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

International Nuclear Information System (INIS)

Aven, Terje; Hiriart, Yolande

2011-01-01

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.

RUSSIAN FINANCIAL MARKET AND COLLECTIVE INVESTMENT INSTITUTION PERFORMANCE PROBLEMS

Directory of Open Access Journals (Sweden)

V. B. Tchernikov

2012-01-01

Full Text Available Collective investment is practiced widely in the world, since considerable funds may be accumulated in this way, the risks being born by all the investors. In Russia, there are certain problems that do not make it possible to properly use the collective investment’s potential. The problems are described in detail and on basis of this analysis it is shown how current difficulties in the finance sphere could be overcome. Solution of performance problems faced by collective investment institutions in Russia depends both on the ways venture companies develop themselves and the rate market environment regulation mechanism is updated by the state.

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.

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.

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.

Investment criteria of private equity/venture capital funds and financial performance of companies before initial investment

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2013-12-01

Full Text Available Understanding and recognizing of the investment criteria of private equity/venture capital seems to be crucial for all parties of this market. Entrepreneurs, who are looking for the capital for financing their businesses, can easier find the most proper fund and better formulate their expectations. For the funds, specifying theirs investment criteria is the reflection of the investment strategy leading to its better wording. The fund's investmentcriteriaare also importantfor investors - capital donors. First of allthey wantto knowin whattypes of assetswill be investedtheirfunds. That can help to assess the risk involved in the investment and calculate the expected rate of return. In addition topresentation ofthe investment criteriaof private equity/venture capital funds, thepaper refers to thecompany's financialsituationbefore investments. That draw the company profile, the funds are most interested to invest. The turnover, net profit, profitability ratios and liquidity were analyzed to specify this profile.

Uncertainty Analysis of Power Grid Investment Capacity Based on Monte Carlo

Science.gov (United States)

Qin, Junsong; Liu, Bingyi; Niu, Dongxiao

By analyzing the influence factors of the investment capacity of power grid, to depreciation cost, sales price and sales quantity, net profit, financing and GDP of the second industry as the dependent variable to build the investment capacity analysis model. After carrying out Kolmogorov-Smirnov test, get the probability distribution of each influence factor. Finally, obtained the grid investment capacity uncertainty of analysis results by Monte Carlo simulation.

The Impact of Uncertainty on Investment. A Meta-Analysis

Energy Technology Data Exchange (ETDEWEB)

Koetse, M.J. [Department of Spatial Economics, Vrije Universiteit Amsterdam (Netherlands); De Groot, Henri L.F. [Tinbergen Institute, Amsterdam (Netherlands); Florax, R.J.G.M. [Department of Agricultural Economics, Purdue University, West Lafayette (United States)

2006-07-01

In this paper we perform a meta-analysis on empirical estimates of the impact between investment and uncertainty. Since the outcomes of primary studies are largely incomparable with respect to the magnitude of the effect, our analysis focuses on the direction and statistical significance of the relationship. The standard approach in this situation is to estimate an ordered probit model on a categorical estimate, defined in terms of the direction of the effect. The estimates are transformed into marginal effects, in order to represent the changes in the probability of finding a negative significant, insignificant, and positive significant estimate. Although a meta-analysis generally does not allow for inferences on the correctness of model specifications in primary studies, our results give clear directions for model building in empirical investment research. For example, not including factor prices in investment models may seriously affect the model outcomes. Furthermore, we find that Q models produce more negative significant estimates than other models do, ceteris paribus. The outcome of a study is also affected by the type of data used in a primary study. Although it is clear that meta-analysis cannot always give decisive insights into the explanations for the variation in empirical outcomes, our meta-analysis shows that we can explain to a large extent why empirical estimates of the investment uncertainty relationship differ.

Cash Management and Short-Term Investments for Colleges and Universities.

Science.gov (United States)

Haag, Leonard H.

Effective cash management and short-term investing are discussed in this "how to" guide designed to benefit most institutions of higher education. The following premises are examined: proper compensation for effective cash management is not an expense but an investment; effective cash management and short-term investment programs do not depend on…

A Simple Method for Causal Analysis of Return on IT Investment

Science.gov (United States)

Alemi, Farrokh; Zargoush, Manaf; Oakes, James L.; Edrees, Hanan

2011-01-01

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. PMID:23019515

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.

Report: EPA Needs to Improve Recording Information Technology Investments and Issue a Policy Covering All Investments

Science.gov (United States)

Report #15-P-0292, September 22, 2015. The EPA management of its $334 million in IT investments is noncompliant with its current policy. Thus, the EPA is at risk of not managing taxpayer dollars properly.

18 CFR 367.4115 - Account 411.5, Investment tax credit adjustments, other.

Science.gov (United States)

2010-04-01

..., Investment tax credit adjustments, other. 367.4115 Section 367.4115 Conservation of Power and Water Resources....4115 Account 411.5, Investment tax credit adjustments, other. This account must include the amount of those investment tax credit adjustments not properly included in other accounts. ...

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.

An empirical analysis of lumpy investment. The case of US petroleum refining industry

International Nuclear Information System (INIS)

Asano, Hirokatsu

2002-01-01

This paper employs five econometric models to examine lumpy investment and investigates the investment behavior of the US petroleum refining industry. Firms in the industry are classified into three groups by their size. All three groups show zero investment, disinvestment and investment in accordance with economic conditions. The analysis finds the minimum amount of investment and disinvestment for each group, which suggests that the size of fixed costs of investment is substantial, regardless of firm size. However, small firms adjust capital stock more slowly than medium or large firms. The analysis also suggests the existence of a convex adjustment cost

Investment and Usage of New Technologies : Evidence from a Shared ATM Network

NARCIS (Netherlands)

Ferrari, S.; Verboven, F.L.; Degryse, H.A.

2007-01-01

When new technologies become available, it is not only essential that firms have the correct investment incentives, but often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network. Be- cause all banks coordinate their ATM investment

Investment and Usage of New Technologies : Evidence from a Shared ATM Network

NARCIS (Netherlands)

Ferrari, S.; Verboven, F.L.; Degryse, H.A.

2008-01-01

When new technologies become available, it is not only essential that firms have the correct investment incentives, but often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network. Be- cause all banks coordinate their ATM investment

Economic Impacts Analysis of Shale Gas Investment in China

Science.gov (United States)

Han, Shangfeng; Zhang, Baosheng; Wang, Xuecheng

2018-01-01

Chinese government has announced an ambitious shale gas extraction plan, which requires significant investment. This has the potential to draw investment from other areas and may affect the whole China’s economy. There is few study to date has quantified these shale gas investment’s effects on Chinese economy. The aim of this paper is to quantify the economic effect and figures out whether shale gas investment in China is a good choice or not. Input-output analysis has been utilized in this study to estimate the economic impacts in four different Chinese regions. Our findings show that shale gas investment will result in approximately 868, 427, 115 and 42 Billion RMB economic impacts in Sichuan, Chongqing, Inner Mongolia and Guizhou, respectively. The total economic impact is only around 1453 Billion RMB, which is not significant compared to the economic impact of coalbed methane investment. Considering the potential risks of environmental issues, we suggest that it may be a better strategy for the government, at least in the current situation, to slow down shale gas development investment.

The Analysis of Investment Environment and Foreign Direct Investment Prognostication: Lithuanian Case

OpenAIRE

Gaspareniene, L

2015-01-01

The aim of this article is to research the investment environment and to prognosticate the trends of FDI in Lithuania. The methods of the research include systematic and comparative analysis of the scientific literature and linear regression and trend analysis. The results of the research have revealed that the trend and amount of FDI in Lithuania strongly correlate. The linear regression equation is also growing, which proposes that over the next two years FDI in Lithuan...

Demonstration Analysis of Relationship Between R&D Investment and GDP

Institute of Scientific and Technical Information of China (English)

HAN Bo-tang; LIU Bai-shan; CHEN Keng

2005-01-01

To reveal the quantitative relationship between research and development (R&D) investment and gross domestic product (GDP) in China, we have demonstrated and analyzed the relationship between R&D investment and science and technology (S&T) progress, and based on a mount of S&T statistical data, have proceeded demonstration research of the relationship between R&D investment and GDP in China with Solow and vector auto regression (VAR) models. Cubic curve fitting and cross-correlation analysis of them with SPSS have shown that there is a strong synchronic relationship between R&D investment and GDP.

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. PMID:27508896

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)

THE ANALYSIS OF FINANCIAL EQUILIBRIUM THROUGH THE COST OF THE INVESTED CAPITAL

Directory of Open Access Journals (Sweden)

MELANIA ELENA MICULEAC

2016-10-01

Full Text Available The financial equilibrium of a company can be analyzed through the cost of the invested capital. It is the most pragmatic approach of the financial equilibrium analysis because it takes into account the cost of invested resources, their capacity to account return. I suggest a model to approach the analysis of the balanced average cost of the invested capital using the method of chain substitutions. I reached the conclusion that the main consequence of changes in the balanced average cost of the capital is on the company’s value.

Managing Security Risks in an Industrial Investment – Analysis Directions

Directory of Open Access Journals (Sweden)

Stefan Dragomir

2016-05-01

Full Text Available This paper achieved an analysis of some important management strategies for an investment, in correlation with index of global pollution. Environmental security assessment shall be determined taking into account the workplace security and effects on health, safety of workers in an industry investment. It is necessary to observe and collect a larger number of data generated by the development of an industrial process, so as to make a deep analysis on global pollution index and how it is affected industrial investment environment. This research shows how can the substances that infest the environment to produce much damage and influence the environmental factors (air, water, soil, landscape, fauna and flora. When we know the risks that characterize the plant equipment, we can protect the life and we can protect the environment for a sustainable development in the future.

Trend Analysis of Educational Investments and Outcomes

Science.gov (United States)

Griffore, Robert J.; Phenice, Lillian A.; Hsieh, Meng-Chuan

2014-01-01

It is generally expected that funds invested in public instruction will strengthen pupil achievement. Similarly, it is expected that enrollments of young children in preschool education should lead to higher achievement. In a trend analysis, we examined three variables as predictors of grade 8 achievement in 2007: (1) state expenditures per…

(The Style Analysis of Pension Investment Funds in Turkey)

OpenAIRE

Kokrmaz, Turhan; Uygurtürk, Hasan

2007-01-01

In this study, the investment style and its variations of Turkish pension funds have been examined during the period of January 2004 - June 2006. For this purpose, “style analysis method” have been applied both in general and periodical base and their results are interpreted. Consequently, it is observed that during the research period pension fund managers followed a risk reduction strategy. As a result fund managers chose to invest fixed income and risk-free financial instruments within the...

Risk analysis of investments in-farm milk cooling tanks

Directory of Open Access Journals (Sweden)

Danielle D. Sant´Anna

2003-06-01

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.

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.

Determinants of investment behaviour. Methods and applications of meta-analysis

International Nuclear Information System (INIS)

Koetse, M.J.

2006-01-01

Meta-analysis is gradually gaining ground in economics as a research method to objectively and quantitatively summarise a body of existing empirical evidence. This dissertation studies the performance of well-known meta-analytic models and presents two meta-analysis applications. Despite its many attractive features, meta-analysis faces several methodical difficulties, especially when applied in economic research. We investigate two specific methodical problems that any meta-analysis in economics will have to deal with, viz., systematic effect-size variation due to primary-study misspecifications, and random effect-size heterogeneity. Using Monte-Carlo analysis we investigate the effects of these methodical problems on the results of a meta-analysis, and study the small-sample properties of several well-known and often applied meta-estimators. The focus of the meta-analysis applications is on two topics that are relevant for understanding investment behaviour, viz., the impact of uncertainty on investment spending, and the potential for substitution of capital for energy in production processes. In the first application we aim to shed light on the direction of the relationship between investment and uncertainty, and to uncover which factors are empirically relevant for explaining the wide variety in study outcomes. In the second application our goal is to analyse the direction and magnitude of capital-energy substitution potential, and to analyse the empirical relevance of suggested sources of variation in elasticity estimates

Determinants of investment behaviour. Methods and applications of meta-analysis

Energy Technology Data Exchange (ETDEWEB)

Koetse, M.J.

2006-03-14

Meta-analysis is gradually gaining ground in economics as a research method to objectively and quantitatively summarise a body of existing empirical evidence. This dissertation studies the performance of well-known meta-analytic models and presents two meta-analysis applications. Despite its many attractive features, meta-analysis faces several methodical difficulties, especially when applied in economic research. We investigate two specific methodical problems that any meta-analysis in economics will have to deal with, viz., systematic effect-size variation due to primary-study misspecifications, and random effect-size heterogeneity. Using Monte-Carlo analysis we investigate the effects of these methodical problems on the results of a meta-analysis, and study the small-sample properties of several well-known and often applied meta-estimators. The focus of the meta-analysis applications is on two topics that are relevant for understanding investment behaviour, viz., the impact of uncertainty on investment spending, and the potential for substitution of capital for energy in production processes. In the first application we aim to shed light on the direction of the relationship between investment and uncertainty, and to uncover which factors are empirically relevant for explaining the wide variety in study outcomes. In the second application our goal is to analyse the direction and magnitude of capital-energy substitution potential, and to analyse the empirical relevance of suggested sources of variation in elasticity estimates.

Exploratory analysis of prospects for renewable energy private investment in the U.S

International Nuclear Information System (INIS)

Aguilar, Francisco X.; Cai, Zhen

2010-01-01

Opportunities for private investments in renewable energies were explored using a stated-preference investment allocation instrument. Allocation alternatives included conventional and renewable energy investments. Among renewable energy investments, solar and wind energy were ranked the highest while grass and wood-based technologies were at the bottom of the renewable energy list. This ranking mirrors the allocation of investments in sustainable energy technologies in global markets. Results were analyzed using a two-limit tobit model which suggests that certainty of investments, a diversified portfolio and expectation on financial returns were the primary drivers behind funds allocated to renewable energy investments. Using cluster analysis, twenty-three percent of our sample of current and future investors was identified as individuals most willing to invest in renewable energies. (author)

Using Investment Funds to Support Advancements in Healthcare

OpenAIRE

Nawar, Anthony

2017-01-01

The topic of this thesis is about using investment funds to support advancements in healthcare. The structure is designed to identify the relevant elements in a funding strategy that can be used to support healthcare companies likely to produce usable solutions. The research objective is to establish a proper investment fund strategy that supports healthcare. Additionally, it is positioned to highlight the dynamic components that outline the viable fund. The preliminary scope of the ...

Comparative analysis of direct and indirect property investment ...

African Journals Online (AJOL)

Comparative analysis of direct and indirect property investment returns in Abuja. ... in property shares is more risky than commercial property due to the risk ... of the stock market, it was discovered that there is a strong positive relationship ...

Justification of investment projects of biogas systems by the sensitivity analysis

Directory of Open Access Journals (Sweden)

Perebijnos Vasilij Ivanovich

2015-06-01

Full Text Available Methodical features of sensitivity analysis application for evaluation of biogas plants investment projects are shown in the article. Risk factors of the indicated investment projects have been studied. Methodical basis for the use of sensitivity analysis and calculation of elasticity coefficient has been worked out. Calculation of sensitivity analysis and elasticity coefficient of three biogas plants projects, which differ in direction of biogas transformation: use in co-generation plant, application of biomethane as motor fuel and resulting carbon dioxide as marketable product, has been made. Factors strongly affecting projects efficiency have been revealed.

A real option analysis of investments in hydropower-The case of Norway

International Nuclear Information System (INIS)

Kjaerland, Frode

2007-01-01

This paper presents a valuation study of hydropower investment opportunities in the Norwegian context. According to NVE (Norwegian Water Resources and Energy Directorate, the regulator), there is a potential of 39 TWh not yet developed (generation in a normal year is approximately 120 TWh). By using the conceptual real option framework of Dixit and Pindyck [1994. Investment Under Uncertainty. Princeton University Press, Princeton, NJ] one can estimate the value of investment opportunities to NOK 11 million/GWh (EUR 1.4 million/GWh). Furthermore, the optimal trigger price for initiating an investment based on electricity forward prices is calculated to NOK 0.32/kWh (EUR 0.04/kWh). The analysis shows consistency between real option theory and aggregate investment behaviour in Norwegian hydropower

Foreign direct investment vs domestic investment across the European Union. Case study: Romania

Directory of Open Access Journals (Sweden)

Romeo Victor IONESCU

2015-11-01

Full Text Available The paper deals with the idea that investment process is important not only for the economic growth, but for the global integration. There is a powerful connection between FDI and domestic investments. As a result, the analysis is focused on FDI flows in EU28 and Euro area. The comparative analysis is followed by regression, in order to point out the disparities between Member States and their trend. The average value of inward and outward FDI flows is analysed using FDI intensity. A distinct part of the paper is focused on domestic investment process and analyses total investment, investment in construction and investment in equipment. The analysis is supported by the latest official statistical data, pertinent diagrams and tables. The main conclusion of the paper is that the economic crisis in Europe led to a decrease in FDI and domestic investment flows.

Integrated Portfolio Analysis: Return on Investment and Real Options Analysis of Intelligence Information Systems (Cryptologic Carry On Program)

National Research Council Canada - National Science Library

Rios, Jr., Cesar G; Housel, Thomas; Mun, Johnathan

2006-01-01

...) on individual projects, programs, and processes within a portfolio of IT investments. Using KVA historical data as a platform, the authors evaluate potential strategic investments with real options analysis...

European methodology of analysis vertical restraints under rule of reason in context of cooperative relation specific investments

Directory of Open Access Journals (Sweden)

Agamirova Maria, Е.

2015-06-01

Full Text Available The problem of underinvestment in specific assets is a key issue in new institutional economics, especially in case of cooperative relation specific investments. It can be solved due to vertical restraints, as an alternative way of vertical integration to transfer control to partner, who makes relation specific investments. The type of relationspecific investments called «cooperative» investments (or cross investments was nearly absent in economic analysis up to the very end of the twentieth century despite of the fact that such investments are widespread. It led to the absence of analysis relation specific investments in official regulation documents. At the same time, different types of relation specific investments can be characterized by different degree of riskiness and need special regulations of vertical agreements. In the paper author makes an attempt to analyze the European methodology of assessment vertical restraints under rule of reason focusing on the type of relation specific investments. It makes possible to improve analysis of vertical restraint in Russian antitrust.

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.

A Study on an efficient management system, proper investment, and cost sharing for improving the quality of water in water system

Energy Technology Data Exchange (ETDEWEB)

Moon, Hyun Joo [Korea Environment Institute, Seoul (Korea)

1998-12-01

With the overall prospects on water quality management in water system, the problems on policy and implementation, investment and cost sharing were analyzed. Considering water system, a scheme for the rationalization of management policy and financial supply was presented. Also, based on the analysis on problem of present management structure, the rationalizing plan of management structure and organization was provided. 30 refs., 2 figs., 31 tabs.

Minimal investment risk of a portfolio optimization problem with budget and investment concentration constraints

Science.gov (United States)

Shinzato, Takashi

2017-02-01

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 can be larger than that without the constraint (that is, with only the budget constraint). Moreover, a numerical experiment shows the effectiveness of our proposed analysis. In contrast, the standard operations research approach failed to identify accurately the minimal investment risk of the portfolio optimization problem.

Corporate Decision Making and SocioEnvironmental Investments In Brazil: An Analysis Based On Social Audits

Directory of Open Access Journals (Sweden)

André Luiz Bufoni

2012-06-01

indicate a significant correlation between the amount of environmental investments and variables such as age, level of education, professional training of employees and profit-sharing policies. However, no significant correlation between environmental investments and profitability was found. The analysis revealed a linkage between decisions to invest in the environment and social investments outside the firm.

Including climate change in energy investment decisions

International Nuclear Information System (INIS)

Ybema, J.R.; Boonekamp, P.G.M.; Smit, J.T.J.

1995-08-01

To properly take climate change into account in the analysis of energy investment decisions, it is required to apply decision analysis methods that are capable of considering the specific characteristics of climate change (large uncertainties, long term horizon). Such decision analysis methods do exist. They can explicitly include evolving uncertainties, multi-stage decisions, cumulative effects and risk averse attitudes. Various methods are considered in this report and two of these methods have been selected: hedging calculations and sensitivity analysis. These methods are applied to illustrative examples, and its limitations are discussed. The examples are (1a) space heating and hot water for new houses from a private investor perspective and (1b) as example (1a) but from a government perspective, (2) electricity production with an integrated coal gasification combined cycle (ICGCC) with or without CO 2 removal, and (3) national energy strategy to hedge for climate change. 9 figs., 21 tabs., 42 refs., 1 appendix

Chinese energy investments in Europe: An analysis of policy drivers and approaches

International Nuclear Information System (INIS)

Liedtke, Stephan

2017-01-01

Enhancing the understanding of China-EU energy relations, the article examines Chinese energy investments in Europe from 2008 to 2015 and analyzes the energy interests and policy approaches underpinning them. Analysis of this data shows that within the EU, 30 Chinese investments largely focused on the oil and gas sector, especially through the acquisition of company shares. Chinese energy investments in Europe reflect a clear political and commercial strategy that addresses the PRC's need to balance supply chain security of fossil fuels, environmentally friendlier energy production and use as well as to enhance the market position and energy-industrial capabilities of Chinese state-owned or state-supervised energy companies. Based on a comprehensive set of domestic incentives for international investment the Chinese penetration of the European energy sector is embedded within two levels of political cooperation. The first level revolves around bilateral investment agreements between China and 27 EU member states. On the second level, China and the EU have established a variety of formats that guide their energy cooperation. The conclusion of the proposed bilateral investment agreement between the PRC and the EU would create a uniform investment environment across the continent and facilitate mutual economic benefits for both parties. - Highlights: • A timeline of Chinese energy investments in Europe, 2008–2015, is presented. • Two tables dividing Chinese investments by sector and company type are presented. • Most Chinese investments concentrate on shares of Europe's fossil fuel sector. • Chinese investments rest on bilateral agreements with EU members. • Chinese investments in EU serve ‘internationalization’ of Chinese companies.

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

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.

AGROFOREST SYSTEM INVESTMENT ANALYSIS UNDER RISK

Directory of Open Access Journals (Sweden)

Luiz Moreira Coelho Junior

2008-12-01

Full Text Available Agroforestry System is the ecological and economical interaction of the use of the land, with the combination ofagriculture, livestock and forest production, in temporary sequence and in a simultaneous way. The studies of investments in projectsassume the existence of risks and uncertainties. An alternative to reduce the risk in the forest investment is the association with theagricultural. This work analyzed the situations of risk of a system agroflorestal. Monte Carlo s method comes from the theory ofsimulations and stands out as a powerful and useful tool to provide a distribution of probabilities for the analysis of decision. A totalof 10,000 interactions of the Net Present Value (VPL, of Internal Rate of Return (TIR and of the Equivalent Periodic Benefit (BPEwere made in order to establish the probability distribution. The results presented 78.65% of chance of VPL being US$ 1,410.00;77.56% of chance of TIR being 36.36%, and; 75.39% of chance of BPE being US$ 309.70; the agroforestry system presented lowinvestment risk; and the livestock is the main product of the agrossilvopastoril system, followed by charcoal.

Social-and-economic mechanism of formation of favorable investment attractiveness of the region

Science.gov (United States)

Tereshkina, Tatiana; Mottaeva, Angela; Andreeva, Larisa; Larinina, Tatyana

2017-10-01

The article is devoted to the matters of investment attractiveness of regions. The factors making the regional investments possible. The authors argue, that social-and-economic development of regions is connected with the formation of the financial mechanism, representing the set of forms and methods of the organization, planning and stimulation of financial-and-economic activity in the certain social-and-economic space. The proper mechanism of formation of favorable investment attractiveness are offered. Besides, the ways of elimination of limiting factors in formation of favorable investment attractiveness are offered.

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.

INVESTMENT ATTRACTIVENESS OF ENTERPRISES

Directory of Open Access Journals (Sweden)

Nadiia Davydenko

2017-03-01

Full Text Available In the article the approaches to defining the essence of the concept of “investment attractiveness of enterprises” were analyzed. On the example of "Agrofirm Brusilov" depth analysis of the agricultural enterprises to evaluate of profitability, liquidity, solvency, financial stability, the timing of the return of invested funds and minimizing investment risks was conducted. To study methods of rating and system analysis were used. To justify the conditions of  increasing investment attractiveness farms method of scoring was used. It was established as a result of the use of integrated evaluation of the financial position one can see problem aspects of financial position of the company and develop measures to enhance liquidity, solvency, identify potential for raising the efficiency of company and prevention of financial crisis. The analysis of financial position showed that the management of the enterprise doesn’t  think  about  financial stability and solvency, does not understand the benefit of borrowed capital. Using research results in practice of agricultural enterprises allows us to give a real evaluation of investment attractiveness and justify ways to improve it. Key words: investments, investment attractiveness, potential business, financial position.

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...... 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...... 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...

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.

MONITORING MECHANISM FOR INVESTMENT DEVELOPMENT OF REGIONS’ INFRASTRUCTURE

Directory of Open Access Journals (Sweden)

Halyna Leshuk

2017-09-01

Full Text Available The subject of the research is the theoretical and methodological principles of the monitoring mechanism of investment development of regions’ infrastructure. The objectives of the research are the generalization of theoretical and methodological bases of monitoring mechanism of investment development of regions’ infrastructure, as well as analysis of the current trends of investment development of the infrastructure in the regions of Ukraine with the identification of positive and negative trends. Methodology. The article deals with theoretical and methodological approaches to the definition of conceptual foundations of the mechanism of monitoring the investment development of the regions’ infrastructure with the help of general scientific methods of analysis: systematization and generalization, induction, and deduction. Results. It is proposed to interpret a monitor of the investment development of the regional infrastructure (IDRI as a systematic and complex measurement of the indicators of regional infrastructure development, the number of implemented investment projects, monitoring compliance with the developed strategic regional programs and concepts, which will ultimately help to effectively and efficiently regulate the detected deviations and passing the appropriate decisions. The IDRI monitoring mechanism should also provide a possibility of creating a system for collecting and analysing data concerning the assessment of infrastructure objects by the territorial community, which will allow potential investors to focus not only on analytical data on monitoring of regional authorities but also to take into account the public interest in a particular region. The general principles of the monitoring mechanism of investment development of the regions infrastructure are proposed in the following directions: complex and system monitoring and data collection concerning the development of the regions’ infrastructure, while the aggregate

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...

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.

The next $120,000: a case study to illustrate analysis of alternative farm investments in fixed assets.

Science.gov (United States)

St-Pierre, N R; Shoemaker, D; Jones, L R

2000-05-01

Dairy scientists specializing in the area of farm management are increasingly involved in analysis of farm investments in fixed assets. There have been instances where the wrong procedures were used to assess investments in fixed assets, leading to erroneous and possibly disastrous conclusions. A detailed case study of a dairy farm facing the decision of where best to invest an unexpected $120,000 windfall is used to illustrate the various facets of financial analysis. Indicators of profitability, liquidity, solvency, repayment capacity, and financial efficiency are explained and applied to the farm case to produce a detailed analysis of the current financial position of the firm. Long-range budgets of four alternate investment options and their impact on all financial indicators are presented. The four options are: 1) to pay down debt, 2) to purchase an additional 100 cows, 3) to install automatic milk yield recording in the parlor, and 4) to build new heifer facilities. All four investments are profitable. Therefore, an analysis limited to profitability indicators would conclude that any of the four options is a good investment. However, liquidity and financial efficiency issues showed that the option of purchasing 100 cows is far superior to the three others. We conclude that a complete and thorough financial analysis is required to evaluate the impact of long-run investments in fixed assets.

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

Stock price analysis of sustainable foreign investment companies in Indonesia

Science.gov (United States)

Fachrudin, Khaira Amalia

2018-03-01

The stock price is determined by demand and supply in the stock market. Stock price reacts to information. Sustainable investment is an investment that considers environmental sustainability and human rights. This study aims to predict the probability of above average stock price by including the sustainability index as one of its variables. The population is all foreign investment companies in Indonesia. The target population is companies that distribute dividends – also as a sample. The analysis tool is a logistic regression. At 5% alpha, it was found that sustainability index did not have the probability to increase stock price average. The significant effects are free cash flow and cost of debt. However, sustainability index can increase the Negelkarke R square. The implication is that the awareness of sustainability is still necesary to be improved because from the research result it can be seen that investors only consider the risk and return.

Benefit-cost analysis framework for evaluating inter-city transit investment.

Science.gov (United States)

2008-10-01

This report describes the development and application of a benefit/cost analysis (BCA) model to support the evaluation of investment decisions for intercity bus services. The model recognizes two principle types of intercity bus benefits: benefits th...

Application of Decision Analysis to Evaluate Alternative Research and Development Investments

National Research Council Canada - National Science Library

Artelli, Michael

1998-01-01

.... In contrast to the current ad hoc approach, decision analysis provides an explicit and easily explained rationale for investment choices, complete and consistent incorporation of multiple objectives...

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.

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, horticulture

This thesis focuses on the analysis of investment

METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

Directory of Open Access Journals (Sweden)

I. Magdych

2015-06-01

Full Text Available The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their optimization for the purpose of maximization of social and economic benefit. The research performed here allowed generalization and definition of stages of analysis for investing cash flow of the enterprise with the appropriate reasoning. It is necessary that research is going concern in this direction of effectiveness valuation of cash flow management in investing activity of the enterprise.

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.

PPICA, Power Plant Investment Cost Analysis

International Nuclear Information System (INIS)

Lefevre, J.C.

