation, to determine which candidate subgroups are favored or disadvantaged by the current allocation system. Patients registered on the French heart waitlist between 2010 and 2013 were included. Cox cause-specific hazards and Fine and Gray subdistribution hazards were used to determine candidate characteristics associated with waitlist mortality and access to transplantation. Of the 2053 candidates, 7 variables were associated with 1-year waitlist mortality by the Fine and Gray method including 4 candidate characteristics related to heart failure severity (hospitalization at listing, serum natriuretic peptide level, systolic pulmonary artery pressure, and glomerular filtration rate) and 3 characteristics not associated with heart failure severity but with lower access to transplantation (blood type, age, and body mass index). Observed waitlist mortality for candidates on mechanical circulatory support was like that of others. The heart allocation system strongly modifies the risk of pretransplant mortality related to heart failure severity. An in-depth competing risk analysis is therefore a more appropriate method to evaluate graft allocation systems. This knowledge should help to prioritize candidates in the context of a limited donor pool.

  12. 价格与技术不确定条件下的发电商碳捕获投资模型及分析%The Power Producer's Carbon Capture Investment Model and its Analysis under Price and Technology Uncertainties

    Institute of Scientific and Technical Information of China (English)

    张新华; 叶泽; 李薇

    2012-01-01

    In the 21st century, the emissions of greenhouse gases has brought serious threats to human being's living environment. This growing concern has made carbon emission reduction an important topic in the international community. Because the energy industry is the main producer of carbon dioxide ( CO2 ) , understanding its carbon emission reduction strategy is of prime importance in the sustainable movement. Carbon capture and storage (CCS) investment is a major research field about carbon emission in power producers. This research area contains many uncertainties, such as technology uncertainty, carbon trade price uncertainty and the equilibrium uncertainty of power transaction market. At present, most literatures model the carbon capturing investment as an irreversible investment problem based on the real option theory, and generally consider only one kind of uncertainty. This paper presents an oligopoly power producer's carbon capture investment model under CCS technology uncertainty and carbon trade price uncertainty, and investigates the impact of relevant parameters and policy-related investment subsidy on investment threshold based on the analysis and numerical simulation of the model. Recent literatures on carbon trade price in Europe show that CO2 trade price follows the Geometric Brownian motion. Based on the findings of these literatures, this paper assumes that CCS technology follows the Poisson process, presents an oligopoly power producer's CCS investment value function, and obtains two variables partial differential equations with Bellman equation and Ito's Lemma. By defining a new stochastic variable based on the ratio of carbon trade price to CCS investment triggered by CCS technology progress, we can obtain the analytic solutions of the investment value function. In addition, based on the value matching and smooth pasting conditions of the real option theory, we can obtain the oligopoly power producer's CCS investment threshold conditions; invest

  13. Proper alignment of the microscope.

    Science.gov (United States)

    Rottenfusser, Rudi

    2013-01-01

    The light microscope is merely the first element of an imaging system in a research facility. Such a system may include high-speed and/or high-resolution image acquisition capabilities, confocal technologies, and super-resolution methods of various types. Yet more than ever, the proverb "garbage in-garbage out" remains a fact. Image manipulations may be used to conceal a suboptimal microscope setup, but an artifact-free image can only be obtained when the microscope is optimally aligned, both mechanically and optically. Something else is often overlooked in the quest to get the best image out of the microscope: Proper sample preparation! The microscope optics can only do its job when its design criteria are matched to the specimen or vice versa. The specimen itself, the mounting medium, the cover slip, and the type of immersion medium (if applicable) are all part of the total optical makeup. To get the best results out of a microscope, understanding the functions of all of its variable components is important. Only then one knows how to optimize these components for the intended application. Different approaches might be chosen to discuss all of the microscope's components. We decided to follow the light path which starts with the light source and ends at the camera or the eyepieces. To add more transparency to this sequence, the section up to the microscope stage was called the "Illuminating Section", to be followed by the "Imaging Section" which starts with the microscope objective. After understanding the various components, we can start "working with the microscope." To get the best resolution and contrast from the microscope, the practice of "Koehler Illumination" should be understood and followed by every serious microscopist. Step-by-step instructions as well as illustrations of the beam path in an upright and inverted microscope are included in this chapter. A few practical considerations are listed in Section 3. Copyright © 2013 Elsevier Inc. All rights

  14. Investment innovation trends: Factor-based investing

    Directory of Open Access Journals (Sweden)

    Sanja Centineo

    2017-05-01

    Full Text Available This article shows that it can take a long period of time until research knowledge finds its application in practice and get disseminated as innovation trend. Factor-based investing is such an example. Having its developing roots in the nineties, it took more than two decades until this approach was detected by the by investment community. The goal of this article is to recall the definition of factor investing, present its historical evolvement and motivate its recent break-through and current trend among investment practitioners (known also under the notion smart beta. It aims at familiarizing with this investment approach from a practical perspective and highlighting its diversifying benefits in a portfolio context with the potential to outperform the market on risk-adjusted basis.

  15. Regular inhaled corticosteroids in adult-onset asthma and the risk for future cancer: a population-based cohort study with proper person-time analysis

    Directory of Open Access Journals (Sweden)

    Kok VC

    2015-03-01

    Full Text Available Victor C Kok,1,2 Jorng-Tzong Horng,2,3 Hsu-Kai Huang,3 Tsung-Ming Chao,4 Ya-Fang Hong5 1Division of Medical Oncology, Department of Internal Medicine, Kuang Tien General Hospital, Taichung, Taiwan; 2Department of Biomedical Informatics, Asia University Taiwan, Taichung, Taiwan; 3Department of Computer Science and Information Engineering, National Central University, Jhongli, Taiwan; 4Statistics Unit, Department of Applied Geomatics, Chien Hsin University, Jhongli, Taiwan; 5Institute of Molecular Biology, Academia Sinica, Nankang, Taipei, Taiwan Background: Recent studies have shown that inhaled corticosteroids (ICS can exert anti-inflammatory effects for chronic airway diseases, and several observational studies suggest that they play a role as cancer chemopreventive agents, particularly against lung cancer. We aimed to examine whether regular ICS use was associated with a reduced risk for future malignancy in patients with newly diagnosed adult-onset asthma. Methods: We used a population-based cohort study between 2001 and 2008 with appropriate person-time analysis. Participants were followed up until the first incident of cancer, death, or to the end of 2008. The Cox model was used to derive an adjusted hazard ratio (aHR for cancer development. Kaplan–Meier cancer-free survival curves of two groups were compared. Results: The exposed group of 2,117 regular ICS users and the nonexposed group of 17,732 non-ICS users were assembled. After 7,365 (mean, 3.5 years; standard deviation 2.1 and 73,789 (mean, 4.1 years; standard deviation 2.4 person-years of follow-up for the ICS users and the comparator group of non-ICS users, respectively, the aHR for overall cancer was nonsignificantly elevated at 1.33 with 95% confidence interval (CI, 1.00–1.76, P=0.0501. The Kaplan–Meier curves for overall cancer-free proportions of both groups were not significant (log-rank, P=0.065. Synergistic interaction of concurrent presence of regular ICS use was

  16. The return on investment for information technology.

    Science.gov (United States)

    Bergeron, B P; Bergeron, R A

    1998-01-01

    Investment in information technology accounts for an increasingly large component of the cost of modern health care. In most businesses, a quantitative return on investment analysis forms the basis for decisions regarding technology investment. As a whole, the medical community lags behind in the quantitative analysis of the benefits of information technology. However, economic pressures are forcing health care organizations to step back and understand the implications of technology investments and how they can best be applied to create a more productive staff and, in the end, better patient care.

  17. Using cost-benefit analysis and social return on investment to evaluate the impact of social enterprise: Promises, implementation, and limitations.

    Science.gov (United States)

    Cordes, Joseph J

    2016-11-21

    Since the early 2000's there has been growing interest in using the Social Return on Investment (SROI) as a measure for assessing the performance of social enterprises. By analogy with its business counterpart, the Return on Investment (ROI), the SROI is a metric that compares the monetized social costs of a program with the monetized social benefits of achieving an outcome (or set of outcomes). For example, calculating the SROI of a nonprofit half-way house for drug addicts might involve estimating the reduced social costs attributable to successful rehabilitation of addicts, and comparing this to the social costs of operating the half-way house. Alternatively, the total return of a for-profit social enterprise providing affordable housing might consist both of the traditional private return on investment along with the economic value of meeting the housing needs of lower income households. Early descriptions of the methodology for calculating the SROI suggest that the approach initially evolved from standard methodologies found in the business finance literature for evaluating investments, with the important twist that nonprofit sector returns/payoffs are defined in broader social terms (Thornley, Anderson, & Dixon, 2016). Yet, someone who is familiar with the economic literature on cost benefit analysis (CBA) as it is applied to the evaluation of public programs cannot help but be struck by the similarity between the outcomes that CBA is intended to measure, and those that are the object of efforts to calculate the SROI. One implication is that the literature on the theory and practice of cost benefit analysis offers useful lessons about how to measure the social return on investment, as well as about potential caveats and limitations that need to be confronted when attempting to undertake an analysis of the SROI. The paper discusses the potential uses and limitations of CBA and SROI as tools that governments, private donor/investors, and foundations can use to

  18. Specialized Investment Services

    Science.gov (United States)

    Burgess, Robert S.

    1970-01-01

    The informational needs of the investing public should be met by the public library. Suggestions for specialized investment information services with broad appeal, technical charts, and advisory services which public libraries might consider purchasing. (JS)

  19. 美国高等教育投资结构分析及对我国的启示%Analysis of the Investment Structure of Higher Education in America and Its Enlightenment to That of China

    Institute of Scientific and Technical Information of China (English)

    徐昌

    2012-01-01

    The investment structure of higher education in America is featured by its diversity, in particular its various financing channels. Learning about the investment pattern can provide reference for the investment system of higher education in China which mainly relies on national finance and is supplemented by funds raised from multiple chan nels. Based on the analysis of the investment structure of higher education in America, this essay puts forward rele vant suggestions on the establishment of a diverse investment system for higher education in China.%美国高等教育投资呈现多元化的特点,其融资渠道多样。本文在具体分析美国高等教育投资构成的基础上,对我国高等教育建立多元化投资体制提出建议。

  20. Commodities and Stock Investment

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2014-09-01

    Full Text Available This study is a multivariate analysis of commodities and stock investment in a newly established market scenario. Return distribution asymmetry is examined with higher order movements. Skewness in commodity future’s return is largely insignificant, whereas kurtosis is highly significant for both stock and commodity future contracts. Correlation analysis is done with Pearson’s and Kendall’s tau measures. Commodities provide significant diversification benefits when added in a portfolio of stocks. Compared with stocks, commodity future’s returns show stronger correlation with unexpected inflation. The volatility is measured through Glosten-Jagannathan-Runkle - Generalized Autoregressive Conditional Heteroskedasticity (GJR-GARCH model and reflects that commodities have inverted asymmetric behavior, that is, more impact from the upward shocks compared with downward. Stocks have asymmetric volatility, that is, more impact from negative shocks compared with positive. Gold has highest inverted asymmetric volatility. Tail dependence, measured through Student’s t copula, shows no combined downside movement. In conclusion, commodity investments provide diversification and inflation protection.

  1. Foreign Investment Expanded

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The paid-in foreign direct investment in China totaled $74.8 billion in 2007,up 13.6 percent year on year Foreign investment in China has continued robust growth despite the new corporate income tax poli- cies. Figures from the National Bureau of Statistics show that paid-in foreign direct investment(FDI)(excluding investment from foreign financial institutions)totaled $74.8 billion in 2007,up 13.6 percent year

  2. 中国制造业企业跨国投资的战略选择分析%Choice Analysis of Chinese Manufacturing Industryenterprises’ Transnational Investment Strategy

    Institute of Scientific and Technical Information of China (English)

    唐春华; 陈紫棠; 吴爽

    2014-01-01

    作为国民经济的主体和支柱,中国制造业应深刻认识到“走出去”战略的重要性,而跨国投资就是推进企业“走出去”的重要手段。目前,中国制造业企业的跨国投资存在诸多问题,进行正确的战略选择意义重大。在对国际经济合作和国际投资相关基本理论解析的基础上,论述中国制造业企业跨国投资在主体战略选择,区位战略选择和投资方式战略选择三个方面的现状和不尽合理之处,同时建议通过培育企业的国际竞争力,加强法律政策的建立完善等宏微观措施,促进国内制造业企业更好的进行跨国投资。%Under the background of globalization,China’s economy is tightly linked with the world economy.As the main body and pillar of the national economy,manufacturing industry in China should be deeply aware of the importance of the strategy of“going out”.Meanwhile the transnational investment is a vital means of promoting enterprises“going out”.Our manufacturing enterprises’transnational investment has both the necessity and feasibility.But at present,there are many problems in our enterprises’multinational investment,developing the right strategy is of great significance.Based on the theoretical analysis which is related to international economic cooperation and international investment,this paper uses literature analysis and theoretical analysis to analyses the present situation and problems of the choice of subject strategy,location strategy and investment way.And this paper also gives the suggestions to promote domestic manufacturing enterprises to do better.

  3. Investment climate in Vietnam: potentials and limitations

    OpenAIRE

    Nguyen Thi Hong Bach Lien; Shatokhina, Anastasia Olegovna

    2016-01-01

    Due to economic renovation in 1986, Vietnam has gained a number of convincing social-economic achievements. One of the factors determining the success of Vietnam's economy is the support of foreign direct investment. Thus, the study and analysis of the determinants, affecting the ability to attract foreign investment have become more practically oriented and necessary. The main purpose of the article is to clarify the definition of investment climate and its characteristics in Vietnam. The ar...

  4. Analysis on the Land Use Behavior of Diversification Peasant Household Based on Allocation, Diversification and Investment Effects

    Directory of Open Access Journals (Sweden)

    Fang Luo

    2013-06-01

    Full Text Available In the process of traditional economy transforming into modern economy in china, farmer’s diversification phenomena has arisen and developed and will continue a long time in the future. Accordingly, the general economic type of farmer diversification will effect on the rural source allocation. The land use behavior characteristics of diversification farmer are the aims of the study. Theoretic analyzing and empiristical testing methods are used for the allocation, diversification and investment effects introduced by farmer diversification. It concluded that the allocation effect of land transfer and diversification effect of agricultural labor decreasing are mostly proved, but the investment effect of diversification income which will improve agricultural production capital is not significant.

