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Sample records for investment analysis proper

  1. Quantitative investment analysis

    CERN Document Server

    DeFusco, Richard

    2007-01-01

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

  2. Towards proper name generation : A corpus analysis

    NARCIS (Netherlands)

    Castro Ferreira, Thiago; Wubben, Sander; Krahmer, Emiel

    We introduce a corpus for the study of proper name generation. The corpus consists of proper name references to people in webpages, extracted from the Wikilinks corpus. In our analyses, we aim to identify the different ways, in terms of length and form, in which a proper names are produced

  3. Comparative Analysis of Investment Decision Models

    Directory of Open Access Journals (Sweden)

    Ieva Kekytė

    2017-06-01

    Full Text Available Rapid development of financial markets resulted new challenges for both investors and investment issues. This increased demand for innovative, modern investment and portfolio management decisions adequate for market conditions. Financial market receives special attention, creating new models, includes financial risk management and investment decision support systems.Researchers recognize the need to deal with financial problems using models consistent with the reality and based on sophisticated quantitative analysis technique. Thus, role mathematical modeling in finance becomes important. This article deals with various investments decision-making models, which include forecasting, optimization, stochatic processes, artificial intelligence, etc., and become useful tools for investment decisions.

  4. Real Options Analysis of Electricity Investments

    Energy Technology Data Exchange (ETDEWEB)

    Heggedal, Ane Marte

    2012-07-01

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

  5. Ratio Analysis: Where Investments Meet Mathematics.

    Science.gov (United States)

    Barton, Susan D.; Woodbury, Denise

    2002-01-01

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

  6. Investment appraisal using quantitative risk analysis.

    Science.gov (United States)

    Johansson, Henrik

    2002-07-01

    Investment appraisal concerned with investments in fire safety systems is discussed. Particular attention is directed at evaluating, in terms of the Bayesian decision theory, the risk reduction that investment in a fire safety system involves. It is shown how the monetary value of the change from a building design without any specific fire protection system to one including such a system can be estimated by use of quantitative risk analysis, the results of which are expressed in terms of a Risk-adjusted net present value. This represents the intrinsic monetary value of investing in the fire safety system. The method suggested is exemplified by a case study performed in an Avesta Sheffield factory.

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

    African Journals Online (AJOL)

    An Analysis of a Free Cashflow Portfolio Investment Strategy. ... African Journal of Finance and Management ... risks that are less than one, so without additional risk, the investment strategy yields higher returns than an international investment ...

  8. 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…

  9. Modeling energy technology choices. Which investment analysis tools are appropriate?

    International Nuclear Information System (INIS)

    Johnson, B.E.

    1994-01-01

    A variety of tools from modern investment theory appear to hold promise for unraveling observed energy technology investment behavior that often appears anomalous when analyzed using traditional investment analysis methods. This paper reviews the assumptions and important insights of the investment theories most commonly suggested as candidates for explaining the apparent ''energy technology investment paradox''. The applicability of each theory is considered in the light of important aspects of energy technology investment problems, such as sunk costs, uncertainty and imperfect information. The theories addressed include the capital asset pricing model, the arbitrage pricing theory, and the theory of irreversible investment. Enhanced net present value methods are also considered. (author)

  10. Analysis of Lithuanian Direct Investment into European Union Countries

    Directory of Open Access Journals (Sweden)

    Evelina Zigmantavičiūtė

    2015-05-01

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

  11. AGROFOREST SYSTEM INVESTMENT ANALYSIS UNDER RISK

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    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.

  12. 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.

  13. 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

  14. 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

  15. 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.

  16. Analysis of foreign direct investment in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Marcela Domesová

    2011-01-01

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

  17. 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.

  18. 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

  19. Designing regulatory frameworks for merchant transmission investments by real options analysis

    International Nuclear Information System (INIS)

    Pringles, Rolando; Olsina, Fernando; Garcés, Francisco

    2014-01-01

    In deregulated electricity markets, the transmission network is a key infrastructure for enabling competition in the generation sector. A deficient expansion of the transmission grid prevents the realization of the benefits in terms of efficiency associated with market mechanisms. Consequently, it is essential to provide clear investment policies and economic signals to attract timely and efficient transmission investments in order to develop the system at minimum cost meeting the requirements of generators and consumers, while keeping adequate levels of service quality and reliability. This paper proposes a modern tool of economic evaluation based on real options analysis that provides the regulator the ability to assess various incentives that would lead transmission investors to make efficient decisions in highly uncertain environments. Real options properly values partially irreversible investment decisions, such as to defer, modify or abandon an investment project in response to the arrival of new information or as uncertainties are resolved. Decisions are evaluated from the point of view of a transmission investor trying to maximize its own profits in the time period set to recover the capital invested. The results allow the study of the behavior of transmission investors regarding their decision making when they have the possibility to manage the option to defer, under different regulatory schemes that encourage the expansion of the transmission system. - Highlights: • Regulatory frameworks for efficient and timely transmission expansions are designed. • Irreversibility and uncertainty of transmission investment is properly accounted for. • Response of network investors to regulatory incentives is quantitatively established

  20. 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)

  1. 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

  2. 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.

  3. 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.

  4. 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 ...

  5. 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.

  6. 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...

  7. Investment Valuation Analysis with Artificial Neural Networks

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    Hüseyin İNCE

    2017-07-01

    Full Text Available This paper shows that discounted cash flow and net present value, which are traditional investment valuation models, can be combined with artificial neural network model forecasting. The main inputs for the valuation models, such as revenue, costs, capital expenditure, and their growth rates, are heavily related to sector dynamics and macroeconomics. The growth rates of those inputs are related to inflation and exchange rates. Therefore, predicting inflation and exchange rates is a critical issue for the valuation output. In this paper, the Turkish economy’s inflation rate and the exchange rate of USD/TRY are forecast by artificial neural networks and implemented to the discounted cash flow model. Finally, the results are benchmarked with conventional practices.

  8. Investment analysis of St. Petersburg and Leningrad region

    Directory of Open Access Journals (Sweden)

    E. A. Borkova

    2016-01-01

    Full Text Available This article discusses the need for new approaches to improve the competitiveness of North-West Federal District of Russia, which based on knowledge of tendencies of innovation development. Innovative development ensures sustainable development of the region. Analysis conducted by the author has the main idea to evaluate the prospects of economic development of the region. It is almost impossible to imagine the modern world without innovations occurred, that have become familiar, and future innovations contributing to the further evolution of the economic system. Most scientists agree on that innovation has become the main driving force of economic and social development. Therefore, the main research problem is the assessment of the prospects of economic and innovative development of the North-West Federal District and its place in the Economy of Russia. Russia - the country is so sharp inter-regional economic, social and political contrasts that each potential investor with sufficient information about the investment climate can select the region with the best conditions for investment. Usually the investor to make a decision is necessary to have estimates of the degree of investment attractiveness and the level of existing risks. The division of regions on the basis of the investment attractiveness allows more reasonable to formulate the basic principles of regional policy, as well as to encourage regional governments to more vigorous action to improve the investment climate. Analysis of investment attractiveness of the Russian Federation subjects showed that the regions have different investment opportunities (potentials, and they have different risk factors. Research investment processes involved in a huge number of economists and analysts. Additional investments are required in any industry. Whether it is to attract the investor to open a new business, maintaining the city-forming enterprise, a particular region or country as a whole.

  9. (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...

  10. 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.

  11. 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.

  12. Formation and bases of the analysis of the investment portfolio of the enterprise

    Directory of Open Access Journals (Sweden)

    I. I. Hasanshin

    2018-01-01

    Full Text Available This article discusses several methods for project design and analysis. After all, they are the key ones in creating a new IT portfolio of the enterprise, according to the standards for the formation and management of projects, which is especially important in investment analysis. Considering these stages, we touch topics from the beginning of an enterprise to its formation, as a working business. After all, every enterprise begins its life with a choice of methods, stopping at one, it chooses a plan and sets tasks. Attraction of investments will be one of the main points in this task. For today, investments are the cause for the consequences of economic processes and various phenomena in the economy. This view will be of interest to specialists in the field of information technology and economic sciences. The idea is substantiated that the analysis of such results gives a good assessment in order to further identify weaknesses, build business processes and solutions from the point of view of forming a new portfolio of the enterprise and tools that allow determining the profitability of the module or the project as a whole in terms of money and technical equivalents. The article helps to reveal the topic and the main problem that is interesting and relevant for today, what method of attracting investors and implementing / shaping the IT portfolio of the project, choose which innovative portfolio management systems should be used and how they differ from traditional ones and how to properly link them with architecture of the enterprise. The key stages of investment analysis will be: increase in profits, accumulation of resources, proper portfolio formation and diversification.

  13. Managing Security Risks in an Industrial InvestmentAnalysis Directions

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    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.

  14. Major indicators of analysis of insurers’ investment activity

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    O.O. Poplavskyi

    2016-12-01

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

  15. A guide to forestry investment analysis.

    Science.gov (United States)

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

    1988-01-01

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

  16. 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.

  17. 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.

  18. Application of scenario analysis in the investment projects evaluation

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    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.

  19. 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…

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. Spatiotemporal multiscaling analysis of impurity transport in plasma turbulence using proper orthogonal decomposition

    International Nuclear Information System (INIS)

    Futatani, S.; Benkadda, S.; Del-Castillo-Negrete, D.

    2009-01-01

    The spatiotemporal multiscale dynamics of the turbulent transport of impurities is studied in the context of the collisional drift wave turbulence. Two turbulence regimes are considered: a quasihydrodynamic regime and a quasiadiabatic regime. The impurity is assumed to be a passive scalar advected by the corresponding ExB turbulent flow in the presence of diffusion. Two mixing scenarios are studied: a freely decaying case, and a forced case in which the scalar is forced by an externally imposed gradient. The results of the direct numerical simulations are analyzed using proper orthogonal decomposition (POD) techniques. The multiscale analysis is based on a space-time separable POD of the impurity field. The low rank spatial POD eigenfunctions capture the large scale coherent structures and the high rank eigenfunctions capture the small scale fluctuations. The temporal evolution at each scale is dictated by the corresponding temporal POD eigenfunctions. Contrary to the decaying case in which the POD spectrum decays fast, the spectrum in the forced case is relatively flat. The most striking difference between these two mixing scenarios is in the temporal dynamics of the small scale structures. In the decaying case the POD reveals the presence of 'bursty' dynamics in which successively small (high POD rank) scales are intermittently activated during the mixing process. On the other hand, in the forced simulations the temporal dynamics exhibits stationary fluctuations. Spatial intermittency or 'patchiness' in the mixing process characterizes the distribution of the passive tracer in the decaying quasihydrodynamic regime. In particular, in this case the probability distribution function of the low rank POD spatial reconstruction error is non-Gaussian. The spatiotemporal POD scales exhibit a diffusive-type scaling in the quasiadiabatic regime. However, this scaling seems to be absent in the quasihydrodynamic regime that shows no scaling (in the decaying case) or two

  5. 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

  6. 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.

  7. 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.

  8. 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.

  9. 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

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

    Science.gov (United States)

    Adachi, Kohei

    2013-01-01

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

  11. 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.

  12. 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...

  13. 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.

  14. 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)

  15. The applicability of shift-share analysis in considering employment impacts as applied to investments in nuclear power

    International Nuclear Information System (INIS)

    McGuire, A.

    1982-01-01

    An unresolved issue in the continuing debate between the proponents of nuclear power and alternative energy supplies concerns the employment impacts associated with the capital investments required by these different energy sources. Such employment impacts are properly defined as the impact of capital projects upon the local labour market and should not be confined merely to the direct employment associated with new investments. This paper attempts to highlight the local employment impacts associated with the investment in nuclear power stations by examining the effect past investments in such stations have had upon employment and unemployment trends in certain localities. Our analysis is based upon the nuclear power station developments at Hunterston in Ayrshire and Dounreay in Caithness. This allows us to consider and compare the employment impacts of nuclear power stations on a relatively underdeveloped area and an industrialized area. The employment analysis carried out below was based upon employment and unemployment trends and shift-share analysis. Shift-share analysis is not definitive, as we shall suggest below, but it is held to adequately describe local labour market conditions. (author)

  16. Applicability of shift-share analysis in considering employment impacts as applied to investments in nuclear power

    Energy Technology Data Exchange (ETDEWEB)

    McGuire, A

    1982-01-01

    An unresolved issue in the continuing debate between the proponents of nuclear power and alternative energy supplies concerns the employment impacts associated with the capital investments required by these different energy sources. Such employment impacts are properly defined as the impact of capital projects upon the local labour market and should not be confined merely to the direct employment associated with new investments. This paper attempts to highlight the local employment impacts associated with the investment in nuclear power stations by examining the effect past investments in such stations have had upon employment and unemployment trends in certain localities. Our analysis is based upon the nuclear power station developments at Hunterston in Ayrshire and Dounreay in Caithness. This allows us to consider and compare the employment impacts of nuclear power stations on a relatively underdeveloped area and an industrialized area. The employment analysis carried out below was based upon employment and unemployment trends and shift-share analysis. Shift-share analysis is not definitive, as we shall suggest below, but it is held to adequately describe local labour market conditions.

  17. Low-order modelling of shallow water equations for sensitivity analysis using proper orthogonal decomposition

    Science.gov (United States)

    Zokagoa, Jean-Marie; Soulaïmani, Azzeddine

    2012-06-01

    This article presents a reduced-order model (ROM) of the shallow water equations (SWEs) for use in sensitivity analyses and Monte-Carlo type applications. Since, in the real world, some of the physical parameters and initial conditions embedded in free-surface flow problems are difficult to calibrate accurately in practice, the results from numerical hydraulic models are almost always corrupted with uncertainties. The main objective of this work is to derive a ROM that ensures appreciable accuracy and a considerable acceleration in the calculations so that it can be used as a surrogate model for stochastic and sensitivity analyses in real free-surface flow problems. The ROM is derived using the proper orthogonal decomposition (POD) method coupled with Galerkin projections of the SWEs, which are discretised through a finite-volume method. The main difficulty of deriving an efficient ROM is the treatment of the nonlinearities involved in SWEs. Suitable approximations that provide rapid online computations of the nonlinear terms are proposed. The proposed ROM is applied to the simulation of hypothetical flood flows in the Bordeaux breakwater, a portion of the 'Rivière des Prairies' located near Laval (a suburb of Montreal, Quebec). A series of sensitivity analyses are performed by varying the Manning roughness coefficient and the inflow discharge. The results are satisfactorily compared to those obtained by the full-order finite volume model.

  18. 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.

  19. 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)

  20. 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...

  1. 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...

  2. 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...

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

    Data.gov (United States)

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

  4. 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

  5. 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...

  6. 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.

  7. THE COMPANY ACCOUNTING EVALUATION – PRELIMINARY PHASE OF THE PROPER ANALYSIS OF FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Doina Pacurari

    2008-12-01

    Full Text Available The problem that the accounting information do not always reflect the economic reality may affect the analysis and forecast based on financial statements. This is due both to the accrual accounting limitations and to the fact that this type of accounting allows the result management. In spite of some disadvantages, the accrual accounting is considered superior to cash accounting in measuring the performances and determining financial position as well as in the predicting of future cash flow. In order to limit the negative effects on the results of analysis and forecast based on financial statements, the analists should evaluate the enterprise accounting and if necessary adjust the financial statements so they reflect the economic reality.

  8. Analysis of Bonds as an Instrument for Financing Mining Investments

    Science.gov (United States)

    Ranosz, Robert

    2017-06-01

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

  9. 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.

  10. [Retrieval and failure analysis of surgical implants in Brazil: the need for proper regulation].

    Science.gov (United States)

    Azevedo, Cesar R de Farias; Hippert, Eduardo

    2002-01-01

    This paper summarizes several cases of metallurgical failure analysis of surgical implants conducted at the Laboratory of Failure Analysis, Instituto de Pesquisas Tecnológicas (IPT), in Brazil. Failures with two stainless steel femoral compression plates, one stainless steel femoral nail plate, one Ti-6Al-4V alloy maxillary reconstruction plate, and five Nitinol wires were investigated. The results showed that the implants were not in accordance with ISO standards and presented evidence of corrosion-assisted fracture. Furthermore, some of the implants presented manufacturing/processing defects which also contributed to their premature failure. Implantation of materials that are not biocompatible may cause several types of adverse effects in the human body and lead to premature implant failure. A review of prevailing health legislation is needed in Brazil, along with the adoption of regulatory mechanisms to assure the quality of surgical implants on the market, providing for compulsory procedures in the reporting and investigation of surgical implants which have failed in service.

  11. Plasmonic-based instrument response function for time-resolved fluorescence: toward proper lifetime analysis

    Energy Technology Data Exchange (ETDEWEB)

    Szlazak, Radoslaw; Tutaj, Krzysztof; Grudzinski, Wojciech; Gruszecki, Wieslaw I.; Luchowski, Rafal, E-mail: rafal.luchowski@umcs.pl [Maria Curie-Sklodowska University, Department of Biophysics, Institute of Physics (Poland)

    2013-06-15

    In this report, we investigated the so-called plasmonic platforms prepared to target ultra-short fluorescence and accurate instrumental response function in a time-domain spectroscopy and microscopy. The interaction of metallic nanoparticles with nearby fluorophores results in the increase of the dye fluorescence quantum yield, photostability and decrease of the lifetime parameter. The mentioned properties of platforms were applied to achieve a picosecond fluorescence lifetime (21 ps) of erythrosin B, used later as a better choice for deconvolution of fluorescence decays measured with 'color' sensitive photo-detectors. The ultra-short fluorescence standard based on combination of thin layers of silver film, silver colloidal nanoparticles (about 60 nm in diameter), and top layer of erythrosin B embedded in 0.2 % poly(vinyl) alcohol. The response functions were monitored on two photo-detectors; microchannel plate photomultiplier and single photon avalanche photodiode as a Rayleigh scattering and ultra-short fluorescence. We demonstrated that use of the plasmonic base fluorescence standard as an instrumental response function results in the absence of systematic error in lifetime measurements and analysis.

