WorldWideScience

Sample records for investment

  1. 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.

  2. 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.

  3. Investment shocks and the relative price of investment

    OpenAIRE

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

    2009-01-01

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

  4. Japanese investment in Peru: limits of developmental investment

    OpenAIRE

    Kamiya, Marco

    2004-01-01

    Japanese Investment in Latin America was considerable in the 1960s and 1970s, but the investment never took off in the developmental style as in East Asia. The author examines why Japanese Foreign Direct Investment in Peru did not follow the pattern of developmental investment, analyzing the elements involved regarding policies in Peru and particular circumstances in Japan in the 1990 decade.

  5. Investment Strategy and Efficiency of Investment Activity of European Insurers

    Directory of Open Access Journals (Sweden)

    Zhabynets Olga Yo.

    2014-02-01

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

  6. 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

  7. 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.

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

    OpenAIRE

    Oksanen, Olli-Pekka

    2006-01-01

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

  9. Foreign Direct Investment versus Portfolio Investment : A Global Games Approach

    OpenAIRE

    Yamin Ahmad; Pietro Cova; Rodrigo Harrison

    2004-01-01

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

  10. 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.

  11. 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...

  12. 78 FR 77377 - Small Business Investment Companies-Investments in Passive Businesses

    Science.gov (United States)

    2013-12-23

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

  13. Ranking independent timber investments by alternative investment criteria

    Science.gov (United States)

    Thomas J. Mills; Gary E. Dixon

    1982-01-01

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

  14. 76 FR 2029 - Small Business Investment Companies-Energy Saving Qualified Investments

    Science.gov (United States)

    2011-01-12

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

  15. 12 CFR 703.5 - Discretionary control over investments and investment advisers.

    Science.gov (United States)

    2010-01-01

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

  16. 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...

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

    OpenAIRE

    Collan, Mikael

    2004-01-01

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

  18. 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.

  19. ESG Integration and the Investment Management Process : Fundamental Investing Reinvented

    NARCIS (Netherlands)

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

    2016-01-01

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

  20. GREEN INVESTMENT: A STRATEGY FOR SUSTAINABLE ECONOMIC GROWTH AND INVESTMENT

    Directory of Open Access Journals (Sweden)

    Jaya Shukla

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Ignatyuk Aleksandr Sergeevich

    2013-05-01

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

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

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

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

  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. 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

  5. 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.

  6. 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...

  7. 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.

  8. 17 CFR 270.17f-2 - Custody of investments by registered management investment company.

    Science.gov (United States)

    2010-04-01

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

  9. 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.

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

    Science.gov (United States)

    Amann, I; Heyder, R; Strehl, R

    2009-08-01

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

  11. 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.

  12. 76 FR 15057 - Notice of Proposed Exemption; BlackRock, Inc. and Its Investment Advisory, Investment Management...

    Science.gov (United States)

    2011-03-18

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

  13. 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...

  14. 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…

  15. Investment in flood protection measures under climate change uncertainty. An investment decision

    Energy Technology Data Exchange (ETDEWEB)

    Bruin, Karianne de

    2012-11-01

    Recent river flooding in Europe has triggered debates among scientists and policymakers on future projections of flood frequency and the need for adaptive investments, such as flood protection measures. Because there exists uncertainty about the impact of climate change of flood risk, such investments require a careful analysis of expected benefits and costs. The objective of this paper is to show how climate change uncertainty affects the decision to invest in flood protection measures. We develop a model that simulates optimal decision making in flood protection, it incorporates flexible timing of investment decisions and scientific uncertainty on the extent of climate change impacts. This model allows decision-makers to cope with the uncertain impacts of climate change on the frequency and damage of river flood events and minimises the risk of under- or over-investment. One of the innovative elements is that we explicitly distinguish between structural and non-structural flood protection measures. Our results show that the optimal investment decision today depends strongly on the cost structure of the adaptation measures and the discount rate, especially the ratio of fixed and weighted annual costs of the measures. A higher level of annual flood damage and later resolution of uncertainty in time increases the optimal investment. Furthermore, the optimal investment decision today is influenced by the possibility of the decision-maker to adjust his decision at a future moment in time.(auth)

  16. 77 FR 35082 - Arrow Investment Advisers, LLC and Arrow Investments Trust; Notice of Application

    Science.gov (United States)

    2012-06-12

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30100; 812-13937] Arrow Investment Advisers, LLC and Arrow Investments Trust; Notice of Application June 6, 2012. AGENCY: Securities... 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 5(a)(1...

  17. Multilateral negotiations in foreign investment

    Directory of Open Access Journals (Sweden)

    David Orlando Ruiz Castro

    2016-04-01

    Full Text Available Direct foreign investment is one of the most important economic variables in the world. Aspects related to international investment agreements are reaching an outstanding place in economic international diplomacy. Nowadays, in the multilateral level there is not an agreement regarding investment and therefore this study is focused on this particular type of agreement. In order to reach this objective this study shows, first of all, how different attempts have been developed to get a multicultural a agreement regarding investment, and to refuse the general opinion that says that exponential growth of foreign investment flows in recent years has given impulse to launch a multilateral investment agreement. Secondly, this study discusses about regulations related to foreign investment under current WTO regulations, such as investment, measure agreements, and service agreement. Then, it analyzes what has happened inside the WTO from the creation of the investment team at the Singapore Conference to the failed Conference in Cancun. Finally, it analyzes the main arguments against the multilateral agreement and the effects of future possible multilateral negotiations in investment and it ends with some recommendations and conclusions.

  18. 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...

  19. 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...

  20. Optimal Regulation of Lumpy Investments

    NARCIS (Netherlands)

    Zwart, G.; Broer, D.P.

    2012-01-01

    When a monopolist has discretion over the timing of infrastructure investments, regulation of post-investment prices interferes with incentivizing socially optimal investment timing. In a model of regulated lumpy investment under uncertainty, we study regulation when the regulator can condition

  1. An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment

    OpenAIRE

    Itay Goldstein; Assaf Razin

    2005-01-01

    The paper develops a model of foreign direct investments (FDI) and foreign portfolio investments (FPI).The model describes an information-based trade off between direct investments and portfolio investments. Direct investors are more informed about the fundamentals of their projects. This information enables them to manage their projects more efficiently. However, it also creates an asymmetric-information problem in case they need to sell their projects prematurely, and reduces the price they...

  2. 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

  3. Exa mining The Measurement Methods of Investment Properties of Real Estate Investment Trusts According to Turkish Accounting Standard 40: Investment Properties Standard

    Directory of Open Access Journals (Sweden)

    Emine Çına Bal

    2015-03-01

    Full Text Available Recently, the real estate industry has developed rapidly in Turkey. As an investment tool,investment in real estate became essential. Within the framework of the Capital Markets Law, organized by the Capital Markets Board of Turkey real estate investment trusts, real estate, real estate-based projects, and real estate capital market instruments by investing in a portfolio management company operating in the specific type. In this study, measurement methods of investment properties after recogn 31 real estate investment trust companies that traded in Borsa Istanbul is analyzed in order to examine the effect of policy selection on return on equity, return on asset and market to book value ratio of the companies’ financial statements and disclosures by using the nonparametric test of Mann-Whitney U Test. Non-consolidated financial statements and disclosures for 2013 of 21 real estate investment trust companies is included to the examination. Results of the test that is individually applied for each ratio show that the effect of policy selection on the ratios is statistically insignificant.

  4. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

    Is there a link between the stock market and business investment? Empirical evidence indicates that there is. A firm tends to invest more when its stock price increases, and it tends to invest less when the price falls. In “Stock Prices and Business Investment,” Yaron Leitner discusses existing research that explains this relationship. One question under consideration is whether the stock market actually improves investment decisions.

  5. 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.

  6. Are stricter investment rules contagious? Host country competition for foreign direct investment through international agreements

    OpenAIRE

    Neumayer, Eric; Nunnenkamp, Peter; Roy, Martin

    2014-01-01

    We argue that the trend toward international investment agreements (IIAs) with stricter investment rules is driven by competitive diffusion, namely defensive moves of developing countries concerned about foreign direct investment (FDI) diversion in favor of competing host countries. Accounting for spatial dependence in the formation of bilateral investment treaties (BITs) and preferential trade agreements (PTAs) that contain investment provisions, we find that the increase in agreements with ...

  7. 13 CFR 301.4 - Investment rates.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Investment rates. 301.4 Section... ELIGIBILITY, INVESTMENT RATE AND PROPOSAL AND APPLICATION REQUIREMENTS Investment Rates and Matching Share Requirements § 301.4 Investment rates. (a) Minimum Investment Rate. There is no minimum Investment Rate for a...

  8. Environmental investment funds. Investing into the future. Umweltfonds. Investieren in die Zukunft

    Energy Technology Data Exchange (ETDEWEB)

    Homolka, W [Bayerische Hypotheken- und Wechsel-Bank AG, Muenchen (Germany)

    1990-01-01

    The book wants to show that ecologically oriented and socially responsible investment has so far been underrated as a criterion of choice for finance decisions. Environmental investment funds offer the chance to make important investments into the future and the development of new technologies and methods of production, provided the openness of their claim is appreciated which is to go for anything that will improve our environment. Such confidence in the positive forces of the market is adequately rewarded, as international examples show. Environmental investment funds are a form of finance management for far-sighted investors and who are committed to the environment. The author presents the bases of ethic-ecologically oriented fund investment, reports experience abroad, and gives a current overview of the situation, nationally and internationally, in this sector of the finance market. (orig./HSCH).

  9. Finans/Invest

    DEFF Research Database (Denmark)

    Bechmann, Ken L.

    2014-01-01

    Som det vil være velkendt for de fleste læsere, så er der skiftedag på Finans/Invest. Således var Finans/Invest 8/13 det sidste nummer med Anders Grosen som redaktør, og nærværende nummer er det første med professor Ken L. Bechmann som redaktør. I denne første leder beskriver den nye redaktør lidt...... om hans syn på Finans/Invest og tidsskriftets store betydning for formidling af faglig viden inden for finansiering. Yderligere beskrives nogle af de mindre redaktionelle ændringer, som den nye redaktør har planlagt. Endelig indeholder lederen traditionen tro redaktørens refleksioner over og...

  10. 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...

  11. GLOBAL TRENDS OF ALTERNATIVE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-08-01

    Full Text Available An alternative investment is an investment product other than the traditional investments of stocks, bonds, cash, or property. The term is a relatively loose one and includes tangible assets such as art, wine, antiques, coins, or stamps and some financial assets such as commodities, hedge funds, venture capital,and others. At the moment it was created a global industry opportunities for making investments in nontraditional form. The aim of this paper consists in demonstrating the possibilities of these investments. For this have been studied related main international markets, a fter then deducted world dominant trends. This article is concerned to present some details of alternative investments global market.

  12. 12 CFR 704.5 - Investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investments. 704.5 Section 704.5 Banks and... § 704.5 Investments. (a) Policies. A corporate credit union must operate according to an investment... must address, at a minimum: (1) Appropriate tests and criteria for evaluating investments and...

  13. 77 FR 18277 - Domini Social Investment Trust and Domini Social Investments LLC; Notice of Application

    Science.gov (United States)

    2012-03-27

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29984; 812-13971] Domini Social Investment Trust and Domini Social Investments LLC; Notice of Application March 21, 2012. AGENCY... the Investment Company Act of 1940 (``Act'') for an exemption from section 15(a) of the Act and rule...

  14. 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.

  15. Power plants investment decision-making in consideration of investment risk

    International Nuclear Information System (INIS)

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

    2005-01-01

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

  16. [Research on investing methods and mold cooling methods of the self-made investment for pure titanium castings].

    Science.gov (United States)

    Zhao, Juan; Huang, Xu; Zhao, Yun-Feng; Xiao, Mao-Chun; Li, Yong

    2006-10-01

    To observe the influence of different investing methods and mold cooling methods on pure titanium castings invested in the self-made investment, and to provide theoretic base for the development for the investment. The influence of investing methods (one-step investing method and two-step investing method) on castability and crown fit of titanium castings were investigated, and the influence of cooling methods on reaction layers, mechanical properties and crown fit of titanium castings were investigated. Both the investing methods exhibited good castability, but only the titanium full crowns by one-step investing method showed clinically acceptable fit. Although the quenching group showed thinner reaction layer(100 microm), lower strength and similar elongation rate, the titanium castings by bench cooling showed clinically acceptable full crown fit with 115 microm thick reaction layer as cast. The one-step investing method and the bench cooling are recommended for the self-made investment.

  17. Global energy - investment requirements. A presentation of the world energy investments outlook 2003 - insights

    International Nuclear Information System (INIS)

    Cattier, F.

    2003-01-01

    In order to meet the World's energy requirements for the next 30 years, 16 000 billion dollars will be necessary. Some 60% of this investment will go to the electricity sector and almost half of the total investment must be made in the developing countries. Where fossil fuels are concerned the bulk of the investments will a devoted to exploration and development activities. Transportation and distribution will account for 54 % of the investment in the electricity sector. The financing of these investments is currently the subject of various uncertainties. The conditions for access to resources will be decisive for the oil and gas sectors. The impact of liberalization in the countries of the OECD and the profitability of the investments in developing countries constitute the main challenges for the electricity sector. (authors)

  18. 77 FR 27499 - Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application

    Science.gov (United States)

    2012-05-10

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30059; 812-13574-01] Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application May 3, 2012. AGENCY...) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 2(a)(35), 14...

  19. 76 FR 61769 - Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application

    Science.gov (United States)

    2011-10-05

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29825; 812-13575] Destra Capital Investments LLC and Destra Unit Investment Trust; Notice of Application September 29, 2011. AGENCY... 12(d)(1)(J) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 12(d)(1)(A...

  20. Irreversible investments revisited

    DEFF Research Database (Denmark)

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

    2007-01-01

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

  1. 43 CFR 29.11 - Investment.

    Science.gov (United States)

    2010-10-01

    ... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Investment. 29.11 Section 29.11 Public... Investment. (a) The monies accumulated in the Fund shall be prudently invested in the following types of... investment advisor or custodian to the Fund, or their affiliates may be purchased or held by the Fund. (3...

  2. Investing: reducing risks to enhance returns.

    Science.gov (United States)

    West, J; Glickman, S; Seidner, A G

    1996-09-01

    The financial assets of a healthcare organization can present many opportunities for investment. In order to develop a profitable investment program that avoids risky speculation, however, healthcare financial managers must fully understand the nature and risks of their organizations' investments. They must define and monitor their investment objectives, limitations, levels of acceptable risk and policies and conditions through a statement of investment policy and comprehensive investment guidelines.

  3. Green investment: Trends and determinants

    International Nuclear Information System (INIS)

    Eyraud, Luc; Clements, Benedict; Wane, Abdoul

    2013-01-01

    This paper fills a gap in the macroeconomic literature on renewable sources of energy. It offers a definition of green investment and analyzes the trends and determinants of this investment over the last decade for 35 advanced and emerging countries. We use a new multi-country historical dataset and find that green investment has become a key driver of the energy sector and that its rapid growth is now mostly driven by China. Our econometric results suggest that green investment is boosted by economic growth, a sound financial system conducive to low interest rates, and high fuel prices. We also find that some policy interventions, such as the introduction of carbon pricing schemes or “feed-in-tariffs,” which require use of “green” energy, have a positive and significant impact on green investment. Other interventions, such as biofuel support, do not appear to be associated with higher green investment. - Highlights: • We offer a definition of green investment and review its trend since 2000. • We analyze its determinants from both theoretical and empirical perspectives. • Green investment is boosted by economic growth, interest rates, and fuel prices. • Feed-in-tariffs and carbon pricing schemes impact positively green investment

  4. To assess the investment policy and investment activity of banks of Russia

    OpenAIRE

    Mandron V.; Buzaeva O.

    2016-01-01

    A priority to increase the profits of banks is investment operations in the stock market. Investment banking includes activities on raising capital using capital market instruments with the objective of capital appreciation. The article describes the investment objectives of the banks to improve their profitability, financial stability and enhance the effectiveness of the whole. The basic tools that enable banks to achieve the relevant objectives: profit, risk diversification, the maintenance...

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

    International Nuclear Information System (INIS)

    Anyangah, Joshua Okeyo

    2010-01-01

    This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

  6. Greenland and Chinese outbound investments

    DEFF Research Database (Denmark)

    Mouyal, Lone Wandahl; Mortensen, Bent Ole Gram; Su, Jingjing

    2017-01-01

    -Government seeks to develop new business sectors and to attract foreign investment, including investments from China, to develop especially its mineral resources. China now is the second largest economy in the world and the outbound investments by Chinese companies presents unprecedented opportunities for both...... Chinese companies and their global partners. However, Chinese outbound investment faces many hurdles both at home and outside. This article analyzes some of the main aspects in relation to regulatory hurdles, political obstacles as well as environmental, labor and financial challenges primarily focusing...... on investments in the mining industry....

  7. IMPACT OF FOREIGN DIRECT INVESTMENT (FDI ON DOMESTIC INVESTMENT IN REPUBLIC OF CROATIA

    Directory of Open Access Journals (Sweden)

    Igor Ivanović

    2015-11-01

    Full Text Available The aim of this paper is to investigate how foreign direct investment (FDI affects domestic investment in the Republic of Croatia. More precisely, the general purpose of this study is to determine the impact of net inflow of foreign capital on domestic investment in order to gain a clearer picture about the sensitivity and efficiency of domestic investment. After parsing domestic investment and FDI in Croatia, according to Croatian Bureau of Statistics and the Croatian National Bank, a historical overview of their movement from 1995 to 2014 was analyzed. In the following an overview and comparison of studies from around the world which deal with similar topic was made. In the empirical part; domestic gross fixed capital formation, changes in domestic stocks, net FDI and GDP growth rate was used as variables. Quarterly time series data ranging from the Q1 2001 to Q4 2014 were processed with the subset VAR (vector autoregressive econometric model. The results shows that FDI have negative influence on domestic investment in the Republic of Croatia with time lag.

  8. 12 CFR 24.4 - Investment limits.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Investment limits. 24.4 Section 24.4 Banks and... ENTITIES, COMMUNITY DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS § 24.4 Investment limits. (a) Limits on aggregate outstanding investments. A national bank's aggregate outstanding investments under...

  9. 12 CFR 615.5140 - Eligible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Eligible investments. 615.5140 Section 615.5140... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5140 Eligible investments. (a) You may hold only the following types of investments listed in the Investment Eligibility Criteria...

  10. 47 CFR 69.309 - Other investment.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Other investment. 69.309 Section 69.309... Apportionment of Net Investment § 69.309 Other investment. Investment that is not apportioned pursuant to §§ 69... category and access elements in the same proportions as the combined investment that is apportioned...

  11. [Several problems concerning population investment].

    Science.gov (United States)

    Liu, Z

    1982-07-29

    Population investment is a major topic in the studies of population and economic relations. In this particular area, numerous theoretical and practical problems are still in need of solution. Concerning the problem of population concept, there are three different approaches: (1) to determine the definition of population investment from the relationship between the population growth and the capital from national income used for investment, including investment in the newly increased population and investment in the entire population; (2) to explain population investment from the economic viewpoint that people are producers; and (3) to explain population investment from the expense needed to change a simple labor force to a skillful labor force. The expenses include educational costs, maintanance spending, wages needed to compensate workers in labor, costs for workers to master and learn modern scientific techniques to be used for production, and the costs of keeping a young labor force in the next generation.

  12. Considering barriers to investment in South Africa

    Directory of Open Access Journals (Sweden)

    KB Afful

    2014-10-01

    Full Text Available This paper examines the effect of South Africa’s economic fundamentals on net direct investment and net portfolio investment. The results suggest that the main determinants of investment in South Africa are resource prices, input productivity and the economic performance of the domestic economy. The results illustrate that net direct investment and net portfolio investment are close but not perfect substitutes. In addition, we find that an increase in labour input costs reduces both net direct investment and net portfolio investment. Further, an increase in fixed capital productivity increases net direct investment. Further, also the results illustrate that subsidies increase both net direct investment and net portfolio investment. Moreover, an increase in exports increases both net direct investment and net portfolio investment. Policy recommendations are thus proposed that may increase foreign direct investment in South Africa.

  13. 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.

  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. VALUE-ADDED SERVICE INVESTING AND PRICING STRATEGIES FOR A TWO-SIDED PLATFORM UNDER INVESTING RESOURCE CONSTRAINT

    Institute of Scientific and Technical Information of China (English)

    Guowei Dou; Ping He

    2017-01-01

    Investing on value-added service (VAS) amplifies users' participation and platform profit.However,the investing resource is usually limited in practice.This paper investigates VAS investing and pricing strategies for a two-sided platform under investing resource constraint.We reveal that with VAS investment,Subsidizing can still be done to enlarge users' demand,even when the investing cost becomes higher.For optimal pricing strategies,the network effect will be the dominating determinant if the gap between two marginal cross-side benefits (i.e.the benefit that users obtain when each new user join the other side of the platform) is large.Interestingly,we show that with the increase of the marginal investing cost,users might either be priced higher or lower.If the marginal investing cost increases to a high level,and the gap between the two marginal cross-side benefits is large,lowering the access fee for users possessing the higher cross-side network effect does not necessarily compensate more profit loss caused by higher cost.Moreover,after VAS is developed,raising the access fee for those whose marginal investing benefit is large does not necessarily generate more profit as well.The opposite strategy further enlarges users' utility,and promotes the investment to benefit more users.

  16. 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

  17. Petroleum investment conditions in Peru

    International Nuclear Information System (INIS)

    Garcia Schreck, M.

    1996-01-01

    This report focuses on the current petroleum investment conditions in Peru, and Peru's hydrocarbon potential. Investment conditions are examined, and political risk, internal security, the economic environment, and the legal framework for investment are considered. (UK)

  18. RISKS IN INVESTMENT AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Ms. Tatiana A. Ykovleva

    2016-12-01

    Full Text Available The article discusses the features of investment risks and their causes, as well as provides a detailed classification of investment risks. The authors reveal the essence and content of the investment process, risk management, providing material for presentation in the form of a diagram. In conclusion, the article explains the use of the system of specialized institutions as a way to exclude the basic, or primary investment risk.

  19. Chinese investments in the EU

    Directory of Open Access Journals (Sweden)

    Haico EBBERS

    2010-12-01

    Full Text Available China’s investments in the European Union are much lower than what you may expect given the economic size of both entities. These relatively low investments in Europe are a combination of priority and obstacles. The priority for investments is clearly in Asia, Africa and Latin America. This regional pattern is heavily influenced by the need to solve the resource shortage in the medium and long term. The investments in Europe and the United States are mostly market seeking investments. Research specifically focused on Chinese M&A abroad comes to the same conclusion. The success rate of Chinese M&A abroad is much lower than what we see with respect to American or European investments abroad. In this paper, we examine why Chinese firms are facing more difficulties in the European Union than in other regions. The paper focuses on Chinese M&A as proxy for total foreign direct investments abroad. By looking at the factors that have been documented as influencing the level of M&A abroad, it becomes clear that Chinese firms in Europe are hindered by many factors. For example, the trade between China and the EU is relatively low, the institutional quality is lower compared to the United States, there is less experience with respect to Europe and relatively many deals relate to State Owned Enterprises (SOE which makes the deal sensitive. So it is logical that Chinese investments are not very high in Europe. However, the research makes clear that the obstacles for Chinese investments in Europe are disappearing step by step. In that sense, we expect a strong increase of Chinese investments in Europe in the future.

  20. 12 CFR 550.330 - Are there investments in which I may not invest funds of a fiduciary account?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Are there investments in which I may not invest... on Self Dealing § 550.330 Are there investments in which I may not invest funds of a fiduciary account? You may not invest funds of a fiduciary account for which you have investment discretion in the...

  1. 75 FR 57217 - Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad

    Science.gov (United States)

    2010-09-20

    ... both U.S. and international definitions for foreign direct investment and must be represented in the...] RIN 0691-AA74 Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad AGENCY... the reporting requirements for the BE-11, Annual Survey of U.S. Direct Investment Abroad. The survey...

  2. Interaction between Dynamic Financing and Investments

    DEFF Research Database (Denmark)

    Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.

    Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly......) finance the investment has lower priority in the event of bankruptcy as is the case for the commonly used absolute priority rule (APR). This incentivizes equity holders to under invest. If debt priority rules are specified in such a way that existing debt can be exploited by issuing new debt, do equity...... holders have the incentive to over invest. We formulate a dynamic structural model to study the interaction of initial capital structure choice, investment policy, subsequent debt issues, and debt priority rules. We find that priority rules have a substantial impact on investment timing as well...

  3. Investment, regulation, and uncertainty

    Science.gov (United States)

    Smyth, Stuart J; McDonald, Jillian; Falck-Zepeda, Jose

    2014-01-01

    As with any technological innovation, time refines the technology, improving upon the original version of the innovative product. The initial GM crops had single traits for either herbicide tolerance or insect resistance. Current varieties have both of these traits stacked together and in many cases other abiotic and biotic traits have also been stacked. This innovation requires investment. While this is relatively straight forward, certain conditions need to exist such that investments can be facilitated. The principle requirement for investment is that regulatory frameworks render consistent and timely decisions. If the certainty of regulatory outcomes weakens, the potential for changes in investment patterns increases.   This article provides a summary background to the leading plant breeding technologies that are either currently being used to develop new crop varieties or are in the pipeline to be applied to plant breeding within the next few years. Challenges for existing regulatory systems are highlighted. Utilizing an option value approach from investment literature, an assessment of uncertainty regarding the regulatory approval for these varying techniques is undertaken. This research highlights which technology development options have the greatest degree of uncertainty and hence, which ones might be expected to see an investment decline. PMID:24499745

  4. 47 CFR 32.102 - Nonregulated investments.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Nonregulated investments. 32.102 Section 32.102 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS... investments. Nonregulated investments shall include the investment in nonregulated activities that are...

  5. 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

  6. 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

  7. 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

  8. Potential of Sharia-compliant investments

    OpenAIRE

    Ishuayed, Mohamed; Ruiz, Frédéric

    2016-01-01

    Islamic finance and Sharia-compliant investing has seen substantial growth over the years. As more investors are interested in becoming fully Sharia-compliant, the question of what may they be giving up in exchange arises. This has led us to analyze the potential of Sharia-compliant investments. It is well known that having a Sharia-compliant investment portfolio could be rather restrictive as some sectors and investment instruments are forbidden such as tobacco, alcohol, gambling, pork produ...

  9. A basic guide to investing.

    Science.gov (United States)

    Smith, Michael C

    2006-03-01

    Today's investors have many choices. From seemingly simple investments, such as stocks, bonds and cash, to more complicated option strategies, there is a dizzying array of investment vehicles that can leave even the most seasoned investor a bit confused. In discussions with our clients, one common thread is the desire to learn more about the various types of investments available. Following is a basic guide to the most common investments and the risks inherent in those choices.

  10. 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

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

    Directory of Open Access Journals (Sweden)

    L. O. Zhitinskaya

    2017-01-01

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

  12. 12 CFR 703.14 - Permissible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Permissible investments. 703.14 Section 703.14 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.14 Permissible investments. (a) Variable rate investment. A Federal...

  13. 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.

  14. 12 CFR 615.5133 - Investment management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investment management. 615.5133 Section 615... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5133 Investment management. (a... management information systems that are appropriate for the level and complexity of your investment...

  15. 47 CFR 69.302 - Net investment.

    Science.gov (United States)

    2010-10-01

    ...) Investment in Accounts 2002, 2003 and to the extent such inclusions are allowed by this Commission, Account... Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES (CONTINUED) ACCESS CHARGES Apportionment of Net Investment § 69.302 Net investment. (a) Investment in Accounts 2001, 1220 and Class B Rural...