  5. Analysis of Real Estate Investment Decision-making%房地产投资决策分析

    Institute of Scientific and Technical Information of China (English)

    王建瑞

    2011-01-01

    As China's improvement of legal system, operations specifications and increased competition in the field of real estate development, the profit space of real estate development is gradually diminishing, the risk is also increased. Therefore, we should fully grasp the information, and have a comprehensive and clear understanding for real estate investment and its basic characteristics before the real estate investment.%随着我国房地产开发领域法律的完善、操作的规范以及竞争的加剧,房地产开发的利润空间正逐渐缩小,风险也在加大.因此,在进行房地产投资前,需要充分掌握信息,对房地产投资及其房地产投资的基本特征有一个全面、清晰的认识.

  6. Analysis of Investment Risk Based on Monte Carlo Method%蒙特卡洛法在投资项目风险分析中的应用

    Institute of Scientific and Technical Information of China (English)

    王霞; 张本涛; 马庆

    2011-01-01

    本文以经济净现值为评价指标来度量项目的投资风险,确定各影响因素的概率分布,建立了基于三角分布的风险评价的随机模型,采用蒙特卡罗方法进行模拟,利用MATLAB编程实现,得到投资项目的净现值频数分布的直方图和累计频率曲线图,并对模拟结果进行统计和分析,可得到净现值的平均预测值以及风险率,为评价投资项目的风险提供了理论依据.%In this paper, based on the important economic evaluation index NPV, the paper measures the risk of investment projects, determines the probability distribution of various factors, establishes the risk evaluation of the stochastic model based on the triangular distribution, which is simulated using Monte Carlo method, and realises by MATLAB programming, then can get the frequency distribution histograms and cumulative frequency curve of the net present value of investment projects, predictive average value and the rate risk are obtained by statistic analysis,providing a theoretical basis for risk evaluation of investment projects.

  7. An Analysis of the Impact of the European Convergence Process on International Investments in New EU Member Countries

    OpenAIRE

    Christian Friedrich; Václav Zdárek

    2009-01-01

    This paper examines how international investors evaluate the change in the risk-return profile of ten Central and Eastern European countries that recently entered the European Union (EU). By supplement- ing international investment position data provided by IMF’s International Financial Statistics with data obtained from Lane and Milesi-Ferretti’s External Wealth of Nations Mark II Database, we create a unified data set of external assets and liabilities for new EU member states (NMS) ranging...

  8. Territorial Attractiveness of the Foreign Direct Investment: Empirical Evidence from Panel Data Analysis for the Case of Tunisia

    OpenAIRE

    Samir Saidi

    2016-01-01

    The present article aims to evaluate the role of different macroeconomic variables that may promote the entry of the foreign direct investment (FDI) in the industrial sector in Tunisia. In recent decades, several researches indicate that despite the significant impact of the FDI as an important catalyst of development, its benefits remain unequally distributed between countries, sectors and communities. For this reason, the competition between countries becomes more intense and de...

  9. CONSIDERATIONS OVER THE METHODOLOGY OF FINANCIAL ANALYSIS AND ITS LINKAGE WITH BANKABILITY OF EUROPEAN FUNDED INVESTMENT PROJECTS

    OpenAIRE

    Ioan TRENCA; Petria, Nicolae; Laurentiu DROJ

    2012-01-01

    European funding is considered to be one of the hot topics in Romania and all over Eastern Europe since its novelty and its expected capacity to improve the life of the newly integrated European citizens. The linkages between the European Financial Support Programmes, the private financing performed by the banking sector and the private companies which are intending to use the structural funds to finance their investments is obvious. The present paper analyzed these linkages, creates a case s...

  10. Modeling Sustainment Investment

    Science.gov (United States)

    2015-05-01

    forecast the consequences of various alternatives? Sustainment Investment: the Problem Operations Supplying the fleet, customer support, etc...Modeling Sustainment Investment May 2015 © 2015 Carnegie Mellon University Context We are managing the sustainment of a system. • Some modernization ...Modeling Sustainment Investment May 2015 © 2015 Carnegie Mellon University The process is inside the gray box. Customers are outside. Work input

  11. 委内瑞拉石油投资风险及中国企业应对策略浅析%Risk Analysis of Oil Investment in Venezuela and Proper Tactics of Chinese Enterprises

    Institute of Scientific and Technical Information of China (English)

    冯燕玲; 刘峰; 姚万民

    2011-01-01

    委内瑞拉石油资源极其丰富,对我国的能源安全战略具有重要意义,中国企业在委内瑞拉投资石油勘探开发及上下游一体化是正确的,但同时面临的风险也是多方面的.政治方面,查韦斯上台后全力巩固其政权,强制实行"国有化",委内瑞拉的政治因素的不确定性很高,而且对石油行业的干扰和冲击非常明显,其政治格局、对外关系的变化都可能给在委投资的外国企业带来风险;经济方面,查韦斯推行以保护民族经济和国有化为基础的21世纪社会主义经济、严格的外汇管制制度和新石油法;技术方面,国家石油公司PDVSA作为唯一的作业者和大股东,承担了许多政府应该承担的职能,其工作效率低下、人力资源匮乏、技术能力有限,再加上主要领导者的精力分散,给作为小股东的外国投资者带来了很大的压力.因此,在进入委内瑞拉市场时,中国企业应该认真分析、把握风险,通过寻求中国政府帮助、实施本地化战略、寻找合作伙伴共担风险以及发挥中国企业在炼厂建造、炼化工艺、原油销售等多方面的技术优势,积极应对和规避风险,保证在委内瑞拉成功而有效益的投资.

  12. Numerical and Experimental Analysis on the Cavity Formation and Shrinkage for Investment Cast Alloy 738 4 mm-Thick Rectangular Tube

    Energy Technology Data Exchange (ETDEWEB)

    Park, Myeong-Il; Choi, Yoon Suk; Yoo, Jae-Hyun; Park, Sang-Hu [Pusan National University, Busan (Korea, Republic of); Kim, Kyeong-Min; Lee, Yeong-Chul [Sung Il Turbine Co., Ltd., Busan (Korea, Republic of); Lee, Jung-Seok; Lee, Jae-Hyun [Changwon National University, Changwon (Korea, Republic of)

    2017-02-15

    Investment casting for the thin (4 mm thick) rectangular tube (40 mm wide, 80 mm high and 200 mm long) was carried out numerically and experimentally for Alloy 738, which is a precipitation-hardened Ni-base superalloy. Two types of rectangular tubes, one with a regular array (10 mm by 10 mm square array) of protruded rods (3 mm in diameter and 3mm in height) embedded on the outer surface and the other with just smooth surface, were investment-cast at the same time through the side feeding mold design. The investment casting simulation predicted the presence of cavities, particularly in the area away from the gate for both types of rectangular tubes. In particular, for the rectangular tube with embedded protruded rods cavities were found mainly in the areas between the protruded rods. This simulation result was qualitatively consistent with the experimental observation from the X-ray analysis. Also, both prediction and experiment showed that the dimensional shrinkage (particularly in the longitudinal direction) of the investment-cast rectangular tube is reduced by having protruded rods embedded on the outer surface. Additional numerical attempts were made to check how the amount of cavities and dimensional shrinkage change by varying the preheating temperature and the thickness of the mold. The results predicted that the amount of cavities and the dimensional shrinkage are significantly reduced by increasing the preheating temperature of the mold by 200 ℃. However, an increase in mold thickness from 10 mm to 12 mm showed almost no difference in cavity population and a slight decrease in dimensional shrinkage.

  13. 7 CFR 29.112 - Proper light.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 2 2010-01-01 2010-01-01 false Proper light. 29.112 Section 29.112 Agriculture... INSPECTION Regulations Inspectors, Samplers, and Weighers § 29.112 Proper light. Tobacco shall not be inspected or sampled for the purposes of the Act except when displayed in proper light for correct...

  14. Sustainable Markets Investment Briefings: Foreign investment contracts

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the fourth of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 4 sets out some of the ways in which foreign investment contracts can impact on sustainable development.

  15. On attracting investment to Russian economy

    Directory of Open Access Journals (Sweden)

    Oleinik Elena

    2017-01-01

    Full Text Available Modern conditions of economic systems development have necessitated more precise directions of investment process for the economic growth to accelerate. The precipitous fall of oil prices that occurred in the second half of 2014 weighed heavily on foreign direct investment flows to oilexporting countries. The problem of attracting investment is one of the key problems of economic development. The aim of this study is to analyze and evaluate the shifts in the structure of investments, the study of the structure of investments to the Russian economy. Structural changes result from differences in the growth rate of the elements forming an economic system. An integral coefficient has been used for evaluation of structural changes. Multiple regression was used to analyze the impact of various factors on the change in structure of investment. The regression coefficients in the model give quantitative assessment of the pace of change in the structure as it depends on a specific factor. The model estimation shows that the variables “share of investments in manufacturing” (positive influence and “share of investments in the health, physical culture, education” (negative influence have the largest t-values. Hence, these two factors influence the structural changes in investments most strongly The evaluation and analysis of the structural shifts may lead to conclusions regarding the efficiency of the structure investment and adjustment of the economic policy.

  16. 企业经营投资调整分析%The Analysis of Business Investment Reorientation

    Institute of Scientific and Technical Information of China (English)

    王欢; 陈收; 毛超

    2011-01-01

    企业在寻求内外部因素匹配的过程中,存在内部演化机制,在不断适应、试错中形成投资调整模式.为探索企业经营投资调整的影响因素及其对竞争优势的影响,引入空间向量模型度量企业经营投资调整程度,对我国酒业20家上市公司进行实证分析.结果显示,企业经营投资调整受到了主营产品利润增长率的市场激励信号、财务杠杆的正向作用,内部专用性资产规模的负向作用影响.影响因素的共同作用下形成了一定的调整轨迹,在酒业这样的成熟且竞争激烈的行业中,企业调整程度越低,越利于生存发展和竞争优势的巩固.本文力求为企业制定经营投资调整决策提供有益思路.%In the proeess of matching internal and external factors, the internal evolutionary mechanism will cause the formation of a certain investment adjustment mode in its adapting and trial process. In order to explore the influencing factors of business investment reorientation and its effect on competitive advantage, this paper introduces the vector space model to measure the level of business investment adjustment, and then analyzes 20 Chinese listed wine corporations. The results show that: (l) corporate business investment adjustment has a significantly positive correlation with the growth rate of main products and the level of long-term debt ratio while it negatively correlates with the size of corporate specific assets;(2) All of these factors form a certain adjustment path and in such a mature and highly competitive wine industry, the lower level the adjustment is at, the more beneficial it is for industry survival and its competirive advantage. This paper seeks to provide useful suggestions for Chinese enterprises to plan business investment reorientation.

  17. The proper name in the structure of the noun phrase

    Directory of Open Access Journals (Sweden)

    Aleksandra Pronińska

    2013-01-01

    Full Text Available The aim of this paper is to analyse Italian nominal groups containing proper nouns. The article discusses two syntagma types with elliptical structure proper noun> as well as analogical structures where the common and proper nouns are joined by the preposition “di”. The classification and analysis of nominal groups have been carried out on the basis of the function of the proper noun in the syntagma. Two groups of syntagmas have been distinguished: one with the proper noun functioning as a superordinate constituent and one with the proper noun functioning as a modifier. In the former type (where the proper noun is a superordinate constituent, the common noun functions as a descriptive or restrictive appositive. The syntagmas, where the proper noun functions as a modifier, are of particularly diverse character. In such cases, the possibility to paraphrase them by means of the analysed structures constitutes an additional criterion. Consequently, three syntagma types have been distinguished as represented by the following examples: il progetto Leonardo (which does not allow for an alternative synonymous version, *il progetto di Leonardo, il governo Monti (where the prepositional structure il governo di Monti may be used interchangeably and un quadro di Rubens (which does not allow for an alternative synonymous version with the ellipsis of the preposition “di” *un quadro Rubens.

  18. Action Investment Energy Games

    DEFF Research Database (Denmark)

    Larsen, Kim Guldstrand; Laursen, Simon; Srba, Jiri

    2012-01-01

    We introduce the formalism of action investment energy games where we study the trade-off between investments limited by given budgets and resource constrained (energy) behavior of the underlying system. More specifically, we consider energy games extended with costs of enabling actions and fixed...... budgets for each player. We ask the question whether for any Player 2 investment there exists a Player 1 investment such that Player 1 wins the resulting energy game. We study the action investment energy game for energy intervals with both upper and lower bounds, and with a lower bound only, and give...... a complexity results overview for the problem of deciding the winner in the game....

  19. A Global Correction to PPMXL Proper Motions

    CERN Document Server

    Vickers, John J; Grebel, Eva K

    2016-01-01

    In this paper we notice that extragalactic sources seem to have non-zero proper motions in the PPMXL proper motion catalog. We collect a large, all-sky sample of extragalactic objects and fit their reported PPMXL proper motions to an ensemble of spherical harmonics in magnitude shells. A magnitude dependent proper motion correction is thus constructed. This correction is applied to a set of fundamental radio sources, quasars, and is compared to similar corrections to assess its utility. We publish, along with this paper, code which may be used to correct proper motions in the PPMXL catalog over the full sky which have 2 Micron All Sky Survey photometry.

  20. The Good Investment.

    Science.gov (United States)

    Prescott, John E; Fresne, Julie A; Youngclaus, James A

    2017-07-01

    The authors reflect on the article in this issue entitled "Borrow or Serve? An Economic Analysis of Options for Financing a Medical School Education" by Marcu and colleagues, which makes a compelling case that a medical school education is a good investment, no matter what financing option students use, from federal service programs to federal loans. The lead author of this Commentary shares lessons learned from his own medical school education, which was funded by an Armed Forces Health Professions Scholarship, and from his current position interacting with medical students across the United States.Regardless of the financing path they choose, all students should understand basic financial concepts and the details of the various pathways that are available to pay for their medical school education, as well as how each could potentially impact their own future and that of their families. One underappreciated aspect of financing a medical school education is that federal repayment scenarios can link loan payments to income, rather than debt levels, which means that all physicians are able to afford their loan payments no matter what specialty they practice, what they are paid, or where they live.Medical education, while expensive, remains the good investment. An MD degree can lead to a lifetime of personal fulfillment and societal contributions. Everyone, with rare exceptions, accepted to a U.S. medical school will be able to finance their medical education via a path that aligns with their personal values and priorities.

