WorldWideScience

Sample records for net yearly cash

  1. Cash flow is cash and is a fact. Net income is just an opinion

    OpenAIRE

    Fernandez, Pablo

    2006-01-01

    A company's profit after tax (or net income) is quite an arbitrary figure, obtained after assuming certain accounting hypotheses regarding expenses and revenues. On the other hand, its cash flow is an objective measure, a single figure that is not subject to any personal criterion. In general, to study a company's situation, it is more useful to operate with the cash flow (equity cash flow, free cash flow or capital cash flow) as it is a single figure, while the net income is one of several t...

  2. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  3. Net Income, Book Value and Cash Flows: The Value Relevance in Jordanian Economic Sectors

    Directory of Open Access Journals (Sweden)

    DHIAA SHAMKI

    2013-07-01

    Full Text Available This paper examines the value relevance of financial statements variables namely net income, book value and cash flows simultaneously relative to Jordanian services and industrial firms for the period from 2000 to 2009. The main findings of this paper are three- dimensional. First, net income is value relevant, while book value and cash flows are irrelevant. Second, net income is more value relevant than book value and cash flows in both sectors. Third, this value relevance is greater in services sector than in industrial sector. The study shows that net income assist more in explaining market values in Jordanian services and industrial firms. Since research on the value relevance of these variables has neglected Jordan (and the Middle Eastern region, the study tries to fill this practical gap. The study is the first in Jordan that examines the value relevance of net income, book value and cash flows simultaneously and compares this value relevance according to Amman Stock Exchange sectors in one study in Jordan.

  4. APROACHING THE ECONOMIC DIMENSION OF SUSTAINABLE DEVELOPMENT FROM A FINANCIAL PERSPECTIVE: A CASE STUDY REGARDING CASH - FLOW ANALYSIS AND THE RELATIONSIPS BETWEEN CASH - FLOW AND NET INCOME

    Directory of Open Access Journals (Sweden)

    Diana Elena Vasiu

    2014-10-01

    Full Text Available Europe 2020, a strategy for smart, sustainable and inclusive growth stresses the necessity of smart, sustainable and inclusive growth. The objectives of a sustainable economic development include sustaining economic growth, maximizing private profits and expanding markets. Considering this, economic development must based on facts, not on papers. Therefore, considering the economic dimension of sustainable development, it is important to establish if Romanian companies listed and traded on Bucharest Stock Exchange are able to obtain profit while cash is withdrawn. Even if reported in the income statement, net profit is not simultaneously charged due to accrual accounting that makes the balance sheet provide a static picture of the financial position, while the cash flow statement provides a dynamic picture of it. Therefore, the financial performance analysis based on classical indicators of performance must be accompanied by the analysis of treasury, namely of the cash flow, which provides a comprehensive assessment possibility of the financial performance, flexibility and adaptability of the economic entity, in the context of a highly competitive and often unstable environment. A positive net flows is a confirmation of the economic success of the company representing the concrete expression of the net profit and other pecuniary accumulations, interpreted as the real self-financing investment capacity, which would lead to the real asset growth and thus to the increase of the owners' wealth.

  5. The impact of net value added on predicting the earnings and operating cash flow: An empirical study based on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Omid Imani Khoshkhoo

    2013-12-01

    Full Text Available Information content of earnings and its components and other issues except the earnings such as the operating cash flow (OCF have been tested widely in the accounting and finance literature. Since they have had an essential role in most cases including financial reporting, contracts and evaluation models, specifying the items and financial variables that have had a significant relationship with these two variables are expected to be of utmost importance. One example of these variables and indicators is the value added. Although this variable has an economic concept, reporting of value added to the beneficiaries of business entity as the value-added statement has been observed in the field of accounting theories for many years. The main objective of this study was to investigate the effect of net value added (NVA as the basic result of value-added statement in predicting the accounting earnings and operating cash flow. For this purpose, the relationship of changes in net value added with the changes in accounting earnings and operating cash flow of listed companies in Tehran Stock Exchange from 2007 to 2011 was tested. Firstly the Single variable cross-sectional regression was analyzed and then the panel data analysis with the PLS technique was used to do a pooled analysis. The results of testing research hypothesis imply the significant relationship between changes in net value added and accounting earnings in the listed companies as cross-sectional and pooled forms. The results showed no significant relationship between changes in net value added and operating cash flow in the listed companies neither in cross-sectional nor pooled form.

  6. Energy self-reliance, net-energy production and GHG emissions in Danish organic cash crop farms

    DEFF Research Database (Denmark)

    Halberg, Niels; Dalgaard, Randi; Olesen, Jørgen E

    2008-01-01

    -energy production were modeled. Growing rapeseed on 10% of the land could produce bio-diesel to replace 50-60% of the tractor diesel used on the farm. Increasing grass-clover area to 20% of the land and using half of this yield for biogas production could change the cash crop farm to a net energy producer......, and reduce GHG emissions while reducing the overall output of products only marginally. Increasing grass-clover area would improve the nutrient management on the farm and eliminate dependence on conventional pig slurry if the biogas residues were returned to cash crop fields...

  7. A Conceptual Framework for the Indirect Method of Reporting Net Cash Flow from Operating Activities

    Science.gov (United States)

    Wang, Ting J.

    2010-01-01

    This paper describes the fundamental concept of the reconciliation behind the indirect method of the statement of cash flows. A conceptual framework is presented to demonstrate how accrual and cash-basis accounting methods relate to each other and to illustrate the concept of reconciling these two accounting methods. The conceptual framework…

  8. MANA YANG LEBIH MEMILIKI VALUE-RELEVANT: NET INCOME ATAU CASH FLOWS (Studi Terhadap Siklus Hidup Organisasi

    Directory of Open Access Journals (Sweden)

    Juniarti Juniarti

    2005-01-01

    Full Text Available This research is aimed to examine the relative value-relevant of net income and cash flow measures in different life cycle stages. Corporate life cycle consists of four stages: start up, growth, mature, and decline stage. Firms in different life cycle stages have different characteristics, and therefore in each life cycle stages the usefulness of accounting measures also different. Net incomes are predicted to be more value relevant in mature stages, while cash flows are expected to be more value relevant in stages characterized by start up, growth, and decline stages. The results prove that in the growth stage, the analysis supports the hypothesis that cash flows are more value relevant than net income. However, in the mature stage, the analysis results reject the hypothesis. This research do not analyze for the start up stage and decline stage, because of the limitation of the sample data. Abstract in Bahasa Indonesia: Penelitian ini bertujuan untuk menguji manakah yang lebih memiliki value-relevant pengukuran laba atau arus kas pada masing-masing siklus hidup perusahaan. Siklus hidup perusahaan umumnya terbagi dalam tahap start-up, growth, mature dan decline. Karakteristik perusahaan berbeda untuk setiap tahap siklus hidup tersebut, karena itu kegunaan pengukuran akuntansi juga akan berbeda. Laba diperkirakan lebih memiliki value-relevant pada tahap mature, sementara arus kas diekspektasikan lebih memiliki value-relevant ketika perusahaan berada pada tahap start-up, growth dan decline. Penelitian ini membuktikan bahwa pada tahap growth, hasil pengujian yang dilakukan mendukung hipotesis bahwa cash flow lebih memiliki value relevant dibanding laba. Tetapi, untuk tahap mature, hipotesis yang diajukan tidak berhasil dibuktikan. Penelitian ini tidak dapat melakukan pengujian untuk tahap start-up dan decline, dikarenakan data sampel untuk kedua tahap tersebut tidak mencukupi untuk dilakukan pengujian. Kata kunci: siklus hidup organisasi, value

  9. The K-NET - A year after

    International Nuclear Information System (INIS)

    Kinoshita, S.; Ohtani, K.; Katayama, T.

    2001-01-01

    We started to release the K-NET strong-motion data from June 1996 and about one year passed. In this article, we report the development of K-NET and some applications using the K-NET information released on the Internet. (author)

  10. Cash pooling

    OpenAIRE

    Lozovaya, Karina

    2009-01-01

    This work makes a mention of cash management. At next chapter describes two most known theoretical models of cash management -- Baumol Model and Miller-Orr Model. Principal part of work is about cash pooling, types of cash pooling, cash pooling at Czech Republic and influence of cash pooling over accounting and taxes.

  11. Risk assessment future cash flows

    OpenAIRE

    Chachina H. G.

    2012-01-01

    This article is about risk assessment in planning future cash flows. Discount rate in DCF-model must include four factors: risk cash flow, inflation, value of investments, turnover assets. This has an influence net present value cash flow and make his incomparable.

  12. 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....

  13. Comparison of the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program on household food security and dietary diversity in the face of rising food prices: ways forward for a more nutrition-sensitive program.

    Science.gov (United States)

    Baye, Kaleab; Retta, Negussie; Abuye, Cherinet

    2014-09-01

    In light of the continuing rise in food prices during and after the 2008 world food crisis, whether food and cash transfers are equally effective in improving food security and diet quality is debatable. To compare the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program (PSNP) on household food security and dietary diversity. Data on household dietary diversity, child anthropometry, food security, and preference of transfer modalities (food, cash, or mixed) were generated from a cross-sectional survey of 195 PSNP beneficiary households (67 receiving food and 128 receiving cash) in Hawella Tulla District, Sidama, southern Ethiopia. Most beneficiaries (96%) reported food shortages, and 47% reported food shortages that exceeded 3 months. Households receiving cash had better household dietary diversity scores (p = .02) and higher consumption of oils and fats (p = .003) and vitamin A-rich foods (p = .002). Compared with households receiving food, households receiving cash were more affected by increases in food prices that forced them to reduce their number of daily meals (p diversity than households receiving food, a result suggesting that cash transfers may be more effective. However, the continuing rise infood prices may offset these benefits unless cash transfers are index-linked to food price fluctuations.

  14. Cash Management.

    Science.gov (United States)

    Fischer, Mary L.; Ostrom, John S.

    1982-01-01

    Elements of an effective management program for colleges and universities are examined. Five basic purposes of an effective program of cash management are identified: developing accurate cash projections, managing cash receipts, controlling cash disbursements, establishing sound banking relationships, and investing funds. It is suggested that all…

  15. StreamNet Project : Annual Report Fiscal Year 2008.

    Energy Technology Data Exchange (ETDEWEB)

    Schmidt, Bruce; Roger, Phil; Oftedahl, Lenora

    2008-12-12

    Fiscal Year 2008 (FY-08) represents a transitional year for the StreamNet project. While the project continued to acquire/update, standardize, georeference and disseminate fish-related data for the state, some tribal and one federal fisheries agencies, it also took on several new initiatives and is anticipating new regional guidance on data needs. Passage of the Columbia Basin Accords caused an administrative change within the project, separating the work done by the Columbia River Inter-Tribal Fish Commission (CRITFC) out to a separate contract with BPA. This will change the structure of the StreamNet contract but not change the relationship with the StreamNet Library or data developed by CRITFC, and will likely increase the availability of tribal data to StreamNet due to increased funding for tribal data efforts. This change will take effect in FY-09. We also expect that data work will be adjusted in the future in response to executive level policy direction in the Columbia Basin based on efforts to establish priorities under a regional data management framework. Data development emphasis was shifted this year to place highest priority on data that support indicators of fish abundance for the focal species covered in the Status of the Resource (SOTR) report, as requested by the Columbia Basin Fish and Wildlife Authority (CBFWA) Data Management Framework Subcommittee. We instituted an XML based web service allowing direct access to data from the project database for CBFWA to update the SOTR report. The project also increased efforts to work with tribal fisheries managers to provide data related assistance and to include tribal data in the StreamNet database. A primary theme this year was exploring means to speed the flow of data. We had ongoing success in our strategic emphasis on increasing automation of data conversion through development of comprehensive database systems within our partner agencies, as outlined in our Vision and Strategic Plan. By assisting

  16. Developing a planning model to estimate future cash flows.

    Science.gov (United States)

    Barenbaum, L; Monahan, T F

    1988-03-01

    Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal.

  17. Eleven years of net network research activity - inr contributions

    International Nuclear Information System (INIS)

    Deaconu, V.; Ionita, I.; Meleg, T.; Deaconu, M.; Truta, C.; Oncioiu, G.

    2013-01-01

    The European Network on Neutron Techniques Standardization for Structural Integrity (NeT) was established in 2002, grouping institutions from industry, research and academic media. Coordinated by the European Commission.s Joint Research Centre, the main mission of this network is to develop experimental and numerical techniques and standards for the reliable characterisation of residual stresses in structural welds. Each problem is tackled by creating a dedicated Task Group which manages measurement and modelling round robin studies and undertakes a thorough analysis and interpretation of the results. Over forty institutions are active NeT partners, their specific involvement and contributions being summarised in this paper. The Institute for Nuclear Research Pitesti (INR) is one of NeT founders and its contribution is related to numerical modelling, specimen analysis, material characterisation, data analysis or SANS support. This is also emphasised throughout this paper, together with the specific NeT research topics presentation. (authors)

  18. Rating Your Cash Manager?

    Science.gov (United States)

    Nielsen, George A.; Johannisson, Eric E.

    1989-01-01

    The primary objective of a public cash management policy should include safety, liquidity, yield, and legality. Contains a cash management policy/procedure checklist, a test for cash managers, and a formula for calculating the rate of return. (MLF)

  19. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Directory of Open Access Journals (Sweden)

    Odd A. Asbjørnsen

    1983-10-01

    Full Text Available The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  20. Cash Holdings and Mutual Fund Performance

    OpenAIRE

    Mikhail Simutin

    2014-01-01

    Cash holdings of equity mutual funds impose a drag on fund performance but also allow managers to make quick investments in attractive stocks and satisfy outflows without costly fire sales. This article shows that actively managed equity funds with high abnormal cash—that is, with cash holdings in excess of the level predicted by fund attributes—outperform their low abnormal cash peers by over 2% per year. Managers carrying high abnormal cash compensate for the low return on cash by making su...

  1. Do Conditional Cash Transfers for Schooling Generate Lasting Benefits? A Five-Year Followup of PROGRESA/Oportunidades

    Science.gov (United States)

    Behrman, Jere R.; Parker, Susan W.; Todd, Petra E.

    2011-01-01

    Conditional cash transfer (CCT) programs link public transfers to human capital investment in hopes of alleviating current poverty and reducing its intergenerational transmission. However, little is known about their long-term impacts. This paper evaluates longer-run impacts on schooling and work of the best-known CCT program, Mexico's…

  2. Cash Flow Statement Spreadsheet Modeling Case Using a Prototype System Development Process

    Science.gov (United States)

    Davis, Jefferson T.

    2015-01-01

    U.S. GAAP and IFRS standards both require a cash flow statement that presents operating, investing and financing net cash flows (FASB, FAS 95; 1987; IASB, IAS 7, 1992). Although students are exposed to the cash flow statement in beginning accounting courses and then study the cash flow statement in more depth in intermediate accounting classes,…

  3. Seven years of recent European net terrestrial carbon dioxide exchange constrained by atmospheric observations

    NARCIS (Netherlands)

    Peters, W.; Krol, M. C.; van der Werf, G. R.; Houweling, S.; Jones, C. D.; Hughes, J.; Schaefer, K.; Masarie, K. A.; Jacobson, A. R.; Miller, J. B.; Cho, C. H.; Ramonet, M.; Schmidt, M.; Ciattaglia, L.; Apadula, F.; Heltai, D.; Meinhardt, F.; di Sarra, A. G.; Piacentino, S.; Sferlazzo, D.; Aalto, T.; Hatakka, J.; StröM, J.; Haszpra, L.; Meijer, H. A J; van Der Laan, S.; Neubert, R. E M; Jordan, A.; Rodó, X.; Morguí, J. A.; Vermeulen, A. T.; Popa, Maria Elena; Rozanski, K.; Zimnoch, M.; Manning, A. C.; Leuenberger, M.; Uglietti, C.; Dolman, A. J.; Ciais, P.; Heimann, M.; Tans, P.

    2010-01-01

    We present an estimate of net ecosystem exchange (NEE) of CO2 in Europe for the years 2001-2007. It is derived with a data assimilation that uses a large set of atmospheric CO2 mole fraction observations (∼70 000) to guide relatively simple descriptions of terrestrial and oceanic net exchange, while

  4. Seven years of recent European net terrestrial carbon dioxide exchange constrained by atmospheric observations

    NARCIS (Netherlands)

    Peters, W.; Krol, M.C.; Werf, van der G.R.; Houweling, S.; Jones, C.D.; Hughes, J.; Schaefer, K.; Masarie, K.A.

    2010-01-01

    We present an estimate of net ecosystem exchange (NEE) of CO2 in Europe for the years 2001–2007. It is derived with a data assimilation that uses a large set of atmospheric CO2 mole fraction observations (~70 000) to guide relatively simple descriptions of terrestrial and oceanic net exchange, while

  5. Seven years of recent European net terrestrial carbon dioxide exchange constrained by atmospheric observations

    NARCIS (Netherlands)

    Peters, W.; Krol, M; van der Werf, G. R.; Houweling, S.; Jones, C. D.; Hughes, J.; Schaefer, K.; Masarie, K. A.; Jacobson, A. R.; Miller, J. B.; Cho, C. H.; Ramonet, M.; Schmidt, M.; Ciattaglia, L.; Apadula, F.; Helta, D.; Meinhardt, F.; di Sarra, A. G.; Piacentino, S.; Sferlazzo, D.; Aalto, T.; Hatakka, J.; Strom, J.; Haszpra, L.; Meijer, H. A. J.; van der Laan, S.; Neubert, R. E. M.; Jordan, A.; Rodo, X.; Morgui, J. -A.; Vermeulen, A. T.; Popa, E.; Rozanski, K.; Zimnoch, M.; Manning, A. C.; Leuenberger, M.; Uglietti, C.; Dolman, A. J.; Ciais, P.; Heimann, M.; Tans, P. P.; Heltai, D.; Ström, J.

    We present an estimate of net ecosystem exchange (NEE) of CO(2) in Europe for the years 2001-2007. It is derived with a data assimilation that uses a large set of atmospheric CO(2) mole fraction observations (similar to 70 000) to guide relatively simple descriptions of terrestrial and oceanic net

  6. The Determinants of Corporate Cash Holdings- An Empirical study from UK Firms

    OpenAIRE

    GUO, YI

    2013-01-01

    Cash holding is most important financial decision in the company management strategy. In this dissertation, the determinants of corporate cash holdings in UK non-financial publicly traded firms over the period from 2003 to 2012 are investigated. Our study finds that growth opportunities and cash flow and cash flow variability are positively associated with the level of corporate cash holdings, while firm size, leverage, net working capital, bank debt and dividend payment have negative impact ...

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

    OpenAIRE

    I. Magdych

    2015-01-01

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

  8. Cash Reconciliation Tool

    Data.gov (United States)

    US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create an...

  9. 23 CFR 140.612 - Cash management.

    Science.gov (United States)

    2010-04-01

    ... 23 Highways 1 2010-04-01 2010-04-01 false Cash management. 140.612 Section 140.612 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION PAYMENT PROCEDURES REIMBURSEMENT Reimbursement for Bond Issue Projects § 140.612 Cash management. By July 1 of each year the SHA will provide...

  10. 40 CFR 35.3160 - Cash draw rules.

    Science.gov (United States)

    2010-07-01

    ... refinancing or purchase of the local debt. Cash draws for incurred building costs will generally be treated as refinanced costs. (2) The State may immediately draw cash for up to five percent of each fiscal year's... actual construction cost. In the latter case, the amount of the cash draw would be the actual...

  11. International Harmonisation Of Accounting Standards: The Case For A Mandatory Requirement For The Direct Method Of Reporting Operating Cash Flows

    OpenAIRE

    Christine Yap

    2011-01-01

    Even though standard setters have now embraced cash flow statements there remains ambivalence as to the best format (i.e. direct or indirect method) for disclosing cash flow from operations. In 1987 the FASB asserted that information about the gross amounts of cash receipts and cash payments is more relevant than information about the net amounts of cash receipts and payments. Yet apart from Australia and New Zealand, most standard setting bodies, including the International Accounting Standa...

  12. 42 CFR 422.382 - Minimum net worth amount.

    Science.gov (United States)

    2010-10-01

    ... that CMS considers appropriate to reduce, control or eliminate start-up administrative costs. (b) After... section. (c) Calculation of the minimum net worth amount—(1) Cash requirement. (i) At the time of application, the organization must maintain at least $750,000 of the minimum net worth amount in cash or cash...

  13. Use of insecticide-treated mosquito nets for children under five years ...

    African Journals Online (AJOL)

    2011-06-13

    Jun 13, 2011 ... Background: Insecticide-treated nets (ITNs) have proven to be one of the most effective means of reducing malaria morbidity and mortality in children and pregnant women. This study is carried out to determine the practice and determinants of ITN use for children under five years among care givers in an ...

  14. A Cash Management Model.

    Science.gov (United States)

    Boyles, William W.

    1975-01-01

    In 1973, Ronald G. Lykins presented a model for cash management and analysed its benefits for Ohio University. This paper attempts to expand on the previous method by providing answers to questions raised by the Lykins methods by a series of simple algebraic formulas. Both methods are based on two premises: (1) all cash over which the business…

  15. Net-Zero Energy Home Grows Up: Lessons and Puzzles from 10 Years of Data; Preprint

    Energy Technology Data Exchange (ETDEWEB)

    Sparn, Bethany; Earle, Lieko; Christensen, Craig; Norton, Paul

    2016-05-17

    In 2005, Habitat for Humanity of Metro Denver, with support from NREL and other partners, built one of the first homes in the US to achieve net-zero energy based on monitored data. A family of three moved into the house when it was completed and lives there still. The home has been monitored continuously for the past ten years. Although PV production has remained steady, net energy performance has varied each year. The home was a net producer of energy annually in each of the first three years and in the ninth year, but not in years four through eight. Over the years, the PV system provided between 124% and 64% of the home source energy use. Electricity use in the home increased steadily during the first eight years, even though no significant new appliance was introduced into the house, such as a window air conditioner. Miscellaneous electric loads and space heating, both strongly dependent on occupant behavior, appear to be primarily responsible for the observed increase in energy use. An interesting aspect of this case study is how, even within a single family, natural changes in occupant lifestyles over time (e.g., kids growing up, schedules changing) can substantially impact the overall energy intensity of a home. Data from the last ten years will be explored for lessons learned that can improve the way we design low-load homes without sacrificing comfort or convenience for the occupants, and how we can make realistic predictions of long-term energy performance.

  16. Manajemen Laba Pada Perusahaan Dengan Permasalahan Free Cash Flow Dan Peran Moderasi Dari Monitoring Eksternal

    OpenAIRE

    Tresnaningsih, Elok

    2008-01-01

    This study examines whether low-growth companies with free cash flow (HFLG) will use income-increasing discretionary accruals to offset the low or negative earnings that inevitably accompany investment with negative net presents values (NPVs). Using 413 manufacturing company year observations over the period 2001-2005, the results show that there is a significantly association between HFLG and increasing discretionary accruals. This study also examines the role o f monitoring by auditors, cre...

  17. 10-year effect of Oportunidades, Mexico's conditional cash transfer programme, on child growth, cognition, language, and behaviour: a longitudinal follow-up study.

    Science.gov (United States)

    Fernald, Lia C H; Gertler, Paul J; Neufeld, Lynnette M

    2009-12-12

    Mexico's conditional cash transfer programme, Oportunidades, was started to improve the lives of poor families through interventions in health, nutrition, and education. We investigated the effect of Oportunidades on children almost 10 years after the programme began. From April, 1998, to October, 1999, low-income communities were randomly assigned to be enrolled in Oportunidades immediately (early treatment, n=320) or 18 months later (late treatment, n=186). In 2007, when 1093 children receiving early treatment and 700 late treatment in these communities were aged 8-10 years, they were assessed for outcomes including physical growth, cognitive and language development, and socioemotional development. The primary objective was to investigate outcomes associated with an additional 18 months in the programme. We used cluster-adjusted t tests and multivariate regressions to compare effects of programme participation for height-for-age, body-mass index (BMI), and cognitive language and behavioural assessment scores in early versus late treatment groups. Early enrolment reduced behavioural problems for all children in the early versus late treatment group (mean behaviour problem score -0.09 [SD 0.97] vs 0.13 [1.03]; p=0.0024), but we identified no difference between groups for mean height-for-age Z scores (-1.12 [0.96] vs -1.14 [0.97]; p=0.88), BMI-for-age Z scores (0.14 [0.99] vs 0.17 [1.06]; p=0.58), or assessment scores for language (98.8 [13.8] vs 98.4 [14.6] p=0.90) or cognition (98.8 [12.9] vs 100.2 [13.2]; p=0.26). An additional 18 months of the programme before age 3 years for children aged 8-10 years whose mothers had no education resulted in improved child growth of about 1.5 cm assessed as height-for-age [corrected] Z score (beta 0.23 [0.023-0.44] p=0.029), independently of cash received. An additional 18 months in the Oportunidades programme has independent beneficial effects other than money, especially for women with no formal education. The money itself

  18. Techniques for Improving Cash Management.

    Science.gov (United States)

    Lykins, Ronald G.

    1973-01-01

    This article deals with several techniques for regulating cash inflow and outflow and investing surplus cash for short periods of time. The techniques are: (1) consolidating checking accounts, (2) determining surplus cash by examining bank balances in conjunction with the cash book, (3) selecting a minimum bank balance, (4) investing a greater…

  19. 26 CFR 1.1502-22A - Consolidated net capital gain or loss generally applicable for consolidated return years...

    Science.gov (United States)

    2010-04-01

    ... consolidated net capital loss for any taxable year attributable to a foreign expropriation capital loss is the amount of the foreign expropriation capital losses of all the members for such year (but not in excess of... that any portion of a net capital loss attributable to a foreign expropriation capital loss to which...

  20. PENGARUH MODIFIED AUDIT OPINION TERHADAP BORROWING CASH FLOW DAN INVESTMENT CASH FLOW

    Directory of Open Access Journals (Sweden)

    Puspita Hardina Cahyaningrum

    2013-06-01

    Full Text Available This study examines and analyzes the economic consequences of modified audit opinion on borrowing cash flow and investment cash flow. Panel data model was used to observe the research. The sample of this study was 247 companies listed in Indonesia Stock Exchange for the years 2008-2010. The results show that modified audit opinion, except unqualified opinion with explanatory paragraph about going concern, did not affect borrowing cash flow because audit opinion was not the only consideration for granting credit by creditors. Companies receiving modified audit opinion were proven using more operating cash flow for investing shown in investment cash flow, especially companies receiving unqualified opinion with explanatory paragraph about going concern.

  1. Multi-year net ecosystem carbon balance at a horticulture-extracted restored peatland

    Science.gov (United States)

    Nugent, Kelly; Strachan, Ian; Strack, Maria

    2017-04-01

    Restoration of previously extracted peatlands is essential to minimize the impact of drainage and peat removal. Best practices restoration methods have been developed that include ditch blocking, site leveling and reintroducing bog vegetation using the moss layer transfer technique. A long term goal of restoration is the return to a peat accumulating ecosystem. Bois-des-Bel is a cool-temperate bog, located in eastern Quebec, Canada, that was vacuum harvested until 1980 and restored in 1999. While several studies have used discrete (chamber) methods to determine the net carbon exchange from rewetted or restored peatlands, ours appears to be the first to have multiple complete years of net ecosystem carbon exchange from a restored northern peatland. An eddy covariance flux tower instrumented with a sonic anemometer and open-path CO2/H2O and CH4 analyzers was operated continuously over three years to produce a robust estimate of net carbon sequestration. Our initial results indicate that this restored peatland was a consistent moderate annual net sink for CO2, a moderate source of CH4 and had low losses of dissolved organic carbon compared to undisturbed northern latitude peatlands. Closed chambers combined with a fast response CO2/H2O/CH4 analyzer were used to investigate ecohydrological controls on net ecosystem exchange of CO2 (NEE) and CH4 flux from the restored fields and remnant ditches at the site. CH4 release was found to be an order of magnitude higher in the ditches compared to the fields, with non-vegetated ditch showing a greater range in flux compared to areas invaded by Typha latifolia. Bubble magnitude and count were highest in the non-vegetated ditch, followed by Typha plots and were undetectable in the restored fields. The latter may be partially attributed to the high cover of Eriophorum vaginatum in the restored fields, plants that have aerenchymous tissue, as well as a much deeper water table level. While the non-vegetated ditch areas were a steady

  2. Factors affecting the different results in terms of acceptance and refusal of free cash flow to equity and free cash flow to firm in investment decisions on a project

    Directory of Open Access Journals (Sweden)

    Hasan Bal

    2010-03-01

    Full Text Available Decisions on whether investment projects will be invested are based on such methods as net present value and internal rate of return. These methods focus on net cash flows that will be provided throughout the economic life from the investment. In determining the cash flows there are the methods of free cash flow to firm and free cash flow to equity. In the evaluation of an investment project, each method finds the net present value with a different result. It is such that concerning some projects, while one method finds a positive net present value; the other method can find a negative net present value. This study sets out to examine the factors affecting the conflicting points of the each method, free cash flow to equity and free cash flow to firm, in the acceptance of an investment project.

  3. Fiscal year 2001 annual progress report for StreamNet the Northwest Aquatic Information Network.; ANNUAL

    International Nuclear Information System (INIS)

    Schmidt, Bruce R.

    2002-01-01

    This report presents accomplishments of the StreamNet project for Fiscal Year 2001 (FY-01). The report is organized by Task, rather than by participating agency, to clearly link accomplishments by all project participants to the individual Tasks and responsibilities detailed in the FY-01 Statement of Work. The StreamNet Project was somewhat hampered in FY-01 by a delay in final approval of the project budget. The effective project budget has been eroded by cost of living adjustments not keeping up with the actual inflationary cost increases. For example, the project was recently impacted by an unanticipated increase in the federal pay scales for computer technology personnel. This is significant because the project budget is primarily composed of personnel costs (84%). Resultant reductions in workforce have led to a consistent decrease in the ability of the project to conduct its work. The budget request for FY-01 was initially proposed to make up for past differences, but the size of the requested increase caused additional review, and the final budget was not approved until approximately half way through the fiscal year. The increased request was not granted and only a 5% cost of living increase was approved. This resulted in some work beginning late and some work not being done. Several staff members at the Regional level could be funded for only 9 months, forcing those positions to do other work on other contracts for part of the year. A contract to develop data compilations for subbasin summaries through NWPPC helped bridged that gap this year. The ODFW StreamNet Project had significant job vacancies in FY-01, so they took the largest proportion of the budget shortfall of the project cooperators for this year. This allowed the other cooperators to function more at a normal level, but resulted in Oregon not being able to update as many data sets as planned. Oregon was able to fill its vacant database manager position later in the year, and this person has

  4. EDF: net profits are up by 56% in 2004. RTE: a year of change

    International Nuclear Information System (INIS)

    Anon.

    2005-01-01

    EDF has presented its financial results for 2004: a net profit of 1.3 milliard euros (+56%) and a debt reduced by 5 milliards euros. The turnover reached 46,9 milliard euros (+4.5%) but its capital was reduced drastically from 19 to 8.4 milliard euros because of both the reform of the funding of the retirement pension system and the implementation of new European accountancy norms. For the first time all foreign subsidies of EDF (except those in South-America) have contributed to the profit. EDF foresees to launch an important investment program in 2005 that will involve: the construction of an EPR (European pressurized reactor) on the Flamanville site and the construction of 6 fossil-fueled power plants. The turnover of RTE (the state company that manages the French electricity transport network) reached 4.029 milliard euros which is the same figure as the previous year but its net profit jumps by 25% to reach 347 million euros. RTE has announced that the exchanges at the borders (import and export) have increased from 113 TWh (in 2003) to 119 TWh (in 2004) which betokens a more and more dynamical European electricity market. RTE has also announced that the construction works of the 150-200 km long high voltage power line that will link the new EPR reactor at Flamanville to the national power transmission network will begin near 2010. (A.C.)

  5. Excess cash holdings and shareholder value

    OpenAIRE

    Lee, Edward; Powell, Ronan

    2011-01-01

    We examine the determinants of corporate cash holdings in Australia and the impact on shareholder wealth of holding excess cash. Our results show that a trade-off model best explains the level of a firm’s cash holdings in Australia. We find that 'transitory' excess cash firms earn significantly higher risk-adjusted returns compared to 'persistent' excess cash firms, suggesting that the market penalises firms that hoard cash. The marginal value of cash also declines with larger cash balances, ...

  6. Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling

    Directory of Open Access Journals (Sweden)

    Jeng-Ren Chiou

    2010-06-01

    Full Text Available This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  7. Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan

    Directory of Open Access Journals (Sweden)

    Atif Kafayat

    2014-06-01

    Full Text Available The previous researches explore the question of why firms hold cash. But there are few researches done in developing countries like Pakistan. The need for cash is characterized by its policies of firms regarding capital structure, working capital requirements, cash flow management, dividend payments, and asset management. In this paper, the impact of these factors is normally analyzed under the framework of Tradeoff theory, Pecking Order Theory and Free Cash Flow Theory. This paper focuses on determining the level of corporate cash holdings of non-financial Pakistani firms, and cash holding requirement among different industries. The data is set for period of 2008- 2012 by using the data of 40companies and 6 industries. The findings of the study support the theories. Which show that firm size, net working capital, leverage, Capital Expenditure and Dividend significantly affect the cash holdings of non-financial firms in Pakistan.

  8. Ownership and usage of mosquito nets after four years of large-scale free distribution in Papua New Guinea

    Directory of Open Access Journals (Sweden)

    Hetzel Manuel W

    2012-06-01

    Full Text Available Abstract Background Papua New Guinea (PNG is a highly malaria endemic country in the South-West Pacific with a population of approximately 6.6 million (2009. In 2004, the country intensified its malaria control activities with support from the Global Fund. With the aim of achieving 80% ownership and usage, a country-wide campaign distributed two million free long-lasting insecticide-treated nets (LLINs. Methods In order to evaluate outcomes of the campaign against programme targets, a country-wide household survey based on stratified multi-stage random sampling was carried out in 17 of the 20 provinces after the campaign in 2008/09. In addition, a before-after assessment was carried out in six purposively selected sentinel sites. A structured questionnaire was administered to the heads of sampled households to elicit net ownership and usage information. Results After the campaign, 64.6% of households owned a LLIN, 80.1% any type of mosquito net. Overall usage by household members amounted to 32.5% for LLINs and 44.3% for nets in general. Amongst children under five years, 39.5% used a LLIN and 51.8% any type of net, whereas 41.3% of pregnant women used a LLIN and 56.1% any net. Accessibility of villages was the key determinant of net ownership, while usage was mainly determined by ownership. Most (99.5% of the household members who did not sleep under a net did not have access to a (unused net in their household. In the sentinel sites, LLIN ownership increased from 9.4% to 88.7%, ownership of any net from 52.7% to 94.1%. Usage of LLINs increased from 5.5% to 55.1%, usage of any net from 37.3% to 66.7%. Among children under five years, usage of LLINs and of nets in general increased from 8.2% to 67.0% and from 44.6% to 76.1%, respectively (all p ≤ 0.001. Conclusions While a single round of free distribution of LLINs significantly increased net ownership, an insufficient number of nets coupled with a heterogeneous distribution led to overall

  9. Cash budgeting: an underutilized resource management tool in not-for-profit health care entities.

    Science.gov (United States)

    Hauser, R C; Edwards, D E; Edwards, J T

    1991-01-01

    Cash budgeting is generally considered to be an important part of resource management in all businesses. However, respondents to a survey of not-for-profit health care entities revealed that some 40 percent of the participants do not currently prepare cash budgets. Where budgeting occurred, the cash forecasts covered various time frames, and distribution of the document was inconsistent. Most budgets presented cash receipts and disbursements according to operating, investing, and financing activities--a format consistent with the year-end cash flow statement. By routinely preparing monthly cash budgets, the not-for-profit health care entity can project cash inflow/outflow or position with anticipated cash insufficiencies and surpluses. The budget should be compared each month to actual results to evaluate performance. The magnitude and timing of cash flows is much too critical to be left to chance.

  10. How much cash does your company need?

    Science.gov (United States)

    Passov, Richard

    2003-11-01

    In late 2001, the directors of Pfizer asked that very question. And with good reason. After its 2000 merger with rival Warner-Lambert, the New York-based pharmaceutical giant found itself sitting on a net cash position of $8 billion, which seemed extraordinarily conservative for a company whose products generated $30 billion in revenues. Most large companies with revenues that healthy would increase leverage, thereby unlocking tremendous value for shareholders. But knowledge-intensive companies like Pfizer, this author argues, are in a class apart. Because their largely intangible assets (like R&D) are highly volatile and cannot easily be valued, they are more vulnerable to financial distress than are firms with a preponderance of tangible assets. To insure against that risk, they need to maintain large positive cash balances. These companies' decisions to run large cash balances is one of the key reasons their shares sustain consistent premiums. Only by investing in their intangible assets can knowledge-based companies hope to preserve the value of those assets. A company that finds itself unable to do so because unfavorable market conditions reduce its operating cash flows will see its share price suffer almost as much as if it were to default on its debts. By the same token, with the right balance sheet, knowledge companies can profitably insure against the risk of failing to sustain value-added investments in difficult times. An optimal capital structure that calls for significant cash balances is certainly at odds with the results of a traditional capital structure analysis, the author demonstrates, but it explains the financial policies of many well-run companies, from Pfizer to Intel to ChevronTexaco.

  11. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    Firms pay out cash using both dividends and share repurchases. In many aspects these two means are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper...... provides an explanation for this dividend puzzle by developing a class of signaling models violating the "single-crossing" property in which information about the quality of the firm is asymmetric between the management and the shareholders. In these models a high-quality firm can always signal its quality...... by using share repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends...

  12. 47 CFR 32.1120 - Cash and equivalents.

    Science.gov (United States)

    2010-10-01

    ..., destroyed, or otherwise disposed of is replaced, and also cash realized from the sale of the company's securities and deposited with trustees to be held until invested in physical property of the company or for...; the amount of cash deposited to insure the performance of contracts to be performed within one year...

  13. Net community production and calcification from 7 years of NOAA Station Papa Mooring measurements

    Science.gov (United States)

    Fassbender, Andrea J.; Sabine, Christopher L.; Cronin, Meghan F.

    2016-02-01

    Seven years of near-continuous observations from the Ocean Station Papa (OSP) surface mooring were used to evaluate drivers of marine carbon cycling in the eastern subarctic Pacific. Processes contributing to mixed layer carbon inventory changes throughout each deployment year were quantitatively assessed using a time-dependent mass balance approach in which total alkalinity and dissolved inorganic carbon were used as tracers. By using two mixed layer carbon tracers, it was possible to isolate the influences of net community production (NCP) and calcification. Our results indicate that the annual NCP at OSP is 2 ± 1 mol C m-2 yr-1 and the annual calcification is 0.3 ± 0.3 mol C m-2 yr-1. Piecing together evidence for potentially significant dissolved organic carbon cycling in this region, we estimate a particulate inorganic carbon to particulate organic carbon ratio between 0.15 and 0.25. This is at least double the global average, adding to the growing evidence that calcifying organisms play an important role in carbon export at this location. These results, coupled with significant seasonality in the NCP, suggest that carbon cycling near OSP may be more complex than previously thought and highlight the importance of continuous observations for robust assessments of biogeochemical cycling.

  14. Remote Laboratory NetLab for Effective Teaching of 1st Year Engineering Students

    Directory of Open Access Journals (Sweden)

    Z. Nedic

    2007-08-01

    Full Text Available Practical skills are important attributes of every engineering graduate. The Internet has provided tertiary education with the opportunity to develop innovative learning environments. The teaching and learning of practical skills has gained a new dimension with the emergence of remote laboratories. The rapidly growing number of remote laboratories (RL worldwide is the evidence that the educational community has recognized their potential to develop into a creative, flexible, engaging, and student-cantered learning environment. Even a brief review of the existing RLs shows a large diversity in their structure, design and implementation. However, not many researchers disclose how their RLs are integrated within their curricula. Therefore, an important question still remains to be answered: how to optimize the design of RLs and their integration in a course curriculum for the best learning outcomes? This problem is particularly important when RLs are used in teaching 1st year students who have limited technical knowledge and practical experience in using real equipment. In this paper we would like to share our experiences with NetLab, an RL developed at the University of South Australia (UniSA for teaching 1st year engineering students and make recommendations for improvements in teaching practices based on it.

