The Relationship Between Company Returns and Leverage Depending on the Business Sector: Empirical Evidence from the Czech Republic

Directory of Open Access Journals (Sweden)

Stryckova Lenka

2017-09-01

Full Text Available The paper aims to provide up-to-date empirical evidence of relationship between the key indicators of business competitiveness: leverage and corporate performance. The study is based on corporate financial data of selected companies from the Czech Republic within 14 major business sectors according to CZ-NACE which companies published for the year 2014. The results of this study show that leverage (debt ratio has a substantially negative effect on corporate performance when the return on equity (ROE is used as an indicator of corporate performance in the Czech Republic over the period covered by the study. The results of the regression analysis confirmed negative relationship between the company profitability and the use of debt in majority of business sectors (Agriculture, fishery, and forestry; Construction, Wholesale and retail trade, repair of motor vehicles and motorcycles; Professional, scientific and technical activities; Administrative and support service activities. The opposite relationship was found in one business sector only (Mining and quarrying where positive relationship between the company profitability and leverage was confirmed. Among other things, the results of this study confirm that corporate leverage varies across industries.

New Challenges for Asset Managers in the Danish Social Housing Sector

DEFF Research Database (Denmark)

Haugbølle, Kim; Engberg, Lars A.

2004-01-01

During the 1990s, the social housing sector in Denmark has undergone a number of changes. New trends are forcing asset managers to rethink their roles and strategies. In this changing context, asset managers have been confronted with strategic challenges on three topics: 1. New modes of tenants......’ involvement. 2. New partnerships with the building industry. 3. Moving towards a European internal market of construction products. The paper explores and analyses these three challenges by drawing on a number of case studies as well as a re-analysis of current research on management of renewal and building...

Ising model of financial markets with many assets

Science.gov (United States)

Eckrot, A.; Jurczyk, J.; Morgenstern, I.

2016-11-01

Many models of financial markets exist, but most of them simulate single asset markets. We study a multi asset Ising model of a financial market. Each agent has two possible actions (buy/sell) for every asset. The agents dynamically adjust their coupling coefficients according to past market returns and external news. This leads to fat tails and volatility clustering independent of the number of assets. We find that a separation of news into different channels leads to sector structures in the cross correlations, similar to those found in real markets.

The contribution of bank regulation and fair value accounting to procyclical leverage

OpenAIRE

Amel-Zadeh; Barth, ME; Landsman, WR

2017-01-01

Our analytical description of how banks’ responses to asset price changes can result in procyclical leverage reveals that for banks with a binding regulatory leverage constraint, absent differences in regulatory risk weights across assets, procyclical leverage does not occur. For banks without a binding constraint, fair value and bank regulation both can contribute to procyclical leverage. Empirical findings based on a large sample of US commercial banks reveal that bank regulation explains p...

The Challenges of Creating Climate Change Education Cross-Sector Partnerships

Science.gov (United States)

Ledley, T. S.

2017-12-01

Communities will have to address the impacts of climate change on their environment whether it is for adaptation - to build resilience and establish preparedness, or for mitigation - to migrate to cleaner energy sources and reduce energy use. To effectively address these impacts community leaders and professionals will need to develop an understanding of and solutions to the problems that result from climate change. The effort will need to be conducted with a cross-sector approach as all members of a community (individuals and organizations/businesses/ groups) will be impacted. Students should be involved in this effort to help them develop the critical thinking and data analysis skills they will need in the future to make responsible decisions for themselves, their community, and professionally. However, engaging businesses, organizations, and government in a coherent aligned partnership that addresses short and long term local impacts of climate change as well as the longer-term goal of preparing the future climate ready workforce has multiple challenges. Each business, organization and government agency has it own mission and goals, and metrics of achieving them. In creating an effective cross-sector partnership it is essential to determine for each partner where their mission, services, products, and activities can benefit the partnership and where the partnership can help them improve their multiple bottom lines (financial, social, envionmental) and show the value of their participation to their boards and leadership. Cross-sector partnerships have begun to form in many communities, however, financing them is difficult and most do not include education, a critical leverage element, for either the future workforce or to support current decision makers. In this presentation we will examine community partnerships that are working to address local climate issues and explore the obstacles to integrating education in these cross-sector climate change partnerships

Coal transitions in China's power sector: A plant-level assessment of stranded assets and retirement pathways

International Nuclear Information System (INIS)

Spencer, Thomas; Berghmans, Nicolas; Sartor, Oliver

2017-11-01

This paper estimates the potential scale of stranded assets in the coal power sector in China under different policy scenarios. A number of factors are putting significant pressure on the coal-power sector: a recent investment bubble in new capacity, structural slowing in electricity demand growth, upcoming moves to liberalize electricity markets and introduce a carbon market, and continued support for renewable and low-carbon sources of electricity. Stranded assets in the Chinese coal-fired power sector are estimated at 90 billion USD 2015 under the current policy trajectory (NDC-Style Scenario). This situation threatens to increase the political economy challenges of China's electricity sector transition to a low-carbon system. This situation is not unique to China: other countries will also face coal-sector stress due to the competitiveness of renewables, and therefore managing existing coal power capacities needs to move to the forefront of climate and energy policy efforts. To turn this situation around, Chinese authorities should have a strategy for a managed phase-down of coal power assets. All new construction of coal power plants should cease: recent project cancellations have been a step in the right direction. A planned retirement schedule for old coal plants that have already made a return on investment should be developed to 2030. Existing, newer coal plants should be prepared to play a role and receive revenues for balancing a high renewables system. A managed 2 deg. C-compatible climate mitigation scenario, in which old plant are retired after 30 years, both puts China's electricity sector on an accelerated pathway to decarbonization, as well as lowering the risks of stranded assets compared to the NDC-Style Scenario, by a total of 12 billion USD 2015. Banking sector exposure to stranded assets in the Managed 2 deg. C Scenario are estimated at less than 10% of the banking sector's loan loss provisions: risks of financial disruption are

Stochastic volatility and stochastic leverage

DEFF Research Database (Denmark)

Veraart, Almut; Veraart, Luitgard A. M.

This paper proposes the new concept of stochastic leverage in stochastic volatility models. Stochastic leverage refers to a stochastic process which replaces the classical constant correlation parameter between the asset return and the stochastic volatility process. We provide a systematic...... treatment of stochastic leverage and propose to model the stochastic leverage effect explicitly, e.g. by means of a linear transformation of a Jacobi process. Such models are both analytically tractable and allow for a direct economic interpretation. In particular, we propose two new stochastic volatility...... models which allow for a stochastic leverage effect: the generalised Heston model and the generalised Barndorff-Nielsen & Shephard model. We investigate the impact of a stochastic leverage effect in the risk neutral world by focusing on implied volatilities generated by option prices derived from our new...

Cross-sector Innovation

DEFF Research Database (Denmark)

Würtz Jessen, Søren; Linnet, Andreas; Tscherning, Rasmus Wiinstedt

2013-01-01

The aim of this handbook is to help improve your opportunities for getting started on innovative and business development projects that reach beyond your own sector, commonly known as ’Cross-sector innovation’, or ’Cross innovation’ for short. We believe that there is a need for an easily read...... innovation handbook that can reach out to all sectors and potential partners whose point of departure, language use and understanding of customers is often very different to that of businesses. These differences constitute a resource for business development. If exploited they can lead to new ways of doing...... things and help us breakaway from the lull of the modes of expression and methods ‘customarily’ employed in business development. The handbook focuses on the interaction of “traditional’ businesses and sectors that belong to those known as the creative and the experience industries, i.e. designers...

Pengaruh Rasio Aktivitas Dan Rasio Leverage Terhadap Tingkat Profitabilitas

Directory of Open Access Journals (Sweden)

Tri Noormuliyaningsih

2016-06-01

Full Text Available The objectives of this research to analyze the influence of activity ratio (inventory turnover, fixed assets turnover, and total assets turnover and leverage ratio (debt ratio and debt to equity ratio to profitability level (return on assets and return on equity on food and beverage companies that listed in Indonesia Stock Exchange (IDX.  Sample on this research consist of 14 (fourteen food and beverage companies that listed in Indonesia Stock Exchange (IDX. The observation periods  are 3 (three years that start from 2012 until 2014. Multiple linear regression is a method that used to analyze data, and for testing the raised hypothesis with t test. The result of research conclude that debt ratio significantly affect the company’s profitability level (return on assets and return on equity with value of negative coefficient. Other variables such as inventory turnover, fixed assets turnover, and total assets turnover are not affect to profitability level (return on assets and return on equity. Influence of debt to equity ratio an profitability level can not be concluded in this research. Keywords: Activity Ratio, Inventory Turnover, Fixed Assets Turnover, Total Assets Turnover, Leverage Ratio, Debt Ratio, Debt to Equity Ratio, Profitability Level, Return On Assets, Return On Equity.

17 CFR 31.13 - Financial reports of leverage transaction merchants.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Financial reports of leverage... COMMISSION LEVERAGE TRANSACTIONS § 31.13 Financial reports of leverage transaction merchants. (a) Each... person must include with such financial report a statement describing the source of his current assets...

PENGARUH CORPORATE GOVERNANCE DAN LEVERAGE TERHADAP PROFITABILITAS BANK YANG GO PUBLIC DI INDONESIA PERIODE 2009-2012

Directory of Open Access Journals (Sweden)

Hamidah Hamidah

2013-09-01

Full Text Available The Objective of this study were to examine the effects of corporate governance and leverage on profitability banking companies. The samples from this study is the banking company located in Indonesia are listed in Indonesia Stock Exchange (BEI in the period 2009-2012. Corporate Governance mechanisms such as: board of directors, independent commissioners, institutional ownership and managerial ownership, and leverage on profitability (proxies by return on assets. These results indicate that the board of directors have negative and insignificant effect on return on assets. Independent commissioners have a positif and insignificant effect on return on assets. The proportion of institutional ownership, the proportion of managerial, and Leverage have negative and significant. The results show that corporate governance and leverage have simultaneously effect on return on assets of the banking company.

The International Environmental Institute: Leveraging the investment in Hanford for economic growth

International Nuclear Information System (INIS)

Atkin, S.D.; Schwenk, R.M.

1994-02-01

Billions of dollars are being invested to achieve environmental compliance at the Hanford Site. The 30-yr-plan for the Site calls for remediation and restoration followed by rampdown and closure of the US Department of Energy's (DOE) mission at the Site. The investment of the Federal government during this restoration period provides a real opportunity to go beyond the cleanup mission and convert the Site's assets to other uses that benefit the region, nation, and world. The International Environmental Institute (Institute) was created to help realize this opportunity. This is accomplished by utilizing the assets of the Site -- it's land, equipment, facilities, technologies, and people -- to achieve economic growth and worldwide spinoff benefits from the Hanford investment. The Institute is developing new ways of getting the private sector involved with the Hanford Site. We are working with local and state governments, academia, and the private sector, to jointly develop and commercialize environmental technologies and to redeploy, loan, or lease those assets that are no longer needed by the DOE. The Institute is also interacting with other communities around the world to assess models, issues, and performance measures for successful defense conversion. Through these various worldwide partnerships, the investment in Hanford can be successfully leveraged to help create the desired economic future for the Northwest and environmental industry for the world

Intellectual assets management and transfer in food science sector in Indian research and development organizations.

Science.gov (United States)

Singh, Vikram; Chakraborty, Kajal

2016-05-01

In recent years, the food science sector has gained importance since the society is focusing on high-quality and safety foods. With a specific end goal to meet this societal need, the research and development organizations in India have adopted innovative technical and research processes, which gave more accentuation on intellectual assessment in food processing industry. The global Intellectual Property regime in food science sector had witnessed an increment in the number of patents filed and granted during 2006-2010. Ever since there has been a gradual increase in the number of patents applied mainly in food processing industries by research organizations related to food sciences, for example, those working under the aegis of ICAR and CSIR in India. In this study, a review has been done on the intellectual assets generated by ICAR and other national research organizations in India, in the food science sector. Emphasis has been given on the global relevance of these assets, modes of IP protection and technology transfer mechanisms followed by different public and private organizations.

Stock Market Effects of ECB’s Asset Purchase Programmes

DEFF Research Database (Denmark)

Henseler, Kai; Rapp, Marc Steffen

2018-01-01

How do stock prices react to ECB’s Asset Purchase Programmes? Using an event-study approach, we find substantial cross-sectional variation in a sample of 2625 non-financial firms in the Euro-zone. Announcement returns are positively correlated with leverage and negatively with size, consistent wi...... with a credit channel. Furthermore, announcement returns are negatively correlated with the market-to-book ratio, suggesting different exposures of value and growth stocks. These patterns are more pronounced once we only examine programme initiation announcements....

Stock Market Effects of ECB’s Asset Purchase Programmes

DEFF Research Database (Denmark)

Henseler, Kai; Rapp, Marc Steffen

2018-01-01

How do stock prices react to ECB’s Asset Purchase Programmes? Using an event-study approach, we find substantial cross-sectional variation in a sample of 2625 non-financial firms in the Euro-zone. Announcement returns are positively correlated with leverage and negatively with size, consistent...... with a credit channel. Furthermore, announcement returns are negatively correlated with the market-to-book ratio, suggesting different exposures of value and growth stocks. These patterns are more pronounced once we only examine programme initiation announcements....

Disclosure of immobilized assets on companies sector industrial goods of BM&FBovespa

Directory of Open Access Journals (Sweden)

Sueli Viviani

2014-12-01

Full Text Available The study examined the process of disclosure of Industrials companies listed on the BM&FBovespa, after the convergence of Brazilian accounting to IFRS, in accordance with CPC 27 - Fixed Assets . Was carried a descriptive study, conducted through content analysis and quantitative approach using the calculation of entropy proposed by Zeleny (1982. The sample consists of 34 companies in the Industrial Goods sector listed on the BM&FBovespa. The results revealed that the disclosure of items of fixed assets is not performed homogeneously by companies. Some requirements required by CPC 27 were reported incompletely or are absent. A detailed analysis of the items investigated stressed that disclosure to class of fixed assets, was the best performed, followed by depreciation policies adopted by companies, it was observed that most companies show so complete this information. The information highlighted regarding the reconciliation of the carrying amount, had higher entropy, hence there is greater heterogeneity in this items reported. The disclosure of other information about the property, deemed necessary by CPC27, were less prominent by the companies, not apply in some cases or for being absent in the notes. In general, we concluded that the analyzed companies have been responding only partially to the disclosure requirements of CPC 27. However, the basic and more important information to the external user, concerning the class of assets and depreciation rates are being shown.

Cross-Sector Partnership Formation

NARCIS (Netherlands)

I. Stöteler (Ismaela); S. Reeder (Sabine); R.J.M. van Tulder (Rob)

2012-01-01

textabstractA cross-sector partnership is a collaborative effort in which parties from different societal sectors pool resources to provide solutions to (perceived) common problems. These partnerships are often rather complex because of a number of reasons: (1) they address complex issues, (2) they

Transit asset inventory development and integration : asset management methodology/condition assessment methodology research.

Science.gov (United States)

2012-09-01

This report summarizes the results of a 13-month effort by CodeRed Business Solutions (CRBS) to consider how urban rail transit agencies can leverage data within their maintenance management systems to build asset inventories for higher-level analysi...

Municipal asset management or mismanagement? A six ‘Whats’ perspective on current practices and challenges in Ethiopia’s urban water sector

Directory of Open Access Journals (Sweden)

Tendayi GONDO

2010-06-01

Full Text Available Effective systems of asset management can strengthen the performance of a local economy and community significantly. Despite the existence of new and interactive technologies for recording and communicating assets and asset management, many local authorities across the developing world have not taken advantage of the emerging revolutionary ways in which technologies may benefit municipal asset management. The analysis reviews the current practices, challenges and policy options for Ethiopian cities with regard to the state of the art technology for Municipal Asset Management (MAM in the water and sanitation sector. Empirical evidence relate to a number of independent studies carried out in a sample of Ethiopian cities and towns. The pooling together of these findings was achieved through the Comparative Studies framework. In addition, data was also solicited from a panel of experts dealing with water and sanitation issues. The overall analysis was done within the context of the six Whats? Framework. Results indicate that, the water sector has gone through a number of reforms that have not cascaded into improved infrastructure asset management. Lack of financial resources, human resource expertise and appropriate organizational strategy has constrained the adoption and application of system software for effective asset management.

How Collateral Laws Shape Lending and Sectoral Activity

OpenAIRE

Calomiris, Charles W.; Larrain, Mauricio; Liberti, José; Sturgess, Jason

2015-01-01

This paper investigates the effect of cross-country differences in collateral laws regarding movable assets on lending and sectoral allocation of resources. Using micro-level loan data for a sample of emerging market countries we show that loan-to-values of loans collateralized with movable assets are on average 21 percentage points higher in countries with strong-collateral laws relative to immovable assets. Further, stronger collateral laws tilt collateral composition away from immovable to...

Financier-led asset lease model

NARCIS (Netherlands)

Zhao, X.; Angelov, S.A.; Grefen, P.W.P.J.; Meersman, R.A.; Dillon, T.S.

2010-01-01

Nowadays, the business globalisation trend drives organisations to spread their business worldwide, which in turn generates vast asset demands. In this context, broader asset channels and higher financial capacities are required to boost the asset lease sector to meet the increasing asset demands

"Overreaction" of Asset Prices in General Equilibrium

OpenAIRE

Aiyagari, S.R.; Gertler, M.

1998-01-01

We attempt to explain the overreaction of asset prices to movements in short-term interest rates, dividends, and asset supplies. The key element of our explanation is a margin constraint that traders face which limits their leverage to a fraction of the value of their assets. Traders may lever themselves, further, either directly by borrowing short term or indirectly by engaging in futures and options trading, so that the scenario is relevant to contemporary financial markets. When some shock...

Investigating the effect of growth and financial strength variables on the financial leverage: Evidence from the Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Iman Dadashi

2013-04-01

Full Text Available The primary objective of this study is to investigate the effect of growth and financial strength variables on the financial leverage for some listed companies in the Tehran Stock Exchange. For this purpose, a sample of 700 firm-years among listed companies in the Tehran Stock Exchange over the period 2006-2010 was examined. In the present study, the growth variables, including asset growth, profit growth and sales growth; and financial strength calculated by the Altman Z-bankruptcy model have been considered as independent variables. In addition, the ratios of long-term debt to total assets, long-term debt to fixed assets, total long-term debt and short-term receivable facilities to equity capital and total long-term debt and short-term receivable facilities to total assets are used as measures of financial leverage and dependent variables. The results indicate that there is a negative and significant relationship between assets growth and some indexes of financial leverage. There is also a positive and significant relationship between the variables of profit growth, sales growth and financial strength with financial leverage measures.

A multi-assets artificial stock market with zero-intelligence traders

Science.gov (United States)

Ponta, L.; Raberto, M.; Cincotti, S.

2011-01-01

In this paper, a multi-assets artificial financial market populated by zero-intelligence traders with finite financial resources is presented. The market is characterized by different types of stocks representing firms operating in different sectors of the economy. Zero-intelligence traders follow a random allocation strategy which is constrained by finite resources, past market volatility and allocation universe. Within this framework, stock price processes exhibit volatility clustering, fat-tailed distribution of returns and reversion to the mean. Moreover, the cross-correlations between returns of different stocks are studied using methods of random matrix theory. The probability distribution of eigenvalues of the cross-correlation matrix shows the presence of outliers, similar to those recently observed on real data for business sectors. It is worth noting that business sectors have been recovered in our framework without dividends as only consequence of random restrictions on the allocation universe of zero-intelligence traders. Furthermore, in the presence of dividend-paying stocks and in the case of cash inflow added to the market, the artificial stock market points out the same structural results obtained in the simulation without dividends. These results suggest a significative structural influence on statistical properties of multi-assets stock market.

The Cross-Section of Crypto-Currencies as Financial Assets: An Overview

OpenAIRE

Elendner, Hermann; Trimborn, Simon; Ong, Bobby; Lee, Teik Ming

2016-01-01

Crypto-currencies have developed a vibrant market since bitcoin, the first crypto-currency, was created in 2009. We look at the properties of cryptocurrencies as financial assets in a broad cross-section. We discuss approaches of altcoins to generate value and their trading and information platforms. Then we investigate crypto-currencies as alternative investment assets, studying their returns and the co-movements of altcoin prices with bitcoin and against each other. We evaluate their additi...

12 CFR Appendix D to Part 225 - Capital Adequacy Guidelines for Bank Holding Companies: Tier 1 Leverage Measure

Science.gov (United States)

2010-01-01

... Consolidated Financial Statements (FR Y-9C Report), less goodwill; amounts of mortgage servicing assets... part. b. The tier 1 leverage guidelines apply on a consolidated basis to any bank holding company with consolidated assets of $500 million or more. The tier 1 leverage guidelines also apply on a consolidated basis...

Global Tactical Cross-Asset Allocation: Applying Value and Momentum Across Asset Classes

NARCIS (Netherlands)

D.C. Blitz (David); P. van Vliet (Pim)

2008-01-01

textabstractIn this paper we examine global tactical asset allocation (GTAA) strategies across a broad range of asset classes. Contrary to market timing for single asset classes and tactical allocation across similar assets, this topic has received little attention in the existing literature. Our

Global Tactical Cross-Asset Allocation: Applying Value and Momentum Across Asset Classes

OpenAIRE

Blitz, D.C.; van Vliet, P.

2008-01-01

textabstractIn this paper we examine global tactical asset allocation (GTAA) strategies across a broad range of asset classes. Contrary to market timing for single asset classes and tactical allocation across similar assets, this topic has received little attention in the existing literature. Our main finding is that momentum and value strategies applied to GTAA across twelve asset classes deliver statistically and economically significant abnormal returns. For a long top-quartile and short b...

INTERDEPENDENT ANALYSIS OF LEVERAGE, DIVIDEND, AND MANAGERIAL OWNERSHIP POLICIES: Agencies Perspectives

Directory of Open Access Journals (Sweden)

Wibisono Hardjopranoto

2006-06-01

Full Text Available This paper attempts to investigate interdependent mechanism among leverage, dividend, and managerial ownership policies. This paper considers firm size and economic conditions to control their effect on the relationship among the three policies. The interrelationship between leverage, dividend, and managerial ownership policies will be tested using two-stage least squares. Five exogenous variables are employed in simultaneous equation: current assets and structure of assets as leverage determinants, book to market and return on investment as dividend determinants, and relative return to risk as managerial ownership determinant. The research employs year 1994-2004 data, with 1717 firm years. The research findings can be summarised as follows. First, there is a negative relationship between managerial ownership and leverage policies as suggested by agency theory. Second, there is a relationship between managerial ownership and dividend policies, but the relationship between leverage and dividend is insignificant. Third, the relationship between leverage and dividend is insensitive to economic condition and firm size. Fourth, all exogenous variables have significant effect on endogenous variables, except relative return. Fifth, the effects of exogenous variables are not sensitive to control variables. Sixth, we find that managers show self-interest behaviours by reducing managerial ownership when the economic condition worsens.

Exploring communication of resistance in cross-sector collaboration:

DEFF Research Database (Denmark)

Plotnikof, Mie

his study addresses the role of resistance in cross-sector collaboration. It explores how resistance is communicated during collaboration to better understand not just its destructive, but also constructive effects on organizing cross-sector collaboration. In so doing, the paper conceptualizes...... to the process. Thereby, the study contributes with theorizing resistance and offers analytical insights on its dynamics and effects on organizing cross-sector collaboration....

Estimation of the Continuous and Discontinuous Leverage Effects.

Science.gov (United States)

Aït-Sahalia, Yacine; Fan, Jianqing; Laeven, Roger J A; Wang, Christina Dan; Yang, Xiye

2017-01-01

This paper examines the leverage effect, or the generally negative covariation between asset returns and their changes in volatility, under a general setup that allows the log-price and volatility processes to be Itô semimartingales. We decompose the leverage effect into continuous and discontinuous parts and develop statistical methods to estimate them. We establish the asymptotic properties of these estimators. We also extend our methods and results (for the continuous leverage) to the situation where there is market microstructure noise in the observed returns. We show in Monte Carlo simulations that our estimators have good finite sample performance. When applying our methods to real data, our empirical results provide convincing evidence of the presence of the two leverage effects, especially the discontinuous one.

THE BUSINESS MODEL AND FINANCIAL ASSETS MEASUREMENT

OpenAIRE

NICULA Ileana

2012-01-01

The paper work analyses some aspects regarding the implementation of IFRS 9, the relationship between the business model approach and the assets classification and measurement. It does not discuss the cash flows characteristics, another important aspect of assets classification, or the reclassifications. The business model is related to some characteristics of the banks (opaqueness, leverage ratio, compliance to capital, sound liquidity requirements and risk management) and to Special Purpose...

AUTOMATING ASSET KNOWLEDGE WITH MTCONNECT.

Science.gov (United States)

Venkatesh, Sid; Ly, Sidney; Manning, Martin; Michaloski, John; Proctor, Fred

2016-01-01

In order to maximize assets, manufacturers should use real-time knowledge garnered from ongoing and continuous collection and evaluation of factory-floor machine status data. In discrete parts manufacturing, factory machine monitoring has been difficult, due primarily to closed, proprietary automation equipment that make integration difficult. Recently, there has been a push in applying the data acquisition concepts of MTConnect to the real-time acquisition of machine status data. MTConnect is an open, free specification aimed at overcoming the "Islands of Automation" dilemma on the shop floor. With automated asset analysis, manufacturers can improve production to become lean, efficient, and effective. The focus of this paper will be on the deployment of MTConnect to collect real-time machine status to automate asset management. In addition, we will leverage the ISO 22400 standard, which defines an asset and quantifies asset performance metrics. In conjunction with these goals, the deployment of MTConnect in a large aerospace manufacturing facility will be studied with emphasis on asset management and understanding the impact of machine Overall Equipment Effectiveness (OEE) on manufacturing.

ANALYSIS AND OPERATING LEVERAGE RELATIONSHIP WITH THE OPERATIONAL RISK CUBAN ENTERPRISES

Directory of Open Access Journals (Sweden)

María E. González-del Foyo

2016-01-01

Full Text Available The analysis of the equilibrium point is important in the planning process, because the relation costvolume-benefit may become significantly influenced by the investment of the company in fixed assets, and the changes in the ratio of fixed assets in relation to variable assets are determined at the moment, that the finantial plans are established. Together with the analysis of the equilibrium point, the degree of leverage is calculated and interpreted and its implicatiosn for the operative risk of an company is studied. The study of the degree of leverage and its interpretation from the operative risk point of view to which an company thats operate in different conditions and economies is faced, with is the basic objetive of the present paper and is of the highest importance for the decision taking of the management, being this a phenomenon present in all economic organizations. 

Struktur Kepemilikan, Kebijakan Dividen, dan Leverage sebagai Determinan atas Nilai Perusahaan

Directory of Open Access Journals (Sweden)

Indah Eva Ambarwati

2014-08-01

Full Text Available This study aims to make research and prove the exis­tence of empirical evidence about the effect of Ownership Structure, Dividend Policy and Leverage partially and simultaneously by using multiple linear regression method. The results of the analysis in this study shows that the Ownership Structure, Dividend Policy and Leverage simultaneous effect on firm value. Partially, the variables that affect the value of the company is Leverage (Debt to Equity Ratio, Debt to Capital Asset Ratio, and Long Term Debt Ratio.

Cross-border versus cross-sector interconnectivity in renewable energy systems

International Nuclear Information System (INIS)

Thellufsen, Jakob Zinck; Lund, Henrik

2017-01-01

In the transition to renewable energy systems, fluctuating renewable energy, such as wind and solar power, plays a large and important role. This creates a challenge in terms of meeting demands, as the energy production fluctuates based on weather patterns. To utilise high amounts of fluctuating renewable energy, the energy system has to be more flexible in terms of decoupling demand and production. This paper investigates two potential ways to increase flexibility. The first is the interconnection between energy systems, for instance between two countries, labelled as cross-border interconnection, and the second is cross-sector interconnection, i.e., the integration between different parts of an energy system, for instance heat and electricity. This paper seeks to compare the types of interconnectivity and discuss to which extent they are mutually beneficial. To do this, the study investigates two energy systems that represent Northern and Southern Europe. Both systems go through three developmental steps that increase the cross-sector interconnectivity. At each developmental step an increasing level of transmission capacities is examined to identify the benefits of cross-border interconnectivity. The results show that while both measures increase the system utilisation of renewable energy and the system efficiency, the cross-sector interconnection gives the best system performance. To analyse the possible interaction between cross-sector and cross-border interconnectivity, two main aspects have to be clarified. The first part defines the approach and the second is the construction of the two archetypes. - Highlights: • A method to investigate system integration and system interconnection is suggested. • The implementation is investigated across a Northern and Southern energy system. • The study identifies benefits of system integration and system interconnection. • The performance of the energy system benefits most from system integration.

The influence of the new Basel regulation rules on the Slovak banking sector

Directory of Open Access Journals (Sweden)

Emília Zimková

2012-01-01

Full Text Available The aim of the paper is to quantify an impact of the new Basel regulation rules which are known as Basel III on the Slovak banking sector. We present methodology provided by the Bank for international settlement in its monitoring workbook and as to database the set of central bank statements and reports provided upon request have been used. Based on our calculations we discovered three main impacts of the Basel III on the Slovak banking sector: i the volume and quality of the capital meet requirements of the new Basel regulation already. There are no hybrid instruments in Tier 1 Capital. Movements in volumes of expected risk-weighted assets in the Slovak banking sector won´t be relevant particularly due to absence of toxic assets associated with financial markets; ii calculated indicator of leverage is more than two times higher as the requested one; iii the liquidity coverage ratio and the net stable funding ratio are even today in the Slovak banking sector highly above standards and they do not require any transitional period. The direction of the development of the world banking is returning to the classical trading model and the parameters are set for this. The Slovak banking sector did not manage to leave this classical model and this will help it now and also in the future.

Leveraged Leasing in the Federal Sector.

Science.gov (United States)

1983-12-01

entity obtains cash while the private investors can depreciate the property and obtain investment tax credits and other tax benefits. The costs are borne...lease from a common base point to familiarize the reader with the applicable portions of generally accepted accounting principles, GAAP , and how they...chapter identifies the differences between a basic lease and a leveraged lease in terms of structure and accounting requirements relative to GAAP

Cross-border versus cross-sector interconnectivity in renewable energy systems

DEFF Research Database (Denmark)

Thellufsen, Jakob Zinck; Lund, Henrik

2017-01-01

. The results show that while both measures increase the system utilisation of renewable energy and the system efficiency, the cross-sector interconnection gives the best system performance. To analyse the possible interaction between cross-sector and cross-border interconnectivity, two main aspects have......In the transition to renewable energy systems, fluctuating renewable energy, such as wind and solar power, plays a large and important role. This creates a challenge in terms of meeting demands, as the energy production fluctuates based on weather patterns. To utilise high amounts of fluctuating...... renewable energy, the energy system has to be more flexible in terms of decoupling demand and production. This paper investigates two potential ways to increase flexibility. The first is the interconnection between energy systems, for instance between two countries, labelled as cross-border interconnection...

KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN LEVERAGE MELALUI PENDEKATAN KESEMPATAN BERTUMBUH DAN RISIKO PERUSAHAAN

Directory of Open Access Journals (Sweden)

Cliff Kohardinata

2017-03-01

Full Text Available The main purpose of company was to increase company’s value through increased prosperity of owner orshareholders. However, the management often had other objectives that caused conflicts of interest betweenmanagement and shareholders of the company, in which the conflict was referred to as Agency Problem (Jensen& Meckling, 1976. To minimize the differences between the interests of owners and managers, the owner couldgive shares to managers or increased stock ownership by institutional in order to monitor managers. If theowner of the company wanted to reduce agency conflicts by increasing managerial ownership and institutionalownership, they will affect corporate leverage policy because managerial ownership and institutional ownershipcould reduce the financial risk that occurred from leverage. This study aimed to analyze the effect ofmanagerial ownership and institutional ownership on leverage policy. This study used the entire populationof companies listed in Indonesia Stock Exchange. Sampling was purposive sampling, and analytical techniquesused was ordinary least squares. The control variables were structure of assets, return on assets, financialdistress, asset utilization, asset growth. Furthermore, this paper considered growth opportunities and risksof the company. This study found that managers considered risk factors more than growth opportunities, andthe institutional shareholders considered growth opportunities more than company risk

Knowledge asset management pertinent to information systems outsourcing

CSIR Research Space (South Africa)

Smuts, H

2015-04-01

Full Text Available Organisations have over time realised that leveraging their already accumulated knowledge assets are the most cost effective way to increase their competitive standing and to harness innovation. In choosing to outsource their information systems (IS...

Approaches of Improving University Assets Management Efficiency

Science.gov (United States)

Wang, Jingliang

2015-01-01

University assets management, as an important content of modern university management, is generally confronted with the issue of low efficiency. Currently, to address the problems exposed in university assets management and take appropriate modification measures is an urgent issue in front of Chinese university assets management sectors. In this…

The impact of Taxation on Bank Leverage and Asset Risk

NARCIS (Netherlands)

Horvath, B.L.

2013-01-01

Abstract: The tax-bene t of interest deductibility encourages debt nancing, but regulatory and market constraints create dependency between bank leverage and risk. Using a large international sample of banks this paper estimates the short and long run effects of corporate income taxes (CIT) on bank

Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-06-01

Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-03-01

Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

Mining E-mail to Leverage Knowledge Networks in Organizations

NARCIS (Netherlands)

van Reijsen, J.; Helms, R.W.; Jackson, T.W.

2009-01-01

There is nothing new about the notion that in today‟s knowledge driven economy, knowledge is the key strategic asset for competitive advantage in an organization. Also, we have learned that knowledge is residing in the organization‟s informal network. Hence, to leverage business performance from a

Statutory compliance in assets disposal practices in the public sector: Evidence from Ghana

Directory of Open Access Journals (Sweden)

Oswald Atiga

2015-03-01

Full Text Available Background: This article examined the unserviceable assets disposal practices of five polytechnics (tertiary educational institutions in Ghana. Objectives: The aim was to determine the extent of statutory compliance, and the degree to which value for money was achieved in actual disposal. Method: A survey was conducted using interviewer-administered questionnaires containing five-point likert scale test items. Descriptive statistics and a one-way analysis of variance (ANOVA were employed to analyse the data. Results: The study results showed that a limited number of polytechnics had internal policies to operationalise statutory procurement legislation. Top management demonstrated very clear understanding of procurement legislation whilst senior-level managers displayed mixed levels of understanding. The section of the legislation dealing with disposals and the procedures pertaining thereto is perceived to be difficult to implement and does not promote value for money. Top management’s interference in auctions was the toughest challenge in the process, whilst public auction was the predominant method used in assets disposal. Research limitations: The research was carried out in only five polytechnics. This study could be replicated in other tertiary institutions or in other sectors outside higher education.

Leveraging DMO's Hi-Tech Simulation Against the F-16 Flying Training Gap

National Research Council Canada - National Science Library

McGrath, Shaun R

2005-01-01

.... The purpose of this research is to examine leveraging hi-tech simulation assets against the every growing gap in training caused by a systematic reduction in the average fighter pilot's flying hours...

Factors affecting Leverage: An empirical analysis of Mauritius ...

African Journals Online (AJOL)

Nafiisah

presumably have an impact on the WACC and the firm's investment decision and ... debt is advocated as it consists of fixed interest payment which does not lead to ... explain the level of leverage – company size, profitability, asset tangibility and ... The firm will thus pursue an optimal capital structure or target debt ratio by.

A Comparison of Cross-Sector Cyber Security Standards

Energy Technology Data Exchange (ETDEWEB)

Robert P. Evans

2005-09-01

This report presents a review and comparison (commonality and differences) of three cross-sector cyber security standards and an internationally recognized information technology standard. The comparison identifies the security areas covered by each standard and reveals where the standards differ in emphasis. By identifying differences in the standards, the user can evaluate which standard best meets their needs. For this report, only cross-sector standards were reviewed.

CAPM (Capital Asset Pricing Model) and regulation in Brazilian electric distribution sector

International Nuclear Information System (INIS)

Pinto, Rinaldo Caldeira; Parente, Virginia

2010-01-01

The aim of this paper is to analyse the use of Capital Asset Pricing Model (CAPM) Beta in the Brazilian electric distribution sector tariffs review. The betas applied by the Regulatory Agency are defined using data from the American, English and Brazilian markets. These betas will then be compared to the betas obtained in the domestic market. The betas were directly obtained from an economic-financial databank largely employed by the market. The sample is composed of companies' shares, priced at Sao Paulo Stock Market. Their main activity is the distribution of electric energy between July 2002 and July 2007. The results of mean betas obtained for the distribution segment, with values close to the ones applied by the regulatory agency for the cycle of tariff reviews between 2007-2010. (author)

"Asset Ownership Across Generations"

OpenAIRE

Ngina S. Chiteji; Frank P. Stafford

2000-01-01

This paper examines cross-generational connections in asset ownership. It begins by presenting a theoretical framework that develops the distinction between the intergenerational transfer of knowledge about financial assets and the direct transfer of dollars from parents to children. Its analysis of data from the Panel Study of Income Dynamics (PSID) reveals intergenerational correlations in asset ownership, and we find evidence to suggest that parental asset ownership or family-based exposur...

Liquidity-related plan asset issues.

Science.gov (United States)

Murphy, B B; Johnson, M K; Zorn, W P

2000-12-01

By about 2025, most baby boomers will have retired, which will put a tremendous strain on public sector pension plans. Many will experience negative cash flows, and liquidity will be an increasing concern. Asset/liability studies can help measure the effect of this risk on system funding and contribution requirements, resulting in more informed asset allocation choices and benefit policies.

Cross-sector Service Provision in Health and Social Care: An Umbrella Review.

Science.gov (United States)

Winters, Shannon; Magalhaes, Lilian; Anne Kinsella, Elizabeth; Kothari, Anita

2016-04-08

Meeting the complex health needs of people often requires interaction among numerous different sectors. No one service can adequately respond to the diverse care needs of consumers. Providers working more effectively together is frequently touted as the solution. Cross-sector service provision is defined as independent, yet interconnected sectors working together to better meet the needs of consumers and improve the quality and effectiveness of service provision. Cross-sector service provision is expected, yet much remains unknown about how it is conceptualised or its impact on health status. This umbrella review aims to clarify the critical attributes that shape cross-sector service provision by presenting the current state of the literature and building on the findings of the 2004 review by Sloper. Literature related to cross-sector service provision is immense, which poses a challenge for decision makers wishing to make evidence-informed decisions. An umbrella review was conducted to articulate the overall state of cross-sector service provision literature and examine the evidence to allow for the discovery of consistencies and discrepancies across the published knowledge base. Sixteen reviews met the inclusion criteria. Seven themes emerged: Focusing on the consumer, developing a shared vision of care, leadership involvement, service provision across the boundaries, adequately resourcing the arrangement, developing novel arrangements or aligning with existing relationships, and strengthening connections between sectors. Future research from a cross-organisational, rather than individual provider, perspective is needed to better understand what shapes cross-sector service provision at the boundaries. Findings aligned closely with the work done by Sloper and raise red flags related to reinventing what is already known. Future researchers should look to explore novel areas rather than looking into areas that have been explored at length. Evaluations of out

Data as an asset: What the oil and gas sector can learn from other industries about “Big Data”

International Nuclear Information System (INIS)

Perrons, Robert K.; Jensen, Jesse W.

2015-01-01

The upstream oil and gas industry has been contending with massive data sets and monolithic files for many years, but “Big Data” is a relatively new concept that has the potential to significantly re-shape the industry. Despite the impressive amount of value that is being realized by Big Data technologies in other parts of the marketplace, however, much of the data collected within the oil and gas sector tends to be discarded, ignored, or analyzed in a very cursory way. This viewpoint examines existing data management practices in the upstream oil and gas industry, and compares them to practices and philosophies that have emerged in organizations that are leading the way in Big Data. The comparison shows that, in companies that are widely considered to be leaders in Big Data analytics, data is regarded as a valuable asset—but this is usually not true within the oil and gas industry insofar as data is frequently regarded there as descriptive information about a physical asset rather than something that is valuable in and of itself. The paper then discusses how the industry could potentially extract more value from data, and concludes with a series of policy-related questions to this end. -- Highlights: •Upstream oil and gas industry frequently discards or ignores the data it collects •The sector tends to view data as descriptive information about the state of assets •Leaders in Big Data, by stark contrast, regard data as an asset in and of itself •Industry should use Big Data tools to extract more value from digital information

Making the case: leveraging resources toward public health system improvement in Turning Point states.

Science.gov (United States)

Bekemeier, Betty; Riley, Catharine M; Padgett, Stephen M; Berkowitz, Bobbie

2007-01-01

Leveraging funds to sustain the efforts of a grant-funded initiative is often an explicit, or implicit, expectation in philanthropy. However, the magnitude of funds leveraged and the factors that facilitate success in leveraging are rarely researched. An example of one of these grant-funded initiatives is the National Turning Point Initiative. Twenty-one states received funding from The Robert Wood Johnson Foundation as part of this initiative to establish and implement strategic goals for achieving significant statewide public health system improvement through diverse, cross-sector partnerships. Leaders from 17 of these 21 states participated in a two-phased study regarding the leveraging of additional funds for their public health infrastructure improvement activities. This article reports on the second phase of the study. In this phase, key informant interviews were conducted to examine how leveraging of resources occurred as part of this large national initiative. Findings indicate that the combination of a comprehensive planning process and a broad-based partnership was crucial in securing resources to expand their efforts. The ability to strategically respond to unexpected events and opportunities also helped states use their plans and partnerships to "make the case" for additional resources to improve their public health infrastructure.

The Determinants of Capital Structure: an Empirical Study of Omani Listed Industrial Companies

Directory of Open Access Journals (Sweden)

Mawih Al Ani

2015-06-01

Full Text Available This study investigates five determinants of capital structure (leverage in three subsectors of the Omani Industrial companies (food, construction and chemical listed on Muscat Securities Market for the period 2008–2012. According to available information and literature review, the determinants are profitability measured by return on assets (ROA, risk measured by the standard deviation of return on assets, the size of the company measured by the natural logarithm of total assets, rate of growth measured by the market-book value ratio (P/E and assets tangibility measured by fixed assets to total assets ratio. The capital structure or leverage is measured by total debt ratio. In the industrial sector as whole; the findings of the study indicate that there is a statistically positive association between risk and tangibility and leverage. Also, there is a statistically negative association between growth rate and profitability and leverage, while there is no association with size. Regression analysis indicates that size, tangibility and risk have a statistically significant effect on leverage.

AIR Louisville: Addressing Asthma With Technology, Crowdsourcing, Cross-Sector Collaboration, And Policy.

Science.gov (United States)

Barrett, Meredith; Combs, Veronica; Su, Jason G; Henderson, Kelly; Tuffli, Michael

2018-04-01

Cross-sector partnerships benefit public health by leveraging ideas, resources, and expertise from a wide range of partners. In this study we documented the process and impact of AIR Louisville (a collaboration forged among the Louisville Metro Government, a nonprofit institute, and a technology company) in successfully tackling a complex public health challenge: asthma. We enrolled residents of Louisville, Kentucky, with asthma and used electronic inhaler sensors to monitor where and when they used medication. We found that the use of the digital health platform achieved positive clinical outcomes, including a 78 percent reduction in rescue inhaler use and a 48 percent improvement in symptom-free days. Moreover, the crowdsourced real-world data on inhaler use, combined with environmental data, led to policy recommendations including enhancing tree canopy, tree removal mitigation, zoning for air pollution emission buffers, recommended truck routes, and developing a community asthma notification system. AIR Louisville represents a model that can be replicated to address many public health challenges by simultaneously guiding individual, clinical, and policy decisions.

Cross-border versus cross-sector interconnectivity in renewable energy systems

DEFF Research Database (Denmark)

Thellufsen, Jakob Zinck; Lund, Henrik

2017-01-01

renewable energy, the energy system has to be more flexible in terms of decoupling demand and production. This paper investigates two potential ways to increase flexibility. The first is the interconnection between energy systems, for instance between two countries, labelled as cross-border interconnection...... systems that represent Northern and Southern Europe. Both systems go through three developmental steps that increase the cross-sector interconnectivity. At each developmental step an increasing level of transmission capacities is examined to identify the benefits of cross-border interconnectivity...

Final report on the maintenance asset management project : phase I.

