WorldWideScience

Sample records for nonvoting equity investments

  1. 12 CFR 225.143 - Policy statement on nonvoting equity investments by bank holding companies.

    Science.gov (United States)

    2010-01-01

    ... CONTROL (REGULATION Y) Regulations Financial Holding Companies Interpretations § 225.143 Policy statement on nonvoting equity investments by bank holding companies. (a) Introduction. (1) In recent months, a... company has the power, directly or indirectly, to exercise a controlling influence over the management or...

  2. 12 CFR 5.36 - Other equity investments.

    Science.gov (United States)

    2010-01-01

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

  3. Private equity investments and disclosure policy

    NARCIS (Netherlands)

    Beuselinck, C.A.C.; Deloof, M.; Manigart, S.

    2008-01-01

    In the current study, we dynamically analyze unlisted firms’ voluntary disclosure decisions around private equity (PE) participation. First, we disentangle the role of disclosure in attracting PE investments. In addition, we examine the extent to which a firm’s disclosure policy is affected by the

  4. Analysis of stage-investing strategy in equity financing market

    Institute of Scientific and Technical Information of China (English)

    XUN Minghui

    2007-01-01

    Stage-investing strategy is a primary measure to mitigate asymmetric information during equity investment. This paper attempts to investigate the problem faced by equity investors wishing to make optimal investment decision under stage-investing strategy.A serial investment-decision making model will be designed to help investors to take the best choice.

  5. Diminishing musyarakah investment model based on equity

    Science.gov (United States)

    Jaffar, Maheran Mohd; Zain, Shaharir Mohamad; Jemain, Abdul Aziz

    2017-11-01

    Most of the mudharabah and musyarakah contract funds are involved in debt financing. This does not support the theory that profit sharing contract is better than that of debt financing due to the sharing of risks and ownership of equity. Indeed, it is believed that Islamic banking is a financial model based on equity or musyarakah which emphasis on the sharing of risks, profit and loss in the investment between the investor and entrepreneur. The focus of this paper is to introduce the mathematical model that internalizes diminishing musyarakah, the sharing of profit and equity between entrepreneur and investor. The entrepreneur pays monthly-differed payment to buy out the equity that belongs to the investor (bank) where at the end of the specified period, the entrepreneur owns the business and the investor (bank) exits the joint venture. The model is able to calculate the amount of equity at any time for both parties and hence would be a guide in helping to estimate the value of investment should the entrepreneur or investor exit before the end of the specified period. The model is closer to the Islamic principles for justice and fairness.

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

    NARCIS (Netherlands)

    Mc Cahery, Joseph; de Roode, Alexander

    2016-01-01

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

  7. Smart Beta Equity Investing Through Calm and Storm

    NARCIS (Netherlands)

    Boudt, Kris; Darras, Joakim; Ha Nguyen, Giang; Peeters, Benedict

    2015-01-01

    Smart beta portfolios typically achieve a superior diversification than the benchmark market capitalization-weighted portfolio, but remain vulnerable to broad market downturns. We examine tactical investment decision rules to switch timely between equity and cash investments based on an underlying

  8. Design, Development and Implementation of Decision Support Systems for Private Equity Investment

    OpenAIRE

    Vroomen, Paul

    2017-01-01

    The objective of this research is to design, develop and implement an intelligent decision support system (IDSS) for making rational private equity investment decisions. (Private equity investments are capital investments in enterprises that are not traded on public equity markets; they include Equity Buy-Out, Venture Capital, and the new Equity Crowd Funding (ECF) asset classes). The design and development of the IDSS requires the integration of investment science (valuation theory, portfoli...

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

    OpenAIRE

    Antonio Gledson de Carvalho; Eduardo Madureira Rodrigues Siqueira; Humberto Gallucci Netto

    2011-01-01

    This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC) funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influen...

  10. Companies investments on Private Equity/Venture Capital market

    Directory of Open Access Journals (Sweden)

    Zbigniew Drewniak

    2009-12-01

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

  11. Nigerian banking sector Equity Investment Scheme in small and ...

    African Journals Online (AJOL)

    Whilst these government-led initiatives have been implemented through banking sector intermediation, they have largely failed to achieve their purpose for a number of reasons. In an effort to complement government's initiatives, the Nigerian banking sector introduced the small and medium enterprises equity investment ...

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

    Directory of Open Access Journals (Sweden)

    Antonio Gledson de Carvalho

    2011-06-01

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

  13. Venture capital and private equity investment preferences in selected countries

    Directory of Open Access Journals (Sweden)

    Krzysztof Dziekoński

    2016-01-01

    Full Text Available Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

  14. International For-Profit Investments in Microfinance Institutions Equity

    Directory of Open Access Journals (Sweden)

    Carlos Rodriguez Monroy

    2013-07-01

    Full Text Available Purpose: The purpose of this document is to review the funding options for Microfinance Institutions (MFIs, define the size of the holdings of international investors in MFI equity and in particular the MFIs listed in stock exchanges, analyze the characteristics of these subset of the financial world and study the stock exchange evolution of some listed MFIs amid the financial crisis. Design/methodology/approach: Since academic literature on listed MFI equity is virtually inexistent, most of the information has been obtained from the World Bank, annual accounts of the listed MFIs, stock exchanges and from equity research documents. Findings and Originality/value: Microfinance Institutions share several common characteristics that make them a resilient business and the few MFIs that are listed in stock exchanges seem to have performed better in the financial crisis. Microfinance can be considered as one of the new frontiers of the expansion of the global banking industry. Practical implications: Presently, international for-profit investors have very few ways of investing in microfinance equity. Most of the equity of the MFI equity is funded locally or thanks to the local public sector. The stock exchange listing of the MFIs should drive MFIs towards a more professional management, more transparency and better governance. Social implications: Microfinance Institutions provide credit to microenterprises in poor countries that have no other alternative sources of external capital to expand its activity. If global investors could easily invest in the listed equity of the MFIs these institutions would expand its lending books and would improve its governance, part of the population living in poor areas or with lower income could ameliorate its standard of living. Originality/value: The number of Microfinance Institutions that are professionally run like commercial banks is still scarce and even more scarce are the MFI listed in public stock exchanges

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

    OpenAIRE

    Cao Wen; Li Yuewen

    2014-01-01

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

  16. PRIVATE EQUITY INVESTMENTS IN HUNGARY AND THEFINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Jeno Konecsny

    2013-01-01

    Full Text Available The Hungarian private equity market reacted quite sensitively to the 2008-2009financial crisis. Although not in an equaldegree and in the same year, but all ofthe market’s fundraising, investmentand exit segment suffered a decline.However, the distrustful economic environment also affected negatively thetraditional financial sources, making it more complicated to obtain bank loans. Asa result of this moderate credit supply, private equity and venture capitalinvestments became relatively more valuable. This was further strengthened bythe appearance and launch of the so-called hybrid funds in 2010.Although the paper focuses on the investment segment of the Hungarian privateequity market, as an introduction we also describe briefly Hungary’s macroenvironment in the recent years. The rest of the paper analyse private equityinvestments from different aspects.

  17. The Carbon Impact of Investments in Mirova Equity

    International Nuclear Information System (INIS)

    2015-01-01

    Mirova is publishing the first measurement of its equity portfolios' carbon impact. They total euro 2.8 billion and 47% of its assets under management, in accordance with the commitments made as part of the Montreal Carbon Pledge and the Portfolio Decarbonization Coalition. This measurement has been carried out using Carbon Impact Analytics, an innovative methodology co-developed with Carbone 4, which emphasises: - Emissions induced by the activity of investees on their overall scope of responsibility, from cradle to grave, - Emissions avoided through the implementation of low-carbon strategies. The consolidated equity Portfolio presents induced emissions that are less than half that of a European benchmark (97 tCO_2/Meuro vs. 222 tCO_2/Meuro). This performance owes its strength mainly to the absence of very high-carbon companies (coal or oil) in all of Mirova's portfolios. As for its European environmental strategy, Mirova presents avoided emissions that are more than three times higher than the benchmark (-43 tCO_2/Meuro vs. -12 tCO_2/Meuro), thanks to investments specifically targeting leading companies providing low-carbon solutions. This particular investment strategy illustrates Mirova's determination to be aligned with a scenario in which the rise in temperatures does not exceed the 2 deg. C threshold. (authors)

  18. Taking risks in investing in the equity market: racial and ethnic differences.

    Science.gov (United States)

    Ozawa, M N; Lum, Y S

    2001-01-01

    Some policy makers and policy analysts have proposed that Social Security should be privatized to enable participants to achieve higher returns through investment in the stock market. How well individual retirees would fare financially under a privatized system largely depends on their decision to invest in the equity market, rather than in other types of investment vehicles. For that reason, it is important to investigate the degree to which minority people are currently investing in this market. This article presents the findings of a study that compared the investment behavior of black and Hispanic people aged 51 to 61 with the investment behavior of their white counterparts. The major findings indicate that black and Hispanic people: (a) are less likely to invest in the equity market than are white people, and (b) tend to invest smaller percentages of their assets in the equity market. Implications for policy are discussed.

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

    Directory of Open Access Journals (Sweden)

    Zbigniew Drewniak

    2013-12-01

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

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

    OpenAIRE

    Rizki, Reza

    2015-01-01

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

  1. "Cult of equity": actuaries and the transformation of pension fund investing, 1948–1960

    OpenAIRE

    Yally Avrahampour

    2015-01-01

    This article examines the mid-twentieth-century transformation of U.K. pension fund investment policy known as the “cult of equity.” It focuses on the influence exercised by the Association of Superannuation and Pension Funds over actuarial and corporate governance standards, through actuaries who were members of its council. This intervention led to increasingly permissive actuarial valuations that reduced contributions for sponsors of pension funds investing in equities. Increased demand fo...

  2. Students’ perceived risk and investment intention: the effect of brand equity

    Directory of Open Access Journals (Sweden)

    Washington Macías

    2015-10-01

    Full Text Available Emerging markets bring out the question of motivation to include of new investors in the market for financial securities often arises. The purpose of this study is to analyze how brands influence the investment intention of young potential investors. Specifically, the relationship between consumer based brand equity - according to Aaker’s multidimensional conceptualization - and investment intention, mediated by perceived risk, is analyzed. The study contributes to the literature in two ways: (1 based on the revision made, no study has analyzed Aaker’s brand equity construct in investment decisions; (2 studies linking brand aspects to investment decisions have not examined the mediating role of perceived risk. Through an experiment, where perceived risk and investment intention in a famous brand were measured as differences from fictitious brands, the following results were found: (1 the investment intention in a famous brand is higher than in a non-famous one, once controlled for risk and return; (2 the higher the brand equity, the lesser the perceived risk of investing in the famous brand, and the higher the investment intention; (3 the perceived quality of a brand’s products was the dimension by which the effect of brand equity is transmitted. Involvement with the investment task and cognitive ability, at an individual level, the relative size of comparable firms, and the risk and return of investment alternatives were introduced as control variables.

  3. Financialisation in health care: An analysis of private equity fund investments in Turkey.

    Science.gov (United States)

    Eren Vural, Ipek

    2017-08-01

    The 2007-2008 global financial crisis revived interest in the impacts of financial markets and actors on our social and economic life. Nevertheless, research on health care financialisation remains scant. This article presents findings from research on one modality of financial investments in health care: global private equity funds' investments in private hospitals. Adopting a political economy approach, it analyses the drivers and impacts of the upsurge of global private equity investments in the Turkish private hospital sector amid the global financial crisis. The analysis derives from review of research and archival literature, as well as six in-depth interviews held with owners/executive board directors/general managers of the largest private hospital chains in Turkey and the general partners of their PE investors. The interviewing process took place between January and November 2016. All interviews were conducted by the author in Istanbul. The findings point to a mutually reinforcing relationship between neoliberal policies and financialisation processes in health care. The article shows that neoliberal healthcare reforms, introduced under consecutive Justice and Development Party (JDP) governments in Turkey, have been important precursors of private equity investments in healthcare services. These private equity investments, in turn, intensified and broadened the process of marketisation in health care services. Four impacts are identified, through which private equity investments hasten the marketisation of health care services. These relate to the impacts of private equity investments on a) advancing the process of chain formation by large hospital groups, b) spreading financial imperatives into the operations of private hospitals c) fostering internationalisation of capital, and d) augmenting inequities in access to health care services and standards. Copyright © 2017 Elsevier Ltd. All rights reserved.

  4. Determinants of sovereign wealth fund investment in private equity

    NARCIS (Netherlands)

    Johan, S.A.; Knill, A.M.; Mauck, N.