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

    Directory of Open Access Journals (Sweden)

    I. Magdych

    2015-06-01

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

  16. Cash Management Yields Many Maximum Returns.

    Science.gov (United States)

    Traynham, William W., Jr

    1987-01-01

    Outlines the cash management program developed by the Orangeburg School District (SC) for the district's funds. They take bids from banks before deciding which bank to use for all their services, including an investment program. This new system has saved $30,000 in the first year. Sidebars tell how to shop for bank services and list technical…

  17. Increase in observed net carbon dioxide uptake by land and oceans during the past 50 years.

    Science.gov (United States)

    Ballantyne, A P; Alden, C B; Miller, J B; Tans, P P; White, J W C

    2012-08-02

    One of the greatest sources of uncertainty for future climate predictions is the response of the global carbon cycle to climate change. Although approximately one-half of total CO(2) emissions is at present taken up by combined land and ocean carbon reservoirs, models predict a decline in future carbon uptake by these reservoirs, resulting in a positive carbon-climate feedback. Several recent studies suggest that rates of carbon uptake by the land and ocean have remained constant or declined in recent decades. Other work, however, has called into question the reported decline. Here we use global-scale atmospheric CO(2) measurements, CO(2) emission inventories and their full range of uncertainties to calculate changes in global CO(2) sources and sinks during the past 50 years. Our mass balance analysis shows that net global carbon uptake has increased significantly by about 0.05 billion tonnes of carbon per year and that global carbon uptake doubled, from 2.4 ± 0.8 to 5.0 ± 0.9 billion tonnes per year, between 1960 and 2010. Therefore, it is very unlikely that both land and ocean carbon sinks have decreased on a global scale. Since 1959, approximately 350 billion tonnes of carbon have been emitted by humans to the atmosphere, of which about 55 per cent has moved into the land and oceans. Thus, identifying the mechanisms and locations responsible for increasing global carbon uptake remains a critical challenge in constraining the modern global carbon budget and predicting future carbon-climate interactions.

  18. Understanding the tools for managing cash.

    Science.gov (United States)

    Pelfrey, S

    1990-10-01

    An institution's survival in the 1990s depends on its ability to generate enough cash to meet its needs. The author discusses two accounting tools, the cash budget and the statement of cash flows, that help monitor and control cash flows. By understanding the nature and impact of each report, nurse administrators can help safeguard one of their institution's scarcest resources: cash.

  19. North Dakota University System Annual Financial Report, Fiscal Year Ended June 30, 2007

    Science.gov (United States)

    North Dakota University System, 2007

    2007-01-01

    This report provides financial data for the North Dakota University System (the "System") for the fiscal year ended June 30, 2007. The Management Discussion and Analysis; the Statement of Net Assets; the Statement of Revenues, Expenses, and Changes in Net Assets; and the Statement of Cash Flows provide information on the System as a…

  20. 26 CFR 1.1502-21A - Consolidated net operating loss deduction generally applicable for consolidated return years...

    Science.gov (United States)

    2010-04-01

    ... operating loss attributable to such member. (iii) Foreign expropriation losses. An election under section... expropriation loss) may be made for a consolidated return year only if the sum of the foreign expropriation... expropriation losses, or (b) the consolidated net operating loss. (3) Absorption rules. For purposes of...

  1. Empirical Studies on Cash Payments

    NARCIS (Netherlands)

    J. Kippers (Jeanine)

    2004-01-01

    textabstractCash is still the most common means of daily payments. The large number of cash payments is supported by a costly distribution system in which retailers, banks and central banks participate. Currency is issued in a range of bank note and coin denominations to facilitate efficiency

  2. Optimal Cash Management Under Uncertainty

    OpenAIRE

    Bensoussan, Alain; Chutani, Anshuman; Sethi, Suresh

    2009-01-01

    We solve an agent's optimization problem of meeting demands for cash over time with cash deposited in bank or invested in stock. The stock pays dividends and uncertain capital gains, and a commission is incurred in buying and selling of stock. We use a stochastic maximum principle to obtain explicitly the optimal transaction policy.

  3. Cash transfers and domestic violence.

    Science.gov (United States)

    Hidrobo, Melissa; Fernald, Lia

    2013-01-01

    Violence against women is a major health and human rights problem yet there is little rigorous evidence as to how to reduce it. We take advantage of the randomized roll-out of Ecuador's cash transfer program to mothers to investigate how an exogenous increase in a woman's income affects domestic violence. We find that the effect of a cash transfer depends on a woman's education and on her education relative to her partner's. Our results show that for women with greater than primary school education a cash transfer significantly decreases psychological violence from her partner. For women with primary school education or less, however, the effect of a cash transfer depends on her education relative to her partner's. Specifically, the cash transfer significantly increases emotional violence in households where the woman's education is equal to or more than her partner's. Copyright © 2012 Elsevier B.V. All rights reserved.

  4. Fuzzy net present valuation based on risk assessment of Malaysian infrastructure

    Science.gov (United States)

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

    2017-04-01

    In recent years, built-operate-transfer (BOT) projects have profoundly been accepted under project financing for infrastructure developments in many countries. It requires high financing and involves complex mutual risk. The assessment of the risks is vital to avert huge financial loss. Net present value is widely applied to BOT project where the uncertainties in cash flows are deemed to be deterministic values. This study proposed a fuzzy net present value model taking consideration the assessment of risks from the BOT project. The proposed model is adopted to provide more flexible net present valuation of the project. It is shown and proven that the improved fuzzy cash flow model will provide a valuation that is closed to the real value of the project.

  5. The cost of preventing undernutrition: cost, cost-efficiency and cost-effectiveness of three cash-based interventions on nutrition outcomes in Dadu, Pakistan.

    Science.gov (United States)

    Trenouth, Lani; Colbourn, Timothy; Fenn, Bridget; Pietzsch, Silke; Myatt, Mark; Puett, Chloe

    2018-07-01

    Cash-based interventions (CBIs) increasingly are being used to deliver humanitarian assistance and there is growing interest in the cost-effectiveness of cash transfers for preventing undernutrition in emergency contexts. The objectives of this study were to assess the costs, cost-efficiency and cost-effectiveness in achieving nutrition outcomes of three CBIs in southern Pakistan: a 'double cash' (DC) transfer, a 'standard cash' (SC) transfer and a 'fresh food voucher' (FFV) transfer. Cash and FFVs were provided to poor households with children aged 6-48 months for 6 months in 2015. The SC and FFV interventions provided $14 monthly and the DC provided $28 monthly. Cost data were collected via institutional accounting records, interviews, programme observation, document review and household survey. Cost-effectiveness was assessed as cost per case of wasting, stunting and disability-adjusted life year (DALY) averted. Beneficiary costs were higher for the cash groups than the voucher group. Net total cost transfer ratios (TCTRs) were estimated as 1.82 for DC, 2.82 for SC and 2.73 for FFV. Yet, despite the higher operational costs, the FFV TCTR was lower than the SC TCTR when incorporating the participation cost to households, demonstrating the relevance of including beneficiary costs in cost-efficiency estimations. The DC intervention achieved a reduction in wasting, at $4865 per case averted; neither the SC nor the FFV interventions reduced wasting. The cost per case of stunting averted was $1290 for DC, $882 for SC and $883 for FFV. The cost per DALY averted was $641 for DC, $434 for SC and $563 for FFV without discounting or age weighting. These interventions are highly cost-effective by international thresholds. While it is debatable whether these resource requirements represent a feasible or sustainable investment given low health expenditures in Pakistan, these findings may provide justification for continuing Pakistan's investment in national social safety

  6. Egypt risks to become net importer of energy toward the year 2000 according to the World Bank

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    Petroleum exports were about the two-third of the whole goods exports of Egypt in the eighties years, but this part is getting under 50%, because a lower growth of exported volume and because of the reduction of prices. As these kinds of things are continuing during the nineties years and the local petroleum consumption is increasing, Egypt could become a net importer of petroleum products at the end of the century

  7. Cash efficiency for bank branches.

    Science.gov (United States)

    Cabello, Julia García

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks' branches is also a relevant issue as any significant improvement in cash management at the bank distribution channels may have a positive effect in reducing liquidity tensions. In this paper, we propose a simple programme of cash efficiency for the banks' branches, very easy to implement, which conform to a set of instructions to be imposed from the bank to their branches. This model proves to significantly reduce cash holdings at branches thereby providing efficiency improvements in liquidity management. The methodology we propose is based on the definition of some stochastic processes combined with renewal processes, which capture the random elements of the cash flow, before applying suitable optimization programmes to all the costs involved in cash movements. The classical issue of the Transaction Demand for the Cash and some aspects of Inventory Theory are also present. Mathematics Subject Classification (2000) C02, C60, E50.

  8. Army Net Zero: Energy Roadmap and Program Summary, Fiscal Year 2013 (Brochure)

    Energy Technology Data Exchange (ETDEWEB)

    2014-08-01

    The U.S. Army (Army) partnered with the National Renewable Energy Laboratory (NREL) and the U.S. Army Corps of Engineers to assess opportunities for increasing energy security through improved energy efficiency and optimized renewable energy strategies at nine installations across the Army's portfolio. Referred to as Net Zero Energy Installations (NZEIs), these projects demonstrate and validate energy efficiency and renewable energy technologies with approaches that can be replicated across DOD and other Federal agencies, setting the stage for broad market adoption. This report summarizes the results of the energy project roadmaps developed by NREL, shows the progress each installation could make in achieving Net Zero Energy by 2020, and presents lessons learned and unique challenges from each installation.

  9. Optimal ratio of cash and non-cash payments

    Directory of Open Access Journals (Sweden)

    Galina S. Panova

    2014-01-01

    Full Text Available Analysis of the present condition and prospects of development of the monetary sector of the Russian economy. Quantitative parameters of aggregate turnover, including the value of cash and non-cash it. Researched issues restricting cash advance industry in Russia and other countries; the problems encountered by foreign States in imposing administrative limits on cash payments; provides specific recommendations and identified risks imposing such restrictions in Russia. The article deals with topical issues of optimization of structure of aggregate turnover. Analyzing the development of money turnover, the role and the place of cash in the economy, the author explored the basic approaches to the determination and regulation of money turnover, proposed a new approach to ensure transparency in money flows. Particularly promising cash flow optimization are: a measures aimed at improving the cash turnover (including maintaining the stability of the national currency, improving the procedures for issuing and withdrawing money from circulation, determine the optimal structure of monetary aggregates, etc. and b development of cashless money turnover. The author's position is presented on the future of the scientific basis and practical realization of the optimal ratio of cash and cashless money turnover in Russia and other countries. In particular, felt the need to increase information transparency, openness international information exchange in order to improve monetary policy by countries at the national and international level. To develop common approaches (models of the analysis and forecasting of financial markets, as well as the establishment of an international coordination centre responsible for the collection, verification and access to public information databases for the cross-country studies of banking and financial and monetary sphere.

  10. Poweo half-year 2006 earnings. Positive net income, implementation of the 1. steps of the industrial plan

    International Nuclear Information System (INIS)

    2006-09-01

    POWEO, the leading independent energy operator in France, presents in this document its key financial data and highlights for the first half of 2006: - Half-year revenue amounts to euro 119.4 m, multiplied by 3.4 compared to the same period last year; - The Energy Management activity has achieved a net margin of euro 34.3 m; - EBIT amounts to euro 6.2 m, compared to euro -2.9 m in the first half of 2005; - Net income amounts to euro 8.9 m, compared to euro -2.9 m in the first half of 2005; - Completion of the preliminary steps to the building of a first thermal power plant (CCGT) is close at hand, two other projects launched; - Strengthening of internal structures in view of the residential market opening up; - Outlook for 2006: total sales expected to reach euro 220 m and positive EBITDA; - LNG terminal building project in Le Havre

  11. 34 CFR 668.166 - Excess cash.

    Science.gov (United States)

    2010-07-01

    ... the Secretary for the costs the Secretary incurred in providing that excess cash to the institution... 34 Education 3 2010-07-01 2010-07-01 false Excess cash. 668.166 Section 668.166 Education..., DEPARTMENT OF EDUCATION STUDENT ASSISTANCE GENERAL PROVISIONS Cash Management § 668.166 Excess cash. (a...

  12. Cash efficiency for bank branches

    OpenAIRE

    Cabello, Julia Garc?a

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks? branches is also a relevant issue as any significant improvement in cash management at the bank ...

  13. Hedging Cash Flows from Commodity Processing

    OpenAIRE

    Dahlgran, Roger A.

    2005-01-01

    Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability is important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard he...

  14. Money matters: cash transfers for adaptation

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Rachel Godfrey

    2011-04-15

    Developed countries have pledged billions of dollars a year to help poor nations adapt to climate change. But how should the money be spent? For the world's poor, who are both the most vulnerable to climate change and the most in need of social protection, the best answer may be cash transfer programmes. Giving money out in this way has a strong track record in reaching the poor and helping them improve their nutrition, education and incomes — all of which are vital for building their long-term capacity to adapt to climate change. Cash transfers are also well accepted at the local level and, given the right political backing, can be implemented on a broad scale.

  15. Your organization should consider a cash-balance pension plan.

    Science.gov (United States)

    Godwin, N H; Key, K G

    2000-08-01

    In recent years, a growing number of healthcare organizations have dropped the traditional defined-benefit pension plan and adopted cash-balance pension plans. A cash-balance pension plan generally allows employers to pay less in overall pension benefits and administration costs. A cash-balance pension plan pays benefits according to a predetermined formula based on an average of the employee's annual salary over his or her length of service. This provides recognizable benefits to younger employees but lower overall benefits to employees who have a long length of service. To assuage employees who may feel cheated out of the pension benefits they expected, employers that change to a cash-balance pension plan should consider offering higher guaranteed growth rates, advanced notification of the change to the new plan, and generous early-retirement options for employees with longer lengths of service.

  16. Impact of cash conversion cycle on cash holding – A study on FMCG sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2017-11-01

    Full Text Available In today’s environment, cash conversion cycle is randomly used as a measure of liquidity of the organizations. Cash conversion cycle is considered as the length of time between raw-materials and collection of cash from debtors. It can be used as a benchmarking competitors or comparing companies. On the other hand, Cash holding is one of the most important financial decisions that a manager has to make in any organization. Some organizations hold more cash and some organizations hold less cash. In this study, we perform a survey to make a relationship between Cash Conversion Cycle and Cash Holding.

  17. 26 CFR 1.1402(f)-1 - Computation of partner's net earnings from self-employment for taxable year which ends as result...

    Science.gov (United States)

    2010-04-01

    ... TAXES Tax on Self-Employment Income § 1.1402(f)-1 Computation of partner's net earnings from self...—(1) In general. The rules for the computation of a partner's net earnings from self-employment are... self-employment computed under such rules for the last taxable year of a deceased partner, if a partner...

  18. The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Muncef Guizani

    2017-09-01

    Full Text Available This paper investigates the determinants of the cash holdings for a sample of Saudi firms over the period 2006–2014, using static and dynamic panel models. Our results show that leverage, firm size, capital expenditure, net working capital and cash flow volatility are important in determining cash holdings. When we divide our sample into two sub-samples: petrochemical and non-petrochemical firms, our results show a significant difference between the determinants of cash holdings of the two groups of firms. We also investigate the characteristics of high liquid firms (conservative firms. The results indicate that conservative firms are less leveraged, have large size, have low investment expenditures and have low cash flow fluctuation. Furthermore, dynamic panel estimation indicates that Saudi firms adjust their liquidity holdings quickly towards an endogenous target cash ratio.

  19. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    Directory of Open Access Journals (Sweden)

    Mahdi Salehi

    2013-08-01

    Full Text Available The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks

  20. Cash social transfers, direct taxes, and income distribution in late socialism

    OpenAIRE

    Milanovic, Branko

    1993-01-01

    The author analyzes the impact of direct taxes and cash social transfers on income distribution in Bulgaria, Czechoslovakia, Hungary, Poland and Yugoslavia in the years before the collapse of communism. He contrasts the results for socialist and market economies. Cash social transfers accounted for about a fifth of gross income, a proportion comparable with that in developed welfare economies. Generally, cash transfers were unrelated to income in socialist countries, in marked contrast with m...

  1. An evaluation of the usefulness of cash flow ratios to predict financial distress

    Directory of Open Access Journals (Sweden)

    L. Jooste

    2007-12-01

    Full Text Available Purpose: With the introduction of the cash flow statement it became an integral part of financial reporting. A need arose to develop ratios for the effective evaluation of cash flow information. This article investigates cash flow ratios suggested by various researchers and suggests a list of ratios with the potential to predict financial failure. Design: The cash flow ratios suggested by researchers, from as early as 1966, are investigated and eight cash flow ratios selected for inclusion in an analysis to predict financial failure. Ten failed entities are selected for a cash flow evaluation by means of the selected ratios for five years prior to failure. For a comparison, non-failed entities in similar sectors are selected and also evaluated by means of the cash flow ratios. The mean values of each ratio, for each year prior to failure, were then calculated and the means of the failed entities were compared to the non-failed entities. Findings: The comparison revealed that cash flow ratios have predictive value with the cash flow to total debt identified as the best indicator of failure. It was also determined that, although failed entities have lower cash flows than non-failed entities, they also had smaller reserves of liquid assets. Furthermore, they have less capacity to meet debt obligations and they tend to incur more debt. The ratios of the failed entities were unstable and fluctuated from one year to the next. Finally, bankruptcy could be predicted three years prior to financial failure. Implications: Income statement and balance sheet ratios are not enough to measure liquidity. An entity can have positive liquidity ratios and increasing profits, yet have serious cash flow problems. Ratios developed from the cash flow statement should supplement traditional accrual-based ratios to provide additional information on the financial strengths and weaknesses of an entity .

  2. Net present value analysis of the economic production quantity

    OpenAIRE

    Disney, Stephen Michael; Warburton, R. D. H.; Zhong, Q. C.

    2013-01-01

    Using Laplace transforms we extend the economic production quantity (EPQ) model by analysing cash flows from a net present value (NPV) viewpoint. We obtain an exact expression for the present value of the cash flows in the EPQ problem. From this, we are able to derive the optimal batch size. We obtain insights into the monotonicity and convexity of the present value of each of the cash flows, and show that there is a unique minimum in the present value of the sum of the cash flows in the exte...

  3. MODIS/Terra Net Evapotranspiration Yearly L4 Global 500m SIN Grid V006

    Data.gov (United States)

    National Aeronautics and Space Administration — The MOD16A3 Version 6 Evapotranspiration/Latent Heat Flux product is a yearly composite product produced at 500 meter pixel resolution. The algorithm is based on the...

  4. MODIS/Aqua Net Evapotranspiration Yearly L4 Global 500m SIN Grid V006

    Data.gov (United States)

    National Aeronautics and Space Administration — The MYD16A3 Version 6 Evapotranspiration/Latent Heat Flux product is a yearly composite product produced at 500 meter pixel resolution. The improved algorithm is...

  5. Management of Agricultural Enterprise Cash Flows

    OpenAIRE

    Tamara Kucherenko; Inna Tkachuk

    2014-01-01

    Cash is the only kind of company resource which can be transformed directly and with minimum time lag into any other kind of resources, their movement servicing all management operational processes. The article is covers the development of cash management algorithm in agricultural enterprise. The author has worked out the algorithm for determining the efficiency of cash management in agricultural enterprise. As the basis of the algorithm the income approach and discounted cash flow method has...

  6. 7 CFR 277.7 - Cash depositories.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Cash depositories. 277.7 Section 277.7 Agriculture... FOOD STAMP AND FOOD DISTRIBUTION PROGRAM PAYMENTS OF CERTAIN ADMINISTRATIVE COSTS OF STATE AGENCIES § 277.7 Cash depositories. (a) The term “cash depositories” refers to banks or other institutions which...

  7. How does Cash and Counseling affect costs?

    Science.gov (United States)

    Dale, Stacy B; Brown, Randall S

    2007-02-01

    To test the effect of a consumer-directed model (Cash and Counseling) of Medicaid personal care services (PCS) or home- and community-based waiver services (HCBS) on the cost of Medicaid services. Medicaid claims data were collected for all enrollees in the Cash and Counseling demonstration. Demonstration enrollees included those eligible for PCS (in Arkansas), those assessed to receive such services (in New Jersey), and recipients of Medicaid HCBS (in Florida). Enrollment occurred from December 1998 through April 2001. The follow-up period covered up to 24 months after enrollment. Demonstration volunteers were randomly assigned to have the option to participate in Cash and Counseling (the treatment group), or to receive Medicaid services as usual from an agency (the control group). Ordinary least squares regressions were used to estimate the effect of the program on costs for Medicaid PCS/waiver services and other Medicaid services, while controlling for consumers' preenrollment characteristics and preenrollment Medicaid spending. Models were estimated separately for nonelderly and elderly adults in each state and for children in Florida. Each state supplied claims data for demonstration enrollees. Largely because the program increased consumers' ability to get the authorized amount of paid care, expenditures for personal care/waiver services were higher for the treatment group than for the control group in each state and age group, except among the elderly in Florida. Higher costs for personal care/waiver services were partially offset by savings in other Medicaid services, particularly those related to long-term care. During year 1, total Medicaid costs were generally higher for the treatment group than for the control group, with treatment-control cost differences ranging from 1 percent (and statistically insignificant) for the elderly in Florida to 17 percent for the elderly in Arkansas. In year 2, these cost differences were generally greater than in year 1

  8. OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

    OpenAIRE

    Canser BİLİR

    2018-01-01

    In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM) networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL) by providing the correct amount of cash at the correct location and time. To the best of our knowledge,...

  9. Fiscal Year 2013 Net Zero Energy-Water-Waste Portfolio for Fort Leonard Wood

    Science.gov (United States)

    2014-12-01

    like many restaurants and food operators, throw away inedible (for humans) food scraps, such as banana peels, bones, and egg shells , without...and reseed- ing with native grasses. Application rates up to 64 tons/acre resulted in significantly enhanced plant cover and biomass production when...com- pared to sites that received no compost (Busby et al. 2006). Plant cover and biomass differences were still significantly higher five years

  10. Presentation of Consolidated Statement of Cash Flows under IAS 7, Statement of Cash Flows

    OpenAIRE

    Calota Traian-Ovidiu; Tănase Alin-Eliodor

    2013-01-01

    The consolidated financial statements must includ a specific statement, regarding cash flows from all activities of the entity, called „consolidated statement of cash flow”. Information for preparing cash flow statements can be found in all other components of the financial statements, such as financial position, statement of comprehensive income and statement of changes in equity. The cash flow statement shall report cash flows during the period classified by operating, investing and financi...

  11. Analyzing the Cash Flow Profiles of Firms Using the Cash Flow Patterns Method

    OpenAIRE

    Aktaş, Rabia; Karğın, Sibel; Karğın, Mahmut

    2012-01-01

    Statement of cash flows that presents important information about firm’s power of cash generation and cash consumption is a reliable source of information for financial statement users. Therefore, financial reporting standards require cash flow statement to be reported and presented with the other financial statements such as statement of financial position, statement of comprehensive income, and statement of changes in equity. Turkish Accounting Standard 7 – “Statement of Cash Flows” (TMS 7 ...

  12. An Introduction To Digital Cash World

    Directory of Open Access Journals (Sweden)

    Lusiana Citra Dewi

    2010-12-01

    Full Text Available Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the world, along with how the digital cash works, and lastly, how the digital cash is put into the practical world. The purpose of this paper is to give a glimpse of view on the functions of the digital cash, the systems or protocols which are needed to implement it, and the problems faced by those who use it. 

  13. A planning model for the short-term management of cash.

    Science.gov (United States)

    Broyles, Robert W; Mattachione, Steven; Khaliq, Amir

    2011-02-01

    This paper develops a model that enables the health administrator to identify the balance that minimizes the projected cost of holding cash. Adopting the principles of mathematical expectation, the model estimates the expected total costs of adopting each of the several strategies concerning the cash balance that the organization might maintain. Expected total costs consist of anticipated short costs, resulting from a potential shortage of funds. Long costs are associated with a potential surplus of funds and an opportunity cost represented by foregone investment income. Of importance to the model is the potential for the health service organization to realize a surplus of funds during periods characterized by a net cash disbursement. The paper also develops an interactive spreadsheet that enables the administrator to perform sensitivity analysis and examine the response of the desired or target cash balance to changes in the parameters that define the expected long and short cost functions.

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

    Directory of Open Access Journals (Sweden)

    Ludmila PROFIR

    2018-06-01

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

  15. OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

    Directory of Open Access Journals (Sweden)

    Canser BİLİR

    2018-04-01

    Full Text Available In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL by providing the correct amount of cash at the correct location and time. To the best of our knowledge, the model is the first integrated model in the literature to be applied to both ATMs and branches simultaneously. The results demonstrated that the integrated model dramatically decreased the idle cash levels at both branches and ATMs without degrading the availability of cash and hence customer satisfaction. An in-depth analysis of the results also indicated that the results were more remarkable for branches. The results also demonstrated that the utilization of various seasonal indices plays a very critical role in the forecasting of cash requirements for a bank. Another unique feature of the study is that the model is the first to include the recycling feature of ATMs. The results demonstrated that as a result of the inclusion of the deliberate seasonal indices in the forecasting model, the integrated cash optimization models can be used to estimate the cash requirements of recycling ATMs.

  16. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    Directory of Open Access Journals (Sweden)

    Lavinia Elena BRÎNDESCU OLARIU

    2014-12-01

    Full Text Available The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which makes the sensitivity analysis a very important part of the decision process. The current research sets to evaluate the sensitivity of the payment capacity to variations of the payments for raw materials and consumables. The study employs 391 forecasted yearly cash-flow statements collected from 50 companies together with detailed information concerning the hypotheses of the forecasts. The results of the study allow for the establishment of benchmarks for the payment capacity’s sensitivity, the determination of the mechanisms through which the variation of payments for raw materials and consumables impacts the payment capacity, as well as the identification of the possible causes of such a variation.

  17. Inflation, operating cycle, and cash holdings

    Directory of Open Access Journals (Sweden)

    Yanchao Wang

    2014-12-01

    Full Text Available A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash. At the macrolevel, firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation. At the microlevel, the operating cycle, which indicates the speed and turnover of corporate cash flow, also influences the corporate cash-holding strategy. Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment, which is referred to as the cash adjustment strategy. We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period. Consistent with our predictions, the empirical results indicate a significant negative association between cash holdings and the CPI, but the relationship is reversed when the CPI reaches a certain level. There is also a U-shaped relationship between operating cycle and cash holdings, and this relationship is similarly influenced by changes in the inflation level. In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously, our findings supplement the literature on firms’ cash-holding strategies and provide theoretical and practical implications.

  18. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  19. Use of insecticide-treated mosquito nets for children under five years in an urban area of Lagos State, Nigeria.

    Science.gov (United States)

    Okafor, I P; Odeyemi, K A

    2012-01-01

    Insecticide-treated nets (ITNs) have proven to be one of the most effective means of reducing malaria morbidity and mortality in children and pregnant women. This study is carried out to determine the practice and determinants of ITN use for children under five years among care givers in an urban area of Lagos State. A community-based, cross sectional study was carried out in Lagos State in April 2007 among three hundred and forty (340) care givers primarily responsible for child care at home. They were selected by a multi-stage sampling method using a pre-tested, interviewer-administered, structured questionnaire. ITN use rate for under-fives was high (61.8%) and this was significantly determined by care giver's marital status (P level of care giver and occupation of head of the household were not significant determinants. There is need for health campaigns on ITNs targeted at unmarried care givers of young children. In addition, we also recommend social marketing of modern family planning methods to reduce family size, thereby increasing chances of ITN use among children less than five years to reduce malaria burden.

  20. Back to Basics: Algebraic Foundations of the Statement of Cash Flows

    Science.gov (United States)

    Joyner, Donald T.; Banatte, Jean-Marie; Dondeti, V. Reddy

    2014-01-01

    The indirect method for preparing the statement of cash flows, as described in many standard textbooks, involves an item-by-item approach, telling you to add to or subtract from the net income, the increases or decreases in the balance sheet items, such as accounts payable or accounts receivable. Many business students, especially at the…

  1. Alternative Methods in the Evaluation of School District Cash Management Programs.

    Science.gov (United States)

    Dembowski, Frederick L.

    1980-01-01

    Empirically evaluates three measures of effectiveness of school district cash management: the rate of return method in common use and two new measures--efficiency rating and Net Present Value (NPV). The NPV approach allows examination of efficiency and provides a framework for evaluating other areas of educational policy. (Author/IRT)

  2. Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-01-01

    Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

  3. 26 CFR 1.1402(a)-15 - Options available to farmers in computing net earnings from self-employment for taxable years...

    Science.gov (United States)

    2010-04-01

    ... earnings from self-employment for taxable years ending on or after December 31, 1956. 1.1402(a)-15 Section...) INCOME TAX (CONTINUED) INCOME TAXES Tax on Self-Employment Income § 1.1402(a)-15 Options available to farmers in computing net earnings from self-employment for taxable years ending on or after December 31...

  4. 26 CFR 1.1402(a)-14 - Options available to farmers in computing net earnings from self-employment for taxable years...

    Science.gov (United States)

    2010-04-01

    ... earnings from self-employment for taxable years ending after 1954 and before December 31, 1956. 1.1402(a... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Tax on Self-Employment Income § 1.1402(a)-14 Options available to farmers in computing net earnings from self-employment for taxable years ending after 1954 and...

  5. Poweo half-year 2006 earnings. Positive net income, implementation of the 1. steps of the industrial plan; Poweo resultats du 1. semestre 2006. Resultat net positif, mise en oeuvre des 1. etapes du plan industriel

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-09-15

    POWEO, the leading independent energy operator in France, presents in this document its key financial data and highlights for the first half of 2006: - Half-year revenue amounts to euro 119.4 m, multiplied by 3.4 compared to the same period last year; - The Energy Management activity has achieved a net margin of euro 34.3 m; - EBIT amounts to euro 6.2 m, compared to euro -2.9 m in the first half of 2005; - Net income amounts to euro 8.9 m, compared to euro -2.9 m in the first half of 2005; - Completion of the preliminary steps to the building of a first thermal power plant (CCGT) is close at hand, two other projects launched; - Strengthening of internal structures in view of the residential market opening up; - Outlook for 2006: total sales expected to reach euro 220 m and positive EBITDA; - LNG terminal building project in Le Havre.

  6. Manipulation of Cash-Settled Futures Contracts.

    OpenAIRE

    Pirrong, Craig

    2001-01-01

    Replacement of delivery settlement of futures contracts with cash settlement is frequently proposed to reduce the frequency of market manipulation. This article shows that it is always possible to design a delivery-settled futures contract that is less susceptible to cornering by a large long than any given cash-settled contract. Such a contract is more susceptible to manipulation by large shorts, however. Therefore, cash settlement does not uniformly dominate delivery settlement as a means o...

  7. An Introduction to Digital Cash World

    OpenAIRE

    Dewi, Lusiana Citra

    2010-01-01

    Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the wor...

  8. Date Attachable Offline Electronic Cash Scheme

    Directory of Open Access Journals (Sweden)

    Chun-I Fan

    2014-01-01

    Full Text Available Electronic cash (e-cash is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  9. Date attachable offline electronic cash scheme.

    Science.gov (United States)

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  10. Date Attachable Offline Electronic Cash Scheme

    Science.gov (United States)

    Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling. PMID:24982931

  11. VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

    Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

  12. Beneficiaries’ perceptions and reported use of unconditional cash transfers intended to prevent acute malnutrition in children in poor rural communities in Burkina Faso: qualitative results from the MAM’Out randomized controlled trial

    Directory of Open Access Journals (Sweden)

    Audrey Tonguet-Papucci

    2017-05-01

    Full Text Available Abstract Background Acute malnutrition is a public health issue worldwide, and particularly in the Eastern region of Burkina Faso. Following a needs assessment, unconditional seasonal, multiannual cash transfers were implemented as a safety net to prevent childhood undernutrition. The objectives of this study were to explore the types of purchases made by beneficiaries of this cash transfer program and to understand the perceived effects of and changes induced by regular cash transfers in the daily lives of women, and at the household and community level. Methods The design of this study was a two-arm cluster randomized controlled trial. Qualitative data were collected each month during the cash transfer period for two years, leading to a total of more than 300 interviews and focus group discussions with various participants: beneficiary mothers, heads of households, mothers-in-law, co-wives, key members of the community, and participants of the control group. Results The two main types of expenses reported were food and health care for the child and the whole family. The program was also associated with positive perceived changes at the household level, mainly related to gender equality and improvement of women’s status, and has promoted an increase in dignity and social integration of the poorest at the community level through cash sharing. Unexpected effects of this program included some women planning new pregnancies and some individuals not expecting the transfers to end. Conclusion Although the transfers were unconditional, the cash was mainly used to improve the children’s and households’ food security and health, which correspond to two main underlying causes of undernutrition. Therefore, spending mainly in these areas can help to prevent undernutrition in children. Trial registration ClinicalTrials.gov , identifier: NCT01866124 , registered May 7, 2013.

  13. Petri Nets

    Indian Academy of Sciences (India)

    In a computer system, for example, typical discrete events ... This project brought out a series of influential reports on Petri net theory in the mid and late ... Technology became a leading centre for Petri net research and from then on, Petri nets ...

  14. Get the Most from Your Cash Flow.

    Science.gov (United States)

    Bauer, Richard I.

    1995-01-01

    Provides guidelines for overseeing a school district's cash-flow management program: (1) receipts into cash; (2) types of float; (3) concentration account or controlled-disbursement account; (4) bank-account analysis; and (5) safety. One figure is included. (LMI)

  15. School District Cash Management. Program Audit.

    Science.gov (United States)

    New York State Legislative Commission on Expenditure Review, Albany.

    New York State law permits school districts to invest cash not immediately needed for district operation and also specifies the kinds of investments that may be made in order to ensure the safety and liquidity of public funds. This audit examines cash management and investment practices in New York state's financially independent school districts.…

  16. Cash Management/Data Matching. Training Guide.

    Science.gov (United States)

    Office of Student Financial Assistance (ED), Washington, DC.

    This training guide for financial aid staff explains the process of direct loan reconciliation and suggests appropriate cash management accounting practices. Chapter 1 explains the importance of cash management, the role of data matching, and reviews basic reconciliation concepts and terms and direct loan reporting requirements. Chapter 2 reviews…

  17. Lessons about Cash and Manager Priorities

    Science.gov (United States)

    Mong, Donald

    2013-01-01

    Experienced managers know that cash affects virtually every aspect of a company's strategy and operations. Business students and new managers, however, sometimes lose sight of the importance of cash amidst the details of accrual-based accounting courses, formula-based finance courses, and production-based management courses. We therefore use…

  18. 20 CFR 404.1087 - Figuring partner's net earnings from self-employment for taxable year which ends as a result of...

    Science.gov (United States)

    2010-04-01

    ..., Wages, Self-Employment, and Self-Employment Income Self-Employment Income § 404.1087 Figuring partner's net earnings from self-employment for taxable year which ends as a result of death. (a) General. In... earnings from self-employment includes the amount of his or her distributive share of partnership ordinary...

  19. 26 CFR 1.996-8 - Effect of carryback of capital loss or net operating loss to prior DISC taxable year.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Effect of carryback of capital loss or net operating loss to prior DISC taxable year. 1.996-8 Section 1.996-8 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Domestic International Sales...

  20. Changes of net primary productivity in China during recent 11 years detected using an ecological model driven by MODIS data

    Science.gov (United States)

    Liu, Yibo; Ju, Weimin; He, Honglin; Wang, Shaoqiang; Sun, Rui; Zhang, Yuandong

    2013-03-01

    Net primary productivity (NPP) is an important component of the terrestrial carbon cycle. Accurately mapping the spatial-temporal variations of NPP in China is crucial for global carbon cycling study. In this study the process-based Boreal Ecosystem Productivity Simulator (BEPS) was employed to study the changes of NPP in China's ecosystems for the period from 2000 to 2010. The BEPS model was first validated using gross primary productivity (GPP) measured at typical flux sites and forest NPP measured at different regions. Then it was driven with leaf area index (LAI) inversed from the Moderate Resolution Imaging Spectroradiometer (MODIS) reflectance and land cover products and meteorological data interpolated from observations at 753 national basic meteorological stations to simulate NPP at daily time steps and a spatial resolution of 500 m from January 1, 2000 to December 31, 2010. Validations show that BEPS is able to capture the seasonal variations of tower-based GPP and the spatial variability of forest NPP in different regions of China. Estimated national total of annual NPP varied from 2.63 to 2.84Pg C·yr-1, averaging 2.74 Pg C·yr-1 during the study period. Simulated terrestrial NPP shows spatial patterns decreasing from the east to the west and from the south to the north, in association with land cover types and climate. South-west China makes the largest contribution to the national total of NPP while NPP in the North-west account for only 3.97% of the national total. During the recent 11 years, the temporal changes of NPP were heterogamous. NPP increased in 63.8% of China's landmass, mainly in areas north of the Yangtze River and decreased in most areas of southern China, owing to the low temperature freezing in early 2008 and the severe drought in late 2009.

  1. Cash flow optimization in industrial enterprise

    Directory of Open Access Journals (Sweden)

    Myznikova T.N.

    2017-01-01

    Full Text Available Optimization of cash flows of the industrial company provides economic entity necessity and sufficiency of financial resources for sustainable activities. Cash optimization techniques are grouped into two blocks: theoretical - is mainly foreign methods and applied techniques that are mostly used by Russian authors. Models described in the literature are not allowed for the particular industry in the formation of cash. The mathematical models described in the literature do not allow to take into account industry characteristics in the formation of funds. The proposed methodology by authors allows to predict cash amounts based on business company. The balance of cash flows is provided by the budgeting system. The company’s the released money can send funds for investment purposes. Effectiveness of confirmed by practical testing methodology on the existing machine-building enterprise.

  2. Corporate Governance, Cash Holdings, and Firm Value: Evidence from Japan

    OpenAIRE

    Qi Luo; Toyohiko Hachiya

    2005-01-01

    This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a significant role in determining cash holdings. Our results indicate that foreign stockholders select profitable firms to invest, and these firms have higher levels of cash. We document evidence that cash ho...

  3. Impact of permethrin-treated bed nets on entomologic indices in an area of intense year-round malaria transmission.

    Science.gov (United States)

    Gimnig, John E; Vulule, John M; Lo, Terrence Q; Kamau, Luna; Kolczak, Margarette S; Phillips-Howard, Penelope A; Mathenge, Evan M; ter Kuile, Feiko O; Nahlen, Bernard L; Hightower, Allen W; Hawley, William A

    2003-04-01

    The effect of permethrin-treated bed nets (ITNs) on malaria vectors was studied as part of a large-scale, randomized, controlled trial in western Kenya. Indoor resting densities of fed Anopheles gambiae s.l. and An. funestus in intervention houses were 58.5% (P = 0.010) and 94.5% (P = 0.001) lower, respectively, compared with control houses. The sporozoite infection rate in An. gambiae s.l. was 0.8% in intervention areas compared with 3.4% (P = 0.026) in control areas, while the sporozoite infection rates in An. funestus were not significantly different between the two areas. We estimated the overall transmission of Plasmodium falciparum in intervention areas to be 90% lower than in control areas. Permethrin resistance was not detected during the study period. As measured by densities of An. gambiae s.l., the efficacy of bed nets decreased if one or more residents did not sleep under a net or if bed nets had not been re-treated within six months. These results indicate that ITNs are optimally effective if used every night and if permethrin is reapplied at least biannually.