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

    Directory of Open Access Journals (Sweden)

    Martina Hedda Sola

    2014-12-01

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

  13. Corporate investment decisions and economic analysis. Exercises and case studies

    International Nuclear Information System (INIS)

    Babusiaux, D.; Pierru, A.

    2005-01-01

    Economic analysis of industrial projects is based on methods which are often simple, sometimes complex, yet always to be applied with rigor. The aim of this book is to help readers assimilate the concepts and methods for investment decision and project evaluation. It offers a wide range of exercises, problems and case studies taken from business, which are the fruit of many years of teaching, consulting and research. Some are direct application of basics, others require a higher degree of reflection for more complex applications. Our approach borrows elements from micro economics, engineering economics and finance theory. While many examples relate to the energy sector, particularly oil and gas, the problems addressed are of broader scope and so are fully applicable to other industry sectors. This book is ideally suited to both professionals and students who seek to master capital budgeting techniques. A review of essential points is proposed at the beginning of each chapter and key methodological elements are recalled in the solutions. (authors)

  14. 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...

  15. 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.

  16. 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.

  17. 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...

  18. 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

  19. 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.

  20. 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.

  1. 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...

  2. 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.

  3. 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 ...

  4. An Analysis of Chinese Foreign Direct Investment (FDI) in Sub ...

    African Journals Online (AJOL)

    user

    In line with this,. China has bilateral trade and economic cooperation with many sub-Saharan. African countries. 4.2 Trends of Chinese FDI across sectors and Countries. China has become the leading country in foreign direct investment in Africa. During the year 2011, trade between Africa and China increased a staggering.

  5. 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

  6. 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...

  7. 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.

  8. 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.

  9. 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.

  10. Hometown investment trust funds: An analysis of credit risk

    OpenAIRE

    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad

    2014-01-01

    In Asia, small and medium-sized enterprises (SMEs) account for a major share of employment and dominate the economy. Asian economies are often characterized as having bank-dominated financial systems and underdeveloped capital markets, in particular venture capital markets. Hence, looking for new methods of financing for SMEs is crucial. Hometown investment trust funds (HIT) are a new form of financial intermediation that has now been adopted as a national strategy in Japan. In this paper, we...

  11. 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...

  12. A Comparative Analysis of the Performance of Collective Investment Institutions

    OpenAIRE

    Carmen-Pilar Mart¨ª-Ballester

    2012-01-01

    Pension plans and mutual funds represent a substantial part of the welfare systems in both Europe and Spain. One of the most important factors in the choice of a plan or fund is its performance, since if high returns are obtained; the participant will receive higher payments when the contingency covered by the plan occurs or when the investors of the mutual funds recover their investments. The main objective of this paper is therefore to analyze the performance of Spanish collective investmen...

  13. A comparative analysis of foreign direct investment factors

    OpenAIRE

    Miškinis, Algirdas; Juozėnaitė, Ilma

    2015-01-01

    The paper identifies factors affecting the foreign direct investment (FDI) inflow. It analyzes the determinants of FDI in recent empirical evidence as well as determines differences among FDI factors in Greece, Ireland, and the Netherlands. The determinants being examined are the gross domestic product (GDP) per capita, exchange rate, unit labor costs, trade openness as well as inflation. The analyzed period is 1974–2012. Data were collected from the World Bank and the Organization for Econom...

  14. Multi-criteria decision analysis to select the optimum position and proper field of view of a photosensor

    International Nuclear Information System (INIS)

    Doulos, L.; Tsangrassoulis, A.; Topalis, F.V.

    2014-01-01

    Highlights: • A new methodology for the determination of proper FOV and position of a photosensor is proposed. • Model takes into account illuminance ratio, energy savings and lighting adequacy. • A multiple criteria decision method (ELECTRE) is used to estimate best solution. • A number of simulations were performed in order to clarify the calculation procedure. • An experimental procedure was performed in order to verify the simulation procedure. - Abstract: The lack of knowledge concerning the commissioning of a daylight responsive system constitutes a serious impediment to their widespread use. Furthermore, installation details and tools regarding their photosensor position and field of view (FOV) are insufficient. This paper presents a decision making method capable to estimate the best position of a photosensor on the ceiling and its proper FOV based on multiple criteria analysis. The criteria used are (a) the correlation of the lighting levels between the working plane and the ceiling, (b) the corresponding energy savings and (c) the lighting adequacy which is defined as the percentage for occupied time with total illuminance exceeding design illuminance (i.e 500 lux EN 12464-1, 2011) and is strongly affected by the control algorithm. A number of simulations with variable FOV and position of photosensors were performed in order to clarify the calculation procedure of the proposed methodology. Three different typical room geometries have been used with variable window sizes and orientation. Furthermore a prototype photosensor with variable FOV through the use of a telescopic cylinder was constructed and placed in a scale room (1:10) in order to verify the results of simulations. The verification was based on a set of experimental procedures concerning measurements of the spatial response of the prototype photosensor (for various FOVs) and measurements of ceiling/workplane illuminance inside the scaled room for various combinations of position and

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

    Directory of Open Access Journals (Sweden)

    Pistoia Vito

    2008-10-01

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

  16. 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.

  17. 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.

  18. 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.

  19. 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...

  20. 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

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

    Directory of Open Access Journals (Sweden)

    Schnorr Jörg

    2005-04-01

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

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

    Science.gov (United States)

    Busch, Martin H J; Vollmann, Wolfgang; Schnorr, Jörg; Grönemeyer, Dietrich H W

    2005-04-08

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

  3. 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.

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

    Science.gov (United States)

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

    2014-01-01

    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

  5. 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.

  6. Proper orthogonal decomposition analysis of scanning laser Doppler vibrometer measurements of plaster status at the U.S. Capitol

    Science.gov (United States)

    Vignola, Joseph F.; Bucaro, Joseph A.; Tressler, James F.; Ellingston, Damon; Kurdila, Andrew J.; Adams, George; Marchetti, Barbara; Agnani, Alexia; Esposito, Enrico; Tomasini, Enrico P.

    2004-06-01

    A large-scale survey (~700 m2) of frescos and wall paintings was undertaken in the U.S. Capitol Building in Washington, D.C. to identify regions that may need structural repair due to detachment, delamination, or other defects. The survey encompassed eight pre-selected spaces including: Brumidi's first work at the Capitol building in the House Appropriations Committee room; the Parliamentarian's office; the House Speaker's office; the Senate Reception room; the President's Room; and three areas of the Brumidi Corridors. Roughly 60% of the area surveyed was domed or vaulted ceilings, the rest being walls. Approximately 250 scans were done ranging in size from 1 to 4 m2. The typical mesh density was 400 scan points per square meter. A common approach for post-processing time series called Proper Orthogonal Decomposition, or POD, was adapted to frequency-domain data in order to extract the essential features of the structure. We present a POD analysis for one of these panels, pinpointing regions that have experienced severe substructural degradation.

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    Bojan Krstić

    2014-12-01

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

  9. 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...

  10. 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.

  11. 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.

  12. 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

  13. 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)

  14. 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

  15. 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.

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

    Directory of Open Access Journals (Sweden)

    CODRUŢA DURA

    2011-01-01

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

  17. 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)

  18. 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...

  19. 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.

  20. Key Aspects of the Proper Formulation of the Model in Numerical Analysis of the Influence of Mining Exploitation on Buildings

    Directory of Open Access Journals (Sweden)

    Florkowska Lucyna

    2015-02-01

    Full Text Available Numerical modelling is an important tool used to analyse various aspects of the impact of underground mining on existing and planned buildings. The interaction between the building and the soil is a complex matter and in many cases a numerical simulation is the only way of making calculations which will take into consideration the co–existence of a number of factors which have a significant influence on the solution. The complexity of the matter also makes it a difficult task to elaborate a proper mathematical model – it requires both a thorough knowledge of geologic conditions of the subsoil and the structural characteristics of the building.

  1. 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.

  2. 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...

  3. 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…

  4. 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.

  5. 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...

  6. 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.

  7. 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...

  8. 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.

  9. 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)

  10. 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.

  11. 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.

  12. 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.').

  13. Sequencing Infrastructure Investments under Deep Uncertainty Using Real Options Analysis

    Directory of Open Access Journals (Sweden)

    Nishtha Manocha

    2018-02-01

    Full Text Available The adaptation tipping point and adaptation pathway approach developed to make decisions under deep uncertainty do not shed light on which among the multiple available pathways should be chosen as the preferred pathway. This creates the need to extend these approaches by means of suitable tools that can help sequence actions and subsequently enable the outlining of relevant policies. This paper presents two sequencing approaches, namely, the “Build to Target” and “Build Up” approach, to aid in sub-selecting a set of preferred pathways. Both approaches differ in the levels of flexibility they offer. They are exemplified by means of two case studies wherein the Net Present Valuation and the Real Options Analysis are employed as selection criterions. The results demonstrate the benefit of these two approaches when used in conjunction with the adaptation pathways and show how the pathways selected by means of a Build to Target approach generally have a value greater than, or at least the same as, the pathways selected by the Build Up approach. Further, this paper also demonstrates the capacity of Real Options to quantify and capture the economic value of flexibility, which cannot be done by traditional valuation approaches such as Net Present Valuation.

  14. THE EFFICIENCY ANALYSIS OF SINGAPORE REAL ESTATE INVESTMENT TRUSTS

    Directory of Open Access Journals (Sweden)

    Hui Chen Chiang

    2016-11-01

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

  15. 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

  16. 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.

  17. 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)

  18. 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.

  19. 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.

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

    Science.gov (United States)

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

    2015-01-01

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

  1. 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...

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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 ...

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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

  16. 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.

  17. 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…

  18. 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...

  19. 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

  20. 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.

  1. 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.

  2. 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.

  3. 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

  4. 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.

  5. 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.

  6. Dynamical analysis of nearby clusters. Automated astrometry from the ground: precision proper motions over a wide field

    Science.gov (United States)

    Bouy, H.; Bertin, E.; Moraux, E.; Cuillandre, J.-C.; Bouvier, J.; Barrado, D.; Solano, E.; Bayo, A.

    2013-06-01

    Context. The kinematic properties of the different classes of objects in a given association hold important clues about the history of its members, and offer a unique opportunity to test the predictions of the various models of stellar formation and evolution. Aims: DANCe (standing for dynamical analysis of nearby clusters) is a survey program aimed at deriving a comprehensive and homogeneous census of the stellar and substellar content of a number of nearby (history, and the presence of reference extragalactic sources for the anchoring onto the ICRS. Based on observations obtained with MegaPrime/MegaCam, a joint project of CFHT and CEA/DAPNIA, at the Canada-France-Hawaii Telescope (CFHT) which is operated by the National Research Council (NRC) of Canada, the Institut National des Science de l'Univers of the Centre National de la Recherche Scientifique (CNRS) of France, and the University of Hawaii.

  7. 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

  8. 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.

  9. 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)

  10. Characterizations of proper actions

    Science.gov (United States)

    Biller, Harald

    2004-03-01

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

  11. Proper Islamic Consumption

    DEFF Research Database (Denmark)

    Fischer, Johan

    mobile, religiously committed communities to the opportunities and perils presented by modernisation. It also tells us something about the debates concerning the meanings and practices of Islam within an aggressive, globalised, secularised modernity. In Malaysia this is an especially intriguing issue...... spite of a long line of social theory analyzing the spiritual in the economic, and vice versa, very little of the recent increase in scholarship on Islam addresses its relationship with capitalism. Johan Fischer’s book,Proper Islamic Consumption, begins to fill this gap. […] Fischer’s detailed...

  12. 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

  13. 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...

  14. 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.

  15. 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

  16. 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.

  17. Analysis on the choice of the most suitable metal prices in a mining investment project

    International Nuclear Information System (INIS)

    Torre, L. de la; Espi, J. a.

    2014-01-01

    The mineral price assigned in mining project design is critical to determining the economic feasibility of a project. Nevertheless, although it is not difficult to find literature about market metal prices, it is much more complicated to achieve a specific methodology for calculating the value or which justifications are appropriate to include. This study presents an analysis of various methods for selecting metal prices and investigates the mechanisms and motives underlying price selections. The results describe various attitudes adopted by the designers of mining investment project, and how the price can be determined not just by means of forecasting also by consideration of other relevant parameters. (Author)

  18. Efficacy, safety and proper dose analysis of PEGylated granulocyte colony-stimulating factor as support for dose-dense adjuvant chemotherapy in node positive Chinese breast cancer patients.

    Science.gov (United States)

    Zhang, Fan; LingHu, RuiXia; Zhan, XingYang; Li, Ruisheng; Feng, Fan; Gao, Xudong; Zhao, Lei; Yang, Junlan

    2017-10-03

    For high-risk breast cancer patients with positive axillary lymph nodes, dose-dense every-two-week epirubicin/cyclophosphamide-paclitaxel (ddEC-P) regimen is the optimal postoperative adjuvant therapy. However, this regimen is limited by the grade 3/4 neutropenia and febrile neutropenia (FN). There is an urgent need to explore the efficacy, safety and proper dosage of PEGylated granulocyte colony-stimulating factor (PEG-G-CSF) as support for ddEC-P in Chinese breast cancer patients with positive axillary lymph nodes. Prospectively, 40 women with stage IIIA to IIIC breast cancer received ddEC-P ± trastuzumab as adjuvant treatment. PEG-G-CSF was injected subcutaneously in a dose of 6 mg or 3 mg on the 2 th day of each treatment cycle. With administration of PEG-G-CSF, all of the 40 patients completed 8 cycles of ddEC-P ± trastuzumab regimen without dose reductions or treatment delays. Moreover, no FN cases were observed. Further analysis showed that the proper dosage of PEG-G-CSF was 6 mg for ddEC treatment, and 3 mg for ddP treatment. PEG-G-CSF exhibits advantages compared with G-CSF in convenient of administration and tolerance for high risk Chinese breast cancer patients. More importantly, the proper dose of PEG-G-CSF for high risk Chinese breast cancer patients during ddEC-P chemotherapy may be 6 mg for ddEC treatment and 3 mg for ddP treatment.

  19. 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.

  20. 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.

  1. 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.

  2. 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...

  3. 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...

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

    Directory of Open Access Journals (Sweden)

    R. INGWE

    2014-11-01

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

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. Tank Riser Pit Decontamination System (Pit Viper) Return on Investment and Break-Even Analysis

    International Nuclear Information System (INIS)

    Young, Joan K.; Weimar, Mark R.; Balducci, Patrick J.; Fassbender, Linda L.; Hernandez, Melissa

    2003-01-01

    This study assessed the cost benefit of Pit Viper deployment for 80 tank farm pits between October 1, 2003 and September 30, 2012 under the technical baseline for applicable double-shell tank (DST) and single-shell tank (SST) projects. After this assessment had been completed, the U.S. Department of Energy (DOE) Richland Operations Office (RL) and Office of River Protection (ORP) published the Hanford Performance Management Plan (August 2003), which accelerated the schedule for SST retrieval. Then, DOE/CH2M HILL contract modification M064 (October 2002) and The Integrated Mission Acceleration Plan (March 2003) further accelerated SST retrieval and closure schedules. Twenty-six to 40 tanks must be retrieved by 2006. Thus the schedule for SST pit entries is accelerated and the number of SST pit entries is increased. This study estimates the return on investment (ROI) and the number of pits where Pit Viper deployment would break even or save money over current manual practices. The results of the analysis indicate a positive return on the federal investment for deployment of the Pit Viper provided it is used on a sufficient number of pits

  10. Value of Residential Investment in Photovoltaics and Batteries in Networks: A Techno-Economic Analysis

    Directory of Open Access Journals (Sweden)

    Damian Shaw-Williams

    2018-04-01

    Full Text Available Australia has one of the highest rates of residential photovoltaics penetration in the world. The willingness of households to privately invest in energy infrastructure, and the maturing of battery technology, provides significant scope for more efficient energy networks. The purpose of this paper is to evaluate the scope for promoting distributed generation and storage from within existing network spending. In this paper, a techno-economic analysis is conducted to evaluate the economic impacts on networks of private investment in energy infrastructure. A highly granular probabilistic model of households within a test area was developed and an economic evaluation of both household and network sectors performed. Results of this paper show that PV only installations carry the greatest private return and, at current battery prices, the economics of combined PV and battery systems is marginal. However, when network benefits arising from reducing residential evening peaks, improved reliability, and losses avoided are considered, this can more than compensate for private economic losses. The main conclusion of this paper is that there is significant scope for network benefits in retrofitting existing housing stock through the incentivization of a policy of a more rapid adoption of distributed generation and residential battery storage.

  11. 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.

  12. Cost-Benefit Analysis for Investment Decisions: Chapter 16 (Cost-Benefit Analysis of Transportation Projects)

    OpenAIRE

    Glenn Jenkins; Chun-Yan Kuo; Arnold C. Harberger

    2011-01-01

    This chapter will focus on the problems of evaluating transportation projects in the context of the less-developed countries. Emphasis will be placed on highway projects, because these account for the bulk of transport investments in the developing parts of the world. If a project passes a straight financial test, based on the present value of its cash inflows and outflows, projects would only come if this financial NPV were outweighed by the present value of the project’s various externali...

  13. 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.

  14. 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.

  15. Analysis of Foreign Direct Investment Determinants at the Level of a County in Romania

    Directory of Open Access Journals (Sweden)

    Răzvan Cătălin DOBREA

    2012-06-01

    Full Text Available The attraction of the foreign direct investment (FDI represents a major challenge both at macroeconomic level from the perspective of the central public authorities and at the microeconomic one from the point of view of all entities involved in this process. While the FDI attraction problem is widely debated in the specialty literature at macro level, at micro level the representative solutions and models are still being searched for. The main objective of the realized research was the identification and analysis of some FDI attractively variables, on the example of a county in Romania. Based on the obtained results we proposed the development of a model, available both for the potential investors and for other regions with lower performances in order to improve the situation.

  16. 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

  17. [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.

  18. 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...

  19. 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 ...

  20. 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.