    2010-01-01

    This paper examines investment patterns of 50 sovereign wealth funds (SWFs) in nations around the world. We study investment by SWFs in 903 public and private firms over the period 1984-2009. As expected, we observe SWFs investments are more often in private firms when the market returns of target

  5. The Canada Pension Plan's experience with investing its portfolio in equities.

    Science.gov (United States)

    Sarney, M; Preneta, A M

    For the past few years, the Canada Pension Plan (CPP) has been investing some of its assets in equities. Without changes, an imbalance between revenues and outlays would exhaust the CPP reserve fund by 2015. Creating an entity that was independent of government was one of several changes the federal and provincial governments enacted to achieve fuller funding. The governments created an independent Investment Board (the CPP Investment Board, or "CPPIB") to oversee the new investments. Because the plan already owned a large government bond portfolio, the CPPIB decided to invest new CPP funds in broad equity indices in March 1999. In 2000, the CPPIB began actively investing a portion of the CPP funds. Key features of that policy and some observations about its implementation include the following: In addition to investing CPP revenues in equities, reform also included contribution rate increases, benefit reductions, and a financing stabilizer. The new investment policy accounted for 25 percent of the total effect of all the reforms. It is premature to know if the investments will achieve their long-term performance objective. The new equity investments are projected by the Chief Actuary, in his most recent Actuarial Report, to earn a 4.5 percent real rate of return on Canadian equity and 5.0 percent real return on foreign equity for a blended real return of 4.65 percent based on an equity mix of 70 percent Canadian and 30 percent non-Canadian. However, it is too early to tell if the equity investments will achieve that goal over the long run. The Investment Board's mandate is to maximize returns. The Investment Board, which oversees the CPP's new investments, has broad discretion to pursue maximum returns on its assets without incurring undue risk of loss while keeping in mind the financial obligations and other assets of the CPP. Furthermore, it has developed into a professional investment organization staffed with private-sector experts in finance and investment

  6. Seven key investments for health equity across the lifecourse: Scotland versus the rest of the UK.

    Science.gov (United States)

    Frank, John; Bromley, Catherine; Doi, Larry; Estrade, Michelle; Jepson, Ruth; McAteer, John; Robertson, Tony; Treanor, Morag; Williams, Andrew

    2015-09-01

    While widespread lip service is given in the UK to the social determinants of health (SDoH), there are few published comparisons of how the UK's devolved jurisdictions 'stack up', in terms of implementing SDoH-based policies and programmes, to improve health equity over the life-course. Based on recent SDoH publications, seven key societal-level investments are suggested, across the life-course, for increasing health equity by socioeconomic position (SEP). We present hard-to-find comparable analyses of routinely collected data to gauge the relative extent to which these investments have been pursued and achieved expected goals in Scotland, as compared with England and Wales, in recent decades. Despite Scotland's longstanding explicit goal of reducing health inequalities, it has recently been doing slightly better than England and Wales on only one broad indicator of health-equity-related investments: childhood poverty. However, on the following indicators of other 'best investments for health equity', Scotland has not achieved demonstrably more equitable outcomes by SEP than the rest of the UK: infant mortality and teenage pregnancy rates; early childhood education implementation; standardised educational attainment after primary/secondary school; health care system access and performance; protection of the population from potentially hazardous patterns of food, drink and gambling use; unemployment. Although Scotland did not choose independence on September 18th, 2014, it could still (under the planned increased devolution of powers from Westminster) choose to increase investments in the underperforming categories of interventions for health equity listed above. However, such discussion is largely absent from the current post-referendum debate. Without further significant investments in such policies and programmes, Scotland is unlikely to achieve the 'healthier, fairer society' referred to in the current Scottish Government's official aspirations for the nation

  7. Multistage Effort and the Equity Structure of Venture Investment Based on Reciprocity Motivation

    OpenAIRE

    Ding, Chuan; Chen, Jiacheng; Liu, Xin; Zheng, Junjun

    2015-01-01

    For venture capitals, it is a long process from an entry to its exit. In this paper, the activity of venture investment will be divided into multistages. And, according to the effort level entrepreneurs will choose, the venture capitalists will provide an equity structure at the very beginning. As a benchmark for comparison, we will establish two game models on multistage investment under perfect rationality: a cooperative game model and a noncooperative one. Further, as a cause of pervasive ...

  8. The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

    Directory of Open Access Journals (Sweden)

    Jalal Golmohammadi

    2015-12-01

    Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

  9. Seven key investments for health equity across the lifecourse: Scotland versus the rest of the UK

    Science.gov (United States)

    Frank, John; Bromley, Catherine; Doi, Larry; Estrade, Michelle; Jepson, Ruth; McAteer, John; Robertson, Tony; Treanor, Morag; Williams, Andrew

    2015-01-01

    While widespread lip service is given in the UK to the social determinants of health (SDoH), there are few published comparisons of how the UK's devolved jurisdictions ‘stack up’, in terms of implementing SDoH-based policies and programmes, to improve health equity over the life-course. Based on recent SDoH publications, seven key societal-level investments are suggested, across the life-course, for increasing health equity by socioeconomic position (SEP). We present hard-to-find comparable analyses of routinely collected data to gauge the relative extent to which these investments have been pursued and achieved expected goals in Scotland, as compared with England and Wales, in recent decades. Despite Scotland's longstanding explicit goal of reducing health inequalities, it has recently been doing slightly better than England and Wales on only one broad indicator of health-equity-related investments: childhood poverty. However, on the following indicators of other ‘best investments for health equity’, Scotland has not achieved demonstrably more equitable outcomes by SEP than the rest of the UK: infant mortality and teenage pregnancy rates; early childhood education implementation; standardised educational attainment after primary/secondary school; health care system access and performance; protection of the population from potentially hazardous patterns of food, drink and gambling use; unemployment. Although Scotland did not choose independence on September 18th, 2014, it could still (under the planned increased devolution of powers from Westminster) choose to increase investments in the underperforming categories of interventions for health equity listed above. However, such discussion is largely absent from the current post-referendum debate. Without further significant investments in such policies and programmes, Scotland is unlikely to achieve the ‘healthier, fairer society’ referred to in the current Scottish Government's official aspirations for

  10. Effect of Entry into Socially Responsible Investment Index on Cost of Equity and Firm Value

    Directory of Open Access Journals (Sweden)

    Kijung Eom

    2017-04-01

    Full Text Available The purpose of this study was to identify the effect of a company’s incorporation into the Socially Responsible Investment (SRI index on its cost of equity (COE and corporate value. The study collected and analyzed data about the four-year long changes of the component stocks of the Korea Exchange (KRX SRI index from September 2010 to September 2013 to verify the correlation between the incorporation of the SRI index and the cost of equity or corporate value by using the Price-Earnings Growth (PEG, Modified PEG (MPEG and Gode and Mohanram (GM models for estimation of the implied costs of equity capital, as well as Tobin’s Q ratio. The analysis results failed to show any significant relation between the incorporation of the SRI index and the cost of equity capital. Also, no statistically significant correlation between the incorporation of the SRI index and corporate value was observed. However, at an early phase of introduction of the SRI index, the included companies revealed a negative correlation with the cost of equity. However, after changing the listed stocks, they showed a positive correlation with the cost of equity capital. All in all, this can be ascribed to a mixed presence of optimistic and pessimistic investors about CSR activities, or there is a possibility that the KRX SRI index might not correctly reflect the CSR activities of companies.

  11. THE REGULATION OF METHODICAL IMPLEMENTATION BY EQUITY ACCOUNTING ON ENTERPRISES WITH FOREIGN INVESTMENT

    Directory of Open Access Journals (Sweden)

    Iurii Iakymov

    2016-11-01

    Full Text Available Purpose is to specify on the accounting methodic of transactions with equity and based on it’s ways of their effektive and resultative improvement in the enterprises with foreign investments. Methodology: In the context of such a scientific research the economic substance and methodical support of the equity accounting in enterprises with foreign investment comparison methods were used: research, synthesis, system approach, mathematical methods, formalization, induction, deduction and other methods. The scientific article is compiled on the basis of research results the main provisions of the legal regulation of these processes, the analysis of the literature of scientists and experts, that investigate this perspective, and other official sources from the Internet. Results. This article is devoted to the economic essence and peculiarities of the accounting equity in the context of accounts, the methodology for formation of equity, recognition procedures and the equity in enterprises with foreign investment. Also, the methodical approach of equity accounting in enterprises with foreign investment was analyzed by the author. As a result of research and detailed testing of transactions with equity for enterprises with foreign investments formed the results and recommendations: - specification of accounting method the transactions of equity based on the scientific research of it’s economic nature and characteristics of accounts, capital formation techniques, procedures, recognition and measurement of equity on the basis of comparative characteristics the international experience; - in order to display the mapping technique in the accounts of transactions with equity, is considered the procedure of object accounting in the program 1C and SAP, which based on a comparison of it’s benchmarks; - proposed the model of comparative accounting automation through the use of accounting software 1C and SAP, confirmed the need for a gradual transition to

  12. Private equity and venture capitalists' investment criteria in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Marek Zinecker

    2010-01-01

    Full Text Available For investment decision making to be rational, the existence of investment criteria is required. In the theory of financial management, the effectiveness of investment is traditionally judged by the degree to which an investment proposal contributes to achieving the main financial goal of business, i.e. market value maximization of the firm.So far, potential businesses for Private Equity and Venture Capital financing in the Czech Republic have not had information regarding investment criteria and their significance, when considered by investors, at their disposal, which is due to absence of relevant research results.This article presents results of the research project whose aim is to establish which criteria are considered to perform an essential role in the selection of business proposals by firms investing Private Equity and Venture Capital in the Czech Republic as well as the most common reasons for rejecting the proposals. Based on practical experience of financing by Private Equity and Venture Capital, the research made it possible to identify the most significant criteria, namely characterization of mana­gement, market, product and the rate of investment capital appreciation. The results of the research are consequently compared with findings which were published in similar studies undertaken in the past (e.g. Tyebjee, Bruno, 1984; Fried, Hisrich, 1994; MacMillan et al., 1985, 1987; Muzyka et al., 1996; Eisele, 2002.The research supports the thesis that, when considering business proposals, above-average weight is attached to criteria concerning the characterization of management, i.e. experience and competencies in all stages of business life cycle. Nevertheless, the fulfilment of the criteria is not sufficient for investors to evaluate a business proposal positively. They also place an emphasis on selected criteria related to market and product. By publishing empirical data, an important signal regarding up-to-date evaluative criteria

  13. The Gender and Equity Implications of Land-Related Investments on Labour and Income-Generating Opportunities. A Case Study of Agricultural Investments in Lao PDR

    NARCIS (Netherlands)

    E. Daley (Elizabeth); M Osorio (Martha); C.M.Y. Park (Clara)

    2013-01-01

    markdownabstract__Abstract__ Concerns about the potential gender and equity implications of land-related investments on labour and income-generating opportunities and access, use and control of land come in the context of the current global policy interest in supporting agricultural investment

  14. Private equity and venture capital: investment fund structures in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Marek Zinecker

    2011-01-01

    Full Text Available A working private equity and venture capital market (PE/VC market stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6 defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14, the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds. The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006.

  15. Developing Equity Culture and Partnerships in the Investment Market: a Study on Iran’s over the Counter Market

    Directory of Open Access Journals (Sweden)

    Mehdi SALEHI

    2012-03-01

    Full Text Available The equity culture has an effective role in developing investment market and represents economic development. In the current study, polling and questionnaire method was used to determine the approach of organizational stockholders and exchange stockbrokers to over the counter market (OTC role in developing partnerships and equity culture in the investment market of Iran. The results demonstrate that the statistical population deems the transparency of Iran’s OTC market favorable and that the OTC market has acceptable trading expenses for investors and company’s involvement. Also, in addition to adequate supporting and educational facilities in Iran’s OTC market, there is the potential for innovation and diversity in trading opportunities for investors and individuals and reduces investor’s risks for investment and involvement in the investment market. Also there is no significant dereference between the approaches of organizational shareholders and exchange stockbrokers with regards to the discussed variables.

  16. Multistage Effort and the Equity Structure of Venture Investment Based on Reciprocity Motivation

    Directory of Open Access Journals (Sweden)

    Chuan Ding

    2015-01-01

    Full Text Available For venture capitals, it is a long process from an entry to its exit. In this paper, the activity of venture investment will be divided into multistages. And, according to the effort level entrepreneurs will choose, the venture capitalists will provide an equity structure at the very beginning. As a benchmark for comparison, we will establish two game models on multistage investment under perfect rationality: a cooperative game model and a noncooperative one. Further, as a cause of pervasive psychological preference behavior, reciprocity motivation will influence the behavior of the decision-makers. Given this situation, Rabin’s reciprocity motivation theory will be applied to the multistage game model of the venture investment, and multistage behavior game model will be established as well, based on the reciprocity motivation. By looking into the theoretical derivations and simulation studies, we find that if venture capitalists and entrepreneurs both have reciprocity preferences, their utility would have been Pareto improvement compared with those under perfect rationality.

  17. Syndicated Investing in Private Equity and Venture Capital Industry: Comparing BRICS

    Directory of Open Access Journals (Sweden)

    Lucas V.B. Martins

    2015-04-01

    Full Text Available Objective. This article characterizes and compares the networks structure formed by Managing Organizations (GOs Private Equity and Venture Capital (PE&VC that co-invested in the so called BRICS countries.Methodology. The methodology used consists of PE or VC transactions with target companies based on the BRICS and involving more than one investor, or “syndicated investing”, between 1992 and 2013.Findings. The analysis revealed that the social structure in these countries is highly clustered, showing the existence of small worlds in all markets studied, yet under different intensities. This type of structure stimulates the flow of information impacting access to business opportunities. The results suggest that, when dealing with networks of PE&VC investors, one should consider the particularities of BRICS, which are not homogeneous from the perspective of network analysis.Limitations. This study considers only data from transactions originated and the effect known as BRICS.Originality/Value. This article offers unique contribution in that it explores Syndicated Investing in understudied markets, employing a methodology that provides new results. Copyright © 2015 Instituto Brasileiro de Inovação Financeira All rights reserved

  18. The effect of personal bankruptcy exemptions on investment in home equity

    NARCIS (Netherlands)

    Corradin, Stefano; Gropp, Reint; Huizinga, Harry; Laeven, L.A.H.

    Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios toward home equity. Using US household data for the period 1996–2006, we

  19. Investigating the effects of different levels of CRM investment on development of brand equity

    Directory of Open Access Journals (Sweden)

    Hamed Abbasi

    2014-04-01

    Full Text Available This paper investigates the effects of different marketing strategies including basic marketing, reactive marketing, accountable marketing, proactive marketing and partnership marketing on brand equity. The proposed study uses two questionnaires, one for measuring the effects of different marketing strategies and the other for brand equity in Likert scale. Cronbach alphas for brand equity and marketing strategies are calculated as 0.71 and 0.86, respectively. The study has been implemented among 385 regular customers of a Picnic Gas distributer in city of Karaj, Iran. Using Spearman correlation ratio as well as stepwise regression analysis, the study has detected that there were positive and meaningful relationship between marketing strategies and brand equity.

  20. Performance persistence in institutional investment management: The case of Chinese equity funds

    Directory of Open Access Journals (Sweden)

    Zia-ur-Rehman Rao

    2016-09-01

    Full Text Available This paper investigates the performance and persistence in performance of equity funds in China. We apply the capital asset pricing model (CAPM and the Carhart four-factor model to examine 520 equity funds for an eleven-year period with 39,449 observations. To investigate persistence, the entire sample is divided into ten portfolios (deciles on the basis of lagged one-year performance and then observed over the next 12 months. We find that equity funds in China outperform their benchmark market but do not find any evidence of persistence in the performance of equity funds. Top-performing (worst-performing funds do not continue to perform well (worse in the following year. Top-performing funds are younger and have lower expense ratios than the worst-performing funds. However, the size of the top-performing funds and the worst-performing funds show no significant difference. Our results suggest that past performance of equity funds is not predictive of future fund performance.

  1. "Provisional Measures on Establishment of Foreign-invested Equity Investment Fund Management Enterprises in Beijing"%《在京设立外商投资股权投资基金管理企业暂行办法》

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Article 1 In order to promote development of equity investment funds and encourage foreign investors to launch foreigninvested equity investment fund management enterprises in Beijing, this measure is promulgated according to the " Approval of the State Council on Supporting Zhongguancun Scientific Park Constructing State-class Independent Innovation Demonstration Zone"(State Council documents, No28,2009), the "Proposals of the CPC Beijing Municipal commission and the People's Government of Beijing on Promoting Finance Development" (Beijing documents, No.8,2008) , the " Proposals of the People's Government of Beijing on Finance Promoting Economic Development in Beijing"(Beijing Government documents, No.7,2009) , and the "Proposals on Promoting development of Equity Investment Fund Industry"(Beijing Finance Office,No.5,2009).

  2. Private Equity Waves

    NARCIS (Netherlands)

    J.T.J. Smit (Han); W.A. van den Berg (Ward)

    2006-01-01

    textabstractThis study presents a dynamic model for the private equity market in which information revelation and uncertainty rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public equity is i) uncertain and ii) agents have

  3. A review of factors affecting the attractiveness of Angola to private equity (PE investments

    Directory of Open Access Journals (Sweden)

    Estefania Jover

    2014-11-01

    Full Text Available Angola’s attractiveness to PE investors and the potential to increase PE investments in the country are explored. Primary data were collected using a survey of 18 PE funds that invest or have considered investing in Angola, followed by 10 expert interviews to gain deeper insight into the country’s institutional and economic environment, and its potential for PE investments. It is found that most PE funds are attracted to Angola by its rapid economic growth and high potential returns. The country is also vastly undersupplied, and many key economic sectors are fast developing, presenting exciting opportunities for investors. Nevertheless, PE in Angola remains limited, mainly owing to the difficulty of doing business in Angola, and owing particularly to the unfavourable regulatory environment. There is no regulation or process when it comes to the registration of PE funds in Angola, and any new regulation that applies to foreign investments is marred by unnecessary red tape, making it difficult for the investment to enter the market. Only two funds are authorised to operate in Angola: Fundo de Investimento Privado de Angola (FIPA, and BESA Activ. Streamlining regulation is critical to increasing PE flows to Angola in order to advance the country’s economic and social objectives.

  4. The Alpha and Beta of Equity Hedge UCITS Funds : Implications for Momentum Investing

    NARCIS (Netherlands)

    Bouamara, Nabil; Boudt, Kris; Peeters, Benedict; Thewissen, James

    2017-01-01

    Alternative UCITS is a pan-European regulatory framework that allows investment vehicles to be managed and sold throughout Europe. The unified fund structure provides retail investors access to a blend of sophisticated active management strategies subject to high liquidity and transparency

  5. Shifting investments strategy from equity funds to money market funds – the case of Romanian open - end fund market during the financial crisis

    Directory of Open Access Journals (Sweden)

    Radu, I.

    2012-01-01

    Full Text Available Mutual funds are one of the key suppliers of liquidity in Romanian capital market. This paper uses quarterly data on Romanian open-end funds starting with 2006 until 2010. We find that significant negative flows (outflows were registered beginning with the end of 2007 (equity funds, during 2008 (equity funds, balanced funds, other funds and bond funds in the last 2 quarters of the year and from 2009 to 2010 (in the case of money market funds. There is evidence that the changing market conditions attract differently the incoming flows in these mutual funds. This is the reason why such perturbations affect investors’ confidence for these investment vehicles and impose the reorientation of the investment funds and of their investors to other alternatives in order to preserve their capital.

  6. PERILAKU NON-VOTING DALAM PEMILIHAN KEPALA DAERAH KOTA PADANG PERIODE 2008-2013 (Studi Kasus di Kecamatan Koto Tangah

    Directory of Open Access Journals (Sweden)

    Aina Aina

    2013-06-01

    Full Text Available The direct provincial and mayoral election often witnesses the tendency of low voter turnout, as happened in Padang city mayoral election in 2008. This research seeks to reveal the non-voting behavior and the causes of the behavior in Koto Tangah district, which has the lowest voter turnout; 42.51%. This research is a descriptive-qualitative where data is obtained by using in-depth interview technique and documentation study. Snowball sampling is used to select sample of voters who vote in Padang 2008 election. The data was then analyzed using qualitative method. The result shows that there were two types of non-voting behavior in Koto Tangah community in Padang 2008 mayoral election; (1 did not come to the ballot box; (2 did come to the ballot box but did not cast ballots properly. The behavior was caused by several factors; (1 psychological factor; (2 factor of political system; (3 factor of political trust; and (4 factor of socio-economic status. Psychological factor means non-voters’ characters tend to be apathetic and ignorant of politics. In terms of political system factor, non-voting behavior was driven by dissatisfaction with the government’s performance which showed no change. Political trust factor showed that most non-voters do not believe in the processes and results of the local elections. Meanwhile, in socio-economic status, most non-voters are educated. On the other hand, employment and income also contributed to the non-voting behavior. Key words: direct local election, Padang mayoral election, low voter turnout, non-voting behavior

  7. Stock Price Performance Following Equity Offerings at Oslo Stock Exchange: Is Investing in SEO Companies Hazardous to Your Wealth?

    OpenAIRE

    Grieg, Benedicte Willumsen

    2012-01-01

    I examine the stock price performance following a seasoned equity offering at Oslo Stock Exchange. Through an empirical analysis I find that the existence of a negative announcement effect associated with issuing seasoned equity, as well as a long-run underperformance, is also applicable in the Norwegian market. The level of asymmetry can to a large extent explain the price drop and varies with characteristics like sector, offering size, floatation method, and pre-offer performance. The long-...

  8. Investments

    CERN Document Server

    Bodie, Zvi; Marcus, Alan J.

    2017-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.

  9. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master chapter core concepts and come to class more prepared. Bodie Investments' blend of practical and theoretical coverage combines with a complete digital solution to help your students achieve higher outcomes in the course

  10. 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.

  11. AN ANALYSIS OF SPATIAL EQUITY CONCERNING INVESTMENTS IN HIGH-SPEED RAIL SYSTEMS: THE CASE STUDY OF ITALY

    Directory of Open Access Journals (Sweden)

    Francesca PAGLIARA

    2016-09-01

    Full Text Available It is recognised in the literature that spatial accessibility is a measure of spatial equity and can be represented by the ease of travelling from an origin to a given destination via a given mode or set of transport modes. Although urban areas can benefit from improvements in accessibility when a new high-speed rail line is built, equity issues may arise. This manuscript describes a methodology for evaluating equity impacts due to an extension of the High Speed Rail network in Italy. A joint Revealed/Stated Preference survey has been carried out, collecting socioeconomic and travel data. Specifically, nine hypothetical scenarios have been submitted to Italian users aiming at understanding the motivations for not choosing the High Speed Rail as an alternative. The main outcome is that the access/egress travel costs connected with the High Speed Rail have a strong impact on spatial equity. The main policy implications of this study are that investors in high-speed rail should not only take into account the economic benefits brought by them, but also the spatial imbalance that these systems can bring.

  12. Financing Opportunity for Post-Secondary Education in the U.S.: The Equity Investment in America Program.

    Science.gov (United States)

    Bluestone, Barry; And Others

    A proposal written by a group of economists suggests investing a portion of the Social Security surplus in a revolving loan fund designed to enable American students and workers to finance their own post-secondary education, vocational training, or re-training. The plan would make available to every American a line of credit to finance the costs…

  13. On the fundamentals of winning virtuous strategies creation toward leveraged buyout transactions implementation during private equity investment in conditions of resonant absorption of discrete information in diffusion - type financial system with induced nonlinearities

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2014-01-01

    The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion - type financial system with the induced nonlinearities at the influences by the Schumpeterian creative disruption processes in the free market economy. We propose that the money is a financial computing process, whic...

  14. Mitigating high ‘equity capital’ risk exposure to ‘small cap’ sector in India: analysing ‘key factors of success’ for ‘Institutional Investors’ whilst Investing in small cap sector in India

    OpenAIRE

    Narang, Anish

    2014-01-01

    This paper deals with the subject of mitigating high ‘Equity Capital’ Risk Exposure to ‘Small Cap’ Sector in India. Institutional investors in India are prone to be risk averse when it comes to investing in the small cap sector in India as they find the companies risky and volatile. This paper will help analyse ‘Key Factors of success’ for ‘Institutional Investors’ whilst investing in Small Cap sector in India as some of these Indian small cap stocks offer handsome returns despite economic do...

  15. Private Equity and Industry Performance

    DEFF Research Database (Denmark)

    Bernstein, Shai; Lerner, Josh; Sørensen, Morten

    2017-01-01

    The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find that industries where private equity funds invest grow more quickly in terms...... of total production and employment and appear less exposed to aggregate shocks. Our robustness tests provide some evidence that is consistent with our effects being driven by our preferred channel....

  16. Sustainability : Intergeneration Equity and Environment

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Y.D. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-06-01

    Regarding intergenerational equity as prerequisite for sustainability, we derive an optimal investment rule for intergenerational equity from an optimization model allowing for capital accumulation and pollution. This rule provides a condition for intergenerational equity such that an economy maintains constant net value of investment the difference between the physical capital investment value and the environmental resource depletion(pollution) value. This rule is more generalized condition for intergenerational equity than the 'keep capital intact' rule suggested by Hartwick(1977) and Solow(1999), in a sense that this rule includes their condition as a special. Also, we expect this rule to offer an empirical measure of sustainability. In addition, we discuss a variety of recent environmental issues in practice, especially associated with the implications from the rule. (author). 13 refs.

  17. Private Equity for Retail Investors : How to efficiently involve Finnish retail investors in private equity

    OpenAIRE

    Moita, Angelo

    2017-01-01

    Private equity has been the best performing asset class for institutional investors. Meanwhile, retail investors have been left out from the asset class for several reasons, such as legislation and wealth profiling. This study aims at assessing the types of private equity vehicles that could be the most appropriate for Finnish retail investors. The study solely focuses on the investment opportunities, hence it does not cover investment behaviour. Private equity should not be a primary as...

  18. International Reserves and the Composition of Equity Capital Inflows

    OpenAIRE

    Xingwang Qian; Andreas Steiner

    2012-01-01

    We study the effect of central banks' international reserve hoardings on the composition of equity capital inflows, namely the ratio of portfolio equity investment (PEI) to foreign direct investment (FDI). Foreign investors' decisions regarding the location and the type of equity capital investment might be influenced by a country's level of international reserves. In a simple theoretical model, we show that higher reserves, thanks to their ability to lower exchange rate risk, reduce the risk...