  1. The Performance of Socially Responsible Investments

    Directory of Open Access Journals (Sweden)

    Milica LATINOVIC

    2013-06-01

    Full Text Available The paper aims to annotate how selection of equity securities can be made by incorporating sustainability into analysis, and to present review of performance evidence of such an investment strategy. The  authors  reviewed  the  scholarly  literature  and contemporary research on what constitutes a socially responsible investment, what risks are associated with such an investment, and what evidence of its performance are  in  different  markets.  They  hypothesized  that  socially  responsible  investments underperform non‐socially aware investments. This paper provides review of relevant corporate sustainability indicators used in investment analysis. Also, this paper is trying to present evidence of a link between  corporate  social  responsibility  and  shareholder  value.  Research  of performance of socially responsible investment equity indices and funds; mostly show that they underperform conventional ones. This paper aims to examine existing findings on socially responsible investing, and to propose modification of corporate strategies accordingly. This paper provides various insights into implications when incorporating environment, social responsibility, and corporate governance into investment strategies.

  2. Venture Capital Investment Base on Grey Relational Theory

    Science.gov (United States)

    Zhang, Xubo

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

  3. Investing in systematic factor premiums

    NARCIS (Netherlands)

    Koedijk, Kees G.; Slager, Alfred M. H.; Stork, P.A.

    2016-01-01

    In this paper we investigate and evaluate factor investing in the US and Europe for equities and bonds. We show that factor-based portfolios generally produce comparable or better portfolios than market indices. We expand the analysis to other asset classes and factors, work with other optimisation

  4. 会计信息质量对企业投资效率的影响%Effect analysis of accounting information quality on corporate investment efficiency

    Institute of Scientific and Technical Information of China (English)

    郭秀妹; 柯腾敏

    2016-01-01

    242 motherboard manufacturing companies listed from 2008 to 2012 in Shenzhen are taken as samples,and their execu-tive compensation,asset turnover,returns on total assets,equity structure are taken as control variables.Regression analysis are conducted on the collected data to investigate the effect of accounting information quality on corporate investment efficiency.The re-sults showed as follows.Accounting information quality causes fluctuation of propensity to invest and affects the corporate investment efficiency.Usually,the higher the accounting information quality,the higher the coporate investment efficiency,with the positive correlation.Therefore improving accounting information quality and transparency is helpful to perfect the listed corporate internal management structure and promote its investment efficiency.%选取2008-2012年深市主板制造业242家上市公司作为研究对象,将其高管薪酬、资产周转率、总资产收益率、公司股权结构等作为控制变量,通过对所收集的数据进行回归分析,以了解会计信息质量对公司投资效率的影响情况。研究结果显示,会计信息质量会对公司的投资倾向产生波动从而影响公司的投资效率,通常情况下,会计信息质量越高,则公司的投资效率越好,呈正相关关系。因此,有效保证会计信息披露的质量,增强会计信息公告的透明程度,有助于完善上市公司的内部治理结构和提高公司的投资效率。

  5. Transnational Investments in Informational Capital

    DEFF Research Database (Denmark)

    D. Munk, Martin

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

  6. Transnational Investments in Informational Capital

    DEFF Research Database (Denmark)

    D. Munk, Martin

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

  7. The Lorentzian proper vertex amplitude: Asymptotics

    CERN Document Server

    Engle, Jonathan; Zipfel, Antonia

    2015-01-01

    In previous work, the Lorentzian proper vertex amplitude for a spin-foam model of quantum gravity was derived. In the present work, the asymptotics of this amplitude are studied in the semi-classical limit. The starting point of the analysis is an expression for the amplitude as an action integral with action differing from that in the EPRL case by an extra `projector' term which scales linearly with spins only in the asymptotic limit. New tools are introduced to generalize stationary phase methods to this case. For the case of boundary data which can be glued to a non-degenerate Lorentzian 4-simplex, the asymptotic limit of the amplitude is shown to equal the single Feynman term, showing that the extra term in the asymptotics of the EPRL amplitude has been eliminated.

  8. Chinese Investments in Serbia—A Joint Pledge for the Future of the New Silk Road

    Directory of Open Access Journals (Sweden)

    Dimitrijević Duško

    2017-06-01

    Full Text Available Following the political changes in 2000, Serbia has rapidly started to catch up with the countries of Central and Eastern Europe in various aspects of the transition process. One of these very important aspects were foreign investments, both ‘direct’ and ‘portfolio’ ones, that had a significant impact on the development of Serbian economy by recovering economic structure and raising competitiveness in world markets, followed by improving the balance of payments and technological, scientific and managerial base. Foreign investments as an “economic engine” enable accelerated realization of national economic goals which include re-industrialization and renewal of industrial capacity. The openness of the Serbian market and the lack of financial resources allow China and other states concerned under favourable conditions invest in the development of Serbian economy. In this way, Chinese investments have become a driving force for the promotion of economic and other relations between the two countries. On the other hand, however, Chinese investments have proven to be an ideal test for the realization of the objectives of the development strategy of the ‘New Silk Road’ which among other things include the improvement of China’s position on world markets, including the EU market. For the proper understanding of Sino-Serbian relations, this study first gives a short explanation of the Chinese strategy of the New Silk Road. Then, it includes an analysis of Serbia’s position towards China. Analysis of the development of Serbian-Chinese economic relations, especially in the field of foreign investment and within the framework of multilateral cooperation mechanism ‘16+1’, occupies the central part of the study. The study concludes with an evaluation of comparative advantages and certain disadvantages for the Chinese foreign investment in Serbian economy, which in itself has certain significance for the realization of the New Silk Road

  9. R&D Investment and The Performance of Firms:Empirical Analysis Based on Listed SMEs’ Data

    Institute of Scientific and Technical Information of China (English)

    Li; Xianzhen; Wu; Jinxi

    2011-01-01

    Based on 122 listed SMEs in Shenzhen Securities,this study evaluates the current situation of SMEsR&D investment and estimates R&D rate of return by using Cobb-Douglas production function as econometric studies of the contribution of R&D.The main findings are that the science-based sectors with the highest R&D intensity have a relatively low rate of return to R&D,the very traditional industries have the lowest return.Finally,we give some explanations to these findings.

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

    Directory of Open Access Journals (Sweden)

    Luis Ferruz Agudo

    2011-12-01

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

  11. Brief Analysis of Investment and Effect for Oil/Gas Exploration During Eighth Five-Year Plan Period

    Institute of Scientific and Technical Information of China (English)

    Shen Liufang

    1996-01-01

    @@ The characteristics of high risk and declining productive capability in oil/gas exploration and development necessitate continuous huge amount of investment for both the simple reproduction and the expanded reproduction .The size of input, the increment of production, and the economic benefit are related to each other. Without sufficient and subsequently effective funds input, it is impossible to develop the oil and gas industry steadily. Similarly. without the growth of oil and gas reserves and production, it is also impossible to yield better economic benefit.

  12. Residential Customer Enrollment in Time-based Rate and Enabling Technology Programs: Smart Grid Investment Grant Consumer Behavior Study Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Todd, Annika [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Cappers, Peter [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Goldman, Charles [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2013-05-01

    The U.S. Department of Energy’s (DOE’s) Smart Grid Investment Grant (SGIG) program is working with a subset of the 99 SGIG projects undertaking Consumer Behavior Studies (CBS), which examine the response of mass market consumers (i.e., residential and small commercial customers) to time-varying electricity prices (referred to herein as time-based rate programs) in conjunction with the deployment of advanced metering infrastructure (AMI) and associated technologies. The effort presents an opportunity to advance the electric industry’s understanding of consumer behavior.

  13. Accelerating investments in power in sub-Saharan Africa

    Science.gov (United States)

    Eberhard, Anton; Gratwick, Katharine; Morello, Elvira; Antmann, Pedro

    2017-02-01

    Private sector investments in African power generation play an increasingly important role in addressing the continent's electricity supply shortages. Our analysis of investment trends in sub-Saharan Africa reveals some key success factors.

  14. Benjamin Graham's Main Point of View of Difference between Investment and Speculation--On the Relevant Errors in Our Securities Investment Analysis Textbook%本杰明·格雷厄姆关于投资与投机区别的基本观点--兼论我国证券投资分析教材中的错误

    Institute of Scientific and Technical Information of China (English)

    张振乾

    2013-01-01

      正确认识投资与投机的区别具有重大的理论与现实意义。本杰明·格雷厄姆的证券分析理论对于投资与投机的区分进行了重点阐述,具有特别重要的价值。其基本观点有:投资可以得到安全边际的保护,而投机得不到这种保护;投资的策略是证券估值,投机的策略是市场预测;投资运用基本分析法,投机运用市场分析法。通过比较发现,我国证券投资分析教材存在以下错误:没有抓住投资与投机在“安全性”这一本质属性上的差异;把投资策略与投机策略混为一谈;把基本分析法与市场分析法都当成投资分析方法。这些错误给人们带来较大的思想混乱,应该予以改正。%Correct understanding of the difference between investment and speculation is of great theoretical and practical significance. With important value, Benjamin graham's securities analysis theory focuses mainly on the difference between in-vestment and speculation. Here are his main related point of view: Investment is under protection of margin of safety,but speculation not; Investment strategy is securities valuation, speculative strategy is market forecast; Investor use basic analysis, and speculator use market analysis. By comparison, some relevant errors in our securities investment analysis textbook were found: Do not grasp the essential differences between investment and speculation; Confusing investment strategy with specula-tive strategy; Counting both basic analysis and market analysis as investment analysis method. These errors have caused a lot of ideological confusion.

  15. The Analysis of the Effects of Domestic and Foreign Investment in R&D on Agricultural TFP in Iran

    Directory of Open Access Journals (Sweden)

    Ali Bagherzadeh

    2012-06-01

    Full Text Available Nowadays, agricultural R&D provides new and developedtechnologies to create modern agricultural producingmethods. During recent years, improving agricultural productivityis affected by not only domestic R&D investments but alsoforeign countries R&D investments. Nowadays, according tonew growth models, R&D is the base of productivity. Recenteconomics theories consider agricultural research and it`s spillovers as important factors for technological change and economicgrowth. This paper investigates the amount of agricultural totalfactor productivity in Iran and analyzes the relationship betweenTFP, domestic agricultural research, and foreign agriculturalR&D during 1979 – 2008. In this study Iran`s partners are 20Asian, European and South American countries. The Solowresidual index approach is applied for the measurement of totalfactor productivity in agricultural sector of Iran. ARDL modelinvolving different lag length specifications were estimatedtaking TFP as a dependent variable. The results indicate thatagricultural researches (both domestic and foreign R&D havepositive and significant impact on agricultural TFP. But theimpact of foreign R&D on agricultural productivity is strongerthan the effect of domestic R&D. According to gained resultsconsiderable portion of national product should be allocated toR&D costs and research budget of agricultural sector should beincreased to standard level. Also government should pay attentionto it`s partner countries because agricultural R&D spill over ofdeveloped countries is more than developing countries.

  16. Territorial Attractiveness of the Foreign Direct Investment: Empirical Evidence from Panel Data Analysis for the Case of Tunisia

    Directory of Open Access Journals (Sweden)

    Samir Saidi

    2016-08-01

    Full Text Available The present article aims to evaluate the role of different macroeconomic variables that may promote the entry of the foreign direct investment (FDI in the industrial sector in Tunisia. In recent decades, several researches indicate that despite the significant impact of the FDI as an important catalyst of development, its benefits remain unequally distributed between countries, sectors and communities. For this reason, the competition between countries becomes more intense and depends on a large set of factors having different importance. In the same order of ideas, we try to estimate the impact of these factors on the FDI attractiveness in Tunisia through an econometric modelling with panel data over the period 2000-2014. We found that the traditional economic factors have the greatest and more significant impact. Also, the results imply that the multinational companies adopt essentially the vertical implementation strategy to invest in Tunisia. The findings have a great value for the decision-makers in Tunisia who can concentrate their efforts on the most important variables to develop the competitiveness of Tunisia.

  17. Analysis of Circular Development and Investment Possibilities (Transport, Energy and Building Related to International Sports Event Planning

    Directory of Open Access Journals (Sweden)

    Horváth Bálint

    2017-09-01

    Full Text Available This study investigates the possibilities of various development areas (transport, energy, building to make the cost-efficient realisation of high-profile investments, and organising and holding international sports events possible. Using a case study, the paper introduces development routes based on the evaluation of environmental and economic perspectives. The current research introduces the investment characteristics based on the development of the Hungarian building, energy and transport sectors for the 2017-2030 period. The main criterion is the integration of ‘circular economy’. For sectors which operate with high material and energy consumption, the consideration of circular economy principles may prove to be important for sustainable development. Through planning highvolume sports and worldwide events, the usual development strategy for traffic systems focuses on public transport and rentable vehicles (f. e. electric scooter, or bicycle which can decrease CO2 emissions via modern technological solutions. Regarding the buildings, sports arenas and related facilities, besides the existing low-carbon solutions, the functions of buildings must be expanded and their usage prolonged. The management of waste left after the life cycle is expended has to be pre-planned. These are the options for making the sector’s GHG emissions decrease apart from circular tenders, which can be further combined with SMART energetic solutions.

  18. Did the Reduction of ICT Investment Due to the 2008 Economic Crisis Affect the Innovation Performance of Firms? An Exploratory Analysis Based on Firm Data for the European Glass, Ceramics, and Cement Industry

    OpenAIRE

    Arvanitis, Spyros; Euripidis N. Loukis

    2015-01-01

    In this paper we investigate empirically, first, the characteristics of the firms that reduced their ICT investment due to the 2008 crisis, particularly the firms' ICT-related characteristics in terms of ICT budget, skills and applications used. The analysis of the ICT characteristics that may influence the likelihood of having reduced ICT investment as a consequence of the crisis is primarily explorative, thus driven by available data and economic intuition. The second research question we e...