  1. 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.

  2. 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.

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

    Science.gov (United States)

    Kaya, Derya; Cakir, Serhat

    2016-07-01

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

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

    Directory of Open Access Journals (Sweden)

    Maísa Santos Joaquim

    2015-09-01

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

  5. Analysis of investment factors which are influencing the growth of the Republic of Serbia

    Directory of Open Access Journals (Sweden)

    Milojević Ivan

    2016-01-01

    Full Text Available The subject of this research is empirical analysis of the factors which have influence on economic growth, whereas the main aim is to suggest adequate ways to overcome problems. We have analyzed the influence of budget deficit, personal consumption, inflation, real exchange rate, foreign trade balance and foreign direct investments (FDI on economic growth. Furthermore, we measured the influence factors on the presence and movement of the budget deficit. Research paper uses the data obtained from the Statistical Office of the Republic of Serbia, World Bank and the IMF for the time period 2001-2011 and has been applied regression analysis method. Research results indicate that the real exchange rate, personal consumption and foreign trade balance are statistically significant for anticipating economic growth developments. Contrary to our expectations, the empirical analysis showed that FDI have a negative influence on the economic growth. The coefficient 'public debt' is statistically significant and has a positive influence on the increase of budget deficit, whereas the increase of SDI and trade openness triggers a decrease in budget deficit. This research starts from the hypothesis that financing deficit limits economic growth and the inflow of FDI can't provide long-term economic growth. In the coming period Serbia needs to take advantage of the available resources and managing public finances, obeying laws and regulations and continuing with reforms are fundamental for achieving a stable business environment.

  6. 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...

  7. 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.

  8. 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

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

    Science.gov (United States)

    Hocine, Benlaria; Sofiane, Mostéfaoui

    2017-01-01

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

  10. 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…

  11. 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.

  12. 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

  13. 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.

  14. 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.

  15. 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...

  16. 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

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

    Science.gov (United States)

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

    2017-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2013-05-01

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

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

    Science.gov (United States)

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

    1993-01-01

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

  20. An Econometric Analysis of the Determinants of Foreign Direct Investment in Africa

    Directory of Open Access Journals (Sweden)

    Manamba Epaphra

    2018-03-01

    Full Text Available This paper provides an empirical analysis on the determinants of FDI inflows in Africa. The dataset used for this paper spans from 1996-2016 and involves 48 African countries. For inferential analysis the paper employs random (RE effect model. Both structural factors and the quality of institutions and governance indices are examined. The key findings of the paper is that openness of the economy, GDP per capita and population growth have a substantial positive explanatory power over FDI in Africa. Similarly, control of corruption and political stability tend to exert a positive influence on FDI inflows in Africa. These findings provide some valuable insights into policy makers, practitioners, and foreign investors’ decision making. More so, to attract foreign investment in the less trade liberalized countries, Government policy should encourage further market liberalization. In the same vein, an effective policy on FDI in all economies should focus on improving production efficiency so as to raise GDP per capita and increase the market size. African Governments should also improve the quality of institutions and governance, especially in terms of enhancement of corruption control and political stability.

  1. 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...

  2. The Relative Value of Investment in "Second Chance" Educational Opportunities for Adults in Sweden and Australia: A Comparative Analysis

    Science.gov (United States)

    Stehlik, Tom; Christie, Michael

    2007-01-01

    The article presents a comparative analysis of educational policy and provision in Sweden and Australia, with particular emphasis on the relative investment in continuing and further education in both countries. The authors investigate the extent to which further education opportunities provide a "second chance" at learning for adults…

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

    Science.gov (United States)

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

    2016-04-01

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

  4. Investment barriers and incentives for marine renewable energy in the UK: An analysis of investor preferences

    International Nuclear Information System (INIS)

    Leete, Simeon; Xu, Jingjing; Wheeler, David

    2013-01-01

    Deployment of marine renewable energy (MRE) in the UK is desirable in order to address climate change, meet mandatory EU renewable energy targets and provide significant economic development opportunities, including new export markets. Public funding constraints in the UK mean that substantial investment is required from the private sector to commercialize the industry. By focussing on investor attitudes and behaviours towards wave and tidal technologies, this paper reveals significant observations from the investment community with serious implications for the future of the MRE industry. Through a series of in-depth interviews with individuals from the investment community, device developers and industry support, the research seeks to identify common barriers and incentives to investment. The paper demonstrates that although investors' attitudes are generally aligned, they do appear to have changed over time. Of the participants that had previously invested in early stage MRE device development, none were likely to do so again. It is concluded that this is a function of investors' greater understanding of the scale, and unpredictability of the costs, and the length of time required to develop these technologies. This presents a significant policy challenge for all actors interested in the commercialization of wave and tidal technologies. - Highlights: • Performed a series of in-depth interviews with senior finance and industry actors. • Examined investor attitudes and policy preferences that may encourage investment. • VC investors are currently disinclined to invest in early stage device development. • Policy instability, level of capital and revenue support are key investment barriers. • Commercialization requires strategic government and industrial partner investment

  5. AN ANALYSIS OF THE DYNAMICS OF INVESTMENT SAVING AND ECONOMIC GROWTH IN TURKEY: 1950-2004

    OpenAIRE

    SARIDOĞAN, Ercan; ŞENER, Sefer; ŞÜKRÜOĞLU, Deniz

    2007-01-01

    Main aim of this study is to investigate the interaction among the saving, investment and growth in order to find out which variable is the key in terms of the causality, impulse-response from one to another. If we find out this relationship among the saving, investment and growth then we can design efficient economic policies in order to achieve an economy in which saving, investment and growth affect one to another positively. We mainly focused on Turkey which has been erratic growth perfor...

  6. 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.

  7. 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...

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

    Directory of Open Access Journals (Sweden)

    Rana Ejaz Ali Khan

    2014-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Abdul Ghafar Ismail

    2005-01-01

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

  10. An Analysis of Return on Investment Options for the USMC Distance Learning Program

    National Research Council Canada - National Science Library

    Clark, Jamie

    2000-01-01

    A study was conducted to examine various aspects of Distance Learning (DL) applications currently under review by the Marine Corps, and determine whether these programs, if initiated, provide a positive Return on Investment (ROI...

  11. 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

  12. The Analysis of the Development of Futures Investment Funds in China

    Directory of Open Access Journals (Sweden)

    Zhang Zhe Jing

    2016-01-01

    Full Text Available This paper introduces the futures investment fund, elaborates on its functions and puts forward its problems in China. It also comes up with some personal suggestions for reference based on the measures for its development.

  13. 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.

  14. Investment patterns in Dutch glasshouse horticulture

    NARCIS (Netherlands)

    Goncharova, N.

    2007-01-01

    Keywords: investment, uncertainty, investment spikes, entry, exit, duration model, GMM dynamic panel data estimator, Negative Binomial model, Heckman selection model, moving window ARIMA, Principal Component analysis, horticulture

    This thesis focuses on the analysis of investment

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

    Directory of Open Access Journals (Sweden)

    Isabel Husid

    2015-01-01

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

  16. Predicting Individual Investors- Intention to Invest: An Experimental Analysis of Attitude as a Mediator

    OpenAIRE

    Azwadi Ali

    2011-01-01

    The survival of publicly listed companies largely depends on their stocks being liquidly traded. This goal can be achieved when new investors are attracted to invest on companies- stocks. Among different groups of investors, individual investors are generally less able to objectively evaluate companies- risks and returns, and tend to be emotionally biased in their investing decisions. Therefore their decisions may be formed as a result of perceived risks and returns, and ...

  17. 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...

  18. A Panel data analysis of locational determinants of outward Foreign Direct Investment from China and India

    OpenAIRE

    Duanmu, J; Guney, Y

    2009-01-01

    The upsurge of Chinese and Indian outward foreign direct investment (FDI) raises an unanswered question about locational determinants of direct investment from the two countries. Using an unbalanced bilateral FDI database, we find that Chinese and Indian FDI are attracted to countries with large market size, low GDP growth, high volumes of imports from China or India, and low corporate tax rates. We also find important differences between China and India. While Chinese FDI is drawn to countri...

  19. 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

  20. 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

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

    Science.gov (United States)

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

    2015-01-01

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

  2. 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.

  3. 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

  4. Investment Process in Romania and Institutional

    Directory of Open Access Journals (Sweden)

    Dan Marius VOICILAŞ

    2011-12-01

    Full Text Available The concepts set out and the macroeconomic policies implemented during the past twenty years have been different and controversial. They have aimed at creating an economic environment conducive to the infusion of foreign capital and development of sectors considered as a priority at that time, which can ensure a sound macro-economic stability, taking into account the fact that there is not enough domestic capital to participate in achieving these objectives. In this paper we will focus on foreign direct investment (FDI policies designed to promote them, their effects on national economy in general terms and features of investment in rural and agricultural sector, which we consider key elements of success in economic growth. Also, the institutional framework in which the investment process took place is thoroughly addressed given that most times the general investment climate of a certain market is influenced both by legislation and the institutions involved in economic life. The experience of transition and the experiences of other countries have shown how important are institutions created to coordinate, support and control of investment activity. We included in this analysis institutions and organizations in Romania with responsibilities in the investment field. Based on this analysis, and on the contributions of institutions to create the proper economic development, but also by investors' direct contribution to the creation of this framework by policy makers recommendations, it is obtained a profile of the business environment in Romania, including what is best but what is missing and it needs to be implemented. We consider that this approach is an important step in addressing the institutional investment process and it creates prerequisites of disseminating essential information and remedial implications to stakeholders.

  5. Analysis of the coupling coordination between transportation infrastructure investment and economic development in Hubei province

    Directory of Open Access Journals (Sweden)

    Wenxia Zhai

    2017-06-01

    Full Text Available The relationship between transportation infrastructure investment and regional economic growth has been the focus of domestic and foreign academic research. Using the models of coupling degree and coupling coordination degree, this paper calculated the coupling degree and coupling coordination degree between the comprehensive level of transportation infrastructure investment and economic development in Hubei province and its 17 cities, and analyzed its temporal and spatial characteristics. The result showed that, from 2001 to 2013, the coupling and coupling coordination between transportation infrastructure investment and economic development in Hubei province were on a steady rise in the time sequence characteristics. It experienced the upgrade from the uncoordinated – nearly uncoordinated – barely coordinated – intermediately coordinated stages. In the year of 2013, the coupling and coupling coordination of transportation infrastructure investment and economic development in the 17 prefecture-level cities of Hubei Province showed a very uneven spatial difference. Good coordination, primary coordination, barely coordinate, and barely in-coordination are distributed in the province. The average coordination degree of the 17 prefecture-level cities in Hubei is relatively low, and there is a negative tend to expand the difference. This study has confirmed the relationship between transportation infrastructure investment and the economic development to be in an interactive coupling and coordination, but in different regions and different stages, the degree of coordination has obvious spatial and temporal differences.

  6. Financial Investments in Romania. A Comparative Analysis between Open-end Mutual Funds and Bank Deposits

    Directory of Open Access Journals (Sweden)

    Pop Izabela Luiza

    2017-01-01

    Full Text Available Despite the failures that investment funds have registered in Romania by the year 2000, they are a financial instrument chosen by more and more people to capitalize on their savings. Therefore, open-end investment funds have had a steady growth trend in Romania over the past 10 years; their net asset value increased by 24 times and the number of investors tripled. In this context, the purpose of our paper is to present possible factors that have caused this increase. Particularly, the empirical research focuses on studying the links that might exist between open-end investment funds, bank deposits and interest rates on bank deposits. The correlations between these variables were analysed by computing the Pearson's correlation coefficient. The results highlight a high negative relationship that exist between net asset value of investment funds and bank interest. Nevertheless, it has been found that bank deposits are related neither to the interest rate nor to the open-end investment funds.

  7. In-depth analysis on R and D investment and strategy on PV in South Korea

    International Nuclear Information System (INIS)

    Park, Noeon; Lee, Ki Jong; Lee, Kyong Jae; Lee, Yun Jie; Lee, Kyoungmi; Lee, Sang Hyon

    2013-01-01

    Photovoltaics (PV) is an eco-friendly and green technology, as a renewable energy source, with the aim of minimizing carbon dioxide emission into the atmosphere. The Korean government has financed various domestic installations as well as research and development (R and D) programs to enter and develop a lead in the worldwide PV market. In this study, R and D investments in the area of PV are analyzed in terms of the respective ministry, performer, research characteristics, PV materials and output levels in detail. The Korean government in the Fiscal year (FY) 2010 provided $178 million dollars from R and D funds for PV development. 74% of the R and D funds in the context of PV has been invested by the Ministry of Knowledge Economy (MKE). Expenditures for R and D programs in terms of PV are mainly funded by small-medium companies (40%), and the portion of the R and D investment in crystalline silicon solar cells is the highest in terms of materials. In spite of the high levels of R and D investment in PV, the output for commercialization was relatively lower compared to the R and D input in FY 2009–2010. With these results, we suggested to develop various solutions to improve the R and D investment efficiency for PV technology in Korea

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

    Science.gov (United States)

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

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

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

    International Nuclear Information System (INIS)

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

    2007-01-01

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

  10. ANALYSIS OF FINANCIAL PERFORMANCE BASED ON THE RELATIONSHIP BETWEEN INVESTMENTS AND CASH-FLOW

    Directory of Open Access Journals (Sweden)

    Ludmila PROFIR

    2018-06-01

    Full Text Available Financial performance is often difficult to achieve by economic entities, especially in the current economic context and successful models of some companies constitute examples of good practice for aspirants. Cash-flow explains investment because it contains information about future flows of cash and because investment is made in pursuit of future income. Therfore, the purpose of this paper is to analyze the relationship between cash-flow, investment and net income. The target population of the study was the companies listed and traded on the Bucharest Stock Exchange during 2012-2016. The results of this empirical study showed that most of the companies listed and traded on BVB that earn profit constantly generate cash-flow and 65% of the companies listed and traded on BVB during the period 2012-2016 show a satisfactory long-term financial balance.

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

    Directory of Open Access Journals (Sweden)

    Yuping Deng

    2015-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Muhammad Tahir

    2015-10-01

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

  13. 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.

  14. 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

  15. 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.

  16. TOWARDS PROPER CULTURAL RESOURCE MANAGEMENT ...

    African Journals Online (AJOL)

    GRACE

    proper harnessing and management of cultural resources in Nigeria for sustainable development .... and knowledge) to organize the resources available to man with the aim of optimizing their use in the ... needs‖ (World Bank 1992). Thus, as ...

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2010-12-15

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

  18. GC-MS analysis and antimicrobial activity determination of Citrus medica L. var proper leaf essential oil from South Sulawesi against skin pathogen microorganism

    Science.gov (United States)

    Aliyah; Himawan, A.; Rante, H.; Mufidah; Ningsih, D. R.

    2017-11-01

    A research about Citrus medica L. var sarcodactylis had been conducted and it showed a significant antimicrobial activity, thus drive our curiosity to investigate the other variety from the same species, Citrus medica L. var proper. This research focuses in chemical compound study and antimicrobial activity screening against Staphylococcus aureus, Propionibacterium acne, and Candida albicans of Citrus medica L. var Proper leaves’ essential oil. The essential oil is distillated from fresh leaves by hydrodestillation. The chemical compound was analysed using GC-MS instrument while the antimicrobial activity was tested using disk diffusion method. The results showed that the major component of the essential oil was Z-citral, citral and limonene compounds. The antimicrobial activity test results against the test microorganism are 9.15±0.15 mm, 11.15±1.3 mm and 8.02±0.48 mm, consecutively, for Staphylococcus aureus, Propionibacterium acne and Candida albicans.

  19. 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.

  20. 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…

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

    Science.gov (United States)

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

    2017-04-20

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

  2. 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.

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

    Science.gov (United States)

    Grossklags, Jens

    2009-01-01

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

  4. Inherent reward & risk (Part I): Towards a universal paradigm for investment analysis

    NARCIS (Netherlands)

    Zou, L.

    2000-01-01

    In this paper, a new paradigm is developed for analyzinginvestment strategies and pricing financial assets. This paradigmassumes that any investment strategy has its own "inherent reward"and "inherent risk" that can be judged with common sense. Ijustify axiomatically the existence and uniqueness

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

    DEFF Research Database (Denmark)

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

    2007-01-01

    Hydro-power plants, as a part of infrastructure projects, play an important role in the economic-social development of countries. Sincea large amount of investment is needed for construction of these power plants, which appeared to be an obstacle in these developments,however it is possible...

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

    International Nuclear Information System (INIS)

    Westner, Guenther; Madlener, Reinhard

    2010-01-01

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

  7. 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.

  8. Research investments in global infectious diseases - a systematic analysis of the UK research portfolio

    NARCIS (Netherlands)

    Head, M.G.

    2016-01-01

    This thesis considers investments in infectious disease research awarded to UK institutions between 1997 and 2010. It considers awards by pathogen and disease area, and by the type of science along the R&D pipeline (from pre-clinical and basic science, through clinical trials and product development

  9. RATING OF THE REGION’S INVESTMENT POTENTIAL IN RUSSIAN FEDERATION: MULTIDIMENSIONAL STATISTICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Victor V. Nikitin

    2014-01-01

    Full Text Available Algorithm of the creation integral factor for estimation ofthe region’s investment potential is given in the article. It is founded on the main component method, using intwo stages. First at the rate of primary factors. Then at the rate of factors, that characterizing investmentpotential. Comparison given algorithm with method ofthe national rating agency «Expert RA» is presented.

  10. REAL ESTATE INVESTMENTS IN ROMANIA – ANALYSIS AND TENDENCIES

    OpenAIRE

    Ana Morariu; Cornel Dumitru Crecana

    2009-01-01

    A development of real estate companies have been taken in last few years related to Romanian property investment market. These companies were submitted to "globalization", in the sense of mergers, acquisitions, partnerships with multinational companies. Because users of financial statements (in special investors) a view as fair as possible of financial position, performance and cash flow statement, an accounting according to IFRS is needed.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2010-12-15

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

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

    Science.gov (United States)

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

    2014-03-26

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2013-09-30

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

  14. 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.