  4. Impact of permethrin-treated bed nets on entomologic indices in an area of intense year-round malaria transmission

    NARCIS (Netherlands)

    Gimnig, John E.; Vulule, John M.; Lo, Terrence Q.; Kamau, Luna; Kolczak, Margarette S.; Phillips-Howard, Penelope A.; Mathenge, Evan M.; ter Kuile, Feiko O.; Nahlen, Bernard L.; Hightower, Allen W.; Hawley, William A.

    2003-01-01

    The effect of permethrin-treated bed nets (ITNs) on malaria vectors was studied as part of a large-scale, randomized, controlled trial in western Kenya. Indoor resting densities of fed Anopheles gambiae s.l. and An. funestus in intervention houses were 58.5% (P = 0.010) and 94.5% (P = 0.001) lower,

  5. CASH FLOW – AN INSTRUMET FOR ANNALYSING AND DETERMINING THE VALUE OF AN ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Valentina Dorina BOGDAN

    2015-11-01

    Full Text Available The purpose of this thesis is to understand the logic of the approach based on income and the methods included in this approach. Reading through this paper must provide us with the ability to choose and correctly apply the methods presented in order to estimate the enterprise value. Understanding the method cash - flow update – is conditioned by the differentiation between collection and income, fees and expenses. The profit is the result of comparing revenues and expenses. Not all revenue generate collection at the same time; not all expenses generate payments. Their registration into accounting is delayed. Cash-flow is the evolution of the availability of funds in itself of the company, the evolution of the net treasury. In summary, we note that approach based on income estimates an enterprise value by converting future streams of income in the present value of an enterprise which can generate those cash flows.

  6. EXCESS CASH HOLDINGS DAN KEPEMILIKAN INSTITUSIONAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

    Directory of Open Access Journals (Sweden)

    Yessica Tria Christina

    2014-02-01

    Full Text Available This research provides an empirical evidence about the effect of institutional ownerships as a proxy of information transparancy on excess cash holdings. Manufacture companies listed on BEI from years 2002 to 2011 are employed. The results show that the higher the proportion of institutional ownership, the lower the excess cash holdings. Informational transparancy, as one of the requirements of good corporate governance, can in fact lower the chance of aggrevating the manager’s behavior to practice excess cash holdings that can lower the company’s efficiency.

  7. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    Directory of Open Access Journals (Sweden)

    MELANIA ELENA MICULEAC

    2012-01-01

    Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

  8. Cash flow forecast for South African firms

    OpenAIRE

    Li, Yun; Moutinho, Luiz; Opong, Kwaku K.; Pang, Yang

    2015-01-01

    This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA an...

  9. Effectiveness and equity of the Tanzania National Voucher Scheme for mosquito nets over 10 years of implementation.

    Science.gov (United States)

    Kramer, Karen; Mandike, Renata; Nathan, Rose; Mohamed, Ally; Lynch, Matthew; Brown, Nick; Mnzava, Ally; Rimisho, Wilhelmina; Lengeler, Christian

    2017-06-15

    The Tanzania National Voucher Scheme (TNVS) was a public private partnership managed by the Ministry of Health that provided pregnant women and infants with highly subsidized (long-lasting) insecticide-treated nets between 2004 and 2014. It was implemented in the context of the National Insecticide Treated Nets (NATNETS) Programme and was the main keep up strategy for vulnerable populations. The programme design was adjusted considerably over time to incorporate new evidence, shifting public health policies, and changing donor priorities. Three TNVS models can be distinguished: (1) the fixed discount; (2) the fixed top-up; (3) the hybrid voucher model. The changes improved equity and effectiveness, but also had a profound effect on how the programme was managed and implemented. The TNVS reached the majority of beneficiaries with vouchers, and significantly increased household ownership and use of LLINs. While two mass distribution campaigns implemented between 2009 and 2011 achieved universal coverage and equity, the TNVS ensured continuous protection of the vulnerable populations before, during and after the campaigns. The TNVS stimulated and maintained a large national retail network which managed the LLIN supply chain. The effectiveness of the TNVS was a function of several interdependent factors, including the supply chain of vouchers through the public health system; the supply chain of nets in the commercial sector; the demand for nets from voucher recipients; management and risk mitigation measures; and the influence of global and donor objectives. The TNVS was a highly innovative and globally influential programme, which stimulated the thinking around effectively and equitably distributing ITNs, and contributed directly to the evolution of global policy. It was a fundamental component of the NATNETS programme which protected a malaria-vulnerable population for over a decade.

  10. The Cash-out Refinancing in the Norwegian Housing Market

    OpenAIRE

    Almaas, Synne Schanke; Bystrøm, Line Synnøve

    2014-01-01

    The housing prices in Norway and the ratio of Norwegian household debt to disposable income have reached unprecedentedly high levels in recent years, raising concerns about whether we are in a serious housing bubble. This attracts much attention and initiates debates among politicians, researchers as well as the entire society. Contributing to the debates, the present thesis studies "cash-out" refinancing in the Norwegian housing market and has two main findings. First, along with the soaring...

  11. The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms

    OpenAIRE

    Ostergaard, Charlotte; Sasson, Amir; Sørensen, Bent E

    2011-01-01

    We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitiv...

  12. Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis

    OpenAIRE

    Nyborg, Kjell G; Wang, Zexi

    2013-01-01

    The paper contributes to the literature on corporate cash holdings by showing that there is a financial markets channel that affects corporations’ cash holdings. Leaning on the literature on stock price feedback to firm fundamentals, we advance the hypothesis that firms with more liquid stocks hold more cash, ceteris paribus, as ammunition to defend against negative cascades or stimulate positive ones. This contrasts with an alternative view that firms with more liquid stocks are less financi...

  13. Banknotes and unattended cash transactions

    Science.gov (United States)

    Bernardini, Ronald R.

    2000-04-01

    There is a 64 billion dollar annual unattended cash transaction business in the US with 10 to 20 million daily transactions. Even small problems with the machine readability of banknotes can quickly become a major problem to the machine manufacturer and consumer. Traditional note designs incorporate overt security features for visual validation by the public. Many of these features such as fine line engraving, microprinting and watermarks are unsuitable as machine readable features in low cost note acceptors. Current machine readable features, mostly covert, were designed and implemented with the central banks in mind. These features are only usable by the banks large, high speed currency sorting and validation equipment. New note designs should consider and provide for low cost not acceptors, implementing features developed for inexpensive sensing technologies. Machine readable features are only as good as their consistency. Quality of security features as well as that of the overall printing process must be maintained to ensure reliable and secure operation of note readers. Variations in printing and of the components used to make the note are one of the major causes of poor performance in low cost note acceptors. The involvement of machine manufacturers in new currency designs will aid note producers in the design of a note that is machine friendly, helping to secure the acceptance of the note by the public as well as acting asa deterrent to fraud.

  14. Cash Advance Accounting: Accounting Regulations and Practices

    Directory of Open Access Journals (Sweden)

    Aristita Rotila

    2012-12-01

    Full Text Available It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate, used in the assessment for reflecting in the accounting operations concerning cash advance reimbursements in a foreign currency, has on the information presented in the financial statement. Therewith, we signal some aspects from the content of the accounting regulations, with reference at defining the cash advances, meaning, and the presentation in the balance sheet of cash advances, which, in our opinion, impose clarifications.

  15. Uue kunsti muuseumis laulab Johnny Cash

    Index Scriptorium Estoniae

    2010-01-01

    Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

  16. Cash flow forecast for South African firms

    Directory of Open Access Journals (Sweden)

    Yun Li

    2015-06-01

    Full Text Available This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA and Australia. Inclusion of more explanatory variables does not necessarily improve the models, according to the out-of-sample results. The paper proposes the application of moving average model in panel data, and vector regressive model for multi-period-ahead prediction of cash flows for South Africa firms.

  17. Net Neutrality

    DEFF Research Database (Denmark)

    Savin, Andrej

    2017-01-01

    Repealing “net neutrality” in the US will have no bearing on Internet freedom or security there or anywhere else.......Repealing “net neutrality” in the US will have no bearing on Internet freedom or security there or anywhere else....

  18. 47 CFR 36.182 - Cash working capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182... PROCEDURES; STANDARD PROCEDURES FOR SEPARATING TELECOMMUNICATIONS PROPERTY COSTS, REVENUES, EXPENSES, TAXES... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if not...

  19. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

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

    OpenAIRE

    Rahmat Heru Setianto; Addenver Kusumaputra

    2017-01-01

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

  1. Hazards of the 'hard cash': hypersensitivity pneumonitis.

    Science.gov (United States)

    Kupeli, Elif; Karnak, Demet; Sak, Serpil Dizbay; Kayacan, Oya

    2010-01-01

    Hypersensitivity pneumonitis (HP) is a nonimmunoglobulin E-related immune-mediated parenchymal lung disease. A 45-year-old woman who was a lifelong nonsmoker with a six-month history of frequent episodes of cough and dyspnea was admitted to hospital. She had been working as a money counter for 20 years at a central bank. Bibasilar crackles on lung auscultation, ground-glass opacities and a mosaic pattern on high-resolution computed tomography, restrictive abnormality on pulmonary function tests and mild hypoxemia were the prominent findings. Bronchoalveolar lavage fluid analysis revealed a predominance of CD4-positive T cells, and she tested positive on her natural challenge test. She was diagnosed with subacute HP based on established criteria. She was advised to discontinue counting fresh banknotes. Prednisolone was commenced, then tapered to discontinue in the ensuing six months. Clinical and radiological improvement was achieved within two months. To the authors' knowledge, the present report is the first to describe 'hard cash HP', possibly caused by chipping dust or printing dye.

  2. Governance mechanisms, investment opportunity set and SMEs cash holdings

    OpenAIRE

    Belghitar, Yacine; Khan, James

    2013-01-01

    This study analyses the effect of firm characteristics and governance mechanisms on cash holdings for a sample of UK SMEs. The results show that UK SMEs with greater cash flow volatility and institutional investors hold more cash; whereas levered and dividend paying SMEs with non-executive ownership hold less cash. We also find that ownership structure is significant only in explaining the cash holdings for firms with high growth investment opportunities, and leverage is only significant in e...

  3. Trial Readiness in Cavernous Angiomas With Symptomatic Hemorrhage (CASH).

    Science.gov (United States)

    Polster, Sean P; Cao, Ying; Carroll, Timothy; Flemming, Kelly; Girard, Romuald; Hanley, Daniel; Hobson, Nicholas; Kim, Helen; Koenig, James; Koskimäki, Janne; Lane, Karen; Majersik, Jennifer J; McBee, Nichol; Morrison, Leslie; Shenkar, Robert; Stadnik, Agnieszka; Thompson, Richard E; Zabramski, Joseph; Zeineddine, Hussein A; Awad, Issam A

    2018-04-11

    Brain cavernous angiomas with symptomatic hemorrhage (CASH) are uncommon but exact a heavy burden of neurological disability from recurrent bleeding, for which there is no proven therapy. Candidate drugs to stabilize the CASH lesion and prevent rebleeding will ultimately require testing of safety and efficacy in multisite clinical trials. Much progress has been made in understanding the epidemiology of CASH, and novel biomarkers have been linked to the biological mechanisms and clinical activity in lesions. Yet, the ability to enroll and risk-stratify CASH subjects has never been assessed prospectively at multiple sites. Biomarkers and other outcomes have not been evaluated for their sensitivity and reliability, nor have they been harmonized across sites. To address knowledge gaps and establish a research network as infrastructure for future clinical trials, through the Trial Readiness grant mechanism, funded by National Institute of Neurological Disorders and Stroke/National Institutes of Health. This project includes an observational cohort study to assess (1) the feasibility of screening, enrollment rates, baseline disease categorization, and follow-up of CASH using common data elements at multiple sites, (2) the reliability of imaging biomarkers including quantitative susceptibility mapping and permeability measures that have been shown to correlate with lesion activity, and (3) the rates of recurrent hemorrhage and change in functional status and biomarker measurements during prospective follow-up. We propose a harmonized multisite assessment of enrollment rates of CASH, baseline features relevant to stratification in clinical trials, and follow-up assessments of functional outcomes in relation to clinical bleeds. We introduce novel biomarkers of vascular leak and hemorrhage, with firm mechanistic foundations, which have been linked to clinical disease activity. We shall test their reliability and validity at multiple sites, and assess their changes over time

  4. Fuzzy net present value for engineering analysis

    Directory of Open Access Journals (Sweden)

    Ali Nazeri

    2012-10-01

    Full Text Available Cash flow analysis is one of the most popular methods for investigating the outcome of an economical project. The costs and benefits of a construction project are often involved with uncertainty and it is not possible to find a precise value for a particular project. In this paper, we present a simple method to calculate the net present value of a cash flow when both costs and benefits are given as triangular numbers. The proposed model of this paper uses Delphi method to figure out the fair values of all costs and revenues and then using fizzy programming techniques, it calculates the fuzzy net present value. The implementation of the proposed model is demonstrated using a simple example.

  5. The Economic Role and Limitations of Cooperatives: An Investment Cash Flow Derivation

    OpenAIRE

    Peterson, H. Christopher

    1992-01-01

    The economic role and limitations of cooperatives are derived using an approach based on investment cash flows and net present value. Cooperatives are viewed as an option for member investment as well as an option for member patronage. The investment approach yields results similar to the traditional paradigms that focus on patronage. In addition, the approach makes more explicit the impact of member investment on cooperative existence, valuation, performance measurement, and strategy options.

  6. Petri Nets

    Indian Academy of Sciences (India)

    GENERAL I ARTICLE ... In Part 1 of this two-part article, we have seen im- ..... mable logic controller and VLSI arrays, office automation systems, workflow management systems, ... complex discrete event and real-time systems; and Petri nets.

  7. Cash flows: The Gap Between Reported and Estimated Operating Cash Flow Elements

    Directory of Open Access Journals (Sweden)

    Mark Hughes

    2010-03-01

    Full Text Available The FASB and the IASB recently released a joint Discussion Paper “Preliminary Views on FinancialStatement Presentation” (International Accounting Standards Board 2008, which contains a major proposalrequiring companies to report operating cash flows using the direct method and it also requires that theindirect method of calculating operating cash flows be disclosed in the notes. This is a departure from currentrules and has generated considerable debate among respondents’ comment letters on the Discussion Paper.This paper adds to this debate by providing some evidence as to the size of the gap users confront when usingthe indirect method to estimate the major operating cash flow elements, such as cash collected fromcustomers and cash paid to suppliers. Using a sample of Australian companies which reported operating cashflows using the direct method, and presented the indirect method in the notes, we find significant differencesbetween reported and estimated figures for both cash collected from customers and cash paid to suppliers.These findings support the discussion paper’s proposal that companies be required to report cash flows usingboth the direct and indirect methods.

  8. CASH 2021: Commercial access and space habitation

    Science.gov (United States)

    Aldrin, Andrew; Amara, Adam; Aris, Lodewijk; Baierl, Nida; Beatty, Patrick; Beaulieu, Catherine; Behnke, Torsten; Castegini, Roberta; Chauhan, Amitabh; Cojanis, Philip; Dayawansa, Pelawa; Diop, Marie; Eito, Kinya; Engle, Steve; Ferretti, Stefano; Gassama, Hamet; Genova, Bojana; Goulding, Colin; Janjua, Jameel; Jansaeng, Thidarat; Jousset, Frédéric; Kopik, Anatoly; Laurin, Catherine; Leggatt, Jason; Li, Hengnian; Mezzadri, Monica; Miura, Amane; Nolet, Simon; Ogami, Satoshi; Patry, Johanne; Patten, Laryssa; Payerne, Cyril; Peer, Guy; Prampolini, Marco; Rheaume, Caroline; Saary, Joan; Spehar, Daniela; Sufi, Atiya; Sun, Baosheng; Thompson, J. Barry; Thomson, Ward; Trautner, Roland; Tursunmuratov, Murat; Venet, Vrata; Wilems, Elizabeth; Wilson, Helen; Wittwer, Karl; Wokke, Frank; Wu, Yansheng; Zhou, Shaobin; Zilioli, Ilaria

    2002-07-01

    Issues about commercialization of space have been a growing concern in the past decade for the space community. This paper focuses on the work from a team of 51 students attending the Summer Session Program of the International Space University in Bremen, Germany. CASH 2021 (Commercial Access and Space Habitation) documents a plan that identifies commercial opportunities for space utilization that will extend human presence in space, and will chart the way forward for the next 20 years. The group selected four commercial sectors that show the most promise for the future: tourism, entertainment, space system service, assembly and debris removal, and research and development/production. The content of this document presents the results of their research. Historical activities in each of the commercial sectors are reviewed along with the current market situation. To provide a coherent background for future commercialization possibilities a scenario has been developed. This scenario includes a postulated upon ideal future and includes social, political and economic factors that may affect the space industry over the timeline of the study. The study also presents a roadmap, within the limited optimistic scenario developed, for the successful commercialization of space leading to future human presence in space. A broad range of commercially viable opportunities, not only within the current limits of the International Space Station, but also among the many new developments that are expected by 2021 are discussed.

  9. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    GHEORGHE LEPADATU

    2011-04-01

    Full Text Available Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main restriction of the financial management of the enterprise. Treasury embodies the results of operations and how to achieve financial balance of compliance. Not always an entity that ends year with benefits, has a positive cash (cash at bank and in availability. And this, because the gap between the recording and accounting of revenue and expenditure receipts and payments as they fall due, that gap can be decisive for the fate of the enterprise. This is a major requirement of the accrual. Therefore, an efficient management of the economic entity comprises both the asset management flows (revenues / expenses and cash management, i.e. the flows of receipts and payments. The statistical evidence shows that most of the failures are due to weaknesses in treasury management.

  10. Performance of a passive treatment system for net-acidic coal mine drainage over five years of operation.

    Science.gov (United States)

    Matthies, Romy; Aplin, Andrew C; Jarvis, Adam P

    2010-09-15

    A full-scale passive treatment system (PTS) was commissioned in 2003 to treat two net-acidic coal mine water discharges in the Durham coalfield, UK. The principal aim of the PTS was to decrease concentrations of iron (3.2) and alkalinity (> or =0 mg L(-1) CaCO(3) eq). Secondary objectives were to decrease zinc (treatment, water qualities were improved by 84% in the case of Fe, 87% Al, 83% acidity, 51% Zn, 23% Mn and 29% SO(4)(2)(-). Alkalinity (74%) and pH (95% as H(+)) were increased. Area adjusted removal rates (Fe=1.49+/-0.66 g d(-1) m(-2); acidity=6.7+/-4.9 g d(-1) m(-2)) were low compared to design criteria, mainly due to load limitation. Disregarding seasonality effects, acidity removal and effluent pH were stable over time. A substantial temporal decrease in calcium and alkalinity generation suggests that limestone is increasingly armoured. Once pH is no longer buffered by the carbonate system, metals could be remobilized, putting treatment efficiency at risk. Copyright 2010 Elsevier B.V. All rights reserved.

  11. RESTful NET

    CERN Document Server

    Flanders, Jon

    2008-01-01

    RESTful .NET is the first book that teaches Windows developers to build RESTful web services using the latest Microsoft tools. Written by Windows Communication Foundation (WFC) expert Jon Flanders, this hands-on tutorial demonstrates how you can use WCF and other components of the .NET 3.5 Framework to build, deploy and use REST-based web services in a variety of application scenarios. RESTful architecture offers a simpler approach to building web services than SOAP, SOA, and the cumbersome WS- stack. And WCF has proven to be a flexible technology for building distributed systems not necessa

  12. Improved netting

    International Nuclear Information System (INIS)

    Bramley, A.; Clabburn, R.J.T.

    1976-01-01

    A method is described for producing netting composed of longitudinal and transverse threads of irradiation cross linked thermoplastic material, the threads being joined together at their crossings by moulded masses of cross linked thermoplastic material. The thread may be formed of polyethylene filaments, subjected to a radiation dose of 15 to 25 MR. The moulding can be conducted at 245 0 to 260 0 C or higher. The product is claimed to be an improved quality of netting, with bonds of increased strength between crossing threads. (U.K.)

  13. 1999: The Year in Review: Looking ahead

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2000-07-01

    AEC Pipelines P. L. is a Canadian limited partnership engaged in the transportation of oil through the Alberta Oil Sands, Cold Lake, Wabasca, Express and Platte pipelines. Although the company delivered a strong financial performance during 1999 with a net income of $ 61.4 million and cash distribution of $ 0.76 per unit, the performance of the Partnership's unit price on the stock market was disappointing. The Partnership enjoyed strong operating performance throughout the year as combined system throughputs increased from 1998 levels. The strategic focus of management is on cash distributions to unit holders -- first, to provide stability and second, to create growth. This means investing in the Partnership's own existing asset base, as well as taking advantage of attractive opportunities elsewhere, including investment opportunities in selected regions outside of North America where potential investments have attractive market fundamentals. The objective for 2000 is to maintain cash distribution at 1999 level ($ 0.76/unit) and to build cash distribution reserve of $ 0.05/unit. Operationally, the objective is to implement a strategy to transport substantially all of the expected increase in oil production in the Cold Lake Pipeline System. The annual report provides full details of the operations of each of the pipelines, audited financial statements and relevant notes.

  14. Petri Nets

    Indian Academy of Sciences (India)

    Home; Journals; Resonance – Journal of Science Education; Volume 4; Issue 9. Petri Nets - Applications. Y Narahari. General Article Volume 4 Issue 9 September 1999 pp 44-52 ... Author Affiliations. Y Narahari1. Department of Computer Science and Automation, Indian Institute of Science, Bangalore 560 012, India.

  15. Net Gain

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

    Describing the effect of tax incentives for import, production, and sale of nets and insecticides; and ..... So far, China is the only country where a system for the routine treatment of ...... 1993), and the trials in Ecuador and Peru (Kroeger et al.

  16. A Priority Rule-Based Heuristic for Resource Investment Project Scheduling Problem with Discounted Cash Flows and Tardiness Penalties

    Directory of Open Access Journals (Sweden)

    Amir Abbas Najafi

    2009-01-01

    Full Text Available Resource investment problem with discounted cash flows (RIPDCFs is a class of project scheduling problem. In RIPDCF, the availability levels of the resources are considered decision variables, and the goal is to find a schedule such that the net present value of the project cash flows optimizes. In this paper, we consider a new RIPDCF in which tardiness of project is permitted with defined penalty. We mathematically formulated the problem and developed a heuristic method to solve it. The results of the performance analysis of the proposed method show an effective solution approach to the problem.

  17. The FASB explores accounting for future cash flows.

    Science.gov (United States)

    Luecke, R W; Meeting, D T

    2001-03-01

    The FASB's Statement of Financial Accounting Concepts No. 7, Using Cash Flow Information and Present Value in Accounting Measurements (Statement No. 7), presents the board's views regarding how cash-flow information and present values should be used in accounting for future cash flows when information on fair values is not available. Statement No. 7 presents new concepts regarding how an asset's present value should be calculated and when the interest method of allocation should be used. The FASB proposes a present-value method that takes into account the degree of uncertainty associated with future cash flows among different assets and liabilities. The FASB also suggests that rather than use estimated cash flows (in which a single set of cash flows and a single interest rate is used to reflect the risk associated with an asset or liability), accountants should use expected cash flows (in which all expectations about possible cash flows are used) in calculating present values.

  18. Predictability of Returns and Cash Flows

    OpenAIRE

    Ralph S.J. Koijen; Stijn Van Nieuwerburgh

    2010-01-01

    We review the literature on return and cash-flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.

  19. Why Cash "Doesn't" Motivate...

    Science.gov (United States)

    Freifeld, Lorri

    2011-01-01

    If money is the root of all evil, is it also the root of all motivation? When talking about workplace performance and training, the experts' consensus is a resounding "No." This article discusses why cash doesn't motivate everyone all the time when it comes to workplace performance and training and takes a look at what does.

  20. The analysis of exergy and cash flow

    International Nuclear Information System (INIS)

    Weimin, H.

    1989-01-01

    The paper presents the analysis of the economic content of exergy parameter and the thermodynamical analogy of the analysis of cash flow, and gives out the reasonable foundations of the analysis of heat economy. The thoughts of optimum design of the combination of heat economic analysis and investment policy are also put forward

  1. Cash Management Program Reaps Financial Rewards.

    Science.gov (United States)

    Saylor, Joan Nesenkar

    1984-01-01

    Basic components of a New Jersey district's profitable cash management program include consolidating funds using a negotiated bank agreement, a short term investment policy, accurate flowcharts for precise planning, and revenue and expenditure analysis. Data collection and analysis and the alternative of using a bank service agreement are…

  2. Intangible Capital and Corporate Cash Holdings: Theory and Evidence

    OpenAIRE

    Dalida Kadyrzhanova; Antonio Falato; Jae Sim

    2012-01-01

    The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...

  3. Statistical partitioning of a three-year time series of direct urban net CO2 flux measurements into biogenic and anthropogenic components

    Science.gov (United States)

    Menzer, Olaf; McFadden, Joseph P.

    2017-12-01

    Eddy covariance flux measurements are increasingly used to quantify the net carbon dioxide exchange (FC) in urban areas. FC represents the sum of anthropogenic emissions, biogenic carbon release from plant and soil respiration, and carbon uptake by plant photosynthesis. When FC is measured in natural ecosystems, partitioning into respiration and photosynthesis is a well-established procedure. In contrast, few studies have partitioned FC at urban flux tower sites due to the difficulty of accounting for the temporal and spatial variability of the multiple sources and sinks. Here, we partitioned a three-year time series of flux measurements from a suburban neighborhood of Minneapolis-Saint Paul, Minnesota, USA. We segregated FC into one subset that captured fluxes from a residential neighborhood and into another subset that covered a golf course. For both land use types we modeled anthropogenic flux components based on winter data and extrapolated them to the growing season, to estimate gross primary production (GPP) and ecosystem respiration (Reco) at half-hourly, daily, monthly and annual scales. During the growing season, GPP had the largest magnitude (up to - 9.83 g C m-2 d-1) of any component CO2 flux, biogenic or anthropogenic, and both GPP and Reco were more dynamic seasonally than anthropogenic fluxes. Owing to the balancing of Reco against GPP, and the limitations of the growing season in a cold temperate climate zone, the net biogenic flux was only 1.5%-4.5% of the anthropogenic flux in the dominant residential land use type, and between 25%-31% of the anthropogenic flux in highly managed greenspace. Still, the vegetation sink at our site was stronger than net anthropogenic emissions on 16-20 days over the residential area and on 66-91 days over the recreational area. The reported carbon flux sums and dynamics are a critical step toward developing models of urban CO2 fluxes within and across cities that differ in vegetation cover.

  4. Cash Conversion Cycle, Cash Management and Profitability: An Empirical Study on the ISE Traded Companies

    OpenAIRE

    Tulay Yucel; Gulizar Kurt

    2002-01-01

    This paper investigates the relationship of cash conversion cycle, a tool in working capital management, with profitability, liquidity and debt structure. The data covering the period of 1995-2000, of 167 firms whose stocks are listed on the Istanbul Stock Exchange (ISE). The cash conversion cycle, profitability, liquidity and debt structure were examined comparatively in this study on the basis of period, industry and firm size. It was examined that the relationships of these variables and t...

  5. Multinational cash management and conglomerate discounts in the euro zone

    NARCIS (Netherlands)

    Eije, Henk von; Westerman, Wim

    2001-01-01

    We discuss the impact of liberalisation, deregulation and the introduction of a single currency on cash management within multinationals in the euro zone. The developments in the euro zone reduce financial market imperfections in transferring cash and diminish the need for separate local cash

  6. 18 CFR 154.306 - Cash working capital.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital... Changes § 154.306 Cash working capital. A natural gas company that files a tariff change under this part may not receive a cash working capital adjustment to its rate base unless the company or other...

  7. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Cash flow forecasts. 232..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 232.072-3 Cash flow forecasts. (a... contractor to submit a cash flow forecast covering the duration of the contract. (b) A contractor's inability...

  8. 18 CFR 357.5 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management...: CARRIERS SUBJECT TO PART I OF THE INTERSTATE COMMERCE ACT § 357.5 Cash management programs. Oil pipeline... and § 357.2 of this title that participate in cash management programs must file these agreements with...

  9. Title IV Cash Management Life Cycle Training. Participant's Guide.

    Science.gov (United States)

    Department of Education, Washington, DC.

    This participant's guide includes: "Introduction: Welcome to Cash Management Life Cycle Training"; "Module 1: Review of Cash Management Principles" (cash management overview and activity); "Module 2: Common Origination and Disbursement (COD) System Overview" (e.g., full participants and phase-in participants, COD…

  10. 18 CFR 260.400 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management... Cash management programs. Natural gas companies subject to the provisions of the Commission's Uniform... management programs must file these agreements with the Commission. The documentation establishing the cash...

  11. 18 CFR 141.500 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management... OF 1978 STATEMENTS AND REPORTS (SCHEDULES) § 141.500 Cash management programs. Public utilities and... and § 141.1 or § 141.2 of this title that participate in cash management programs must file these...

  12. Net Locality

    DEFF Research Database (Denmark)

    de Souza e Silva, Adriana Araujo; Gordon, Eric

    Provides an introduction to the new theory of Net Locality and the profound effect on individuals and societies when everything is located or locatable. Describes net locality as an emerging form of location awareness central to all aspects of digital media, from mobile phones, to Google Maps......, to location-based social networks and games, such as Foursquare and facebook. Warns of the threats these technologies, such as data surveillance, present to our sense of privacy, while also outlining the opportunities for pro-social developments. Provides a theory of the web in the context of the history...... of emerging technologies, from GeoCities to GPS, Wi-Fi, Wiki Me, and Google Android....

  13. Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

    Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

  14. Development of cash management products in Serbia and impact on the profitability of banks

    Directory of Open Access Journals (Sweden)

    Barjaktarović Lidija

    2014-01-01

    Full Text Available Cash management products are in the function of promotion of the company's business, i.e. of liquidity management. The objective of this work is to determine the level of development of the Cash Management products in Serbia and their impact on the profitability and cost optimisation of a bank. Domestic banks established with foreign capital, primarily from Austria and Italy, were the first to introduce the initial contemporary Cash Management Products by the end of 2002, thanks to the development of electronic banking and relocation of the domestic payment transfers into the business banks. In addition, the analysis will show that banks with a clear focus on cooperation with the corporate clients are continuously developing this group of products in Serbia (Raiffeisen Bank, UniCredit Bank, Banca Intesa, Erste Bank. The research covers parallel presentation of development of the Cash Management products both of the domestic banks and their head offices abroad by the end of the year 2009 and the year 2012. The results of conducted research point out at the fact that the domestic banks established with the Italian capital (Banca Intesa and UniCredit Bank have taken over the leading role in the introduction of the new and more modern Cash Management products thanks to the good sector of information technology that is present in Serbia.

  15. Which cost of debt should be used in forecasting cash flows?

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez–Pareja

    2009-04-01

    Full Text Available Frequently, analysts and teachers use the capitalized rate of interest for the cost of debt when forecasting and discounting cash flows. Others estimate the interest payments when forecasting annual financial statements or cash flows based on the average of debt calculated with the beginning and ending balance. Others use the end of year convention that calculates the yearly interest multiplying the beginning balance times its contractual cost. The use of one or other methods is critical for the definition of the tax savings. These approaches are illustrated with examples and the differences in using them. A simple proposal to solve the problem is presented.

  16. Potential dividends and actual cash flows. A regional latin american analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.

  17. Malaria in Dielmo, a Senegal village: Is its elimination possible after seven years of implementation of long-lasting insecticide-treated nets?

    Directory of Open Access Journals (Sweden)

    Amélé Nyedzie Wotodjo

    Full Text Available The malaria burden has decreased significantly in recent years in Africa through the widespread use of artemisinin-based combination therapy (ACT and long-lasting insecticide-treated nets (LLINs. However, the occurrence of malaria resurgences, the loss of immunity of exposed populations constitute among other factors, serious concerns about the future of malaria elimination efforts. This study investigated the evolution of malaria morbidity in Dielmo (Senegal before and after the implementation of LLINs.A longitudinal study was carried out in Dielmo over eight years, from July 2007 to July 2015. In July 2008, LLINs were offered to all villagers, and in July 2011 and August 2014 the LLINs were renewed. A survey on LLINs use was done each quarter of the year. Thick smears stained with Giemsa, a rapid diagnostic test (RDT and quantitative polymerase chain reaction (PCR methods were performed for all cases of fever to assess malaria clinical attacks. Malaria cases were treated with ACT since June 2006.Malaria morbidity has decreased significantly since the implementation of LLINs in Dielmo, together with ACT. However, malaria resurgences have occurred twice during the seven years of LLINs use. These resurgences occurred the first time during the third year after the introduction of LLINs (aIRR (adjusted incidence-rate ratio [95%CI] = 5.90 [3.53; 9.88] p< 0.001 and a second time during the third year after the renewal of LLINs (aIRR [95%CI] = 5.60 [3.34; 9.39] p< 0.001. Sixty-nine percent (69% of the nets tested for their long-lasting insecticidal activity remained effective after 3 years of use.Good management of malaria cases by the use of ACT as first-line treatment against malaria in addition to the use of LLINs has significantly reduced malaria in Dielmo and allowed to reach the phase of pre-elimination of the disease. However, the occurrence of malaria resurgences raised serious concerns about malaria elimination, which would require additional

  18. Prudency reviews, cash management issues emerge

    International Nuclear Information System (INIS)

    Anon.

    1985-01-01

    Utility management is paying increasing attention to the broadening of regulatory commission prudency reviews to cover operating generating plants as well as those under construction. Utilities can expect a prudency review after a major outage, and should investigate the possibility for legal action against a third party or be prepared to defend itself. The Shoreham nuclear plant serves as a warning to utilities of the need for on-going documentation of cost-benefit analyses conducted during the construction period. Utility managers should demand a prudency standard from their regulators, and minority owners in large projects should make independent prudency findings. There is also a growing need for utilities to develop intelligent strategies for handling excess cash. Methods for handling cash flow include the financial investment, grid refurbishment, dividend payout, decapitalization, and diversification

  19. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review

    OpenAIRE

    Hunter, Benjamin M.; Harrison, Sean; Portela, Anayda; Bick, Debra

    2017-01-01

    BackgroundCash transfers and vouchers are forms of `demand-side financing' that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years.MethodsThis systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute appr...

  20. Liquidity Analysis Using Cash Flow Ratios as Compared to Traditional Ratios in the Pharmaceutical Sector in Jordan

    OpenAIRE

    Sulayman H. Atieh

    2014-01-01

    The purpose of this study is to examine the liquidity position of the Jordanian pharmaceutical sector using the traditional ratios as compared to the more recently developed cash flow ratios. The research involved the comparison between traditional ratios and cash flow ratios of the big seven companies of the pharmaceutical industry in Jordan over six years period (2007¨C2012). The companies were all from the same sector, and the data was obtained from the annual reports of these companies. T...

  1. Biological Petri Nets

    CERN Document Server

    Wingender, E

    2011-01-01

    It was suggested some years ago that Petri nets might be well suited to modeling metabolic networks, overcoming some of the limitations encountered by the use of systems employing ODEs (ordinary differential equations). Much work has been done since then which confirms this and demonstrates the usefulness of this concept for systems biology. Petri net technology is not only intuitively understood by scientists trained in the life sciences, it also has a robust mathematical foundation and provides the required degree of flexibility. As a result it appears to be a very promising approach to mode

  2. Fall in C-peptide during first 2 years from diagnosis: evidence of at least two distinct phases from composite Type 1 Diabetes TrialNet data.

    Science.gov (United States)

    Greenbaum, Carla J; Beam, Craig A; Boulware, David; Gitelman, Stephen E; Gottlieb, Peter A; Herold, Kevan C; Lachin, John M; McGee, Paula; Palmer, Jerry P; Pescovitz, Mark D; Krause-Steinrauf, Heidi; Skyler, Jay S; Sosenko, Jay M

    2012-08-01

    Interpretation of clinical trials to alter the decline in β-cell function after diagnosis of type 1 diabetes depends on a robust understanding of the natural history of disease. Combining data from the Type 1 Diabetes TrialNet studies, we describe the natural history of β-cell function from shortly after diagnosis through 2 years post study randomization, assess the degree of variability between patients, and investigate factors that may be related to C-peptide preservation or loss. We found that 93% of individuals have detectable C-peptide 2 years from diagnosis. In 11% of subjects, there was no significant fall from baseline by 2 years. There was a biphasic decline in C-peptide; the C-peptide slope was -0.0245 pmol/mL/month (95% CI -0.0271 to -0.0215) through the first 12 months and -0.0079 (-0.0113 to -0.0050) from 12 to 24 months (P < 0.001). This pattern of fall in C-peptide over time has implications for understanding trial results in which effects of therapy are most pronounced early and raises the possibility that there are time-dependent differences in pathophysiology. The robust data on the C-peptide obtained under clinical trial conditions should be used in planning and interpretation of clinical trials.

  3. Insecticide-Treated Nets Utilization and Associated Factors among under-5 Years Old Children in Mirab-Abaya District, Gamo-Gofa Zone, Ethiopia.

    Science.gov (United States)

    Admasie, Amha; Zemba, Amanuel; Paulos, Wondimagegn

    2018-01-01

    Malaria can be prevented using cost-effective interventions. It can be prevented at large via the use of insecticide-treated mosquito nets (ITNs). The use of ITNs decreases malaria mortality rates by 55% in under-5 years old children in Africa, Ethiopia, realizing the effectiveness, scaling up distribution and utilization of ITNs to cover 100% of children less than 5 years of age. However, little is known about ITNs utilization and factors associated with the utilization in under-5 years old children in the study area yet. The purpose of this study was to assess the level and associated factors of ITNs utilization in under-5 years old children among households with under-5 years old children of Mirab Abaya District, Gamo Gofa Zone, Ethiopia. A community-based cross-sectional study was conducted during August-September, 2016. Six study Kebeles were identified by simple random sampling technique and 398 households with at least one under-5 years old children were selected by random sampling technique using computer generated random numbers from health post family folders. Structured, interviewer questionnaire was administered to mothers or care givers of the children. Data were entered to Epi Info Version 3.5 and analyzed in SPSS version 21 statistical software. Bivariate and multivariate logistic regression analysis was done. P -value used for the determination of associations between dependent and predictor variables. Results were presented in narrations, tables, and graph. Among 398 under-5 years old children assessed, the majority, 362 (91.0%) of them had access to ITN, but only 137 (37.2%) of the child had ITNs utilization during the previous night prior to the survey. Households with age of mothers or caretakers 31-44 years, AOR = 0.03, 95% CI (0.01-0.07) and ≥45 years of age; AOR = 0.05, 95% CI (0.01-0.58); households with family size ≤5 members, AOR = 11.23, 95% CI (4.31-29.24); and households with sleeping space ≥2, AOR

  4. Ten Years of Net Work

    Science.gov (United States)

    Anklam, Patti

    2009-01-01

    Purpose: The purpose of this paper is to provide a perspective on the emergence of social media and their adoption as a critical element in knowledge management strategy. Social media are defined as the collection of software tools and web-based applications that are personalized, that is, that communications identify individuals by name and…

  5. Aboveground net primary productivity and rainfall use efficiency of grassland on three soils after two years of exposure to a subambient to superambient CO2 gradient.

    Science.gov (United States)

    Fay, P. A.; Polley, H. W.; Jin, V. L.