  16. Foreign investments in modern economic activities

    OpenAIRE

    Emil Biber

    2004-01-01

    Worldwide economies are more and more linked by international economic and financial flows to globalization and economic integration phenomena that is effect and cause for them. External investments represent for investors a long-term investment abroad meanwhile for users these could be direct investments or portfolio investments

  17. Investing without credible inter-period regulations. A bargaining approach with application to investments in natural resources

    International Nuclear Information System (INIS)

    Nordal, Kjell Bjoern

    2002-01-01

    A government's lack of credibility when promising future taxation and regulation of foreign direct investment is often regarded as an obstacle to foreign investment. As shown in this paper, the total lack of inter-period credibility may not necessarily prevent investments from taking place. Both the government and the investor can benefit from negotiating a series of short-lived agreements in which the investor obtains a share of the revenue generated from previous investments against the undertaking of making new investments. This assumes that intra-period agreements are respected by the parties

  18. 17 CFR 256.124 - Other investments.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Other investments. 256.124... COMPANY ACT OF 1935 2. Investments § 256.124 Other investments. This account shall include the cost or current value of investments, whichever is less, in securities, club memberships, associations, life...

  19. 12 CFR 615.5142 - Association investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Association investments. 615.5142 Section 615... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5142 Association investments. An association may hold eligible investments listed in § 615.5140, with the approval of its funding...

  20. 75 FR 55372 - Tudor Employee Investment Fund LLC and Tudor Investment Corporation; Notice of Application

    Science.gov (United States)

    2010-09-10

    ... management business, the Fund Investors will be able to understand and evaluate the attendant risks... Investment Fund (other than investment objectives and strategies and form of organization) (the ``Subsequent... will operate as a non-diversified closed-end management investment company. Each Fund will be an...

  1. Chinese investments in the EU

    NARCIS (Netherlands)

    Ebbers, H.A.; Zhang, J.

    2010-01-01

    China’s investments in the European Union are much lower than what you may expect given the economic size of both entities. These relatively low investments in Europe are a combination of priority and obstacles. The priority for investments is clearly in Asia, Africa and Latin America. This regional

  2. 12 CFR 1.8 - Nonconforming investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Nonconforming investments. 1.8 Section 1.8 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY INVESTMENT SECURITIES § 1.8 Nonconforming investments. (a) A national bank's investment in securities that no longer conform to this part...

  3. 12 CFR 703.18 - Grandfathered investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Grandfathered investments. 703.18 Section 703... INVESTMENT AND DEPOSIT ACTIVITIES § 703.18 Grandfathered investments. (a) Subject to safety and soundness... zero coupon security with a maturity greater than 10 years, if it purchased the investment: (1) Before...

  4. 12 CFR 347.108 - Portfolio investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

  5. 75 FR 76630 - Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad-Direct...

    Science.gov (United States)

    2010-12-09

    ....S. Direct Investment Abroad--Direct Transactions of U.S. Reporter With Foreign Affiliate.'' The..., Quarterly Survey of U.S. Direct Investment Abroad--Direct Transactions of U.S. Reporter With Foreign...] RIN 0691--AA75 Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad...

  6. Investment Timing When External Financing Is Costly

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

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

  7. 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.

  8. Identifying options for regulating the coordination of network investments with investments in distributed electricity generation

    International Nuclear Information System (INIS)

    Nisten, E.

    2010-02-01

    The increase in the distributed generation of electricity, with wind turbines and solar panels, necessitates investments in the distribution network. The current tariff regulation in the Dutch electricity industry, with its ex post evaluation of the efficiency of investments and the frontier shift in the x-factor, delays these investments. In the unbundled electricity industry, the investments in the network need to be coordinated with those in the distributed generation of electricity to enable the DSOs to build enough network capacity. The current Dutch regulations do not provide for a sufficient information exchange between the generators and the system operators to coordinate the investments. This paper analyses these two effects of the Dutch regulation, and suggests improvements to the regulation of the network connection and transportation tariffs to allow for sufficient network capacity and coordination between the investments in the network and in the generation of electricity. These improvements include locally differentiated tariffs that increase with an increasing concentration of distributed generators.

  9. 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...

  10. Sanitation investments in Ghana

    DEFF Research Database (Denmark)

    Awunyo-Akaba, Y.; Awunyo-Akaba, J.; Gyapong, M.

    2016-01-01

    with people’s willingness and ability to invest in household sanitation across all communities. The status of being a stranger i.e. migrant in the area left some populations without rights over the land they occupied and with low incentives to invest in sanitation, while indigenous communities were challenged......Background: Ghana’s low investment in household sanitation is evident from the low rates of improved sanitation. This study analysed how land ownership, tenancy security and livelihood patterns are related to sanitation investments in three adjacent rural and peri-urban communities in a district...... communities were triangulated with multiple interview material and contextual knowledge on social structures, history of settlement, land use, livelihoods, and access to and perceptions about sanitation. Results: This study shows that the history of settlement and land ownership issues are highly correlated...

  11. 12 CFR 211.9 - Investment procedures.

    Science.gov (United States)

    2010-01-01

    ... Investment procedures. (a) General provisions. 5 Direct and indirect investments shall be made in accordance... for general consent. An investment in a foreign bank may not be made under authority of paragraphs (b) or (c) of this section if: (1) After the investment, the foreign bank would be an affiliate of a...

  12. 31 CFR 537.311 - New investment.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false New investment. 537.311 Section 537....311 New investment. (a) The term new investment means any of the following activities if such activity... located in Burma, without regard to the form of the participation. (b) The term new investment shall not...

  13. Government Strategic Support for Investment Activity

    Science.gov (United States)

    Turekulova, Assiya N.; Mukhambetova, Lyazzat K.; Doshan, Almagul S.; Issabekov, Baurzhan N.; Chimgentbayeva, Gulbakyt K.; Turegeldinova, Aliya Zh.

    2016-01-01

    When system risks are high most investors choose to exit the market; however, there are some contrarian investors who opt to make investments. The authors analyzed the main goals of the investment process and measures that should be provided by the government to stimulate investments and innovation especially by means of investment banking. The…

  14. 12 CFR 956.2 - Authorized investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Authorized investments. 956.2 Section 956.2... ITEMS FEDERAL HOME LOAN BANK INVESTMENTS § 956.2 Authorized investments. In addition to assets... securities of any small business investment company formed pursuant to 15 U.S.C. 681(d), to the extent such...

  15. Does Investment Treaty Affect the Improvement on FDI?

    OpenAIRE

    Eunsook Seo

    2008-01-01

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

  16. Reform of investment policy in the function of sustainable development with special emphasis on investment in information technologies

    Directory of Open Access Journals (Sweden)

    Dragičević-Radičević Tatjana

    2017-01-01

    Full Text Available Global economy still records a decline in FDI. The main causes are increased economic instability and geopolitical risks. Given the continued negative trend, it is clear that it is necessary to reform the investment policies at the national, regional, bilateral, multilateral and international level, to ensure sustainable economic development. Key elements of the reforms are: to provide instruments to reduce risks, create mechanisms of responsible investment, improve the structural coherence and promote regional investments. Refer to the current dates of the sectors investments (according to the report of UNCTAD from 2015th shows that the services sector recorded double growth compared to the investment in the manufacturing sector in 2012. Also, if we take into consideration the fact that investment in IT sector investment involves three aspects: transactional (minimizing costs, strategic (innovation technologies, achieving competitiveness and information (improving access to information and communications, it may be assumed that the reforms in the investment policies should be directly correlated with investments in information technology.

  17. 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)

  18. 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.

  19. From green investments to ecotax

    International Nuclear Information System (INIS)

    Stam, B.

    1996-01-01

    Since 1991 several fiscal regulations are in effect for businesses, energy companies and civilians to invest in environmental and renewable projects. Although those so-called 'green investment' options are a great success, there is another, less positive, side to that success. Characteristics, advantages and disadvantages of several fiscal tools to invest in renewable energy are briefly discussed

  20. 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...

  1. Pemanfaatan Limbah Investment Menjadi Barang Kerajinan

    Directory of Open Access Journals (Sweden)

    Hastuti Kusreni

    2016-04-01

    Full Text Available Penelitian ini dimaksudkan untuk memanfaatkan kembali limbah investment padat yang dihasilkan dengan menggunakan teknologi proses pembuatan barang kerajinan yang bisa  diterapkan untuk usaha kecil kerajinan. Pada pembuatan perhiasan dengan metode wax lost casting digunakan bahan investment powder yang menghasilkan limbah padat investment. Limbah padat investment bisa dibuat barang kerajinan dengan cara menambah resin katalist, gips, alkasit, sabut kelapa, semen putih, yang bertujuan untuk memperbaiki sifat plastisitas, meningkatkan kekuatan dan mempercepat pengeringan. Untuk menentukan kualitas sampel dilakukan uji terhadap sifat plastisitas, kekuatan, kekerasan dan waktu pengeringan yang dilakukan secara visual. Hasil olahan limbah investment dengan penambahan gips, alkasit, sabut kelapa dengan komposisi 10:2:1:4, pengeringan selama 3 hari menghasilkan barang kerajinan yang kurang keras, plastis dan kuat. Hasil olahan limbah investment dengan penambahan gips, semen putih dengan komposisi 10:2:4, pengeringan selama 3 jam menghasilkan barang kerajinan yang keras dan plastis. Kata kunci : limbah investment padat

  2. Irreversible investments revisited

    DEFF Research Database (Denmark)

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

    2007-01-01

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

  3. 12 CFR 225.111 - Limit on investment by bank holding company system in stock of small business investment companies.

    Science.gov (United States)

    2010-01-01

    .... L. 90-104, 81 Stat. 268, 270), a national bank may invest in stock of small business investment... system in stock of small business investment companies. 225.111 Section 225.111 Banks and Banking FEDERAL... Limit on investment by bank holding company system in stock of small business investment companies. (a...

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

    Directory of Open Access Journals (Sweden)

    Lidong Zhang

    2014-01-01

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

  5. Research of relationship between uncertainty and investment

    Institute of Scientific and Technical Information of China (English)

    MENG Li; WANG Ding-wei

    2005-01-01

    This study focuses on revealing the relationship between uncertainty and investment probability through real option model involving investment critical trigger and project earning. Use of Matlab software on the experimental results showing that project earning volatility influences investment probability, led the authors to conclude that this notion is not always correct, as increasing uncertainty should have an inhibiting effect on investment, and that in certain situation, increasing uncertainty actually increases the investment probability and so, should have positive impact on investment.

  6. Post-modern portfolio theory supports diversification in an investment portfolio to measure investment's performance

    OpenAIRE

    Rasiah, Devinaga

    2012-01-01

    This study looks at the Post-Modern Portfolio Theory that maintains greater diversification in an investment portfolio by using the alpha and the beta coefficient to measure investment performance. Post-Modern Portfolio Theory appreciates that investment risk should be tied to each investor's goals and the outcome of this goal did not symbolize economic of the financial risk. Post-Modern Portfolio Theory's downside measure generated a noticeable distinction between downside and upside volatil...

  7. Investment banks in AIC – alternative loan

    Directory of Open Access Journals (Sweden)

    O.V. Lysenok

    2015-03-01

    Full Text Available Determining the status and problems of modern investment in agricultural enterprises, as well as ways to improve their financial security. The article deals with the essence of investments and their varieties. The dynamics of the securities portfolio of domestic banks and investments in agriculture. According to a study submitted proposals to increase investment banking businesses in the agricultural sector, which is necessary to create such conditions are not included in the calculation of the volume of investment regulations investment banking provided by agribusiness companies; availability of specialized banks, which will focus its resources on the development of agricultural enterprises; give banks the opportunity to issue special investment certificates, which received funds will be channeled exclusively on investing in the development of agricultural enterprises; for the above to create an appropriate legal framework.

  8. 76 FR 58420 - Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the United States

    Science.gov (United States)

    2011-09-21

    ...] RIN 0691-AA80 Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the... of Foreign Direct Investment in the United States. Benchmark surveys are conducted every five years; the prior survey covered 2007. The benchmark survey covers the universe of foreign direct investment...

  9. 76 FR 79054 - Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the United States

    Science.gov (United States)

    2011-12-21

    ...] RIN 0691-AA80 Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the... reporting requirements for the 2012 BE-12, Benchmark Survey of Foreign Direct Investment in the United... survey covers the universe of foreign direct investment in the United States, and is BEA's most detailed...

  10. 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.

  11. 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

  12. 47 CFR 32.1406 - Nonregulated investments.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Nonregulated investments. 32.1406 Section 32.1406 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM... Nonregulated investments. This account shall include the carrier's investment in nonregulated activities...

  13. Policy Uncertainty, Investment and Commitment Periods

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Today's investment decisions in key sectors such as energy, forestry or transport have significant impacts on the levels of greenhouse gas (GHG) emissions over the coming decades. Given the economic and environmental long-term implications of capital investment and retirement, a climate mitigation regime should aim to encourage capital investment in climate-friendly technologies. Many factors affect technology choice and the timing of investment, including investor expectations about future prices and policies. Recent international discussions have focused on the importance of providing more certainty about future climate policy stringency. The design of commitment periods can play a role in creating this environment. This paper assesses how the length of commitment periods influences policy uncertainty and investment decisions. In particular, the paper analyses the relationship between commitment period length and near term investment decisions in climate friendly technology.

  14. 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.

  15. Socially responsible investments in mutual funds

    Directory of Open Access Journals (Sweden)

    Funaru, M.

    2011-01-01

    Full Text Available This paper aims to add contribution to the socially responsible investments (from now on called “SRI” research by examining the significance of this type of investment in terms of ethical or financial prior behaviour. Using the sample of European market of socially responsible investments funds, we first explore the SRI market dimension compared to the global data on SRI. We also investigate whether the ethical recognition is more important rather than the financial performance. Applied to the European social responsible investment fund market, the paper investigates the difference between these two aspects of behaviour and underlies the importance of socially responsible investments in promoting a sustainable development.

  16. Alternative approaches to transmission investment

    Energy Technology Data Exchange (ETDEWEB)

    Welch, J.L. [International Transmission Co., Detroit, MI (United States)

    2004-07-01

    The International Transmission Company (ITC) is an independent power transmission company that owns, operates and maintains the high voltage transmission system in southeastern Michigan. The company's current focus is on investing in the transmission infrastructure to improve reliability, relieve congestion, improve access to generation and reduce energy costs for consumers. There is a need for investment in power transmission. Trends indicate that power transactions are on the rise while transmission investment is lagging because pricing protocols are inadequate and there is no regional tariff mechanism to allocate the benefits of new investment. The presentation reviewed the applicability of FTRs to transmission owners and the pitfalls of participant funding pricing. It also outlined the regional benefit allocation mechanism (RBAM) with an illustrative example. It was concluded that existing pricing policies must be improved to address the growing need for transmission investment. RBAM is needed to help investors recover costs from project beneficiaries. figs.

  17. 13 CFR 301.7 - Investment Assistance proposal.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Investment Assistance proposal... COMMERCE ELIGIBILITY, INVESTMENT RATE AND PROPOSAL AND APPLICATION REQUIREMENTS Proposal and Application Requirements; Evaluation Criteria § 301.7 Investment Assistance proposal. (a) The EDA Investment Assistance...

  18. Finans/Invest - Årsrapport 2014

    DEFF Research Database (Denmark)

    Bechmann, Ken L.

    2015-01-01

    Lederen gør status for Finans/Invest i 2014 gennem en "årsrapport", hvor en række centrale nøgletal for Finans/Invest præsenteres. Nøgletallene viser eksempelvis, at ca. hver femte artikel/artikelforslag afvises, at forfatterne til publicerede artikler er ligeligt fordelt mellem akademikere og...... praktikere, samt at artiklerne i Finans/Invest har givet anledning til en del medieopmærksomhed i 2014....

  19. Keynes, investment, unemployment and expectations

    OpenAIRE

    Smith, Ron P.; Zoega, Gylfi

    2009-01-01

    In Keynes' General Theory, investment determines effective demand, which determines unemployment and the labour market plays a negligible role. In New Keynesian models, labour market institutions determine the natural rate of unemployment and the speed at which unemployment adjusts to it. Investment is mostly ignored as a key variable behind the problem of high unemployment, despite a strong empirical association between investment and unemployment. We discuss the evolution of the 'Keynesian'...

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

    Science.gov (United States)

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

  1. Foreign Investments in Russia in 2012

    OpenAIRE

    Ekaterina Iliukhina

    2013-01-01

    In 2012, a decline in foreign investors’ activities in the Russian Federation was observed. The inflow of foreign investments as a share of GDP decreased by 2.3 p.p. as compared to 2011. Foreign investments concentrated mainly in the industry and the fi nancial sector. In the industry, the leaders were manufacturing industries. As the geographic pattern of foreign investments is concerned, the largest volume of investments into the Russian Federation came from Switzerland, the Netherlands and...

  2. 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)

  3. Investment under uncertainty : Timing and capacity optimization

    NARCIS (Netherlands)

    Wen, Xingang

    2017-01-01

    This thesis consists of three chapters on analyzing the optimal investment timing and investment capacity for the firm(s) undertaking irreversible investment in an uncertain environment. Chapter 2 studies the investment decision of a monopoly firm when it can adjust output quantity in a market with

  4. Hospital Capital Investment During the Great Recession.

    Science.gov (United States)

    Choi, Sung

    2017-01-01

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

  5. Investment opportunities in an increasingly competitive environment

    International Nuclear Information System (INIS)

    Webb, Martin

    1999-01-01

    Four topic areas are considered: (1) The global context for energy investments, (2) Strategic investments in the gas chain, (3) Conventional and changing approaches to investing in gas and power, (4) New areas of opportunity. The presentation considers the challenging global context for investments and the current oil price outlook and more specifically the backdrop to the growth in demand for gas and its increasing availability and the implications of factors such as energy market liberalization. It notes the regional nature of gas and power markets and considers the issue of stranded supply and demand. It identifies an increasing trend towards investments up and down the gas chain by both traditional and new players and explores BP Amoco's own corporate response. The presentation then briefly reviews four major gas investments which BP Amoco has either already taken or is considering. It then discusses investments in gas to power and the growing environmental agenda, which is bringing a range of new and non-traditional investment opportunities

  6. Investment opportunities in an increasingly competitive environment

    Energy Technology Data Exchange (ETDEWEB)

    Webb, Martin

    1999-07-01

    Four topic areas are considered: (1) The global context for energy investments, (2) Strategic investments in the gas chain, (3) Conventional and changing approaches to investing in gas and power, (4) New areas of opportunity. The presentation considers the challenging global context for investments and the current oil price outlook and more specifically the backdrop to the growth in demand for gas and its increasing availability and the implications of factors such as energy market liberalization. It notes the regional nature of gas and power markets and considers the issue of stranded supply and demand. It identifies an increasing trend towards investments up and down the gas chain by both traditional and new players and explores BP Amoco's own corporate response. The presentation then briefly reviews four major gas investments which BP Amoco has either already taken or is considering. It then discusses investments in gas to power and the growing environmental agenda, which is bringing a range of new and non-traditional investment opportunities.

  7. Hospital Capital Investment During the Great Recession

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal. PMID:28617202

  8. 76 FR 43385 - Lending and Investment

    Science.gov (United States)

    2011-07-20

    ... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Lending and Investment AGENCY: Office of... collection. Title of Proposal: Lending and Investment. OMB Number: 1550-0078. Form Number: N/A. Description: Current OTS regulations for the documentation of loans and investments for safety and soundness purposes...

  9. 76 FR 28504 - Lending and Investment

    Science.gov (United States)

    2011-05-17

    ... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Lending and Investment AGENCY: Office of... collection. Title of Proposal: Lending and Investment. OMB Number: 1550-0078. Form Number: N/A. Description: Current OTS regulations for the documentation of loans and investments for safety and soundness purposes...

  10. Pension fund sophistication and investment policy

    NARCIS (Netherlands)

    de Dreu, J.|info:eu-repo/dai/nl/364537906; Bikker, J.A.|info:eu-repo/dai/nl/06912261X

    This paper assesses the sophistication of pension funds’ investment policies using data on 748 Dutch pension funds during the 1999–2006 period. We develop three indicators of sophistication: gross rounding of investment choices, investments in alternative sophisticated asset classes and ‘home bias’.

  11. Quantitative investment strategies and portfolio management

    NARCIS (Netherlands)

    Guo, J.

    2012-01-01

    This book contains three essays on alternative investments and portfolio management. Taking from a portfolio investor’s perspective, the first essay analyzes the portfolio implication of investing in hedge funds when there is a hedge fund lockup period. The second essay studies the investment

  12. 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

  13. 7 CFR 3560.305 - Return on investment.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Return on investment. 3560.305 Section 3560.305... AGRICULTURE DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Financial Management § 3560.305 Return on investment. (a) Borrower's return on investment. Borrowers may receive a return on their investment (ROI) in...

  14. 26 CFR 1.936-10 - Qualified investments.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Qualified investments. 1.936-10 Section 1.936... (CONTINUED) INCOME TAXES Possessions of the United States § 1.936-10 Qualified investments. (a) In general. [Reserved] (b) Qualified investments in Puerto Rico. [Reserved] (c) Qualified investment in certain...

  15. 12 CFR 24.3 - Public welfare investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Public welfare investments. 24.3 Section 24.3... DEVELOPMENT ENTITIES, COMMUNITY DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS § 24.3 Public welfare investments. A national bank or national bank subsidiary may make an investment directly or...

  16. 12 CFR 560.43 - Foreign assistance investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Foreign assistance investments. 560.43 Section... INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.43 Foreign assistance investments. Pursuant to HOLA section 5(c)(4)(C), a Federal savings association may make foreign assistance...

  17. R & D STRATEGIC INVESTMENT IN AN ASYMMETRICAL CASE

    Institute of Scientific and Technical Information of China (English)

    Minggao XUE; Pu GONG

    2006-01-01

    This article analyzes R & D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second,there are two kinds of uncertainties over the future returns from the investment and over technology in R & D process, respectively. Third, there is strategic competition in the asymmetrical case. This article presents the optimal investment threshold values and the optimal investment rule of high-efficient firm (leader), and shows that the investment threshold values are reduced by competition of two firms.Finally, the mixed investment strategies for two firms, the probability that each firm separately exercises the option to invest, and the probability that two firms simultaneously exercise the option are given in the paper.

  18. 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.

  19. 12 CFR 703.16 - Prohibited investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Prohibited investments. 703.16 Section 703.16 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.16 Prohibited investments. (a) Derivatives. A Federal credit union may...

  20. Geopolitics and the corporate investment decision

    International Nuclear Information System (INIS)

    Boulos, A.J.

    1996-01-01

    The impact of geopolitics in any international oil company's investment decisions, was discussed. Geopolitics in this context was defined as all government policies, be they economic, political strategic or military, that determine national interests, which a company has to take into account in making an investment decision. Geopolitical considerations have taken on added importance with the arrival of the Cold War and its aftermath, to the point where investment decisions based on traditional parameters such as geological productivity, rates of return, net present values, fiscal and contractual provisions frequently take a back seat to investment decisions that were taken with geopolitical impacts foremost in mind. From time to time, geopolitical factors can even pre-empt corporate investment decisions. The nature of geopolitics, its historical antecedents, the emergence of international rivalries following World War I, intensified after World War II, particularly after the formation of OPEC in 1973, the changing forms of resource ownership, and the general impact of geopolitical factors on corporate investment decisions were reviewed

  1. 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…

  2. Optimal investment horizons

    Science.gov (United States)

    Simonsen, I.; Jensen, M. H.; Johansen, A.

    2002-06-01

    In stochastic finance, one traditionally considers the return as a competitive measure of an asset, i.e., the profit generated by that asset after some fixed time span Δt, say one week or one year. This measures how well (or how bad) the asset performs over that given period of time. It has been established that the distribution of returns exhibits ``fat tails'' indicating that large returns occur more frequently than what is expected from standard Gaussian stochastic processes [1-3]. Instead of estimating this ``fat tail'' distribution of returns, we propose here an alternative approach, which is outlined by addressing the following question: What is the smallest time interval needed for an asset to cross a fixed return level of say 10%? For a particular asset, we refer to this time as the investment horizon and the corresponding distribution as the investment horizon distribution. This latter distribution complements that of returns and provides new and possibly crucial information for portfolio design and risk-management, as well as for pricing of more exotic options. By considering historical financial data, exemplified by the Dow Jones Industrial Average, we obtain a novel set of probability distributions for the investment horizons which can be used to estimate the optimal investment horizon for a stock or a future contract.

  3. 48 CFR 2152.210-70 - Investment income.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Investment income. 2152.210... CONTRACT CLAUSES Text of Provisions and Clauses 2152.210-70 Investment income. As prescribed in 2110.7004(a), insert the following clause: Investment Income (OCT 2005) (a) The Contractor must invest and reinvest all...

  4. 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...

  5. 12 CFR 560.32 - Pass-through investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Pass-through investments. 560.32 Section 560.32 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY LENDING AND INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.32 Pass-through investments. (a) A...

  6. 12 CFR 560.36 - De minimis investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false De minimis investments. 560.36 Section 560.36 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY LENDING AND INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.36 De minimis investments. A Federal...

  7. Investing in the Long Term

    Institute of Scientific and Technical Information of China (English)

    Valerie; Sartor

    2007-01-01

    Janice Dai is a senior executive at Harvest Fund Management Co.Ltd.,one of China’s top fund management compa- nies,managing fixed income market investments across the country.She also leads her company’s overall institutional investments.Recently she agreed to talk about her company as well as comment on China’s booming financial indus- try,in the wake of overseas invest- ment bankers predicting tremen- dous returns on the Chinese main- land over the next few years.

  8. 31 CFR 560.207 - Prohibited investment.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Prohibited investment. 560.207... § 560.207 Prohibited investment. Except as otherwise authorized pursuant to this part, and... investment by a United States person in Iran or in property (including entities) owned or controlled by the...

  9. 31 CFR 586.312 - New investment.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false New investment. 586.312 Section 586.312 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF...) KOSOVO SANCTIONS REGULATIONS General Definitions § 586.312 New investment. The term new investment means...

  10. International Investment Law and EU Law

    DEFF Research Database (Denmark)

    regional economic integration agreements, International Competition Law, International Investment Regulation, International Monetary Law, International Intellectual Property Protection and International Tax Law. In addition to the regular annual volumes, EYIEL Special Issues routinely address specific...... current topics in International Economic Law. The entry into force of the Lisbon Treaty entails sweeping changes with respect to foreign investment regulation. Most prominently, the Treaty on the Functioning of the European Union (TFEU) now contains in its Article 207 an explicit competence...... for the regulation of foreign direct investment as part of the Common Commercial Policy (CCP) chapter. With this new competence, the EU will become an important actor in the field of international investment politics and law. The new empowerment in the field of international investment law prompts a multitude...

  11. A framework for social investment strategies

    DEFF Research Database (Denmark)

    Kvist, Jon

    2015-01-01

    and multidimensional nature of social issues and social investments. Theoretically, this article establishes such a framework consisting of generational, life course and gender perspectives on social investments. The generational perspective brings out that social investments involve horizontal redistribution......, underpin the productive and reproductive social contract between generations, and the increased diversity within generations. The life course perspective demonstrates how social issues and social investments in one life stage depend on the situation in prior life stages and affect the situation in later...... life stages and, possibly, in multiple dimensions. The gender perspective shows how social investments can improve economic and social returns when gender and ageing over the life course are taken into consideration. Empirically, cross-national patterns indicate a positive relation between social...

  12. The Investment Committee. Effective Committees. Board Basics.

    Science.gov (United States)

    Biggs, John H.

    1997-01-01

    The investment committee of the college or university governing board is charged with determining, overseeing, and assessing the policies and processes by which institutional funds are invested. The committee has fiduciary duty to ensure that the terms of investment of donors' gifts are met and to maximize investment returns within an appropriate…

  13. 12 CFR 5.36 - Other equity investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Other equity investments. 5.36 Section 5.36... PROCEDURES FOR CORPORATE ACTIVITIES Expansion of Activities § 5.36 Other equity investments. (a) Authority... types of equity investments pursuant to 12 U.S.C. 24(Seventh) and other statutes. These investments are...

  14. Benchmarking Investments in Advancement: Results of the Inaugural CASE Advancement Investment Metrics Study (AIMS). CASE White Paper

    Science.gov (United States)

    Kroll, Juidith A.