Science.gov (United States)

2012-07-01

This project resulted in the development of a proof of concept for a features inventory process to be used by field staff. The resulting concept is adaptable for different asset classes (e.g. culverts, guardrail) and able to leverage existing DOT res...

Essays on International Finance and Asset Pricing

NARCIS (Netherlands)

Eiling, E.

2007-01-01

The second part of this dissertation takes a more general asset pricing perspective. In particular, it investigates the impact of human capital on asset pricing. Investors' portfolio decisions may be affected by their human capital. For instance, an investor who works in the IT sector may want to

Cross-sector Service Provision in Health and Social Care: An Umbrella Review

Directory of Open Access Journals (Sweden)

Shannon Winters

2016-04-01

Full Text Available Introduction: Meeting the complex health needs of people often requires interaction among numerous different sectors. No one service can adequately respond to the diverse care needs of consumers. Providers working more effectively together is frequently touted as the solution. Cross-sector service provision is defined as independent, yet interconnected sectors working together to better meet the needs of consumers and improve the quality and effectiveness of service provision. Cross-sector service provision is expected, yet much remains unknown about how it is conceptualised or its impact on health status. This umbrella review aims to clarify the critical attributes that shape cross-sector service provision by presenting the current state of the literature and building on the findings of the 2004 review by Sloper. Methods: Literature related to cross-sector service provision is immense, which poses a challenge for decision makers wishing to make evidence-informed decisions. An umbrella review was conducted to articulate the overall state of cross-sector service provision literature and examine the evidence to allow for the discovery of consistencies and discrepancies across the published knowledge base. Findings: Sixteen reviews met the inclusion criteria. Seven themes emerged: Focusing on the consumer, developing a shared vision of care, leadership involvement, service provision across the boundaries, adequately resourcing the arrangement, developing novel arrangements or aligning with existing relationships, and strengthening connections between sectors. Future research from a cross-organisational, rather than individual provider, perspective is needed to better understand what shapes cross-sector service provision at the boundaries. Conclusion: Findings aligned closely with the work done by Sloper and raise red flags related to reinventing what is already known. Future researchers should look to explore novel areas rather than looking into

Cross-sectoral assessment of mitigation options

DEFF Research Database (Denmark)

Halsnæs, K.

1997-01-01

similarly been assessed in the country study for Zimbabwe, The options include in particular efficiency improvements in industrial plants and in the energy sector, A new methodological issue in the country study for Zimbabwe is the comparable assessment of greenhouse gas reductions options for multiple...... emission sources and gases. The paper reports the result of the integrated assessment of CO2 and CH4 reduction options for energy, agriculture, forestry and waste management for Zimbabwe, This leads up to a final discussion on methodological issues involved in cross-sectoral mitigation assessment. (C) 1997...

Static and dynamic factors in an information-based multi-asset artificial stock market

Science.gov (United States)

Ponta, Linda; Pastore, Stefano; Cincotti, Silvano

2018-02-01

An information-based multi-asset artificial stock market characterized by different types of stocks and populated by heterogeneous agents is presented. In the market, agents trade risky assets in exchange for cash. Beside the amount of cash and of stocks owned, each agent is characterized by sentiments and agents share their sentiments by means of interactions that are determined by sparsely connected networks. A central market maker (clearing house mechanism) determines the price processes for each stock at the intersection of the demand and the supply curves. Single stock price processes exhibit volatility clustering and fat-tailed distribution of returns whereas multivariate price process exhibits both static and dynamic stylized facts, i.e., the presence of static factors and common trends. Static factors are studied making reference to the cross-correlation of returns of different stocks. The common trends are investigated considering the variance-covariance matrix of prices. Results point out that the probability distribution of eigenvalues of the cross-correlation matrix of returns shows the presence of sectors, similar to those observed on real empirical data. As regarding the dynamic factors, the variance-covariance matrix of prices point out a limited number of assets prices series that are independent integrated processes, in close agreement with the empirical evidence of asset price time series of real stock markets. These results remarks the crucial dependence of statistical properties of multi-assets stock market on the agents' interaction structure.

Domestic banking sector development and cross border mergers and acquisitions in Africa

Directory of Open Access Journals (Sweden)

Elikplimi K. Agbloyor

2012-01-01

Full Text Available Recently, economists have started taking a closer look at cross border mergers and acquisitions (M&As due to its phenomenal rise in the past two decades. This study investigates the relation between banking sector development and cross M&As in Africa. Our sample consists of 11 African countries with data covering the period, 1993–2008. We use a Baltagi panel instrumental variable Error Component Two Stage Least Squares (EC2SLS estimator with the Baltagi-Chang estimators of the variance components to deal with endogeneity. The results of the study indicate that banking sector development promotes cross border M&A activity in Africa. We also document evidence suggesting that cross border M&A activity drives banking sector development in Africa. Overall, our evidence suggests a two-way causation between banking sector development and cross border M&As.

Financial Integration and Asset Returns

OpenAIRE

P Martin; H Rey

2000-01-01

The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which (i) the number of financial assets is endogenous; (ii) assets are imperfect substitutes; (iii) cross-border asset trade entails some transaction costs; (iv) the investment technology is indivisible. In such an environment, lower transaction costs between two financial markets translate to higher demand for as...

Risk and return in oilfield asset holdings

International Nuclear Information System (INIS)

Kretzschmar, Gavin L.; Kirchner, Axel; Reusch, Hans

2008-01-01

Convention suggests that emerging market investment should provide commensurately lower risk or higher returns than comparable assets in developed countries. This study demonstrates that emerging markets contain regulatory specificities that challenge asset valuation model convergence and potentially invert risk return convention. 292 oilfield assets are used to provide evidence that, under upward oil prices, emerging markets are characterized by progressive state participation in oilfield cash flows. Specifically, this work advances the low oil price paradigm of prior oil and gas asset valuation studies and provides evidence that emerging market state participation terms limit the corporate value of globalization for the sector. (author)

Risk and return in oilfield asset holdings

Energy Technology Data Exchange (ETDEWEB)

Kretzschmar, Gavin L.; Kirchner, Axel; Reusch, Hans [University of Edinburgh, College of Humanities and Social Sciences, The Management School (United Kingdom)

2008-11-15

Convention suggests that emerging market investment should provide commensurately lower risk or higher returns than comparable assets in developed countries. This study demonstrates that emerging markets contain regulatory specificities that challenge asset valuation model convergence and potentially invert risk return convention. 292 oilfield assets are used to provide evidence that, under upward oil prices, emerging markets are characterized by progressive state participation in oilfield cash flows. Specifically, this work advances the low oil price paradigm of prior oil and gas asset valuation studies and provides evidence that emerging market state participation terms limit the corporate value of globalization for the sector. (author)

INFORMAL SECTOR CITY TOURISM: CROSS-BORDER SHOPPERS IN JOHANNESBURG

Directory of Open Access Journals (Sweden)

Christian M. ROGERSON

2018-05-01

Full Text Available Informality is a distinguishing trait of economic life across much of the global South. In terms of the tourism sector several researchers examine the informal sector of leisure tourism. In this article the aim is to focus upon business tourism and more specifically the segment of informal sector business tourism. The growth of informal sector business tourism is particularly important in sub-Saharan Africa. An analysis is undertaken of recent research on South Africa’s major city of Johanesburg where the importance of informal sector business tourism is demonstrated. The results show Johannesburg is the focus for transnational entrepreneurship in the form of the growth of cross-border shopping. The organisation of this manifestation of informal business tourism, the nature of its participants and business challenges form the focus of discussion. It is argued that despite many benefits that flow to the city of Johannesburg from informal sector of business tourism the local state has yet to fully acknowledge the multiple positive impacts of these international visitors upon the urban economy and plan to accommodate the needs of cross-border shoppers.

ASSETS AND LIABILITIES DEPENDENCE: EVIDENCE FROM AN EUROPEAN SAMPLE OF BANKS

Directory of Open Access Journals (Sweden)

Cociuba Mihail Ioan

2014-12-01

Full Text Available In this paper we analyzed the correlation between asset and liabilities using the canonical correlation method, in the case of correlation we analyze the interdependence between two variables, by using canonical correlation analyses we study the interdependence between two groups of variables, X consisting of p variables and Y with q variables from which the best linear combination can be constructed to maximize the correlation between X and Y. While on the financial markets the relation between variables may be linear or non-linear and although canonical correlation analyses only the linear combination of variables it is a more efficient tool than then simple correlation.The asset group which we analyze is composed of different types of loans, derivatives and other earning assets, while in the group of liabilities we have deposits (short and long term, interest bearing liabilities and trading liabilities. We find that the assets and liabilities in the banking sector are directly linked. In the context of the global financial crisis (2007-2008 and the afterwards financial recession this direct correlation between assets and liabilities created a vicious cycle in which the losses from assets had a direct impact on the liabilities which also influenced the levels of assets.The behavior of different variables is important, especially in the financial markets, mainly due to the structure of financial markets. The banking sector and the systemic risk associated with it can affect the financial system and even the whole economy so the study of the correlation of assets and liabilities may give us insights on the causes of the financial crises. We use a panel of fifty-nine European banks for the 2004-2011 period and we analyses the correlation between assets and liabilities. We find that there exists a direct and strong connection between different classes of assets held by banks and the structure of liabilities. The impact of the economic crisis on

Debt capacity of tangible assets: What is collateralizable in the debt market?

NARCIS (Netherlands)

Giambona, E.; Schwienbacher, A.

2008-01-01

Starting with Titman and Wessels (1988), capital structure studies have consistently controlled for the effect of an aggregate measure of tangible assets, including land, building, machinery & equipment, capital leases, and plant & equipment in progress, on leverage. They usually report a positive

“Crossing over”: appropriate private sector principles, to operate more reliable public sector water services

OpenAIRE

Kevin Wall

2008-01-01

Private sector institutions utilise many different business methods, some of which can selectively be adapted for use by organisations outside the private sector, to the benefit of their service delivery responsibilities. But the best of the appropriate practices from the private sector have often “not crossed over”. The Water Research Commission (WRC) of South Africa, working in collaboration with the Council for Scientific and Industrial Research (CSIR), finds that the concept of franch...

SPECIFIC OF ACCOUNTING OF NON-FINANCIAL ASSETS IN HEALTH INSTITUTIONS

Directory of Open Access Journals (Sweden)

Natalya Pryadka

2016-11-01

Full Text Available The purpose of the paper is to analysis of the modern state of accounting of non-financial assets and present accounting in health institutions protection during the period of medical reforms. The account of nonfinancial assets has his specific in medical establishments. Reforms, which implemented in Ukraine, affecting the account of non-financial assets. Medical institutions relate to the General government. Methodology. The survey is based on a comparison of data from the national and international reforms in medical industry. Results of the survey showed that in the dictionary of V. Raizberg next determination is driven: "public sector – it is a set of business units, that carry out economic activity, are in a public domain, controlled by public authorities or designated and hired persons" (Raizberg, 1999. In the Commercial code of Ukraine it is indicated: "The subjects of public sector of economy are subjects that operate on the basis of only public domain, and also subjects, which state share in authorized capital exceeds fifty percents or be value that provides a right to the state for decisive influence on economic activity of these subjects" (СС, 2003. Practical implications. Public sector structure specifies data of International Public Sector Accounting Standards. Substancial load concept "public sector" in national and international practice are relevant (Poznyakovska, 2009. Accounting in health institutions has specific terms, inherent to the government sector. They are determined by the types of activity and terms of assignation (Pasichnik, 2005. Medical services must be accessible to all stratum of population. They must have free basis. They come forward as a public benefit independent of individual possibility to pay for him. Therefore lion's part of general charges for health protection is used on the grant of medical services to the population. At the same time "upgrading of medical services lies inplane providing of

THE IMPACT OF FINANCIAL LEVERAGE ON RETURN AND RISK

Directory of Open Access Journals (Sweden)

HAKAN SARITAŞ

2013-05-01

Full Text Available Financing with debt and preferred stock to increase the potential return to the residual common shareholders’ equity is referred to as financial leverage. A firm’s return on equity (ROE is a key determinant of the growth rate of its earnings. Return on equity is affected profoundly by the firm’s degree of financial leverage. Increased debt will make a positive contribution to a firm’s ROE only if the firm’s return on assets (ROA exceeds the interest rate on the debt. In spite of the fact that financial leverage increases the rate of return on common stock equity, the grater the proportion of debt in the capital structure, however, the greater the risk the common shareholders bear. Introduction of financial leverage increases the average profitability of the firm as well as its risk. In good economic years, the impact of financial leverage will most likely be positive; however, the leverage effect may be negative in relatively bad years. Traditionally, studies treated short-term debt and long-term debt as perfect substitutes for each other. There is, however, risk-sharing by long-term debtholders which makes short-term debt financing riskier to shareholders than long-term debt financing. The significant affect associated with the total debt usage is largely attributable to short-term debt financing, since the impact of short-term debt financing on the expected returns is shown to be greater than that of long-term debt financing.

The risk level of Vietnam non-banking investment and financial services industry under financial leverage during and after the global crisis 2007-2011

Directory of Open Access Journals (Sweden)

Dinh Tran Ngoc Huy

2013-09-01

Full Text Available This paper estimates the impacts of external financing on market risk for the listed firms in the Viet nam non-banking financial services industry, esp. after the financial crisis 2007-2009. First, by using quantitative and analytical methods to estimate asset and equity beta of total 10 listed companies in Vietnam non-banking financial services industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable. Second, under 3 different scenarios of changing leverage (in 2011 financial reports, 30% up and 20% down, we recognized that the risk level, measured by equity and asset beta mean, decreases when leverage increases to 30% and vice versa. Third, by changing leverage in 3 scenarios, we recognized the dispersion of risk level increases (measured by equity beta var if the leverage decreases down to 20%. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.

Learning Across the Big-Science Boundary: Leveraging Big-Science Centers for Technological Learning

CERN Document Server

Autio, E.; Streit-Bianchi, M.

2003-01-01

The interaction between industrial companies and the public research sector has intensified significantly during recent years (Bozeman, 2000), as firms attempt to build competitive advantage by leveraging external sources of learning (Lambe et al., 1997). By crossing the boundary between industrial and re- search spheres, firms may tap onto sources of technological learning, and thereby gain a knowledge- based competitive advantage over their competitors. Such activities have been actively supported by national governments, who strive to support the international competitiveness of their industries (Georghiou et al., 2000; Lee, 1994; Rothwell et al., 1992).

Trickle effects of cross-sector social partnerships

NARCIS (Netherlands)

A. Kolk (Ans); W.M. van Dolen (Willemijn); M. Vock (Marlene)

2010-01-01

textabstractCross-sector social partnerships are often studied from a macro and meso perspective, also in an attempt to assess effectiveness and societal impact. This paper pays specific attention to the micro perspective, i.e. individual interactions between and within organizations related to

Trickle effects of cross-sector social partnerships

NARCIS (Netherlands)

Kolk, A.; van Dolen, W.; Vock, M.

2010-01-01

Cross-sector social partnerships are often studied from a macro and meso perspective, also in an attempt to assess effectiveness and societal impact. This article pays specific attention to the micro perspective, i.e. individual interactions between and within organizations related to partnerships

Impact of time-inhomogeneous jumps and leverage type effects on returns and realised variances

DEFF Research Database (Denmark)

Veraart, Almut

This paper studies the effect of time-inhomogeneous jumps and leverage type effects on realised variance calculations when the logarithmic asset price is given by a Lévy-driven stochastic volatility model. In such a model, the realised variance is an inconsistent estimator of the integrated...

The Risk-Return Tradeoff and Leverage Effect in a Stochastic Volatility-in-Mean Model

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Posedel, Petra

We study the risk premium and leverage effect in the S&P500 market using the stochastic volatility-in-mean model of Barndor¤-Nielsen & Shephard (2001). The Merton (1973, 1980) equilibrium asset pricing condition linking the conditional mean and conditional variance of discrete time returns is rei...

Nurses' perception of how an e-message system influences cross-sectoral communication

DEFF Research Database (Denmark)

Petersen, Helle V; Foged, Signe; Madsen, Annette L

2018-01-01

AIM: To investigate hospital and home care nurses' experiences on how an e-message system influences cross-sectoral communication 2 years after introduction. BACKGROUND: Cross-sectoral communication is identified as the main barrier for high quality in transitional care. An e-message system......-message system was used in both sectors but did not promote cross-sectoral dialogue. The home care nurses expressed distrust in the information from the hospital. The hospital nurses' intention was to provide relevant and accurate information but their main focus was to fulfil the standards within the system...... rather than the quality of the information exchanged. CONCLUSIONS: The e-message system supports a one-way information flow, rather than the intended loop of information exchange and dialogue. IMPLICATIONS FOR NURSING MANAGEMENT: Nurse managers should recognise that although an e-message system is being...

Italian asset management companies: products and governance

OpenAIRE

Arcuri, Maria Cristina

2013-01-01

The importance of the asset management sector has prompted many studies to highlight the need to promote its growth and development. This is even more so following the recent financial crisis, considered by many authors the most severe recession after World War II. Contributions existing in literature have emphasized the importance of investigating the corporate governance system of the Asset Management Companies (AMCs), considering that the Italian financial system is characterized by a "...

Asset correlations and credit portfolio risk: an empirical analysis

OpenAIRE

Düllmann, Klaus; Scheicher, Martin; Schmieder, Christian

2007-01-01

In credit risk modelling, the correlation of unobservable asset returns is a crucial component for the measurement of portfolio risk. In this paper, we estimate asset correlations from monthly time series of Moody's KMV asset values for around 2,000 European firms from 1996 to 2004. We compare correlation and value-atrisk (VaR) estimates in a one-factor or market model and a multi-factor or sector model. Our main finding is a complex interaction of credit risk correlations and default probabi...

IMPLEMENTATION OF ASSET MANAGEMENT IN ROAD ADMINISTRATION OF SLOVAK REPUBLIC

Directory of Open Access Journals (Sweden)

Ľubomír Pepucha

2014-03-01

Full Text Available The article presents basic principles and solutions for the application of Asset Management as part of road administration in Slovakia. It deals with application of Assets management methods and best practices of global trends in road maintenance, repair and rehabilitation strategies. An effective public Asset Management combines principles and strategies of asset management used in private sector with sound practices and methods proven to be applicable by public road administrator and his digital information systems. The under-funding of road management leads to development of tools and methods, which enable us to define criteria for establishing priorities for investments into road assets.

Leveraging GIS in a real-time data environment

Energy Technology Data Exchange (ETDEWEB)

Nemeth, D.B. [Panhandle Energy, Houston, TX, (United States); Spangler, J. [Global Information Systems, Kearney, MO (United States)

2010-07-01

This presentation discussed a project to integrate Gas Control (GC) with a Geographic Information System (GIS) for meeting asset, schematic, and mapping needs. The new system allows maps to be updated accurately and in real time, thereby avoiding first-flow delays. This is a substantial improvement over the previous system, in which maps were updated annually. GC users required a greater depth of data, the authority of update data and send commands, and viewing capability for real-time values for flow and pressure, with multiple concurrent views of the system and near constant availability of views and data. GC users needed to be able to see asset attributes with real-time values; send commands to facilities/equipment to control product flow; coordinate with asset management teams to control product flow; and have strict data/quality control processes. The project team defined and refined the system requirements, reviewed technologies that could be leveraged into a solution, provided data clean-up/migration services to supplement the GIS database with additional data needed for Supervisory Control and Data Acquisition (SCADA), and created overlays of pipe information for map viewing annotated with real-time data readings/asset information. Detailed schematics were presented for the data flow migration. The project resulted in the completed data capture process to supplement GIS asset data for the 5,000-mile Florida Gas Transmission (FGT) system, the completed clean-up of network and schematic diagrams, and the linking of real-time operations data for FGT. The presentation concluded with a discussion regarding opportunities for improvement to the user interface. 24 figs.

Size and liquidity effects in Nigeria: an industrial sector study

OpenAIRE

Hearn, Bruce

2013-01-01

This study estimates liquidity premiums using the recently developed Liu (2006) measure within a multifactor capital asset pricing model (CAPM) including size premiums and a time varying parameter model for the West African emerging market of Nigeria. The evidence suggests that liquidity factors are relevant only for financial and basic materials sector stocks while size factor is more generally relevant in explaining the cross section of stock returns in the Nigerian domestic equity market....

Securing energy assets and infrastructure 2007

Energy Technology Data Exchange (ETDEWEB)

NONE

2006-06-15

This report describes in detail the energy industry's challenges and solutions for protecting critical assets including oil and gas infrastructure, transmission grids, power plants, storage, pipelines, and all aspects of strategic industry assets. It includes a special section on cyber-terrorism and protecting control systems. Contents: Section I - Introduction; U.S Energy Trends; Vulnerabilities; Protection Measures. Section II - Sector-wise Vulnerabilities Assessments and Security Measures: Coal, Oil and Petroleum, Natural Gas, Electric Power, Cybersecurity and Control Systems, Key Recommendations; Section III - Critical Infrastructure Protection Efforts: Government Initiatives, Agencies, and Checklists.

TESTING FORMARKET ANOMALIES IN DIFFERENT SECTORS OFTHE JOHANNESBURG STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

Mpho I. Mahlophe

2017-01-01

Full Text Available Thisstudy comparedthe performance of different asset-pricing models and theirability to account for market anomalies in different sectors of the JohannesburgStock Exchange (JSE. The total sample size of the study consisted of 156companies categorised into six differentsectors namely, resources, consumergoods, consumer services, financial, industrial and others.Various asset-pricingmodels such asthe Capital Asset pricing Model(CAPM,the Fama and Frenchthree-factor model andthe Carhartfour-factor model were used to analyse monthlydata from January 2002 to December 2014. Variables used include themonthlystock return for each company and different market anomalies namely, size, value,January and momentum effects. The study revealedthat whenever the asset-pricingmodels were not restricted, they tend to capture the market anomalies in fourout ofthe six sectors. In contrast,when the models are restricted, they only seem to capturetheanomaliesinone of the six examined sectors.Thus,market anomalies aresensitive to model specifications, as restricting the modelstends to reduce thelikelihood of finding the presence of the market anomaliesacross the sectors.Ourfindings also show that market anomaliestend to differ across sectors and somesectors seem to bemore efficient than others.

The Economics of Hedge Funds: Alpha, Fees, Leverage, and Valuation

OpenAIRE

Yingcong Lan; Neng Wang; Jinqiang Yang

2011-01-01

Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs. Increasing the investment allocation to the alpha-generating strategy typically lowers the fund's risk-adjusted excess return due to frictions such as price pressure. When the manager is only paid via m...

Financial Leverage Behaviour and Firm Performance: Evidence from Publicly Quoted Companies in Nigeria

Directory of Open Access Journals (Sweden)

Godsday Okoro Edesiri

2014-08-01

Full Text Available This paper scrutinizes financial leverage behaviour and firm performance of publicly quoted companies in Nigeria. Data of Leverage, Profitability and Firm Size were sourced from the Nigerian Stock Exchange Fact-book and Annual Report and Accounts of 120 publicly quoted companies in Nigeria during the period 1990 through 2013. Findings suggest that profitability and firm size had a negative effect on financial leverage behaviour of publicly quoted companies in Nigeria. Thus, it was recommended that firms should carry out projects that would help enhance size and profitability in all aspect of the firm. Size in terms of assets would help increase the internal funding. This in turn will have a positive impact on the financial structure of firm as more of internally generated funds will be used instead of external borrowings. Firms should not assume that making of profit shows good application of leverage as this was not found to be true from the analysis. This implies that the result can be relied upon for policy direction.

Determination of the Regulatory Asset Base of power distribution companies. Background report of 'Guidelines for price cap regulation in the Dutch electricity sector'

International Nuclear Information System (INIS)

Tjin, T.; Buitelaar, T.

2000-02-01

July 1999 The Netherlands Electricity Regulatory Service (DtE) published an Information and Consultation Document on the subject of 'Price Cap Regulation in the Dutch Electricity Sector'. By means of price cap regulation tariffs are determined such that businesses are stimulated continuously to organize their total processes and operation as efficient as possible. In the consultation document a large number of questions with respect to the future organization and planning of the system of economic regulation of the electricity sector in the Netherlands can be found. Many reactions and answers were received, compiled and analyzed. The results are presented in the main report, which forms the framework for the DtE to shape the economic regulation of the Dutch electricity sector. In this background document attention is paid to a method to determine the Regulatory Asset Base (RAB)

Cross compliance and competitiveness of the European beef and pig sector

NARCIS (Netherlands)

Roest, de K.; Jongeneel, R.; Dillen, K.; Winsten, J.

2008-01-01

Beef and pig production are important sectors affected by the cross-compliance policy. Full compliance with SMRs and GAECs generates costs and benefits which may have an impact on the competitiveness of these sectors on the world market. Compliance with the Nitrate Directive, animal identification

DOE Asset Revitalization: Sustainability and Waste Management Aspects - 12120

Energy Technology Data Exchange (ETDEWEB)

Robinson, Sharon M. [Oak Ridge National Laboratory, Oak Ridge, TN 37831 (United States)

2012-07-01

In February 2011 Secretary of Energy Steven Chu established a Task Force on Asset Revitalization to facilitate a discussion among the Department of Energy (DOE), communities around DOE sites, non-profits, tribal governments, the private sector, and other stakeholders to identify reuse approaches as environmental cleanup efforts at DOE sites reach completion. The Task Force was charged with exploring opportunities to reuse DOE site assets for beneficial purposes and making recommendations to the Under Secretaries of Energy, Science, and Nuclear Security on the formation of an Asset Revitalization Initiative (ARI). The ARI is a Department-wide effort to advance the beneficial reuse of the DOE's unique and diverse mix of assets including land, facilities, infrastructure, equipment, technologies, natural resources, and a highly skilled workforce. The ARI will encourage collaboration between the public and private sectors in order to achieve energy and environmental goals as well as to stimulate and diversify regional economies. The recommendations of the ARI Task Force are summarized below, focusing on the sustainability and waste management aspects. DOE's ongoing completion of cleanup efforts and modernization efforts is creating opportunities to transition under-used or excess assets to future beneficial use. The FY 2011 DOE ARI Task Force determined that DOE's assets could be reused for beneficial purposes such as clean energy production, industrial manufacturing, recreational and conversation use, and other economic development initiatives. Asset revitalization has the potential to both help achieve DOE's energy and environmental goals and diversify regional economies where the sites are located, including providing the support needed to implement large-scale projects that achieve green sustainability goals. Asset revitalization efforts could be accelerated by effectively incorporating future use plans into environmental management and

Financial Super-Markets: Size Matters for Asset Trade.

OpenAIRE

Philippe Martin and Hélène Rey.

2000-01-01

This paper presents a new theoretical framework to analyze financial markets in an international context. We build a two-country macroeconomic model in which agents are risk averse, assets are imperfect substitutes, the number of financial assets is endogenous, and cross-border asset trade entails transaction costs. We show that demand effects have important implications for the link between market size, asset prices and financial market development. These effects are consistent with the exis...

Discovering Bayesian Market Views for Intelligent Asset Allocation

OpenAIRE

Xing, Frank Z.; Cambria, Erik; Malandri, Lorenzo; Vercellis, Carlo

2018-01-01

Along with the advance of opinion mining techniques, public mood has been found to be a key element for stock market prediction. However, in what manner the market participants are affected by public mood has been rarely discussed. As a result, there has been little progress in leveraging public mood for the asset allocation problem, as the application is preferred in a trusted and interpretable way. In order to address the issue of incorporating public mood analyzed from social media, we pro...

Improving Outcomes in the Nigeria Healthcare Sector through Public ...

African Journals Online (AJOL)

PPP) model in the Country's healthcare sector. Public - Private Interaction offers opportunity of leveraging private sector investment in the sector and further enhances improvements in service delivery as well as increases access to quality ...

The Replacement of Safe Assets: Evidence from the U.S. Bond Portfolio

OpenAIRE

Bertaut, Carol C.; Tabova, Alexandra M.; Wong, Vivian

2014-01-01

The expansion in financial sector "safe" assets, largely in the form of structured products from the U.S. and the Caribbean, in the lead-up to the global financial crisis has by now been fairly well documented. Using a unique dataset derived from security-level data on U.S. portfolio holdings of foreign securities, we show that since the crisis, it is mostly the foreign financial sector that appears to have met U.S. demand for safe and liquid investment assets by expanding its supply of debt ...

CROSS COMPLIANCE AND COMPETITIVENESS OF THE EUROPEAN BEEF AND PIG SECTOR

OpenAIRE

de Roest, Kees; Jongeneel, Roelof A.; Dillen, Koen; Winsten, Jonathan R.

2008-01-01

Beef and pig production are important sectors affected by the cross-compliance policy. Full compliance with SMRs and GAECs generates costs and benefits which may have an impact on the competitiveness of these sectors on the world market. Compliance with the Nitrate Directive, animal identification and registration requirements and animal welfare standards can give rise to non-negligible cost of production increases at individual farm level and at sector level. Additional costs can be relevant...

Monitoring Leverage

DEFF Research Database (Denmark)

Geanakoplos, John; Heje Pedersen, Lasse

2014-01-01

measure of systemic risk. Indeed, systemic crises tend to erupt when highly leveraged economic agents are forced to deleverage, sending the economy into recession. We emphasize the importance of measuring both the average leverage on old loans (which captures the economy's vulnerability) and the leverage...... offered on new loans (which captures current credit conditions) since the economy enters a crisis when leverage on new loans is low and leverage on old loans is high. While leverage plays an important role in several economic models, the data on leverage is model-free and simply needs to be collected...

Multifractal detrended cross-correlations between crude oil market and Chinese ten sector stock markets

Science.gov (United States)

Yang, Liansheng; Zhu, Yingming; Wang, Yudong; Wang, Yiqi

2016-11-01

Based on the daily price data of spot prices of West Texas Intermediate (WTI) crude oil and ten CSI300 sector indices in China, we apply multifractal detrended cross-correlation analysis (MF-DCCA) method to investigate the cross-correlations between crude oil and Chinese sector stock markets. We find that the strength of multifractality between WTI crude oil and energy sector stock market is the highest, followed by the strength of multifractality between WTI crude oil and financial sector market, which reflects a close connection between energy and financial market. Then we do vector autoregression (VAR) analysis to capture the interdependencies among the multiple time series. By comparing the strength of multifractality for original data and residual errors of VAR model, we get a conclusion that vector auto-regression (VAR) model could not be used to describe the dynamics of the cross-correlations between WTI crude oil and the ten sector stock markets.

Managing Uncertainty and Risk in Public-sector Investments

Science.gov (United States)

2007-04-30

private sector, Capital Asset Pricing Models ( CAPM ) models provide valuation tools, of which the Black-Scholes equation is the most well known and...maximized mean of discounted cash flows on the assumption that the risk to underlying investment options can be replicated by assets in a financial... assumptions seldom apply for large-scale infra-modernization programs, in either the public or the private sector. In addition, NPV investment is

Financial Super-Markets: Size Matters for Asset Trade

OpenAIRE

Philippe Martin; Helene Rey

2001-01-01

This paper presents a new theoretical framework to analyze=20 financial markets in an international context. We build a two-country=20 macroeconomic model in which agents are risk averse, assets are imperfect=20 substitutes, the number of financial assets is endogenous, and cross-border= =20 asset trade entails transaction costs. We show that demand effects have=20 important implications for the link between market size, asset prices and=20 financial market development. These effects are cons...

CAPM (Capital Asset Pricing Model) and regulation in Brazilian electric distribution sector; CAPM (Capital Asset Pricing Model) e regulacao no segmento de distribuicao do setor eletrico brasileiro

Energy Technology Data Exchange (ETDEWEB)

Pinto, Rinaldo Caldeira; Parente, Virginia [Universidade de Sao Paulo (USP), SP (Brazil)], emails: rinaldo@iee.usp.br, vparente@iee.usp.br

2010-07-01

The aim of this paper is to analyse the use of Capital Asset Pricing Model (CAPM) Beta in the Brazilian electric distribution sector tariffs review. The betas applied by the Regulatory Agency are defined using data from the American, English and Brazilian markets. These betas will then be compared to the betas obtained in the domestic market. The betas were directly obtained from an economic-financial databank largely employed by the market. The sample is composed of companies' shares, priced at Sao Paulo Stock Market. Their main activity is the distribution of electric energy between July 2002 and July 2007. The results of mean betas obtained for the distribution segment, with values close to the ones applied by the regulatory agency for the cycle of tariff reviews between 2007-2010. (author)

CAPM (Capital Asset Pricing Model) and regulation in Brazilian electric distribution sector; CAPM (Capital Asset Pricing Model) e regulacao no segmento de distribuicao do setor eletrico brasileiro

Energy Technology Data Exchange (ETDEWEB)

Pinto, Rinaldo Caldeira; Parente, Virginia, E-mail: rinaldo@iee.usp.br, E-mail: vparente@iee.usp.br [Universidade de Sao Paulo (USP), SP (Brazil)

2010-07-01

The aim of this paper is to analyse the use of Capital Asset Pricing Model (CAPM) Beta in the Brazilian electric distribution sector tariffs review. The betas applied by the Regulatory Agency are defined using data from the American, English and Brazilian markets. These betas will then be compared to the betas obtained in the domestic market. The betas were directly obtained from an economic-financial databank largely employed by the market. The sample is composed of companies' shares, priced at Sao Paulo Stock Market. Their main activity is the distribution of electric energy between July 2002 and July 2007. The results of mean betas obtained for the distribution segment, with values close to the ones applied by the regulatory agency for the cycle of tariff reviews between 2007-2010. (author)

Processes of Negotiating Identity in a Cross Sector Partnership

DEFF Research Database (Denmark)

Easter, Sarah; Schultz, Majken

2017-01-01

In spite of the growing importance of cross sector partnerships to address societal challenges, the extant organizational studies literature has tended to hone in on identity in organizational fields, single organizations and teams. Recognizing this significant lacuna, we present an ethnographic,...

A Theoretical Assessment on Optimal Asset Allocations in Insurance Industry

Directory of Open Access Journals (Sweden)

Bilel Jarraya

2013-10-01

Full Text Available In recent years the financial markets known a rapid development and become more and more complex. So, many regulatory requirements, focused on banks as well as insurance sector, have been developed. These regulatory are concentrated essentially on business risk control and required capital to cover risks. These requirements have influenced the asset allocation issue in insurance industry. These requirements have influenced the asset allocation issue in insurance industry. This section is interested by this issue. In first time it highlights some research works in this issue. Then we will investigate the relation between Solvency and optimal asset allocation. Finally we will explore the principal used methods in modeling asset and in choosing the optimal portfolio composition.

Cross-sector cooperation in health-enhancing physical activity policymaking

DEFF Research Database (Denmark)

Hämäläinen, Riitta-Maija; Aro, Arja R.; Juel Lau, Cathrine

2016-01-01

in health-enhancing physical activity (HEPA) policies in six European Union (EU) member states. METHODS: Qualitative content analysis of HEPA policies and semi-structured interviews with key policymakers in six European countries. RESULTS: Cross-sector cooperation varied between EU member states within HEPA...

TESTING FOR MARKET ANOMALIES IN DIFFERENT SECTORS OF THE JOHANNESBURG STOCK EXCHANGE

OpenAIRE

Mahlophe, Mpho I.; Muzindutsi, Paul-Francois

2017-01-01

This study compared the performance of different asset-pricing models and their ability to account for market anomalies in different sectors of the Johannesburg Stock Exchange (JSE). The total sample size of the study consisted of 156 companies categorised into six different sectors namely, resources, consumer goods, consumer services, financial, industrial and others. Various asset-pricing models such as the Capital Asset pricing Model (CAPM), the Fama and French three-factor model and the C...

Hotels as a Property Asset Class: International and South African ...

African Journals Online (AJOL)

This article contributes to an understanding – presently undeveloped – of the production of hospitality spaces in South Africa, and in particular examines the country's growing hotel sector. The specific focus is upon the hotel as a form of property investment and the hotel sector as a specific property asset class. Against the ...

A Model Suggestion to Predict Leverage Ratio for Construction Projects

Directory of Open Access Journals (Sweden)

Özlem Tüz

2013-12-01

Full Text Available Due to the nature, construction is an industry with high uncertainty and risk. Construction industry carries high leverage ratios. Firms with low equities work in big projects through progress payment system, but in this case, even a small negative in the planned cash flows constitute a major risk for the company.The use of leverage, with a small investment to achieve profit targets large-scale, high-profit, but also brings a high risk with it. Investors may lose all or the portion of the money. In this study, monitoring and measuring of the leverage ratio because of the displacement in cash inflows of construction projects which uses high leverage and low cash to do business in the sector is targeted. Cash need because of drifting the cash inflows may be seen due to the model. Work should be done in the early stages of the project with little capital but in the later stages, rapidly growing capital need arises.The values obtained from the model may be used to supply the capital held in the right time by anticipating the risks because of the delay in cashflow of construction projects which uses high leverage ratio.

Leveraging Old Intellectual Property to Accelerate Technology Entrepreneurship

Directory of Open Access Journals (Sweden)

Derek Smith

2013-06-01

Full Text Available Acquiring or licensing assets to older technologies, including surviving intellectual property rights, is an often-overlooked viable strategy for accelerating technology entrepreneurship. This strategy can help entrepreneurs short-cut the growth of a customer base, reduce development effort, and shorten the time to market with a minimum viable product. However, this strategy is not without risk; entrepreneurs need to be careful that the acquired intellectual property rights are not fraught with issues that could severely outweigh any perceived value. Proper investigation is required to ensure success because the current literature fails to provide tools that an entrepreneur can apply when considering the acquisition of intellectual property. This article includes a case study of a technology company – Piranha Games – that indirectly acquired sole and exclusive access to a substantial historical customer base by acquiring and licensing older technology and surviving intellectual property assets. The founders then leveraged the existing product brand and its historical customers to acquire significant funding and went global with a minimum viable product in three years. The copyright and trademark assets provided value on day one to Piranha Games by making it difficult and risky for others to exploit the technology. Based on this case study, this article offers recommendations to entrepreneurs who may benefit from acquiring old intellectual property to accelerate the growth of their startups.

Collective Identity in Cross Sector Partnerships: A Research Brief

NARCIS (Netherlands)

N. Payandeh (Nasim)

2013-01-01

markdownabstractCross sector partnerships (CSPs) face the challenge of aligning diverse partners towards the same goal of social value co-creation, and in fact might conduce to conflict and inefficient use of resources. Through a study of a Dutch-Colombian partnership for the development of coffee

Emerging Changes in the Worldwide Power Sector: The Assets of Thermal Power

Energy Technology Data Exchange (ETDEWEB)

Moliere, Michel; Girardot, Amelie; Jones, Robert M.

2007-07-01

In forthcoming decades we will see major changes in the landscape of the worldwide power sector as CO2 management and incipient hydrocarbon scarcity exert their increasing influence. The power generation community must be prepared to satisfy a particularly complex and challenging set of requirements. These issues include curbing CO2 emissions, coping with surging primary energy prices, and compliance with regional and local emissions requirements such as SOx and NOx-while maintaining maximum efficiency. In this context, as confirmed by International Energy Agency forecasts, thermal power will maintain a prominent position in overall power generation since it enables the large capacity additions required in emerging countries. Thanks to their reliable assets (such as energy efficiency and environment) gas turbine-based power systems, including Gas Turbine Combined Cycles (GTCC) and Combined Heat & Power (CHP), will continue to be major contributors to worldwide power generation. However, evolving changes in the spectrum of fuels will create an additional challenge for power generation equipment manufacturers-requiring innovative technologies in fuel processing, combustion, and emission controls to address these needs. This paper reviews the factors underlining the changing power generation environment worldwide, including the increasing scarcity of conventional fuels and the growing interest in biofuels and hydrogen. Insights will be offered into various technologies needed to support the growing need for increased fuel flexibility.

Knowledge Capital, Intangible Assets, and Leverage: Evidence from U.S. Agricultural Biotechnology Firms

OpenAIRE

Sporleder, Thomas L.; Moss, Leeann E.

2004-01-01

Agricultural biotechnology firms are high technology companies. Firms in general, and high technology firms in particular, are a set of both assets in place and growth opportunities. This has important implications for managerial decision-making. Knowledge capital motivates exploitation of growth options, which affects firm cash flow. In turn, the level and volatility of firm cash flow influences firm financing decisions. Previous studies suggest that knowledge capital can influence both the ...

Valuation, leverage and the cost of capital in the case of depreciable assets

OpenAIRE

Lund, Diderik

2003-01-01

Levy and Arditti (1973) introduced depreciable assets into the Modigliani and Miller (1958) model, and analyzed the implications for the cost of capital. Assuming that the firm reinvests indefinitely to maintain a constant expected cash flow, they found that depreciation increases the cost of capital before and after tax. Most of their assumptions are maintained. However, commitment to perpetual reinvestment is in most cases not a reasonable assumption. Without it, depreciation...

10th World Congress on Engineering Asset Management

CERN Document Server

Kortelainen, Helena; Aaltonen, Jussi; Uusitalo, Teuvo; Komonen, Kari; Mathew, Joseph; Laitinen, Jouko

2016-01-01

This book comprises refereed papers from the 10th World Congress on Engineering Asset Management (WCEAM 2015), held in Tampere, Finland in September 2015. These proceedings include a compilation of state-of-the-art papers covering a comprehensive range of subjects equally relevant to business managers and engineering professionals alike. With a focus on various aspects of engineering asset management ranging from strategic level issues to detail-level machine health issues, these papers address both industry and public sector concerns and issues, as well as advanced academic research. Proceedings of the WCEAM 2015 is an excellent reference and resource for asset management practitioners, researchers and academics, as well as undergraduate and postgraduate students at tertiary institutions or in the industry.

Vulnerability to asset-poverty in Sub-Saharan Africa

OpenAIRE

Echevin, Damien

2011-01-01

This paper presents a methodology to measure vulnerability to asset-poverty. Using repeated cross-section data, age cohort decomposition techniques focusing on second-order moments can be used to identify and estimate the variance of shocks on assets and, therefore, the probability of being poor in the future. Estimates from the Ghana Living Standard Surveys show that expected asset-poverty is a reliable proxy for expected consumption-poverty. Applying the methodology to nine Demographic Heal...

PENGARUH PERPUTARAN KAS, PERPUTARAN PIUTANG USAHA, PERPUTARAN PERSEDIAAN DAN LEVERAGE TERHADAP KINERJA KEUANGAN PERUSAHAAN

OpenAIRE

Suprihatin, Neneng Sri; Nasser, Etty

2017-01-01

The purpose of this study is to determine the effect of cash turnover, account receivable turnover, inventory turnover and leverage to financial performance (Liquidity and Rentability). The independent variable is cash turnover, account receivable turnover, inventory turnover and leverage. The dependent variable are financial performance (Liquidity and Rentability). The sample used in the study consists of manufacturing company in food and beverage sector the period of 2009-2012.The result sh...

Hedge Ratios for short and leveraged ETFs

Directory of Open Access Journals (Sweden)

Leo Schubert

2011-06-01

Full Text Available Exchange Traded Funds (ETFs exist for stock-, bond- and commodity markets. In most cases the underlying of an ETF is an index. Fund management today uses the active and passive way to construct a portfolio. ETFs can be used for passive portfolio management. Then ETFs with positive leverage factors are preferred. In the frame of active portfolio also the ETFs with negative leverage factors can be applied for the hedge or cross hedge of a portfolio. These hedging possibilities will be analyzed in this paper. Short ETFs exist with different leverage factors. In Europe, the leverage factors 1 (e.g. ShortDAX ETF and 2 (e.g. DJ STOXX 600 Double Short are offered while in the financial markets of the United States factors from 1 to 4 can be found. To investigate the effect of the different leverage factors and other parameters Monte Carlo Simulation was used. The results show e.g. that higher leverage factors achieve higher profits as well as losses. In the case, that a bearish market is supposed, minimizing the variance of the hedge seem not to be until to get better hedging results, due to a very skewed return distribution of the hedge. The risk measure target-shortfall-probability confirms the use of the standard hedge weightings which depend only on the leverage factor. This characteristic remains, when a portfolio has to be hedged instead of the underlying index of the short ETF. For portfolios which have a low correlation with the index return should not be used high leverage factors for hedging, due to the higher volatility and target-shortfall-probability.

KNOWLEDGE CAPITAL, INTANGIBLE ASSETS, AND LEVERAGE: EVIDENCE FROM U.S. AGRICULTURAL BIOTECHNOLOGY FIRMS

OpenAIRE

Sporleder, Thomas L.; Moss, Leeann E.; Nickels, Lori A.