  19. Valuing Private Equity

    DEFF Research Database (Denmark)

    Sørensen, Morten; Wang, Neng; Yang, Jinqiang

    2014-01-01

    We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP).We analyze the LPs’ portfolio-choice problem and find that management fees, car....... On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity.......We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP).We analyze the LPs’ portfolio-choice problem and find that management fees......, carried interest, and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic...

  20. Designing Modern Equity Portfolios

    OpenAIRE

    Ronald Jean Degen

    2011-01-01

    This aim of this paper is to describe possible ways of investing in equity; choosing the right stocks(among small-cap, large-cap, value, growth, and foreign) using fundamental analysis, defining their appropriate mix in the portfolios according to the desired return-risk profiles based on Markowitz?s modern portfolio theory, and using technical analysis to buy and sell them.

  1. Equity yields

    NARCIS (Netherlands)

    Vrugt, E.; van Binsbergen, J.H.; Koijen, R.S.J.; Hueskes, W.

    2013-01-01

    We study a new data set of dividend futures with maturities up to ten years across three world regions: the US, Europe, and Japan. We use these asset prices to construct equity yields, analogous to bond yields. We decompose the equity yields to obtain a term structure of expected dividend growth

  2. Gender equity.

    Science.gov (United States)

    Shiva, M

    1999-01-01

    This paper focuses on gender equity. Gender equity is difficult to achieve when there is no economic, social, or political equity. The Gender Development Index evidenced this. There were a lot of instances where women are psychologically traumatized, whether it is through domestic rape, purchased sexual services in the red light area, and seduction or violation of neighbors, relatives, daughter or child. The economic changes linked with globalization and media's influence have worsened women's position. The policy for empowerment of women is an attempt toward ensuring equity. Furthermore, many women and women's organizations are trying to address these inequities; wherein they fight for strong acceptance of women's rights, social, economic, and political rights, as well as equities between gender and within gender.

  3. As Endowment Managers Turn to Private Equity, Questions Arise

    Science.gov (United States)

    Fuller, Andrea; Blumenstyk, Goldie

    2012-01-01

    Endowment growth in 2011 came in no small part because universities have increasingly invested in private equity--the same private equity that has become a hot-button issue on the 2012 campaign trail, with some candidates and commentators calling into question its social value. Private equity is "of increasing significance" for endowments. It made…

  4. Private Equity and Regulatory Capital

    NARCIS (Netherlands)

    Bongaerts, D.; Charlier, E.

    2008-01-01

    Regulatory Capital requirements for European banks have been put forward in the Basel II Capital Framework and subsequently in the Capital Requirements Directive (CRD) of the EU. We provide a detailed discussion of the capital requirements for private equity investments under the simple risk weight

  5. Style drift in private equity

    NARCIS (Netherlands)

    Cumming, D.; Fleming, G.; Schwienbacher, A.

    2009-01-01

    We introduce the concept of style drift to private equity investment. We present theory and evidence pertaining to style drifts in terms of a fund manager's stated focus on particular stages of entrepreneurial development. We develop a model that derives conditions under which style drifts are less

  6. 12 CFR 347.108 - Portfolio investments.

    Science.gov (United States)

    2010-01-01

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

  7. Interaction between Dynamic Financing and Investments

    DEFF Research Database (Denmark)

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

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

  8. Financial Development, Growth and Equity in Brazil

    OpenAIRE

    Armando Castelar Pinheiro; Regis Bonelli

    2015-01-01

    Financial markets help to foster growth and productivity through their role in mobilizing savings to finance investment and production, selecting and monitoring investment projects, diversifying risks, and allowing investment and production to be carried out in the most productive scale and time frame. This paper examines the links between financial development, growth and equity. The focus is on the Brazilian case, but we also aim at contributing to a broader discussion on the role of financ...

  9. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    , interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows......-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

  10. Brand equity

    OpenAIRE

    Hildebrandt, Lutz; Tischer, Sven

    2012-01-01

    To explore how occurring critical incidents affect customer-brand relations, this study measures the impact on the basis of an online experiment. For this purpose, 1,122 usable responses are gathered considering the smartphone brands of Apple and Nokia as well as different scenarios. The respective reactions to these negative incidents are evaluated using the concept of customer-based brand equity. More precisely, a structure equation model is specified and differences in latent factor means ...

  11. Rising equity

    International Nuclear Information System (INIS)

    Burr, M.T.

    1992-01-01

    This article reports on the results of a financial rankings survey of the independent energy industry indicating that lenders and investors provided more than five billion dollars in capital for new, private power projects during the first six months of 1992. The topics of the article include rising equity requirements, corporate finance, mergers and acquisitions, project finance investors, revenue bonds, project finance lenders for new projects, project finance lenders for restructurings, and project finance advisors

  12. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    -coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

  13. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    -coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......, interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows...

  14. Equity crowdfunding in China : Current practice and important legal issues

    NARCIS (Netherlands)

    Li, Jing

    2017-01-01

    By studying two leading Chinese equity crowdfunding portals, namely, Renrentou and Zhongou8, this paper provides the very first empirical evidence on the practice and regulation of equity crowdfunding in China. In the case of Renrentou, I examine a hand-collected sample consisting of the investment

  15. Which updates during an equity crowdfunding campaign increase crowd participation?

    NARCIS (Netherlands)

    Block, J. (Jörn); Hornuf, L. (Lars); Moritz, A. (Alexandra)

    2017-01-01

    textabstractStart-ups often post updates during equity crowdfunding campaigns. However, little is known about the effects of such updates on crowd participation. We investigate this question by using hand-collected data from 71 funding campaigns and 39,399 investment decisions on two German equity

  16. 7 CFR 1744.204 - Rural development investments that do not meet the ratio requirements.

    Science.gov (United States)

    2010-01-01

    ... RUS's approval, the portion of any investment of funds or commitment to invest funds for any rural... loan, guarantee, stock purchase or equity investment; (2) A reasonable estimate of the amount the...

  17. 75 FR 16529 - Legg Mason Partners Equity Trust, et al.; Notice of Application

    Science.gov (United States)

    2010-04-01

    ...] Legg Mason Partners Equity Trust, et al.; Notice of Application March 26, 2010. AGENCY: Securities and... investment companies. APPLICANTS: Legg Mason Partners Equity Trust (``LMP Equity Trust''), Legg Mason... ``Trusts'') and Legg Mason Partners Fund Advisor, LLC (``LMPFA'' or the ``Adviser''). FILING DATES: The...

  18. Marginal versus Average Beta of Equity under Corporate Taxation

    OpenAIRE

    Lund, Diderik

    2009-01-01

    Even for fully equity-financed firms there may be substantial effects of taxation on the after-tax cost of capital. Among the few studies of these effects, even fewer identify all effects correctly. When marginal investment is taxed together with inframarginal, marginal beta differs from average if there are investment-related deductions like depreciation. To calculate asset betas, one should not only 'unlever observed equity betas, but 'untax' and 'unaverage' them. Risky tax claims are value...

  19. History and the Equity Risk Premium

    OpenAIRE

    William Goetzmann; Roger Ibbotson

    2005-01-01

    We summarize some of our own past findings and place them in the context of the historical development of the idea of the equity risk premium and its empirical measurement by financial economists. In particular, we focus on how the theory of compensation for investment risk developed in the 20th century in tandem with the empirical analysis of historical investment performance. Finally, we update our study of the historical performance of the New York Stock Exchange over the period 1792 to th...

  20. PATTERNS FOR DETERMINING THE COST OF EQUITIES

    Directory of Open Access Journals (Sweden)

    GHEORGHE HOLT

    2012-12-01

    Full Text Available The cost of equities represents the rate of return required by the shareholders of the company, to provide a return on their investment in its heritage. Significant in this respect, there are the size of future profit and general meeting of shareholders decisions on distribution ratio of net profit for the year for dividends. The return required by shareholders is an opportunity cost based on return expected by investors for investment with the same risk.

  1. The importance of size in private equity : Evidence from a survey of limited partners

    NARCIS (Netherlands)

    Da Rin, Marco; Phalippou, L.

    Using a comprehensive survey, we show that investors with a larger capital allocation to private equity are more specialized − measured by the degree to which the investor focuses on private equity rather than other classes of investments − and have a wider scope of due diligence and investment

  2. 19 CFR 351.507 - Equity.

    Science.gov (United States)

    2010-04-01

    ... of a government-provided equity infusion, a benefit exists to the extent that the investment decision... company as a whole. In making the equityworthiness determination, the Secretary may examine the following..., adjusted, if appropriate, to conform to generally accepted accounting principles; (C) Rates of return on...

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

    Directory of Open Access Journals (Sweden)

    Zhabynets Olga Yo.

    2014-02-01

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

  4. Investing in systematic factor premiums

    NARCIS (Netherlands)

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

    In this paper we investigate and evaluate factor investing in the US and Europe for equities and bonds. We show that factor-based portfolios generally produce comparable or better portfolios than market indices. We expand the analysis to other asset classes and factors, work with other optimisation

  5. How equity markets view heavy oil

    Energy Technology Data Exchange (ETDEWEB)

    Janisch, M. L. [Nesbitt Burns Research, Toronto, ON (Canada)

    1996-12-31

    Factors that influence the equity market in investment decisions vis-a-vis the oil sands/heavy oil industry were reviewed. The importance of financing methods (debt, royalty trusts, common equity), liquidity of investments, absolute vs. relative performance, comparative economics vis-a-vis conventional oil producers, oil prices, operating cost drivers (technology, natural gas costs, cost/availability of diluent), transportation and refining capacity, were summarized. In the final analysis, consistent economic success on a large scale, combined with an assessment of available alternatives, were considered to be the most likely motivators for portfolio managers. As a cautionary note, it was noted that traditionally, oil and gas investors have not been known to be in the forefront to invest in research and development.

  6. How equity markets view heavy oil

    International Nuclear Information System (INIS)

    Janisch, M. L.

    1996-01-01

    Factors that influence the equity market in investment decisions vis-a-vis the oil sands/heavy oil industry were reviewed. The importance of financing methods (debt, royalty trusts, common equity), liquidity of investments, absolute vs. relative performance, comparative economics vis-a-vis conventional oil producers, oil prices, operating cost drivers (technology, natural gas costs, cost/availability of diluent), transportation and refining capacity, were summarized. In the final analysis, consistent economic success on a large scale, combined with an assessment of available alternatives, were considered to be the most likely motivators for portfolio managers. As a cautionary note, it was noted that traditionally, oil and gas investors have not been known to be in the forefront to invest in research and development

  7. 78 FR 13212 - Investment and Deposit Activities

    Science.gov (United States)

    2013-02-27

    ... institutions, including credit unions. Basis risk is the variability between two or more indices (e.g., equity... with commenters that allowing FCUs to hold TIPs in their investment portfolios adds no credit risk and... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 703 RIN 3133-AE06 Investment and Deposit...

  8. Customer Equity von KMUs

    NARCIS (Netherlands)

    Biemel, Friedhelm W.; Henseler, Jörg; Meyer, Jorn-Axel

    2003-01-01

    Customer relationships are most important assets of many SMEs. Customer Equity is the sum of the values of all customer relationships. Customer Equity will not be found in any balance sheet, nevertheless it has strategic importance. Even if companies do not want to publish their Customer Equity for

  9. Performance Evaluation of Equity Mutual Funds in Indonesia

    Directory of Open Access Journals (Sweden)

    Irene Rini Demi Pangestuti

    2017-11-01

    Full Text Available Mutual funds considered as an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund is a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can be measured by portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index. This study aims to evaluated the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI, Adjusted Jensen Index (AJI, and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.

  10. Consumption-based Equity Valuation

    DEFF Research Database (Denmark)

    Bach, Christian; Christensen, Peter O.

    2016-01-01

    implementations of standard valuation models, both in terms of median absolute valuation errors (MAVE) and in terms of excess returns on simple investment strategies based on the differences between model and market prices. The CCAPM-based valuation model yields a significantly lower MAVE than the best performing...... standard valuation model. Both types of models can identify investment strategies with subsequent excess returns. The CCAPM-based valuation model yields time-series of realized hedge returns with more and higher positive returns and fewer and less negative returns compared with the time-series of realized...... through a risk-adjusted cost of equity in the denominator. The risk adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare the performance of the model with several...

  11. Consumption-based Equity Valuation

    DEFF Research Database (Denmark)

    Bach, Christian; Christensen, Peter Ove

    2013-01-01

    the performance of the model with several implementations of standard valuation models, both in terms of absolute valuation errors, and in terms of the returns on simple investment strategies based on the differences between model and market prices in the respective valuation models. The CCAPM-based valuation...... model performs substantially better than the best performing standard valuation model when comparing absolute valuation errors. Both types of models are able to identify investment strategies with subsequent excess returns but also in this setting, the CCAPM-based valuation model outperforms...... residual income for risk in the numerator rather than through a risk-adjusted cost of equity in the denominator. The risk-adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare...

  12. Investment scenarios for Chinese power plants

    International Nuclear Information System (INIS)

    Anon.

    1995-01-01

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

  13. 24 CFR 1006.235 - Types of investments.

    Science.gov (United States)

    2010-04-01

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

  14. Marketing assets: relating brand equity and customer equity

    OpenAIRE

    Romero, Jaime; Yagüe, María J.