  19. The economic content of the term “investment attractiveness”

    Directory of Open Access Journals (Sweden)

    E. R. Zakirova

    2016-01-01

    Full Text Available The article is devoted to the definition of the economic content of the concept of “investment attraction” and the study of the criteria of investment attractiveness. We conducted a retrospective analysis and systematization of the various definitions of “capital”, “investment”, “investment attraction”, given by domestic and foreign authors. A generalized definition of capital is given: “capital’ is an objective economic category, which offers a business entity to carry out its investment activities in order to expand the scope and value of the business, making a profit and improve its investment attractiveness. It is emphasized that the concept of “investment” is broader than the concept of “capital”: it is investment in capital with varying degrees of liquidity for the purpose of subsequent increments and increase the value of the business entity. The author defines the main characteristics of the investment. A distinction of the term “investment attractiveness” of similar concepts, “market attractiveness”, “investment climate”, “investment image”, “investment potential” is made. It is concluded that the investment attractiveness is a component of the investment climate, which is characterized by an objective character and eliminates the subjectivity. Based on the understanding of different approaches to the study of the investment attractiveness and define its criteria the author offers a brief description of the concept of “investment attractiveness”: investment attractiveness is an independent economic category – a set of internal and external factors, as well as qualitative and quantitative indicators of the investment potential of any of the levels of the economic system – state, regional, sectoral, level of economic entities. Evaluation of investment attractiveness at all levels of the economic system is carried out in the current period (current situation analysis and forecast

  20. The Volatile Effect of Conflict Risk on Foreign Investment

    Directory of Open Access Journals (Sweden)

    Umit Hacioglu

    2013-04-01

    Full Text Available The opportunities of investment brought along by the global economic integrity might turn into a threat in an instant and undermine the underlying structures of national economies. It is necessary to analyze the conflict risk properly in terms of both portfolio investment and finance strategies. This is an important step to be included in the process of arriving to a rational decision. In that way, the existing investment risks could be priced more efficiently. It is proved on Collier and Starr models that there is a correlation between the conflict risk and unemployment, economic recession, inflation and fiscal discipline. In brief, the breakdown in the economic parameters increases the conflict risk and a progress occurring in the opposite way, decreases that risk. In this study, it is discussed the effects of the conflict risk for foreign investment availabilities. Keywords: Foreign direct investment; volatile effect; conflict risk; investment climate

  1. 75 FR 80294 - Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad

    Science.gov (United States)

    2010-12-22

    ... U.S. and international definitions for foreign direct investment and must be represented in the... Bureau of Economic Analysis 15 CFR Part 806 RIN 0691-AA74 Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad AGENCY: Bureau of Economic Analysis, Commerce. ACTION: Final...

  2. Effect of business regulation on investment in emerging market economies

    Directory of Open Access Journals (Sweden)

    Birungi Korutaro

    2013-01-01

    Full Text Available This paper provides an empirical analysis of the business regulatory factors that influence investment in a selection of 29 emerging market economies. Both theoretical and empirical literature on the effect of the regulatory environment on investment is reviewed. A panel data analysis over the period 2003–2007 reveals that investment is influenced by secure property rights and the degree of business entry regulation. The results carry important policy implications for improving the investment climate of emerging market economies.

  3. Optimisation of Investment Resources at Small Enterprises

    Directory of Open Access Journals (Sweden)

    Shvets Iryna B.

    2014-03-01

    Full Text Available The goal of the article lies in the study of the process of optimisation of the structure of investment resources, development of criteria and stages of optimisation of volumes of investment resources for small enterprises by types of economic activity. The article characterises the process of transformation of investment resources into assets and liabilities of the balances of small enterprises and conducts calculation of the structure of sources of formation of investment resources in Ukraine at small enterprises by types of economic activity in 2011. On the basis of the conducted analysis of the structure of investment resources of small enterprises the article forms main groups of criteria of optimisation in the context of individual small enterprises by types of economic activity. The article offers an algorithm and step-by-step scheme of optimisation of investment resources at small enterprises in the form of a multi-stage process of management of investment resources in the context of increase of their mobility and rate of transformation of existing resources into investments. The prospect of further studies in this direction is development of a structural and logic scheme of optimisation of volumes of investment resources at small enterprises.

  4. The Analysis of the Factors Affecting Private Investment Growth of China%影响民间投资增长的因素分析

    Institute of Scientific and Technical Information of China (English)

    国家统计局投资司课题组

    2003-01-01

    There are many factors affecting the growth of private investments. The paper analyses the main factors, such as market supply, mentality prospect, interest rate, taxes, market access, financial reform, government bonds investments and the proection of the private wealth.

  5. AN ANALYSIS OF THE ECONOMIC DETERMINANTS AND THE QUALITY OF THE INSTITUTIONAL FRAMEWORK AS FACTORS TO ATTRACT FOREIGN DIRECT INVESTMENT IN SOUTHEASTERN EUROPE: THE CASE OF GREECE

    Directory of Open Access Journals (Sweden)

    Constantinos CHOROMIDES

    2015-06-01

    Full Text Available Foreign Direct Investment (FDI is considered by researchers as a critical factor for economic growth and development since they have shown a positive relationship between FDI and economic growth. The recent economic crisis in the European Union (EU has brought up again the discussion of the key drivers specific to the attraction of FDI. In addition to strict economic factors the literature emphasizes the role of institutions in a country as determinants in attracting FDI inflows. An analysis of the role that the quality of institutions in attracting FDI has in Greece is attempted using an econometric model on institutional, regulatory, country specific and firm level data. For the purpose of giving a regional dimension in the analysis, and for attempting a comparison of the findings, the analysis focuses besides Greece, in two other Southeastern European countries (SEE, Bulgaria and Romania, being two new member states of the EU.

  6. COINTEGRATION ANALYSIS OF EUROPEAN STOCK MARKETS (ROMANIA, GERMANY, FRANCE AND POLAND FROM THE PERSPECTIVE OF THE NET ASSETS INVESTMENT OF THE ROMANIAN MANDATORY PRIVATE PENSION FUNDS

    Directory of Open Access Journals (Sweden)

    Andreea-Cristina PETRICA

    2016-12-01

    Full Text Available The goal of this paper is to investigate cointegration between Bucharest Stock Exchange and three European Stock Markets: Germany,France and Poland, respectively. The choice of the European markets is based on the net assets investment of the Romanian mandatory private pension funds. On June 30, 2016, according to the Romanian Financial Supervisory Authority 91.28% of all investments in shares of private pension funds have been performed in Romanian shares, while the rest of 8.72% (0.44 billion lei have been performed in shares issued by Germany (2.34%, France (2.23%, Poland (0.89% and other countries. Having the intention of achieving maximizing returns by managing risk, and also to capture the co-movements in the above markets,we perform the cointegration analysis to examine portfolio diversification of the Romanian mandatory private pension funds. The empirical analysis is based on daily closing prices of the BET Index, DAX 30 Index, CAC 40 Index and WIG 20 Index and covers the period from 30 January 2006 to 27 September 2016 (2713 observations.

  7. Will the next generation of preferential trade and investment agreements undermine prevention of noncommunicable diseases? A prospective policy analysis of the Trans Pacific Partnership Agreement.

    Science.gov (United States)

    Thow, Anne Marie; Snowdon, Wendy; Labonté, Ronald; Gleeson, Deborah; Stuckler, David; Hattersley, Libby; Schram, Ashley; Kay, Adrian; Friel, Sharon

    2015-01-01

    The Trans Pacific Partnership Agreement (TPPA) is one of a new generation of 'deep' preferential trade and investment agreements that will extend many of the provisions seen in previous agreements. This paper presents a prospective policy analysis of the likely text of the TPPA, with reference to nutrition policy space. Specifically, we analyse how the TPPA may constrain governments' policy space to implement the 'policy options for promoting a healthy diet' in the World Health Organization's Global Action Plan for Prevention and Control of Noncommunicable Diseases (NCDs) 2013-2020. This policy analysis suggests that if certain binding commitments are made under the TPPA, they could constrain the ability of governments to protect nutrition policy from the influence of vested interests, reduce the range of interventions available to actively discourage consumption of less healthy food (and to promote healthy food) and limit governments' capacity to implement these interventions, and reduce resources available for nutrition education initiatives. There is scope to protect policy space by including specific exclusions and/or exceptions during negotiation of trade and investment agreements like the TPPA, and by strengthening global health frameworks for nutrition to enable them to be used as reference during disputes in trade fora. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

  8. 光伏电站的投资前景分析%Analysis on investment prospects of photovoltaic power plants

    Institute of Scientific and Technical Information of China (English)

    欧惠; 查国君; 李黎明; 刘澄宇

    2012-01-01

    在世界各国对太阳能光伏发电鼓励政策引导下,近年来太阳能光伏发电产业呈现出快速发展的势头.文章就建立光伏电站所涉及的电站成本、相关政策和市场状况问题进行了研究分析.在不考虑政府财政补贴的情况下,2008年投资光伏电站每年平均损失115.5万元/MW,当前投资光伏电站每年可平均获得利润33万元/MW.在国内太阳能电站的收益率水平迅速提升的形势下,预计未来5年将是我国太阳能电站投资的黄金时期,建议政府和相关企业抓住机遇,加大光伏电站的投入和建设.%In recent years, through the guidance of incentives in various countries, the solar photovoltaic power industry shows a rapid development trend. The key issues on the construction of photovoltaic power plant were investigated, including the cost of photovoltaic power plant, related policy and market situation. The results indicate that, without considering the government financial subsidies, an average annual loss of 1.155 million yuan was obtained from the investment in each 1 MW photovoltaic power plant in 2008, however, an average annual profit of 330 thousand yuan could be made in present. With the rapid rise of photovoltaic power plant yields in China, the golden age of the photovoltaic power plant investment will be coming in next 5 years. It was suggested that the government and related enterprises would seize the opportunity to increase the investment and construction of photovoltaic power plant.

  9. Information Technology Investment Strategy Planning: Balance Scorecard Approach

    Directory of Open Access Journals (Sweden)

    Henny Hendarti

    2011-05-01

    Full Text Available Purpose of this research are to prepare the IT investment strategy using Balanced Scorecard approach in the company where the appropriate planning of this IT investment strategy can maximize the competitive benefit in the company, and it also to recommended a strategy of IT investment that can be implemented and measure the rate of return from the IT investment in the company. Research Method used book studies, field studies, and analysis system. Book studies from the books and journal. Field studies done by observation, interview, and questioner, and analysis system done by analyzed the ongoing system in the company. The result from this analysis is a recommendation in investment IT such as sales module, payment module, and report module. Then for the conclusion, this information technology investment planning can be develop to another investment implementation such authorized website of the company and using PDA (Personal Digital AssistantIndex Terms - Planning, Information Technology, Investment, Balance Scorecard

  10. Determinants of Discretionary Investments

    Directory of Open Access Journals (Sweden)

    K. S. Sujit

    2016-03-01

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

  11. An Analysis of U.S. Foreign Direct Investment Policy and Economic Development. A.I.D. Discussion Paper No. 36.

    Science.gov (United States)

    Bergsten, C. Fred; De Castro, Bruce

    The purpose of the paper is to analyze U.S. policies toward financial investment in developing nations. The paper is presented in two sections. In section I, the controversial effects of direct foreign investment on development are discussed. Case studies of investment policies toward India, the Philippines, Ghana, Guatemala, and Argentina are…

  12. Analysis prediction of Indonesian banks (BCA, BNI, MANDIRI) using adaptive neuro-fuzzy inference system (ANFIS) and investment strategies

    Science.gov (United States)

    Trianto, Andriantama Budi; Hadi, I. M.; Liong, The Houw; Purqon, Acep

    2015-09-01

    Indonesian economical development is growing well. It has effect for their invesment in Banks and the stock market. In this study, we perform prediction for the three blue chips of Indonesian bank i.e. BCA, BNI, and MANDIRI by using the method of Adaptive Neuro-Fuzzy Inference System (ANFIS) with Takagi-Sugeno rules and Generalized bell (Gbell) as the membership function. Our results show that ANFIS perform good prediction with RMSE for BCA of 27, BNI of 5.29, and MANDIRI of 13.41, respectively. Furthermore, we develop an active strategy to gain more benefit. We compare between passive strategy versus active strategy. Our results shows that for the passive strategy gains 13 million rupiah, while for the active strategy gains 47 million rupiah in one year. The active investment strategy significantly shows gaining multiple benefit than the passive one.

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

    Directory of Open Access Journals (Sweden)

    Ronan Aparecido Valadares Santana

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

  14. Commercial mortgages: An underutilized channel for scaling energy efficiency investments?

    Energy Technology Data Exchange (ETDEWEB)

    Mathew, Paul; Wallace, Nancy; Alschuler, Elena; Kolstad, Leonard

    2016-02-01

    Commercial mortgages currently do not fully account for energy factors in underwriting and valuation, particularly as it relates to the impact of energy costs and volatility on an owner’s net operating income. As a consequence, energy efficiency is not properly valued and energy risks are not properly assessed and mitigated. Commercial mortgages are a large lever and could be a significant channel for scaling energy efficiency investments. A pilot analysis of loans with different mortgage contract structures and locations showed that when energy cost volatility was included in mortgage valuation, a 20% reduction in energy use resulted in a 1.3% average increase in mortgage value. This suggests that the explicit inclusion of energy use and volatility in mortgage valuation can send a strong price signal that financially rewards and values energy efficiency in commercial properties. This paper presents findings from a scoping study addressing energy factors in commercial mortgages. First, we present a review of current practices as it relates to incorporating energy factors into commercial mortgage underwriting and valuation. Next, we detail the impacts of energy factors on property values, net operating income and mortgage valuation. Building operational practices alone can result in energy use variations from -17% to 87%. Finally, we present a set of proposed interventions to properly address energy factors in commercial mortgages, based on extensive discussions with stakeholders including mortgage originators, underwriters, building owners and regulators.

  15. A remark on proper partitions of unity

    CERN Document Server

    Calcines, Jose M Garcia

    2011-01-01

    In this paper we introduce, by means of the category of exterior spaces and using a process that generalizes the Alexandroff compactification, an analogue notion of numerable covering of a space in the proper and exterior setting. An application is given for fibrewise proper homotopy equivalences.