  15. Efficacy, safety and proper dose analysis of PEGylated granulocyte colony-stimulating factor as support for dose-dense adjuvant chemotherapy in node positive Chinese breast cancer patients

    OpenAIRE

    Zhang, Fan; LingHu, RuiXia; Zhan, XingYang; Li, Ruisheng; Feng, Fan; Gao, Xudong; Zhao, Lei; Yang, Junlan

    2017-01-01

    For high-risk breast cancer patients with positive axillary lymph nodes, dose-dense every-two-week epirubicin/cyclophosphamide-paclitaxel (ddEC-P) regimen is the optimal postoperative adjuvant therapy. However, this regimen is limited by the grade 3/4 neutropenia and febrile neutropenia (FN). There is an urgent need to explore the efficacy, safety and proper dosage of PEGylated granulocyte colony-stimulating factor (PEG-G-CSF) as support for ddEC-P in Chinese breast cancer patients with posit...

  16. 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.

  17. 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

  18. 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.

  19. 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

  20. ECONOMIC EFFICIENCY - DETERMINED ELEMENT IN INVESTMENT DECISION

    Directory of Open Access Journals (Sweden)

    Claudia MUNGIU-PUPAZAN

    2010-03-01

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

  1. 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.

  2. 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.

  3. Analysis of required investment and benefits using RFID in supply chains

    Directory of Open Access Journals (Sweden)

    Atanasković Predrag

    2012-06-01

    Full Text Available Strengthening competition, short product life cycles and technological development of information technology (IT has changed the ways companies operate. Radio frequency identification technology (RFID is one of the technologies whose use is being rapidly tested in many fields. At the beginning of this century, the leading retail companies, in cooperation with their suppliers, began the testing of RFID systems application in supply chains. An important component of these studies, besides the effects achieved in the supply chains, is determining the required investments. The approach for the feasibility assessment of investments in RFID systems from the aspect of logistics is presented in this paper, and the results obtained for a realistic two-stage supply chain are given as an example.

  4. Real Options Analysis of Renewable Energy Investment Scenarios in the Philippines

    OpenAIRE

    Agaton, Casper

    2017-01-01

    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 probl...

  5. Key Concepts of Real Estate Market Analysis and Valuation with Specific Application to Residential Apartment Investments.

    Science.gov (United States)

    1986-01-01

    but is intended to I r Ii m provide a basic understanding of essentilal real estate I investment concepts. I l! I I 11 I I I ! I I I~i lllm m I...3,100 Utilities - Electric 5,000 Utilities - Water 15,000 Utilities - Gas/ Oil 1,200 Total Expenses $137,700 [ Net Operating Income $273,343 59 Figure

  6. Inherent Reward and Risk (Part I): Towards a Universal Paradigm for Investment Analysis

    OpenAIRE

    Liang Zou

    2000-01-01

    In this paper, a new paradigm is developed for analyzinginvestment strategies and pricing financial assets. This paradigmassumes that any investment strategy has its own “inherent reward”and “inherent risk” that can be judged with common sense. Ijustify axiomatically the existence and uniqueness (ratio scale)of inherent reward (U) and inherent risk (D) that could beregarded as universal measures of reward and risk for any giveninvestment strategy. Incorporating the notion of “inherentefficien...

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1979-12-12

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Forouzbakhsh, F. [University of Tehran (Iran). Faculty of Engineering; Hosseini, S.M.H. [Islamic Azad University, Tehran (Iran). Faculty of Engineering; Vakilian, M. [Sharif Institute of Technology, Tehran (Iran). Faculty of Electrical Engineering

    2007-02-15

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

  9. Risk-based analysis and policy implications for renewable energy investments in Greece

    International Nuclear Information System (INIS)

    Angelopoulos, Dimitrios; Doukas, Haris; Psarras, John; Stamtsis, Giorgos

    2017-01-01

    Significant renewable energy (RE) investments have to be implemented in order to achieve the ambitious RE targets set in the EU for 2020 and beyond. Moreover, a great amount of capital has to be leveraged, as these projects are followed by high investment and financing costs. Main aim of this paper is the provision of a comprehensive assessment of the existing risk elements of RE investments in relation to the respective policies and the evaluation of their impact on the weighted average cost of capital (WACC) in Greece. A consultation procedure with key national energy stakeholders took also place, including policy makers, project developers, investors, equity providers, bankers and energy analysts in the Greek RE market, in order to provide a validation of the respective results. It has been concluded that the policy design risk represents the risk element with the greatest impact on the cost of capital and, thus, the level of RE investments’ deployment. Βased on the cost of capital valuation process followed, the WACC was estimated to reach approximately 12% for onshore wind and little lower values for solar PV projects in Greece. - Highlights: • Policy design risk constitutes the main influential parameter of the WACC. • Social acceptance is more critical for large-scale, mainly onshore wind, projects. • A stable policy framework may lead to less risk and, thus, cost of RE projects. • The WACC is around 12% for onshore wind and little lower for solar PV projects.

  10. Impact of Foreign Direct Investment and Economic Growth in Ghana: A Cointegration Analysis

    Directory of Open Access Journals (Sweden)

    Samuel Antwi

    2013-07-01

    Full Text Available Foreign direct investment (FDI has been an important source of economic growth for Ghana, bringing in capital investment, technology and management knowledge needed for economic growth. This paper aims to study the relationship between FDI and economic growth in Ghana for the period 1980-2010 using time series data. The data used in this study was mainly secondary data collected from the period, 1980 to 2010 consisting of yearly observations for each variable. The real GDP growth and foreign direct investment net inflows as percent of GDP (FDI ratio data were taken from the World Banks World Development Indicators 2011 CD Rom. Yearly time series data covering the period 1980-2010 for which data was available was used. The cointegration methodology is applied on yearly data of FDI, GDP and GNI to determine the extent to which these variables are related. The study establishes that a long-run equilibrium and causal relationship exists between the dependent variable; FDI and the two independent variables under consideration namely, GDP and GNI. It was determined that in the short-run, effects of GDP and GNI volatility on FDI are nearly imaginary. These findings hold practical implications for policy makers, government and investors.

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

    International Nuclear Information System (INIS)

    Tolstooukhov, D.A.; Karkhov, A.N.

    2001-01-01

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

  12. 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...

  13. Investment in new power generation under uncertainty: Benefits of CHP vs. condensing plants in a copula-based analysis

    International Nuclear Information System (INIS)

    Westner, Günther; Madlener, Reinhard

    2012-01-01

    In this paper, we apply a spread-based real options approach to analyze the decision-making problem of an investor who has the choice between an irreversible investment in a condensing power plant without heat utilization and a plant with combined heat-and-power (CHP) generation. Our investigation focuses on large-scale fossil-fueled generation technologies and is based on a stochastic model that uses copula functions to provide the input parameters of the real options model. We define the aggregated annual spread as assessment criteria for our investigation since it contains all relevant volatile input parameters that have an impact on the evaluation of investment decisions. We show that the specific characteristics of CHP plants, such as additional revenues from heat sales, promotion schemes, specific operational features, and a beneficial allocation of CO 2 allowances, have a significant impact on the option value and therefore on the optimal timing for investment. For the two fossil-fueled CHP technologies investigated (combined-cycle gas turbine and steam turbine), we conclude from our analysis that a high share of CHP generation reduces the risk exposure for the investor. The maximal possible CHP generation depends significantly on the local heat demand in the surroundings of the power plant. Considering this, the size of the heat sink available could gain more relevance in the future selection process of sites for new large-scale fossil power plants.

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

    Directory of Open Access Journals (Sweden)

    Dirk Loerwald

    2010-07-01

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

  15. 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

  16. 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.

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

    Institute of Scientific and Technical Information of China (English)

    崔颖

    2007-01-01

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

  18. 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

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

    Directory of Open Access Journals (Sweden)

    Atanasković Predrag

    2012-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Kuznetsov Alexey V.

    2016-09-01

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

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

    Directory of Open Access Journals (Sweden)

    Cuicui Wang

    2015-01-01

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

  2. Analysis of Investment IT Planning on Logistic Company Using COBIT 5

    Science.gov (United States)

    Fachri Pane, Syafrial; Maulana Awangga, Rolly; Nuraini, Rd.; Fathonah, Siti

    2018-04-01

    IT Investment planning to review goals business strategy development needs to support IT governance. Planning its investments will be assessed with a framework is issued by ISACA that COBIT 5 focus on domain EDM, APO, BAI, and MEA. Mapping from framework COBIT 5 with Val IT lead nine domain consisting of EDM01, EDM02, APO01, APO02, APO05, APO06, APO07, BAI01, and MEA01. Article search google using RACI diagram generating mapping organisation telecoms and authority structures for the review identify respondents from any domain. Under selected area be used to review counting process capability level, and for a discussion of development, priorities make recommendations shall perform in accordance process needs PT.XYZ logistics company. The translating process capability level determined by the company prior currently at on level 4. The capability level domain process in the EDM is level 4, while at domain APO, BAI, and MEA are on level 3 and gap on APO, BAI, and MEA. The company recommendation domain subscription APO, BAI, and MEA to increase the capabilities of the rate review process to achieve the targets that have can determine the company.

  3. Analysis of economics of investment in a wind-farm system

    International Nuclear Information System (INIS)

    Ali, F; Nayyar, A.H.

    2005-01-01

    With the constant increase in the cost of generating electricity through conventional means, there is a growing need to look for other sources of energy. Renewable energy resources with their zero-emission features provide us with a good alternative. Of all the renewable energy resources, wind has proved to be the most promising one, chiefly due to its cost effectiveness and ability to provide grid-quality power. In Pakistan, the concept of using renewable energy for power generation is not new. However, the lack of support from the Government proved to be a major hurdle in developing Renewable Energy resources. Nevertheless, only recently the Government of Pakistan has taken concrete steps to develop renewable energy resources, one of which is a wind-mapping/charting program being carried out in the coastal areas of Balochistan and Sindh. The wind mapping program would eventually determine the wind-power potential of Pakistan and sizes of the wind-farm systems to be set up here. This study aims to estimate the cost of generating electricity using wind-energy and a suitable tariff-rate that may be set to attract foreign/local investment in this sector. This study also lays out policy recommendations that may help to attract investment to develop wind farm systems. (author)

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

    Science.gov (United States)

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

    2015-01-01

    This investigation is among the first ones to analyze the neural basis of an investment process with money flow information of financial market, using a simplified task where volunteers had to choose to buy or not to buy stocks based on the display of positive or negative money flow information. After choosing “to buy” or “not to buy,” participants were presented with feedback. At the same time, event-related potentials (ERPs) were used to record investor's brain activity and capture the event-related negativity (ERN) and feedback-related negativity (FRN) components. The results of ERN suggested that there might be a higher risk and more conflict when buying stocks with negative net money flow information than positive net money flow information, and the inverse was also true for the “not to buy” stocks option. The FRN component evoked by the bad outcome of a decision was more negative than that by the good outcome, which reflected the difference between the values of the actual and expected outcome. From the research, we could further understand how investors perceived money flow information of financial market and the neural cognitive effect in investment process. PMID:26557139

  5. 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

  6. 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

  7. Real option valuation of power transmission investments by stochastic simulation

    International Nuclear Information System (INIS)

    Pringles, Rolando; Olsina, Fernando; Garcés, Francisco

    2015-01-01

    Network expansions in power markets usually lead to investment decisions subject to substantial irreversibility and uncertainty. Hence, investors need valuing the flexibility to change decisions as uncertainty unfolds progressively. Real option analysis is an advanced valuation technique that enables planners to take advantage of market opportunities while preventing or mitigating losses if future conditions evolve unfavorably. In the past, many approaches for valuing real options have been developed. However, applying these methods to value transmission projects is often inappropriate as revenue cash flows are path-dependent and affected by a myriad of uncertain variables. In this work, a valuation technique based on stochastic simulation and recursive dynamic programming, called Least-Square Monte Carlo, is applied to properly value the deferral option in a transmission investment. The effect of option's maturity, the initial outlay and the capital cost upon the value of the postponement option is investigated. Finally, sensitivity analysis determines optimal decision regions to execute, postpone or reject the investment projects. - Highlights: • A modern investment appraisal method is applied to value power transmission projects. • The value of the option to postpone decision to invest in transmission projects is assessed. • Simulation methods are best suited for valuing real options in transmission investments

  8. Estimating the Economic Attractiveness of Investment Projects in Conditions of Uncertainty and Risk with the Use of Sensitivity Analysis

    Directory of Open Access Journals (Sweden)

    Kotsyuba Oleksiy S.

    2018-02-01

    Full Text Available The article is concerned with the methodology of economic substantiation of real investments in case of considerable lack of information on possible fluctuations of initial parameters and the resulting risk. The analysis of sensitivity as the main instrument for accounting the risk in the indicated problem situation is the focus of the presented research. In the publication, on the basis of the apparatus of interval mathematics, a set of models for comparative estimation of economic attractiveness (efficiency of alternative investment projects in conditions of uncertainty and risk is formulated, using the sensitivity analysis. The developed instrumentarium assumes both mono- and poly-interval version of the sensitivity analysis. As the risk component in the constructed models is used: in some – values of the specially developed sensitivity coefficient, in others – the worst values, which are based on the interval estimations of the partial criteria of efficiency. The sensitivity coefficient, according to the approach proposed in the publication, is the ratio of the target semi-range of variation to the increase (economy of efficiency, which is provided when the basic level of the analyzed partial criterion of economic attractiveness in comparison with some of its threshold (limit value is being reached.

  9. 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)

  10. 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

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

    Science.gov (United States)

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

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

  12. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  13. ANALISIS BELANJA MODAL, INVESTASI, DAN TENAGA KERJA TERHADAP PERTUMBUHAN EKONOMI SULAWESI SELATAN (CAPITAL EXPENDITURES ANALYSIS, INVESTMENTS, AND EMPLOYMENT ON ECONOMIC GROWTH SOUTH SULAWESI

    Directory of Open Access Journals (Sweden)

    Basri Bado

    2015-08-01

    Full Text Available The aim of this study was to determine the influence of Capital Expenditure and Investment, and Employment on economic growth in South Sulawesi. This study uses time series data (time series in 2001-2013. Data collected through observation and documentation. Data were analyzed using multiple linear regression analysis by the method of ordinary least squares (OLS. The results showed that the variable Capital Expenditures, Investment, and Labour significant effect on economic growth in South Sulawesi. Capital Expenditure Partially variables, and variables of Labor has a significant influence on the economic growth of South Sulawesi. While variable investments significantly negative effect on economic growth in South Sulawesi.

  14. Using catchment areas analysis and GIS based spatial analysis for prioritising spatial investment in non-metro South Africa

    CSIR Research Space (South Africa)

    Green, Chéri A

    2016-09-01

    Full Text Available for social facility provision. A geo-spatially targeted hierarchy of places was also identified to prioritise investment of regional middle order facilities in “Service Malls” located in the most optimal towns to best serve non-metropolitan areas in South...

  15. Evaluation of wind energy investment interest and electricity generation cost analysis for Turkey

    International Nuclear Information System (INIS)

    Akdag, Seyit Ahmet; Gueler, Oender

    2010-01-01

    Turkey has remarkable wind energy potential, but its utilisation rate is very low. However, in 2007, energy investors applied to the Energy Market Regulatory Authority (EMRA) with 751 wind projects to obtain a 78180.2 MW wind power plant license. This paper first presents an overview of wind energy development in the world and then reviews related situations in Turkey. Second, to motivate the interest in wind energy investment, new wind power plant license applications in Turkey are analysed. Finally, wind electricity generation cost analyses were performed at 14 locations in Turkey. Capacity factors of investigated locations were calculated between 19.7% and 56.8%, and the production cost of electrical energy was between 1.73 and 4.99 cent/kW h for two different wind shear coefficients. (author)

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

    Directory of Open Access Journals (Sweden)

    Hongfeng Peng

    2016-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Goran MILANOV

    2012-01-01

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

  18. Analysis Of Investment Feasibility Of Batching Plant Development In Tanjung Redeb Talisayan Highway Km 102 In Biatan District Berau Regency

    Directory of Open Access Journals (Sweden)

    Ali Rosit

    2017-12-01

    Full Text Available This research is a feasibility study of Batching Plant development on Tanjung Redeb - Talisayan Highway Km 102 Biatan District Berau Regency which aims to know whether the development project can be built in terms of technical and economic aspects and to analyze the sensitivity with 3 types of economic situation. The data from this field study are analyzed using Present Value Net Present Value NPV Internal Rate of Return IRR Benefit Cost Ratio BCR and Payback Periods PBP. The results of the analysis show that Batching Plant Development on Tanjung Redeb Talisayan Highway Km 102 in Biatan District Berau Regency is quite feasible to be implemented with the assumption of 10 years investment period. Based on the calculation of Net Present Value NPV of IDR 11.499.703.942 positive Internal Rate of Return 1727 12 Benefit Cost Ratio 2309 1 with Payback Period is 5 years 7 months from the sensitivity analysis results the condition of the initial investment cost rate run up reaches to 127 the state of interest rates rose to 1454 due to uncertainty in the national and international economies and the circumstances when cash flows fell as a result of the decrease in revenues to 1684 where the circumstances state that the project which is about to be affected is not feasible or break event.

  19. 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

  20. Analysis on Time-Lag Effect of Research and Development Investment in the Pharmaceutical Industry in Korea.

    Science.gov (United States)

    Lee, Munjae; Choi, Mankyu

    2015-08-01

    The aim of this study is to analyze the influence of the research and development (R&D) investment of pharmaceutical companies on enterprise value. The period of the empirical analysis is from 2000 to 2012, considering the period after the influence of the financial crisis. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association, and data related to stock price were extracted from KISVALUE-III of National Information and Credit Evaluation Information Service Co., Ltd. STATA 12.0 was used as the statistical package for panel analysis. In the pharmaceutical firms, the influence of the R&D intensity with regard to Tobin's q was found to be positive. However, only the R&D expenditure intensities of previous years 2 and 5 (t-2 and t-5, respectively) were statistically significant (p company, such as generic, incrementally modified drugs, and biosimilar products.