    2012-01-01

    The inaugural Advancement Investment Metrics Study, or AIMS, benchmarked investments and staffing in each of the advancement disciplines (advancement services, alumni relations, communications and marketing, fundraising and advancement management) as well as the return on the investment in fundraising specifically. This white paper reports on the…

  15. FACTORS DETERMINING THE INVESTMENT ATTRACTIVENESS OF THE REGION

    Directory of Open Access Journals (Sweden)

    O. I. Avtsinov

    2014-01-01

    Full Text Available Summary.In the article we can see relevance of the research aimed at creating a favorable investment climate in the country and its regions, as a necessary condition for solving the problems of modernization of industrial production, the introduction of scientific and technological progress in all spheres of public life, the implementation of large-scale social and productive programs. In the study we justify the theoretical principles and reveal the essence of the relationship concepts: investment climate, investment attractiveness and investment activity. It is proved that the investment attractiveness should be considered as a sign of factorial and important component of the investment climate in the region, and investment activity as a sign score. In the study we can see a wide range of factors shaping favorable conditions for investment activities. The author focuses on the importance of non-traditional factors shaping the investment attractiveness of such as reducing the time to connect to power grid, information communication, improvement of tax reporting procedures, clarity of customs work, the introduction of regulations for obtaining permits for construction of facilities and reducing the number of required documents. This article analyzes of the indices and the key factors of investment attractiveness of the Voronezh region, which attract investment, exceeding the national average. The main ones are the development of new industrial parks with good transport, engineering, business infrastructure. Investors in the region have favorable conditions to carry on business on the prepared sites with painted communications, junctions, allowing them to reduce production costs, while correspondingly increasing the investment attractiveness of the area. Success of the attracting investment in the Voronezh region is largely due to the introduction standard of the executive bodies of state power, including 15 documents designed to make the

  16. STATE REGULATION OF INVESTMENT INSURANCE COMPANIES IN UKRAINE

    Directory of Open Access Journals (Sweden)

    О. Zaletov

    2016-03-01

    Full Text Available In the article the essence of investment insurance company. The role and importance of investment of insurance companies on formation of investment resources in the economy. The essence of the definition of "investment potential of insurance companies" and its relationship with the definition of "financial strength of insurance companies' insurance and potential insurance companies." By analyzing the structure and dynamics of aggregate investment portfolio of insurance organizations of Ukraine in 2008-2015 years defined contribution insurance sector in the formation of investment resources. The problems and prospects of the investment potential of the insurance market of Ukraine. Directions of improvement of state regulation of investment of insurance companies in Ukraine.

  17. Social Investment in Times of Crisis

    DEFF Research Database (Denmark)

    Prandini, Riccardo; Orlandini, Matteo; Guerra, Alice

    The purpose of this report is to analyse and understand whether and how, in the last twenty years, the EU member countries have adopted welfare systems which incorporate aspects of social investment. The quantitative and comparative study is focused on social investment strategies across 28...... European member states. The aim is to map out and explore the effectiveness of different social investment strategies. An overview of macro-level welfare performance indicators consist of a review of available macro-indicators to assess welfare performance in the light of social investment decisions....

  18. 75 FR 53611 - Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad-Direct...

    Science.gov (United States)

    2010-09-01

    ...] RIN 0691-AA75 Direct Investment Surveys: BE-577, Quarterly Survey of U.S. Direct Investment Abroad--Direct Transactions of U.S. Reporter With Foreign Affiliate AGENCY: Bureau of Economic Analysis, Commerce...-577 quarterly survey of U.S. direct investment abroad. The survey is conducted quarterly and obtains...

  19. Capital Investment Procedures for FEMYSO

    OpenAIRE

    Oluduro, Francis Oladele; Duru, Longinus; Al Jaafar, Mofid

    2008-01-01

    Date: 2008-06-05 Level: Bachelor Thesis in Business Administration EF0703, 15 ECTS Credits. Authors: Longinus Duru (Stockholm), Francis O.Oluduro (Västerås) and Mofid Al Jaafar (Västerås) Title: Capital Investment Procedures for FEMYSO Problem Area: Undertaking an investment by FEMYSO involves weighing up the risk against the returns but still capital investment decision are still one of the most undertaken decisions by organization managers because it involves commitment of huge amount of mo...

  20. 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…

  1. Investment Attractiveness of Food Industries in Ukraine

    Directory of Open Access Journals (Sweden)

    L. О.

    2017-02-01

    Full Text Available Effective investment is a factor for long-term company development. As enhancement of investment attractiveness is a required condition for economic growth and improvement of living standards, it needs to be on the agenda at government and company level. The article’s objective is to study investment attractiveness of food industries in Ukraine over 2012–2015. Investment attractiveness of food industries can be measured by indicators of liquidity, financial sustainability, and profit rate. Basically, food industries in Ukraine are attractive for investment, which is demonstrated by assessment of the financial indicators. The investment attractiveness worsened slightly in 2015 compared with 2014. The essential problems faced by food industries are shortage of internal funds and negative profit rate of all the activities, assets and own capital. Official statistical data and software package SPSS are used to build the dendrogram, allowing for dividing food industries by level of investment attractiveness into three groups: industries with high, medium and low level of investment attractiveness. It is found that meat industry is the one with the highest level of investment attractiveness. Also, investors should look positively at food-canning industry, oil and animal fat industry, flour-milling industry, starch and starch products industry, and other foods industry.

  2. 31 CFR 560.316 - New investment.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false New investment. 560.316 Section 560.316 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF... § 560.316 New investment. The term new investment means a transaction after 12:01 EDT, May 7, 1995, that...

  3. 12 CFR 228.23 - Investment test.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Investment test. 228.23 Section 228.23 Banks... COMMUNITY REINVESTMENT (REGULATION BB) Standards for Assessing Performance § 228.23 Investment test. (a) Scope of test. The investment test evaluates a bank's record of helping to meet the credit needs of its...

  4. Investment under Uncertainty and Financial Crisis

    DEFF Research Database (Denmark)

    Jensen, Camilla

    The objective of the paper is to test the stability hypothesis – that foreign investors are relatively insulated from uncertainty and how it spills over on their investment adjustment cost. The Q model (implying that investments are explained by the fundamental value of the firm) is implemented...... with reasonable success for firm level panels in Turkey. Robustness of the results and despite the general obstacle that inflation poses on the study is increased by applying different datasets with different time horizons, different measures of investment and profitability and different problems of attrition...... it is found that the decline in the growth of the investment rate for domestic firms is at least twice as high compared to the decline in the growth of the investment rate among foreign held firms....

  5. Chinese Foreign Direct Investment in Indonesia

    DEFF Research Database (Denmark)

    Gammeltoft, Peter; Tarmidi, Lepi T.

    2013-01-01

    In Indonesia, no systematic study of Chinese FDI has been undertaken to date. This paper contributes to filling this research gap and analyses the current composition as well as the historical evolution of Chinese FDI in Indonesia, relying on a survey conducted in 2008 among Chinese invested...... enterprises supplemented with key informant interviews, available official statistics and secondary data. Considering the evolution of Chinese investments in Indonesia over time, investments have evolved from being individual and isolated projects to acquiring more systemic properties. Chinese companies have...... acquired a broader sectoral presence in Indonesia and Chinese invested companies in, e.g., extractive or manufacturing activities can increasingly rely on complementary Chinese investments in logistics, travel, finance, etc. Where the local development effects are concerned, a picture emerges where Chinese...

  6. Review of capital investment in economic growth cycle

    Science.gov (United States)

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

    2016-11-01

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

  7. Optimal Investment Control of Macroeconomic Systems

    Institute of Scientific and Technical Information of China (English)

    ZHAO Ke-jie; LIU Chuan-zhe

    2006-01-01

    Economic growth is always accompanied by economic fluctuation. The target of macroeconomic control is to keep a basic balance of economic growth, accelerate the optimization of economic structures and to lead a rapid, sustainable and healthy development of national economies, in order to propel society forward. In order to realize the above goal, investment control must be regarded as the most important policy for economic stability. Readjustment and control of investment includes not only control of aggregate investment, but also structural control which depends on economic-technology relationships between various industries of a national economy. On the basis of the theory of a generalized system, an optimal investment control model for government has been developed. In order to provide a scientific basis for government to formulate a macroeconomic control policy, the model investigates the balance of total supply and aggregate demand through an adjustment in investment decisions realizes a sustainable and stable growth of the national economy. The optimal investment decision function proposed by this study has a unique and specific expression, high regulating precision and computable characteristics.

  8. Power generation investment in electricity markets

    International Nuclear Information System (INIS)

    2003-01-01

    Most IEA countries are liberalizing their electricity markets, shifting the responsibility for financing new investment in power generation to private investors. No longer able to automatically pass on costs to consumers, and with future prices of electricity uncertain, investors face a much riskier environment for investment in electricity infrastructure. This report looks at how investors have responded to the need to internalize investment risk in power generation. While capital and total costs remain the parameters shaping investment choices, the value of technologies which can be installed quickly and operated flexibly is increasingly appreciated. Investors are also managing risk by greater use of contracting, by acquiring retail businesses, and through mergers with natural gas suppliers. While liberalization was supposed to limit government intervention in the electricity market, volatile electricity prices have put pressure on governments to intervene and limit such prices. This study looks at several cases of volatile prices in IEA countries' electricity markets, and finds that while market prices can be a sufficient incentive for new investment in peak capacity, government intervention into the market to limit prices may undermine such investment

  9. Bandwagon investment equilibrium of a preemption game

    OpenAIRE

    Kim, KiHyung; Deshmukh, Abhijit

    2018-01-01

    In stochastic and competitive environments, investors face an investment dilemma because the environments provide conflicting incentives. Empirical research reports various behaviors exhibited by investors, including voluntary concurrent investments, which are called bandwagon investments. However, the current theoretical understanding is still limited in explaining under which condition the investment bandwagon effect occurs. The authors investigated the closed-loop subgame perfect equilibri...

  10. Debt Covenant Renegotiation and Investment

    DEFF Research Database (Denmark)

    Arnold, Marc; Westermann, Ramona

    This paper analyzes the impact of debt covenant renegotiation outside corporate distress on firms. We study a structural model of a levered firm that can renegotiate debt both at investment and in corporate distress. Covenant renegotiation at investment reduces the agency cost of debt because...... it induces a firm value maximizing investment financing policy and mitigates the overinvestment problem. Incorporating renegotiation outside corporate distress is crucial to explain empirical occurrence patterns of debt renegotiation, the impact of debt renegotiation on corporate securities, and the relation...

  11. 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...

  12. Uncertain Dynamics, Correlation Effects, and Robust Investment Decisions

    DEFF Research Database (Denmark)

    Flor, Christian Riis; Hesel, Søren

    2015-01-01

    We analyze a firm's investment problem when the dynamics of project value and investment cost are uncertain. We provide an explicit solution using a robust method for an ambiguity averse firm taking this into account. Ambiguity aversion regarding a common risk factor impacts differently than...... ambiguity aversion regarding investment cost residual risk. Correlation between project value and investment cost matters; ambiguity aversion regarding common risk can decrease the investment probability only if correlation is positive. Ambiguity aversion regarding residual risk always increases...... the investment probability. When only project value is risky, volatility can monotonically decrease the investment threshold; this does not hold with the multiple prior method....

  13. Market Power and Investment in Renewable Electricity Generation

    DEFF Research Database (Denmark)

    Ernstsen, Rune Ramsdal; Misir, Nihat

    while incurring lower investment costs. We additionally find that highly convex investment cost greatly diminishes the impact of market power on the investment decisions. Furthermore, for both the strategic firm and the social planner, fixed baseload generation is preferable during low installed...... approach to evaluate the investment decisions. In our paper we do not only focus on the differences in costs for different technologies but also on the differences in operation of those technologies and how those differences impact the optimal investment decisions. In our model, the one-time investment...... decision requires the determination of demand shock trigger level, choice of technology and level of optimal capacity. We specifically investigate how the investment triggers, optimal capacities and technology choices change with the changes to the investment cost function, demand uncertainty and the level...

  14. US Investment Treaties and Labor Standards

    Directory of Open Access Journals (Sweden)

    Kwan-Ho Kim

    2006-06-01

    Full Text Available Korea and the United States declared the start of negotiations for the establishment of a free trade agreement. The FTA will include investment chapter. That means the Korea-US BIT (Bilateral Investment Treaty talk, which has been deadlocked since 1998, resumes as a part of FTA negotiations. The FTA investment chapter will be based on the US model BIT, which has been updated in 2004. The updated BIT version includes labor clause which provides that parties should not weaken labor standards in an effort to attract foreign investment. This clause is grounded on the criticism raised by labor groups which asserts that competition among countries to attract foreign investment leads to bidding wars in labor standards. No solid evidence is found in support of the hypothesis that foreign investors favor countries with lower labor standards. Nonetheless, some countries have offered special incentives to investors that limit labor rights in the belief that doing so would help attract foreign investment, especially in export processing or special economic zones. In this regard, the Korea's Act on free economic zones which provides exceptional labor standards to foreign invested enterprise in those zones may become an issue in reaching the FTA. This article contemplates the "not lowering labor standards" provision in the US BIT model and its implications on the FTA talks with the US.

  15. 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.

  16. Possibility of choosing development investment programs of a production company by applying discounted investment appraisal technique

    Directory of Open Access Journals (Sweden)

    Vesić-Vasović Jasmina

    2014-01-01

    Full Text Available The selection of development investment programs is one of the most important decisions in industrial production. The paper sets out the possibilities of applying dynamic criteria for investment decision making. It presents a practical numerical example for the value calculation of investment criteria Net Present Value and Internal Rate of Return for the reviewed investment project solutions. In this manner it is possible to make an orderly set of alternatives with clear preferences for the most suitable alternative in comparison with other ones. Such rating of project solutions will enable the decision maker to emphasize advantages with more arguments and select the most suitable project solution in accordance with the established criteria, conditions and limitations.

  17. Green investment in sustainable housing. SEV recommendation

    International Nuclear Information System (INIS)

    Fokkema, J.

    1996-07-01

    In cooperation with the Triodos Bank, SEV carried out a study on the possibility to invest money from green investment funds at low interest in houses which are designed and built in a sustainable and energy efficient way. By order of the Triodos Bank and SEV others drafted a guideline to assess dwellings and calculated the financial and economical consequences of green investments in sustainable housing. The results of those studies formed the basis of the SEV recommendation to the Dutch State Secretary of Housing and Planning and the Dutch State Secretary of Economic Affairs, April 1996, to expand the planned Green Investment Regulation to the possibility to invest money in sustainable houses. It is expected that the Green Investment Regulation will come into effect September 1996. 2 appendices

  18. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

    Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

  19. 17 CFR 270.3a-3 - Certain investment companies owned by companies which are not investment companies.

    Science.gov (United States)

    2010-04-01

    ... the definition of the term “investment company” by section 3(b)(1) or 3(b)(2) of the Act (15 U.S.C... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Certain investment companies owned by companies which are not investment companies. 270.3a-3 Section 270.3a-3 Commodity and...

  20. Investments in art: opportunities and challenges

    OpenAIRE

    Pashkus, M.

    2013-01-01

    Art as an investment avenue has been considered an interesting and profitable alternative, but it is also extremely risky. These alternative investments' performance is alluring. Indices tracking the performance of high-class art have held up well in the recent economic slowdown, while art-auction houses report record prices. This article discusses the basic problems of investment in works of Art.

  1. PARTICULARITIES OF BUDGETING OF INVESTMENTS YIELD

    Directory of Open Access Journals (Sweden)

    ANCA JARMILA GUŢĂ

    2011-01-01

    Full Text Available The paper presents some particularities of the budget process of all the investments as a main aspect in taking the best decision according to the main use of all the firms’ resources. As a measure method of the investments yield the main one is that which describes the relationship between the profit and the investment which improves the deccisional process.

  2. FOREIGN INVESTMENTS IN RUSSIA IN 2013

    OpenAIRE

    Ekaterina Ilyukhina

    2014-01-01

    Foreign investment in the Russian economy in 2013 increased 10.1% year-o-year. The increase was triggered by the results achieved in Q1 2013. Foreign investment was concentrated in the industrial sector, trade, and financial sector. Manufacturing industry was leading in the industrial sector. Cyprus, Switzerland, and Great Britain were leading in volumes of investment in the Russian Federation.

  3. National investment programs and sustainable development

    OpenAIRE

    Szyja, Paulina

    2014-01-01

    In situation of economic crisis many countries, for example the United States, members of European Union prepared anti-crisis programs to conduct investments. In most cases, they concentrated on modernization of transport or energy infrastructure. In Poland it would have been presented program "Polish Investments". The main purposes of the article is presentation of public investments programs and their role in sustainable development.

  4. Financial Investing Made for Women: The Economic and Psychological Reasons Why Women Invest Differently Than Men

    Directory of Open Access Journals (Sweden)

    Carolina M. Reece

    2013-07-01

    Full Text Available Financial Investing is becoming not only a way to plan for a future source of retirement, but also a method to control a personal financial situation without having to rely on government aid or family member support to survive during the elderly years. Today, individuals cannot depend on social security being available in the future for financial support. It is especially vital for women to become more interested in making long-term investments that will provide a secure and effective approach to money management and financial planning. However, as various studies have concluded, women are less interested than men in managing their finances due to various economic and psychological reasons related to risk aversion, sociopolitical and biological factors, and income. This study reviews previous research findings related to the relationship between women and investments, as well as several economic and psychological reasons behind the gender gap on financial investing are presented. Surveys were used to identify the main reasons for women’s tendency to rely less on financial investments. It was found that women who had some source of financial investment showed confidence in the stock market, as well as in their financial decisions. These results contradict some of the findings shown in previous research.

  5. 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

  6. Private investments in new infrastructures

    NARCIS (Netherlands)

    Baarsma, B.; Poort, J.P.; Teulings, C.N.; de Nooij, M.

    2004-01-01

    The Lisbon Strategy demands large investments in transport projects, broadband networks and energy infrastructure. Despite the widely-acknowledged need for investments in new infrastructures, European and national public funds are scarce in the current economic climate. Moreover, both policy-makers

  7. Modelling the System of Ensuring the Investment Security

    Directory of Open Access Journals (Sweden)

    Moroz Maxim O.

    2017-11-01

    Full Text Available The article explores approaches to modelling the system of ensuring the investment security. Necessity of observance of investment security of Ukraine has been substantiated. The author’s own vision of the modelling essentials has been provided. The eligibility for consideration of the system of ensuring the investment security of Ukraine in the functional, structural, process, formative, and factor aspects has been proved. The target setting and tasks of a functional model of the system of ensuring the investment security have been defined. The functions, subjects, organizational-economic mechanisms of the system of ensuring the investment security of Ukraine have been characterized. A structural model of the system of ensuring the investment security has been presented. Special attention has been given to the definition of objects of direct and indirect influence, control and controlled subsystems, aggregate of indicators, safe levels, principles of formation of the investment security system. The process and formative models of the system of ensuring the investment security, as well as the algorithm of the complex assessment of the level of investment security, were analyzed in detail. Measures to ensure the investment security of Ukraine have been defined.

  8. Foreign Direct Investment in Central and Eastern Europe

    DEFF Research Database (Denmark)

    Marinov, Marin Alexandrov; Marinova, Svetla Trifonova

    facilities there. These processes result in intensive penetration of companies through foreign direct investment into the CEE region. Simultaneously, the foreign investing companies face the specific context of a region that poses new requirements to their investment strategies, approaches and practices....... Covering a diverse range of CEE countries, as well as referring to the characteristics of the region as a whole, this book examines the inflow and outflow of foreign direct investment from both home and host company and country perspectives. By analyzing foreign direct investment in terms of process......, content and context, the book provides a holist approach towards foreign direct investment in the transitional context of CEE. The book includes a comprehensive study of the motives of multi-national companies for investing in Central and Eastern Europe through various investment modes and the degree...

  9. Developing 2 C-compatible investment criteria

    Energy Technology Data Exchange (ETDEWEB)

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

    2015-11-30

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

  10. Developing 2 C-compatible investment criteria

    International Nuclear Information System (INIS)

    Roeser, Frauke; Weischer, Lutz; Thomae, Jakob; Hoehne, Niklas; Hagemann, Markus; El Alaoui, Alexander; Bals, Christoph; Eckstein, David; Kreft, Soenke; Rosse, Morten

    2015-01-01

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

  11. The Mechanism of Financial Stimulation of Investment Activity

    Directory of Open Access Journals (Sweden)

    Vasiliy Valeryevich Tarakanov

    2016-03-01

    Full Text Available Modernization of the Russian economy and creation of conditions for its economic growth demand activization of investment activity that is possible by means of its financial stimulation. Financial stimulation of investment activity defines the need of changes of the contents, the directions and ways of implementation of the financial relations between subjects of investment activity. Financial stimulation of investment activity is carried out via the mechanism in the context of which these financial relations are settled. For defining the mechanism of financial stimulation of investment activity the authors consider the very concept of financial mechanism. The conclusion is drawn that all elements of the financial mechanism are the integrated unity, they are interdependent and interconnected, and the combination of types, forms, methods of the organization of the financial relations forms “a design of the financial mechanism”. The article specifies the maintenance of the mechanism of financial stimulation of investment activity, and reveals its essence. The structure of the mechanism of financial stimulation of investment activity is presented by the following elements: subjects of financial stimulation of investment activity, the purpose of attraction of investments by them, set of financial methods and tools, sources of means of achievement of goals, standard - legal and information support of financial stimulation of investment activity. It is proved that in the mechanism of financial stimulation of investment activity the leading role is played by the state by means of forms of direct and indirect participation in attraction of investments, each of which is realized by means of specific methods and the corresponding tools. The widespread instrument of financial stimulation of investment activity is the investments which are carried out by the state institutes of development participating in the organization of the process of financial

  12. Management of investment processes on Finnish farms

    Directory of Open Access Journals (Sweden)

    T. MATTILA

    2008-12-01

    Full Text Available Structural change in agriculture means a continuous need for investing in farm production. It is essential for the sustainable operations and the economy of the farm that such investments are successful. In this research, different stages of the investment process of farms were studied as well as the use of information and the success perceived during the investment process. The study was carried out with mail surveys and telephone interviews on the Finnish Farm Accountancy Data Network (FADN farms. The most challenging investments were in animal husbandry buildings and, as to these investments, the comparison of alternatives was the most challenging stage. For most investments, the planning phase was considered more challenging than the implementation. Before making the decision, farmers acquired information from many sources, of which the opinion of the main customer and the experiences of fellow farmers were the most valued. Some of the products considered were so new on the market that it was not easy to get adequate information and, furthermore, the information given by suppliers was not always accurate. Decision-making was supported by calculations, but qualitative factors had a dominating role. Large basic decisions were made relatively quickly, while details needed a longer time to process. In general, farm managers were satisfied with their investments. Improvements in work quality and quantity were especially mentioned and generally qualitative factors were the ones first in mind when evaluating the successfulness of the investment.;

  13. Overseas Investment, Encouraging Long Journey

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2010-01-01

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

  14. Overseas Investment,Encouraging Long Jonrney

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2011-01-01

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

  15. 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

  16. 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.

  17. 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...

  18. Investment Attractiveness of Food Industries in Ukraine

    OpenAIRE

    L. О.

    2017-01-01

    Effective investment is a factor for long-term company development. As enhancement of investment attractiveness is a required condition for economic growth and improvement of living standards, it needs to be on the agenda at government and company level. The article’s objective is to study investment attractiveness of food industries in Ukraine over 2012–2015. Investment attractiveness of food industries can be measured by indicators of liquidity, financial sustainability, and profit rate...

  19. Do Older Investors Make Better Investment Decisions?

    OpenAIRE

    George M Korniotis; Alok Kumar

    2011-01-01

    This paper examines the investment decisions of older individual investors. We find that older and experienced investors are more likely to follow rules of thumb that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated, earn lower income, and belong to minority racial/ethnic groups. Overall, the adverse effects of aging dominate the positive effects of ...

  20. Electricity investments and nuclear development: investment choice modeling based on value creation

    International Nuclear Information System (INIS)

    Tehrani, B.S.; Bocquer, J.C.; Tomoda, T.

    2014-01-01

    While nuclear power may experience a technological breakthrough in Europe with Generation IV nuclear reactors within 2040, several events could question this possibility such as the Fukushima accident, the climate issues and the electricity market liberalization. This paper aims at analyzing investment choices in power generation capacities in the European scope, using simple DSM-inspired approaches. The power company and interacting stake holders in the investment choice process are considered as a complex system, and dependencies between investment drivers associated with each stake holder are studied. Focusing on the value for the power company, the compatibility of each power company with each of considered technologies is assessed through a Domain Mapping Matrix, including not only technical drivers, but also associated policy and market drivers. Technology preferences are modeled for main European companies in a set of scenarios, these preferences being then used to explore trends in generation mix. (authors)

  1. FOREIGN DIRECT INVESTMENTS DURING FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    VINTILA DENISIA MARIANA

    2011-12-01

    Full Text Available The fundamental idea of International capital flows is that short-term flows can be easily reversed, while flows on a longer time horizon are more stable. Crises are associated with withdrawals of short-term capital flows and growth of the foreign direct investment flows. The current crisis has meant a major decline of international capital flows, also of the foreign direct investment. The analysis in this article tries to establish if and under which conditions foreign direct investments can bring greater stability during the crisis, comparing the evolution of foreign direct investments in the current crisis with their response in previous crises. We show that during previous crises foreign direct investments were stable, behaving differently from other types of capital. Yet, during the current crisis, foreign direct investments have proven to be not so stable and all the components declined, raising questions about the resumption of the positive trend. The stability of foreign direct investments in the past was given by the increase of mergers and acquisitions during the crisis, reflecting fire-sale FDI. This feature is not found in the current crisis as mergers and acquisitions were severe affected by the crises and recorded a major decline. The current paper is realized in the doctoral program entitled PhD in economics at the standards of European knowledge- DoEsEc, scientific coordinator Prof. PhD Rodica Zaharia, institution The Academy of Economic Studies Bucharest, Faculty of International Business, period of research 2009-2012.

  2. Whose crazy investment in sex?

    Science.gov (United States)

    Mandlis, Lane R

    2011-01-01

    By probing the processes of exclusion of transsexuals from the political sphere, this article offers contributions to social and political theory through an examination of the processes of exclusion from the category "human." This article considers how the erasure of investment in their own embodied sex constructs a platform from which to blame others for sex/gender variance, as well as to justify that blaming. Bringing together Giorgio Agamben, Georges Bataille, Judith Butler, and Nikolas Rose with transphobia, medicalization in psychiatry, law, and ethopolitics, this article questions whose investment in sexed embodiment counts and why that investment might be seen as "crazy."

  3. Dancing with the Dragon: Canadian Investment in China and Chinese Investment in Canada

    Directory of Open Access Journals (Sweden)

    Josephine Smart

    2012-09-01

    Full Text Available While Canadian trade and investment with China is today relatively modest, with China well on track to displace the United States as the world’s largest economy, Canada must make it a priority to prepare for a future characterized by dramatically increased trade and investment between our two countries. This paper sheds light on some the issues and measures Canadian governments will have to consider as they look to establish safe and prosperous relationships with China. To begin with, Canadians choosing to invest in China must be prepared for the risk inherent in that country’s peculiar “capitalism with socialist characteristics.” The Chinese state continues to play an interventionist role in many significant sectors in the economy, and the strategy behind China’s overseas investment in countries such as Canada is specifically aimed at furthering China’s own national security goals and geopolitical influence. Canadians wishing to do business in China will also require great cultural competency. The cultural institution known as guanxi — in which gifts to sway influence are considered an acceptable, even desirable practice — persists in China, with even native Chinese unclear on where to draw the line between “good” guanxi and “bad” corruption. At home, Canadians may soon be forced to confront questions about how much of our own land security and natural resource security we are willing to compromise by permitting Chinese investment to gather up our farmland and key industries. Canadians should decide sooner, not later, how well our own strategic interests are served by permitting unrestricted Chinese investment in our economy. In anticipation of these issues, Canada’s federal and provincial governments should provide increased support for a more comprehensive training and research infrastructure that better prepares Canadians for the growing bilateral trade between our countries. They should also reinvest in the

  4. 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.