    2016-01-01

    Purpose: Brand equity and customer equity are inextricably linked. Some authors propose that marketing activities build these intangible assets simultaneously. In contrast, others suggest that brand equity is an antecedent of customer equity. In this research, we aim to shed light about the relationship between brand equity and customer equity, by empirically testing these two alternative explanations. Design/methodology/approach: We propose four research models that reflect these two alte...

  15. Health care and equity in India.

    Science.gov (United States)

    Balarajan, Y; Selvaraj, S; Subramanian, S V

    2011-02-05

    In India, despite improvements in access to health care, inequalities are related to socioeconomic status, geography, and gender, and are compounded by high out-of-pocket expenditures, with more than three-quarters of the increasing financial burden of health care being met by households. Health-care expenditures exacerbate poverty, with about 39 million additional people falling into poverty every year as a result of such expenditures. We identify key challenges for the achievement of equity in service provision, and equity in financing and financial risk protection in India. These challenges include an imbalance in resource allocation, inadequate physical access to high-quality health services and human resources for health, high out-of-pocket health expenditures, inflation in health spending, and behavioural factors that affect the demand for appropriate health care. Use of equity metrics in monitoring, assessment, and strategic planning; investment in development of a rigorous knowledge base of health-systems research; development of a refined equity-focused process of deliberative decision making in health reform; and redefinition of the specific responsibilities and accountabilities of key actors are needed to try to achieve equity in health care in India. The implementation of these principles with strengthened public health and primary-care services will help to ensure a more equitable health care for India's population. Copyright © 2011 Elsevier Ltd. All rights reserved.

  16. Locus of control and investment in risky assets

    NARCIS (Netherlands)

    Salamanca Acosta, Nicolas; de Grip, A.; Fouarge, Didier; Montizaan, Raymond

    2016-01-01

    We show that household heads with a strong internal economic locus of control are more likely to hold equity and hold a larger share of equity in their investment portfolio. This relation holds when we control for economic preferences and possible confounders such as financial literacy,

  17. Assessment of value creation in private equity: the acquisition of Burger King by 3G Capital

    OpenAIRE

    Hoene, Daniel Jobst Elmar

    2016-01-01

    This thesis elaborates the creation of value in private equity and in particular analyzes value creation in 3G Capital’s acquisition of Burger King. In this sense, a specific model is applied that composes value creation into several drivers, in order to answer the question of how value creation can be addressed in private equity investments. Although previous research by Achleitner et al. (2010) introduced a specific model that addresses value creation in private equity, the r...

  18. Angels and IPOs: Policies for Sustainable Equity Financing of Irish Small Businesses

    OpenAIRE

    Mulcahy, Diane

    2005-01-01

    Angels and IPOs: Policies for Sustainable Equity Financing of Irish Small Businesses explores the rationale for the Irish government?s investments of more than 300 million Euro in Irish companies and the domestic venture capital industry. It challenges the conventional wisdom that there is an `equity gap? of early stage risk capital in Ireland. In the context of the equity financing cycle, it discusses the limited supply of angel capital available to Irish firms as well as the `exit gap? resu...

  19. Socially Responsible Investing

    DEFF Research Database (Denmark)

    Parisi, Cristiana; Stang, Andreas

    This paper analyzes the Scandinavian market for Socially Responsible Investing (SRI) mutual funds in order to determine the returns from discriminatory investment decision compared to the return from conventional portfolios. The analysis is conducted on 642 Scandinavian equity mutual funds...... counterparts. In the case of Norway no statistical difference in return is found when conducting the three factor regression. The Scandinavian market is considered particularly relevant for the interest of the investors in SRI mutual funds. However, to the authors’ knowledge, this is the first study to present....... The methodology adopts the Sharpe ratio to establish the risk return relationship. Moreover, the Capital Asset Pricing Model (CAPM) and the Fama and French Three Factor model are used to test the hypotheses. The results indicate the underperformance of Swedish and Danish SRI funds relative to their conventional...

  20. Structure of financing investments in the energy sector

    Directory of Open Access Journals (Sweden)

    Kowal Barbara

    2017-01-01

    The article shows how the financing structure of the companies from the fuel and energy sector, listed on the Warsaw Stock Exchange, has evolved over the years. The authors also estimated the cost of equity. The results were compared with the chosen mining companies in Poland. Companies from the energy sector have lower investment risk than companies from the fuel sector. Looking at the profitability of investments it should be emphasized that the financing by outside capital is more advantageous than equity financing.

  1. 'A COMPARISON OF FINANCIAL PERFORMANCE AND INVESTMENT STYLES FOR SOCIALLY RESPONSIBLE AND CONVENTIONAL INVESTMENT INDICES IN THE UNITED STATES'

    OpenAIRE

    Amish, Patel

    2013-01-01

    This paper investigates comparing the financial performance for socially responsible investment equity indices and conventional investment equity indices in the United States, accounting for the recent financial crisis. Two conventional indices are used as a benchmark to four socially responsible indices. The conventional indices used in this paper are the S&P500 Index and CRSP Total Market Index. The socially responsible indices used are the Calvert Social Index, FTSE4Good U.S. Select Index,...

  2. Equities as a hedge against inflation in South Africa | Moores-Pitt ...

    African Journals Online (AJOL)

    However, empirical tests of this relationship in South Africa have produced ... the relationship between equity returns and inflation for the Johannesburg Stock ... against inflation is only likely to be effective over longer investment horizons.

  3. Investment decisions with benefits of control

    DEFF Research Database (Denmark)

    Poulsen, Thomas

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

  4. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

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

  5. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-02-01

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

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

    OpenAIRE

    M. Jaya

    2017-01-01

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

  7. Investment Timing for New Business Ventures

    OpenAIRE

    George W. Blazenko; Andrey D. Pavlov

    2010-01-01

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

  8. Relating corporate social investment with financial performance

    OpenAIRE

    Kgabo L. Kobo; Collins C. Ngwakwe

    2017-01-01

    Previous researchers have found conflicting results between CSI and firm financial performance. This paper moves this debate further by examining the extent to which corporate social investment (CSI) relates with corporate financial performance (CFP) from a developing country perspective. The main aim of the paper was to determine the relationship between CSI, stock price, sales turnover and return on equity (ROE) amongst the socially responsible investing (SRI) companies in the Johannesburg ...

  9. Rock Equity Holdings, LLC

    Science.gov (United States)

    The EPA is providing notice of an Administrative Penalty Assessment in the form of an Expedited Storm Water Settlement Agreement against Rock Equity Holdings, LLC, for alleged violations at The Cove at Kettlestone/98th Street Reconstruction located at 3015

  10. Private equity and venture capital in South Africa: A comparison of project financing decisions

    Directory of Open Access Journals (Sweden)

    David Portmann

    2013-09-01

    Full Text Available This paper investigates the manner in which private equity and venture capital firms in South Africa assess investment opportunities. The analysis was facilitated using a survey containing both Likert-scale and open-ended questions. The key findings show that both private equity and venture capital firms rate the entrepreneur or management team higher than any other criterion or consideration. Private equity firms, however, emphasise financial criteria more than venture capitalists do. There is also an observable shift in the investment activities away from start-up funding, towards later-stage deals. Risk appetite has also declined post the financial crisis.

  11. Brands and Brand Equity

    OpenAIRE

    Brunello Adrian

    2011-01-01

    Nowadays brands have become significant drivers for product purchasing and usage decisions. Thus, they constitute a substantial intangible asset for most companies. In order to gain customers and make them become loyal, firms have to establish the equity of the brand and present it in a clear and visible way to their target market. Therefore the topic of brand equity plays a major role in the creation and development of product and company brand strategy. The paper focuses on some general inf...

  12. 76 FR 58849 - Legg Mason Partners Equity Trust, et al.;

    Science.gov (United States)

    2011-09-22

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29789; File No. 812-13892] Legg Mason Partners Equity Trust, et al.; Notice of Application September 15, 2011. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of an application under section 6(c) of the...

  13. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

    Investors are a heterogeneous group, they may be large or small, rich or poor, expert or lay man and not all investors need equal degree of protection (Mayya, 1996). An investor has three objectives while investing his money, namely safety of invested money, liquidity position of invested money and return on investment. The return on investment may further be divided into capital gain and the rate of return on investment as interest or dividend. Among all investment options available, securities are considered the most challenging as well as rewarding. Securities include shares, debentures, derivatives, units of mutual funds, Government securities etc. An investor may be an individual or corporate legal entity investing funds with a view to derive maximum economic advantage from investment such as rate of return, capital appreciation, marketability, tax advantage and convenience of investment.The Capital market facilitates mobilization of savings of individuals and pools them into reservoir of capital which can be used for the economic development of a country. An efficient capital market is essential for raising capital by the corporate sector of the economy and for the protection of the interest of investors in corporate securities. There arises a need to strike a balance between raising of capital for economic development on one side and protection of investors on the other. Unless the interests of investors are protected, raising of capital, by corporates is not possible. Like, the primary objective of a senior citizenís asset allocation is the generation of regular income.

  14. Health Equity Talk: Understandings of Health Equity among Health Leaders

    Directory of Open Access Journals (Sweden)

    Bernadette M. Pauly

    2017-11-01

    Full Text Available Introduction: Reducing health inequities is a stated goal of health systems worldwide. There is widespread commitment to health equity among public health leaders and calls for reorientation of health systems towards health equity. As part of the Equity Lens in Public Health (ELPH program of research, public health decision makers and researchers in British Columbia collaborated to study the application of a health equity lens in a time of health system renewal. We drew on intersectionality, complexity and critical social justice theories to understand how participants construct health equity and apply a health equity lens as part of public health renewal. Methods: 15 focus groups and 16 individual semi-structured qualitative interviews were conducted with 55 health system leaders. Data were analyzed using constant comparative analysis to explore how health equity was constructed in relation to understandings and actions. Results: Four main themes were identified in terms of how health care leaders construct health equity and actions to reduce health inequities: (1 population health, (2 determinants of health, and (3 accessibility and (4 challenges of health equity talk. The first three aspects of health equity talk reflect different understandings of health equity rooted in vulnerability (individual versus structural, determinants of health (material versus social determinants, and appropriate health system responses (targeted versus universal responses. Participants identified that talking about health equity in the health care system, either inside or outside of public health, is a ‘challenging conversation’ because health equity is understood in diverse ways and there is little guidance available to apply a health equity lens. Conclusions: These findings reflect the importance of creating a shared understanding of health equity within public health systems, and providing guidance and clarity as to the meaning and application of a health

  15. Health care and equity in India

    Science.gov (United States)

    Balarajan, Yarlini; Selvaraj, S; Subramanian, S V

    2011-01-01

    India’s health system faces the ongoing challenge of responding to the needs of the most disadvantaged members of Indian society. Despite progress in improving access to health care, inequalities by socioeconomic status, geography and gender continue to persist. This is compounded by high out-of-pocket expenditures, with the rising financial burden of health care falling overwhelming on private households, which account for more than three-quarter of health spending in India. Health expenditures are responsible for more than half of Indian households falling into poverty; the impact of this has been increasing pushing around 39 million Indians into poverty each year. In this paper, we identify key challenges to equity in service delivery, and equity in financing and financial risk protection in India. These include imbalanced resource allocation, limited physical access to quality health services and inadequate human resources for health; high out-of-pocket health expenditures, health spending inflation, and behavioral factors that affect the demand for appropriate health care. Complementing other paper in this Series, we argue for the application of certain principles in the pursuit of equity in health care in India. These are the adoption of equity metrics in monitoring, evaluation and strategic planning, investment in developing a rigorous knowledge-base of health systems research; development of more equity-focused process of deliberative decision-making in health reform, and redefinition of the specific responsibilities and accountabilities of key actors. The implementation of these principles, together with strengthening of public health and primary care services, provide an approach for ensuring more equitable health care for India’s population. PMID:21227492

  16. The Public Market Equivalent and Private Equity Performance

    DEFF Research Database (Denmark)

    Sørensen, Morten; Jagannathan, Ravi

    2015-01-01

    The authors show that the public market equivalent approach is equivalent to assessing the performance of private equity (PE) investments using Rubinstein’s dynamic version of the CAPM. They developed two insights: (1) one need not compute betas of PE investments, and any changes in PE cash flow...... betas due to changes in financial leverage, operating leverage, or the nature of the business are automatically taken into account; (2) the public market index used in evaluations should be the one that best approximates the wealth portfolio of the investor considering the PE investment opportunity....

  17. Equity markets : what a difference a year makes

    International Nuclear Information System (INIS)

    Tims, M.J.