    2008-12-01

    Atmospheric CO2 concentrations (CA) have increased by about 100 μL L-1 over the last 250 years to ~ 380 μL L-1, the highest values in the last half-million years, and CA is expected to continue to increase to greater than 500 μL L-1 by 2100. CO2 enrichment has been shown to affect many ecosystem processes, but experiments typically examine only two or a few levels of CA, and are typically constrained to one soil type. However, soil hydrologic properties differ across the landscape. Therefore, variation in the impacts of increasing CA on ecosystem function on different soil types must be understood to model and forecast ecosystem function under future CA and climate scenarios. Here we evaluate the aboveground net primary productivity (ANPP) of grassland plots receiving equal rainfall inputs (from irrigation) and exposed to a continuous gradient (250 to 500 μL L-1) of CA in the Lysimeter CO2 Gradient Experiment in central Texas, USA. Sixty intact soil monoliths (1 m2 x 1.5 m deep) taken from three soil types (Austin silty clay, Bastrop sandy loam, Houston clay) and planted to seven native tallgrass prairie grasses and forbs were exposed to the CA gradient beginning in 2006. Aboveground net primary productivity was assessed by end of season (November) harvest of each species in each monolith. Total ANPP of all species was 35 to 50% greater on Bastrop and Houston soils compared to Austin soils in both years (p Solidago canadensis strongly increased with increasing CA, with S. nutans responding more strongly on Bastrop and Houston soils (p = 0.053), indicating that increased greater rainfall use efficiency at high CA on these productive soils was associated with increased dominance by these species. In contrast, the grass Bouteloua curtipendula decreased in biomass with increasing CA, especially on Austin and Bastrop soils. The least productive species were the grass Tridens albescens, the legume Desmanthus illinoensis, and the forb Salvia azurea, and these showed

  6. Equivalence of ten different methods for valuing companies by cash flow discounting.

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    This paper shows that ten methods of company valuation using cash flow discounting (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality based upon the same assumptio...

  7. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    OpenAIRE

    Roghayeh Ahmdi Panah Banad Koki; Iman Jokar

    2014-01-01

    This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also perf...

  8. Understanding Net Zero Energy Buildings

    DEFF Research Database (Denmark)

    Salom, Jaume; Widén, Joakim; Candanedo, José

    2011-01-01

    Although several alternative definitions exist, a Net-Zero Energy Building (Net ZEB) can be succinctly described as a grid-connected building that generates as much energy as it uses over a year. The “net-zero” balance is attained by applying energy conservation and efficiency measures...... and by incorporating renewable energy systems. While based on annual balances, a complete description of a Net ZEB requires examining the system at smaller time-scales. This assessment should address: (a) the relationship between power generation and building loads and (b) the resulting interaction with the power grid...

  9. Cash Flow Forecasting : Proposal for New Long-Term Cash Flow Forecast in the Case Company

    OpenAIRE

    Pitkänen, Annika

    2016-01-01

    The purpose of this study was to develop a cash flow forecast model for the case company. The case company in this thesis was a Finnish building construction company. The group controlling set a target to improve the corporate treasury’s current long-term cash flow forecast because it was inaccurate and it often had outstanding deficiencies between actual and forecasted figures. A project team was set up to investigate on this issue and this research and development project is documented in t...

  10. Financial modeling in medicine: cash flow, basic metrics, the time value of money, discount rates, and internal rate of return.

    Science.gov (United States)

    Lexa, Frank James; Berlin, Jonathan W

    2005-03-01

    In this article, the authors cover tools for financial modeling. Commonly used time lines and cash flow diagrams are discussed. Commonly used but limited terms such as payback and breakeven are introduced. The important topics of the time value of money and discount rates are introduced to lay the foundation for their use in modeling and in more advanced metrics such as the internal rate of return. Finally, the authors broach the more sophisticated topic of net present value.

  11. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  12. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    International Nuclear Information System (INIS)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-01-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  13. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  14. Net present value approaches for drug discovery.

    Science.gov (United States)

    Svennebring, Andreas M; Wikberg, Jarl Es

    2013-12-01

    Three dedicated approaches to the calculation of the risk-adjusted net present value (rNPV) in drug discovery projects under different assumptions are suggested. The probability of finding a candidate drug suitable for clinical development and the time to the initiation of the clinical development is assumed to be flexible in contrast to the previously used models. The rNPV of the post-discovery cash flows is calculated as the probability weighted average of the rNPV at each potential time of initiation of clinical development. Practical considerations how to set probability rates, in particular during the initiation and termination of a project is discussed.

  15. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

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

  16. Cash Holdings Policy: a Dynamic Analysis of Brazilian Companies

    Directory of Open Access Journals (Sweden)

    Fadwa Muhieddine Dahrouge

    2013-09-01

    Full Text Available This paper investigates how corporate cash holdings were adjusted over time for Brazilian companies during the crisis of 2008-2009. We adopt a dynamic model of corporate cash holdings to evaluate the main determinants for the speed of adjustment of cash holdings at the optimum level. We find evidence that: a the adjustment costs of Brazilian companies are high implying a delay in reaching the optimum level of cash; b the low speed adjustment to the optimum level is due to the limited availability of credit and the high cost of bank debt; c during crisis, the changes in working capital are positively related to the level of cash holdings providing evidence that companies prefer finance to growth with liquidity; d companies have looked for long-term financing to secure liquidity rather than investing on fixed assets, implying a negative relationship between investment and cash holding.

  17. Assessing the net effect of long-term drainage on a permafrost ecosystem through year-round eddy-covariance flux measurements

    Science.gov (United States)

    Kittler, F.; Heimann, M.; Goeckede, M.; Zimov, S. A.; Zimov, N.

    2014-12-01

    Permafrost regions in the Northern high latitudes play a key role in the carbon budget of the earth system because of their massive carbon reservoir and the uncertain feedback processes with future climate change. For an improved understanding of mechanisms and drivers dominating permafrost carbon cycling, more observations in high-latitude regions are needed. Particularly the contribution of wintertime fluxes to the annual carbon budget and the impact of disturbances on biogeochemical and biogeophysical ecosystem properties, and the resulting modification of the carbon cycle, have rarely been studied to date. In summer of 2013, we established a new eddy-covariance station for continuous, year-round monitoring of carbon fluxes and their environmental drivers near Cherskii in Northeast Siberia (68.75°N, 161.33°E). Parts of the observation area have been disturbed by drainage since 2004, altering the soil water conditions in a way that is expected for degrading ice-rich permafrost under a warming climate. With two eddy-covariance towers running in parallel over the disturbed (drained) area and a reference area nearby, respectively, we can directly infer the disturbance effect on the carbon cycle budgets and the dominating biogeochemical mechanisms. This study presents findings based on 16 months of continuous eddy-covariance CO2 flux measurements (July 2013 - October 2014) for both observation areas. At both towers, we observed systematic, non-zero flux contributions outside the growing seasons that significantly altered annual CO2 budgets. A direct comparison of fluxes between the two disturbance regimes indicates a net reduction of the sink strength for CO2 in the disturbed area during the growing season, mostly caused by reduced CO2 uptake with low water levels in late summer. Moreover, shifts in soil temperatures and snow cover caused by reduced soil water levels result in lower net CO2 emissions during the winter at the drained area, which is partly

  18. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Jurica Lucyanda

    2012-12-01

    Full Text Available Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009. Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap pembagian dividen adalah free cash flow, kepemilikan institusional, dan ukuran perusahaan. Jumlah free cash flow perusahaan yang tinggi, persentase kepemilikan institusional yang rendah, dan ukuran perusahaan yang besar akan menghasilkan dividend payout ratio yang tinggi. Variabel kepemilikan keluarga, kepemilikan asing, kebijakan utang, dan kesempatan investasi tidak terbukti mempunyai pengaruh yang signifikan terhadap Dividend Payout Ratio perusahaan.This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009. The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow,  the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.

  19. Cash in the Czech Republic: Trend Analysis 2003–2015

    OpenAIRE

    Zbyněk Revenda

    2017-01-01

    Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has li...

  20. THE STATEMENT OF CASH FLOWS USING FINANCIAL STATEMENT EQUATIONS

    OpenAIRE

    Harold Fletcher; Thomas Ulrich

    2010-01-01

    This paper addresses one of the more difficult topics in teaching MBA level financial management, the statement of cash flows. By employing financial statement equations in preparing the statement of cash flows, students: (1) are employing tools that they are more familiar and comfortable with which mitigates their anxiety and enhances their understanding, (2) are better able to understand the logic of the statement of cash flows and the relationships that exist between it and the income stat...

  1. Something for Nothing: Cash Flow as a Contract Incentive

    Science.gov (United States)

    2016-03-01

    mented, delays our ability to recover a significant amount of costs incurred on a contract and thus affects the timing of our cash flows. Northrop...Defense AT&L: March-April 2016 16 Something for Nothing “ Cash Flow” as a Contract Incentive John Pritchard n John Krieger Pritchard and...The government actually has complete control over one of the strongest con-tract incentives possible— cash flow. Most important, in our fiscally

  2. QuickCash: Secure Transfer Payment Systems

    Directory of Open Access Journals (Sweden)

    Abdulrahman Alhothaily

    2017-06-01

    Full Text Available Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN. In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  3. QuickCash: Secure Transfer Payment Systems

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-01-01

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties. PMID:28608846

  4. QuickCash: Secure Transfer Payment Systems.

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-06-13

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users' needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  5. Areva - 2013 annual results: breakeven free operating cash flow objective reached despite a difficult environment

    International Nuclear Information System (INIS)

    Duperray, Julien; Grange, Aurelie; Rosso, Jerome; Thebault, Alexandre; Scorbiac, Marie de; Repaire, Philippine du

    2014-01-01

    The Areva group reached a major milestone in 2013 in turning performance around by meeting a key objective of its Action 2016 plan: the return to breakeven of free operating cash flow. For the first time since 2005, cash generated by the Group's operations allowed it to fully fund strategic capital expenditures essential to the group's profitable growth. To achieve this result, Areva built on robust growth in nuclear operations, on contributions from its cost reduction plan and on strict management of capital spending. However, two projects launched in the previous decade (OL3 and a power plant modernization) and the Renewable Energies business impacted negatively the group's 2013 net income. On the Renewable Energies market, in a situation marked by a reduction of capital spending by customers, AREVA anticipated the consolidation required in the sector by implementing industrial partnerships such as the joint venture project with Gamesa, which aims to create a European champion in offshore wind. Similar initiatives were undertaken in solar energy and energy storage. The Group continues to implement the Action 2016 plan to pursue its recovery. While the economic environment remains uncertain and projects launched in the previous decade remain a burden, the Group forecasts further performance improvement and significant growth in cash flow generation by the end of the plan

  6. Cash Advance Accounting: Accounting Regulations and Practices

    OpenAIRE

    Aristita Rotila

    2012-01-01

    It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate...

  7. Small business, cash budgets and general practice.

    Science.gov (United States)

    Jackson, A R

    1991-01-01

    In practice management, general practice falls into the category of small business with all its attendant generic problems. Disciplined planning and good financial management are not often seen in small business. These are required if general practitioners are to continue (or return to) the provision of high quality medical services. An effective budget process, especially cash-flow budgeting, is the key to successful planning and financial management. Budgeting will bring Control, Co-ordination, and Credibility to your practice. It will enable you to set goals and to achieve them.

  8. Effects of Long Cycles in Cash Flows on Present Value

    OpenAIRE

    Bell, Peter N

    2015-01-01

    This paper explores how present value varies over time when the underlying cash flow has a deterministic period. I assume that cash flows are known with certainty and follow a cycle with a long or short period. When the cash flow has a short period, the present value is relatively stable over time because the present value calculation smooths out several cycles. However, when the cash flow has a long period the present value itself develops a long and large cycle. These results are driven...

  9. The Determinants and Implications of Corporate Cash Holdings

    OpenAIRE

    Tim Opler; Lee Pinkowitz; Rene Stulz; Rohan Williamson

    1997-01-01

    We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest access to the capital markets (e.g. large firms and those with credit" ratings) tend to hold lower ratios of cash to total assets. These results are consistent with the" view that firms hold liquid assets...

  10. CASH FLOWS IN ROMANIAN SMALL AND MEDIUM ENTERPRISES

    Directory of Open Access Journals (Sweden)

    GĂBAN LUCIAN

    2016-08-01

    Full Text Available Financial reporting system includes three main pillars, namely balance sheet, income statement and cash flow. If the balance sheet reflects shareholders’ wealth at a given time, income statement demonstrates the efficiency or inefficiency of the activity and cash flows measures the company’s viability. This is the reason for which I have approached the cash flow matter in this paper, reviewing the latest studies and studying in detail the evolution of cash flow ratios on small and medium enterprises in Romania for a period between 2006 and 2014, highlighting the effects of the financial crisis on these enterprises

  11. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    OpenAIRE

    Mehari Mekonnen Akalu; Rodney Turner

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher forecast errors as compared to SVA model.

  12. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    NARCIS (Netherlands)

    M.M. Akalu; J.R. Turner (Rodney)

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got

  13. Cash on Demand: A Framework for Managing a Cash Liquidity Position.

    Science.gov (United States)

    Augustine, John H.

    1995-01-01

    A well-run college or university will seek to accumulate and maintain an appropriate cash reserve or liquidity position. A rigorous analytic process for estimating the size and cost of a liquidity position, based on judgments about the institution's operating risks and opportunities, is outlined. (MSE)

  14. Raising Cash under Duress and the Role of Cash Value Life Insurance: An Educational Example

    Science.gov (United States)

    Russell, David T.; Chong, James T.; Phillips, G. Michael

    2018-01-01

    Consumers face hard choices when they need cash quickly. Hard choices can lead to emotional or economically unsound decisions. Traditional classroom discussions of raising funds to pay for expenses usually focus on generating income, borrowing, or the sale of real and financial assets, if hardship is discussed at all. However, many families have…

  15. Fourteen Steps to More Effective Cash Flow Management

    Science.gov (United States)

    Neugebauer, Roger

    2004-01-01

    Managing cash flow is an incredibly important skill for a center director. Even a center with an annual budget showing a healthy surplus may experience brief periods where funds in the checkbook are insufficient to pay all the bills. To discover how successful directors manage cash flow in tight times, the author surveyed members of the "Exchange…

  16. The Cash Flow Budget. Part II--Implementation

    Science.gov (United States)

    Gehm, Rudy

    1978-01-01

    An "aged accounts payable" (A/P) summary and a cash disbursements journal are advocated as management measures useful in monitoring the cash flow in a college store. Methods for maintaining the A/P summary and for updating the journal are illustrated. (LBH)

  17. Why Cash Flow Is No Longer for Wimps

    Science.gov (United States)

    Curry, John R.; Hutton, Lyn

    2012-01-01

    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  18. 36 CFR 254.12 - Value equalization; cash equalization waiver.

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Value equalization; cash... AGRICULTURE LANDOWNERSHIP ADJUSTMENTS Land Exchanges § 254.12 Value equalization; cash equalization waiver. (a..., either with or without adjustments of relative values as compensation for various costs, the parties to...

  19. A Logical Approach to the Statement of Cash Flows

    Science.gov (United States)

    Petro, Fred; Gean, Farrell

    2014-01-01

    Of the three financial statements in financial reporting, the Statement of Cash Flows (SCF) is perhaps the most challenging. The most difficult aspect of the SCF is in developing an understanding of how previous transactions are finalized in this document. The purpose of this paper is to logically explain the indirect approach of cash flow whereby…

  20. Creditor rights, country governance, and corporate cash holdings

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    2016-01-01

    This study examines the impact of creditor rights and country governance on cash holdings using a sample of firms from 47 countries. We hypothesize that cash holdings are smaller when both creditor rights and country governance are high. In these circumstances firms will not need to hold as much

  1. Cash in the Czech Republic: Trend Analysis 2003–2015

    Directory of Open Access Journals (Sweden)

    Zbyněk Revenda

    2017-03-01

    Full Text Available Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has little meaning with the decline in interest rates on bank deposits. The total stock of cash in the analyzed period rises, but its relative importance declines. Demand deposits are also liquid assets of households and enterprises. Cash compared with demand deposits clearly confirms the declining importance. Its share was the highest in 2004, at 30 %. It fell to less than 18 % in 2015. We found a similar tendency in the comparison of cash with other variables. Barring unforeseen circumstances such as complete collapse of computer networks or severe banking crisis, the author assumes that the relative importance of cash must decline in the long term. Some theoretical aspects of cash and cashless money are also discussed.

  2. The cash-flow analysis of the firm

    OpenAIRE

    Mariana Man

    2001-01-01

    The analysis of economic and financial indicators of the firm regards the profit and loss account analysis and the balance sheet analysis. The cash-flow from operating activities represents the amount of cash obtained by a firm from selling goods and services after deducting the costs involved by raw materials, materials and processenig operations

  3. Legal issues in cash balance pension plan conversions.

    Science.gov (United States)

    Forman, J B

    2001-01-01

    Replacing a traditional pension with a cash balance plan raises a number of complicated and unsettled legal issues, including the protection of accrued benefits, the rate of benefit accrual, age discrimination and notice requirements. This article discusses those issues and concludes that routine conversions to cash balance plans appear to be legal both currently and into the foreseeable future.

  4. Do Consumers Pay More Using Debit Cards than Cash

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    2015-01-01

    We conduct an incentivized experiment to study the effect of the payment method on spending. We find that the willingness to pay is higher when subjects pay with debit cards compared to cash. The result is robust to controlling for cash-on-hand constraints, spending type, price familiarity...

  5. Do Consumers Pay More Using Debit Cards than Cash?

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits...

  6. 17 CFR 256.136 - Temporary cash investments.

    Science.gov (United States)

    2010-04-01

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

  7. A study on relationship between operating cash flows and performance evaluation criteria based on the theory of constraints (TOC versus traditional method

    Directory of Open Access Journals (Sweden)

    Mohammad Sadegh Arabi Ashtiani

    2013-08-01

    Full Text Available This study presents an empirical investigation to measure the relationship between traditional accounting performance measurement as well as theory of constraint-based figures with operating cash flow. Traditional accounting measurement includes net profit and return of investment and theory of constraint method includes net profit and return of investment based on theory of constraints. The study selects 69 firms list on Tehran Stock Exchange over the period 2000-2010. Using panel data and fixed effect, the study performs regression analysis and the results confirm that there was a positive relationship between net profit measured by theory of constraints and cash flow and it can be effectively used for performance measurement.

  8. A cool-temperate young larch plantation as a net methane source - A 4-year continuous hyperbolic relaxed eddy accumulation and chamber measurements

    Science.gov (United States)

    Ueyama, Masahito; Yoshikawa, Kota; Takagi, Kentaro

    2018-07-01

    Upland forests are thought to be methane (CH4) sinks due to oxidation by methanotrophs in aerobic soils. However, CH4 budget for upland forests are not well quantified at the ecosystem scale, when possible CH4 sources, such as small wet areas, exists in the ecosystem. Here, we quantified CH4 fluxes in a cool-temperate larch plantation based on four-year continuous measurements using the hyperbolic relaxed eddy accumulation (HREA) method and dynamic closed chambers with a laser-based analyzer. After filling data gaps for half-hourly data using machine-learning-based regressions, we found that the forest acted as a net CH4 source at the canopy scale: 30 ± 11 mg CH4 m-2 yr-1 in 2014, 56 ± 8 mg CH4 m-2 yr-1 in 2015, 154 ± 5 mg CH4 m-2 yr-1 in 2016, and 132 ± 6 mg CH4 m-2 yr-1 in 2017. Hotspot emissions from the edge of the pond could strongly contribute to the canopy-scale emissions. The magnitude of the hotspot emissions was 10-100 times greater than the order of the canopy-scale and chamber-based CH4 fluxes at the dry soils. The high temperatures with wet conditions stimulated the hotspot emissions, and thus induced canopy-scale CH4 emissions in the summer. Understanding and modeling the dynamics of hotspot emissions are important for quantifying CH4 budgets of upland forests. Micrometeorological measurements at various forests are required for revisiting CH4 budget of upland forests.

  9. PENGARUH KUALITAS AKRUAL DAN LEVERAGE TERHADAP CASH HOLDING PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Anggita Langgeng Wijaya

    2010-12-01

    Full Text Available This research tests the effect of accrual quality and leverage on corporate cash holding for a sample of manufacturing company listed in Indonesian Stock Exchange over the period 2006-2007. This research also tests the role of asymmetric information as a mediating variable on the relation between accrual quality and cash holding. Population of this research is 197 manufacturing companies at the Indonesian Stock Exchange. This research uses the purposive sampling method. Hypothesis test of this research em­ploys multiple regression analysis and path analysis. The results show that: accrual quality does not affect asymmetric information; asymmetric information positively affects corporate cash holdings; asymmetric information is not a mediating variable on the relation between accrual quality and cash holding; leverage negatively affects corporate cash holding.

  10. Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

    Directory of Open Access Journals (Sweden)

    Newton Arata

    2015-05-01

    Full Text Available This research expands on previous studies of cash holdings and their determinants by studying the relationship between the degree of internationalization and the level of corporate cash holdings. We used a sample of nonfinancial, publicly traded companies from Brazil and Mexico for the period from 2006 to 2010. Our results suggest that the degree of internationalization is a determinant of cash, and that cash holding increases quadratically as the degree of company internationalization grows. Such behavior was different from the North American company studies in Chiang and Wang (2011. Similar to previous studies, both Trade-off and Pecking Order predictions are relevant control variables in our model. Finally, companies held less cash on their balance sheets during the precrisis period.

  11. Cash Management, Revenue Sources and Cost Effective Methods of Revenue Collection at Local Government Level

    OpenAIRE

    Mustapha Gimba Kumshe; Kagu Bukar

    2013-01-01

    The main objective of this paper was to focus on the elements, objectives, goals and importance of cash management; and also to examine the sources of revenue and cost effective collections for local governments. The elements of cash management are identified as establishing bank relations, preparing cash flow statements, estimating collection receipts and analyzing cash flow and preparing a budget. Amongst the objectives of cash management is to ensure availability of cash resources at all t...

  12. Valuing companies by cash flow discounting: Ten methods and nine theories

    OpenAIRE

    Fernández , Pablo

    2002-01-01

    This paper is a summarized compendium of all the methods and theories on company valuation using cash flow discounting. The paper shows the ten most commonly used methods for valuing companies by cash flow discounting: 1) free cash flow discounted at the WACC; 2) equity cash flows discounted at the required return to equity; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required retur...

  13. Cash usage in the Netherlands: How much, where, when, who and whenever one wants?

    OpenAIRE

    Nicole Jonker; Anneke Kosse; Lola Hernández

    2012-01-01

    Having accurate information on cash usage is essential for monitoring the substitution process of cash by cards and for assessing the cost efficiency of the payment system. Moreover, estimates on cash usage reflect the transaction demand for cash. This is useful for central banks which are responsible for producing and issuing banknotes. The latest estimates of the number and value of cash payments made in the Netherlands date from 2007. How has cash usage developed since then? In what branch...

  14. Areva - 2014 Half-year results

    International Nuclear Information System (INIS)

    Duperray, Julien; Berezowskyj, Katherine; Grange, Aurelie; Rosso, Jerome; Thebault, Alexandre; Scorbiac, Marie de; Repaire, Philippine du

    2014-01-01

    The group posted a net loss in the first half of the year. This is the consequence of losses recorded in renewable operations, additional project-related provisions, asset write-downs and a nuclear market environment that has still deteriorated. Areva's backlog has strengthened thanks to the signing of the agreement through 2020 with EDF for used fuel treatment and MOX fuel production. Though it has a short-term adverse impact on the group's results, it provides these operations with long-term visibility and strengthens our strategic partnership with EDF. Despite a decline in revenue that was greater than anticipated, the group achieved positive free operating cash flow, an increase compared with the first half of 2013. The success of Areva's recovery actions partially offset the downturn in activity. These actions will be reinforced in the second half of the year to adapt to market conditions. The group continues to restructure its operations in renewable energies by entering into partnerships in promising markets, such as offshore wind and energy storage, and by discontinuing loss-making operations, such as concentrated solar power. 2014 Half-year results: - Backlog: euro 44.9 bn (euro +3.5 bn vs. 12/31/2013 thanks to the treatment-recycling agreement with EDF); - Negative net income attributable to equity owners of the parent (euro -694 m): Losses in discontinued renewable activities (euro -373 m), One-off impact of treatment-recycling agreement with EDF (euro -95 m), Provisions and assets impairment: - Positive free operating cash flow despite lower activity level: Revenue: euro 3.889 bn (-12.4% LFL), EBITDA: euro 256 m (euro -231 m vs. H1 2013), Free operating cash flow: euro 98 m (euro +256 m vs. H1 2013); - Strengthened recovery actions in an unfavorable economic environment: 2015 cost reduction objective secured and raised to euro 1.2 bn by 2016, Capital expenditure reduced over 2014-16; - Revised financial outlook

  15. Corporate Cash Holdings and Shareholder Risk : Investigating the relationship between corporate cash holdings and the risk of stocks listed on the Stockholm Stock Exchange

    OpenAIRE

    Olausson, Jonas; Löfgren, Christoffer

    2013-01-01

    Corporate cash holdings is a topic constantly under review, companies hoarding cash are criticized by shareholders who rather have companies using their cash for new investments or dividend payouts. Recent academic research has discovered that levels of cash holding are high in times when risk is deemed to be high and found that levels of corporate cash holdings are substantially higher than they used to, making more coverage and a better understanding of the phenomenon crucial. This thesis i...

  16. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

  17. Turkey's net energy consumption

    International Nuclear Information System (INIS)

    Soezen, Adnan; Arcaklioglu, Erol; Oezkaymak, Mehmet

    2005-01-01

    The main goal of this study is to develop the equations for forecasting net energy consumption (NEC) using an artificial neural-network (ANN) technique in order to determine the future level of energy consumption in Turkey. In this study, two different models were used in order to train the neural network. In one of them, population, gross generation, installed capacity and years are used in the input layer of the network (Model 1). Other energy sources are used in input layer of network (Model 2). The net energy consumption is in the output layer for two models. Data from 1975 to 2003 are used for the training. Three years (1981, 1994 and 2003) are used only as test data to confirm this method. The statistical coefficients of multiple determinations (R 2 -value) for training data are equal to 0.99944 and 0.99913 for Models 1 and 2, respectively. Similarly, R 2 values for testing data are equal to 0.997386 and 0.999558 for Models 1 and 2, respectively. According to the results, the net energy consumption using the ANN technique has been predicted with acceptable accuracy. Apart from reducing the whole time required, with the ANN approach, it is possible to find solutions that make energy applications more viable and thus more attractive to potential users. It is also expected that this study will be helpful in developing highly applicable energy policies

  18. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2016-01-01

    Uncertain time of retirement and uncertain structure of retirement benefits are risk factors for life insurance companies. Nevertheless, classical life insurance models assume these are deterministic. In this paper, we include the risk from stochastic time of retirement and stochastic benefit...... structure in a classical finite-state Markov model for a life insurance contract. We include discontinuities in the distribution of the retirement time. First, we derive formulas for appropriate scaling of the benefits according to the time of retirement and discuss the link between the scaling...... and the guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly...

  19. Putting Petri nets to work in Industry

    NARCIS (Netherlands)

    Aalst, van der W.M.P.

    1994-01-01

    Petri nets exist for over 30 years. Especially in the last decade Petri nets have been put into practive extensively. Thanks to several useful extensions and the availability of computer tools, Petri nets have become a mature tool for modelling and analysing industrial systems. This paper describes

  20. RTE results 2002: positive net income (+112 million euros), in keeping with forecasts, at the end of a year placed under the sign of quality

    International Nuclear Information System (INIS)

    2003-03-01

    The results of RTE, the French Transmission System Operator, confirm the company's sound financial position at the end of a year placed under the sign of quality. RTE announces a net income after taxes for 2002 that is in keeping with its forecasts: +112 million euros (versus 250 million euros in 2001) for 3,657 million euros in sales revenue. 616 million euros were devoted to investments for the development and replacement of the company's transmission and interconnection networks. RTE also continued the reduction of its debt by 99 million euros. The year 2001 had experienced a cold spell at year-end, bringing with it higher-than-average revenue (+80 million euros). 2002, which was exceptionally mild at the end of the year, saw revenue fall off by 40 million euros compared with a normal year. In all, the climatic impact goes to explain a drop of 120 million euros in 2002. This drop is partially offset by additional revenue since the adoption on 1/11/02 of the network access tariff (about 30 million euros). This tariff is now substituted for the transitional price scale which was unfavourable to RTE. Operating expenses rose from 3,089 million euros to 3,316 million euros. The most significant increases are to be attributed in particular to: - the contribution of 68 million euros to the 'ETSO Fund', ETSO being the Association of European Transmission System Operators which, since 1/03/02, has ensured the compensation for network utilisation costs related to international transfers, - the gaining in momentum, with more than 80 million euros, of the network mechanical security enhancement programme decided in the wake of the storms of 1999, which aims at adapting RTE infrastructures to the new technical requirements for wind resistance. More than 720 km of power lines were erected or replaced while 12 electrical substations were connected to the RTE network in 2002. Among these projects, mention should be made of the following: the commissioning of the first French

  1. Possibilistic Fuzzy Net Present Value Model and Application

    Directory of Open Access Journals (Sweden)

    S. S. Appadoo

    2014-01-01

    Full Text Available The cash flow values and the interest rate in the net present value (NPV model are usually specified by either crisp numbers or random variables. In this paper, we first discuss some of the recent developments in possibility theory and find closed form expressions for fuzzy possibilistic net present value (FNPV. Then, following Carlsson and Fullér (2001, we discuss some of the possibilistic moments related to FNPV model along with an illustrative numerical example. We also give a unified approach to find higher order moments of FNPV by using the moment generating function introduced by Paseka et al. (2011.

  2. Multi-Ethnicity in the Malaysian Workplace: The Net Balance of 35 Years of Affirmative Policies as Observed by a Foreign Visitor

    Science.gov (United States)

    Montesino, Max U.

    2007-01-01

    This paper looks at the net societal balance of post-independence affirmative action policies in Malaysia. Social imbalances prompted the country to implement affirmative policies to uplift the majority natives (Malays, Indigenous people of Sabah and Sarawak, etc.). These policies were reluctantly accepted by the immigrant communities (Chinese,…

  3. Coloured Petri Nets

    DEFF Research Database (Denmark)

    Jensen, Kurt

    1987-01-01

    The author describes a Petri net model, called coloured Petri nets (CP-nets), by means of which it is possible to describe large systems without having to cope with unnecessary details. The author introduces CP-nets and provide a first impression of their modeling power and the suitability...

  4. Learning Visual Basic NET

    CERN Document Server

    Liberty, Jesse

    2009-01-01

    Learning Visual Basic .NET is a complete introduction to VB.NET and object-oriented programming. By using hundreds of examples, this book demonstrates how to develop various kinds of applications--including those that work with databases--and web services. Learning Visual Basic .NET will help you build a solid foundation in .NET.

  5. Free Cash-Flow, Issuance Costs and Stock Price Volatility

    OpenAIRE

    Décamps, Jean-Paul; Mariotti, Thomas; Rochet, Jean-Charles; Villeneuve, Stéphane

    2008-01-01

    We study the issuance and payout policies that maximize the value of a firm facing both agency costs of free cash-flow and external financing costs. We find that the firm optimally issues equity. Equity distributes no dividends until a target cash level is reached, while new equity is issued when the firm runs out of cash. We characterize the process modelling the number of outstanding shares and the dynamics of the stock prices. In line with the leverage effect identified by Black (1976), we...

  6. Determining consumer preferences for a cash option: Arkansas survey results.

    Science.gov (United States)

    Simon-Rusinowitz, L; Mahoney, K J; Desmond, S M; Shoop, D M; Squillace, M R; Fay, R A

    1997-01-01

    As long-term care (LTC) expenditures have risen, policymakers have sought ways to control costs while maintaining consumer satisfaction. Concurrently, there is increasing interest within the aging and disability communities in consumer-directed care. The Cash and Counseling Demonstration and Evaluation (CCDE) seeks to increase consumer direction and control costs by offering a cash allowance and information services to persons with disabilities, enabling them to purchase needed assistance. The authors present results from a telephone survey conducted to assess consumer preferences for a cash option in Arkansas and describe how findings from the four-State CCDE can inform consumer information efforts and policymakers.

  7. Cash flow forecasting model for nuclear power projects

    International Nuclear Information System (INIS)

    Liu Wei; Guo Jilin

    2002-01-01

    Cash flow forecasting is very important for owners and contractors of nuclear power projects to arrange the capital and to decrease the capital cost. The factors related to contractor cash flow forecasting are analyzed and a cash flow forecasting model is presented which is suitable for both contractors and owners. The model is efficiently solved using a cost-schedule data integration scheme described. A program is developed based on the model and verified with real project data. The result indicates that the model is efficient and effective

  8. MANAGEMENT OF CASH FLOWS OF THE ENTERPRISE AND THEIR OPTIMIZATION

    Directory of Open Access Journals (Sweden)

    Natalie V. Gryzunova

    2015-01-01

    Full Text Available The purpose of this work is the analysis of structure and process of management of cash flows of the enterprise, researchof a financial position and development of recommendationsabout increase of effective management of cash fl ows. When performing work various methods of research were applied:fi nancial, coeffi cient, ekonomiсo-mathematical, etc. As a result of the analysis reserves of increase of management efficiency are revealed and models of free cash flows, the most actual for group of the considered enterprises are offered.

  9. 现金分红、盈余管理方式选择与企业价值%Cash Dividends,Earnings Management Choice and Corporate Value

    Institute of Scientific and Technical Information of China (English)

    刘衡; 苏坤; 李彬

    2013-01-01

    In recent years,there is increasing public concern about the phenomena of em-phasizing on financing and ignoring investors‘return of China‘s listed companies.The China Securities Regulatory Commission has issued a series of announcements designed to strength-en cash dividends of listed companies and strengthen the awareness of the investor‘s returns. Cash dividends and earnings management are hot issues of capital market,but accrual-based earnings management is the main content of the traditional earnings management research,re-al earnings management has been neglected.In theory,the behavior of cash dividend reduces the level of corporate cash flow,the change of earnings management can improve the level cash flow and the corporate performance,which eventually leads to the change of corporate value. Using China‘s A-share market listed companies panel data from 1 998 to 2010,this paper studies the relationships between cash dividends,earnings management and corporate value. We find that the extent of real earnings management of cash dividend companies is significant-ly lower than the corresponding extent of non-cash dividends companies,and the extent of ac-crual-based earnings management of cash dividend companies is greatly higher than the corre-sponding extent of non-cash dividends companies,which means that cash dividend behavior has a significant impact on the choice of the listed company earnings management,and there is the phenomenon of collusion between real earnings management and accrual-based earnings management.The cash dividend company has a higher corporate value than the non-cash divi-dend company,which indicates that the listed company‘s cash dividend behavior helps to en-hance the corporate value.Further research suggests real earnings management and accrual-based earnings management have significant intermediary roles in the relationship between cash dividends and corporate value.These conclusions provide helpful insight for revealing the

  10. Does Operational Risk Disclosure Quality Increase Operating Cash Flows?

    Directory of Open Access Journals (Sweden)

    Haitham Nobanee

    2017-12-01

    Full Text Available This study aims to measure the degree of operational risk disclosure and examine its impact on operating cash flow of banks listed on the UAE Abu Dhabi Stock Exchange (ADX and Dubai Financial Market (DFM during the period 2003-2016. The authors conducted content analysis of the annual reports to measure the degree of operational risk disclosure. In addition, they used dynamic panel data regressions to analyze the impact of operational risk disclosure on the operating cash flow generated by the banks. The results show a low degree of operational risk disclosure for all UAE banks, both Islamic and conventional. In addition, the results show no association between the levels of disclosure of operational risk and cash flow for all banks, conventional and Islamic. Operational risk disclosure of Islamic banks has not been examined by any prior researchers. In addition, this paper examines the potential impact of operational risk disclosure on the operating cash flow generated by the banks.

  11. Cash Management Within the Defense Reutilization and Marketing Service

    National Research Council Canada - National Science Library

    Young, Shelton

    1994-01-01

    .... The primary objective of this phase of the audit was to evaluate whether sales proceeds that were deposited into cash suspense accounts were being reimbursed to the appropriate turn-in activities in a timely manner...

  12. Information-analytical support of management company cash flow

    OpenAIRE

    Golovko, V.; Mysaka, G.

    2010-01-01

    Article is dedicated to study of the actual questions of the improvement of the dataware and methodic of the economic analysis of the cash and flow in process of the optimization of management company financial resource.

  13. 40 CFR 35.3560 - General payment and cash draw rules.

    Science.gov (United States)

    2010-07-01

    ... for set-asides. A State may draw cash through the ACH for the full amount of costs incurred for set... incurred project costs prior to drawing cash. A State may not draw cash for a particular project until the... 40 Protection of Environment 1 2010-07-01 2010-07-01 false General payment and cash draw rules. 35...

  14. Three residual income valuation methods and discounted cash flow valuation

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

  15. Dividend growth, cash flow, and discount rate news

    OpenAIRE

    Garrett, Ian; Priestley, Richard

    2012-01-01

    This is the authors’ accepted and refereed manuscript to the article. Publishers web site http://journals.cambridge.org/ Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained b...

  16. Small but effective: India's targeted unconditional cash transfers

    OpenAIRE

    Puja Dutta; Stephen Howes; Rinku Murgai

    2010-01-01

    India's approach to social security stresses the provision of subsidized food and public works. Targeted, unconditional cash transfers are little used, and have been little evaluated. An evaluation of cash transfers for the elderly and widows based on national household survey data and surveys on social pension utilization in two of India's states, Karnataka and Rajasthan, reveal that these social pension schemes work reasonably well. Levels of leakage (corruption) are low, funds flow disprop...

  17. Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia

    Directory of Open Access Journals (Sweden)

    Aldea Mita Cheryta

    2018-02-01

    Full Text Available This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was saturated sample and census, consisted 56 firms related the population criteria.  This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value.  With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had an effect on the declining the firm value. 

  18. Cash or Credit? Compensation in Psychology Studies: Motivation Matters

    Directory of Open Access Journals (Sweden)

    Holly J. Bowen

    2017-05-01

    Full Text Available It is common practice for psychology researchers to recruit their sample of participants from the undergraduate student population. Participants are typically compensated with partial course credit or a monetary payment. The current study reveals that the motivation to participate in a study (cash versus course credit can relate to performance on a behavioral task of rewarded memory. In Experiment 1, undergraduate participants were recruited and compensated for their time with either partial course credit or cash. Potential performance-based cash rewards were earned during a rewarded memory task, where correct recognition of half the stimuli was worth a high reward and the other half a low reward. Memory for high reward items was better than low reward items, but only for the cash group. The credit group did not modulate their performance based on the value of the stimuli. In Experiment 2, undergraduates were compensated with partial course credit for their time and given the opportunity to earn a bonus credit for performance on a memory test. The findings were in line with the results from the credit group of Experiment 1, suggesting that the modulation of performance in the cash group of Experiment 1 cannot be accounted for by congruency between motivation to participate and reward for task performance. Of methodological importance, the findings indicate that recruiting and compensating participants with cash versus course credit may influence the results on a rewarded memory task. This factor should be taken into consideration in studies of reward motivation.

  19. A tax proposal for a cash flow corporate tax

    Directory of Open Access Journals (Sweden)

    Lourdes Jerez Barroso

    2013-12-01

    Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.

  20. Cash transfers for HIV prevention: considering their potential.

    Science.gov (United States)

    Heise, Lori; Lutz, Brian; Ranganathan, Meghna; Watts, Charlotte

    2013-08-23

    Cash payments to vulnerable households and/or individuals have increasingly garnered attention as a means to reduce poverty, improve health and achieve other development-related outcomes. Recent evidence from Malawi and Tanzania suggests that cash transfers can impact HIV-related behaviours and outcomes and, therefore, could serve as an important addition to HIV prevention efforts. This article reviews the current evidence on cash transfers for HIV prevention and suggests unresolved questions for further research. Gaps include (1) understanding more about the mechanisms and pathways through which cash transfers affect HIV-related outcomes; (2) addressing key operational questions, including the potential feasibility and the costs and benefits of different models of transfers and conditionality; and (3) evaluating and enhancing the wider impacts of cash transfers on health and development. Ongoing and future studies should build on current findings to unpack unresolved questions and to collect additional evidence on the multiple impacts of transfers in different settings. Furthermore, in order to address questions on sustainability, cash transfer programmes need to be integrated with other sectors and programmes that address structural factors such as education and programming to promote gender equality and address HIV.