2002-01-01

1 - Description of program or function: This software package contains two modules: - CAPITAL1 calculates investment costs from overnight costs, based on the capital structure of the utility (debt/equity ratio), return and interest rates according to the type of securities involved, and a standard-shaped curve of capital outlays during construction of a power plant. - FCRATE1 calculates the year-by-year revenue requirements to cover the capital-related charges incurred by the new investment and their economic equivalent: the levelled fixed-charge rate and capital contribution to the levelled unit power generation cost per kWh. They are proposed as an alternative to the corresponding modules CAPITAL and FCRATE, included in the LPGC (Levelled Power Generation Cost) suite of codes developed by ORNL and US-DOE. They perform the same type of analysis and provide the same results. 2 - Methods: Results output from CAPITAL1, in terms of the initial investment at startup and the fraction thereof that is allowable for tax depreciation, can be transferred automatically as data input to FCRATE1. Other user-defined data are: the project life, the time horizon of the economic analysis (which does not necessarily coincide with the project life), the plant load factor (lifetime average), the tax rate applicable to utility's income, the tax depreciation scheme and the tax charge accounting method (normalised or flow- through). The results of CAPITAL1 and FCRATE1 are expressed both in current money and in constant money of a reference year. Inflation rate and escalation rate of construction expenditures during construction period, and of fixed charges during service life are defined by the user. The discount rate is set automatically by the programme, equal to the weighted average tax-adjusted cost of money. 3 - Restrictions on the complexity of the problem: CAPITAL1 and FCRATE1 are 'alternatives', not 'substitutes', to the corresponding programs CAPITAL and FCRATE of the LPGC

On the Determination of Proper Time

OpenAIRE

Hurl, Bing; Zhang, Zhi-Yong Wang Hai-Dong

1998-01-01

Through the analysis of the definition of the duration of proper time of a particle given by the length of its world line, we show that there is no transitivity of the coordinate time function derived from the definition, so there exists an ambiguity in the determination of the duration of the proper time for the particle. Its physical consequence is illustrated with quantum measurement effect.

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.

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...

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.

Investment opportunity in China's overseas oil project: An empirical analysis based on real option approach

International Nuclear Information System (INIS)

Tang, Bao-Jun; Zhou, Hui-Ling; Chen, Hao; Wang, Kai; Cao, Hong

2017-01-01

China's overseas oil investments uphold national energy security. Located in the complex international economic and political environment, the benefits of overseas oil projects are affected by various uncertainties. Oil companies call for a set of evaluation method dealing with these uncertainties, especially when encountering low-oil-price conditions. It is much more crucial to answer when to optimally invest rather than whether to invest. This paper analyzes the investment opportunity of an oil project in the development and production phase considering uncertainty, irreversibility and management flexibility. The decision-making process combines Discounted Cash Flow (DCF) method and the trinomial tree model of Real Option Approach (ROA). For practical purposes, tools of hurdle price, cumulative probability and decision tree are adopted. In addition, results of the case project show the economic feasibility at present and optimal start-up timing at the end of 2016. Besides, the lower cost parameters generally make it easier to meet the opportunity. The scenario analysis suggests the higher risk contributes to an earlier start-up. Furthermore, the issues of method applicability, investment signals and decision-lag effects are discussed. - Highlights: • Volatility is combined with fluctuations in oil price, exchange rate and political situation. • Hurdle price is adopted as a critical price to measure investment opportunity. • Scenario analysis suggests the higher risk contribute to earlier investment timing.

The economics of natural gas infrastructure investments. Theory and model-based analysis for Europe

Energy Technology Data Exchange (ETDEWEB)

Lochner, Stefan

2012-07-01

Changing supply structures, security of supply threats and efforts to eliminate bottlenecks and increase competition in the European gas market potentially warrant infrastructure investments. However, which investments are actually efficient is unclear. From a theoretical perspective, concepts from other sectors regarding the estimation of congestion cost and efficient investment can be applied - with some extensions - to natural gas markets. Investigations in a simple analytical framework, thereby, show that congestion does not necessarily imply that investment is efficient, and that there are multiple interdependencies between investments in different infrastructure elements (pipeline grid, gas storage, import terminals for liquefied natural gas (LNG)) which need to be considered in an applied analysis. Such interdependencies strengthen the case for a model-based analysis. An optimization model minimizing costs can illustrate the first-best solution with respect to investments in natural gas infrastructure; gas market characteristics such as temperature-dependent stochasticity of demand or the lumpiness of investments can be included. Scenario analyses help to show the effects of changing the underlying model presumption. Hence, results are projections subject to data and model assumption - and not forecasts. However, as they depict the optimal, cost-minimizing outcome, results provide a guideline to policymakers and regulators regarding the desirable market outcome. A stochastic mixed-integer dispatch and investment model for the European natural gas infrastructure is developed as an optimization model taking the theoretical inter-dependencies into account. It is based on an extensive infrastructure database including long-distance transmission pipelines, LNG terminals and gas storage sites with a high level of spatial granularity. It is parameterized with assumptions on supply and demand developments as well as empirically derived infrastructure extension costs

High-tech industries' overseas investment performance evaluation - Application of data envelopment analysis

Directory of Open Access Journals (Sweden)

Ridong Hu

2013-12-01

Full Text Available With the rapid change of the social environment, Mainland China has become a new economic market due to the great domestic demand caused by its enormous population and the increasing economic growth rate. Taiwanese businesses have gradually turned to develop in China under the pressure of increasing domestic wages and land costs for expanding factories as well as the enhancement of environmental protection. Mainland China presents the advantages of ample land, low labor costs, monoethnicity, and easy language communication making it an attractive major investment location for Taiwanese high-tech industries. Data Envelopment Analysis (DEA is applied to measure overseas investment efficiency evaluation of Taiwanese high-tech businesses in China, where the Delphi Method is used for selecting the inputs of the number of employees, R&D expenses, and gross sales in total assets. Sensitivity Analysis is further utilized for acquiring the most efficient unit and individual units with operating efficiency. The research results show that 1.Three high-tech businesses that present constant returns to scale perform optimally with overseas investment efficiency 2.Two high-tech companies with decreasing returns to scale appear that they could improve the overseas investment efficiency by decreasing the scale to enhancing the marginal returns, and 3.Sixteen high-tech enterprises reveal increasing returns to scale, showing that they could expand the scale to enhance the marginal returns and further promote efficiency.

Firm Decisions: Determinants of Investments

OpenAIRE

Ionescu Alexandra

2011-01-01

The investment decision is part of a companies’ investment strategy. Defined as a logical set of technical and economic information, the investment strategy determines the main objectives of the firm regarding its investments, based on studies, analysis and simulations. It also establishes the actions to be undertaken in order to achieve the objectives, methods of achieving them, sources of funding and resource allocation methods. Still, all these are influenced by several factors. The invest...

METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

OpenAIRE

I. Magdych

2015-01-01

The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their o...

Ranking factors of an investment in cogeneration: sensitivity analysis ranking the technical and economical factors

International Nuclear Information System (INIS)

Sundberg, Gunnel

2001-01-01

A deregulation of the electricity market in Europe will result in increased competition among the power-producing companies. They will therefore carefully estimate the financial risk in an investment in new power-producing capability. One part of the risk assessment is to perform a sensitivity analysis. This paper presents a sensitivity analysis using factorial design, resulting in an assessment of the most important technical and economical factors affecting an investment in gas turbine combined cycle and a steam cycle fired by wood chips. The study is performed using a simulation model that optimises the operation of existing power plants and potential new investments to fulfil the desired heat demand. The local utility system analysed is a Swedish district heating system with 655 GWh y -1 heat demand. The conclusion is that to understand which of the technical and economical factors affect the investment, it is not sufficient to investigate the parameters of the studied plant, but also the parameters related to the competing plants. Both the individual effects of the factors and the effect of their interaction should be investigated. For the energy system studied the price of natural gas, price of wood chips and investment cost have the major influence on the profitability of the investment. (Author)

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.

Electricity markets. Investment, performance and analysis

International Nuclear Information System (INIS)

Murray, B.

1998-01-01

The impact of deregulation on the theory and practice of investment appraisal is addressed in this comprehensive treatment of the restructuring of the electricity supply industry. Demonstrating that the classical approach to generation investment appraisal is no longer valid, a new approach is developed using three economic models to represent differing market conditions. Highlighting the impact on the organisation of the utilities and their suppliers, this book offers essential advice for survival in the deregulated environment worldwide. (author)

Impact of Foreign Direct Investments on Unemployment in Emerging Market Economies: A Co-integration Analysis

Directory of Open Access Journals (Sweden)

Yilmaz Bayar

2017-09-01

Full Text Available Purpose: The goal of the paper is to investigate the long run effect of both foreign direct investments and domestic investments on the unemployment in 21 emerging economies over the period 1994-2014. Design/methodology/approach: The effect of domestic and foreign direct investments on unemployment was investigated via panel data analysis. First tests of cross-section dependence and homogeneity were conducted, and then the stationarity of the series was analyzed with Pesaran's (2007 CIPS unit root test. The long run relationship among the series was examined with Westerlund-Durbin-Hausman's (2008 co -integration test. Finally, we estimated the long run coefficients with the Augmented Mean Group (AMG estimator. Findings: The empirical findings revealed a co-integrating relationship among domestic investments, foreign direct investments, and unemployment. Furthermore, foreign direct investment inflows affected the unemployment positively in the long term, but domestic investments affected the unemployment negatively. Originality/value: This study can be considered as one of the early studies researching the long run interaction between domestic investments, foreign direct investments and unemployment for the sample of emerging market economies. Furthermore, the findings are very meaningful for policymakers in the design the economic policies for decreasing unemployment.

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

Rating in the Assessment of Investment Property

Directory of Open Access Journals (Sweden)

Śmietana Katarzyna

2014-07-01

Full Text Available The implementation of rating procedures is associated with searching for tools that provide an objective and standardized assessment of investment risk. For this reason, rating is an important and often essential element of investment decision-making processes which determines the development of the capital market, including the real estate investment market. In the investment property market, not only does rating provide transparency of property risk, but it can also be used for real estate portfolio analysis, investment controlling, and the analysis of factors determining investment decisions (ESV 2012.

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.

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

Randomly biased investments and the evolution of public goods on interdependent networks

Science.gov (United States)

Chen, Wei; Wu, Te; Li, Zhiwu; Wang, Long

2017-08-01

Deciding how to allocate resources between interdependent systems is significant to optimize efficiency. We study the effects of heterogeneous contribution, induced by such interdependency, on the evolution of cooperation, through implementing the public goods games on two-layer networks. The corresponding players on different layers try to share a fixed amount of resources as the initial investment properly. The symmetry breaking of investments between players located on different layers is able to either prevent investments from, or extract them out of the deadlock. Results show that a moderate investment heterogeneity is best favorable for the evolution of cooperation, and random allocation of investment bias suppresses the cooperators at a wide range of the investment bias and the enhancement effect. Further studies on time evolution with different initial strategy configurations show that the non-interdependent cooperators along the interface of interdependent cooperators also are an indispensable factor in facilitating cooperative behavior. Our main results are qualitatively unchanged even diversifying investment bias that is subject to uniform distribution. Our study may shed light on the understanding of the origin of cooperative behavior on interdependent networks.

BRICS Investment Policies from PFI Perspective

Directory of Open Access Journals (Sweden)

Andrei Sakharov 

2017-12-01

Full Text Available The Organisation for Economic Co-operation and Development (OECD Policy Framework for Investment (PFI contains recommendations and best practices in 12 investment-related policy areas, and is widely regarded as the world’s most comprehensive and authoritative instrument on international investment regulation. The topicality of PFI recommendations for OECD members and other countries, including Russia, is dictated by competition in international investment markets. The instrument’s implementation can significantly boost a national jurisdiction’s attractiveness to investors and thus increase its economic competitiveness. The experience of the BRICS countries as large developing economies involved in collaboration with the OECD could be of great value from the standpoint of PFI implementation in Russia. This article examines investment policies of Brazil, India, China and South Africa from the perspective of PFI recommendations. The analysis is organized around four major themes: the general characteristics of investment regimes and investment stimuli, national investment regulation regimes, trade policies and overcoming structural limitations. The analysis forms the basis for recommendations to improve the investment policy regime in Russia

Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies

Directory of Open Access Journals (Sweden)

Chariri Anis

2018-01-01

Full Text Available The negative effects of globalization and rapid growth of industries on environment have changed the business paradigm from profit issues to profit, people and planet (triple bottom line. Consequently, a number of companies have invested their money in environmental issues (called as green investment. This study aims to investigate the effect of firm characteristics on green investment and how green investment influences financial performance. Using annual reports of companies receiving the Program for Pollution Control, Evaluation and Rating (PROPER award and listed on the Indonesia Stock Exchanges in the year of 2009-2014 as research data, the findings showed that firm size, foreign ownership, industry profile, and frequency of audit committee meeting significantly influenced green investment whereas ISO14001 management certification had no effect on it. Interestingly, green investment positively determined an increase in firm financial performance. This reveals that the better the green investment, the higher the financial performance of the companies. The findings contribute to the importance of adopting green investment as a company's strategy to increase profit without destroying the environment. Secondly, this finding can be used by government as a reference for formulating any regulations concerning business and environment. Finally, the finding contributes to the importance of including environmental issues in business education.

Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies

Science.gov (United States)

Chariri, Anis; Bukit, Gretta Ratna Sari Br; Eklesia, Octrine Bethary; Christi, Bourinta Uly; Tarigan, Daisy Meirisa

2018-02-01

The negative effects of globalization and rapid growth of industries on environment have changed the business paradigm from profit issues to profit, people and planet (triple bottom line). Consequently, a number of companies have invested their money in environmental issues (called as green investment). This study aims to investigate the effect of firm characteristics on green investment and how green investment influences financial performance. Using annual reports of companies receiving the Program for Pollution Control, Evaluation and Rating (PROPER) award and listed on the Indonesia Stock Exchanges in the year of 2009-2014 as research data, the findings showed that firm size, foreign ownership, industry profile, and frequency of audit committee meeting significantly influenced green investment whereas ISO14001 management certification had no effect on it. Interestingly, green investment positively determined an increase in firm financial performance. This reveals that the better the green investment, the higher the financial performance of the companies. The findings contribute to the importance of adopting green investment as a company's strategy to increase profit without destroying the environment. Secondly, this finding can be used by government as a reference for formulating any regulations concerning business and environment. Finally, the finding contributes to the importance of including environmental issues in business education.

Comparative Analysis of Direct and Indirect Property Investment ...

African Journals Online (AJOL)

Sultan

substitute for direct property investment in Abuja, Nigeria. The study .... of stock market investment using Lagos,. Ibadan and ... ordinary shares and saving account for the. Adeogun ... Hence, the need for this study which provides information.

Deliberation by the French Energy Regulatory Commission of 13 July 2017 relating to the report on the implementation of GRTgaz's investment programme for 2016 and approving its amended investment programme for 2017. Deliberation by the French Energy Regulatory Commission of 13 July 2017 concerning the report on the implementation of TIGF's investment programme for 2016 and approving its amended investment programme for 2017

International Nuclear Information System (INIS)

Carenco, Jean-Francois; Chauvet, Christine; Edwige, Catherine; Gassin, Helene; Lastelle, Jean-Laurent

2017-01-01

Pursuant to the provisions of 2 of Article L.134-3 and of II of Article L.431-6 of the French Energy code, gas transmission system operators (TSOs) must transmit their annual investment programmes to the French Energy Regulatory Commission (CRE) for approval. Within this framework, CRE 'ensures that the investments required for the proper development of the networks, and for transparent and non-discriminatory access to them are made'. With regard to the investment programme for the year 2016: - in the deliberation of 17 December 2015, CRE approved GRTgaz's and TIGF's investment programmes for 2016; - in the deliberation of 15 December 2016, CRE approved the update of GRTgaz's and TIGF's 2016 investment programmes, and requested the operators to present, for mid-2017, the definitive report on the implementation of their 2016 investment programme. With regard to the investment programme for the year 2017: - in the deliberation of 15 December 2016, CRE approved GRTgaz's and TIGF's 2017 investment programmes, and requested the operators to present, for mid-2017, a report on the implementation mid-year of the investment programme for the year 2017. On 31 May 2017, GRTgaz's and TIGF's forwarded their amended investment programme for 2017 and were interviewed by CRE's Board on 6 July 2017. GRTgaz's and TIGF's presented the differences observed between the investment levels approved and the actual investments made for 2016 on the one hand, and the updated forecasts for 2017 on the other hand

Influencing Factors and Development Trend Analysis of China Electric Grid Investment Demand Based on a Panel Co-Integration Model

Directory of Open Access Journals (Sweden)

Jinchao Li

2018-01-01

Full Text Available Electric grid investment demand analysis is significant to reasonably arranging construction funds for the electric grid and reduce costs. This paper used the panel data of electric grid investment from 23 provinces of China between 2004 and 2016 as samples to analyze the influence between electric grid investment demand and GDP, population scale, social electricity consumption, installed electrical capacity, and peak load based on co-integration tests. We find that GDP and peak load have positive influences on electric grid investment demand, but the impact of population scale, social electricity consumption, and installed electrical capacity on electric grid investment is not remarkable. We divide different regions in China into the eastern region, central region, and western region to analyze influence factors of electric grid investment, finally obtaining key factors in the eastern, central, and western regions. In the end, according to the analysis of key factors, we make a prediction about China’s electric grid investment for 2020 in different scenarios. The results offer a certain understanding for the development trend of China’s electric grid investment and contribute to the future development of electric grid investment.

Stochastic interest rates in the analysis of energy investments: Implications on economic performance and sustainability

International Nuclear Information System (INIS)

Tolis, Athanasios; Tatsiopoulos, Ilias; Doukelis, Aggelos

2010-01-01

A systematic impact assessment of stochastic interest and inflation rates on the analysis of energy investments is presented. A real-options algorithm has been created for this task. Constant interest rates incorporating high risk premium have been extensively used for economic calculations, within the framework of traditional direct cash flow methods, thus favouring immediate, irreversible investments in the expense of, sometimes, insubstantially low anticipated yields. In this article, not only incomes and expenses but also interest and inflation rates are considered stochastically evolving according to specific probabilistic models. The numerical experiments indicated that the stochastic interest rate forecasts fluctuate in such low levels that may signal delayed investment entry in favour of higher expected yields. The implementation of stochastically evolving interest rates in energy investment analysis may have a controversial effect on sustainability. Displacements of inefficient plants may be significantly delayed, thus prolonging high CO 2 emission rates. Under the current CO 2 allowance prices or their medium-term forecasts, this situation may not be improved and flexible policy interventions may be necessitated. (author)

INTERNAL PROPER MOTIONS IN THE ESKIMO NEBULA

International Nuclear Information System (INIS)

García-Díaz, Ma. T.; Gutiérrez, L.; Steffen, W.; López, J. A.; Beckman, J.

2015-01-01

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

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.

A binomial random sum of present value models in investment analysis

OpenAIRE

Βουδούρη, Αγγελική; Ντζιαχρήστος, Ευάγγελος

1997-01-01

Stochastic present value models have been widely adopted in financial theory and practice and play a very important role in capital budgeting and profit planning. The purpose of this paper is to introduce a binomial random sum of stochastic present value models and offer an application in investment analysis.

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

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...

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.

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

Science.gov (United States)

Arasteh, Abdollah

2016-09-01

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.

Analysis of stock investment selection based on CAPM using covariance and genetic algorithm approach

Science.gov (United States)

Sukono; Susanti, D.; Najmia, M.; Lesmana, E.; Napitupulu, H.; Supian, S.; Putra, A. S.

2018-03-01

Investment is one of the economic growth factors of countries, especially in Indonesia. Stocks is a form of investment, which is liquid. In determining the stock investment decisions which need to be considered by investors is to choose stocks that can generate maximum returns with a minimum risk level. Therefore, we need to know how to allocate the capital which may give the optimal benefit. This study discusses the issue of stock investment based on CAPM which is estimated using covariance and Genetic Algorithm approach. It is assumed that the stocks analyzed follow the CAPM model. To do the estimation of beta parameter on CAPM equation is done by two approach, first is to be represented by covariance approach, and second with genetic algorithm optimization. As a numerical illustration, in this paper analyzed ten stocks traded on the capital market in Indonesia. The results of the analysis show that estimation of beta parameters using covariance and genetic algorithm approach, give the same decision, that is, six underpriced stocks with buying decision, and four overpriced stocks with a sales decision. Based on the analysis, it can be concluded that the results can be used as a consideration for investors buying six under-priced stocks, and selling four overpriced stocks.

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)

Statoil`s exposure to oil price fluctuations: An analysis on investment level and stock price

OpenAIRE

Nåmdal, Synne Meling; Meling, Kristine

2015-01-01

In this thesis an econometric analysis of Statoil’s investment level and stock return has been performed, with purpose of examine the affect that fluctuations in the price of crude oil has on these variables. The results revealed that crude oil prices have a significant impact on Statoil´s stock returns, due to the direct impact the crude oil price has on Statoil’s cash flows. The investment level does not seem to be affected by either of the variables in the analysis, and this could indicate...

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

Directory of Open Access Journals (Sweden)

Joseph R Fitchett

Full Text Available 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.

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.

ANALYSIS OF COSTS AND BENEFITS OF INVESTMENTS IN WASTE MANAGEMENT SYSTEMS IN BULGARIA

Directory of Open Access Journals (Sweden)

Presiana Nenkova

2016-07-01

Full Text Available This paper represents a study employing Cost-Benefit Analisys for efficiency appraisal of a set of 19 projects for Regional Waste Management Systems (RWMS construction, envisaged for funding under Priority axis 2: Improvement and development of waste treatment infrastructure within Operational Programme Environment 2007-2013 in Bulgaria. The member states are required to submit a Cost-Benefit Analysis to the Commission services for major projects to provide evidence that, in the framework of EU regional policy objectives, the project is both desirable from an economic point of view and needs the contribution of the Funds in order to be financially feasible. To draw the conclusion on potential impact on social welfare of the public investments undertaken in waste management ecological infrastructure costs and benefits are first identified and monetized. The aggregated model for assessing the impact of investments is based on information declared in those specific project proposals, and the data has then been processed to extract averages and aggregates needed for the purposes of analysis. Financial Analysis is employed to assess the need of co-financing by the European fund for regional development and to estimate the amount of the EU assistance. Economic Analysis is employed to determine whether the society would be better-off with the projects. According to the economic evaluation undertaken the projects’ net present value is positive thus proving that investments in ecological infrastructure in Bulgaria generate net benefits for society as a whole.

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.

48 CFR 1652.215-71 - Investment Income.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Investment Income. 1652.215... 1652.215-71 Investment Income. As prescribed in 1615.470-1, the following clause shall be inserted in all FEHBP contracts based on cost analysis: Investment Income (JAN 1998) (a) The Carrier shall invest...

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

OpenAIRE

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

2011-01-01

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

Power plants investment decision-making in consideration of investment risk

International Nuclear Information System (INIS)

Oda, Junichiro; Matsuhashi, Ryuji; Yoshida, Yoshikuni; Takashima, Ryuta

2005-01-01

In this paper, we consider the investment risk of nuclear power plants using the real options approach. It is essential that the Japanese society evaluate the investment risk, because nuclear power plants are facing definite uncertainty and Japanese governments intend to promote and assist nuclear power plants through subsidies and policy actions. We assumed that the wholesale market prices of electricity constitute the definite uncertainty and that the wholesale market prices follow the geometric Brownian motion with drift. Using the Bellman equation and a lattice framework, we evaluated the value of investment opportunity, the value of equipment, and the critical prices that are optimal prices to invest in a nuclear power plant in the finite time horizon. This analysis shows that higher volatility of the wholesale market prices would give power companies lower incentive to construct electric power plants, particularly capital-intensive power plants. In order to deliberate and hold the Japanese governments accountable for the economics of nuclear power plants, multifaceted evaluation is needed. (author)

Fuzzy Investment Portfolio Selection Models Based on Interval Analysis Approach

Directory of Open Access Journals (Sweden)

Haifeng Guo

2012-01-01

Full Text Available This paper employs fuzzy set theory to solve the unintuitive problem of the Markowitz mean-variance (MV portfolio model and extend it to a fuzzy investment portfolio selection model. Our model establishes intervals for expected returns and risk preference, which can take into account investors' different investment appetite and thus can find the optimal resolution for each interval. In the empirical part, we test this model in Chinese stocks investment and find that this model can fulfill different kinds of investors’ objectives. Finally, investment risk can be decreased when we add investment limit to each stock in the portfolio, which indicates our model is useful in practice.

The Analysis of a Deviation of Investment and Corporate Governance

OpenAIRE

Shoichi Hisa

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...

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.

75 FR 53611 - Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad-Direct...

Science.gov (United States)

2010-09-01

...] 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 AGENCY: Bureau of Economic Analysis, Commerce...-577 quarterly survey of U.S. direct investment abroad. The survey is conducted quarterly and obtains...

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.

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

The strategy of ethic investment of the Norwegian petroleum fund and arms companies

International Nuclear Information System (INIS)

Paulin, Cedric

2006-01-01

The author comments the background of the consecutive disengagements of the Norwegian Government Petroleum Fund from several companies belonging to the arms sector, a disengagement which complies with the opinion of various actors in favour of a socially responsible investment, and of NGOs and associations opposed to the armament sector. After having recalled the global definition of this fund which was created in 1990, and of its investment policy, the author analyses the framework within which these disengagements occur, comments how these different spheres (the fund and the other above mentioned actors) finally met. He also wanders whether this ethics actually concern arms company or is in fact related to a problem proper to investment funds in general. The author notably indicates the various arms companies from which the Petroleum Fund withdrew its investments. The author also outlines some remaining ambiguities of the strategy of ethic investment of the former Norwegian Petroleum Fund, and shows that its methodology of ethic and socially responsible investment applied to the arms sector is in fact not yet precisely defined

Patterns of Foreign Direct Investment in Transylvania

Directory of Open Access Journals (Sweden)

Aniela Raluca DANCIU

2016-03-01

Full Text Available Foreign direct investment (FDI has gained significant importance over the past decade as a tool for accelerating growth and development of transition economies. It is widely believed that the advantages that FDI brings to the standard of living and prospects for economic growth of the host nation largely outweigh its disadvantages. Despite the growing interest in the subject, to our knowledge, there is still no satisfactory empirical work which can explain the determinants of the spatial distribution of FDI flows into the separate regions of Romania, one of the largest new EU-member states. Thus, this research attempts to fill this gap by using a primary data from a questionnaire that covers the entire transition period. The main goal of this study is to identify the main determinants of the direct foreign investments in Central, West and North West Romanian regions. Basically, the study is constructed so, that it will provide a list of the main strengths and weaknesses of Center, West and North West regions, that would influence a foreign investor to choose the proper location for a future investment when developing his strategy.

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.

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

Scaling-up treatment of depression and anxiety: a global return on investment analysis.

Science.gov (United States)

Chisholm, Dan; Sweeny, Kim; Sheehan, Peter; Rasmussen, Bruce; Smit, Filip; Cuijpers, Pim; Saxena, Shekhar

2016-05-01

Depression and anxiety disorders are highly prevalent and disabling disorders, which result not only in an enormous amount of human misery and lost health, but also lost economic output. Here we propose a global investment case for a scaled-up response to the public health and economic burden of depression and anxiety disorders. In this global return on investment analysis, we used the mental health module of the OneHealth tool to calculate treatment costs and health outcomes in 36 countries between 2016 and 2030. We assumed a linear increase in treatment coverage. We factored in a modest improvement of 5% in both the ability to work and productivity at work as a result of treatment, subsequently mapped to the prevailing rates of labour participation and gross domestic product (GDP) per worker in each country. The net present value of investment needed over the period 2016-30 to substantially scale up effective treatment coverage for depression and anxiety disorders is estimated to be US$147 billion. The expected returns to this investment are also substantial. In terms of health impact, scaled-up treatment leads to 43 million extra years of healthy life over the scale-up period. Placing an economic value on these healthy life-years produces a net present value of $310 billion. As well as these intrinsic benefits associated with improved health, scaled-up treatment of common mental disorders also leads to large economic productivity gains (a net present value of $230 billion for scaled-up depression treatment and $169 billion for anxiety disorders). Across country income groups, resulting benefit to cost ratios amount to 2·3-3·0 to 1 when economic benefits only are considered, and 3·3-5·7 to 1 when the value of health returns is also included. Return on investment analysis of the kind reported here can contribute strongly to a balanced investment case for enhanced action to address the large and growing burden of common mental disorders worldwide. Grand

Financial analysis of foreign direct investment on economic growth of developing countries

Directory of Open Access Journals (Sweden)

Raičević Božidar

2016-01-01

Full Text Available The object of the research paper is to perform an empirical analysis of foreign direct investment (FDI influence on economic growth with the aim of establishing factors that will contribute to overcoming the problem. The research results imply that realistic exchange rate, export and import as well as state expenditures are statistically significant for predicting economic growth movement and they have a positive influence on FDI movement. Empirical analysis, contrary to expectations, has shown that FDI, public debt and openness have a negative impact on economic growth in the case of Republic of Serbia. In the following period Serbia has to decrease the share of budget deficit in GDP and control public debt. Serbia has to pay special attention to improving investment environment and encourage export oriented production, whereas finance management and continuation of reform processes are the basis for establishing sustainable development of country, with sustainable use of available resources.

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.

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)

Prioritizing conservation investments for mammal species globally

Science.gov (United States)

Wilson, Kerrie A.; Evans, Megan C.; Di Marco, Moreno; Green, David C.; Boitani, Luigi; Possingham, Hugh P.; Chiozza, Federica; Rondinini, Carlo

2011-01-01

We need to set priorities for conservation because we cannot do everything, everywhere, at the same time. We determined priority areas for investment in threat abatement actions, in both a cost-effective and spatially and temporally explicit way, for the threatened mammals of the world. Our analysis presents the first fine-resolution prioritization analysis for mammals at a global scale that accounts for the risk of habitat loss, the actions required to abate this risk, the costs of these actions and the likelihood of investment success. We evaluated the likelihood of success of investments using information on the past frequency and duration of legislative effectiveness at a country scale. The establishment of new protected areas was the action receiving the greatest investment, while restoration was never chosen. The resolution of the analysis and the incorporation of likelihood of success made little difference to this result, but affected the spatial location of these investments. PMID:21844046

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

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

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.

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.

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.