2002-01-01

Firms in general, and high technology firms such as biotechnology firms in particular, are both a set of assets in place and growth opportunities. This has important implications for managerial decision-making. Knowledge capital motivates exploitation of growth options, which affects firm cash flow. In turn, the level and volatility of firm cash flow influences firm financing decisions. Previous studies suggest that knowledge capital can influence both the location and capital structure of fi...

Valuation, leverage and the cost of capital in the case of depreciable assets

OpenAIRE

Lund, Diderik

2006-01-01

Levy and Arditti (1973) introduced depreciable assets into the Modigliani and Miller (1958) model, and analyzed the implications for the cost of capital. Assuming that the firm reinvests indefinitely to maintain a constant expected cash flow, they found that depreciation increases the cost of capital before and after tax. Most of their assumptions are maintained. However, commitment to perpetual reinvestment is in most cases not a reasonable assumption. Without it, depreciation decreases the ...

Analysis of the asset position of the Hungarian pig farming sector based on the data of the Farm Accountancy Data Network (FADN

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Ildikó ÁBEL

2017-03-01

Full Text Available The goal of the study was the examination of the Hungarian pig sector with particular attention paid to the available assets, to the composition of the non-current assets, to the depreciation value, to the value of gross and net investments and to the value of various supports. It was found that the position of individual farms was more unfavorable; only from 2012 exceeded the value of their investments the value of depreciation, consequently these investments did not result in farm development. Corporate farms on the other hand were able to increase their investments - partly because they were more successful in utilizing the various support measures. Although individual farms had an increased value of investment in the last examined year, the statement above is still valid. Companies characteristically invested in high-value fixed assets, particularly in real estate property, while individual farms preferred intermediate assets, particularly machinery and breeding stock. The results of the study also show that farms keeping fewer pigs (below 50 livestock units chose to increase the size of their breeding stock while reducing their real estate and machinery investment. In the case of medium size pig farms (livestock units 50-150 the situation were more diverse. In 2010 the biggest investment activity occurred in increasing the size of the breeding stock, in 2011 in real estate investment and from 2012 machinery investment had the biggest value. Farms having more than 150 livestock units purchased mainly breeding stock in the first two years, and invested in real estate property from 2012. The small and medium size pig farms realized negative net investment indicating a decreasing productive capacity and falling behind in terms of development. These farms were not able to replace their depreciated assets. In terms of developments only the big pig farms were successful having sufficient resources and successful partaking in the various support

A leverage theory of reputation building with co-branding: Complementarity in reputation building

OpenAIRE

Choi, Jay Pil; Jeon, Doh-Shin

2007-01-01

We present a leverage theory of reputation building with co-branding. We show that under certain conditions, co-branding that links unknown firms in a new sector with established firms in a mature sector allows the unknown firms to signal a high product quality and establish their own reputation. We compare this situation with a benchmark in which both sectors are new and firms signal their quality only with prices. We investigate how this comparison is affected by the nature of the technolog...

A study of the impacts of leverage on labor and capital productivity: A case study of companies listed in Tehran Stock Market

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Peyman Akbari

2013-03-01

Full Text Available Productivity is a primary objective of increasing competition in modern economy and any increase in productivity level helps development of organization in the competitive market. The purpose of this paper is to investigate the relationship between operating leverage, financial leverage, compound leverage as independent variables and productivity indices including labor and capital productivities as dependent variables. The study includes 102 companies accepted in Tehran Stock Market based on screening, systematic deletion, over the period 2005-2010. The required data are gathered through official financial statements, committee reports, and other available documents in Tehran Stock Market. Stepwise regression and Pearson correlation are used to analyze the data. The results of the study have indicated that there were significant relationships between independent variables including leverage ratios with labor productivity. In addition, there is also a significance relationship between leverage ratios with capital productivity of total assets.

Long term cross asset management of critical structures

International Nuclear Information System (INIS)

Wenzel, H.

2013-01-01

Conclusions: Asset management requires tools for optimisation. SHM delivers the required information. SHM helps to reduce the uncertainties. Life Cycle methodologies are mature. Life Time Extension can be justified and monitored. Life Cycle Engineering is a must nowadays

On certain development aspects of an ipsas-based system-target approach to evaluation of net asset sustainability level projects in high-rise construction

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Kazaryan Ruben

2018-01-01

Full Text Available Problems of accounting and reporting of net assets and the procedure of their formation taking into account the specifics of the economic and legal status of property of a non-commercial autonomous institution are some of the most controversial in the accounting for entities of the public sector. The study focuses on justification of accounting rules for net assets of public sector entities. The methods used in the study are as follows: comparison, synthesis, analysis, logical approach, and system approach. The article examines legal aspects and specifics of recognition of assets of public sector entities in accordance with IPSAS standards (International Public Sector Accounting Standards are a set of accounting standards issued by IPSASB (Council for International Financial Reporting Standards for Public Sector Organizations used by state-owned enterprises worldwide in preparation of financial statements as of the 31st of August, 2015. The most crucial factor in the modeling of key performance indicators of the system-target approach to estimation of the sustainability level of net assets on the basis of IPSAS is a multicriterial evaluation of the basic management strategy for quality system elements used in operational and strategic planning projects operations in high-rise construction. We offer an alternative evaluation of assets due to be returned to the right holder (the state controller in the event of liquidation of a public sector entity.

On certain development aspects of an ipsas-based system-target approach to evaluation of net asset sustainability level projects in high-rise construction

Science.gov (United States)

Kazaryan, Ruben

2018-03-01

Problems of accounting and reporting of net assets and the procedure of their formation taking into account the specifics of the economic and legal status of property of a non-commercial autonomous institution are some of the most controversial in the accounting for entities of the public sector. The study focuses on justification of accounting rules for net assets of public sector entities. The methods used in the study are as follows: comparison, synthesis, analysis, logical approach, and system approach. The article examines legal aspects and specifics of recognition of assets of public sector entities in accordance with IPSAS standards (International Public Sector Accounting Standards are a set of accounting standards issued by IPSASB (Council for International Financial Reporting Standards for Public Sector Organizations) used by state-owned enterprises worldwide in preparation of financial statements as of the 31st of August, 2015. The most crucial factor in the modeling of key performance indicators of the system-target approach to estimation of the sustainability level of net assets on the basis of IPSAS is a multicriterial evaluation of the basic management strategy for quality system elements used in operational and strategic planning projects operations in high-rise construction. We offer an alternative evaluation of assets due to be returned to the right holder (the state controller) in the event of liquidation of a public sector entity.

Network formation in a multi-asset artificial stock market

Science.gov (United States)

Wu, Songtao; He, Jianmin; Li, Shouwei; Wang, Chao

2018-04-01

A multi-asset artificial stock market is developed. In the market, stocks are assigned to a number of sectors and traded by heterogeneous investors. The mechanism of continuous double auction is employed to clear order book and form daily closed prices. Simulation results of prices at the sector level show an intra-sector similarity and inter-sector distinctiveness, and returns of individual stocks have stylized facts that are ubiquitous in the real-world stock market. We find that the market risk factor has critical impact on both network topology transition and connection formation, and that sector risk factors account for the formation of intra-sector links and sector-based local interaction. In addition, the number of community in threshold-based networks is correlated negatively and positively with the value of correlation coefficients and the ratio of intra-sector links, which are respectively determined by intensity of sector risk factors and the number of sectors.

Cross-Sector Problems of Collaboration in Psychiatry

DEFF Research Database (Denmark)

Mikkelsen, Elisabeth Naima; Petersen, Anne; Lyager Kaae, Anne Marie

2013-01-01

- and community-based services. Results: Staff and management experiencing cross-sector problems of collaboration point to ineffective coordination of services between systems and lack of mutual understanding of how systems other than the staffs’ own systems work. Solutions include specific procedural changes...... existed in Danish psychiatry since the 1980s when mental health service provisions were split into two psychiatric systems. Material and methods: We report from two qualitative studies: STUDY#1 (n = 24) consisted of twenty-four individ­ual, qualitative interviews with the staff and management...

Data driven profiting from your most important business asset

CERN Document Server

Redman, Thomas C

2008-01-01

Your company's data has the potential to add enormous value to every facet of the organization -- from marketing and new product development to strategy to financial management. Yet if your company is like most, it's not using its data to create strategic advantage. Data sits around unused -- or incorrect data fouls up operations and decision making. In Data Driven, Thomas Redman, the "Data Doc," shows how to leverage and deploy data to sharpen your company's competitive edge and enhance its profitability. The author reveals: · The special properties that make data such a powerful asset · The hidden costs of flawed, outdated, or otherwise poor-quality data · How to improve data quality for competitive advantage · Strategies for exploiting your data to make better business decisions · The many ways to bring data to market · Ideas for dealing with political struggles over data and concerns about privacy rights Your company's data is a key business asset, and you need to manage it aggressively and professi...

CAN ASSET REVALUATION BE MANIPULATIVE? - A CASE STUDY

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Crisan Sorana Adina

2013-07-01

Full Text Available Asset revaluation can trigger different signals to investors depending upon company type, asset intensity and category and investors’ expectations. In the same time, motivations behind asset revaluation decisions are diverse, being influenced by management incentives, credit covenants, faithful representation and various other reasons. In many cases the revaluation decision is imposed upon the company by auditors or the need to reduce information asymmetry. In Romania, one of the main decision drivers is the Fiscal Code, due to buildings taxation provisions. For companies that revaluate their fixed assets for taxation purposes only (which is the case for most small companies in Romania, the primary concern is to reduce the fiscal impact – the preferred scenario in this case is most likely to be the one that reduces tax expenses. Our research aims to provide a full picture of the motivations behind the revaluation decision and point to the manipulation instruments made available to companies by the allowed alternatives in what regards (1 which assets to be revalued and (2 how to recalculate book values. By means of a case study we identify the options available to a revaluating company and show how each one can impact the financial statements and financial ratios, thus influencing financial statement users’ perception. Our analysis is limited to fixed assets revaluation, as these are the ones revaluated by most Romanian companies. The comparative analysis shows that the decision to not revaluate certain assets categories can lead to serious distortions of the faithful image. Financial ratios can be significantly impacted by the type of assets revalued, depending upon the revaluation direction (upward or downward and the revaluation differences. In upward revaluation leverage ratios and solvency can improve, leading to a better position in relation to credit covenants. Equity is also positively affected. Alternatively, a decrease of assets�

Risks and financing decisions in the energy sector: An empirical investigation using firm-level data

International Nuclear Information System (INIS)

Rashid, Abdul

2013-01-01

Using a sample of 102 UK energy firms over the period 1981–2009, this paper empirically examines the effects of uncertainty on firms' leverage decisions. The results indicate that both firms-specific and macroeconomic uncertainty have negative, sizeable, and statistically significant impacts on the UK energy sector firms' target leverage. The results also indicate that the profitability of energy firms plays an important role in uncertainty–leverage relationship by changing the (total) effect of uncertainty on leverage. While more profitable firms appear to reduce their leverage by a relatively large amount in response to increased macroeconomic uncertainty, they are less likely to be affected by firm-specific uncertainty. These results suggest that stability in macroeconomic conditions and business activity is important to the stability of the capital structure of firms in the energy sector which would in turn be conducive to stability in their investments and production. - Highlights: • I examine the effect of uncertainty on the UK energy firms' leverage decisions. • Both firm-specific and macroeconomic uncertainty have negative effects on leverage. • Firm profitability plays an important role in uncertainty–leverage relationships. • The total effect of uncertainty on leverage varies with changes in profitability

Why do firms invest in accounts receivable? An empirical investigation of the Malaysian manufacturing sector

OpenAIRE

Paul, S.; Guermat, C.; Devi, S.

2017-01-01

The purpose of this paper is to investigate the factors that influence Malaysian manufacturing sector investment in accounts receivable, an asset seen by many as one of the riskiest in any company’s balance sheet. We test several theories, related to accounts receivable, using a cross-section of 262 listed manufacturing firms over a period of five years (2007-2011). Both fixed and random effect approaches are considered to deal with potential heterogeneity across firms. Our results show that ...

Firm, Country and Macroeconomic Determinants of Capital Structure: Evidence from Turkish Banking Sector

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Nuri Baltacı

2014-03-01

Full Text Available This study explores the significance of firm-specific, country, and macroeconomic factors in explaining variation in leverage using a sample of banks from Turkish banking sector. The analysis is based on quarterly firm-level data from Turkish banking sector in 2002–2012. We aims to contribute to the empirical capital structure literature in the following ways. Our first contribution comes from assessing the importance of firm-specific factors, country-level factors and industrial factors for capital structure decisions in Turkish banking sector. Second, we employ appropriate and advanced dynamic panel data estimators, Blundell and Bond’s (1998 generalized methods of moment’s estimators (GMM System. We find that leverage is significantly and positively associated with average industry leverage, firm size and GDP growth. We find also that leverage is significantly and negatively associated with tangibility, profitability, inflation and financial risk. The regression results for leverage are both theoretically and empirically plausible for banks in Turkey. Moreover, tangibility, profitability and GDP growth are consistent with the predictions of the pecking order theory, while firm size is consistent with the predictions of the trade-off theory. Our findings suggest that the capital structures of financial and non-financial firms are ultimately determined by the same drivers.

Strategic asset management in municipalities: challenges, and solutions to enhance performance

CSIR Research Space (South Africa)

Wall, K

2008-08-01

Full Text Available : “Strategic public sector asset management” Johannesburg, 25 August 2008 Strategic asset management in municipalities: challenges, and solutions to enhance performance Sequence of presentation: 1. Introduction 2. Integrated delivery process – weakest... link – report card 3. Legislation and strategies 4. Basic IAM cycle – and needs 5. What should be done 6. To conclude Chapter 1: If below par, why (short version)? What should be done (summary)? Reasons for below-par performance: • The priority...

Private equity leveraged buyout and public values : The bankruptcy of Eircom, Ireland

NARCIS (Netherlands)

Lemstra, W.; Groenewegen, J.P.M.

2012-01-01

In 2008 the Delft University of Technology was commissioned by the Ministry of Economic Affairs of the Netherlands to investigate the potential impact of private equity leverage buy-out in the telecommunication sector on the public values that the government wished to safeguard. The study provided

STABILITY OF THE PARTICIPATION BANKING SECTOR AGAINST THE ECONOMIC CRISIS IN TURKEY

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Metin Aktaş

2013-01-01

Full Text Available The purpose of this article is to analyze whether participating banking sector is more stable than conventional banking sector during the global economic crisis. The main point is that which banking system are financially less affected from the global economic crisis. For this anlysis, we have used trend analysis method for 2006-2011 on yearly basis. In this study, yearly financial ratios of conventional and participating banking sectors were utilized. Financial ratios can be sorted as profitability, liquidity, risknesss and asset quality ratios. Results of the study show that participating banking sector is more stable than conventional banking sector in terms of profitability, riskiness and liquidity during the analysis term which includes 2008 global economic crisis. In addition, both sectors are almost similiar and stable in terms of asset quality.

Learning Agents for Autonomous Space Asset Management (LAASAM)

Science.gov (United States)

Scally, L.; Bonato, M.; Crowder, J.

2011-09-01

Current and future space systems will continue to grow in complexity and capabilities, creating a formidable challenge to monitor, maintain, and utilize these systems and manage their growing network of space and related ground-based assets. Integrated System Health Management (ISHM), and in particular, Condition-Based System Health Management (CBHM), is the ability to manage and maintain a system using dynamic real-time data to prioritize, optimize, maintain, and allocate resources. CBHM entails the maintenance of systems and equipment based on an assessment of current and projected conditions (situational and health related conditions). A complete, modern CBHM system comprises a number of functional capabilities: sensing and data acquisition; signal processing; conditioning and health assessment; diagnostics and prognostics; and decision reasoning. In addition, an intelligent Human System Interface (HSI) is required to provide the user/analyst with relevant context-sensitive information, the system condition, and its effect on overall situational awareness of space (and related) assets. Colorado Engineering, Inc. (CEI) and Raytheon are investigating and designing an Intelligent Information Agent Architecture that will provide a complete range of CBHM and HSI functionality from data collection through recommendations for specific actions. The research leverages CEI’s expertise with provisioning management network architectures and Raytheon’s extensive experience with learning agents to define a system to autonomously manage a complex network of current and future space-based assets to optimize their utilization.

Challenges with the financial reporting of biological assets by public entities in South Africa

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Deon Scott

2016-03-01

Full Text Available Fair value accounting of biological assets in the public sector was introduced with the adoption of the public-sector-specific accounting standard: Generally Recognised Accounting Practice (GRAP 101. The public sector currently reports on various bases of accounting. Public entities and municipalities report in terms of accrual accounting, and government departments report on the modified cash basis. The lack of a uniform basis of accounting impedes the comparability of financial information. The implementation of GRAP 101 in the public sector is important in facilitating comparability of financial information regarding biological assets. This paper is based on a content analysis of the annual reports of 10 relevant public entities in South Africa and specifically details the challenges that public entities encounter with the application of GRAP 101. These challenges, and how they were addressed by a public entity that adopted and applied GRAP 101, namely the Accelerated and Shared Growth Initiative South Africa – Eastern Cape (AsgiSA-EC, are documented in this research.

TESTING FORMARKET ANOMALIES IN DIFFERENT SECTORS OFTHE JOHANNESBURG STOCK EXCHANGE

OpenAIRE

Mpho I. Mahlophe; Paul-Francois Muzindutsi

2017-01-01

Thisstudy comparedthe performance of different asset-pricing models and theirability to account for market anomalies in different sectors of the JohannesburgStock Exchange (JSE). The total sample size of the study consisted of 156companies categorised into six differentsectors namely, resources, consumergoods, consumer services, financial, industrial and others.Various asset-pricingmodels such asthe Capital Asset pricing Model(CAPM),the Fama and Frenchthree-factor model an...

The Effect of Financial Leverage, Employee Stock Ownership Program and Firm Size on Firm Performance of Companies Listed in Indonesia Stock Exchange

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Nurainun Bangun

2017-07-01

Full Text Available The purpose of this research is to examine and to obtain affected empirical evidence of financial leverage, firm size and employee stock ownership program (ESOP to firm performance in manufacturing company in Indonesian Stock Exchange on 2013-2015. Independent variables in this research are Financial Leverage (DER, Firm Size and Employee Stock Ownership Program (ESOP. Dependent variables in this research are Return on Assets (ROA and Return On Equity (ROE. The results Showed that the simultaneous test of three independent variables Significantly afftected to the ROA and ROE. The partial tests of Financial Leverage (proxy DER and Firm Size Significantly affected to ROA and ROE. But, the results Showed that the Employee Stock Ownership Program (ESOP did not Affect to ROA and ROE.

Intellectual capital in the healthcare sector: a systematic review and critique of the literature.

Science.gov (United States)

Evans, Jenna M; Brown, Adalsteinn; Baker, G Ross

2015-12-15

Variations in the performance of healthcare organizations may be partly explained by differing "stocks" of intellectual capital (IC), and differing approaches and capacities for leveraging IC. This study synthesizes what is currently known about the conceptualization, management and measurement of IC in healthcare through a review of the literature. Peer-reviewed papers on IC in healthcare published between 1990 and 2014 were identified through searches of five databases using the following key terms: intellectual capital/assets, knowledge capital/assets/resources, and intangible assets/resources. Articles deemed relevant for inclusion underwent systematic data extraction to identify overarching themes and were assessed for their methodological quality. Thirty-seven papers were included in the review. The primary research method used was cross-sectional questionnaires focused on hospital managers' perceptions of IC, followed by semi-structured interviews and analysis of administrative data. Empirical studies suggest that IC is linked to subjective process and performance indicators in healthcare organizations. Although the literature on IC in healthcare is growing, it is not advanced. In this paper, we identify and examine the conceptual, theoretical and methodological limitations of the literature. The concept and framework of IC offer a means to study the value of intangible resources in healthcare organizations, how to manage systematically these resources together, and their mutually enhancing interactions on performance. We offer several recommendations for future research.

Challenging the Myths: an investigation of the barriers to wider use of Local Asset Backed Vehicles in the UK

OpenAIRE

Greenhalgh, Paul; Purewal, Bikki

2015-01-01

With a shortage of debt funding, particularly for real estate investment and development, alongside public sector funding cuts, the full effects of which are only just being felt, the need to explore alternative modes of regeneration financing has, arguably, never been so acute. When considering the public sector real estate asset base, comprising operational assets, commercial estate and development land, a series of questions, mostly related to access of finance, are raised. Such questions ...

Asset Pricing in Markets with Illiquid Assets

OpenAIRE

Longstaff, Francis A

2005-01-01

Many important classes of assets are illiquid in the sense that they cannot always be traded immediately. Thus, a portfolio position in these types of illiquid investments becomes at least temporarily irreversible. We study the asset-pricing implications of illiquidity in a two-asset exchange economy with heterogeneous agents. In this market, one asset is always liquid. The other asset can be traded initially, but then not again until after a “blackout†period. Illiquidity has a dramatic e...

The impact of leverage on stock returns: an empirical test on the Australian stock market

OpenAIRE

Thuy Linh, Doan

2009-01-01

Asset pricing model is no longer a new topic to theoretical finance but it still maintains researchers’ interest until now. The role of firm characteristics in explaining the stock returns becomes more and more significant in the empirical studies. The Fama French three factor is the most famous model of testing the firm characteristics: size effect and book to market effect on stock returns. However, this model does not include leverage, one of the most important firm characteristics. Starti...

The Accounting Practices of Heritage Assets

OpenAIRE

Hassan, Nor Laili; Saad, Natrah; Ahmad, Halimah Nasibah; Salleh, Md. Suhaimi Md.; Ismail, Mohamad Sharofi

2016-01-01

Accrual-based accounting is introduced to the government agencies with the intention to hold prudent fiscal management and improve the efficiency of financial management and accounting of the Malaysian Government. For that purpose, Malaysian Public Sector Accounting Standards (MPSAS) was introduced as a main reference in applying the accrual-based accounting. MPSAS 17 which deals with heritage assets, will take effect in 2017. The study intended to discover how do overseas’ museums report the...

VOYAGER OBSERVATIONS OF MAGNETIC SECTORS AND HELIOSPHERIC CURRENT SHEET CROSSINGS IN THE OUTER HELIOSPHERE

Energy Technology Data Exchange (ETDEWEB)

Richardson, J. D. [Kavli Center for Astrophysics and Space Science, Massachusetts Institute of Technology, Cambridge, 02139 (United States); Burlaga, L. F. [NASA Goddard Space Flight Center, Code 673, Greenbelt, MD 20771 (United States); Drake, J. F. [Department of Physics and Institute for Physical Science and Technology, University of Maryland, College Park, MD 20742 (United States); Hill, M. E. [Applied Physics Laboratory, The Johns Hopkins University, Laurel, MD 20723 (United States); Opher, M., E-mail: jdr@space.mit.edu, E-mail: lburlagahsp@verizon.net, E-mail: drake@umd.edu, E-mail: Matthew.Hill@jhuapl.edu, E-mail: mopher@bu.edu [Astronomy Department, Boston University, 675 Commonwealth Avenue, Boston, MA 02215 (United States)

2016-11-10

Voyager 1 ( V1 ) has passed through the heliosheath and is in the local interstellar medium. Voyager 2 ( V2 ) has been in the heliosheath since 2007. The role of reconnection in the heliosheath is under debate; compression of the heliospheric current sheets (HCS) in the heliosheath could lead to rapid reconnection and a reconfiguration of the magnetic field topology. This paper compares the expected and actual amounts of time the Voyager spacecraft observe each magnetic sector and the number of HCS crossings. The predicted and observed values generally agree well. One exception is at Voyager 1 in 2008 and 2009, where the distribution of sectors is more equal than expected and the number of HCS crossings is small. Two other exceptions are at V1 in 2011–2012 and at V2 in 2012, when the spacecraft are in the opposite magnetic sector less than expected and see fewer HCS crossings than expected. These features are consistent with those predicted for reconnection, and consequently searches for other reconnection signatures should focus on these times.

Evolution of the Main Banking Sector Risks in Romania in the Last Decade

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DANA SISEA

2015-03-01

Full Text Available The evolution of financial sector stability risks is a major cause of concern for central banks in democratic countries, the macroprudential approach being a top priority nowadays, amid efforts to overcome the current global financial crisis. The systemic risk management approach has a major impact on economic growth. It refers to financial, economic and social cycles as well. The analysis that reveals this evolution is based on the correlations between risk indicators and economic indicators. It is worth mentioning that the banking sector is the largest part of the financial system in Romania, while the equity stock market is relatively small. In this context, the paper presents the correlations between the main banking sector risk indicators, namely the solvency indicator, leverage and total risks, and key and derived economic and financial indicators. In addition, this paper presents a stress test that predicts the impact of macroeconomic shocks on financial soundness indicators, such as the domestic credit and its main components – governmental and, respectively, non-governmental credit – each of them having a different impact on economic growth. The stress test is based on an econometric model, i.e. the historical scenario. Finally, conclusions are drawn, emphasizing the essential role of prudential regulation, which diminished before the financial crisis that emerged in the United States in 2007. As a result, toxic financial assets could no longer be kept off markets, leading to the destabilization of the financial system and of economy of democratic countries.

MICROECONOMIC FACTORS AFFECTING BANKS’ FINANCIAL PERFORMANCE: THE CASE OF ROMANIA

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Lavinia Mihaela GUŢU

2015-04-01

Full Text Available Banks are important cells in the economy as they have a significant role by maintaining and encouraging the development of economic sectors. They refocus the resources from those who have surplus to those which have a deficit. Therefore, as any other enterprises, performance is highly desirable for banks and, then, it is crucial to discover what the main factors that influence this objective are. So, this paper analyzes the microeconomic factors affecting bank’s financial performance focusing on 11 entities for the period between 2003 and 2013. The performance is measured by return on assets. The independent variables used are bank’s size, financial leverage,loans to assets ratio, deposits to assets ratio, number of employees, liquidity, net result and monetary policy rate. The results show that bank’s size, loans to assets ratio and liquidity have not a significant impact on performance. Financial leverage has a negative impact, meanwhile the number of employees, deposits to assets ratio and net result have a positive effect.

Empirical Insights on the Trading Behavior of the UK Leveraged ETFs

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Gerasimos G. Rompotis

2017-05-01

Full Text Available Objective. This paper focuses on UK leveraged Exchange Traded Funds (ETFs and examines their ability to meet their daily targets, the impact of volatility on targets’ achievement, and their pricing efficiency.Methodology. Standard regression analysis is used to evaluate performance, tracking efficiency and persistence in tracking failures, and the relationship between tracking efficiency and market volatility. Moreover, the pricing efficiency is examined along with the persistence in premium and the influence of market factors on premium.Findings. Results reveal that ETFs achieve their targets but occasionally tracking error can be significant. Furthermore, increases in market volatility relate to higher and lower tracking errors for bull and bear ETFs respectively. Moreover, average premiums testify a sufficient fit between trading prices and net asset values whereas the premiums are eliminated sharply. Moreover, the pricing efficiency of bear ETFs is positively associated with benchmark returns. The opposite is the case for bull ETFs. Finally, the pricing deviations are positively related to benchmarks’ volatility.Limitations. A possible limitation is that our sample includes just nine bear and sixteen bull ETFs even though more than 90 leveraged ETFs are traded on the UK market and our results may not be indicative of the entire UK leveraged ETF market. However, we had to use a small sample of ETFs because the trading activity of the rest ETFs has been very poor and, consequently, our analysis could have been biased by a thin trading effect.             Originality/Value. This is the first study to examine the UK market of leveraged ETFs.

Risiko Likuiditas Bank dan Asset Liabilities Management

OpenAIRE

Lesmana, Iwan

2007-01-01

Uquidity is of critical importance to companies in the banking services sector. Most failures of financialintermediaries have occured in large part due to insufficient liquidity resulting from adverse circumstances.Goldman Sachs has in piace a comprehensive set of liquidity and funding policies that are intended tomaintain significant flexibility to address specific and broader industry or market liquidity events.In asset liabilities mal1agement or liquidity management, liquidity risk is mana...

Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets

OpenAIRE

Louise M. Arthur; Colin A. Carter; Fay Abizadeh

1988-01-01

A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing th...

Fair value versus historical cost-based valuation for biological assets: predictability of financial information

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Josep M. Argilés

2011-08-01

This paper performs an empirical study with a sample of Spanish farms valuing biological assets at HC and a sample applying FV, finding no significant differences between both valuation methods to assess future cash flows. However, most tests reveal more predictive power of future earnings under fair valuation of biological assets, which is not explained by differences in volatility of earnings and profitability. The study also evidences the existence of flawed HC accounting practices for biological assets in agriculture, which suggests scarce information content of this valuation method in the predominant small business units existing in the agricultural sector in advanced Western countries.

Asset sales, asset exchanges, and shareholder wealth in China

Directory of Open Access Journals (Sweden)

Weiting Huang

2012-01-01

Full Text Available In this paper, we study a sample of 1376 corporate asset sales and 250 asset exchanges in China between 1998 and 2006. We find that corporate asset sales in China enhance firm value with a cumulative abnormal return (CAR of 0.46% for the pre-announcement five-day period, which is consistent with the evidence discovered in both U.K. and U.S. For companies that exchanged assets during the sample period, the pre-announcement five-day CAR of 1.32% is statistically significant. We also discover that gains from divesting assets are positively related to managerial performance measured by Tobin's q ratio and the relative size of the asset sold or exchanged. Well-managed (high-q companies are more likely to sell or exchange assets in a value-maximizing fashion than poorly managed (low-q companies. Furthermore, asset-seller gains are not related to enhancing corporate focus, but improving corporate focus by exchanging for core assets enhances firm value.

Efficiently Inefficient Markets for Assets and Assets Management

DEFF Research Database (Denmark)

Garleanu, Nicolae; Heje Pedersen, Lasse

We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset management market: if investors can find managers more easily......, more money is allocated to active management, fees are lower, and asset prices are more efficient. Informed managers outperform after fees, uninformed managers underperform after fees, and the net performance of the average manager depends on the number of "noise allocators." Finally, we show why large...

Promoting a Culture of Health Through Cross-Sector Collaborations.

Science.gov (United States)

Martsolf, Grant R; Sloan, Jennifer; Villarruel, Antonia; Mason, Diana; Sullivan, Cheryl

2018-04-01

In this study, we explore the experiences of innovative nurses who have developed cross-sector collaborations toward promoting a culture of health, with the aim of identifying lessons that can inform similar efforts of other health care professionals. We used a mixed-methods approach based on data from both an online survey and telephone interviews. A majority of the participants had significant collaborations with health care providers and non-health care providers. Strong partners included mental health providers, specialists, and primary care providers on the health side, and for non-health partners, the strongest collaborations were with community leaders, research institutions, and local businesses. Themes that emerged for successful collaborations included having to be embedded in both the community and in institutions of power, ensuring that a shared vision and language with all partners are established, and leading with strength and tenacity. A focus on building a culture of health will grow as payment policy moves away from fee-for-service toward models that focus on incentivizing population health. Effective efforts to promote a culture of health require cross-sector collaborations that draw on long-term, trusting relationships among leaders. Health care practitioners can be important leaders and "bridgers" in collaborations, but they must possess or develop the knowledge, attitudes, and skills of "bilingual" facilitators, partners, and "relationship builders."

United Arab Emirates; 2006 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Arab Emirates

OpenAIRE

International Monetary Fund

2006-01-01

An outward-oriented development strategy and prudent financial policies resulted in an impressive economic growth and led to a large accumulation of external financial assets. The major Emirates intend to leverage the favorable economic environment to carry out reforms that will encourage more private sector participation. Owing to the complexities of interlinkages between financial and real sectors, broad and proper information is needed to allow comprehensive economic development. As a resu...

Asset Allocation and Diversification by Real Estate Sector Within a Portfolio: Two Australian Case Studies

OpenAIRE

Mike Wallace

1992-01-01

The research results presented in this paper are a subset of a more extensive investigation of asset allocation and investment diversification in a pooled or mixed asset portfolio including bonds, equities and real estate in real property form, and listed and unlisted property trusts as they are termed in Australia. Australian property trusts are analogous to Real Estate Investment Trusts (REITs) in the United States. This empirical research study is exploratory in nature, and concentrates sp...

The Financial Leverage Effect: Problems of Use in the Process of Optimization of the Enterprise Capital Structure

Directory of Open Access Journals (Sweden)

Oliynyk-Dunn Olena O.

2018-03-01

Full Text Available The article is aimed at clarifying the feasibility of optimizing the structure of the company’s capital based on the effect of financial leverage for the simplest situation – in the absence of profit taxation and without considering the dynamic aspects, related to changes in the total volume and composition of assets. On the basis of use of the recognized theoretical provisions – the Modigliani-Miller postulates – the authors illustrate the fundamental difference of results of the capital structure optimization by the criterion of maximizing the profitability of equity, which stipulates use of the effect of financial leverage, and on the criterion of maximizing the value of the owners capital. It has been concluded about the disadvantage for owners of implementation in the above-mentioned static situation of any revision of the capital structure accompanied by an increase in the financial leverage ratio, as it does not lead to an increase in the value of enterprise, but only provides a threat to its decline, and worsens financial security. Building of any optimization models of the enterprise’s capital structure, including those based on use of the effect of financial leverage, has been recognized as not expedient in the considered situation.

CROSS-SECTORAL YOUTH POLICY: CONCEPT AND MODERN TECHNOLOGIES OF SOCIAL PARTNERSHIP

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Angelina Vladimirovna Borodina

2016-01-01

As a result, prospects of social dialogue concerning youth lie in expansion of number of partners and expansion of area of the solved problems in comparison with traditional tripartite social-labor interaction; reformation of youth policy management from the subject-object form; the training of the culture of cross-sectoral partnership for partners.

A study on intangible assets disclosure: An evidence from Indian companies

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Subash Chander

2011-04-01

Full Text Available Purpose: India has emerged at the top of the pedestal in the present knowledge-driven global marketplace, where intangible assets hold much more value than physical assets. The objective of this study is to determine the extent of intangible asset disclosure by companies in IndiaDesign/methodology/approach: This study relates to the years 2003-04 and 2007-08 and is based on 243 companies selected from BT-500 companies. The annual reports of these companies were analyzed using content analysis so as to examine the level of disclosure of intangible asset information. Intangible assets disclosure index based on the intangible assets framework as given by Sveiby (1997 and as used and tested by Guthrie and Petty (2000 and many other subsequent studies was modified and used for this study. Findings: The results showed that external capital is the most disclosed intangible asset category with a disclosure score of 37.90% and 35.83% in the years 2003-04 and 2007-08 respectively. Infosys technologies Ltd. is the company with the highest intangible assets reporting for both the years (2003-04: 68.52%, 2007-08: 81.48%. Further the reporting of intangible assets is unorganized and unsystematic. There is lack of appropriate framework for disclosing intangible assets information in the annual reports.Originality/value: This is perhaps the first comprehensive study on intangible assets disclosure based on a large sample of the companies from India. Literature reveals that now the intangible assets play relatively an increasingly significant role in the decision making process of various users of corporate reports. This study shows that the overall disclosure of intangible assets is low in India. Thus this study may be of value to the corporate sector in India to explore the areas of intangible assets disclosure so that they can provide useful and relevant information to the users of annual reports.

REVERSIBLE IMPAIRMENT OF ASSETS AND THE IMPACT ON ECONOMIC PERFORMANCE

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MIRON VASILE-CRISTIAN-IOACHIM

2015-03-01

Full Text Available Economic performance is an essential objective of economic entities activating in the energy sector. The profit and loss account provides relevant information for performance analyzes, but evaluating the factors which determined the modification of the financial result demands detailed analyzes based on specific techniques. This paper develops and implements an econometric model that analyses the relation between gross profit and the reversible impairment of assets. The results of the analysis have shown that, in the energy sector, there is a significant connection between those two variables.

Concession of Brazilian Federal Highways: Orphan Assets Evidence

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Samuel de Rezende Salgado

2017-01-01

Full Text Available One of the uses of public service concession contracts in Brazil is in the road infrastructure sector, existing at the federal level 21 roads’ concession contracts, totaling approximately 10 thousand kilometers, which is 12.6% of the federal road network. Whereas in this type of contract the government does not transfer ownership of the asset, but only access to the concessionaire for the operation of public services, this study aims to determine in which entity (public or private are registered the federal roads, object of the concession contracts. To address the research question, the financial statements of 21 utility companies or controlling group were analyzed, as well the balance sheet of the National Land Transportation Agency (ANTT, all for the year 2014. The study findings show that the Brazilian federal highways are not recorded in public statements or in the financial statements of utility companies, providing evidence that these infrastructure assets meet the definition of orphan assets. Thus, the net worth of the ANTT is not adequately represented in its balance sheet.

Optimising investment in asset management using the multivariate asset management assessment topography

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Bam, Wouter Gideon

2014-08-01

Full Text Available The multivariate asset management assessment topography (MAMAT was developed to quantify, and represent graphically, development, adoption, and performance of a business’ asset management (AM systems, as described by standards such as PAS 55. The MAMAT provides a way to visualise clearly the strengths and weaknesses of a business’ asset management system. Building on MAMAT, a model describing the relationship between the commitment of resources and the corresponding improvement in the MAMAT assessment outcome is proposed. The goal is to develop an optimisation model that will maximise financial benefits by improving the MAMAT assessment score achieved by a business, while minimising the investment required to attain this improvement. This is achieved by determining the optimal allocation of resources to the different subcategories of the MAMAT assessment framework. The multi-objective cross-entropy method (MOO CEM is used to find the Pareto set of solutions for this problem. In order to showcase the intended industry application and use of the optimisation model, a hypothetical case study is executed and described in this paper. From this application, it was found that the MOO CEM finds useful solutions that can support the implementation of standards such as PAS 55 by prioritising and assigning resources to implementation activities.

Appraisal of Priority Sector Lending by Commercial Banks in India

OpenAIRE

C Bhujanga Rao

2014-01-01

This report provides an overview of the performance of priority sector lending by commercial banks in India. The review captures the changing contours of Reserve Bank of India policy on priority sector advances. The paper analyses the trends in priority sector lending for the period 1995-2011, the burden of non-performing assets of commercial bank in priority sector lending and the extent to which priority sector targets are achieved by individual banks. It is observed that the scheduled comm...

Cost-effectiveness of Training Programmes in Insurance Sector of India

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Surbhi JAIN

2015-09-01

Full Text Available In the present era of globalization, trough competition and advancement of information technology, the paradigm for success has shifted towards intellectual assets. New ways of commerce and management structures are required to effectively exploit intellectual assets foremost to an improved approach on the development of human capital. Training requires substantial allocation of monetary, human and time resources. A systematic evaluation of training programs is the call of the time. The insurance sector has been playing a vital role in the process of economic advancement since independence in India. The objective of the present study is to identify the cost-effectiveness of training programs in the insurance sector in India. A sample of four companies has been randomly selected. This study is descriptive in nature. Secondary data has been analysed. Effectiveness-cost ratios were calculated and inferences have been drawn accordingly. Finding suggests that training programs in public insurance sector is more cost-effective as compared to private insurance sector in India.

Capital Budgeting: Do Private Sector Methods of Budgeting for Capital Assets Have Applicability to the Department of Defense

Science.gov (United States)

2005-12-01

asset pricing model ( CAPM ). “According to the CAPM theory, investors determine their required return by adding a risk premium to the interest rate...NUMBER OF PAGES 77 14. SUBJECT TERMS Capital Budgeting; GAO; DOD; Capital Assets ; Risk, OMB; NPV, IRR 16. PRICE CODE 17. SECURITY...needs of the mission, as defined by the strategic plan, and limit the number of “nice to haves” (OMB, 1997). d. Alternatives to Capital Assets

OPTIONS FOR REPORTING OF DEPRECIATION OF FIXED BIOLOGICAL ASSETS ACCORDING TO IAS 41

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Elena Georgieva

2016-06-01

Full Text Available An important element of the accounting policies of enterprises, operating in the agricultural sector, is the organization of accountability of fixed biological assets. With the recent changes in the provisions of International Accounting Standards, effective 01.01.2016, bearer plants were removed from the scope of IAS 41 Agriculture and included within the scope of IAS 16 Property, plant and equipment. The aim of the study is to analyze the impact of changes on the accounting policies of agricultural enterprises, in particular the assessment of fixed biological assets and capabilities for charging depreciation. An important aspect is the synchronization of accounting and tax legislation regarding possibilities for the recognition of depreciation of fixed biological assets.

Impact of Working Capital Management on Profitability of Textile Sector of Pakistan

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Sumaira Tufail

2013-06-01

Full Text Available Working capital can be considered as source of existence for a financial body and management of working capital is regarded as one of the most essential part of business management. This study aims to find out the impact of working capital policies on profitability. Return on assets is used as a measure of profitability. Current assets to total assets ratio is used to compute the investment policy of working capital management and to determine financing policy of working capital management current liabilities to total assets ratio is used. Other variables that are used in this study are quick ratio, debt to equity ratio and size of the firms. Secondary data of 117 textile firms listed on Karachi stock exchange is taken for a period of six years i.e. 2005-2010 to calculate all these variables. Results of the regression analysis show that aggressiveness of working capital management policies is negatively associated with profitability. Moreover liquidity and size of the firm have positive relation profitability whereas debt to equity ratio is negatively correlated with profitability. Textile sector is one of the majors sectors of Pakistan. It needs due consideration regarding the management of assets and liabilities. So, the aim of this study is to provide some useful recommendations for the people responsible for the management of this sector. This study also establishes the basis for future research in this area of business.

Protecting ICS Systems Within the Energy Sector from Cyber Attacks

Science.gov (United States)

Barnes, Shaquille

Advance persistent threat (APT) groups are continuing to attack the energy sector through cyberspace, which poses a risk to our society, national security, and economy. Industrial control systems (ICSs) are not designed to handle cyber-attacks, which is why asset owners need to implement the correct proactive and reactive measures to mitigate the risk to their ICS environments. The Industrial Control Systems Cyber Emergency Response Team (ICS-CERT) responded to 290 incidents for fiscal year 2016, where 59 of those incidents came from the Energy Sector. APT groups know how vulnerable energy sector ICS systems are and the destruction they can cause when they go offline such as loss of production, loss of life, and economic impact. Defending against APT groups requires more than just passive controls such as firewalls and antivirus solutions. Asset owners should implement a combination of best practices and active defense in their environment to defend against APT groups. Cyber-attacks against critical infrastructure will become more complex and harder to detect and respond to with traditional security controls. The purpose of this paper was to provide asset owners with the correct security controls and methodologies to help defend against APT groups.

Space assets, technology and services in support of energy policy

Science.gov (United States)

Vasko, C. A.; Adriaensen, M.; Bretel, A.; Duvaux-Bechon, I.; Giannopapa, C. G.

2017-09-01

Space can be used as a tool by decision and policy makers in developing, implementing and monitoring various policy areas including resource management, environment, transport, security and energy. This paper focuses on the role of space for the energy policy. Firstly, the paper summarizes the European Union's (EU) main objectives in energy policy enclosed in the Energy Strategy 2020-2030-2050 and demonstrates how space assets can contribute to achieving those objectives. Secondly, the paper addresses how the European Space Agency (ESA) has established multiple initiatives and programs that directly finance the development of space assets, technology and applications that deliver services in support of the EU energy policy and sector. These efforts should be continued and strengthened in order to overcome identified technological challenges. The use of space assets, technology and applications, can help achieve the energy policy objectives for the next decades.

Intangible Capital, Corporate Valuation and Asset Pricing

OpenAIRE

Danthine, Jean-Pierre; Jin, Xiangrong

2006-01-01

Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from the process by which physical capital accumulates. We study the implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our main fi...

Trust conceptualized as a corporate knowledge asset

OpenAIRE

Rodgers, Waymond; Gago Rodríguez, Susana

2006-01-01

To most individuals, "trust" can be viewed as a knowledge corporate asset that may add, or rest, value to the company. The role of knowledge in achieving a competitive advantage is becoming and increasingly important management issue in all business and non-business sectors. As such, our Throughput Modeling approach indicates how six different trust behaviors can be guided, how trust decision making can be improved and made defensible, and how special problems facing individuals can be dealt ...