  5. NACUBO's Guide to Unitizing Investment Pools. Second Edition

    Science.gov (United States)

    Wheeler, Mary S.

    2011-01-01

    The National Association of College and University Business Officers' (NACUBO's) "Guide to Unitizing Investment Pools" addresses the principles and concepts for administering a consolidated investment pool. Unitization is the mechanism by which investment funds are pooled to maximize investment efficiencies and provide information for donors,…

  6. THE DEFINITION OF INVESTMENT AND THE ICSID CONVENTION ...

    African Journals Online (AJOL)

    RAYAN_

    Other States (the ICSID Convention) has a trickledown effect on the Nigerian. Investment ... Keywords: Nigerian Investment Promotion Act, Law and Development,. Investment ... ARB/84/3, Decision on Jurisdiction (N0.1) 27 November 1985). 3 ICSID ..... purchase of bonds qualify as an investment within ICSID jurisdiction.

  7. 12 CFR 652.10 - Investment management and requirements.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investment management and requirements. 652.10... MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS Investment Management § 652.10 Investment management and... policies for managing your non-program investment activities. Your board must also ensure that management...

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

    Directory of Open Access Journals (Sweden)

    Waqar Ameer

    2017-07-01

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

  9. 78 FR 1991 - Major Capital Investment Projects

    Science.gov (United States)

    2013-01-09

    ... Administration 49 CFR Part 611 Major Capital Investment Projects; Notice of Availability of Proposed New Starts... Capital Investment Projects AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Final rule. SUMMARY... capital investments seeking funding under the discretionary ``New Starts'' and ``Small Starts'' programs...

  10. 75 FR 31383 - Major Capital Investment Projects

    Science.gov (United States)

    2010-06-03

    ...-0009] RIN 2132-AB02 Major Capital Investment Projects AGENCIES: Federal Transit Administration (FTA... current approach to evaluating and rating major capital investment projects (``New Starts'' and ``Small...'' to address identified transportation needs in the corridor without a major capital investment in new...

  11. 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

  12. Investing in European market real property through reits

    Science.gov (United States)

    Adamuscin, A.

    2010-03-01

    For institutional and private investors, investing in real estate represents an attractive form of the consignment of their money. Real estate provides a regular source of income in the form of the rent from or interest on the credit provided. At the same time, real estate is a good investment instrument, because it provides diversified contributions and security against inflation for investors. In their efforts to diversify risk, investors are expressing growing interest in investing in the whole European Union. The success of Real Estate Investment Trusts (REITs) in the U.S. also opened the door for investing in this market for small investors, which is the reason for the development of this type of investment company in the European arena. One problem concerning the development of European real estate investment funds is the unsolved issue of the harmonization of the legislation and regulatory safety measures, which would enable the creation of a common market for new investment products in Europe.

  13. Accounting-information support investment in object of tourism industry

    Directory of Open Access Journals (Sweden)

    Ya.D. Krupka

    2015-06-01

    Full Text Available The article reveals the peculiarities of investments in tourism, their financial support through various sources. Given the branching system of travel, and additional related services offered by the author, each of the objects viewed as an investment project which, in turn, provides investment and obtaining from them certain benefits. In the article the system of investment projects, including the relationship of forms of investment (own cash and property investments of investors, credit and other borrowed resources, funds from sponsors and donations and the effects of investment (profit from operations, related income, social benefits for citizens and other benefits for society. Given the fact that every project goes through several stages since its launch and completion stages of submitted investment projects include the following phases: pre, investment process and control the results and return on capital investment projects under operation. The scheme of the project life cycle, which provided a way out of the project, corresponding interpretation investing activities international and national accounting standards and financial reporting. In this paper, special attention is paid to the rehabilitation of tourist visits, keeping investments in them, as well as an attempt to give an objective assessment of the effectiveness of such investments on the basis of accounting information.

  14. Investment in Renewable Energies in Argentina

    OpenAIRE

    Marina Recalde

    2017-01-01

    This article analyzes how the enabling conditions of the energy policy of a developing country such as Argentina, are crucial for the deployment of renewable energy investments. The conclusions highlights that the low institutional quality of the country shapes enabling conditions and reduce effect of the instruments of the energy policy, dropping incentives for investment in renewable technologies in the country. Therefore, in order to promote renewable technologies investments efficiently, ...

  15. Work environment investments: outcomes from three cases.

    Science.gov (United States)

    Rydell, Alexis; Andersson, Ing-Marie

    2017-09-27

    Work environment investments are important in order to create a healthy and safe workplace. This article presents findings from a seven-step interventions process aimed at examining and following-up work environment investments in small and medium-sized enterprises (SMEs), with a particular focus on air contaminants. Three different cases were analyzed and included in the study: (a) an educational center for welding; (b) a paint station in furniture manufacturing; (c) a joinery in furniture manufacturing. The results show that the work environment investments were highly appreciated by the employees and managers, but at the same time the investment could be optimized through markedly decreased exposure levels for the worker. Factors such as follow-ups of the investment, education and training in how to use the equipment, worker involvement in the process and leadership engagement are important in order to optimize work environment investments.

  16. China's Investment Leade Dr, Alyce Su

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ I. Professional Background Dr. Alyce Su specializes in investment managemeng, managing portfolios consisted of investment opportunities originated from China's growth and internationalization, both'outbound and inbound.

  17. Competitive Capacity Investment under Uncertainty

    NARCIS (Netherlands)

    X. Li (Xishu); R.A. Zuidwijk (Rob); M.B.M. de Koster (René); R. Dekker (Rommert)

    2016-01-01

    textabstractWe consider a long-term capacity investment problem in a competitive market under demand uncertainty. Two firms move sequentially in the competition and a firm’s capacity decision interacts with the other firm’s current and future capacity. Throughout the investment race, a firm can

  18. Investment risks under uncertain climate change policy

    International Nuclear Information System (INIS)

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

    2007-01-01

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

  19. Real Silver and Its Investment and Business Options

    Directory of Open Access Journals (Sweden)

    Novotný Josef

    2016-06-01

    Full Text Available The article deals with investment and business opportunities offered by silver. Silver is the metal used in industry and for investing at financial markets. The main problem related to this real commodity is the issue of “the undervaluation” of its investment options, if compared to gold. If considering silver as the investment option, its investment potential is significantly enhanced by its industrial usage. The aim of this paper is to highlight business and investment opportunities for both professionals and non professional investors at the commodity markets. The price growth of this investment and industrial metal can generate profits for the investors. And on the other hand, industries which cannot do without silver in their production may efficiently utilize the knowledge of setting up its price at the markets.

  20. 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.

  1. INVESTMENTS VALUES AND EU FOUNDED PROJECTS

    Directory of Open Access Journals (Sweden)

    Salanta Irina Iulia

    2012-12-01

    Full Text Available Being value based is one of the principles project management has to respect in order to be sustainable. Values are guidelines for human behavior that are shared by a large group of individuals. As projects can be differentiated from investments, also projects’ values can be differentiated from investments’ values. Connecting projects with investments’ values contributes to projects’ success, to a sustainable project management process and to a sustainable investment. The article explains the differences between investments and projects and presents how the investment’s values can be related to the project. The topic is applicable when dealing with projects in general and can have benefic effects on investments initialized through projects financed by the European Union.

  2. 24 CFR 202.9 - Investing lenders and mortgagees.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Investing lenders and mortgagees... Investing lenders and mortgagees. (a) Definition. An investing lender or mortgagee is an organization that is not approved under any other section of this part. An investing lender or mortgagee may purchase...

  3. 12 CFR 652.35 - Eligible non-program investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Eligible non-program investments. 652.35... MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS Investment Management § 652.35 Eligible non-program investments. (a) You may hold only the types, quantities, and qualities of non-program investments listed in...

  4. 12 CFR 615.5143 - Disposal of ineligible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Disposal of ineligible investments. 615.5143... AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5143 Disposal of ineligible investments. You must dispose of an ineligible investment within 6 months unless we approve, in...

  5. Evaluation of MIA, Vamil and Green Investments. Investments 2000-2004. Evaluation of tax measures and effects

    International Nuclear Information System (INIS)

    2007-07-01

    The Environmental Investment Allowance (MIA), the Random Depreciation of Environmental Investments (VAMIL) and green investments entail fiscal costs that need ex-post evaluation based on the regulations of the RPE (ministerial regulation on performance measurement and evaluation). The aim of the evaluation was to describe the effectiveness of the policy instruments and their implementation. In addition to this basic objective a secondary objective was to provide insight in the expenditure of the means and to list improvement options. [mk] [nl

  6. Chinese outward foreign direct investments to Europe

    NARCIS (Netherlands)

    Blomkvist, Katarina; Drogendijk, Rian

    This paper addresses Chinese outward foreign direct investments (OFDI) in Europe. We aim to provide more knowledge on the ongoing research discussion about Chinese OFDI, more specifically, we answer questions about what is driving Chinese firms to invest in Europe, and whether Chinese investment

  7. Accounting conservatism,ultimate ownership and investment efficiency

    Institute of Scientific and Technical Information of China (English)

    Xiaodong Xu; Xia Wang; Nina Han

    2012-01-01

    Purpose-The purpose of this paper is to analyze and examine the role of accounting conservatism on firm investment behavior in China.Design/methodology/approach-By combining a developed theoretical framework and empirical study,this paper examines the impacts of accounting conservatism on firm investment.The sample and data are all collected from Wind and CAMAR databases.Findings-The paper finds that the association between accounting conservatism and capital expenditure is significantly positive when inside capital is not enough to use for investment,suggesting that conservatism can expend the level of investment by decreasing information asymmetry and cost of capital;however,the association between accounting conservatism and capital expenditure is significantly negative when inside capital is enough to use for investment,suggesting that conservatism can curtail the level of investment by mitigating the interest conflicts between management and outside shareholders and decreasing agency costs.Additionally,the paper finds that the severity of information asymmetry and agency problem affects the role of accounting conservatism on firm investment behaviour,and the association between accounting conservatism and capital expenditure is weaker for firms with ultimate ownership controller as local government or individuals.Originality/value-This is the first paper to analyze and examine the impacts of accounting conservatism on firm investment in China directly.The findings are also useful to explain the awkward predicament found by prior literature.

  8. CONCEPTUAL APPROACHES TO FORMING MECHANISM OF INVESTMENT SAFETY REALIZATION

    Directory of Open Access Journals (Sweden)

    Vladimir Talover

    2016-11-01

    Full Text Available The purpose of the paper is theoretical justification of theoretical approaches while developing the mechanism of the state investment safety. The tasks of the system of the national economy investment safety are the following: developing investment potential, creating favourable investment climate, forming mechanisms of stable investment activity in the key branches of economy. At the same time, it should also be noted that the complex approach that would allow sufficiently justifying and practically solve the problems of defining indicators, factors of the investment policy and directions of its assurance in realization of the mechanism of investment policy is not sufficiently developed nowadays. This fact determines research topicality. The issue of assuring investment safety is of a special importance in Ukraine that has to assure market economy development, to overcome deformations in the economy structure, to renew products and production apparatus in the industry, to master new kinds of activities. Methodology. The survey is based on the generalization and development of views of the scientific-economic schools, uses approaches of the international agencies and recommendation and normative materials of Ukraine concerning realization of the state investment policy as a totality of interrelated levels and subsystems that allows establishing main functions of the investment safety system. Results of the survey shows that the mechanism of investment safety includes some kinds, forms and methods of organizing investment relations and investment activity, ways of their quantitative determination and establishing interdependence. The concept of investment policy is based on the complex approach and includes the blocks which are locally structured in such way that they allow forming adequate system of its indicators and conducting monitoring of their changes under the influence of the determined factors. The peculiarities and elements of

  9. Inflation Protected Investment Strategies

    Directory of Open Access Journals (Sweden)

    Mirco Mahlstedt

    2016-03-01

    Full Text Available In this paper, a dynamic inflation-protected investment strategy is presented, which is based on traditional asset classes and Markov-switching models. Different stock market, as well as inflation regimes are identified, and within those regimes, the inflation hedging potential of stocks, bonds, real estate, commodities and gold are investigated. Within each regime, we determine optimal investment portfolios driven by the investment idea of protection from losses due to changing inflation if inflation is rising or high, but decoupling the performance from inflation if inflation is low. The results clearly indicate that these asset classes behave differently in different stock market and inflation regimes. Whereas in the long-run, we agree with the general opinion in the literature that stocks and bonds are a suitable hedge against inflation, we observe for short time horizons that the hedging potential of each asset class, especially of real estate and commodities, depend strongly on the state of the current market environment. Thus, our approach provides a possible explanation for different statements in the literature regarding the inflation hedging properties of these asset classes. A dynamic inflation-protected investment strategy is developed, which combines inflation protection and upside potential. This strategy outperforms standard buy-and-hold strategies, as well as the well-known 1 N -portfolio.

  10. Modern aspects of tax regulation of investment activity

    Directory of Open Access Journals (Sweden)

    E.S. Podakov

    2016-03-01

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

  11. 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.

  12. 76 FR 23342 - Russell Investment Management Company, et al.;

    Science.gov (United States)

    2011-04-26

    ...] Russell Investment Management Company, et al.; Notice of Application April 20, 2011. AGENCY: Securities...: Applicants request an order that would permit (a) series of certain open-end management investment companies... registered management investment companies and unit investment trusts outside of the same group of investment...

  13. Foreign investment multinational companies and economic development

    Directory of Open Access Journals (Sweden)

    Popov Đorđe

    2013-01-01

    Full Text Available There is no universal answer on the question whether foreign investments stimulate economic development. The positive effect of foreign direct investments will follow when the investments is carried out under normal conditions of competition. That means, above all, low barriers for foreign trade and the low level of restrictions for foreign owned companies. In such circumstances, multinational corporations can assist the economies of penetration to make its businesses more efficient. Foreign investors bring with them brand new types of economic activities and in that way shifting the limits of business opportunities in the countries of penetration. But if the investments are implemented in markets protected with protectionist barriers of various kinds, then they could have negative effects. The negative effects are in particularly reflected in the inefficient use of domestic resources. Foreign investments depend on the macro and micro institutional reforms, low inflation, real exchange rate, and reasonably efficient legal system that protects the property rights and encourages savings and investment. The low level of corruption, together with the foregoing conditions is a prerequisite for the creation of a stimulating environment for foreign investments.

  14. 12 CFR 703.10 - Monitoring non-security investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Monitoring non-security investments. 703.10... INVESTMENT AND DEPOSIT ACTIVITIES § 703.10 Monitoring non-security investments. (a) At least quarterly, a... credit union does not have an investment-related committee, then each member of its board of directors...

  15. Advancing social and economic development by investing in women's and children's health: a new Global Investment Framework.

    Science.gov (United States)

    Stenberg, Karin; Axelson, Henrik; Sheehan, Peter; Anderson, Ian; Gülmezoglu, A Metin; Temmerman, Marleen; Mason, Elizabeth; Friedman, Howard S; Bhutta, Zulfiqar A; Lawn, Joy E; Sweeny, Kim; Tulloch, Jim; Hansen, Peter; Chopra, Mickey; Gupta, Anuradha; Vogel, Joshua P; Ostergren, Mikael; Rasmussen, Bruce; Levin, Carol; Boyle, Colin; Kuruvilla, Shyama; Koblinsky, Marjorie; Walker, Neff; de Francisco, Andres; Novcic, Nebojsa; Presern, Carole; Jamison, Dean; Bustreo, Flavia

    2014-04-12

    A new Global Investment Framework for Women's and Children's Health demonstrates how investment in women's and children's health will secure high health, social, and economic returns. We costed health systems strengthening and six investment packages for: maternal and newborn health, child health, immunisation, family planning, HIV/AIDS, and malaria. Nutrition is a cross-cutting theme. We then used simulation modelling to estimate the health and socioeconomic returns of these investments. Increasing health expenditure by just $5 per person per year up to 2035 in 74 high-burden countries could yield up to nine times that value in economic and social benefits. These returns include greater gross domestic product (GDP) growth through improved productivity, and prevention of the needless deaths of 147 million children, 32 million stillbirths, and 5 million women by 2035. These gains could be achieved by an additional investment of $30 billion per year, equivalent to a 2% increase above current spending. Copyright © 2014 Elsevier Ltd. All rights reserved.

  16. Optimal Investment in Structured Bonds

    DEFF Research Database (Denmark)

    Jessen, Pernille; Jørgensen, Peter Løchte

    The paper examines the role of structured bonds in the optimal portfolio of a small retail investor. We consider the typical structured bond essentially repacking an exotic option and a zero coupon bond, i.e. an investment with portfolio insurance. The optimal portfolio is found when the investment...

  17. 12 CFR 703.9 - Safekeeping of investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Safekeeping of investments. 703.9 Section 703.9 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.9 Safekeeping of investments. (a) A Federal credit union's purchased...

  18. 12 CFR 702.105 - Weighted-average life of investments.

    Science.gov (United States)

    2010-01-01

    ... investment funds. (1) For investments in registered investment companies (e.g., mutual funds) and collective investment funds, the weighted-average life is defined as the maximum weighted-average life disclosed, directly or indirectly, in the prospectus or trust instrument; (2) For investments in money market funds...

  19. Leverage, monetary policy, and firm investment

    OpenAIRE

    Charles X. Hu

    1999-01-01

    In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.

  20. Promote Long-term Low-risk Investment

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    How do you pick stocks in China? Which sectors in the Ashare market have the greatest investment potential? What problems would China's stock market face if the economy contracts? These are questions Xinhua Finance's Money Journal recently put to the man responsible for Franklin Templeton Investments' fund management business in China,India and Brazil. Stephen H. Dover, Managing Director and International Chief Investment Officer for Franklin Templeton Advisors, the largest listed fund management company...

  1. Crisis will impact investments

    International Nuclear Information System (INIS)

    Anon.

    2008-01-01

    This paper summarizes the content of Capgemini's 10. European Energy Markets Observatory (EEMO) report. The EEMO is an annual report that tracks the progress in establishing an open and competitive electricity and gas market in the 27 European countries, including Norway and Switzerland. This tenth edition is based on 2007 and winter 2007-2008 data sets. A 1 trillion euros infrastructure investment is required to build the plants, electrical lines and gas pipelines needed in Europe over the next 25 years. Although today's credit crunch could severely hurt the investment cycle, analysts also anticipate a difficult period for the European energy markets once the recession is over. The report said that Europe has yet to solve the related issues of responding to its energy demand, while curbing its carbon dioxide (CO 2 ) emissions. In 2007, even at a slower pace than previous years, analysts said European electricity consumption still increased by 0.9% and CO 2 emissions stabilized, instead of decreasing. Despite the mild weather, the electricity security of supply deteriorated, analysts said. The Union for the Coordination of Transmission of Electricity (UCTE) real margin - which takes into account non-usable and unavailable generation capacities - dropped from 7.6% in 2006 to 5.3% in 2007. Analysts said without a significant and vigorous investment program in electricity and gas infrastructures, Europe's energy supply security will be threatened. Since the low point in 2005, utilities started to invest again, but have made energy mix choices that are not moving toward a reduction in CO 2 emissions as the majority (58%) of the planned generation capacities will be fossil-fueled. In 2007, investments in renewable capacities grew fast, wind being the industry's preference, with an addition of 8.3 gigawatt (GW) renewables in Europe. However, analysts said this type of 'non-scheduable' source is not always available during peak hours. This partially explains the security

  2. Social Investment or Private Profit? Diverging Notions of "Investment" in Early Childhood Education and Care

    Science.gov (United States)

    Adamson, Elizabeth; Brennan, Deborah

    2014-01-01

    In recent decades, many OECD countries have adopted the notion of "social investment" to reframe traditional approaches to social welfare. Social investment strategies and policies focus on employment rather than welfare and promote public expenditure on skills and education throughout the life course, starting with early childhood…

  3. 12 CFR 347.120 - Computation of investment amounts.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Computation of investment amounts. 347.120... GENERAL POLICY INTERNATIONAL BANKING § 347.120 Computation of investment amounts. In computing the amount that may be invested in any foreign organization under §§ 347.117 through 347.119, any investments held...

  4. Asset liquidity, corporate investment, and endogenous financing costs

    DEFF Research Database (Denmark)

    Flor, Christian Riis; Hirth, Stefan

    2013-01-01

    We analyze how the liquidity of real and financial assets affects corporate investment. The trade-off between liquidation costs and underinvestment costs implies that low-liquidity firms exhibit negative investment sensitivities to liquid funds, whereas high-liquidity firms have positive sensitiv......We analyze how the liquidity of real and financial assets affects corporate investment. The trade-off between liquidation costs and underinvestment costs implies that low-liquidity firms exhibit negative investment sensitivities to liquid funds, whereas high-liquidity firms have positive...... sensitivities. If real assets are not divisible in liquidation, firms with high financial liquidity optimally avoid external financing and instead cut new investment. If real assets are divisible, firms use external financing, which implies a lower sensitivity. In addition, asset redeployability decreases...... the investment sensitivity. Our findings demonstrate that asset liquidity is an important determinant of corporate investment....

  5. Output-based allocation and investment in clean technologies

    Energy Technology Data Exchange (ETDEWEB)

    Rosendahl, Knut Einar; Storroesten, Halvor Briseid

    2011-07-01

    Allocation of emission allowances may affect firms' incentives to invest in clean technologies. In this paper we show that so-called output-based allocation tends to stimulate such investments as long as individual firms do not assume the regulator to tighten the allocation rule as a consequence of their investments. The explanation is that output-based allocation creates an implicit subsidy to the firms' output, which increases production, leads to a higher price of allowances, and thus increases the incentives to invest in clean technologies. On the other hand, if the firms expect the regulator to tighten the allocation rule after observing their clean technology investment, the firms' incentives to invest are moderated. If strong, this last effect may outweigh the enhanced investment incentives induced by increased output and higher allowance price. (Author)

  6. Investment under Uncertain Climate Policy

    DEFF Research Database (Denmark)

    Barradale, Merrill Jones

    2014-01-01

    This paper introduces the concept of payment probability as an important component of carbon risk (the financial risk associated with CO2 emissions under uncertain climate policy). In modeling power plant investment decisions, most existing literature uses the expected carbon price (e.g., the price...... actually be faced in the case of a particular investment. This concept helps explain both the surge of activity in 2005–2006 and the subsequent decline in interest in coal-fired power plant development in the U.S. The data for this case study comes from an extensive online survey of 700 U.S. energy...... design better incentives for investing in low-carbon technologies...

  7. 24 CFR 954.500 - Repayment of investment.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Repayment of investment. 954.500... DEVELOPMENT INDIAN HOME PROGRAM Program Administration § 954.500 Repayment of investment. (a) HOME funds will be made available pursuant to a HOME Investment Partnership Agreement. The agreement ensures that...

  8. 10 CFR 603.1340 - Technology investment agreement.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Technology investment agreement. 603.1340 Section 603.1340 Energy DEPARTMENT OF ENERGY (CONTINUED) ASSISTANCE REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS Definitions of Terms Used in this Part § 603.1340 Technology investment agreement. A TIA is a special type of...

  9. Perspectives of state investment policy in Russia

    Directory of Open Access Journals (Sweden)

    Rumyantseva Anna

    2018-01-01

    Full Text Available The state investment policy is an important mechanism for the country economy development. The main elements of the state investment policy allow us to outline the ways of this process development in order to increase the economic growth rates and overcome the investment climate complexities.

  10. 24 CFR 1006.235 - Types of investments.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Types of investments. 1006.235... DEVELOPMENT NATIVE HAWAIIAN HOUSING BLOCK GRANT PROGRAM Eligible Activities § 1006.235 Types of investments... use NHHBG funds for affordable housing activities in the form of equity investments, interest-bearing...

  11. 17 CFR 256.136 - Temporary cash investments.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Temporary cash investments... UTILITY HOLDING COMPANY ACT OF 1935 3. Current and Accrued Assets § 256.136 Temporary cash investments. This account shall include the cost of investments, such as demand and time loans, bankers' acceptances...

  12. Real Time Investments with Adequate Portfolio Theory

    Directory of Open Access Journals (Sweden)

    Alina Kvietkauskienė

    2015-02-01

    Full Text Available The objective of this paper is to identify investment decision makingschemes using the adequate portfolio model. This approach can be employed to project investment in stocks, using the opportunities offered by the markets and investor intelligence. It was decided to use adequate portfolio theory for investment decision making, simulation of financial markets, and optimisation of utility function. The main conclusion of article suggests investigating return on individual portfolio level. Real investment is a way to make sure of the soundness of applicable strategies.

  13. THE ROLE OF FOREIGN DIRECT INVESTMENT IN THE AUTOMOBILE

    Directory of Open Access Journals (Sweden)

    CEAUȘESCU IONUT

    2015-08-01

    Full Text Available Direct foreign investment consists of the placing of funds to an economic objective that works abroad, for the purpose of obtaining a certain degree of control over it. Therefore, foreign direct investments are those types of investments in which investors issuers of investment flows have the ability to control and decision on the activity of economic agents receivers of investments. Foreign direct investments have three components, namely: social capital, reinvested profit and loans inside the company. Foreign investment is at this time the engine Romania's development strategy, among the biggest investors in Romania in the country being French Renault group. The investment made, Renault has increased as a brand name, DACIA, extending over boundaries of the country even on the American continent were said so, benefited from your investment both Romanian state, as well as Renault.

  14. 12 CFR 211.8 - Investments and activities abroad.

    Science.gov (United States)

    2010-01-01

    ... of a member bank is deemed to be an investor. (b) Direct investments by member banks. A member bank's direct investments under section 25 of the FRA (12 U.S.C. 601 et seq.) shall be limited to: (1) Foreign... investments in an organization, provided that: (i) Individual investment limits. The total direct and indirect...

  15. Capital investment strategies in health care systems.

    Science.gov (United States)

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

    2000-01-01

    Capital investment decisions are among the most important decisions made by firms. They determine the firm's capacity for providing services and commit the firm's cash for an extended period of time. Interviews with chief financial officers of leading health care systems reveal capital investment strategies that generally follow the recommendations of modern finance theory. Still, there is substantial variation in capital budgeting techniques, methods of risk adjustment, and the importance of qualitative considerations in investment decision making. There is also variation in delegation of investment decision making to operating units and methods of performance evaluation. Health care systems face the same challenges as other organizations in developing and implementing capital investment strategies that use consistent methods for evaluation of projects that have inconsistent aims and outcomes.

  16. LEVERAGE IMPACTS ON AGRO-INDUSTRIAL COMPANY INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Nugroho A.C.

    2018-03-01

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

  17. Delaying investments in sensor technology: The rationality of dairy farmers' investment decisions illustrated within the framework of real options theory.

    Science.gov (United States)

    Rutten, C J; Steeneveld, W; Oude Lansink, A G J M; Hogeveen, H

    2018-05-02

    The adoption rate of sensors on dairy farms varies widely. Whereas some sensors are hardly adopted, others are adopted by many farmers. A potential rational explanation for the difference in adoption may be the expected future technological progress in the sensor technology and expected future improved decision support possibilities. For some sensors not much progress can be expected because the technology has already made enormous progress in recent years, whereas for sensors that have only recently been introduced on the market, much progress can be expected. The adoption of sensors may thus be partly explained by uncertainty about the investment decision, in which uncertainty lays in the future performance of the sensors and uncertainty about whether improved informed decision support will become available. The overall aim was to offer a plausible example of why a sensor may not be adopted now. To explain this, the role of uncertainty about technological progress in the investment decision was illustrated for highly adopted sensors (automated estrus detection) and hardly adopted sensors (automated body condition score). This theoretical illustration uses the real options theory, which accounts for the role of uncertainty in the timing of investment decisions. A discrete event model, simulating a farm of 100 dairy cows, was developed to estimate the net present value (NPV) of investing now and investing in 5 yr in both sensor systems. The results show that investing now in automated estrus detection resulted in a higher NPV than investing 5 yr from now, whereas for the automated body condition score postponing the investment resulted in a higher NPV compared with investing now. These results are in line with the observation that farmers postpone investments in sensors. Also, the current high adoption of automated estrus detection sensors can be explained because the NPV of investing now is higher than the NPV of investing in 5 yr. The results confirm that

  18. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-02-01

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

  19. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

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

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

    Institute of Scientific and Technical Information of China (English)

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

    2007-01-01

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

  1. Socially Responsible Investment in Japanese Pensions

    OpenAIRE

    Henry Hongbo Jin; Olivia S. Mitchell; John Piggott

    2005-01-01

    As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This study evaluates whether SRI indexes would alter portfolio risk and return patterns for the new defined contribution pension plans currently on offer in Japan. We conclude that SRI funds can be included as ...