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…

DETERMINANTS OF FOREIGN DIRECT INVESTMENTS IN ROMANIA

Directory of Open Access Journals (Sweden)

Lenuta CARP (CEKA

2014-11-01

Full Text Available Foreign direct investments have known an increased importance in the worldwide economy. Theoretical approaches highlight the positive externalities foreign direct investments generate in the beneficiary economy though different channels. The aim of this paper is to emphasize, based on an econometric analysis using data for Romania, the fundamental determinants of foreign direct investments attractiveness. The analysis will be followed by the recommendations for increasing the inflows in our country and measures to enhance their effect in the national economy. Further analysis will be developed focusing on the emerging countries from Europe using a panel technique.

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.

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.

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.

Investment casting of beta titanium alloys for aerospace applications

International Nuclear Information System (INIS)

Wheeler, D.A.; Cianci, M.S.; Vogt, R.G.

1993-01-01

The process of investment casting offers the ability to produce complex titanium components with minimal finish machining, thereby reducing their overall manufacturing cost. While aerospace applications for cast titanium have focused primarily on alpha+beta alloys, recent interest in higher strength beta alloys has prompted an examination of their suitability for investment casting. In this paper, the processing characteristics and mechanical proper-ties of Ti-1 5V-3Cr-3Al-3Sn, Ti-3Al-8V-6Cr-4Mo-4Zr, and Ti-15Mo-3Nb-3Al-0.2Si (wt.%) will be discussed. It will be shown that all three alloy compositions are readily processed using only slight modifications from current Ti-6Al-4V (wt.%) production operations. In addition, the mechanical properties of the cast product form can be manipulated through heat treatment and compare quite favorably with typical properties obtained in wrought beta titanium products. Finally, several demonstration castings are reviewed which illustrate the shape-making capabilities of the investment casting approach for beta titanium alloys

THE ACCOUNTING EFFECTS OF EXCHANGE RATE VARIATION ON REMUNERATION OF FOREIGN INVESTMENTS IN BRAZIL.

Directory of Open Access Journals (Sweden)

Diego Zacarias dos Santos

2012-12-01

Full Text Available This article aims to elucidate the main points of foreign investments, and the accounting administration of the Brazilian Corporate Laws. The remittances of profits and the payment of dividends for foreign investors who invested their financial resources in Brazil have increased in the last few years, and this is due to the stable economic times that the country is experiencing. In part, the favorable economic scenario in Brazil is due to the fact of the increased flow of investments in the country, which it has proved to be properly structured to withstand global financial crises like the one in 2008, which originated in the United States.Considering also that the investor wants to invest in stable economies where there are attractive interest rates, the country became a great place to invest. However, as a basic principle for capital market, it must be taken into consideration that exchange rate variation can be a negative or a positive aspect for it. In the end of this work, among other ideas, we conclude that to maximize the investment value for shareholders, it is necessary an accurate assessment of investment option, and of level of influence of the exchange variation for the investment return.

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

The effect of coating patterns with spinel-based investment on the castability and porosity of titanium cast into three phosphate-bonded investments.

Science.gov (United States)

Pieralini, Anelise R F; Benjamin, Camila M; Ribeiro, Ricardo Faria; Scaf, Gulnara; Adabo, Gelson Luis

2010-10-01

This study evaluated the effect of pattern coating with spinel-based investment Rematitan Ultra (RU) on the castability and internal porosity of commercially pure (CP) titanium invested into phosphate-bonded investments. The apparent porosity of the investment was also measured. Square patterns (15 × 15 × 0.3 mm(3)) were either coated with RU, or not and invested into the phosphate-bonded investments: Rematitan Plus (RP), Rema Exakt (RE), Castorit Super C (CA), and RU (control group). The castings were made in an Ar-arc vacuum-pressure machine. The castability area (mm(2) ) was measured by an image-analysis system (n = 10). For internal porosity, the casting (12 × 12 × 2 mm(3) ) was studied by the X-ray method, and the projected porous area percentage was measured by an image-analysis system (n = 10). The apparent porosity of the investment (n = 10) was measured in accordance with the ASTM C373-88 standard. Analysis of variance (One-way ANOVA) of castability was significant, and the Tukey test indicated that RU had the highest mean but the investing technique with coating increased the castability for all phosphate-bonded investments. The analysis of the internal porosity of the cast by the nonparametric test demonstrated that the RP, RE, and CA with coating and RP without coating did not differ from the control group (RU), while the CA and RE casts without coating were more porous. The one-way ANOVA of apparent porosity of the investment was significant, and the Tukey test showed that the means of RU (36.10%) and CA (37.22%) were higher than those of RP (25.91%) and RE (26.02%). Pattern coating with spinel-based material prior to phosphate-bonded investments can influence the castability and the internal porosity of CP Ti. © 2010 by The American College of Prosthodontists.

Foreign Direct Investments – the Standard of Fair and Equitable Treatment of Investments on the Example of a Case of the International Center for Settlement of Investment Disputes (ICSID

Directory of Open Access Journals (Sweden)

Ismail Musabegović

2015-06-01

Full Text Available Foreign direct investments (FDI have a tendency of growth, which will, in accordance with projections, be continued in the future. The increasing number of FDI triggers an increase in the number of cases related to them. After defining the term of international capital movements and its manifestations in the first part of the paper, in its second part the authors give an overview of foreign direct investment, both globally and in the region. The third part deals with the investment disputes before the arbitration court, while in the fourth section, a case of the International Center for Settlement of Investment Disputes (ICSID is presented. As the case of violation of the principle of fair and equitable treatment of investments is in the main focus of this paper, it is thesubject of а deeper analysis. In this paper, the authors use methodology which is characteristic for social sciences: descriptive and historical method, comparative analysis and case study.

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

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. Keywords: Community solar, Photovoltaic system, Portfolio theory, Energy optimization, Electricity volatility

Promoting energy efficiency investments with risk management decision tools

International Nuclear Information System (INIS)

Jackson, Jerry

2010-01-01

This paper reviews current capital budgeting practices and their impact on energy efficiency investments. The prevalent use of short payback 'rule-of-thumb' requirements to screen efficiency projects for risk is shown to bias investment choices towards 'sure bet' investments bypassing many profitable efficiency investment options. A risk management investment strategy is presented as an alternative to risk avoidance practices applied with payback thresholds. The financial industry risk management tool Value-at-Risk is described and extended to provide an Energy-Budgets-at-Risk or EBaR risk management analysis to convey more accurate energy efficiency investment risk information. The paper concludes with recommendations to expand the use of Value-at-Risk-type energy efficiency analysis.

USAGE OF THE MAIN COMPONENTS ANALYSIS IN THE MANAGEMENT OF THE INVESTMENT PORTFOLIO

OpenAIRE

Dan ARMEANU; Andreea NEGRU

2011-01-01

When managing investment portfolios on integrated capital markets, beyond the models put forth by the modern portfolio theory, (the Markowitz model, the CML model, the CAPM model, the Treynor-Black model and more), one can successfully resort to the statistical and mathematical tools made available by the multidimensional data analysis. The reason why we shall use those tools in our analysis is simple: they make it possible to reduce the number of variables in the analysis while preserving mu...

Precommitted Investment Strategy versus Time-Consistent Investment Strategy for a Dual Risk Model

Directory of Open Access Journals (Sweden)

Lidong Zhang

2014-01-01

Full Text Available We are concerned with optimal investment strategy for a dual risk model. We assume that the company can invest into a risk-free asset and a risky asset. Short-selling and borrowing money are allowed. Due to lack of iterated-expectation property, the Bellman Optimization Principle does not hold. Thus we investigate the precommitted strategy and time-consistent strategy, respectively. We take three steps to derive the precommitted investment strategy. Furthermore, the time-consistent investment strategy is also obtained by solving the extended Hamilton-Jacobi-Bellman equations. We compare the precommitted strategy with time-consistent strategy and find that these different strategies have different advantages: the former can make value function maximized at the original time t=0 and the latter strategy is time-consistent for the whole time horizon. Finally, numerical analysis is presented for our results.

Security Investment in Contagious Networks.

Science.gov (United States)

Hasheminasab, Seyed Alireza; Tork Ladani, Behrouz

2018-01-16

Security of the systems is normally interdependent in such a way that security risks of one part affect other parts and threats spread through the vulnerable links in the network. So, the risks of the systems can be mitigated through investments in the security of interconnecting links. This article takes an innovative look at the problem of security investment of nodes on their vulnerable links in a given contagious network as a game-theoretic model that can be applied to a variety of applications including information systems. In the proposed game model, each node computes its corresponding risk based on the value of its assets, vulnerabilities, and threats to determine the optimum level of security investments on its external links respecting its limited budget. Furthermore, direct and indirect nonlinear influences of a node's security investment on the risks of other nodes are considered. The existence and uniqueness of the game's Nash equilibrium in the proposed game are also proved. Further analysis of the model in a practical case revealed that taking advantage of the investment effects of other players, perfectly rational players (i.e., those who use the utility function of the proposed game model) make more cost-effective decisions than selfish nonrational or semirational players. © 2018 Society for Risk Analysis.

Effect of investment on financial and sports results

Directory of Open Access Journals (Sweden)

Mijatović Predrag

2015-01-01

Full Text Available This study investigated the correlation between investment, financial results and sport results achieved and to evaluate the relative efficiency of Serbian football clubs. In this regard, two postulations were examined: firstly, investments in football clubs produce better sports results; secondly, investments in football clubs result in a stronger financial position. A correlation analysis and Data Envelopment Analysis (CCR model were applied. Thirteen football clubs were included in the analysis, which represents eighty per cent of the Serbian Football League First Division Clubs. The study was conducted in the period 2009-2011that includes football seasons 2009-2010, 2010-2011 and 2011-2012. A strong positive correlation between investment and sport results was found only for the top football clubs, while the econometric regression did not show any correlation. The findings also show that there is no relation between investment and net income. The analysis of technical efficiency confirmed these findings, which revealed that the best football clubs are usually the farthest away from the efficiency frontier.

A top-down analysis: Determining photovoltaics R and D investments from patent analysis and R and D headcount

International Nuclear Information System (INIS)

Breyer, Christian; Birkner, Christian; Meiss, Jan; Goldschmidt, Jan Christoph; Riede, Moritz

2013-01-01

For alternative energy technologies like photovoltaics (PV), the analysis of Research and Development (R and D) expenses is important to observe and understand market dynamics. This is, in turn, essential for policymakers. However, the quantitative evaluation of global corporate R and D investments is a challenging task due to unavailability or high scatter of precise data. Here we present a top-down approach to estimate the current and global historic cumulated PV R and D investments based on international PV patent applications. High growth rates of PV-related patents and R and D headcount accompany growth and development of the PV market and are an excellent indicator to analyze R and D investments. With this approach, current annual corporate PV R and D investments are found to be about 6000 m€ and show a rapidly increasing trend on a global scale. - Highlights: • Global corporate and public photovoltaic R and D spendings are presented and quantified. • Instead of company reports or governmental reports, alternative metrics are developed. • Basis for quantification are photovoltaic patent applications and research headcounts. • Patents are analyzed regarding their country of origin, year of filing, type of technology. • Ethical and political implications of energy R and D are discussed

Applying Sustainability and Responsible Investment on Islamic Equity Investment: An Analysis of FTSE Shariah and FTSE4GOOD Indices

OpenAIRE

Rizki, Reza

2015-01-01

2015 dissertation for MSc Islamic Banking and Finance. Selected by academic staff as a good example of a masters level dissertation. \\ud \\ud Shariah-compliant Investment and Sustainability Responsible Investment (SRI) are the slternative asset classes and they are growing rapidly leaving their counterparts behind. Nonetheless, there are some criticisms against the screening criteria which are applied by Islamic equity investment because they exclude the environment, social and human rights is...

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.

Confidence-Based Learning in Investment Analysis

Science.gov (United States)

Serradell-Lopez, Enric; Lara-Navarra, Pablo; Castillo-Merino, David; González-González, Inés

The aim of this study is to determine the effectiveness of using multiple choice tests in subjects related to the administration and business management. To this end we used a multiple-choice test with specific questions to verify the extent of knowledge gained and the confidence and trust in the answers. The tests were performed in a group of 200 students at the bachelor's degree in Business Administration and Management. The analysis made have been implemented in one subject of the scope of investment analysis and measured the level of knowledge gained and the degree of trust and security in the responses at two different times of the course. The measurements have been taken into account different levels of difficulty in the questions asked and the time spent by students to complete the test. The results confirm that students are generally able to obtain more knowledge along the way and get increases in the degree of trust and confidence in the answers. It is confirmed as the difficulty level of the questions set a priori by the heads of the subjects are related to levels of security and confidence in the answers. It is estimated that the improvement in the skills learned is viewed favourably by businesses and are especially important for job placement of students.

ANALYSIS OF INVESTMENT ATTRACTIVENESS REDEVELOPMENT PROJECTS THE INDUSTRIAL AREAS IN KIEV

Directory of Open Access Journals (Sweden)

Yevsyukov T. O.

2017-08-01

Full Text Available At the present stage of development of land relations in major cities of our country important issue is the development of investment, attract and use foreign investment. According to the Law of Ukraine "On investment activity" under the investment necessary to understand "all types of property and intellectual values invested in business and other activities, which resulted in creating profit (income or social effect is achieved." For the economy of any city, including the city. Kyiv and development of urban land use, renovation of industrial areas deindustrialization of inefficient production centers, it is extremely important investment activity (foreign investment as one of the most effective mechanisms for the development and activities of national companies. The purpose of the article to analyze the investment attractiveness of the redevelopment projects of industrial areas to economic development of eco-industrial land use in Kiev, despite the downward trend in investment activity of domestic enterprises, the need for technical and technological modernization of production as well as the entire market infrastructure, redevelopment of industrial areas. Redevelopment areas – this is a comprehensive activity aimed at changing the existing construction work carried out with the help of large investments (investments in reconstruction; renovation of; overhaul; demolition; conversion; improving the environment, which results in a positive effect on economic, social and environmental aspects. Investment and construction projects related to redevelopment of industrial land use (objects in the management of the city, characterized by considerable risks given the high capital intensity, binding to a specific area, and the impact of other internal and external factors. That is why this investment activity should be ensured exceptional dynamic management to ensure the quality of implementation and the necessary level of profitability and

Global health initiative investments and health systems strengthening: a content analysis of global fund investments.

Science.gov (United States)

Warren, Ashley E; Wyss, Kaspar; Shakarishvili, George; Atun, Rifat; de Savigny, Don

2013-07-26

Millions of dollars are invested annually under the umbrella of national health systems strengthening. Global health initiatives provide funding for low- and middle-income countries through disease-oriented programmes while maintaining that the interventions simultaneously strengthen systems. However, it is as yet unclear which, and to what extent, system-level interventions are being funded by these initiatives, nor is it clear how much funding they allocate to disease-specific activities - through conventional 'vertical-programming' approach. Such funding can be channelled to one or more of the health system building blocks while targeting disease(s) or explicitly to system-wide activities. We operationalized the World Health Organization health system framework of the six building blocks to conduct a detailed assessment of Global Fund health system investments. Our application of this framework framework provides a comprehensive quantification of system-level interventions. We applied this systematically to a random subset of 52 of the 139 grants funded in Round 8 of the Global Fund to Fight AIDS, Tuberculosis and Malaria (totalling approximately US$1 billion). According to the analysis, 37% (US$ 362 million) of the Global Fund Round 8 funding was allocated to health systems strengthening. Of that, 38% (US$ 139 million) was for generic system-level interventions, rather than disease-specific system support. Around 82% of health systems strengthening funding (US$ 296 million) was allocated to service delivery, human resources, and medicines & technology, and within each of these to two to three interventions. Governance, financing, and information building blocks received relatively low funding. This study shows that a substantial portion of Global Fund's Round 8 funds was devoted to health systems strengthening. Dramatic skewing among the health system building blocks suggests opportunities for more balanced investments with regard to governance, financing, and

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.

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.

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.

Financial cost-benefit analysis of investment possibilities in district heating system on wood residues

Directory of Open Access Journals (Sweden)

Stošić Ivan

2017-01-01

Full Text Available The purpose of this research is to provide feasibility analysis of a long-term sustainable development concept for district heating based on wood residues. In this paper, the experimental study has been conducted starting from the data collected by field researches in municipality of Trstenik (town in Serbia with district heating system currently based on heavy fuel oil and lignite. Using the method of Financial Cost-Benefit Analysis, this study evaluates financial efficiency of investment in district heating plant based on wood residues and energy savings in district heating system. Findings show that such investment could be profitable from the financial point of view: Net Present Value of investment is positive, Financial Rate of Return is high (30.69%, and the pay-back period is relatively favourable (7 years. Moreover, the presented SWOT indicates that there are realistic prospects of implementation of district heating based on wood residues. However, this does not mean everything will go smoothly and easily, keeping in mind a number of challenges that each new concept of district heating contains immanently. Nevertheless, the results of this research could provide useful inputs for the decision makers when selecting appropriate models for improving performance of municipal district heating systems.

ARE EXCESSIVE LEGISLATIVE RESTRICTIONS OF PENSION FUND’S INVESTMENTS REQUIRED TO ENSURE THESE FUNDS’ OPERATIONAL STABILITY AND MINIMUM GUARANTED RETURN?

Directory of Open Access Journals (Sweden)

TANJA MARKOVIC HRIBERNIK

2013-02-01

Full Text Available In this paper, it is investigated whether government, when promises pension fund’s members a so-calledminimum guaranteed return, to reduce the exposure of members to financial risks , should at the same timehinders portfolio diversification process of pension funds. We provide a detailed analysis of the connectionbetween the requirements for providing a minimum guaranteed return and managing financial risks on the onehand and the investment structure of pension funds on the other. We intend to demonstrate with an illustrativecase, using the simulation technique and a combination of actual data and some hypothetical one, that byprecisely matching the investments' characteristics to the characteristics of the pension fund's liabilities, someimportant financial risks can even be hedged entirely. We also intend to demonstrate that with theimplementation of a proper policy of risk measurement and management, complemented with stress testingpractices, excessive legislative restrictions for investments are no longer necessary. At the very least,governments should avoid implementing legislation that hinders the portfolio diversification process andtherefore makes pension fund risk management more difficult.

Private Investment And Macroeconomic Instability In The Nigerian ...

African Journals Online (AJOL)

In the empirical analysis, the dependent variable is foreign direct investment and the expiratory variables are Total Government Expenditure, Gross domestic product and unemployment. In the analysis, it was observed that the most significant variable determining changes in private investment is Government expenditure.

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.

FOREIGN DIRECT INVESTMENT OUTFLOWS FROM CHINA AND INDIA

OpenAIRE

K. C. FUNG; ALICIA GARCIA-HERRERO

2012-01-01

In this paper, we examine the determinants of Indian and Chinese FDI outflows. There are three sets of results. First, Chinese investment is attracted to more corrupt countries, while India is attracted to economies with better rule of law. Further analysis suggests that our result of China investing in more corrupt destinations is mostly driven by Chinese investment in the sub-sample of African countries. While we do not conduct economic welfare analysis, several studies in the literature re...

Modal analysis of fluid flows using variants of proper orthogonal decomposition

Science.gov (United States)

Rowley, Clarence; Dawson, Scott

2017-11-01

This talk gives an overview of several methods for analyzing fluid flows, based on variants of proper orthogonal decomposition. These methods may be used to determine simplified, approximate models that capture the essential features of these flows, in order to better understand the dominant physical mechanisms, and potentially to develop appropriate strategies for model-based flow control. We discuss balanced proper orthogonal decomposition as an approximation of balanced truncation, and explain connections with system identification methods such as the eigensystem realization algorithm. We demonstrate the methods on several canonical examples, including a linearized channel flow and the flow past a circular cylinder. Supported by AFOSR, Grant FA9550-14-1-0289.

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.

REAL OPTIONS ANALYSIS OF RENEWABLE ENERGY INVESTMENT SCENARIOS IN THE PHILIPPINES

Directory of Open Access Journals (Sweden)

Casper Agaton

2017-12-01

Full Text Available Abstract - With the continuously rising energy demand and much dependence on imported fossil fuels, the Philippines is developing more sustainable sources of energy. Renewable energy seems to be a better alternative solution to meet the country’s energy supply and security concerns. Despite its huge potential, investment in renewable energy sources is challenged with competitive prices of fossil fuels, high start-up cost and lower feed-in tariff rates for renewables. To address these problems, this study aims to analyze energy investment scenarios in the Philippines using real options approach. This compares the attractiveness of investing in renewable energy over continuing to use coal for electricity generation under uncertainties in coal prices, investments cost, electricity prices, growth of investment in renewables, and imposing carbon tax for using fossil fuels.

Using Stochastic Frontier Analysis to Analyze Adjustment Costs and Investment Utilization

DEFF Research Database (Denmark)

Olsen, Jakob Vesterlund; Henningsen, Arne

of additional inputs and an initially incomplete investment utilization results in an output level that is temporarily not at its maximum. We estimate an output distance function as a stochastic "Efficiency Effects Frontier" model (Battese & Coelli 1995), where the estimated technical inefficiencies...... are explained with current and lagged investments, farm size, age of the farmer, and interaction terms between these variables. Furthermore, we derive the formula for calculating the marginal effects on technical efficiency for "Efficiency Effects Frontier" models so that we can calculate the (marginal) effect...... 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...

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.

Statoil`s exposure to oil price fluctuations: An analysis on investment level and stock price

OpenAIRE

Nåmdal, Synne Meling; Meling, Kristine

2015-01-01

Master's thesis in Finance In this thesis an econometric analysis of Statoil’s investment level and stock return has been performed, with purpose of examine the affect that fluctuations in the price of crude oil has on these variables. The results revealed that crude oil prices have a significant impact on Statoil´s stock returns, due to the direct impact the crude oil price has on Statoil’s cash flows. The investment level does not seem to be affected by either of the variables in the ana...

Influencing Factors and Development Trend Analysis of China Electric Grid Investment Demand Based on a Panel Co-Integration Model

OpenAIRE

Jinchao Li; Lin Chen; Yuwei Xiang; Jinying Li; Dong Peng

2018-01-01

Electric grid investment demand analysis is significant to reasonably arranging construction funds for the electric grid and reduce costs. This paper used the panel data of electric grid investment from 23 provinces of China between 2004 and 2016 as samples to analyze the influence between electric grid investment demand and GDP, population scale, social electricity consumption, installed electrical capacity, and peak load based on co-integration tests. We find that GDP and peak load have pos...

A Strategic Analysis of Investment Opportunities within British Columbia's Private Healthcare Sector for a Non-Profit Genomics Research Organization

OpenAIRE

Barclay, John W.

2010-01-01

Advances in the genome sciences are leading to the development of new healthcare innovations relevant to the principles of personalized medicine. Genome BC, a non-profit research organization, invests in projects that will help facilitate the integration of these innovations into the delivery of healthcare. This analysis assesses the strategic positioning of private healthcare firms in BC to be early users of such innovations. The analysis assesses the suitability of investment from Genome BC...

Calculating investment potential in South America

International Nuclear Information System (INIS)

Smith, J.L.

1995-01-01

Taxes and licensing provisions typically increase overall costs for private investors, and therefore impede private investment. In addition, the design and structure of tax systems in each country affect the extent to which financial risks are borne by private investors, rather than by the host government. Tax systems that increase perceived financial risks stemming from unpredictable oil prices, development costs and physical characteristics of undiscovered or undeveloped oil fields raise further impediments to private investment. This analysis focuses on both aspects of the investment climate--risk and return--and the way that investment incentives within three South American countries are influenced by tax and licensing regimes

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

Feeling-of-knowing for proper names.

Science.gov (United States)

Izaute, Marie; Chambres, Patrick; Larochelle, Serge

2002-12-01

The main objective of the presented study was to study feeling-of-knowing (FOK) in proper name retrieval. Many studies show that FOK can predict performance on a subsequent criterion test. Although feeling-of-knowing studies involve questions about proper names, none make this distinction between proper names and common names. Nevertheless, the specific character of proper names as a unique label referring to a person should allow participants to target precisely the desired verbal label. Our idea here was that the unique character of proper name information should result in more accurate FOK evaluations. In the experiment, participants evaluated feeling-of-knowing for proper and common name descriptions. The study demonstrates that FOK judgments are more accurate for proper names than for common names. The implications of the findings for proper names are briefly discussed in terms of feeling-of-knowing hypotheses.

Investment shocks and the relative price of investment

OpenAIRE

Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea

2009-01-01

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects the production of installed capital from investment goods or, more broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U.S. business...

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.

Investment scenarios for Chinese power plants

International Nuclear Information System (INIS)

Anon.

1995-01-01

An analysis is provided of returns for investment in power plants in China and India. Three sample investment scenarios are compared to illustrate the relative merits of each financing arrangement. The best returns would seem to be offered by a mix of debt and equity financing. The potential problem of gradual currency depreciation can be overcome by early cash payments. Foreign investment in China's power generation industry would be more readily forthcoming if easier access to debt finance were available. (UK)

Energy investments and employment

International Nuclear Information System (INIS)

1993-08-01

A study was conducted to assess the effect that different energy options would have on provincial and regional employment prospects in British Columbia. Current and future economic and employment patterns were examined to develop a more detailed understanding of the skills, age, gender, location, and other characteristics of British Columbia workers. Over 40 previous studies examining the energy/employment relationship were also reviewed. Based on this review and an analysis of the province's economic and labor conditions, the following conclusions are drawn. Investment in non-energy sectors offers better prospects for reducing unemployment than investment in the energy sector, whether for new supply or improving efficiency. Investments in the energy sector provide fewer jobs than investments in most other sectors of the economy. Among the available electricity supply options, large hydroelectric projects tend to produce the fewest jobs per investment dollar. Smaller thermal projects such as wood residue plants produce the most jobs. If and when more energy is needed in British Columbia, the most cost-effective combination of energy supply and efficiency options will also create the most jobs. Compared to traditional energy supply options, investments in energy efficiency would create about twice as many total jobs, create jobs that better match the skills of the province's unemployed and its population distribution, and create jobs that last longer on the average. Construction-related measures such as improved insulation tend to produce more jobs per investment dollar than the substitution of more energy-efficient equipment. 69 refs., 9 tabs

Investments in fixed assets and depreciation of fixed assets: theoretical and practical aspects of study and analysis

Directory of Open Access Journals (Sweden)

Irina D. Demina

2017-01-01

Full Text Available It is indicated that domestic economy is experiencing a shortage of investment.The acceleration of the processes of import substitution is one of the most important challenges facing the domestic economy at present.Investments, especially capital investments and related investment relations constitute the basis for the development of the national economy and improving the efficiency of social production as a whole. A problem of formation of the amortization fundremains actual at the moment. In the modern scientific and educational literature amortization fund means the fund, including the use of funds to complete the restoration and repair of the fixed assets. This paper makesthe analysis of the situation in the area of investment in the fixed capital, which has developed in Russia for the past severalyears. The aim of this paper is to study the investment climate in the country based on the analysis of investments in the fixed capital by the sources of financing and types of the economic activity. The work is based on dynamic and structural analysis of analytical and statistical information on the processes occurring in this field.As a result, it can be noted that in spite of a number of efforts being made, in general, there are low growth rates in industry, there is a deficit of investments in the fixed assets. Most of the investments in fixed assets are carried out at the expense of the organizations’ own funds. A significant number of economic entities do not have the means, necessary for the technological renewal. Unfortunately, the regulatory framework in the field of accounting for the fixed assets and accrual of depreciation does not imply the use of a special account for the accumulation, and, most importantly, for the purposeful control of the use of the depreciation fund.First of all, it is necessary for companies with state participation and monopoly organizations. The lack of control over the targeted use of the depreciation fund

A scenario analysis of investment options for the Cuban power sector using the MARKAL model

International Nuclear Information System (INIS)

Wright, Evelyn L.; Belt, Juan A.B.; Chambers, Adam; Delaquil, Pat; Goldstein, Gary

2010-01-01

The Cuban power sector faces a need for extensive investment in new generating capacity, under a large number of uncertainties regarding future conditions, including: rate of demand growth, fluctuations in fuel prices, access to imported fuel, and access to investment capital for construction of new power plants and development of fuel import infrastructure. To identify cost effective investment strategies under these uncertainties, a supply and power sector MARKAL model was assembled, following an extensive review of available data on the Cuban power system and resource potentials. Two scenarios were assessed, a business-as-usual (BAU) scenario assuming continued moderate electricity load growth and domestic fuel production growth, and a high growth (HI) scenario assuming rapid electricity demand growth, rapid increase in domestic fuel production, and a transition to market pricing of electricity. Within these two scenarios sets, sensitivity analyses were conducted on a number of variables. The implications of least-cost investment strategies for new capacity builds, investment spending requirements, electricity prices, fuel expenditures, and carbon dioxide emissions for each scenario were assessed. Natural gas was found to be the cost effective fuel for new generation across both scenarios and most sensitivity cases, suggesting that access to natural gas, through increased domestic production and LNG import, is a clear priority for further analysis in the Cuban context.

A scenario analysis of investment options for the Cuban power sector using the MARKAL model

Energy Technology Data Exchange (ETDEWEB)

Wright, Evelyn L.; Chambers, Adam; Delaquil, Pat; Goldstein, Gary [International Resources Group, 1211 Connecticut Avenue, NW, Suite 700, Washington, DC 20036 (United States); Belt, Juan A.B. [US Agency for International Development, 1300 Pennsylvania Avenue, NW, Washington, DC 20523-3800 (United States)

2010-07-15

The Cuban power sector faces a need for extensive investment in new generating capacity, under a large number of uncertainties regarding future conditions, including: rate of demand growth, fluctuations in fuel prices, access to imported fuel, and access to investment capital for construction of new power plants and development of fuel import infrastructure. To identify cost effective investment strategies under these uncertainties, a supply and power sector MARKAL model was assembled, following an extensive review of available data on the Cuban power system and resource potentials. Two scenarios were assessed, a business-as-usual (BAU) scenario assuming continued moderate electricity load growth and domestic fuel production growth, and a high growth (HI) scenario assuming rapid electricity demand growth, rapid increase in domestic fuel production, and a transition to market pricing of electricity. Within these two scenarios sets, sensitivity analyses were conducted on a number of variables. The implications of least-cost investment strategies for new capacity builds, investment spending requirements, electricity prices, fuel expenditures, and carbon dioxide emissions for each scenario were assessed. Natural gas was found to be the cost effective fuel for new generation across both scenarios and most sensitivity cases, suggesting that access to natural gas, through increased domestic production and LNG import, is a clear priority for further analysis in the Cuban context. (author)

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

Government Investment, Growth and Employment in South Africa ...