Strategic Leverage of Engineering Knowledge through Taxonomy Governance

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Rod Dilnutt

2009-10-01

Full Text Available In the heavy engineering industrial sector numerous technical standards, ISO (International Standards Organisation in particular, exist which invariably contain a glossary of terms providing definition within the context of the standard. However, there is a high level of ambiguity surrounding common terminology and limited consistency across these standards. Our case study company Silcar Pty Limited (Silcar has recognised the opportunity to strategically expand its business into the provision of high value services to assist clients with the management of large and complex technical assets in heavy industry and essential service utilities. The strategic development of a knowledge management capability enables Silcar to take-on larger scale, higher value added and more flexible asset performance management propositions across a diverse range of industry, client and geographical situations. This research paper explores the concepts that support this capability and discusses the approach taken to achieve the vision of consistency on language.

Population age structure and asset returns: an empirical investigation.

Science.gov (United States)

Poterba, J M

1998-10-01

"This paper investigates the association between population age structure, particularly the share of the population in the 'prime saving years' 45-60, and the returns on stocks and bonds. The paper is motivated by the claim that the aging of the 'Baby Boom' cohort in the United States is a key factor in explaining the recent rise in asset values. It also addresses the associated claim that asset prices will decline when this large cohort reaches retirement age and begins to reduce its asset holdings. This paper begins by considering household age-asset accumulation profiles. Data from the Survey of Consumer Finances suggest that while cross-sectional age-wealth profiles peak for households in their early 60s, cohort data on the asset ownership of the same households show a much less pronounced peak.... The paper then considers the historical relationship between demographic structure and real returns on Treasury bills, long-term government bonds, and corporate stock. The results do not suggest any robust relationship between demographic structure and asset returns.... The paper concludes by discussing factors such as international capital flows and forward-looking behavior on the part of market participants that could weaken the relationship between age structure and asset returns in a single nation." excerpt

Bank Runs and the Accounting for Illiquid Assets in Financial Institutions

Science.gov (United States)

Meder, Anthony; Schwartz, Steven T.; Wu, Mark; Young, Richard A.

2014-01-01

Financial services are an increasingly important sector in modern economies, yet many accounting and auditing texts focus on manufacturing and retailing. This teaching note describes the role of financial institutions in transforming long-term, difficult-to-sell assets into short-term bank accounts. This is referred to as liquidity transformation.…

Efficiently Inefficient Markets for Assets and Asset Management

DEFF Research Database (Denmark)

Garleanu, Nicolae; Pedersen, Lasse Heje

We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset management market: if investors can find managers more easily......, more money is allocated to active management, fees are lower, and asset prices are more efficient. Informed managers outperform after fees, uninformed managers underperform after fees, and the net performance of the average manager depends on the number of "noise allocators." Small investors should...... be passive, but large and sophisticated investors benefit from searching for informed active managers since their search cost is low relative to capital. Hence, managers with larger and more sophisticated investors are expected to outperform....

The Corporate Sector Purchase Programme (CSPP)

DEFF Research Database (Denmark)

Hallett, Andrew Hughes

Large-scale asset purchase programmes are a form of monetary policy in which market interest rates are reduced by different amounts at different maturities – and lower them at the long rates that affect investment and consumption decisions. They are designed to stimulate spending by increasing...... liquidity, raising asset prices, creating wealth effects, lowering borrowing costs and increasing investment. Corporate bond purchases (CSPP) are complementary to, not an alternative to standard QE policies. They increase the impact of QE policies; widen the pool of (potentially) high quality assets...... that can be used (itself a risk reducing measure that reduces the pressure on reserves); and make it easier to steer economic performance by reducing risk premia, that is sectoral or regional interest spreads. That not only reduces average borrowing costs; it delivers better economic performance where...

Cross-sector partnerships and public health: challenges and opportunities for addressing obesity and noncommunicable diseases through engagement with the private sector.

Science.gov (United States)

Johnston, Lee M; Finegood, Diane T

2015-03-18

Over the past few decades, cross-sector partnerships with the private sector have become an increasingly accepted practice in public health, particularly in efforts to address infectious diseases in low- and middle-income countries. Now these partnerships are becoming a popular tool in efforts to reduce and prevent obesity and the epidemic of noncommunicable diseases. Partnering with businesses presents a means to acquire resources, as well as opportunities to influence the private sector toward more healthful practices. Yet even though collaboration is a core principle of public health practice, public-private or nonprofit-private partnerships present risks and challenges that warrant specific consideration. In this article, we review the role of public health partnerships with the private sector, with a focus on efforts to address obesity and noncommunicable diseases in high-income settings. We identify key challenges-including goal alignment and conflict of interest-and consider how changes to partnership practice might address these.

The Design and Risk Management of Structured Finance Vehicles

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Sanjiv Das

2016-10-01

Full Text Available Special investment vehicles (SIVs, extremely popular financial structures for the creation of highly-rated tranched securities, experienced spectacular demise in the 2007-2008 financial crisis. These financial vehicles epitomize the shadow banking sector, characterized by high leverage, undiversified asset pools, and long-dated assets supported by short-term debt, thus bearing material rollover risk on their liabilities which led to defeasance. This paper models these vehicles, and shows that imposing leverage risk control triggers can be optimal for all capital providers, though they may not always be appropriate. The efficacy of these risk controls varies depending on anticipated asset volatility and fire-sale discounts on defeasance. Despite risk management controls, we show that a high failure rate is inherent in the design of these vehicles, and may be mitigated to some extent by including contingent capital provisions in the ex-ante covenants. Post the recent subprime financial crisis, we inform the creation of safer SIVs in structured finance, and propose avenues of mitigating risks faced by senior debt through deleveraging policies in the form of leverage risk controls and contingent capital.

Determinants of Non-Performing Assets in India - Panel Regression

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Saikat Ghosh Roy

2014-12-01

Full Text Available It is well known that level of banks‟ credit plays an important role in economic developments. Indian banking sector has played a seminal role in supporting economic growth in India. Recently, Indian banks are experiencing consistent increase in non-performing assets (NPA. In this perspective, this paper investigates the trends in NPA in Indian banks and its determinants. The panel regressions, fixed effect allows evaluating the impact of selected macroeconomic variables on the NPA. The Panel regression result indicates that the GDP growth, change in exchange rate and global volatility have major effects on the NPA level of Indian banking sector.

Co-location as a Driver for Cross-Sectoral Collaboration with General Practitioners as Coordinators

DEFF Research Database (Denmark)

Scheele, Christian Elling; Vrangbæk, Karsten

2016-01-01

The issue of integrated care and inter-sectoral collaboration is on the health policy agenda in many countries. Yet, there is limited knowledge about the effects of the different policy instruments used to achieve this. This paper studies co-location as a driver for cross-sectoral collaboration...... with general practitioners (GPs) acting as coordinators in a municipal health centre. The purpose of the health centre, which is staffed by health professionals from municipal, regional and private sectors, is to provide primary health services to the citizens of the municipality. Co......-locating these professionals is supposed to benefit e.g., elder citizens and patients with chronic diseases who frequently require services from health professionals across administrative sectors. Methodologically, the analysis is based on qualitative data in the form of semi-structured interviews with the health...

Capturing Collaborative Challenges: Designing Complexity-Sensitive Theories of Change for Cross-Sector Partnerships

NARCIS (Netherlands)

R.J.M. van Tulder (Rob); Keen, N. (Nienke)

2018-01-01

textabstractSystems change requires complex interventions. Cross-sector partnerships (CSPs) face the daunting task of addressing complex societal problems by aligning different backgrounds, values, ideas and resources. A major challenge for CSPs is how to link the type of partnership to the

Key determinants of managing the marketing asset of global companies

Directory of Open Access Journals (Sweden)

Tatyana Tsygankova

2016-12-01

Full Text Available As a result of organization and summarization of key concepts of evolution of the marketing tools of global companies, the authors determined the role of the marketing assets in the system of modern marketing management (as a dialectically higher stage of development of the analyzed tools, which will allow overcoming the antagonistic contradiction of “P- and C-vectors” of their development. The article identified the optimal set of key elements of the system of marketing assets, which are the brand, customer loyalty, reputation, network cooperation, marketing strategy, internal marketing, marketing information system and marketing innovation. Due to correlation and regression analysis of the impact of each system elements on performance of global companies, the model of the "marketing asset octagon" was built as an integrative management tool. Also, as a result of construction of the said model, the authors identified the most profitable marketing assets, return on investment and development of competencies in the field of efficient management will bring the highest profit to the company. On the basis of summarizing the regional and branch features of managing the disparate elements of the marketing assets of global companies, the key regional and sectoral priorities of formation, development and improvement of existing concepts of the international marketing management were identified, particularly in terms of building an author’s integrative octagon model.

Multivariate market risk evaluation between Malaysian Islamic stock index and sectoral indices

Directory of Open Access Journals (Sweden)

Sew Lai Ng

2017-03-01

Full Text Available Without an efficient financial risk management, it may cause massive consequences to a financial institution as well as individual. Therefore, developing a methodology which gives precise estimates to reduce the exposure of risk to a minimum is of great importance. This paper uses an asymmetric BEKK-GARCH model to examine the return and volatility linkages between the FTSE Bursa Malaysia Emas Shariah (FBMS index and the sectoral indices under a normal market. The findings suggest that the FBMS plays a leading role in the mean return spillover effect. There is a strong evidence of significant transmission of past shocks, volatilities and leverage effects are observed on the current conditional variance-covariance in all the pair-wise models. These empirical results are helpful in quantifying the cross-market risk evaluation, risk minimizing weight and cross-market hedge ratio for strategizing appropriate portfolio selection.

“Crossing over”: appropriate private sector principles, to operate more reliable public sector water services

Directory of Open Access Journals (Sweden)

Kevin Wall

2008-04-01

Full Text Available Private sector institutions utilise many different business methods, some of which can selectively be adapted for use by organisations outside the private sector, to the benefit of their service delivery responsibilities. But the best of the appropriate practices from the private sector have often “not crossed over”. The Water Research Commission (WRC of South Africa, working in collaboration with the Council for Scientific and Industrial Research (CSIR, finds that the concept of franchising, so successfully used by the private sector to deliver many goods and services, if applied to water services operation and maintenance, could alleviate and address many challenges in the management of water services. At the same time, franchising could provide an ideal stimulus to support the development of local enterprises, all within the municipal service delivery environment. Franchisee water service providers, dependent for their livelihood on the success of their business, would have a strong incentive to perform, and would also enjoy the benefit of the franchisor’s expert guidance and quality assurance. Some areas for potential franchising include meter management, billing, plumbing, pressure management, sewer maintenance, and wastewater treatment processes. The help from the franchisor would be of particular value to water services authorities at a distance from the major urban centres. Few of these authorities can afford to employ competent qualified staff, and often non-compliance with the laid down performance standards is a direct consequence of this lack. Significant improvements would soon be seen if the generally under-qualified and under-resourced water services staff could have this ongoing support, mentoring and quality control — or if the authority could enter into partnerships with small local enterprises or NGOs which would, through franchising, enjoy the necessary ongoing support, mentoring and quality control, and would have

Global Asset Pricing: Is There a Role for Long-run Consumption Risk?

DEFF Research Database (Denmark)

Rangvid, Jesper; Schmelling, Maik; Schrimpf, Andreas

We estimate long-run consumption-based asset pricing models using a comprehensive set of international test assets, including broad equity market portfolios, international value/growth portfolios, and international bond portfolios. We find that differences in returns across assets within a countr...... that consumption growth is more predictable over short to medium-run horizons than over longer horizons and that empirical evidence of a de- clining risk aversion parameter estimate in long-run risk models has to be interpreted with care....... are sometimes (and most prominently for the U.S.) better captured by the assets' exposure to long-run consumption risk as opposed to their exposure to one-period changes in consumption (the canonical consumption CAPM). Across countries, however, exposure to long-run consumption risk does not provide a better...... fit than the canonical consumption CAPM. Thus, when characterizing the cross-country distribution of returns, long-run consumption risk does not seem to play any particular role, even if long-run risk is important for explaining the cross section of expected returns in the U.S. Furthermore, we show...

Funding and financing mechanisms for infrastructure delivery: multi-sector analysis of benchmarking of South Africa against developed countries

CSIR Research Space (South Africa)

Matji, MP

2015-05-01

Full Text Available -1 AMPEAK Asset Management Conference 2015 Funding and financing mechanisms for infrastructure delivery: multi-sector analysis of benchmarking of South Africa against developed countries Matji, MP and Ruiters, C Abstract: For developing..., the researcher identifies financing opportunities for infrastructure delivery in South Africa and how such opportunities can be explored, taking into account political dynamics and legislative sector-based frameworks. Keywords: Asset Management, Financing...

PROBLEMS AND OBSTACLES IN CREDIT RISK MANAGEMENT IN INDIAN PUBLIC SECTOR BANKS

Directory of Open Access Journals (Sweden)

RENU ARORA

2014-10-01

Full Text Available This paper evaluates the credit risk management (CRM practices of Indian public sector banks in grant of commercial loans to find the grey areas which need review and restructuring to improve banks’ asset quality. Based on literature review, a conceptual model of credit risk management systems for commercial loans, of Indian public sector banks, has been developed. This model has been used to underline the problems areas and obstacles in credit risk management through comparison of large and small banks. The empirical comparison of CRM practices of Indian public sector banks has resulted into emergence of various grey areas, like insufficient training, data management, inappropriate IT support, system disintegration, inconsistent rating approaches, which need immediate attention and if tackled properly, can reduce their non-performing assets.

Leveraging public private partnerships to innovate under challenging budget times.

Science.gov (United States)

Portilla, Lili M; Rohrbaugh, Mark L

2014-01-01

The National Institutes of Health (NIH), academic medical centers and industry have a long and productive history in collaborating together. Decreasing R&D budgets in both the private and public sector have made the need for such collaborations paramount to reduce the risk of further declines in the number of innovative drugs reaching the market to address pressing public health needs. Doing more with less has forced both industry and public sector research institutions (PSRIs) to leverage resources and expertise in order to de-risk projects. In addition, it provides an opportunity to envision and implement new approaches to accomplish these goals. We discuss several of these innovative collaborations and partnerships at the NIH that demonstrate how the NIH and industry are working together to strengthen the drug development pipeline.

Low volatility sector-based portfolios: a South African case

African Journals Online (AJOL)

Black pointed out that when investors are restricted from using leverage or bor- ..... takes into account the correlation between the sectors in a portfolio. ..... 3The information ratio of a portfolio is the active premium (portfolio annualised return ...

Factors influencing the adoption of a healthy eating campaign by federal cross-sector partners: a qualitative study

Directory of Open Access Journals (Sweden)

Melissa Anne Fernandez

2016-08-01

Full Text Available Abstract Background The Eat Well Campaign (EWC was a social marketing campaign developed by Health Canada and disseminated to the public with the help of cross-sector partners. The purpose of this study was to describe factors that influenced cross-sector partners’ decision to adopt the EWC. Methods Thematic content analysis, based primarily on an a priori codebook of constructs from Roger’s diffusion of innovations decision process model, was conducted on hour-long semi-structured telephone interviews with Health Canada’s cross-sector partners (n = 18. Results Dominant themes influencing cross-sector partners’ decision to adopt the EWC were: high compatibility with the organization’s values; being associated with Health Canada; and low perceived complexity of activities. Several adopters indicated that social norms (e.g., knowing that other organizations in their network were involved in the collaboration played a strong role in their decision to participate, particularly for food retailers and small organizations. The opportunity itself to work in partnership with Health Canada and other organizations was seen as a prominent relative advantage by many organizations. Adopters were characterized as having high social participation and positive attitudes towards health, new ideas and Health Canada. The lack of exposure to the mass media channels used to diffuse the campaign and reserved attitudes towards Health Canada were prominent obstacles identified by a minority of health organizations, which challenged the decision to adopt the EWC. Most other barriers were considered as minor challenges and did not appear to impede the adoption process. Conclusions Understanding factors that influence cross-sector adoption of nutrition initiatives can help decision makers target the most appropriate partners to advance public health objectives. Government health agencies are likely to find strong partners in organizations that share the same

End-of-life conversations and care: an asset-based model for community engagement.

Science.gov (United States)

Matthiesen, Mary; Froggatt, Katherine; Owen, Elaine; Ashton, John R

2014-09-01

Public awareness work regarding palliative and end-of-life care is increasingly promoted within national strategies for palliative care. Different approaches to undertaking this work are being used, often based upon broader educational principles, but little is known about how to undertake such initiatives in a way that equally engages both the health and social care sector and the local communities. An asset-based community engagement approach has been developed that facilitates community-led awareness initiatives concerning end-of-life conversations and care by identifying and connecting existing skills and expertise. (1) To describe the processes and features of an asset-based community engagement approach that facilitates community-led awareness initiatives with a focus on end-of-life conversations and care; and (2) to identify key community-identified priorities for sustainable community engagement processes. An asset-based model of community engagement specific to end-of-life issues using a four-step process is described (getting started, coming together, action planning and implementation). The use of this approach, in two regional community engagement programmes, based across rural and urban communities in the northwest of England, is described. The assets identified in the facilitated community engagement process encompassed people's talents and skills, community groups and networks, government and non-government agencies, physical and economic assets and community values and stories. Five priority areas were addressed to ensure active community engagement work: information, outreach, education, leadership and sustainability. A facilitated, asset-based approach of community engagement for end-of-life conversations and care can catalyse community-led awareness initiatives. This occurs through the involvement of community and local health and social care organisations as co-creators of this change across multiple sectors in a sustainable way. This approach

Cross-Sector Partnerships and the Co-creation of Dynamic Capabilities for Stakeholder Orientation

NARCIS (Netherlands)

Dentoni, D.; Bitzer, V.C.; Pascucci, S.

2016-01-01

This paper explores the relationship between business experience in cross-sector partnerships (CSPs) and the co-creation of what we refer to as ‘dynamic capabilities for stakeholder orientation,’ consisting of the four dimensions of (1) sensing, (2) interacting with, (3) learning from and (4)

Sector model analysis of risk on cross-jurisdictional treatment of disaster waste related to the Great East Japan Earthquake

International Nuclear Information System (INIS)

Nagashima, Miori; Itokawa, Etsuko; Ozuka, Yohei

2012-01-01

This study addressed the controversial issue of disaster waste treatment in the reconstruction efforts following the Great East Japan Earthquake. Using the Sector Model (Matsumoto 2009), we categorized a range of actions taken in relation to the cross-jurisdictional treatment into the four sectors, government, industry, academia, and private. The analysis through this Sector Model made it possible to map the entire layout of waste treatment, inclusive of less-visible industry and academia sectors. Accordingly, we have argued that differences of risk awareness are not necessarily due to sector differences but rather depend on two aspects of the disaster waste treatment; the safety levels and the nationwide treatment of waste in Japan. We further suggest that the discrepancy in the arguments on safety levels emerged as a result of scientific under-determination and cross-jurisdictional treatment from social and/or political under-determination. (author)

Challenges with the public policy of measuring assets to set tariffs in the electricity sector: should someone benefit and someone be sacrificed?

Directory of Open Access Journals (Sweden)

Maria Elisabeth Moreira Carvalho Andrade

2017-07-01

Full Text Available ABSTRACT This paper contributes by encouraging discussions about the public policy of setting tariffs for public services based on the value of the investment made by the providers of these services. The purpose of this study was, in an unprecedented way and by combining theories of equity valuation and finance, to identify the asset valuation method that can lead to a fair value and balance between an affordable price for the consumer and an adequate return on investment for the concessionaires. The value assigned to these assets affects the tariff in two ways: (i via depreciation/amortization, which affects the cost of service; (ii via the return on investment, which is the portion that corresponds to the investor’s profit. We analyzed the Brazilian electricity sector, in which the rates set by the Brazilian Electricity Regulatory Agency (ANEEL currently use the new replacement value (NRV approach. We carried out empirical tests using data available on the ANEEL website from the second cycle periodic tariff review and information obtained in financial statements from 1995 onwards. The analysis included the NVR and restated historical cost (RHC methods, the latter being updated by the extended consumer price index (IPCA. After the descriptive and statistical analyses, we used the test of means to verify the differences between the variables in terms of NRV vs. RHC. The first conclusion was the absence of a significant difference between the NRV and RHC methods; that is, on average, the replacement price showed no significant difference to what would be the pure and simple restatement of assets. But this was found to hide something relevant, the fact that this average is derived from two main groups: that of the consumers who are paying more for energy services than they should, which constitutes a visible benefit to investors and loss for these consumers, and that of the consumers who are paying less than they should, which benefits them but

The art of the possible. On the necessary conditions for cross-sector cooperation in a New Public Management oriented health service

DEFF Research Database (Denmark)

Høgsgaard, Ditte Merete

2017-01-01

Despite the current mantra that cross-sector teamwork and communication are the decisive factors in any attempt at creating an integrated and holistically oriented health service, the current institutional structures and conditions seem to actively stymie such cooperation. A high powered debate...... on the necessity of properly functioning cross-sector cooperation in the health service proceeds in its own isolated context and is also challenged at its very roots by the New Public Management (NPM) creed that has informed health service management in recent decades. The aim here is to investigate how tension...... and paradoxes in that cross-sector teamwork impact upon the ability of healthcare professionals across the relevant sectors to work together effectively towards the discharge of a patient. All this with a view to creating an integrated and holistic process for that patient....

Engaging Communities in their Heritage: Collaboration between Higher Education and the Voluntary Sector in Wales and Ireland

Directory of Open Access Journals (Sweden)

Alex Bell

2014-10-01

Full Text Available The paper focuses on an Interreg funded pilot project entitled ‘Heritage and Culture for Learning, Empowerment and Sustainable Tourism’.  The project was a collaborative development between a Higher Education Institution in Wales and a Voluntary Sector Organisation in Ireland and adopted an innovative approach to engaging communities in their heritage.  The central aim of the project was to develop and promote joint opportunities for the creation of sustainable tourism products which build on the natural assets (people and landscape, built assets, culture and heritage of the Wales Ireland cross border region.  In practice this was achieved through an innovative approach combining research, lifelong learning, higher level skills development, networking, marketing and business development through active engagement of local communities. The pilot project ended in July 2013, and the focus of this presentation is an evaluation of the project outcomes and experiences.

A Comparative Study of Difficulties in Accounting Preparation and Judgement in Agriculture Using Fair Value and Historical Cost for Biological Assets Valuation

Directory of Open Access Journals (Sweden)

Josep M.a Argilés bosch

2012-01-01

Full Text Available This paper presents empirical research comparing the accounting difficulties that arise from the use of two valuation methods for biological assets, fair value (FV and historical cost (HC accounting, in the agricultural sector. It also compares how reliable each valuation method is in the decision-making process of agents within the sector. By conducting an experiment with students, farmers, and accountants operating in the agricultural sector, we find that they have more difficulties, make larger miscalculations and make poorer judgements with HC accounting than with FV accounting. In-depth interviews uncover flawed accounting practices in the agricultural sector in Spain in order to meet HC accounting requirements. Given the complexities of cost calculation for biological assets and the predominance of small family business units in advanced Western countries, the study concludes that accounting can be more easily applied in the agricultural sector under FV than HC accounting, and that HC conveys a less accurate grasp of the real situation of a farm.

Accelerated reforms in healthcare financing: the need to scale up private sector participation in Nigeria.

Science.gov (United States)

Ejughemre, Ufuoma John

2014-01-01

The health sector, a foremost service sector in Nigeria, faces a number of challenges; primarily, the persistent under-funding of the health sector by the Nigerian government as evidence reveals low allocations to the health sector and poor health system performance which are reflected in key health indices of the country.Notwithstanding, there is evidence that the private sector could be a key player in delivering health services and impacting health outcomes, including those related to healthcare financing. This underscores the need to optimize the role of private sector in complementing the government's commitment to financing healthcare delivery and strengthening the health system in Nigeria. There are also concerns about uneven quality and affordability of private-driven health systems, which necessitates reforms aimed at regulation. Accordingly, the argument is that the benefits of leveraging the private sector in complementing the national government in healthcare financing outweigh the challenges, particularly in light of lean public resources and finite donor supports. This article, therefore, highlights the potential for the Nigerian government to scale up healthcare financing by leveraging private resources, innovations and expertise, while working to achieve the universal health coverage.

Triple-Loop Learning in a Cross-Sector Partnership: The DC Central Kitchen Partnership

Science.gov (United States)

Ameli, Patrizia; Kayes, D. Christopher

2011-01-01

Purpose: This paper aims to build on notions of a higher level of organizational learning to suggest another dimension: interorganizational learning that emerges in a cross-sector partnership. Design/methodology/approach: A case study was conducted with the DC Central Kitchen (DCCK) partnership with for-profit and governmental entities. Research…

Environmental policies and risk finance in the green sector: Cross-country evidence

International Nuclear Information System (INIS)

Criscuolo, Chiara; Menon, Carlo

2015-01-01

This paper provides a detailed description of venture capital investment in the green sector across 29 countries over the period 2005–2010, and identifies the role that policies might play in explaining observed cross-country differences. The analysis is based on a deal-level database of businesses seeking financing, combined with indicators of renewable policies and government R&D expenditures. The econometric analysis relates the number of deals and their volumes in a country to deployment and supply policies using count data and limited dependent variable (Tobit) models. The results suggest that both supply side policies and environmental deployment policies, designed with a long-term perspective of creating a market for environmental technologies, are associated with higher levels of venture capital relative to more short-term fiscal policies. When focusing on policies related to renewable energy generation, the results confirm the positive association of generous feed-in tariffs (FITs) with venture capital investment. However, in the solar sector excessively generous FITs tend to discourage investment, perhaps reflecting a lack of credibility over the longer term. Thus, both sets of results point to long-term policy stability, sustainability and credibility as important policy features to ensure Venture capital backing of innovative and risky ventures in a country's green sector. -- Highlights: •Risk-finance in the green sector is likely to face more challenges than in other hi-tech sectors. •Supply and deployment policies are associated with more investments relative to fiscal policies. •FITs have a positive effect, but in the solar sector very generous FITs discourage investments

Implementation of collaborative governance in cross-sector innovation and education networks: evidence from the National Health Service in England.

Science.gov (United States)

Ovseiko, Pavel V; O'Sullivan, Catherine; Powell, Susan C; Davies, Stephen M; Buchan, Alastair M

2014-11-08

Increasingly, health policy-makers and managers all over the world look for alternative forms of organisation and governance in order to add more value and quality to their health systems. In recent years, the central government in England mandated several cross-sector health initiatives based on collaborative governance arrangements. However, there is little empirical evidence that examines local implementation responses to such centrally-mandated collaborations. Data from the national study of Health Innovation and Education Clusters (HIECs) are used to provide comprehensive empirical evidence about the implementation of collaborative governance arrangements in cross-sector health networks in England. The study employed a mixed-methods approach, integrating both quantitative and qualitative data from a national survey of the entire population of HIEC directors (N = 17; response rate = 100%), a group discussion with 7 HIEC directors, and 15 in-depth interviews with HIEC directors and chairs. The study provides a description and analysis of local implementation responses to the central government mandate to establish HIECs. The latter represent cross-sector health networks characterised by a vague mandate with the provision of a small amount of new resources. Our findings indicate that in the case of HIECs such a mandate resulted in the creation of rather fluid and informal partnerships, which over the period of three years made partial-to-full progress on governance activities and, in most cases, did not become self-sustaining without government funding. This study has produced valuable insights into the implementation responses in HIECs and possibly other cross-sector collaborations characterised by a vague mandate with the provision of a small amount of new resources. There is little evidence that local dominant coalitions appropriated the central HIEC mandate to their own ends. On the other hand, there is evidence of interpretation and implementation of the

ASSET guidelines

International Nuclear Information System (INIS)

1990-11-01

The IAEA Assessment of Safety Significant Events Team (ASSET) Service provides advice and assistance to Member States to enhance the overall level of plant safety while dealing with the policy of prevention of incidents at nuclear power plants. The ASSET programme, initiated in 1986, is not restricted to any particular group of Member States, whether developing or industrialized, but is available to all countries with nuclear power plants in operation or approaching commercial operation. The IAEA Safety Series publications form common basis for the ASSET reviews, including the Nuclear Safety Standards (NUSS) and the Basic Safety Principles (Recommendations of Safety Series No. 75-INSAG-3). The ASSET Guidelines provide overall guidance for the experts to ensure the consistency and comprehensiveness of their review of incident investigations. Additional guidance and reference material is provided by the IAEA to complement the expertise of the ASSET members. ASSET reviews accept different approaches that contribute to ensuring an effective prevention of incidents at plants. Suggestions are offered to enhance plant safety performance. Commendable good practices are identified and generic lessons are communicated to other plants, where relevant, for long term improvement

Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, dan Islamic Governance Score Terhadap Pengungkapan Islamic Social Reporting (Studi Empiris pada Bank Umum Syariah di Indonesia Tahun 2010-2012

Directory of Open Access Journals (Sweden)

Rita Rosiana

2016-01-01

Full Text Available Conventional social responsibility disclosure is measured by an index of global reporting initiative is limited to the material aspects of the course, while the Islamic social responsibility disclosure is not limited to the material aspect alone, but on the spiritual and moral aspects of the social reporting by Islamic index. Limitations of conventional social responsibility disclosure push this study to determine the factors that influence disclosure of social reporting on Islamic sharia banks in Indonesia.The study involved Islamic banks in Indonesia in 2010-2012. The research method used is content analysis are derived from annual reports or corporate websites Indonesian stock exchange in 2010-2012. Statistical program used was Statistical Package for Social Sciences SPSS 20.0 by using multiple linear regression analysis.The variables used in this study are firm size as measured by total assets, profitability as measured by return on assets, leverage as measured by debt to equity ratio and Islamic governance score as measured by the number, cross membership, educational background, and the reputation of the council supervisor sharia as the independent variable, and Islamic social reporting as the dependent variable. The results pointing to a company that size has a significant influence on the disclosure of Islamic social reporting, while the rest has no effect.DOI: 10.15408/ess.v5i1.2334

The Influence of Board of Directors, Independent Board of Commissioners, Leverage, and Corporate Activities To Disclosure of Sustainability Report.

Directory of Open Access Journals (Sweden)

Eria Nissa Awalia

2015-07-01

Full Text Available This research was intended to examine the influences of board of directors, board of independent commissioner, leverage, and activity of company toward sustainability report disclosure. Sustainability Report Disclosure is the dependent variable sinthis research were measured by GRIG 3.1 Content Index and Checklists. For the independent variables in this research, using board of directors were measured by sum of directors meetings, board of in dependent commissioner were measured by proportion of independent commissioner, leverage were measured by debt to equity, activity of company were measured by total asset turnover. This research uses secondary data which is financial statement. and sustainability report from Indonesian Stock Exchange Listed Companies in 2010-2012. While the sampling method used was purposive sampling method which is overall 39 observations. This research uses multiple regression method to test the hypothesis with SPSS computer program. From the analysis performed in this research, it can be concluded that board of directors, and leverage have no significant influence to sustainability report disclosure. The other hand activity of company has positive influence and significant to sustainability report disclosure. And Board of independent commissioner has negative influence and significant to sustainability reporting disclosure.

Analysis of the debt burden in Russian economy sectors

Directory of Open Access Journals (Sweden)

Svetlana Popova

2017-12-01

Full Text Available This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental explanatory variables of companies and industry fixed effects. The results of the analysis demonstrate that standard variables, such as profitability, company size, asset turnover, and fixed-asset turnover ratio have a strong statistical significance. However, these do not fully explain the variation in the debt levels of companies in different sectors. According to model estimation, there are other industry specific factors that produce an imbalance between fundamental factors and companies’ debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important for the financial stability of companies and for an effective monetary policy.

EFFICIENT MANAGEMENT OF WORKING CAPITAL: A STUDY OF HEATHCARE SECTOR IN INDIA

Directory of Open Access Journals (Sweden)

Harsh, Vineet, KAUR

2014-11-01

Full Text Available Efficient management of working capital means management of various components of working capital in such a way that an adequate amount of working capital is maintained for smooth running of a firm and for fulfilment of twin objectives of liquidity and profitability. Also it is the most crucial factor for survival and solvency of a concern. The present paper attempts to measure the efficiency of working capital of firms in Healthcare Sector in India. The study reveals that most of the firms of this sector have efficiently managed their current assets for the purpose of generation of sales. Further more efficient management of working capital has a positive effect on Income to Average total assets.

Application of Securitization of Leasing Assets

Directory of Open Access Journals (Sweden)

Igor Viktorovich Linev

2014-01-01

Full Text Available Securitization of leasing assets was widely adopted abroad within the last decades. Securitization of leasing assets usually is meant as process of formation of a portfolio based on future leasing payments of one and (or more leasing company and sale of securities to investors for the subsequent refinancing of leasing operations. These securities can be bonds, actions or bills. Thus the asset leased, acts as providing these papers. Nomenclature of property includes office, medical (first of all, stomatology, training, video the equipment, and also a car, motor-equipment, towers of cellular communication production of heavy mechanical engineering and computers. The essence of securitization of leasing assets consists in isolation of streams of leasing payments from risk of bankruptcy of the leasing company. As the considered mechanism has the greatest development in the USA, so far as consideration of experience of its application in this country is represented especially actual. The special attention is deserved by a question of decrease in credit risk of the investor. External and internal providing is applied to its decision in different types. Interest of participants in securitization of leasing assets consists in distribution of risks between them, emergence of a new source of financing, depreciation of attracted resources, increase of liquidity of a leasing portfolio and optimization by management by balance of the enterprise. Appeal of this tool to the leasing company in a case when it has no available own funds for business development, represents separate interest. Securitization allows the leasing company to expand sources of attraction of the capital and to receive a reserve for the future, and also to broaden the sphere of options of activity and to give it new opportunities for financing of projects. Widespread introduction of schemes of securitization in practice of the Russian leasing business, requires development, and on some

ACCRUAL OF LIABILITIES AND CONTINGENT ASSETS

Directory of Open Access Journals (Sweden)

Elena Ilie

2011-12-01

Full Text Available International Financial Reporting Standards together with Public Sector Accounting Standards are based on professional reasoning by appealing to principles that can lead to several solutions for a certain problem. In this respect Romanian economic mechanisms have a high level of rigidity in the implementation of accounting concepts and principles so that it is important to highlight the aspects that generate added value in the current economic climate. Even since 2005 the harmonization of Romanian accounting with the directives of International Accounting Standards, which came to support the harmonization of rules and principles concerning the development of annual financial statements of public institutions, is the most important and essential challenge for administrative environment. Assets and contingent liabilities are elements which in terms of the law cannot be included in the assets of a public institution that is why accounting of these elements must be performed using special off-balance sheet accounts. The purpose of this work emphasizes the opportunity and the recognition of economic events whose elements should be reflected in balance sheet, but also the appropriate and necessary moment of making entries over special accounts off the balance sheet in accordance with IPSAS 19.

Leveraging OpenStudio's Application Programming Interfaces: Preprint

Energy Technology Data Exchange (ETDEWEB)

Long, N.; Ball, B.; Goldwasser, D.; Parker, A.; Elling, J.; Davis, O.; Kruchten, D.

2013-11-01

OpenStudio development efforts have been focused on providing Application Programming Interfaces (APIs) where users are able to extend OpenStudio without the need to compile the open source libraries. This paper will discuss the basic purposes and functionalities of the core libraries that have been wrapped with APIs including the Building Model, Results Processing, Advanced Analysis, UncertaintyQuantification, and Data Interoperability through Translators. Several building energy modeling applications have been produced using OpenStudio's API and Software Development Kits (SDK) including the United States Department of Energy's Asset ScoreCalculator, a mobile-based audit tool, an energy design assistance reporting protocol, and a portfolio scale incentive optimization analysismethodology. Each of these software applications will be discussed briefly and will describe how the APIs were leveraged for various uses including high-level modeling, data transformations from detailed building audits, error checking/quality assurance of models, and use of high-performance computing for mass simulations.

Enterprise SRS: Leveraging Ongoing Operations To Advance Nuclear Fuel Cycles Research And Development Programs

International Nuclear Information System (INIS)

Murray, Alice M.; Marra, John E.; Wilmarth, William R.; Mcguire, Patrick W.; Wheeler, Vickie B.

2013-01-01

The Savannah River Site (SRS) is repurposing its vast array of assets to solve future national issues regarding environmental stewardship, national security, and clean energy. The vehicle for this transformation is Enterprise SRS which presents a new, radical view of SRS as a united endeavor for ''all things nuclear'' as opposed to a group of distinct and separate entities with individual missions and organizations. Key among the Enterprise SRS strategic initiatives is the integration of research into facilities in conjunction with on-going missions to provide researchers from other national laboratories, academic institutions, and commercial entities the opportunity to demonstrate their technologies in a relevant environment and scale prior to deployment. To manage that integration of research demonstrations into site facilities, The Department of Energy, Savannah River Operations Office, Savannah River Nuclear Solutions, the Savannah River National Laboratory (SRNL) have established a center for applied nuclear materials processing and engineering research (hereafter referred to as the Center). The key proposition of this initiative is to bridge the gap between promising transformational nuclear fuel cycle processing discoveries and large commercial-scale-technology deployment by leveraging SRS assets as facilities for those critical engineering-scale demonstrations necessary to assure the successful deployment of new technologies. The Center will coordinate the demonstration of R&D technologies and serve as the interface between the engineering-scale demonstration and the R&D programs, essentially providing cradle-to-grave support to the research team during the demonstration. While the initial focus of the Center will be on the effective use of SRS assets for these demonstrations, the Center also will work with research teams to identify opportunities to perform research demonstrations at other facilities. Unique to this approach is the fact that these SRS

Do sector-specific shocks explain aggregate fluctuations?

DEFF Research Database (Denmark)

Busato, Francesco; Girardi, Alessandro; Argentiero, Amedeo

-sector productivity fluctuations.(ii) Cross-sector technology shocks have very little explanatory power on productivity andemployment, while cross-sector non-technology shocks explain more than 60 percent of employmentthat is reallocated across sector; this suggests that the shocks’ transmission mechanism....... Thenon-durable sector may follow a standard RBC model, while the durable sector should incorporateconsumption habit formation....

Risks of Leveraged Products

NARCIS (Netherlands)

A. Di Cesare (Antonio)

2012-01-01

textabstractLeveraged investments have become a fundamental feature of modern economies. The new financial products allow people to take greater-than-usual exposures to risk factors. This thesis analyzes several different aspects of the risks involved by some frequently used leveraged products:

MEMPREDIKSI FINANCIAL DISTRESS DENGAN BINARY LOGIT REGRESSION PERUSAHAAN TELEKOMUNIKASI

Directory of Open Access Journals (Sweden)

Tiara Widya Antikasari

2017-04-01

Full Text Available In this globalization era, sub–sector telecommunication industry has rapid development as time goes by with the number of customers’ growth. However, its growth is not balanced with operational revenue development. Therefore, it is important to analyze the financial distress in telecommunication companies in order to avoid bankruptcy. This research aimed to investigate the effect of financial ratios to predict probability of financial distress. Financial ratios indicator used profitability ratio, liquidity ratio, activity ratio, and leverage ratio. The population in this research was telecommunication companies listed in the Indonesia Stock Exchange periods 2009-2016. Based on purposive sampling method, the criteria of financial distress in this study was measured by using net operation negative two years, while statistic analysis used was logistic regression with a significance level of 10%. The result was that liquidity ratio (current ratio and activity ratio (total asset turnover ratio had a negative significant value, and profitability ratio(return on asset and leverage ratio (debt to total asset had positive significant value to predict financial distress.

Resource based view of the firm: measures of reputation among health service-sector businesses.

Science.gov (United States)

Smith, Alan D

2008-01-01

Application of the strategic leverage of Resource Based View of the Firm (RBV) directly advocates that a company's competitive advantage is derived from its ability to assemble and exploit an appropriate combination of resources (both tangible and intangible assets). The three companies that were selected were Pittsburgh-based companies that were within relatively easy access, representing healthcare service-related industries, and can be reviewed for the principles of the RBV. The particular firms represented a variety of establishments and included Baptist Homes (a long-term care facility), University of Pittsburgh Medical Center (UPMC)(a provider of hospital and other health services), and GlaxoSmithKline, Consumer Healthcare, North America (GSK-CHNA)(a global provider of healthcare products and services). Through the case studies, it was found that not all intangible assets are strategic, and by extension, not all measures of reputation are strategic either. For an intangible asset to be considered strategic, in this case reputation, it must be valuable, rare, imperfectly imitable, and non-substitutable.

Financing the UK power sector: Is the money available?

International Nuclear Information System (INIS)

Blyth, William; McCarthy, Rory; Gross, Robert

2015-01-01

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

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.

Development of a security vulnerability assessment process for the RAMCAP chemical sector.

Science.gov (United States)

Moore, David A; Fuller, Brad; Hazzan, Michael; Jones, J William

2007-04-11

The Department of Homeland Security (DHS), Directorate of Information Analysis & Infrastructure Protection (IAIP), Protective Services Division (PSD), contracted the American Society of Mechanical Engineers Innovative Technologies Institute, LLC (ASME ITI, LLC) to develop guidance on Risk Analysis and Management for Critical Asset Protection (RAMCAP). AcuTech Consulting Group (AcuTech) has been contracted by ASME ITI, LLC, to provide assistance by facilitating the development of sector-specific guidance on vulnerability analysis and management for critical asset protection for the chemical manufacturing, petroleum refining, and liquefied natural gas (LNG) sectors. This activity involves two key tasks for these three sectors: Development of a screening to supplement DHS understanding of the assets that are important to protect against terrorist attack and to prioritize the activities. Development of a standard security vulnerability analysis (SVA) framework for the analysis of consequences, vulnerabilities, and threats. This project involves the cooperative effort of numerous leading industrial companies, industry trade associations, professional societies, and security and safety consultants representative of those sectors. Since RAMCAP is a voluntary program for ongoing risk management for homeland security, sector coordinating councils are being asked to assist in communicating the goals of the program and in encouraging participation. The RAMCAP project will have a profound and positive impact on all sectors as it is fully developed, rolled-out and implemented. It will help define the facilities and operations of national and regional interest for the threat of terrorism, define standardized methods for analyzing consequences, vulnerabilities, and threats, and describe best security practices of the industry. This paper will describe the results of the security vulnerability analysis process that was developed and field tested for the chemical manufacturing

Development of a security vulnerability assessment process for the RAMCAP chemical sector

International Nuclear Information System (INIS)

Moore, David A.; Fuller, Brad; Hazzan, Michael; Jones, J. William

2007-01-01

The Department of Homeland Security (DHS), Directorate of Information Analysis and Infrastructure Protection (IAIP), Protective Services Division (PSD), contracted the American Society of Mechanical Engineers Innovative Technologies Institute, LLC (ASME ITI, LLC) to develop guidance on Risk Analysis and Management for Critical Asset Protection (RAMCAP). AcuTech Consulting Group (AcuTech) has been contracted by ASME ITI, LLC, to provide assistance by facilitating the development of sector-specific guidance on vulnerability analysis and management for critical asset protection for the chemical manufacturing, petroleum refining, and liquefied natural gas (LNG) sectors. This activity involves two key tasks for these three sectors:*Development of a screening to supplement DHS understanding of the assets that are important to protect against terrorist attack and to prioritize the activities. *Development of a standard security vulnerability analysis (SVA) framework for the analysis of consequences, vulnerabilities, and threats. This project involves the cooperative effort of numerous leading industrial companies, industry trade associations, professional societies, and security and safety consultants representative of those sectors. Since RAMCAP is a voluntary program for ongoing risk management for homeland security, sector coordinating councils are being asked to assist in communicating the goals of the program and in encouraging participation. The RAMCAP project will have a profound and positive impact on all sectors as it is fully developed, rolled-out and implemented. It will help define the facilities and operations of national and regional interest for the threat of terrorism, define standardized methods for analyzing consequences, vulnerabilities, and threats, and describe best security practices of the industry. This paper will describe the results of the security vulnerability analysis process that was developed and field tested for the chemical manufacturing

USE OF IMPORT REVOLVING LEVERAGE LEASING IN ORDER TO MINIMIZE RISKS IN THE ORGANIZATION OF PRODUCTION

Directory of Open Access Journals (Sweden)

Olga Sergeevna Muftahova

2015-11-01

Full Text Available In the article the financing form in case of import revolving leverage leasing is described to modernize of fixed assets.In the research process the methods of mathematical modeling are applied.The mathematical model of the generalized method of calculation leasing payments proposed by the authors is represented according to the results of the research.The presented method includes several forms of leasing utilized both in the domestic and in the foreign practice.The novelty of this method consists in the fact that on the basis of the proposed forms of leasing is calculated the sum of leasing payment, which considers with the calculation insu-rance, financial and currency component to minimize losses from downtime due to the limited using of basic production assets of the enterprise in the organization of the production process.The method presented by authors is intended to minimize the risk of downtime of production equipment. This fact will enable us to provide high qualitative and quantitative indicators of the enterprise, stability and continuity of the production process.