  2. 25 CFR 87.11 - Investment of judgment funds.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Investment of judgment funds. 87.11 Section 87.11 Indians... JUDGMENT FUNDS § 87.11 Investment of judgment funds. As soon as possible after the appropriation of... distribution of the funds, the Commissioner shall invest such funds pursuant to 25 U.S.C. 162a. Investments of...

  3. Three Target Sectors for a European Investment Strategy

    International Nuclear Information System (INIS)

    Janin, Lionel; Douillard, Pierre

    2014-11-01

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

  4. 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.

  5. Summary of the World Energy Investment Outlook 2003

    International Nuclear Information System (INIS)

    2004-01-01

    The current edition of the World Energy Investment Outlook published by the International Energy Agency (IEA) focuses on the foreseeable worldwide investment requirement in the energy sector. The study lists these conclusions, among others: -Total investments of U.S. dollar 16,000 billion worldwide are needed for the energy supply infrastructure over the period 2001 to 2030. They are necessary to add to the power supply capacities and to replace existing power systems and power supply systems. - The financial resources available worldwide are sufficient, basically, to finance the energy investments forecast in the study. The framework conditions necessary for this purpose must be established. - The world energy resources are sufficient to meet the projected demand. Mobilizing the investments depends on the ability of the energy sector to hold its own in the competition for capital with other sectors of the economy. - Energy investments will be dominated by the electricity sector. This sector is likely to absorb nearly U.S. dollar 10,000 billion, or 60% of the total investment. - The developing countries, where energy generation and consumption are going to increase at the fastest rate, will take nearly half of the energy investment worldwide. - A major share of these energy investments is needed to keep up the present level of supply. - The largest share of investments into fossil sources of energy will be spent on extraction costs, exploration included, with different shares applying to the different sources of energy. (orig.) [de

  6. Investment behaviour in individual nontransferable quota systems

    DEFF Research Database (Denmark)

    Jensen, Frank; Andersen, Jesper Levring; Jensen, Carsten Lynge

    2012-01-01

    This article studies the investment behaviour of the Danish demersal fishery in the North Sea. For the study period, this fishery is regulated by variants of individual nontransferable quotas. It is shown that interest rates and capital stocks are primary determinants of investments. Another......, the variance of the estimated parameters is lower in the disaggregated models. This result arises because vessels in the disaggregated models are more homogeneous. Furthermore, investments in machinery, electronics and vessels are governed by one year lagged variables, while investment in gears is governed...

  7. STUDY OF INVESTMENT AND ECONOMIC RELAUNCH

    Directory of Open Access Journals (Sweden)

    VĂDUVA MARIA

    2015-12-01

    Full Text Available Investment is the main route of economic growth, and for carrying out a modern structures branches of production. By investments to ensure economic and social development of our country,

  8. [Investing in health: the economic case. Report of the WISH Investing in Health Forum 2016].

    Science.gov (United States)

    Yamey, Gavin; Beyeler, Naomi; Wadge, Hester; Jamison, Dean

    2017-01-01

    Developing country governments and aid agencies face difficult decisions on how best to allocate their finite resources. Investments in many different sectors -including education, water and sanitation, transportation, and health- can all reap social and economic benefits. This report focuses specifically on the health sector. It presents compelling evidence of the value of scaling-up health investments. The economic case for increasing these investments in health has never been stronger. Having made progress in reducing maternal and child mortality, and deaths from infectious diseases, it is essential that policymakers do not become complacent. These gains will be quickly reversed without sustained health investments. Scaled-up investments will be needed to tackle the emerging non-communicable disease (NCD) burden and to achieve universal health coverage (UHC). The value of investment in health far beyond its performance is reflected in economic prosperity through gross domestic product (GDP). People put a high monetary value on the additional years of life that health investments can bring -an inherent value to being alive for longer, unrelated to productivity. Policymakers need to do more to ensure that spending on health reflects people's priorities. To make sure services are accessible to all, governments have a clear role to play in financing health. Without public financing, there will be some who cannot afford the care they need, and they will be forced to choose sickness -perhaps even death- and financial ruin; a devastating choice that already pushes 150 million people into poverty every year. In low-income countries (LICs) and middle-income countries (MICs), public financing should be used to achieve universal coverage with a package of highly cost-effective interventions ('best buys'). Governments failing to protect the health and wealth of their people in this way will be unable to reap the benefits of long-term economic prosperity and growth. Public

  9. 29 CFR 2550.404c-5 - Fiduciary relief for investments in qualified default investment alternatives.

    Science.gov (United States)

    2010-07-01

    ..., transfer agent and similar administrative expenses), and are not imposed, or do not vary, based on a... accepted investment theories, is diversified so as to minimize the risk of large losses and that is... portfolio that applies generally accepted investment theories, is diversified so as to minimize the risk of...

  10. 17 CFR 1.27 - Record of investments.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Record of investments. 1.27... UNDER THE COMMODITY EXCHANGE ACT Customers' Money, Securities, and Property § 1.27 Record of investments... record showing the following: (1) The date on which such investments were made; (2) The name of the...

  11. Direct Spanish Investments in Latin America

    Directory of Open Access Journals (Sweden)

    Alfredo Arahuetes García

    1995-11-01

    Full Text Available In the period 1981-1992, the international flow of direct investments witnessed significant changes which affected their magnitude, geographical orientation, sectorial distribution, forms of investment and sources of financing. This happened in such a way that traditional distribution among industrialized and developing countries was modified as was the capacity for attraction of the different areas in development. In this sense, the main contrast could be seen in the growing importance of East and South East Asia and the decline of Latin American countries which traditionally have been the largest receivers of direct investments within the group of developing countries. The expansive phase of direct investments begun in 1986 threatened to exclude Latin American countries but the establishment of a new framework for the treatment of the problem of external debt -the Brady Plan-, the change in the context of theinternational economy in 1990 and the stability and economic growth of the countries of the region favoured, without a doubt, the recovery of the capacity for attraction for new flows of direct investments regarding Latin American countries.In this way, Latin America registered once again a growing participation in the international flow of direct investments. The evolution of direct Spanish investment in Latin America followed a path similar to that of wider international flows and, after the intense absorption of the first years of the Eighties, the rest of the decade registered a discreet attraction for investors which only began to change course from 1989 onwards with the reestablishment of the new phase of the economic cycle in the countries of the region.

  12. 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.

  13. 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...

  14. 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.

  15. Foreign Investment Boosts Rural Economies.

    Science.gov (United States)

    Glasmeier, Amy; Glickman, Norman

    1990-01-01

    Through 1987, 10 percent of foreign investment was in nonmetro counties; 44 percent of this was in the South; and 38 percent of nonmetro foreign investment created new jobs (versus 17 percent in metro areas). Foreign investors chose nonmetro areas with low wages, lack of unionization history, good transportation access, and government incentives.…

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

    Directory of Open Access Journals (Sweden)

    David Grundy

    2016-12-01

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

  17. 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.

  18. Investment in Renewable Energies in Argentina

    Directory of Open Access Journals (Sweden)

    Marina Recalde

    2017-05-01

    Full Text Available This article analyzes how the enabling conditions of the energy policy of a developing country such as Argentina, are crucial for the deployment of renewable energy investments. The conclusions highlights that the low institutional quality of the country shapes enabling conditions and reduce effect of the instruments of the energy policy, dropping incentives for investment in renewable technologies in the country. Therefore, in order to promote renewable technologies investments efficiently, the institutional framework of countries must be seriously improved.

  19. 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)

  20. 49 CFR 80.11 - Investment-grade ratings.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 1 2010-10-01 2010-10-01 false Investment-grade ratings. 80.11 Section 80.11... § 80.11 Investment-grade ratings. (a) At the time a project sponsor submits an application, the DOT... investment-grade rating. (b) The full funding of a secured (direct) loan, loan guarantee, or line of credit...

  1. Economic Efficiency and Investment Implementation in Energy Saving Projects

    Directory of Open Access Journals (Sweden)

    Venelin Terziev

    2017-09-01

    Full Text Available Investment in building thermoinsulation is a subject to appraisal for efficiency from the position of discounted cash flows taken specifically by energy saving. The appraisal of investment as optimal is attended by achieving the shortest term for investment implementation, the lowest investment outlays, the maximum total net value of energy savings, the shortest investment payback period. The complex application of the dynamic methods for appraising economic efficiency of an investment – net present value, internal rate of return, profitability index and discounted payback period, involves drawing of particular values which comparison definitely will show if this kind of investment is practically “attractive”. However, the question for significance weight of each of these indicators above in decision making for implementation a particular real investment still remains unsolved. This requires working out a system of criteria, priorities that can determine which of the indicators for economic efficiency of specific investment project will have the highest significance.

  2. Forecasting Investment Risks in Conditions of Uncertainty

    Directory of Open Access Journals (Sweden)

    Andrenko Elena A.

    2017-04-01

    Full Text Available The article is aimed at studying the topical problem of evaluation and forecasting risks of investment activity of enterprises in conditions of uncertainty. Generalizing the researches on qualitative and quantitative methods for evaluating investment risks has helped to reveal certain shortcomings of the proposed approaches, to note in most of the publications there are no results as to any practical application, and to allocate promising directions. On the basis of the theory of fuzzy sets, a model of forecasting the expected risk has been proposed, making use of the Gauss membership function, which has certain advantages over the multi-angular membership functions. Dependences of investment risk from the parameters characterizing the investment project have been obtained. Using the formulas obtained, the total risk of investing in innovation project depending on the boundary conditions has been defined. As the researched target, index of profitability has been selected. The model provides the potential investors and developers with forecasting possible scenarios of investment process to make informed managerial decisions about the appropriateness of introduction and implementation of a project.

  3. Investment accounting in building industry

    Energy Technology Data Exchange (ETDEWEB)

    Kuesgen, H.

    1982-09-01

    The methods of investment accounting are always required if, as it is usual for buildings, payments are not due once but repeatedly within a period of several years. These payments are presented in a payment model from which an informative and reliable total value of all costs and yields can be derived. The report deals nearly exclusively with the so-called dynamic investment accounting method as it records the payment procedures as to time much more exactly than the static investment accounting method. The problem of continually rising amounts of regular payments as e.g. energy prices can be better represented by the dynamic method. Therefore, the static methods have been dealt with only globally.

  4. 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....

  5. The Role of International Investment Law in Renewable Energy Investment; focus on Build Operate and Transfer (BOT) Contracts

    OpenAIRE

    Adetiloye, Idowu Adejoke

    2014-01-01

    Renewable energy is one of the ways of reducing greenhouse gas emission. There is need for more investment in this sector. However, lack of stable regulatory framework and change in policy makes it unattractive to investors. International investment laws through its protections in investment agreement can help to mitigate risks considered by investors especially those with Build, Operate and Transfer (BOT) type of contracts.

  6. Tax Neutrality on International Capital Investments

    Directory of Open Access Journals (Sweden)

    Gizem KAPUCU

    2017-07-01

    Full Text Available The tax policies which states follow with regard to developing technology and capital investments with raising mobility due to globalism are need to be discussed in its legal basis. The principle of tax neutrality has the aim of being legal foundation for these policies. According to this, the neutrality principle in taxation of international capital investments is provided with two measures, namely; not effecting the investment decision and not discriminate between investments. In this paper, initially focused on the conceptual framework and the foundations of the tax neutrality principle and later capital export neutrality and capital import neutrality are considered and explained with regard to international capital movements. Moreover, conformity and diversion to the principle of the current situation and regulations in OECD, EU and Turkey are examined.

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    Ismail Musabegović

    2015-06-01

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

  9. Considerations on Optimal Financial Invest ment into Infrastructural Facilities

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    The enlargement of government's investment into infrastructural construction is both a help medicine curing economic contraction and an effective measure to accumulate long-term economic growth.. However, the investment by finance into infrastructure also has a problem of optimization and reasonable selection. In view of market economic requirements, the policy direction of financial investment into infrastructural industries must be doing something at the expense of some other things. In the process of the adjustment and optimization of economic structure, state financial investment into infrastructural facilities has to first of all solve the problem of delimitating the best fields and selecting trades. As to the infrastructure facilities producing and selling pure public products, the development must be made by financial investment;As to the production fields of subpublic products, finance should ensure reasonable investment; As to the infrastructural facilities of pure privite production, finance should completely, in principle, pull out and let market supply. On this basis, selections should be made on best capital soureces and investment ways. The capital sources should be mainly from tax and regulational income and direct investment may be made. As to the production fields of most subpublic production, the best capital sources are national debt income and indirect investment may be made. In addition, the optimization of financial investment into infrastructural facilities must reform the managerial system of infrastructural facilities and raise investment efficiency. Only by scientifically selecting and arranging the financing ways and managerial system in investment fields,can the maximum economic efficiency and social welfare results be realized in carrying out financial investment into infrastructural facilities.

  10. Low-beta investment strategies

    OpenAIRE

    Korn, Olaf; Kuntz, Laura-Chloé

    2015-01-01

    This paper investigates investment strategies that exploit the low-beta anomaly. Although the notion of buying low-beta stocks and selling high-beta stocks is natural, a choice is necessary with respect to the relative weighting of high-beta stocks and low-beta stocks in the investment portfolio. Our empirical results for US large-cap stocks show that this choice is very important for the risk-return characteristics of the resulting portfolios and their sensitivities to common risk factors. W...

  11. Profiles of foreign direct investment in US energy, 1991

    International Nuclear Information System (INIS)

    1993-01-01

    Profiles of Foreign Direct Investment in US Energy 1991 describes the role of foreign ownership in US energy enterprises, with respect to investment, energy operations, and financial performance. Additionally, since energy investments are made in a global context, outward investment in energy is reviewed trough an examination of US-based companies' patterns of investment in foreign petroleum. The data used in this report come from the Energy Information Administration (EIA), the US Department of Commerce, company annual reports, and public disclosures of investment transactions

  12. Profiles of foreign direct investment in US energy, 1990

    International Nuclear Information System (INIS)

    1992-01-01

    Profiles of Foreign Direct Investment in US Energy 1990 describes the role of foreign ownership in US energy enterprises, with respect to investment, energy operations, and financial performance. Additionally, since energy investments are made in a global context, outward investment in energy is reviewed through an examination of US-based companies' patterns of investment in foreign petroleum. The data used in this report come from the Energy Information Administration (EIA), the US Department of Commerce, company annual reports, and public disclosures of investment transactions

  13. EVALUATION OF INVESTMENT ATTRACTIVENESS INDICATORS OF REGIONS IN UKRAINE

    Directory of Open Access Journals (Sweden)

    Vira Vartsaba

    2017-12-01

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

  14. EVALUATION METHODS OF INVESTMENT ATTRACTIVENESS OF UKRAINIAN AGRICULTURAL ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Nadiia Davydenko

    2017-12-01

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

  15. IMPROVING THE QUALITY OF INVESTMENT DESIGN IN INDUSTRIAL CONSTRUCTION

    Directory of Open Access Journals (Sweden)

    I. M. Meylanov

    2017-01-01

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

  16. Stochastic assessment of investment efficiency in a power system

    International Nuclear Information System (INIS)

    Davidov, Sreten; Pantoš, Miloš

    2017-01-01

    The assessment of investment efficiency plays a critical role in investment prioritization in the context of electrical network expansion planning. Hence, this paper proposes new criteria for the cost-efficiency investment applied in the investment ranking process in electrical network planning, based on the assessment of the new investment candidates impact on active-power losses, bus voltages and line loadings in the network. These three general criteria are chosen due to their strong economic influence when the active-power losses and line loadings are considered and due to their significant impact on quality of supply allowed for the voltage profile. Electrical network reliability of supply is not addressed, since, this criterion has already been extensively applied in other solutions regarding investment efficiency assessment. The proposed ranking procedure involves a stochastic approach applying the Monte Carlo method in the scenario preparation. The number of scenarios is further reduced by the K-MEANS procedure in order to speed up the investment efficiency assessment. The proposed ranking procedure is tested using the standard New England test system. The results show that based on the newly involved investment assessment criteria indices, system operators will obtain a prioritized list of investments that will prevent excessive and economically wasteful spending. - Highlights: • Active-Power Loss Investment Efficiency Index LEI. • Voltage Profile Investment Efficiency Index VEI. • Active-Power Flow Loading Mitigation Investment Efficiency Index PEI. • Optimization model for network expansion planning with new indices.

  17. Investment incentives: regulation of the Finnish electricity distribution

    International Nuclear Information System (INIS)

    Kinnunen, Kaisa

    2006-01-01

    Investments into the electricity distribution network are needed to support competition and to guarantee the security of supply as well as a good quality of electricity. The aim of this paper is to study the ex post regulatory system in Finland in context of investment incentives. The second objective is to study how the investments in the sector have developed after the liberalisation and what seem to be the most important factors influencing investments in light of empirical information and how regulation affects them. The investment volumes vary much between years but on average, no drastic developments have taken place

  18. Does Foreign Aid increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

    2012-01-01

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

  19. Sunk cost investments and market information

    DEFF Research Database (Denmark)

    Sørensen, Hans Eibe; Stieglitz, Nils

    2008-01-01

    This paper extends the strategic management literature on how firms' sunk cost investments and market orientation mutually shapes firm performance. Using data from 314 manufacturing firms, we decompose firms' sunk cost investments into industry-specific resources and firm-specific resources...... and investigate their effect on firm performance. Our results suggest that the salient components of a firm's market orientation - i.e. customer orientation and competitor orientation - have different effects on firms' performance as well as moderate the relationship between a firm's sunk cost investments and its...

  20. Testing evolutionary theories of discriminative grandparental investment.

    Science.gov (United States)

    Kaptijn, Ralf; Thomese, Fleur; Liefbroer, Aart C; Silverstein, Merril

    2013-05-01

    This study tests two evolutionary hypotheses on grandparental investments differentiated by the child's sex: the paternity uncertainty hypothesis and the Trivers-Willard hypothesis. Data are from two culturally different countries: the Dutch Longitudinal Aging Study Amsterdam (n=2375) and the Chinese Anhui Survey (n=4026). In the Netherlands, grandparental investments are biased towards daughters' children, which is in accordance with the paternity uncertainty hypothesis. But in China, grandparental investments are biased towards sons' children, which is in conflict with the paternity uncertainty hypothesis. This study found no support for the Trivers-Willard hypothesis. These results raise doubts over the relevance of paternity uncertainty as an explanation of a grandparental investment bias towards daughters' children that is often found in Western populations. The results suggest that discriminative grandparental investments are better understood as the outcome of cultural prescriptions and economic motives.

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

    Directory of Open Access Journals (Sweden)

    Antonio Angelo Romano

    2011-01-01

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

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

    Institute of Scientific and Technical Information of China (English)

    WU Ai-hua; GE Wen-lei

    2008-01-01

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

  3. On Uneven Ground: How Corporate Governance Prioritizes Short-term Speculative Investments, Impedes Productive Investments, and Jeopardizes Productivity Growth

    OpenAIRE

    Christian E. Weller; Luke Reidenbach

    2011-01-01

    The economic recovery after the Great Recession highlighted a continuous divergence between soaring profits and lagging investment. These trends are related at the corporate level, where corporate managers have stronger incentives to pursue short-term profit-seeking activities than to invest in longer-term productive activities, such as hiring and training people and investment in physical infrastructure. This prioritization results because the corporate governance system is biased towards th...

  4. The financial management as a tool for development investment decision

    Directory of Open Access Journals (Sweden)

    Damnjanović Radovan M.

    2017-01-01

    Full Text Available Investment decisions, which influence the investment of financial resources to achieve economic, non-economic, or of both objectives and effects in the future, the central subject of financial management. Using the methods of financial mathematics can predict the effects of the investment which is from the standpoint of efficiency ratings are expressed in the form of cash future income. Periods, the investments and the use of investment, may be the same or different lengths. From an economic standpoint it is desirable that the period of the investment is short, and the economic effects of the eyelids investments as long as possible. For an investment is said to be cost-effective or cost-effective if the current value of the investment is less than the present value of income from investments.

  5. Valuating the Investment Efficiency of Distribution Companies

    Directory of Open Access Journals (Sweden)

    M. Karajica

    2007-01-01

    Full Text Available The task of this study is to valuate the investment efficiency of distribution companies. Although a series of publications and studies has been dedicated to this topic, it is difficult to find a general consensus in defining the investment efficiency of a company. Nevertheless if we simplify an imaginary  company as a production unit in which a series of actions transforms inputs to outputs, efficiency can be understood as like an effort to achieve maximum value of the outputs together with minimum usage of inputs, where the inputs constitute investments by a company. The investment efficiency of a company can be measured by expressing the absolute values of selected inputs and outputs, a relative expression of inputs and outputs, and perhaps an expression of the difference between them. However, an examination of the efficiency of a certain company is impossible without a valuation of other companies. In view of the amount of benchmarking, it should be emphasized, that this study is dedicated to a certain category of benchmarking, which we may term investment benchmarking. This benchmarking can be defined as a comparison of companies in terms investment efficiency. The purpose of this comparison is not only to investigate levels of investment efficiency and to relate them to other companies from the same branch, but also to locate the greatest efficiency and indicate potential improvement. 

  6. 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.

  7. CURRENT STATUS AND TRENDS INVESTMENT IN AGRICULTURE UKRAINE

    OpenAIRE

    Sokolova, A. N.; Yurko, Т. S.; Klimenko, I. V.

    2018-01-01

    Globalization processes accelerate the pace of scientific and technological progress and innovation and require investment in innovation to enhance the efficiency of the national economy of our state and some of its branches, inter–industry complexes and sub–complexes at the level of developed countries.The article examines the current state of investment in agriculture of Ukraine. The main criteria to encourage capital investment taking into account regional peculiarities capital investment ...

  8. On the Economic Consequences of Index-Linked Investing

    OpenAIRE

    Jeffrey Wurgler

    2010-01-01

    Trillions of dollars are invested through index funds, exchange-traded funds, and other index derivatives. The benefits of index-linked investing are well-known, but the possible broader economic consequences are unstudied. I review research which suggests that index-linked investing is distorting stock prices and risk-return tradeoffs, which in turn may be distorting corporate investment and financing decisions, investor portfolio allocation decisions, fund manager skill assessments, and oth...

  9. Smart-grid investments, regulation and organization

    International Nuclear Information System (INIS)

    Agrell, Per J.; Bogetoft, Peter; Mikkers, Misja

    2013-01-01

    Grid infrastructure managers worldwide are facing demands for reinvestments in new assets with higher on-grid and off-grid functionality in order to meet new environmental targets. The roles of the current actors will change as the vertical interfaces between regulated and unregulated tasks become blurred. In this paper, we characterize some of the effects of new asset investments policy on the network tasks, assets and costs and contrast this with the assumptions of the current economic network regulation. To provide structure, we present a model of investment provision under regulation between a distribution system operator and a potential investor–generator. The results from the model confirm the hypothesis that network regulation should find a focal point, should integrate externalities in the performance assessment and should avoid wide delegation of contracting-billing for smart-grid investments. - Highlights: ► We review regulatory solutions for smart-grid and DER investments. ► What matters more than upfront incentives is organization and delegation. ► We model regulated investment under private information by a generator or a DSO. ► Highest welfare for high-powered incentives and centralized information. ► Market approaches likely to give poor outcomes for this case.

  10. Investment decisions with benefits of control

    DEFF Research Database (Denmark)

    Poulsen, Thomas

    This paper studies how large shareholders with benefits of control affect firms' equity issue behavior and investment decisions. I introduce an explicit agency cost structure based on the large shareholder's benefits of control. In a simple extension of Myers and Majluf [1984], I show that underi......This paper studies how large shareholders with benefits of control affect firms' equity issue behavior and investment decisions. I introduce an explicit agency cost structure based on the large shareholder's benefits of control. In a simple extension of Myers and Majluf [1984], I show...... that underinvestment is aggravated when there are benefits of being in control, and these benefits are diluted if equity is issued to finance the investment project. I assume that large shareholders are constrained from further investments in their firms, and that they maximize their own wealth, which includes...... as a representation of the large shareholders' expected private benefits. Using a large panel of U.S. data, I find that large shareholders' concern with dilution of ownership and control cause firms to issue less equity and to invest less. I also find that it has no significant effect whether new shares are issued...

  11. Electricity reform abroad and US investment

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-10-01

    This report reviews and analyzes the recent electricity reforms in Argentina, Australia, and the United Kingdom (UK) to illustrate how different models of privatization and reform have worked in practice. This report also analyzes the motivations of the U.S. companies who have invested in the electricity industries in these countries, which have become the largest targets of U.S. foreign investment in electricity. Two calculations of foreign investment are used. One is the foreign direct investment series produced by the U.S. Department of Commerce. The other is based on transactions in electric utilities of the three countries. The electricity reform and privatization experiences reviewed may offer some insight as to how the U.S. electricity industry might develop as a result of recent domestic reform efforts and deregulation at the state and national levels. 126 refs., 23 figs., 27 tabs.

  12. A Conceptualized Investment Model of Crowdfunding

    DEFF Research Database (Denmark)

    Tomczak, A.; Brem, Alexander

    2013-01-01

    Crowdfunding is growing in popularity as a new form of both investment opportunity and source of venture capital. This article takes a view on whether crowdfunding is a replacement or an addition to traditional seed capital sources in the early stages of a new venture. With access to angel...... investment decreasing since the financial crisis of 2008, crowdfunding is of great importance to start-ups seeking starting capital. However, little effort has been made to define the investment model of crowdfunding with both crowdfunder and crowdfundee in mind. Drawing on an in-depth review of current...... literature on crowdfunding, this article creates an investment model of crowdfunding with various reward models available to investor and investee in mind. This article provides an extensive survey of the environment of crowdfunding based on current literature. It offers a jumping off point and a thorough...

  13. Factor investing based on Musharakah principle

    Science.gov (United States)

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

    2015-10-01

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

  14. Investment in body image for self-definition results in greater vulnerability to the thin media than does investment in appearance management.

    Science.gov (United States)

    Ip, Karen; Jarry, Josée L

    2008-03-01

    This study investigated the effect of thin images according to two dimensions of body-image (BI) investment. Ninety-five females were classified as high or low investors based on the Appearance Schemas Inventory-Revised Self-Evaluative Salience (SES) and Motivational Salience (MS) subscales. Participants viewed advertisements portraying either the thin ideal or products. Results indicated that both women high in SES and MS reported lowered appearance self-esteem but greater BI importance following thin exposures. However, only the high SES group reported greater BI dissatisfaction and importance of current-ideal discrepancies after seeing thin images. Although highly invested women (regardless of their motivation for investment) are more responsive to thin media images than are women low in investment, those invested for self-definition are affected on more dimensions than are those invested for appearance management.

  15. DETERMINANTS OF FOREIGN DIRECT INVESTMENT DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Elena Chirila - Donciu

    2013-12-01

    Full Text Available FDI had a strong impact in the last three decades on economic growth, foreign trade and production structures in almost all countries. The purpose of this paper is to analyze the main factors that contribute to attracting foreign direct investment flows and also the competitiveness of the business environment in Romania and its implications on investment decisions and economic growth. Research results show that the presence of FDI goes to those areas that can provide efficiencies investment factors: skilled and qualified labor, educational and research institutions etc..

  16. Investment opportunities with YPFB capitalization

    International Nuclear Information System (INIS)

    Escobar, F.