    1999-01-01

    An overview of the investment climate in the oil and gas industry at this juncture of extremely low oil prices and weak capital spending was presented. This paper focused on the economics of equity markets, examining (1) the NYMEX near-month averages WTI identifying six periods of significant oil price declines, (2) spot crude oil price fluctuations since 1973, (3) fluctuations in the PE 100 Energy Index and blended commodity prices, (4) oil and gas equity financing, (5) total oil and gas equity offerings from 1991 to 1998, and (6) Canadian gas export capacities. Overall, a major pullback in equity markets has occured and the investment climate is not favorable. Oil and gas stocks are down almost 45 per cent from the highs of 1997, oilfield service company stocks suffered losses of 69 per cent from the 1997 highs. New equity Issues are much more difficult to complete than previously. Institutions are reducing energy sector weightings, as do mutual funds. Lower industry cash flows are leading to lower capital spending. Increased relative debt levels are constraining many companies. Finding and development costs are generally disappointing, particularly when seen in relation to current commodity prices. No improvement in cash flow is expected in 1999 as oil prices are likely to remain depressed. The outlook in gas is somewhat better; it could be good, depending on the remainder of winter, possible supply shortfall, pipeline-related factors, natural gas drilling activity and the influence of gas storage

  18. Mandatory International Financial Reporting Standards Adoption and Cost of Equity Capital in Nigeria

    Directory of Open Access Journals (Sweden)

    Uwuigbe Uwalomwa

    2016-05-01

    Full Text Available This study examined the effect of mandatory International Financial Reporting Standards (IFRS adoption on the cost of equity capital on Nigerian firms and whether the cost of equity capital effect after adoption of IFRS can be moderated by Return on Equity. The study covered a sample of 11 listed companies in the industrial goods sector for the period 2011 and 2013. The data for the study was secondary data generated from the annual reports and stock market report websites. The cost of equity capital was shown as the expected return on the basic value of a share and computed based on pre and post-adoption data. Findings from the study revealed that there is a significant positive relationship between the cost of equity capital and IFRS adoption indicating that the cost of equity capital increased. The market-based performance measure failed to have significant effect on the cost of equity capital after mandatory adoption. The study recommends that policies that improve domestic savings, as a principal source of equity capital, be enacted as an increase should lead to a reduction in the cost of equity capital, interest rates and increase the appeal of equity and foreign investments.

  19. Gender, equity, and job satisfaction.

    Science.gov (United States)

    1992-02-01

    Although equity theory has served as a theoretical framework applying to most individuals in most situations, empirical research suggests that gender may affect the utility of equity theory in explaining organizational behaviors. Studies have indicat...

  20. Skill and Luck in Private Equity Performance

    DEFF Research Database (Denmark)

    Korteweg, Arthur; Sørensen, Morten

    2017-01-01

    Private equity (PE) performance is persistent, with PE firms consistently producing high (or low) net-of-fees returns. We use a new variance decomposition model to isolate three components of persistence. We find high long-term persistence: the spread in expected net-of-fee future returns between...... top and bottom quartile PE firms is 7–8 percentage points annually. This spread is estimated controlling for spurious persistence, which arises mechanically from the overlap of contemporaneous funds. Performance is noisy, however, making it difficult for investors to identify the PE funds with top...... quartile expected future performance and leaving little investable persistence....

  1. Open-end Investment Funds in Croatia

    Directory of Open Access Journals (Sweden)

    Bojan Morić Milovanović

    2006-03-01

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

  2. Federal Investment

    Science.gov (United States)

    Campbell, Sheila; Tawil, Natalie

    2013-01-01

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

  3. Marketing assets: Relating brand equity and customer equity

    Directory of Open Access Journals (Sweden)

    Jaime Romero

    2016-03-01

    Full Text Available Purpose: Brand equity and customer equity are inextricably linked. Some authors propose that marketing activities build these intangible assets simultaneously. In contrast, others suggest that brand equity is an antecedent of customer equity. In this research, we aim to shed light about the relationship between brand equity and customer equity, by empirically testing these two alternative explanations. Design/methodology/approach: We propose four research models that reflect these two alternatives explanations regarding the link between brand equity and customer equity. In order to estimate these models we employ Structural Equations Modelling. We measure model variables using data collected through a survey to marketing managers of services companies that operate in Spain. We compare these four research models in terms of explanatory power and goodness of fit. Findings: Our results indicate that the models that correspond to the simultaneity approach have a higher explanatory power and goodness of fit than the models that suggest that brand equity is an antecedent of customer equity, thus supporting that these intangible assets are built by marketing activities at the same time. Research limitations/implications: Our results recommend caution when interpreting previous research about the effects of brand (customer equity, as they might indeed correspond to customer (brand management. Similarly, future research focusing on customer and brand management need to take into account both managerial areas in their studies. Practical implications: From a practitioners’ point of view, our findings suggest adopting a brand-customer portfolio approach to enhance company profitability. Similarly, we derive implications for firm valuation processes, which incorporate brand equity and customer equity in their calculations. Originality/value: We empirically study the relationship between brand equity and customer equity, while previous research has analyzed

  4. 78 FR 77770 - Ironwood Equity Fund, LP; Notice Seeking Exemption Under Section 312 of the Small Business...

    Science.gov (United States)

    2013-12-24

    ... proposes to Finance a small business in which its Associate Ironwood Mezzanine Fund II, LP has an equity... SMALL BUSINESS ADMINISTRATION [ License No. 01171-0406] Ironwood Equity Fund, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby...

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

    OpenAIRE

    Jurevičienė, Daiva; Jakavonytė, Agnė

    2015-01-01

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

  6. 77 FR 32167 - Revocation of License of Small Business Investment Company

    Science.gov (United States)

    2012-05-31

    ... SMALL BUSINESS ADMINISTRATION Revocation of License of Small Business Investment Company Pursuant... Delaware limited partnership, to function as a small business investment company under the Small Business Investment Company License No. 02720594 issued to LV Equity Partners SBIC, on August 25, 1999 and said...

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

    Directory of Open Access Journals (Sweden)

    Daiva Jurevičienė

    2015-03-01

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

  8. 77 FR 44700 - Saratoga Investment Corp., et al.; Notice of Application

    Science.gov (United States)

    2012-07-30

    ... lesser extent equity. The Investment Adviser, a Delaware limited liability company, is the investment..., a Delaware limited partnership, is a small business investment company (``SBIC'') licensed by the... Act. The Company directly owns 99% of Saratoga SBIC in the form of a limited partnership interest and...

  9. Strategies and tactics in structuring equity offerings

    International Nuclear Information System (INIS)

    Emes, A. F.

    1998-01-01

    Volatile changes in the oil and gas sector investment climate within the last few months were reviewed in an effort to illustrate that despite the sharp downturn in the attractiveness of gas and oil sector investments, certain financing transactions are still being completed, and 'deals' are still available, provided that they are made attractive to investors. Investors may be more selective, may be looking more carefully at the issuing company's track record and management, but they are still there for the right deal. Flow-through offerings, share-for-share, or share-for-property acquisitions, joint ventures, sale of assets as alternative to equity, the junior capital pool as an alternative to initial public offering, the reverse take over, use of the royalty tax market, project financing, convertible debentures, and the use of warrants were explored as options available to issuers to attract investors even during difficult times

  10. The Tradeoff Between Mutual Fund and Direct Stock Investments

    DEFF Research Database (Denmark)

    Marekwica, Marcel; Steininger, Bertram I.

    2014-01-01

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

  11. Organizing Equity Exchanges

    Science.gov (United States)

    Schaper, Torsten

    In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, post-trading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs.

  12. Gender Equity Report.

    Science.gov (United States)

    Washington State Higher Education Coordinating Board, Olympia.

    Under a legislative mandate from the state of Washington, this report provides updated information on gender equity at each of the public institutions of higher education in Washington and at the community and technical colleges, as applicable. A look at student support and services shows that pay scales in student employment are not…

  13. Equity Literacy for All

    Science.gov (United States)

    Gorski, Paul C.; Swalwell, Katy

    2015-01-01

    If the authors have learned anything working with schools across the United States, they've learned this: When it comes to educational equity, the trouble is not a lack of multicultural programs or diversity initiatives in schools. Nor is it a lack of educators who appreciate and even champion diversity. The trouble lies in how so many diversity…

  14. GRADE Equity Guidelines 3

    DEFF Research Database (Denmark)

    Welch, Vivian A; Akl, Elie A; Pottie, Kevin

    2017-01-01

    OBJECTIVE: The aim of this paper is to describe a conceptual framework for how to consider health equity in the GRADE (Grading Recommendations Assessment and Development Evidence) guideline development process. STUDY DESIGN AND SETTING: Consensus-based guidance developed by the GRADE working grou...

  15. The returns and risks of investment portfolio in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2014-07-01

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

  16. Aspects of volatility targeting for South African equity investors

    Directory of Open Access Journals (Sweden)

    Bhekinkosi Khuzwayo

    2014-11-01

    Full Text Available We consider so-called volatility targeting strategies in the South African equity market. These strategies are aimed at keeping the volatility of a portfolio consisting of a risky asset, typically an equity index, and cash fixed. This is done by changing the allocation of the assets based on an indicator of the future volatility of the risky asset. We use the three month rolling implied volatility as an indicator of future volatility to influence our asset allocation. We compare investments based on different volatility targets to the performance of bonds, equities, property as well as the Absolute Return peer mean. We examine risk and return characteristics of the volatility targeting strategy as compared to different asset classes.

  17. Securing energy equity

    Energy Technology Data Exchange (ETDEWEB)

    Grimsby, Lars Kare, E-mail: lars.grimsby@umb.no [Department of International Environment and Development Studies, Noragric, Norwegian University of Life Sciences, P.O. Box 5003, 1432 Aas (Norway)

    2011-11-15

    Addressing energy poverty rather than energy equity conveniently evades the problem of the gap in energy consumption per capita in the developed and developing world. For energy security policies to adequately address energy poverty it requires a widening of scope from national to global. This is a comment to the forthcoming presentation of IEA's proposition for a new architecture for financing universal modern energy access to be presented at the conference 'Energy for all-Financing access for the poor' held in Oslo in October 2011. - Highlights: > Addressing energy poverty may elude the disparity in energy consumption between rich and poor. > A minimum threshold of energy for the poor does not itself address inequity in energy consumption. > Energy equity may be secured by widening scope from national to global, from the poorest to us all.

  18. Securing energy equity

    International Nuclear Information System (INIS)

    Grimsby, Lars Kare

    2011-01-01

    Addressing energy poverty rather than energy equity conveniently evades the problem of the gap in energy consumption per capita in the developed and developing world. For energy security policies to adequately address energy poverty it requires a widening of scope from national to global. This is a comment to the forthcoming presentation of IEA's proposition for a new architecture for financing universal modern energy access to be presented at the conference 'Energy for all-Financing access for the poor' held in Oslo in October 2011. - Highlights: → Addressing energy poverty may elude the disparity in energy consumption between rich and poor. → A minimum threshold of energy for the poor does not itself address inequity in energy consumption. → Energy equity may be secured by widening scope from national to global, from the poorest to us all.

  19. Toward Ensuring Health Equity

    DEFF Research Database (Denmark)

    Petkovic, Jennifer; Epstein, Jonathan; Buchbinder, Rachelle

    2015-01-01

    , the Evaluative Linguistic Framework for Questionnaires, developed to assess text quality of questionnaires. We also considered a study assessing cross-cultural adaptation with/without back-translation and/or expert committee. The results of this preconference work were presented to the equity working group......OBJECTIVE: The goal of the Outcome Measures in Rheumatology (OMERACT) 12 (2014) equity working group was to determine whether and how comprehensibility of patient-reported outcome measures (PROM) should be assessed, to ensure suitability for people with low literacy and differing cultures. METHODS......: The English, Dutch, French, and Turkish Health Assessment Questionnaires and English and French Osteoarthritis Knee and Hip Quality of Life questionnaires were evaluated by applying 3 readability formulas: Flesch Reading Ease, Flesch-Kincaid grade level, and Simple Measure of Gobbledygook; and a new tool...

  20. Assessing Discount Rate for a Project Financed Entirely with Equity Capital

    Directory of Open Access Journals (Sweden)

    Nicoleta Vintila

    2007-09-01

    Full Text Available Estimating discount rate for an investment project is one of the most challenging tasks incapital budgeting. In this paper we discuss different kind of models for cost of equity capital proposed infinance literature (static CAPM, conditional CAPM, APT, build-up model, focusing especially on advantagesand disadvantages of using each of them. In the final section, we estimate the discount rate fora certain project financed entirely with equity capital, using a version of build-up model.

  1. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

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

  2. Customer equity of Pakistani fast food restaurant: A study of attitudinal customer equity

    Directory of Open Access Journals (Sweden)

    Zubair

    2017-02-01

    Full Text Available Customer Equity is true representative of relationship marketing. There are two major approach-es to measure Customer Equity: Transaction/sales based approach and Attitudinal Approach. This research is an effort to check customer equity of fast food restaurants of Pakistan by using attitudinal approach. Transactional customer equity is treated as criterion for attitudinal customer equity. Three drivers of Customer Equity are Value Equity, Brand equity and Relationship equity are taken as independent variables in this research. Convenient sampling technique was used and sample size was 393 respondents. The results show that attitudinal customer equity had strong association with transactional equity. Brand equity, value equity and relationship equity show positive associations with attitudinal customer equity.