Food, Fracking, and Freshwater: The Potential for Markets and Cross-Sectoral Investments to Enable Water Conservation

Directory of Open Access Journals (Sweden)

Margaret Cook

2016-01-01

Full Text Available Hydraulic fracturing—the injection of pressurized fluid, often water, to increase recovery of oil or gas—has become increasingly popular in combination with horizontal drilling. Hydraulic fracturing improves production from a well, but requires a significant amount of water to do so and could put pressure on existing water resources, especially in water-stressed areas. To supply water needs, some water rights holders sell or lease their water resources to oil and gas producers in an informal water market. These transactions enable the opportunity for cross-sectoral investments, by which the energy sector either directly or indirectly provides the capital for water efficiency improvements in the agricultural sector as a mechanism to increase water availability for other purposes, including oil and gas production. In this analysis, we employ an original water and cost model to evaluate the water market in Texas and the potential for cross-sectoral collaboration on water efficiency improvements through a case study of the Lower Rio Grande Valley in Texas. We find that, if irrigation efficiency management practices were fully implemented, between 420 and 800 million m3 of water could be spared per year over a ten year period, potentially enabling freshwater use in oil and gas production for up to 26,000 wells, while maintaining agricultural productivity and possibly improving water flows to the ecosystem.

Exploring consumption- and asset-based poverty dynamics in Ethiopia

African Journals Online (AJOL)

This paper examines the dynamics of wellbeing in Ethiopia by assessing changes in poverty status based on consumption and asset ownership. Using panel data from the first two waves of the Ethiopia Socioeconomic Survey (ESS), we discover that although the cross-sectional poverty remains relatively unchanged ...

Evaluation of the Effect of Non-Current Fixed Assets on Profitability and Asset Management Efficiency

Science.gov (United States)

Lubyanaya, Alexandra V.; Izmailov, Airat M.; Nikulina, Ekaterina Y.; Shaposhnikov, Vladislav A.

2016-01-01

The purpose of this article is to investigate the problem, which stems from non-current fixed assets affecting profitability and asset management efficiency. Tangible assets, intangible assets and financial assets are all included in non-current fixed assets. The aim of the research is to identify the impact of estimates and valuation in…

Leveraging Big Data Tools and Technologies: Addressing the Challenges of the Water Quality Sector

Directory of Open Access Journals (Sweden)

Juan Manuel Ponce Romero

2017-11-01

Full Text Available The water utility sector is subject to stringent legislation, seeking to address both the evolution of practices within the chemical/pharmaceutical industry, and the safeguarding of environmental protection, and which is informed by stakeholder views. Growing public environmental awareness is balanced by fair apportionment of liability within-sector. This highly complex and dynamic context poses challenges for water utilities seeking to manage the diverse chemicals arising from disparate sources reaching Wastewater Treatment Plants, including residential, commercial, and industrial points of origin, and diffuse sources including agricultural and hard surface water run-off. Effluents contain broad ranges of organic and inorganic compounds, herbicides, pesticides, phosphorus, pharmaceuticals, and chemicals of emerging concern. These potential pollutants can be in dissolved form, or arise in association with organic matter, the associated risks posing significant environmental challenges. This paper examines how the adoption of new Big Data tools and computational technologies can offer great advantage to the water utility sector in addressing this challenge. Big Data approaches facilitate improved understanding and insight of these challenges, by industry, regulator, and public alike. We discuss how Big Data approaches can be used to improve the outputs of tools currently in use by the water industry, such as SAGIS (Source Apportionment GIS system, helping to reveal new relationships between chemicals, the environment, and human health, and in turn provide better understanding of contaminants in wastewater (origin, pathways, and persistence. We highlight how the sector can draw upon Big Data tools to add value to legacy datasets, such as the Chemicals Investigation Programme in the UK, combined with contemporary data sources, extending the lifespan of data, focusing monitoring strategies, and helping users adapt and plan more efficiently. Despite

Leveraging Digital Asset Management (DAM) in a Finnish retail corporation : A case study on the current state and future vision of Kesko Corporations’ marketing and content production.

OpenAIRE

Leppänen, Sandra

2017-01-01

This case study analyses how rich media content (digital assets) is created, stored, shared and managed at a Finnish retail company – Kesko Corporation. The study aims to identify the benefits and possible disadvantages of centralizing management and production of these digital assets into a Digital Asset Management (DAM) system. My main research question is: Are there achievable content enhancements that the introduction of a centralized DAM system might bring to Kesko Corporation's marketin...

Identifying and Reconciling Risk Across Sectors: The implications of differing views of risk in climate policy, environmental conservation, and the finance sector

Science.gov (United States)

Johns, T.; Henderson, I.; Thoumi, G.

2014-12-01

The presence and valuation of risk are commonalities that link the diverse fields of climate change science and policy, environmental conservation, and the financial/investment sector. However, the definition and perception of risks vary widely across these critically linked fields. The "Stranded Asset" concept developed by organizations like the Carbon Tracker Initiative begins to elucidate the links between climate change risk and financial risk. Stranded assets are those that may lose some or all value from climate disruption, changes in demand-side dynamics and/or a more stringent regulatory environment. In order to shift financial flows toward climate change mitigation, emissions-heavy activities that present finance and investment opportunities must also be assessed for their GHG-asset risk attributes in terms of their contribution and vulnerability to climate disruption, as well as other environmental externalities. Until the concept of GHG-asset risk in investment is reconciled with the risks of climate change and environmental conservation, it will not be possible to shift business and financial practices, and unlock private sector resources to address the climate change and conservation challenge. UNEP-FI is researching the application of the concept of Value-atRisk (VaR) to explore links between the financial sector and deforestation/REDD+. The research will test the hypothesis that climate risk is a financial risk, and propose tools to identify and quantify risks associated with unsustainable land-use investments. The tools developed in this research will help investors, managers and governments assess their exposures to the material REDD-related risks in their portfolios. This will inform the development of 'zero net deforestation' investment indices to allow investors to lower the 'deforestation' exposure of 'benchmark' financial indices used by many of the largest money managers. A VaR analysis will be performed, combining the notion of externality

The impact of liquidity on the capital structure: a case study of Croatian firms

Directory of Open Access Journals (Sweden)

Nataša Šarlija

2012-01-01

Full Text Available Background: Previous studies have shown that in some countries, liquid assets increased leverage while in other countries liquid firms were more frequently financed by their own capital and therefore were less leveraged. Objectives: The aim of this paper is to investigate the impact of liquidity on the capital structure of Croatian firms. Methods/Approach: Pearson correlation coefficient is applied to the test on the relationship between liquidity ratios and debt ratios, the share of retained earnings to capital and liquidity ratios and the relationship between the structure of current assets and leverage. Results: A survey has been conducted on a sample of 1058 Croatian firms. There are statistically significant correlations between liquidity ratios and leverage ratios. Also, there are statistically significant correlations between leverage ratios and the structure of current assets. The relationship between liquidity ratios and the short-term leverage is stronger than between liquidity ratios and the long-term leverage. Conclusions: The more liquid assets firms have, the less they are leveraged. Long- term leveraged firms are more liquid. Increasing inventory levels leads to an increase in leverage. Furthermore, increasing the cash in current assets leads to a reduction in the short-term and the long- term leverage.

Steam generator asset management: integrating technology and asset management

International Nuclear Information System (INIS)

Shoemaker, P.; Cislo, D.

2006-01-01

Asset Management is an established but often misunderstood discipline that is gaining momentum within the nuclear generation industry. The global impetus behind the movement toward asset management is sustainability. The discipline of asset management is based upon three fundamental aspects; key performance indicators (KPI), activity-based cost accounting, and cost benefits/risk analysis. The technology associated with these three aspects is fairly well-developed, in all but the most critical area; cost benefits/risk analysis. There are software programs that calculate, trend, and display key-performance indicators to ensure high-level visibility. Activity-based costing is a little more difficult; requiring a consensus on the definition of what comprises an activity and then adjusting cost accounting systems to track. In the United States, the Nuclear Energy Institute's Standard Nuclear Process Model (SNPM) serves as the basis for activity-based costing. As a result, the software industry has quickly adapted to develop tracking systems that include the SNPM structure. Both the KPI's and the activity-based cost accounting feed the cost benefits/risk analysis to allow for continuous improvement and task optimization; the goal of asset management. In the case where the benefits and risks are clearly understood and defined, there has been much progress in applying technology for continuous improvement. Within the nuclear generation industry, more specialized and unique software systems have been developed for active components, such as pumps and motors. Active components lend themselves well to the application of asset management techniques because failure rates can be established, which serves as the basis to quantify risk in the cost-benefits/risk analysis. A key issue with respect to asset management technologies is only now being understood and addressed, that is how to manage passive components. Passive components, such as nuclear steam generators, reactor vessels

Corporate Sector Debt Composition and Exchange Rate Balance Sheet Effect in Turkey

OpenAIRE

Mehtap Kesriyeli; Erdal Ozmen; Serkan Yigit

2005-01-01

This paper investigates the causes and balance sheet effect consequences of the liability dollarisation of non-financial sectors in Turkey using the Company Accounts database compiled by the Central Bank of Turkey. The results from the panel EGLS and GMM procedures suggest that both sector-specific (tangibility, leverage ratio, export share) and macroeconomic condition variables (inflation, real exchange rate change, budget deficits and confidence) are significant in explaining the corporate ...

Japanese views on ASSET

Energy Technology Data Exchange (ETDEWEB)

Hirano, M [Department of Reactor Safety Research, Japan Atomic Energy Research Inst. (Japan)

1997-10-01

The presentation briefly reviews the following aspects directed to ensuring NPP safety: Japanese participation in ASSET activities; views to ASSET activities; recent operating experience in Japan; future ASSET activities.

Japanese views on ASSET

International Nuclear Information System (INIS)

Hirano, M.

1997-01-01

The presentation briefly reviews the following aspects directed to ensuring NPP safety: Japanese participation in ASSET activities; views to ASSET activities; recent operating experience in Japan; future ASSET activities

Financial Analysis of the Financial Institutions Sector in Kosovo

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Vlora Prenaj

2015-12-01

Full Text Available Paper work “Financial analysis of the financial institutions sector in Kosovo” treats financial sector in Kosovo. Paper work contains the current position of the economy, economic prospects and macroeconomic projections for the financial sector in Kosovo, future potential and possibilities of financial sector in Kosovo. The main goal of this research is financial analysis of Kosovo financial institutions sector - overview of key indicators. This research evaluates the performances of commercial bank’s profitability, which have operated in the market during the period 2006-2012. This research is conducted through financial analysis coefficients: Return on Equity, Return on assets and Cost to Income. Test t-Student is used to analyze the profitability for the period 2006/2007 before the financial crisis and the period 2011/2012 after financial crisis.

17 CFR 31.6 - Registration of leverage commodities.

Science.gov (United States)

2010-04-01

... taking delivery to buy or sell the leverage commodity; (2) Explain the effect of such changes upon the... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Registration of leverage... LEVERAGE TRANSACTIONS § 31.6 Registration of leverage commodities. (a) Registration of leverage commodities...

Cross-Sector Moderation as a Means of Engaging Staff with Assessment and Teaching Pedagogy

Science.gov (United States)

Grant, Lynne

2012-01-01

This article investigates the benefits that cross-sector moderation events can bring to school staff and individual teachers. It focuses on a series of events held in one education authority over a period of four years. These events involved staff from every primary and secondary school within the authority and took the form of social moderation.…

Engineering Asset Management and Infrastructure Sustainability : Proceedings of the 5th World Congress on Engineering Asset Management

CERN Document Server

Ma, Lin; Tan, Andy; Weijnen, Margot; Lee, Jay

2012-01-01

Engineering Asset Management 2010 represents state-of-the art trends and developments in the emerging field of engineering asset management as presented at the Fifth World Congress on Engineering Asset Management (WCEAM). The proceedings of the WCEAM 2010 is an excellent reference for practitioners, researchers and students in the multidisciplinary field of asset management, covering topics such as: Asset condition monitoring and intelligent maintenance Asset data warehousing, data mining and fusion Asset performance and level-of-service models Design and life-cycle integrity of physical assets Education and training in asset management Engineering standards in asset management Fault diagnosis and prognostics Financial analysis methods for physical assets Human dimensions in integrated asset management Information quality management Information systems and knowledge management Intelligent sensors and devices Maintenance strategies in asset management Optimisation decisions in asset management Risk management ...

Institutionalizing cross-border cooperatives on European level in the energy sector

International Nuclear Information System (INIS)

Paulusma, A.C.

2008-01-01

The third energy package proposes the establishment of an Agency for the Cooperation of Energy Regulators (ACER) and the establishment of a European Network of Transmission System Operators for Electricity (ENTSOE) and a European Network of Transmission System Operators for Gas (ENTSOG). This legislative initiative is a response to the need to further liberalise the energy sector and to create one single energy market. The proposals wish to remedy the lack of regulatory oversight for cross border issues and the existence of a regulatory gap on cross-border issues. This article addresses these proposals and places them in a historical context. The proposals indicate that the European legislator to some degree intends to institutionalize cross border cooperation of regulators and of transmission system operators. So far cross-border cooperation mostly has been brought about on a voluntary basis and not on the basis of European law. Also this cooperation takes place on a voluntary basis and largely outside the scope of the European Commission. If the proposals are excepted they will result in new forms of cooperation in the energy sector. The Agency will be a community body with legal personality that, besides having an advisory role, will in some circumstances be able to take binding decisions. Therefore it will entail more than voluntary cooperation and be a step closer to the establishment of a European regulator. With the creation of ENTSOG and ENTSOE cooperation between transmission system operators will for the first time be obligatory and take place on the basis of European legislation. It will therefore be a new phenomenon. Nevertheless, it is not always clear from the proposals what the result in practice will be nor how the new organizations will relate to each other, to the Commission and to the national regulators and transmission system operators. Currently, the main question is whether the proposals will be adopted by the Council and the European

Building the Foundations for a Large-Scale, Cross-Sector Collaboration for a Sustainable and Permanent Return to the Lunar Surface

Science.gov (United States)

Kapoglou, A.

2017-10-01

This presentation will describe how to build the foundations needed for a large scale, cross-industry collaboration to enable a sustainable and permanent return to the Moon based on system leadership, cross-sector partnership, and inclusive business.

Leverage, Investment, and Firm Growth

OpenAIRE

Larry Lang; Eli Ofek; Rene M. Stulz

1995-01-01

We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and growth holds for firms with low Tobin's q, but not for high-q firms or firms in high-q industries. Therefore, leverage does not reduce growth for firms known to have good investment opportunities, but is negatively related to growth for firms whose growth opportunities are either not recognized by ...

Urban cross-sector actions for carbon mitigation with local health co-benefits in China

Science.gov (United States)

Ramaswami, Anu; Tong, Kangkang; Fang, Andrew; Lal, Raj M.; Nagpure, Ajay Singh; Li, Yang; Yu, Huajun; Jiang, Daqian; Russell, Armistead G.; Shi, Lei; Chertow, Marian; Wang, Yangjun; Wang, Shuxiao

2017-10-01

Cities offer unique strategies to reduce fossil fuel use through the exchange of energy and materials across homes, businesses, infrastructure and industries co-located in urban areas. However, the large-scale impact of such strategies has not been quantified. Using new models and data sets representing 637 Chinese cities, we find that such cross-sectoral strategies--enabled by compact urban design and circular economy policies--contribute an additional 15%-36% to national CO2 mitigation, compared to conventional single-sector strategies. As a co-benefit, ~25,500 to ~57,500 deaths annually are avoided from air pollution reduction. The benefits are highly variable across cities, ranging from advanced technologies in diverse city types.

Accounting treatment of intangible assets

OpenAIRE

Gorgieva-Trajkovska, Olivera; Koleva, Blagica; Georgieva Svrtinov, Vesna

2015-01-01

The accounting for fixed assets is, in many cases, a straightforward exercise, but it isn’t always so when it comes to the issue of intangible fixed assets and recognizing such assets on the balance sheet. IAS 38, In¬tan¬gi¬ble Assets, outlines the accounting re¬quire¬ments for in¬tan¬gi¬ble assets, which are non-mon¬e¬tary assets which are without physical substance and iden¬ti¬fi¬able (either being separable or arising from con¬trac¬tual or other legal rights). In¬tan¬gi¬ble assets meeting ...

Enterprise SRS: Leveraging Ongoing Operations To Advance Nuclear Fuel Cycles Research And Development Programs

Energy Technology Data Exchange (ETDEWEB)

Murray, Alice M.; Marra, John E.; Wilmarth, William R.; Mcguire, Patrick W.; Wheeler, Vickie B.

2013-07-03

The Savannah River Site (SRS) is repurposing its vast array of assets to solve future national issues regarding environmental stewardship, national security, and clean energy. The vehicle for this transformation is Enterprise SRS which presents a new, radical view of SRS as a united endeavor for ''all things nuclear'' as opposed to a group of distinct and separate entities with individual missions and organizations. Key among the Enterprise SRS strategic initiatives is the integration of research into facilities in conjunction with on-going missions to provide researchers from other national laboratories, academic institutions, and commercial entities the opportunity to demonstrate their technologies in a relevant environment and scale prior to deployment. To manage that integration of research demonstrations into site facilities, The Department of Energy, Savannah River Operations Office, Savannah River Nuclear Solutions, the Savannah River National Laboratory (SRNL) have established a center for applied nuclear materials processing and engineering research (hereafter referred to as the Center). The key proposition of this initiative is to bridge the gap between promising transformational nuclear fuel cycle processing discoveries and large commercial-scale-technology deployment by leveraging SRS assets as facilities for those critical engineering-scale demonstrations necessary to assure the successful deployment of new technologies. The Center will coordinate the demonstration of R&D technologies and serve as the interface between the engineering-scale demonstration and the R&D programs, essentially providing cradle-to-grave support to the research team during the demonstration. While the initial focus of the Center will be on the effective use of SRS assets for these demonstrations, the Center also will work with research teams to identify opportunities to perform research demonstrations at other facilities. Unique to this approach is the fact

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

Directory of Open Access Journals (Sweden)

Irina D. Demina

2017-01-01

led to a deterioration in the dynamics of indexes, characterizing the state and movement of the fixed assets, as evidenced by data on relevant indexes. Accelerated depreciation, used in tax accounting, should be monitored. However, at present, this only leads to an increase in costs. The article proposes accounting entries for the formation of an amortization fund and information on its intended use. In IFRS standards, information on the amount of accrued depreciation on fixed assets is generated in the reporting, which should also be shown in the financial statements of domestic organizations (especially with the state participation. Ambiguity in the interpretation of legislative and regulatory acts in the field of accounting for the fixed assets, accrual of depreciation and the formation of an amortization fund does not contribute to improving the investment climate in the country and leads to significant wear and tear in virtually all sectors of the economy. The article concludes that there is a significant underinvestment of the domestic economy, especially for manufacturing organizations.

Performance-based contracting for maintaining transportation assets with emphasis on bridges

Directory of Open Access Journals (Sweden)

Alsharqawi Mohammed

2017-01-01

Full Text Available With a large number of aging transportation infrastructure assets in North America and the growing problem of deterioration across the globe, managing these assets have been the subject of ongoing research. There is an overwhelming amount of maintenance and rehabilitation works to be done and selecting a suitable maintenance, repair or replacement (MRR strategy is one of the most challenging tasks for decision makers. Limited budget and resources are even making the decision making process more challenging. Maintaining infrastructure to the highest possible condition while investing the minimal amount of money has promoted innovative contracting approaches. Transportation agencies have increased private sector involvement through long term performance-based maintenance contracts or what is called Performance-Based Contracting. PBC is a type of contract that pays a contractor based on the results achieved, not on the methods for performing the maintenance work. By looking into the literature, it is observed that agencies are expanding the amount of contracting they do in order to maintain and achieve a better standard of infrastructure facilities. Therefore, the objective of this paper is to study and review performance-based contracting for transportation infrastructure with emphasis on bridge assets.

A Comparative Study of Difficulties in Accounting Preparation and Judgement in Agriculture Using Fair Value and Historical Cost for Biological Assets Valuation

OpenAIRE

Argilés bosch, Josep M.a; Aliberch, Anna Sabata; Blandón, Josep García

2012-01-01

This paper presents empirical research comparing the accounting difficulties that arise from the use of two valuation methods for biological assets, fair value (FV) and historical cost (HC) accounting, in the agricultural sector. It also compares how reliable each valuation method is in the decision-making process of agents within the sector. By conducting an experiment with students, farmers, and accountants operating in the agricultural sector, we find that they have more difficulties, make...

FINANCING OF FIXED ASSET INVESTMENT IN THE SMALL AND MEDIUM-SIZED ENTERPRISES IN POLAND

Directory of Open Access Journals (Sweden)

Beata Geruzel-Dudzińska

2016-03-01

Full Text Available Small and medium-sized enterprises play an important role in the economy, creates, because a significant part of GDP, provides employment to many millions of people. One of the main barriers to the development of these enterprises, not only in Poland but also in EU countries, is the scarcity of equity and the difficulty in obtaining external sources of financing. It is not just about lack of funds to finance current operations, but also, and perhaps above all, lack of investment in fixed assets. This paper aims to present available sources of financing of fixed assets for enterprises from the SME sector and the assessment of their use by these companies.

Corporate Governance: Can Universities Learn from the Private Sector?

Science.gov (United States)

Henze, Raphaela

2010-01-01

Corporate governance has several objectives: growth, transparency, leadership, social responsibility and trust, as well as the protection of shareholders and company assets. It also plays a key role in determining a company's control environment. In this article, the author takes a closer look at corporate governance in the private sector,…

Asset Pricing - A Brief Review

OpenAIRE

Li, Minqiang

2010-01-01

I first introduce the early-stage and modern classical asset pricing and portfolio theories. These include: the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), the consumption capital asset pricing model (CCAPM), the intertemporal capital asset pricing model (ICAPM), and some other important modern concepts and techniques. Finally, I discuss the most recent development during the last decade and the outlook in the field of asset pricing.

New Approaches in Accountancy of the Romanian Equine Growth Sector

Directory of Open Access Journals (Sweden)

Violeta Isai

2015-09-01

Full Text Available The activity of equine growth puts many problems regarding the way of recognition, registration and valuation of equines as biological assets, but also regarding the way of calculation for the auction prices. Taking into consideration the ascendant trend of this sector, and also the diversification of its activities, accountancy faces new situations, which require to be solved in the conditions of the existent International Accounting Standards. In this respect, Romania came with certain improvements, which allow the separate registration of biological assets, their valuation at the fair value and the separate registration of the economic benefits brought by the biological assets to the entity. This paper presents a part of these aspects, in the context of the new settlements adopted in accounting by the Romanian legislation.

Assessing Asset Pricing Anomalies

NARCIS (Netherlands)

W.A. de Groot (Wilma)

2017-01-01

markdownabstractOne of the most important challenges in the field of asset pricing is to understand anomalies: empirical patterns in asset returns that cannot be explained by standard asset pricing models. Currently, there is no consensus in the academic literature on the underlying causes of

17 CFR 31.15 - Reporting to leverage customers.

Science.gov (United States)

2010-04-01

... customers. 31.15 Section 31.15 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION LEVERAGE TRANSACTIONS § 31.15 Reporting to leverage customers. Each leverage transaction merchant shall furnish in writing directly to each leverage customer: (a) Promptly upon the repurchase, resale...

Youth Assets and Delayed Coitarche across Developmental Age Groups

Science.gov (United States)

Aspy, Cheryl B.; Vesely, Sara K.; Tolma, Eleni L.; Oman, Roy F.; Rodine, Sharon; Marshall, LaDonna; Fluhr, Janene

2010-01-01

Cross-sectional studies suggest that assets are associated with youth abstinence, but whether these relationships are constant across developmental age groups has not been shown. Data for this study were obtained from two independent datasets collected across a 2-year period using in-person, in-home interviews of youth (52% female; 44% Caucasian,…

Capital Structure and Assets

DEFF Research Database (Denmark)

Flor, Christian Riis

2008-01-01

This paper analyzes a firm's capital structure choice when assets have outside value. Valuable assets implicitly provide a collateral and increase tax shield exploitation. The key feature in this paper is asset value uncertainty, implying that it is unknown ex ante whether the equity holders ex p...

Aplicación de análisis discriminante para evaluar el mejoramiento de los indicadores financieros en las empresas del sector alimento de Barranquilla-Colombia Application of discriminant analysis to evaluate the improvement of financial indicators in the food sector companies Barranquilla-Colombia

Directory of Open Access Journals (Sweden)

Tomás Fontalvo Herrera

2012-12-01

indicators, the criteria for the application of discriminant analysis in evaluating the improvement of liquidity ratios, activity, profitability and debt in the food sector companies of Barranquilla and the use of discriminant analysis technique to distinguish two periods established 2004 and 2009. The former, through a qualitative, proposed descriptive and quantitative perspective. From the discriminant function obtained and the statistics analyzed, we can conclude that the financial indicators Operating Assets Return (AS, Asset Turnover (AT, sector Level of Indebtedness (LI, show significant differences from one period to another. Nevertheless, only the average long-term leverage (ALL financial indicator showed improvement from one period to another. Finally, we could structure a robust analysis methodology that evaluates the evolution of financial results in business organizations, being of greatly useful and of value as a scientific reference on the analysis of financial indicators for management decision making.

Style Analysis: Asset Allocation & Performance Evaluation of Indonesian Equity Funds, April 2004 – March 2009

Directory of Open Access Journals (Sweden)

Boniarga Mangiring

2014-08-01

Full Text Available This paper explores investment styles and risk exposures of mutual funds in Indonesia using Sharpe's return-based style analysis, a quadratic optimization of an asset class factor model,  proposed  by  William  F.  Sharpe  in  1992.  The  research  observes  nine  sectoral  asset class indexes and ifteen survivor Indonesian equity funds within April 2004 - March 2009. The  results  suggest  that  the  infrastructure  sector  has  the  biggest  exposure  on  average. This  study  also  measures  the  relative  performance  of  the  funds  with  respect  to  their  style benchmarks.  The  results  indicate  that  the  nine  funds  have  been  able  to  beat  their  style benchmarks on average. From all funds, Fortis Ekuitas is the best fund based on its average monthly selection return. ";} // -->activate javascript

Decoupling Economic Growth and Energy Use. An Empirical Cross-Country Analysis for 10 Manufacturing Sectors

Energy Technology Data Exchange (ETDEWEB)

Mulder, P. [International Institute for Applied Systems Analysis, Laxenburg (Austria); De Groot, H.L.F. [Faculty of Economics and Business Administration, Vrije Universiteit, Amsterdam (Netherlands)

2004-07-01

This paper provides an empirical analysis of decoupling economic growth and energy use and its various determinants by exploring trends in energy- and labour productivity across 10 manufacturing sectors and 14 OECD countries for the period 1970-1997. We explicitly aim to trace back aggregate developments in the manufacturing sector to developments at the level of individual subsectors. A cross-country decomposition analysis reveals that in some countries structural changes contributed considerably to aggregate manufacturing energy-productivity growth and, hence, to decoupling, while in other countries they partly offset energy-efficiency improvements. In contrast, structural changes only play a minor role in explaining aggregate manufacturing labour-productivity developments. Furthermore, we find labour-productivity growth to be higher on average than energy-productivity growth. Over time, this bias towards labour-productivity growth is increasing in the aggregate manufacturing sector, while it is decreasing in most manufacturing subsectors.

Comprehensive transportation asset management : making a business case and prioritizing assets for inclusion in formal asset management programs.

Science.gov (United States)

2011-12-01

Several agencies are applying asset management principles as a business tool and paradigm to help them define goals and prioritize agency resources in decision making. Previously, transportation asset management (TAM) has focused more on big ticke...

Leverage bubble

Science.gov (United States)

Yan, Wanfeng; Woodard, Ryan; Sornette, Didier

2012-01-01

Leverage is strongly related to liquidity in a market and lack of liquidity is considered a cause and/or consequence of the recent financial crisis. A repurchase agreement is a financial instrument where a security is sold simultaneously with an agreement to buy it back at a later date. Repurchase agreement (repo) market size is a very important element in calculating the overall leverage in a financial market. Therefore, studying the behavior of repo market size can help to understand a process that can contribute to the birth of a financial crisis. We hypothesize that herding behavior among large investors led to massive over-leveraging through the use of repos, resulting in a bubble (built up over the previous years) and subsequent crash in this market in early 2008. We use the Johansen-Ledoit-Sornette (JLS) model of rational expectation bubbles and behavioral finance to study the dynamics of the repo market that led to the crash. The JLS model qualifies a bubble by the presence of characteristic patterns in the price dynamics, called log-periodic power law (LPPL) behavior. We show that there was significant LPPL behavior in the market before that crash and that the predicted range of times predicted by the model for the end of the bubble is consistent with the observations.

Rational Asset Pricing Bubbles Revisited

OpenAIRE

Jan Werner

2012-01-01

Price bubble arises when the price of an asset exceeds the asset's fundamental value, that is, the present value of future dividend payments. The important result of Santos and Woodford (1997) says that price bubbles cannot exist in equilibrium in the standard dynamic asset pricing model with rational agents as long as assets are in strictly positive supply and the present value of total future resources is finite. This paper explores the possibility of asset price bubbles when either one of ...

THE EFFECT OF FINANCIAL PERFORMANCE AND MACRO ECONOMIC FACTOR TO PROFITABILITY OF BIDDER COMPANIES

Directory of Open Access Journals (Sweden)

Nanik Linawati

2017-09-01

Full Text Available This study aims to determine the effects of leverage change, sales, market to book ratio; transaction cost, and interest rate after merger or acquisition on profitability change (return on assets or return on equity. The method used is multiple linear regressions. The type of data is cross sectional data. The samples are go public bidder companies that have annual or quarterly financial reports during one year before and after the merger or acquisition. The research results show leverage change, sales, market to book ratio, transaction cost and interest rate after merger or acquisition simultaneously have significant effect on the year and the next year change of return on asset or return on equity. Partially, leverage change and market to book ratio significantly influence on changes of profitability. Sales and interest rate significantly influence on the next year changes of profitability. Transaction cost partially has significant effect on next year changes of profitability.

The Effect of Long Memory in Volatility on Stock Market Fluctuations

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Nielsen, Morten Ørregaard

2007-01-01

on returns. Asset pricing theory imposes testable cross-equation restrictions on the system that are not rejected in our preferred specifications, which include a strong financial leverage effect. We show that the impact of volatility shocks on stock prices is small and short-lived, in spite of a positive...

The Effect of Long Memory in Volatility on Stock Market Fluctuations

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Nielsen, Morten Ørregaard

on returns. Asset pricing theory imposes testable cross- equation restrictions on the system that are not rejected in our preferred specifications, which include a strong financial leverage effect. We show that the impact of volatility shocks on stock prices is small and short-lived, in spite of a positive...

The Effect of Long Memory in Volatility on Stock Market Fluctuations

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Nielsen, Morten Ørregaard

on returns. Asset pricing theory imposes testable cross-equation restrictions on the system that are not rejected in our preferred specifications, which include a strong financial leverage effect. We show that the impact of volatility shocks on stock prices is small and short-lived, in spite of a positive...

Venture Capital and Leveraged Buyout: What Is the Difference in Eastern Europe? – A Cross-Country Panel Data Analysis

Directory of Open Access Journals (Sweden)

Mihai Precup

2017-12-01

Full Text Available The aim of this paper is to compare the determinants of leveraged buyout activity, respectively venture capital activity in Eastern European countries. Additionally, this paper presents the main highlights in terms of evolution of leveraged buyout investments and venture capital investments during the recent crisis in the European emerging countries. The panel data analysis used in this paper will include determinants consecrated in previous studies such as GDP growth, market capitalization or R&D expenditures, as well as new variables such as productivity and corruption index. In order to estimate a panel data model with fixed and random effects, we collected data on leveraged buyout activity, respectively venture capital activity in Eastern European countries over the period 2000-2013. This paper will follow the methodology developed by Gompers and Lerner (1998, Jeng and Wells (2000, Romain and de La Potteria (2004, Félix (2007 and Bernoth and Colavecchio (2014. The present research paper shows that the LBO and the venture capital are differently affected by macroeconomic conditions. Based on our empirical results, we have pointed several strategic directions that are meant to support the development of the leveraged buyout and venture capital markets in Eastern Europe. 

Methodological aspects of network assets accounting

Directory of Open Access Journals (Sweden)

Yuhimenko-Nazaruk I.A.

2017-08-01

Full Text Available The necessity of using innovative tools of processing and representation of information about network assets is substantiated. The suggestions for displaying network assets in accounts are presented. The main reasons for the need to display the network assets in the financial statements of all members of the network structure (the economic essence of network assets as the object of accounting; the non-additional model for the formation of the value of network assets; the internetworking mechanism for the formation of the value of network assets are identified. The stages of accounting valuation of network assets are allocated and substantiated. The analytical table for estimating the value of network assets and additional network capital in accounting is developed. The order of additional network capital reflection in accounting is developed. The method of revaluation of network assets in accounting in the broad sense is revealed. The order of accounting of network assets with increasing or decreasing the number of participants in the network structure is determined.

Basel III and Asset Securitization

Directory of Open Access Journals (Sweden)

M. Mpundu

2013-01-01

Full Text Available Asset securitization via special purpose entities involves the process of transforming assets into securities that are issued to investors. These investors hold the rights to payments supported by the cash flows from an asset pool held by the said entity. In this paper, we discuss the mechanism by which low- and high-quality entities securitize low- and high-quality assets, respectively, into collateralized debt obligations. During the 2007–2009 financial crisis, asset securitization was seriously inhibited. In response to this, for instance, new Basel III capital and liquidity regulations were introduced. Here, we find that we can explicitly determine the transaction costs related to low-quality asset securitization. Also, in the case of dynamic and static multipliers, the effects of unexpected negative shocks such as rating downgrades on asset price and input, debt obligation price and output, and profit will be quantified. In this case, we note that Basel III has been designed to provide countercyclical capital buffers to negate procyclicality. Moreover, we will develop an illustrative example of low-quality asset securitization for subprime mortgages. Furthermore, numerical examples to illustrate the key results will be provided. In addition, connections between Basel III and asset securitization will be highlighted.

Biological Assets in Companies in Brazil: Pursuant To CPC 29 and Association with Business Features

Directory of Open Access Journals (Sweden)

Vinicius Martins Macedo

2015-12-01

Full Text Available The adoption of international accounting standards in Brazil has brought about changes in the form of recognition, measurement and disclosure of economic facts of companies. In order to harmonize the accounting standards with the international standard-setting bodies Brazilian approved CPC 29, which establishes the accounting treatment and disclosure of biological assets and agricultural products. The objective of this study was to verify the Brazilian companies with biological assets the level of compliance with the CPC 29 and its association with business features. The study adopted the descriptive approach and examined the consolidated Financial Statements for the year 2013 of Brazilian public companies. In total 19 companies were analyzed showed that biological assets in 2013. The survey results show that the average compliance of companies with CPC 29 is 74.68%. Regarding the statistical analysis, it was observed that the level of compliance of companies have associations with business characteristics such as sector, governance, size, profitability and representativeness of the asset and the company's size has significant interaction with the level of accordingly. Compared to previous studies it was found that there was a significant increase in company compliance level with CPC 29 over time

Determinants of investment in fixed assets and in intangible assets for high-tech firms

Directory of Open Access Journals (Sweden)

Paulo Maçãs Nunes

2017-05-01

Full Text Available Based on a sample of 141 Portuguese high-tech firms for the period 2004-2012 and using GMM system (1998 and LSDVC (2005 dynamic estimators, this paper studies whether the determinants of high-tech firms’ investment in fixed assets are identical to the determinants of their investment in intangible assets. The multiple empirical evidence obtained allows us to conclude that the determinants of their investment in fixed assets are considerably different from those of their investment in intangible assets. Debt is a determinant stimulating investment in fixed assets, with age being a determinant restricting such investment. Size, age, internal finance and GDP are determinants stimulating investment in intangible assets, whereas debt and interest rates restrict such investment. These results let us make important suggestions for the owners/managers of high-tech firms, and also for policy-makers.

Accounting aspects of contracts for the operation of public water supply assets in WSS operators

Directory of Open Access Journals (Sweden)

Nedyalka Alexandrova

2017-12-01

Full Text Available The article investigates and analyses the nature of the Contracts for exploitation of WSS assets concluded between the Water Supply and Sewerage Associations and operators under the Water Act in order to outline the opportunities for accounting of the assets and liabilities resulting from these contracts. The contracts, as well as the WSS Associations, are new and unique for Bulgarian practice phenomena, affecting the entire water supply sector and their reporting poses considerable difficulties in practice. The article is based on an analysis of the normative requirements of the Water Act, a study of the clauses of the contracts, as well as their comparison with the concession contracts. Based on the analysis of their economic nature and under the requirements of the International Accounting Standards, a model of accounting for the assets and liabilities arising from these contracts is proposed, including their presentation and valuation in the financial statements of the operators.

PENGARUH CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE TERHADAP RETURN ON ASSETS PADA PERUSAHAAN TELEKOMUNIKASI YANG TERDAFTAR DI BURSA EFEK INDONESIA

Directory of Open Access Journals (Sweden)

Christian Noel Filemon

2017-04-01

Full Text Available Dewasa ini, konsep CSR berkaitan erat dengan keberlangsungan perusahaan. Menurut konsep CSR, sebuah perusahaan dalam melaksanakan aktivitas dan pengambilan keputusan tidak hanya berdasarkan faktor keuangan dan keuntungan semata melainkan juga berdasarkan konsekuensi sosial dan lingkungan untuk saat ini maupun masa yang akan datang. Secara teori, CSR dapat dimanfaatkan untuk memaksimalkan nilai pemegang saham, strategi untuk mencapai keunggulan kompetitif dalam jangka panjang, serta sebagai media pemasaran. Selain itu juga dapat mengurangi biaya penyesuaian yang dikeluarkan apabila perusahaan dinilai merugikan masyarakat maupun lingkungan ketika beroperasi. Sebagai salah satu bentuk aktivitas perusahaan, maka setiap kegiatan CSR perlu diungkapkan kepada pemegang saham. Penelitian ini akan membahas tentang bagaimana pengungkapan CSR dapat mempengaruhi financial performance khususnya ROA perusahaan-perusahaan yang berasal dari industri yang bertumbuh tinggi saat ini, yakni industri telekomunikasi, dengan periode penelitian pada tahun 2010 hingga 2013. Penelitian ini menggunakan teknik analisis regresi data panel terhadap lima perusahaan telekomunikasi dengan CSR Disclosure sebagai variabel independen, Return on Assets sebagai variabel dependen dan dua variabel kontrol yakni Leverage dan Company Size. Berdasarkan hasil penelitian, ditemukan bahwa tidak terdapat pengaruh signifikan dari CSR Disclosure terhadap Return on Assets. Di sisi lain, hanya variabel kontrol Company Size yang memiliki pengaruh positif dan signifikan terhadap Return on Assets.

Asset Pricing Implications of Firms' Financing Constraints

OpenAIRE

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

2002-01-01

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

Multi-Period Portfolio Optimization of Power Generation Assets

Directory of Open Access Journals (Sweden)

Barbara Glensk

2013-01-01

Full Text Available The liberalization and deregulation of the energy industry in the past decades have been significantly affected by changes in the strategies of energy firms. The traditionally used approach of cost minimization was no longer sufficient, risk and market behavior could no longer be ignored and the need for more appropriate optimization methods for uncertain environments was increased. Meanvariance portfolio (MVP theory is one of the more advanced financial methods that has been successfully applied to the energy sector. Unfortunately, this static approach is inadequate for studying multi-stage investment decision problems. The methodology proposed in this paper considering power generation assets is based on the model introduced by Mulvey, who suggests a reallocation approach using the analysis of various scenarios. The adoption of this methodology to power generation assets allows us to capture the impact of variations in the economic and technical parameters considered. The results of our study show that the application of a model for selection of multi-period portfolio can indeed improve the decision making process. Especially for the case of adding new investments to the portfolio mix, this rebalancing model captures new entries very well. (original abstract

Liquidity Risk Management: An Empirical Analysis on Panel Data Analysis and ISE Banking Sector

OpenAIRE

Sibel ÇELİK; Yasemin Deniz AKARIM

2012-01-01

In this paper, we test the factors affecting liquidity risk management in banking sector in Turkey by using panel regression analysis. We use the data for 9 commercial banks traded in Istanbul Stock Exchange for the period 1998-2008. In conclusion, we find that risky liquid assets and return on equity variables are negatively related with liquidity risk. However, external financing and return on asset variables are positively related with liquidity risk. This finding is importance for banks s...

The IM ABLE Study: A Cross-Sector, Multisite Initiative to Advance Care for Warriors and Veterans Following Neuromusculoskeletal Injury of the Lower Limb

Science.gov (United States)

2017-10-01

AWARD NUMBER: W81XWH-16-1-0738 TITLE: The IM ABLE Study: A Cross-Sector, Multisite Initiative to Advance Care for Warriors and Veterans...REPORT TYPE Annual 3. DATES COVERED 30 Sep 2016 - 29 Sep 2017 4. TITLE AND SUBTITLE The IM ABLE Study: A Cross-Sector, Multisite Initiative to...widely agreed upon, if accepted at all. If the devices truly improve function and comfort, then the initial high costs of provision may be justified

Asset management techniques

International Nuclear Information System (INIS)

Schneider, Joachim; Gaul, Armin J.; Neumann, Claus; Hograefer, Juergen; Wellssow, Wolfram; Schwan, Michael; Schnettler, Armin

2006-01-01

Deregulation and an increasing competition in electricity markets urge energy suppliers to optimize the utilization of their equipment, focusing on technical and cost-effective aspects. As a respond to these requirements utilities introduce methods formerly used by investment managers or insurance companies. The article describes the usage of these methods, particularly with regard to asset management and risk management within electrical grids. The essential information needed to set up an appropriate asset management system and differences between asset management systems in transmission and distribution systems are discussed. The bulk of costs in electrical grids can be found in costs for maintenance and capital depreciation. A comprehensive approach for an asset management in transmission systems thus focuses on the 'life-cycle costs' of the individual equipment. The objective of the life management process is the optimal utilisation of the remaining life time regarding a given reliability of service and a constant distribution of costs for reinvestment and maintenance ensuring a suitable return. In distribution systems the high number of components would require an enormous effort for the consideration of single individuals. Therefore statistical approaches have been used successfully in practical applications. Newest insights gained by a German research project on asset management systems in distribution grids give an outlook to future developments. (author)

Asset management techniques

Energy Technology Data Exchange (ETDEWEB)

Schneider, Joachim; Gaul, Armin J. [RWE Energy AG, Assetmanagement, Dortmund (Germany); Neumann, Claus [RWE Transportnetz Strom GmbH, Dortmund (Germany); Hograefer, Juergen [SAG Energieversorgungsloesungen GmbH, Langen (Germany); Wellssow, Wolfram; Schwan, Michael [Siemens AG, Power Transmission and Distribution, Erlangen (Germany); Schnettler, Armin [RWTH-Aachen, Institut fuer Hochspannungstechnik, Aachen (Germany)

2006-11-15

Deregulation and an increasing competition in electricity markets urge energy suppliers to optimize the utilization of their equipment, focusing on technical and cost-effective aspects. As a respond to these requirements utilities introduce methods formerly used by investment managers or insurance companies. The article describes the usage of these methods, particularly with regard to asset management and risk management within electrical grids. The essential information needed to set up an appropriate asset management system and differences between asset management systems in transmission and distribution systems are discussed. The bulk of costs in electrical grids can be found in costs for maintenance and capital depreciation. A comprehensive approach for an asset management in transmission systems thus focuses on the 'life-cycle costs' of the individual equipment. The objective of the life management process is the optimal utilisation of the remaining life time regarding a given reliability of service and a constant distribution of costs for reinvestment and maintenance ensuring a suitable return. In distribution systems the high number of components would require an enormous effort for the consideration of single individuals. Therefore statistical approaches have been used successfully in practical applications. Newest insights gained by a German research project on asset management systems in distribution grids give an outlook to future developments. (author)

Valuation of intangible assets

OpenAIRE

Karlíková, Jitka

2010-01-01

The thesis is focused on the valuation of intangible assets, particularly trademarks and copyrights. In the beginning it deals with the problems of valuation of intangible assets. The main part of the thesis provides an overview of methods for valuation of intangible assets. This part is followed by a practical section that illustrates the procedure of valuation of trademarks and copyrights on a concrete example.