African Journals Online (AJOL)

This paper focuses on the impact of government investment on growth and employment in South Africa. As a prelude to the analysis, the paper refers to theory and practical evidence which indicates the way investment can influence growth and employment. Also, a review of investment patterns in South Africa in the past ...

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.

Investment analysis of plum brandy production – methodology approach

OpenAIRE

Hadelan, Lari

2008-01-01

The major prerequisite of successful entrepreneurship venture is quality of decision-making process. Decision in investment is the most important financial decision. It is a part of both long-term business planning process and strategic business definition. Using available investment appraisal methods, entrepreneur should make positive or negative investment decision. Within the development of the economic theory and the practice many of methods made decision-making process rational and gave ...

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.

The economic rationale for investing decisions innovative projects rationalization of investments for innovative projects

Directory of Open Access Journals (Sweden)

L. O. Zhitinskaya

2017-01-01

Full Text Available The article provides a selection of methods for determining the feasibility of an investment-innovative project. Estimated indicators are identified analytically, on their basis a conclusion is made about the economic efficiency and feasibility of the project, which is the basis of its competitiveness. Such growth analytics is necessary, since the social and economic development of the country and the region largely depends on the investment climate, which is facilitated by the legislation of the Russian Federation (the Tax Code of the Russian Federation, the law of the Russian Federation on the regulation of investment activities, etc.. Since competitiveness is also determined by the economic feasibility and financial solvency of innovative projects, modern information and software, as well as the methodology for project appraisal and the corresponding order of their implementation, are needed. In the Russian Federation, a method is used to assess the efficiency of capital investments in capitalist countries, as well as the methodology of economic (competitive analysis of investment-innovative projects. The basis of the method is that reimbursement of investments occurs in two economic forms: net profit and depreciation (net income. Of the numerous methods for assessing the feasibility of investment, the most often used along with discount methods (taking into account the factor of money changes over time, statistical methods with determining the payback period and the average rate of return on investment. Defined indicators: the net present value (NPV and the internal rate of return (IRR. The methodology specified in the article is useful to the investor in order to rationalize investment flows, helps to achieve the maximum IRR. The implementation of the innovative project serves the competitiveness of the manufacturing enterprise by increasing the technical and technological levels of the products.

Scenario Analysis In The Calculation Of Investment Efficiency–The Problem Of Formulating Assumptions

Directory of Open Access Journals (Sweden)

Dittmann Iwona

2015-09-01

Full Text Available This article concerns the problem of formulating assumptions in scenario analysis for investments which consist of the renting out of an apartment. The article attempts to indicate the foundations for the formulation of assumptions on the basis of observed retrospective regularities. It includes theoretical considerations regarding scenario design, as well as the results of studies on the formulation, in the past, of quantities which determined or were likely to bring closer estimate the value of the individual explanatory variables for a chosen measure of investment profitability (MIRRFCFE. The dynamics of and correlation between the variables were studied. The research was based on quarterly data from local residential real estate markets in Poland (in the six largest cities in the years 2006 – 2014, as well as on data from the financial market.

The impact of clean energy investments on the Greek economy: An input–output analysis (2010–2020)

International Nuclear Information System (INIS)

Markaki, M.; Belegri-Roboli, A.; Michaelides, P.; Mirasgedis, S.; 3TS S.A., Ag. Isidorou 1, 11471 Athens (Greece))" data-affiliation=" (FACE3TS S.A., Ag. Isidorou 1, 11471 Athens (Greece))" >Lalas, D.P.

2013-01-01

The aim of this paper is twofold: first, to calculate the “green” energy investments, by industrial sector, that Greece would need in order to satisfy a number of energy and environmental targets adopted in the context of the European Commission’s energy and climate change package; and second, to calculate the macro-economic impacts of these “green” investments on production and employment in the Greek economy. To this end, the input–output analysis has been exploited for estimating the direct, indirect and induced macroeconomic effects associated with the implementation of selected energy conservation measures, the promotion of renewable energy technologies, etc. Our findings show that the required investments would reach the amount of €47.9 billion, over the period 2010–2020. These investments will result in an average annual increase of the national product by €9.4 billion, creating simultaneously 108,000 full-time equivalent jobs for the entire period under consideration. The employment generated per €1 million investment is relatively higher in energy saving projects in buildings and transport in comparison with the development of RES in power generation sector. - Highlights: ► Development of clean energy technologies results in net macroeconomic benefits. ► Green investments examined will create yearly an average of 108,000 jobs in Greece. ► Energy efficiency investments are more labor intensive compared to RES projects. ► The imports of the necessary equipment reduce the output and employment effects

Investment Strategy and Efficiency of Investment Activity of European Insurers

Directory of Open Access Journals (Sweden)

Zhabynets Olga Yo.

2014-02-01

Full Text Available The article studies investment strategy and efficiency of investment activity of European insurance companies. In particular, it analyses the share of investments of insurance companies of Europe in GDP, investment portfolio of European insurers and its structure, contribution of insurance companies – leaders of investment activity – into the European investment portfolio. It studies influence of the financial crisis upon investment strategy of European insurers and analyses efficiency of investment activity of European insurers in risk insurance and life insurance. The article proves that investment business models of insurance companies are capable of resisting crisis phenomena more efficiently than other financial institutions. It marks out that measures of insurance companies that are directed at increase of profitability of investments require from them both significant expenditures on creation of the system of investment risk management and open access to different categories of financial assets and markets, which influences the general risk level, taken upon by an insurance company. The author draws a conclusion that, taking into account recent developments, European insurers should focus on equity and investment risk management, finding new possibilities for their (investments growth and also adaptation of new systems and operations for solution of these important tasks.

Which Firms Follow the Market? An Analysis of Corporate Investment Decisions

OpenAIRE

Tor-Erik Bakke; Toni M. Whited

2010-01-01

We test whether stock market mispricing or private investor information in stock prices affects corporate investment. We develop an econometric methodology that disentangles stock-price movements that are relevant for investment from those that are not. We combine this decomposition with proxies for private information and mispricing to devise unbiased tests for the effects of mispricing and information on investment. We depart from much of the literature by finding that stock market misprici...

PRICING AND ASSESSING UNIT-LINKED INSURANCE CONTRACTS WITH INVESTMENT GUARANTEES

Directory of Open Access Journals (Sweden)

Ciumas Cristina

2014-07-01

Full Text Available One of the most interesting life insurance products to have emerged in recent years in the Romanian insurance market has been the unit-linked contract. Unit-linked insurance products are life insurance policies with investment component. A 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 policyholders’ account that represents the present value of the units from the chosen investment funds. Due to the financial instability caused by the Global Crisis and the amplification of market competitiveness, insurers from international markets have started to incorporate guarantees in unit-linked products. So a unit- linked life insurance policy with an asset value guarantee is an insurance policy whose benefit payable on death or at maturity consists of the greater of some guaranteed amount and the value of the units from the investment funds. One of the most challenging issues concerns the pricing of minimum death benefit and maturity benefit guarantees and the establishing of proper reserves for these guarantees. Insurers granting guarantees of this type must estimate the cost and include the cost in the premium. 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. So the guaranteed benefits can be broadly matched or immunized with various types of financial assets, especially with fixed-interest instruments. According to Romanian legislation which regulates the unit-linked life insurance market, unit-linked life insurance contracts pass most of the investment risk to the

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.

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.

Leverage, debt maturity and firm investment: An empirical analysis

OpenAIRE

Dang, Viet A.

2011-01-01

In this paper, we examine the potential interactions of corporate financing and investment decisions in the presence of incentive problems. We develop a system-based approach to investigate the effects of growth opportunities on leverage and debt maturity as well as the effects of these financing decisions on firm investment. Using a panel of UK firms between 1996 and 2003, we find that high-growth firms control underinvestment incentives by reducing leverage but not by shortening debt maturi...

ECONOMIC REGIME AND FOREIGN DIRECT INVESTMENT IN UKRAINE

Directory of Open Access Journals (Sweden)

Łukasz Cywiński

2014-08-01

Full Text Available An economic regime might take the form in which extractive institutions do not allow for the proper development of foreign direct investment. In consequence these countries cannot fully benefit from economic aspects of globalization and increasing standards of living. This is the case of Ukraine, a country with very good location advantages and a well-educated workforce that attracts only the murky type of FDI. It is a country that is troubled by corruption and political instability but at the same time a country that began the path to finding its national identity by fighting against extractive institutions.

Investments in liberalised power markets

International Nuclear Information System (INIS)

Grenaa Jensen, S.; Meibom, P.

2005-01-01

There is considerable uncertainty in the Nordic electricity system with respect to the long-term development in production capacity. The process towards liberalisation of the electricity sector started with a situation of a large capacity margin, but this margin is gradually vanishing. Since the potential investors in new production capacity are unaccustomed with investments under the new regime, it is unknown if and when investments will take place. The purpose of the present study is to analyze if and when investors choose to invest in new electricity production capacity depending on their existing portfolio of power producing units. Electricity price scenarios generated with a partial equilibrium model (Balmorel) are combined with a model of investment decisions. In this, various scenarios concerning the development in the Nordic power market, such as new transmission lines between neighbouring countries, more installed wind power, and changes in CO 2 emission trading costs, are used to investigate the consequences for investments in a natural gas fired, combined cycle power plant. The main result of the analysis is that new investments are highly sensitive to investors existing power production portfolio, as new production units affect the merit order in the power market, i.e. compete with the existing power plants. (au)

LEVERAGE IMPACTS ON AGRO-INDUSTRIAL COMPANY INVESTMENTS

Directory of Open Access Journals (Sweden)

Nugroho A.C.

2018-03-01

Full Text Available Agro-industry has an important role in Indonesian economic growth. One of the crucial constraints in agro-industry investments in developing country is due to limited access to investment fund. This research was aimed to analyze the impacts of leverage on the agro-industrial company investments. The research used financial report data of the manufacturing industries on agro-industrial bases registered in Indonesian Stock-Exchange from 2007 to 2016. The data were analyzed using panel data regression analysis. The results of the research showed that the leverage influenced negatively on the agro-industrial companies. Cash flow has a negative impact on the company investments, which shows the existence of financial constraints when the company decide to invest.

Quality of investments in logistics

Directory of Open Access Journals (Sweden)

Borut Jereb

2014-06-01

Full Text Available The issue problem of paper is that base on researches connected with analysis of investments in logistics based on the review of 100 pooled manuscripts from different sources (scientific journals and online magazines from 1996 to 2012 it was showed that there don't exist quality as well as leadership has no a good overview of the investment in logistics. It was claimed that the quality point of view should be demanding part of investments in logistics. Val Log was proposed as an answer to the issues of managing quality of investments in logistics at the tactical level in organizations. By Val Log it is possible to overcome the myth that logistics projects cost money while business projects bring money. Val Log also provides detailed instructions for goals and metrics for each process. By doing changes the quality should be the obvious pillar of our affords doing it.

Inconsistent Investment and Consumption Problems

DEFF Research Database (Denmark)

Kronborg, Morten Tolver; Steffensen, Mogens

2015-01-01

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...... 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...

Characteristics of Criteria for Selecting Investment Projects under Uncertainty

Directory of Open Access Journals (Sweden)

Adrian ENCIU

2011-07-01

Full Text Available Within financial theory and practice, there are used five main criteria for selecting investment projects: the net present value (NPV criterion, the internal rate of return (IRR criterion, the return term (RT criterion, the profitability ratio (PR criterion and the supplementary return (SR criterion. The assay will emphasize several new properties of said indexes for investment assessment, having as starting point the hypotheses of (approximately normal repartition of cash-flows generated by an investment project. The obtained results point to the fact that the NPV indexes (the analysis of this criterion was carried out in the article “The NPV Criterion for Valuing Investments under Uncertainty”, Daniel Armeanu, Leonard Lache, Economic Computation and Economic Cybernetics Studies and Research no. 4/2009, pp. 133-143, IRR, PR, RT and SR register normal repartitions, therefore simplifying the investment analysis under economic uncertainty, by the capacity of building confidence intervals and assessing probabilities for the inferior limits of said investment assessment indexes.

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...

The requirements for implementing Sustainable Development Goals (SDGs) and for planning and implementing Integrated Territorial Investments (ITI) in mining areas

Science.gov (United States)

Florkowska, Lucyna; Bryt-Nitarska, Izabela

2018-04-01

The notion of Integrated Territorial Investments (ITI) appears more and more frequently in contemporary regional development strategies. Formulating the main assumptions of ITI is a response to a growing need for a co-ordinated, multi-dimensional regional development suitable for the characteristics of a given area. Activities are mainly aimed at improving people's quality of life with their significant participation. These activities include implementing the Sustainable development Goals (SDGs). Territorial investments include, among others, projects in areas where land and building use is governed not only by general regulations (Spatial Planning and Land Development Act) but also by separate legal acts. This issue also concerns areas with active mines and post-mining areas undergoing revitalization. For the areas specified above land development and in particular making building investments is subject to the requirements set forth in the Geological and Mining Law and in the general regulations. In practice this means that factors connected with the present and future mining impacts must be taken into consideration in planning the investment process. This article discusses the role of proper assessment of local geological conditions as well as the current and future mining situation in the context of proper planning and performance of the Integrated Territorial Investment programme and also in the context of implementing the SDGs. It also describes the technical and legislative factors which need to be taken into consideration in areas where mining is planned or where it took place in the past.

Scenario-informed multiple criteria analysis for prioritizing investments in electricity capacity expansion

International Nuclear Information System (INIS)

Martinez, Lauro J.; Lambert, James H.; Karvetski, Christopher W.

2011-01-01

Planning the expansion and energy security of electricity capacity for a national electricity utility is a complex task in almost any economy. Planning is usually an iterative activity and can involve the use of large scale planning optimization systems accompanied by assessment of uncertain scenarios emerging from economic, technological, environmental, and regulatory developments. This paper applies a multiple criteria decision analysis to prioritize investment portfolios in capacity expansion and energy security while principally studying the robustness of the prioritization to multiple uncertain and emergent scenarios. The scenarios are identified through interaction with decision makers and stakeholders. The approach finds which scenarios most affect the prioritization of the portfolios and which portfolios have the greatest upside and downside potential across scenarios. The approach fosters innovation in the use of robust and efficient technologies, renewable energy sources, and cleaner energy fuels. A demonstration is provided for assessing the performance of technology portfolios constructed from investments in nine electricity generation technologies in Mexico.

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....

Research on orbit prediction for solar-based calibration proper satellite

Science.gov (United States)

Chen, Xuan; Qi, Wenwen; Xu, Peng

2018-03-01

Utilizing the mathematical model of the orbit mechanics, the orbit prediction is to forecast the space target's orbit information of a certain time based on the orbit of the initial moment. The proper satellite radiometric calibration and calibration orbit prediction process are introduced briefly. On the basis of the research of the calibration space position design method and the radiative transfer model, an orbit prediction method for proper satellite radiometric calibration is proposed to select the appropriate calibration arc for the remote sensor and to predict the orbit information of the proper satellite and the remote sensor. By analyzing the orbit constraint of the proper satellite calibration, the GF-1solar synchronous orbit is chose as the proper satellite orbit in order to simulate the calibration visible durance for different satellites to be calibrated. The results of simulation and analysis provide the basis for the improvement of the radiometric calibration accuracy of the satellite remote sensor, which lays the foundation for the high precision and high frequency radiometric calibration.

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,…

Attractiveness Evaluation of Investment in Wind Energy Projects

Directory of Open Access Journals (Sweden)

Paulius Rudzkis

2012-07-01

Full Text Available Last decade as prices of fossil energy resources were almost constantly going upwards, increasing flow of investments is directed to renewable energy resources. Development and application of green energy became one of priority objectives in many countries. While in the context of wind energy production Lithuania lags behind the EU average, its potential of wind energy usage has great perspective. In this article using random processes, cost-benefit and financial analysis, attractiveness of investment in wind energy projects is examined. Given the stochastic nature of wind energy and by looking into investment profitableness and risk factors, effectiveness of wind turbine is evaluated. Analysis showed that wind energy projects could be considered as having high profit-to-risk factor and should generate significant interest of investment community.

RELATIONSHIP BETWEEN INWARD FOREIGN DIRECT INVESTMENT, DOMESTIC INVESTMENT, FORMAL AND INFORMAL INSTITUTIONS: EVIDENCE FROM CHINA

Directory of Open Access Journals (Sweden)

Waqar Ameer

2017-07-01

Full Text Available This study examines relationship between Inward FDI and domestic investment in China, using co-integration and Granger causality analysis (Including bivariate and multivariate Granger causality models. We have used auto-regressive distributed lags(ARDL econometric methodology technique to define relationship between inward FDI and domestic investment using time series data for China. Our study examines long run effects of FDI inflows on domestic investment over time span 1990-2014 for China using informal, formal institutions and key macroeconomic variables as control variables in the model. The results suggest that conclusions drawn from bivariate model may not be valid because of omission of important control variables. Our results of multivariate model show that there is positive unidirectional causality running from IFDI to DI in the long run. In the short run, both inward FDI and domestic investment do not allow Granger causality.

Financial and Investment Sources on the Web.

Science.gov (United States)

Raeder, Aggi

1997-01-01

Discusses print and World Wide Web resources on personal finance, investments, and other business information and provides an annotated bibliography of investment and the stock market sites: meta sites, stock quotes, market news, data and analysis, brokerage firms, and sites for beginning investors. Includes addresses. (PEN)

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.

Options theory and strategic investment decisions

International Nuclear Information System (INIS)

Mann, D.; Goobie, G.; MacMillan, L.

1992-01-01

The possible use of options pricing theory for evaluating long-term capital investments is discussed. Using the Black and Scholes option pricing model, five variables were evaluated for a hypothetical oil sands project. These variables are: stock price as determined by the earning power of the company; exercise price which equals the investment cost of the project; price standard deviation which is assumed to be 50%; the length of time for which the company will maintain its option to invest in the project, and finally the risk free rate which is approximately equal to the yield in long term government securities. A sensitivity analysis on these variables can provide management with information on how best to influence the option value. A more in-depth analysis could provide valuable information about strategic choice for large projects. 5 refs., 3 figs

German crowd-investing platforms: Literature review and survey

Directory of Open Access Journals (Sweden)

David Grundy

2016-12-01

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

Statistical analyses of the performance of Macedonian investment and pension funds

Directory of Open Access Journals (Sweden)

Petar Taleski

2015-10-01

Full Text Available The foundation of the post-modern portfolio theory is creating a portfolio based on a desired target return. This specifically applies to the performance of investment and pension funds that provide a rate of return meeting payment requirements from investment funds. A desired target return is the goal of an investment or pension fund. It is the primary benchmark used to measure performances, dynamic monitoring and evaluation of the risk–return ratio on investment funds. The analysis in this paper is based on monthly returns of Macedonian investment and pension funds (June 2011 - June 2014. Such analysis utilizes the basic, but highly informative statistical characteristic moments like skewness, kurtosis, Jarque–Bera, and Chebyishev’s Inequality. The objective of this study is to perform a trough analysis, utilizing the above mentioned and other types of statistical techniques (Sharpe, Sortino, omega, upside potential, Calmar, Sterling to draw relevant conclusions regarding the risks and characteristic moments in Macedonian investment and pension funds. Pension funds are the second largest segment of the financial system, and has great potential for further growth due to constant inflows from pension insurance. The importance of investment funds for the financial system in the Republic of Macedonia is still small, although open-end investment funds have been the fastest growing segment of the financial system. Statistical analysis has shown that pension funds have delivered a significantly positive volatility-adjusted risk premium in the analyzed period more so than investment funds.

The Investments in Renewable Energy Sources: Do Low Carbon Economies Better Invest in Green Technologies?

Directory of Open Access Journals (Sweden)

Antonio Angelo Romano

2011-01-01

Full Text Available The aim of this study is to analyse the driving of investment in renewable energy sources in low carbon and high carbon economies. To address these issues, a dynamic panel analysis of the renewable investment in a sample of 29 countries was proposed. Results demonstrate that the dynamic of investments in renewable sources is similar in the two panels, and depends by nuclear power generation, GDP and technological efficiency. Results show that countries try to reduce their environmental footprint, decreasing the CO2 intensity. Based on the estimation results, we think that energy sustainability passes through the use of renewable resources that can complement the nuclear technology on condition that both exceed their limits.

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)

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

The Intangible Assets of Korean Manufacturing Firms for Foreign Direct Investment

Directory of Open Access Journals (Sweden)

Sunghoon Hong

2004-12-01

Full Text Available This paper attempts to apply the intangible assets approach to the emerging multinational enterprises of Korea. More specifically, it tries to empirically analyze whether Korean firms investing in foreign markets possess more advanced intangible assets than those investing only in the domestic market, and whether Korean firms exploit different types of tangible assets in different host regions. The following conclusions have been drawn by analyzing the data on Korea manufacturing firms listed on the Stock Exchange. First, firms investing in foreign markets possess more advanced intangible assets than domestic market-oriented ones. More specifically, firms investing in the Western developed region are shown to be superior in the economies of scale, R&D, advertising intensity, capital intensity, and interfirm linkages, whereas those investing in the Asian developing region are superior only in the economies of scale and organizational skills. This implies that Korean firms operating in developed countries seem to exploit a wider range of intangible assets to address intense competition and sophisticated demand in the host markets. And, when firms investing in the developed and developing regions are compared directly, the former group are found to exploit technological capability and interfirm linkages more intensively. Second, availability of internal funds and human capital intensity do not show statistical significances, implying that these abilities are not different between firms investing in foreign markets and the domestic market. Third, Korean multinational enterprises are more similar to Japanese than Western ones in terms that they actively exploit organizational skills and interfirm network. Nonetheless, these conclusions have been derived by analyzing the data on parent firms, based on the assumption that Korean overseas subsidiaries commonly share the intangible assets of their parents. This weakness is mainly due to the limited

Intellectual Capital: Perceptions of Productivity and Investment

Directory of Open Access Journals (Sweden)

Aristides Isidoro Ferreira

2011-03-01

Full Text Available This study focuses on the influence intellectual capital has on employees’ perceptions as related to both company investments and productivity levels. The data was obtained from 440 employees at 13 Portuguese companies. Both ANOVA and Regression Analysis were conducted in order to understand the impact three Intellectual Capital Scale components have on perceptions of investment and organizational productivity. Results show that companies with higher scores of Structural Capital have a lower perception of investment in human resources and research, as well as a higher perception of investment in marketing and sales. Moreover, employees of companies with higher Structural Capital scores also have higher perceptions of productivity. On the other hand, organizations with higher investment in Customer Capital tend to be associated with a lower perception of organizational productivity.

Does Foreign Aid Increase Foreign Direct Investment?

DEFF Research Database (Denmark)

Selaya, Pablo; Sunesen, Eva Rytter

  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...... 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...... 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...

THE ECONOMIC SUBSTANCE OF ACCOUNTING FOR FINANCIAL INVESTMENT AND THE PROSPECT OF USING “BLOCKCHAIN” TO CONTROL INVESTMENT ACTIVITY IN UKRAINE

Directory of Open Access Journals (Sweden)

Alina Lytvynenko

2018-03-01

Full Text Available The subject matter of the research is the financial investment and the application of innovative technologies to improve accounting in the context of investment management as one of the most important components of economic development. The goal is to study the methodology of reflecting financial investments of domestic enterprises. The objectives are to improve accounting of financial investments in the enterprise, to research the development prospects of accounting by introducing innovative technologies through the disclosure of theoretical aspects of research and the estimation of practical aspects of the study, the possibility of using the technology of blockchain in Ukraine to improve the financial reporting taking into account the experience of international partners (foreign countries. The methods used are system analysis and structural analysis. The following results are obtained. The state of investment accounting was analyzed and the prospects of using blockchain technology for improving auditing efficiency, increasing the transparency of financial investments and for counteracting corruption were found. Conclusions. During the analysis of the cause and effect relations of using innovative technologies in accounting, the immaturity of the existing accounting methodology was shown; this immaturity specifies incompleteness, the decline in the adequacy of accounting data in accordance with the realities of investment processes and the development of the industry as a whole. The use of blockchain technology enables restructuring the processes of accounting and their automation and increases the level of transparency of information disclosure by enterprises. Using blockchain for auditing becomes a unique solution as auditing affects all industries and is the foundation that helps global financial markets gain investor confidence. Taking into account the economic problems of Ukraine, the use of blockchain technology will help solve the

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.

INVESTING IN THE GLOBAL ENERGY: KEY TRENDS

Directory of Open Access Journals (Sweden)

A. Stepanova

2016-06-01

Full Text Available The questions of energy investments in the regions of the world, which allowed to carry out analysis of various types of energy production, focus on enerhozberezheni and renewable energy sources. Proved the importance of investing energy sector for the entire civilized world and defined the priorities of the process. Indicated that investment in the energy sector is based on public policy, to determine possible solutions to the energy dependence of Ukraine, taking into account the international experience.

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.

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

PERFORMANCE MEASUREMENT OF UCITS INVESTMENT FUNDS IN CROATIA

Directory of Open Access Journals (Sweden)

Marko Curkovic

2017-03-01

Full Text Available UCITS investment funds represent an important investment opportunity for retail, as well for institutional investors in the European Union. The aim of this paper is to analyse the performance of the UCITS investment funds in Croatia and to detect relatively homogeneous groups among the UCITS funds based on its performance. The analysis includes 55 UCITS, in the period from the beginning of 2011 until the end of 2014, and it is conducted on daily data of share prices, available from Bloomberg terminal. Analysis is performed separately within the groups of different investment fund by investment strategy. The research methodology is based on the calculation of various indicators of absolute and relative risk-adjusted performance and riskiness of the funds. In general, based on analysis of performance measures, it can be concluded that funds with higher values of net assets were more successful compared to the funds with below-average asset values. Also, funds with below-average values of net assets were more volatile. At the same time, funds run by foreign own management companies were more successful by the absolute performance measures, compared to funds run by management companies with domestic ownership. On the other hand, those funds were more volatile, as well.

RETURN ON INVESTMENT OF PUBLIC SPENDING IN TOURISM POLICY AND INTERNATIONAL TOURISM GROWTH: A COMPARATIVE ANALYSIS BETWEEN COUNTRIES.

OpenAIRE

Karen Gardenia Ramos Higuera.

2017-01-01

The purpose of this study is to examine the relationship between the international tourism growth and public funding invested in the tourism policy by United States, Australia and Mexico. The research method is quantitative, based on country level data; an econometric statistical analysis was carried out, using simple linear regressions. This study found that the public investment in the tourism policy is strongly statistically related to (1) international tourist expenditure generated and (2...

Are Foreign Investments Replacing Domestic Investments? - Evidence from Finnish Manufacturing

OpenAIRE

Oksanen, Olli-Pekka

2006-01-01

This study analyses the relationship between firms’ foreign and domestic investments using a panel dataset containing 218 Finnish manufacturing firms during the years 1998-2002. The study examines whether foreign investments increase or decrease domestic investments and whether the effect varies between investments directed to developed markets or emerging markets. Financial constraints’ effect on the relationship is also investigated. The empirical part estimates an empirical investment equa...

Characterizing uncertain sea-level rise projections to support investment decisions.

Science.gov (United States)

Sriver, Ryan L; Lempert, Robert J; Wikman-Svahn, Per; Keller, Klaus

2018-01-01

Many institutions worldwide are considering how to include uncertainty about future changes in sea-levels and storm surges into their investment decisions regarding large capital infrastructures. Here we examine how to characterize deeply uncertain climate change projections to support such decisions using Robust Decision Making analysis. We address questions regarding how to confront the potential for future changes in low probability but large impact flooding events due to changes in sea-levels and storm surges. Such extreme events can affect investments in infrastructure but have proved difficult to consider in such decisions because of the deep uncertainty surrounding them. This study utilizes Robust Decision Making methods to address two questions applied to investment decisions at the Port of Los Angeles: (1) Under what future conditions would a Port of Los Angeles decision to harden its facilities against extreme flood scenarios at the next upgrade pass a cost-benefit test, and (2) Do sea-level rise projections and other information suggest such conditions are sufficiently likely to justify such an investment? We also compare and contrast the Robust Decision Making methods with a full probabilistic analysis. These two analysis frameworks result in similar investment recommendations for different idealized future sea-level projections, but provide different information to decision makers and envision different types of engagement with stakeholders. In particular, the full probabilistic analysis begins by aggregating the best scientific information into a single set of joint probability distributions, while the Robust Decision Making analysis identifies scenarios where a decision to invest in near-term response to extreme sea-level rise passes a cost-benefit test, and then assembles scientific information of differing levels of confidence to help decision makers judge whether or not these scenarios are sufficiently likely to justify making such investments

Willingness to pay for renewable energy investment in Korea: A choice experiment study

International Nuclear Information System (INIS)

Ku, Se-Ju; Yoo, Seung-Hoon

2010-01-01

Renewable energy sources are considered as alternatives for coping with the high price of oil and global warming. The Korean government has set a target that 11% of the total primary energy supply should be obtained through renewable energy sources until 2030. In order to develop proper policies for renewable energy investment, it is necessary to analyze the benefits of renewable energy investment based on households' willingness to pay. This study attempts to apply a choice experiment (CE) for assessing renewable energy investment in Korea. Moreover, we employ a multinomial probit (MNP) model to relax the assumption that all respondents have the same preferences for the attributes being valued, which is usually required in empirical CE studies. An MNP model allows the most flexible pattern of error correlation structure. The results reveal that the Korean public puts a value on the protection of wildlife, reduction of pollution, and increased employment opportunities. On the other hand, respondents do not derive significant values from the improvement of landscapes. This study is expected to provide policy-makers with useful information for evaluating and planning policies related to renewable energy investment. (author)

MANAGING LARGE INVESTMENT PROJECTS IN GORJ

Directory of Open Access Journals (Sweden)

CÎRNU DORU

2016-12-01

Full Text Available Currently, the concept of project management is considered to be the best concept for efficient management of a project, so it is used all over the world, and most recently in our country. This concept is designed with all the general characteristics of project management, but adapted to the large investment projects. This paper presents the project management concept and project management organization for capital projects. This concept is conceived with all general characteristics of project management, but adopted to the condition of large investment projects. The concept also includes the project team and the project manager, the person authorized and responsible for achieving the objectives planned in the project. For efficient managing by project, it is necessary to insure a good compozition of project team, as a team of people who, in collaboration with project manager, work directly on managing the project. To effectively manage the project, it is necessary to ensure a proper composition of the project team, a team of people who, in collaboration with the project manager to work directly for project management. It is a particularly good method of achieving the objectives planned projects, which means a project with a certain level of performance required in a planned time, with planned costs.