  1. Social Development Needs Analysis as a tool for SIA to guide corporate-community investment: Applications in the minerals industry

    International Nuclear Information System (INIS)

    Esteves, Ana Maria; Vanclay, Frank

    2009-01-01

    Mining companies are faced with growing societal demands that a sufficient portion of the benefits from mining should flow to local communities to ensure they are adequately compensated for the negative social impacts they experience. This paper considers how a more equitable benefit distribution system can be achieved through voluntary initiatives, recognising companies as potential agents for social development through the provision of improved services and infrastructure, capacity-building, employment and local economic development initiatives. Social Development Needs Analysis is introduced as an enhancement to participatory Social Impact Assessment methods to give practical guidance to site managers in evaluating community investment alternatives. Social Development Needs Analysis aims to identify the priority social issues that need to be addressed in order for a company to contribute to a net positive impact in the community while building assets for the business

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

    Directory of Open Access Journals (Sweden)

    Christelle Cantrelle, MS

    2017-08-01

    Conclusions. The heart allocation system strongly modifies the risk of pretransplant mortality related to heart failure severity. An in-depth competing risk analysis is therefore a more appropriate method to evaluate graft allocation systems. This knowledge should help to prioritize candidates in the context of a limited donor pool.

  3. Machine safety: proper safeguarding techniques.

    Science.gov (United States)

    Martin, K J

    1992-06-01

    1. OSHA mandates certain safeguarding of machinery to prevent accidents and protect machine operators. OSHA specifies moving parts that must be guarded and sets criteria for the guards. 2. A 1989 OSHA standard for lockout/tagout requires locking the energy source during maintenance, periodically inspecting for power transmission, and training maintenance workers. 3. In an amputation emergency, first aid for cardiopulmonary resuscitation, shock, and bleeding are the first considerations. The amputated part should be wrapped in moist gauze, placed in a sealed plastic bag, and placed in a container of 50% water and 50% ice for transport. 4. The role of the occupational health nurse in machine safety is to conduct worksite analyses to identify proper safeguarding and to communicate deficiencies to appropriate personnel; to train workers in safe work practices and observe compliance in the use of machine guards; to provide care to workers injured by machines; and to reinforce safe work practices among machine operators.

  4. A supply chain model to improve the beef quality distribution using investment analysis: A case study

    Science.gov (United States)

    Lupita, Alessandra; Rangkuti, Sabrina Heriza; Sutopo, Wahyudi; Hisjam, Muh.

    2017-11-01

    There are significant differences related to the quality and price of the beef commodity in traditional market and modern market in Indonesia. Those are caused by very different treatments of the commodity. The different treatments are in the slaughter lines, the transportation from the abattoir to the outlet, the display system, and the control system. If the problem is not solved by the Government, the gap will result a great loss of the consumer regarding to the quality and sustainability of traditional traders business because of the declining interest in purchasing beef in the traditional markets. This article aims to improve the quality of beef in traditional markets. This study proposed A Supply Chain Model that involves the schemes of investment and government incentive for improving the distribution system. The supply chain model is can be formulated using the Mix Integer Linear Programming (MILP) and solved using the IBM®ILOG®CPLEX software. The results show that the proposed model can be used to determine the priority of programs for improving the quality and sustainability business of traditional beef merchants. By using the models, The Government can make a decision to consider incentives for improving the condition.

  5. Analysis of exploration expenditure for unconventional gas : how investing in exploration would improve reserves and production

    International Nuclear Information System (INIS)

    Virine, L.

    2010-01-01

    This paper described a method for analyzing the efficiency of exploration investment, which can improve corporate planning. Exploration expenditure is held to be a main indicator of economic activities in the oil and gas industry because exploration is supposed to lead to booking more reserves and increased production. A model was developed for analyzing the correlation between exploration expenditure and producer's reserves and production for conventional and unconventional gas plays in the United States. The model was used to quantitatively assess the exploration expenditures production and reserves of different producers for various conventional and unconventional gas plays. Producer's booked reserves, production from public sources, and reserves and production forecasts were incorporated into the model, which was used to analyze different types of exploration expenditure (land, drilling, and seismic) incurred at various times prior to reserves and production being booked. There was an overall positive correlation between exploration expenditure and reserves and production, but there was significant variance in the correlation between various producers operating in different plays. Unproved land acquisition was strongly correlated to the booking of proved reserves, but there was no correlation between unproved land acquisition and exploration expenditure ratio, reserves, or production. A number of companies had a high exploration expenditure to overall expenditure ratio, but the resulting payoffs were inconsistent. 6 refs., 1 tab., 6 figs.

  6. Analysis of the effectiveness of the variance and Downside Risk measures for formation of investment portfolios

    Directory of Open Access Journals (Sweden)

    Mariúcha Nóbrega Bezerra

    2016-09-01

    Full Text Available This paper aims to analyze the efficacy of variance and measures of downside risk for of formation of investment portfolios in the Brazilian stock market. Using the methodologies of Ang (1975, Markowitz et al. (1993, Ballestero (2005, Estrada (2008 and Cumova and Nawrocki (2011, sought to find what the best method to solve the problem of asymmetric and endogenous matrix and, inspired by the work of Markowitz (1952 and Lohre, Neumann and Winterfeldt (2010, intended to be seen which risk metric is most suitable for the realization of more efficient allocation of resources in the stock market in Brazil. The sample was composed of stocks of IBrX 50, from 2000 to 2013. The results indicated that when the semivariance was used as a measure of asymmetric risk, if the investor can use more refined models for solving the problem of asymmetric semivariance-cosemivariance matrix, the model of Cumova and Nawrocki (2011 will be more effective. Furthermore, from the Brazilian data, VaR had become more effective than variance and other measures of downside risk with respect to minimizing the risk of loss. Thus, taken the assumption that the investor has asymmetric preferences regarding risk, forming portfolios of stocks in the Brazilian market is more efficient when using criteria of minimizing downside risk than the traditional mean-variance approach.

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

    Directory of Open Access Journals (Sweden)

    Valter Saurin

    2013-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Leus Daryna V.

    2013-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Doru Ioan Ardelean

    2013-12-01

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

  10. 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

  11. 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.

  12. Price computation in electricity auctions with complex rules: An analysis of investment signals

    International Nuclear Information System (INIS)

    Vazquez, Carlos; Hallack, Michelle; Vazquez, Miguel

    2017-01-01

    This paper discusses the problem of defining marginal costs when integer variables are present, in the context of short-term power auctions. Most of the proposals for price computation existing in the literature are concerned with short-term competitive equilibrium (generators should not be willing to change the dispatch assigned to them by the auctioneer), which implies operational-cost recovery for all of the generators accepted in the auction. However, this is in general not enough to choose between the different pricing schemes. We propose to include an additional criterion in order to discriminate among different pricing schemes: prices have to be also signals for generation expansion. Using this condition, we arrive to a single solution to the problem of defining prices, where they are computed as the shadow prices of the balance equations in a linear version of the unit commitment problem. Importantly, not every linearization of the unit commitment is valid; we develop the conditions for this linear model to provide adequate investment signals. Compared to other proposals in the literature, our results provide a strong motivation for the pricing scheme and a simple method for price computation. - Highlights: • Pricing proposals in power markets often deal with just accounting-cost recovery. • Including opportunity costs is an additional property required for efficient pricing. • We develop a framework to analyze the pricing proposals found in the literature. • We propose a pricing mechanism to include the costs of short-run integer decisions. • As it includes short-run opportunity costs, it provides efficient long-term signals.

  13. The relationship between foreign direct investment and economic growth in South Africa: Vector error correction analysis

    Directory of Open Access Journals (Sweden)

    Tshepo S. Masipa

    2018-05-01

    Full Text Available Orientation: From the Growth, Employment and Redistribution (GEAR strategy of 1996 to the currently implemented National Development Plan (NDP, the need to attract more foreign investors and promote exports in pursuit of economic growth and job creation has been emphasised. Research purpose: It is within this context that the purpose of this article was to determine the nexus between foreign direct investment (FDI inflows and economic growth from 1980 to 2014. Research design, approach and method: The vector error correction model is employed to determine and estimate the long-run relationship between the variables in the model. Main findings: From the findings, it was found that economic growth shares a positive relationship with both FDIs and the real effective exchange rate, while sharing a negative long-run relationship with government expenditure. Practical and managerial implications: The article contributes towards the on going debates on the impact of FDIs on economic growth and job creation in the recipient countries. Accordingly, its findings reinforce the importance of attracting FDIs in South Africa and to what extent they affect economic growth and employment. Contribution or value-add: From a policy perspective, the attraction of foreign investors must target sources that can create jobs and boost the South African economy. It is vital for the government to strengthen its machinery to fight corruption to create an environment conducive for foreign investors. Hence, this article suggests that South Africa’s capacity to grow and create jobs also depends on the country’s performance to enhance gross domestic product growth and attract more FDIs. The attraction of FDIs should, however, not be seen as an end in itself but also as a means of supporting other initiatives such as eradicating poverty and inequalities in South Africa.

  14. 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

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

    Directory of Open Access Journals (Sweden)

    Magdalena RADULESCU

    2016-05-01

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

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

    Science.gov (United States)

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

    2017-08-01

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

  17. "No one has yet properly articulated what we are trying to achieve": a discourse analysis of interviews with revalidation policy leaders in the United Kingdom.

    Science.gov (United States)

    Archer, Julian; Regan de Bere, Sam; Nunn, Suzanne; Clark, Jonathan; Corrigan, Oonagh

    2015-01-01

    To analyze prevailing definitions of revalidation (i.e., a recently instituted system of ongoing review for all physicians in the United Kingdom), the circumstances of their origin, and proposed applications, after a protracted and sometimes difficult decade in development. This was to support a more consensual approach to revalidation policy before its launch in 2012. In 2010 and 2011, the authors carried out a critical discourse analysis of interviews with 31 medical and legal revalidation policy makers. These individuals represented the main stakeholder bodies, including the General Medical Council, Academy of Medical Royal Colleges, British Medical Association, National Health Service Employers, and the departments of health from across the United Kingdom. The authors identified two overarching discourses: regulation and professionalism, held together by patients as "discursive glue." Regulation frames revalidation as a way to identify "bad apples," requiring a summative approach and minimum standards. Professionalism looks to revalidation as a process by which all doctors improve, requiring evolving standards and a developmental model. These two discourses were not mutually exclusive; indeed, most interviewees used them interchangeably. However, they are in some regards at odds. Their coexistence has been supported by a shared discursive formation around patients. Yet the authors found little patient-centered policy in revalidation in its current form. The authors concluded that patients need to be recognized, making them present with an active voice. They also stressed the importance of established and ongoing evaluation of medical regulation as a policy and process.

  18. Opinion and knowledge among hospital medical staff regarding diagnosis of diabetes and proper usage of a specific test tube for glucose analysis.

    Science.gov (United States)

    Bar-Dayan, Y; Bogaiov, A; Boaz, M; Landau, Z; Wainstein, J

    2014-02-01

    Accuracy of blood sugar values, as examined by glucose analysis, has significant importance on the diagnosis of diabetes and follow up of diabetes treatment. Usage of a designated test tube significantly improves the accuracy of measurement. Knowledge of the medical staff is a major determinant in the current usage of such a technology. The aim of the study was to assess the level of knowledge exhibited by medical staff in the diabetes field and specifically for the usage of a designated tube to test blood glucose level. A prospective study. The staff of the internal and surgical departments and outpatient clinics at the Wolfson Medical Center completed a questionnaire that assessed the level of knowledge about the designated glucose test tube, other randomly used test tubes, the parameters that influence the blood glucose values in a non-designated tube and the diagnosis of diabetes. A number of 160 questionnaires (50% from internal departments, 36% from surgical departments and 14% from outpatient clinics) were analysed. The majority of the staff members (65%) knew that diabetes is diagnosed by glucose levels in blood. Of the 35% that did not know, 91% were nurses. The majority (75%) knew that diabetes is diagnosed during fasting conditions; however, most of the staff indicated that 12 h is needed. Only 25% knew of the designated test tube, and most of the staff indicated that a regular chemistry tube was the tube of choice for them. The staff exhibited poor level of knowledge regarding the parameters that influence the quality of the test. Staff members are not aware of the various aspects of diabetes diagnosis and the designated test tube for glucose measurements, and most of them use a tube that gives inaccurate measurements, therefore there is an urgent need to improve diabetes knowledge among staff members. © 2013 John Wiley & Sons Ltd.

  19. 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

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

    Directory of Open Access Journals (Sweden)

    Shuba Maryna V

    2015-09-01

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

  1. Analysis of investment appeal of the industrial enterprise by eigenstate method

    Directory of Open Access Journals (Sweden)

    Buslaeva O.S.

    2017-01-01

    Full Text Available An analysis of enterprise performance is considered. The problem is solved based on the analysis of the base indicators of functioning of the enterprise in terms of improving economic stability, and also development of autoregulation mechanism of economical stability of enterprise. An eigenstate method is proposed for the analysis of the basic indicators of the enterprise as it allows to construct an economomical stability model of enterprise. Methodology of economic stability analysis of enterprise on the basis of eigenstate method is described. The formulas for calculating the complex indicator of economic stability are given. The effectiveness of the methodology is demonstrated on the example of economic stability analysis of the large trading company.

  2. Proper alignment of the microscope.

    Science.gov (United States)

    Rottenfusser, Rudi

    2013-01-01

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

  3. The Determinants of International Capital Movements and an Analysis in the Context of Foreign Direct Investments: A Case of Turkey

    Directory of Open Access Journals (Sweden)

    Oğuzhan AYDEMİR

    2015-07-01

    Full Text Available Foreign direct investments being an important part of the international capital movements are evaluated as the investments making in the form of reestablishing a factory in a foreign country, becoming a partner with an existing company or purchasing an established company. Foreign direct investments make a major contribution to economic development in connection with employment, technology, business information, integration with international markets and generating a sound competition environment. In view of the results which foreign direct investments give to national economy; determining the economic factors as to which national economy foreign direct investments would prefer is of great importance in terms of providing foreign capital inflows with continuity. In this regard; the factors determining foreign direct investments are estimated and the relationship between these factors and direct foreign capital inflows is analyzed in this study. As a result of the study; it is seen that gross domestic product (GDP, trade openness, unit labor cost and inflation are the economic determinants of foreign direct investments. Separately it is concluded that GDP, trade openness and unit labor cost have a positive effect on foreign direct investments and that there is negative relationship between inflation and foreign direct investments.

  4. 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

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

    Directory of Open Access Journals (Sweden)

    Judit Pálné Schreiner

    2014-09-01

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

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

    Directory of Open Access Journals (Sweden)

    František Kulhánek

    2015-10-01

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

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

    Directory of Open Access Journals (Sweden)

    Pelin Andrei

    2009-05-01

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

  8. Government deficits, private investment and the current account: an intertemporal disequilibrium analysis

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.

    1987-01-01

    An analysis of the fiscal policy in the account of a model with intertemporal optimisation underlying private behaviour. Besides is incorporated explicitly the possibility of (short-run) labour and goods market disequilibrium caused by Fischer (1977)--Gray (1978) type contract-based real-wage

  9. Comparative Estimation of Russia’s Regions Investment Potential on the Base of the Multivariate Statistical Analysis

    Directory of Open Access Journals (Sweden)

    Victor V. Nikitin

    2013-01-01

    Full Text Available The article introduces the algorithm of Russia’s regions investment potential estimation, developed by means of multivariate statistical methods, determines the factors, reflecting regions investment state. The integral indicator was developed on their basis, using statistical data. The article presents regions’ classification on the basis of the integral index

  10. Do Callable Convertibles Support The Investment Process Of A Company? An Analysis Of The World Market Of Hybrid Debt

    Directory of Open Access Journals (Sweden)

    Kaźmierczak Damian

    2017-06-01

    Full Text Available Using a sample of 1,705 convertible bonds issued by manufacturing and service companies from the United States (1,138 issues; Europe (270; and Asia (297 between 2004 and 2014 this paper investigates the role of callable convertibles in the corporate investment process. This research shows first that callable convertibles are used to finance investment projects particularly by American firms which may exercise new investment options to improve poor financial performance. Secondly, the same strategy may be followed by European companies, but they seem not to carry out investments on as large a scale as American firms. Thirdly, the research results do not provide evidence that Asian enterprises use callable convertibles for investment purposes: they likely use these instruments for different reasons.

  11. 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.

  12. Securing the Containerized Supply Chain: Analysis of Government Incentives for Private Investment

    OpenAIRE

    Nitin Bakshi; Noah Gans

    2010-01-01

    To mitigate the threat that terrorists smuggle weapons of mass destruction into the United States through maritime containers, the U.S. Bureau of Customs and Border Protection (CBP) inspects containers upon entry to domestic ports. Inspection-driven congestion is costly, and CBP provides incentives to firms to improve security upstream in the supply chain, thereby reducing the inspection burden at U.S. ports. We perform an economic analysis of this incentive program, called Customs-Trade Part...

  13. 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.

  14. 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

  15. 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.

  16. Retrospective return on investment analysis of an electronic treatment adherence device piloted in the Northern Cape Province.