Developing cross-sectoral quality assurance for cataract surgery in the statutory quality assurance program of the German health care system: Experiences and lessons learned.

Science.gov (United States)

Bramesfeld, Anke; Pauletzki, Jürgen; Behrenz, Lars; Szecsenyi, Joachim; Willms, Gerald; Broge, Björn

2015-08-01

Since 2001, statutory external quality assurance (QA) for hospital care has been in place in the German health system. In 2009, the decision was taken to expand it to cross-sectoral procedures. This novel and unprecedented form of national QA aims at (1) making the quality procedures comparable that are provided both in inpatient and outpatient care, (2) following-up outcomes of hospital care after patients' discharge and (3) measuring the quality of complex treatment chains across interfaces. As a pioneer procedure a QA procedure in cataract surgery QA was developed. Using this as an example, challenges of cross-sectoral QA are highlighted. These challenges relate, in particular, to three technical problems: triggering cases for documentation, following-up patients' after hospital discharge, and the burden of documentation in outpatient care. These problems resulted finally in the haltering of the development of the QA procedure. However, the experiences gained with this first development of cross-sectoral QA inspired the reorientation and further development of the field in Germany. Future cross-sectoral QA will rigorously aim at keeping burden of documentation small. It will draw data for QA mainly at three sources: routine data, patient surveys and peer reviews using indicators. Policy implications of this reorientation are discussed. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

Problems of intangible assets commercialization accounting

Directory of Open Access Journals (Sweden)

S.F. Legenchyk

2016-03-01

Full Text Available The growing role of intangible assets in conditions of global economy postindustrialization is grounded. The problems of intangible assets accounting are singled out. The basic tasks of the intangible assets accounting commercialization process are determined. The difference between the commercialization of intellectual property and intangible assets is considered. The basic approaches to understanding the essence of the intangible assets commercialization are singled out and grounded. The basic forms and methods of intangible assets commercialization researched by the author are analyzed. The order of accounting reflection of licensee royalties is considered. The factors of influence on the accounting process of intangible assets commercialization are determined. The necessity of solving the problem of accounting of lease payments for computer program by providing access to SaaS environment is grounded. The prospects of further studies of intangible assets accounting commercialization are determined.

Modelling asset correlations during the recent financial crisis: A semiparametric approach

DEFF Research Database (Denmark)

Aslanidis, Nektarios; Casas, Isabel

This article proposes alternatives to the Dynamic Conditional Correlation (DCC) model to study assets' correlations during the recent financial crisis. In particular, we adopt a semiparametric and nonparametric approach to estimate the conditional correlations for two interesting portfolios....... The first portfolio consists of equity sectors SPDRs and the S&P 500 composite, while the second one contains major currencies that are actively traded in the foreign exchange market. Methodologically, our contribution is two fold. First, we propose the Local Linear (LL) estimator for the correlations...

INNOVATION IN ACCOUNTING BIOLOGIC ASSETS

OpenAIRE

Stolуarova M. A.; Shcherbina I. D.

2016-01-01

The article describes the innovations in the classification and measurement of biological assets according to IFRS (IAS) 41 "Agriculture". The difficulties faced by agricultural producers using standard, set out in article. The classification based on the adopted amendments, according to which the fruit-bearing plants, previously accounted for as biological assets are measured at fair value are included in the category of fixed assets. The structure of biological assets and main means has bee...

Cross-Sector Social Partnerships for Social Change: The Roles of Non-Governmental Organizations

Directory of Open Access Journals (Sweden)

Xinya Yan

2018-02-01

Full Text Available Complex social and environmental issues call for broader collaboration across different sectors so as to instigate transformative social change. While previous scholars have emphasized the role of non-governmental organizations (NGOs in facilitating social change, they have not provided a nuanced assessment of NGOs’ different roles. We use the Poverty and Employment Precarity in Southern Ontario (PEPSO research partnership as a study case and explore NGO partners’ different roles in a large cross-sector social partnership (CSSP. By interviewing 12 NGO partners and 4 non-NGO partners involved in the PEPSO research partnership, our research results show that NGOs primarily have 10 roles in a CSSP. They include enabling roles such as consultant, capacity builder, analyst, and funder; coordinating roles such as broker and communicator; and facilitating roles such as initiator, leader, advocate, and monitor. These roles allow NGOs to fulfil their duties to make substantial contributions to a CSSP.

Expanding Access to NCAR's Digital Assets: Towards a Unified Scientific Data Management System

Science.gov (United States)

Stott, D.

2016-12-01

In 2014 the National Center for Atmospheric Research (NCAR) Directorate created the Data Stewardship Engineering Team (DSET) to plan and implement the strategic vision of an integrated front door for data discovery and access across the organization, including all laboratories, the library, and UCAR Community Programs. The DSET is focused on improving the quality of users' experiences in finding and using NCAR's digital assets. This effort also supports new policies included in federal mandates, NSF requirements, and journal publication rules. An initial survey with 97 respondents identified 68 persons responsible for more than 3 petabytes of data. An inventory, using the Data Asset Framework produced by the UK Digital Curation Centre as a starting point, identified asset types that included files and metadata, publications, images, and software (visualization, analysis, model codes). User story sessions with representatives from each lab identified and ranked desired features for a unified Scientific Data Management System (SDMS). A process beginning with an organization-wide assessment of metadata by the HDF Group and followed by meetings with labs to identify key documentation concepts, culminated in the development of an NCAR metadata dialect that leverages the DataCite and ISO 19115 standards. The tasks ahead are to build out an SDMS and populate it with rich standardized metadata. Software packages have been prototyped and currently are being tested and reviewed by DSET members. Key challenges for the DSET include technical and non-technical issues. First, the status quo with regard to how assets are managed varies widely across the organization. There are differences in file format standards, technologies, and discipline-specific vocabularies. Metadata diversity is another real challenge. The types of metadata, the standards used, and the capacity to create new metadata varies across the organization. Significant effort is required to develop tools to create

Delivering on Industry Equipment Reliability Goals By Leveraging an Integration Platform and Decision Support Environment

International Nuclear Information System (INIS)

Coveney, Maureen K.; Bailey, W. Henry; Parkinson, William

2004-01-01

Utilities have invested in many costly enterprise systems - computerized maintenance management systems, document management systems, enterprise grade portals, to name but a few - and often very specialized systems, like data historians, high end diagnostic systems, and other focused and point solutions. From recent industry reports, we now know that the average nuclear power utilizes on average 1900 systems to perform daily work, of which 250 might facilitate the equipment reliability decision-making process. The time has come to leverage the investment in these systems by providing a common platform for integration and decision-making that will further the collective industry aim of enhancing the reliability of our nuclear generation assets to maintain high plant availability and to deliver on plant life extension goals without requiring additional large scale investment in IT infrastructure. (authors)

Digital asset ecosystems rethinking crowds and cloud

CERN Document Server

Blanke, Tobias

2014-01-01

Digital asset management is undergoing a fundamental transformation. Near universal availability of high-quality web-based assets makes it important to pay attention to the new world of digital ecosystems and what it means for managing, using and publishing digital assets. The Ecosystem of Digital Assets reflects on these developments and what the emerging 'web of things' could mean for digital assets. The book is structured into three parts, each covering an important aspect of digital assets. Part one introduces the emerging ecosystems of digital assets. Part two examines digital asset manag

Initial cash/asset ratio and asset prices: an experimental study.

Science.gov (United States)

Caginalp, G; Porter, D; Smith, V

1998-01-20

A series of experiments, in which nine participants trade an asset over 15 periods, test the hypothesis that an initial imbalance of asset/cash will influence the trading price over an extended time. Participants know at the outset that the asset or "stock" pays a single dividend with fixed expectation value at the end of the 15th period. In experiments with a greater total value of cash at the start, the mean prices during the trading periods are higher, compared with those with greater amount of asset, with a high degree of statistical significance. The difference is most significant at the outset and gradually tapers near the end of the experiment. The results are very surprising from a rational expectations and classical game theory perspective, because the possession of a large amount of cash does not lead to a simple motivation for a trader to bid excessively on a financial instrument. The gradual erosion of the difference toward the end of trading, however, suggests that fundamental value is approached belatedly, offering some consolation to the rational expectations theory. It also suggests that there is a time scale on which an evolution toward fundamental value occurs. The experimental results are qualitatively compatible with the price dynamics predicted by a system of differential equations based on asset flow. The results have broad implications for the marketing of securities, particularly initial and secondary public offerings, government bonds, etc., where excess supply has been conjectured to suppress prices.

Asset planning performance measurement framework

NARCIS (Netherlands)

Arthur, D.; Hodkiewicz, M.; Schoenmaker, R.; Muruvan, S.

2014-01-01

The international asset management standard ISO 55001, introduced in early 2014, outlines the requirement for an effective Asset Management System. Asset Management practitioners are seeking guidance on implementing one of the key requirements of the standard: the “line of sight” between the

Handbook of LHC Higgs Cross Sections: 4. Deciphering the Nature of the Higgs Sector

Energy Technology Data Exchange (ETDEWEB)

de Florian, D. [National Univ. of San Martin, Buenos Aires (Argentina); et al.

2016-10-25

This Report summarizes the results of the activities of the LHC Higgs Cross Section Working Group in the period 2014-2016. The main goal of the working group was to present the state-of-the-art of Higgs physics at the LHC, integrating all new results that have appeared in the last few years. The first part compiles the most up-to-date predictions of Higgs boson production cross sections and decay branching ratios, parton distribution functions, and off-shell Higgs boson production and interference effects. The second part discusses the recent progress in Higgs effective field theory predictions, followed by the third part on pseudo-observables, simplified template cross section and fiducial cross section measurements, which give the baseline framework for Higgs boson property measurements. The fourth part deals with the beyond the Standard Model predictions of various benchmark scenarios of Minimal Supersymmetric Standard Model, extended scalar sector, Next-to-Minimal Supersymmetric Standard Model and exotic Higgs boson decays. This report follows three previous working-group reports: Handbook of LHC Higgs Cross Sections: 1. Inclusive Observables (CERN-2011-002), Handbook of LHC Higgs Cross Sections: 2. Differential Distributions (CERN-2012-002), and Handbook of LHC Higgs Cross Sections: 3. Higgs properties (CERN-2013-004). The current report serves as the baseline reference for Higgs physics in LHC Run 2 and beyond.

Implementation of ASSET concept in India

International Nuclear Information System (INIS)

Koley, J.

1997-01-01

The paper presents a retrospective assessment of the use of ASSET methodology in India since the first ASSET seminary organized by IAEA in collaboration with the Atomic Energy Regulatory Board, India (AERB) in May, 1994. The first ASSET seminar was organized to initiate the spread of idea among operating and research organizations and regulatory body personnel. The participants were carefully chosen from various fields and with different levels of experiences to generate teams with sufficiently wide spectrum of knowledge base. AERB took initiative in leading by example and formed ASSET teams to carry out the first ASSET reviews in India. These teams at the instance of AERB carried out ASSET review of three Safety Related Events, two at Nuclear Power Plants and one at Research Reactor. This paper describes the outcome of these ASSET studies and subsequent implementation of the recommendations. The initiative taken by the regulatory body has led to formation of ASSET teams by the utilities to carry out ASSET study on their own. The results of these studies are yet to be assessed by the regulatory body. The result of the ASSET experience reveals the fact that it has further potential in improving the safety performance and safety culture and brining in fresh enthusiasm among safety professionals of Indian Nuclear Utilities

Implementation of ASSET concept in India

Energy Technology Data Exchange (ETDEWEB)

Koley, J [Operating Plants Safety Div., AERB, Mumbai (India)

1997-10-01

The paper presents a retrospective assessment of the use of ASSET methodology in India since the first ASSET seminary organized by IAEA in collaboration with the Atomic Energy Regulatory Board, India (AERB) in May, 1994. The first ASSET seminar was organized to initiate the spread of idea among operating and research organizations and regulatory body personnel. The participants were carefully chosen from various fields and with different levels of experiences to generate teams with sufficiently wide spectrum of knowledge base. AERB took initiative in leading by example and formed ASSET teams to carry out the first ASSET reviews in India. These teams at the instance of AERB carried out ASSET review of three Safety Related Events, two at Nuclear Power Plants and one at Research Reactor. This paper describes the outcome of these ASSET studies and subsequent implementation of the recommendations. The initiative taken by the regulatory body has led to formation of ASSET teams by the utilities to carry out ASSET study on their own. The results of these studies are yet to be assessed by the regulatory body. The result of the ASSET experience reveals the fact that it has further potential in improving the safety performance and safety culture and brining in fresh enthusiasm among safety professionals of Indian Nuclear Utilities.

Towards co-operative governance in the development and implementation of cross-sectoral policy: water policy as an example

CSIR Research Space (South Africa)

MacKay, HM

2004-01-01

Full Text Available Water, because it is so fundamental and irreplaceable to humans and their activities, is an all pervasive issue that underpins the social fabric of every society. This means that water policy is cross-sectoral, directly and indirectly affecting...

Measuring Risk Structure Using the Capital Asset Pricing Model

Directory of Open Access Journals (Sweden)

Zdeněk Konečný

2015-01-01

Full Text Available This article is aimed at proposing of an inovative method for calculating the shares of operational and financial risks. This methodological tool will support managers while monitoring the risk structure. The method is based on the capital asset pricing model (CAPM for calculation of equity cost, namely on determination of the beta coefficient, which is the only variable, that is dependent on entrepreneurial risk. There are combined both alternative approaches for calculation betas, which means, that there are accounting data used and there is distinguished unlevered beta and levered beta. The novelty of the proposed method is based on including of quantities for measuring operational and financial risks in beta calculation. The volatility of cash flow, as a quantity for measuring of operational risk, is included in the unlevered beta. Return on equity based on the cash flow and the indebtedness are variables used in calculation of the levered beta. This modification makes it possible to calculate the share of operational risk as the proportion of the unlevered/levered beta and the share of financial risk, which is the remainder of levered beta. The modified method is applied on companies from two sectors of the Czech economy. In the data set there are companies from one cyclical sector and from one neutral sector to find out potential differences in the risk structure. The findings show, that in both sectors the share of operational risk is over 50%, however, in the neutral sector is this more dominant.

Nuclear Materials: Reconsidering Wastes and Assets - 13193

International Nuclear Information System (INIS)

Michalske, T.A.

2013-01-01

The nuclear industry, both in the commercial and the government sectors, has generated large quantities of material that span the spectrum of usefulness, from highly valuable ('assets') to worthless ('wastes'). In many cases, the decision parameters are clear. Transuranic waste and high level waste, for example, have no value, and is either in a final disposition path today, or - in the case of high level waste - awaiting a policy decision about final disposition. Other materials, though discardable, have intrinsic scientific or market value that may be hidden by the complexity, hazard, or cost of recovery. An informed decision process should acknowledge the asset value, or lack of value, of the complete inventory of materials, and the structure necessary to implement the range of possible options. It is important that informed decisions are made about the asset value for the variety of nuclear materials available. For example, there is a significant quantity of spent fuel available for recycle (an estimated $4 billion value in the Savannah River Site's (SRS) L area alone); in fact, SRS has already blended down more than 300 metric tons of uranium for commercial reactor use. Over 34 metric tons of surplus plutonium is also on a path to be used as commercial fuel. There are other radiological materials that are routinely handled at the site in large quantities that should be viewed as strategically important and / or commercially viable. In some cases, these materials are irreplaceable domestically, and failure to consider their recovery could jeopardize our technological leadership or national defense. The inventories of nuclear materials at SRS that have been characterized as 'waste' include isotopes of plutonium, uranium, americium, and helium. Although planning has been performed to establish the technical and regulatory bases for their discard and disposal, recovery of these materials is both economically attractive and in the national interest. (authors)

24 CFR 990.270 - Asset management.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Asset management. 990.270 Section... THE PUBLIC HOUSING OPERATING FUND PROGRAM Asset Management § 990.270 Asset management. As owners, PHAs have asset management responsibilities that are above and beyond property management activities. These...

[ASSET experience in China

International Nuclear Information System (INIS)

Zhang Shanming

1996-01-01

The ASSET philosophy for prevention of nuclear safety incident is being implemented in our nuclear power plant as the other international nuclear power plants, and the in-depth analysis of operational events in order to find out and eliminate the root causes is considered as the prioritized work in the plant safety management. Some observations are discussed which were made during the implementation of ASSET philosophy and the ASSET approach in our nuclear power plant

[ASSET experience in China

Energy Technology Data Exchange (ETDEWEB)

Shanming, Zhang [Dayabay NPP (China)

1997-12-31

The ASSET philosophy for prevention of nuclear safety incident is being implemented in our nuclear power plant as the other international nuclear power plants, and the in-depth analysis of operational events in order to find out and eliminate the root causes is considered as the prioritized work in the plant safety management. Some observations are discussed which were made during the implementation of ASSET philosophy and the ASSET approach in our nuclear power plant.

Asset Opacity and Liquidity

OpenAIRE

Stenzel, A.; Wagner, W.B.

2013-01-01

Abstract: We consider a model of private information acquisition in which the cost of information depends on an asset's opacity. The model generates a hump-shaped relationship between opacity and the equilibrium amount of private information. In particular, the incentives to acquire information are largest for assets of intermediate opacity; such assets hence display low liquidity in the secondary market due to adverse selection. We also show that costly information acquisition generates ince...

Yearbook sectoral financial ratios in mexico for business benchmarking

Directory of Open Access Journals (Sweden)

Deyanira Bernal Domínguez

2012-05-01

Full Text Available Financial analysis through ratios is a useful tool for improving organizational performance. Databases of financial information in Mexico are limited, therefore the importance of an annual publication of financial ratios per company and industry average. The objectives of this research are: describe the financial ratios with higher predictive potential and their formulas, as well as the design of a research instrument for measuring the relevance of the publication. A descriptive methodology was applied selecting through the analysis ofempirical studies, several ratios of liquidity, leverage, asset management, business cycle, performance and self-financing. The questionnaire contains 43 reagents to be applied to a statistically representative sample of 46 entrepreneurs in Culiacan, Sinaloa, Mexico.

Competitive Procurement and Asset Specificity

NARCIS (Netherlands)

Sorana, V.

2003-01-01

This paper studies the effects of asset specificity on the performance of procurement auctions with subcontracting and asset sales.The analysis highlights the role of several asset features like transfer costs, type of alternative uses and maintenance requirements.It is argued that, if bargaining

Buying on margin, selling short in an agent-based market model

Science.gov (United States)

Zhang, Ting; Li, Honggang

2013-09-01

Credit trading, or leverage trading, which includes buying on margin and selling short, plays an important role in financial markets, where agents tend to increase their leverages for increased profits. This paper presents an agent-based asset market model to study the effect of the permissive leverage level on traders’ wealth and overall market indicators. In this model, heterogeneous agents can assume fundamental value-converging expectations or trend-persistence expectations, and their effective demands of assets depend both on demand willingness and wealth constraints, where leverage can relieve the wealth constraints to some extent. The asset market price is determined by a market maker, who watches the market excess demand, and is influenced by noise factors. By simulations, we examine market results for different leverage ratios. At the individual level, we focus on how the leverage ratio influences agents’ wealth accumulation. At the market level, we focus on how the leverage ratio influences changes in the asset price, volatility, and trading volume. Qualitatively, our model provides some meaningful results supported by empirical facts. More importantly, we find a continuous phase transition as we increase the leverage threshold, which may provide a further prospective of credit trading.

The Disciplining Role of Leverage in Dutch Firms

NARCIS (Netherlands)

de Jong, A.

2001-01-01

In this study we investigate the role of leverage in disciplining overinvestment problems.We measure the relationships between leverage, Tobin s q and corporate governance characteristics for Dutch listed firms.Besides, our empirical analysis tests for determinants of leverage from tax and

Asset management. Combining knowledge and information for the energy sector

International Nuclear Information System (INIS)

Van Wingerden, T.

1999-01-01

In recent years information flows have diversified and information management has become increasingly important because of a change in organisation structure. Nowadays, state-of-the-art technology makes it possible to combine data and knowledge. This should result in cost minimization and revenue maximization. Gastec (Dutch centre for Gas technology) and KEMA (Research and Development, Engineering and Consultant for the Electric Power Industry) carried out a definition study into the opportunities of integrated network management in the energy sector. First calculations show that such a system may lead to cost reductions of up to 25%

Inpatient satisfaction at different public sector hospitals of a metropolitan city in Pakistan: a comparative cross-sectional study.

Science.gov (United States)

Hussain, Mehwish; Rehman, Rehana; Ikramuddin, Zia; Asad, Nava; Farooq, Ayesha

2018-04-01

To observe inpatient satisfaction at different public sector hospitals of Karachi, Pakistan. A cross sectional study was carried out during 2010-2012 in four major public sector hospitals of Karachi. A total of 710 patients completed the study. Responses were gathered in a self-structured questionnaire that comprised of four dimensions of satisfaction with doctor, staff, administration and treatment. Average Score of each dimension was taken and compared using one way analysis of variance. Satisfaction with doctors, staff and administration of provincial and federal hospitals were comparatively similar (P > 0.05). However, satisfaction with treatment significantly differed in all four hospitals (P public sector hospitals showed satisfaction with healthcare personnel and related administration. However, treatment dimension needs to be improved to get more satisfaction.

Financing Asset Sales and Business Cycles

OpenAIRE

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

2013-01-01

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

Leveraging the water-energy-food nexus for a sustainability transition: Institutional and policy design choices in a fragmented world (Invited)

Science.gov (United States)

Aggarwal, R.

2013-12-01

Given the critical - but often subtle - feedbacks between water, energy, and food security, a nexus approach that integrates management and governance across sectors and scales is increasingly being advocated in research and policy circles. As a first step, such an approach calls for an integrated multi-disciplinary assessment of the externalities across sectors and tradeoffs involved in enhancing security in one sector on the other sectors. Recent research efforts have focused on understanding these tradeoffs, say, through estimating the energy costs of expanding irrigation for greater food security; or estimating the embodied land and water costs in increased energy production. While such efforts have increased awareness about the inter-connectedness of such issues, the fundamental question of how such an understanding influences decision-making and how it can lead to coordinated action towards a transition to more sustainable pathways still remains largely unanswered. The long legacy of sectoral organization of political and bureaucratic structures has led to a fragmentary policy and institutional landscape, on which cross-sectoral public action and coordination poses several challenges. Moreover, poorly defined property rights, imperfect or absent markets, and uncertainty about resource dynamics imply that economic signals about relative scarcity in one sector are not necessarily clear to decision makers in the other sectors. In this study, we examine these issues related to water-energy food nexus in the context of semi-arid groundwater irrigated regions of western and southern India. Using a social-ecological systems framework, we begin by characterizing some of the key inter-dependencies among food, water, and energy at the farm household, village and state level. We then examine the factors that influence decision-making at these levels, and the extent to which these decisions internalize the externalities. Specifically, we examine the role of energy

Improving the asset pricing ability of the Consumption-Capital Asset Pricing Model?

DEFF Research Database (Denmark)

Rasmussen, Anne-Sofie Reng

This paper compares the asset pricing ability of the traditional consumption-based capital asset pricing model to models from two strands of literature attempting to improve on the poor empirical results of the C-CAPM. One strand is based on the intertemporal asset pricing model of Campbell (1993...... able to price assets conditionally as suggested by Cochrane (1996) and Lettau and Ludvigson (2001b). The unconditional C-CAPM is rewritten as a scaled factor model using the approximate log consumptionwealth ratio cay, developed by Lettau and Ludvigson (2001a), as scaling variable. The models...... and composite. Thus, there is no unambiguous solution to the pricing ability problems of the C-CAPM. Models from both the alternative literature strands are found to outperform the traditional C-CAPM on average pricing errors. However, when weighting pricing errors by the full variance-covariance matrix...

Japanese views on ASSET

Energy Technology Data Exchange (ETDEWEB)

Hirano, Masashi [Department of Reactor Safety Research, Japan Atomic Energy Research Inst., Tokai, Ibaraki (Japan)

1997-12-31

In general, the ASSET has had a positive effect on enhancement of operating experience feedback. The ASSET has played an important role to supply information to the IAEA Extra Budgetary Program. However, this role has come to an end; since the needs for safety upgrading have become identified and prioritized. ASSET missions in future: Linkage among various safety missions should be sought in order to avoid duplication and to enhance effective usage of a limited budget and human resources.

[Topic identification for cross-sectoral quality assurance in stroke and TIA treatment].

Science.gov (United States)

Meyer, Sven; Willms, Gerald; Broge, Björn; Szecsenyi, Joachim

2016-10-01

The development of cross-sectoral quality assurance programs usually requires extensive topic identification. Illustrated by the complex processes of care for stroke and transient ischemic attacks (TIAs), a method for comprehensive topic identification is presented. The first step involves a thorough literature search in terms of systematic reviews, health technology assessments, guidelines, studies into healthcare delivery and the use of specific instruments. Routine data as well as epidemiologic studies are used to analyze the reality of service provision. In addition, experts are consulted to gain expertise concerning deficits of care, approaches to quality assurance and experience with existing quality assurance programs. Furthermore individual patient experiences are collected to add the patients' perceptions of care. Because of the limitation on the regulatory scope of Book V of the German Social Code, which, in this case, was necessary, another source of information was the legal framework and its impact on rescue chain, acute treatment and rehabilitation. Existent quality management systems, accreditations and quality assurance programs in prevention, acute treatment and rehabilitation have been searched in order to avoid any overlap with existing measures. After identifying a total of 71 quality targets according to deficits of care, recommendations for care and expert opinions in primary and secondary prevention, rescue chain, acute treatment, rehabilitation and supply of assistive equipment and therapies, respectively, the usability of instruments was tested. These instruments included case documentation, patient surveys and routine data. 14 quality targets proved to be reproducible by these instruments and were included in the recommendations for a cross-sectoral quality assurance program for stroke and TIA. Copyright © 2016. Published by Elsevier GmbH.

Intellectual Capital Management in Transport Sector

Directory of Open Access Journals (Sweden)

Asta Znakovaitė

2011-03-01

Full Text Available This article presents an analysis of intellectual capital; its management, features and processes by which intellectual capital of a company can be evaluated. The main elements of intellectual capital (human, structural and relationship capital are presented and used in research. After surveying bibliography, intellectual capital evaluation model, which applies to Lithuanian and Latvian companies operating in the transport sector, is created. The research is based on the value-added intellectual capital factor model, the relationship between indicators, multi-asset return correlation and regression analysis and generation of alternatives to intellectual capital performance-enhancing. Following an assessment of intellectual capital of Lithuanian and Latvian transport sectors, on the basis of the results, it was found that the intellectual capital is a key factor in corporation management to increase revenue. Article in Lithuanian

Determinants of Leverage and Agency problems

NARCIS (Netherlands)

de Jong, A.; Dijk, R.

1998-01-01

In this paper we empirically investigate the determinants of leverage and agency problems and we examine the relationships between leverage and agency problems. As in Titman and Wessels (1988) we use structural equations modeling with latent variables. In contrast to Titman and Wessels (1988), who

Information Technology and Value Creation in the Public Sector Organizations

Science.gov (United States)

Pang, Min-Seok

2011-01-01

In this dissertation, I study the performance impact of information technology (IT) investments in the public sector. IT has been one of the key assets in public administration since the early MIS era. Even though the information systems (IS) discipline has witnessed a considerable amount of research efforts on the subject of IT business value for…

EFFICIENCY OF CURRENCY ASSET CLASSES

Directory of Open Access Journals (Sweden)

Mohammad R. Safarzadeh

2013-04-01

Full Text Available Analyzing the risk and return for the S&P Currency Index Arbitrage and the Merk Absolute Return Currency Fund, this study intends to find whether currency asset classes are worthwhile investments. To determine where the efficient currency portfolios lie in the risk and return spectrum, this paper compares the two portfolios to fixed income and equity asset portfolios. The results lead to a baffling conclusion that, in general, the returns to low-risk currency asset portfolios are higher than the equity asset portfolios of same risk level.

Depreciation Test of Fixed Assets – Necessity, Indices of Value Loss, Certainty and Frequency of Assessment Evaluation

Directory of Open Access Journals (Sweden)

Marinela Manea

2010-12-01

Full Text Available With the promulgation of IAS 36 "Depreciation of Assets" to ensure a consistent approach of reversible loss of value, removing the specific nationals practices and such the differences what appear as a result of the different treatments. In the chain of procedures for determining the depreciation of an asset/cash generating unit is required first the crossing phase of identification to an possible impaired assets, being necessary for the strict professional reasoning to each business. Applying the test impairment is not random and not to all assets of an enterprise. In general, the standard requires for companies to make the impairment tests when there are signs that an asset may be impaired (but annually for intangible assets with an indefinite useful life and commercial fund. The opportunity given by IAS 36 " Depreciation of Assets" to choose in determining of recoverable amount, between two values is not accidental. It is considered that the company can recover the value of its assets through use or market capitalization. However measurement of the two values is a complex process, very expensive for many businesses, own estimates based on Management Company with a strong subjective load, which is reflected on the certainty and reliability of obtained data.

Gendered Migration and the Urban Informal Sector: A Case Study of ...

African Journals Online (AJOL)

This study examined gendered migration patterns in Mwanza City, Tanzania as well as the impacts of differentials of men's and women's migration on their absorption in the urban informal sector, their access to assets, adaptation to city life and their livelihood and also their role in development of origin areas. The study ...

The costs of the electronuclear sector. Thematic public report - January 2012

International Nuclear Information System (INIS)

2012-01-01

This report first proposes an analysis of the past expenses in the electronuclear sector (physical investments, research expenses from 1945 to 2010, the case of Superphenix), of the current expenses (operation costs for EDF, other types expenses), of the future expenses (dismantling of nuclear installations, management of used fuels, management of radioactive wastes), of expense provisions and actualization, of dedicated assets (regulatory and legal framework, application modalities of asset management for EDF, AREVA and the CEA), of the possible evolutions of future expenses (effect of reactor operation lifetime, future researches, EPR costs, scenarios), of costs which are difficult to precisely assess (externalities, nuclear risk and insurance)

Accounting for Heritage, Cultural and Community Assets – Alternative Metrics from a New Zealand Māori Educational Institution

Directory of Open Access Journals (Sweden)

Susan Wild

2013-03-01

Full Text Available In the 1980s, with the rise to dominance of governments with neoliberal economic and social agendas, the public sector in major western countries underwent a process of fundamental reforms. A key aspect of the change imposed was the implementation of a market-oriented, cost-efficiency focus towards the management of public sector organisations, described collectively as the New Public Management (NPM model (Kelsey, 1995; Boston et al, 1996; Easton 1996; Barton, 2002, 2005a, 2005b; Carnegie & West, 2005; Ball & Grubnic, 2008; Davis, 2010. This reform process included the imposition of regulatory measures requiring public sector organisations to provide annual financial reports prepared on an accounting basis comparable to those for the private sector, and incorporated an obligation to disclose (at economic values all assets held. For public benefit entities holding heritage, cultural and community assets (HCA, this reporting requirement has been particularly problematic, entailing substantive changes to public accounting policy.This paper critiques the political ideologies and practices of the NPM model, and challenges its assumptions that private sector financial reporting requirements, based on international accounting standards and Generally Accepted Accounting Practice (GAAP, are appropriate for universal application to public benefit and other not-for-profit entities holding HCA. In particular, the paper argues against the NPM assumption that reporting all HCA in economic terms improves accountability in public benefit entities. Instead, the paper proposes an alternative reporting model based on a set of cultural rather than economic values for reporting HCA. It suggests as an exemplar the ‘Wellbeing of Communities’ reporting and accountability framework devised for application by an indigenous New Zealand Māori educational institution, Te Wānanga-o-Raukawa.

Asset prices and priceless assets

NARCIS (Netherlands)

Penasse, J.N.G.

2014-01-01

The doctoral thesis studies several aspects of asset returns dynamics. The first three chapters focus on returns in the fine art market. The first chapter provides evidence for the existence of a slow-moving fad component in art prices that induces short-term return predictability. The article has

2014 World Congress on Engineering Asset Management

CERN Document Server

Hoohlo, Changela; Mathew, Joe

2015-01-01

Engineering asset management encompasses all types of engineered assets including built environment, infrastructure, plant, equipment, hardware systems and components. Following the release of ISO 5500x set of standards, the 9th WCEAM addresses the hugely important issue of what constitutes the body of knowledge in Engineering Asset Management. Topics discussed by Congress delegates are grouped into a number of tracks including strategies for investment and divestment of assets, operations and maintenance of assets, assessments of assets condition, risk and vulnerability, technologies and systems for management of asset, standards, education, training and certification. These proceedings include a sample of the wide range of topics presented during the 9th World Congress on Engineering Asset Management in Pretoria South Africa 28 – 31 October, 2014 and complements other emerging publications and standards that embrace the wide ranging issues concerning the management of engineered physical assets.

Dukovany ASSET mission preparation

International Nuclear Information System (INIS)

Kouklik, I.

1996-01-01

We are in the final stages of the Dukovany ASSET mission 1996 preparation. I would like to present some of our recent experiences. Maybe they would be helpful to other plants, that host ASSET missions in future

Dukovany ASSET mission preparation

Energy Technology Data Exchange (ETDEWEB)

Kouklik, I [NPP Dukovany (Czech Republic)

1997-12-31

We are in the final stages of the Dukovany ASSET mission 1996 preparation. I would like to present some of our recent experiences. Maybe they would be helpful to other plants, that host ASSET missions in future.

Implementace Asset managementu

OpenAIRE

Fuxa, Lukáš

2016-01-01

Tato diplomová práce obsahuje návrh implementace Asset managementu do ServiceNow v nejmenované nadnárodní společnosti. Cílem diplomové práce je analýza požadavku společnosti a nalezení vhodného řešení implementace Asset managementu v rámci stávajících nástrojů. Závěrem zhodnotím, zda je možné vybraný nástroj využít. This master’s thesis contains proposal to implementation Asset management to ServiceNow in unnamed multinational company. The aim of this master’s thesis is analysis of company...

6th World Congress on Engineering Asset Management

CERN Document Server

Ni, Jun; Sarangapani, Jagnathan; Mathew, Joseph

2014-01-01

This text represents state-of-the-art trends and developments in the emerging field of engineering asset management as presented at the Sixth World Congress on Engineering Asset Management (WCEAM) held in Cincinnati, OH, USA from October 3-5, 2011 The Proceedings of the WCEAM 2011 is an excellent reference for practitioners, researchers and students in the multidisciplinary field of asset management, covering topics such as: • Asset condition monitoring and intelligent maintenance • Asset data warehousing, data mining and fusion • Asset performance and level-of-service models • Design and lifecycle integrity of physical assets • Deterioration and preservation models for assets • Education and training in asset management • Engineering standards in asset management • Fault diagnosis and prognostics • Financial analysis methods for physical assets • Human dimensions in integrated asset management • Information quality management • Information systems and knowledge management • Intellig...

Pengaruh Biaya, Produktivitas Aktiva dan Struktur Modal dalam Meningkatkan Profitabilitas Perusahaan

Directory of Open Access Journals (Sweden)

Muhammad Yusuf

2010-11-01

Full Text Available This study examined the effect of cost, productivity of assets and capital structure of an automotive company's profitability. This study focuses on the productivity of assets which include factors such as operating leverage, sales, inventory turnover, net working capital, liquidity, receivable collection, fixed asset ratio, and total asset turnover. Capital Structure includes the degree of financial leverage. Profitability factor in this study includes operating margin, return on assets and return on equity. Sample used are 45 automotive industry companies who have registered and still active until December 31, 2009. The statistical methods used in this research are classical assumption test, f test and t test. This study indicates that inventory turns, liquidity, receivable collections and, the ratio of fixed assets have a negative outcome to the total asset turnover, while net working capital has a positive outcome. Operating margin and total asset turnover both have positive values that have an impact on return on assets. Capital structure and degree of operating leverage both have negative results on the turnover of capital, while return on assets have positive results. 

On the irrelevance of the leverage effect

OpenAIRE

Nippel, Peter

2001-01-01

Financial leverage increases the expected return on equity. We show that this leverage effect is not only irrelevant for shareholders' present wealth but also for the return on their investments. This result is straightforward if we do not only look at the return on equity but at the return on shareholders' total wealth. Any relevance leverage may have is definitely due to market imperfections. These may simply cause differences in market access for firms and individuals or lead to agency pro...

The Effect of Long Memory in Volatility on Stock Market Fluctuations

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Nielsen, Morten Ørregaard

2007-01-01

Recent empirical evidence demonstrates the presence of an important long memory component in realized asset return volatility. We specify and estimate multivariate models for the joint dynamics of stock returns and volatility that allow for long memory in volatility without imposing this property...... on returns. Asset pricing theory imposes testable cross-equation restrictions on the system that are not rejected in our preferred specifications, which include a strong financial leverage effect. We show that the impact of volatility shocks on stock prices is small and short-lived, in spite of a positive...

Mathematical and Economic Modeling of the Results of Correlation Between Indicators of Profitability and Asset Management

Directory of Open Access Journals (Sweden)

Silviu CÂRSTINA

2015-09-01

Full Text Available Activity companies, regardless of sector, aims to both keep a favorable position in the market and creating financial resources to respond favorably people interact undertaking. These considerations are actually provided by the existence and sustainability of any business activity. Through this paper we follow not only the level of profitability of businesses related to food industry sector in Dolj, Romania, but also the correlation between the indicators of profitability and management of assets. The period of analysis is given by the range of 2012 - 2013, and of data analysis in terms of economic and mathematical being done using SPSS statistical and mathematical software.

Retrading, production, and asset market performance.

Science.gov (United States)

Gjerstad, Steven D; Porter, David; Smith, Vernon L; Winn, Abel

2015-11-24

Prior studies have shown that traders quickly converge to the price-quantity equilibrium in markets for goods that are immediately consumed, but they produce speculative price bubbles in resalable asset markets. We present a stock-flow model of durable assets in which the existing stock of assets is subject to depreciation and producers may produce additional units of the asset. In our laboratory experiments inexperienced consumers who can resell their units disregard the consumption value of the assets and compete vigorously with producers, depressing prices and production. Consumers who have first participated in experiments without resale learn to heed their consumption values and, when they are given the option to resell, trade at equilibrium prices. Reproducibility is therefore the most natural and most effective treatment for suppression of bubbles in asset market experiments.

The pricing of illiquidity and illiquid assets : Essays on empirical asset pricing

NARCIS (Netherlands)

Tuijp, Patrick

2016-01-01

This dissertation studies the pricing of liquidity and illiquid assets. For this thesis, liquidity will generally refer to the ease with which an asset can be traded. The first chapter investigates the role of the investment horizon in the impact of illiquidity on stock prices. We obtain a clientele

Workplace violence: differences in perceptions of nursing work between those exposed and those not exposed: a cross-sector analysis.

Science.gov (United States)

Hegney, Desley; Tuckett, Anthony; Parker, Deborah; Eley, Robert M

2010-04-01

Nurses are at high risk of incurring workplace violence during their working life. This paper reports the findings on a cross-sectional, descriptive, self-report, postal survey in 2007. A stratified random sample of 3000 of the 29 789 members of the Queensland Nurses Union employed in the public, private and aged care sectors resulted in 1192 responses (39.7%). This paper reports the differences: between those nurses who experienced workplace violence and those who did not; across employment sectors. The incidence of workplace violence is highest in public sector nursing. Patients/clients/residents were the major perpetrators of workplace violence and the existence of a workplace policy did not decrease levels of workplace violence. Nurses providing clinical care in the private and aged care sectors experienced more workplace violence than more senior nurses. Although workplace violence was associated with high work stress, teamwork and a supportive workplace mitigated workplace violence. The perception of workplace safety was inversely related to workplace violence. With the exception of public sector nursing, nurses reported an inverse relationship with workplace violence and morale.

Review of UK participation in ASSET activities 1995/96 for the annual workshop on ASSET experience

International Nuclear Information System (INIS)

Phipps, C.R.

1996-01-01

With the restructuring of the Nuclear Generation Industry in the UK over the last 12 months it has been difficult to provide support to international activities including ASSET. This is likely to continue for a further 12 months whilst consolidation of the privatised part of the industry takes place and Magnox Electric plc is merged with British Nuclear Fuels Ltd. Having made that statement I would confirm that the UK is fully supportive of the ASSET methodology and will continue to be a participant in as many ASSET activities as possible. It was noted that during 1995 ASSET completed its 100th mission and the UK would like to congratulate the staff in the IAEA on this achievement. Discussions are at present ongoing within Magnox Electric plc, regarding the possibility of hosting an ASSET Peer Review mission, at one of the UK's Magnox plants, in 1997/98. During the 1995/96 period the UK participated in a number of ASSET activities as detailed below

Review of UK participation in ASSET activities 1995/96 for the annual workshop on ASSET experience

Energy Technology Data Exchange (ETDEWEB)

Phipps, C R

1997-12-31

With the restructuring of the Nuclear Generation Industry in the UK over the last 12 months it has been difficult to provide support to international activities including ASSET. This is likely to continue for a further 12 months whilst consolidation of the privatised part of the industry takes place and Magnox Electric plc is merged with British Nuclear Fuels Ltd. Having made that statement I would confirm that the UK is fully supportive of the ASSET methodology and will continue to be a participant in as many ASSET activities as possible. It was noted that during 1995 ASSET completed its 100th mission and the UK would like to congratulate the staff in the IAEA on this achievement. Discussions are at present ongoing within Magnox Electric plc, regarding the possibility of hosting an ASSET Peer Review mission, at one of the UK`s Magnox plants, in 1997/98. During the 1995/96 period the UK participated in a number of ASSET activities as detailed below.

The Profits–Leverage Puzzle Revisited

OpenAIRE

Murray Z. Frank; Vidhan K. Goyal

2015-01-01

The inverse relation between leverage and profitability is widely regarded as a serious defect of the trade-off theory. We show that the defect is not with the theory but with the use of a leverage ratio in which profitability affects both the numerator and the denominator. Profitability directly increases the value of equity. Firms do take the predicted offsetting actions. They issue debt and repurchase equity when profitability rises, and retire debt and issue equity when profitability fall...

Stochastic volatility and leverage effect

OpenAIRE

Josep Perello; Jaume Masoliver

2002-01-01

We prove that Brownian market models with random diffusion coefficients provide an exact measure of the leverage effect [J-P. Bouchaud et al., Phys. Rev. Lett. 87, 228701 (2001)]. This empirical fact asserts that past returns are anticorrelated with future diffusion coefficient. Several models with random diffusion have been suggested but without a quantitative study of the leverage effect. Our analysis lets us to fully estimate all parameters involved and allows a deeper study of correlated ...

Progress in customer relationship management adoption: a cross-sector study

OpenAIRE

Meadows, Maureen; Dibb, Sally

2012-01-01

Although customer relationship management (CRM) is widely used by organizations to capture and manage customer data, the process of implementation can be problematic. This article takes a multi-sector view of CRM implementation in three areas of the UK services sector: banking and finance; professional services; and the government/public sector. The study captures variations in CRM practice and implementation across these sectors, applying an existing framework of CRM implementation to tease ...

Leverage points for sustainability transformation.

Science.gov (United States)

Abson, David J; Fischer, Joern; Leventon, Julia; Newig, Jens; Schomerus, Thomas; Vilsmaier, Ulli; von Wehrden, Henrik; Abernethy, Paivi; Ives, Christopher D; Jager, Nicolas W; Lang, Daniel J

2017-02-01

Despite substantial focus on sustainability issues in both science and politics, humanity remains on largely unsustainable development trajectories. Partly, this is due to the failure of sustainability science to engage with the root causes of unsustainability. Drawing on ideas by Donella Meadows, we argue that many sustainability interventions target highly tangible, but essentially weak, leverage points (i.e. using interventions that are easy, but have limited potential for transformational change). Thus, there is an urgent need to focus on less obvious but potentially far more powerful areas of intervention. We propose a research agenda inspired by systems thinking that focuses on transformational 'sustainability interventions', centred on three realms of leverage: reconnecting people to nature, restructuring institutions and rethinking how knowledge is created and used in pursuit of sustainability. The notion of leverage points has the potential to act as a boundary object for genuinely transformational sustainability science.