  16. The Analysis on Investment Strategy of Nickel Mineral Resources in Indonesia%印度尼西亚镍资源投资策略分析

    Institute of Scientific and Technical Information of China (English)

    林志峰; 杨建龙; 洪托

    2015-01-01

    Indonesia has rich nickel ore mineral resources and is one of the major importers of nickel mines for China.In recent years,the government of Indonesia has made great efforts in improving foreign investment environment.However,there still exits too much government intervention,ore export ban,poor infrastructure, strict environmental protection and other problems.Therefore,combining a variety of investment strategies, building joint venture smelters in local areas,building infrastructures,attaching great importance to the environ-mental protection,consulting the embassy of China in Indonesia and other concerned parties,hiring local staffs, increasing investment in exploration and development of nickel resources in Indonesia,accelerating the develop-ment of the internal international management talents,getting the help from the intermediary force and other measures -all these and more can reduce the investment risk of enterprise in Indonesia and ensure the smooth progress of enterprise investment.The feasibility analysis of the policy,law,economic and social benefits in In-donesia concludes that Indonesia is the better nickel resource investment area for Chinese enterprises.%印度尼西亚镍资源丰富,是我国镍矿原料的主要进口国之一。近年来,印度尼西亚政府在不断改善外商投资环境方面做出了很多努力,然而仍然存在着干预过多、原矿出口禁令、基础设施差、环保要求严格等问题。因此,采取多种投资策略相结合、在当地合资建设冶炼厂、进行一部分基础建设、重视环保工作、向驻印尼大使馆等有关人士进行咨询、聘用本土人员、加大镍矿资源勘探开发的投资力度、加快培育企业内部国际化经营管理人才以及借助中介力量等措施可以降低企业在印尼的投资风险、保证企业投资的顺利进行。针对印度尼西亚的政策、法律、经济和社会效益的可行性分析,得出印度尼西亚是

  17. Analysis of an option to finance the investment in a nuclear power plant; Analisis de una opcion para financiar la inversion en una central nucleoelectrica

    Energy Technology Data Exchange (ETDEWEB)

    Villanueva M, C., E-mail: cvillanueva@fi-b.unam.mx [UNAM, Facultad de Ingenieria, Circuito Interior, Ciudad Universitaria, 04510 Mexico D. F. (Mexico)

    2011-11-15

    According to the recent projection of costs of electric generation published by the International Atomic Energy Agency, with a rate of discount of 10% annual the even unitary cost of a nuclear power station of 1,400 MW of capacity would be 98.{sup 75} USD{sub 2010}/MWh, while for a combined cycle of same capacity that burns natural gas the cost it would be 92.{sup 11} USD{sub 2010}/MWh, operating the power stations with a capacity factor of 85% to generate 10,424 annual G Wh. To 5% annual, the costs would decrease at 58.{sup 53} USD{sub 2010}/MWh for the nuclear energy and at 85.{sup 77} USD{sub 2010}/MWh for the combined cycle. In an indifference analysis of the price of natural gas against the investment cost in the nuclear, with a rate of discount of 10% annual the common cost would be 97.{sup 31} USD{sub 2010}/MWh, when the even price of the natural gas was 10.{sup 50} USD{sub 2010}/G J and simultaneously the unitary cost of investment of the nuclear was 4,023 USD{sub 2010}/kw. Under similar conditions, if the investment in the nuclear power station was 4,163 USD{sub 2010}/Kw to redeem it in 60 years of economic useful life the equivalent annuity would be of USD{sub 2010} 790.060 millions that would have the same value of the annual invoice of the natural gas consumed by the combined cycle power station to the price of 12.{sup 00} USD{sub 2010}/G J. Then, as example of an excellent option of the Federal Commission of Electricity to finance with own resources budget them a new nuclear power station, the investment could redeem annually with the savings that it would represent to stop to burn natural gas when displacing the equivalent generation in central of combined cycle. (Author)

  18. Spinfoam Cosmology with the Proper Vertex

    Science.gov (United States)

    Vilensky, Ilya

    2017-01-01

    A modification of the EPRL vertex amplitude in the spin-foam framework of quantum gravity - so-called ``proper vertex amplitude'' - has been developed to enable correct semi-classical behavior to conform to the classical Regge calculus. The proper vertex amplitude is defined by projecting to the single gravitational sector. The amplitude is recast into an exponentiated form and we derive the asymptotic form of the projector part of the action. This enables us to study the asymptotics of the proper vertex by applying extended stationary phase methods. We use the proper vertex amplitude to investigate transition amplitudes between coherent quantum boundary states of cosmological geometries. In particular, Hartle-Hawking no-boundary states are computed in the proper vertex framework. We confirm that in the classical limit the Hartle-Hawking wavefunction satisfies the Hamiltonian constraint. Partly supported by NSF grants PHY-1205968 and PHY-1505490.

  19. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

    Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

  20. KINERJA PENGELOLAAN LIMBAH HOTEL PESERTA PROPER DAN NON PROPER DI KABUPATEN BADUNG, PROVINSI BALI

    Directory of Open Access Journals (Sweden)

    Putri Nilakandi Perdanawati Pitoyo

    2016-07-01

    Full Text Available Bali tourism development can lead to positive and negative impacts that threatening environmental sustainability. This research evaluates the hotel performance of the waste management that includes management of waste water, emission, hazardous, and solid waste by hotel that participate at PROPER and non PROPER. Research using qualitative descriptive method. Not all of non PROPER doing test on waste water quality, chimney emissions quality, an inventory of hazardous waste and solid waste sorting. Wastewater discharge of PROPER hotels ranged from 290.9 to 571.8 m3/day and non PROPER ranged from 8.4 to 98.1 m3/day with NH3 parameter values that exceed the quality standards. The quality of chimney emissions were still below the quality standard. The volume of the hazardous waste of PROPER hotels ranged from 66.1 to 181.9 kg/month and non PROPER ranged from 5.003 to 103.42 kg/month. Hazardous waste from the PROPER hotel which has been stored in the TPS hazardous waste. The volume of the solid waste of PROPER hotel ranged from 342.34 to 684.54 kg/day and non PROPER ranged from 4.83 to 181.51 kg/day. The PROPER and non PROPER hotel not sort the solid waste. The hotel performance in term of wastewater management, emission, hazardous, and solid waste is better at the PROPER hotel compared to non PROPER participants.

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

    Institute of Scientific and Technical Information of China (English)

    曹小宁

    2012-01-01

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

  2. Indicators of responsible investing

    NARCIS (Netherlands)

    Scholtens, Bert

    2014-01-01

    Responsible investment has witnessed significant changes in the past decade. It is estimated that about one fifth of assets under management in the US and about half of all assets under management in the EU are done on the basis of one of the seven responsible investment strategies. This paper discu

  3. RUSSIAN INDUSTRY INVESTMENT SITUATION

    Directory of Open Access Journals (Sweden)

    O. V. Pochukaeva

    2011-01-01

    Full Text Available The actual deficiency of investment into Russian industry innovative development increases its technological drag from industries of countries with developed markets. Although the rate of investment into real sectors of Russian economics mid 2000 was higher compared to the previous period, annual investment amounts were much lower than in 1990. At present, highest investment amounts are directed to industry extractive branches and to the commerce. Amounts invested to various economy branches do not correspond to their contribution to the country’sGross Added Product; particularly underinvested are manufacturing industry branches. At present, foreign share in the country economy total investment makes 15–18%. Recently, most interesting for foreigners was investment to machine-building branches with overwhelming part (for example, 90% in 2007–2008 of foreign investment into the machine-building industry being directed to creation of new automobile plants. Today, first place in the list of foreign investors’ preferences in Russia is taken by the machine-tool construction sector.

  4. Investing in the Future

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    THIS month the pretty coastal city of Xiamen is buzzing with African visitors and while they will be taking in the tourist attractions in their spare time,the focus of the visit is the High-Level Symposium on China-Africa Investment Cooperation,held on the sidelines of China International Fair for Investment and Trade (CIFIT).

  5. Investment in Success

    Science.gov (United States)

    Weinstein, Margery

    2010-01-01

    Operating a financial investment company in an unstable economy is not easy. But the right training at Vanguard ensures satisfied customers. The company made an investment of its own in learning and development that paid off big in 2009. The learning offerings, both innovative and efficient, keep its workers updated on strategies that bring…

  6. Making Energy-Efficiency and Productivity Investments in Commercial Buildings: Choice of Investment Models

    Energy Technology Data Exchange (ETDEWEB)

    Jones, D.W.

    2002-05-16

    This study examines the decision to invest in buildings and the types of investment decision rules that may be employed to inform the ''go--no go'' decision. There is a range of decision making tools available to help in investment choices, which range from simple rules of thumb such as payback periods, to life-cycle analysis, to decision theoretic approaches. Payback period analysis tends to point toward lower first costs, whereas life-cycle analysis tends to minimize uncertainties over future events that can affect profitability. We conclude that investment models that integrate uncertainty offer better explanations for the behavior that is observed, i.e., people tend to delay investments in technologies that life-cycle analysis finds cost-effective, and these models also lead to an alternative set of policies targeted at reducing of managing uncertainty.

  7. Sanitation investments in Ghana

    DEFF Research Database (Denmark)

    Awunyo-Akaba, Y.; Awunyo-Akaba, J.; Gyapong, M.

    2016-01-01

    Background: Ghana’s low investment in household sanitation is evident from the low rates of improved sanitation. This study analysed how land ownership, tenancy security and livelihood patterns are related to sanitation investments in three adjacent rural and peri-urban communities in a district...... with people’s willingness and ability to invest in household sanitation across all communities. The status of being a stranger i.e. migrant in the area left some populations without rights over the land they occupied and with low incentives to invest in sanitation, while indigenous communities were challenged...... with local livelihoods and investments in private sanitation in rapidly changing rural and peri-urban communities of Ghana. Sanitation policy makers and programme managers must acknowledge that these profound local, ethnic and economic forces are shaping people’s abilities and motivations for sanitation...

  8. Competition in investment banking

    Directory of Open Access Journals (Sweden)

    Katrina Ellis

    2011-01-01

    Full Text Available We construct a comprehensive measure of overall investment banking competitiveness for follow-on offerings that aggregates the various dimensions of competition such as fees, pricing accuracy, analyst recommendations, distributional abilities, market making prowess, debt offering capabilities, and overall reputation. The measure allows us to incorporate trade-offs that investment banks may use in competing for new or established clients. We find that firms who switch to similar-quality underwriters enjoy more intense competition among investment banks which manifests in lower fees and more optimistic recommendations. Investment banks do compete vigorously for some clients, with the level of competition related to the likelihood of gaining or losing clients. Finally, investment banks not performing up to market norms are more likely to be dropped in the follow-on offering. In contrast, firms who seek a higher reputation underwriter face relatively non-competitive markets.

  9. 76 FR 27959 - Investment Adviser Performance Compensation

    Science.gov (United States)

    2011-05-13

    ... primarily used for macroeconomic analysis and forecasting). See also Federal Reserve Board, Monetary Policy... Director, at 202-551-6792, Office of Regulatory Policy, Division of Investment Management, Securities and...

  10. Direct Foreign Investment in the United Kingdom.

    Science.gov (United States)

    Hinde, Kevin

    1987-01-01

    Notes introductory undergraduate economics textbooks have no formal analysis of the rationale for direct foreign investment by multinational firms. Examines this area in an attempt to develop more content information for undergraduate courses. (RKM)

  11. In Investments, Reason Rules the Road.

    Science.gov (United States)

    Griswold, John S., Jr.

    2001-01-01

    Suggests that college governing board investment committees should respond to the current economic and terrorism-related crisis by using SWOT analysis (strengths, weaknesses, opportunities, threats) to examine factors that can crystallize money-management decision points. (EV)

  12. Does Foreign Aid Increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

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

  13. An Analysis on the Intentionality of Proper Names and the Context——Comments on Searle's Theory of Proper Name%专名的意向性分析和语境——评塞尔的专名理论

    Institute of Scientific and Technical Information of China (English)

    赵亮英

    2012-01-01

    Along with the development of his theory of intentionality,Searle's study of proper name transferred from theory of cluster descriptions into theory of cluster intentional contents.And his research direction also shifted from philosophy of language to philosophy of mind.Searle believes that the sense of proper name is intentional contents and its reference is determined by a causal-history chain of intentional contents.This paper shows that the essence of intentional contents is psychological,and therefore,is also personal which makes the meaning of proper name lose the property of public in Searle's theory.Moreover,I will show the necessity of combining the two kinds of causal-history chain by comparing and evaluating the causal-history theories of Searle,Kripke and Chen Xiaoping.%随着塞尔意向性理论的发展,塞尔对专名的研究由前期的"簇摹状词"理论转到"簇意向内容"理论,其研究方向也由语言哲学转向心灵哲学。塞尔认为专名的含义就是意向内容,指称是由一根意向内容的,因果历史链条决定的。本文指出,由于塞尔忽略语境因素,且意向内容本质上是心理的因而是私人性的,这使专名的意义在其理论中失去公共性。本文对塞尔、克里普克和陈晓平三人的因果历史理论作了比较和评价,进而指出,在语境中两种因果历史链条相结合的必要性。

  14. Investment Lending as a Method Of Investment Projects Financing

    OpenAIRE

    Svitlana Urvantseva

    2014-01-01

    The article deals with the genesis consideration of "investment loan" definition. The author provides comparative characteristics of the main forms of investment projects financing involving credit institution. A generalized definition of the project financing and investment lending essence are suggested.

  15. Investment Lending as a Method Of Investment Projects Financing

    OpenAIRE

    Svitlana Urvantseva

    2014-01-01

    The article deals with the genesis consideration of "investment loan" definition. The author provides comparative characteristics of the main forms of investment projects financing involving credit institution. A generalized definition of the project financing and investment lending essence are suggested.

  16. Does the Business Environment Affect Corporate Investment in India?

    OpenAIRE

    Kiichi Tokuoka

    2012-01-01

    Since the global financial crisis, corporate investment has been weak in India. Sluggish corporate investment would not only moderate growth from the demand side but also constrain growth from the supply side over time. Against this background, this paper analyzes the reasons for the slowdown and discusses how India can boost corporate investment, using both macro and firm-level micro data. Analysis of macro data indicates that macroeconomic factors can largely explain corporate investment bu...

  17. An Analysis of Optimal Strategy in Three-stage Investment Based on Real Option Theory%基于实物期权的三阶段投资策略分析

    Institute of Scientific and Technical Information of China (English)

    马旭耀

    2015-01-01

    研究了三阶段投资项目中,投资比例对项目总价值的影响和关键因素对投资阈值的影响问题。描述了复合实物期权的基本思想,参照Ottoo的研究思路,调整了投资时刻与投资比例的前提假设,分析了三阶段的投资比例的问题,并进行了数值计算,对关键因素进行了敏感性分析,得出了三阶段最佳投资策略。%The author studied three-stage investment ratio problem and problem of influence of key factors on threshold value in real option investment in this paper. Taking multi-period investment of decision-making as an example, the author described the basic ideas of real option theory. Then according to Ottoo's researches result, the author changed the assumption condition of time & ratio of investment, analyzed the problem of investment ratio of three-stage in real option investment, conducted numerical calculation, made sensitivity analysis and concluded some intuitive and applicable results.

  18. The relationship between the stock market and foreign direct investment in Croatia: evidence from VAR and cointegration analysis

    Directory of Open Access Journals (Sweden)

    Irena Raguz

    2013-03-01

    Full Text Available The aim of this paper is to investigate the existence and characteristics of both the long- and short-term relationships between FDI and the stock market in Croatia. The main hypothesis is that, in the long run, trends in FDI should determine the movement of the stock market through the channel of economic growth. However, in the short run, upward movement on the stock market positively affects Croatian FDI stock, as events on the stock market signalize the vitality and investment climate of the domestic market to foreign investors. The long-term connection is tested by two cointegration approaches; the results of both models suggest the absence of a long-term relationship among observed variables, which may be explained by the lack of connection between FDI and economic growth in Croatia. The short-run relationship is investigated by a two-variable VAR model, and the results obtained are consistent with the theoretical assumptions, as the stock market did prove to be an important short-term determinant of FDI in Croatia.