    1996-01-01

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

  17. Defining Investment Additionality for CDM projects - practical approaches

    International Nuclear Information System (INIS)

    Greiner, Sandra; Michaelowa, Axel

    2003-01-01

    The environmental integrity of the CDM under the Kyoto Protocol depends on the possibility to avoid giving emission credits to projects that would have happened anyway. Whether and how 'Investment Additionality' of CDM projects has to be determined is currently a part of climate negotiations. We discuss the rationale of companies to invest in projects and analyse possible criteria to determine Investment Additionality from a theoretical point of view. Differences in the type of investment call for the application of different criteria. Although some criteria are better than others, no single criterion can outweigh the others in all respects. We therefore suggest a scheme for additionality testing that aims at matching types of investment and criteria in a sensible way. Criteria are evaluated on the grounds of robustness to manipulation, degree of coverage and appropriateness for testing the investment decision under consideration

  18. Investment Risks and Insurance in the Gold Market

    Directory of Open Access Journals (Sweden)

    Nikolay Megits

    2014-03-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE In this article we investigated the causes and features of investment risks in the gold market, studied the components of investment risks in this market, and analyzed the main methods of insuring those investment risks. In addition, we presented the methods and financial investment instruments used in gold operations and provided the conceptual analyses of investment risk in the gold market. Normal 0 false false false EN-US X-NONE X-NONE Normal 0 false false false EN-US X-NONE X-NONE 76 FR 72729 - SEI Investments Management Corporation, et al.

    Science.gov (United States)

    2011-11-25

    ...] SEI Investments Management Corporation, et al. November 18, 2011. AGENCY: Securities and Exchange... Application: Applicants request an order to permit open-end management investment companies relying on rule 12d1-2 under the Act to invest in certain financial instruments. Applicants: SEI Investments Management...

  19. Co-investments of sovereign wealth funds in private equity

    NARCIS (Netherlands)

    Mc Cahery, Joseph; de Roode, Alexander

    2016-01-01

    Direct investments are the preferred vehicle for large institutional investors to have control over their portfolio investments. We study the deal structure of direct investments by sovereign wealth funds (SWFs) in private equity transactions. We find that SWFs shift from investing in private equity

  1. Good faith limitations on protected investments and corporate structuring

    NARCIS (Netherlands)

    Schill, S.W.; Bray, H.L.; Mitchell, A.D.; Sornarajah, M.; Voon, T.

    2015-01-01

    On numerous occasions, investment treaty tribunals have relied—and in some cases refused to rely—on the principle of good faith to ensure that only bona fide investments and investors are protected under the relevant investment treaty. This chapter reviews the jurisprudence on illegal investments

  2. Linking investment spikes and productivity growth

    NARCIS (Netherlands)

    Geylani, P.C.; Stefanou, S.E.

    2013-01-01

    We investigate the relationship between productivity growth and investment spikes using Census Bureau’s plant-level dataset for the U.S. food manufacturing industry. There are differences in productivity growth and investment spike patterns across different sub-industries and food manufacturing

  3. Barriers to investment in emerging power markets

    Energy Technology Data Exchange (ETDEWEB)

    Beardsworth, Jr, J J [Hunton and Williams, Richmond, VA (United States)

    1994-12-31

    Investing in private power projects in developing countries is a very different issue from investment in the US or the UK. There are many investment barriers not present in developed nations. Firstly investment barriers need to be identified. Trouble may be encountered with legal authorization; the regulatory framework; government guarantees; fuel supply security; lender protection; labour laws and local commercial restrictions such as profits repatriation, currency convertibility, and taxes. Political barriers may also be encountered in the form of: government commitments and support; funding sources; political unrest; religion; and relationships with other countries. Investment barriers may be minimised by persuading the government to remove any legal barriers; the contract has then to be agreed. Factors in a successful contract include: power purchase agreements; fuel agreements; and implementation agreements. It is vital to have a source of information on local rules and customs, by working with local companies and employing local attorneys.

  4. FINANCING RENEWABLE ENERGY SOURCES INVESTMENT IN POLAND

    Directory of Open Access Journals (Sweden)

    Jerzy Piotr Gwizdała

    2017-09-01

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

  5. SENSITIVITY OF THE INVESTOR'S TOWARDS STOCK MARKET INVESTMENT

    OpenAIRE

    M. Jaya

    2017-01-01

    Investment in stock market has become a common phenomenon for all the individuals. The growth of stock market contributes to national economic growth only when this growth translates into increased mobilization of resources, return from investment, and minimizing the risk attached to stock market investment. This survey has been conducted to find out the stock market investment pattern and risk diversification of retail equity investors. A well structured questionnaire which is pilot teste...

  6. The Investment Capacities of the Ukrainian Economy the EU countries

    Directory of Open Access Journals (Sweden)

    O. S.

    2017-02-01

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

  7. 47 CFR 32.7210 - Operating investment tax credits-net.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Operating investment tax credits-net. 32.7210....7210 Operating investment tax credits—net. (a) This account shall be charged and Account 4320, Unamortized Operating Investment Tax Credits—Net, shall be credited with investment tax credits generated from...

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

    Science.gov (United States)

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

    2015-04-01

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

  9. Quantifying Productivity Gains from Foreign Investment

    NARCIS (Netherlands)

    C. Fons-Rosen (Christian); S. Kalemli-Ozcan (Sebnem); B.E. Sorensen (Bent); C. Villegas-Sanchez (Carolina)

    2013-01-01

    textabstractWe quantify the causal effect of foreign investment on total factor productivity (TFP) using a new global firm-level database. Our identification strategy relies on exploiting the difference in the amount of foreign investment by financial and industrial investors and simultaneously

  10. Profit sharing for increased training investments

    NARCIS (Netherlands)

    Gielen, A. C.

    2011-01-01

    This article investigates whether paying a profit-related wage stimulates training investments. The results point to increased worker effort and wage flexibility as two channels through which profit sharing enhances investments in training. While both effects are found for young workers, for older

  11. Why does the productivity of investment vary across countries?

    Directory of Open Access Journals (Sweden)

    Kevin S. Nell

    2017-09-01

    Full Text Available In ‘new growth theory’ equations that include the investment ratio, all other variables included are determinants of the productivity of investment. We convert a ‘new growth theory’ equation into a productivity of investment equation by dividing the equation through by the investment ratio. We take a sample of 84 developed and developing countries over the period 1980 to 2011, and examine the importance of 19 potential variables that might affect the productivity of investment, using a general-to-specific model selection algorithm. Education, export growth, macroeconomic stability, political rights, geography and government expenditure turn out to be the most important determinants. There is no evidence of diminishing returns to investment, so that investment matters for long run growth. JEL Classification: 011; 033; 047

  12. Returns on Investment in California County Departments of Public Health.

    Science.gov (United States)

    Brown, Timothy T

    2016-08-01

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

  13. Inconsistent Investment and Consumption Problems

    Energy Technology Data Exchange (ETDEWEB)

    Kronborg, Morten Tolver, E-mail: mtk@atp.dk [ATP (Danish Labour Market Supplementary Pension Scheme) (Denmark); Steffensen, Mogens, E-mail: mogens@math.ku.dk [University of Copenhagen, Department of Mathematical Sciences (Denmark)

    2015-06-15

    In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth. The optimal consumption strategy is given as a deterministic bang-bang strategy. In order to have a more realistic model we allow the risk aversion to be time and state dependent. Of special interest is the case were the risk aversion is inversely proportional to present wealth plus the financial value of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal consumption strategy is again given as a deterministic bang-bang strategy. We also calculate, for a general time and state dependent risk aversion function, the optimal investment and consumption strategy for a mean-standard deviation investor without pre-commitment. In that case, it turns out that it is optimal to take no risk at all.

  14. Inconsistent Investment and Consumption Problems

    International Nuclear Information System (INIS)

    Kronborg, Morten Tolver; Steffensen, Mogens

    2015-01-01

    In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth. The optimal consumption strategy is given as a deterministic bang-bang strategy. In order to have a more realistic model we allow the risk aversion to be time and state dependent. Of special interest is the case were the risk aversion is inversely proportional to present wealth plus the financial value of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal consumption strategy is again given as a deterministic bang-bang strategy. We also calculate, for a general time and state dependent risk aversion function, the optimal investment and consumption strategy for a mean-standard deviation investor without pre-commitment. In that case, it turns out that it is optimal to take no risk at all

  15. Optimal security investments and extreme risk.

    Science.gov (United States)

    Mohtadi, Hamid; Agiwal, Swati

    2012-08-01

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

  16. Research on the Investment Costs of IT Project

    Science.gov (United States)

    Zurong, Chen; Feng, Jingchun

    2018-02-01

    The investment costs of IT project are the basis of IT project management. The meaning and composition of the investment costs of IT project were analyzed in this paper, which involving the engineering cost of IT project, the other costs of IT project, reserve cost and financing interest of the construction period. On this basis, the composition and content of static investment costs and dynamic investment costs of IT project were also studied in the paper.

  17. Corruption, public investment and growth

    OpenAIRE

    Tanzi, Vito; 中村, まづる

    1998-01-01

    Corruption, particularly political or “grand” corruption, distorts the entire decision-making process connected with public investment projects. The degree of distortions is higher with weaker auditing institutions. The evidence presented shows that higher corruption is associated with (i) higher public investment; (ii) lower government revenues; (iii) lower expenditures on operations and maintenance; and (iv) lower quality of public infrastructure. The evidence also shows that corruption inc...

  18. Distributed generation investment by a microgrid under uncertainty

    International Nuclear Information System (INIS)

    Siddiqui, Afzal S.; Marnay, Chris

    2008-01-01

    This paper examines a California-based microgrid's decision to invest in a distributed generation (DG) unit fuelled by natural gas. While the long-term natural gas generation cost is stochastic, we initially assume that the microgrid may purchase electricity at a fixed retail rate from its utility. Using the real options approach, we find a natural gas generation cost threshold that triggers DG investment. Furthermore, the consideration of operational flexibility by the microgrid increases DG investment, while the option to disconnect from the utility is not attractive. By allowing the electricity price to be stochastic, we next determine an investment threshold boundary and find that high electricity price volatility relative to that of natural gas generation cost delays investment while simultaneously increasing the value of the investment. We conclude by using this result to find the implicit option value of the DG unit when two sources of uncertainty exist. (author)

  19. Distributed Generation Investment by a Microgrid under Uncertainty

    Energy Technology Data Exchange (ETDEWEB)

    Marnay, Chris; Siddiqui, Afzal; Marnay, Chris

    2008-08-11

    This paper examines a California-based microgrid?s decision to invest in a distributed generation (DG) unit fuelled by natural gas. While the long-term natural gas generation cost is stochastic, we initially assume that the microgrid may purchase electricity at a fixed retail rate from its utility. Using the real options approach, we find a natural gas generation cost threshold that triggers DG investment. Furthermore, the consideration of operational flexibility by the microgrid increases DG investment, while the option to disconnect from the utility is not attractive. By allowing the electricity price to be stochastic, we next determine an investment threshold boundary and find that high electricity price volatility relative to that of natural gas generation cost delays investment while simultaneously increasing the value of the investment. We conclude by using this result to find the implicit option value of the DG unit when two sources of uncertainty exist.

  20. Age-dependent male mating investment in Drosophila pseudoobscura.

    Directory of Open Access Journals (Sweden)

    Sumit Dhole

    Full Text Available Male mating investment can strongly influence fitness gained from a mating. Yet, male mating investment often changes with age. Life history theory predicts that mating investment should increase with age, and males should become less discriminatory about their mate as they age. Understanding age-dependent changes in male behavior and their effects on fitness is important for understanding how selection acts in age-structured populations. Although the independent effects of male or female age have been studied in many species, how these interact to influence male mating investment and fitness is less well understood. We mated Drosophila pseudoobscura males of five different age classes (4-, 8-, 11-, 15-, 19-day old to either young (4-day or old (11-day females, and measured copulation duration and early post-mating fecundity. Along with their independent effects, we found a strong interaction between the effects of male and female ages on male mating investment and fitness from individual matings. Male mating investment increased with male age, but this increase was more prominent in matings with young females. Male D. pseudoobscura made smaller investments when mating with old females. The level of such discrimination based on female age, however, also changed with male age. Intermediate aged males were most discriminatory, while the youngest and the oldest males did not discriminate between females of different ages. We also found that larger male mating investments resulted in higher fitness payoffs. Our results show that male and female ages interact to form a complex pattern of age-specific male mating investment and fitness.

  1. Determinants of private fixed investment in emerging country

    Directory of Open Access Journals (Sweden)

    Goitsemodimo Abel Molocwa

    2018-03-01

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

  2. 17 CFR 256.255 - Accumulated deferred investment tax credits.

    Science.gov (United States)

    2010-04-01

    ... investment tax credits. 256.255 Section 256.255 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... investment tax credits. (a) This account shall be credited and account 411.5, Investment tax credit, debited with investment tax credits deferred by companies which do not apply such credits as a reduction of the...

  3. Logistic description of investment and construction management

    Directory of Open Access Journals (Sweden)

    Sborshchikov Sergey Borisovich

    2014-01-01

    Full Text Available The article is devoted to the questions of defining dynamic behavior of investment and construction activity as a technical and economic system and its formalized description. It is offered to use the term "condition vector" as one of the main characteristics while describing investment and construction activity. Logistic interpretation of a sustainable development of investment and construction defines the concept of optimum trajectory, which considers various dependencies of its components (construction operations, their preparation, design, material, technique, personnel, information, investment, etc.. It is necessary to point out that this state is homeostatic, which means, the managing system must provide continuous monitoring of each system component of investment and construction activities in accordance with the sustainable development pathway. The concept of dynamic balance used in logistics is identical to the concept of homeostatic balance, which is accepted in system engineering. It is defined as a property of technical and economic system, which implies that its deviations from the development pathway lie within admissible values.

  4. 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

  5. Investment in exploration-production and refining 2013

    International Nuclear Information System (INIS)

    Hureau, Geoffroy; Serbutoviez, Sylvain; Silva, Constancio; Maisonnier, Guy

    2013-10-01

    IFPEN analyses in this study the 2013 evolution of global investment in the field of exploration-production and refining. 1 - Changes in oil and gas prices; 2 - Exploration production: a new year of growth: the increase in investments continues into 2013, exploration - Discoveries in 2013, 1978 - 2012: Investments - Production - Price; 3 - Main markets in the upstream oil equipment and services sector: introduction, drilling (Drilling activity, Number of wells drilled throughout the world, Number of onshore wells, Number of offshore wells, Drilling markets, equipment and services for wells, Onshore drilling market, Offshore drilling market, Fracking market); Geophysical market (Geophysical activity, Geophysical market); Offshore construction (Offshore construction activities, Fixed platforms (Jack-ups), Floating Platform Systems (FPS), Sub-sea constructions, Offshore construction market); Conclusion; 4 - Refining: looking for new equilibriums: falling excess capacity and regional disparities, recovery in capital spending in emerging countries, Asia is still the eldorado for investment in the downstream oil Sector (Continuing overcapacity in the medium-term, Differing investment strategies)

  6. Issues concerning outer space investments in international law ...

    African Journals Online (AJOL)

    Issues concerning outer space investments in international law. ... Recent improvements in technology have in essence increased the viability of outer space as the next frontier for international investment and development. In addition to ... Key words: Outer Space, Investments, International Law, International Space Station ...

  7. 78 FR 39023 - ING Investments, LLC, et al.;

    Science.gov (United States)

    2013-06-28

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30566; File No. 812-14111] ING Investments, LLC, et al.; Notice of Application June 24, 2013. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of an application under section 6(c) of the Investment Company...

  8. Investment risks in the economic system of enterprise

    Directory of Open Access Journals (Sweden)

    Kuchmenko V.О.

    2017-06-01

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

  9. Optimal Priority Structure, Capital Structure, and Investment

    OpenAIRE

    Dirk Hackbarth; David C. Mauer

    2012-01-01

    We study the interaction between financing and investment decisions in a dynamic model, where the firm has multiple debt issues and equityholders choose the timing of investment. Jointly optimal capital and priority structures can virtually eliminate investment distortions because debt priority serves as a dynamically optimal contract. Examining the relative efficiency of priority rules observed in practice, we develop several predictions about how firms adjust their priority structure in res...

  10. Investments and price formation in a liberalized electric power market; Investering og prisdannelse pae et liberaliseret elmarked

    Energy Technology Data Exchange (ETDEWEB)

    Morthorst, P.E.

    2005-05-01

    How will the electric power prices in the Nordic electric power market develop if the generation capacity in the coming 10 to 15 years is increased considerably? And what are the conditions for investors to initiate new investments in power plants? Briefly speaking - these are the issues for the project that is reported in this report. The basis for the project has been the Nordic electric power market model and its capability to handle the future extension of the necessary generating capacity. The main issue in the project has been a quantitative analysis of what the prices in the Nordic electric power market will be in the future, depending on the size of new investments in the power generating capacity. Using the Balmorel model, a basic scenario until the year 2020 is made which contains the present decisions about capacity extension only. Up to 2010 this basic scenario can be seen as a probable development. For the period 2010 to 2020, however, the calculations can primarily be seen as illustrations of how the prices may develop, provided that no further investments are made. Thus, for the period 2010 - 2020 it is a 'worst case' that has been analysed. In the basic scenario several cases for the year 2015 are analysed, among others the consequences of wet and dry years and an unusually cold winter. The project also analyses how the price development impacts the profitability of new investments in power capacity, depending on several exogenous events, like use of more wind power and the price on the carbon dioxide market. The analyses present three cases: 1) A single investor not owing other power plants, 2) a single investor owing a number of power plants in which case a new plant will compete with him self, 3) two competing investors investing in the same known power plants. In all cases investments are made in a natural gas combined cycle plant producing both electric power and heat. Furthermore, the investor's own possibility to time his

  11. Open-end Investment Funds in Croatia

    Directory of Open Access Journals (Sweden)

    Bojan Morić Milovanović

    2006-03-01

    Full Text Available This work discusses investment funds in Croatia, with a particular emphasis on openend investment funds. After a short review of the development of the funds, the perception of the funds is analysed, as are the trends in total assets and in average yields. The degree of concentration of open-end investment funds is shown with statistical measures of concentration (the Gini Coefficient, the Lorenz Curve and concentration ratios. All these indicators show that the concentration is moderate to strong. The greatest yields are given by the equity funds, but these are also the most risky.

  12. Quantifying Transmission Investment in Malaria Parasites.

    Directory of Open Access Journals (Sweden)

    Megan A Greischar

    2016-02-01

    Full Text Available Many microparasites infect new hosts with specialized life stages, requiring a subset of the parasite population to forgo proliferation and develop into transmission forms. Transmission stage production influences infectivity, host exploitation, and the impact of medical interventions like drug treatment. Predicting how parasites will respond to public health efforts on both epidemiological and evolutionary timescales requires understanding transmission strategies. These strategies can rarely be observed directly and must typically be inferred from infection dynamics. Using malaria as a case study, we test previously described methods for inferring transmission stage investment against simulated data generated with a model of within-host infection dynamics, where the true transmission investment is known. We show that existing methods are inadequate and potentially very misleading. The key difficulty lies in separating transmission stages produced by different generations of parasites. We develop a new approach that performs much better on simulated data. Applying this approach to real data from mice infected with a single Plasmodium chabaudi strain, we estimate that transmission investment varies from zero to 20%, with evidence for variable investment over time in some hosts, but not others. These patterns suggest that, even in experimental infections where host genetics and other environmental factors are controlled, parasites may exhibit remarkably different patterns of transmission investment.

  13. 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

  14. 26 CFR 1.851-7 - Certain unit investment trusts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Certain unit investment trusts. 1.851-7 Section... unit investment trusts. (a) In general. For purposes of the Internal Revenue Code, a unit investment.... Accordingly, a unit investment trust is not a taxpayer subject to taxation under the Internal Revenue Code. No...

  15. 17 CFR 270.3a-2 - Transient investment companies.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Transient investment companies... (CONTINUED) RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 § 270.3a-2 Transient investment companies... which an issuer owns or proposes to acquire investment securities (as defined in section 3(a) of the Act...

  16. Investment determinants of young and old Portuguese SMEs: A quantile approach

    Directory of Open Access Journals (Sweden)

    Sílvia Mendes

    2014-10-01

    Full Text Available Considering two samples of Portuguese SMEs: 582 young SMEs and 1654 old SMEs, using the two-step estimation method and quantile regressions, the empirical evidence allows us to conclude that the determinants of investment have a different impact on young and old SMEs, depending on a firm’ level of investment. In the framework of Acceleration Principle and Neoclassical Theories, the determinants are relevant in explaining the investment of young and old SMEs with high levels of investment. The Growth Domestic Product, as the investment determinant of Acceleration Principle Theory, has a greater impact on the investment of young SMEs with high levels of investment. Sales, as the investment determinant of Neoclassical Theory, have greater impact on the investment of old SMEs with high levels of investment. Cash flow, as the investment determinant of Free Cash Flow Theory, is important in explaining the investment of young and old SMEs with low levels of investment. However, cash flow has greater impact on the investment of young SMEs with low levels of investment. The empirical evidence obtained allows us to make suggestions for policy-makers and the owners/managers of Portuguese SMEs.

  17. Investment preferences for wood-based energy initiatives in the US

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-06-15

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

  18. Investment preferences for wood-based energy initiatives in the US

    International Nuclear Information System (INIS)

    Aguilar, Francisco X.

    2009-01-01

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

  19. INVESTMENT STRUCTURE AND EVOLUTION IN THE CONTEXT OF ECONOMIC CRISIS

    Directory of Open Access Journals (Sweden)

    CODAU CIPRIAN-CRACIUN

    2011-12-01

    Full Text Available The scope of this article is the evolution analysis of net investment in Romania between economic growth and international economic crisis. The analysis captures both the evolution of net investment by structure elements (buildings, outfits, other investments and the structure and evolution of investments by sources of financing. Also there is an analysis of the foreign direct investment (FDI share in the total net investment and the impact of the economic crisis on this share. The article aims to identify the main factors for the evolution of investments in Romania before the financial crisis and determine how the financial crisis influenced the structure and volume of investments in the national economy. Most previous studies have focused either on a small part of the investments made in Romania (in most cases the FDI have been analyzed or on the period of economic expansion without capturing the evolution of investment during the economic crisis. Previous research has highlighted especially the FDI influence on macroeconomic indicators of high importance for the economy (unemployment rate, GDP growth rate, etc. with less focus on the factors influencing these investments and the close connection between the economic context (economy status and the volume of these investments. For the analysis of the investment evolution during the mentioned period statistical data was used that captured both the investment evolution trend and the changes occurred by the national economy stepping into recession amid the global financial crisis established. To get an overview of the situation it was considered a time internal that captured both the economic growth and the period after the onset of the economic crisis. Thereby information was obtained on the volume of net investment during 2000-2010, on foreign direct investment in the period 2003-2010 and their share in total net investment and also on the main sources of investment financing during the

  20. BUSINESS ANGELS AND INVESTMENTS

    Directory of Open Access Journals (Sweden)

    CLAUDIA ISAC

    2015-12-01

    Full Text Available In this paper we have synthesized a part of legislative and conceptual elements linked to a new model of investors which is increasingly publicized in Romania, business angels. In the first part of the paper we have presented theoretical notions related to the concept of investments and to the importance of the investment decision at managerial level. Modern investments regarding, in particular, the launch of some products and services as well as the start-up of companies are dependent on the source of funding that can take many forms, one of them being that of business angels. Thus, the legislative framework in Romania represents an opportunity not only for those looking for sources of financing but also for investors seeking more flexible and more advantageous ways to place capital. Thus, at the end of the paper we have tried to reveal the main fiscal facilities from EU member countries in order to be studied by any business angel and the most important organizations offering information on the business angels’ portfolio.

  1. Determinants of firms' investment behaviour : a multilevel approach

    NARCIS (Netherlands)

    Farla, K.

    2013-01-01

    This paper investigates micro and macro determinants of firms' investment behaviour using firm data from 101 developing and emerging economies. A substantial number of firms in our sample does not invest in fixed capital or invests little relative to sales revenue. Using a multilevel probit model we

  2. 77 FR 23429 - Examples of Program-Related Investments

    Science.gov (United States)

    2012-04-19

    ... in the recycling business in Q. Y's primary purpose in making the investment is to combat... private foundation's exempt purposes (a ``jeopardizing investment''). Section 4944(a) also imposes an.... The regulations under section 4944(c) define a PRI as an investment: (1) The primary purpose of which...

  3. A U.S. utilities perspective of foreign investments

    Energy Technology Data Exchange (ETDEWEB)

    White, M.; Imsdahl, B.

    1994-12-31

    This paper reviews what MDU Resources Group, Inc. will use for criteria to evaluate investment opportunities in foreign countries and the strategy it has developed for foreign investments. The paper further outlines what MDU Resources Group, Inc. considers critical to make an investment in an international project.

  4. 76 FR 29147 - Federal Home Loan Bank Investments

    Science.gov (United States)

    2011-05-20

    ...-AA32 Federal Home Loan Bank Investments AGENCY: Federal Housing Finance Agency; Federal Housing Finance...-adopting existing investment regulations that apply to the Federal Home Loan Banks (Banks) and that were...' investment in mortgage-backed securities (MBS) and certain asset-backed securities (ABS) that were previously...

  5. REALIZATION OF INVESTMENT PROJECTS IN POWER GENERATION SECTOR AND DETERMINATION OF CAPITAL INVESTMENT SOURCES

    Directory of Open Access Journals (Sweden)

    V. N. Nagornov

    2008-01-01

    Full Text Available The paper contains information on the basic directions of an investment activity in the power generation sector of the Republic of Belarus and importance of the realization of planned actions at the present moment. The main sources for financing modernization of basic production funds of the Belarusian power generation system have been analyzed in the paper. The paper describes general problems and difficulties that the power industry is facing while realizing investment projects. The most important problem is a formation of sources for complete project financing due to sharp price rise for imported power resources. The paper considers various approaches to provision of the required sources for financing investment activity in the power sector. The paper shows the need for a tariff policy reform, which is to be aimed, first of all, at the reduction of the cross subsidizing in power tariffs.

  6. Distributed generation investment by a microgrid under uncertainty

    Energy Technology Data Exchange (ETDEWEB)

    Siddiqui, Afzal S. [Department of Statistical Science, University College London, Gower Street, London WC1E 6BT (United Kingdom); Marnay, Chris [Ernest Orlando Lawrence Berkeley National Laboratory, 1 Cyclotron Road, MS90R4000, Berkeley, CA 94720-8163 (United States)

    2008-12-15

    This paper examines a California-based microgrid's decision to invest in a distributed generation (DG) unit fuelled by natural gas. While the long-term natural gas generation cost is stochastic, we initially assume that the microgrid may purchase electricity at a fixed retail rate from its utility. Using the real options approach, we find a natural gas generation cost threshold that triggers DG investment. Furthermore, the consideration of operational flexibility by the microgrid increases DG investment, while the option to disconnect from the utility is not attractive. By allowing the electricity price to be stochastic, we next determine an investment threshold boundary and find that high electricity price volatility relative to that of natural gas generation cost delays investment while simultaneously increasing the value of the investment. We conclude by using this result to find the implicit option value of the DG unit when two sources of uncertainty exist. (author)

  7. The Real Options Attached to an Investment Project

    Directory of Open Access Journals (Sweden)

    Mihai-Cristian DINICĂ

    2011-12-01

    Full Text Available The real options capture the importance of the managerial team’s role in creating value through investment projects. The investments in real assets have a set of options that managers can exercise during the period of the project to increase the value of the assets or to limit the eventual losses. This options have their own value.The traditional methods for investment project evaluatioan, based on discounted cash flows, have some major disadvantages: they assume the irreversibility of a decision, do not take into account the interactions between decisions in several periods and treat the investment as pasive. The evaluation using real options undertake this disadvantage. The paper shows the main types of real options, together with their elements and captures the impact of these options on the value of the investment. The main two models used to evaluate real options, the binomial model and Black-Scholes model, are explained and used to compute the value of real options attached to an investment project.

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

    Science.gov (United States)

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

    2018-04-05

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

  9. Returns on Investment in California County Departments of Public Health

    Science.gov (United States)

    2016-01-01

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

  10. Investment Under Uncertainty and Policy Change

    NARCIS (Netherlands)

    Pawlina, G.; Kort, P.M.