  1. The relationship between operating cash flow per share and portfolio default probability

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-03-01

    Full Text Available One of the primary duties of the depositary banks is to protect themselves against any possibility of bankruptcy. This requires the identification and measurement of risks, including default risk, which is important given the nature of the activities of banks. This paper presents an empirical investigation to study the relationship between default probability and some financial figures including operating cash flow, liabilities and return of equities. The proposed study of this paper uses historical data of twenty-two firms listed on Tehran Stock Exchange over the period 2008-2012. Default probability as the dependent variable is measured by the method developed by Moody’s KMV Company. The study uses linear regression model to examine the relationship between default probability and some independent variables. The results of the present study suggest that there were some reverse relationship between operating cash flow per share, return on equities and default probability. In addition, there was a direct relationship between log facilities and default probability. However, there was not any relationship between net sales and default probability.

  2. Planning of nets

    International Nuclear Information System (INIS)

    Carberry, M

    1996-01-01

    The paper is about the planning of nets in areas of low density like it is the case of the rural areas. The author includes economic and technological aspects, planning of nets, demands and management among others

  3. Annotating Coloured Petri Nets

    DEFF Research Database (Denmark)

    Lindstrøm, Bo; Wells, Lisa Marie

    2002-01-01

    Coloured Petri nets (CP-nets) can be used for several fundamentally different purposes like functional analysis, performance analysis, and visualisation. To be able to use the corresponding tool extensions and libraries it is sometimes necessary to include extra auxiliary information in the CP......-net. An example of such auxiliary information is a counter which is associated with a token to be able to do performance analysis. Modifying colour sets and arc inscriptions in a CP-net to support a specific use may lead to creation of several slightly different CP-nets – only to support the different uses...... of the same basic CP-net. One solution to this problem is that the auxiliary information is not integrated into colour sets and arc inscriptions of a CP-net, but is kept separately. This makes it easy to disable this auxiliary information if a CP-net is to be used for another purpose. This paper proposes...

  4. Pengaruh Agency Cost of Free Cash Flow Terhadap Tingkat Konservatisme dan Pengujian Efek Moderasi Kebijakan Hutang, Pendistribusian Kas, Persistensi Kas, dan Tata Kelola Perusahaan

    Directory of Open Access Journals (Sweden)

    Hendro Hendro

    2015-01-01

    Full Text Available This research investigates whether the J-type firm (high agency cost of free cash flow provide more conservative financial statements than non J-type firm. Besides, this research also aim to examine the moderating effects of debt, dividend, stock repurchase, cash persistency, and corporate governance on the relationship between the level of agency cost of free cash flow and conservatism level of financial statements. This research uses two measurement of conservatism, namely accrual conservatism and market value conservatism. Research sample includes manufacturing companies listed in the Indonesian Stock Exchange for the year 2007, 2008 and 2010. The result proves that there is a positive and significant relationship between the level of agency cost of free cash flow and the two measurement of conservatism level of financial stataments. However, this research shows that there is no effect of the moderating variables on that relationship.

  5. The Role of Cash Holdings in Reducing Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market

    OpenAIRE

    Ozgur Arslan; Chrisostomos Florackis; Aydin Ozkan

    2006-01-01

    This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by focusing on cash holdings of firms as the basic classification scheme to separate firms into financially constrained and unconstrained categories. The idea is that high cash reserves increase the ability of firms to undertake profitable investment opportunities. Our classification scheme is based on an optimal cash model, which helps us identify the firms that deviate significantly...

  6. 78 FR 64183 - Change to Existing Regulation Concerning the Interest Rate Paid on Cash Deposited To Secure...

    Science.gov (United States)

    2013-10-28

    ... Account. These funds are held ``in trust'' for the obligor and currently earn simple interest at the rate..., the Government has paid simple interest at the rate of 3 percent per year on cash deposited by bond... #0;notices is to give interested persons an opportunity to participate in #0;the rule making prior to...

  7. Using Incentives to Change How Teenagers Spend Their Time: The Effects of New York City's Conditional Cash Transfer Program

    Science.gov (United States)

    Morris, Pamela; Aber, J. Lawrence; Wolf, Sharon; Berg, Juliette

    2012-01-01

    This report presents the results of an innovative study designed to provide a more detailed understanding of how parents and their teenage children were affected by the Opportunity NYC-Family Rewards program, a comprehensive conditional cash transfer program. The three-year program, launched by the Center for Economic Opportunity in the Mayor's…

  8. Comparison of two cash transfer strategies to prevent catastrophic costs for poor tuberculosis-affected households in low- and middle-income countries: An economic modelling study.

    Science.gov (United States)

    Rudgard, William E; Evans, Carlton A; Sweeney, Sedona; Wingfield, Tom; Lönnroth, Knut; Barreira, Draurio; Boccia, Delia

    2017-11-01

    Illness-related costs for patients with tuberculosis (TB) ≥20% of pre-illness annual household income predict adverse treatment outcomes and have been termed "catastrophic." Social protection initiatives, including cash transfers, are endorsed to help prevent catastrophic costs. With this aim, cash transfers may either be provided to defray TB-related costs of households with a confirmed TB diagnosis (termed a "TB-specific" approach); or to increase income of households with high TB risk to strengthen their economic resilience (termed a "TB-sensitive" approach). The impact of cash transfers provided with each of these approaches might vary. We undertook an economic modelling study from the patient perspective to compare the potential of these 2 cash transfer approaches to prevent catastrophic costs. Model inputs for 7 low- and middle-income countries (Brazil, Colombia, Ecuador, Ghana, Mexico, Tanzania, and Yemen) were retrieved by literature review and included countries' mean patient TB-related costs, mean household income, mean cash transfers, and estimated TB-specific and TB-sensitive target populations. Analyses were completed for drug-susceptible (DS) TB-related costs in all 7 out of 7 countries, and additionally for drug-resistant (DR) TB-related costs in 1 of the 7 countries with available data. All cost data were reported in 2013 international dollars ($). The target population for TB-specific cash transfers was poor households with a confirmed TB diagnosis, and for TB-sensitive cash transfers was poor households already targeted by countries' established poverty-reduction cash transfer programme. Cash transfers offered in countries, unrelated to TB, ranged from $217 to $1,091/year/household. Before cash transfers, DS TB-related costs were catastrophic in 6 out of 7 countries. If cash transfers were provided with a TB-specific approach, alone they would be insufficient to prevent DS TB catastrophic costs in 4 out of 6 countries, and when increased enough

  9. Monitoring of Shadow Cash Flows Using Computer Modelling

    Directory of Open Access Journals (Sweden)

    Evgeniya Vladimirovna Baturina

    2018-03-01

    Full Text Available The computer simulation of economic systems is a promising tool in the development of the theory of the country’s economic security. We have examined the Russian banking legislation and synthesized judicial economic expertise. This has allowed to develop an algorithm for the investigation of the marker pattern of shadow cash flows. The authors’ algorithm of marker monitoring of cash flow consists of the following sequences. Firstly, we set the time of the first receipt of money and the first withdrawals. Secondly, we compare cash balance of an organization at the beginning of the period with the first withdrawals. Thirdly, under the given condition, the minimum value of interested money flow in these withdrawals is calculated. This value is characterized by the marker parameters and forms a table containing data on the cash flow, recipients and payers, spheres of their activity. And last, on the basis of this table, we build a graph of relationships between the subjects of the shadow economy. The graph’s vertices represent these subjects. The visual representation of the graph is a marker pattern of shadow cash flow. The practical importance of this algorithm is due to its applicability in the investigation of economic crimes both at the stage of intelligence operations, and when obtaining proofs of the brought criminal cases in the form of the conclusions of expertseconomists. In addition, marker patterns of shadow cash flows can describe the state of the shadow economy of a region as a whole including its dynamics. This expands its parameterization. The created database of the shadow flows of the economy can be also useful for the scientific community. On the basis of the received results, we have developed management decisions to create and administer the information resource of the Bank of Russia “Shadow economy of a region”. This information resource ensures tracking the marker trace of cash flow in the bank environment by the

  10. Net Gain: A New Method for Preventing Malaria Deaths | CRDI ...

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

    A finely spun net could prevent as many as one-third of all child deaths in Africa, reports IDRC's new publication, Net Gain. Studies conducted in Gambia, Ghana, and Kenya show that the insecticide-treated mosquito net reduced the mortality rate of children under 5 years of age by up to 63 percent. Net Gain reviews and ...

  11. CERN Fellows, don’t splash that cash!

    CERN Multimedia

    Anaïs Schaeffer

    2013-01-01

    When their CERN contracts expire and they leave the Organization, Fellows recoup the amounts paid into the Pension Fund by and for them every month. If they invest this money well, right from the outset, it can grow into a nice little nest-egg by the time they reach retirement age.   As employed members of the CERN personnel, Fellows are members of the Organization’s Pension Fund. Accordingly, a specific amount is withheld from their salary every month (see first box) and, as the months go by, this gradually accumulates into their transfer value (i.e. their capital). When their contracts expire, Fellows may opt to transfer that money directly into another pension fund (subject to the national laws of the destination country and, unfortunately, not possible everywhere), or take it in cash. This is because only employed members of the personnel who have at least five years of service with the Organization are entitled to remain beneficiaries of the CERN Pension Fund for life*. But the capi...

  12. Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

    Directory of Open Access Journals (Sweden)

    Emine ÇINA BAL

    2013-06-01

    Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

  13. STUDY ON THE APPLICATION OF CASH ACCOUNTING SYSTEM FOR VAT IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ECOBICI NICOLAE

    2014-02-01

    Full Text Available The cash accounting system for VAT has been implemented in Romania as of 1 January 2013 and now turns one year of application in Romania. Since its implementation the system has sparked controversy, being harshly criticised by professional accountants in Romania and elsewhere. Criticisms mainly concerned the following issues: no possibility to choose to apply the system, breach of the VAT neutrality principles, maximum period of 90 days to postpone the chargeability of VAT for unpaid deliveries, while VAT deduction was subject to payment of the value of goods and services invoiced without specifying any term. In this article we would like to examine the extent to which the legislative changes that came into effect as of 1 January 2014 improve the cash accounting system for VAT in Romania. We will also analyse to what extent the system applied in 2013 has brought advantages/disadvantages to the economic entities in Romania based on a survey carried out on a heterogeneous sample of companies in the county of Gorj, regarded as nationally representative. Finally, we intend to compare the cash accounting system for VAT in Romania with its UK counterpart.

  14. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  15. The Role of Corporate Governance as a Leverage Moderating and Free Cash Flow on Earnings Management

    Directory of Open Access Journals (Sweden)

    Reni Yendrawati

    2017-07-01

    Full Text Available According to agency theory there were separation of function between principal and agent. This separation created different interest between principal and agent. This condition occurs because of the asymmetric information that agent more knew company information than principal. Therefore, it was interesting to study the actions of management.This research aimed to analyze the influence of leverage and free cash flow to earning management and the ability to analyze the influence corporate governance consisting of managerial ownership, institutional ownership, independent commissioner, and audit committee in influencing earnings management on the listed manufacturing companies in Indonesia Stock Exchange during years 2010-2014. The results showed that leverage significantly influence to earnings management and free cash flow significantly influence to earnings management moderating variables that influence the relationship of leverage to earnings management is managerial ownership, independent commissioner,audit committee, and moderating variables that influence the relationship of free cash flow to earning management was managerial ownership and institutional ownership.

  16. Growing a professional network to over 3000 members in less than 4 years: evaluation of InspireNet, British Columbia's virtual nursing health services research network.

    Science.gov (United States)

    Frisch, Noreen; Atherton, Pat; Borycki, Elizabeth; Mickelson, Grace; Cordeiro, Jennifer; Novak Lauscher, Helen; Black, Agnes

    2014-02-21

    Use of Web 2.0 and social media technologies has become a new area of research among health professionals. Much of this work has focused on the use of technologies for health self-management and the ways technologies support communication between care providers and consumers. This paper addresses a new use of technology in providing a platform for health professionals to support professional development, increase knowledge utilization, and promote formal/informal professional communication. Specifically, we report on factors necessary to attract and sustain health professionals' use of a network designed to increase nurses' interest in and use of health services research and to support knowledge utilization activities in British Columbia, Canada. "InspireNet", a virtual professional network for health professionals, is a living laboratory permitting documentation of when and how professionals take up Web 2.0 and social media. Ongoing evaluation documents our experiences in establishing, operating, and evaluating this network. Overall evaluation methods included (1) tracking website use, (2) conducting two member surveys, and (3) soliciting member feedback through focus groups and interviews with those who participated in electronic communities of practice (eCoPs) and other stakeholders. These data have been used to learn about the types of support that seem relevant to network growth. Network growth exceeded all expectations. Members engaged with varying aspects of the network's virtual technologies, such as teams of professionals sharing a common interest, research teams conducting their work, and instructional webinars open to network members. Members used wikis, blogs, and discussion groups to support professional work, as well as a members' database with contact information and areas of interest. The database is accessed approximately 10 times per day. InspireNet public blog posts are accessed roughly 500 times each. At the time of writing, 21 research teams

  17. Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

    Directory of Open Access Journals (Sweden)

    Wang Fusheng

    2015-01-01

    Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

  18. CASH FLOW-FINANCIAL PLANNING TOOL IN THE TOURISM UNITS

    Directory of Open Access Journals (Sweden)

    Boby COSTI

    2017-05-01

    Full Text Available This paper addresses the issue of cash-flow tool for financial planning, cash flow calculation by applying the indirect method within a company in the field of tourism. Thus, it tackled issues concerning the organization of accounting of treasury which made a presentation of the subject reflected in treasury accounting record of the existence and movement of securities placement, availability of the accounts at banks, short term bank loans and other cash values. The importance of access to information as well as more detailed and clearer leads to an upward trend of the tourism society. Standardization of definitions helps to ensure that all parties are talking of the same terms or concepts with lower or no variables. This is essential for developers and contractors in different geographical regions of the world and different countries when they discuss issues of tourism and travel.

  19. Analysis of cash flow ratios: A study on CMC

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2018-01-01

    Full Text Available Cash flow ratios help financial users get relevant information about financial resources for a given time. Cash flow ratios are now used more than the traditional ones because it is more effective and justified. Cash flow based ratios are especially surprising because they do not only play a significant role in the credit rating of evaluation, but also forecast the failure of a corporation. In this study, we perform an empirical investigation on a company named CMC. From the study, it is clear that the liquidity and solvency positions of the company were moderate whereas the company maintained low profitability. On the other hand, the efficiency and sufficiency ratios of the study give us a new look on financial judgement.

  20. Neratinib after trastuzumab-based adjuvant therapy in HER2-positive breast cancer (ExteNET): 5-year analysis of a randomised, double-blind, placebo-controlled, phase 3 trial

    DEFF Research Database (Denmark)

    Martin, Miguel; Holmes, Frankie A; Ejlertsen, Bent

    2017-01-01

    BACKGROUND: ExteNET showed that 1 year of neratinib, an irreversible pan-HER tyrosine kinase inhibitor, significantly improves 2-year invasive disease-free survival after trastuzumab-based adjuvant therapy in women with HER2-positive breast cancer. We report updated efficacy outcomes from...... cancer, who had completed neoadjuvant and adjuvant chemotherapy plus trastuzumab with no evidence of disease recurrence or metastatic disease at study entry. Patients who were eligible patients were randomly assigned (1:1) via permuted blocks stratified according to hormone receptor status (hormone....../day or matching placebo. Treatment was given continuously for 1 year, unless disease recurrence or new breast cancer, intolerable adverse events, or consent withdrawal occurred. Patients, investigators, and trial funder were masked to treatment allocation. The predefined endpoint of the 5-year analysis...

  1. Towards the establishment of cash waqf microfinance fund for refugees

    Directory of Open Access Journals (Sweden)

    Omar Ahmad Kachkar

    2017-07-01

    Full Text Available Purpose - This paper aims to propose cash waqf (endowment to develop a conceptual model that can be utilised to extend microfinance for refugees. Design/methodology/approach - Qualitative method is used in this research. An extensive review of the literature has been conducted. Latest literature on refugees, microfinance has been critically examined beside the current cash waqf models. Findings - Empirical studies have shown that many refugees are equipped with marketable skills and talents that can be utilised to improve their socio-economic situations. The proposed model – cash waqf refugee microfinance fund (CWRMF – is structured to extend microfinance to potential refugee micro entrepreneurs. To address the lack of collateral, which is a requirement to gain any microfinance, CWRMF has been incorporated with a takaful unit (cooperation by which refugees may guarantee each other. Additionally, the model has also been structured to address the challenge of sustainability of the institution that would provide microfinance. Hence, a reserve fund has also been integrated into the model. Practical implications - CWRMF represents a potential model to be implemented by humanitarian non-governmental organisations (NGOs and aid agencies to support livelihood of refugees in particular for Muslim refugees. Positive outcome is expected from the implementation of this model. This is because of the various advantages of microfinance programs not only on refugees but also on concerned NGOs, host populations and donor parties. Additionally, this paper is a set of primarily thoughts aims to open the door wider for more researchers to explore the potential of cash waqf as one of the instruments to finance refugee microenterprises and business activities. Originality/value - Recently cash waqf has been into several models for socio-economic development and poverty alleviation. This paper is proposing cash waqf as a source for a microfinance fund that can

  2. A tax proposal for a cash flow corporate tax

    OpenAIRE

    Lourdes Jerez Barroso; Joaquín Texeira Quirós

    2013-01-01

    Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the...

  3. Comparative characteristics of electronic, cash and cashless money

    Directory of Open Access Journals (Sweden)

    Ксенія Романівна Петрофанова

    2017-12-01

    The study of the peculiarities of electronic money is accompanied by the discovery of a large number of theoretical and practical problems and separate discussion issues of important application significance. As the number of e-money users increases with the development of e-commerce, protecting their interests requires proper civil and financial regulation. Comparing electronic money with cash and non-cash money, we found that they, by combining the benefits of the other two forms of money, actually became the third specific monetary form

  4. 1999 BUSINESS ANALYSIS SUMMARY FOR CASH GRAIN FARMS

    OpenAIRE

    Nott, Sherrill B.

    2000-01-01

    The sources of the 51 cash grain farms analyzed in this report were Telfarm/MicroTel at Michigan State University, plus the AgriSolutions offices in East Lansing, Adrian, Mt. Pleasant, and Alpena. Farm types were assigned using the 1992 Census of Agriculture's Standard Industrial Classification (SIC) definitions. Basically, any farm with 50 percent or more of value of farm sales from one item becomes a farm of that type. Cash grain farms have 50 percent or more of value of combined sales from...

  5. Quantum net dynamics

    International Nuclear Information System (INIS)

    Finkelstein, D.

    1989-01-01

    The quantum net unifies the basic principles of quantum theory and relativity in a quantum spacetime having no ultraviolet infinities, supporting the Dirac equation, and having the usual vacuum as a quantum condensation. A correspondence principle connects nets to Schwinger sources and further unifies the vertical structure of the theory, so that the functions of the many hierarchic levels of quantum field theory (predicate algebra, set theory, topology,hor-ellipsis, quantum dynamics) are served by one in quantum net dynamics

  6. Programming NET Web Services

    CERN Document Server

    Ferrara, Alex

    2007-01-01

    Web services are poised to become a key technology for a wide range of Internet-enabled applications, spanning everything from straight B2B systems to mobile devices and proprietary in-house software. While there are several tools and platforms that can be used for building web services, developers are finding a powerful tool in Microsoft's .NET Framework and Visual Studio .NET. Designed from scratch to support the development of web services, the .NET Framework simplifies the process--programmers find that tasks that took an hour using the SOAP Toolkit take just minutes. Programming .NET

  7. Game Coloured Petri Nets

    DEFF Research Database (Denmark)

    Westergaard, Michael

    2006-01-01

    This paper introduces the notion of game coloured Petri nets. This allows the modeler to explicitly model what parts of the model comprise the modeled system and what parts are the environment of the modeled system. We give the formal definition of game coloured Petri nets, a means of reachability...... analysis of this net class, and an application of game coloured Petri nets to automatically generate easy-to-understand visualizations of the model by exploiting the knowledge that some parts of the model are not interesting from a visualization perspective (i.e. they are part of the environment...

  8. Multi-Year Estimates of Regional Alaskan Net CO2 Exchange: Constraining a Remote-Sensing Based Model with Aircraft Observations

    Science.gov (United States)

    Lindaas, J.; Commane, R.; Luus, K. A.; Chang, R. Y. W.; Miller, C. E.; Dinardo, S. J.; Henderson, J.; Mountain, M. E.; Karion, A.; Sweeney, C.; Miller, J. B.; Lin, J. C.; Daube, B. C.; Pittman, J. V.; Wofsy, S. C.

    2014-12-01

    The Alaskan region has historically been a sink of atmospheric CO2, but permafrost currently stores large amounts of carbon that are vulnerable to release to the atmosphere as northern high-latitudes continue to warm faster than the global average. We use aircraft CO2 data with a remote-sensing based model driven by MODIS satellite products and validated by CO2 flux tower data to calculate average daily CO2 fluxes for the region of Alaska during the growing seasons of 2012 and 2013. Atmospheric trace gases were measured during CARVE (Carbon in Arctic Reservoirs Vulnerability Experiment) aboard the NASA Sherpa C-23 aircraft. For profiles along the flight track, we couple the Weather Research and Forecasting (WRF) model with the Stochastic Time-Inverted Lagrangian Transport (STILT) model, and convolve these footprints of surface influence with our remote-sensing based model, the Polar Vegetation Photosynthesis Respiration Model (PolarVPRM). We are able to calculate average regional fluxes for each month by minimizing the difference between the data and model column integrals. Our results provide a snapshot of the current state of regional Alaskan growing season net ecosystem exchange (NEE). We are able to begin characterizing the interannual variation in Alaskan NEE and to inform future refinements in process-based modeling that will produce better estimates of past, present, and future pan-Arctic NEE. Understanding if/when/how the Alaskan region transitions from a sink to a source of CO2 is crucial to predicting the trajectory of future climate change.

  9. Kontsernisisese cash pooling'u kasutamise võimalikud piirangud / Karl Kull

    Index Scriptorium Estoniae

    Kull, Karl, 1987-

    2011-01-01

    Cash pooling’ust kui finantsjuhtimise ühest alaliigist. Cash pooling’u kasutamise piirangutest: äriseadustiku §-des 159 ja 281 sätestatud laenukeelust ning emaettevõtja kohustuste võimalikust rikkumisest

  10. Cash Accountability in the Department of Defense, Supply Department Imprest Fund, Naval Air Station, Norfolk, Virginia

    National Research Council Canada - National Science Library

    Mckinney, Terry

    1994-01-01

    Our objectives were to verify the accountability for cash and related assets and to evaluate the adequacy of procedures used to determine the accuracy of records used to support cash accountability...

  11. An Experiment of Student Understanding of Accruals versus Cash Flows

    Science.gov (United States)

    Miranda-Lopez, Jose Eduardo; Nichols, Linda M.

    2007-01-01

    The concepts of both accrual accounting and cash basis accounting need to be thoroughly understood by accounting graduates as they enter the workplace. In making decisions, both managers and investors often may need to make adjustments from one basis to the other. But do students really understand these concepts? This study uses an experimental…

  12. 45 CFR 400.52 - Emergency cash assistance to refugees.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 2 2010-10-01 2010-10-01 false Emergency cash assistance to refugees. 400.52 Section 400.52 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES REFUGEE RESETTLEMENT PROGRAM...

  13. 7 CFR 3015.83 - Federal cash transactions report.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Federal cash transactions report. 3015.83 Section 3015.83 Agriculture Regulations of the Department of Agriculture (Continued) OFFICE OF THE CHIEF FINANCIAL OFFICER, DEPARTMENT OF AGRICULTURE UNIFORM FEDERAL ASSISTANCE REGULATIONS Financial Reporting...

  14. 20/30 Hindsight: cash management in local banks

    NARCIS (Netherlands)

    Peffer, Ron A.; Telgen, Jan

    1986-01-01

    Who would ever expect that a bank would complain about the number of calculations required to do anything, let alone cut down costs? Mr. Peffer and Dr. Telgen describe their experiences in implementing a cash management system for use by independent local banks; when they got that response—perhaps

  15. Conditional Cash Transfer against Child Labor: Indonesia Program Keluarga Harapan

    Science.gov (United States)

    Lee, Kye Woo; Hwang, Miae

    2016-01-01

    This study aims to analyze whether subsidies provided by the Indonesian conditional cash transfer against child labor program (Program Keluarga Harapan: PKH) were sufficient for children to stop working and go back to schooling. Ex-post evaluations of the program found that it did not improve children's enrollment rate and reduce child labor…

  16. Mathematical annuity models application in cash flow analysis ...

    African Journals Online (AJOL)

    Mathematical annuity models application in cash flow analysis. ... We also compare the cost efficiency between Amortisation and Sinking fund loan repayment as prevalent in financial institutions. Keywords: Annuity, Amortisation, Sinking Fund, Present and Future Value Annuity, Maturity date and Redemption value.

  17. 31 CFR 321.7 - Authorized cash payments.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Authorized cash payments. 321.7 Section 321.7 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL... registration on the front of the security, or by a person authorized or empowered to act for a corporate legal...

  18. The Cash Flow as Financial Management Tool For Small Businesses

    Directory of Open Access Journals (Sweden)

    Osmar Siena

    2015-06-01

    Full Text Available This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial management system. Facing these objectives the research uses the precedence of qualitative methodology and applies the instruments on-site visit, interview and questionnaire to collect data. Descriptive analysis that confront the theoretical basis and the data obtained from research is used. With the completion of the analysis the following results were achieved: description of business processes researched; identifying the needs and forms of control currently used and presentation of improvement measures for the adjustment of non-conformities identified. The study contributes to both the academic improvement by analyzing the real situation of the company, as well as it serves as a recommendation to companies embracing similar difficulties in financial management.

  19. Pengaruh Free Cash Flow Dan Kualitas Audit Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-04-01

    Full Text Available Asymmetric information refers to a situation where one party has more information than the other party. The agency problems arise from asymmetric information in the principal agent contracts. In addition, there are also several factors that could affect earnings management that is free cash flow and audit quality. The aim of this research is to provide empirical evidence about the impact of free cash flow and audit quality variables on discretionary accruals, as a measure of Earnings Management with the control variables company’s size. This research used 103 manufacturing companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluced that the variable independent free cash flow have a negative and significant effect on earning management. It means that companies with high free cash flow will restrict the practice of earnings management. While the audit quality no significance effect on earning management.

  20. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously

  1. The dynamics of stock price and determination of investor's cash ...

    African Journals Online (AJOL)

    Our aim is to also determine investor's cash flows valuation generated from the investment. The investor invested her short position into N number of investment firms. The firms in turn invest the short position of the investor into the stock and bond markets in order to hedge out the risks associated with the investor's portfolio.

  2. Assessing the impact of cash transfer programs on women's ...

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

    In Tanzania, the Tanzania Social Action Fund provides financial support to poor and vulnerable people. Conditions attached to the funds include sending children to school and accessing basic health care. Recent evidence suggests that cash transfers can contribute to pro-poor growth by: -serving as an effective risk ...

  3. Direct Loan Cash Management and Data Matching (Reconciliation).

    Science.gov (United States)

    Department of Education, Washington, DC.

    This guide for institutions of higher education and other schools receiving funds under the William D. Ford Direct Loan Program details required and recommended procedures for the reconciliation process. The reconciliation process is explained to include cash management (the accounting for Direct Loan funds drawn down and disbursed to borrowers)…

  4. Financial Management: Cash Management Practices in Florida Community Colleges.

    Science.gov (United States)

    Spiwak, Rand S.

    A study was conducted to identify those variables appearing to affect cash management practices in Florida community colleges, and recommend prescriptive measures concerning these practices. The study methodology included informal discussions with the chief fiscal officers of each Florida community college and appropriate state board staff,…

  5. 31 CFR 206.6 - Cash management planning and review.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Cash management planning and review. 206.6 Section 206.6 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL AGENCY...

  6. Cash debt buybacks and the insurance value of reserves

    NARCIS (Netherlands)

    van Wijnbergen, S.

    Absence of terms-of-trade contingent instruments in international capital markets, combined with differences in risk aversion between commercial creditors and LDC borrowers, has important consequences for the welfare effects of cash/debt buy-backs. In such circumstances, secondary market prices fail

  7. Coloured Petri Nets

    DEFF Research Database (Denmark)

    Jensen, Kurt

    1991-01-01

    This paper describes how Coloured Petri Nets (CP-nets) have been developed — from being a promising theoretical model to being a full-fledged language for the design, specification, simulation, validation and implementation of large software systems (and other systems in which human beings and...

  8. Net zero water

    CSIR Research Space (South Africa)

    Lindeque, M

    2013-01-01

    Full Text Available the national grid. The unfortunate situation with water is that there is no replacement technology for water. Water can be supplied from many different sources. A net zero energy development will move closer to a net zero water development by reducing...

  9. Construction of monophase nets

    International Nuclear Information System (INIS)

    Suarez A, Jose Antonio

    1996-01-01

    The paper refers to the use of monophase loads in commercial residential urbanizations and in small industries, for this reason it is considered unnecessary the construction of three-phase nets. The author makes a historical recount of these nets in Bogota, his capacities, uses and energy savings

  10. DETERMINANTS AND OPTIMAL LEVEL OF CORPORATE CASH HOLDINGS: EVIDENCE FROM US, UK AND JAPAN

    OpenAIRE

    Zhang, Shan Shan

    2013-01-01

    This paper firstly investigates the empirical determinants of corporate cash holdings for a sample of listed US, UK and Japanese firms during the 2000-2012 period. Through applying the pooled time-series cross-sectional estimations, cross-sectional estimations and GMM two-step method of estimations, the results reveal that firms’ cash flow, cash flow variability, bank debt and degree of shareholders protection and creditor protection all have inverse relationship with cash holdings. Contraril...

  11. Do analysts disclose cash flow forecasts with earnings estimates when earnings quality is low?

    OpenAIRE

    Bilinski, P.

    2014-01-01

    Cash flows are incrementally useful to earnings in security valuation mainly when earnings quality is low. This suggests that when earnings quality decreases, analysts will be more likely to supplement their earnings forecasts with cash flow estimates. Contrary to this prediction, we find that analysts do not disclose cash flow forecasts when the quality of earnings is low. This is because cash flow forecast accuracy depends on the accuracy of the accrual estimates and the precision of accrua...

  12. Forecasting of cash flow from an enterprise’s principal activities

    OpenAIRE

    Kanapickienė, Rasa; Šlekienė, Vaida

    2008-01-01

    The article deals with the forecasting of a cash flow from primary activities of an enterprise. Different mathematical methods are applied to forecast cash flow. Cash flow forecasts are often introduced in the project of the enterprise budget. Some scientific sources state that it is possible to forecast cash flow from primary activities of an enterprise according to its historical financial data by the means of regression analysis. These sources suggest various models of regression analysis ...

  13. A study on relationship between market share and cash flow policy

    OpenAIRE

    Somayeh Sadeghi Moghaddam; Fateme Zabihi

    2014-01-01

    This paper presents an empirical investigation to study the relationship between cash flow and market share on selected firms from Tehran Stock Exchange over the period 2007-2011. Using regression analysis, the study has detected a positive and meaningful relationship between cash flow on one side and three other investment opportunities, firm size and operating cash flow. In addition, there is a negative and meaningful relationship between leverage and cash flow. However, the study does not ...

  14. Fusion through the NET

    International Nuclear Information System (INIS)

    Spears, B.

    1987-01-01

    The paper concerns the next generation of fusion machines which are intended to demonstrate the technical viability of fusion. In Europe, the device that will follow on from JET is known as NET - the Next European Torus. If the design programme for NET proceeds, Europe could start to build the machine in 1994. The present JET programme hopes to achieve breakeven in the early 1990's. NET hopes to reach ignition in the next century, and so lay the foundation for a demonstration reactor. A description is given of the technical specifications of the components of NET, including: the first wall, the divertors to protect the wall, the array of magnets that provide the fields containing the plasma, the superconducting magnets, and the shield of the machine. NET's research programme is briefly outlined, including the testing programme to optimise conditions in the machine to achieve ignition, and its safety work. (U.K.)

  15. NASA Net Zero Energy Buildings Roadmap

    Energy Technology Data Exchange (ETDEWEB)

    Pless, S.; Scheib, J.; Torcellini, P.; Hendron, B.; Slovensky, M.

    2014-10-01

    In preparation for the time-phased net zero energy requirement for new federal buildings starting in 2020, set forth in Executive Order 13514, NASA requested that the National Renewable Energy Laboratory (NREL) to develop a roadmap for NASA's compliance. NASA detailed a Statement of Work that requested information on strategic, organizational, and tactical aspects of net zero energy buildings. In response, this document presents a high-level approach to net zero energy planning, design, construction, and operations, based on NREL's first-hand experience procuring net zero energy construction, and based on NREL and other industry research on net zero energy feasibility. The strategic approach to net zero energy starts with an interpretation of the executive order language relating to net zero energy. Specifically, this roadmap defines a net zero energy acquisition process as one that sets an aggressive energy use intensity goal for the building in project planning, meets the reduced demand goal through energy efficiency strategies and technologies, then adds renewable energy in a prioritized manner, using building-associated, emission- free sources first, to offset the annual energy use required at the building; the net zero energy process extends through the life of the building, requiring a balance of energy use and production in each calendar year.

  16. 20 CFR 404.1586 - Why and when we will stop your cash benefits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Why and when we will stop your cash benefits... and when we will stop your cash benefits. (a) When you are not entitled to benefits. If you become entitled to disability cash benefits as a statutorily blind person, we will find that you are no longer...

  17. 38 CFR 6.16 - Payment of cash value in monthly installments.

    Science.gov (United States)

    2010-07-01

    ... selected by the insured. If no designated beneficiary survives, the present value of any remaining unpaid... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Payment of cash value in... AFFAIRS UNITED STATES GOVERNMENT LIFE INSURANCE Cash Value § 6.16 Payment of cash value in monthly...

  18. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Cash and Management Information (C... HOMES PROGRAM (HOPE 3) Grants § 572.230 Cash and Management Information (C/MI) System. Disbursement of HOPE 3 grant funds is managed through HUD's Cash and Management Information (C/MI) System for the HOPE...

  19. 45 CFR 401.12 - Cuban and Haitian entrant cash and medical assistance.

    Science.gov (United States)

    2010-10-01

    ... cash and medical assistance (and related administrative costs) to Cuban and Haitian entrants according... 45 Public Welfare 2 2010-10-01 2010-10-01 false Cuban and Haitian entrant cash and medical... ENTRANT PROGRAM § 401.12 Cuban and Haitian entrant cash and medical assistance. Except as may be otherwise...

  20. 31 CFR 206.10 - Operation of and payments from the Cash Management Improvements Fund.

    Science.gov (United States)

    2010-07-01

    ... SERVICE MANAGEMENT OF FEDERAL AGENCY RECEIPTS, DISBURSEMENTS, AND OPERATION OF THE CASH MANAGEMENT IMPROVEMENTS FUND § 206.10 Operation of and payments from the Cash Management Improvements Fund. (a) The Cash... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Operation of and payments from the...

  1. The effects of country and firm-level governance on cash management

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    We examine the effects of both country and firm-level governance on cash holdings and the value of cash for a large international sample during the period 2002-2013. We find that both strong country and strong firm-level governance reduce the amount of cash holdings. We observe that a number of the

  2. Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?

    NARCIS (Netherlands)

    Botshekan, M.; Kraeussl, R.G.W.; Lucas, A.

    2012-01-01

    We test whether asymmetric preferences for losses versus gains affect the prices of cash flow versus discount rate risk. We construct a return decomposition distinguishing cash flow and discount rate betas in up and down markets. Using U.S. data, we find that downside cash flow and discount rate

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

    Science.gov (United States)

    Haag, Leonard H.

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

  4. 34 CFR 668.161 - Scope and purpose (cash management rules).

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false Scope and purpose (cash management rules). 668.161... POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION STUDENT ASSISTANCE GENERAL PROVISIONS Cash Management § 668.161 Scope and purpose (cash management rules). (a) General. (1) This subpart establishes the rules and...

  5. The Management of Cash. NACUBO Professional File, Volume 9, Number 6.

    Science.gov (United States)

    Boyles, William W.

    With today's relatively high interest rates, inflationary trend, and declining public support to higher education, cash management programs are of interest to the academic business officer as well as the commercial businessman. Four areas in which the management of cash can be improved are: (1) speeding collections of cash; (2) delaying…

  6. 20 CFR 668.860 - What cash management procedures apply to INA grant funds?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false What cash management procedures apply to INA... Administrative Requirements § 668.860 What cash management procedures apply to INA grant funds? INA grantees must... implement the Cash Management Improvement Act, found at 31 CFR part 205, apply by law to most recipients of...

  7. Paying Students to Learn: An Ethical Analysis of Cash for Grades Programmes

    Science.gov (United States)

    Warnick, Bryan R.

    2017-01-01

    A growing number of schools have begun experimenting with giving students cash rewards to improve academic performance. This practice has come to be known as "cash-for-grades." In this article, I examine some of the philosophical and ethical questions involved with cash-for-grades programmes, rather than focusing on whether such…

  8. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling)

    OpenAIRE

    Ali KABAKÇI

    2011-01-01

    Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...

  9. Areva - Half year financial report June 30, 2009

    International Nuclear Information System (INIS)

    2009-01-01

    This half-year financial report contains statements on the objectives, prospects and growth areas for the AREVA group. It gives a view of the net worth, the financial position and the income of the company and all the companies included in consolidation. It presents the major events that occurred during the first six months of the fiscal year, of their effect on the financial statements and of the main transactions between related parties. It gives a description of the main risks and main uncertainties for the remaining six months of the financial year. Content: 1 - Half-year business report: Significant events, Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet items, Events subsequent to closing, Outlook; 2 - Statutory auditors' report on the financial information for the 2009 half-year - period January 1 to June 30, 2009: Condensed consolidated financial statements at June 30, 2009, Consolidated income statement, Consolidated comprehensive income, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of changes in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2009

  10. Analysis and Accounting of Hedging of a Net Investment in a Foreign Operation Process in the concept of Turkish Accounting Standards

    Directory of Open Access Journals (Sweden)

    Veli Öztürk

    2013-09-01

    Full Text Available In recent years, in line with developments in the financial markets, financial instruments developed rapidly. As a result of this development, how to classify financial instruments, recognition of these principles has become important. As a result of the every day increase in types of financial instruments, financial risks have emerged. Especially after the end of the Bretton Woods system that based on fixed exchange rates in 1970’s, entities faced the financial risk. IAS 39 gathered financial risks faced by businesses in the financial markets in three groups. These risks are risk arising from financial instruments at fair value and risk arising from cash flows and risk arising from the net investment in a foreign operation. Preventing from the risk arising from the net investment in a foreign operation hedge that composes the subject of this study and also one type of prevention from financial risk, is explained in Turkish Accounting Standards TAS 21 and TAS 39. The implementation section of this study, one of the varieties of hedging, hedge accounting is an example of a net investment in a foreign operation. Example implementation is divided into three sections. In the first part, the increase and decreases at the exchange rates that arised from the position in which the entity made investment does not make forward contracts arised exchange rates are shown. In the second part of our application, the accounting records related to forward contract made for preventing from net investment risk are shown, and how the forward contract prevent the entity from net investment risk is explained. In the final part of the implementation, the disposal of the net investment in a foreign country and it’s results are shown.

  11. Net Zero Energy Buildings

    DEFF Research Database (Denmark)

    Marszal, Anna Joanna; Bourrelle, Julien S.; Gustavsen, Arild

    2010-01-01

    and identify possible renewable energy supply options which may be considered in calculations. Finally, the gap between the methodology proposed by each organisation and their respective national building code is assessed; providing an overview of the possible changes building codes will need to undergo......The international cooperation project IEA SHC Task 40 / ECBCS Annex 52 “Towards Net Zero Energy Solar Buildings”, attempts to develop a common understanding and to set up the basis for an international definition framework of Net Zero Energy Buildings (Net ZEBs). The understanding of such buildings...