  19. Agricultural Business Strategy: Theory and Methods for Cost-Effectiveness Investment Analysis in Agro-Energy Production

    Directory of Open Access Journals (Sweden)

    Sonia Prestamburgo

    2016-04-01

    Full Text Available Environmental change is currently considered a high-priority matter, both in the scientific community at large and at the institutional level of national and international governing bodies. Actually, an all-out effort seeks to investigate and advance viable solutions to deal with the global emergencies regarding to anthropic climate change; increasing demands for renewable sources of energy, technological innovation and energy-saving systems, ecological and environmental sustainability of natural resources and land. At the core of this worldwide endeavour an increasingly significant role seems destined to the agricultural sector and to agro-energy production systems for the potential benefits in terms of production costs. In fact, the interest in unconventional and low-impact energy sources mandates thorough investigation not only into the advantages, in terms of availability and affordability, but also into the impact on the environment and the quality of the landscape, as well as the aspects regarding the overall measures that need be adopted so as to enable the supply on the market. Given this scenario, the wide-ranging agro-energy question would be incomplete without extensive economic sustainability analyses, serving as operational decision-support tools to measure cost-effectiveness regarding investments in agro-energy production and its use.

  20. 阿富汗投资环境和法律风险分析及对中资企业的启示%The Analysis on Afghan Investment Environment and Legal Risks & Advice to China-invested Enterprise

    Institute of Scientific and Technical Information of China (English)

    张海征; 任风雷

    2016-01-01

    recent years, Afghanistan possesses an increasingly prominent strategic position in Central Asia, Afghan government intensifies the effort in exploiting its abundant mineral resources, meanwhile, as China’s “the Belt and Road Initiative” strategy moving forward, investment to Afghanistan by China-invested enterprises will further increase. However, due to the unstable security situation, and the incomplete law and policy system in Afghanistan, Chinese investment in Afghanistan is confronted with many legal risks, mainly in the following areas: the use of land, labor and employment, environmental protection, local customs and culture, and production safety. China-invested enterprises should understand comprehensively the bilateral investment treaties between China and Afghanistan, familiar with the relevant laws and local customs and culture, establish safety assessment system, and take measures in legal risk prevention and control to reduce unnecessary losses in their investment in Afghanistan.%近年来,随着阿富汗在中亚的战略地位日益凸显,阿富汗政府对其丰富的矿产资源的开发力度不断加大,我国“一带一路”战略的逐步推进,中资企业在阿富汗的投资将会进一步增加。然而,由于阿富汗不稳定的安全形势、不完备的法律制度和政策体系,中资企业在阿富汗投资面临诸多风险。本文主要从投资环境和法律风险两方面对阿富汗投资情况进行了系统、全面的梳理和分析,并对中资企业投资阿富汗的风险防范提出了对策建议,包括:充分评估地区安全形势、建立全面的法律风险防范体系、做好社会公关工作及建立起当地商会和驻当地使领馆为基础纽带的安全信息交流机制等。

  1. 75 FR 76630 - Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad-Direct...

    Science.gov (United States)

    2010-12-09

    ... Bureau of Economic Analysis 15 CFR Part 806 RIN 0691--AA75 Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad--Direct Transactions of U.S. Reporter With Foreign Affiliate... requirements for BE-577 quarterly survey of U.S. direct investment abroad. BEA conducts the survey...

  2. Proper Time in Weyl space-time

    CERN Document Server

    Avalos, R; Romero, C

    2016-01-01

    We discuss the question of whether or not a general Weyl structure is a suitable mathematical model of space-time. This is an issue that has been in debate since Weyl formulated his unified field theory for the first time. We do not present the discussion from the point of view of a particular unification theory, but instead from a more general standpoint, in which the viability of such a structure as a model of space-time is investigated. Our starting point is the well known axiomatic approach to space-time given by Elhers, Pirani and Schild (EPS). In this framework, we carry out an exhaustive analysis of what is required for a consistent definition for proper time and show that such a definition leads to the prediction of the so-called "second clock effect". We take the view that if, based on experience, we were to reject space-time models predicting this effect, this could be incorporated as the last axiom in the EPS approach. Finally, we provide a proof that, in this case, we are led to a Weyl integrable ...

  3. Inconsistent Investment and Consumption Problems

    Energy Technology Data Exchange (ETDEWEB)

    Kronborg, Morten Tolver, E-mail: mtk@atp.dk [ATP (Danish Labour Market Supplementary Pension Scheme) (Denmark); Steffensen, Mogens, E-mail: mogens@math.ku.dk [University of Copenhagen, Department of Mathematical Sciences (Denmark)

    2015-06-15

    In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth. The optimal consumption strategy is given as a deterministic bang-bang strategy. In order to have a more realistic model we allow the risk aversion to be time and state dependent. Of special interest is the case were the risk aversion is inversely proportional to present wealth plus the financial value of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal consumption strategy is again given as a deterministic bang-bang strategy. We also calculate, for a general time and state dependent risk aversion function, the optimal investment and consumption strategy for a mean-standard deviation investor without pre-commitment. In that case, it turns out that it is optimal to take no risk at all.

  4. Computation of Asteroid Proper Elements: Recent Advances

    Science.gov (United States)

    Knežević, Z.

    2017-06-01

    The recent advances in computation of asteroid proper elements are briefly reviewed. Although not representing real breakthroughs in computation and stability assessment of proper elements, these advances can still be considered as important improvements offering solutions to some practical problems encountered in the past. The problem of getting unrealistic values of perihelion frequency for very low eccentricity orbits is solved by computing frequencies using the frequency-modified Fourier transform. The synthetic resonant proper elements adjusted to a given secular resonance helped to prove the existence of Astraea asteroid family. The preliminary assessment of stability with time of proper elements computed by means of the analytical theory provides a good indication of their poorer performance with respect to their synthetic counterparts, and advocates in favor of ceasing their regular maintenance; the final decision should, however, be taken on the basis of more comprehensive and reliable direct estimate of their individual and sample average deviations from constancy.

  5. Proper Handling and Storage of Human Milk

    Science.gov (United States)

    ... Breastfeeding Micronutrient Malnutrition State and Local Programs Proper Handling and Storage of Human Milk Recommend on Facebook ... sure to wash your hands before expressing or handling breast milk. When collecting milk, be sure to ...

  6. Scale economies in pension fund investments: A dissection of investment costs across asset classes

    NARCIS (Netherlands)

    Broeders, D.; van Oord, A.; Rijsbergen, D.

    2015-01-01

    Using a unique dataset of 225 Dutch occupational pension funds with a total of 928 billion euro of assets under management, we provide a comprehensive analysis of the relation between investment costs and pension fund size. Our dataset is free from self-reporting biases and decomposes investment cos

  7. METHODOLOGICAL ASPECTS OF CLASSIFICATION OF INVESTMENT MODELS APPLICABLE TO CONSTRUCTION PROJECTS

    OpenAIRE

    Yaskova Natalya Yurevna; Moskvichev Danil Vasilevich

    2012-01-01

    The paper covers the identification of basic investment models applicable to construction projects. They are needed to substantiate the transformation of the investment system, to identify the numerical values of the investment process, and to solve the problems that prevent the efficiency improvement of the investment system. As a result of the analysis, the authors have identified sixteen models that differ in the mode of investment, investment targets, types of investees, in...

  8. METHODOLOGICAL ASPECTS OF CLASSIFICATION OF INVESTMENT MODELS APPLICABLE TO CONSTRUCTION PROJECTS

    OpenAIRE

    Yaskova Natalya Yurevna; Moskvichev Danil Vasilevich

    2012-01-01

    The paper covers the identification of basic investment models applicable to construction projects. They are needed to substantiate the transformation of the investment system, to identify the numerical values of the investment process, and to solve the problems that prevent the efficiency improvement of the investment system. As a result of the analysis, the authors have identified sixteen models that differ in the mode of investment, investment targets, types of investees, in...

  9. Proper holomorphic mappings between hyperbolic product manifolds

    CERN Document Server

    Janardhanan, Jaikrishnan

    2011-01-01

    We generalize a result of Remmert and Stein, on proper holomorphic mappings between domains that are products of certain planar domains, to finite proper holomorphic mappings between complex manifolds that are products of hyper- bolic Riemann surfaces. While an important special case of our result follows from the ideas developed by Remmert and Stein, our proof of the full result relies on the interplay of the latter ideas and a finiteness theorem for Riemann surfaces.

  10. Investment in the Future

    Institute of Scientific and Technical Information of China (English)

    王学文

    2004-01-01

    As we enter the end of the first economic quarter of 2004, statistics are indicating that by the end the year direct foreign investment will hit an all time high. However, as is often the case, economy and trade is not a one-way-street.This is why this month we take a closer look at Chinese investments abroad.While the footprints of Chinese investment can be discovered without greatdifficulty in America and Europe, CIB this month explores a similar trend emerging in countries such as Thailand, Bangladesh and Africa.

  11. 浅析新准则下长期股权投资%Analysis on Long-term Equity Investment under the New Standards

    Institute of Scientific and Technical Information of China (English)

    郭建华

    2015-01-01

    long-term equity investment is an important investment enterprises, in order to standardize the long-term equity in-vestment accounting, the minstrel of finance issued the accounting for enterprise on 2 long-term equity investment has carried on the revision. This paper form the accounting scope of the long-term equity investment, initial measurement, indirect invest-ment, confirm the investment income, held for sale, the consolidation financial statement, it expounds the increase or decrease of the long-term equity investment under the new rules.%长期股权投资是企业重要的投资举措,为了规范长期股权投资核算,国家财政部对《企业会计准则第2号———长期股权投资》进行了修订。文章从长期股权投资的核算范围、初始计量、间接投资、确认投资收益、持有待售、合并财务报表等方面,阐述了新准则下长期股权投资的增减变化。

  12. Catering to Investment

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    How a Hong Kong businesswoman became the mainland’s first overseas investor china has been the biggest recipient of foreign direct investment (FDI) among developing nations for 16 consecutive years.

  13. China Welcomes Global Investment

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    China is making an effort to building a fair market to attract overseas investment,China’s vice-premier told the gathering of CEOs in Beijing, adding that the meeting with its influence,will promote global business cooperation.

  14. Heartfelt and Heady Investments.

    Science.gov (United States)

    Fiskeaux, Charlie D.

    2001-01-01

    Describes how institutions of higher education are taking a fresh look at socially responsible investing, seeking to grow endowments while taking a stand against unhealthy or unjust corporate practices. (EV)

  15. 跨国公司对外直接投资规模均衡分析%Equilibrium Analysis on International Direct Investment Scale of Multinational Corporation

    Institute of Scientific and Technical Information of China (English)

    李山寨

    2011-01-01

    Based on the internalization theory,this paper constructs the theoretical model of equilibrium analysis on dual cost of international direct investment of multinational corporation through studying the internal relationships among variables and their change laws.According to this model,it quantitatively analyzes and explains the choice of multinational corporation and the equilibrium condition about the scale of international direct investment and international market transaction.It draws the following conclusions:using the monopoly advantage of intangible intermediate products of parent company to obtain profit in the international market,and using foreign resources fully to supply tangible intermediate products for parent company,are the reasons and directions of multinational corporation implementing transnational management;pursuing the maximum profit through weighing two kinds of costs to save total costs farthest,is the power and the basis of multinational corporation selecting transnational management mode and balancing international direct investment.%在内部化理论的基础上,通过研究有关变量之间的内在联系及其变化规律,建立了跨国公司国际直接投资二元成本均衡分析理论模型。据此模型直观而定量地分析、解释了跨国公司跨国经营方式的选择、国际直接投资规模与国际市场交易规模的均衡条件。结论如下:利用母公司拥有的无形中间产品的国际垄断优势在国际市场充分获利、借助外国资源禀赋优势为国内母公司供给大量的有形中间产品,是企业跨国经营的原因和方向;权衡两类相关成本以最大限度地节约总相关成本、追求最大相关利润,是企业进行跨国经营方式选择、国际直接投资均衡的动力和依据。

  16. Invigorating Private Investment

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Chinese Premier Wen Jiabao set in motion the policies and measures to encourage and guide the sound development of private investment at an executive meeting of the State Council on March 24. While aimed at improving the overall private investment environment, these measures will help promote China’s economic restructuring and maintain its growth momentum, said Sun Lijian,a professor of finance at Fudan University in Shanghai, in an article for Shanghai Securities News.Edited excerpts follow:

  17. Invigorating Private Investment

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Chinese Premier Wen Jiabao set in motion the policies and measures to encourage and guide the sound development of private investment at an executive meeting of the State Council on March24.While aimed at improving the overall private investment environment,these measures will help promote China's economic restructuring and maintain its growth momentum,said Sun Lijian,a professor of finance at Fudan University in Shanghai,in an article for Shanghai Securities News.

  18. Essays in Infrastructure Investment

    OpenAIRE

    Finkenzeller, Konrad

    2015-01-01

    The importance of asset allocation is widely discussed in the academic literature and free of any controversy. It constitutes the essential foundation of investment decisions and is the main determinant of portfolio performance. However, there is no consensus on how much wealth should be allocated on a given asset class, as this depends on numerous variables such as return expectations, risk aversion, macroeconomic circumstances, illiquidity and the specific investment horizon. The original b...

  19. Investing in the Future

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    THIS month the pretty coastal city of Xiamen is buzzing with African visitors and while they will be taking in the tourist attractions in their spare time,the focus of the visit is the High-Level Symposium on China-Africa Investment Cooperation, held on the sidelines of China International Fair for Investment and Trade(CIFIT). Chinese government policymakers and business leaders will be on hand at the

  20. Guiding Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

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

  1. [Maintaining the proper distance for nurses working in the home].

    Science.gov (United States)

    Estève, Sonia

    2016-01-01

    Health professionals must be able to respond to many different situations which require technical knowledge and self-control. Particularly when working in the patient's home, nurses must know how to maintain a proper distance to protect themselves from burnout. In this respect, the practice analysis constitutes an adapted support tool. Copyright © 2016 Elsevier Masson SAS. All rights reserved.