    2001-01-01

    Existing real options literature provides relatively little insight into the impact of structural changes of the economic environment on the investment decision of the firm.We propose a method to model the impact of a policy change on investment behavior in which, contrary to the earlier models

  11. Multinational Taxation and R&D Investments

    NARCIS (Netherlands)

    de Waegenaere, A.; Sansing, R.C.; Wielhouwer, J.L.

    2012-01-01

    This study examines the effects of taxation on the incentives of multinational firms to develop and use intellectual property. We model optimal investment and production decisions by firms that engage in a patent race by making R&D investments. We investigate how taxes affect the level and

  12. Multinational taxation and R&D investments

    NARCIS (Netherlands)

    De Waegenaere, A.M.B.; Sansing, R.; Wielhouwer, J.L.

    2012-01-01

    This study examines the effects of taxation on the incentives of multinational firms to develop and use intellectual property. We model optimal investment and production decisions by firms that engage in a patent race by making R&D investments. We investigate how taxes affect the level and

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

    Science.gov (United States)

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

    2010-10-01

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

  14. Investing in the gas industry in Central and Eastern Europe

    International Nuclear Information System (INIS)

    Mulder, H.

    1996-01-01

    This presentation explains what are the most common bottlenecks for foreign investments in the gas industry in Central and Eastern Europe. Taking into account the investment needs arising in economies in transition, from investor's point of view the issue of great importance is the risk when prices are not yet at market equivalent levels. Changes in the policy (regulatory, legal, financial) environment should stimulate investments. Privatization and liberalization are also driven by lack of public capital. Foreign investment would need a predictable investment environment. The investment needs of the gas industry would compete with other investments that might be more attractive

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

    Directory of Open Access Journals (Sweden)

    Antonio Gledson de Carvalho

    2011-06-01

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

  16. 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...

  17. Promoting energy efficiency investments with risk management decision tools

    International Nuclear Information System (INIS)

    Jackson, Jerry

    2010-01-01

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

  18. The Tradeoff Between Mutual Fund and Direct Stock Investments

    DEFF Research Database (Denmark)

    Marekwica, Marcel; Steininger, Bertram I.

    2014-01-01

    We study the tradeoff between direct and indirect stock investments through equity mutual funds for a utility-maximizing investor. Whereas direct investments impose higher transaction costs on the formation of a well-diversified portfolio, mutual funds charge fees for their services. Our results...... show that the fee levels that make private investors indifferent between direct and indirect stock investments vary heavily according to risk aversion, the amounts invested, correlations between assets, transaction costs, and the length of investment horizon. In particular, our results suggest...

  19. Public Investment, Revenue Shocks, and Borrowing Restrictions

    OpenAIRE

    Büttner, Thiess; Wildasin, David E.

    2010-01-01

    This paper lays out a theory of taxation and public investment in an intertemporal setting under conditions of revenue shocks. Without borrowing restrictions, the optimal policy is characterized by smooth time paths of taxes and public investment. While the introduction of formal borrowing restrictions leads to some precautionary savings, it gives rise to fluctuations in public investment in response to adverse but also favorable revenue shocks. This theoretical result is tested empirically u...

  20. Investing in Climate Change. Dutch Banks Compared

    International Nuclear Information System (INIS)

    Buurgaard Nielsen, J.; Pols, D.; Van Gelder, J.W.; Denie, S.; Scheire, C.

    2007-06-01

    This report is the first comparison of the climate change performance of Dutch banks that analyses the actual investments of these banks. It reviews a substantial share of each bank's portfolio, according to three criteria: how much they invest in the main cause of climate change, fossil fuels; how much they invest in the main alternative to fossil fuels, renewable energy; the bank's plans and policies to limit their contribution to climate change

  1. Investment behavior, observable expectations, and internal funds

    OpenAIRE

    Jason G. Cummins; Kevin A. Hassett; Stephen D. Oliner

    1999-01-01

    We use earnings forecasts from securities analysts to construct more accurate measures of the fundamentals that affect the expected returns to investment. We find that investment responds significantly -- in both economic and statistical terms -- to our new measures of fundamentals. Our estimates imply that the elasticity of the investment-capital ratio with respect to a change in fundamentals is generally greater than unity. In addition, we find that internal funds are uncorrelated with inve...

  2. Literature Review on Cyber Security Investment Decisions

    OpenAIRE

    ŞENTÜRK, Hakan; ÇİL, Celal Zaim; SAĞIROĞLU, Şeref

    2016-01-01

    Severe financial losses incurred by cyber security attacks with increasing complexity and frequency, as well as booming cyber security sector offering variety of products as investment options have led the focus of the research in the field to the economic dimension of cyber security. The need for determination of methods to be used when making cyber security investment decisions under budget constraints have become prominent. In five sections as the cyber security investment strategies, risk...

  3. Monitoring the effectiveness evaluation of investment projects

    Directory of Open Access Journals (Sweden)

    Skopin Alex O.

    2012-02-01

    Full Text Available The article raised the question of monitoring regulatory evaluation of the effectiveness of regional investment projects. This is justified by the fact that the current regulatory framework defined indicators for measuring the effectiveness of regional investment projects, but these figures are usually used only at the design stage of the project, an interim assessment of the effectiveness of a sufficiently simplified and based on the level of exploration investment.

  4. Inventory Investment and the Real Interest Rate

    OpenAIRE

    Junayed, Sadaquat; Khan, Hashmat

    2009-01-01

    The relationship between inventory investment and the real interest rate has been difficult to assess empirically. Recent work has proposed a linear-quadratic inventory model with time-varying discount factor to identify the effects of the real interest rate on inventory investment. The authors show that this framework does not separately identify the effects of real interest rate on inventory investment from variables that determine the expected marginal cost of production. In other words, t...

  5. Investment Irreversibility and Precautionary Savings in General Equilibrium

    DEFF Research Database (Denmark)

    Ejarque, João

    than irreversibility effects. If shocks are idiosyncratic and affect a cross section of agents over capital, an increase in their variance may induce an increase in aggregate investment even if all agents have an incentive to invest less, because zero investment is now an active lower bound for part...

  6. 12 CFR 615.5208 - Allotment of allocated investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Allotment of allocated investments. 615.5208... allocated investments. (a) The following conditions apply to agreements that a Farm Credit Bank or... investments held by those associations with which there is no agreement (nonagreeing associations), and does...

  7. 75 FR 23631 - Federal Home Loan Bank Investments

    Science.gov (United States)

    2010-05-04

    ... 2590-AA32 Federal Home Loan Bank Investments AGENCY: Federal Housing Finance Agency, Federal Housing... Finance Agency (FHFA) is proposing to re- organize and re-adopt existing investment regulations that apply... incorporate into the new part 1267 limits on the Banks' investment in mortgage-backed securities (MBS) and...

  8. 77 FR 23373 - Small Business Investment Companies-Energy Saving Qualified Investments

    Science.gov (United States)

    2012-04-19

    ... appropriate for inclusion in the definition. Furthermore, if a Small Business generates revenues solely from... definition of Energy Saving Qualified Investment by adding a presumption that a Small Business will be...

  9. CHALLENGES IN PERFORMANCE METRICS IN SOCIALLY RESPONSIBLE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Kuti Monika

    2014-07-01

    Full Text Available Sustainability issues have been penetrating the financial world over the decades at corporate and sector levels. In the field of sustainable finance, socially responsible investments (SRI are a dynamically evolving segment which has become a special industry in asset allocation and investments out of a niche movement. This article aims to highlight the trends, investors’ motives and performances of these investments. It concludes that controversies around the terminology, performance metrics and return of socially responsible investments, have not been resolved in academic literature yet.

  10. 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...

  11. Exploring women’s perceptions regarding successful investment planning practices

    Directory of Open Access Journals (Sweden)

    Elmarie Venter

    2017-08-01

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

  12. Investment incentives, corporate taxation, and efficiency in the allocation of capital

    Energy Technology Data Exchange (ETDEWEB)

    Boadway, R

    1978-09-01

    The author shows that, within the strict confines of the neoclassical theory of investment, investment allowances and tax credits on gross investment over and above regular depreciation are efficient investment incentives in the sense that they do not distort the allocation of capital over investments of differing durabilities. Initial allowances, tax credits on net investments, tax credits on gross investment which are set against depreciation, and interest subsidies all distort investment decisions in favor of longer-lived investments. Accelerated depreciation schemes are generally distortionary as well, with the nature of the distortion depending upon how the tax depreciation rate is defined.

  13. Lumpy investment, sectoral propagation, and business cycles (Invited Paper)

    Science.gov (United States)

    Nirei, Makoto

    2005-05-01

    This paper proposes a model of endogenous fluctuations in investment. A monopolistic producer has an incentive to invest when the aggregate demand is high. The investment at the firm level is also known to exhibit a threshold behavior called an (S,s) policy. These two facts lead us to consider that the fluctuation in aggregate investment is generated by the global coupling of the non-linear oscillators. From this perspective, we characterize the probability distribution of the investment clustering in a partial equilibrium of product markets, and show that its variance can be large enough to match the observed investment fluctuations. We then implement this mechanism in a dynamic general equilibrium model to explore an investment-driven business cycle. By calibrating the model with the SIC 4-digit level industry data, we numerically show that the model replicates the basic structure of the business cycles.

  14. Belief and Investing: Preferences and Attitudes of the Faithful

    Directory of Open Access Journals (Sweden)

    Mark Brimble1

    2013-03-01

    Full Text Available This Australian study seeks to better understand the disparity between the positive attitudes towards Socially Responsible Investing (SRI and the level of investment in SRI (Saulwick &Associates 2001; Watmore & Bradley 2001; Williams 2007; Arjalies 2010, by examining both the attitudes to SRI and the investment choices that are made. It is hypothesised that those who are more committed to religious belief principles are more likely to invest in SRI.To test this 322 people from two large Queensland organisations were surveyed in relation to their investment attitudes and preferences. Results show that those who are more religious are no more likely to invest in SRI, and that the level of importance placed on SRI and financial criteria are similar in most instances for the more and less religious. In addition, women who are religious place more importance on conservative general investment criteria than less ornon-religious women.

  15. Implications of the Transatlantic Trade and Investment Partnership (TTIP for Investment Flows Between the European Union and the USA

    Directory of Open Access Journals (Sweden)

    Witkowska Janina

    2017-09-01

    Full Text Available The Transatlantic Trade and Investment Partnership (TTIP is a controversial subject, but at the same time it is perceived to be the most comprehensive international agreement on free trade and investment protection. Among the topics that evoke criticism on the part of different social groups is the investor‑state dispute‑settlement (ISDS, as well as its legal consequences for the EU Member states. A less discussed issue is the potential implications of the agreement on the state of economic co‑operation between the European Union and the USA in the field of investment flows, with special reference to foreign direct investment (FDI. The aim of this paper is to present the discussion related to the ISDS and examine some of the economic, political and legal implications of TTIP provisions for FDI flows between the EU and the USA. The proposals of the European Commission to change the investment protection system might be treated as an attempt to make the system of arbitrage more transparent and convincing to societies, and safer for states. The effects of the TTIP agreement for FDI between both partners might be dependent on the scale of trade creation and diversion effects, and the mirror effects of investment creation and diversion under a free trade area.

  16. Water2Invest: Global facility for calculating investments needed to bridge the climate-induced water gap

    Science.gov (United States)

    Straatsma, Menno; Droogers, Peter; Brandsma, Jairus; Buytaert, Wouter; Karssenberg, Derek; Meijer, Karen; van Aalst, Maaike; van Beek, Rens; Wada, Yoshihide; Bierkens, Marc

    2013-04-01

    Decision makers responsible for climate change adaptation investments are confronted with large uncertainties regarding future water availability and water demand, as well as the investment cost required to reduce the water gap. Moreover, scientists have worked hard to increase fundamental knowledge on climate change and its impacts (climate services), while practical use of this knowledge is limited due to a lack of tools for decision support under uncertain long term future scenarios (decision services). The Water2Invest project aims are to (i) assess the joint impact of climate change and socioeconomic change on water scarcity, (ii) integrate impact and potential adaptation in one flow, (iii) prioritize adaptation options to counteract water scarcity on their financial, regional socio-economic and environmental implications, and (iv) deliver all this information in an integrated user-friendly web-based service. Global water availability is computed between 2006 and 2100 using the PCR-GLOBWB water resources model at a 6 minute spatial resolution. Climate change scenarios are based on the fifth Assessment Report (AR5) of the IPCC Coupled Model Intercomparison Project (CMIP5) that defines four CO2 emission scenarios as representative concentration pathways. Water demand is computed for agriculture, industry, domestic, and environmental requirements based on socio-economic scenarios of increase in population and gross domestic product. Using a linear programming algorithm, water is allocated on a monthly basis over the four sectors. Based on these assessments, the user can evaluate various technological and infrastructural adaptation measures to assess the investments needed to bridge the future water gap. Regional environmental and socioeconomic effects of these investments are evaluated, such as environmental flows or downstream effects. A scheme is developed to evaluate the strategies on robustness and flexibility under climate change and scenario uncertainty

  17. Enhancing SMEs’ Growth by Investing in Organizational Capital

    Directory of Open Access Journals (Sweden)

    Urban Pauli

    2016-09-01

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

  18. 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)

  19. Insufficient incentives for investment in electricity generations

    Energy Technology Data Exchange (ETDEWEB)

    Neuhoff, K. [Cambridge University (United Kingdom). Dept. of Applied Economics; De Vries, L. [Delft University of Technology (Netherlands). Faculty of Technology, Policy and Management

    2004-12-01

    In theory, competitive electricity markets provide incentives for efficient investment in generation capacity. We show that if consumers and investors are risk averse, investment is efficient only if investors in generation capacity can sign long-term contracts with consumers. Otherwise the uncovered price risk increases financing costs, reduces equilibrium investment levels, distorts technology choice towards less capital-intensive generation and reduces consumer utility. We observe insufficient levels of long-term contracts in existing markets, possibly because retail companies are not credible counter-parties if their final customers can switch easily between them. With a consumer franchise, retailers can sign long-term contracts, but this solution comes at the expense of retail competition. Alternative capacity mechanisms to stimulate investment are discussed. (author)

  20. Investment under Uncertainty with Manager-Shareholder Conflict

    Science.gov (United States)

    Shibata, Takashi; Nishihara, Michi

    2009-09-01

    This paper examines investment timing by the manager in a decentralized firm in the presence of asymmetric information. In particular, we extend the agency problem in a real options model to incorporate an audit technology which allows the owner, at a cost, to verify private information. The implied investment triggers include those in three related papers: standard full information model (e.g., McDonald and Siegel, 1986); Grenadier and Wang (2005); Shibata (2009). An increase in the penalty for the manager's false report always reduces inefficiency in the investment triggers, while it does not necessarily reduce inefficiency in the total social welfare. Most importantly, however, the full information investment triggers and total social welfare can be approximated arbitrarily closely by making the penalty sufficiently large.

  1. Optimal Deterministic Investment Strategies for Insurers

    Directory of Open Access Journals (Sweden)

    Ulrich Rieder

    2013-11-01

    Full Text Available We consider an insurance company whose risk reserve is given by a Brownian motion with drift and which is able to invest the money into a Black–Scholes financial market. As optimization criteria, we treat mean-variance problems, problems with other risk measures, exponential utility and the probability of ruin. Following recent research, we assume that investment strategies have to be deterministic. This leads to deterministic control problems, which are quite easy to solve. Moreover, it turns out that there are some interesting links between the optimal investment strategies of these problems. Finally, we also show that this approach works in the Lévy process framework.

  2. Monetary Policy, Investment and Non-Fundamental Shocks

    OpenAIRE

    Fernando Alexandre

    2002-01-01

    Using a sticky price model with endogenous investment and adjustment costs we analyse the benefits of monetary policy reacting to asset prices, when investment is under the influence of a non-fundamental shock, both for inflation-forecast targeting rules and for Taylor rules. We conclude that in this context there are benefits from reacting to asset prices that result from a more stable output gap, which is the consequence of a much lower volatility in firms’ investment. Howeve...

  3. The globalization of U.S. business investment

    OpenAIRE

    Mark A. Wynne; Erasmus K. Kersting

    2008-01-01

    This paper documents some key facts about foreign direct investment flows by U.S. businesses overseas and foreign businesses in the United States. We show how the pattern of flows has evolved, examine the sources and destination of these flows, document associated employment and productivity gains, and show how investment-related sales compare with traditional exports. While the United States is a net debtor to the rest of the world, direct investment overseas by U.S. businesses exceeds direc...

  4. Industrial Employment, Investment Equipment and Economic Growth

    OpenAIRE

    Dellas, Harris

    2000-01-01

    The industrialization of labour is the main engine of growth during the early stages of economic development. In less developed countries, equipment investment has played a less important role than non-equipment investment; and it has only proved growth enhancing when it either encountered a substantial industrial labour force or fostered a large increase in the share of industrial employment. These findings draw attention to the effects of investment on the composition of the labour force; a...

  5. Stock returns and foreign investment in Brazil

    OpenAIRE

    Reis, Luciana; Meurer, Roberto; Da Silva, Sergio

    2008-01-01

    We examine the relationship between stock returns and foreign investment in Brazil, and find that the inflows of foreign investment boosted the returns from 1995 to 2005. There was a strong contemporaneous correlation, although not Granger-causality. Foreign investment along with the exchange rate, the influence of the world stock markets, and country risk can explain 73 percent of the changes that occurred in the stock returns over the period. We also find that positive feedback trading play...

  6. The Division of Labor, Investment, and Capital

    OpenAIRE

    Xiaokai Yang

    1999-01-01

    This paper uses a dynamic general equilibrium model based on corner solutions to formalize the classical theory of investment and capital which considers investment to be a vehicle for developing a high level of division of labor in roundabout productive activities. If it takes time for a specialist producer of tractors to learn the right method in producing commercially viable tractors, specialization in producing tractors is infeasible in the absence of investment in terms of consumption go...

  7. Sustainable Markets Investment Briefings: Overview

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the first 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 1 provides a general overview of key issues.

  8. 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...

  9. Investment in new product reliability

    International Nuclear Information System (INIS)

    Murthy, D.N.P.; Rausand, M.; Virtanen, S.

    2009-01-01

    Product reliability is of great importance to both manufacturers and customers. Building reliability into a new product is costly, but the consequences of inadequate product reliability can be costlier. This implies that manufacturers need to decide on the optimal investment in new product reliability by achieving a suitable trade-off between the two costs. This paper develops a framework and proposes an approach to help manufacturers decide on the investment in new product reliability.

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

    African Journals Online (AJOL)

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

  11. 12 CFR 9.11 - Investment of fiduciary funds.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Investment of fiduciary funds. 9.11 Section 9.11 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY FIDUCIARY ACTIVITIES OF NATIONAL BANKS Regulations § 9.11 Investment of fiduciary funds. A national bank shall invest funds of a...

  12. 75 FR 18492 - Investing in Innovation Fund; Correction

    Science.gov (United States)

    2010-04-12

    ... DEPARTMENT OF EDUCATION [Docket ID ED-2009-OII-0012] RIN 1855-AA06 Investing in Innovation Fund... 12072) a notice inviting applications for new awards for FY 2010 (NIA) for the Investing in Innovation... Anderson. Telephone: (202) 453- 7122; or by e-mail: [email protected] ; or by mail: (Attention: Investing in...

  13. 17 CFR 256.411.5 - Investment tax credit.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Investment tax credit. 256.411... HOLDING COMPANY ACT OF 1935 Income and Expense Accounts § 256.411.5 Investment tax credit. (a) This account shall be debited with the amounts of investment tax credits related to service company property...

  14. Determinants of Private Investment in Tanzania | Michael | African ...

    African Journals Online (AJOL)

    The results show that public investment, GDP growth and credit to private sector are important in explaining growth of private investment but there is no enough evidence that interest rate, exchange rate and degree of openness of the economy have influence on growth of private investment. Policy implications on both fiscal ...

  15. Evolution of international trade and investment networks

    Science.gov (United States)

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

    2016-11-01

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

  16. Investment risk management by applying contemporary modern portfolio theory

    Directory of Open Access Journals (Sweden)

    Jakšić Milena

    2015-01-01

    Full Text Available Investment risk is the principal threat to the assets side of the balance sheets of financial institutions. It is evident that investors who concentrate their wealth on one type of securities can rarely be found. Instead, they tend to invest diversified portfolio of securities. This reduces the degree of risk of the expected return, which depends both on the absolute risk of each investment in the portfolio, and the relationship that exists between individual investments within the portfolio. The paper analyzes the investment risk management by using modern portfolio theory in both national and global financial f lows. At the same time, the paper considers the risk management models that ensures efficient portfolio diversification, aiming at investment risk reduction. It is pointed out that the investment risk management in modern financial f lows is a complex process, and that the development of financial theory goes towards improving, soft risk management method.

  17. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

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

  18. The challenge of measuring investments and identifying investors

    DEFF Research Database (Denmark)

    Christensen, Jesper Lindgaard; Hain, Daniel S.

    2013-01-01

    , there are several types of flaws and difficulties related to getting a statistical overview of investments in innovation in the energy sector; it is not just a matter of increasing the existing statistical efforts and precision, there are more generic difficulties. Obviously, activity indicators of energy...... innovation (cf. other chapters in this volume) are closely related to indicators of investments in energy innovation. Hence, a number of general measurement challenges, such as separating innovation and activities, apply to investment measurement as well. Furthermore, any kinds of outcome measures...... in the energy realm, and elsewhere, are by nature interdependent with investment activities. We will in this chapter focus on the challenges that are special to the investment activities and on the mapping of investors. The measurement challenges may be approached from a ‘receiver’ perspective, i...

  19. Comment: unethical ethics investment boycotts and abortion.

    Science.gov (United States)

    Furedi, A

    1998-01-01

    Ethical investment funds have traditionally boycotted the arms industry, companies known to pollute the environment, and those involved in animal research. However, recent newspaper reports suggest that some investment funds plan to also boycott hospitals and pharmaceutical companies involved in abortion-related activities. Ethical Financial, anti-abortion independent financial advisors, are encouraging a boycott of investment in private hospitals and manufacturers of equipment involved in abortions, and pharmaceutical firms which produce postcoital contraception or conduct embryo research. Ethical Financial claims that Family Assurance has agreed to invest along anti-abortion lines, Aberdeen Investment is already boycotting companies linked to abortion, and Hendersons ethical fund plans to follow suit. There is speculation that Standard Life, the largest mutual insurer in Europe, will also refuse to invest in abortion-related concerns when it launches its ethical fund in the spring. Managers of ethical funds should, however, understand that, contrary to the claims of the anti-choice lobby, there is extensive public support for legal abortion, emergency contraception, and embryo research. Individuals and institutions which contribute to the development of reproductive health care services are working to alleviate the distress of unwanted pregnancy and infertility, laudable humanitarian goals which should be encouraged. Those who try to restrict the development of abortion methods and services simply show contempt for women, treating them as people devoid of conscience who are incapable of making moral choices.

  20. 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.

  1. Chemical plant innovative safety investments decision-support methodology.

    Science.gov (United States)

    Reniers, G L L; Audenaert, A

    2009-01-01

    This article examines the extent to which investing in safety during the creation of a new chemical installation proves profitable. The authors propose a management supporting cost-benefit model that identifies and evaluates investments in safety within a chemical company. This innovative model differentiates between serious accidents and less serious accidents, thus providing an authentic image of prevention-related costs and benefits. In classic cost-benefit analyses, which do not make such differentiations, only a rudimentary image of potential profitability resulting from investments in safety is obtained. The resulting management conclusions that can be drawn from such classical analyses are of a very limited nature. The proposed model, however, is applied to a real case study and the proposed investments in safety at an appointed chemical installation are weighed against the estimated hypothetical benefits resulting from the preventive measures to be installed at the installation. In the case-study carried out in question, it would appear that the proposed prevention investments are justified. Such an economic exercise may be very important to chemical corporations trying to (further) improve their safety investments.

  2. Investment Primer for Green Revolving Funds

    Science.gov (United States)

    Weisbord, Dano

    2012-01-01

    Developing return-oriented green revolving funds (GRFs) is a rapidly growing trend at colleges and universities. A green revolving fund (GRF) is a special account designated for investment in on-campus projects that improve energy efficiency or decrease material use. GRFs invest in a variety of cost-saving initiatives, resulting in significant…

  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. Corporate Tax Stimulus and Investment in Colombia

    OpenAIRE

    Galindo, Arturo; Melendez, Marcela

    2010-01-01

    This paper uses a yearly dataset of plant-level investment in Colombian firms during the period 1997 to 2007 to assess the impact of a tax incentive for firms that invest in fixed assets implemented in 2004. A positive and statistically significant correlation is found between the boom observed in investment and the adoption of the tax policy. However, the correlation vanishes when year-specific effects are controlled for. This result is robust to changes in the empirical specification, chang...

  5. Optimizing investment fund allocation using vehicle routing problem framework

    Science.gov (United States)

    Mamat, Nur Jumaadzan Zaleha; Jaaman, Saiful Hafizah; Ahmad, Rokiah Rozita

    2014-07-01

    The objective of investment is to maximize total returns or minimize total risks. To determine the optimum order of investment, vehicle routing problem method is used. The method which is widely used in the field of resource distribution shares almost similar characteristics with the problem of investment fund allocation. In this paper we describe and elucidate the concept of using vehicle routing problem framework in optimizing the allocation of investment fund. To better illustrate these similarities, sectorial data from FTSE Bursa Malaysia is used. Results show that different values of utility for risk-averse investors generate the same investment routes.

  6. Simulation study of coal mine safety investment based on system dynamics

    Institute of Scientific and Technical Information of China (English)

    Tong Lei; Dou Yuanyuan

    2014-01-01

    To generate dynamic planning for coal mine safety investment, this study applies system dynamics to decision-making, classifying safety investments by accident type. It validates the relationship between safety investments and accident cost, by structurally analyzing the causality between safety investments and their influence factors. Our simulation model, based on Vensim software, conducts simulation anal-ysis on a series of actual data from a coalmine in Shanxi Province. Our results indicate a lag phase in safety investments, and that increasing pre-phase safety investment reduces accident costs. We found that a 24%increase in initial safety investment could help reach the target accident costs level 14 months earlier. Our simulation test included nine kinds of variation trends of accident costs brought by different investment ratios on accident prevention. We found an optimized ratio of accident prevention invest-ments allowing a mine to reach accident cost goals 4 months earlier, without changing its total investment.

  7. The Investors- Reaction to Investment Rating Change Announcements

    OpenAIRE

    Chih-Hsiang Chang; Liang-Chien Lee; Shu-Ling Wu

    2012-01-01

    This study investigates the investors- behavioral reaction to the investment rating change announcements from the views of behavioral finance. The empirical results indicate that self-interest does affect the intention of securities firms to release investment ratings for individual stocks. In addition, behavioral pitfalls are also found in the response of retail investors to investment rating change announcements.

  8. Investing in Energy Efficiency. Removing the Barriers

    International Nuclear Information System (INIS)

    2004-01-01

    Investing in improving energy efficiency has the clear advantages of reducing energy costs, improving security of supply and mitigating the environmental impacts of energy use. And still, many viable opportunities for higher energy efficiency are not tapped because of the existence of numerous barriers to such investments. These lost opportunities imply costs to the individual energy consumers and to the society as a whole and they are particularly important in economies in transition. This report identifies various types of barriers for making energy efficiency investments (be they of legal, administrative, institutional or financial nature), mainly in buildings, district heating and efficient lighting. The role of various bodies and organisations for the facilitation of energy efficiency investments is analysed, from public authorities and regulators to banks and international financing institutions

  9. Political Connections and Investment in Rural Vietnam

    DEFF Research Database (Denmark)

    Markussen, Thomas; Tarp, Finn

    This paper uses household panel data from rural Vietnam to explore the effects of having a relative in a position of political or bureaucratic power on farmers’ agricultural investment decisions. Our main result is that households significantly increase their investment in land improvement...... as a result of relatives moving into public office. Connections to office holders appear to be important for investment because they strengthen de facto land property rights and improve access to off-farm employment and to informal loans. The findings underline the importance of informal networks for economic...... behaviour in environments with developing institutions and markets. They also suggest the presence of an untapped potential for economic development: if households without connections could obtain equally strong property rights and access to credit and insurance as the well-connected households, investment...