    Science.gov (United States)

    Broomhead, Sean; Mars, Maurice

    2012-01-01

    The return on investment (ROI) for utilizing the SIMpill electronic treatment adherence solution as an adjunct to directly observed treatment short-course (DOTS) is assessed using data from a 2005 pilot of the SIMpill solution among new smear-positive tuberculosis (TB) patients in the Northern Cape Province. The value of this cost minimization analysis (CMA), for use by public health planners in low-resource settings as a precursor to more rigorous assessment, is discussed. The retrospective analysis compares the costs and health outcomes of the DOTS-SIMpill cohort with DOTS-only controls. Hypothetical 5-year cash flows are generated and discounted to estimate net present values (NPVs). Comparison between the DOTS-SIMpill pilot cohort and DOTS-only supported controls, for a hypothetical implementation of 1,000 devices, over 5 years, demonstrates positive ROI for the DOTS-SIMpill cohort based on improved health outcomes and reduced average cost per patient. The net stream is shown to be positive from the first year. Discounted NPV is ZAR 3,255,256 (US$ 493,221) for a cohort that would have started mid 2005 and ZAR 3,747,636 (US$ 487,339) starting mid 2010. This is an ROI of 23% over the 5-year period. The addition of electronic treatment adherence support technology can help to improve TB outcomes and lower average cost per patient by reducing treatment failure and the associated higher cost and burden on limited resources. CMA is an appropriate initial analysis for health planners to highlight options that may justify more sophisticated methods such as cost effectiveness analysis or full cost benefit analysis where a preferred option is immediately revealed. CMA is proposed as a tool for use by public health planners in low-resource settings to evaluate the ROI of treatment adherence technology postpilot and prior to implementation.

  17. Investing in health: is social housing value for money? A cost-utility analysis.

    Science.gov (United States)

    Lawson, K D; Kearns, A; Petticrew, M; Fenwick, E A L

    2013-10-01

    There is a healthy public policy agenda investigating the health impacts of improving living conditions. However, there are few economic evaluations, to date, assessing value for money. We conducted the first cost-effectiveness analysis of a nationwide intervention transferring social and private tenants to new-build social housing, in Scotland. A quasi-experimental prospective study was undertaken involving 205 intervention households and 246 comparison households, over 2 years. A cost-utility analysis assessed the average cost per change in health utility (a single score summarising overall health-related quality of life), generated via the SF-6D algorithm. Construction costs for new builds were included. Analysis was conducted for all households, and by family, adult and elderly households; with estimates adjusted for baseline confounders. Outcomes were annuitised and discounted at 3.5%. The average discounted cost was £18, 708 per household, at a national programme cost of £ 28.4 million. The average change in health utility scores in the intervention group attributable to the intervention were +0.001 for all households, +0.001 for family households, -0.04 for adult households and -0.03 for elderly households. All estimates were statistically insignificant. At face value, the interventions were not value for money in health terms. However, because the policy rationale was the amenity provision of housing for disadvantaged groups, impacts extend beyond health and may be fully realised over the long term. Before making general value-for-money inferences, economic evaluation should attempt to estimate the full social value of interventions, model long-term impacts and explicitly incorporate equity considerations.

  18. Econometric Analysis on Developing Decision to Promote an Investment Object of Small Business

    Directory of Open Access Journals (Sweden)

    Cristina Gabriela ZAMFIR

    2014-12-01

    Full Text Available Econometric applications should be used for decision making on economic issues of the day. One of the most important is access to finance sources, a vital field to the country's economic activity. Accessing funding source involves feasibility studies for decision making on opening funding. Therefore, I decided to approach applied econometrics in the feasibility studies: I avoided advanced software applications, limiting to universally accepted methodology of the World Bank and the functions for calculating Excel spreadsheet-success of a feasibility study is correctness and depth of analysis and processing raw data, not in getting and keeping a reputable software.

  19. 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...

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

    Science.gov (United States)

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

    2013-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2014-06-18

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

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

    DEFF Research Database (Denmark)

    Schröder, Sascha Thorsten; Kitzing, Lena

    2012-01-01

    Offshore wind farms in future meshed offshore grids could be subject to different regulatory regimes. Feed-in tariffs would absorb market risk from wind farm operators, whereas price premium mechanisms leave operators exposed to market price signals. In this case, it plays a decisive role which...... price applies to a node in an offshore grid. The offshore node will either be integrated into any of the neighbouring markets, with access to the respective maximum price, or be subject to separate nodal pricing. We investigate the different regulatory regimes for connections to one to four countries...... based on a stochastic model capturing uncertainties in prices and line failures. The stochastic analysis shows that in case the wind park is granted access to the respective maximum price, there is a significant option value connected to the operational flexibility of accessing several markets: The wind...

  3. Estimating the return on investment in disease management programs using a pre-post analysis.

    Science.gov (United States)

    Fetterolf, Donald; Wennberg, David; Devries, Andrea

    2004-01-01

    Disease management programs have become increasingly popular over the past 5-10 years. Recent increases in overall medical costs have precipitated new concerns about the cost-effectiveness of medical management programs that have extended to the program directors for these programs. Initial success of the disease management movement is being challenged on the grounds that reported results have been the result of the application of faulty, if intuitive, methodologies. This paper discusses the use of "pre-post" methodology approaches in the analysis of disease management programs, and areas where application of this approach can result in spurious results and incorrect financial outcome assessments. The paper includes a checklist of these items for use by operational staff working with the programs, and a comprehensive bibliography that addresses many of the issues discussed.

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

    DEFF Research Database (Denmark)

    Schröder, Sascha Thorsten; Kitzing, Lena

    2012-01-01

    based on a stochastic model capturing uncertainties in prices and line failures. The stochastic analysis shows that in case the wind park is granted access to the respective maximum price, there is a significant option value connected to the operational flexibility of accessing several markets: The wind......Offshore wind farms in future meshed offshore grids could be subject to different regulatory regimes. Feed-in tariffs would absorb market risk from wind farm operators, whereas price premium mechanisms leave operators exposed to market price signals. In this case, it plays a decisive role which...... price applies to a node in an offshore grid. The offshore node will either be integrated into any of the neighbouring markets, with access to the respective maximum price, or be subject to separate nodal pricing. We investigate the different regulatory regimes for connections to one to four countries...

  5. [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

  6. Foreign institutional investments in India: An empirical analysis of dynamic interactions with stock market return and volatility

    Directory of Open Access Journals (Sweden)

    Vaishali S. Dhingra

    2016-12-01

    Full Text Available This paper investigates interactions of foreign institutional investments with market returns and market volatility in India using both static and dynamic models based on daily data. The findings of both models show foreign investors as positive feedback traders while investing in the Indian market, and as negative feedback traders during their withdrawal. Using the impulse response functions based on vector autoregression, we find strong evidence that foreign institutional investments destabilise the market, particularly with selling activities, as they significantly increase the volatility.

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

    Science.gov (United States)

    Bhadra, Dipasis; Morser, Frederick R.

    2006-01-01

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

  8. Analysis of Investment Feasibility to Pedestrian Bridge in Muara Teweh - Jingah

    Directory of Open Access Journals (Sweden)

    Laode Abd. Rahman

    2017-12-01

    Full Text Available The research aimed to analyze the needs of the construction of the Crossing Bridge of Muara Teweh - Jingah. The type of the research including the applied research was research concerning the application of theory to solve certain problems. The location of this research was at the Bridge Crossing of Muara Teweh - Jingah in North Barito District. Data analysis technique was feasibility study. The result of the research showed that 1 the construction of the Crossing Bridge of Muara Teweh - Jingah is needed to reduce the traffic density the traffic of the daily transportation in the development area has an effort to balance the traffic volume with road capacity in order to avoid LOS decrease and increase peoples prosperity level 2 the celebration of the construction of Muara Teweh - Jingah Crossing Bridge in terms of technical and economic and cultural aspects is stated to have fulfilled the feasibility 3 the feasibility of bridge development in terms of economic and cultural aspects is fulfilled because the value of BCR is greater than 1.0 and interest rate that is applicable is equal to 12 in 2015. Finally the bridge construction is feasible to be implemented.

  9. 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...

  10. 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

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

    Science.gov (United States)

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

    2014-10-16

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

  12. Are returns to public investment lower in less-favored rural areas?: an empirical analysis of India

    OpenAIRE

    Fan, Shenggen; Hazell, P. B. R.

    1999-01-01

    Developing countries allocate scarce government funds to investments in rural areas to achieve the twin goals of agricultural growth and poverty alleviation. Choices have to be made between different types of investments, especially infrastructure, human capital and agricultural research, and between different types of agricultural regions, e.g., irrigated and high- and low-potential rainfed areas. This paper develops an econometric approach and provides empirical evidence on the impact of go...

  13. The impact of financial position on investment: an analysis for non-financial corporations in the euro area

    OpenAIRE

    Carmen Martínez-Carrascal; Annalisa Ferrando

    2008-01-01

    This paper analyses the impact that firms financial position has on investment decisions using panel data from a large sample of non-financial corporations(around 120,000 firms) in six euro area countries(Belgium, Germany, France, Italy, the Netherlands and Spain). The results indicate that financial position is important to explain capital expenditures, as financial pressure appears relevant in explaining investment dynamics when it is proxied by cash flow, indebtedness and debt burden. The ...

  14. The effects of public debt on foreign direct investment in South Africa (1983-2013: An empirical analysis

    Directory of Open Access Journals (Sweden)

    Mary Oyemowo Oche

    2016-12-01

    Full Text Available The political move in South Africa occurred against a setting of high government deficits. Efforts have been made over the years by the government to reduce fiscal deficit and inflation, liberalize the capital account and the financial system as well as reduce tariffs. The main objective of this study, therefore, is to empirically investigate the effect of public debt on foreign direct investment in South African for the period 1983 – 2013. The study employs a Vector Error Correction Model, which provides both the long run and short run relationships among the variables. The long run results indicate that the relationship between public debt and foreign direct investment, as well as interest rate and foreign direct investment, is positive and statistically significant, while there is an insignificant negative relationship between exchange rate and foreign direct investment. Based on the long run results, the study, thus, recommend that the level of public debt and interest rate should increase so that the level of foreign direct investment can increase in the country. However, the policy of depreciation of rand is considered inappropriate for the economy if the desire is to increase the level of foreign direct investment in the country

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

    Science.gov (United States)

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

    2015-10-01

    The purpose of the current study was to build on the existing literature to better understand young women's leaving processes in abusive dating relationships using a prospective design. Two social psychological models-the investment model and theory of planned behavior-were tested. According to the investment model, relationship continuation is predicted by commitment, which is a function of investment, satisfaction, and low quality of alternatives. The theory of planned behavior asserts that a specific behavior is predicted by an individual's intention to use a behavior, which is a function of the individual's attitudes toward the behavior, the subjective norms toward the behavior, and the individual's perceived behavioral control over the behavior. College women (N = 169 young women in abusive relatinships) completed surveys at two time points, approximately 4 months apart, to assess initially for the presence of intimate partner violence (IPV) in a current relationship and investment model and theory of planned behavior variables; the purpose of the 4-month follow-up session was to determine if women had remained in or terminated their abusive relationship. Path analytic results demonstrated that both the theory of planned behavior and investment models were good fits to the data in prospectively predicting abused women's stay/leave decisions. However, the theory of planned behavior was a better fit to the data than the investment model. Implications for future research and intervention are discussed. © The Author(s) 2014.

  16. 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.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2016-09-15

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

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

    International Nuclear Information System (INIS)

    Wang, Juan; Zhao, Tao; Zhang, Xiaohu

    2016-01-01

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

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

    Science.gov (United States)

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

    2016-12-01

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

  20. 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.

  1. Capacity payment impact on gas-fired generation investments under rising renewable feed-in — A real options analysis

    International Nuclear Information System (INIS)

    Hach, Daniel; Spinler, Stefan

    2016-01-01

    We assess the effect of capacity payments on investments in gas-fired power plants in the presence of different degrees of renewable energy technology (RET) penetration. Low variable cost renewables increasingly make investments in gas-fired generation unprofitable. At the same time, growing feed-in from intermittent RETs amplifies fluctuations in power generation, thus entailing the need for flexible buffer capacity—currently mostly gas-fired power plants. A real options approach is applied to evaluate investment decisions and timing of a single investor in gas-fired power generation. We investigate the necessity and effectiveness of capacity payments. Our model incorporates multiple uncertainties and assesses the effect of capacity payments under different degrees of RET penetration. In a numerical study, we implement stochastic processes for peak-load electricity prices and natural gas prices. We find that capacity payments are an effective measure to promote new gas-fired generation projects. Especially in times of high renewable feed-in, capacity payments are required to incentivize peak-load investments. - Highlights: • We assess capacity payments under the specific focus of the influence of different degrees of renewable feed-in. • We use a real options approach to analyze investment decision and timing. • Our model reflects stochastic gas prices and stochastic electricity prices. • The case study shows the value of capacity payments to investors especially under high renewable feed-in.

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

    International Nuclear Information System (INIS)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Flaida Êmine Alves de Souza

    2015-08-01

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

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

    Directory of Open Access Journals (Sweden)

    Renata Kovačević

    2015-03-01

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

  5. A System Dynamics Analysis of Investment, Technology and Policy that Affect Natural Gas Exploration and Exploitation in China

    Directory of Open Access Journals (Sweden)

    Jianzhong Xiao

    2017-01-01

    Full Text Available Natural gas has an increasing role in Chinese energy transformation. We present a system dynamics model of the natural gas industry in China. A new system dynamics model for natural gas companies based on reserve exploration and well construction as well as investment dynamics is proposed. The contribution of the paper is to analyze the influence of technology, investment and policy factors on the natural gas industry. We found that the dynamics of the main variables, including gas policy, cost of investment, accounting depreciation and exploitation technology, are sensitive to the sustainable development of resources. The simulations and results presented here will be helpful for government to reform policies, and for upstream companies to make decisions.

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

    Science.gov (United States)

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

    2015-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Michael G Head

    2015-12-01

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

  8. Large proper motions in the Orion nebula

    International Nuclear Information System (INIS)

    Cudworth, K.M.; Stone, R.C.

    1977-01-01

    Several nebular features, as well as one faint star, with large proper motions were identified within the Orion nebula. The measured proper motions correspond to tangential velocities of up to approximately 70 km sec -1 . One new probable variable star was also found

  9. 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...

  10. 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.)

  11. 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.

  12. IMPROVING DEPOSIT POLICY BANK ON THE BASIS OF ANALYSIS OF THE INFLUENCE OF DEPOSIT PORTFOLIO STRUCTURE ON FORMATION OF INVESTMENT RESOURCE

    Directory of Open Access Journals (Sweden)

    Viadrova I.

    2018-01-01

    Full Text Available Introduction. The banking system as a part of the national economy contributes to the development of various branches of economy and trade, enabling the realization of economic interests of economic entities. One of the important tasks of the monetary system is the accumulation of financial resources necessary for the implementation of credit and investment projects and their further distribution. This task is performed by banking institutions by attracting funds from individuals and legal entities. The size of the bank’s resource base and the scale of its operations depend on the operations of attraction of funds. The priority task of the banking institution is the predominance of attracting long-term investments over short-term ones. That is why the problem that exists in the disproportion of the maturity of borrowed funds, the prevalence of short-term deposits over long-term and the minimum amount of long-term resources in the bank’s deposit portfolio is particularly relevant. Purpose. The purpose of the work is to generalize the theoretical aspects of bank deposit activity and to determine the optimal structure of the deposit portfolio for carrying out of credit and investment activity. Results. The article summarizes the essence of the concept of “deposit policy”, identifies the peculiarities of its formation and analyzes the main external and internal factors that have an impact on the deposit policy of domestic banks. The analysis of the dynamics and structure of deposit operations of banks at the state level was carried out and the analysis of deposit policy of a bank of foreign bank groups – PJSC “Ukrsotsbank” for 2010-2017 was provided. In this work, the factors of influence are investigated: external and internal, which determine the ways of formation of deposit policy by banks of Ukraine. The influence of the structure of the deposit portfolio of Ukrainian banks on the formation of the investment resource is analyzed

  13. 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.

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

    Science.gov (United States)

    2006-09-30

    14 IV. Proof-of-Concept: USS Readiness Case Study 16 A. Background 17 B. Applying KVA Methodology 19 C. KVA Results 20 D. Real Options Analysis 23...technology assets. • Quantifying intangible human capital assets (i.e., training, skills, knowledge). The average large company spends the equivalent of...Portfolios/Motorola, Unilever • IT Infrastructure/Credit Suisse • Electricity/Peaker-Plants • Acquisitions/Seagate • Contracts/Syngenta, GM Although

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

    NARCIS (Netherlands)

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

    2016-01-01

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

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

    NARCIS (Netherlands)

    Berghout, Egon; Tan, Chee-Wee

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

  17. Banking reform and the financing of firm investment : An empirical analysis of the Chilean experience, 1983-92

    NARCIS (Netherlands)

    Hermes, N; Lensink, R

    This article investigates whether the Chilean banking reforms of the 1980s have contributed to reducing market imperfections in Chilean financial markets in the late 1980 and early 1990s. To analyse this issue, patterns of investment and its finance for different types of firms are studied, based on

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

    Directory of Open Access Journals (Sweden)

    Francesca Di Pillo

    2016-05-01

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

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

    NARCIS (Netherlands)

    Berghout, Egon; Tan, Chee-Wee

    2013-01-01

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

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

    NARCIS (Netherlands)

    Jacob, J.; Sasso, S.

    2015-01-01

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

  1. 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...

  2. 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.

  3. Computation of Asteroid Proper Elements: Recent Advances

    Science.gov (United States)

    Knežević, Z.

    2017-12-01

    The recent advances in computation of asteroid proper elements are briefly reviewed. Although not representing real breakthroughs in computation and stability assessment of proper elements, these advances can still be considered as important improvements offering solutions to some practical problems encountered in the past. The problem of getting unrealistic values of perihelion frequency for very low eccentricity orbits is solved by computing frequencies using the frequency-modified Fourier transform. The synthetic resonant proper elements adjusted to a given secular resonance helped to prove the existence of Astraea asteroid family. The preliminary assessment of stability with time of proper elements computed by means of the analytical theory provides a good indication of their poorer performance with respect to their synthetic counterparts, and advocates in favor of ceasing their regular maintenance; the final decision should, however, be taken on the basis of more comprehensive and reliable direct estimate of their individual and sample average deviations from constancy.