THEORETICAL ASPECTS REGARDING THE VALUATION OF INTANGIBLE ASSETS

Directory of Open Access Journals (Sweden)

HOLT GHEORGHE

2015-03-01

Full Text Available Valuation of intangible assets represents one of the most delicate problems of assessing a company. Usually, valuation of intangible assets is in the process of evaluating enterprise as a whole. Therefore, Intangible Asset Valuers must have detailed knowledge on business valuation, in particular, the income-based valuation methods (capitalization / updating net cash flow. Valuation of Intangible Assets is the objective of the International Valuation Standards (GN 4 Valuation of Intangible Assets (revised 2010. Next to it was recently proposed GN 16 Valuation of Intangible Assets for IFRS reporting. International Accounting Standard (IAS 38 Intangible Assets prescribe the accounting treatment for intangible assets, analyze the criteria that an intangible asset must meet to be recognized, specific carrying amount of intangible assets and sets out requirements for disclosure of intangible assets. From an accounting perspective, relevant professional accounting standards and the following: IFRS 3 Business Combinations, IAS 36 Impairment of Assets and SFAS 157 fair value measurement, developed by the FASB. There is a more pronounced near the provisions of IAS 38 contained in GN 4. Therefore, a good professional intangible asset valuation must know thoroughly the conditions, principles, criteria and assessment methods recognized by those standards

Asset life cycle plans: twelve steps to assist strategic decision-making in asset life cycle management

NARCIS (Netherlands)

Ruitenburg, Richard Jacob; Braaksma, Anne Johannes Jan; van Dongen, Leonardus Adriana Maria; Carnero, Maria Carmen; Gonzalez-Prida, Vicente

2017-01-01

Effective management of physical assets should deliver maximum business value. Therefore, Asset Management standards such as PAS 55 and ISO 55000 ask for a life cycle approach. However, most existing methods focus only on the short term of the asset's life or the estimation of its remaining life.

THE PROBLEMS OF FIXED ASSETS CLASSIFICATION FOR ACCOUNTING

Directory of Open Access Journals (Sweden)

Sophiia Kafka

2016-06-01

Full Text Available This article provides a critical analysis of research in accounting of fixed assets; the basic issues of fixed assets accounting that have been developed by the Ukrainian scientists during 1999-2016 have been determined. It is established that the problems of non-current assets taxation and their classification are the most noteworthy. In the dissertations the issues of fixed assets classification are of exclusively particular branch nature, so its improvement is important. The purpose of the article is developing science-based classification of fixed assets for accounting purposes since their composition is quite diverse. The classification of fixed assets for accounting purposes have been summarized and developed in Figure 1 according to the results of the research. The accomplished analysis of existing approaches to classification of fixed assets has made it possible to specify its basic types and justify the classification criteria of fixed assets for the main objects of fixed assets. Key words: non-current assets, fixed assets, accounting, valuation, classification of the fixed assets. JEL:G M41  

Organizing cross-sectoral collaboration in river basin management : Case studies from the Rhine and the Zhujiang (Pearl River) basins

NARCIS (Netherlands)

Silveira, André; Junier, S.J.; Hüesker, Frank; Qunfang, Fan; Rondorf, Andreas

2016-01-01

ABSTRACT: This paper analyses the drivers and constraints for effective cross-sectoral collaboration in river basin management and the extent to which factors identified in related literature determine success or failure of collaboration in selected case studies. Cases selected were from

Safety integrity under demanding conditions: A study on Permit-to-Work (PTW) systems in the Marine-Subsea sector

OpenAIRE

Jayakumar, Shambu

2015-01-01

Master's thesis in Risk management Last few years has seen evaluation of the oil and gas industry into innovative subsea solution and technological leap leading to the subsea factory. Taking this into perspective the marine subsea industry is one of the most developing sectors involving many stakeholders with a wide range of background to perform various operations. These operations bring together marine operators, ship owners, subsea asset owners/asset operators, subsea equipment manufact...

Essays on asset pricing

NARCIS (Netherlands)

Nazliben, Kamil

2015-01-01

The dissertation consists of three chapters that represent separate papers in the area of asset pricing. The first chapter studies investors optimal asset allocation problem in which mean reversion in stock prices is captured by explicitly modeling transitory and permanent shocks. The second chapter

Institutional economic theory of assets privatization and nationalization: Basic imperatives

Directory of Open Access Journals (Sweden)

Sukharev Oleg S.

2015-01-01

Full Text Available Basic provisions, principles and criteria of institutional theory of privatization - nationalization and assets management in economy are introduced. Structural analysis of property, in the aspect of it s two basic elements, public and private property, is carried out and the model of interaction of public and private sectors is introduced. The main attention is focused on the efficiency estimation criteria of the functioning of property and to expediency substantiation of property privatization and nationalization. The optimum principle of property structure in economic system is suggested. peculiarities of privatization and nationalization in economic systems are analyzed proceeding from substantiation of theoretical criteria of privatization and nationalization in economy.

Three-dimensional GIS approach for management of assets

Science.gov (United States)

Lee, S. Y.; Yee, S. X.; Majid, Z.; Setan, H.

2014-02-01

Assets play an important role in human life, especially to an organization. Organizations strive and put more effort to improve its operation and assets management. The development of GIS technology has become a powerful tool in management as it is able to provide a complete inventory for managing assets with location-based information. Spatial information is one of the requirements in decision making in various areas, including asset management in the buildings. This paper describes a 3D GIS approach for management of assets. An asset management system was developed by integrating GIS concept and 3D model assets. The purposes of 3D visualization to manage assets are to facilitate the analysis and understanding in the complex environment. Behind the 3D model of assets is a database to store the asset information. A user-friendly interface was also designed for more easier to operate the application. In the application developed, location of each individual asset can be easily tracked according to the referring spatial information and 3D viewing. The 3D GIS approach described in this paper is certainly would be useful in asset management. Systematic management of assets can be carried out and this will lead to less-time consuming and cost-effective. The results in this paper will show a new approach to improve asset management.

Three-dimensional GIS approach for management of assets

International Nuclear Information System (INIS)

Lee, S Y; Yee, S X; Majid, Z; Setan, H

2014-01-01

Assets play an important role in human life, especially to an organization. Organizations strive and put more effort to improve its operation and assets management. The development of GIS technology has become a powerful tool in management as it is able to provide a complete inventory for managing assets with location-based information. Spatial information is one of the requirements in decision making in various areas, including asset management in the buildings. This paper describes a 3D GIS approach for management of assets. An asset management system was developed by integrating GIS concept and 3D model assets. The purposes of 3D visualization to manage assets are to facilitate the analysis and understanding in the complex environment. Behind the 3D model of assets is a database to store the asset information. A user-friendly interface was also designed for more easier to operate the application. In the application developed, location of each individual asset can be easily tracked according to the referring spatial information and 3D viewing. The 3D GIS approach described in this paper is certainly would be useful in asset management. Systematic management of assets can be carried out and this will lead to less-time consuming and cost-effective. The results in this paper will show a new approach to improve asset management

Incarceration and Household Asset Ownership.

Science.gov (United States)

Turney, Kristin; Schneider, Daniel

2016-12-01

A considerable literature documents the deleterious economic consequences of incarceration. However, little is known about the consequences of incarceration for household assets-a distinct indicator of economic well-being that may be especially valuable to the survival of low-income families-or about the spillover economic consequences of incarceration for families. In this article, we use longitudinal data from the Fragile Families and Child Wellbeing Study to examine how incarceration is associated with asset ownership among formerly incarcerated men and their romantic partners. Results, which pay careful attention to the social forces that select individuals into incarceration, show that incarceration is negatively associated with ownership of a bank account, vehicle, and home among men and that these consequences for asset ownership extend to the romantic partners of these men. These associations are concentrated among men who previously held assets. Results also show that post-incarceration changes in romantic relationships are an important pathway by which even short-term incarceration depletes assets.

Intelligent tactical asset allocation support system

NARCIS (Netherlands)

Hiemstra, Y.

1995-01-01

This paper presents an advanced support system for Tactical Asset Allocation. Asset allocation explains over 90% of portfolio performance (Brinson, Hood and Beebower, 1988). Tactical asset allocation adjusts a strategic portfolio on the basis of short term market outlooks. The system includes

Work at Forsmark since ASSET 1996

Energy Technology Data Exchange (ETDEWEB)

Loewenhielm, G; Andersson, O [Forsmark Kraftgrupp AB, Oesthammar (Sweden)

1997-10-01

The following directions of work at Forsmark since ASSET 1996 are briefly described: peer review follow-up; work related to peer review, Forsmark 2 mini-ASSET; MTO(man-technology-organization)-analysis method, concept development, combination of MTO and ASSET methods; Forsmark INES manual.

A study on determinants of capital structure in India

Directory of Open Access Journals (Sweden)

Anshu Handoo

2014-09-01

Full Text Available The paper identifies the most important determinants of capital structure of 870 listed Indian firms comprising both private sector companies and government companies for the period 2001–2010. Ten independent variables and three dependent variables have been tested using regression analysis. It has been concluded that factors such as profitability, growth, asset tangibility, size, cost of debt, tax rate, and debt serving capacity have significant impact on the leverage structure chosen by firms in the Indian context.

System and Method for Monitoring Distributed Asset Data

Science.gov (United States)

Gorinevsky, Dimitry (Inventor)

2015-01-01

A computer-based monitoring system and monitoring method implemented in computer software for detecting, estimating, and reporting the condition states, their changes, and anomalies for many assets. The assets are of same type, are operated over a period of time, and outfitted with data collection systems. The proposed monitoring method accounts for variability of working conditions for each asset by using regression model that characterizes asset performance. The assets are of the same type but not identical. The proposed monitoring method accounts for asset-to-asset variability; it also accounts for drifts and trends in the asset condition and data. The proposed monitoring system can perform distributed processing of massive amounts of historical data without discarding any useful information where moving all the asset data into one central computing system might be infeasible. The overall processing is includes distributed preprocessing data records from each asset to produce compressed data.

ISO 55000: Creating an asset management system.

Science.gov (United States)

Bradley, Chris; Main, Kevin

2015-02-01

In the October 2014 issue of HEJ, Keith Hamer, group vice-president, Asset Management & Engineering at Sodexo, and marketing director at Asset Wisdom, Kevin Main, argued that the new ISO 55000 standards present facilities managers with an opportunity to create 'a joined-up, whole lifecycle approach' to managing and delivering value from assets. In this article, Kevin Main and Chris Bradley, who runs various asset management projects, examine the process of creating an asset management system.

Accounting valuation development of specific assets

Directory of Open Access Journals (Sweden)

I.V. Zhigley

2017-12-01

Full Text Available The current issues of accounting estimate development are considered. The necessity of the development of accounting estimate in the context of the non-institutional theory principles based on the selection of a number of reasons is grounded. The reasons for deterioration of accounting reputation as a separate socio-economic institute in the context of developing the methodology for specific assets accounting are discovered. The system of normative regulation of accounting estimate of enterprise non-current assets in the case of diminishing their usefulness is analyzed. The procedure for determining and accounting for the depreciation of assets in accordance with IFRS 36 «Depreciation of Assets» is developed. The features of the joint use of the concept of «value in use» and «fair value» in the accounting system are disclosed. The procedure for determining the value of compensation depending on the degree of specificity of assets is developed. The necessity to clarify the features that indicate the possibility of diminishing the usefulness of specific assets (termination or pre-term termination of the contract for the use of a specific asset is grounded.

CONTRADICTORY ASPECTS ASSESSMENT ON INTANGIBLE ASSETS

OpenAIRE

Ecaterina Necşulescu

2011-01-01

In Romania, the evaluation of intangible assets is rarely used due to extremely poor casuistry. From a sample of 100 companies we analyzed, only 4.5% revealed the existence of intangible assets worth less than 3% of total assets and none of the companies has not reviewed the assets. In crisis conditions, the study concludes that companies value decreases (bad will), and while economic growth increases the value of companies (good will). An effective leadership in the crisis assessment may be ...

Pengaruh Struktur Kepemilikan Terhadap Profitabilitas Perusahaan Manufaktur di Indonesia

Directory of Open Access Journals (Sweden)

Yulius Ardy Wiranata

2013-01-01

Full Text Available The purpose of this study is to investigate the effect of ownership structure on profitability in the manufacturing sector. Independent variables used for this study are consisted of foreign ownership, government ownership, managerial ownership, institusional ownership, family ownership. Profitability is measured by ROA (Return On Assets, while firm size and leverage are used as the control variables. This study is used 224 samples of manufacturing companies listed in Indonesian Stock Exchange for the period 2010-2011. The results show that foreign ownership and leverage have a positive and significant effect to profitability. Family ownership has a negative and significant effect to profitability. However, government ownership, managerial ownership, institutional ownership and firm size have no influence to profitability.

12 CFR 560.160 - Asset classification.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Asset classification. 560.160 Section 560.160... Lending and Investment Provisions Applicable to all Savings Associations § 560.160 Asset classification... consistent with, or reconcilable to, the asset classification system used by OTS in its Thrift Activities...

Nuclear Materials: Reconsidering Wastes and Assets - 13193

Energy Technology Data Exchange (ETDEWEB)

Michalske, T.A. [Savannah River National Laboratory (United States)

2013-07-01

The nuclear industry, both in the commercial and the government sectors, has generated large quantities of material that span the spectrum of usefulness, from highly valuable ('assets') to worthless ('wastes'). In many cases, the decision parameters are clear. Transuranic waste and high level waste, for example, have no value, and is either in a final disposition path today, or - in the case of high level waste - awaiting a policy decision about final disposition. Other materials, though discardable, have intrinsic scientific or market value that may be hidden by the complexity, hazard, or cost of recovery. An informed decision process should acknowledge the asset value, or lack of value, of the complete inventory of materials, and the structure necessary to implement the range of possible options. It is important that informed decisions are made about the asset value for the variety of nuclear materials available. For example, there is a significant quantity of spent fuel available for recycle (an estimated $4 billion value in the Savannah River Site's (SRS) L area alone); in fact, SRS has already blended down more than 300 metric tons of uranium for commercial reactor use. Over 34 metric tons of surplus plutonium is also on a path to be used as commercial fuel. There are other radiological materials that are routinely handled at the site in large quantities that should be viewed as strategically important and / or commercially viable. In some cases, these materials are irreplaceable domestically, and failure to consider their recovery could jeopardize our technological leadership or national defense. The inventories of nuclear materials at SRS that have been characterized as 'waste' include isotopes of plutonium, uranium, americium, and helium. Although planning has been performed to establish the technical and regulatory bases for their discard and disposal, recovery of these materials is both economically attractive and in the

Leveraging network utility management practices for regulatory purposes

International Nuclear Information System (INIS)

2009-11-01

Electric utilities around the globe are entering a phase where they must modernize and implement smart grid technologies. In order to optimize system architecture, asset replacement, and future operating costs, it the utilities must implement robust and flexible asset management structures. This report discussed the ways in which regulators assess investment plans. It focused on the implicit or explicit use of an asset management approach, including principles; processes; input and outputs; decision-making criteria and prioritization methods. The Ontario Energy Board staff were familiarized with the principles and objectives of established and emerging asset management processes and underlying analytic processes, systems and tools in order to ensure that investment information provided by network utilities regarding rates and other applications could be evaluated effectively. Specifically, the report discussed the need for and importance of asset management and provided further details of international markets and their regulatory approaches to asset management. The report also discussed regulatory approaches for review of asset management underlying investment plans as well as an overview of international regulatory practice for review of network utility asset management. It was concluded that options for strengthening regulatory guidance and assessment included utilizing appropriate and effective benchmarking to assess, promote and provide incentives for best practices and steer clear of the potential perverse incentives. 21 tabs., 17 figs., 1 appendix.

Portfolio Choice with Illiquid Assets

OpenAIRE

Andrew Ang; Dimitris Papanikolaou; Mark Westerfield

2013-01-01

We present a model of optimal allocation over liquid and illiquid assets, where illiquidity is the restriction that an asset cannot be traded for intervals of uncertain duration. Illiquidity leads to increased and state-dependent risk aversion, and reduces the allocation to both liquid and illiquid risky assets. Uncertainty about the length of the illiquidity interval, as opposed to a deterministic non-trading interval, is a primary determinant of the cost of illiquidity. We allow market liqu...

Corporate Leverage and Product Differentiation Strategy

OpenAIRE

Arping, Stefan; Lóránth, Gyöngyi

2002-01-01

This article develops a model of the interplay between corporate leverage and product differentiation strategy. Leverage improves managerial discipline, but it can also raise customer concerns about a vendor's long-term viability. We argue that customer concerns about firm viability will be particularly pronounced when products are highly differentiated from competitors' products. In this context, optimal product differentiation strategies solve a trade-off between softening price competition...

Nuclear industry strategic asset management: Managing nuclear assets in a competitive environment

International Nuclear Information System (INIS)

Mueller, H.; Hunt, E.W. Jr.; Oatman, E.N.

1999-01-01

The former Electric Power Research Institute took the lead in developing an approach now widely known as strategic asset management (SAM). The SAM methodology applies the tools of decision/risk analysis used in the financial community to clarify effective use of physical assets and resources to create value: to build a clear line of sight to value creation. SAM processes have been used in both the power and other industries. The rapid change taking place in the nuclear business creates the need for competitive decision making regarding the management of nuclear assets. The nuclear industry is moving into an era in which shareholder value is determined by the net revenues earned on power marketed in a highly competitive and frequently low-priced power market environment

13 CFR 120.546 - Loan asset sales.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Loan asset sales. 120.546 Section....546 Loan asset sales. (a) General. Loan asset sales are governed by § 120.545(b)(4) and by this... consented to SBA's sale of the loan (guaranteed and unguaranteed portions) in an asset sale conducted or...

Preparing for asset retirement.

Science.gov (United States)

Luecke, Randall W; Reinstein, Alan

2003-04-01

Statement of Financial Accounting Standards (SFAS) No. 143 requires organizations to recognize a liability for an asset retirement obligation when it is incurred--even if that occurs far in advance of the asset's planned retirement. For example, organizations must recognize future costs associated with medical equipment disposal that carries hazardous material legal obligations.

Fractional-moment Capital Asset Pricing model

International Nuclear Information System (INIS)

Li Hui; Wu Min; Wang Xiaotian

2009-01-01

In this paper, we introduce the definition of the 'α-covariance' and present the fractional-moment versions of Capital Asset Pricing Model,which can be used to price assets when asset return distributions are likely to be stable Levy (or Student-t) distribution during panics and stampedes in worldwide security markets in 2008. Furthermore, if asset returns are truly governed by the infinite-variance stable Levy distributions, life is fundamentally riskier than in a purely Gaussian world. Sudden price movements like the worldwide security market crash in 2008 turn into real-world possibilities.

Higher-moment stochastic discount factor specifications and the cross-section of asset returns

OpenAIRE

Wang, Dengli

2013-01-01

The stochastic discount factor model provides a general framework for pricing assets. A suitably specified discount factor encompasses most of the theories currently in use, including the CAPM, consumption CAPM, higher-moment CAPM and their conditional versions. In this thesis, we focus on the empirical admissibility of alternative SDFs under restrictions that ensure that investors’ risk-preferences are well behaved. More innovatively, we explore whether the SDF implied by the 3 and 4-mome...

Time-frequency wavelet analysis of the interrelationship between the global macro assets and the fear indexes

Science.gov (United States)

Abid, Fathi; Kaffel, Bilel

2018-01-01

Understanding the interrelationships of the global macro assets is crucial for global macro investing. This paper investigates the local variance and the interconnection between the stock, gold, oil, Forex and the implied volatility markets in the time/frequency domains using the wavelet methodology, including the wavelet power spectrum, the wavelet squared coherence and phase difference, the wavelet multiple correlation and cross-correlation. The univariate analysis reveals that, in some crisis periods, underlying asset markets present the same pattern in terms of the wavelet power spectrum indicating high volatility for the medium scale, and that for the other market stress periods, volatility behaves differently. Moreover, unlike the underlying asset markets, the implied volatility markets are characterized by high power regions across the entire period, even in the absence of economic events. Bivariate results show a bidirectional relationship between the underlying assets and their corresponding implied volatility indexes, and a steady co-movement between the stock index and its corresponding fear index. Multiple correlation analysis indicates a strong correlation between markets at high scales with evidence of a nearly perfect integration for a period longer than a year. In addition, the hedging strategies based on the volatility index lead to an increase in portfolio correlation. On the other hand, the results from multiple cross-correlations reveal that the lead-lag effect starts from the medium scale and that the VIX (stock market volatility index) index is the potential leader or follower of the other markets.

Nigeria National Petroleum Reserves Asset: Looking Beyond the Niger Delta

International Nuclear Information System (INIS)

Obaje, P. N.

2002-01-01

Nigeria's current national petroleum reserves asset (proven) put at 28 billion barrels of oil and 150 trillion standard cubic feet of gas derives mainly from the Niger Delta onshore and offshore.However, there are opportunities to tremendously add to this asset from the inland basins. These inland basins have continued to frustrate the efforts of many explorers, principally because of their virginity and far distance from existing infrastructure, and for these reasons, many international companies have turned their focus away from frontier onshore to frontier deep-water and ultra deep-water offshore.Petroleum exploration, particularly in the Sudan and Chad Republics has shown that commercial success can be achieved in our own sector, even if it may take some time to put all the elements together. Some pointers have been found from the successes in the other rifted inland basins and the strategies adopted there have been examined in this paper. Congnizance has also been taken of the relative success of Shell's Kolmani River-1 well (33 billion cubit feet of gas) in the Gongola Basin. The paper went ahead to highlight potential petroleum systems in the different sectors of Nigeria's inland basins.Recommendations have also been put forward, which include amongst others (i) the introduction of a JV arrangement that allows State Governments on the inland basins to participate in the exploration for hydrocarbons in their domains (ii) tie future allocation of offshore blocks to acquisition of at least a block in any of the inland basins (iii) initiate a programme of deep drilling and coring of at least one research well to penetrate the entire sedimentary rock successions in each of the inland basins to facilitate a better understanding of their petroleum geology and benefit future exploration campaigns; to be funded and supervised by the Petroleum Technology Development Fund (PTDF)

Job satisfaction and motivation of health workers in public and private sectors: cross-sectional analysis from two Indian states.

Science.gov (United States)

Peters, David H; Chakraborty, Subrata; Mahapatra, Prasanta; Steinhardt, Laura

2010-11-25

Ensuring health worker job satisfaction and motivation are important if health workers are to be retained and effectively deliver health services in many developing countries, whether they work in the public or private sector. The objectives of the paper are to identify important aspects of health worker satisfaction and motivation in two Indian states working in public and private sectors. Cross-sectional surveys of 1916 public and private sector health workers in Andhra Pradesh and Uttar Pradesh, India, were conducted using a standardized instrument to identify health workers' satisfaction with key work factors related to motivation. Ratings were compared with how important health workers consider these factors. There was high variability in the ratings for areas of satisfaction and motivation across the different practice settings, but there were also commonalities. Four groups of factors were identified, with those relating to job content and work environment viewed as the most important characteristics of the ideal job, and rated higher than a good income. In both states, public sector health workers rated "good employment benefits" as significantly more important than private sector workers, as well as a "superior who recognizes work". There were large differences in whether these factors were considered present on the job, particularly between public and private sector health workers in Uttar Pradesh, where the public sector fared consistently lower (P public sector, where all 17 items had greater discordance for public sector workers than for workers in the private sector (P < 0.001). There are common areas of health worker motivation that should be considered by managers and policy makers, particularly the importance of non-financial motivators such as working environment and skill development opportunities. But managers also need to focus on the importance of locally assessing conditions and managing incentives to ensure health workers are motivated in

Dynamic Relationships between Price and Net Asset Value for Asian Real Estate Stocks

Directory of Open Access Journals (Sweden)

Kim Hiang LIOW

2018-03-01

Full Text Available This paper examines short- and long-term behavior of the price-to net asset value ratio in six Asian public real estate markets. We find mean-reverting behavior of the ratio and spillover effects, where each of the examined public real estate markets correlates with other markets. Additionally, the unexpected shock correlating with the price-to-net asset value ratio in one market has a positive or negative correlation with the ratios of other markets. Our results offer fresh insights to portfolio managers, policymakers, and academic researchers into the regional and country market dynamics of public real estate valuation and cross-country interaction from the long-term and short-term perspectives.

Association of job sectors with type 2 diabetes mellitus, hypercholesterolemia and obesity: a cross-sectional study from the Malaysian Cohort (TMC) project.

Science.gov (United States)

Borhanuddin, Boekhtiar; Ahmad, Norfazilah; Shah, Shamsul Azhar; Murad, Nor Azian Abdul; Zakaria, Syed Zulkifli Syed; Kamaruddin, Mohd Arman; Jalal, Nazihah Abd; Yusuf, Nurul Ain Mhd; Patah, Afzan Effiza Abdul; Dauni, Andri; Sallam, Wan Ahmad Faisal Wan; Jamal, Rahman

2018-02-15

The investigation of risk factors of cardiovascular disease (e.g., major endocrine, nutritional and metabolic diseases) across job sectors is useful for targeted public health intervention. This study examined the occurrence of type 2 diabetes mellitus (T2DM), hypercholesterolemia and obesity in 21 job sectors in the general population. A baseline cross-sectional analysis of the Malaysian Cohort was conducted, which included 105 391 adults. Multiple logistic regression analyses were conducted for these three diseases across 20 job sectors compared with the unemployed/homemaker sector. The prevalence of T2DM, hypercholesterolemia and obesity was 16.7%, 38.8% and 33.3%, respectively. The Accommodation & Food Service Activities and Transportation & Storage sectors had significantly higher odds for T2DM (adjusted [adj.] prevalence odds ratio [POR] 1.18, p=0.007 and adj. POR 1.15, p=0.008, respectively). No job sector had significantly higher odds for hypercholesterolemia compared with the unemployed/homemaker sector. Only the Accommodation & Food Service Activities sector had significantly higher odds for obesity (adj. POR 1.17, p≤0.001). Many job sectors were significantly associated with lower odds of having these three diseases when compared with the unemployed/homemaker sector. These differing associations between diverse job sectors and these diseases are important for public health intervention initiatives and prioritization.

Sectoral Energy, and Labour, Productivity Convergence

International Nuclear Information System (INIS)

Mulder, P.; De Groot, H.L.F.

2007-01-01

This paper empirically investigates the development of cross-country differences in energy- and labour productivity. The analysis is performed at a detailed sectoral level for 14 OECD countries, covering the period 1970-1997. A ρ-convergence analysis reveals that the development over time of the cross-country variation in productivity performance differs across sectors as well as across different levels of aggregation. Both patterns of convergence as well as divergence are found. Cross-country variation of productivity levels is typically larger for energy than for labour. A β-convergence analysis provides support for the hypothesis that in most sectors lagging countries tend to catch up with technological leaders, in particular in terms of energy productivity. Moreover, the results show that convergence is conditional, meaning that productivity levels converge to country-specific steady states. Energy prices and wages are shown to positively affect energy- and labour-productivity growth, respectively. We also find evidence for the importance of economies of scale, whereas the investment share, openness and specialization play only a modest role in explaining cross-country variation in energy- and labour-productivity growth

THE INFLUENCE OF LIQUIDITY ON PROFITABILITY OF POLISH CONSTRUCTION SECTOR COMPANIES

Directory of Open Access Journals (Sweden)

Monika Bolek

2012-04-01

Full Text Available The concept of financial liquidity is not very straight, as it has various aspects, although generally it refers to the current assets and liabilities management. Financial liquidity together with profitability are the core categories of enterprise activities which, in order to function efficiently, the company should treat as equally important. The growth of financial liquidity may negatively influence the company profitability. If the company is to liquid in the static sense than it will affect negatively the profitability since some capital will be frozen in current assets. In this article, the authors analyze theoretical aspects of the relation between liquidity and profitability, whereas the empirical part they examine this interdependence on a group of construction sector companies listed on Warsaw Stock Exchange.

Terrorism: The Challenge to the Private Sector,

Science.gov (United States)

private sector , security is a line management responsibility, particularly where goals and objectives, information protection, and protection of key assets are concerned. Each company in the corporate world has a different personality. The goals are pretty much the same, but once you get below that initial goal, then you go to beliefs. Some companies are very macho. Some companies won’t let a security man interview a suspect, some companies will. Companies are very hesitant to go th extremes. Companies are both image conscious and fundamentally ethical. They truly do

Asset management trends and challenges

Energy Technology Data Exchange (ETDEWEB)

Rijks, E. [Continuon, Arnhem (Netherlands); Ford, G.L. [PowerNex Associates Inc., Toronto, ON (Canada); Sanchis, G. [Reseau de Transport d' Electricite, Paris (France)

2007-07-01

Recent business and regulatory changes in the electric power industry have affected the operation of electric utilities. Most have accepted competition and commercialization. Various strategies have emerged as companies strive to improve performance and retain profitability in an environment where competition or regulatory pressure is reducing revenues at a time when customer expectation is increasing. As focus shifts away from engineering excellence towards commercial performance, the new business ideology for electric utilities is to optimize asset management. This paper identified asset management technology trends, opportunities and challenges. Although many utilities are currently comfortable with their existing asset management processes, regulators are increasingly scrutinizing utilities as they seek approval for rates and investments in aging infrastructure. Much more rigorous financial analysis methods are needed to justify the large investments that are needed. In addition, the credibility of the processes and methods used by utilities will be increasingly questioned. In recognition of the growing importance of asset management, several initiatives have been launched to provide forums for sharing information and to provide a unifying force to asset management methods. The International Council on Large Electric Systems (CIGRE) was one of the first to recognize the importance of asset management. This paper summarized recent CIGRE activities as well as the developments of publicly available specification (PAS) 55 in the United Kingdom. It was concluded that utilities that adopt standardized approaches will be more credible in the eyes of regulatory authorities. 3 refs., 4 figs.

Cross currency swap valuation

OpenAIRE

Boenkost, Wolfram; Schmidt, Wolfgang M.

2004-01-01

Cross currency swaps are powerful instruments to transfer assets or liabilities from one currency into another. The market charges for this a liquidity premium, the cross currency basis spread, which should be taken into account by the valuation methodology. We describe and compare two valuation methods for cross currency swaps which are based upon using two different discounting curves. The first method is very popular in practice but inconsistent with single currency swap valuation methods....

CDC's 6|18 Initiative: A Cross-Sector Approach to Translating Evidence Into Practice.

Science.gov (United States)

Seeff, Laura C; McGinnis, Tricia; Heishman, Hilary

2018-02-22

As the US health care system continues to undergo dynamic change, the increased alignment between health care quality and payment has provided new opportunities for public health and health care sectors to work together. The Centers for Disease Control and Prevention's 6|18 Initiative accelerates cross-sector collaboration between public health and health care purchasers, payers, and providers and highlights 6 high-burden conditions and 18 associated interventions with evidence of cost reduction/neutrality and improved health outcomes. This evidence can inform payment, utilization, and quality of prevention and control interventions. The Centers for Disease Control and Prevention focused initially on public payer health insurance interventions for asthma control, unintended pregnancy prevention, and tobacco cessation. Nine state Medicaid and public health agency teams-in Colorado, Georgia, Louisiana, Massachusetts, Michigan, Minnesota, New York, Rhode Island, and South Carolina-participated in the initiative because they had previously prioritized the health condition(s) and specific intervention(s) and had secured state-level leadership support for state agency collaboration. The Centers for Disease Control and Prevention, the Centers for Medicare & Medicaid Services, the Center for Health Care Strategies, the Robert Wood Johnson Foundation, and other partners supported state implementation and dissemination of early lessons learned. The Centers for Disease Control and Prevention conducted exploratory interviews to guide improvement of the 6|18 Initiative and to understand facilitators, barriers, and complementary roles played by each sector. Monthly technical assistance calls conducted with state teams documented collaborative activities between state Medicaid agencies and health departments and state processes to increase coverage and utilization. The 6|18 Initiative is strengthening partnerships between state health departments and Medicaid agencies and

Agility in asset management, or: how to be flexible with assets designed for stability

NARCIS (Netherlands)

Ruitenburg, Richard Jacob; Braaksma, Anne Johannes Jan; van Dongen, Leonardus Adriana Maria

2016-01-01

Agility is increasingly important in manufacturing. However, thus far little attention has been paid to the agility of the physical assets used in production, which are typically designed for decades of operation in a stable context. This paper investigates the topic of agile Asset Management using

A framework for operationalization of strategic plans and metrics for corporate performance measurement in transportation asset management

Science.gov (United States)

Mteri, Hassan H.

This thesis investigated the business processes required to translate corporate-level strategic plans into tactical and operational plans in the context of transportation asset management. The study also developed a framework for effective performance measure for departments of transportation. The thesis was based on a case study of transportation agencies in the U.S.A. and Canada. The scope is therefore limited or more directly applicable to transportation assets such as pavement, bridges and culverts. The goal was to address the problem of translating or managing strategic plans, especially in the context of the public sector responsible for operating transportation infrastructure. It was observed that many agencies have been successful in formulating good strategic plans but they have performed relatively poorly in translating such corporate-level strategic plans into operational activities. A questionnaire survey was designed and targeted about 30 state agencies that are currently active in transportation asset management. Twenty one (21) transportation agencies in the USA and Canada responded to the questionnaire. The analysis of the questionnaire data showed that there is a lack of a standard approach to managing corporate strategic plans in transportation agencies. The results also indicated that most transportation agencies operate in three organizational levels but there was no systematic approach of translating goal and objectives from high level to lower levels. Approaches in performance measurement were found to vary from agency to agency. A number of limitations were identified in the existing practice on performance measurements. Key weaknesses include the large number of measures in use (as many as 25 or more), and the disconnection between the measures used and the corporate goals and objectives. Lessons from the private sector were thoroughly reviewed in order to build the groundwork for adapting existing tools to the public sector. The existing

Dynamic service contracting for on-demand asset delivery

NARCIS (Netherlands)

Zhao, X.; Angelov, S.A.; Grefen, P.W.P.J.

2014-01-01

Traditional financial asset lease operates in an asset provider centred mode, in which financiers passively provide financial solutions to the customers of their allied asset vendors. To capture the highly customised asset lease demands from the mass market, this paper advocates adopting a

ANALISIS FINANCIAL LEVERAGE PADA PT. RAJAWALI JAYA SAKTI CONTRINDO DI MAKASSAR.

OpenAIRE

ANWAR, H. MUH.

2013-01-01

2013 H.Muh.ANWAR, A financial leverage analysis at PT.Rajawali Jaya Sakti Contrindo of Makassar (Supervised by HJ.Siti Haerani and Kasman Damang). The problem statement of this research is whether financial leverage can increase company???s profit. The objectives of this research is to find out the calculation of financial leverage applied by company and to analyse the impact of financial leverage toward profit gained by company. The result of the research on leverage ratio of PT.Raja...

Cash Holdings and Leverage of German Listed Firms

DEFF Research Database (Denmark)

Rapp, Marc Steffen; Killi, Andreas Maximilian

2016-01-01

We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

The Role of Agribusiness Assets in Investment Portfolios

OpenAIRE

Johnson, Michael; Malcolm, Bill; O'Connor, Ian

2006-01-01

Investment in agribusiness assets has grown significantly in recent years. The question of interest is whether including agribusiness assets in investment portfolios provide benefits. The effects of diversification by including agribusiness assets in two investment portfolios, a mixed asset portfolio and a diversified share portfolio was investigated using Markowitz’s (1952) Modern Portfolio Theory (MPT) of mean-variance optimization. To measure the performance of agribusiness assets, an in...

Forecasting volatility in the presence of Leverage Effect

OpenAIRE

Jean-Christophe Domenge; Rémi Rhodes; Vincent Vargas

2010-01-01

We define a simple and tractable method for adding the Leverage effect in general volatility predictions. As an application, we compare volatility predictions with and without Leverage on the SP500 Index during the period 2002-2010.

IMPACT of FINANCIAL CRISIS 2008-2009 on BANKING SECTOR STRUCTURE IN UKRAINE

Directory of Open Access Journals (Sweden)

N. Versal

2015-10-01

Full Text Available The article deals with the changes in the structure of Ukraine’s banking sector caused by the crisis 2008 – 2009. The research covers the pre-crisis stage (early 2008, the stage of the impact of the global financial crisis (end of 2008 – 2009, the stage of post-crisis development (2010 – 2013. The analysis is done in two areas: the analysis of the consequences of redistribution of responsibilities between the Deposit Guarantee Fund (the DGF and the National Bank of Ukraine (the NBU and the analysis of changes in the structure of the banking sector (the redistribution of the market between the four groups of banks in terms of assets, state-owned banks and other banks, foreign banks and domestic banks. It is possible to talk about the positive aspects arising from the redistribution of responsibilities between the NBU and the DGF, namely in terms of depositors’ protection strengthening due to reducing the term of the interim administration, eliminating the moratorium on payments to depositors etc. However, it is impossible to make an unambiguous conclusion that these changes have had a positive effect on the level of depositor’s confidence in banks. It turned out to be factors that are more important: economic and political situation in the country. The changes in the structure of the banking sector had a crucial character. Characteristic tendencies for each block of banks have been determined based on an analysis of indicators such as total assets, loans to legal entities and individuals, total liabilities, liabilities of legal entities and individuals, equity and equity multiplier. The financial crisis has revealed deep problems in the banking sector and has caused essential transformation processes: the redistribution of the banking market in favor of banks, which enjoyed the confidence of customers. Research shows that such banks in the unit of banks in terms of assets are banks of 2 and 4 groups; banks in the block by the presence

Analysis of debt leveraging in private power projects

International Nuclear Information System (INIS)

Kahn, E.P.; Meal, M.; Doerrer, S.; Morse, S.

1992-08-01

As private power (non-utility generation) has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital, and that this leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not home by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs

Analysis of debt leveraging in private power projects

Energy Technology Data Exchange (ETDEWEB)

Kahn, E.P. (Lawrence Berkeley Lab., CA (United States)); Meal, M.; Doerrer, S.; Morse, S. (Morse, Richard, Weisenmiller Associates, Inc., Oakland, CA (United States))

1992-08-01

As private power has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital. This leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not borne by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs.

FAKTOR PENENTU STRUKTUR MODAL: STUDI EMPIRIK PADA PERUSAHAAN MULTIFINANSIAL

Directory of Open Access Journals (Sweden)

Siti Ridloah

2010-09-01

Full Text Available Penelitian ini bertujuan untuk mengetahui pengaruh variabel struktur aktiva, ukuran perusahaan, operating leverage, profitabilitas, likuiditas dan pertumbuhan penjualan terhadap Struktur Modal perusahaan sektor keuangan serta mengetahui variabel manakah yang paling berpengaruh terhadap stuktur modal. Populasi dalam penelitian ini adalah semua perusahaan sektor keuangan multifinansial yang terdaftar di BEI yang memiliki laporan keuangan dalam ICMD tahun 2008. Penentuan sampel penelitian ini menggunakan metode purposive sampling. Hasil analisis regresi menunjukkan bahwa ada pengaruh secara simultan variabel independen terhadap Struktur Modal. Hanya ada tiga variabel independen yang berpengaruh signifikan secara parsial terhadap variabel dependen yaitu ukuran perusahaan, profitabilitas dan likuiditas. Dari variabel-variabel tersebut, variabel yang paling berpengaruh terhadap stuktur modal adalah ukuran perusahaan. Saran yang penulis sampaikan dalam penelitian ini, bahwa untuk mencapai Struktur Modal yang optimal, perusahaan perlu meningkatkan profitabilitas, likuiditas dan ukuran perusahaan dengan cara meningkatkan profit margin dan meningkatkan asset yang dimiliki perusahaan. This study aims to determine the effect of asset structure variables, firm Size, operating leverage, profitability, liquidity and growth in sales of corporate capital structure of the financial sector as well as knowing which variables most affect the capital structure. The populations of this study were all multifinansial financial sector companies have been listed on the Stock Exchange which has ICMD financial statements in 2008. Purposive sampling method is used to analyse the samples of this study. The results of multiple regression analysis showed that there is a simultaneous effect of independent variables of corporate capital structure of the financial sector. There are only three independent variables that significantly influence the dependent variable that is

Computer Based Asset Management System For Commercial Banks

Directory of Open Access Journals (Sweden)

Amanze

2015-08-01

Full Text Available ABSTRACT The Computer-based Asset Management System is a web-based system. It allows commercial banks to keep track of their assets. The most advantages of this system are the effective management of asset by keeping records of the asset and retrieval of information. In this research I gather the information to define the requirements of the new application and look at factors how commercial banks managed their asset.

76 FR 78594 - Reporting of Specified Foreign Financial Assets

Science.gov (United States)

2011-12-19

... Reporting of Specified Foreign Financial Assets AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... foreign financial assets and the value of those assets is more than the applicable reporting threshold... hold specified foreign financial assets generally will be excepted from reporting such assets under...

The influence of the 2008 financial crisis on the predictiveness of risky asset pricing models in Brazil

Directory of Open Access Journals (Sweden)

Adriana Bruscato Bortoluzzo

Full Text Available ABSTRACT This article examines three models for pricing risky assets, the capital asset pricing model (CAPM from Sharpe and Lintner, the three factor model from Fama and French, and the four factor model from Carhart, in the Brazilian mark et for the period from 2002 to 2013. The data is composed of shares traded on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA on a monthly basis, excluding financial sector shares, those with negative net equity, and those without consecutive monthly quotations. The proxy for market return is the Brazil Index (IBrX and for riskless assets savings accounts are used. The 2008 crisis, an event of immense proportions and market losses, may have caused alterations in the relationship structure of risky assets, causing changes in pricing model results. Division of the total period into pre-crisis and post-crisis sub-periods is the strategy used in order to achieve the main objective: to analyze the effects of the crisis on asset pricing model results and their predictive power. It is verified that the factors considered are relevant in the Brazilian market in both periods, but between the periods, changes occur in the statistical relevance of sensitivities to the market premium and to the value factor. Moreover, the predictive ability of the pricing models is greater in the post-crisis period, especially for the multifactor models, with the four factor model able to improve predictions of portfolio returns in this period by up to 80%, when compared to the CAPM.

Determinants of Management Innovation in the Ghanaian Construction Consulting Sector

Directory of Open Access Journals (Sweden)

De-Graft Owusu-Manu

2015-03-01

Full Text Available Determinants of management innovation (MI within the Ghanaian construction consulting sector are examined. A sample of 70 consulting firms is surveyed using self-administered questionnaires. Data are analysed using descriptive statistics and factor analysis. Findings indicate that determinants of MI were interwoven among seven principal factors viz: community and market demands; financial and business management practices; human resource policies; creativity and organizational strategies; corporate social responsibility; prevailing conditions; and competitive leverage. The study adds to the discourse on evolution of innovation within the global consulting sector generally, while providing reference for practitioners and academics in the field with respect to MI determinants more specifically. It is envisaged that practitioners who adopt these findings in the construction consultancy sector would enhance their ability to provide innovative services to clients. Study recommendations include that future research should explore how innovation is diffused within consulting enterprises’ value chains. Paper Type: Research article

Asset management techniques for transformers

International Nuclear Information System (INIS)

Abu-Elanien, Ahmed E.B.; Salama, M.M.A.

2010-01-01

In a deregulated/reformed environment, the electric utilities are under constant pressure for reducing operating costs, enhancing the reliability of transmission and distribution equipments, and improving quality of power and services to the customer. Moreover, the risk involved in running the system without proper attention to assets integrity in service is quite high. Additionally, the probability of losing any equipment vital to the transmission and distribution system, such as power and distribution transformers, is increasing especially with the aging of power system's assets. Today the focus of operating the power system is changed and efforts are being directed to explore new approaches/techniques of monitoring, diagnosis, condition evaluation, maintenance, life assessment, and possibility of extending the life of existing assets. In this paper, a comprehensive illustration of the transformer asset management activities is presented. The importance of each activity together with the latest researches done in the area is highlighted. (author)

Enterprise SRS: Leveraging Ongoing Operations to Advance National Programs - 13108

International Nuclear Information System (INIS)

Marra, J.E.; Murray, A.M.; McGuire, P.W.; Wheeler, V.B.