  2. Proper Living - Exploring Domestic Ideals in Medieval Denmark

    DEFF Research Database (Denmark)

    Kristiansen, Mette Svart

    2014-01-01

    , and ornaments. This paper addresses ideas of proper living in affluent rural and urban milieus in medieval Denmark, particularly as they are expressed through houses, inventories, and murals, and it also addresses current challenges in understanding the materialized ideas based on excavations and analysis...

  3. THE TEACHERS ROLE IN FORMING PROPER BODY POSTURE

    Directory of Open Access Journals (Sweden)

    Zoran Bogdanović

    2007-05-01

    Full Text Available Being acquainted and well aware of the presence of physical deformation in school population, this study is based on the research of postural deformity of the pupils of the 5th grade of elementary school and determination of dependance of deformations appearance in relation to frequency of remonstration and indication to correct sitting position from proffesors’ perspective. The complete program content is conducted in the territory of the city of Kragujevac in several elementary schools comprising 299 students of the 5th grade. The object was to determine the number of students with kyphotic and lordotic deformity, to determine the presence of deformation in depandance of gender and to determine the presence of kyphotic and lordotic deformity in depandance of the frequency of proffesors indication to improper sitting. We can notice higher presence of kyphotic deformity at the probationers of male population that it is the case with female population while the higher presence of lordotic deformity is at female population.The highest number of probationers have reported that none of the proffesors warn them about proper sitting. The measures inside the groups sorted by gender qualifi cation, indicate on high percentage of both boys and girls who are not warned on proper sitting. Also, inside the groups of improper body holders, we can notice the most signifi cant kyphotic and lordotic deformity in the category of students who are never warned to sit properly. These indicators report us that is necessary to invest much more work on the education of parents and children as well as school stuff at the preschool and school institutions which would result in reducing the appearence and development of postural deformity at the population who is more liable to transformations of such kind.

  4. Japanese investment in Peru: limits of developmental investment

    OpenAIRE

    Kamiya, Marco

    2004-01-01

    Japanese Investment in Latin America was considerable in the 1960s and 1970s, but the investment never took off in the developmental style as in East Asia. The author examines why Japanese Foreign Direct Investment in Peru did not follow the pattern of developmental investment, analyzing the elements involved regarding policies in Peru and particular circumstances in Japan in the 1990 decade.

  5. Perimbangan Gypsum Bonded Investment terhadap Penysutan Logam Paduan Emas pada Saat Pengecoran

    Directory of Open Access Journals (Sweden)

    Ronnie Rusli

    2015-10-01

    Full Text Available Gypsum bonded investment is usually used for dental gold alloys casting procedure. Casting alloys shrink during solidified from melting temperature to room temperature. In order to obtain an accurate restoration, the shrinkage of the alloy should be compensated by the expansion of the investment at the time of casting procedure. Ideally, the shrinkage of the alloy is equal to the expansion of the investment. However, no investment material fulfills this ideal condition properly. In this paper, how the investment material compensated the shrinkage of the casting alloys will be described briefly.

  6. INVESTMENT STRUCTURE AND EVOLUTION IN THE CONTEXT OF ECONOMIC CRISIS

    Directory of Open Access Journals (Sweden)

    CODAU CIPRIAN-CRACIUN

    2011-12-01

    Full Text Available The scope of this article is the evolution analysis of net investment in Romania between economic growth and international economic crisis. The analysis captures both the evolution of net investment by structure elements (buildings, outfits, other investments and the structure and evolution of investments by sources of financing. Also there is an analysis of the foreign direct investment (FDI share in the total net investment and the impact of the economic crisis on this share. The article aims to identify the main factors for the evolution of investments in Romania before the financial crisis and determine how the financial crisis influenced the structure and volume of investments in the national economy. Most previous studies have focused either on a small part of the investments made in Romania (in most cases the FDI have been analyzed or on the period of economic expansion without capturing the evolution of investment during the economic crisis. Previous research has highlighted especially the FDI influence on macroeconomic indicators of high importance for the economy (unemployment rate, GDP growth rate, etc. with less focus on the factors influencing these investments and the close connection between the economic context (economy status and the volume of these investments. For the analysis of the investment evolution during the mentioned period statistical data was used that captured both the investment evolution trend and the changes occurred by the national economy stepping into recession amid the global financial crisis established. To get an overview of the situation it was considered a time internal that captured both the economic growth and the period after the onset of the economic crisis. Thereby information was obtained on the volume of net investment during 2000-2010, on foreign direct investment in the period 2003-2010 and their share in total net investment and also on the main sources of investment financing during the

  7. Proper generalized decompositions an introduction to computer implementation with Matlab

    CERN Document Server

    Cueto, Elías; Alfaro, Icíar

    2016-01-01

    This book is intended to help researchers overcome the entrance barrier to Proper Generalized Decomposition (PGD), by providing a valuable tool to begin the programming task. Detailed Matlab Codes are included for every chapter in the book, in which the theory previously described is translated into practice. Examples include parametric problems, non-linear model order reduction and real-time simulation, among others. Proper Generalized Decomposition (PGD) is a method for numerical simulation in many fields of applied science and engineering. As a generalization of Proper Orthogonal Decomposition or Principal Component Analysis to an arbitrary number of dimensions, PGD is able to provide the analyst with very accurate solutions for problems defined in high dimensional spaces, parametric problems and even real-time simulation. .

  8. 我国房地产上市公司动态投资效率评价研究%Analysis On Dynamic Investment Efficiency in Listed Real Estate Enterprises

    Institute of Scientific and Technical Information of China (English)

    马勇; 杨喆剑

    2015-01-01

    应用DEA-Malmqusit指数模型对41家房地产上市公司2009-2013年间的动态投资效率进行有效评价,我国房地产上市企业的投资现状呈现为企业之间的投资效率差异明显,行业内部动态投资效率不稳定且效率相对低下。经实证研究发现,房地产企业的动态投资效率受技术变化影响明显,房地产上市公司需要审慎自身的投资规模,制定合理的投资模式与经营战略,在有效推动企业技术变化及进步的思路中改善公司的投资效率,使企业得到长远发展。%This paper provides an empirical analysis on the dynamic investment efficiency of China’s listed real estate enterprises from 2009 to 2013 by making use of DEA-Malmqusit exponential model.The result shows that not only the status quo of China’s listed real estate enterprises for investment efficiency presents significant differences among enterprises,but also industry dynamic investment efficiency presents unstable and relatively low.After empirical study found that the dynamic investment efficiency of real estate enterprises affected by technological change significantly.In order to have long-term development in real estate enterprises,many enterprises require to care about their own investment scale,to develop a reasonable investment model and management strategies.In addition,improve the enterprise investment efficiency by promoting technological change effectively.

  9. FOREIGN DIRECT INVESTMENTS DURING FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    VINTILA DENISIA MARIANA

    2011-12-01

    Full Text Available The fundamental idea of International capital flows is that short-term flows can be easily reversed, while flows on a longer time horizon are more stable. Crises are associated with withdrawals of short-term capital flows and growth of the foreign direct investment flows. The current crisis has meant a major decline of international capital flows, also of the foreign direct investment. The analysis in this article tries to establish if and under which conditions foreign direct investments can bring greater stability during the crisis, comparing the evolution of foreign direct investments in the current crisis with their response in previous crises. We show that during previous crises foreign direct investments were stable, behaving differently from other types of capital. Yet, during the current crisis, foreign direct investments have proven to be not so stable and all the components declined, raising questions about the resumption of the positive trend. The stability of foreign direct investments in the past was given by the increase of mergers and acquisitions during the crisis, reflecting fire-sale FDI. This feature is not found in the current crisis as mergers and acquisitions were severe affected by the crises and recorded a major decline. The current paper is realized in the doctoral program entitled PhD in economics at the standards of European knowledge- DoEsEc, scientific coordinator Prof. PhD Rodica Zaharia, institution The Academy of Economic Studies Bucharest, Faculty of International Business, period of research 2009-2012.

  10. Proper and dark heroes as DADS and CADS : Alternative mating strategies in British Romantic literature.

    Science.gov (United States)

    Kruger, Daniel J; Fisher, Maryanne; Jobling, Ian

    2003-09-01

    Empirical tests described in this article support hypotheses derived from evolutionary theory on the perceptions of literary characters. The proper and dark heroes in British Romantic literature of the late eighteenth and early nineteenth centuries respectively represent long-term and short-term mating strategies. Recent studies indicate that for long-term relationships, women seek partners with the ability and willingness to sustain paternal investment in extended relationships. For short-term relationships, women choose partners whose features indicate high genetic quality. In hypothetical scenarios, females preferred proper heroes for long-term relationships. The shorter the relationship under consideration, the more likely women were to choose dark heroes as partners.

  11. The impact of the 2009 value added tax reform on enterprise investment and employment ‐ Empirical analysis based on Chinese tax survey data

    NARCIS (Netherlands)

    Wang, D.

    2013-01-01

    This paper uses the "National Tax Survey" enterprise data to assess the impact of China's nationwide VAT reform of 2009 on enterprise fixed-asset investment and employment. The main finding of our research is that the reform significantly increased business investment in fixed assets, but had no

  12. 电网企业投资能力的量化研究%Quantitative Analysis of Investment Capacity for Electric Power Enterprises

    Institute of Scientific and Technical Information of China (English)

    赵会茹; 符力文

    2012-01-01

    In order to acquire enterprise investment capacity and make investment plan, it is necessary to study investment capacity of power grid quantificationally. Based on rate of return on investment and operation coefficient, model of investment capacity of power grid is established by using theory of financial management and technology economics. Example results show that power grid company can get itself investment capacity clearly and comprehensive with this model; it provides scientific basis for power grid company reasonable investment and getting much more profits; it proposes a general method for quantifying enterprise investment capacity.%为准确把握企业投资能力、制定合理的投资计划,有必要定量研究电网企业投资能力,运用财务管理、技术经济等理论,引入投资回报率、运营系数等概念,构建了电网企业投资能力量化模型.实例验证表明,电网企业应用该模型可较为全面、清晰地认识自身投资能力,为电网企业合理投资、提高收益率提供了科学依据,也为衡量普通企业投资能力提出了一般模式.

  13. Spinfoam cosmology with the proper vertex amplitude

    CERN Document Server

    Vilensky, Ilya

    2016-01-01

    The proper vertex amplitude is derived from the EPRL vertex by restricting to a single gravitational sector in order to achieve the correct semi-classical behaviour. We apply the proper vertex to calculate a cosmological transition amplitude that can be viewed as the Hartle-Hawking wavefunction. To perform this calculation we deduce the integral form of the proper vertex and use extended stationary phase methods to estimate the large-volume limit. We show that the resulting amplitude satisfies an operator constraint whose classical analogue is the Hamiltonian constraint of the Friedmann-Robertson-Walker cosmology. We find that the constraint dynamically selects the relevant family of coherent states and demonstrate a similar dynamic selection in standard quantum mechanics.

  14. Causality relations between foreign direct investment and portfolio investment volatility

    OpenAIRE

    Gozgor, Giray; Erzurumlu, Yaman O.

    2010-01-01

    Following the liberalization of financial markets, Goldstein and Razin (2006) show that there is an information based trade-off between foreign direct investment and foreign portfolio investment, our paper examines the causality relations between foreign direct investment and volatility of foreign portfolio investment. Utilizing monthly and quarterly data set of Czech Republic, Poland, Russia and Turkey, volatility of portfolio investments, which indicated evidence of ARCH effects for all fou...

  15. ROLE OF HUMAN CAPITAL INVESTMENT IN A COMPETITIVE ECONOMY

    Directory of Open Access Journals (Sweden)

    Mungiu-Pupăzan Mariana Claudia

    2012-12-01

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

  16. Isometric Isomorphisms in Proper CQ*-algebras

    Institute of Scientific and Technical Information of China (English)

    Choonkil PARK; Jong Su AN

    2009-01-01

    In this paper,we prove the Hyers-Ulam-Rassias stability of isometric homomorphisms in proper CQ*-algebras for the following Cauchy-Jensen additive mapping:2f(x1+x2/2+y)=f(x1)+f(x2)+2f(y).The concept of Hyers-Ulam-Rassias stability originated from the Th.M.Rassias' stability theorem that appeared in the paper: On the stability of the linear mapping in Banach spaces,Proc.Amer.Math.Soc.,72 (1978),297-300.This is applied to investigate isometric isomorphisms between proper CQ*-algebras.

  17. Investment decisions in environment of uncertainties integrated to the viability analysis of the distribution and transmission projects; Decisao de investimentos em ambiente de incertezas integrada a analise de viabilidade de projetos de transmissao e distribuicao

    Energy Technology Data Exchange (ETDEWEB)

    Gazzi, L.M.P. [Universidade de Sao Paulo (USP), SP (Brazil). Curso de Pos-graduacao em Engenharia Eletrica; Ramos, D.S. [Universidade de Sao Paulo (USP), SP (Brazil)

    2009-07-01

    This work intends to support the necessary investment decisions to the expansion of the network of 138/88 kV, belonging to the electric energy distribution companies. In the economic and financial analysis, are considered the needs of the Regulator for the tariff recognition of an investment, using economic engineering techniques to evaluate the feedback of the invested capital but considering an uncertainty environment, where the best decision depends on exogenous variables to the traditional planning process. In order to make viable the inclusion of the main variables of random behavior that condition the economic and financial performances of the analyzed alternatives for decision making, it was chosen the utilization of the methodology based on 'Real Options', which is an used technique in the financial market for some time.

  18. 负债代理冲突下企业投融资互动行为的实物期权分析%REAL OPTION ANALYSIS ON INVESTMENT AND FINANCING INTERACTIVE BEHAVIOR OF CORPORATIONS UNDER AGENCY CONFLICT OF DEBT

    Institute of Scientific and Technical Information of China (English)

    王治; 张新华

    2012-01-01

    The correct analysis on interactive relationship between investment and financing in corporations and the cooperation of two decisions can contribute to improve decision efficiency and project value for the corporations.We get the thresholds of investment and financing decision and option value through incorporating project financing decision into real options model of investment decision and establishing the interactive model of investment and financing decision based on shareholder value maximization and enterprise value maximization,and analyze the effect of agency conflict of debt on corporation investment and financing by numerical analysis.The results indicate that debt financing may cause overinvestment or underinvestment of shareholders.Therefore,this inefficient investment will raise the cost of debt financing accordingly,and restrain the debt financing of corporations.%准确分析企业投融资之间的互动关系,实现两种决策的协同,有助于提高企业决策效率和项目价值.通过把项目融资政策内生到投资决策的实物期权模型中,构建基于股东价值最大化和企业价值最大化的投融资决策互动模型,得到两种情形下的投融资决策临界点和期权价值,并借助数值分析负债代理冲突对企业投融资行为的影响.研究结果表明,负债融资既可能引发过度投资问题,也可能抑制投资.这种非效率投资将相应地提高负债融资的成本,对企业的负债融资产生抑制作用.