  4. Rates of Return on Open-End Debt Investment Funds and Bank Deposits in Poland in the Years 1995–2015 – A Comparative Analysis

    Directory of Open Access Journals (Sweden)

    Dittmann Iwona

    2016-12-01

    Full Text Available This paper presents the results of a comparison of the rates of return on specific open-end debt investment funds in Poland with the rates of return on bank deposits, in light of different time horizons. A comparative analysis was conducted based on the quartiles of the empirical distributions of the rates of return on selected funds and bank deposits. The empirical distributions were obtained using a moving window of observation. The results were largely influenced by very high interest rates on bank deposits in Poland in the years 1995–2001 (in the case of the oldest funds, and by the boom in the bond market in the years 2011–2012 (for the youngest funds. The investment horizon turned out to be significant. The best and worst funds were identified.

  5. 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...

  6. 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.

  7. 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

  8. An Analysis of Teacher Investment in the Context of a Family-School Intervention for Children with ADHD

    OpenAIRE

    Power, Thomas J.; Soffer, Stephen L.; Mautone, Jennifer A.; Costigan, Tracy E.; Jones, Heather A.; Clarke, Angela T.; Marshall, Stephen A.

    2009-01-01

    Intervention researchers have often failed to assess treatment integrity; when integrity is examined, the focus is typically on whether the steps of intervention have been applied and not on quality of implementation. In the few studies that have investigated intervention quality, the emphasis has been on how intervention is delivered and not how it is received or the degree of participant engagement. This study was designed to examine participant engagement, specifically teacher investment, ...

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

    OpenAIRE

    TRENCA Ioan; PETRIA Nicolae; DROJ Laurentiu

    2012-01-01

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

  10. VALUATION AND INVESTMENT PROFESSION

    Directory of Open Access Journals (Sweden)

    Lidija Dedi

    2013-06-01

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

  11. 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.

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

    International Nuclear Information System (INIS)

    Park, Myeong-Il; Choi, Yoon Suk; Yoo, Jae-Hyun; Park, Sang-Hu; Kim, Kyeong-Min; Lee, Yeong-Chul; Lee, Jung-Seok; Lee, Jae-Hyun

    2017-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-02-15

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

  14. Approach to analysis of inter-regional similarity of investment activity support measures in legislation of regions (on the example of Krasnoyarsk region

    Directory of Open Access Journals (Sweden)

    Valentina F. Lapo

    2017-01-01

    Full Text Available The most part of stimulation methods in Russia are concentrated in legal documents of the regions of the Russian Federation. They directed on intensification of investment activity in regions. How similar are these investment stimulation conceptions? There is no mention in the literature of the methodical questions of quantitative analysis and inter-regional comparisons. In addition, there are no results of statistical research of inter-regional correlations of stimulation methods and analysis of dynamics of this process. There are no special measuring instruments. The presented work is aimed at completion of these blanks. The approach for the spatial correlation analysis of legislative norms is offered in research. Classification of investments’ stimulation methods is developed. The way of preparing and coding data for research is offered. The approach and system of coefficients for the analysis of inter-regional interrelations of legislative systems of investments’ stimulation is offered. A proximity coefficient of regional legislation, a factor of structure similarity and a dynamic coincidence index are proposed. The space-time base of investment stimulation methods on Russian Federation regions for 12 years is collected and statistically processed for research. There are only 758 documents. A source of texts is a site of the Ministry of Justice of the Russian Federation.Research of documents has allowed revealing a number of laws in formation of regional investment stimulation systems. The regions that are the most similar in terms of structure of stimulation methods are identified. We have found the group of regions for which it is observed the increase in similarity of the legislation and the group with the reduction of similarity. Therefore, it is obvious that the general trend to reduction of similarity in the legislation takes place between Krasnoyarsk territory and the other regions of the Russian Federation. Calculations have

  15. 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...

  16. 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.

  17. 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)

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2013-05-01

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

  19. 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.

  20. Investment in Developing Countries

    Science.gov (United States)

    Motooka, Takeshi

    1973-01-01

    The fundamental problems of investment in rural education in the present developing countries are analyzed. Needs of rural education are outlined and financial considerations related to investment in the improvement of rural educational programs are discussed. (SM)

  1. 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.

  2. 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. .

  3. Investment in capital markets

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2017-01-01

    Investment in Capital Markets creates a strategic vision on the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods. The book is written with a main goal to explain the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language. We would like to highlight the three interes...

  4. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

    The purpose of this paper is to survey what is known about the investment policy of pension funds. Pension fund investment policy depends critically on the type of plan: defined contribution versus defined benefit. For defined contribution plans investment policy is not much different than it is for an individual deciding how to invest the money in an Individual Retirement Account (IRA). The guiding principle is efficient diversification, that is, achieving the maximum expected return for any...

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

    Directory of Open Access Journals (Sweden)

    Samir Saidi

    2016-08-01

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

  6. FAVAR Analysis of Foreign Investment with Capital Market Predictors: Evidence on Nigerian and Selected African Stock Exchanges

    Directory of Open Access Journals (Sweden)

    David Umoru

    2018-03-01

    Full Text Available Econometrically, we analyzed role of selected African stock exchanges in welcoming FDI inflows by estimating time-varying factor augmented vector auto-regression (FAVAR model for 2006:Q1 to 2017:Q4. Our results support FDI being massively influenced by movements in two stock market predictors namely, stock market's size, that is, total market value of stock market's listed shares calculated by multiplying a stock market’s shares listed by current market price of one share and stock market liquidity which is total value of traded shares relative to the size of the economy. By empirical inference, African stock exchanges exhibit inordinate turnover ratio and so these markets are exceedingly liquid. Particularly, transactions at stock exchange are significant indicators for foreign investors and total market value of listed shares in stock markets is linked positively with FDI inflow into Africa. The empirical finding is that viable African stock exchanges are attractive indicator of market concentration and high investment profile in Africa. The study so remarked the requisite to advance the stock exchange in order to boost funds accumulation for investment drive. Also, African governments should project and implement stock market-friendly procedures acceptable to maximize welfares of spillover effects of FDI.

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

    Directory of Open Access Journals (Sweden)

    Horváth Bálint

    2017-09-01

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

  8. The impact of foreign direct investment on CO2 emissions in Turkey: new evidence from cointegration and bootstrap causality analysis.

    Science.gov (United States)

    Koçak, Emrah; Şarkgüneşi, Aykut

    2018-01-01

    Pollution haven hypothesis (PHH), which is defined as foreign direct investment inducing a raising impact on the pollution level in the hosting country, is lately a subject of discussion in the field of economics. This study, within the scope of related discussion, aims to look into the potential impact of foreign direct investments on CO 2 emission in Turkey in 1974-2013 period using environmental Kuznets curve (EKC) model. For this purpose, Maki (Econ Model 29(5):2011-2015, 2012) structural break cointegration test, Stock and Watson (Econometrica 61:783-820, 1993) dynamic ordinary least square estimator (DOLS), and Hacker and Hatemi-J (J Econ Stud 39(2):144-160, 2012) bootstrap test for causality method are used. Research results indicate the existence of a long-term balance relationship between FDI, economic growth, energy usage, and CO 2 emission. As per this relationship, in Turkey, (1) the potential impact of FDI on CO 2 emission is positive. This result shows that PHH is valid in Turkey. (2) Moreover, this is not a one-way relationship; the changes in CO 2 emission also affect FDI entries. (3) The results also provide evidence for the existence of the EKC hypothesis in Turkey. Within the frame of related findings, the study concludes several polities and presents various suggestions.

  9. 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.

  10. 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.

  11. Dynamical systems of proper characteristic 0

    International Nuclear Information System (INIS)

    Ahmad, K.H.; Hamoui, A.

    1991-07-01

    Flows with orbits of proper characteristics 0 exhibit recurrent behaviour, a feature of basic importance in the description of their dynamics. Here, we analyze flows with such orbits relating them with recurrent flows and with flows that exhibit orbital, Poisson or Lagrange stability. (author). 11 refs

  12. Improved Industrial Development In Nigeria Through Proper ...

    African Journals Online (AJOL)

    The paper noted that most industrial development strategies in Nigeria did not give attention to technology education. And that technology education as recognized by few of the strategies were not only properly articulated for the tertiary institutions, but also poorly implemented. Therefore, to put technology and thus ...

  13. Archetypes: the PropeR way

    NARCIS (Netherlands)

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

    2004-01-01

    The PropeR project studies the effect of Decision Support in an Electronic Health Record system (EHR) on the quality of care. One of the applications supports a multidisciplinary primary care team rehabilitating stroke patients in their home environment. This project required an EHR system that

  14. Strategy Guideline: Proper Water Heater Selection

    Energy Technology Data Exchange (ETDEWEB)

    Hoeschele, M. [Alliance for Residential Building Innovation, Davis, CA (United States); Springer, D. [Alliance for Residential Building Innovation, Davis, CA (United States); German, A. [Alliance for Residential Building Innovation, Davis, CA (United States); Staller, J. [Alliance for Residential Building Innovation, Davis, CA (United States); Zhang, Y. [Alliance for Residential Building Innovation, Davis, CA (United States)

    2015-04-01

    This Strategy Guideline on proper water heater selection was developed by the Building America team Alliance for Residential Building Innovation to provide step-by-step procedures for evaluating preferred cost-effective options for energy efficient water heater alternatives based on local utility rates, climate, and anticipated loads.

  15. Strategy Guideline. Proper Water Heater Selection

    Energy Technology Data Exchange (ETDEWEB)

    Hoeschele, M. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States); Springer, D. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States); German, A. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States); Staller, J. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States); Zhang, Y. [Alliance for Residential Building Innovation (ARBI), Davis, CA (United States)

    2015-04-09

    This Strategy Guideline on proper water heater selection was developed by the Building America team Alliance for Residential Building Innovation to provide step-by-step procedures for evaluating preferred cost-effective options for energy efficient water heater alternatives based on local utility rates, climate, and anticipated loads.

  16. The Essentials of Proper Wine Service.

    Science.gov (United States)

    Manago, Gary H.

    This instructional unit was designed to assist the food services instructor and/or the restaurant manager in training students and/or staff in the proper procedure for serving wines to guests. The lesson plans included in this unit focus on: (1) the different types of wine glasses and their uses; (2) the parts of a wine glass; (3) the proper…

  17. 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.

  18. 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.

  19. 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

  20. 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

  1. 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. ...

  2. 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…

  3. 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.

  4. 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)

  5. 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...

  6. The Good Investment.

    Science.gov (United States)

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

    2017-07-01

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

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

    Directory of Open Access Journals (Sweden)

    Constantinos CHOROMIDES

    2015-06-01

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

  8. Analysis prediction of Indonesian banks (BCA, BNI, MANDIRI) using adaptive neuro-fuzzy inference system (ANFIS) and investment strategies

    Science.gov (United States)

    Trianto, Andriantama Budi; Hadi, I. M.; Liong, The Houw; Purqon, Acep

    2015-09-01

    Indonesian economical development is growing well. It has effect for their invesment in Banks and the stock market. In this study, we perform prediction for the three blue chips of Indonesian bank i.e. BCA, BNI, and MANDIRI by using the method of Adaptive Neuro-Fuzzy Inference System (ANFIS) with Takagi-Sugeno rules and Generalized bell (Gbell) as the membership function. Our results show that ANFIS perform good prediction with RMSE for BCA of 27, BNI of 5.29, and MANDIRI of 13.41, respectively. Furthermore, we develop an active strategy to gain more benefit. We compare between passive strategy versus active strategy. Our results shows that for the passive strategy gains 13 million rupiah, while for the active strategy gains 47 million rupiah in one year. The active investment strategy significantly shows gaining multiple benefit than the passive one.

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

    Directory of Open Access Journals (Sweden)

    Andreea-Cristina PETRICA

    2016-12-01

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

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

    Science.gov (United States)

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

    2015-01-01

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

  11. 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.

  12. Improving Government's Retirement Plan Investments by Using Mining Tools for Discovery of Price Patterns and Combining Methods of Fundamental and Technical Analysis

    National Research Council Canada - National Science Library

    Goumatianos, Nikitas

    2008-01-01

    ...), Roth IRAs, and the Uniformed Services Thrift Savings Plan (TSP). This project concentrates on both long-term and short-term investments by exploiting the combination of two types of investment methods...

  13. Boltzmann babies in the proper time measure

    Energy Technology Data Exchange (ETDEWEB)

    Bousso, Raphael; Bousso, Raphael; Freivogel, Ben; Yang, I-Sheng

    2007-12-20

    After commenting briefly on the role of the typicality assumption in science, we advocate a phenomenological approach to the cosmological measure problem. Like any other theory, a measure should be simple, general, well defined, and consistent with observation. This allows us to proceed by elimination. As an example, we consider the proper time cutoff on a geodesic congruence. It predicts that typical observers are quantum fluctuations in the early universe, or Boltzmann babies. We sharpen this well-known youngness problem by taking into account the expansion and open spatial geometry of pocket universes. Moreover, we relate the youngness problem directly to the probability distribution for observables, such as the temperature of the cosmic background radiation. We consider a number of modifications of the proper time measure, but find none that would make it compatible with observation.

  14. 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

  15. How to Invest in Getting Cost-effective Technologies into Practice? A Framework for Value of Implementation Analysis Applied to Novel Oral Anticoagulants.

    Science.gov (United States)

    Faria, Rita; Walker, Simon; Whyte, Sophie; Dixon, Simon; Palmer, Stephen; Sculpher, Mark

    2017-02-01

    Cost-effective interventions are often implemented slowly and suboptimally in clinical practice. In such situations, a range of implementation activities may be considered to increase uptake. A framework is proposed to use cost-effectiveness analysis to inform decisions on how best to invest in implementation activities. This framework addresses 2 key issues: 1) how to account for changes in utilization in the future in the absence of implementation activities; and 2) how to prioritize implementation efforts between subgroups. A case study demonstrates the framework's application: novel oral anticoagulants (NOACs) for the prevention of stroke in the National Health Service in England and Wales. The results suggest that there is value in additional implementation activities to improve uptake of NOACs, particularly in targeting patients with average or poor warfarin control. At a cost-effectiveness threshold of £20,000 per quality-adjusted life-year (QALY) gained, additional investment in an educational activity that increases the utilization of NOACs by 5% in all patients currently taking warfarin generates an additional 254 QALYs, compared with 973 QALYs in the subgroup with average to poor warfarin control. However, greater value could be achieved with higher uptake of anticoagulation more generally: switching 5% of patients who are potentially eligible for anticoagulation but are currently receiving no treatment or are using aspirin would generate an additional 4990 QALYs. This work can help health services make decisions on investment at different points of the care pathway or across disease areas in a manner consistent with the value assessment of new interventions.

  16. 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

  17. An Analysis of U.S. Foreign Direct Investment Policy and Economic Development. A.I.D. Discussion Paper No. 36.

    Science.gov (United States)

    Bergsten, C. Fred; De Castro, Bruce

    The purpose of the paper is to analyze U.S. policies toward financial investment in developing nations. The paper is presented in two sections. In section I, the controversial effects of direct foreign investment on development are discussed. Case studies of investment policies toward India, the Philippines, Ghana, Guatemala, and Argentina are…

  18. 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....

  19. 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

  20. 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

  1. 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

  2. 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)

  3. 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.

  4. Is There a Return on a Children's Hospital's Investment in a Pediatric Residency's Community Health Track? A Cost Analysis.

    Science.gov (United States)

    Lichtenstein, Cara; Cora-Bramble, Denice; Ottolini, Mary; Agrawal, Dewesh

    2018-04-01

    Academic Medical Centers incur significant expenses associated with training residents and caring for underserved populations. No previous studies have analyzed hospital-level graduate medical education economics for pediatric residency training. Using data from the 2010-2011 academic year, we quantified total direct costs per year for training 12 community health track (CHT) residents. Utilizing sensitivity analyses, we estimated revenues generated by residents in inpatient and outpatient settings. The total yearly direct cost of training 12 CHT residents was $922,640 including salaries, benefits, and administrative costs. The estimated additional yearly inpatient net revenue from attending-resident clinical teams compared to attendingonly service was $109,452. For primary care clinics, the estimated yearly revenue differential of resident-preceptor teams was $455,940, compared to attending-only clinics. The replacement cost of 12 CHT residents with advanced practitioners was $457,596 per year.This study suggests there is positive return on a children's hospital's investment in a CHT.

  5. The relationship between the stock market and foreign direct investment in Croatia: evidence from VAR and cointegration analysis

    Directory of Open Access Journals (Sweden)

    Irena Raguz

    2013-03-01

    Full Text Available The aim of this paper is to investigate the existence and characteristics of both the long- and short-term relationships between FDI and the stock market in Croatia. The main hypothesis is that, in the long run, trends in FDI should determine the movement of the stock market through the channel of economic growth. However, in the short run, upward movement on the stock market positively affects Croatian FDI stock, as events on the stock market signalize the vitality and investment climate of the domestic market to foreign investors. The long-term connection is tested by two cointegration approaches; the results of both models suggest the absence of a long-term relationship among observed variables, which may be explained by the lack of connection between FDI and economic growth in Croatia. The short-run relationship is investigated by a two-variable VAR model, and the results obtained are consistent with the theoretical assumptions, as the stock market did prove to be an important short-term determinant of FDI in Croatia.

  6. Quantitative analysis of investment allocation over various resources of health care systems by using views of product lines

    Science.gov (United States)

    Tai, Guangfu; Williams, Peter

    2013-11-01

    Hospitals can be viewed as service enterprises, of which the primary function is to provide specific sets of diagnostic and therapeutic medical services to individual patients. Each patient has certain diagnosis and therapeutic attributes in common with some other patients. Thus, patients with similar medical attributes could be 'processed' in one 'product line' of medical services, and individual treatments for patients within one 'product line' can be regarded as incurring identical consumption of health care resources. This article presents a theoretical framing for resource planning and investment allocation of various resources from a macro perspective of costs that demonstrates the need to plan capacity at the disaggregated resource level. The result of a balanced line ('optimal') is compared with an alternative scheme of 'the same ratio composing of resources' under the same monetary constraints. Thus, it is demonstrated that planning at the disaggregated level affords much better use of resources than achieved in common practice of budget control by simple percentage increase/decrease in distributing a financial vote.