  12. Getting to Net Zero

    Energy Technology Data Exchange (ETDEWEB)

    2016-09-01

    The technology necessary to build net zero energy buildings (NZEBs) is ready and available today, however, building to net zero energy performance levels can be challenging. Energy efficiency measures, onsite energy generation resources, load matching and grid interaction, climatic factors, and local policies vary from location to location and require unique methods of constructing NZEBs. It is recommended that Components start looking into how to construct and operate NZEBs now as there is a learning curve to net zero construction and FY 2020 is just around the corner.

  13. Pro NET Best Practices

    CERN Document Server

    Ritchie, Stephen D

    2011-01-01

    Pro .NET Best Practices is a practical reference to the best practices that you can apply to your .NET projects today. You will learn standards, techniques, and conventions that are sharply focused, realistic and helpful for achieving results, steering clear of unproven, idealistic, and impractical recommendations. Pro .NET Best Practices covers a broad range of practices and principles that development experts agree are the right ways to develop software, which includes continuous integration, automated testing, automated deployment, and code analysis. Whether the solution is from a free and

  14. 38 CFR 8.11 - Cash value and policy loan.

    Science.gov (United States)

    2010-07-01

    ... will be taken as the date of delivery. (c) All values, reserves and net single premiums on..., reserves, and net single premiums issued under the provisions of section 1922(a) of title 38 U.S.C., and on...: 38 U.S.C. 1904, 1906) (e) All values on insurance, reserves, and net single premiums issued under the...

  15. Comparison of advanced LWR reactor core design strategies by the net present value method

    International Nuclear Information System (INIS)

    Belac, J.

    2002-12-01

    The following major topics are included: (i) Economic assessment of refuelling variants (Alternatives of economic assessment of refuelling variants; Net present value (NPV); Input parameters accounted for by the economic assessment model; Expressing cash flow for the NPV approach; Specific [unit] costs); (ii) Fuel cycle variants being compared; and (iii) Effect of Czech legislation on the economic indices and NPP fuel cycle assessment. (P.A.)

  16. PhysioNet

    Data.gov (United States)

    U.S. Department of Health & Human Services — The PhysioNet Resource is intended to stimulate current research and new investigations in the study of complex biomedical and physiologic signals. It offers free...

  17. NetSig

    DEFF Research Database (Denmark)

    Horn, Heiko; Lawrence, Michael S; Chouinard, Candace R

    2018-01-01

    Methods that integrate molecular network information and tumor genome data could complement gene-based statistical tests to identify likely new cancer genes; but such approaches are challenging to validate at scale, and their predictive value remains unclear. We developed a robust statistic (Net......Sig) that integrates protein interaction networks with data from 4,742 tumor exomes. NetSig can accurately classify known driver genes in 60% of tested tumor types and predicts 62 new driver candidates. Using a quantitative experimental framework to determine in vivo tumorigenic potential in mice, we found that Net......Sig candidates induce tumors at rates that are comparable to those of known oncogenes and are ten-fold higher than those of random genes. By reanalyzing nine tumor-inducing NetSig candidates in 242 patients with oncogene-negative lung adenocarcinomas, we find that two (AKT2 and TFDP2) are significantly amplified...

  18. Blanket testing in NET

    International Nuclear Information System (INIS)

    Chazalon, M.; Daenner, W.; Libin, B.

    1989-01-01

    The testing stages in NET for the performance assessment of the various breeding blanket concepts developed at the present time in Europe for DEMO (LiPb and ceramic blankets) and the requirements upon NET to perform these tests are reviewed. Typical locations available in NET for blanket testing are the central outboard segments and the horizontal ports of in-vessel sectors. These test positions will be connectable with external test loops. The number of test loops (helium, water, liquid metal) will be such that each major class of blankets can be tested in NET. The test positions, the boundary conditions and the external test loops are identified and the requirements for test blankets are summarized (author). 6

  19. Programming NET 35

    CERN Document Server

    Liberty, Jesse

    2009-01-01

    Bestselling author Jesse Liberty and industry expert Alex Horovitz uncover the common threads that unite the .NET 3.5 technologies, so you can benefit from the best practices and architectural patterns baked into the new Microsoft frameworks. The book offers a Grand Tour" of .NET 3.5 that describes how the principal technologies can be used together, with Ajax, to build modern n-tier and service-oriented applications. "

  20. NET SALARY ADJUSTMENT

    CERN Multimedia

    Finance Division

    2001-01-01

    On 15 June 2001 the Council approved the correction of the discrepancy identified in the net salary adjustment implemented on 1st January 2001 by retroactively increasing the scale of basic salaries to achieve the 2.8% average net salary adjustment approved in December 2000. We should like to inform you that the corresponding adjustment will be made to your July salary. Full details of the retroactive adjustments will consequently be shown on your pay slip.

  1. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Roghayeh Ahmdi Panah Banad Koki

    2014-03-01

    Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

  2. Cashing in on China’s Boom

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Foreign banks continue to fare well here on the back of the country’s torrid economic growth sitting on piles of bad mortgages and unpaid credit-card debts and auto loans, several foreign banks have seen their profits plummet along with the broader economic downturn in the West But the good news is that they still see China as a bright spot for expanding their business. In the first three quarters this year, foreign banks in China earned 10.12 billion yuan ($1.48 billion) in profit, double the amount they made during the same period last year, said the China Banking Regulatory Commission in a statement on September 25.

  3. Immigration and welfare state cash benefits

    DEFF Research Database (Denmark)

    Pedersen, Peder J.

    2013-01-01

    Purpose – The purpose of this paper is to summarize existing evidence on welfare dependence among immigrants in Denmark and to produce new evidence with focus on the most recent years. Design/methodology/approach – The paper combines a broad descriptive/analytical approach with multivariate...... estimation on the impact on welfare dependence from individual background factors. Findings – The main finding is the importance of aggregate low unemployment for immigrants to assimilate out of welfare dependence. Fairly small effects are reported from policy changes intending to influence the economic...... policy programs and to extend the analysis to cover the period including the financial crisis years. Social implications – The paper has a potential to influence public attitudes in this area and to inform further public policy regarding benefit programs. Originality/value – The main new result...

  4. Cash boost to Great British science unveiled

    CERN Multimedia

    2002-01-01

    "Trade and Industry Secretary, Patricia Hewitt today unveiled new plans for the DTI's record science budget over the next three years, to keep Britain at the forefront of world science. The plans include funding to develop life saving new health techniques, to seek alternative energy sources, to help our rural economy, to develop the computers of tomorrow and boost business with the next generation of leading edge technologies" (1 page).

  5. Big Costs, Little Cash for Energy Efficiency

    Science.gov (United States)

    Carlson, Scott

    2009-01-01

    Each year at Utica College, a tiny pot of money stands as a kind of symbol of where the college hopes to go and how close it sits to the edge. In a $55-million budget, after the college has paid its employees, heating bills, and other expenses, about $150,000 is left over for what the college calls its initiative fund. Todd S. Hutton, the…

  6. Strategic Management Accounting in Organizations’ Cash Flow Control

    Directory of Open Access Journals (Sweden)

    Y. P. Vetrov

    2017-09-01

    Full Text Available The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspects, namely, financial sustainability, solvency, liquidity and business activity. Hence, strategic management accounting of cash flows makes it possible to correctly set information base to monitor financial flows of a company which responds the tends of market economy and allows to make optimal management decisions.

  7. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    Directory of Open Access Journals (Sweden)

    BEATRIX LIGHEZAN BREUER

    2012-12-01

    Full Text Available The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidity/cash and liquidity ratios representing the liquidity as current assets, assets implied in the determination of liquidity ratios. The end of the paper consists of the conclusions drawn from the issues presented in the paper but also our views on this research topic.

  8. CASH HOLDING, GOOD CORPORATE GOVERNANCE AND FIRM VALUE

    Directory of Open Access Journals (Sweden)

    Prana Wahyu Nisasmara

    2016-12-01

    Full Text Available This research aims to understand the influence of profitability, capital structure, cash holding, and GCG (Good Corporate Governance on firm value.  The samples of this study were the property sector and real estate companies listed on Indonesia Stock Exchange (IDX in the period of 2008-2013. The data used from the annual report company. The methods of data analysis were multiple regression models and analyzed using IBM SPSS software. The results of this study are profitability has no influence on firm value, capital structure has positive influence on firm value, cash holding has no influence on firm value and GCG a has a positive influence on firm value.

  9. Watch for pitfalls of discounted cash flow techniques.

    Science.gov (United States)

    Chow, C W; McNamee, A H

    1991-04-01

    Discounted cash flow (DCF) techniques can enhance the effectiveness of a healthcare organization's capital budgeting decisions. But a financial manager unaware of common misapplications of DCF techniques may make capital decisions with a hidden bias against long-term projects, an inaccurate evaluation of options, or inappropriate estimations of expected inflation and risk. Social and psychological factors also can impede effective decisions on projects already introduced.

  10. Strategic Management Accounting in Organizations’ Cash Flow Control

    OpenAIRE

    Y. P. Vetrov; O. G. Vandina; A. R. Galustov

    2017-01-01

    The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspect...

  11. Corporate cash holdings: Determinants and implications from Vietnamese market

    OpenAIRE

    Cap, Kim Hoang

    2014-01-01

    2014 dissertation for MSc in International Accounting and Finance. Selected by academic staff as a good example of a masters level dissertation. This paper investigates the determination of corporate cash holdings in Vietnam. The sample includes Vietnamese publicly-traded firms for the period 2010-2013. Determinants include financial indicators as firm-specific characteristics and state ownership as an institutional factor for the purpose of exploring the existence of agency costs for this em...

  12. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    OpenAIRE

    ADELA BREUER; MIHAELA LESCONI FRUMUSANU; BEATRIX LIGHEZAN BREUER; ANDRA MANCIU

    2012-01-01

    The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidit...

  13. Cutting risk, boosting cash flow and developing marginal fields

    International Nuclear Information System (INIS)

    Baustad, T.; Courtin, G.; Davies, T.; Kenison, R.; Turnbull, J.; Gray, B.; Jalali, Y.; Remondet, J.C.; Hjelmsmark, L.; Oldfield, T.; Romano, C.; Saier, R.; Rannestad, G.

    1996-01-01

    To minimize financial risk and accelerate return on investment, oil companies are using low-cost, reusable production systems. The scope of these development options is illustrated by looking at three offshore case studies that range from extended well test to marginal field development. In each case, production systems technology has been deployed to provide superior data, early oil or both, thus reducing economic uncertainty and delivering accelerated cash flow. 10 figs., 23 refs

  14. Lower cash flow hampers offshore activities

    International Nuclear Information System (INIS)

    Hughes, C.

    1992-01-01

    This paper reports that the past 18 months have seen many changes in the North Sea petroleum industry. There have been some major corporate deals, resulting in departure of certain players and the introduction of new companies. The Northwest European continental shelf has been notably active in terms of farm-ins/outs, asset sales and swaps, primarily offshore the United Kingdom and Netherlands. As a result of last year's activity, it appears that majors are gradually disposing of some of their interests in mature areas like the North Sea, in favor of frontier regions like the CIS and Far East

  15. CASH vs. SYNTHETIC ASSET-BACKED SECURITIES

    Directory of Open Access Journals (Sweden)

    SILVIU EDUARD DINCA

    2015-12-01

    Full Text Available During the past few years, in the recent post-crisis aftermath, financial and banking institutions around the world are exploring new alternatives to better secure their financing and refinancing demands altogether with the enhancement of their risk management capabilities. We will exhibit herewith a theoretical and applied comparison between the true-sale and synthetic ABS securitizations as financial markets-based funding and risks mitigation techniques, highlighting certain key structuring and implementation specifics, discovered during the research, on each of them.

  16. Managing the Cash and Liquidity of the Croatian Budget

    Directory of Open Access Journals (Sweden)

    Anto Bajo

    2005-06-01

    Full Text Available The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a government institution, were taken over by the banks; the financial operations of budgetary spending agencies were channelled via the Single Account of the Treasury; and government deposits were gradually transferred from numerous commercial banks to the Single Account of the Treasury in the Croatian National Bank and the state-owned Croatian Postal Bank. Unfortunately, however, the Ministry of Finance, in collaboration with the Croatian National Bank, still carries out no operation of cash and liquidity management within the government Treasury system, nor does it operate on the money market with its surplus budgetary resources. Because of this state of affairs, management of the cash and liquidity of the central government budget is within the purview of the commercial banks.

  17. Model and calculations for net infiltration

    International Nuclear Information System (INIS)

    Childs, S.W.; Long, A.

    1992-01-01

    In this paper a conceptual model for calculating net infiltration is developed and implemented. It incorporates the following important factors: viability of climate for the next 10,000 years, areal viability of net infiltration, and important soil/plant factors that affect the soil water budget of desert soils. Model results are expressed in terms of occurrence probabilities for time periods. In addition the variability of net infiltration is demonstrated both for change with time and differences among three soil/hydrologic units present at the site modeled

  18. Neratinib after trastuzumab-based adjuvant therapy in HER2-positive breast cancer (ExteNET): 5-year analysis of a randomised, double-blind, placebo-controlled, phase 3 trial.

    Science.gov (United States)

    Martin, Miguel; Holmes, Frankie A; Ejlertsen, Bent; Delaloge, Suzette; Moy, Beverly; Iwata, Hiroji; von Minckwitz, Gunter; Chia, Stephen K L; Mansi, Janine; Barrios, Carlos H; Gnant, Michael; Tomašević, Zorica; Denduluri, Neelima; Šeparović, Robert; Gokmen, Erhan; Bashford, Anna; Ruiz Borrego, Manuel; Kim, Sung-Bae; Jakobsen, Erik Hugger; Ciceniene, Audrone; Inoue, Kenichi; Overkamp, Friedrich; Heijns, Joan B; Armstrong, Anne C; Link, John S; Joy, Anil Abraham; Bryce, Richard; Wong, Alvin; Moran, Susan; Yao, Bin; Xu, Feng; Auerbach, Alan; Buyse, Marc; Chan, Arlene

    2017-12-01

    ExteNET showed that 1 year of neratinib, an irreversible pan-HER tyrosine kinase inhibitor, significantly improves 2-year invasive disease-free survival after trastuzumab-based adjuvant therapy in women with HER2-positive breast cancer. We report updated efficacy outcomes from a protocol-defined 5-year follow-up sensitivity analysis and long-term toxicity findings. In this ongoing randomised, double-blind, placebo-controlled, phase 3 trial, eligible women aged 18 years or older (≥20 years in Japan) with stage 1-3c (modified to stage 2-3c in February, 2010) operable breast cancer, who had completed neoadjuvant and adjuvant chemotherapy plus trastuzumab with no evidence of disease recurrence or metastatic disease at study entry. Patients who were eligible patients were randomly assigned (1:1) via permuted blocks stratified according to hormone receptor status (hormone receptor-positive vs hormone receptor-negative), nodal status (0 vs 1-3 vs or ≥4 positive nodes), and trastuzumab adjuvant regimen (given sequentially vs concurrently with chemotherapy), then implemented centrally via an interactive voice and web-response system, to receive 1 year of oral neratinib 240 mg/day or matching placebo. Treatment was given continuously for 1 year, unless disease recurrence or new breast cancer, intolerable adverse events, or consent withdrawal occurred. Patients, investigators, and trial funder were masked to treatment allocation. The predefined endpoint of the 5-year analysis was invasive disease-free survival, analysed by intention to treat. ExteNET is registered with ClinicalTrials.gov, number NCT00878709, and is closed to new participants. Between July 9, 2009, and Oct 24, 2011, 2840 eligible women with early HER2-positive breast cancer were recruited from community-based and academic institutions in 40 countries and randomly assigned to receive neratinib (n=1420) or placebo (n=1420). After a median follow-up of 5·2 years (IQR 2·1-5·3), patients in the neratinib

  19. Child Poverty, the Great Recession, and the Social Safety Net in the United States.

    Science.gov (United States)

    Bitler, Marianne; Hoynes, Hiliary; Kuku, Elira

    In this paper, we comprehensively examine the effects of the Great Recession on child poverty, with particular attention to the role of the social safety net in mitigating the adverse effects of shocks to earnings and income. Using a state panel data model and data for 2000 to 2014, we estimate the relationship between the business cycle and child poverty, and we examine how and to what extent the safety net is providing protection to at-risk children. We find compelling evidence that the safety net provides protection; that is, the cyclicality of after-tax-and-transfer child poverty is significantly attenuated relative to the cyclicality of private income poverty. We also find that the protective effect of the safety net is not similar across demographic groups, and that children from more disadvantaged backgrounds, such as those living with Hispanic or single heads, or particularly those living with immigrant household heads—or immigrant spouses—experience larger poverty cyclicality than those living with non- Hispanic white or married heads, or those living with native household heads with native spouses. Our findings hold across a host of choices for how to define poverty. These include measures based on absolute thresholds or more relative thresholds. They also hold for measures of resources that include not only cash and near-cash transfers net of taxes but also several measures of the value of public medical benefits.

  20. VAT Cashing System: between Myth and Reality

    Directory of Open Access Journals (Sweden)

    Roxana ISPAS

    2014-11-01

    Full Text Available The value added tax (VAT collection system, which is applied to any company with a turnover of up to 500,000 Euros, has become optional from 1 January 2014. Since January 1, 2014, taxpayers may choose the optional introduction of new system of VAT collection anytime during the year 2014 by filing a notice from the IRS, SELF removal from the register of taxable persons applying this system. By making changes and deregistration itself, taxpayers will continue to apply the system of VAT collection.For operations whose VAT chargeable event occurred until 31 December 2013 for the invoices issued before that date, in the event that the 90th calendar day from the date of invoice or the date set imitates the chargeability of tax occurs on full or partial consideration receipt of goods delivered or services rendered. Changing the Tax Code is provided in GEO no. 111/2013, published in Official Gazette no. 809 of 19 December. New tax rules allow taxpayers to decide if they want apply VAT at collection system, this decision targeting about half a million taxpayers from Romania.

  1. Additional cash incentive within a conditional cash transfer scheme: a 'controlled before and during' design evaluation study from India.

    Science.gov (United States)

    Lahariya, Chandrakant; Mishra, Ashok; Nandan, Deoki; Gautam, Praveen; Gupta, Sanjay

    2011-01-01

    Conditional Cash Transfer (CCT) schemes have shown largely favorable changes in the health seeking behavior. This evaluation study assesses the process and performance of an Additional Cash Incentive (ACI) scheme within an ongoing CCT scheme in India, and document lessons. A controlled before and during design study was conducted in Madhya Pradesh state of India, from August 2007 to March 2008, with increased in institutional deliveries as a primary outcome. In depth interviews, focus group discussions and household surveys were done for data collection. Lack of awareness about ACI scheme amongst general population and beneficiaries, cumbersome cash disbursement procedure, intricate eligibility criteria, extensive paper work, and insufficient focus on community involvement were the major implementation challenges. There were anecdotal reports of political interference and possible scope for corruption. At the end of implementation period, overall rate of institutional deliveries had increased in both target and control populations; however, the differences were not statistically significant. No cause and effect association could be proven by this study. Poor planning and coordination, and lack of public awareness about the scheme resulted in low utilization. Thus, proper IEC and training, detailed implementation plan, orientation training for implementer, sufficient budgetary allocation, and community participation should be an integral part for successful implementation of any such scheme. The lesson learned this evaluation study may be useful in any developing country setting and may be utilized for planning and implementation of any ACI scheme in future.

  2. REFORMASI SISTEM AKUNTANSI CASH BASIS MENUJU SISTEM AKUNTANSI ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    Yuri Rahayu

    2016-03-01

    Full Text Available Abstract –  Accounting reform movement was born with the aim of structuring the direction of improvement . This movement is characterized by the enactment of the Act of 2003 and Act 1 of 2004, which became the basis of the birth of Government Regulation No.24 of 2005 on Government Accounting Standards ( SAP . The general,  accounting is based on two systems,  the cash basis  and the accrual basis. The facts speak far students still at problem with differences to the two methods that result in a lack of understanding on the treatment system for recording. The purpose method of research is particularly relevant to student references who are learning basic accounting so that it can provide information and more meaningful understanding of the accounting method cash basis and Accrual basis. This research was conducted through a normative approach, by tracing the document that references a study/library that combines source of reference that can be believed either from books and the internet are processed with a foundation of knowledge and experience of the author. The conclusion can be drawn that basically to be able to understand the difference of the system and the Cash Basis accrual student base treatment requires an understanding of both methods. To be able to have the ability and understanding of both systems required reading exercises and reference sources.   Keywords : Reform, cash basis, accrual basis   Abstrak - Gerakan reformasi akuntansi dilahirkan dengan tujuan penataan ke arah perbaikan. Gerakan ini  ditandai dengan dikeluarkannya  Undang-Undang tahun 2003 dan Undang-Undang No.1 Tahun 2004  yang menjadi dasar lahirnya Peraturan Pemerintah No.24 Tahun 2005 tentang Standar Akuntansi Pemerintah (SAP . Pada umumnya pencatatan akuntansi di dasarkan pada dua sistem yaitu basis kas (Cash Basis dan basis akrual  (Accrual Basis. Fakta berbicara Selama ini mahasiswa masih dibinggungkan dengan perbedaan ke dua metode itu sehingga

  3. DETERMINANTS OF CASH WAQF CONTRIBUTION IN KLANG VALLEY AND SELANGOR: A SEM APPROACH

    Directory of Open Access Journals (Sweden)

    Muhammad Rizky Prima Sakti

    2016-08-01

    Full Text Available Cash waqf is becoming one of the popular Islamic financial instruments which not only focus on the religiosity but also has significant impact to the ummah development. This waqf scheme does not require richness in wealth, yet everybody in the society can contribute to cash waqf. The importance of cash waqf is getting popular as it has benefited in many ways, for example it can be used to develop assets and abandoned land for business and agricultural purposes. In addition, cash waqf also can be utilized to help institutions who are facing financial problem or liquidity issues. Nonetheless, rarely we found in the literature that empirically examines the cash waqf determinants and contributions. This paper is one of the few empirical studies that investigate the determinants towards the contribution of cash waqf in Malaysia. The purpose of this paper is to investigate the main factors that influence people towards the contribution of cash waqf instruments, special reference to the Klang Valley and Selangor. This paper employs structural equation modeling (SEM to verify the determinants of cash waqf contribution. In doing so, we use primary data by distributing self-administrated questionnaire constituting a sample of 114 respondents from Klang Valley and Selangor. Our empirical results reveal that the main factors that driven people towards the contribution of cash waqf products are attitude and social influences, however interestingly religion obligation is not influence the contribution of cash waqf.

  4. Business valuation: an analysis of projected cash flows versus takeover bids

    Directory of Open Access Journals (Sweden)

    Camila Menezes

    2017-12-01

    Full Text Available One of the main financial statements is the Cash Flow. It became mandatory from the law # 11,638/2007 on, which changed the law # 6,404/1976 – the Corporations’ law, and the Cash Flow statement allows analysis about the companies’ operations activities effects, investing and financing, highlighting their main sources of financial allocation. In 2005 and 2006, 37 companies registered takeover bids in the Brazilian Securities Exchange Commission (CVM – Comissão de Valores Mobiliários. Based on these companies’ analysis of Projected Cash Flows (FCP – Fluxos de Caixa Projetados when the takeover bids were put in place and their Actual Cash Flows (FCR – Fluxo de Caixa Realizados the objective of this work was to compare those cash flows, to analyze the differences between the Statements of Cash Flows attached to the Appraisal Reports and the actual ones, as well as to check if these companies’ cash were in line with the balances projected in the takeover bids. The obtained results via statistical analysis of differences between the Projected Cash Flows attached to the Appraisal Reports and the effective Actual Cash Flows, all of them compared in the period between 2007 and 2013, did not show significant differences among them. IE: it was observed that, nevertheless the companies did not accomplish the promised Cash Flows delivery when the OPAs were put in place, the differences between the balances projected and the actual ones were not statistically significant.

  5. 38 CFR 6.15 - Cash value; special endowment at age 96 plan policy.

    Science.gov (United States)

    2010-07-01

    ... policy year; all values and net single premiums are as prescribed by the Secretary and published in VA... thereafter shall be the reserve as set forth in the policy together with any dividend accumulations. For each month after the first policy year the reserve at the end of the preceding policy year shall be increased...

  6. Reconfiguration of distribution nets

    International Nuclear Information System (INIS)

    Latorre Bayona, Gerardo; Angarita Marquez, Jorge Luis

    2000-01-01

    Starting of the location of the reconfiguration problem inside the context of the operation of distribution nets, of the quality indicators definition and of the presentation of the alternatives more used for reduction of technical losses, they are related diverse reconfiguration methodologies proposed in the technical literature, pointing out their three principals limitations; also are presents the results of lost obtained starting from simulation works carried out in distribution circuits of the ESSA ESP, which permitting to postulate the reconfiguration of nets like an excellent alternative to reduce technical losses

  7. NET system integration

    International Nuclear Information System (INIS)

    Farfaletti-Casali, F.; Mitchell, N.; Salpietro, E.; Buzzi, U.; Gritzmann, P.

    1985-01-01

    The NET system integration procedure is the process by which the requirements of the various Tokamak machine design areas are brought together to form a compatible machine layout. Each design area produces requirements which generally allow components to be built at minimum cost and operate with minimum technical risk, and the final machine assembly should be achieved with minimum departure from these optimum designs. This is carried out in NET by allowing flexibility in the maintenance and access methods to the machine internal components which must be regularly replaced by remote handling, in segmentation of these internal components and in the number of toroidal field coils

  8. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review.

    Science.gov (United States)

    Hunter, Benjamin M; Harrison, Sean; Portela, Anayda; Bick, Debra

    2017-01-01

    Cash transfers and vouchers are forms of 'demand-side financing' that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years. This systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute approach for systematic reviewing. The review protocol for this update was registered with PROSPERO (CRD42015020637). Data from 51 studies (15 more than previous reviews) and 22 cash transfer and voucher programmes suggest that approaches tied to service use (either via payment conditionalities or vouchers for selected services) can increase use of antenatal care, use of a skilled attendant at birth and in the case of vouchers, postnatal care too. The strongest evidence of positive effect was for conditional cash transfers and uptake of antenatal care, and for vouchers for maternity care services and birth with a skilled birth attendant. However, effects appear to be shaped by a complex set of social and healthcare system barriers and facilitators. Studies have typically focused on an initial programme period, usually two or three years after initiation, and many lack a counterfactual comparison with supply-side investment. There are few studies to indicate that programmes have led to improvements in quality of maternity care or maternal and newborn health outcomes. Future research should use multiple intervention arms to compare cost-effectiveness with similar investment in public services, and should look beyond short- to medium-term service utilisation by examining programme costs, longer-term effects on service utilisation and health outcomes, and the equity of those effects.

  9. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review

    Science.gov (United States)

    Hunter, Benjamin M.; Harrison, Sean; Portela, Anayda; Bick, Debra

    2017-01-01

    Background Cash transfers and vouchers are forms of ‘demand-side financing’ that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years. Methods This systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute approach for systematic reviewing. The review protocol for this update was registered with PROSPERO (CRD42015020637). Results Data from 51 studies (15 more than previous reviews) and 22 cash transfer and voucher programmes suggest that approaches tied to service use (either via payment conditionalities or vouchers for selected services) can increase use of antenatal care, use of a skilled attendant at birth and in the case of vouchers, postnatal care too. The strongest evidence of positive effect was for conditional cash transfers and uptake of antenatal care, and for vouchers for maternity care services and birth with a skilled birth attendant. However, effects appear to be shaped by a complex set of social and healthcare system barriers and facilitators. Studies have typically focused on an initial programme period, usually two or three years after initiation, and many lack a counterfactual comparison with supply-side investment. There are few studies to indicate that programmes have led to improvements in quality of maternity care or maternal and newborn health outcomes. Conclusion Future research should use multiple intervention arms to compare cost-effectiveness with similar investment in public services, and should look beyond short- to medium-term service utilisation by examining programme costs, longer-term effects on service utilisation and health outcomes, and the equity of those effects. PMID:28328940

  10. The effects of cash transfers and vouchers on the use and quality of maternity care services: A systematic review.

    Directory of Open Access Journals (Sweden)

    Benjamin M Hunter

    Full Text Available Cash transfers and vouchers are forms of 'demand-side financing' that have been widely used to promote maternal and newborn health in low- and middle-income countries during the last 15 years.This systematic review consolidates evidence from seven published systematic reviews on the effects of different types of cash transfers and vouchers on the use and quality of maternity care services, and updates the systematic searches to June 2015 using the Joanna Briggs Institute approach for systematic reviewing. The review protocol for this update was registered with PROSPERO (CRD42015020637.Data from 51 studies (15 more than previous reviews and 22 cash transfer and voucher programmes suggest that approaches tied to service use (either via payment conditionalities or vouchers for selected services can increase use of antenatal care, use of a skilled attendant at birth and in the case of vouchers, postnatal care too. The strongest evidence of positive effect was for conditional cash transfers and uptake of antenatal care, and for vouchers for maternity care services and birth with a skilled birth attendant. However, effects appear to be shaped by a complex set of social and healthcare system barriers and facilitators. Studies have typically focused on an initial programme period, usually two or three years after initiation, and many lack a counterfactual comparison with supply-side investment. There are few studies to indicate that programmes have led to improvements in quality of maternity care or maternal and newborn health outcomes.Future research should use multiple intervention arms to compare cost-effectiveness with similar investment in public services, and should look beyond short- to medium-term service utilisation by examining programme costs, longer-term effects on service utilisation and health outcomes, and the equity of those effects.

  11. Coloured Petri Nets

    CERN Document Server

    Jensen, Kurt

    2009-01-01

    Coloured Petri Nets (CPN) is a graphical language for modelling and validating concurrent and distributed systems, and other systems in which concurrency plays a major role. This book introduces the constructs of the CPN modelling language and presents the related analysis methods. It provides a comprehensive road map for the practical use of CPN.

  12. Safety nets or straitjackets?

    DEFF Research Database (Denmark)

    Ilsøe, Anna

    2012-01-01

    Does regulation of working hours at national and sector level impose straitjackets, or offer safety nets to employees seeking working time flexibility? This article compares legislation and collective agreements in the metal industries of Denmark, Germany and the USA. The industry has historically...

  13. Neuronal nets in robotics

    International Nuclear Information System (INIS)

    Jimenez Sanchez, Raul

    1999-01-01

    The paper gives a generic idea of the solutions that the neuronal nets contribute to the robotics. The advantages and the inconveniences are exposed that have regarding the conventional techniques. It also describe the more excellent applications as the pursuit of trajectories, the positioning based on images, the force control or of the mobile robots management, among others

  14. Net4Care platform

    DEFF Research Database (Denmark)

    2012-01-01

    , that in turn enables general practitioners and clinical staff to view observations. Use the menus above to explore the site's information resources. To get started, follow the short Hello, World! tutorial. The Net4Care project is funded by The Central Denmark Region and EU via Caretech Innovation....

  15. Coloured Petri Nets

    DEFF Research Database (Denmark)

    Jensen, Kurt; Kristensen, Lars Michael

    Coloured Petri Nets (CPN) is a graphical language for modelling and validating concurrent and distributed systems, and other systems in which concurrency plays a major role. The development of such systems is particularly challenging because of inherent intricacies like possible nondeterminism an...

  16. Game Theory .net.

    Science.gov (United States)

    Shor, Mikhael

    2003-01-01

    States making game theory relevant and accessible to students is challenging. Describes the primary goal of GameTheory.net is to provide interactive teaching tools. Indicates the site strives to unite educators from economics, political and computer science, and ecology by providing a repository of lecture notes and tests for courses using…

  17. BacillusRegNet

    DEFF Research Database (Denmark)

    Misirli, Goksel; Hallinan, Jennifer; Röttger, Richard

    2014-01-01

    As high-throughput technologies become cheaper and easier to use, raw sequence data and corresponding annotations for many organisms are becoming available. However, sequence data alone is not sufficient to explain the biological behaviour of organisms, which arises largely from complex molecular...... the associated BacillusRegNet website (http://bacillus.ncl.ac.uk)....

  18. Boom Booom Net Radio

    DEFF Research Database (Denmark)

    Grimshaw, Mark Nicholas; Yong, Louisa; Dobie, Ian

    1999-01-01

    of an existing Internet radio station; Boom Booom Net Radio. Whilst necessity dictates some use of technology-related terminology, wherever possible we have endeavoured to keep such jargon to a minimum and to either explain it in the text or to provide further explanation in the appended glossary....

  19. A study on effects of cash flow patterns and auditors’ opinions in predicting financial distress

    Directory of Open Access Journals (Sweden)

    Fatemeh Namvar

    2013-07-01

    Full Text Available Bankruptcy has been one of the most important issues among investors in stock market and there are literally different techniques for predicting bankruptcy. In this paper, we study on effects of cash flow patterns and auditors’ opinions in predicting financial distress on some 80 selected firms traded on Tehran Stock Exchange over the period 2005-2011. In this study, the combination of cash flow patterns represent firm’s resource allocations and operational capabilities interacted with their strategy choices. In additions, predictions about each individual cash flow components, operational, investment, financial, are derived from economic theory, which forms a basis for the life proxy. We use cash flow patterns in the decline stage and compare the results with auditors’ opinions. The results indicate that cash flow patterns could predict financial distress companies in Iran. In addition, the effective cash flow patterns in predicting financial distress is more than auditors’ feedbacks.

  20. The impact of 'Cash for Clunkers' on greenhouse gas emissions: a life cycle perspective

    International Nuclear Information System (INIS)

    Lenski, Shoshannah M; Keoleian, Gregory A; Bolon, Kevin M

    2010-01-01

    One of the goals of the US Consumer Assistance to Recycle and Save (CARS) Act of 2009, more commonly known as 'Cash for Clunkers', was to improve the US vehicle fleet fuel efficiency. Previous studies of the program's environmental impact have focused mainly on the effect of improved fuel economy, and the resulting reductions in fuel use and emissions during the vehicle use phase. We propose and apply a method for analyzing the net effect of CARS on greenhouse gas emissions from a full vehicle life cycle perspective, including the impact of premature production and retirement of vehicles. We find that CARS had a one-time effect of preventing 4.4 million metric tons of CO 2 -equivalent emissions, about 0.4% of US annual light-duty vehicle emissions. Of these, 3.7 million metric tons are avoided during the period of the expected remaining life of the inefficient 'clunkers'. 1.5 million metric tons are avoided as consumers purchase vehicles that are more efficient than their next replacement vehicle would otherwise have been. An additional 0.8 million metric tons are emitted as a result of premature manufacturing and disposal of vehicles. These results are sensitive to the remaining lifetime of the 'clunkers' and to the fuel economy of new vehicles in the absence of CARS, suggesting important considerations for policymakers deliberating on the use of accelerated vehicle retirement programs as a part of the greenhouse gas emissions policy.

  1. Perinatal mortality among infants born during health user-fees (Cash & Carry) and the national health insurance scheme (NHIS) eras in Ghana: a cross-sectional study.

    Science.gov (United States)

    Ibrahim, Abdallah; Maya, Ernest T; Donkor, Ernestina; Agyepong, Irene A; Adanu, Richard M

    2016-12-08

    This research determined the rates of perinatal mortality among infants delivered under Ghana's national health insurance scheme (NHIS) compared to infants delivered under the previous "Cash and Carry" system in Northern Region, especially as the country takes stock of its progress toward meeting the Millennium Development Goals (MDG) 4 and 5. The labor and maternity wards delivery records of infants delivered before and after the implementation of the NHIS in Northern Region were examined. Records of available daily deliveries during the two health systems were extracted. Fisher's exact tests of non-random association were used to examine the bivariate association between categorical independent variables and perinatal mortality. On average, 8% of infants delivered during the health user-fee (Cash & Carry) died compared to about 4% infant deaths during the NHIS delivery fee exemption period in Northern Region, Ghana. There were no remarkable difference in the rate of infant deaths among mothers in almost all age categories in both the Cash and Carry and the NHIS periods except in mothers age 35 years and older. Infants born to multiparous mothers were significantly more likely to die than those born to first time mothers. There were more twin deaths during the Cash and Carry system (p = 0.001) compared to the NHIS system. Deliveries by caesarean section increased from an average of 14% in the "Cash and Carry" era to an average of 20% in the NHIS era. The overall rate of perinatal mortality declined by half (50%) in infants born during the NHIS era compared to the Cash and Carry era. However, caesarean deliveries increased during the NHIS era. These findings suggest that pregnant women in the Northern Region of Ghana were able to access the opportunity to utilize the NHIS for antenatal visits and possibly utilized skilled care at delivery at no cost or very minimal cost to them, which therefore improved Ghana's progress towards meeting the MDG 4, (reducing

  2. Conditional cash transfer impact evaluation: an evaluation of the costa rican secondary education program Avancemos

    Directory of Open Access Journals (Sweden)

    Catherine Mata

    2015-07-01

    Full Text Available This paper evaluates the impact of Avancemos, a conditional cash transfer program in Costa Rica. Specifically, this paper measures the impact on student desertion for the first year of the program using a panel created with the Household Surveys for Multiple Purposes for the years 2006 and 2007, elaborated by the National Institute of Statistics and Census. Using econometric tools and quasi-experimental methodologies such as Propensity Score Matching and difference-in-differences, we find a positive impact associated to the program for desertion and reinsertion. Specifically, for between 10 and 16 percent of the students who did not leave high school, it was only due to Avancemos, meaning that without the program they would have abandoned their studies. This is why we can conclude that Avancemos had a positive impact according to its planned objectives of preventing dropouts and ensuring their reinsertion.

  3. The Association between Accounting Conservatism and Cash Dividends: Evidence from Emerging Markets

    OpenAIRE

    Gehan A. Mousa

    2014-01-01

    This research examines the association between accounting conservatism and cash dividends of listed firms in the Kingdom of Bahrain. It has addressed two questions. First, does accounting conservatism actually work? Second, can accounting conservatism influence cash dividends of firms in the Kingdom of Bahrain? The findings of this study support the hypothesis that accounting conservatism plays an important role in reducing cash dividends and managing agency conflicts. It documents a signific...

  4. Why do firms hold so much cash? A tax-based explanation

    OpenAIRE

    C. Fritz Foley; Jay C. Hartzell; Sheridan Titman; Garry Twite

    2006-01-01

    U.S. corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionary motives. An additional explanation, considered in this study, is that U.S. multinational firms hold cash in their foreign subsidiaries because of the tax costs associated with repatriating foreign income. Consistent with this hypothesis, firms that face higher repatriation tax burdens hold higher lev...

  5. Methodological Approach to Company Cash Flows Target-Oriented Forecasting Based on Financial Position Analysis

    OpenAIRE

    Sergey Krylov

    2012-01-01

    The article treats a new methodological approach to the company cash flows target-oriented forecasting based on its financial position analysis. The approach is featured to be universal and presumes application of the following techniques developed by the author: financial ratio values correction techniques and correcting cash flows techniques. The financial ratio values correction technique assumes to analyze and forecast company financial position while the correcting cash flows technique i...

  6. HSE (CASHES) management in Niger Delta seismic operations

    Energy Technology Data Exchange (ETDEWEB)

    Adepoju, O.J.

    1996-12-31

    3-D seismic acquisition surveys in the Niger Delta of Nigeria, are carried out under extremely arduous field conditions due to difficult terrain, dense vegetation, semi-manual mode of operation, wildlife and volatile communities. The vegetation is a combination of evergreen tropical rain forest in the land areas and mangrove in the swamp areas. Some parts of the delta are prone to high seasonal flooding. Seismic lines are laid out by manual cutting of brush using machetes and shot holes drilled semi-manually with pumps. In order to effectively carry out the operations with due regard to the people and environment, a Community Affairs, Safety, Health, Environment and Security (CASHES) Polio and management System which ensures that a hazards are identified, assessed. controlled, with an effective loop feedback mechanism was introduced and implemented. CASHES critical activities are community relations, field security, explosives handling, water transport/journey management, river crossings. weather, shallow gas blow-out, waste management, seasonal flooding and floating-seaweed (water hyacinth)/timber logs. Environmental Impact Assessment (EIA) studies arc essential at the initial planning stages. About 41 Hazard Registers and 177 Activity Specification Sheets are developed in a typical survey. About 85% of the labor workforce are recruited from the host communities to promote cordial relations. Extensive training is carried out to raise the standards of the new recruits. The implementation of the management system is cascaded down using simplified documentation (procedures, work tasks, checklists etc.) adapted to local conditions. Integrated CASHES audits (Premob, Minor, Major. Follow up) arc conducted to check the efficiency of the system with documents getting reviewed regularly to keep the system alive and capable of handling changes. With these in place, high potential incidents are reduced/eliminated.