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.

Foreign Direct Investment versus Portfolio Investment : A Global Games Approach

OpenAIRE

Yamin Ahmad; Pietro Cova; Rodrigo Harrison

2004-01-01

We present a model of investment under uncertainty about fundamentals, using a global games approach. Goldstein & Razin (2003) show that there is an information based trade-off between foreign direct investment (FDI) and portfolio investment (PI) which rationalizes some well known stylised facts in the literature - the relative volatility and reversibility of foreign direct investment versus portfolio investment. We extend their result and show that uncertainty about fundamentals does not imp...

MODERN OPTIONS FOR THE FINANCING OF THE REAL ESTATE INVESTMENTS

Directory of Open Access Journals (Sweden)

Chiriac Silviu-Cornel-Virgil

2015-07-01

Full Text Available The investments represent one of the most important elements in the national economy development strategies, as well as in all the business fields and branches. The notion of investment is extremely complex, perceived with different meanings and significates. In a general, wider meaning the investments represent a capital placement which is made with the purpose of obtaining profit bearing incomes in the future. In a narrower meaning, investments mean the totality of expenses made for obtaining capital assets which are future potential factors in the formation of incomes. Investments represent the most important factor in the development strategies of the national economy as well as in all the business fields and branches. The investment strategy represents an important element in the management of the investments and a component of the general strategy of the entity. The use of investment strategies in the management activity implies the application of scientific techniques and methods. The great number of studies carried out shows that there were no certain answers formed, very often the option for a form of financing or the other is influenced only by the “level of accessibility” of the resources available on the financial market and the financing policy of many companies is guided rather by the constraints of the financial market than a coherent company strategy 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. The analysis of real estate investments can be made using a various range of indicators, from the traditional ones to those based on the updated cash flow, using traditional analysis techniques or complex techniques used by specialists with training in the analysis of real estate investment. The

Investing in justice: ethics, evidence, and the eradication investment cases for lymphatic filariasis and onchocerciasis.

Science.gov (United States)

Bailey, Theodore C; Merritt, Maria W; Tediosi, Fabrizio

2015-04-01

It has been suggested that initiatives to eradicate specific communicable diseases need to be informed by eradication investment cases to assess the feasibility, costs, and consequences of eradication compared with elimination or control. A methodological challenge of eradication investment cases is how to account for the ethical importance of the benefits, burdens, and distributions thereof that are salient in people's experiences of the diseases and related interventions but are not assessed in traditional approaches to health and economic evaluation. We have offered a method of ethical analysis grounded in theories of social justice. We have described the method and its philosophical rationale and illustrated its use in application to eradication investment cases for lymphatic filariasis and onchocerciasis, 2 neglected tropical diseases that are candidates for eradication.

Essays in Investment Theory

International Nuclear Information System (INIS)

Bobtcheff, C.

2006-01-01

This thesis analyzes different aspects of the investment decision. In the first chapter, we consider an economy in which different energy sources may produce electricity. The model focuses first on the optimal use of a hydroelectric dam from which water can be extracted and which is supplied with a random water flow. The presence of constraints on a minimal and on a maximal storage capacity makes electricity consumption smoothing possible only when the quantity of water available to the agent lies in a certain range that we determine. In a second stage, we introduce a second energy source with unlimited supply at some exogenous cost. The marginal propensity to produce hydroelectricity is an increasing function of the second technology cost. The availability at a low cost of the alternative source improves thus time diversification. Finally, the optimal electric park is composed of a number of dams that is increasing with the cost of the second technology. Chapter 2 studies the decision of an investor who wants to undertake an irreversible investment when he has the choice between two mutually exclusive projects that present input price and/or output price uncertainty. We prove that the investor decides not to invest in any project when each investment generates the same payoff independently of its size. Therefore, some inaction region appears in which the investor prefers not to invest whereas an immediate investment would have been optimal if no choice had been available: a 'choice value' is thus created. A key feature of this bidimensional degree of uncertainty is thus that the payoff generated by each project is not a sufficient statistic to make a rational investment. In this context, our analysis provides a new motive for waiting to invest: the benefits associated with the dominance of one project over the other. In chapter 3, we study the investment decision problem of a duo-poly with price competition on a market of finite size driven by stochastic taste

Linear and nonlinear determinants of the performance of informal venture capitalists’ investments. An empirical analysis

Directory of Open Access Journals (Sweden)

Vincenzo Capizzi

2013-05-01

Full Text Available This paper is aimed at identifying and analyzing the contribution of the major drivers of the performance of informal venture capitalists’ investments. This study analyzes data on Italian transactions and personal features of Italian Business Angels gathered during 2007 – 2011 with the support of IBAN (Italian Business Angels Network. The econometric analysis investigates the returns of business angels’ investments and their major determinants (industry, exit strategy, experience, holding period, rejection rate, and year of divestiture. The major results are the followings: 1 differently from previous literature, the relationship between Experience and IRR is quadratic and significant; 2 for the first time, is confirmed by quantitative data that short Holding period (below 3 years earn a lower IRR; 3 the Rejection rate is logarithmic and the impact on IRR is positive and significant. Finally, the outcomes of the empirical analysis performed in this study allow identifying new and concrete insights on possible policy interventions.

Larmor time and proper time

Energy Technology Data Exchange (ETDEWEB)

Kudaka, Shoju [Department of Physics, University of the Ryukyus, Okinawa 903-0129 (Japan); Matsumoto, Shuichi, E-mail: shuichi@edu.u-ryukyu.ac.jp [Department of Mathematics, University of the Ryukyus, Okinawa 903-0129 (Japan)

2012-10-01

The idea of a Larmor clock is reexamined in the relativistic regime. We propose a concept of proper time for quantum theoretical particles. The Larmor clock can measure, under some relevant conditions, the proper time that passes while the particle stays in a space region. Our approach to Larmor clock is different than those of other researchers in the following two aspects: our concept of Larmor clock does not distinguish whether the particle is transmitted or reflected at the end of its stay, and pointer of our Larmor clock is not the spin but the total angular momentum. -- Highlights: ► The idea of a Larmor clock is reexamined in the relativistic regime. ► We propose a concept of proper time for quantum theoretical particles. ► The Larmor clock measures the passage of this quantum theoretical proper time.

77 FR 67329 - Information Collection: Agricultural Foreign Investment Disclosure Act

Science.gov (United States)

2012-11-09

... Disclosure Act (AFIDA) Program Manager, Natural Resources Analysis Group, Economic and Policy Analysis Staff... Information Collection: Agricultural Foreign Investment Disclosure Act AGENCY: Farm Service Agency, USDA... Foreign Investment Disclosure Act (AFIDA) of 1978. DATES: We will consider comments that we receive by...

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

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. .

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...

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.

Renewable energy investment: Policy and market impacts

International Nuclear Information System (INIS)

Reuter, Wolf Heinrich; Szolgayová, Jana; Fuss, Sabine; Obersteiner, Michael

2012-01-01

Highlights: ► Feedback of decisions to the market: large companies can have an impact on prices in the market. ► Multiple uncertainties: analysis of uncertainties emanating from both markets and environment. ► Policy analysis: impact of uncertainty about the durability of feed-in tariffs. -- Abstract: The liberalization of electricity markets in recent years has enhanced competition among power-generating firms facing uncertain decisions of competitors and thus uncertain prices. At the same time, promoting renewable energy has been a key ingredient in energy policy seeking to de-carbonize the energy mix. Public incentives for companies to invest in renewable technologies range from feed-in tariffs, to investment subsidies, tax credits, portfolio requirements and certificate systems. We use a real options model in discrete time with lumpy multiple investments to analyze the decisions of an electricity producer to invest into new power generating capacity, to select the type of technology and to optimize its operation under price uncertainty and with market effects. We account for both the specific characteristics of renewables and the market effects of investment decisions. The prices are determined endogenously by the supply of electricity in the market and by exogenous electricity price uncertainty. The framework is used to analyze energy policy, as well as the reaction of producers to uncertainty in the political and regulatory framework. In this way, we are able to compare different policies to foster investment into renewables and analyze their impacts on the market.

THE STRUCTURE AND TERRITORIAL DYNAMIC OF FOREIGN DIRECT INVESTMENT IN ROMANIA

Directory of Open Access Journals (Sweden)

LILIANA SCUTARU

2015-03-01

Full Text Available This paper analyzes the structure of foreign direct investment in Romania, FDI agglomeration areas at the local level and their fields, with a particular analysis on greenfield investments because this type of investment is, par excellence, the promoter of new technologies and technical and technological progress. In this respect, the paper considers the analysis of foreign direct investment stock in greenfield enterprises and their location and territorial distribution by regions in Romania of stock of greenfield investments. The research reveals that, in the period under review, greenfield investments in Romania have shifted from the manufacturing sector to the service sector, thereby increasing the country's vulnerability to financial risks and speculation worldwide. In terms of regional distribution, the research highlights the fact that FDI are highly unevenly localized in Romania

Replica Approach for Minimal Investment Risk with Cost

Science.gov (United States)

Shinzato, Takashi

2018-06-01

In the present work, the optimal portfolio minimizing the investment risk with cost is discussed analytically, where an objective function is constructed in terms of two negative aspects of investment, the risk and cost. We note the mathematical similarity between the Hamiltonian in the mean-variance model and the Hamiltonians in the Hopfield model and the Sherrington-Kirkpatrick model, show that we can analyze this portfolio optimization problem by using replica analysis, and derive the minimal investment risk with cost and the investment concentration of the optimal portfolio. Furthermore, we validate our proposed method through numerical simulations.

Modern aspects of tax regulation of investment activity

Directory of Open Access Journals (Sweden)

E.S. Podakov

2016-03-01

Full Text Available The article investigates the tax regulation of investment activity in modern conditions. Scientists studied different views about the impact of tax regulations on the investment activity in the country. The author determines that the tax regulation of investment activity involves the use of state mechanisms taxation of certain measures to improve investment conditions. The subject is the state tax regulations, and the object is the investment activity of individual and institutional investors of any form of ownership including organizational and legal forms. Such regulation is performed by using complex special tools. The possible methods of tax stimulation of investment processes are described. The article deals with the current results of tax reform in Ukraine and predicts its possible consequences for agricultural producers. The rating positions of Ukraine according to international organizations are showed. The systematic analysis has been carried out and the impact of differential tax rates, tax exemption for a specified period, reducing the tax base, elimination of double taxation on investment activity in certain areas have been researched. The special instruments of investment activity tax regulation are considered. The options for improving investment activity by introducing effective tax regulation are determined.

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.').

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.

Evaluating community investments in the mining sector using multi-criteria decision analysis to integrate SIA with business planning

International Nuclear Information System (INIS)

Esteves, A.M.

2008-01-01

Gaining senior management's commitment to long-term social development projects, which are characterised by uncertainty and complexity, is made easier if projects are shown to benefit the site's strategic goals. However, even though the business case for community investment may have been accepted at a general level, as a strategy for competitive differentiation, risk mitigation and a desire to deliver - and to be seen to deliver - a 'net benefit' to affected communities, mining operations are still faced with implementation challenges. Case study research on mining companies, including interviews with social investment decision-makers, has assisted in developing the Social Investment Decision Analysis Tool (SIDAT), a decision model for evaluating social projects in order to create value for both the company and the community. Multi-criteria decision analysis techniques integrating business planning processes with social impact assessment have proved useful in assisting mining companies think beyond the traditional drivers (i.e. seeking access to required lands and peaceful relations with neighbours), to broader issues of how they can meet their business goals and contribute to sustainable development in the regions in which they operate

Foreign Direct Investment And Poverty Redution In Nigeria ...

African Journals Online (AJOL)

Journal of Research in National Development ... The relationship between Foreign Direct Investment and growth has been realized or ... to reduce her poverty level throughout without the right conducive environment, ... for empirical analysis that embrace the impact of foreign direct investment as GDP ... from 32 Countries:.

Analysis of an option to finance the investment in a nuclear power plant

International Nuclear Information System (INIS)

Villanueva M, C.

2011-11-01

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. 75 USD 2010 /MWh, while for a combined cycle of same capacity that burns natural gas the cost it would be 92. 11 USD 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. 53 USD 2010 /MWh for the nuclear energy and at 85. 77 USD 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. 31 USD 2010 /MWh, when the even price of the natural gas was 10. 50 USD 2010 /G J and simultaneously the unitary cost of investment of the nuclear was 4,023 USD 2010 /kw. Under similar conditions, if the investment in the nuclear power station was 4,163 USD 2010 /Kw to redeem it in 60 years of economic useful life the equivalent annuity would be of USD 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. 00 USD 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)

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.

Proper Acknowledgment?

Science.gov (United States)

East, Julianne

2005-01-01

The concern in Australian universities about the prevalence of plagiarism has led to the development of policies about academic integrity and in turn focused attention on the need to inform students about how to avoid plagiarism and how to properly acknowledge. Teaching students how to avoid plagiarism can appear to be straightforward if based on…

Investment preferences for wood-based energy initiatives in the US

Energy Technology Data Exchange (ETDEWEB)

Aguilar, Francisco X. [Department of Forestry, School of Natural Resources, 203L Anheuser-Busch Natural Resources Building, University of Missouri, Columbia, MO 65211 (United States)

2009-06-15

The forest sector is poised to become a major supplier of wood-based energy in the US. Prospects for growth in energy demand and higher prices can create opportunities for private investments in renewable energy industries. A conjoint analysis examined individuals' willingness to invest in wood-based energies following a random utility model. The study design included three investment attributes: annual returns on investment, type of investment, and location of investment. Three ordinal models that also included demographic and attitudinal characteristics indicate that wood-based energy is less preferred among potential investors compared to the stock market and solar/wind renewable energy investments. Expected returns and location of energy investments within the US are also major drivers of investment preferences. Favorable attitudes towards forestry and wood-based energy could enhance prospects for a greater number of potential investors. (author)

Investment preferences for wood-based energy initiatives in the US

International Nuclear Information System (INIS)

Aguilar, Francisco X.

2009-01-01

The forest sector is poised to become a major supplier of wood-based energy in the US. Prospects for growth in energy demand and higher prices can create opportunities for private investments in renewable energy industries. A conjoint analysis examined individuals' willingness to invest in wood-based energies following a random utility model. The study design included three investment attributes: annual returns on investment, type of investment, and location of investment. Three ordinal models that also included demographic and attitudinal characteristics indicate that wood-based energy is less preferred among potential investors compared to the stock market and solar/wind renewable energy investments. Expected returns and location of energy investments within the US are also major drivers of investment preferences. Favorable attitudes towards forestry and wood-based energy could enhance prospects for a greater number of potential investors.

Optimal security investments and extreme risk.

Science.gov (United States)

Mohtadi, Hamid; Agiwal, Swati

2012-08-01

In the aftermath of 9/11, concern over security increased dramatically in both the public and the private sector. Yet, no clear algorithm exists to inform firms on the amount and the timing of security investments to mitigate the impact of catastrophic risks. The goal of this article is to devise an optimum investment strategy for firms to mitigate exposure to catastrophic risks, focusing on how much to invest and when to invest. The latter question addresses the issue of whether postponing a risk mitigating decision is an optimal strategy or not. Accordingly, we develop and estimate both a one-period model and a multiperiod model within the framework of extreme value theory (EVT). We calibrate these models using probability measures for catastrophic terrorism risks associated with attacks on the food sector. We then compare our findings with the purchase of catastrophic risk insurance. © 2012 Society for Risk Analysis.

Implementation of Economic Value Added and Market Value Added Analysis as Valuation Tools of Invest Feasibility

Directory of Open Access Journals (Sweden)

Achmad Daengs GS

2017-09-01

Full Text Available For the investors, financial statement is a benchmark of investors in assessing the company's performance. In fact, investors are not always receiving the accurate company's financial statements information and its levels of fairness are in doubt. The financial statement analysis with using financial ratios is not enough. The investors may need to use alternatives financial statement analyses techniques that reflect the actual company's performance. Therefore, both of the investors and the prospective can use Economic Value Added (EVA and Market Value Added (MVA analysis. With these technical analyses, the investors may know the company's performance where they are invested or to be used as a place to invest whether it has value added or not. With the results of these analyses, it is the expected for the investors to be more confident in making decision whether to buy, sell or hold the ownership in the company.

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.

Investment Timing for New Business Ventures

OpenAIRE

George W. Blazenko; Andrey D. Pavlov

2010-01-01

A key requirement for the start of many entrepreneurial businesses is private equity or venture capital financing. In the traditional approach to entrepreneurial investment analysis, an entrepreneur starts a new venture and a venture capitalist finances the new venture when business return exceeds the financial opportunity cost for comparable risk the cost of capital for the new venture. The real options literature recommends that entrepreneurs delay business start due to investment irreversi...

Characterizing uncertain sea-level rise projections to support investment decisions

Science.gov (United States)

Lempert, Robert J.; Wikman-Svahn, Per; Keller, Klaus

2018-01-01

Many institutions worldwide are considering how to include uncertainty about future changes in sea-levels and storm surges into their investment decisions regarding large capital infrastructures. Here we examine how to characterize deeply uncertain climate change projections to support such decisions using Robust Decision Making analysis. We address questions regarding how to confront the potential for future changes in low probability but large impact flooding events due to changes in sea-levels and storm surges. Such extreme events can affect investments in infrastructure but have proved difficult to consider in such decisions because of the deep uncertainty surrounding them. This study utilizes Robust Decision Making methods to address two questions applied to investment decisions at the Port of Los Angeles: (1) Under what future conditions would a Port of Los Angeles decision to harden its facilities against extreme flood scenarios at the next upgrade pass a cost-benefit test, and (2) Do sea-level rise projections and other information suggest such conditions are sufficiently likely to justify such an investment? We also compare and contrast the Robust Decision Making methods with a full probabilistic analysis. These two analysis frameworks result in similar investment recommendations for different idealized future sea-level projections, but provide different information to decision makers and envision different types of engagement with stakeholders. In particular, the full probabilistic analysis begins by aggregating the best scientific information into a single set of joint probability distributions, while the Robust Decision Making analysis identifies scenarios where a decision to invest in near-term response to extreme sea-level rise passes a cost-benefit test, and then assembles scientific information of differing levels of confidence to help decision makers judge whether or not these scenarios are sufficiently likely to justify making such investments

Characterizing uncertain sea-level rise projections to support investment decisions.

Directory of Open Access Journals (Sweden)

Ryan L Sriver

Full Text Available Many institutions worldwide are considering how to include uncertainty about future changes in sea-levels and storm surges into their investment decisions regarding large capital infrastructures. Here we examine how to characterize deeply uncertain climate change projections to support such decisions using Robust Decision Making analysis. We address questions regarding how to confront the potential for future changes in low probability but large impact flooding events due to changes in sea-levels and storm surges. Such extreme events can affect investments in infrastructure but have proved difficult to consider in such decisions because of the deep uncertainty surrounding them. This study utilizes Robust Decision Making methods to address two questions applied to investment decisions at the Port of Los Angeles: (1 Under what future conditions would a Port of Los Angeles decision to harden its facilities against extreme flood scenarios at the next upgrade pass a cost-benefit test, and (2 Do sea-level rise projections and other information suggest such conditions are sufficiently likely to justify such an investment? We also compare and contrast the Robust Decision Making methods with a full probabilistic analysis. These two analysis frameworks result in similar investment recommendations for different idealized future sea-level projections, but provide different information to decision makers and envision different types of engagement with stakeholders. In particular, the full probabilistic analysis begins by aggregating the best scientific information into a single set of joint probability distributions, while the Robust Decision Making analysis identifies scenarios where a decision to invest in near-term response to extreme sea-level rise passes a cost-benefit test, and then assembles scientific information of differing levels of confidence to help decision makers judge whether or not these scenarios are sufficiently likely to justify making

78 FR 77377 - Small Business Investment Companies-Investments in Passive Businesses

Science.gov (United States)

2013-12-23

... SMALL BUSINESS ADMINISTRATION 13 CFR Part 107 RIN 3245-AG57 Small Business Investment Companies--Investments in Passive Businesses AGENCY: U.S. Small Business Administration. ACTION: Proposed rule. SUMMARY... Investment Company (SBIC) program concerning investments in passive businesses. SBICs are generally...

Alternative Investments: Valuation of Wine as a Means for Portfolio Diversification

OpenAIRE

Jurevičienė, Daiva; Jakavonytė, Agnė

2015-01-01

This article analyses wine as an alternative investment tool and its relevance for investment portfolio diversification. Advantages and disadvantages of alternatives, benefits and weakness and peculiarities of investing in wine are systemised. In addition, the article looks at statistical data analysis of fine wine market and compares wine with other investment tools. The examination is based on three investment instruments: US equities (using S&P 500 index), bonds (using US 20-Year treasury ...

Incentives to invest in deregulated electricity industries in the North and South: the need for suitable institutional arrangements

International Nuclear Information System (INIS)

Finon, D.

2003-01-01

The stake of long-term investments is all too often underplayed in deregulation reforms in electricity industries. The new market and regulatory institutions have not yet been properly tested to assess their capacity for turning the increasing scarcity of capacity into incentives to invest in production and networks. This paper deals with the deficiencies of the investment incentive frameworks in the deregulated electricity industries. Initially it deals with the optimistic approach of the theory of investment incentives through market signals in deregulated electricity industries. The very high price volatility creates a determining uncertainty of return on investment, both for peak equipment and for base equipment, for which the greater part of the investment should be made profitable by income from peak and extreme peak periods. Secondly, this volatility expresses itself in a counter-cycle effect, which is very negative in the eyes of lenders and investors in peak and trough periods. Next, there is a problem of acceptability, as the wholesale prices may reach extremely high and often unexpected levels and the system may enter a situation of tension over peak reserves with the risk of a shortage and cut in supply. (author)

Impact of Climate Change. Policy Uncertainty in Power Investment

International Nuclear Information System (INIS)

Blyth, W.; Yang, M.

2006-10-01

Climate change policies are being introduced or actively considered in all IEA member countries, changing the investment conditions and technology choices in the energy sector. Many of these policies are at a formative stage, and policy uncertainty is currently high. The objective of this paper is to quantify the impacts of climate change policy on power investment. We use Real Options Analysis approach in the study and model uncertain carbon price and fuel price with stochastic variables. The analysis compares the effects of climate policy uncertainty with fuel price uncertainty, showing the relative importance of these sources of risk for different technologies. This paper considers views on the importance of climate policy risk, how it is managed, and how it might affect investment behaviour. The implications for policymakers are analyzed, allowing the key messages to be transferred into policy design decisions. We found that in many cases, the dominant risks facing base-load generation investment decisions will be market risks associated with electricity and fuel prices. However, under certain conditions and for some technologies, climate policy uncertainty can be an important risk factor, creating an incentive to delay investment and raising investment thresholds. This paper concludes that government climate change policies to promote investment in low-carbon technologies should aim to overcome this incentive to delay by sending long-term investment signals backed up by strengthened international policy action to enhance domestic policy credibility

Investment attractiveness as a factor in the tourism industry development in Zaporozhye region

OpenAIRE

Анастасія Павлівна Безхлібна

2016-01-01

The article examines the concept of investment attractiveness of the tourism industry in Zaporozhye region; soft and hard impacts of investment attractiveness of the tourism industry in Zaporozhye region are revealed and analyzed. The SWOT-analysis of investment attractiveness of the tourism industry is revealed; recommendations are given for revealed weaknesses and threats to the prospects of tourism development in Zaporozhye region by the attracting investment mechanisms, using SWOT-analysis 

Ranking independent timber investments by alternative investment criteria

Science.gov (United States)

Thomas J. Mills; Gary E. Dixon

1982-01-01

A sample of 231 independent timber investments were ranked by internal rate of return, present net worth per acre and the benefit cost ratio—the last two discounted by 3, 6.4. 7.5. and 10 percent—to determine if the different criteria had a practical influence on timber investment ranking. The samples in this study were drawn from a group of timber investments...

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.

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.

Communicating Value in Simulation: Cost-Benefit Analysis and Return on Investment.

Science.gov (United States)

Asche, Carl V; Kim, Minchul; Brown, Alisha; Golden, Antoinette; Laack, Torrey A; Rosario, Javier; Strother, Christopher; Totten, Vicken Y; Okuda, Yasuharu

2018-02-01

Value-based health care requires a balancing of medical outcomes with economic value. Administrators need to understand both the clinical and the economic effects of potentially expensive simulation programs to rationalize the costs. Given the often-disparate priorities of clinical educators relative to health care administrators, justifying the value of simulation requires the use of economic analyses few physicians have been trained to conduct. Clinical educators need to be able to present thorough economic analyses demonstrating returns on investment and cost-effectiveness to effectively communicate with administrators. At the 2017 Academic Emergency Medicine Consensus Conference "Catalyzing System Change through Health Care Simulation: Systems, Competency, and Outcomes," our breakout session critically evaluated the cost-benefit and return on investment of simulation. In this paper we provide an overview of some of the economic tools that a clinician may use to present the value of simulation training to financial officers and other administrators in the economic terms they understand. We also define three themes as a call to action for research related to cost-benefit analysis in simulation as well as four specific research questions that will help guide educators and hospital leadership to make decisions on the value of simulation for their system or program. © 2017 by the Society for Academic Emergency Medicine.

Three Target Sectors for a European Investment Strategy

International Nuclear Information System (INIS)

Janin, Lionel; Douillard, Pierre

2014-11-01

While the president of the European Commission is getting ready to present the 'Juncker package' announced in July 2014, to revive activity in Europe through investment, what are the sectors in which these investments may be concentrated? The overall analysis of investment gaps in the euro zone has confirmed the requirement for a European macro-economic revival effort that involves investment, public or private, undertaken very quickly, even though this diagnosis varies depending on the country. The drivers of a European investment strategy are fiscal, regulatory and financial and are based on the selection of projects for the future. This third 'Note d'analyse' addresses the topic of investment potential in three key sectors: transport, energy and the digital sector, for which the amount of additional investment could reach euro 120 billion per year and thus, over three years, be higher than the forecasts in the Juncker plan. This maximalist amount mainly corresponds to the implementation of an ambitious energy-climate policy. Given current budgetary constraints, carefully selecting the desired investments, for which their social utility must be validated, is imperative: socioeconomic evaluation is the appropriate approach, particularly for taking into account the environmental externalities that now justify significant investments in the ecological transition. (authors)

Decentralization Policies for Supply Chain Investments under Asymmetric Information

DEFF Research Database (Denmark)

Agrell, Per Joakim; Bogetoft, Peter

2017-01-01

Supply chains need specific investments for improved performance in terms of lead-time, cost, and quality. We study the contractual choice of a coordinator to either centralize or delegate the investment decision in a three-stage chain. The analysis derives closed-form results for the economic...... performance of three decentralized contracting schemes under asymmetric information on investment cost, as well as the optimal full revelation results. The results show that the observed practice of tier-1 delegated investments leads to relatively poor performance because of underinvestment. We illustrate...

76 FR 2029 - Small Business Investment Companies-Energy Saving Qualified Investments

Science.gov (United States)

2011-01-12

... 3245-AF86 Small Business Investment Companies--Energy Saving Qualified Investments AGENCY: U.S. Small... Administration (SBA) is setting forth the new defined terms, ``Energy Saving Qualified Investment'' and ``Energy Saving Activities'', for the Small Business Investment Company (SBIC) Program. The new definitions are...

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.

Investing in Marine Scrubber under Uncertainty with Real Option Thinking

DEFF Research Database (Denmark)

Jiang, Liping; Hansen, Carsten Ørts

works that examine the economic feasibility of scrubber retrofitting through the net present value rule, this paper applies the Real Option Analysis to find the optimal investment strategies. The proposed decision-making framework addresses the uncertainty and the value of deferral option embedded...... in the scrubber investment. The multiple sources of investment uncertainties are explicitly analyzed and integrated in the modeling by using Rainbow option. The results demonstrate that the value of the scrubber investment has significantly increased for several cases by considering the deferral option....... It is thus important for ship owners to consider the available options before proceeding with abandoning or investing strategy. The proposed framework can be widely applied to other ship retrofitting investment evaluations, which include similar investment alternatives and uncertainties....

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

Directory of Open Access Journals (Sweden)

Mariana Trandafir

2016-05-01

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

12 CFR 703.5 - Discretionary control over investments and investment advisers.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Discretionary control over investments and investment advisers. 703.5 Section 703.5 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.5 Discretionary control over investments and...

Proper motions and distances of quasars

International Nuclear Information System (INIS)

Varshni, Y.P.