2013-01-01

The SRS is re-purposing its vast array of assets to solve future national issues regarding environmental stewardship, national security, and clean energy. The vehicle for this transformation is Enterprise SRS which presents a new, strategic view of SRS as a united endeavor for 'all things nuclear' as opposed to a group of distinct and separate entities with individual missions and organizations. Key among the Enterprise SRS strategic initiatives is the integration of research into facilities in conjunction with ongoing missions to provide researchers from other national laboratories, academic institutions, and commercial entities the opportunity to demonstrate their technologies in a relevant environment and scale prior to deployment. To manage that integration of research demonstrations into site facilities, The DOE Savannah River Operations Office, Savannah River Nuclear Solutions, and the Savannah River National Laboratory (SRNL) have established the Center for Applied Nuclear Materials Processing and Engineering Research (CANMPER). The key objective of this initiative is to bridge the gap between promising transformational nuclear materials management advancements and large-scale deployment of the technology by leveraging SRS assets (e.g. facilities, staff, and property) for those critical engineering-scale demonstrations necessary to assure the successful deployment of new technologies. CANMPER will coordinate the demonstration of R and D technologies and serve as the interface between the engineering-scale demonstration and the R and D programs, essentially providing cradle-to-grave support to the R and D team during the demonstration. While the initial focus of CANMPER will be on the effective use of SRS assets for these demonstrations, CANMPER also will work with research teams to identify opportunities to perform R and D demonstrations at other facilities. Unique to this approach is the fact that these SRS assets will continue to accomplish DOE's critical

The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis.

Science.gov (United States)

McDonald, John F

2004-05-01

The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.

Asset pricing restrictions on predictability : Frictions matter

NARCIS (Netherlands)

de Roon, F.A.; Szymanowska, M.

2012-01-01

U.S. stock portfolios sorted on size; momentum; transaction costs; market-to-book, investment-to-assets, and return-on-assets (ROA) ratios; and industry classification show considerable levels and variation of return predictability, inconsistent with asset pricing models. This means that a

Spectral decomposition of optimal asset-liability management

NARCIS (Netherlands)

Decamps, M.; de Schepper, A.; Goovaerts, M.

2009-01-01

This paper concerns optimal asset-liability management when the assets and the liabilities are modeled by means of correlated geometric Brownian motions as suggested in Gerber and Shiu [2003. Geometric Brownian motion models for assets and liabilities: from pension funding to optimal dividends.

Asset Condition, Information Systems and Decision Models

CERN Document Server

Willett, Roger; Brown, Kerry; Mathew, Joseph

2012-01-01

Asset Condition, Information Systems and Decision Models, is the second volume of the Engineering Asset Management Review Series. The manuscripts provide examples of implementations of asset information systems as well as some practical applications of condition data for diagnostics and prognostics. The increasing trend is towards prognostics rather than diagnostics, hence the need for assessment and decision models that promote the conversion of condition data into prognostic information to improve life-cycle planning for engineered assets. The research papers included here serve to support the on-going development of Condition Monitoring standards. This volume comprises selected papers from the 1st, 2nd, and 3rd World Congresses on Engineering Asset Management, which were convened under the auspices of ISEAM in collaboration with a number of organisations, including CIEAM Australia, Asset Management Council Australia, BINDT UK, and Chinese Academy of Sciences, Beijing University of Chemical Technology, Chin...

Ultra-processed foods, protein leverage and energy intake in the USA.

Science.gov (United States)

Martínez Steele, Euridice; Raubenheimer, David; Simpson, Stephen J; Baraldi, Larissa Galastri; Monteiro, Carlos A

2018-01-01

Experimental studies have shown that human macronutrient regulation minimizes variation in absolute protein intake and consequently energy intake varies passively with dietary protein density ('protein leverage'). According to the 'protein leverage hypothesis' (PLH), protein leverage interacts with a reduction in dietary protein density to drive energy overconsumption and obesity. Worldwide increase in consumption of ultra-processed foods (UPF) has been hypothesized to be an important determinant of dietary protein dilution, and consequently an ecological driving force of energy overconsumption and the obesity pandemic. The present study examined the relationships between dietary contribution of UPF, dietary proportional protein content and the absolute intakes of protein and energy. National representative cross-sectional study. National Health and Nutrition Examination Survey 2009-2010. Participants (n 9042) aged ≥2 years with at least one day of 24 h dietary recall data. We found a strong inverse relationship between consumption of UPF and dietary protein density, with mean protein content dropping from 18·2 to 13·3 % between the lowest and highest quintiles of dietary contribution of UPF. Consistent with the PLH, increase in the dietary contribution of UPF (previously shown to be inversely associated with protein density) was also associated with a rise in total energy intake, while absolute protein intake remained relatively constant. The protein-diluting effect of UPF might be one mechanism accounting for their association with excess energy intake. Reducing UPF contribution in the US diet may be an effective way to increase its dietary protein concentration and prevent excessive energy intake.

Inside money, procyclical leverage, and banking catastrophes.

Science.gov (United States)

Brummitt, Charles D; Sethi, Rajiv; Watts, Duncan J

2014-01-01

We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share a common belief about the future value of certain long-term assets, but they have different objective functions; changes to this common belief result in portfolio adjustments and trade. Positive belief shocks induce banks to buy risky assets from investors, and the banks finance those purchases by issuing new short-term liabilities. Negative belief shocks induce banks to sell assets in order to reduce their chance of insolvency to a tolerably low level, and they supply more assets at lower prices, which can result in multiple market-clearing prices. A sufficiently severe negative shock causes the set of equilibrium prices to contract (in a manner given by a cusp catastrophe), causing prices to plummet discontinuously and banks to become insolvent. Successive positive and negative shocks of equal magnitude do not cancel; rather, a banking catastrophe can occur even if beliefs simply return to their initial state. Capital requirements can prevent crises by curtailing the expansion of balance sheets when beliefs become more optimistic, but they can also force larger price declines. Emergency asset price supports can be understood as attempts by a central bank to coordinate expectations on an equilibrium with solvency.

Inside money, procyclical leverage, and banking catastrophes.

Directory of Open Access Journals (Sweden)

Charles D Brummitt

Full Text Available We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share a common belief about the future value of certain long-term assets, but they have different objective functions; changes to this common belief result in portfolio adjustments and trade. Positive belief shocks induce banks to buy risky assets from investors, and the banks finance those purchases by issuing new short-term liabilities. Negative belief shocks induce banks to sell assets in order to reduce their chance of insolvency to a tolerably low level, and they supply more assets at lower prices, which can result in multiple market-clearing prices. A sufficiently severe negative shock causes the set of equilibrium prices to contract (in a manner given by a cusp catastrophe, causing prices to plummet discontinuously and banks to become insolvent. Successive positive and negative shocks of equal magnitude do not cancel; rather, a banking catastrophe can occur even if beliefs simply return to their initial state. Capital requirements can prevent crises by curtailing the expansion of balance sheets when beliefs become more optimistic, but they can also force larger price declines. Emergency asset price supports can be understood as attempts by a central bank to coordinate expectations on an equilibrium with solvency.

Defining ecosystem assets for natural capital accounting

NARCIS (Netherlands)

Hein, Lars; Bagstad, Ken; Edens, Bram; Obst, Carl; Jong, de Rixt; Lesschen, Jan Peter

2016-01-01

In natural capital accounting, ecosystems are assets that provide ecosystem services to people. Assets can be measured using both physical and monetary units. In the international System of Environmental-Economic Accounting, ecosystem assets are generally valued on the basis of the net present

QUANTITATIVE INDICATORS OF THE SECURITIZATION OF ASSETS

Directory of Open Access Journals (Sweden)

Denis VOSTRICOV

2018-02-01

Full Text Available Securitization is instrumental in return on capital increment through the withdrawal from the balance oflending activities being accompanied by off-balance incomes flow from fees, which are less capital-intensive. Thepurpose of this paper is to analyze the quantitative indicators characterizing the securitization of assets. For draftingthis article, the method of analysis, synthesis method, logic and dialectic method, normative method, the study ofstatistical sampling and time series of expert evaluations (Standard and Poor’s, personal observations, andmonographic studies have been used. The main difference between the securitization of assets from traditional waysof financing is related to the achievement of a plenty of secondary goals in attracting financial resources, whichcan play a significant role in choosing to favour the securitization of assets or other types of financing. Inparticular, it gives a possibility to write off the assets from the balance sheet along with the relevant obligationsunder the securities, to expand the range of potential investors accompanied by the reducing of credit risk, interestrate and liquidity risk, as well as to improve the management quality of assets, liabilities and risks. All of thesesecondary effects are achieved by the isolation of selected assets from the total credit risk of the enterprise, raisingits funds, which forms the pivotal actuality and significance of asset securitization. The article containsdemonstrations of quantitative and qualitative indicators characterizing the securitization of assets.

Analytical Provision of Management of Intangible Assets

Directory of Open Access Journals (Sweden)

Shelest Viktoriya S.

2013-11-01

Full Text Available The goal of the article lies in the study of the process of conduct of economic analysis of such a complex product of the innovation and information society as objects of intellectual property, which are accepted in business accounting as intangible assets. All-absorbing integration processes in the economy and large-scale propagation of information technologies influence the capital structure. Thus, accepting intangible assets as a driving factor of competitiveness, enterprises prefer namely these assets, reducing the share of tangible assets. Taking this into account the scientists thoroughly studied the issues of economic analysis of intangible assets, since the obtained data are the main source of accounting and analytical information required for making weighted managerial decisions. At the same time, the issues of authenticity, accuracy, efficiency and transparency of the obtained results become topical. In the process of the study the article shows information content of the accounting and analytical data due to introduction of accounting and conduct of economic analysis of intangible assets. The article considers the modern state of the methods of analysis of intangible assets based on opinions of scientists. It characterises economic and legal state of development of licence agreements in Ukraine. It justifies economic expediency of use of such agreements. It forms the ways of making efficient managerial decisions on use of intangible assets in economic activity of subjects of entrepreneurship.

Cross sectional moments and portfolio returns: Evidence for select emerging markets

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Sanjay Sehgal

2016-09-01

Full Text Available Research does not indicate a consensus on the relationship between idiosyncratic volatility and asset returns. Moreover, the role of cross sectional higher order moments in predicting market returns is relatively unexplored. We show that the cross sectional volatility measure suggested by Garcia et al. is highly correlated with alternative measures of idiosyncratic volatility constructed as variance of errors from the capital asset pricing model and the Fama French model. We find that cross sectional moments help in predicting aggregate market returns in some sample countries and also provide information for portfolio formation, which is more consistent for portfolios sorted on sensitivity to cross sectional skewness.

New Approaches in Accountancy of the Romanian Equine Growth Sector

OpenAIRE

Violeta Isai

2015-01-01

The activity of equine growth puts many problems regarding the way of recognition, registration and valuation of equines as biological assets, but also regarding the way of calculation for the auction prices. Taking into consideration the ascendant trend of this sector, and also the diversification of its activities, accountancy faces new situations, which require to be solved in the conditions of the existent International Accounting Standards. In this respect, Romania came with certain impr...

Oil prices, stock markets and portfolio investment. Evidence from sector analysis in Europe over the last decade

International Nuclear Information System (INIS)

Hedi Arouri, Mohamed El; Khuong Nguyen, Duc

2010-01-01

This article extends the understanding of oil-stock market relationships over the last turbulent decade. Unlike previous empirical investigations, which have largely focused on broad-based market indices (national and/or regional indices), we examine short-term linkages in the aggregate as well as sector by sector levels in Europe using different econometric techniques. Our main findings suggest that the reactions of stock returns to oil price changes differ greatly depending on the activity sector. In the out-of-sample analysis we show that introducing oil asset into a diversified portfolio of stocks allows to significantly improve its risk-return characteristics. (author)

Developing Asset Life Cycle Management capabilities through the implementation of Asset Life Cycle Plans – an Action Research project

OpenAIRE

Ruitenburg, Richard; Braaksma, Anne Johannes Jan

2017-01-01

Asset Life Cycle Management is a strategic approach to managing physical assets over their complete life cycle. However, the literature and the recent ISO 55,000 standard do not offer guidance as to how to develop such an approach. This paper investigates the main capabilities for Asset Life Cycle Management by means of a four year Action Research project implementing Asset Life Cycle Plans. Five main capabilities emerged: 1. strategic information use; 2. alignment of operations and strategy;...

The Determinants and Implications of Financial Asset Holdings of Non-Financial Firms in Turkey : An Emprical Investigation

OpenAIRE

Cafer Kaplan; Erdal Ozmen; Cihan Yalcin

2006-01-01

This paper investigates the determinants and financial crowding out consequences of nonfinancial firms’ holdings of financial assets (FA) including government bonds and securities (GS) in Turkey using the firm level data compiled by the Central Bank of the Republic of Turkey over the 1990-2004 period. The salient features of the Turkish financial system with financial dollarisation and short maturity of financial contracts allowed the corporate sector to remain relatively liquid in spite of h...

Experience with the ASSET service in Slovakia

International Nuclear Information System (INIS)

Misak, J.

1996-01-01

The experience with the ASSET service in Slovakia is described, including the following: ASSET follow-up mission to Bohunice Unit 1-2 NPP; IAEA peer review of the national Incident Reporting System in the Slovak Republic; ASSET seminar on prevention of incidents, Bratislava, January 8-12, 1996

Experience with the ASSET service in Slovakia

Energy Technology Data Exchange (ETDEWEB)

Misak, J [Nuclear Regulatory Authority, Bratislava (Slovakia)

1997-12-31

The experience with the ASSET service in Slovakia is described, including the following: ASSET follow-up mission to Bohunice Unit 1-2 NPP; IAEA peer review of the national Incident Reporting System in the Slovak Republic; ASSET seminar on prevention of incidents, Bratislava, January 8-12, 1996.

Historical development of derivatives’ underlying assets

Directory of Open Access Journals (Sweden)

Sylvie Riederová

2011-01-01

Full Text Available The derivative transactions are able to eliminate the unexpected risk arising from the price volatility of the asset. The need for risk elimination relates to the application of derivatives.This paper is focused on derivatives’ underlying assets themselves. With the plain description, supported by progressive summarization, the authors analysed the relevant theoretical sources, dealt with derivatives, their underlying assets and their development in centuries. Starting in the ancient history, 2000 BC, the first non-standard transaction, very close to today’s understanding of derivatives, becomes to be closed between counterparties. During the time, in different kingdoms and emporiums, derivatives started to play a significant role in daily life, helping to reduce the uncertainty of the future. But the real golden era for derivatives started with the so called ‘New derivative markets’ and computer supported trading. They have extended their form from simple tools to most complex structures, without changing their main purpose hedging and risk – reduction.For the main purpose of this paper it is impossible to split the development of derivatives from the very wide extension of underlying assets. The change of these assets was one of the main drivers in derivatives development. Understanding of the dynamic character of these assets helps to understand the world of derivatives.

Prudent management of utility assets -- Problem or promise?

International Nuclear Information System (INIS)

Hatch, D.; Serwinowski, M.

1998-01-01

As utilities move into a deregulated market, the extent and nature of their asset base, as well as, the manner in which they have managed it, may play a key factor in the form of regulatory recovery. Utilities must face the issue of stranded assets. One form of addressing this issue is using ''EVA'', Economic Value Added as a mechanism to form financial models for prudent asset management. The authors present an approach to this challenging aspect of deregulation. They focus on the following utility assets: buildings/facilities, and excess real physical assets. Primarily focusing on Niagara Mohawk, two or three case studies are used to demonstrate how proactive management and EVA analysis transforms underperforming utility assets. These will be presented in a way that can show benefits for all utility stakeholders such as cost avoidance, load growth, real estate tax savings, stranded asset reductions, environmental gains, corporate image enhancement, and regulatory/governmental gains; over and above possible economic gains. Examples will be given that include the transformation of utility assets into award winning commercial, residential, and industrial developments as well as recreational/park lands and greenways. Similarly, other examples will show the many tangible and intangible benefits of an effective investment recovery and waste stream management program. Various strategies will also be presented that detail how utilities can begin to develop a total comprehensive plan for their asset portfolio. The first step in realizing and maximizing EVA towards a portfolio of assets is a change in corporate policy--one from passive ownership to active prudent management. Service and cost will drive competition resulting from full deregulation. To drive down costs, utilities will need to become more efficient in dealing with their asset base. By embracing an EVA model on an entire asset portfolio, utilities can prepare and excel in the newly shaped marketplace

The Czech Banking Sector: Two Decades with the Shuttle Changes

Directory of Open Access Journals (Sweden)

Drahomira Dubska

2013-03-01

Full Text Available According to stress-test of the Czech National Bank at the end of 2011, the banking sector in the Czech Republic is able to absorb the scenario of the Czech Republic's GDP hypothetically dropping by 5-6%. This analysis elucidate the question of how is possible that the banking sector remained sound and strongly capitalized, even when the parent companies of the largest banks in the Czech market, which comprise nearly the entire banking sector of the Czech Republic in terms of assets, loans and deposits, struggled with existential problems. It describes the history of the practical disappearance of the small and medium-sized banks during 90th and also the development of large banks using a model of sustainable growth. The analysis also includes circumstances of privatization and post-privatization development, as well. Final part of this article enlightens main reasons why the banking sector of the Czech Republic in the decade 2001-2011 was able to expand with high profitability with a relatively low level of risk.

Macroeconomic influences on optimal asset allocation

OpenAIRE

Flavin, Thomas; Wickens, M.R.

2003-01-01

We develop a tactical asset allocation strategy that incorporates the effects of macroeconomic variables. The joint distribution of financial asset returns and the macroeconomic variables is modelled using a VAR with a multivariate GARCH (M-GARCH) error structure. As a result, the portfolio frontier is time varying and subject to contagion from the macroeconomic variable. Optimal asset allocation requires that this be taken into account. We illustrate how to do this using three ri...

Managing corporate assets to maximize value

International Nuclear Information System (INIS)

Rubin, L.

1992-01-01

As the utility industry environment becomes more complex, pressures grow for managers to make more effective use of all their assets - including fuel, equipment, and personnel. Improving the management of assets leads to the delivery of greater value to ratepayers, stockholders, and society. EPRI is sponsoring a broad research program to help utilities effectively apply the tools needed in these changing business conditions, especially the latest in cost and quality management and asset management techniques

Intelligent tactical asset allocation support system

OpenAIRE

Hiemstra, Y.

1995-01-01

This paper presents an advanced support system for Tactical Asset Allocation. Asset allocation explains over 90% of portfolio performance (Brinson, Hood and Beebower, 1988). Tactical asset allocation adjusts a strategic portfolio on the basis of short term market outlooks. The system includes aprediction model that forecasts quarterly excess returns on the S and PSOO, an optimization model that adjusts a user-specified strategic portfolio on thebasis of the excess return forecast, and a compo...

How to engage across sectors: Lessons on leveraging agriculture for nutrition from the Brazilian school meal program

OpenAIRE

Hawkes, C.; Jaime, P. C.; Rugani, I. C.; Brasil, B. G.

2016-01-01

OBJECTIVE:\\ud To provide insights for nutrition and public health practitioners on how to engage with other sectors to achieve public health goals. Specifically, this study provides lessons from the example of integrating family farming and a nutrition into a legal framework in Brazil on how to successfully shift other sectors toward nutrition goals. \\ud METHODS: \\ud The study analyzed policy processes that led to a Brazilian law linking family farming with the National School Feeding Program...

Current approaches to assessing intangible assets

OpenAIRE

Урусова, Зінаїда Петрівна

2013-01-01

The article analyzes methods of assessing intangible assets in Ukraine as well as in accordance with International Financial Reporting Standards. Contemporary approaches to assessing intangible assets have been researched.

A simple analytical model for dynamics of time-varying target leverage ratios

Science.gov (United States)

Lo, C. F.; Hui, C. H.

2012-03-01

In this paper we have formulated a simple theoretical model for the dynamics of the time-varying target leverage ratio of a firm under some assumptions based upon empirical observations. In our theoretical model the time evolution of the target leverage ratio of a firm can be derived self-consistently from a set of coupled Ito's stochastic differential equations governing the leverage ratios of an ensemble of firms by the nonlinear Fokker-Planck equation approach. The theoretically derived time paths of the target leverage ratio bear great resemblance to those used in the time-dependent stationary-leverage (TDSL) model [Hui et al., Int. Rev. Financ. Analy. 15, 220 (2006)]. Thus, our simple model is able to provide a theoretical foundation for the selected time paths of the target leverage ratio in the TDSL model. We also examine how the pace of the adjustment of a firm's target ratio, the volatility of the leverage ratio and the current leverage ratio affect the dynamics of the time-varying target leverage ratio. Hence, with the proposed dynamics of the time-dependent target leverage ratio, the TDSL model can be readily applied to generate the default probabilities of individual firms and to assess the default risk of the firms.

Improving Cross-Sector Comparisons: Going Beyond the Health-Related QALY.

Science.gov (United States)

Brazier, John; Tsuchiya, Aki

2015-12-01

The quality-adjusted life-year (QALY) has become a widely used measure of health outcomes for use in informing decision making in health technology assessment. However, there is growing recognition of outcomes beyond health within the health sector and in related sectors such as social care and public health. This paper presents the advantages and disadvantages of ten possible approaches covering extending the health-related QALY and using well-being and monetary-based methods, in order to address the problem of using multiple outcome measures to inform resource allocation within and between sectors.

On the management and operation of enterprises intangible asset

Science.gov (United States)

Zhu, Yu; Wang, Hong

2011-10-01

Since entering the knowledge economy, the management of intangible assets becomes an important part of manage, this article discusses the problem of management on intangible assets, the properties of intangible assets, and the channels of management and operation on intangible assets, and stressed the important role of intangible assets in the development and innovation of the enterprise.

Firm Leverage and the Financial Crisis

OpenAIRE

Fatih Altunok; Arif Oduncu

2014-01-01

The firm growth dynamics is an important topic since the growth performance of firms is the main source of the economic growth in countries. Generally, crises produce a sharp decline in firms’ growth and this leads to a decline in both the level of employment and the income of households. This paper focuses on the role of firm leverage on the growth performance of the firm during the global financial crisis. We investigate whether the firms that experienced a large leverage increase before th...

Size, Leverage, Concentration, and R&D Investment in Generating Growth Opportunities

OpenAIRE

Yew Kee Ho; Mira Tjahjapranata; Chee Meng Yap

2006-01-01

We show that a firm's ability to reap growth opportunities from R&D investments depends on its size, leverage, and the industry concentration. While the direct effects of these factors are significant, the size-leverage interaction reveals further important insights. Large firms' advantages over small firms disappear as their leverage increases. Specifically, small firms with high leverage reap the greatest growth opportunities. Our results provide explanations for inconsistent findings obser...

Developing Asset Life Cycle Management capabilities through the implementation of Asset Life Cycle Plans – an Action Research project

NARCIS (Netherlands)

Ruitenburg, Richard; Braaksma, Anne Johannes Jan

2017-01-01

Asset Life Cycle Management is a strategic approach to managing physical assets over their complete life cycle. However, the literature and the recent ISO 55,000 standard do not offer guidance as to how to develop such an approach. This paper investigates the main capabilities for Asset Life Cycle

17 CFR 31.8 - Cover of leverage contracts.

Science.gov (United States)

2010-04-01

... receipt for two business days: Provided, however, That the amount of physical commodities subject to such... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Cover of leverage contracts. 31.8 Section 31.8 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION LEVERAGE...

State Clean Energy Policies Analysis (SCEPA): State Policy and the Pursuit of Renewable Energy Manufacturing

Energy Technology Data Exchange (ETDEWEB)

Lantz, E.; Oteri, F.; Tegen, S.; Doris, E.

2010-02-01

Future manufacturing of renewable energy equipment in the United States provides economic development opportunities for state and local communities. However, demand for the equipment is finite, and opportunities are limited. U.S. demand is estimated to drive total annual investments in renewable energy equipment to $14-$20 billion by 2030. Evidence from leading states in renewable energy manufacturing suggests that economic development strategies that target renewable energy sector needs by adapting existing policies attract renewable energy manufacturing more than strategies that create new policies. Literature suggests that the states that are most able to attract direct investment and promote sustained economic development can leverage diverse sets of durable assets--like human capital and modern infrastructure--as well as low barriers to market entry. State marketing strategies for acquiring renewable energy manufacturers are likely best served by an approach that: (1) is multi-faceted and long-term, (2) fits within existing broad-based economic development strategies, (3) includes specific components such as support for renewable energy markets and low barriers to renewable energy deployment, and (4) involves increased differentiation by leveraging existing assets when applicable.

The effect of leverage increases on real earnings management

OpenAIRE

Zagers-Mamedova, Irina

2009-01-01

textabstractMain subject of this paper is to understand whether there could be an incentive for managers to manipulate cash flow from operating activities (CFO) through the use of real earnings management (REM), in situations with increasing leverage. Based upon a study of Jelinek (2007) who researched the correlation between increasing levels of leverage and accrual earnings management, I developed my main hypothesis with respect to the effect of leverage increases on REM to influence CFO. R...

Assets and Educational Achievement: Theory and Evidence

Science.gov (United States)

Elliott, William; Sherraden, Michael

2013-01-01

This special issue of Economics of Education Review explores the role of savings and asset holding in post-secondary educational achievement. Most college success research has focused on income rather than assets as a predictor, and most college financing policy has focused on tuition support and educational debt, rather than asset accumulation.…

Community Asset Mapping. Trends and Issues Alert.

Science.gov (United States)

Kerka, Sandra

Asset mapping involves documenting tangible and intangible resources of a community viewed as a place with assets to be preserved and enhanced, not deficits to be remedied. Kretzmann and McKnight (1993) are credited with developing the concept of asset-based community development (ABCD) that draws on appreciative inquiry; recognition of social…

Operational management of offshore energy assets

Science.gov (United States)

Kolios, A. J.; Martinez Luengo, M.

2016-02-01

Energy assets and especially those deployed offshore are subject to a variety of harsh operational and environmental conditions which lead to deterioration of their performance and structural capacity over time. The aim of reduction of CAPEX in new installations shifts focus to operational management to monitor and assess performance of critical assets ensuring their fitness for service throughout their service life and also to provide appropriate and effective information towards requalification or other end of life scenarios, optimizing the OPEX. Over the last decades, the offshore oil & gas industry has developed and applied various approaches in operational management of assets through Structural Health and Condition Monitoring (SHM/CM) systems which can be, at a certain level, transferable to offshore renewable installations. This paper aims to highlight the key differences between offshore oil & gas and renewable energy assets from a structural integrity and reliability perspective, provide a comprehensive overview of different approaches that are available and applicable, and distinguish the benefits of such systems in the efficient operation of offshore energy assets.

Cross section of equity returns and assets’ fundamental cash-flow risk

NARCIS (Netherlands)

Galsband, V.

2010-01-01

The decomposition of consumption beta into a component driven by assets' cash-flow news and one related to assets' discount-rate news reveals that macroeconomic risks embodied in cash flows largely account for the cross-sectional dynamics of average stock returns. Empirically, we find that

Asset management: the big picture.

Science.gov (United States)

Deinstadt, Deborah C

2005-10-01

To develop an comprehensive asset management plan, you need, first of all, to understand the asset management continuum. A key preliminary step is to thoroughly assess the existing equipment base. A critical objective is to ensure that there are open lines of communication among the teams charged with managing the plan's various phases.

13 CFR 107.1130 - Leverage fees and additional charges payable by Licensee.

Science.gov (United States)

2010-01-01

... you issue a Debenture or Participating Security to repay or redeem existing Leverage, you must pay the leverage fee before SBA will guarantee or purchase the new Leverage security. (2) If you issue a Debenture... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Leverage fees and additional...

Leveraging cross-species transcription factor binding site patterns

DEFF Research Database (Denmark)

Claussnitzer, Melina; Dankel, Simon N; Klocke, Bernward

2014-01-01

Genome-wide association studies have revealed numerous risk loci associated with diverse diseases. However, identification of disease-causing variants within association loci remains a major challenge. Divergence in gene expression due to cis-regulatory variants in noncoding regions is central to...... that triggers PRRX1 binding. Thus, cross-species conservation analysis at the level of co-occurring TFBS provides a valuable contribution to the translation of genetic association signals to disease-related molecular mechanisms....

Used nuclear materials at Savannah River Site: asset or waste?

International Nuclear Information System (INIS)

Magoulas, Virginia

2013-01-01

The nuclear industry, both in the commercial and the government sectors, has generated large quantities of material that span the spectrum of usefulness, from highly valuable ''assets'' to worthless ''wastes''. In many cases, the decision parameters are clear. Transuranic waste and high level waste, for example, have no value, and is either in a final disposition path today, or - in the case of high level waste - awaiting a policy decision about final disposition. Other materials, though discardable, have intrinsic scientific or market value that may be hidden by the complexity, hazard, or cost of recovery. An informed decision process should acknowledge the asset value, or lack of value, of the complete inventory of materials, and the structure necessary to implement the range of possible options. It is important that informed decisions are made about the asset value for the variety of nuclear materials available. For example, there is a significant quantity of spent fuel available for recycle (an estimated $4 billion value in the Savannah River Site's (SRS) L area alone); in fact, SRS has already blended down more than 300 metric tons of uranium for commercial reactor use. Over 34 metric tons of surplus plutonium is also on a path to be used as commercial fuel. There are other radiological materials that are routinely handled at the site in large quantities that should be viewed as strategically important and / or commercially viable. In some cases, these materials are irreplaceable domestically, and failure to consider their recovery could jeopardize our technological leadership or national defense. The inventories of nuclear materials at SRS that have been characterized as ''waste'' include isotopes of plutonium, uranium, americium, and helium. Although planning has been performed to establish the technical and regulatory bases for their discard and disposal, recovery of these materials is both economically attractive and in the national interest.

On the importance of forest assets for micro-firm performance

Directory of Open Access Journals (Sweden)

Katarina Haugen

2013-08-01

Full Text Available Business start-ups are on the increase, a development which is accompanied by hopes that these new firms will generate a potential for, e.g., local and regional development and a strengthening of local labour markets as well as the national economy. However, the long-term performance and viability of new firms are often rather poor. This research aims to analyse the importance of access to assets in the form of forest holdings for the performance of Swedish micro-firms. The analyses are based on official register data and fixed-effects panel regression modelling. A hypothesis is that a firm whose owner also possesses forest holdings is more viable thanks to the different resources (in the form of capital from logging or mortgaging, or non-pecuniary other values the forest holdings may provide, and which possibly contribute to the firm’s economic stability and resilience to economic fluctuations. From a general point of view, we find support for the hypothesis that forest assets positively and significantly influence firm performance in terms of earnings before interest and taxes (EBIT, but not in terms of value added. Access to forest assets is never detrimental to firm performance, although it does not have a significant positive effect in all sub-categories of entrepreneurs based on different combinations of age, gender and firm type. Particularly, the economic performance of private firms run by older men benefits from resources stemming from their forest holdings. No significant effects were found for female entrepreneurs or for limited companies. As regards regional variations, firms located outside the metropolitan regions – as compared to those at the top of the urban hierarchy – are likely to perform better, thus indicating that local development may benefit from resource transfers from the forest sector to micro-firms engaged in non-primary activities.

Comparative Advantage, Exchange Rates, and G-7 Sectoral Trade Balances

OpenAIRE

Stephen S. Golub

1994-01-01

This paper uses a Ricardian framework to clarify the role of microeconomic and macroeconomic factors governing the time series and cross-section behavior of sectoral trade balances. Unit labor costs and trade balances are calculated for several sectors for the seven major industrial countries. The time series and cross-section variation in sectoral unit labor costs is decomposed into relative productivity, wage differentials, and exchange rate variations. The main findings are that changes ov...

DETERMINANTS OF CAPITAL STRUCTURE OF CROATIAN ENTERPRISES BEFORE AND DURING THE FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

Ena Mostarac

2013-06-01

Full Text Available This paper analysis capital structure determinants of Croatian enterprises based on a cross-sectional data for pre-recession 2007 and recession 2010 comprising about 10,000 firms. Determinants are selected with reference to the relevant capital structure theories and include asset tangibility, profitability, firm size and business risk. The results indicate highly positive significant impact of tangibility and negative significant impact of profitability on financial leverage in both observed years. Firm size seems to be statistically significant at higher level in crisis period, but at the same time no relationship can be found between business risk and financial leverage that is of economic significance.

APPROACHES CONCERNING ACCOUNTING OF INTANGIBLE ASSETS

Directory of Open Access Journals (Sweden)

Gheorghe MOROSAN

2016-02-01

Full Text Available Given the importance of intangible assets in the company the paper aims to establish criteria for recognizing and measuring these assets through which the company can not only reflect the true value and its carrying amount. The main objective is to formulate a logical definition of intangible assets in accounting terms that allows their recognition in financial reporting to help build an accurate image of the company. It will demonstrate how important intangible assets for a successful company are and how they can help develop the economy and especially the Romanian economy. The secondary objectives are: - Setting limits in the valuation of intellectual capital from the point of view of internal control and external - Create a new post in the balance sheet to include this related value

Investment in Transportation Assets : Briefing Paper

Science.gov (United States)

2017-11-21

Highways, streets, railroad lines, transit systems, ports, and other transportation fixed assets enable the movement of people and goods. Investment in transportation fixed assets helps build and maintain these critical resources. The pattern of tran...

Implementing SFAS No 121: Accounting for Impaired Assets.

Science.gov (United States)

Luecke, R W; Meeting, D T; Stotzer, W G

1996-10-01

In March 1995, FASB issued Statement of Financial Accounting Standards (SFAS) No. 121: "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." It establishes accounting standards for assets whose carrying costs have been overstated due to a variety of circumstances that have reduced the value of the assets. Healthcare financial managers should fully understand the statement's implications for their organizations.

THEORETICAL ASPECTS REGARDING THE VALUATION OF INTANGIBLE ASSETS

OpenAIRE

HOLT GHEORGHE

2015-01-01

Valuation of intangible assets represents one of the most delicate problems of assessing a company. Usually, valuation of intangible assets is in the process of evaluating enterprise as a whole. Therefore, Intangible Asset Valuers must have detailed knowledge on business valuation, in particular, the income-based valuation methods (capitalization / updating net cash flow). Valuation of Intangible Assets is the objective of the International Valuation Standards (GN) 4 Valuation of Intangible A...

A Comparative Study of Difficulties in Accounting Preparation and Judgement in Agriculture Using Fair Value and Historical Cost for Biological Assets Valuation

Directory of Open Access Journals (Sweden)

Josep Mª. Argilés Bosch

2012-06-01

Full Text Available This paper presents empirical research comparing the accounting difficulties that arise from the use of two valuation methods for biological assets, fair value (FV and historical cost (HC accounting, in the agricultural sector. It also compares how reliable each valuation method is in the decision-making process of agents within the sector. By conducting an experiment with students, farmers, and accountants operating in the agricultural sector, we find that they have more difficulties, make larger miscalculations and make poorer judgements with HC accounting than with FV accounting. In-depth interviews uncover flawed accounting practices in the agricultural sector in Spain in order to meet HC accounting requirements. Given the complexities of cost calculation for biological assets and the predominance of small family business units in advanced Western countries, the study concludes that accounting can be more easily applied in the agricultural sector under FV than HC accounting, and that HC conveys a less accurate grasp of the real situation of a farm.RESUMENEste estudio realiza un investigación empírica comparando las dificultades que se derivan de la utilización del valor razonable (VR y del coste histórico (CH en el sector agrícola. Se analiza también la fiabilidad de ambos métodos de valoración para la interpretación de la información y la toma de decisiones por parte de los agentes que actúan en el sector. Mediante un experimento realizado con estudiantes, agricultores y contables que operan en el sector agrícola, se halla que estos tienen más dificultades, cometen mayores errores e interpretan peor la información contable realizada a CH que la realizada a VR. Entrevistas en profundidad con agricultores y contables agrícolas desvelan prácticas contables defectuosas derivadas de la necesidad de aplicar el CH en el sector en España. Dadas las complejidades del cálculo del coste de los activos biológicos y el predominio de

Awaking the Public Sector with Strategic Corporate Philanthropy: Revitalizing the Public Servant's Organizational Knowledge, Innovative Capability, and Commitment

Science.gov (United States)

Jackson, Janese Marie

2011-01-01

Given the perils of today's dynamic and resource-constrained environment, intellectual capital has become a source of competitive advantage for public sector organizations. Composed of three elements--organizational knowledge, innovative capability, and organizational commitment--intellectual capital is an asset that cannot simply be bought or…

Tactical Asset Allocation mit Genetischen Algorithmen

OpenAIRE

Manuel Ammann; Christian Zenkner

2003-01-01

In this study of tactical asset allocation, we use a genetic algorithm to implement a market timing strategy. The algorithm makes a daily decision whether to invest in the market index or in a riskless asset. The market index is represented by the S&P500 Composite Index, the riskless asset by a 3-month T-Bill. The decision of the genetic algorithm is based on fundamental macroeconomic variables. The association of fundamental variables with a set of operators creates a space of possible strat...

Electrical actuators in asset management systems; Elektrische Stellantriebe in Asset-Management-Systemen

Energy Technology Data Exchange (ETDEWEB)

Herbstritt, Michael [AUMA Riester GmbH und Co. KG, Muellheim (Germany)

2010-06-15

The terms ''asset management'' and ''life-cycle management'' are nowadays popularly used to designate modern plant management. In the case of complex systems such as process-engineering plants, time and effort are necessary before an idea can be translated into data clear to all the persons involved, however. A key role is played in this context by NAMUR. This article discusses the potential benefits of asset management for electrical actuators and similar field devices and the part played by the NAMUR recommendations. (orig.)

A Study On Measuring The Service Quality Gap of Banking Sector

OpenAIRE

Dr. S. Saravanan; M. Madhunica Priyadharshini

2018-01-01

Service quality in banking sector is the most important criteria and asset for evaluating the satisfying customers. This study was carried with the objective of understanding the gap exist between the customer expectation and perception. This paper attempts to make comparative analysis of customer satisfaction between the public and private bank in Thanjavur district. To compare the service quality between customer perception and expectation, SERVQUAL modal is used to analysis the gap by usin...

Financial Efficacy of Selected Public and Private Sector Banks in India

Directory of Open Access Journals (Sweden)

sakthivadivel Mylsamy

2013-04-01

Full Text Available The  banks in India have over 67,000 branches located across the country. All these are classified  into two major categories, non-scheduled banks and scheduled banks. Scheduled banks includes   commercial banks and the co-operative banks. The public sector banks are  accountable  for more than 78 percent of total banking industry in India. Even though private sector banks came later into the market, due to their customer servicing and easy banking features they are also competing equally with already existing public sector banks. so it is very essential to analyze how their financial performance is influenced by number of factors which will further suggest them where they need to concentrate more. in this article we have analyzed the correlation between return on total assets and other financial variables of selected private and public banks in India.

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....

Asset management in theory and practice.

Science.gov (United States)

Mace, J D

1998-01-01

Managing capital-intensive imaging environments continues to be a challenge for nearly all administrators. Asset management, the strategic management of equipment inventory, must include planning, assessment, procurement, utilization review, maintenance, repair and disposal of equipment to reduce costs and improve efficiency. It must involve some shared risk between the facility and the provider, whether an original equipment manufacturer (OEM) or independent service organization (ISO). An absence of risk in the arrangement implies the provider is offering service management or consulting. A case study reports on three hospitals in the OhioHealth system. Their immediate goal, as they began to investigate asset management: cut costs immediately. A cross-functional team from the three hospitals began its investigation of various options, including working with ISOs, OEMs and development of inhouse clinical engineering. After developing a process to evaluate vendors, the team was able to score each against their cost-reduction potential, quality and implementation skills. The team narrowed its selection quickly to two multivendor service providers. An initial contract guaranteed savings of 20 percent of the annual budget, with a projected two to five percent additional savings. OEM relationships were moved to a time-and-materials basis, and ISOs were used in selected areas. In addition, the internal inhouse clinical engineering services group was moved into a "first call" approach in some areas. That expanded role resulted in savings and improved response time. The process, although not without its problems, was viewed favorably overall.

CONSIDERATION REGARDING CURRENT ASSETS IN THE CONSTRUCTION ENTITIES

Directory of Open Access Journals (Sweden)

Laura Adriana COJOCARU (ALIONESCU

2014-06-01

Full Text Available Accounting for current assets mainly aims to obtain useful information on the management of their best in order to make management decisions. Counting efficiency of these assets, their importance, provides improved performance of the entity. In this paper we want to study the degree of implementation of policies and accounting treatments on the current assets in the specific construction economic entities, the problems of implementation and thus better addressing their theoretical and procedural to improve the information provided by financial statements. Due to the importance of proper conduct of business owned entities, accounting current assets should result in optimal and efficient control of current assets.

Looking for Synergy with Momentum in Main Asset Classes

OpenAIRE

Lukas Macijauskas; Dimitrios I. Maditinos

2014-01-01

As during turbulent market conditions correlations between main asset-classes falter, classical asset management concepts seem unreliable. This problem stimulates search for non-discretionary asset allocation methods. The aim of the paper is to test weather the concept of Momentum phenomena could be used as a stand alone investment strategy using all main asset classes. The study is based on exploring historical prices of various asset classes; statistical data analysis method is used. Result...

Solar Asset Management Software

Energy Technology Data Exchange (ETDEWEB)

Iverson, Aaron [Ra Power Management, Inc., Oakland, CA (United States); Zviagin, George [Ra Power Management, Inc., Oakland, CA (United States)

2016-09-30

Ra Power Management (RPM) has developed a cloud based software platform that manages the financial and operational functions of third party financed solar projects throughout their lifecycle. RPM’s software streamlines and automates the sales, financing, and management of a portfolio of solar assets. The software helps solar developers automate the most difficult aspects of asset management, leading to increased transparency, efficiency, and reduction in human error. More importantly, our platform will help developers save money by improving their operating margins.

24 CFR 990.290 - Compliance with asset management requirements.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Compliance with asset management... URBAN DEVELOPMENT THE PUBLIC HOUSING OPERATING FUND PROGRAM Asset Management § 990.290 Compliance with asset management requirements. (a) A PHA is considered in compliance with asset management requirements...

Leverage and growth: effect of stock options

OpenAIRE

Francis, Bill; Hasan , Iftekhar; Sharma, Zenu

2011-01-01

This paper investigates the potential effects of stock options on managers’ investment decisions and therefore on a firm’s growth or, alternatively, on its leverage-growth relationship. To structure the analysis addressing this issue, the paper utilizes a framework establishing a negative relationship between leverage and the firm’s growth. However, in contrast to some of the existing results, the empirical analysis of manufacturing firms in this paper shows that the negative relationship bet...

The complexity classification of intangible assets

Directory of Open Access Journals (Sweden)

Paula-Angela Vidrascu

2013-03-01

Full Text Available This paper tries to solve the complex problems of arising in the definition and delimitation of the intangible assets. Over time the technology develops and resizes continuously and along with it redefine in a very short time the theoretical and practical concepts of the economy. From the economic point of view an asset can be defined as a resource controlled by the enterprise as a result of past transactions or investments, and which is expected to generate future economic benefits. Intangible assets are the most important economic resources of an entity because in terms of their analysis of the technical, material and financial ñ of her evolution over time and the ability of continuous development. The main purpose of this article is to analyse the research carried out for the purposes of the definition and delimitation of intangible assets.

Looking for capacities rather than vulnerabilities: The moderating effect of health assets on the associations between adverse social position and health.

Science.gov (United States)

Roy, Mathieu; Levasseur, Mélanie; Doré, Isabelle; St-Hilaire, France; Michallet, Bernard; Couturier, Yves; Maltais, Danielle; Lindström, Bengt; Généreux, Mélissa

2018-05-01

To increase capacities and control over health, it is necessary to foster assets (i.e. factors enhancing abilities of individuals or communities). Acting as a buffer, assets build foundations for overcoming adverse conditions and improving health. However, little is known about the distribution of assets and their associations with social position and health. In this study, we documented the distribution of health assets and examined whether these assets moderate associations between adverse social position and self-reported health. A representative population-based cross-sectional survey of adults in the Eastern Townships, Quebec, Canada (n = 8737) was conducted in 2014. Measures included assets (i.e. resilience, sense of community belonging, positive mental health, social participation), self-reported health (i.e. perceived health, psychological distress), and indicators of social position. Distribution of assets was studied in relation to gender and social position. Logistic regressions examined whether each asset moderated associations between adverse social position and self-reported health. Different distributions of assets were observed with different social positions. Women were more likely to participate in social activities while men were more resilient. Resilience and social participation were moderators of associations between adverse social position (i.e. living alone, lower household income) and self-reported health. Having assets contributes to better health by increasing capacities. Interventions that foster assets and complement current public health services are needed, especially for people in unfavorable situations. Health and social services decision-makers and practitioners could use these findings to increase capacities and resources rather than focusing primarily on preventing diseases and reducing risk factors. Copyright © 2018 Elsevier Inc. All rights reserved.