  7. Impact of Cash Transfer on Food Security: A Review

    Directory of Open Access Journals (Sweden)

    Fatemeh Mohammadi-Nasrabadi

    2016-04-01

    Full Text Available Cash transfer (CTs is an increasingly popular social protection mechanism used by many developing countries to improve the food security and nutritional status of lower socio-economic groups. This paper is a review of the literature regarding the impact of CT programs on the food security of recipient households in the developing countries, including Iran. We looked for all original studies, performed in the developing countries and published in any language, containing at least one outcome related to food and nutritional security of the beneficiary population using Pub Med, Iran Medex, SID (Scientific Information Database, ISI (Information Sciences Institute database, INP (Iran’s Nutrition Publication Abstracts, IRANDOC and Magiran. Searches used the following terms or keywords: “household food security”, “household food insecurity” and “cash transfer” on any publication published within 1990-2015. A total of 12 studies evaluating the influence of CT programs on the recipients’ food and nutrition security were identified. CT programs have the potential to deliver a range of benefits not only through reducing extreme poverty but also by providing effective support for broader human development objectives, including better nutrition, as well as health and education outputs and outcomes. The extent to which programs can have these different impacts will depend critically on the availability of complementary services, the local context, and the specifics of program design, including the transfer value. However, findings in Iran suggest that the replacement of staple food subsidies by CT has led to a significant increase in household food insecurity (especially marginal or mild food insecurity. Keywords: Household food security, Cash transfer, Developing countries

  8. Functional Limitations, Depression, and Cash Assistance are Associated with Food Insecurity among Older Urban Adults in Mexico City.

    Science.gov (United States)

    Vilar-Compte, Mireya; Martínez-Martínez, Oscar; Orta-Alemán, Dania; Perez-Escamilla, Rafael

    2016-01-01

    To examine factors associated with food insecurity among urban older adults (65 years and older). Three hundred and fifty two older adults attending community centers in a neighborhood of Mexico City were surveyed for food insecurity, functional impairments, health and mental health status, cash-transfer assistance, socio-demographic characteristics, social isolation, and the built food environment. Having at least primary education and receiving cash-transfers were significantly associated with a lower probability of being moderately-severely food insecure (OR=0.478 and 0.597, respectively). The probability of moderate-severe food insecurity was significantly higher among elderly at risk of depression (OR=2.843), those with at least one activity of daily living impaired (OR=2.177) and those with at least one instrumental activity of daily living impaired (OR=1.785). Higher educational attainment and cash-transfers may have a positive influence on reducing food insecurity. Depression and functional limitations may increase the likelihood of food insecurity among older adults.

  9. Designing a portfolio management programme to optimize cash-flow

    International Nuclear Information System (INIS)

    Fassom, D.

    1996-01-01

    The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)

  10. Managing the Cash and Liquidity of the Croatian Budget

    OpenAIRE

    Anto Bajo

    2005-01-01

    The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a gov...

  11. Cash flow in the context of economic equation of continuity

    Directory of Open Access Journals (Sweden)

    Fernando Gómez Villarraga

    2006-07-01

    Full Text Available The mathematic scheme, known as economic equation of continuity, is established for the balance of economic resources. In order to apply this equation it is necessary to determine an economic volume of control. The patrimonial equation is also proposed as a speed equationfor this volurne. The integral equation of economic continuity is applied to the «cash» system along with the integral patrimonial equation and so it gets expressions that correspond to model to elaborate cashflow statement with the particularities of the direct and indirect method. This model generales a useful definition for the calculation of this basic financial statement classified by operating, investing and financing activities.

  12. A new, but old business model for family physicians: cash.

    Science.gov (United States)

    Weber, J Michael

    2013-01-01

    The following study is an exploratory investigation into the opportunity identification, opportunity analysis, and strategic implications of implementing a cash-only family physician practice. The current market dynamics (i.e., increasing insurance premiums, decreasing benefits, more regulations and paperwork, and cuts in federal and state programs) suggest that there is sufficient motivation for these practitioners to change their current business model. In-depth interviews were conducted with office managers and physicians of family physician practices. The results highlighted a variety of issues, including barriers to change, strategy issues, and opportunities/benefits. The implications include theory applications, strategic marketing applications, and managerial decision-making.

  13. The Incremental Information Content of the Cash Flow Statement: An Australian Empirical Investigation

    OpenAIRE

    Hadri Kusuma

    2014-01-01

    The general objective of the present study is to investigate and assess the incremental information content of cash flow disclosures as required by the AASB 1026 ¡°Statement of Cash Flows¡±. This test addresses the issue of whether a change in cash flow components has the same relationship with security prices as that in earnings. Several previous studies indicate both income and cash flow statements may be mutually exclusive or mutually inclusive statements. The data to test three hypotheses...

  14. Pengaruh krisis keuangan global dan karakteristik perusahaan terhadap cash holding perusahaan di Indonesia

    Directory of Open Access Journals (Sweden)

    Bambang Sutrisno

    2016-12-01

    Full Text Available The aim of this study is to examine the effect of the global financial crisis and firm characteristics on corporate cash holdings in Indonesia. A total of 101 manufacturing firms listed in the Indonesia Stock Exchange from 2005 to 2014 are examined. This study employs panel regression with fixed effect model. The results show that Indonesia firms hold more cash during the global financial crisis than in the normal times. Investment opportunities set and divident payment have positive effect on cash holding, meanwhile firm size, capital expenditure, liquid assets substitutes, and leverage have negative effect on cash holding. 

  15. Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

    Directory of Open Access Journals (Sweden)

    Ahsan Habib

    2011-12-01

    Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

  16. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling

    Directory of Open Access Journals (Sweden)

    Ali KABAKÇI

    2011-01-01

    Full Text Available Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash management approach and pooling technique in order to optimize the parent-subsidiary and inter-subsidiary cash flows.

  17. EDF - 2013 full-year results up, driven by good operating and financial performance; Strengthened financial structure; 2014-2018 vision. Annual results 2013. 2013 Consolidated financial statements. Management report 2013

    International Nuclear Information System (INIS)

    Proglio, Henri

    2014-01-01

    As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2013 annual results, management report and Consolidated financial statements of the Group at 31 December 2013: Group EBITDA: euro 16.8 bn, +5.5% in organic growth; Strong growth in low-carbon energies: Hydro and other renewable output in France: +22.5% vs. 2012, Highest hydro output in over 10 years in France, Highest nuclear output in past 8 years in the United Kingdom and stable output in France; Net income - Group share: euro 3,517 m, +7.4%; Net income excluding non-recurring items: euro 4,117 m vs. euro 4,175 m in 2012; Spark: euro 1.3 bn in cost savings at end-December; initial target: euro 1 bn; Net financial debt/EBITDA: 2.1x vs. 2.4x2 at 31 December 2012; Proposed cash dividend for 2013: euro 1.25/share, a pay-out ratio of 56.5%, within the range of 55% to 65% of net income excluding non-recurring items. Financial targets for 2014: Group EBITDA excluding Edison: organic growth of at least 3%; Edison EBITDA: expectation for recurring EBITDA of euro 1 bn and at least euro 600 m in 2014 before effects of gas contract re-negotiations; Net financial debt/EBITDA: between 2x and 2.5x; Pay-out ratio of net income excluding non-recurring items post hybrid: 55% to 65%. 2014-2018 vision: Cash-flow after dividends: positive in 2018. Consolidated financial statements: 1 - Historical financial information: Consolidated income statements, Statements of net income and gains and losses recorded directly in equity, Consolidated balance sheets, Consolidated cash flow statements, Changes in consolidated equity, Notes to the consolidated

  18. 38 CFR 6.14 - Cash value; other than special endowment at age 96 plan policy.

    Science.gov (United States)

    2010-07-01

    ... special endowment at age 96 plan policy; all values, reserves, and net single premiums being based on the... shall be the reserve together with any dividend accumulations. For each month after the first policy year the reserve at the end of the preceding policy year shall be increased by one-twelfth of the...

  19. Markets, voucher subsidies and free nets combine to achieve high bed net coverage in rural Tanzania

    Directory of Open Access Journals (Sweden)

    Gerrets Rene PM

    2008-06-01

    Full Text Available Abstract Background Tanzania has a well-developed network of commercial ITN retailers. In 2004, the government introduced a voucher subsidy for pregnant women and, in mid 2005, helped distribute free nets to under-fives in small number of districts, including Rufiji on the southern coast, during a child health campaign. Contributions of these multiple insecticide-treated net delivery strategies existing at the same time and place to coverage in a poor rural community were assessed. Methods Cross-sectional household survey in 6,331 members of randomly selected 1,752 households of 31 rural villages of Demographic Surveillance System in Rufiji district, Southern Tanzania was conducted in 2006. A questionnaire was administered to every consenting respondent about net use, treatment status and delivery mechanism. Findings Net use was 62.7% overall, 87.2% amongst infants (0 to1 year, 81.8% amongst young children (>1 to 5 years, 54.5% amongst older children (6 to 15 years and 59.6% amongst adults (>15 years. 30.2% of all nets had been treated six months prior to interview. The biggest source of nets used by infants was purchase from the private sector with a voucher subsidy (41.8%. Half of nets used by young children (50.0% and over a third of those used by older children (37.2% were obtained free of charge through the vaccination campaign. The largest source of nets amongst the population overall was commercial purchase (45.1% use and was the primary means for protecting adults (60.2% use. All delivery mechanisms, especially sale of nets at full market price, under-served the poorest but no difference in equity was observed between voucher-subsidized and freely distributed nets. Conclusion All three delivery strategies enabled a poor rural community to achieve net coverage high enough to yield both personal and community level protection for the entire population. Each of them reached their relevant target group and free nets only temporarily

  20. Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece

    Directory of Open Access Journals (Sweden)

    Dimitrios I. Maditinos

    2015-10-01

    Full Text Available Purpose - The existence of optimism as a personal psychological characteristic of managers is a necessity in contemporary economy and decision making, although the phenomenon of over-optimism may lead to unfavourable outcomes. The purpose of this study is to examine the optimism bias and its impact on the firms' future performance. Especially regarding the recent years where Greece faces increased economic depression, high percentages of unemployment and lack of budgetary discipline, the goal is therefore, to find whether managerial optimism has an impact on corporate investment of Greek firms. Design/methodology/approach - The investment of firms with optimistic managers is more sensitive to cash flow than the investment of firms with managers who are not optimistic. To test the research question a number of fixed effect panel regressions of capital expenditures (capital expenditures divided by lagged assets is the dependent variable is run. In all regressions we analyse cash flow divided by lagged assets and lagged Tobin's Q as the independent variables, for firms whose managers are classified as optimistic and not optimistic. This classification is based on the optimism "dummy" variable, which is equal to 1 when members of the Executive Board and the Supervisory Board (ALL, only the Executive Board (EB, and only CEO are classified as optimistic. The concept of this study is tested for firms which are listed in the Athens Stock Exchange. A total of 243 firms are recorded, for the time period between 2007 and 2012, including firms from 11 different industries; basic materials, chemicals, consumer goods, consumer services, health care, industrials, financials, oil and gas, technology, telecommunications and utilities. Based on the literature and on related methodology aspects, financial firms are excluded. Findings - It was revealed that managerial optimism affects corporate investment in firms with high degree of closely held shares. Moreover

  1. SolNet

    DEFF Research Database (Denmark)

    Jordan, Ulrike; Vajen, Klaus; Bales, Chris

    2014-01-01

    -accompanying Master courses, placements of internships, and PhD scholarship projects. A new scholarship project, “SHINE”, was launched in autumn 2013 in the frame work of the Marie Curie program of the European Union (Initial Training Network, ITN). 13 PhD-scholarships on solar district heating, solar heat......SolNet, founded in 2006, is the first coordinated International PhD education program on Solar Thermal Engineering. The SolNet network is coordinated by the Institute of Thermal Engineering at Kassel University, Germany. The network offers PhD courses on solar heating and cooling, conference...... for industrial processes, as well as sorption stores and materials started in December 2013. Additionally, the project comprises a training program with five PhD courses and several workshops on solar thermal engineering that will be open also for other PhD students working in the field. The research projects...

  2. EDF - Full-year results up in 2014, Solid performance in low-carbon energies, 2018 ambition reiterated. Annual results 2014. Consolidated financial statements 2014. Management report 2014 - Group results. Annual financial statements 2014

    International Nuclear Information System (INIS)

    Levy, Jean-Bernard

    2015-01-01

    As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2014 annual results, management report and Consolidated financial statements of the Group at 31 December 2014, as well as the 2014 activity report: Group EBITDA: euro 17.3 bn, +6.5% organic growth, +3.2% excluding Edison and the tariff catch-up. A record-setting performance by low-carbon energies: French nuclear output: 415.9 TWh, the second best performance of the last six years; French CO_2 emissions: 17 g/kWh, an all-time low; Renewable energy capacity under construction: 2.2 GW, an all-time high. Net income excluding non-recurring items: euro 4,852 m, +17.9%; Net income - Group share: euro 3,701 m, +5.2%; Net financial debt/EBITDA: 2.0x vs. 2.1x at 31 December 2013; Dividend proposed for 2014: euro 1.25 per share in cash, equivalent to a 52% pay-out ratio and 58% when excluding the tariff catch-up. Financial guidance for 2015: Group EBITDA: organic growth of 0 to 3%; Net financial debt/EBITDA: between 2x and 2.5x; Pay-out ratio of net income excluding non-recurring items post hybrid: 55% to 65%. 2018 ambition: Enhanced action plan on cash flow generation levers: EBITDA growth, CSPE balance, WCR action plan, control of net investments; Cash flow after dividends: positive in 2018. EDF's financial statements: Income statements; Balance sheets; Cash flow statements; Notes to the financial statements: Accounting principles and methods, Significant events and transactions, Regulatory events in 2014 with an impact on the financial statements, Sales, Operating subsidies, Reversals of provisions and depreciation, Other operating income

  3. Soft currencies, cash economies, new monies: past and present.

    Science.gov (United States)

    Guyer, Jane I

    2012-02-14

    Current variation in the forms of money challenges economic anthropologists and historians to review theory and comparative findings on multiple currency systems. There are four main sections to the paper devoted to (i) the present continuum of hard to soft currencies as an instance of multiplicity, including discussion of different combinations of the classic four functions of money, especially the relationship between store of value and medium of exchange; (ii) the logic of anthropological inquiry into multiple currency economies; (iii) the case of the monies of Atlantic Africa, applying the analytics of exchange rates as conversions to African transactions; and (iv) the return to economic life in a present day Nigerian economy lived in soft currency and cash. The paper identifies five findings that suggest foci for future research. (i) The widespread occurrence of conversions, which bring together ranking principles within transactions. (ii) Several types of positional ranking ranging from simple stepwise ordinal scales to iconic ordinality that creates a parabolic curve of value. (iii) Fictional units of account that serve to mediate both the memorization of nonreductive transactions and their nature as conversions. (iv) The importance of the temporal reach of what constitutes wealth: over the short run, the life span, intergenerational succession, and in (legal) perpetuity (as for corporate and sovereign debts and specified assets). (v) The social niches in which these qualities are brought together in transactional regimes. In conclusion, the paper returns to the exchange function of cash, soft currencies, and new money forms.

  4. Effect of Brazil's conditional cash transfer programme on tuberculosis incidence.

    Science.gov (United States)

    Nery, J S; Rodrigues, L C; Rasella, D; Aquino, R; Barreira, D; Torrens, A W; Boccia, D; Penna, G O; Penna, M L F; Barreto, M L; Pereira, S M

    2017-07-01

    To evaluate the impact of the Brazilian cash transfer programme (Bolsa Família Programme, BFP) on tuberculosis (TB) incidence in Brazil from 2004 to 2012. We studied tuberculosis surveillance data using a combination of an ecological multiple-group and time-trend design covering 2458 Brazilian municipalities. The main independent variable was BFP coverage and the outcome was the TB incidence rate. All study variables were obtained from national databases. We used fixed-effects negative binomial models for panel data adjusted for selected covariates and a variable representing time. After controlling for covariates, TB incidence rates were significantly reduced in municipalities with high BFP coverage compared with those with low and intermediate coverage (in a model with a time variable incidence rate ratio = 0.96, 95%CI 0.93-0.99). This was the first evidence of a statistically significant association between the increase in cash transfer programme coverage and a reduction in TB incidence rate. Our findings provide support for social protection interventions for tackling TB worldwide.

  5. Areva - Half year financial report June 30, 2009; Areva - Rapport financier semestriel 30 juin 2009

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2009-07-01

    This half-year financial report contains statements on the objectives, prospects and growth areas for the AREVA group. It gives a view of the net worth, the financial position and the income of the company and all the companies included in consolidation. It presents the major events that occurred during the first six months of the fiscal year, of their effect on the financial statements and of the main transactions between related parties. It gives a description of the main risks and main uncertainties for the remaining six months of the financial year. Content: 1 - Half-year business report: Significant events, Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet items, Events subsequent to closing, Outlook; 2 - Statutory auditors' report on the financial information for the 2009 half-year - period January 1 to June 30, 2009: Condensed consolidated financial statements at June 30, 2009, Consolidated income statement, Consolidated comprehensive income, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of changes in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2009.

  6. Time Discounting and Credit Market Access in a Large-Scale Cash Transfer Programme

    Science.gov (United States)

    Handa, Sudhanshu; Martorano, Bruno; Halpern, Carolyn; Pettifor, Audrey; Thirumurthy, Harsha

    2017-01-01

    Summary Time discounting is thought to influence decision-making in almost every sphere of life, including personal finances, diet, exercise and sexual behavior. In this article we provide evidence on whether a national poverty alleviation program in Kenya can affect inter-temporal decisions. We administered a preferences module as part of a large-scale impact evaluation of the Kenyan Government’s Cash Transfer for Orphans and Vulnerable Children. Four years into the program we find that individuals in the treatment group are only marginally more likely to wait for future money, due in part to the erosion of the value of the transfer by inflation. However among the poorest households for whom the value of transfer is still relatively large we find significant program effects on the propensity to wait. We also find strong program effects among those who have access to credit markets though the program itself does not improve access to credit. PMID:28260842

  7. Time Discounting and Credit Market Access in a Large-Scale Cash Transfer Programme.

    Science.gov (United States)

    Handa, Sudhanshu; Martorano, Bruno; Halpern, Carolyn; Pettifor, Audrey; Thirumurthy, Harsha

    2016-06-01

    Time discounting is thought to influence decision-making in almost every sphere of life, including personal finances, diet, exercise and sexual behavior. In this article we provide evidence on whether a national poverty alleviation program in Kenya can affect inter-temporal decisions. We administered a preferences module as part of a large-scale impact evaluation of the Kenyan Government's Cash Transfer for Orphans and Vulnerable Children. Four years into the program we find that individuals in the treatment group are only marginally more likely to wait for future money, due in part to the erosion of the value of the transfer by inflation. However among the poorest households for whom the value of transfer is still relatively large we find significant program effects on the propensity to wait. We also find strong program effects among those who have access to credit markets though the program itself does not improve access to credit.

  8. Optimal Financing Decisions of Two Cash-Constrained Supply Chains with Complementary Products

    Directory of Open Access Journals (Sweden)

    Yuting Li

    2016-04-01

    Full Text Available In recent years; financing difficulties have been obsessed small and medium enterprises (SMEs; especially emerging SMEs. Inter-members’ joint financing within a supply chain is one of solutions for SMEs. How about members’ joint financing of inter-supply chains? In order to answer the question, we firstly employ the Stackelberg game to propose three kinds of financing decision models of two cash-constrained supply chains with complementary products. Secondly, we analyze qualitatively these models and find the joint financing decision of the two supply chains is the most optimal one. Lastly, we conduct some numerical simulations not only to illustrate above results but also to find that the larger are cross-price sensitivity coefficients; the higher is the motivation for participants to make joint financing decisions; and the more are profits for them to gain.

  9. Alberta outlook: cash and energy team wins business for Alberta

    Energy Technology Data Exchange (ETDEWEB)

    McIntyre, H

    1975-12-01

    The increase in Alberta's gross provincial product over the past decade from $3.9-billion in 1964 to $12-billion last year is largely due to its energy industries. Coal, oil, and gas make up almost all of the 48 percent of the net value of production that comes under the heading of mining. The financial success of the province stems from a happy combination of far-sighted government leadership; the strong tradition of local entrepreneurship; and the interest shown by world financiers in Alberta's energy opportunies. Energy-generated Albertan capital is moving out to seek energy-related opportunities in surrounding areas of the U.S. and Canada. An analysis of the $1.5-billion ethylene complex centered in the Red Deer Area shows that some benefits include ethane extraction, ethylene production, and pipeline products produced for export to improve balance of payments, create new jobs, and produce large revenues for the corporate partners. A tabulation of 57 energy-related projects under construction in Alberta, mid-1975, is given with some financial data. There exists a need for foreign capital, but the Energy Minister of Canada has stated that it is Alberta that will decide what oil, gas, and other energy investments from foreign sources will be acceptable in that province, and what export arrangements can be made. Some specific joint energy developments are discussed, but it is understood that any joint venture will be assessed on a project-by-project basis. (MCW)

  10. RTE results 2002: positive net income (+112 million euros), in keeping with forecasts, at the end of a year placed under the sign of quality; Bilan RTE 2002: un resultat net positif (+112 M d'euros), conforme aux previsions, au terme d'une annee placee sous le signe de la qualite

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2003-03-01

    The results of RTE, the French Transmission System Operator, confirm the company's sound financial position at the end of a year placed under the sign of quality. RTE announces a net income after taxes for 2002 that is in keeping with its forecasts: +112 million euros (versus 250 million euros in 2001) for 3,657 million euros in sales revenue. 616 million euros were devoted to investments for the development and replacement of the company's transmission and interconnection networks. RTE also continued the reduction of its debt by 99 million euros. The year 2001 had experienced a cold spell at year-end, bringing with it higher-than-average revenue (+80 million euros). 2002, which was exceptionally mild at the end of the year, saw revenue fall off by 40 million euros compared with a normal year. In all, the climatic impact goes to explain a drop of 120 million euros in 2002. This drop is partially offset by additional revenue since the adoption on 1/11/02 of the network access tariff (about 30 million euros). This tariff is now substituted for the transitional price scale which was unfavourable to RTE. Operating expenses rose from 3,089 million euros to 3,316 million euros. The most significant increases are to be attributed in particular to: - the contribution of 68 million euros to the 'ETSO Fund', ETSO being the Association of European Transmission System Operators which, since 1/03/02, has ensured the compensation for network utilisation costs related to international transfers, - the gaining in momentum, with more than 80 million euros, of the network mechanical security enhancement programme decided in the wake of the storms of 1999, which aims at adapting RTE infrastructures to the new technical requirements for wind resistance. More than 720 km of power lines were erected or replaced while 12 electrical substations were connected to the RTE network in 2002. Among these projects, mention should be made of the following: the commissioning of

  11. Net one, net two: the primary care network income statement.

    Science.gov (United States)

    Halley, M D; Little, A W

    1999-10-01

    Although hospital-owned primary care practices have been unprofitable for most hospitals, some hospitals are achieving competitive advantage and sustainable practice operations. A key to the success of some has been a net income reporting tool that separates practice operating expenses from the costs of creating and operating a network of practices to help healthcare organization managers, physicians, and staff to identify opportunities to improve the network's financial performance. This "Net One, Net Two" reporting allows operations leadership to be held accountable for Net One expenses and strategic leadership to be held accountable for Net Two expenses.

  12. Proof Nets for Lambek Calculus

    NARCIS (Netherlands)

    Roorda, Dirk

    1992-01-01

    The proof nets of linear logic are adapted to the non-commutative Lambek calculus. A different criterion for soundness of proof nets is given, which gives rise to new algorithms for proof search. The order sensitiveness of the Lambek calculus is reflected by the planarity condition on proof nets;

  13. Net metering: zero electricity bill

    International Nuclear Information System (INIS)

    Mangi, A.; Khan, Z.

    2011-01-01

    Worldwide move towards renewable energy sources, environmental concerns and decentralization of the power sector have made net metering an attractive option for power generation at small scale. This paper discusses the net metering, economical issues of renewable sources in Pakistan, technical aspects, installation suitability according to varying terrain, existing utility rules and formulation of legislation for net metering making it economically attractive. (author)

  14. The Net Advance of Physics

    Science.gov (United States)

    THE NET ADVANCE OF PHYSICS Review Articles and Tutorials in an Encyclopædic Format Established 1995 [Link to MIT] Computer support for The Net Advance of Physics is furnished by The Massachusetts Newest Additions SPECIAL FEATURES: Net Advance RETRO: Nineteenth Century Physics History of Science

  15. Cash from trash: Using and reducing fish bycatch | IDRC ...

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

    2010-10-28

    Oct 28, 2010 ... Some time ago, the world's commercial fishers threw away many of the fish they netted. ... Unlike the catch-and-release practices so common in sport fishing, ... devices on fishing gear, as well as other management practices.

  16. 17 CFR 240.3b-14 - Definition of cash management securities activities.

    Science.gov (United States)

    2010-04-01

    ... derivative instruments or other financial instruments; (b) Cash management, in connection with any securities... § 240.15a-1 or any non-securities activities that involve eligible OTC derivative instruments or other... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Definition of cash management...

  17. 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

  18. 45 CFR 400.50 - Opportunity to apply for cash assistance.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 2 2010-10-01 2010-10-01 false Opportunity to apply for cash assistance. 400.50 Section 400.50 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES REFUGEE RESETTLEMENT PROGRAM Refugee Cash Assistance § 400.50...

  19. 75 FR 9491 - Proposed Information Collection (Application for Cash Surrender or Policy Loan) Activity: Comment...

    Science.gov (United States)

    2010-03-02

    ....S.C. 3501-21), Federal agencies must obtain approval from the Office of Management and Budget (OMB... (Application for Cash Surrender or Policy Loan) Activity: Comment Request AGENCY: Veterans Benefits... to determine a claimant's eligibility for a loan or cash surrender value on his or her Government...

  20. Implementation of Treasury Single Account and Strengthening of Cash Management in Vietnam

    OpenAIRE

    World Bank

    2014-01-01

    Vietnam has made progress to improve oversight and control over cash balances for the state budget. The current arrangement however falls short of a treasury single account (TSA), which has led to inefficiencies in the management of cash balances and higher than necessary borrowing costs. In response to this, the Government of Vietnam has embarked on reforms to adopt a TSA and strengthen o...

  1. 78 FR 48941 - Agency Information Collection (Application for Cash Surrender or Policy Loan) Activities: Under...

    Science.gov (United States)

    2013-08-12

    ... the Office of Management and Budget (OMB) for review and comment. The PRA submission describes the... (Application for Cash Surrender or Policy Loan) Activities: Under OMB Review AGENCY: Veterans Benefits... ``OMB Control No. 2900-0012.'' SUPPLEMENTARY INFORMATION: Titles: a. Application for Cash Surrender...

  2. 75 FR 26346 - Agency Information Collection (Application for Cash Surrender or Policy Loan) Activities: Under...

    Science.gov (United States)

    2010-05-11

    ... abstracted below to the Office of Management and Budget (OMB) for review and comment. The PRA submission... (Application for Cash Surrender or Policy Loan) Activities: Under OMB Review AGENCY: Veterans Benefits...: Titles: a. Application for Cash Surrender, Government Life Insurance, VA Form 29-1546. b. Application for...

  3. 78 FR 18426 - Proposed Information Collection (Application for Cash Surrender or Policy Loan) Activity: Comment...

    Science.gov (United States)

    2013-03-26

    ... obtain approval from the Office of Management and Budget (OMB) for each collection of information they... (Application for Cash Surrender or Policy Loan) Activity: Comment Request AGENCY: Veterans Benefits... to determine a claimant's eligibility for a loan or cash surrender value on his or her Government...

  4. Investment cash flow sensitivity and financing constraints : New evidence from Indian business group firms

    NARCIS (Netherlands)

    George, R.; Kabir, Mohammed Rezaul; Qian, J.

    2011-01-01

    A controversy exists on the use of the investment–cash flow sensitivity as a measure of financing constraints of firms.Were-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment–cash flow sensitivity for both group-affiliated and independent

  5. 24 CFR 511.75 - Disbursement of rental rehabilitation grant amounts: Cash and Management Information System.

    Science.gov (United States)

    2010-04-01

    ... rehabilitation grant amounts: Cash and Management Information System. 511.75 Section 511.75 Housing and Urban... rehabilitation grant amounts: Cash and Management Information System. (a) General. Rental Rehabilitation grants.... Any drawdown is conditioned upon the submission of satisfactory information by the grantee or State...

  6. New Findings on New York City's Conditional Cash Transfer Program. Fast Focus. No. 18-2013

    Science.gov (United States)

    Riccio, James A.

    2013-01-01

    The Earned Income Tax Credit (EITC) and Temporary Assistance for Needy Families (TANF) are long-standing policies that link cash assistance to low-income families to work effort. A new policy being tested in New York City adopts this "conditional cash transfer" principle and extends it to a broader set of family efforts to build their…

  7. DETERMINANTS OF RURAL FARMERS PREFERENCE FOR CASH-LESS TRANSACTIONS IN IMO STATE

    Directory of Open Access Journals (Sweden)

    Igwe Ikenna UKOHA

    2017-04-01

    Full Text Available The preference for cash-less transaction by Nigerians cannot be exaggerated, but despite its patronage, there exist limited access and utilization of the cash-less technologies among farmers in South-East Nigeria. The study analysed the determinants of rural farmers’ preference for cash-less transactions in Imo state, South-East Nigeria. Multi-stage sampling technique was employed in selection of 100 farmers for the study. The determinant of rural farmers’ preference for cash-less transactions in Imo State, was achieved using logit model. The result of the analysis showed that age (5%, gender (10% education levels of the farmers (1%, user friendliness of technologies (5%, transaction charge (5% and security of transactions (5% were found to be the major determinants of farmers preference for cash-less transactions based on their levels of significance. Centred on the findings, the study recommended the strengthening of the use of cash-less transaction by farmers by providing a favourable financial environment through better orientation programs, so as to enable a smooth transition from a cash-based economy to cash-less economy.

  8. Horizontal ichthyoplankton tow-net system with unobstructed net opening

    Science.gov (United States)

    Nester, Robert T.

    1987-01-01

    The larval fish sampler described here consists of a modified bridle, frame, and net system with an obstruction-free net opening and is small enough for use on boats 10 m or less in length. The tow net features a square net frame attached to a 0.5-m-diameter cylinder-on-cone plankton net with a bridle designed to eliminate all obstructions forward of the net opening, significantly reducing currents and vibrations in the water directly preceding the net. This system was effective in collecting larvae representing more than 25 species of fish at sampling depths ranging from surface to 10 m and could easily be used at greater depths.

  9. Master Robotic Net

    Directory of Open Access Journals (Sweden)

    Vladimir Lipunov

    2010-01-01

    Full Text Available The main goal of the MASTER-Net project is to produce a unique fast sky survey with all sky observed over a single night down to a limiting magnitude of 19-20. Such a survey will make it possible to address a number of fundamental problems: search for dark energy via the discovery and photometry of supernovae (including SNIa, search for exoplanets, microlensing effects, discovery of minor bodies in the Solar System, and space-junk monitoring. All MASTER telescopes can be guided by alerts, and we plan to observe prompt optical emission from gamma-ray bursts synchronously in several filters and in several polarization planes.

  10. An Analysis Regarding Cash Holdings. Empirical Study on the Bucharest Stock Exchange Listed Firms

    Directory of Open Access Journals (Sweden)

    Nenu Elena Alexandra

    2017-10-01

    Full Text Available Worldwide corporate cash holdings have significantly increased and have become an important tool for managers. This study explores the factors that influence firms’ behavior regarding cash holdings and the signal that financial conservatism is sending to potential investors. Our data consists in annual observations collected through the Reuters Eikon platform. It includes companies listed on the Bucharest Stock Exchange, the investigated period being 2005-2014. The econometric analysis employs multivariate regression for an unbalanced panel data, using the OLS technique. The results show a positive correlation of cash holdings with the value registered by this indicator in the previous period, fact that might be interpreted as an attempting of the companies to maintain a target level of cash. Also, the results showed a non-linear relationship between leverage and cash holdings, while the tangible assets determine a negative correlation. As regards firm size and ownership concentration, the correlations were not statistically validated.

  11. Problems with Cash and Other Non-Operating Assets Value in the Process of Valuing Company

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2007-12-01

    Full Text Available In economic practice the process of valuing enterprises is based on potential earnings from companies operating assets ñ operating fixed assets and operating working capital. Cash and other non-operating assets (mainly financial are treated as unproductive, non-income assets. Eventually, in process of pricing their current, accounting value is added to income value of enterprise or cash is treated as source for quick covering the debts of firm, what of course indirectly improve for better value of equity (the lower financial risk. Not taking into account the profitable influence of cash value and other non-operating assets can negatively affect on result of final value of enterprise, reducing it. In the article two alternative approaches (separate and inclusive of cash value is presented. Also main determinants of estimating value of cash are described as well as potential threats of its valuation.

  12. Operating Cash Flow, Earning Response Coefficient, and Fixed Asset Revaluation: Study on Manufacturing Company

    Directory of Open Access Journals (Sweden)

    Andison Andison

    2017-03-01

    Full Text Available The purpose of this study to determine the effect of operating cash flow to the abnormal return and the effect of operating cash flow to the abnormal return of companies that conduct the revaluation is higher than that of non revaluation which adopted SFAS No. 16 (2012. The analysis used in this study are multiple regression, for the period 2012-2015. The results showed that operating cash flow has no effect on non-sampled companies revaluation, while the sample of firms that perform revaluation proves that operating cash flow has a positive and significant impact on the abnormal return. Moreover, the effect of revaluation policy can strengthen the influence between operating cash flow to the firm abnormal return than non revaluation.DOI: 10.15408/etk.v16i1.4820

  13. Cash Management Policies By Evolutionary Models: A Comparison Using The MILLER-ORR Model

    Directory of Open Access Journals (Sweden)

    Marcelo Botelho da Costa Moraes

    2013-10-01

    Full Text Available This work aims to apply genetic algorithms (GA and particle swarm optimization (PSO to managing cash balance, comparing performance results between computational models and the Miller-Orr model. Thus, the paper proposes the application of computational evolutionary models to minimize the total cost of cash balance maintenance, obtaining the parameters for a cash management policy, using assumptions presented in the literature, considering the cost of maintenance and opportunity for cost of cash. For such, we developed computational experiments from cash flows simulated to implement the algorithms. For a control purpose, an algorithm has been developed that uses the Miller-Orr model defining the lower bound parameter, which is not obtained by the original model. The results indicate that evolutionary algorithms present better results than the Miller-Orr model, with prevalence for PSO algorithm in results.

  14. Association of market, mission, operational, and financial factors with hospitals' level of cash and security investments.

    Science.gov (United States)

    McCue, M J; Thompson, J M; Dodd-McCue, D

    Using a resource dependency framework and financial theory, this study assessed the market, mission, operational, and financial factors associated with the level of cash and security investments in hospitals. We ranked hospitals in the study sample based on their cash and security investments as a percentage of total assets: hospitals in the high cash/security investment category were in the top 25th percentile of all hospitals; those in the low cash/security investment group were in the bottom 25th percentile. Findings indicate that high cash/security investment hospitals are under either public or private nonprofit ownership and have greater market share. They also serve more complex cases, offer more technology services, generate greater profits, incur a more stable patient revenue base, and maintain less debt.

  15. Cash Accountability in the Department of Defense, for the Imprest Fund Maintained at the Defense Logistics Agency, Sharonsville, Ohio

    National Research Council Canada - National Science Library

    McKinney, Terry

    1994-01-01

    Our objectives were to verify the accountability for cash and related assets and to evaluate the adequacy of procedures used to determine the accuracy of records used to support cash accountability...

  16. Limitations of shallow nets approximation.

    Science.gov (United States)

    Lin, Shao-Bo

    2017-10-01

    In this paper, we aim at analyzing the approximation abilities of shallow networks in reproducing kernel Hilbert spaces (RKHSs). We prove that there is a probability measure such that the achievable lower bound for approximating by shallow nets can be realized for all functions in balls of reproducing kernel Hilbert space with high probability, which is different with the classical minimax approximation error estimates. This result together with the existing approximation results for deep nets shows the limitations for shallow nets and provides a theoretical explanation on why deep nets perform better than shallow nets. Copyright © 2017 Elsevier Ltd. All rights reserved.

  17. Comments on contingency management and conditional cash transfers.

    Science.gov (United States)

    Higgins, Stephen T

    2010-10-01

    This essay discusses research on incentive-based interventions to promote healthy behavior change, contingency management (CM) and conditional cash transfers (CCT). The overarching point of the essay is that CM and CCT are often treated as distinct areas of inquiry when at their core they represent a common approach. Some potential bi-directional benefits of recognizing this commonality are discussed. Distinct intellectual traditions probably account for the separate paths of CM and CCT to date, with the former being rooted in behavioral psychology and the latter in microeconomics. It is concluded that the emerging field of behavioral economics, which is informed by and integrates principles of each of those disciplines, may provide the proper conceptual framework for integrating CM and CCT.

  18. Shielding calculations for NET

    International Nuclear Information System (INIS)

    Verschuur, K.A.; Hogenbirk, A.

    1991-05-01

    In the European Fusion Technology Programme there is only a small activity on research and development for fusion neutronics. Never-the-less, looking further than blanket design now, as ECN is getting involved in design of radiation shields for the coils and biological shields, it becomes apparent that fusion neutronics as a whole still needs substantial development. Existing exact codes for calculation of complex geometries like MCNP and DORT/TORT are put over the limits of their numerical capabilities, whilst approximate codes for complex geometries like FURNACE and MERCURE4 are put over the limits of their modelling capabilities. The main objective of this study is just to find out how far we can get with existing codes in obtaining reliable values for the radiation levels inside and outside the cryostat/shield during operation and after shut-down. Starting with a 1D torus model for preliminary parametric studies, more dimensional approximation of the torus or parts of it including the main heterogeneities should follow. Regular contacts with the NET-Team are kept, to be aware of main changes in NET design that might affect our calculation models. Work on the contract started 1 July 1990. The technical description of the contract is given. (author). 14 refs.; 4 figs.; 1 tab

  19. Effect of Managerial Ownership, Free Cash Flow and Size Company Policy on Debt (Empirical Study on Industrial Enterprises Basic and Chemicals Listed in Bei)

    OpenAIRE

    Hasan, Mudrika Alamsyah

    2013-01-01

    The purpose of this study was to obtain empirical evidence about the effect of managerial ownership structure, free cash flow and the size of the companys debt policy the Basic Industry and Chemicals companies listed on the Stock Exchange.The population in this research is the basic chemical sector companies listed on the Indonesia Stock Exchange during the last three years, is from the years 2009-2011, amounting to 43 companies, using purposive sampling and the sampling results obtained by 3...

  20. Limited Cash Flow on Slot Machines: Effects of Prohibition of Note Acceptors on Adolescent Gambling Behaviour

    Science.gov (United States)

    Hansen, Marianne; Rossow, Ingeborg

    2010-01-01

    This study addresses the impact of prohibition of note acceptors on gambling behaviour and gambling problems among Norwegian adolescents. Data comprised school surveys at three time points; 2004 and 2005 (before intervention) and 2006 (after intervention). Net samples comprised 20.000 students aged 13-19 years at each data collection. Identical…

  1. Net escapement of Antartic krill in trawls

    DEFF Research Database (Denmark)

    Krafft, B.A.; Krag, Ludvig Ahm; Herrmann, Bent

    This document describes the aims and methodology of a three year project (commenced in 2012) entitled Net Escapement of Antarctic krill in Trawls (NEAT). The study will include a morphology based mathematical modeling (FISHSELECT) of different sex and maturity groups of Antarctic krill (Euphausia...