1982-01-01

The author's theory that quasars are stars raises the question of their proper motions. From the evidence presented in a previous paper, it is hypothesised that planetary nuclei and quasars are related objects and that their distributions in the galaxy are not very different. Proper motions of 30 quasars, calculated from existing measurements, are discussed. It is shown that three of these, namely PHL 1033, LB 8956 and LB 8991, have proper motions comparable to the largest proper motion known amongst the planetary nuclei. From this it is estimated that these three quasars lie within a few hundred parsecs from the sun. The evidence presented in a previous paper and the present one clearly supports the theory that quasars are stars. The possibility of using the interstellar K and H lines as distance indicators of quasars is discussed and the available evidence summarised. The desirability of determining more accurate values of the proper motions of quasars is emphasised. (Auth.)

Energy Return on Investment - Fuel Recycle

International Nuclear Information System (INIS)

Halsey, W.; Simon, A.J.; Fratoni, M.; Smith, C.; Schwab, P.; Murray, P.

2012-01-01

This report provides a methodology and requisite data to assess the potential Energy Return On Investment (EROI) for nuclear fuel cycle alternatives, and applies that methodology to a limited set of used fuel recycle scenarios. This paper is based on a study by Lawrence Livermore National Laboratory and a parallel evaluation by AREVA Federal Services LLC, both of which were sponsored by the DOE Fuel Cycle Technologies (FCT) Program. The focus of the LLNL effort was to develop a methodology that can be used by the FCT program for such analysis that is consistent with the broader energy modeling community, and the focus of the AREVA effort was to bring industrial experience and operational data into the analysis. This cooperative effort successfully combined expertise from the energy modeling community with expertise from the nuclear industry. Energy Return on Investment is one of many figures of merit on which investment in a new energy facility or process may be judged. EROI is the ratio of the energy delivered by a facility divided by the energy used to construct, operate and decommission that facility. While EROI is not the only criterion used to make an investment decision, it has been shown that, in technologically advanced societies, energy supplies must exceed a minimum EROI. Furthermore, technological history shows a trend towards higher EROI energy supplies. EROI calculations have been performed for many components of energy technology: oil wells, wind turbines, photovoltaic modules, biofuels, and nuclear reactors. This report represents the first standalone EROI analysis of nuclear fuel reprocessing (or recycling) facilities.

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

Quantitative and experimental analysis of investment incentive mechanisms in electricity markets: short- and long-term analysis of actors' strategies

International Nuclear Information System (INIS)

Khalfallah, Mohamed Haikel

2009-01-01

In this thesis, we deal with the question of reliability of electricity system and particularly the problem of generation capacity adequacy in electricity markets, characterized by uncertain and volatile demand. This question is currently the object of many politics and economics debates in the European Commission of energy. It occurs within the context of de-regulations and reforms of liberalization operated in western countries. This deregulation was caused many shortages and crisis in many electricity markets in the world. Failures are caused by several factors such as, the presence of uncertainties on future demand and fuel prices, the risk-averse behavior of investors and the market power exercised by existing generators. They had led to high spot market prices and a fundamental imbalance between the steadily growing demand for power and the limited increases, due to the lack of investments, in generation capacities. Many mechanisms, additional to the energy market, that ensure an adequate incentive for investments and a stable and socially acceptable electricity prices have been proposed. In this work, we compare different investment incentive mechanisms, in terms of long-term capacity adequacy in an uncertain environment, cost effectiveness and the ability of reducing market power. In the literature, the problem of long-term system reliability has been largely studied in qualitative terms. A few works attempt to model the quantitative effects of those market designs. The contribution of this work is to propose a quantitative analysis based on dynamics models. Competition is considered by using the principles of game theory. Stochastic dynamic programming is used to deal with the stochastic environment of the market and mixed complementarity problem and variational inequality formulations are employed to find Nash equilibrium. In addition to the analytic analysis, an experimental study is carried out in order to include a larger diversity of strategy. The

Trends in Business Investment

OpenAIRE

Lydon, Reamonn; Scally, John

2014-01-01

This article examines trends in business investment in Ireland. Consistent with the international evidence on investment cycles, we show that business investment in Ireland exhibits large cyclical movements around a long-run trend relative to GDP. Changes in business investment broadly coincide with the overall business cycle, although swings in investment tend to be far greater, with extended periods of both over- and under-investment relative to GDP. The sharp fall in business investment si...

Returns on Investment in California County Departments of Public Health.

Science.gov (United States)

Brown, Timothy T

2016-08-01

To estimate the average return on investment for the overall activities of county departments of public health in California. I gathered the elements necessary to estimate the average return on investment for county departments of public health in California during the period 2001 to 2008-2009. These came from peer-reviewed journal articles published as part of a larger project to develop a method for determining return on investment for public health by using a health economics framework. I combined these elements by using the standard formula for computing return on investment, and performed a sensitivity analysis. Then I compared the return on investment for county departments of public health with the returns on investment generated for various aspects of medical care. The estimated return on investment from $1 invested in county departments of public health in California ranges from $67.07 to $88.21. The very large estimated return on investment for California county departments of public health relative to the return on investment for selected aspects of medical care suggests that public health is a wise investment.

Giga-Investments: Modelling the Valuation of Very Large Industrial Real Investments

OpenAIRE

Collan, Mikael

2004-01-01

In this doctoral dissertation characteristics of very large industrial real investments (VLIRI) are investigated and a special group of VLIRI is defined as giga-investments. The investment decision-making regarding to giga-investments is discussed from the points of view of discounted cash-flow based methods and real option valuation. Based on the bacground of establishing giga-investments, state-of-the-art in capital budgeting (including real options) and by applying fuzzy numbers a novel me...

MANAGEMENT OF INVESTMENT ACTIVITY OF THE ENTERPRISE UNDER CRISIS CONDITIONS

Directory of Open Access Journals (Sweden)

O. Naumova

2016-04-01

Full Text Available The method of comparison, analysis and synthesis, induction and deduction in devoted paper for the purpose of summarized modern theoretical approaches to the investment activity of the enterprise are used. The research is based on the analysis of scientific papers of leading scientists about investment activity of the enterprise under crisis economic conditions. The relationship between corporate management, technological modification of the production process, the government protection of the property rights of investors under crisis conditions and investment activity of Ukrainian enterprises are analyzed. The paper is shown that lack of the investment activity in Ukraine is a negative consequence of the presence a high degree of risk as a result of banking crisis and serious legal violations in the activity of enterprises.

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.

The trajectories of EAEC countries development: Numerical analysis of competitive strategies in investments

Science.gov (United States)

Shelomentsev, A. G.; Medvedev, M. A.; Isaichik, K. F.; Dyomina, M. I.; Berg, I. A.; Kit, M.

2017-12-01

This paper discusses comparative analysis of trajectories in the development of participating countries of the Eurasian Economic Union (EAEC) in a two-dimensional phase space. The coordinates in the space is represented by the value of a dynamic variable that is a key indicator of the country's development, and the rate of its relative growth. This allows for construction of a ternary classification diagram describing competitive behavior strategies of countries in question. The comparative analysis was run for two primary factors: the size of investment in the main capital and R&D spendings. The authors carried out analysis and identification of competitive strategies for the behavior of the EAEC countries, as well as he proposed conclusions and recommendations on improving the policy of economic development.

Investment risks under uncertain climate change policy

International Nuclear Information System (INIS)

Blyth, William; Bradley, Richard; Yang, Ming; Bunn, Derek; Clarke, Charlie; Wilson, Tom

2007-01-01

This paper describes results from a model of decision-making under uncertainty using a real options methodology, developed by the International Energy Agency (IEA). The model represents investment decisions in power generation from the perspective of a private company. The investments are subject to uncertain future climate policy, which is treated as an external risk factor over which the company has no control. The aims of this paper are to (i) quantify these regulatory risks in order to improve understanding of how policy uncertainty may affect investment behaviour by private companies and (ii) illustrate the effectiveness of the real options approach as a policy analysis tool. The study analysed firms' investment options of coal- and gas-fired power plants and carbon capture and storage (CCS) technologies. Policy uncertainty is represented as an exogenous event that creates uncertainty in the carbon price. Our findings indicate that climate policy uncertainty creates a risk premium for power generation investments. In the case of gas- and coal-fired power generation, the risk premium would lead to an increase in electricity prices of 5-10% in order to stimulate investment. In the case of CCS, the risk premium would increase the carbon price required to stimulate investment by 16-37% compared to a situation of perfect certainty. The option to retrofit CCS acts as a hedge against high future carbon prices, and could accelerate investment in coal plant. This paper concludes that to minimise investment risks in low carbon technologies, policy-makers should aim to provide some long-term regulatory certainty. (author)

Investments

CERN Document Server

Bodie, Zvi; Marcus, Alan J.

2017-01-01

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. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.

Corporate Financial Flexibility, Investment Activities, and Cash Holding: Evidence From Indonesia

OpenAIRE

Rahmat Heru Setianto; Addenver Kusumaputra

2017-01-01

This paper examines empirically the impact of financial flexibility on investment activities. Furthermore, we also investigate how financial flexibility determines the sensitivity of investment activities to cash flow. Using annual data of Indonesian manufacturing firms spanning five years, our analyses reveal that financial flexibility enhances investment ability and decreases sensitivity of investment activities to cash flow. Further analysis indicates that financially flexible firms in Ind...

THE IMPACT OF DOMESTIC INVESTMENT ON ECONOMIC GROWTH: NEW EVIDENCE FROM MALAYSIA

Directory of Open Access Journals (Sweden)

Sayef Bakari

2017-08-01

Full Text Available This paper investigates the relationship between domestic investment and economic growth in Malaysia. In order to achieve this purpose, annual data for the periods between 1960 and 2015 was tested by using Correlation analysis, Johansen co-integration analysis of Vector Error Correction Model and the Granger-Causality tests. According to the result of the analysis, it was determined that there is a positive effect of domestic investment, exports and labors on economic growth in the long run term, however, there is no  relationship between domestic investment and economic growth in the short run term. These results provide en evidence that domestic investment, exports and labors are seen as a source of economic growth in Malaysia

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.

15 CFR 806.15 - Foreign direct investment in the United States.

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 3 2010-01-01 2010-01-01 false Foreign direct investment in the... Foreign Trade (Continued) BUREAU OF ECONOMIC ANALYSIS, DEPARTMENT OF COMMERCE DIRECT INVESTMENT SURVEYS § 806.15 Foreign direct investment in the United States. (a) Specific definitions—(1) Foreign direct...

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

Investment, managerial capacity, and bias in public health preparedness.

Science.gov (United States)

Langabeer, James R; DelliFraine, Jami L; Tyson, Sandra; Emert, Jamie M; Herbold, John

2009-01-01

Nearly $7 billion has been invested through national cooperative funding since 2002 to strengthen state and local response capacity. Yet, very little outcome evidence exists to analyze funding effectiveness. The objective of this research is to analyze the relationship between investment (funding) and capacity (readiness) for public health preparedness (PHP). The aim of the authors is to use a management framework to evaluate capacity, and to explore the "immediacy bias" impact on investment stability. This study employs a longitudinal study design, incorporating survey research of the entire population of 68 health departments in the state of Texas. The authors assessed the investment-capacity relationship through several statistical methods. The authors created a structural measure of managerial capacity through principal components analysis, factorizing 10 independent variables and augment this with a perceived readiness level reported from PHP managers. The authors then employ analysis of variance, correlation analyses, and other descriptive statistics. There has been a 539 percent coefficient of variation in funding at the local level between the years 2004 and 2008, and a 63 percent reduction in total resources since the peak of funding, using paired sample data. Results suggest that investment is positively associated with readiness and managerial capacity in local health departments. The authors also find that investment was related to greater community collaboration, higher adoption of Incident Command System (ICS) structure, and more frequent operational drills and exercises. Greater investment is associated with higher levels of capacity and readiness. The authors conclude from this that investment should be stabilized and continued, and not be influenced by historical cognitive biases.

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...... counterparts. In the case of Norway no statistical difference in return is found when conducting the three factor regression. The Scandinavian market is considered particularly relevant for the interest of the investors in SRI mutual funds. However, to the authors’ knowledge, this is the first study to present....... The methodology adopts the Sharpe ratio to establish the risk return relationship. Moreover, the Capital Asset Pricing Model (CAPM) and the Fama and French Three Factor model are used to test the hypotheses. The results indicate the underperformance of Swedish and Danish SRI funds relative to their conventional...

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…

EVALUATION OF INVESTMENT ATTRACTIVENESS INDICATORS OF REGIONS IN UKRAINE

Directory of Open Access Journals (Sweden)

Vira Vartsaba

2017-12-01

Full Text Available The theoretical and methodological principles for assessing the investment attractiveness of the regions are the subject of the research. The aims of the research consist in improving the existing approach for measuring the level of investment attractiveness of territorial systems in the direction of taking into account the possible multicollinearity and determining the share of investment attractiveness factors in the aggregate indicator on the basis of calculated values of determination coefficients, which respectively provide to distinguish the priority directions in the formation of regional investment policy aimed at raising the level of investment attractiveness of regions of Ukraine. Methodology. The article deals with the research of theoretical and methodological approaches to the definition of investment attractiveness of Ukrainian regions by means of general scientific methods of analysis: systematization and generalization, induction, deduction. Results. To assess the investment climate in the regions of Ukraine, an improved existing approach for measuring the level of investment attractiveness of territorial systems is proposed in the direction of taking into account possible multicollinearity and determining the share of factors of investment attractiveness, which is based, in particular, on the selected indicators, in particular: the volume of direct foreign investments per capita (FORINV; per capita net exports (NETEXP; the number of economically active enterprises per 10 000 population (ENTRP; volumes of industrial production (PROM; population income (REV; volume of retail trade turnover per capita (TOV; volume of completed construction work (BUD. It is proved that the priority and intensity of influence on the indicator of investment into fixed capital per capita of factors of investment attractiveness varies for different regions of Ukraine, therefore, according to the conducted analysis, the investment attractiveness of the

Managerial Challenges in Investment Market Research

Directory of Open Access Journals (Sweden)

Daniel Manaţe

2012-12-01

Full Text Available Since1860 the investment community beneficiated by the first structured approach regarding the ocean of data which every potential money supplier was flooded with. It was Henry Poor who leaded the new investment way and, later, was followed by noble successors like John Moody, Benjamin Graham, David Dodd or John Burr Williams. They founded what today is called the fundamental analysis. The continuous increase of the turbulence and complexity of the environment confronting global, regional or local investors enhanced the need for a better managerial approach within the investment process. This was John Murphy’s mastermind work of synthesis, the intermarket analysis. The essence of this managerial approach is to profit the most from the global market relationships between equities market, forex market, commodities market and credit market. Studying the interaction among these markets and deciding accordingly the in and outs positions on different financial instruments paid far better than strategies such as the naive „buy and hold” or the manipulative „buy on rumours - sell on news”.

ESG Integration and the Investment Management Process : Fundamental Investing Reinvented

NARCIS (Netherlands)

van Duuren, Emiel; Plantinga, Auke; Scholtens, Bert

2016-01-01

We investigate how conventional asset managers account for environmental, social and governance factors (ESG) in their investment process. We do so on the basis of an international survey among fund managers. We find that many conventional managers integrate responsible investing in their investment

GREEN INVESTMENT: A STRATEGY FOR SUSTAINABLE ECONOMIC GROWTH AND INVESTMENT

Directory of Open Access Journals (Sweden)

Jaya Shukla

2014-01-01

Full Text Available Sustainable economic development has become an important area of concern due to climatic change with its long term effects. Climatic change has posed several challenges for economic sustainability of economies. Now major development projects have to comply with international environmental norms. Failure to do so may result in the delay of a project, fines including penalties for environmental damage or charges for remedial action, that affect the viability of a project or the value of any security taken. This paper investigates with help of secondary date using descriptive statistical technique opportunities and challenges of green investment. Here it is developed into suitable model for developing economies for successfully adopting green investment without much cost to their economies. The paper concludes that green investment involving direct investment and portfolio investment in firms adopting and following environmental protection norms will lead to sustainable growth and investment for economy.

RISKS ASSOCIATED WITH INVESTMENTS IN STRUCTURED INVESTMENT PRODUCTS, SELECTION CRITERIA OF SIP`S

Directory of Open Access Journals (Sweden)

Ignatyuk Aleksandr Sergeevich

2013-05-01

Full Text Available Purpose To identify and classify the major risks affecting on the structured investment products, to submit proposals to limit their impact. Methodology The work is based on a studying of the practice of investments in structured investment products, detection and investigation of sources of market risk of structured investment products. Results Structured investment products, as any other investment product, has a significant set of risks that could affect to a large extent on its evaluation and determine the behavior of the investor. Financial engineers have the ability to control most of these risks, as well as to limit their impact. Thus, the structured investment product, unlike most classic investment instruments can provide investors with highly transparent mechanism to determining the ratio of investment risk and potential income. Practical implications The results can be used in a scientific investigation of the phenomenon of structured investment products, as well as practical work on the formation of the structured products by investment banks and brokerage firms.

Is Investment in Maize Research Balanced and Justified? An Empirical Study

Directory of Open Access Journals (Sweden)

Hari Krishna Shrestha

2016-12-01

Full Text Available The objective of this study was to investigate whether the investment in maize research was adequate and balanced in Nepalese context. Resource use in maize research was empirically studied with standard congruency analysis by using Full Time Equivalent (FTE of researchers as a proxy measure of investment. The number of researchers involved in maize was 61 but it was only 21.25 on FTE basis, indicating that full time researchers were very few as compared to the cultivated area of maize in the country. Statistical analysis revealed that the investment in maize research was higher in Tarai and lower in the Hills. Congruency index on actual production basis was found low across the eco-zones and even lower across the geographical regions indicating that the investment in maize research was a mismatch and not justified. While adjusted with the equity factor and the research progress factor in the analysis substantial difference was not found in congruency index. This study recommends that substantial increase in investment in maize research is needed with balanced and justified manner across the eco-zones and the geographical regions. Hills need special attention to increase the investment as maize output value is higher in this eco-zone. Eastern and western regions also need increased investment in maize according to their contribution in the output value.

Cost-Benefit Analyses of Transportation Investments

DEFF Research Database (Denmark)

Næss, Petter

2006-01-01

This paper discusses the practice of cost-benefit analyses of transportation infrastructure investment projects from the meta-theoretical perspective of critical realism. Such analyses are based on a number of untenable ontological assumptions about social value, human nature and the natural......-to-pay investigations. Accepting the ontological and epistemological assumptions of cost-benefit analysis involves an implicit acceptance of the ethical and political values favoured by these assumptions. Cost-benefit analyses of transportation investment projects tend to neglect long-term environmental consequences...

MANAGING RISK BY COORDINATING INVESTMENT, MARKETING, AND PRODUCTION STRATEGIES

OpenAIRE

Johnson, Donald A.; Boehlje, Michael

1983-01-01

This study of the farm firm integrates long run investment and financial decisions, and short-run production and marketing decisions into a single decision framework that includes both time and risk. The results suggest that the use of various strategies for managing market risks allow the entrepreneur to accept mores risk in investing and producing; and that an integrated analysis of production, marketing and investment-financing alternatives is essential to make accurate recommendations abo...

Primary Sources of Corporate Investment in Hungary

Directory of Open Access Journals (Sweden)

Katona Klára

2017-06-01

Full Text Available This research aims to reveal how Hungarian companies have financed investments over the last two decades. Which financing strategy characterized them: was internal capital accumulation or external resources, such as bank loans or foreign capital the primary source of corporate investments? The study gives an overview of the conditions typical in the Hungarian financing and capital market over the last 25 years through an empirical analysis. Using a linear regression model, the paper examines the main investments sources among the top 5000 Hungarian firms according to revenues between 1996 and 2014. The model proved that the effect of loans in financing investments was significant and positive in all examined firms, independently from their ownership in the whole period. The rate of indebtedness of foreign companies was mainly attributable to local bank credits and not loans granted by mother companies.

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.

Investments by NASA to build planetary protection capability

Science.gov (United States)

Buxbaum, Karen; Conley, Catharine; Lin, Ying; Hayati, Samad

NASA continues to invest in capabilities that will enable or enhance planetary protection planning and implementation for future missions. These investments are critical to the Mars Exploration Program and will be increasingly important as missions are planned for exploration of the outer planets and their icy moons. Since the last COSPAR Congress, there has been an opportunity to respond to the advice of NRC-PREVCOM and the analysis of the MEPAG Special Regions Science Analysis Group. This stimulated research into such things as expanded bioburden reduction options, modern molecular assays and genetic inventory capability, and approaches to understand or avoid recontamination of spacecraft parts and samples. Within NASA, a portfolio of PP research efforts has been supported through the NASA Office of Planetary Protection, the Mars Technology Program, and the Mars Program Office. The investment strategy focuses on technology investments designed to enable future missions and reduce their costs. In this presentation we will provide an update on research and development supported by NASA to enhance planetary protection capability. Copyright 2008 California Institute of Technology. Government sponsorship acknowledged.

Restrictions of comparative analysis of investing in scientific research and scientific outcomes of the countries in nanotechnology

OpenAIRE

Milanović, Vesna; Bučalina-Matić, Andrea; Golubović, Marina

2016-01-01

The aim of this paper is to provide an insight into restrictions of comparative analysis of investing in scientific research and scientific outcomes of the countries in nanotechnology, having in mind that it is a developing technology which is expected to give significant contribution to science, economy and society in the future. Using the methods of content analysis, comparative methods and relevant literature, certain restrictions of this comparative analysis have been established. They ar...

Characterization of investment in infrastructure in Colombia 12 Years of Analysis

Directory of Open Access Journals (Sweden)

Oscar Torres Yarzagaray

2018-05-01

Full Text Available This research article seeks to confirm the effects of the relationship between the state investment in infrastructure and trade growth. A detailed research is made of the main investments made by the Colombian state in the different infrastructures that the country requires to improve its logistics performance. The relationship between investment in infrastructure and the growth of the economy is also evident. The previous one is very important to know since it derives the main explanations in relation to an issue as important for Colombia as it is to know if there is a relationship between the variables which have been studied and raised in this research article, in addition to comparing with other economics to find out how we are in a competitive and globalized context.

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

OpenAIRE

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

2011-01-01

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

Long-term congestion management by investment in gas-turbine generators : a cost-benefit analysis

International Nuclear Information System (INIS)

Tuan, L.A.; Bhattacharya, K.

2007-01-01

Load management is one of the most important tasks in the operation of an electric power system. Transmission congestion occurs whenever the grid has one or more violations of the physical, operation, or policy constraints under which it normally operates. In a deregulated electricity market, the independent system operator (ISO) must ensure that contracted power transactions are carried out reliably. Several schemes of congestion management run the risk of increasing electricity prices due to the market power of local generators in congested areas. An alternative is to manage congestion through the installation of reserve gas turbine generators which can be brought online to the system within a short time. The use of gas turbines at different buses in the system can enhance the system in ways of transmission relief during emergency events. This paper proposed a framework for the evaluation of long-term investment by the ISO on gas-turbine generators as a tool for providing transmission congestion relief in the dispatch stage based on cost-benefit analysis. The objective of the framework is to optimally decide the locations and sizes of the generators at different buses in the network in order to minimize the total cost of investment of gas turbines and to minimize total system congestion. A bus-wise cost-benefit analysis was carried out by solving the DC optimal power flow (dc-OPF) model. The CIGRE 32-Bus system was used for the case study. It was shown that network overloading can be significantly reduced with the support of gas turbines at selected buses. The long-term decision of the investment on gas-turbine would depend on the opportunity cost of the gas-turbine with respect to the congestion problem. The gas turbines could also reduce the amount of unserved energy during peak load conditions. 11 refs., 4 tabs., 3 figs

Social Impact Investment: Increasing Private Sector Investment to ...

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

The social impact investment market is now global in scope and it is rapidly expanding in some ... of social impact investing to address environmental, social, and economic challenges. ... New project to improve water management in the Sahel.

Returns on Investment in California County Departments of Public Health

Science.gov (United States)

2016-01-01

Objectives. To estimate the average return on investment for the overall activities of county departments of public health in California. Methods. I gathered the elements necessary to estimate the average return on investment for county departments of public health in California during the period 2001 to 2008–2009. These came from peer-reviewed journal articles published as part of a larger project to develop a method for determining return on investment for public health by using a health economics framework. I combined these elements by using the standard formula for computing return on investment, and performed a sensitivity analysis. Then I compared the return on investment for county departments of public health with the returns on investment generated for various aspects of medical care. Results. The estimated return on investment from $1 invested in county departments of public health in California ranges from $67.07 to $88.21. Conclusions. The very large estimated return on investment for California county departments of public health relative to the return on investment for selected aspects of medical care suggests that public health is a wise investment. PMID:27310339

Broad-scale recombination patterns underlying proper disjunction in humans.

Directory of Open Access Journals (Sweden)

Adi Fledel-Alon

2009-09-01

Full Text Available Although recombination is essential to the successful completion of human meiosis, it remains unclear how tightly the process is regulated and over what scale. To assess the nature and stringency of constraints on human recombination, we examined crossover patterns in transmissions to viable, non-trisomic offspring, using dense genotyping data collected in a large set of pedigrees. Our analysis supports a requirement for one chiasma per chromosome rather than per arm to ensure proper disjunction, with additional chiasmata occurring in proportion to physical length. The requirement is not absolute, however, as chromosome 21 seems to be frequently transmitted properly in the absence of a chiasma in females, a finding that raises the possibility of a back-up mechanism aiding in its correct segregation. We also found a set of double crossovers in surprisingly close proximity, as expected from a second pathway that is not subject to crossover interference. These findings point to multiple mechanisms that shape the distribution of crossovers, influencing proper disjunction in humans.

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

Remaining in an Abusive Relationship: An Investment Model Analysis of Nonvoluntary Dependence.

Science.gov (United States)

Rusbult, Caryl E.; Martz, John M.

1995-01-01

Analyzes the nature of interdependence in ongoing relationships, using an investment model to understand decisions to remain in abusive relationships. Found that feelings of commitment were greater among women who had poorer-quality economic alternatives, were more heavily invested in their relationship, and who experienced less dissatisfaction…

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.

Evolution of international trade and investment networks

Science.gov (United States)

Zhang, Shuhong; Wang, Lin; Liu, Zhixin; Wang, Xiaofan

2016-11-01

In this paper, an evolving two-layer international economy network (IEN) consisting of international trade network (ITN) and international investment network (IIN) as layers, is constructed to investigate the world economy from 2001 to 2010. First, the structure analysis shows that the average partner numbers for both trade and investment are increasing year by year, and the average volume has a significant decrease in 2008 for investment and 2009 for trade. The IIN has longer average path length and dramatically lower edge density compared with the ITN, yet its clustering coefficient is larger in all years. Then, the regional relativity indicates that the longer the distance between two countries, the smaller trade and investment volumes they carry in are general, and the impact of the geographical distance gradually reduces as time goes on. Furthermore, the countries and regions are ranked by Pagerank in ITN, IIN and IEN to illustrate the roles they played. And finally, community structures are detected to visualize the global economic landscape, with countries and regions in the same community ranked according to the total volume of trade or investment.

Ambiguity and Investment Decisions: An Empirical Analysis on Mutual Fund Investor Behaviour

Directory of Open Access Journals (Sweden)

Chao Tang

2017-09-01

Full Text Available The paper empirically studies the relationship between ambiguity and mutual fund investor behaviour. Theoretical models for investment decisions incorporating ambiguity motivate our analyses. While the models indicate that investors would less likely to invest in financial markets when ambiguity increases, there is rare empirical evidence in natural occurring financial data to examine this hypothesis. In this paper, we test the hypothesis with equity fund flow data as for investment decisions and ambiguity with the degree of disagreement in equity analysts’ prediction about asset returns. Our results support the hypothesis that increases in ambiguity could lead to less fund flows and this result remains consistently when adding various control variables affecting fund flows. Besides, we find that heterogeneous impacts of ambiguity: equity funds with high yield targets and active management style are affected more than funds investing in stable stocks; funds with larger proportion of institutional investors are more sensitive and affected by the ambiguity.

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

Communicating Value in Simulation: Cost Benefit Analysis and Return on Investment.

Science.gov (United States)

Asche, Carl V; Kim, Minchul; Brown, Alisha; Golden, Antoinette; Laack, Torrey A; Rosario, Javier; Strother, Christopher; Totten, Vicken Y; Okuda, Yasuharu

2017-10-26

Value-based health care requires a balancing of medical outcomes with economic value. Administrators need to understand both the clinical and economic effects of potentially expensive simulation programs to rationalize the costs. Given the often-disparate priorities of clinical educators relative to health care administrators, justifying the value of simulation requires the use of economic analyses few physicians have been trained to conduct. Clinical educators need to be able to present thorough economic analyses demonstrating returns on investment and cost effectiveness to effectively communicate with administrators. At the 2017 Academic Emergency Medicine Consensus Conference "Catalyzing System Change through Health Care Simulation: Systems, Competency, and Outcomes", our breakout session critically evaluated the cost benefit and return on investment of simulation. In this paper we provide an overview of some of the economic tools that a clinician may use to present the value of simulation training to financial officers and other administrators in the economic terms they understand. We also define three themes as a call to action for research related to cost benefit analysis in simulation as well as four specific research questions that will help guide educators and hospital leadership to make decisions on the value of simulation for their system or program. This article is protected by copyright. All rights reserved. This article is protected by copyright. All rights reserved.

Preview of BPM6 Methodology and Analysis of Foreign Direct Investment in 2015 in Croatia

Directory of Open Access Journals (Sweden)

Šlogar Helena

2017-06-01

Full Text Available Foreign direct investments include equity capital, reinvested earnings and debt relations between ownership-related residents and non-residents. Since 31 October 2014, the Croatian National Bank has started to publish information in the field of statistics Relations (balance of payments, foreign debt and the IIP in accordance with the methodology prescribed by the sixth edition of the Manual on Balance of Payments (Eng. Balance of Payments and International Investment Position Manual, BPM6, thus changing the presentational form of direct investment. Direct investments are not classified according to the so-called direction of investments (Eng. directional principle on direct investment in Croatia and direct investment abroad anymore, but according to BPM6 apply the socalled principle of assets and liabilities (Eng. Assets / Liabilities principle. The aim is to point out the differences between the standards BPM5 and BPM6 and determine which activities and which countries are the most represented in the structure of direct investments in Croatia. By identifying relevant activities and countries in the structure of foreign direct investment, relevant information is obtained about the macroeconomic state of the Republic of Croatia and about the opportunities and potential dangers that certain activities and countries provide.