  19. Strategy Guideline. Proper Water Heater Selection

    Energy Technology Data Exchange (ETDEWEB)

    Hoeschele, M. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States); Springer, D. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States); German, A. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States); Staller, J. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States); Zhang, Y. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States)

    2015-04-09

    This Strategy Guideline on proper water heater selection was developed by the Building America team Alliance for Residential Building Innovation to provide step-by-step procedures for evaluating preferred cost-effective options for energy efficient water heater alternatives based on local utility rates, climate, and anticipated loads.

  20. Strategy Guideline: Proper Water Heater Selection

    Energy Technology Data Exchange (ETDEWEB)

    Hoeschele, M. [Alliance for Residential Building Innovation, Davis, CA (United States); Springer, D. [Alliance for Residential Building Innovation, Davis, CA (United States); German, A. [Alliance for Residential Building Innovation, Davis, CA (United States); Staller, J. [Alliance for Residential Building Innovation, Davis, CA (United States); Zhang, Y. [Alliance for Residential Building Innovation, Davis, CA (United States)

    2015-04-01

    This Strategy Guideline on proper water heater selection was developed by the Building America team Alliance for Residential Building Innovation to provide step-by-step procedures for evaluating preferred cost-effective options for energy efficient water heater alternatives based on local utility rates, climate, and anticipated loads.

  1. The Essentials of Proper Wine Service.

    Science.gov (United States)

    Manago, Gary H.

    This instructional unit was designed to assist the food services instructor and/or the restaurant manager in training students and/or staff in the proper procedure for serving wines to guests. The lesson plans included in this unit focus on: (1) the different types of wine glasses and their uses; (2) the parts of a wine glass; (3) the proper…

  2. Isometry groups of proper metric spaces

    CERN Document Server

    Niemiec, Piotr

    2012-01-01

    Given a locally compact Polish space X, a necessary and sufficient condition for a group G of homeomorphisms of X to be the full isometry group of (X,d) for some proper metric d on X is given. It is shown that every locally compact Polish group G acts freely on GxY as the full isometry group of GxY with respect to a certain proper metric on GxY, where Y is an arbitrary locally compact Polish space with (card(G),card(Y)) different from (1,2). Locally compact Polish groups which act effectively and almost transitively on complete metric spaces as full isometry groups are characterized. Locally compact Polish non-Abelian groups on which every left invariant metric is automatically right invariant are characterized and fully classified. It is demonstrated that for every locally compact Polish space X having more than two points the set of proper metrics d such that Iso(X,d) = {id} is dense in the space of all proper metrics on X.

  3. A proper subclass of Maclane's class

    Directory of Open Access Journals (Sweden)

    May Hamdan

    1999-01-01

    paper, we define a subclass ℛ of consisting of those functions that have asymptotic values at a dense subset of the unit circle reached along rectifiable asymptotic paths. We also show that the class ℛ is a proper subclass of by constructing a function f∈ that admits no asymptotic paths of finite length.

  4. 中国对中亚地区投资现状及其比较分析%The Status Quo of Chinese Investment in Central Asia and the Comparative Analysis

    Institute of Scientific and Technical Information of China (English)

    李钦; 许云霞

    2012-01-01

    通过对中国与中亚五国的投资现状及比较分析发现:中国与中亚地区经济贸易互补性强,投资发展势头良好。当前的主要问题是缺少对中亚国家经济实力和资源禀赋的深入分析,投资在地区分布上不均衡,层次低、规模小、效益差等不足;中亚各国投资和政策的环境不断改善,但投资保障和优惠力度却与经济实力成反比;中亚各国外高投资政策法律规范性较差,投资环境存在风险因素。中国政府应综合运用各种手段,促进经济技术对接;通过对中亚地区的援助项目,加强技术输出,推动经贸与投资的有机结合;充分发挥新疆的区位优势,促进中国对中亚地区和投资发展,稳固开拓中亚市场。%Analyzing the status quo of China's investment in five Central Asia countries, we find that China and Central Asia have strong economic and trade complementarity with favorable investment trend. However, problems are to be resolved, including a lack of in-depth analysis on the economic strength and resource endowment of Central Asia countries; and uneven, low level, small scale and poor efficient regional investment. Although these countries' investment and policy environments are improving, the investment safeguard measures and privileges have an inverse relationship with the economic strength. In addition, the investment policies and laws are poorly standardized, bringing about investment environmental risk factors. In order to expand the Central Asia market, Chinese government should take mea- sures to strengthen economic and technical links; promote technical output and integration between economy, trade and investment by means of aid projects in this region; give full play to the geographical advantages of Xinjiang to promote the investment in Central Asia.

  5. Factor investing based on Musharakah principle

    Science.gov (United States)

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

    2015-10-01

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

  6. The Economic Impact of the European Integration on the Netherlands. A Quantitative Analysis of Foreign Trade and Foreign Direct Investments

    NARCIS (Netherlands)

    Földvári, P.

    2006-01-01

    The main objective and motivation of this thesis is to provide the reader with a quantitative analysis focusing on the impact of the European Integration on the Netherlands exclusively. To this end, two major and one minor research questions are addressed. The first main question focuses on the impa

  7. The Economic Impact of the European Integration on the Netherlands. A Quantitative Analysis of Foreign Trade and Foreign Direct Investments

    NARCIS (Netherlands)

    Földvári, P.

    2006-01-01

    The main objective and motivation of this thesis is to provide the reader with a quantitative analysis focusing on the impact of the European Integration on the Netherlands exclusively. To this end, two major and one minor research questions are addressed. The first main question focuses on the

  8. The Economic Contributions of Canada's Colleges and Institutes: An Analysis of Investment Effectiveness and Economic Growth. Volume 1: Main Report

    Science.gov (United States)

    Robison, M. Henry; Christophersen, Kjell A.

    2008-01-01

    This analysis of the economic impacts generated by Canada's Colleges and Institutes is based on a sample of 61 colleges in 9 provinces, representing roughly two-fifths of the some 150 Colleges and Institutes in the country. The findings from the sample were used to generate results by inference for all colleges in Canada. Two major analyses are…

  9. The Economic Contributions of Canada's Colleges and Institutes: An Analysis of Investment Effectiveness and Economic Growth. Volume 1: Main Report

    Science.gov (United States)

    Robison, M. Henry; Christophersen, Kjell A.

    2008-01-01

    This analysis of the economic impacts generated by Canada's Colleges and Institutes is based on a sample of 61 colleges in 9 provinces, representing roughly two-fifths of the some 150 Colleges and Institutes in the country. The findings from the sample were used to generate results by inference for all colleges in Canada. Two major analyses are…

  10. An All-Sky Search for Wide Binaries in the SUPERBLINK Proper Motion Catalog

    Science.gov (United States)

    Hartman, Zachary; Lepine, Sebastien

    2017-01-01

    We present initial results from an all-sky search for Common Proper Motion (CPM) binaries in the SUPERBLINK all-sky proper motion catalog of 2.8 million stars with proper motions greater than 40 mas/yr, which has been recently enhanced with data from the GAIA mission. We initially search the SUPERBLINK catalog for pairs of stars with angular separations up to 1 degree and proper motion difference less than 40 mas/yr. In order to determine which of these pairs are real binaries, we develop a Bayesian analysis to calculate probabilities of true companionship based on a combination of proper motion magnitude, angular separation, and proper motion differences. The analysis reveals that the SUPERBLINK catalog most likely contains ~40,000 genuine common proper motion binaries. We provide initial estimates of the distances and projected physical separations of these wide binaries.

  11. Analysis of the relationship between social and environmental investment and inclusion of companies in corporate sustainability index of BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Márcio André Veras Machado

    2012-04-01

    Full Text Available DOI: http://dx.doi.org/10.5007/2175-8077.2012v14n32p141This paper aims to investigate the relationship between social and environmental investments and the inclusion of companies in the Corporate Sustainability Index of BM&FBOVESPA, by applying logistic regression. For this, we analyzed information relating to internal and external social and environmental investments, from the social balance of companies.The sample consisted of companies eligible for inclusion in the portfolio ISE in the period of December 2009 to December 2010. According to the results, we can conclude that there is a relationship between environmental investments and entry of firms in the portfolio ISE of BM&FBOVESPA, showing that investment made and evidenced in social and environmental issues is a sign of real commitment to social responsibility and sustainability and not simply a form of accountability of the funds invested. As the variables used, internal social investment (II, External (IE and environmental (IA, we found that IE is the best proxy to explain this relationship. In other words, the results suggest that companies that invest resources in favor of community, either voluntarily or through taxes, which is or should be a resource applied in society, has more chances of entering the ISE portfolio composition.

  12. Investing in SADC

    Institute of Scientific and Technical Information of China (English)

    Guo Yan

    2011-01-01

    @@ "Cihina is willing to in-crease the imports from the SADC, encourage enterprises with strength and good reputation to invest in SADC countries.Both sides should further strengthen cooperation in economy and trade, investment, finance, energy resources, infrastructure and other fields, to realize mutual benefits and the win-win," said Chinese vice premier Wang Qishan recently on the opening ceremony for China and Southern African Development Community (SADC) Economic and Trade Forum. This is the first time for China, the largest trade partner of SADC, to hold a forum for entrepreneurs and investors from both sides in Beijing and investors, aiming at further promoting the trade and investment.Chinese vice Premier Wang Qishan and Pohamba, rotating chairman of SADC and president of Namibia, attended the ceremony and made speeches.Under the witness of Wang and Pohamba, CCPIT and the secretariat of SADC signed cooperation documents.

  13. Irreversible investments revisited

    DEFF Research Database (Denmark)

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

    2007-01-01

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

  14. On Imprecise Investment Recommendations

    Directory of Open Access Journals (Sweden)

    Piasecki Krzysztof

    2014-08-01

    Full Text Available The return rate is considered here as a fuzzy probabilistic set. Then the expected return is obtained as a fuzzy subset in the real line. This result is a theoretical foundation for new investment strategies. All considered strategies result of comparison profit fuzzy index and limit value. In this way we obtain an imprecise investment recommendation. Financial equilibrium criteria are a special case of comparison of the profit index and the limit value. The following criteria are generalized here: the Sharpe's Ratio, the Jensen's Alpha and the Treynor's Ratio. Moreover, the safety-first criteria are generalized here for the fuzzy case. The Roy Criterion, the Kataoka Criterion and the Telser Criterion are also generalized. Obtained results show that proposed theory is useful for the investment applications.

  15. Investment in flood protection measures under climate change uncertainty. An investment decision

    Energy Technology Data Exchange (ETDEWEB)

    Bruin, Karianne de

    2012-11-01

    Recent river flooding in Europe has triggered debates among scientists and policymakers on future projections of flood frequency and the need for adaptive investments, such as flood protection measures. Because there exists uncertainty about the impact of climate change of flood risk, such investments require a careful analysis of expected benefits and costs. The objective of this paper is to show how climate change uncertainty affects the decision to invest in flood protection measures. We develop a model that simulates optimal decision making in flood protection, it incorporates flexible timing of investment decisions and scientific uncertainty on the extent of climate change impacts. This model allows decision-makers to cope with the uncertain impacts of climate change on the frequency and damage of river flood events and minimises the risk of under- or over-investment. One of the innovative elements is that we explicitly distinguish between structural and non-structural flood protection measures. Our results show that the optimal investment decision today depends strongly on the cost structure of the adaptation measures and the discount rate, especially the ratio of fixed and weighted annual costs of the measures. A higher level of annual flood damage and later resolution of uncertainty in time increases the optimal investment. Furthermore, the optimal investment decision today is influenced by the possibility of the decision-maker to adjust his decision at a future moment in time.(auth)

  16. Guiding Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

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

  17. Real estate investment dynamics

    OpenAIRE

    Gruber, Johannes

    2010-01-01

    This thesis is motivated by the steadily increasing interest in the dynamic relationship between the macro-economy and the real estate sector. One of the main issues in this respect is to study the investment dynamics. Since the bursting of the U.S. housing bubble in 2006 is identified as the point of origin of the so called subprime crises, which led to the collapse of the U.S. financial system, the dynamics of real estate investments is of particular interest. In the first part of my the...

  18. Simulation study of coal mine safety investment based on system dynamics

    Institute of Scientific and Technical Information of China (English)

    Tong Lei; Dou Yuanyuan

    2014-01-01

    To generate dynamic planning for coal mine safety investment, this study applies system dynamics to decision-making, classifying safety investments by accident type. It validates the relationship between safety investments and accident cost, by structurally analyzing the causality between safety investments and their influence factors. Our simulation model, based on Vensim software, conducts simulation anal-ysis on a series of actual data from a coalmine in Shanxi Province. Our results indicate a lag phase in safety investments, and that increasing pre-phase safety investment reduces accident costs. We found that a 24%increase in initial safety investment could help reach the target accident costs level 14 months earlier. Our simulation test included nine kinds of variation trends of accident costs brought by different investment ratios on accident prevention. We found an optimized ratio of accident prevention invest-ments allowing a mine to reach accident cost goals 4 months earlier, without changing its total investment.

  19. 水利工程全生命周期投资控制的关键因素分析%On Key Factors Analysis of Full Life Cycle Investment Control of Hydraulic Engineering

    Institute of Scientific and Technical Information of China (English)

    田樱

    2012-01-01

    Water conservancy investment, being a comprehensive, professional and policy management activity throughout the va- rious stages of the entire project life cycle, is a systematic project. The investment of water conservancy, project is large, the construc tion periodis long and its technigue is quite complex. There are great difficulties in total control and the effective use of investment funds. By a careful analysis of the key factors for all stages of investment control, the initiative controlled effectively is mastered in or- der to ensure investment control of the whole process of the project to maximize investment returns and social benefits.%水利工程投资是一个系统工程,是贯穿于整个工程各个阶段的具有综合性、专业性和政策性的全部管理活动的生命周期。水利工程投资大,工期长,技术性又相当复杂,在投资资金的总量控制和力度的把握以及有效利用上都有很大的难度。通过认真分析各个阶段投资控制的关键因素,综合考虑,掌握有效控制的主动权,才能保证工程全过程的投资控制,最大限度地提高投资效益和社会效益。

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

    Institute of Scientific and Technical Information of China (English)

    陈创新

    2012-01-01

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