  3. CUSTOMER EQUITY:MAKING MARKETING STRATEGY FINANCIALLY ACCOUNTABLE

    Institute of Scientific and Technical Information of China (English)

    Ashwin ARAVINDAKSHAN; Roland T. RUST; Katherine N. LEMON; Valerie A. ZEITHAML

    2004-01-01

    The article presents an overview of the literature on customer equity and how customer equity provides an opportunity for marketers to make marketing strategy financially accountable.Traditionally, Return on Investment (ROI) models have been used to evaluate the financial expenditures required by the strategies as well as the financial returns gained by them. However in addition to requiring lengthy longitudinal data, these models also have the disadvantage of not evaluating the effect of the strategies on a firm's customer equity. The dominance of customer-centered thinking over product-centered thinking calls for a shift from product-based strategies to customer-based strategies. Hence, it is important to evaluate a firm's marketing strategies in terms of the drivers of its customer equity. The article summarizes a unified strategic framework that enables competing marketing strategy options to be traded off on the basis of projected financial return, which is operationalized as the change in a firm's customer equity relative to the incremental expenditure necessary to produce the change.

  4. Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments.

    Science.gov (United States)

    Lahr, Henry; Mina, Andrea

    2014-06-01

    This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments.

  5. Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments

    Science.gov (United States)

    Lahr, Henry; Mina, Andrea

    2014-01-01

    This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments. PMID:26166906

  6. The Investment Case for Education and Equity. Executive Summary

    Science.gov (United States)

    UNICEF, 2015

    2015-01-01

    Education is a human right. The Convention on the Rights of the Child and the Universal Declaration of Human Rights recognize the essential role education plays in human and social development. As stated in article 26 of the Declaration, "Everyone has the right to education. Education shall be free, at least in the elementary and fundamental…

  7. Unilever Group : equity valuation

    OpenAIRE

    Pires, Susana Sofia Castelo

    2014-01-01

    The following dissertation has the purpose to value the Unilever Group, but more specifically Unilever N.V. being publicly traded in the Amsterdam Exchange Index. Unilever is seen as a global player and one of most successful and competitive fast-moving consumer goods companies. In order to valuate Unilever’s equity, a Discounted Cash Flow (DCF) approach is first carried out, since it is believed to be the most reliable methodology. The value estimated was €36.39, advising one to buy its s...

  8. History of Pay Equity Studies.

    Science.gov (United States)

    Barbezat, Debra A.

    2002-01-01

    Traces the evolution of salary-equity studies over time, and how the findings have changed with regard to pay differences by gender and race/ethnicity. Reviews the literature on salary equity for both faculty and nonfaculty academic employees. (EV)

  9. Product Placement and Brand Equity

    OpenAIRE

    Corniani, Margherita

    2003-01-01

    Product placement is the planned insertion of a brand within a movie, a fiction, etc. It can be used with other communication tools (i.e. advertising, sales promotions, etc.) in order to disseminate brand awareness and characterize brand image, developing brand equity. In global markets, product placement is particularly useful for improving brand equity of brands with a well established brand awareness.

  10. Corporate Governance and Equity Returns

    OpenAIRE

    Uchida, Shigeru

    2012-01-01

    This paper analyses the relationship between corporate governance and equity returns from the small investors view point. A primary survey has been conducted to gather the data required to examine the link. Preliminary result of the study shows that the four elements of governance: board structure, transparency, fairness and responsibility are positively related with equity returns.

  11. Is Nordic Private Equity Different?

    DEFF Research Database (Denmark)

    Spliid, Robert

    2013-01-01

    Most research on private equity is based on American theory, tested on American empirical data. Nevertheless, the private equity concept has gained a solid foothold in the Nordic region, especially in Sweden. This article analyzes whether American-biased assumptions prevail in the Nordic countries...

  12. Intergenerational equity and conservation

    Science.gov (United States)

    Otoole, R. P.; Walton, A. L.

    1980-01-01

    The issue of integenerational equity in the use of natural resources is discussed in the context of coal mining conversion. An attempt to determine if there is a clear-cut benefit to future generations in setting minimum coal extraction efficiency standards in mining is made. It is demonstrated that preserving fossil fuels beyond the economically efficient level is not necessarily beneficial to future generations even in terms of their own preferences. Setting fossil fuel conservation targets for intermediate products (i.e. energy) may increase the quantities of fossil fuels available to future generations and hence lower the costs, but there may be serious disadvantages to future generations as well. The use of relatively inexpensive fossil fuels in this generation may result in more infrastructure development and more knowledge production available to future generations. The value of fossil fuels versus these other endowments in the future depends on many factors which cannot possibly be evaluated at present. Since there is no idea of whether future generations are being helped or harmed, it is recommended that integenerational equity not be used as a factor in setting coal mine extraction efficiency standards, or in establishing requirements.

  13. The Applicability of Tax Treaties in Respect of Income Distributed by Luxembourgian SIF and SICAR Private Equity Funds and the Tax Consequences for Finnish Investors

    OpenAIRE

    Järvinen, Oscar

    2015-01-01

    In a globalized market for private equity investments, the risk for international double taxation has made the applicability of tax treaties all the more important. The study is concerned with private equity fund structures, where a Luxembourgian SIF or SICAR is used as fund vehicle, where the investor is resident in Finland and where the target company is resident in a third state. In such triangular investment structures the determination of the applicable tax treaty may not always be clear...

  14. Fast Money: Investment Literacy for Tomorrow's Wall Street Traders

    Science.gov (United States)

    Thornton, Joel B.

    2011-01-01

    The author describes how investment research workshops were used to prepare students at Texas A&M University (TAMU) to compete in the 2008 Equitrader Collegiate Challenge. The Equitrader Collegiate Challenge is a simulated equity trading competition that enables students to match wits against the market and other contestants. This paper…

  15. The Economic Payoff to Investing in Educational Justice

    Science.gov (United States)

    Levin, Henry M.

    2009-01-01

    The quest for educational equity is a moral imperative for a society in which education is a crucial determinant of life chances. Yet whether there is an economic return to the taxpayer for investing in educational justice is often not considered. It is possible that the economic benefits of reducing inadequate education exceed the costs,…

  16. 31 CFR 586.409 - Approval or other facilitation of other persons' investment in the territory of the Republic of...

    Science.gov (United States)

    2010-07-01

    ... participate in any decision-making role in an activity by the foreign person that includes investment in the... purchase by any other person, including a foreign affiliate, of shares, including an equity interest, in a...

  17. Challenges of Ensuring Equity

    DEFF Research Database (Denmark)

    Pasgaard, Maya

    and on a conceptual framework to examine equity in REDD+. Qualitative research with a case study in Cambodia provides the empirical foundation for the thesis, supplemented with a quantitative analysis of climate change research to address the fourth research question. Together, these articles and approaches...... these challenges, specific recomm ndations are summarized in the thesis, namely: better integration of qualitative methods in social assessments, greater emphasis on local inclusion and representativeness in relation to resource access and decision-making, more field research and cross...... social assessments in REDD+ are inadequate due to a dominant positivistic approach to methods and indicators for social assessment, which contrasts the complexities and context of REDD+ projects; 2) The distribution of costs and benefits within communities in Oddar Meanchey is uneven, as the costs...

  18. Stock Market Performance and Pension Fund Investment Policy: Rebalancing, Free Float, or Market Timing

    NARCIS (Netherlands)

    Bikker, J.A.; Broeders, D.W.G.A; de Dreu, J.

    2007-01-01

    This paper is the first that examines the impact of stock market performance on the investment policy of pension funds. We find that stock market prices influence the asset allocation of Dutch pension funds in two ways. In the short term, outperformance of equities over bonds and other investment

  19. Social Security and the Equity Premium Puzzle

    OpenAIRE

    Olovsson, Conny

    2004-01-01

    This paper shows that social security may be an important factor in explaining the equity premium puzzle. In the absence of shortselling constraints, the young shortsell bonds to the middle-aged and buy equity. Social security reduces the bond demand of the middle-aged, thereby restricting the possibilities of the young to finance their equity purchases. Their equity demand increases as does the average return to equity. Social security also increases the covariance between future consumption...

  20. Equity Versus Non-Equity International Strategic Alliances

    DEFF Research Database (Denmark)

    Globerman, Steven; Nielsen, Bo Bernhard

    A substantial literature has evolved focusing on the ownership structure of international strategic alliances (ISAs). Most of the relevant studies are theoretical in nature and concentrate on the conceptual factors that influence the choice between equity and non-equity structures. A smaller numb...... involving Danish firms. Our study documents how the determinants of governance mode choice vary in importance depending upon the "quality" of the governance infrastructure of the host country....

  1. Essays on executive equity-based compensation and equity ownership

    OpenAIRE

    Elsilä, A. (Anna)

    2015-01-01

    Abstract A major proposition of the agency theory is that the conflict of interests between an agent and a principal is reduced when the agent’s wealth and compensation are tied to the performance of the firm. Apart from the direct predicted relation to corporate performance, compensating managers with equity instruments has implications for corporate risk-taking and payout policy choices. Additionally, equity-based compensation practices are to a large extent shaped by institutional facto...

  2. Investors’ Expectations of Equity for NGCs and LLCs and Implications on Performance

    OpenAIRE

    Ada, Chancel Akono; Nganje, William E.; Kaitibie, Simeon; Gustafson, Cole R.

    2005-01-01

    New Generation Cooperatives (NGCs) are undergoing several structural changes with the acceptance of non-farmer investor equity and demutualization or transformation into investororiented ownerships, Limited Liability Companies (LLCs), to ameliorate perceived financial constraints for high technology investments. Using data of stock traded between members, we developed a model of investment decision and analyzed the impacts of expectations of change in growth and social capital, among other va...

  3. Benefits of International Diversification: The Case of Asian Emerging Equity Markets

    OpenAIRE

    Apong, Matusin

    2005-01-01

    Abstract The main purpose of this study is to examine whether, from the Brunei Investment Agency's perspective, the benefits of international diversification gain exist in equity investment in emerging markets in Asia. The quantitative research that was used is based on Markowitz's Modern Portfolio Theory (MPT). This method utilized data from December 1998 to July 2005 for sixteen indices of developed and emerging countries. The countries selected for the study were grouped into devel...

  4. Strošek lastniškega kapitala podjetja: primer ocene za izbrane slovenske delniške družbe = Cost of Equity Capital: An Example of Evaluation for Selected Slovene Joint-Stock Companies

    Directory of Open Access Journals (Sweden)

    Igor Stubelj

    2009-03-01

    Full Text Available The article sheds light on the evaluation of cost of equity, which is important as it determines the minimum yield the investors require on the invested capital. We use the cost of equity as a discount rate to calculate the present value of the expected free cash flows which belongs to the owners of equity capital. In the article, the methodological solutions for the evaluation of the equity capital cost with the CAPM on the Slovene financial market are shown. The Slovene capital market is a developing market with a short time line of available historical data. We evaluate the equity capital cost for selected Slovene companies.

  5. Portfolio Diversification in the South-East European Equity Markets

    Directory of Open Access Journals (Sweden)

    Zaimovic Azra

    2017-04-01

    Full Text Available Diversification potential enables investors to manage their risk and decrease risk exposure. Good diversification policy is a safety net that prevents a portfolio from losing its value. A well-diversified portfolio consists of different categories of property with low correlations, while highly correlated markets have the feature of low possibilities for diversification. The biggest riddle in the world of investments is to find the optimal portfolio within a set of available assets with limited capital. There are numerous studies and mathematical models that deal with portfolio investment strategies. These strategies take advantage of diversification by spreading risk over several financial assets. Modern portfolio theory seeks to find the optimal model with the best results. This paper tries to identify relationships between returns of companies traded in South-East European equity markets. A Markowitz mean-variance (MV portfolio optimization method is used to identify possibilities for diversification among these markets and world leading capital markets. This research also offers insight into to the level of integration of South-East European equity markets. Principal component analysis (PCA is used to determine components that describe the strong patterns and co-movements of the dataset. Finally, we combined MV efficient frontier and equity, which represent PCA components, to draw conclusions. Our findings show that PC analysis substantially simplifies asset selection process in portfolio management. The results of the paper have practical applications for portfolio investors.

  6. Institutional Determinants of Private Equity Market in Czech Republic

    Directory of Open Access Journals (Sweden)

    Martina Skalická Dušátková

    2017-12-01

    Full Text Available A well-functioning private equity and venture capital market is affected by a range of institutional aspects. This study intends to answer the question on what is the current tax and legal environment for private equity and venture capital investments in Czech Republic as previous studies have emphasized that a rather poor scope of resources available. Qualitative data with content analysis proved to be the best way to assess the institutional framework. Data collection methods cover a comparative analysis of scientific literature documents and reports, as well as primary data from interviews with experts in the industry. The results of both secondary and primary data analysis were categorized and serious gaps in the institutional framework were identified and discussed. Our results indicate that the issue of legal and organisational structure suitable for private equity and venture capital funds may be resolved through a national equivalent to a Limited Partnership which has already been adopted into Czech law. However, a tax handicap was identified implying that it is necessary to amend the tax legislation so that the legal regulation extends the tax exemption. Another amendment should then be directed towards eliminating or mitigating the barriers imposed on pension. We believe that our findings provide valuable implications for the government, banks, stock exchanges and venture capital industry while formulating new strategies how to increase the level of investments in this specific environment of Czech Republic.