Transportation investment and GDP, some concepts, data, and analysis

Science.gov (United States)

2004-01-01

This report provides statistics on capital investment by sector (government, private business, and households), asset type (infrastructure, rolling stock, and other equipment used by transportation industries), and by mode of transportation (air, hig...

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.

Game Analysis on Influence Mechanism of Equity Incentive on R&D Investments

OpenAIRE

Cao Wen; Li Yuewen

2014-01-01

A game model between shareholders and manager is built to analyze influence mechanism of equity incentive on R&D investments based on principal-agent theory. Research shows that there are inverted U-shaped relationships between equity incentive and R&D investments, the modest equity should be gave for stimulate manager.

Spatial pattern of foreign direct investment of China's textile enterprises

Institute of Scientific and Technical Information of China (English)

2018-01-01

China textile industry has achieved encouraging achievements, becoming the primary industry of the integration of investment, production, consumption, employment increase and foreign exchange earnings. On the basis of reviewing studies on foreign direct investment of domestic textile enterprises, this paper come up with the structure analysis framework of spatial strategies of foreign investment of China's textile enterprises with the methods of statistical information, field research and interviews of senior managers. Besides, this paper analyze the spatial distribution and industry choices of foreign direct investment of China's textile enterprises.

Gas-to-power market and investment incentive for enhancing generation capacity: An analysis of Ghana's electricity sector

International Nuclear Information System (INIS)

Fritsch, Jorik; Poudineh, Rahmatallah

2016-01-01

Ghana's electricity generation capacity is currently insufficient to meet demand, making power outages and load shedding common. The resulting impact is potentially devastating for the country's growth prospects. Traditionally, lack of an affordable and reliable fuel supply for power generation, coupled with ineffective institutions and an unfavourable investment climate, have resulted in Ghana's electricity sector performing poorly. In light of the 2007 discovery of natural gas reserves in Ghanaian waters, this paper examines whether domestic gas could advance the performance of the electricity sector, and if so, how. The results of our analysis show that utilization of gas reserves in Ghana's gas-to-power market is an economically superior strategy compared to an export-oriented utilization scheme. The lack of an effective regulatory framework for investment, skill shortages, and an inefficient electricity pricing structure continue to be the main constraining factors. Our analysis also considers possible approaches to modification of the electricity tariff in order to send the right signal to potential investors in generation capacity, without compromising the affordability of power supply. - Highlights: •We examine if domestic gas can improve the Ghanaian electricity sector performance. •We compare domestic gas-to-power market utilisation versus gas export. •It shows that gas-to-power market is more economical compared to gas export. •Ineffective investment regime, skill shortage and inefficient tariffs are barriers.

PropeR revisited

NARCIS (Netherlands)

van der Linden, Helma; Talmon, Jan; Tange, Huibert; Grimson, Jane; Hasman, Arie

2005-01-01

INTRODUCTION: The PropeR EHR system (PropeRWeb) is a multidisciplinary electronic health record (EHR) system for multidisciplinary use in extramural patient care for stroke patients. DESIGN: The system is built using existing open source components and is based on open standards. It is implemented

ANALYSIS OF THE BANKING SYSTEM THAT QUOTES AT BUCHAREST STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

SUCIU Titus

2014-06-01

Full Text Available This study analyses three important banks quoted at Bucharest Stock Exchange: Banca Transilvania SA, BRD – Groupe Société Générale SA, Banca Comecială Carpatica SA. The scope is to identify which is the best to invest in. We follow the instruments give us by the fundamental analysis: Price/ Earning ratio, Capitalization, Return on Assets, Return on Equity, Debt to Assets, Dept to Equity. Fundamental analysis presumes the future prospects of a security are best analyzed through a proper assessment of the intrinsic value of the underlying company. The risk is within us. In the end, the financial risk does not lie in what types of investments have we done, but in what type of investor we are.

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

OpenAIRE

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

2015-01-01

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 ...

Exploring women’s perceptions regarding successful investment planning practices

Directory of Open Access Journals (Sweden)

Elmarie Venter

2017-08-01

Aim: Therefore, the primary objective of this research was to investigate the factors that influence women’s perceived successful investment planning in the Nelson Mandela Bay area. After conducting a comprehensive literature study, six factors (independent variables, namely, values, attitudes, time horizon, personal life cycle, risks and returns, and investment knowledge, were identified as influencing the perceived successful investment planning (dependent variable of women. Setting: As this study focussed on the perceptions of women concerning the factors that influence successful investment planning, the target population was all women in the Nelson Mandela Bay area older than 20 years with some investment experience. Methods: A quantitative research methodology was followed, and data were collected from 207 women using a structured self-administered questionnaire. Results: The results of the multiple regression analysis revealed that only one independent variable emerged as having a significant influence on perceived successful investment planning of women, namely, investment knowledge. Conclusion: Based on the empirical results of this study, several recommendations have been made in an attempt to assist women to make more informed investment decisions and manage their investment planning more effectively as they progress through life.

Investment risks in the economic system of enterprise

Directory of Open Access Journals (Sweden)

Kuchmenko V.О.

2017-06-01

Full Text Available The purpose of this paper is to conduct the comprehensive analysis of the impact of investment risks on the business entities and the search for effective mechanisms to overcome them or minimize. Any entity that runs business activity or the investment activity at the capital market is at risk because both the company and the individual investor do not have full confidence in regard to the size and period of occurrence of future cash flows associated with the decisions made. Thus, the comprehensive study of the nature of the investment risks of the enterprise and their classification was provided. We clarify the forms of their manifestation and discuss the effective mechanisms to minimize investment risk, which will give the investor the opportunity to obtain the maximum expected profit. An investment process is very complicated to be predicted and always connected with the risk of investment losses. At the stage of the investment project implementation it is necessary to take into consideration the methods of management practices and organization of production to ensure efficient distribution of available material and technical resources, labor resources and financial funds. It is important to understand how to manage investment risk effectively by using appropriate methods and classification required to optimize the process of further managerial decision-making related to risks and to find ways to minimize them.

RENEWABLE ENERGY INVESTMENTS DURING 2004-2015 PERIOD

Directory of Open Access Journals (Sweden)

Brîndușa COVACI

2016-12-01

Full Text Available The article presents important considerations on the renewable energy investments from world and European level. The paper points out Europe's position in the current world context. Research is an exploratory one, being supported by statistical interpretations made by the author based on analysis of the "Global Trends in the renewable energy sector" report (2016, United Nations Environment Programme in collaboration with Bloomberg under the auspices of the School of Finance and Management in Frankfurt. Conceptually, the paper presents the most important points of the oscillation investments in the renewable energy sector worldwide. The level of investment in the renewable energy sector offers an accurate picture of the extent of decarbonisation.

Theoretical foundations of information security investment security companies

Directory of Open Access Journals (Sweden)

G.V. Berlyak

2015-03-01

Full Text Available Methodological problems related to the lack of guidance in the provisions (standards of accounting on the reflection in the accounting and financial reporting of the research object. In this connection, it is proposed to amend the provisions (standards of accounting. This will allow to come to the consistency of accounting methods of operations with elements of investment activity. Based on analysis of the information needs of users suggested indicators identikativnye blocks (block corporate finance unit assess the relationship with financial institutions, block the fulfillment of obligations according to the calculations, the investment unit, a science and innovation, investment security and developed forms of internal accounting controls and improvements to existing forms financial statements for the investment activities of the enterprise. Using enterprise data reporting forms provide timely and reliable information on the identity and structure of investment security and enable the company to effectively plan and develop personnel policies for enterprise management.

Properly colored connectivity of graphs

CERN Document Server

Li, Xueliang; Qin, Zhongmei

2018-01-01

A comprehensive survey of proper connection of graphs is discussed in this book with real world applications in computer science and network security. Beginning with a brief introduction, comprising relevant definitions and preliminary results, this book moves on to consider a variety of properties of graphs that imply bounds on the proper connection number. Detailed proofs of significant advancements toward open problems and conjectures are presented with complete references. Researchers and graduate students with an interest in graph connectivity and colorings will find this book useful as it builds upon fundamental definitions towards modern innovations, strategies, and techniques. The detailed presentation lends to use as an introduction to proper connection of graphs for new and advanced researchers, a solid book for a graduate level topics course, or as a reference for those interested in expanding and further developing research in the area.

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

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

Management practices in Australasian ethical investment products: a role for regulation?

DEFF Research Database (Denmark)

Haigh, Matthew; Guthrie, James

2010-01-01

This paper adds to the literatures on socially responsible investment (SRI), investment management, regulation of financial services and social accounting by providing a comprehensive survey of investment methods used in SRI products and regulated social reporting in financial services. Australian...... a four-year period: 2004-2007. These aspects were further examined in 18 case studies. Over the period, diversity and intensity of construction methods had increased both within and between investment managers. The non-standard nature of management consultation used in SRI products, marketing needs...... debates and other public reports. Portfolio construction styles of 86 SRI products managed by 63 financial institutions in Australia and New Zealand were chosen for analysis. Statistical analysis was conducted to identify associations between styles, construction methods and assessment techniques over...

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.

Investment, finance and the business cycle : Evidence from the Dutch manufacturing sector

NARCIS (Netherlands)

vanEes, H; Kuper, GH; Sterken, E

In this paper we analyse the impact of profits on investment using data from the Dutch manufacturing sector in a simple Kaleckian investment model. Profits and capacity determine the level of investment. The empirical analysis of this 'non-mainstream' model confirms conclusions drawn in the context

Use of expenditure analysis to enhance returns on investments in HIV services.

Science.gov (United States)

Honermann, Brian; O'Hagan, Richael

2017-09-01

Globally, the response to the HIV epidemic is at a crisis point. International investments in the HIV response have been essentially flat for 8 years and domestic budgets in low and middle-income countries - still recovering from the global recession - have not been able to fill the resource gap to drive a full-fledged HIV response. Still, efficiencies and prioritization of evidence-based interventions enable a significant scale-up of treatment, but millions more people remain without treatment. This review looks at recent data and research to evaluate interventions that may help close gaps in service provision that undermine testing and treatment programs. The President's Emergency Plan for AIDS Relief recently began publicly releasing vast programmatic and expenditure data. These data reveal potential efficiency gaps in testing and treatment programs, particularly in the area of linkage and retention. Interventions such as HIV self-testing have been proposed to help, but whether they can deliver better results remains unclear. Same-day initiation on treatment improves initiation, retention, and viral suppression rates. Near real-time analysis of data and active response is critical in improving efficiencies in programs. More investment in implementation research is necessary to improve linkage to care and treatment to reach 90-90-90 goals.

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

IT Project Evaluation and Investment Decision

Institute of Scientific and Technical Information of China (English)

黄东兵; 张世英

2004-01-01

There are many kinds of real options,which are valuable,in each phase of the lifetime of an information technology(IT)project.However,in the current IT investment decision theory,real options that embedded in IT projects are not considered. In this paper, the process of IT project decision and implementation is fully analyzed, the real options that may be embedded in an IT project are identified, and a real option analysis (ROA) method is proposed for evaluation of an IT project under uncertain business environment. ROA employs Black-Scholes expansion model and cancels the assumption that the cost of project is certain. The numerical example manifests that the ROA can better evaluate IT project and select the IT investment alternative. Finally, a road map is provided to help selecting the suitable evaluation method to make IT investment decision.

78 FR 40690 - Proposed Information Collection; Comment Request; Direct Investment Surveys: BE-577, Quarterly...

Science.gov (United States)

2013-07-08

... Request; Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad... Sarahelen Thompson, Acting Chief, Direct Investment Division (BE-50), Bureau of Economic Analysis, U.S... Investment Abroad--Transactions of U.S. Reporter with Foreign Affiliate (Form BE-577), obtains quarterly data...

EVALUATION METHODS OF INVESTMENT ATTRACTIVENESS OF UKRAINIAN AGRICULTURAL ENTERPRISES

Directory of Open Access Journals (Sweden)

Nadiia Davydenko

2017-12-01

Full Text Available The purpose of the article is to reveal scientific approaches to determining investment attractiveness of enterprises. Evaluation methods of investment attractiveness of enterprises, which are based on various expert assessments, on statistical information, and also combined methodologies based on expert and statistical calculations are investigated. Decision-making criteria on the appropriateness of investment are determined. Methodology. To determine investment attractiveness of agrarian enterprise on the basis of rating and analytical assessment, it is necessary to use an integrated approach and take into account certain set of indicators. During developing and organizing rating restrictions, we conducted an analysis of groups of indicators, which combined characterize investment attractiveness in a complex way, taking into account specifics of the industry. Results. Application of this approach allows quickly evaluating perspectives of funds investing and the reliability of the investment object. At the same time, the investment potential of company and investment risk are expressed by one general indicator, which allows applying rating comparisons. In order to approbate research results, seven agrarian enterprises with positive profitability and appropriate level of financial autonomy are selected. Based on financial statements, we determined their investment attractiveness and rating. Practical implications. Proposed calculation methodology covers all major processes occurring in different functional sectors of the internal environment of agrarian enterprise, which ensures a systematic view of the subject of management, which enables to identify all the strengths and weaknesses, as well as to create a strategy for prospective development on this basis. Presented methodology for the evaluation of investment attractiveness of enterprises can be successfully applied in agrarian enterprises as during the choice of priority directions of

IMPROVING THE QUALITY OF INVESTMENT DESIGN IN INDUSTRIAL CONSTRUCTION

Directory of Open Access Journals (Sweden)

I. M. Meylanov

2017-01-01

Full Text Available Objectives. The development of a set of practical measures in order to improve the quality of investment design in industrial construction.Methods. The basis of research comprises a project management methodology as well as methods for logical and statistical analysis of decisionmaking in investment activities.Results. A mechanism of inclusion of industrial construction objects into the Federal targeted investment programme is revealed. The sequence of the state expert evaluation of investment projects is determined, which optimises the design solutions aimed at minimising their estimated cost if the investment is made with the involvement of the Federal budget. Qualitative and quantitative criteria are systematised for the integrated assessment of the effectiveness of investment fund usage sent to industrial construction objects.Conclusion. The consistent implementation of the state investment policy is aimed at developing the scientific-technological and scientific-industrial potential of industrial construction by providing favourable conditions for effective innovation activity, selecting rational investment strategies and priority projects aimed at solving urgent problems of improving the competitiveness of construction. Successful implementation of the state investment policy in industrial construction largely depends on the effectiveness of investment design, starting from the accuracy of the formulation of the investment plan (idea, in which the interests of all participants in investment activities are concentrated and taken into account, and to the development of an agreed set of actions to complete the project. A unified register covering the data on the cost and results of investment projects is proposed to be created with the purpose of facilitating decision-making in the process of allocation of the Federal budget funds, planning of state capital investments and approval of project documentation for new industrial construction

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.

Inconsistent Investment and Consumption Problems

International Nuclear Information System (INIS)

Kronborg, Morten Tolver; Steffensen, Mogens

2015-01-01

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

Male vs. female business owners: Are there differences in investment behavior?

OpenAIRE

Pelger, Ines

2012-01-01

This paper analyzes gender differences in the investment activity of German small and medium sized enterprises (SMEs). The empirical analysis is carried out on a sample of firms drawn from the KfW Mittelstandspanel, a representative survey of German SMEs for the period from 2003 to 2009. We find evidence that female-owned firms are less likely to invest and if they invest, then their average investment rate is lower. These differences cannot entirely be explained by firm or owner characterist...

The Effect of Financial Reporting Quality on Financing and Investment

Directory of Open Access Journals (Sweden)

Windy Angela

2017-03-01

Full Text Available This paper analysis the effect of reporting quality on financing and investment. It is important for us to understand the relation among them in order to prepare Indonesian companies for ASEAN Economic Community in 2015. The study examines the effect of financial reporting quality on financing and investment of 15 Indonesian companies with large market capitalization based on the Standard and Poor’s Rating Services in its first survey of the major corporate credit trends in the Association of Southeast Asian Nations (ASEAN. Those companies may still be under-investing in relation to its regional peers. The results suggest that (1 financial reporting quality has negative effect on financing. (2 financial reporting quality has positive effect on investment among companies with higher likelihood of over-investing and negative effect on investment among those with higher likelihood of under-investing.DOI: 10.15408/etk.v16i1.4600 

Why it makes more sense to invest in farmers than in farmland

Energy Technology Data Exchange (ETDEWEB)

Cotula, Lorenzo

2010-07-15

Two years since the media spotlight turned on the so-called 'land grab' – whereby agribusiness, investment funds and government agencies acquire farmland in Africa, Latin America and Asia – the debate rages on. And rightly so. Private sector expectations of higher food and commodity prices and government concerns about longer-term food and energy security have made land a more attractive asset. But land is central to livelihoods, culture and identity for millions across the developing world. And large-scale land acquisitions can have lasting repercussions for the future of agriculture, including both agribusiness and family farming. Rather than rushing into land deals, governments and investors should properly consider the wider range of options to invest in agriculture. In many parts of the world, family farmers have proved efficient and dynamic. Working with them can generate healthy returns, avoid the risks associated with land acquisitions, and improve farmers' livelihoods.

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.

The Effects of Abandonment Options on Investment Timing and Profit Sharing of FDI

Directory of Open Access Journals (Sweden)

Weiwei Zhang

2017-01-01

Full Text Available The paper incorporates cooperative game theory into a real option method in a foreign direct investment setting and examines the operational decisions of a multinational corporation in a cooperative framework, where the corporation is endowed with an abandonment option and shares its profit with the host country. In particular, we investigate how the abandonment options affect the optimal investment timing and the optimal profit share of a foreign direct investment using a real option game method. We show that the flexibility of the abandonment option induces the corporation to investment earlier, which indicates the negative effects on investment trigger. The result is consistent with intuition since the abandonment option provides insurance and thus reduces the overall risk of the project. We also find that the introduction of the abandonment option reduces the optimal profit share in a cooperative framework and in turn the lower profit share increases the investment trigger, thereby having a positive effect on the investment threshold to hinder the investment. By numerical analysis, we find that the overall effect of the abandonment options is inversely related to the investment trigger. These findings provide quantitative analysis about the decisions regarding cooperation in international investment extraction projects.

Determinants of private fixed investment in emerging country

Directory of Open Access Journals (Sweden)

Goitsemodimo Abel Molocwa

2018-03-01

Full Text Available The neoclassical and Keynesian theories regard private investment not only as a source of economic growth but also as a determinant of the potential extent of the national income. The aim of this research was to examine the determinants of private fixed investment in South Africa by employing the Johansen cointegration technique and the vector error correction model (VECM analysis. Based on the literature survey it appears that the previous studies mainly focused on private investment in manufacturing and infrastructure sectors therefore this is envisaged to add knowledge to a body of economics literature in this area by focusing more on private fixed investment and its determinants in South Africa. The study concludes that for the period under investigation GDP has the positive sign as expected. This suggests that in the long run it impact positively on private fixed investment. The findings of the study also confirmed that tax rate is a complementary to private fixed investment. Similarly, the real exchange rate coefficient was negative as expected which suggests that the depreciation of the currency stimulates the growth of South Africa private fixed investment. It is obvious that even the best economic model cannot achieve the expected outcomes immediately but these results encourage the study to believe that the South African monetary policy on exchange rate complements private fixed investment. Therefore, the study proposes that both even though both growth and general tax rate are difficult to accomplish simultaneously, they should be used to promote the flow of private fixed investment in South Africa.

Proper motion survey for solar nearby stars

International Nuclear Information System (INIS)

Goldman, Bertrand

2001-01-01

For its microlensing observations EROS 2 built one of the largest CCD mosaic opera ting since 1996. This instrument allowed us to survey a large area of the sky, to look for faint, cool compact objects in the Solar neighborhood that may contribute to the Dark Matter revealed by flat rotation curves of spiral galaxies and the Milky Way. We imaged over 400 square degrees, at least three times over four years, with a single, stable instrument. The aim of this work is the reduction, the analysis and the detection of high proper motion objects that would look like those expected in a dark halo. We selected and analyzed thousands of images taken in two bands, visible and near-infrared, and obtained a catalogue of several thousand stars with proper motion typically higher than 80 milli-arc-seconds per year. None of these candidates displays the expected properties of the halo objects: very high proper motion and faintness. The second part of our work was to put constraints on the contributions of white dwarfs and brown dwarfs ta the halo. To do that, we simulated our data set and estimated our sensitivity to halo objects. We compared our results about moderately high proper motion stars with existing Galactic models, and confirmed the robustness of these models. We deduced a upper limit ta the contribution of M_v = 17.5 white dwarfs to the standard halo of 10% (at the 95% confidence level), or 5% of a 14 Gyr old halo, and to the contribution of brown dwarfs of 7% (95% C.L.). Finally, among our candidates, several interesting objects, that do not belong to the halo but are among the coolest and faintest known, have been discovered. Systematic search for faint, nearby objects thus lead us to study disk L dwarfs, as well as old white dwarfs of the disk. (author) [fr

Investment and uncertainty

DEFF Research Database (Denmark)

Greasley, David; Madsen, Jakob B.

2006-01-01

A severe collapse of fixed capital formation distinguished the onset of the Great Depression from other investment downturns between the world wars. Using a model estimated for the years 1890-2000, we show that the expected profitability of capital measured by Tobin's q, and the uncertainty...... surrounding expected profits indicated by share price volatility, were the chief influences on investment levels, and that heightened share price volatility played the dominant role in the crucial investment collapse in 1930. Investment did not simply follow the downward course of income at the onset...

Investment casting or powder metallurgy – the ecological aspect

Directory of Open Access Journals (Sweden)

J. Tomasik

2009-04-01

Full Text Available The paper presents an analysis of manufacturing methods of material-saving products in relation to investment castings and sinteredpowder technology. Surface microgeometry, shape accuracy, performance parameters, manufacturing costs and energy consumption weretaken into account to make the optimal choice. The analysis was conducted by comparing test results for sintered powder products basedon Distaloy AB alloy that consists of 0.55% C, 1.5% Cu, 1.75% Ni and 0.5% Mo and investment castings made of high alloy cast steel andnodular cast iron. The analysis made it possible to choose the best technology, considering also the ecological aspect.

[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

Legal analysis of systemic investment protection regulation in the European Union’s financial sector

Directory of Open Access Journals (Sweden)

Bocs L.

2018-01-01

Full Text Available After the Treaty of Lisbon the European Union has an exclusive and uniform competence regarding investment agreements within its common commercial policy. Yet the political events in 2016 showed that there are still many regional differences politically and economically, especially after the so-called Brexit and negotiations with the United States of America in relation to transatlantic trade and investment. Therefore, the aim of the research is to determine the legal framework and related problems for unified investment protection within the European Union. Using descriptive, logical and deductive methodology the paper establishes a juristic base consensus for trade and investment policies, concludes that so far those policies have been systemically neglected due to regional differences in economic development and accordingly suggests to unify and protect the common investment policies by using already existing regional judicial mechanisms of member states within a unified code of conduct.

Investment in Electricity Generation and Transmission: Decision Making Under Uncertainty

DEFF Research Database (Denmark)

Conejo, Antonio J.; Baringo, Luis; Kazempour, Jalal

This book provides an in-depth analysis of investment problems pertaining to electric energy infrastructure, including both generation and transmission facilities. The analysis encompasses decision-making tools for expansion planning, reinforcement, and the selection and timing of investment...... undergraduate and graduate students in the fields of electric energy systems, operations research, management science, and economics. Practitioners in the electric energy sector will also benefit from the concepts and techniques presented here....

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.

17 CFR 270.17f-2 - Custody of investments by registered management investment company.

Science.gov (United States)

2010-04-01

... registered management investment company. 270.17f-2 Section 270.17f-2 Commodity and Securities Exchanges....17f-2 Custody of investments by registered management investment company. (a) The securities and similar investments of a registered management investment company may be maintained in the custody of such...

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

Science.gov (United States)

Townsley, Michael K.

2008-01-01

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

Investment Portfolio Formation Using Multi-criteria evaluation Method MULTIMOORA

Directory of Open Access Journals (Sweden)

Vilius Vaišvilas

2017-06-01

Full Text Available Information that has to be analyzed by investors is complicated and can be interpreted differently by different people, which is why choosing what should be added to the investment portfolio is complicated task. Complexity grows substantially when there are more alternatives to choose from. Multi – criteria evaluation method can be used to choose the best alternatives. Multi–criteria evaluation method MULTIMOORA is not subjective because there is no need to decide ratio of any given variable that is evaluated. MULTIMOORA consists of: formation of ratio system, application of multi – criteria evaluation method as well as investment evaluation and ranking. Purpose of this article is to apply multi – criteria evaluation method MULTIMOORA for the formation and management of investment portfolio from stocks of the Baltic stock market companies. Methods used in the analysis for the article: analysis of scientific literature, statistical analysis, organization and comparison of data, idealization, calculations of MULTIMOORA.

Investing in non-communicable diseases: an estimation of the return on investment for prevention and treatment services.

Science.gov (United States)

Bertram, Melanie Y; Sweeny, Kim; Lauer, Jeremy A; Chisholm, Daniel; Sheehan, Peter; Rasmussen, Bruce; Upreti, Senendra Raj; Dixit, Lonim Prasai; George, Kenneth; Deane, Samuel

2018-04-05

The global burden of non-communicable diseases (NCDs) is growing, and there is an urgent need to estimate the costs and benefits of an investment strategy to prevent and control NCDs. Results from an investment-case analysis can provide important new evidence to inform decision making by governments and donors. We propose a methodology for calculating the economic benefits of investing in NCDs during the Sustainable Development Goals (SDGs) era, and we applied this methodology to cardiovascular disease prevention in 20 countries with the highest NCD burden. For a limited set of prevention interventions, we estimated that US$120 billion must be invested in these countries between 2015 and 2030. This investment represents an additional $1·50 per capita per year and would avert 15 million deaths, 8 million incidents of ischaemic heart disease, and 13 million incidents of stroke in the 20 countries. Benefit-cost ratios varied between interventions and country-income levels, with an average ratio of 5·6 for economic returns but a ratio of 10·9 if social returns are included. Investing in cardiovascular disease prevention is integral to achieving SDG target 3.4 (reducing premature mortality from NCDs by a third) and to progress towards SDG target 3.8 (the realisation of universal health coverage). Many countries have implemented cost-effective interventions at low levels, so the potential to achieve these targets and strengthen national income by scaling up these interventions is enormous. Copyright © 2018 World Health Organization. Published by Elsevier Ltd/Inc/BV. All rights reserved. Published by Elsevier Ltd.. All rights reserved.

Overseas Investments by Chinese National Oil Companies

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-07-01

This report examines inaccuracies in some commonly held views of China's National Oil Companies (NOCs). Until now, there has been little analysis to test the widely held presumption that these companies act under the instructions and in close co-ordination with the Chinese government. Nor have critics been challenged on the validity of their concerns about investments made by these NOCs, and how they could be blocking supplies of oil for other importing countries. The IEA analysis, however, finds that contrary to these views, the NOCs actually operate with a high degree of independence from the Chinese government, and their investments have in fact largely boosted global supplies of oil and gas, which other importers rely on.

Investing in systematic factor premiums

NARCIS (Netherlands)

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

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

The Investment Capacities of the Ukrainian Economy the EU countries

Directory of Open Access Journals (Sweden)

O. S.

2017-02-01

Full Text Available The article deals with selected aspects of investment in the context of the enhanced competition at investment markets and the need to increase the investment performance. A review of literary sources shows that investment capacities essentially refer to the economy’s capability to fund processes or phases related with generation of innovation, formation and modernization of fixed assets or intangible assets; development of education, research and information sectors; reproduction, support and creation of national wealth. It is emphasized that formation and realization of investment capacities in the economy can be attributed to processes that have significant effects for economic performance in the long run, especially when the capacities are innovative. The author’s definition of investment capacities of the economy is given, as the capacity to support financially the upward investment trend through accumulating fixed capital and increasing the profit rate from its generation in current and medium-term periods. The existing methodology for assessment of investment capacities at country level is analyzed; recommendations to improve the system of aggregated investment statistics, taking into account the Eurostat methodology, are given. Statistical indicators measuring the investment capacities in EU countries and Ukraine are analyzed. The analysis shows that the investment rate in Ukrainian industrial enterprises was 21.8% in 2014 and 19.6% in 2015, giving an indication of downward investment trend and the shrinking investment capacities of the national economy. Growth in the share of profit in the value added in 2015 by 6.7 percentage points (to 47.3% compared with 2014 is evidence that instead of investing internal resources, enterprises use them to cover financial loses or tend to take them off the national boundaries. Upward investment trend can be recovered by the increased supply of investment projects with low level of investment risk

CEO emotional bias and investment decision, Bayesian network method

Directory of Open Access Journals (Sweden)

Jarboui Anis

2012-08-01

Full Text Available This research examines the determinants of firms’ investment introducing a behavioral perspective that has received little attention in corporate finance literature. The following central hypothesis emerges from a set of recently developed theories: Investment decisions are influenced not only by their fundamentals but also depend on some other factors. One factor is the biasness of any CEO to their investment, biasness depends on the cognition and emotions, because some leaders use them as heuristic for the investment decision instead of fundamentals. This paper shows how CEO emotional bias (optimism, loss aversion and overconfidence affects the investment decisions. The proposed model of this paper uses Bayesian Network Method to examine this relationship. Emotional bias has been measured by means of a questionnaire comprising several items. As for the selected sample, it has been composed of some 100 Tunisian executives. Our results have revealed that the behavioral analysis of investment decision implies leader affected by behavioral biases (optimism, loss aversion, and overconfidence adjusts its investment choices based on their ability to assess alternatives (optimism and overconfidence and risk perception (loss aversion to create of shareholder value and ensure its place at the head of the management team.