  7. Agricultural Business Strategy: Theory and Methods for Cost-Effectiveness Investment Analysis in Agro-Energy Production

    Directory of Open Access Journals (Sweden)

    Sonia Prestamburgo

    2016-04-01

    Full Text Available Environmental change is currently considered a high-priority matter, both in the scientific community at large and at the institutional level of national and international governing bodies. Actually, an all-out effort seeks to investigate and advance viable solutions to deal with the global emergencies regarding to anthropic climate change; increasing demands for renewable sources of energy, technological innovation and energy-saving systems, ecological and environmental sustainability of natural resources and land. At the core of this worldwide endeavour an increasingly significant role seems destined to the agricultural sector and to agro-energy production systems for the potential benefits in terms of production costs. In fact, the interest in unconventional and low-impact energy sources mandates thorough investigation not only into the advantages, in terms of availability and affordability, but also into the impact on the environment and the quality of the landscape, as well as the aspects regarding the overall measures that need be adopted so as to enable the supply on the market. Given this scenario, the wide-ranging agro-energy question would be incomplete without extensive economic sustainability analyses, serving as operational decision-support tools to measure cost-effectiveness regarding investments in agro-energy production and its use.

  8. Investing in improved performance of national tuberculosis programs reduces the tuberculosis burden: analysis of 22 high-burden countries, 2002-2009.

    Science.gov (United States)

    Akachi, Yoko; Zumla, Alimuddin; Atun, Rifat

    2012-05-15

    To assess the impact of investment in national tuberculosis programs (NTPs) on NTP performance and tuberculosis burden in 22 high-burden countries, as determined by the World Health Organization (WHO). Estimates of annual tuberculosis burden and NTP performance indicators and control variables during 2002-2009 were obtained from the Organization for Economic Cooperation and Development, the WHO, the World Bank, and the Penn World Table for the 22 high-burden countries. Panel data analysis was performed using the outcome variables tuberculosis incidence, prevalence, and mortality and the key explanatory variables Partnership case detection rate and treatment success rate, controlling for gross domestic product per capita, population structure, and human immunodeficiency virus (HIV) prevalence. A $1 per capita (general population) higher NTP budget (including domestic and external sources) was associated with a 1.9% (95% confidence interval, .12%-3.6%) higher estimated case detection rate the following year for the 22 high-burden countries between 2002 and 2009. In the final models, which corrected for autocorrelation and heteroskedasticity, achieving the STOP TB Partnership case detection rate target of >70% was associated with significantly (P < .01) lower tuberculosis incidence, prevalence, and mortality the following year, even when controlling for general economic development and HIV prevalence as potential confounding variables. Increased investment in NTPs was significantly associated with improved performance and with a downward trend in the tuberculosis burden in the 22 high-burden countries during 2002-2009.

  9. 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

  10. Determinants of Discretionary Investments

    Directory of Open Access Journals (Sweden)

    K. S. Sujit

    2016-03-01

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

  11. 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...

  12. 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.

  13. 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.

  14. Assigned value improves memory of proper names.

    Science.gov (United States)

    Festini, Sara B; Hartley, Alan A; Tauber, Sarah K; Rhodes, Matthew G

    2013-01-01

    Names are more difficult to remember than other personal information such as occupations. The current research examined the influence of assigned point value on memory and metamemory judgements for names and occupations to determine whether incentive can improve recall of proper names. In Experiment 1 participants studied face-name and face-occupation pairs assigned 1 or 10 points, made judgements of learning, and were given a cued recall test. High-value names were recalled more often than low-value names. However, recall of occupations was not influenced by value. In Experiment 2 meaningless nonwords were used for both names and occupations. The name difficulty disappeared, and value influenced recall of both names and occupations. Thus value similarly influenced names and occupations when meaningfulness was held constant. In Experiment 3 participants were required to use overt rote rehearsal for all items. Value did not boost recall of high-value names, suggesting that differential processing could not be implemented to improve memory. Thus incentives may improve memory for proper names by motivating people to engage in selective rehearsal and effortful elaborative processing.

  15. 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

  16. 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.

  17. 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

  18. Indicators of responsible investing

    NARCIS (Netherlands)

    Scholtens, Bert

    Responsible investment has witnessed significant changes in the past decade. It is estimated that about one fifth of assets under management in the US and about half of all assets under management in the EU are done on the basis of one of the seven responsible investment strategies. This paper

  19. Missouri airport investment study

    Science.gov (United States)

    The studys purpose is to provide MoDOT with insight to the potential ROI for airport : investments in terms of economic development. To do so, this study addresses two central : objectives: first, an approach to evaluate airport investments; and s...

  20. 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.

  1. Investment for food

    NARCIS (Netherlands)

    Groenveld, D.

    1961-01-01

    Groenveld attempted to show the magnitude of investments in agriculture, which were necessary to meet the increasing world demand for food. The formula S = K/Y (ΔN +ΔH) was assumed as a description that for a community the proportion of national income saved and invested must equal the product of

  2. Considerations in Duplex Investment.

    Science.gov (United States)

    Wright, Arthur; Goen, Tom

    Problems of duplex investment are noted in the introduction to this booklet designed to provide a technique by which the investment decision can be approached, develop estimates of typical costs and returns under differing conditions, and encourage investors to analyze objectives and conditions before the decision to buy or build is made. A…

  3. The Investment Policy Statement

    Science.gov (United States)

    Griswold, John S.; Jarvis, William F.

    2011-01-01

    Successful investing for long-term funds requires a strategic plan. This is true despite--indeed, because of--the fact that the future is unknowable. The plan must be specific, embodying in concrete terms the best thinking of the board of trustees about the investment pool, its goals and purposes; but it also needs to be sufficiently flexible to…

  4. Examining the impacts of Feed-in-Tariff and the Clean Development Mechanism on Korea's renewable energy projects through comparative investment analysis

    International Nuclear Information System (INIS)

    Koo, Bonsang

    2017-01-01

    Renewable energy projects in Korea have two avenues that provide subsidies to increase their financial viability. Feed-in-Tariffs (FITs) offer cost based prices for renewable electricity to compete with conventional energy producers. The Clean Development Mechanism (CDM) issues certified emission reduction (CER) credits that generate additional revenues, enhancing renewable projects’ return on investment. This study investigated how these subsidies impact the financial returns on Korea's CDM projects. An investment analysis was performed on four cases including solar, hydropower, wind and landfill gas projects. Revenues from electricity sales, FITs and CERs were compared using financial indicators to measure their relative contributions on profitability. Results indicate that CDM is partial towards large scale projects with high emission reductions. Moreover, conflicts with FIT schemes can deter small scale, capital intensive projects from pursuing registration. The analysis highlights CDM's bias for particular project types, which is in part due to its impartiality towards carbon credit prices. It also reveals that Korea, a key benefactor of CDM, is susceptible to such biases, as demonstrated by the disproportionate distribution of issued CERs. Improving incentives for bundled, small scale projects, CER price differentiation, and excluding domestic subsidies during additionality testing are proposed as possible reforms. - Highlights: • Korea constitute 8.2% of total CERs issued, third largest in the world after China and India. • CDM favors commercially competitive projects of large scale and high emissions. • 91% of issued CERs from GWP gas; of renewables, 88% from landfill gas and wind. • CER revenues marginal for small scale, commercially less attractive projects. • Conflicts with FIT potentially deters small scale projects from registration.

  5. THE PROPER MOTION OF PALOMAR 5

    Energy Technology Data Exchange (ETDEWEB)

    Fritz, T. K.; Kallivayalil, N., E-mail: tkf4w@astro.virginia.edu [Department of Astronomy, University of Virginia, Charlottesville, 3530 McCormick Road, VA 22904-4325 (United States)

    2015-10-01

    Palomar 5 (Pal 5) is a faint halo globular cluster associated with narrow tidal tails. It is a useful system to understand the process of tidal dissolution, as well as to constrain the potential of the Milky Way. A well-determined orbit for Pal 5 would enable detailed study of these open questions. We present here the first CCD-based proper motion measurement of Pal 5 obtained using SDSS as a first epoch and new Large Binocular Telescope/Large Binocular Camera (LBC) images as a second, giving a baseline of 15 years. We perform relative astrometry, using SDSS as a distortion-free reference, and images of the cluster and also of the Pal 5 stream for the derivation of the distortion correction for LBC. The reference frame is made up of background galaxies. We correct for differential chromatic refraction using relations obtained from SDSS colors as well as from flux-calibrated spectra, finding that the correction relations for stars and for galaxies are different. We obtain μ{sub α} = −2.296 ± 0.186 mas yr{sup −1} and μ{sub δ} = −2.257 ± 0.181 mas yr{sup −1} for the proper motion of Pal 5. We use this motion, and the publicly available code galpy, to model the disruption of Pal 5 in different Milky Way models consisting of a bulge, a disk, and a spherical dark matter halo. Our fits to the observed stream properties (streak and radial velocity gradient) result in a preference for a relatively large Pal 5 distance of around 24 kpc. A slightly larger absolute proper motion than what we measure also results in better matches but the best solutions need a change in distance. We find that a spherical Milky Way model, with V{sub 0} = 220 km s{sup −1} and V{sub 20} {sub kpc}, i.e., approximately at the apocenter of Pal 5, of 218 km s{sup −1}, can match the data well, at least for our choice of disk and bulge parametrization.

  6. 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

  7. Proper Motion and Secular Variations of Keplerian Orbital Elements

    Directory of Open Access Journals (Sweden)

    Alexey G. Butkevich

    2018-05-01

    Full Text Available High-precision observations require accurate modeling of secular changes in the orbital elements in order to extrapolate measurements over long time intervals, and to detect deviation from pure Keplerian motion caused, for example, by other bodies or relativistic effects. We consider the evolution of the Keplerian elements resulting from the gradual change of the apparent orbit orientation due to proper motion. We present rigorous formulae for the transformation of the orbit inclination, longitude of the ascending node and argument of the pericenter from one epoch to another, assuming uniform stellar motion and taking radial velocity into account. An approximate treatment, accurate to the second-order terms in time, is also given. The proper motion effects may be significant for long-period transiting planets. These theoretical results are applicable to the modeling of planetary transits and precise Doppler measurements as well as analysis of pulsar and eclipsing binary timing observations.

  8. Competition in investment banking

    Directory of Open Access Journals (Sweden)

    Katrina Ellis

    2011-01-01

    Full Text Available We construct a comprehensive measure of overall investment banking competitiveness for follow-on offerings that aggregates the various dimensions of competition such as fees, pricing accuracy, analyst recommendations, distributional abilities, market making prowess, debt offering capabilities, and overall reputation. The measure allows us to incorporate trade-offs that investment banks may use in competing for new or established clients. We find that firms who switch to similar-quality underwriters enjoy more intense competition among investment banks which manifests in lower fees and more optimistic recommendations. Investment banks do compete vigorously for some clients, with the level of competition related to the likelihood of gaining or losing clients. Finally, investment banks not performing up to market norms are more likely to be dropped in the follow-on offering. In contrast, firms who seek a higher reputation underwriter face relatively non-competitive markets.

  9. Analysis Of Supporting Factors On Foreign Direct Investment And Its Impact Toward Indonesian Employment And Export Performance Period 2005-2015

    Directory of Open Access Journals (Sweden)

    Suharto

    2017-09-01

    Full Text Available This research analyzes effects of foreign direct investment and Its Impact toward employment and export performance in Indonesia 2005-2015. This research with secondary data focuses on the Supporting factors in which attract foreign direct investment into Indonesia. This research focused on the problem First the impact of labor export results economic growth rate exchange rate inflation rate interest rate and tax toward foreign direct investment second the impact of foreign direct investment on the expansion of employment and export performance in Indonesia during the period 2005-2015. The result of this research explains that variables of human resourceslabor and export performance give positive effect as significantly to attracting foreign direct investment in Indonesia. While foreign direct investment in Indonesia gives positive effect to employment creation and to export performance.

  10. Precedent Proper Names in Informal Oikonymy

    Directory of Open Access Journals (Sweden)

    Maria V. Akhmetova

    2013-06-01

    Full Text Available The paper deals with the Russian language informal city names (oikonyms motivated by other toponyms (with reference to Russia and the CIS. The author shows that the motivating proper name can replace the city name (e. g. Глазго < Glasgow ‘Glazov’ or contaminate with it (e. g. Экибостон < Ekibastuz + Boston, the “alien” onym being attracted to construct an informal oikonym due to its phonetic similarity or, on occasion, due to an affinity, either real or imaginary, between the two settlements. The author argues that the phonetic motivation is more characteristic for the modern urban tradition, than for popular dialects.

  11. Proper body mechanics from an engineering perspective.

    Science.gov (United States)

    Mohr, Edward G

    2010-04-01

    The economic viability of the manual therapy practitioner depends on the number of massages/treatments that can be given in a day or week. Fatigue or injuries can have a major impact on the income potential and could ultimately reach the point which causes the practitioner to quit the profession, and seek other, less physically demanding, employment. Manual therapy practitioners in general, and massage therapists in particular, can utilize a large variety of body postures while giving treatment to a client. The hypothesis of this paper is that there is an optimal method for applying force to the client, which maximizes the benefit to the client, and at the same time minimizes the strain and effort required by the practitioner. Two methods were used to quantifiably determine the effect of using "poor" body mechanics (Improper method) and "best" body mechanics (Proper/correct method). The first approach uses computer modeling to compare the two methods. Both postures were modeled, such that the biomechanical effects on the practitioner's elbow, shoulder, hip, knee and ankle joints could be calculated. The force applied to the client, along with the height and angle of application of the force, was held constant for the comparison. The second approach was a field study of massage practitioners (n=18) to determine their maximal force capability, again comparing methods using "Improper and Proper body mechanics". Five application methods were tested at three different application heights, using a digital palm force gauge. Results showed that there was a definite difference between the two methods, and that the use of correct body mechanics can have a large impact on the health and well being of the massage practitioner over both the short and long term. Copyright 2009 Elsevier Ltd. All rights reserved.

  12. 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 ...

  13. 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)

  14. Investment Climate and Manufacturing Performance in Ethiopia

    African Journals Online (AJOL)

    User

    value collaterals. Taxes and tax administrations are macropolicy ... is one indicator of size advantage. .... Cost – benefit analysis whether to invest or not works only in ..... haven't taken any credit from state owned banks and 77% of them.

  15. Simulation of investment returns of toll projects.

    Science.gov (United States)

    2013-08-01

    This research develops a methodological framework to illustrate key stages in applying the simulation of investment returns of toll projects, acting as an example process of helping agencies conduct numerical risk analysis by taking certain uncertain...

  16. Direct Foreign Investment in the United Kingdom.

    Science.gov (United States)

    Hinde, Kevin

    1987-01-01

    Notes introductory undergraduate economics textbooks have no formal analysis of the rationale for direct foreign investment by multinational firms. Examines this area in an attempt to develop more content information for undergraduate courses. (RKM)

  17. 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.

  18. 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...

  19. Toward evaluating the effect of climate change on investments in the water resources sector: insights from the forecast and analysis of hydrological indicators in developing countries

    International Nuclear Information System (INIS)

    Strzepek, Kenneth; Jacobsen, Michael; Boehlert, Brent; Neumann, James

    2013-01-01

    The World Bank has recently developed a method to evaluate the effects of climate change on six hydrological indicators across 8951 basins of the world. The indicators are designed for decision-makers and stakeholders to consider climate risk when planning water resources and related infrastructure investments. Analysis of these hydrological indicators shows that, on average, mean annual runoff will decline in southern Europe; most of Africa; and in southern North America and most of Central and South America. Mean reference crop water deficit, on the other hand, combines temperature and precipitation and is anticipated to increase in nearly all locations globally due to rising global temperatures, with the most dramatic increases projected to occur in southern Europe, southeastern Asia, and parts of South America. These results suggest overall guidance on which regions to focus water infrastructure solutions that could address future runoff flow uncertainty. Most important, we find that uncertainty in projections of mean annual runoff and high runoff events is higher in poorer countries, and increases over time. Uncertainty increases over time for all income categories, but basins in the lower and lower-middle income categories are forecast to experience dramatically higher increases in uncertainty relative to those in the upper-middle and upper income categories. The enhanced understanding of the uncertainty of climate projections for the water sector that this work provides strongly support the adoption of rigorous approaches to infrastructure design under uncertainty, as well as design that incorporates a high degree of flexibility, in response to both risk of damage and opportunity to exploit water supply ‘windfalls’ that might result, but would require smart infrastructure investments to manage to the greatest benefit. (letter)

  20. Toward evaluating the effect of climate change on investments in the water resources sector: insights from the forecast and analysis of hydrological indicators in developing countries

    Science.gov (United States)

    Strzepek, Kenneth; Jacobsen, Michael; Boehlert, Brent; Neumann, James

    2013-12-01

    The World Bank has recently developed a method to evaluate the effects of climate change on six hydrological indicators across 8951 basins of the world. The indicators are designed for decision-makers and stakeholders to consider climate risk when planning water resources and related infrastructure investments. Analysis of these hydrological indicators shows that, on average, mean annual runoff will decline in southern Europe; most of Africa; and in southern North America and most of Central and South America. Mean reference crop water deficit, on the other hand, combines temperature and precipitation and is anticipated to increase in nearly all locations globally due to rising global temperatures, with the most dramatic increases projected to occur in southern Europe, southeastern Asia, and parts of South America. These results suggest overall guidance on which regions to focus water infrastructure solutions that could address future runoff flow uncertainty. Most important, we find that uncertainty in projections of mean annual runoff and high runoff events is higher in poorer countries, and increases over time. Uncertainty increases over time for all income categories, but basins in the lower and lower-middle income categories are forecast to experience dramatically higher increases in uncertainty relative to those in the upper-middle and upper income categories. The enhanced understanding of the uncertainty of climate projections for the water sector that this work provides strongly support the adoption of rigorous approaches to infrastructure design under uncertainty, as well as design that incorporates a high degree of flexibility, in response to both risk of damage and opportunity to exploit water supply ‘windfalls’ that might result, but would require smart infrastructure investments to manage to the greatest benefit.