  2. 40 CFR 35.3565 - Specific cash draw rules for authorized types of assistance from the Fund.

    Science.gov (United States)

    2010-07-01

    ... the following rules: (a) Loans—(1) Eligible project costs. A State may draw cash based on the... associated pre-project costs, cash may be drawn immediately upon execution of the loan agreement. (2) Eligible project reimbursement costs. A State may draw cash to reimburse assistance recipients for eligible...

  3. The equivalency between logic Petri workflow nets and workflow nets.

    Science.gov (United States)

    Wang, Jing; Yu, ShuXia; Du, YuYue

    2015-01-01

    Logic Petri nets (LPNs) can describe and analyze batch processing functions and passing value indeterminacy in cooperative systems. Logic Petri workflow nets (LPWNs) are proposed based on LPNs in this paper. Process mining is regarded as an important bridge between modeling and analysis of data mining and business process. Workflow nets (WF-nets) are the extension to Petri nets (PNs), and have successfully been used to process mining. Some shortcomings cannot be avoided in process mining, such as duplicate tasks, invisible tasks, and the noise of logs. The online shop in electronic commerce in this paper is modeled to prove the equivalence between LPWNs and WF-nets, and advantages of LPWNs are presented.

  4. The Equivalency between Logic Petri Workflow Nets and Workflow Nets

    Science.gov (United States)

    Wang, Jing; Yu, ShuXia; Du, YuYue

    2015-01-01

    Logic Petri nets (LPNs) can describe and analyze batch processing functions and passing value indeterminacy in cooperative systems. Logic Petri workflow nets (LPWNs) are proposed based on LPNs in this paper. Process mining is regarded as an important bridge between modeling and analysis of data mining and business process. Workflow nets (WF-nets) are the extension to Petri nets (PNs), and have successfully been used to process mining. Some shortcomings cannot be avoided in process mining, such as duplicate tasks, invisible tasks, and the noise of logs. The online shop in electronic commerce in this paper is modeled to prove the equivalence between LPWNs and WF-nets, and advantages of LPWNs are presented. PMID:25821845

  5. Family/children cash benefits in Serbia: The analysis and policy recommendations

    Directory of Open Access Journals (Sweden)

    Matković Gordana

    2014-01-01

    Full Text Available Around 400 thousand children in Serbia are covered with cash-benefits targeting poor children representing 31.7% of the total number of children in 2011. Additionally, around 60 thousand families receive birth grants that is more than 90% of the newly born. When it comes to child-birth related leaves, there were around 37 thousand beneficiaries in 2012. This means that around 50% of the newly born children’s parents are covered with maternity/parental leave, while the coverage of employed mothers is almost full. Coverage of the poor children, particularly by the financial social assistance (FSA, can be considered inadequate. When it comes to targeting (vertical efficiency, FSA is targeted quite well, while there is scope for improvement of the inclusion error within the child-allowance program. When the adequacy of cash benefits targeting poor children is analyzed from the perspective of meeting the basic needs, then the amount is at the verge of being acceptable and differs for different kinds of families - single parent and families with very young children (0-2 being better off. However, when compared to the minimum wage, the cumulative amount of FSA and child allowance is lower only for one- child families. Total expenditures for cash-benefits connected to children amount to 1.4%of GDP - 1.21% being related to ESSPROS family/children function and 0.18% for the FSA for families with children. When compared to the EU, the total expenditure is below the EU average, with the birth related expenditures being higher and child allowance lower than the EU average. The first group of recommendations for cash benefits aimed at families with children relate to the improvement of adequacy and coverage of benefits aiming at poverty reduction, while respecting budget constraints. The increase of benefits for children above 14 years old - increase of child allowance or/and assigning higher weights (0.5 instead of 0.3 for the FSA’s equivalence scale

  6. The rise and fall of cash for care in Norway: changes in the use of child-care policies

    Directory of Open Access Journals (Sweden)

    Brita Bungum

    2013-03-01

    Full Text Available Normal 0 21 false false false NO-BOK X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} The cash-for-care scheme was introduced in 1998 in Norway. During the first period after its introduction, the percentage of users was high at 91 per cent. Since 2005, however, the use has decreased substantially year by year. Thus, the use of cash for care has changed over the 15 years it has existed. In this article we take these changes as our point of departure and analyse more closely what we might call ‘the rise and fall of the cash-for-care scheme’ in Norway. Over the last 15 to 20 years, Norway has become a multicultural society and we need to include ethnicity when conducting research in the field of family policy. The focus is therefore on the intersection of gender, class, and ethnicity in parents’ use of cash for care over this period. Our analysis is based on different sources of data. We have used data from the evaluative programme undertaken by the Norwegian Research Council, including two surveys conducted before and after the reform (Gulbrandsen & Hellevik, 1998; Hellevik, 2000, and a qualitative case study focusing on fathers and mothers working in three different workplaces (Bungum et al. 2001. We have also used three other statistical studies which were carried out at two different points in time (Pettersen

  7. Art/Net/Work

    DEFF Research Database (Denmark)

    Andersen, Christian Ulrik; Lindstrøm, Hanne

    2006-01-01

    The seminar Art|Net|Work deals with two important changes in our culture. On one side, the network has become essential in the latest technological development. The Internet has entered a new phase, Web 2.0, including the occurrence of as ‘Wiki’s’, ‘Peer-2-Peer’ distribution, user controlled...... on the ‘network’ itself as a phenomenon and are often using technological networks as a mean of production and distribution. This changes the artistic practice and the distribution channels of art works – and the traditional notions of ‘work’, ‘origin’ and ‘rights’ are increasingly perceived as limiting...... the praxis of the artist. We see different kinds of interventions and activism (including ‘hacktivism’) using the network as a way of questioning the invisible rules that govern public and semi-public spaces. Who ‘owns’ them? What kind of social relationships do they generate? On what principle...

  8. Net4Care

    DEFF Research Database (Denmark)

    Christensen, Henrik Bærbak; Hansen, Klaus Marius

    2012-01-01

    , health centers are getting larger and more distributed, and the number of healthcare professionals does not follow the trend in chronic diseases. All of this leads to a need for telemedical and mobile health applications. In a Danish context, these applications are often developed through local...... (innovative) initiatives with little regards for national and global (standardization) initiatives. A reason for this discrepancy is that the software architecture for national (and global) systems and standards are hard to understand, hard to develop systems based on, and hard to deploy. To counter this, we...... propose a software ecosystem approach for telemedicine applications, providing a framework, Net4Care, encapsulating national/global design decisions with respect to standardization while allowing for local innovation. This paper presents an analysis of existing systems, of requirements for a software...

  9. Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

    Directory of Open Access Journals (Sweden)

    Jonas Alm

    2015-09-01

    Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

  10. Effects of Organisational Characteristics on Contractors’ Construction Cash Flow Forecasting Capabilities

    Directory of Open Access Journals (Sweden)

    Muhammad Abdullahi

    2017-01-01

    Full Text Available Inadequate cash resources resulting from poor cash flows have been among the fundamental causes of construction project failures. Despite the panoply of cash flow forecasting (CFF tools, the cash flow performance of many construction firms have been reported to be poor due weak Cash flow forecasting (CFF process capabilities influenced by a couple of organisational characteristics. Although these organisational characteristics have been reported to significantly influence firms’ CFF process capabilities, the underlying mechanisms of how these organisational features and characteristics exhibit their specific influences on the cash flow forecasting capabilities of construction firms still remains underexplored. Therefore, this study aims at empirically exploring the influence of some organisation characteristics on the CFF process capabilities of construction firms. Best practices in CFF identified from the Royal Institute of Chartered Surveyors (RICS Cash Flow Forecasting (CFF guide were used to develop an assessment criteria used to assess the CFF capabilities of construction firms. The assessment was conducted through a questionnaire survey involving contracting organisations involved in both building and civil engineering works in Nigeria. The key best practices in CFF were ranked based on arithmetic mean value scores and averages were also determined for each of the four CFF components assessed (Knowledge and understanding CFF concepts and principles, Practical application, Practical considerations, and other Managerial issues. Hierarchical regression analysis was then used to examine the relationships between contractors’’ CFF process capabilities and some organisational characteristics. Results of the study reveals that organisational characteristics are strongly associated to firms’ abilities to prudently manage cash flows. The results of this study could serve as a basis for the strategic planning and improvement of Cash Flow

  11. High-level Petri Nets

    DEFF Research Database (Denmark)

    various journals and collections. As a result, much of this knowledge is not readily available to people who may be interested in using high-level nets. Within the Petri net community this problem has been discussed many times, and as an outcome this book has been compiled. The book contains reprints...... of some of the most important papers on the application and theory of high-level Petri nets. In this way it makes the relevant literature more available. It is our hope that the book will be a useful source of information and that, e.g., it can be used in the organization of Petri net courses. To make......High-level Petri nets are now widely used in both theoretical analysis and practical modelling of concurrent systems. The main reason for the success of this class of net models is that they make it possible to obtain much more succinct and manageable descriptions than can be obtained by means...

  12. Net neutrality and audiovisual services

    OpenAIRE

    van Eijk, N.; Nikoltchev, S.

    2011-01-01

    Net neutrality is high on the European agenda. New regulations for the communication sector provide a legal framework for net neutrality and need to be implemented on both a European and a national level. The key element is not just about blocking or slowing down traffic across communication networks: the control over the distribution of audiovisual services constitutes a vital part of the problem. In this contribution, the phenomenon of net neutrality is described first. Next, the European a...

  13. NetView technical research

    Science.gov (United States)

    1993-01-01

    This is the Final Technical Report for the NetView Technical Research task. This report is prepared in accordance with Contract Data Requirements List (CDRL) item A002. NetView assistance was provided and details are presented under the following headings: NetView Management Systems (NMS) project tasks; WBAFB IBM 3090; WPAFB AMDAHL; WPAFB IBM 3084; Hill AFB; McClellan AFB AMDAHL; McClellan AFB IBM 3090; and Warner-Robins AFB.

  14. Using cash to monitor liquidity: Implications for payments, currency demand and withdrawal behavior

    OpenAIRE

    von Kalckreuth, Ulf; Schmidt, Tobias; Stix, Helmut

    2011-01-01

    Standard transaction cost arguments can only partially explain why the share of cash transactions is still high in many countries. This paper shows that consumers’ desire to monitor liquidity is one of the reasons. Consumers make use of a distinctive feature of cash – a glance into one’s pocket provides a signal for both the remaining budget as well as the level of past expenses. We propose a theoretical framework which incorporates this feature of cash, and derives implications not only for ...

  15. Potential dividends and actual cash flows in equity valuation. A critical analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

  16. Valuation of index-linked cash flows in a Heath-Jarrow-Morton framework

    OpenAIRE

    Alm, Jonas; Lindskog, Filip

    2015-01-01

    In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims...

  17. Investigating the persistence of earnings components and pricing test of abnormal changes in cash

    Directory of Open Access Journals (Sweden)

    Yaser Ahmadi

    2013-03-01

    Full Text Available This paper investigates the persistence of earnings components and pricing test of abnormal changes in cash for selected firms listed on Tehran Stock Exchange (TSE. The proposed study gathers the necessary data from 166 firms over the period 2004-2012 from firms whose shares were actively traded on TSE market. The study uses Panel data and with the implementation of linear regression technique examines four hypotheses. The results indicate that abnormal negative changes in cash are more persistence than positive abnormal changes. In addition, both positive and negative abnormal changes are more persistence than accruals. Market also has a good perception on abnormal positive and negative changes in cash.

  18. Initial CAD investigations for NET

    International Nuclear Information System (INIS)

    Katz, F.; Leinemann, K.; Ludwig, A.; Marek, U.; Olbrich, W.; Schlechtendahl, E.G.

    1985-11-01

    This report summarizes the work done under contract no. 164/84-7/FU-D-/NET between the Commission of the European Communities and KfK during the period from June 1, 1984, through May 31, 1985. The following topics are covered in this report: Initial modelling of NET version NET2A, CAD system extension for remote handling studies, analysis of the CAD information structure, work related to the transfer of CAD information between KfK and the NET team. (orig.) [de

  19. Recycled fishing nets as reinforcement of existing concrete structures

    DEFF Research Database (Denmark)

    Sigvardsen, Nina Marie; Bonnerup, Amanda Helena; Ottosen, Lisbeth M.

    2016-01-01

    Large amounts of fishing nets are discarded every year polluting the oceans with plastic fibers on a global scale. Due to the big fishing industry in Greenland, an alternative use for discarded fishing nets would have a decreasing effect on the amount of marine litter in the Arctic. A use...

  20. Optimizing model. 1. Insemination, replacement, seasonal production and cash flow.

    NARCIS (Netherlands)

    Delorenzo, M.A.; Spreen, T.H.; Bryan, G.R.; Beede, D.K.; Arendonk, van J.A.M.

    1992-01-01

    Dynamic programming to solve the Markov decision process problem of optimal insemination and replacement decisions was adapted to address large dairy herd management decision problems in the US. Expected net present values of cow states (151,200) were used to determine the optimal policy. States

  1. Cash grants in humanitarian assistance: a nongovernmental organization experience in Aceh, Indonesia, following the 2004 Indian Ocean Tsunami.

    Science.gov (United States)

    Doocy, Shannon; Johnson, Diane; Robinson, Courtland

    2008-06-01

    Historically, cash interventions, as opposed to material or in-kind aid, have been relatively uncommon in the humanitarian response to emergencies. The widespread implementation of cash-based programs following the 2004 Indian Ocean tsunami provided an opportunity to examine cash distributions following disasters. The Mercy Corps cash grant program in Aceh, Indonesia, was a short-term intervention intended to assist in recompensing losses from the December 2004 tsunami. An evaluation of the Mercy Corps cash grant program was conducted for the 12-month period following the tsunami using program monitoring data and a systematic survey of cash grant beneficiaries. in 2005, the cash grant program disbursed more than US$3.3 million to more than 53,000 beneficiaries; the average cash grant award was US$6390, which was shared by an average of 108 beneficiaries. In a beneficiary survey, more than 95% of respondents reported the grant allocation processes were fair and transparent and that grant funds were received. The Mercy Corps experience with cash programs suggests that cash interventions in the emergency context, when properly administered, can have an immediate impact and serve as an efficient mechanism for providing assistance. Organizations involved in humanitarian relief, particularly donors and nongovernmental organizations, should consider incorporating cash-based interventions as an element of their response in future emergencies.

  2. A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Bahman Banimahd

    2013-06-01

    Full Text Available This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.

  3. Effect of conditional cash transfer on choice and utilization of contraceptives among newly married couples in Satara district

    Directory of Open Access Journals (Sweden)

    Asha K Pratinidhi

    2014-01-01

    Full Text Available Context: Satara district of western Maharashtra is in late expanding phase of demographic cycle. Postponement of first pregnancy with the use of reversible contraceptives is the need of the hour. Since 2007, Satara district is implementing a conditional cash transfer scheme second honeymoon package (SHP. Objectives: The objectives of this study are: (1 To find out the effect of conditional cash transfer on choice and utilization of contraceptives among participants of SHP. (2 To identify various barriers to the use of contraceptives. Materials and Methods: This was an evaluation study of a community based interventional program. Cases were the participants of SHP program while the controls were the couples residing in the same village as that of participants and married in the same year. Enquiries were made about their knowledge of contraceptives, reasons of postponement, choice of contraceptives, problems faced while using them, perceived benefits of participation, reasons for non-participation and non-use of contraceptives, etc. Results: This study has found out that 24.8% controls and 57.6% participant couples were having knowledge of contraception before their marriage. Amongst the participants of the scheme and controls, male condom was the most popular method used by 80.8% participants, followed by oral pills by 9.22% couples. Contraception prevalence rate among control couples was 17.6%, while that in participants was 91.8%. Resistance from family members, side-effects and failure of contraceptives were some of the barriers to their use. Conclusions: Conditional cash transfer has encouraged the use of contraceptives in acceptors of SHP. By participating in SHP and postponing first pregnancy 15.8% could complete their education, job/career betterment achieved by 16.4% and 19.3% adored marital pleasure.

  4. Rare, but challenging tumors: NET

    International Nuclear Information System (INIS)

    Ivanova, D.; Balev, B.

    2013-01-01

    Full text: Introduction: Gastroenteropancreatic Neuroendocrine Tumors (GEP - NET) are a heterogeneous group of tumors with different locations and many different clinical, histological, and imaging performance. In a part of them a secretion of various organic substances is present. The morbidity of GEP - NET in the EU is growing, and this leads to increase the attention to them. What you will learn: Imaging methods used for localization and staging of GEP - NET, characteristics of the study’s protocols; Classification of GEP - NET; Demonstration of typical and atypical imaging features of GEP - NET in patients registered at the NET Center at University Hospital ‘St. Marina’, Varna; Features of metastatic NET, The role of imaging in the evaluation of treatment response and follow-up of the patients. Discussion: The image semiotics analysis is based on 19 cases of GEP - NET registered NET Center at University Hospital ‘St. Marina’. The main imaging method is multidetector CT (MDCT), and magnetic resonance imaging (MRI ) has advantages in the evaluation of liver lesions and the local prevalence of anorectal tumors. In patients with advanced disease and liver lesions the assessment of skeletal involvement (MRI/ nuclear medical method) is mandatory. The majority of GEP - NET have not any specific imaging findings. Therefore it is extremely important proper planning and conducting of the study (MDCT and MR enterography; accurate assessment phase of scanning, positive and negative contrast). Conclusion: GEP - NET is a major diagnostic challenge due to the absence of typical imaging characteristics and often an overlap with those of the tumors of different origin can be observed. Therefore, a good knowledge of clinical and imaging changes occurring at different locations is needed. MDCT is the basis for the diagnosis, staging and follow-up of these neoplasms

  5. Evidence of eligibility manipulation for conditional cash transfer programs

    Directory of Open Access Journals (Sweden)

    Sergio Firpo

    2014-09-01

    Full Text Available This paper assesses whether eligibility for conditional cash transfer programs has been manipulated, as well as the impact of this phenomenon on time allocation within households. To perform this analysis, we use data from the 2006 PNAD (Brazilian national household survey and investigate the eligibility manipulation for the Bolsa Família (Family Stipend program during this time period. The program assists families with a monthly per capita income of around R$120.00 (US$60.00. By applying the tests developed by McCrary (2008, we find suggestive evidence that individuals manipulate their income by voluntarily reducing their labor supply in order to become eligible to the program. Moreover, the reduction in labor supply is greater among women, especially single or divorced mothers. This evidence raises some concern about the unintended consequences related to the eligibility criteria utilized by Bolsa Família, as well as the program's impact on individuals living in extreme poverty.

  6. Small farms, cash crops, agrarian ideals, and international development.

    Science.gov (United States)

    Effland, Anne

    2010-01-01

    This address is an exploration of a lifetime of disparate and often conflicting observations about how different people view what is right and good for agriculture, food, and farmers around the world. The exploration utilizes the concept of wicked problems to focus on the issue of differing historical interpretations of global agricultural development. Sandra Batie defines wicked problems as "dynamically complex, ill-structured, public problems" for which "there can be radically different views and understanding of the problem by different stakeholders, with no unique 'correct' view." The wicked problem construct is applied to four core ideas in the history of agricultural development -- small farms, cash crops, agrarian ideals, and international development -- to demonstrate the potential for using this concept to approach complex problems of historical interpretation and contribute to solutions to the challenges of global agricultural development. The author suggests historians should acknowledge contradictory interpretations adn work toward reconciliation and synthesis, where it is possible and, where not, toward a clear explication of the basis for remaining differences. The author also encourages historians to seek multidisciplinary research opportunities that will help bring insights about historical context to policy deliberations.

  7. The Earnings Management Motivation: Accrual Accounting vs. Cash Accounting

    Directory of Open Access Journals (Sweden)

    Sandeep Goel

    2016-09-01

    Full Text Available The Accrual basis of accounting has always found favour amongst corporate practitioners of earnings management. There have been extensive studies on earnings management, focusing on earnings hazards. This paper contributes to the literature by showing market inclination to accrual basis of accounting as motivated by a desire for earnings management. It analyzes the sample units’ performance in regard to accrual-indicators vs. cash-indicators and their pervasiveness on stock pricing in India. In India, the corporate ownership model is the Promoter Dominated Shareholders Model (PDSHM which makes this study unique in highlighting earnings management motivation. The units show a market preference for accrual numbers and motivation for earnings management as clear in their stock pricing behavior. I hope the study improves investors’ perception of the reliability of a firm’s performance, as measured by earnings. It is of use to the users of financial accounting and corporate finance globally for rationalizing the motivation behind earnings manipulation by the management.

  8. A study on the relationship between operational cash flow and the return of stockholders

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-07-01

    Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

  9. Accrual-based accounting system versus cash-based accounting: An empirical study in municipality organization

    Directory of Open Access Journals (Sweden)

    Mahbobeh Arab

    2013-01-01

    Full Text Available There are many cases, where we may wish to choose a good accounting system and would like to learn how they work and the advantages and disadvantages of each so we can choose the better one for a business. In this paper, we present an empirical survey to understand whether we can choose accrual or cash accounting system. The proposed study designs a questionnaire among 220 experts in area of accounting affairs. The survey considers four sub hypotheses and one main hypothesis to see whether there are reliable rules and regulations in accrual-based accounting compared with cash accounting or not. Similarly, the survey investigates whether accrual-based accounting is more informative, comprehensive and provides better comparative results compared with cash accounting. The results indicate that accrual-based account performs better in terms of all mentioned criteria and it is a better method for managing accounting affairs compared with cash accounting systems.

  10. Do business groups affect corporate cash holdings? Evidence from a transition economy

    Directory of Open Access Journals (Sweden)

    Weixing Cai

    2016-03-01

    Full Text Available We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms reveals that group affiliation decreases cash holdings, alleviating the free-cash-flow problem of agency costs. State ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment-cash-flow sensitivity and overinvestment. In transitional economies, privately controlled firms are more likely to benefit from group affiliation than state-controlled firms propped up by the government.

  11. Impact of VAT on the Profitability and the Cash Flow of Romanian Small and Medium Enterprises

    Directory of Open Access Journals (Sweden)

    MARIA ZENOVIA GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  12. IMPACT OF VAT ON THE PROFITABILITY AND THE CASH FLOW OF ROMANIAN SMALL AND MEDIUM ENTREPRISES

    Directory of Open Access Journals (Sweden)

    Maria Zenovia GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  13. Determinants of corporate cash holdings: Evidence from Portuguese publicly traded firms

    Directory of Open Access Journals (Sweden)

    Fernandes, Filipa

    2017-05-01

    Full Text Available This paper investigates the determinants of cash holdings of publicly traded Portuguese firms. We find that such firms hold less cash than similar companies operating in countries where both shareholders and creditors’ rights are more tightly protected by the law. In addition, our regression results suggest that leverage, other liquid assets, and firm growth are negatively correlated with our sample firms’ cash holdings whereas long-term debt and financial distress are positively correlated. Our findings cannot be reconciled with just one of the existent theories (trade-off, pecking order and free cashflow theory, and emphasize the importance of a country’s legal, institutional, and economic environment for explaining firms’ cash holdings decisions.

  14. Methods of the enterprise cash flows optimization in the context of sustainable development

    OpenAIRE

    O. Bardyn

    2015-01-01

    This paper deals with nature and analysis of current approaches to optimization of cash flows of the enterprise. Ways and management directions in order to achieve sustainable development by enterprise have been justified

  15. Linear Logic on Petri Nets

    DEFF Research Database (Denmark)

    Engberg, Uffe Henrik; Winskel, Glynn

    This article shows how individual Petri nets form models of Girard's intuitionistic linear logic. It explores questions of expressiveness and completeness of linear logic with respect to this interpretation. An aim is to use Petri nets to give an understanding of linear logic and give some apprai...

  16. Net neutrality and audiovisual services

    NARCIS (Netherlands)

    van Eijk, N.; Nikoltchev, S.

    2011-01-01

    Net neutrality is high on the European agenda. New regulations for the communication sector provide a legal framework for net neutrality and need to be implemented on both a European and a national level. The key element is not just about blocking or slowing down traffic across communication

  17. Properties of porous netted materials

    International Nuclear Information System (INIS)

    Daragan, V.D.; Drozdov, B.G.; Kotov, A.Yu.; Mel'nikov, G.N.; Pustogarov, A.V.

    1987-01-01

    Hydraulic and strength characteristics, efficient heat conduction and inner heat exchange coefficient are experimentally studied for porous netted materials on the base of the brass nets as dependent on porosity, cell size and method of net laying. Results of the studies are presented. It is shown that due to anisotropy of the material properties the hydraulic resistance in the direction parallel to the nets plane is 1.3-1.6 times higher than in the perpendicular one. Values of the effective heat conduction in the direction perpendicular to the nets plane at Π>0.45 agree with the data from literature, at Π<0.45 a deviation from the calculated values is marked in the direction of the heat conduction decrease

  18. Determinants of cash holdings in the accommodation industry: evidence from Southerm European Countries

    OpenAIRE

    Morais, Flávio

    2013-01-01

    This study analyzes the determinants of cash holdings for the accommodation industry in Southern European countries (Spain, Greece, Italy and Portugal) using a sample of 5964 firms during the period 2003-2011. A fixed-effects panel data model revealed that larger companies, higher leveraged, where most debt is short-term and that maintain better relationships with financial institutions exhibit lower cash to assets ratios. Liquid assets substitutes, capital expenditures and asset tangibility ...

  19. ANALYSIS OF EXPECTED PRICE DYNAMICS BETWEEN FLUID MILK FUTURES CONTRACTS AND CASH PRICES FOR FLUID MILK

    OpenAIRE

    T. Randall FORTENBERY; Robert A. CROPP; Hector O. ZAPATA

    1997-01-01

    The objective of this study is to provide an empirical evaluation of the expected relationship between cash and futures prices for fluid milk. This is done using historic cash prices from 1988 to 1995, and making inferences about how futures prices would have behaved if they had traded during this sample period. Futures prices are simulated over the sample period based on two assumptions about futures market behavior for fluid milk. The first is that the futures market will essentially price ...

  20. Cash Accounting in the Equation of the Budget Execution and of the Public Management

    OpenAIRE

    Iuliana Cenar

    2009-01-01

    Accounting is the instrument used by the management of a public institution to satisfy the need for information and to direct their decisions. The state’s treasury is the public institution that ensures the perpetuation of the cash based accounting. The paper approaches the following: the treasury’s role in achieving the execution phase of the budgetary process, methods of changing into cash the budgetary incomes and to pay the expenses, the accounting instruments of the various transactions ...

  1. Non-cash benefits from social housing in Europe: a comparative perspective

    OpenAIRE

    Markus M. Grabka; Gerlinde Verbist

    2015-01-01

    Most of the available comparative empirical evidence on levels and trends in income inequalities and poverty in OECD countries relies on the concept of household disposable cash income, thus ignoring the services governments provide to households. Including those services matters a lot, however, for policy interpretation. While cash housing benefits are generally included in household disposable income, the effect of social housing is not accounted for. This may provide a misleading picture o...

  2. Investment Opportunity, Institutional Ownership, Cash Flow, Company Life Cycle Terhadap Kebijakan Dividen Dan Return Saham

    OpenAIRE

    Wiagustini, Ni Luh Putu

    2009-01-01

    The objective of this research was to examine and to analyze the infl uences of investmentopportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividendpolicy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutionalownership, and company life cycle stages to share return. The samples used in this research weremanufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularlywithin the perio...

  3. ACFAC: a cash flow analysis code for estimating product price from an industrial operation

    International Nuclear Information System (INIS)

    Delene, J.G.

    1980-04-01

    A computer code is presented which uses a discountted cash flow methodology to obtain an average product price for an industtrial process. The general discounted cash flow method is discussed. Special code options include multiple treatments of interest during construction and other preoperational costs, investment tax credits, and different methods for tax depreciation of capital assets. Two options for allocating the cost of plant decommissioning are available. The FORTRAN code listing and the computer output for a sample problem are included

  4. "Bird in the hand" cash was more effective than prize draws in increasing physician questionnaire response.

    Science.gov (United States)

    Drummond, Frances J; O'Leary, Eamonn; O'Neill, Ciaran; Burns, Richeal; Sharp, Linda

    2014-02-01

    To investigate the effects of two monetary incentives on response rates to postal questionnaires from primary care physicians (PCPs). The PCPs were randomized into three arms (n=550 per arm), namely (1) €5 sent with the questionnaire (cash); (2) entry into a draw on return of completed questionnaire (prize); or (3) no incentive. Effects of incentives on response rates and item nonresponse were examined, as was cost-effectiveness. Response rates were significantly higher in the cash (66.1%; 95% confidence interval [CI]: 61.9, 70.4%) and prize arms (44.8%; 95% CI: 40.1, 49.3%) compared with the no-incentive arm (39.9%; 95% CI: 35.4, 44.3%). Adjusted relative risk of response was 1.17 (95% CI: 1.02, 1.35) and 1.68 (95% CI: 1.48, 1.91) in the prize and cash arms, respectively, compared with the no-incentive group. Costs per completed questionnaire were €9.85, €11.15, and €6.31 for the cash, prize, and no-incentive arms, respectively. Compared with the no-incentive arm, costs per additional questionnaire returned in the cash and prize arms were €14.72 and €37.20, respectively. Both a modest cash incentive and entry into a prize draw were effective in increasing response rates. The cash incentive was most effective and the most cost-effective. Where it is important to maximize response, a modest cash incentive may be cost-effective. Copyright © 2014 Elsevier Inc. All rights reserved.

  5. The costs of paying: Private and social costs of cash and card systems

    OpenAIRE

    Bergman, Mats; Guibourg, Gabriela; Segendorf, Björn

    2007-01-01

    Despite the central role of payments in theoretical and policy oriented economics, there is surprisingly little known about the costs of different payment instruments. We estimate social and private costs of cash, debit and credit card payments in Sweden in 2002. The combined social cost of providing these payment services is approximately 0.4 per cent of GDP. Debit and credit cards are socially less costly than cash for payments above EURO 8 and EURO 18, respectively. Corresponding threshold...

  6. Land grab. More investors offer hospitals cash for their real estate as providers hunt for capital.

    Science.gov (United States)

    Evans, Melanie

    2011-03-07

    More real estate investors are offering hospitals cash for real estate as providers tap into their assets for capital. But if REITs are banking on providers cashing in their real estate chips, that's not happening yet, says Mike O'Keefe, left, of Navigant Consulting. The capital flooding into healthcare real estate has met with a limited supply of sellers. "That's what's driving some of this consolidation," O'Keefe said.

  7. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    OpenAIRE

    Mahdi Salehi; Mirsohrab Seyedghorbani

    2013-01-01

    The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE) and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data dur...

  8. Using Cash Flows to Predict Bankruptcy of Chemical Companies: Case Study Approach

    OpenAIRE

    Siow, Hui Wen

    2009-01-01

    The intent of this study is to present an argument for the usefulness of cash flow information in bankruptcy prediction, and whether cash flow information provide a superior prediction of business failure over the conventional accrual accounting information. In addition, this dissertation also aim to analyze other important factors leading to bankruptcy, particularly contingent liabilities in which the obligations are not accrued and accounted for, nor are they considered in conventional bank...

  9. Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

    OpenAIRE

    Mohamed, Ezzeddine Ben; Fairchild, Richard; Bouri, Abdelfettah

    2014-01-01

    Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969), we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a) to show the impac...

  10. A study on the relationship between operational cash flow and the return of stockholders

    OpenAIRE

    Hassan Ghodrati; Hassan Abyak

    2014-01-01

    Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the info...

  11. The value relevance of direct cash flows under international financial reporting standards

    OpenAIRE

    Clacher, I; de Ricquebourg, AD; Hodgson, A

    2013-01-01

    This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...

  12. How efficient are municipalities in activating cash-help recipients in Denmark

    DEFF Research Database (Denmark)

    Weatherall, James; Beltov, Tor

    Previous studies do not analyse activation starts as the parameter of interest in evaluating labour market programs. In this paper we evaluate municipality ability to activate cash-help recipients, which helps recipients gain the necessary skills vital to future regular employment in Denmark...... policy (ALMP) practices and organisation can only determine activation participation to a certain extent because unemployed cash-help recipient ability affects participation in activation. Municipalities can improve activation efficiency levels in the future by emulating the efficient municipalities...

  13. Cash flow jako prvek finanční analýzy

    OpenAIRE

    HANZLOVÁ, Monika

    2008-01-01

    The cash flow report is very important for a financial management, especially from the point of monitoring liquidity of the company. Its great advantage, in comparison to a profit and loss statement, is the fact, that it eliminates effects emerging from an accounting principle. The financial analysis has a great importance too. It can show to management some signals about financial health of the company. Fundamental provisions concerning the cash flow is asserted in the prerequisites of the C...

  14. NET remote workstation

    International Nuclear Information System (INIS)

    Leinemann, K.

    1990-10-01

    The goal of this NET study was to define the functionality of a remote handling workstation and its hardware and software architecture. The remote handling workstation has to fulfill two basic functions: (1) to provide the man-machine interface (MMI), that means the interface to the control system of the maintenance equipment and to the working environment (telepresence) and (2) to provide high level (task level) supporting functions (software tools) during the maintenance work and in the preparation phase. Concerning the man-machine interface, an important module of the remote handling workstation besides the standard components of man-machine interfacing is a module for graphical scene presentation supplementing viewing by TV. The technique of integrated viewing is well known from JET BOOM and TARM control using the GBsim and KISMET software. For integration of equipment dependent MMI functions the remote handling workstation provides a special software module interface. Task level support of the operator is based on (1) spatial (geometric/kinematic) models, (2) remote handling procedure models, and (3) functional models of the equipment. These models and the related simulation modules are used for planning, programming, execution monitoring, and training. The workstation provides an intelligent handbook guiding the operator through planned procedures illustrated by animated graphical sequences. For unplanned situations decision aids are available. A central point of the architectural design was to guarantee a high flexibility with respect to hardware and software. Therefore the remote handling workstation is designed as an open system based on widely accepted standards allowing the stepwise integration of the various modules starting with the basic MMI and the spatial simulation as standard components. (orig./HP) [de

  15. Improvements of the cash-flow statement control function in financial reporting

    Directory of Open Access Journals (Sweden)

    Metka Duhovnik

    2008-06-01

    Full Text Available On the basis of deductive considerations applying professional judgement, the article focuses on the additional value of accounting information that can be given to the users of fi nancial statements by a properly prepared statement of cash fl ows. It is based on the fi nding that the professional literature is inconsistent in distinguishing liquidity and profi tability information, and consequently also in distinguishing between the ratios calculated on that basis. It therefore stimulates an improvement in the quality of accounting information with a direct statement of cash fl ows, based on tracing instead of calculating the actual cash fl ow. On the basis of fi nancial statements, including a direct statement of cash fl ows, the ratio analysis of fi nancial statements should be approached from both aspects of profi tability and cash return. The cash fl ow ratios would serve as a control mechanism over the assumptions used when preparing the balance sheet and income statement within the chosen financial reporting framework.

  16. Does Cash Contribute to Value? A Comparison of Constrained and Unconstrained Firms in China and Germany

    Directory of Open Access Journals (Sweden)

    Wei Zhang

    2015-11-01

    Full Text Available A fundamental characteristic of emerging markets is the underdevelopment of legal institutions and financial markets. Therefore, the marginal value of a firm’s cash holdings in emerging countries can be lower than 1, due to high agency costs resulting from poor external corporate governance. However, the marginal value of cash may also be high in emerging markets because the information asymmetry between current and new providers of funds is high, which means that it is difficult to access the (low quality capital markets. We study for the industrialized countries of China and Germany whether corporate cash holdings contribute to shareholder value in both constrained and unconstrained firms. In contradiction to previous literature on emerging markets, we find that the marginal value of cash is not smaller than 1 in China, so that agency costs do not dominate. We, however, find marginal values of cash lower than 1 for unconstrained firms in both countries, implying that in these firms agency costs of cash holdings exist. For constrained firms we find marginal values significantly larger than 1 in both countries. This indicates difficulties in accessing the financial markets for these firms. These difficulties prove to be larger in China than in Germany for small and service firms, but not for high growth firms.

  17. The promise and limitations of cash transfer programs for HIV prevention.

    Science.gov (United States)

    Fieno, John; Leclerc-Madlala, Suzanne

    2014-01-01

    As the search for more effective HIV prevention strategies continues, increased attention is being paid to the potential role of cash transfers in prevention programming in sub-Saharan Africa. To date, studies testing the impact of both conditional and unconditional cash transfers on HIV-related behaviours and outcomes in sub-Saharan Africa have been relatively small-scale and their potential feasibility, costs and benefits at scale, among other things, remain largely unexplored. This article examines elements of a successful cash transfer program from Latin America and discusses challenges inherent in scaling-up such programs. The authors attempt a cost simulation of a cash transfer program for HIV prevention in South Africa comparing its cost and relative effectiveness--in number of HIV infections averted--against other prevention interventions. If a cash transfer program were to be taken to scale, the intervention would not have a substantial effect on decreasing the force of the epidemic in middle- and low-income countries. The integration of cash transfer programs into other sectors and linking them to a broader objective such as girls' educational attainment may be one way of addressing doubts raised by the authors regarding their value for HIV prevention.

  18. A study on the effects of banks’ cash management on their share value

    Directory of Open Access Journals (Sweden)

    Syed Behzad Zakaria

    2014-09-01

    Full Text Available Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks’ stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks’ stock value.

  19. Family control, institutional environment and cash dividend policy: Evidence from China

    Directory of Open Access Journals (Sweden)

    Zhihua Wei

    2011-06-01

    Full Text Available Using a sample of 1486 Chinese A-share listed companies for the period 2004–2008, this study empirically tests the impact of family control, institutional environment and their interaction on the cash dividend policy of listed companies. Our results indicate that (1 family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms; (2 a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies; and (3 the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms. Somewhat surprisingly, we find that controlling family shareholders in China may intensify Agency Problem I (the owner–manager conflict rather than Agency Problem II (the controlling shareholder–minority shareholder conflict, and thus have a significant negative impact on cash dividend policy. In contrast, a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem I and encouraging family firms to pay cash dividends.

  20. Conflict between conservation and development: cash forest encroachment in Asian elephant distributions.

    Science.gov (United States)

    Liu, Peng; Wen, Hui; Harich, Franziska K; He, Changhuan; Wang, Lanxin; Guo, Xianming; Zhao, Jianwei; Luo, Aidong; Yang, Hongpei; Sun, Xiao; Yu, Yang; Zheng, Shaobo; Guo, Jing; Li, Li; Zhang, Li

    2017-08-03

    Over the last 4 decades, China has undergone major economic development, resulting in considerable impacts on its wildlife populations and habitats. It is essential to quantify the conflict between development and conservation to assist with policy-making because forestry policies and market trends affected indirectly the distribution of Asian elephants. Here, we mapped the historical distribution of elephants versus human land use. Elephant distributions appear to occur in unbroken natural forests only. However, over the 40-year period, the distribution ranges have become smaller and fragmented, with natural forest area also declining by 16%. The monoculture of cash trees is encroaching on natural forests. Over the past 10 years, rubber plantations have become concentrated in the south, with extensive natural forests and scattered rubber farms being converted to tea plantations, due to changes in governmental policies and product prices. Through mapping the spatial changes in the distribution of rubber and tea plantations, our study is expected to help local managers to incorporate the needs of endangered elephants through creating space when planning plantations, especially in Xishuangbanna and the south part of Pu'er. In conclusion, restoring elephant habitat and establishing ecological corridors are critical for the survival of elephants in this region.