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)

PROBLEM ASSESSMENT OF THE LEVEL INVESTMENT ACTIVITY IN THE NATIONAL ECONOMY

Directory of Open Access Journals (Sweden)

Tatiana ANDREEVA

2013-01-01

Full Text Available In this article the fundamental importance of the investment sphere, forming of factors of production and defining the competitiveness of the national economy, as well as some of the problems of evaluation of the level of investment made in the national economy, the problems of attracting foreign direct investment, as the most important conditions for sustainable growth of the national economies. The special attention in the article is paid to the methods of factor analysis of the investment climate, as well as the General trends of changes in the business environment, as basic conditions for improving the level of investment activity of the national economy.

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

Directory of Open Access Journals (Sweden)

William Brafu-Insaidoo

2011-07-01

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

Global health initiative investments and health systems strengthening: a content analysis of global fund investments

OpenAIRE

Warren, Ashley E; Wyss, Kaspar; Shakarishvili, George; Atun, Rifat; de Savigny, Don

2013-01-01

Background: Millions of dollars are invested annually under the umbrella of national health systems strengthening. Global health initiatives provide funding for low- and middle-income countries through disease-oriented programmes while maintaining that the interventions simultaneously strengthen systems. However, it is as yet unclear which, and to what extent, system-level interventions are being funded by these initiatives, nor is it clear how much funding they allocate to disease-specific a...

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.

Alternative Investments: Valuation of Wine as a Means for Portfolio Diversification

Directory of Open Access Journals (Sweden)

Daiva Jurevičienė

2015-03-01

Full Text Available This article analyses wine as an alternative investment tool and its relevance for investment portfolio diversification. Advantages and disadvantages of alternatives, benefits and weakness and peculiarities of investing in wine are systemised. In addition, the article looks at statistical data analysis of fine wine market and compares wine with other investment tools. The examination is based on three investment instruments: US equities (using S&P 500 index, bonds (using US 20-Year treasury constant maturity rate/DGS20 and wine (based on Fine Wine Investable index using 1993–2012 (end of year data. The investment portfolios made with two and three above-mentioned investment tools basing on H. Markowitz’s investment portfolio theory and effective curves are presented. It was found that return on investments only from equities and bonds or wine and one of these traditional instruments are signally less than from the investment mix of all three tools. Furthermore, portfolios made only from equities and bonds provide the lowest return compared to others. Choosing from two investments portfolios, results of bond/wine portfolios propose higher return with the same risk level compared to equities/wine portfolio. Consequently, despite some slowdown of wine index during financial crises, wine relevance for portfolio diversification in post crises period was proved.

The effect of employment, economic growth, and investment on HDI: In provinces in Indonesia

Directory of Open Access Journals (Sweden)

Nur Feriyanto

2016-07-01

Full Text Available This study aims to analyze the effect of Number of Working People (Employment, Economic Growth Rate (EGR, and Investment on Human Development Index (HDI in Indonesia, partially and simultaneously. This study used investments consisting of Domestic Investment (DI and Foreign Direct Investment (FDI. It used the method of analysis of panel data regression analysis with the data from thirty-three provinces in Indonesia from 2006 to 2013. The results indicate that the employment variables have positive and significant impact to HDI in Indonesia. It shows that EGR does not affect HDI in Indonesia. However, Domestic and foreign direct investments partially have positive and significant effect on HDI in Indonesia. Simultaneously, the variables employment, EGR, domestic and foreign direct investments have a significant effect on the HDI in Indonesia.

Regional study on investment for transmission infrastructure in China based on the State Grid data

Science.gov (United States)

Wei, Wendong; Wu, Xudong; Wu, Xiaofang; Xi, Qiangmin; Ji, Xi; Li, Guoping

2017-03-01

Transmission infrastructure is an integral component of safeguarding the stability of electricity delivery. However, existing studies of transmission infrastructure mostly rely on a simple review of the network, while the analysis of investments remains rudimentary. This study conducted the first regionally focused analysis of investments in transmission infrastructure in China to help optimize its structure and reduce investment costs. Using State Grid data, the investment costs, under various voltages, for transmission lines and transformer substations are calculated. By analyzing the regional profile of cumulative investment in transmission infrastructure, we assess correlations between investment, population, and economic development across the regions. The recent development of ultra-high-voltage transmission networks will provide policy-makers new options for policy development.

Companies’ investment determinants: comparison of different panel data estimators

Directory of Open Access Journals (Sweden)

Zelia Serrasqueiro

2011-08-01

Full Text Available In this study, Aivazian, Ge and Qiu’s (2005 analysis using static panel models is extended to using dynamic panel estimators, considering data for listed Portuguese companies. The results confirm Aivazian et al.’s (2005 conclusion that an ordinary Least Squares (OLS regression is not the best way to estimate the investment/determinant relationship. Investment decisions are probably dynamic, so the most suitable way to estimate the investment/determinant(s relationship is using dynamic panel estimators. Alternatively a fixed effect panel model can be used, consistent with a first order autocorrelation. In this way, firstly, it is possible to determine more accurately the positive impact of sales (Neo-classic theory and cash flow (Free Cash Flow theory on the investments of listed Portuguese companies. Secondly, the positive effect of growth opportunities (Agency theory is not overestimated when it seems to be the consequence of a first order autocorrelation. Using dynamic panel estimators permits correct measurement of dynamism in company investment decisions by examining the relationship between investment in the previous and the current periods.

Venture capital: Generator of growth of SME investment activities

Directory of Open Access Journals (Sweden)

Dželetović Milenko

2017-01-01

Full Text Available The aim of the paper is to point out the importance and role of venture capital in creation of new values based on the knowledge economy. By reviewing relevant literature about venture capital, this paper presents the importance of the venture capital investments in innovative activities of SMEs that have an impact on economic growth. Pointing to the importance and quantifying the overall effects of venture capital investments, will be used the overview and trends in venture capital investments in the sectors of economy in Europe which generate a larger number of patents. According to data during the period of 2007 - 2015 will be defined venture capital investments and number of registered patents in the sectors of the knowledge economy. Empirical analysis indicated that the venture investments in the sectors of the knowledge economy generated more patents in those sectors. In addition, the paper analyzes the venture capital investment and innovation activities of SMEs, which are reflected in patent activities, where the result is a correlation between these activities in the European economies.

Design and impact assessment of watershed investments: An approach based on ecosystem services and boundary work

Energy Technology Data Exchange (ETDEWEB)

Adem Esmail, Blal, E-mail: blal.ademesmail@unitn.it; Geneletti, Davide

2017-01-15

Watershed investments, whose main aim is to secure water for cities, represent a promising opportunity for large-scale sustainability transitions in the near future. If properly designed, they promote activities in the watershed that enhance ecosystem services while protecting nature and biodiversity, as well as achieving other societal goals. In this paper, we build on the concepts of ecosystem services and boundary work, to develop and test an operative approach for designing and assessing the impact of watershed investments. The approach is structured to facilitate negotiations among stakeholders. Its strategic component includes setting the agenda; defining investment scenarios; and assessing the performance of watershed investments as well as planning for a follow-up. Its technical component concerns data processing; tailoring spatially explicit ecosystem service models; hence their application to design a set of “investment portfolios”, generate future land use scenarios, and model impacts on selected ecosystem services. A case study illustrates how the technical component can be developed in a data scarce context in sub-Saharan Africa in a way that is functional to support the steps of the strategic component. The case study addresses soil erosion and water scarcity-related challenges affecting Asmara, a medium-sized city in Eritrea, and considers urban water security and rural poverty alleviation as two illustrative objectives, within a ten-year planning horizon. The case study results consist in spatially explicit data (investment portfolio, land use scenario, impact on ecosystem services), which were aggregated to quantitatively assess the performance of different watershed investments scenarios, in terms of changes in soil erosion control. By addressing stakeholders' concerns of credibility, saliency, and legitimacy, the approach is expected to facilitate negotiation of objectives, definition of scenarios, and assessment of alternative watershed

Design and impact assessment of watershed investments: An approach based on ecosystem services and boundary work

International Nuclear Information System (INIS)

Adem Esmail, Blal; Geneletti, Davide

2017-01-01

Watershed investments, whose main aim is to secure water for cities, represent a promising opportunity for large-scale sustainability transitions in the near future. If properly designed, they promote activities in the watershed that enhance ecosystem services while protecting nature and biodiversity, as well as achieving other societal goals. In this paper, we build on the concepts of ecosystem services and boundary work, to develop and test an operative approach for designing and assessing the impact of watershed investments. The approach is structured to facilitate negotiations among stakeholders. Its strategic component includes setting the agenda; defining investment scenarios; and assessing the performance of watershed investments as well as planning for a follow-up. Its technical component concerns data processing; tailoring spatially explicit ecosystem service models; hence their application to design a set of “investment portfolios”, generate future land use scenarios, and model impacts on selected ecosystem services. A case study illustrates how the technical component can be developed in a data scarce context in sub-Saharan Africa in a way that is functional to support the steps of the strategic component. The case study addresses soil erosion and water scarcity-related challenges affecting Asmara, a medium-sized city in Eritrea, and considers urban water security and rural poverty alleviation as two illustrative objectives, within a ten-year planning horizon. The case study results consist in spatially explicit data (investment portfolio, land use scenario, impact on ecosystem services), which were aggregated to quantitatively assess the performance of different watershed investments scenarios, in terms of changes in soil erosion control. By addressing stakeholders' concerns of credibility, saliency, and legitimacy, the approach is expected to facilitate negotiation of objectives, definition of scenarios, and assessment of alternative watershed

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

An Analysis of a Free Cashflow Portfolio Investment Strategy ...

African Journals Online (AJOL)

Many investment strategies are based on information derived from, or expectations related to, information in financial statements. Generally Accepted Accounting Practice (GAAP) are interpreted differently in various countries and this reduces the reliability of financial statements for international investors. This paper uses a ...

[Are investment activity and backlog in investments risks for university medicine in Germany?].

Science.gov (United States)

Amann, I; Heyder, R; Strehl, R

2009-08-01

University medicine in Germany requires significantly higher funding and investment because its tasks not only include health care but also research and teaching. However, over recent decades less and less funding compared to the development of the turnover has been available. This trend is due to decreasing public funding. The diminishing funding has caused a major backlog of investment at German university hospitals. The first part of the article summarizes the investments policies at university hospitals and other hospitals. The second part describes the investment needs in university medicine and exposes risk factors for research, education and health care due to the process of investment planning and realization. Goal-oriented solutions are shown to facilitate investments. The third part discusses several risks caused by insufficient investments in university medicine. There are special risks for research, teaching, and the capacity for innovation in university medicine besides economical and medical risks. Some policies and financial strategies to overcome the backlog in investments are presented. After a summary, the article concludes with some practical examples of further measures to ensure sustainable funding.

BiodieselFAO: An Integrated Decision Support System for Investment Analysis in the Biodiesel Production Chain

Directory of Open Access Journals (Sweden)

Aziz Galvão da Silva Júnior

2015-06-01

Full Text Available In the short and medium terms, biofuels are the most viable alternative to reduce the environmental impact of fossil fuels. The recent controversy over the competition between biofuels and food production increases the complexity of investment decisions in the biodiesel production chain. In this context, decision support tools are highly relevant. The purpose of this article is to describe the BiodieselFAO using the Unified Modeling Language (UML. An integrated analysis considering both agricultural and industrial sectors was identified as a key requirement to the system. Therefore, farmers and industry are the main actors in the use case diagram. As the raw material represents around 70% of the industrial cost of biodiesel production, the price negotiation of raw material (oilseeds is the central use case. Configuration, agriculture, industry, results and scenarios are the modules, which encompass the functionalities derived from the UML diagrams. The Food and Agriculture Organization of the United Nations (FAO has made the BiodieselFAO available, free of charge, to around 180 professionals from 17 Latin American countries. Additionally, the developing team has supported the usage of the BiodieselFAO in several biodiesel investment analyses throughout Latin America. The system was also useful in the design and analysis of policy related to biodiesel industry in Brazil.

The returns and risks of investment portfolio in a financial market

Science.gov (United States)

Li, Jiang-Cheng; Mei, Dong-Cheng

2014-07-01

The returns and risks of investment portfolio in a financial system was investigated by constructing a theoretical model based on the Heston model. After the theoretical model and analysis of portfolio were calculated and analyzed, we find the following: (i) The statistical properties (i.e., the probability distribution, the variance and loss rate of equity portfolio return) between simulation results of the theoretical model and the real financial data obtained from Dow Jones Industrial Average are in good agreement; (ii) The maximum dispersion of the investment portfolio is associated with the maximum stability of the equity portfolio return and minimal investment risks; (iii) An increase of the investment period and a worst investment period are associated with a decrease of stability of the equity portfolio return and a maximum investment risk, respectively.

Investigating differences between proper and common nouns using novel word learning

Directory of Open Access Journals (Sweden)

Anastasiya Romanova

2014-04-01

Full Text Available Empirical studies have shown higher rates of tip-of-the-tongue states for proper nouns, in comparison to common nouns, in non-brain-damaged speakers (e.g., Valentine & Moore, 1995, and higher retrieval failure rates for proper nouns relative to common nouns in people with aphasia (e.g., Semenza, 2009. Some authors suggest the source of these differences lies in logical properties (e.g., Semenza, 2009. That is, common nouns refer to a category of beings or objects that share certain semantic properties, while proper nouns designate specific individual beings or objects with unique features. Other authors attribute the distinction in processing to a number of statistical properties that differ across common and proper nouns (Kay, Hanley, & Miles, 2001. The aims of the present study were: 1 to dissociate the effects of logical and statistical properties by using novel words with equal statistical properties; 2 to determine whether people with aphasia show disproportionate impairments in learning proper nouns relative to common nouns, compared to aged-matched subjects. Methods We tested young (n=16 and elderly (n=14 adult non-brain-damaged participants and people with aphasia (n=2. Items-to-be-learnt were given as representatives of an unknown species (n=10 in the common noun condition, or as individual creatures (n=10 in the proper noun condition. The experiment consisted of 5 sessions. Each session included a learning phase and a test phase with naming and word-picture verification tasks. Results and Discussion Preliminary analysis showed learning of both common and proper nouns for both younger (F(4=140.68, p<.01 and elderly (F(4=34.87, p<.01 non-brain-damaged participants, with learning being significantly better for the younger group (F(4=6.5, p<.01. Contrary to expectations, performance on proper nouns was better than that for common nouns for both young and elderly subjects (F(1=6.47, p=.02 and F(1=9.75, p<.01, respectively, possibly due to

The Consumption-Investment-Unemployment Relationship in Spain: an Analysis with Regional Data

OpenAIRE

Bande, Roberto; Riveiro, Dolores

2012-01-01

In this paper we analyse the consequences of changes in the consumption patterns on unemployment through an intermediate channel via investment. Specifically, after presenting our theoretical framework, we build a dynamic econometric multiequational model, in which we estimate a consumption function, an investment function and an unemployment rate equation, using a panel of 17 Spanish regions. This model is characterised by its dynamics and the cross equation relationships. After estimating t...

A Critical Review of the Literature on Firm-Level Theories on Ship Investment

Directory of Open Access Journals (Sweden)

Sinem Celik Girgin

2018-01-01

Full Text Available The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (newbuilding, second-hand, freight rate and scrap and their impact on asset price valuation, the timing of investments and market entry and exit conditions. In this paper, we extensively reviewed the literature of firm-level investment theories and ship investments. We showed that the application of firm-level investment theories to the ship investments is confined to the basic investment valuation models, such as Net Present Value and Real Option Analysis. Ship investments need to be examined by firm-level investment theories to define firm/industry value maximization level within the approach of the solid investment theories.

The Attracting of Foreign Investment in the Russian Economic Development

Directory of Open Access Journals (Sweden)

Sergey I. Girko

2018-03-01

Full Text Available The attracting of foreign investment is a strategic goal of the Russian economy’s development. Direct investment plays a special role in this process providing an access to financial resources, modern technologies, management skills, innovative goods and services as well as contributing to increase of economic competitiveness, sustained growth and improvements in living standards. In this connection, creation of an enabling environment for foreign investors is a priority sector of public investment policy. Based on the analysis of federal and regional forms of supporting investment activities, it can be concluded that the forms associated with budget injections into the economy are dominant. Co-financing of investment projects, government programs to support exports, create infrastructure (technology parks, SEZ infrastructure, TAD, create support centers for entrepreneurs, all this can be called financial stimulation of economic activity and, in particular, investment activity. The study suggest that the state has to go to these costs in connection with the reduction of the investment potential of the private sector, as a result of the economic crisis and international sanctions.

76 FR 15057 - Notice of Proposed Exemption; BlackRock, Inc. and Its Investment Advisory, Investment Management...

Science.gov (United States)

2011-03-18

... Administration Notice of Proposed Exemption; BlackRock, Inc. and Its Investment Advisory, Investment Management...; BlackRock, Inc. and Its Investment Advisory, Investment Management and Broker-Dealer Affiliates and... its investment advisory, investment management and broker-dealer affiliates and their successors. The...

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...

Employment Creation of Shale Gas Investment in China

Science.gov (United States)

Wang, Xuecheng; Zhang, Baosheng; Wu, Meiling; Li, Xiang; Lin, Yuying

2018-01-01

An ambitious shale gas extraction plan has been proposed. The huge investment of shale gas may put an effect on the whole China’s economy, especially for employment. However, there is few study to date has quantified these effects. The aim of this paper is to quantify these effects especially employment creation and figures out whether shale gas investment in China is a good choice or not. Input-output analysis has been utilized in this study to estimate the employment creation in four different Chinese regions. Our findings show that shale gas investment will result in creating 660000, 370000, 140000 and 58000 equivalent jobs in Sichuan, Chongqing, Inner Mongolia and Guizhou, respectively. Considering the potential risks of environmental issues, we suggest that it may be a better strategy for the government, at least in the current situation, to slow down shale gas development investment.

Impact of Transport Zone Number in Simulation Models on Cost-Benefit Analysis Results in Transport Investments

Science.gov (United States)

Chmielewski, Jacek

2017-10-01

Nowadays, feasibility studies need to be prepared for all planned transport investments, mainly those co-financed with UE grants. One of the fundamental aspect of feasibility study is the economic justification of an investment, evaluated in an area of so called cost-benefit analysis (CBA). The main goal of CBA calculation is to prove that a transport investment is really important for the society and should be implemented as economically efficient one. It can be said that the number of hours (PH - passengers hours) in trips and travelled kilometres (PK - passengers kilometres) are the most important for CBA results. The differences between PH and PK calculated for particular investment scenarios are the base for benefits calculation. Typically, transport simulation models are the best source for such data. Transport simulation models are one of the most powerful tools for transport network planning. They make it possible to evaluate forecast traffic volume and passenger flows in a public transport system for defined scenarios of transport and area development. There are many different transport models. Their construction is often similar, and they mainly differ in the level of their accuracy. Even models for the same area may differ in this matter. Typically, such differences come from the accuracy of supply side representation: road and public transport network representation. In many cases only main roads and a public transport network are represented, while local and service roads are eliminated as a way of reality simplification. This also enables a faster and more effective calculation process. On the other hand, the description of demand part of these models based on transport zones is often stable. Difficulties with data collection, mainly data on land use, resulted in the lack of changes in the analysed land division into so called transport zones. In this paper the author presents an influence of land division on the results of traffic analyses, and hence

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...

[The surface roughness analysis of the titanium casting founding by a new titanium casting investment material].

Science.gov (United States)

Liang, Qin-ye; Wu, Xia-yi; Lin, Xue-feng

2012-04-01

To investigate the surface roughness property of the titanium castings cast in a new investment for titanium casting. Six wax patterns (20 mm × 20 mm × 0.5 mm) were invested using two investments: three in a new titanium investment material and three in the control material (Rematitan Plus). Six titanium specimens were obtained by conventional casting. After casting, surface roughness of the specimens were evaluated with a surface profilometer. The surface roughness of the specimens cast in new titanium investment material was (1.72 ± 0.08) µm, which was much smaller than that from Rematitan Plus [(1.91 ± 0.15) µm, P cast using these two investment materials are both smooth enough to fulfill the demand of the titanium precision-casting for prosthodontic clinical use.

78 FR 41031 - Proposed Information Collection; Comment Request; Direct Investment Surveys: BE-11, Annual Survey...

Science.gov (United States)

2013-07-09

... owning foreign business enterprises in the 2009 benchmark survey of U.S. direct investment abroad, along... Request; Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad AGENCY: Bureau... to Sarahelen Thompson, Acting Chief, Direct Investment Division (BE-50), Bureau of Economic Analysis...

The Mutual Investments in Romania - Current Developments and Trends

Directory of Open Access Journals (Sweden)

Florina Oana VIRLANUTA

2013-03-01

Full Text Available Mutual fund industry in Romania has undergone significant growth in recent years in the number of investors and the net assets managed, but still very small compared to other European countries. Capital market development in Romania, the emergence of new investment instruments provides a greater variety of mutual funds investments. Managers decide on the structure of the portfolio by selecting categories of assets in accordance with the rules set out in the Prospectus and according to the degree of risk. In this paper we propose to realize an analysis of mutual investments system in Romania, the progress and their efficiency.

Limited-memory adaptive snapshot selection for proper orthogonal decomposition

Energy Technology Data Exchange (ETDEWEB)

Oxberry, Geoffrey M. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Kostova-Vassilevska, Tanya [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Arrighi, Bill [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States); Chand, Kyle [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States)

2015-04-02

Reduced order models are useful for accelerating simulations in many-query contexts, such as optimization, uncertainty quantification, and sensitivity analysis. However, offline training of reduced order models can have prohibitively expensive memory and floating-point operation costs in high-performance computing applications, where memory per core is limited. To overcome this limitation for proper orthogonal decomposition, we propose a novel adaptive selection method for snapshots in time that limits offline training costs by selecting snapshots according an error control mechanism similar to that found in adaptive time-stepping ordinary differential equation solvers. The error estimator used in this work is related to theory bounding the approximation error in time of proper orthogonal decomposition-based reduced order models, and memory usage is minimized by computing the singular value decomposition using a single-pass incremental algorithm. Results for a viscous Burgers’ test problem demonstrate convergence in the limit as the algorithm error tolerances go to zero; in this limit, the full order model is recovered to within discretization error. The resulting method can be used on supercomputers to generate proper orthogonal decomposition-based reduced order models, or as a subroutine within hyperreduction algorithms that require taking snapshots in time, or within greedy algorithms for sampling parameter space.

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

2017-10-01

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

Investment Analysis Of Environment Pollution In Educational Institutions

OpenAIRE

Mahbub Ullah Miyan; Abdus Salam; Md. Nuruzzaman; Sanjida Naznin

2015-01-01

Environment pollution has become one of the biggest concerns for the educational institutions in Bangladesh. Thinking not yet starts that environmental pollution has a connection with educational institutions which requires investment. Educational institutions are paying huge amount of money in order to clean the academic atmosphere. Due to unawareness and unconsciousness the environment of the institutions campus continuously polluting in many ways. This paper provides an outline of how diff...

Causality Analysis of the Impact of Foreign Direct Investment on ...

African Journals Online (AJOL)

Having established the fact that foreign direct investment has positive impact on growth domestic product ...... on Sharing Global Prosperity, September. 2003, Helsinki, Finland. ... Evidence from East Asia and Latin. America, Contemp. Econ.

Federal Investment

Science.gov (United States)

Campbell, Sheila; Tawil, Natalie

2013-01-01

The federal government pays for a wide range of goods and services that are expected to be useful some years in the future. Those purchases, called investment, fall into three categories: physical capital, research and development (R&D), and education and training. There are several economic rationales for federal investment. It can provide…

THE PROFITABILITY – AN ATTRIBUTE OF FINANCIAL AND ACCOUNTING NATURE IN THE DECISION TO INVEST

Directory of Open Access Journals (Sweden)

Mihaela TULVINSCHI

2014-06-01

Full Text Available The investments represent the primary factor in the development strategy of an economic entity. The role of the investments begins with their purpose, meaning that the investments involve the increasing of a stock portfolio. The research methodology that is approached in this article is based on the analysis of two factors: net present value and internal rate of profitability. Capital budgeting in an investment project that, without a prior analysis of the efficiency of such a decision, can lead to the total or partial loss of the invested capital. An investment project is efficient if the net present value is positive and has a larger value. An investment project becomes more profitable as the value of the internal rate of profitability gets higher. If the two factors are correctly interpreted they lead to exactly the same conclusions regarding the determination of an investment profitability. We can conclude that the two efficiency factors are complementary, their simultaneous use leading to a better grounding of the investment decision than their separate use.

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.

Analysis of investment potential for enterprises of economic agrarian sector

Directory of Open Access Journals (Sweden)

A.E. Dankevych

2017-12-01

Full Text Available The article deals with and determines the peculiarities of the investment potential of lands of Ukrainian economic agrarian sector. The author studies the main positives contributing the development of investment for enterprises of agricultural purpose. The reasons that restrain the investment in agriculture are determined. It is emphasized that when using land resources, one should take into account the current specificity of environment in the economic agrarian sector. The article singles out the factors, which form the specificity of development of lease land relations. It is stressed that the important characteristic of lease land relations is their social and economic direction. It is proved that the obligatory condition of a lease agreement has to become the characteristic of a quality state for a land plot. More than a third part of all national income of the country was formed in economic agrarian sector. In particular, 70 % of total amount of retail goods turnover, a third part of main production facilities, a fourth part of population, employed in the Ukrainian economy, was busy working. According to the data of UNO, the potential of Ukrainian lands allows to provide about 100 mln. individuals with foods. To reach this and to renew the present level under current economic conditions one can due to the implementation of essentially new approaches to the organization of agricultural production.

ASSESSMENT OF INVESTMENT APPEAL OF THE ENTERPRISE ON THE BASIS OF THE RATING INDICATOR

Directory of Open Access Journals (Sweden)

Светлана Рахимовна Макуева

2013-09-01

Full Text Available Nowadays, in order to maximize the investing efficiency, every investor should have the ability to value an investment appetite for the investment object in a short time. This article is about the method of analysis based on a rating system, allowing profit-making organizations and banks not only to carry out a comprehensive analysis of the efficiency of economic activities and financial performance of an economic entity, but also to rank multiple entities of certain industry, in compliance with specific goals and objectives. This method considers the interests of both lending agencies and institutional investors, which is a scientific novelty in analysis of investment appetite for the enterprises.DOI: http://dx.doi.org/10.12731/2218-7405-2013-6-36

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

DEFF Research Database (Denmark)

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

2016-01-01

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

Proper joint analysis of summary association statistics requires the adjustment of heterogeneity in SNP coverage pattern.

Science.gov (United States)

Zhang, Han; Wheeler, William; Song, Lei; Yu, Kai

2017-07-07

As meta-analysis results published by consortia of genome-wide association studies (GWASs) become increasingly available, many association summary statistics-based multi-locus tests have been developed to jointly evaluate multiple single-nucleotide polymorphisms (SNPs) to reveal novel genetic architectures of various complex traits. The validity of these approaches relies on the accurate estimate of z-score correlations at considered SNPs, which in turn requires knowledge on the set of SNPs assessed by each study participating in the meta-analysis. However, this exact SNP coverage information is usually unavailable from the meta-analysis results published by GWAS consortia. In the absence of the coverage information, researchers typically estimate the z-score correlations by making oversimplified coverage assumptions. We show through real studies that such a practice can generate highly inflated type I errors, and we demonstrate the proper way to incorporate correct coverage information into multi-locus analyses. We advocate that consortia should make SNP coverage information available when posting their meta-analysis results, and that investigators who develop analytic tools for joint analyses based on summary data should pay attention to the variation in SNP coverage and adjust for it appropriately. Published by Oxford University Press 2017. This work is written by US Government employees and is in the public domain in the US.

Reduced verbal fluency for proper names in nondemented patients with Parkinson's disease: a quantitative and qualitative analysis.

Science.gov (United States)

Fine, Eric M; Delis, Dean C; Paul, Brianna M; Filoteo, J Vincent

2011-02-01

There has been an increasing interest within neuropsychology in comparing verbal fluency for different grammatical classes (e.g., verb generation vs. noun generation) in neurological populations, including Parkinson's disease (PD). However, to our knowledge, few studies have compared verbal fluency for common nouns and proper names in PD. Common nouns and proper names differ in terms of their semantic characteristics, as categories of common nouns are organized hierarchically based on semantics, while categories of proper nouns lack a well-defined semantic organization. In addition, there is accumulating evidence that the retrieval of these distinct grammatical classes are subserved by somewhat distinct neural systems. Given that verbal fluency deficits are among the first impairments to emerge in PD, and that such deficits are predictors of future cognitive decline, it is important to examine all aspects of verbal fluency in this population. For the current study, we compared the performance of a group of 32 nondemented PD patients with 32 healthy participants (HP) on verbal fluency tasks for common nouns (animals) and proper names (boys' first names). A significant interaction between verbal fluency task and diagnostic status emerged, as the PD group performed significantly worse on only the proper name fluency task. This finding may reflect the absence of well-defined semantic organization that structures the verbal search for first names, thus placing a greater onus on strategic or "executive" verbal retrieval processes.

Determination of proper motions in the Pleiades cluster

Science.gov (United States)

Schilbach, E.

1991-04-01

For 458 stars in the Pleiades field from the catalog of Eichhorn et al. (1970) proper motions were derived on Tautenburg and CERGA Schmidt telescope plates measured with the automated measuring machine MAMA in Paris. The catalog positions were considered as first epoch coordinates with an epoch difference of ca. 33 years to the observations. The results show good coincidence of proper motions derived with both Schmidt telescopes within the error bars. Comparison with proper motions determined by Vasilevskis et al. (1979) displays some significant differences but no systematic effects depending on plate coordinates or magnitudes could be found. An accuracy of 0.3 arcsec/100a for one proper motion component was estimated. According to the criterion of common proper motion 34 new cluster members were identified.

Return on investment from fuel treatments to reduce severe wildfire and erosion in a watershed investment program in Colorado.