  10. Biomass Power Generation Investment in China: A Real Options Evaluation

    Directory of Open Access Journals (Sweden)

    Mingming Zhang

    2016-06-01

    Full Text Available This paper proposes a real options model for evaluating the biomass power generation investment in China. The uncertainties in the market price of electricity, CO2 price and straw price are considered. Meanwhile the dynamic relationship between installed capacity and fuel cost, as well as the long-term reduction of subsidy are described. Two scenarios, i.e., with the carbon emission trading scheme existent and non-existent, respectively, is built to empirically analyze the investment of a 25-MW straw-based power generation project. The results show that investors should undertake the investment in 2030 under two scenarios. Investment values are 14,869,254.8 and 37,608,727 Chinese Yuan (RMB, respectively. The implementation of the carbon emission trading scheme theoretically helps improve investment value and advance the most likely optimal investment time. However, the current CO2 price is not sufficient to advance the most likely optimal investment time. The impacts of several factors, including subsidy policy, CO2 price, straw price, installed capacity, correlation structure and the validity period of investment, on the optimal investment strategy are also examined. It is suggested that governments take some measures, including increasing subsidy, setting the growth pattern of subsidy and establishing and perfecting a nationwide carbon trading market, to improve the investment environment and attract more investments.

  11. Replica Approach for Minimal Investment Risk with Cost

    Science.gov (United States)

    Shinzato, Takashi

    2018-06-01

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

  12. Towards a listed real estate investment valuation model

    Directory of Open Access Journals (Sweden)

    Douw Gert Brand Boshoff

    2013-09-01

    Full Text Available This paper presents a Listed Real Estate Investment Valuation Model that was developed to investigate the movement in indirect real estate investment through the consideration of the underlying assets of property loan stock companies. Specific reference is given to information that is made available to shareholders by way of annual financial statements in order to determine the extent to which shareholders can make investment decisions based on this information. The study enhances the knowledge of direct vs. indirect real estate investment behaviour and provides more insight into price discovery in the property sector.

  13. Corporate social responsibility investment and social objectives : An examination on social welfare investment of chinese state owned enterprises

    NARCIS (Netherlands)

    Bo, H.; Li, T.; Toolsema-Veldman, Linda

    We apply the theory of corporate social responsibility to analyse social welfare investment undertaken by Chinese State Owned Enterprises (SOEs). We present a simple theoretical model to illustrate how the presence of social objectives in the firm's objective function changes its investment

  14. Chinese Foreign Direct Investment in Indonesia

    DEFF Research Database (Denmark)

    Gammeltoft, Peter; Tarmidi, Lepi T.

    China‟s increasing integration with the world economy is met with much anticipation and much anxiety in the Southeast Asian region. In Indonesia, there is intense interest in Chinese foreign direct investment (FDI), not only among academics but also among policy makers, industrialists and the gen......China‟s increasing integration with the world economy is met with much anticipation and much anxiety in the Southeast Asian region. In Indonesia, there is intense interest in Chinese foreign direct investment (FDI), not only among academics but also among policy makers, industrialists...... conducted in 2008 among Chinese invested enterprises supplemented with available official statistics and secondary data, the study finds that Chinese FDI in Indonesia is performed by mixed entities: some are owned by central government, some by regional government and some are private firms. In the case...... of joint ventures, their local partners are mostly local Chinese, except in the infrastructure, mining and energy sector where their local partners are Indonesian state-owned enterprises. Where the local developmental effects are concerned, a picture emerges where Chinese investments, at this early period...

  15. 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 ...

  16. DISPUTE RESOLUTION OF FOREIGN DIRECT INVESTMENT IN CHINA

    Directory of Open Access Journals (Sweden)

    Fiska Silvia Raden Roro

    2012-09-01

    Full Text Available Corruption activity in this modern era keeps hurting the implementation of foreign investment in Indonesia, especially for the dispute settlement aspect. Unfortunately, today, Indonesia is one of the interesting place for foreign investment destination, especially for consumer goods manufacturers. This situation happened because of Indonesia’s great resources which is totally supportive to business development activity. This article was intended to spur the development of Indonesia’s legal system, especially about foreign investment, and also to explain how the dispute resolution on foreign investment in Chinese Regime perspective, including considerations of how Chinese culture and settlement in foreign investment, methods of negotiation, mediation, arbitration. It will also be discussed how the practice of the settlement of disputes through litigation also the enforcement of foreign arbitral awards and the enforcement of a foreign court related to Chinese Regime.

  17. 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...

  18. Investing in Marine Scrubber under Uncertainty with Real Option Thinking

    DEFF Research Database (Denmark)

    Jiang, Liping; Hansen, Carsten Ørts

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

  19. MODERN OPTIONS FOR THE FINANCING OF THE REAL ESTATE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Chiriac Silviu-Cornel-Virgil

    2015-07-01

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

  20. THEORETICAL QUESTIONS OF INVESTMENT RISK RESEARCH, ITS MAIN FEATURES AND CLASSIFICATION

    Directory of Open Access Journals (Sweden)

    I. A. Kadyrbaev

    2016-01-01

    Full Text Available The article examines framework methodology of investment risk. The subject of the study are the basic theoretical positions directly related to the economic category of "investment risk". The purpose of this writing is the improvement of the methodology of the study of investment risk in the investment activity. This objective is to define the tasks, which consist in the formulation of the concept of "investment risk", the development of investment risk classification to provide investors with effective protection against such risks. The implementation  of the tasks will create conditions for the growth of investments in Russia. Currently, effective investment strategy for such an increase, is among the priority directions of development of the Russian economy.The article deals with logically interrelated study of basic economic categories, influencing directly on the investment risk. Author provided classification of investments in accordance with the level of risk. Examine the matter of the financial-economic category of the concept of "investment risk" and the classification of investment risks. Specified main features of the investment risk, which allowed to reveal specifics, which consists in the redistribution of capital in various types of assets in order to maximize profits or to obtain significant social effect.

  1. The primary parental investment in children in the contemporary USA is education : Testing the Trivers-Willard hypothesis of parental investment.

    Science.gov (United States)

    Hopcroft, Rosemary L; Martin, David O

    2014-06-01

    This paper tests the Trivers-Willard hypothesis that high-status individuals will invest more in sons and low-status individuals will invest more in daughters using data from the 2000 to 2010 General Social Survey and the 1979 National Longitudinal Survey of Youth. We argue that the primary investment U.S. parents make in their children is in their children's education, and this investment is facilitated by a diverse market of educational choices at every educational level. We examine two measures of this investment: children's years of education and the highest degree attained. Results show that sons of high-status fathers receive more years of education and higher degrees than daughters, whereas daughters of low-status fathers receive more years of education and higher degrees than sons. Further analyses of possible mechanisms for these findings yield null results. We also find that males are more likely to have high-status fathers than females.

  2. Optimal Investment Planning of Bulk Energy Storage Systems

    Directory of Open Access Journals (Sweden)

    Dina Khastieva

    2018-02-01

    Full Text Available Many countries have the ambition to increase the share of renewable sources in electricity generation. However, continuously varying renewable sources, such as wind power or solar energy, require that the power system can manage the variability and uncertainty of the power generation. One solution to increase flexibility of the system is to use various forms of energy storage, which can provide flexibility to the system at different time ranges and smooth the effect of variability of the renewable generation. In this paper, we investigate three questions connected to investment planning of energy storage systems. First, how the existing flexibility in the system will affect the need for energy storage investments. Second, how presence of energy storage will affect renewable generation expansion and affect electricity prices. Third, who should be responsible for energy storage investments planning. This paper proposes to assess these questions through two different mathematical models. The first model is designed for centralized investment planning and the second model deals with a decentralized investment approach where a single independent profit maximizing utility is responsible for energy storage investments. The models have been applied in various case studies with different generation mixes and flexibility levels. The results show that energy storage system is beneficial for power system operation. However, additional regulation should be considered to achieve optimal investment and allocation of energy storage.

  3. Czech OFDI: investment strategies and motivation to invest abroad

    Czech Academy of Sciences Publication Activity Database

    Zemplinerová, Alena

    2012-01-01

    Roč. 50, č. 2 (2012), s. 22-40 ISSN 0012-8775 R&D Projects: GA MŠk(CZ) OC10062; GA ČR(CZ) GAP402/11/2362 Institutional research plan: CEZ:AV0Z70850503 Keywords : outward foreign direct investment * geographical and sectoral structures * company case studies Subject RIV: AH - Economics Impact factor: 0.211, year: 2012

  4. Resemblance and investment in children.

    Science.gov (United States)

    Dolinska, Barbara

    2013-01-01

    According to evolutionary explanations men hardly ever are absolutely certain about their biological fatherhood therefore they must seek various sources of information to subjectively establish whether they are the genetic fathers of the children they raise. Apicella and Marlowe (2004) showed that fathers who perceived greater similarity between their children and themselves were willing to invest more resources (e.g., time, money, care) in their offspring presumably because the perceived resemblance indicated to the fathers their genetic relatedness with their children. The present study extended the design of Apicella and Marlowe's original study and included both fathers and mothers as participants. Parents were recruited by a female confederate at the airport and at the railway station in Wroclaw (Poland). Multiple regression analyses showed that perceived resemblance predicted parental investment in the child for both men and women. The fact that mothers' declarations of investment in their children also depended on the perceived resemblance factor is not consistent with evolutionary formulations delineated by Apicella and Marlowe (2004; 2007). Future studies must resolve the issue of whether the resemblance-investment relation in fathers results from men relaying on child's resemblance to themselves as an indicator of their own biological paternity, or whether it results from the more parsimonious phenomenon that people in general are attracted more to other people who are similar to them.

  5. 77 FR 12640 - Revocation of License of Small Business Investment Company

    Science.gov (United States)

    2012-03-01

    ... SMALL BUSINESS ADMINISTRATION Revocation of License of Small Business Investment Company Pursuant... Investment Partners, L.P. a Kentucky limited partnership, to function as a small business investment company under the Small Business Investment Company License No. 04/74-0283 issued to Prosperitas Investment...

  6. Smarter finance for cleaner energy: open up master limited partnerships (MLPs) and real estate investment trusts (REITs) to renewable energy investment

    Energy Technology Data Exchange (ETDEWEB)

    Mormann, Feliz; Reicher, Dan

    2012-11-15

    Master Limited Partnerships (MLPs) and Real Estate Investment Trusts (REITs)—both well-established investment structures—should be opened up to renewable energy investment. MLPs and, more recently, REITs have a proven track record for promoting oil, gas, and other traditional energy sources. When extended to renewable energy projects these tools will help promote growth, move renewables closer to subsidy independence, and vastly broaden the base of investors in America’s energy economy. The extension of MLPs and REITs to renewables enjoys significant support from the investment and clean energy communities. In addition, MLPs for renewables also enjoy bipartisan political backing in Congress.

  7. 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.

  8. Billions on the Sidewalk: Improving Savings by Reducing Investment Mistakes

    OpenAIRE

    Ugo Panizza

    2015-01-01

    This paper contributes the on-going debate on income inequality in advanced economies with a proposal aimed at reducing costly investment mistakes that are prevalent among middle-class households. The paper starts by describing how households should invest, compares it with what we know about how households do invest, and highlights discrepancies between the two (investment mistakes). After evaluating the costs of investment mistakes, the paper suggests that they could be reduced by accommoda...

  9. 78 FR 40213 - Charles Schwab Investment Management, Inc., et al.;

    Science.gov (United States)

    2013-07-03

    ... Schwab Investment Management, Inc., et al.; Notice of Application June 27, 2013. AGENCY: Securities and... exemption from sections 12(d)(1)(A) and (B) of the Act. Applicants: Charles Schwab Investment Management...) certain registered management investment companies and unit investment trusts outside of the same group of...

  10. 47 CFR 32.4320 - Unamortized operating investment tax credits-net.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Unamortized operating investment tax credits... Sheet Accounts § 32.4320 Unamortized operating investment tax credits—net. (a) This account shall be credited and Account 7210, Operating Investment Tax Credits—Net, should be debited with investment tax...

  11. From SRI to ESG: The Changing World of Responsible Investing

    Science.gov (United States)

    Caplan, Lauren; Griswold, John S.; Jarvis, William F.

    2013-01-01

    Thoughtful investment professionals continue to debate whether a portfolio's long-term performance can be enhanced by including environmental, social, and governance (ESG) considerations in the security selection process, but responsible investing is more than a passing trend. The terms socially-responsible investing, mission-related investing,…

  12. 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.

  13. STATE INVESTMENT IN SCIENCE AND SCIENTIFIC PRODUCTIVITY OF UNIVERSITIES

    OpenAIRE

    Domagoj Karacic; Ivan Miskulin; Hrvoje Serdarusic

    2016-01-01

    State investment in service activities of the public sector, as well as the financial returns analyzed from the aspect of service effectiveness and utilization of public goods, can be considered as one of the most significant dilemmas, especially in the field of education. When analyzing state investments, through investment in education and development of the university, we can conclude that state investments in scientific productivity of universities fall into one of the main future framewo...

  14. Renewable energy investment: Policy and market impacts

    International Nuclear Information System (INIS)

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

    2012-01-01

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

  15. Law and Investment in Africa

    OpenAIRE

    Simplice A., Asongu

    2011-01-01

    Contrary to mainstream consensus on the dominance of English common law countries in investment prospects, this paper sets a new tone in the legal origins debate by providing empirical validity on the dominance of French civil-law countries in private investment. The assessment is based on 38 African countries for the period 1996-2007. The law mechanisms of regulation quality and rule of law are used to investigate how legal origins (French, English, French sub-Saharan, Portuguese and North A...

  16. LEGISLATIVE REGULATION OF FOREIGN INVESTMENT IN UKRAINE

    Directory of Open Access Journals (Sweden)

    K. V. Zhyzhko

    2009-09-01

    Full Text Available In this article the basic regulatory documents controlling the foreign investments in Ukraine are considered and the recommendations for their improvement are proposed. Main disadvantages of present situation retarding the investing in Ukraine are analyzed.

  17. Sharia Bank Product Development through Mudhrabah Investment

    Directory of Open Access Journals (Sweden)

    Trimulato Trimulato

    2016-12-01

    Full Text Available Sharia banking now has a strong legal framework with the presence of law number 21 of 2008 on sharia banking in Indonesia. This regulation enforces sharia banking to develop products to achieve the targeted market share of 5%. In third-party fund products, more innovation is needed to attract people to entrust their funds in sharia banks. The visible data of mudharabah fund raising deposit products in March 2013 amounted to Rp100.746.000.000 and Rp115.728.000.000 in mudharabah deposits was visible on April 2014, which is an increase of less than 2% each month. This research uses a qualitative descriptive methodology, and is focused on fund raising products in shari'ah banking, particularly in the form of mudharabah investments for a definitive result. The results show that sharia banking requires innovative fund raising for third-party products, such as mudharabah investment products. These investments provide certainty of results despite using mudharabah and are based on the certainty that projector financing has been agreed by the sharia with the creditor banks. This investment product can be offered to both individuals and groups/collectives. Keywords: sharia banking, investment, mudharabah

  18. Investment of Vehicle Fixed Asset Investment on improving profitability (Case study of Parahyangan Express Karawang Branch

    Directory of Open Access Journals (Sweden)

    Sri Suartini

    2018-03-01

    Full Text Available The purpose of this study is to determine how much influence has fixed asset investment in profitability of Parahyangan Express Karawang Branch. This research uses the descriptive method with primary data source of Parahyangan Express Karawang Branch between 2007 - 2016. The result of this research is r average investment value of Parahyangan Express in the period 2007 until 2016. Parahyangan Express in the period 2007 to 2016 tends to decline. Based on test results t comparison t arithmetic with t table showing 2.840> 2.093 t count more than t table. The percentage of influence of fixed asset investment of 30% means 30 % development of profitability. Parahyangan Express is influenced by in-kind fixed assets while 70 % is influenced by other factors not examined in this study.

  19. Primary Sources of Corporate Investment in Hungary

    Directory of Open Access Journals (Sweden)

    Katona Klára

    2017-06-01

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

  20. Investments in power networks and alternative measures

    International Nuclear Information System (INIS)

    2003-01-01

    Measures taken with respect to production and consumption are often alternatives to investments in the power networks. While decisions about production and consumption are taken in the market, the network operation is subject to monopoly regulation. In the central network, Statnett's commission is to invest on the basis of socioeconomic profitability. There is a need for much better coordination between network investments and other measures in the power system. The price signal from the market and general tariffs are not sufficient to realize optimal solutions, and there is a need for a ''visible hand'' that can contribute to the realization of the solutions that are the best in each individual situation. It is desirable to create processes and incentives that realize the best solutions, independently of dealing with network investments, local power production or other measures.

  1. INVESTMENT CLIMATE OF KAZAKHSTAN: CURRENT STATUS AND PROSPECTS

    Directory of Open Access Journals (Sweden)

    Madina Abugalievna TEMIRBULATOVA

    2015-07-01

    Full Text Available Agriculture still remains a little attractive to most of investors. Modern investment into agrarian sector of Kazakhstan and growth of its investment appeal restrains an acute shortage of financial resources, poorly developed material base, low solvent demand of the population therefore growth of investments is one of major factors of ensuring economic development of agriculture in general, improvement of quality of life of the population of the village, updating of regional technical and technological base, fixed assets in agriculture. In this regard special relevance researches on improvement of mechanisms of attraction of investments into agrarian sector of economy and methods of increase of investment appeal of agriculture for the purpose of ensuring its sustainable economic development. If to consider already created interstate unions, in this plan it is expedient to consider relationship between Romania and Kazakhstan. Kazakhstan and Romania will develop in common electronic decisions in education, medicine and agriculture. In Kazakhstan communications with inclusion of the earth in market the turn appears need for new financial instruments as mortgage valuable issue papers (bonds. The proposed Мodel of land - mortgage lending will be the main way to increase the investment attractiveness Republic of Kazakhstan.

  2. 76 FR 20388 - Russell Investment Company, et al.; Notice of Application

    Science.gov (United States)

    2011-04-12

    ...: Applicants request an order to permit open-end management investment companies relying on rule 12d1-2 under... Investment Funds (each a ``Trust and collectively the ``Trusts), Russell Investment Management Company... Blass, Branch Chief, at (202) 551-6821 (Division of Investment Management, Office of Investment Company...

  3. User-led approach to information system investments

    International Nuclear Information System (INIS)

    Pferd, J.W.; Fuller, A.G.

    1992-01-01

    Information system (IS) expenditures for upstream E and P have come under strong review along with other overhead expenses. Increasing frustration with IS budgets and concern about their business value have led Unocal to change the way it starts, manages and implements IS projects. Successful IS investments are aligned with the goals and functions of work groups and are balanced against other investments. The twin axes of business need and technical excellence must be served together to fully achieve successful IS investments. This paper describes project organizations and methods to achieve these dual objectives

  4. The Impact Of The Foreign Direct Investment On Romania’s Economy

    OpenAIRE

    Mihaela Ioneci; Georgiana Mîndreci

    2010-01-01

    Foreign direct investment can be regarded as a factor out of the crisis of the Romanian economy. The relationship between the foreign direct investment and the gross domestic product is beneficial for the economy to the extent to which investment is directed towards innovation and new technologies. The virtuous circle diversity - change - technology needs investment to take effect. Microeconomic level investment completes the strategies and the investment decisions at macroeconomic level.

  5. Companies investments on Private Equity/Venture Capital market

    Directory of Open Access Journals (Sweden)

    Zbigniew Drewniak

    2009-12-01

    Full Text Available One of the investors on Private Equity/Venture Capital market are corporations. The share of companies in total funds raised by PE/VC funds is still on the very low level. Beside indirect investments, companies invest directly, creating special entities in one corporate structure. Capital gains are one of the advantages of these investments for companies. However, the companies have also other purposes like the acquirement and the development of new technologies, as well as the transfer of knowledge. The participation of PE/VC fund in the investment process results in the support for company expansion and the creation of company value.

  6. PUBLIC TRANSPORTATION INVESTMENTS AND ECONOMIC GROWTH IN TURKEY

    Directory of Open Access Journals (Sweden)

    Merter Mert

    2017-06-01

    Full Text Available This study calculates the public transportation capital stock for Turkey for the 1980-2003 period. Then those series are used to estimate the effect of public transportation investments on gross domestic product. A similar attempt is made to formulate public capital stock series for various transportation subsystems and I use them to estimate the effect of subsystem investments on the value-added (so, economic growth of the transportation sector. Estimations indicate a positive relationship between public transportation investments and gross domestic product. At the subsystem levels, it is estimated that railway, highway, maritime, airline and pipeline investments have various effects on the value-added of the transportation sector.

  7. Trade, investment and the environment

    International Nuclear Information System (INIS)

    Ward, H.; Brack, D.

    2000-01-01

    As liberalisation of global trade and investment accelerates, what happens to the environment? As the world heads for confrontation in Seattle, the questions intensify. Does foreign direct investment mean forsaking environmental protection? Or do multinational corporations export higher standards when they invest abroad? Can a powerful trading nation ban imports of tropical timber produced unsustainably? Should the World Trade Organisation take the views of industry or environmental groups into account when deciding? Must world trade rules be changed to accommodate environmental concerns? This book analyzes key issues in this increasingly controversial arena and includes contributions from Renato Ruggiero, former Director General of the World Trade Organization; The Rt Hon Brian Wilson MP, former UK Minister of Trade; Dr Magda Shahin, Deputy Assistant Minister of Foreign Affairs at the Egyptian Ministry of Foreign Affairs; Pradeep Mehta, Secretary General, Consumer Unity and Trust Society, India; and Dr Michel Potier, Head of the Economics Division at the OECD's Environment Directorate. (Author)

  8. International business cycles and the relative price of investment goods

    OpenAIRE

    Parantap Basu; Christoph Thoenissen

    2009-01-01

    Is the relative price of investment goods a good proxy for investment frictions? We model this relative price in a flexible price international economy with two fundamental shocks, namely the total factor productivity (TFP) shock and the investment specific technology (IST) shock. The paper argues that the one-to-one correspondence between investment friction and the relative price of investment goods breaks down in an international economy because of the short run correlation between the ter...

  9. Working Capital and Fixed Investment: New Evidence on Financing Constraints

    OpenAIRE

    Steven M. Fazzari; Bruce C. Petersen

    1993-01-01

    This article presents new tests for finance constraints on investment by emphasizing the often-neglected role of working capital as both a use and a source of funds. The coefficient of endogenous working capital investment is negative in a fixed-investment regression, as expected if working capital competes with fixed investment for a limited pool of finance. This finding addresses a criticism of previous research on finance constraints, that cash flows may simply proxy shifts in investment d...

  10. 78 FR 61404 - Stellus Capital Investment Corporation, et al.; Notice of Application

    Science.gov (United States)

    2013-10-03

    ... funds in portfolio companies. Applicants: Stellus Capital Investment Corporation (the ``Company..., 100 F St. NE., Washington, DC 20549-1090. Applicants: Robert T. Ladd, Stellus Capital Investment... investment objective, investment policies, investment position, capital available for investment, and other...

  11. 76 FR 30869 - Promoting Transmission Investment Through Pricing Reform

    Science.gov (United States)

    2011-05-27

    ...] Promoting Transmission Investment Through Pricing Reform May 19, 2011. AGENCY: Federal Energy Regulatory... varied. \\1\\ Promoting Transmission Investment through Pricing Reform, Order No. 679, 71 FR 43294 (Jul. 31... issued Order No. 679, Promoting Transmission Investment through Pricing Reform, which was further refined...

  12. 76 FR 17736 - Major Capital Investment Program-New Starts

    Science.gov (United States)

    2011-03-30

    ... DEPARTMENT OF TRANSPORTATION Federal Transit Administration Major Capital Investment Program--New... unallocated Major Capital Investment (New Starts) program funds. The funds accelerate federal payments for new... projects. The funding will give a well-timed boost to communities that have made important investments in...

  13. 7 CFR 1221.115 - Investment of funds.

    Science.gov (United States)

    2010-01-01

    ... Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING... INFORMATION ORDER Sorghum Promotion, Research, and Information Order Sorghum Promotion, Research, and Information Board § 1221.115 Investment of funds. The Board may invest, pending disbursement, funds it...

  14. 75 FR 26742 - Investing in Innovation Fund

    Science.gov (United States)

    2010-05-12

    ... DEPARTMENT OF EDUCATION Investing in Innovation Fund Catalog of Federal Domestic Assistance (CFDA...: Office of Innovation and Improvement, Department of Education. ACTION: Notice; Extension of the application deadline date for the Investing in Innovation Fund. SUMMARY: The Assistant Deputy Secretary for...

  15. Social investment in the globalising learning economy

    DEFF Research Database (Denmark)

    Lundvall, Bengt-Åke; Lorenz, Edward

    2011-01-01

    This paper demonstrates the importance of social investment and egalitarian distribution policy for reproducing the basis of a learning economy.......This paper demonstrates the importance of social investment and egalitarian distribution policy for reproducing the basis of a learning economy....

  16. Worker reciprocity and employer investment in training

    NARCIS (Netherlands)

    Leuven, E.; Oosterbeek, H.; Sloof, R.; van Klaveren, C.

    2005-01-01

    Standard economic theory predicts that firms will not invest in general training and will underinvest in specific training. Empirical evidence, however, indicates that firms do invest in general training of their workers. Evidence from laboratory experiments points to less underinvestment in

  17. PRIVATE MANUFACTURERS’ THRESHOLDS TO INVEST IN COMPARATIVE EFFECTIVENESS TRIALS

    OpenAIRE

    Basu, Anirban; Meltzer, David

    2012-01-01

    The recent rush of enthusiasm for public investment in comparative effectiveness research (CER) in the United States has focused attention on these public investments. However, little attention has been given to how changing public investment in CER may affect private manufacturers’ incentives for CER, which has long been a major source of CER. In this work, based on a simple revenue maximizing economic framework, we generate predictions on thresholds to invest in CER for a private manufactur...

  18. Scale determinants of fiscal investment in geological exploration: evidence from China.

    Science.gov (United States)

    Lu, Linna; Lei, Yalin

    2013-01-01

    With the continued growth in demand for mineral resources and China's efforts in increasing investment in geological prospecting, fiscal investment in geological exploration becomes a research hotspot. This paper examines the yearly relationship among fiscal investment in geological exploration of the current term, that of the last term and prices of mining rights over the period 1999-2009. Hines and Catephores' investment acceleration model is applied to describe the scale determinants of fiscal investment in geological exploration which are value-added of mining rights, value of mining rights and fiscal investment in the last term. The results indicate that when value-added of mining rights, value of mining rights or fiscal investment in the last term moves at 1 unit, fiscal investment in the current term will move 0.381, 1.094 or 0.907 units respectively. In order to determine the scale of fiscal investment in geological exploration for the current year, the Chinese government should take fiscal investment in geological exploration for the last year and the capital stock of the previous investments into account. In practice, combination of government fiscal investment in geological exploration with its performance evaluation can create a virtuous circle of capital management mechanism.

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

    Directory of Open Access Journals (Sweden)

    Daiva Jurevičienė

    2015-03-01

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

  20. Pension funds investments in hedge funds-a necessary regulation

    Directory of Open Access Journals (Sweden)

    Daniela Gaftoniuc

    2010-12-01

    Full Text Available When it comes to investment strategies, generally, pension funds have proved to be conservative investors with a long term approach on investments and constant preoccupation for asset diversification as well as tendencies to secure their portfolios through investments in established financial products. Nevertheless, within this constant preoccupation for portfolio diversification as well as gain of notable profits, private pension funds have invested to a certain degree also in less cautious products respectively have conducted less stable investments. The financial turbulences that hit the US towards the end of 2007 and spread globally to become one of the most severe financial crisis witnessed, haven’t left pension funds immune to this phenomenon. Although, as previously stated, the special feature of pension funds is based on long term investments, which confers a certain degree of natural protection, there can not be the talk of absolute immunity either.