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

    Directory of Open Access Journals (Sweden)

    Chao Tang

    2017-09-01

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

  8. Social equity, mobility, and access.

    Science.gov (United States)

    2014-03-01

    This report discusses how transportation policies can aggravate or alleviate social equity problems. Current transit systems : (Detroit, Atlanta, Cleveland, Denver, and St. Louis) were studied with respect to their strategies and relative success in ...

  9. PRAGMATICS OF USING A MODIFIED CAPM MODEL FOR ESTIMATING COST OF EQUITY ON EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Vitaliy Semenyuk

    2016-11-01

    Full Text Available The aim of the work is to forming pragmatic recommendations for the development and implementation the modified CAPM model in the process of estimating the equity value on emerging markets. Original CAPM model allows estimating the cost of equity on the developed capital markets. At the same time it requires the information received on the market data basis. But, as show recent empirical research, the classical model does not always produce acceptable results of the equity estimation. In addition, CAPM model in its classical form can’t be used to estimate the cost of equity for countries with emerging markets. This is due with lower efficiency in emerging markets, with lower level of liquidity and capitalization, which makes the information obtained from these markets not entirely reliable. Therefore in practice are increasingly using different modification CAPM models, that allow consider for more specific factors which affect the cost of equity. These factors, which are not considered in the classical CAPM model, include the size of the corporation and country risk. The first factor is actual for developed and emerging markets and needed to account during the equity estimation and modification the CAPM model. Country risk is associated with differences and peculiarities of the economies different countries and in the first place should be taken into account when estimating the cost of equity in emerging capital markets, which are considered by investors as more risky for investment. This factor should also be taken into account in estimating the cost of equity. Methodology In the process of constructing a modified CAPM model, theoretical and methodological provisions were used, which are set out in the work R. Banz, G. Bekaert, M. Goedhart, R. Grabowski, R. Grinold, D. Vessels, A. Damodaran, M. Dempsey, J. Zhang, R. Ibbotson, P. Kaplan, T. Koller, K. Kroner, L. Kruschwitz, M. Long, A. Lofler, G. Mandl, M. Miller, F. Modilyani, K. Nunes, D

  10. Equity Impacts of Environmental Policy

    OpenAIRE

    Antonio M. Bento

    2013-01-01

    This article surveys recent literature on the equity impacts of environmental policy. We focus on studies that look at the distribution of costs and benefits of alternative environmental policies. We also examine potentially important trade-offs between efficiency and equity that arise in the context of environmental policy, as well as transition effects. In many of the applications surveyed here, environmental policies can be regressive. Strategies are discussed to reduce this regressivity t...

  11. The Effects of the Specialization of Private Equity Firms on their Exit Strategy

    DEFF Research Database (Denmark)

    Rigamonti, Damiana; Cefis, Elena; Meoli, Michele

    2016-01-01

    We investigate how industry and stage specialization of Private Equity (PE) firms affect the likelihood to exit investments by means of trade sales, Initial Public Offerings (IPOs), or Secondary Buyouts (SBOs). Our empirical analysis relies on competing risks models. Using a sample of 818 Leverag...

  12. 7 CFR 4290.850 - Restrictions on redemption of Equity Securities.

    Science.gov (United States)

    2010-01-01

    ... BUSINESS-COOPERATIVE SERVICE AND RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE RURAL BUSINESS INVESTMENT COMPANY (âRBICâ) PROGRAM Financing of Enterprises by RBICs Structuring Rbic Financing of Eligible Enterprises-Types of Financings § 4290.850 Restrictions on redemption of Equity Securities. (a) Restriction on...

  13. Is Pakistani Equity Market Integrated to the Equity Markets of Group of Eight (G8 Countries? An Empirical Analysis of Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Syed Muhammad Aamir Shah

    2012-09-01

    Full Text Available This study looks at the dynamic relationship between the Pakistani equity market and equity markets of Group of Eight countries (G8 which includes Canada, France, Germany, Italy, Japan, Russia, UK and USA by using weekly time series data starting from June 2004 to May 2009. Multivariate Co-integration approach by Johnson and Julius (1990 shows there exists no long-term relationship between the G8 and Pakistani equity market. Vector error correction (VECM model suggests that 100% of the lag periods disequilibrium has been corrected in the current period. Pairwise Granger Causality test shows that there exist a unidirectional causality between the equity market of Pakistan and the markets of France, Germany, Italy, Japan and United Kingdom. Impulse response analysis and variance decomposition analysis reveal that most of the shocks in Pakistani equity market are due to its own innovation and behave like exogenous. However, the markets of France, Japan, Germany and United Kingdom are exerting a little pressure on Pakistani equity markets. Therefore, by investing in Karachi Stock Exchange (KSE the fund manager of G8 countries especially Canada, Italy, Russia and USA is capable of getting the advantage of portfolio diversification.

  14. The Risk-Return Profiles Of Global Portfolios: Some Evidence From Asia-Pacific And European Equity Markets

    OpenAIRE

    H. Christine Hsu

    2011-01-01

    As world financial markets are integrated, national stock markets tend to move together. Empirical evidence on correlations among equity markets worldwide suggests an increasing interdependence between most national markets in recent years. This is disconcerting, to say the least, to investors and portfolio managers seeking risk diversification via global equity investing. The objective of this study is to investigate whether there is still room for global portfolio diversification from the U...

  15. Minimum Variance Portfolios in the Brazilian Equity Market

    Directory of Open Access Journals (Sweden)

    Alexandre Rubesam

    2013-03-01

    Full Text Available We investigate minimum variance portfolios in the Brazilian equity market using different methods to estimate the covariance matrix, from the simple model of using the sample covariance to multivariate GARCH models. We compare the performance of the minimum variance portfolios to those of the following benchmarks: (i the IBOVESPA equity index, (ii an equally-weighted portfolio, (iii the maximum Sharpe ratio portfolio and (iv the maximum growth portfolio. Our results show that the minimum variance portfolio has higher returns with lower risk compared to the benchmarks. We also consider long-short 130/30 minimum variance portfolios and obtain similar results. The minimum variance portfolio invests in relatively few stocks with low βs measured with respect to the IBOVESPA index, being easily replicable by individual and institutional investors alike.

  16. Trends in Business Investment

    OpenAIRE

    Lydon, Reamonn; Scally, John

    2014-01-01

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

  17. Positive Mood Risk Attitudes, and Investment Decisions

    DEFF Research Database (Denmark)

    Lepori, Gabriele

    moodshifting mechanism commonly employed in lab studies. More specifically, I exploit the time-series variation in the domestic theatrical release of comedy movies as a natural experiment for testing the impact that happy mood (proxied by weekend comedy movie attendance) has on investment in risky assets...... (proxied by the performance of the U.S. stock market on the following Monday). My hypothesis rests upon the evidence that individual investors are more likely to ponder trading decisions during the weekend and trade on Mondays. To control for unobserved factors that may contemporaneously affect movie...... attendance and equity returns, I employ the percentage of theater screens dedicated to the comedy genre as an instrument. Using a sample of data from 1995 to 2010, I estimate that an increase in comedy attendance on a given weekend is followed by a decrease in equity returns on the subsequent Monday, which...

  18. Sustainable Markets Investment Briefings: Investment Treaties

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the second of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 2 explains how investment treaties between states work to protect and promote foreign investment.

  19. Interstellar Sweat Equity

    Science.gov (United States)

    Cohen, M. H.; Becker, R. E.; O'Donnell, D. J.; Brody, A. R.

    So, you have just launched aboard the Starship, headed to an exoplanet light years from Earth. You will spend the rest of your natural life on this journey in the expectation and hope that your grandchildren will arrive safely, land, and build a new settlement. You will need to govern the community onboard the Starship. This system of governance must meet unique requirements for participation, representation, and decision-making. On a spaceship that can fly and operate by itself, what will the crewmembers do for their generations in transit? Certainly, they will train and train again to practice the skills they will need upon arrival at a new world. However, this vicarious practice neither suffices to prepare the future pioneers for their destiny at a new star nor will it provide them with the satisfaction in their own work. To hone the crewmembers' inventive and technical skills, to challenge and prepare them for pioneering, the crew would build and expand the interstellar ship in transit. This transstellar ``sweat equity'' gives a stake in the enterprise to all the people, providing meaningful and useful activity to the new generations of crewmembers. They build all the new segments of the vessel from raw materials - including atmosphere - stored on board. Construction of new pressure shell modules would be one option, but they also reconstruct or fill-in existing pressurized volumes. The crew makes new life support system components and develops new agricultural modules in anticipation of their future needs. Upon arrival at the new star or planet, the crew shall apply these robustly developed skills and self-sufficient spirit to their new home.

  20. Framework for Evaluation of Equity Initiatives

    Science.gov (United States)

    Bexley, Emmaline; Harris, Kerri-Lee; James, Richard

    2010-01-01

    The Framework for Evaluation of Equity Initiatives has been prepared to support the Go8 Equity Strategy. Its purpose is to assist Group of Eight (Go8) universities to evaluate the effectiveness of their equity initiatives and interventions in the context of federal policies and the distinctive missions and responsibilities of the individual Go8…

  1. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

  2. Medical tourism in the Caribbean region: a call to consider environmental health equity.

    Science.gov (United States)

    Johnston, R; Crooks, V A

    2013-03-01

    Medical tourism, which is the intentional travel by private-paying patients across international borders for medical treatment, is a sector that has been targeted for growth in many Caribbean countries. The international development of this industry has raised a core set of proposed health equity benefits and drawbacks for host countries. These benefits centre on the potential investment in health infrastructure and opportunities for health labour force development while drawbacks focus on the potential for reduced access to healthcare for locals and inefficient use of limited public resources to support the growth of the medical tourism industry. The development of the medical tourism sector in Caribbean countries raises additional health equity questions that have received little attention in existing international debates, specifically in regard to environmental health equity. In this viewpoint, we introduce questions of environmental health equity that clearly emerge in relation to the developing Caribbean medical tourism sector These questions acknowledge that the growth of this sector will have impacts on the social and physical environments, resources, and waste management infrastructure in countries. We contend that in addition to addressing the wider health equity concerns that have been consistently raised in existing debates surrounding the growth of medical tourism, planning for growth in this sector in the Caribbean must take environmental health equity into account in order to ensure that local populations, environments, and ecosystems are not harmed by facilities catering to international patients.

  3. Private Equity Capital in a Less Developed Economy: Evidence, Issues and Perspectives

    Directory of Open Access Journals (Sweden)

    Melusi Mpofu

    2015-10-01

    Full Text Available This study investigates the structure of the private equity industry and issues that impact on its development and growth in Zimbabwe. Studies conducted internationally have unequivocally demonstrated the importance of private equity investments in assisting firms at start/growth phase and decline phase. However there is a dearth of literature on how these financial intermediaries assist in unlocking firm value from an emerging markets perspective. The study uses the document analysis and an exploratory research paradigms to achieve the stated objectives. The study finds that the venture capital industry in Zimbabwe mimics similar industries in other countries except that it is constrained by market liquidity. Lack of regulation and viable business sectors coupled with excessive risks in the political economy narrows the scope of private equity operations. Several issues impacting on the development of the private equity industry are identified and evaluated. The study has policy implications for the development of regulatory framework to bolster the growth of the private equity industry in emerging market economies. This study provides new evidence and policy suggestions on the operations of the private equity industry in a liquidity constrained and less developed economy.

  4. Effect of the equity multiplier indicator in companies according the sectors

    Directory of Open Access Journals (Sweden)

    Lenka Lízalová

    2013-01-01

    Full Text Available Managers carry out the demand of the owners to maximise the rentability of invested capital with regards to the taken risk. The tool that evaluates the suitability to indebt in order to reach a higher rentability is the equity multiplier indicator. An analysis of the multiplier was carried out on 10 years of data from 456 Czech companies. Based on the data from these companies the influence of two components of the multiplier, which characterise the influence of indebtedness on the return on equity, was analysed. These components are “financial leverage” and “interest burden”, these having an antagonistic effect. The low variability of the equity multiplier is apparent in the companies of the administrative and support service sector and it is also relatively low in the companies of the agriculture, forestry and fishing sector; on the contrary, in for example the professional, scientific and technical activities and the sector of water, sewage and waste there are companies with higher variability of the equity multiplier. The paper identifies companies (in view of their sector specialization inclining to a larger utility of debts to increase the return on equity. The largest equity is reached in companies of the construction sector; the lowest effect of the multiplier is to be found in companies of the agriculture sector. The resulting value of the multiplier is to a large extent determined by the financial leverage indicator, to a lower extent and at the same time negatively by the interest burden indicator.

  5. Equity Gauge Zambia : Enhancing Governance, Equity and Health ...

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

    ... identifying strategies for and indicators of equitable community participation; refining a ... Human resources for health in Zambia : equity and health system strengthening; some local perspectives (IDRC lunch hour discussion, Ottawa, 22 Mar. ... and adaptive water management: Innovative solutions from the Global South”.

  6. Shareowners' Equity at Campbell Soup: How Can Equity Be Negative?

    Science.gov (United States)

    Mohrman, Mary Beth; Stuerke, Pamela S.

    2014-01-01

    This paper presents an instructional case based on the 2001 annual report of the Campbell Soup Company (CPB). During that year, CPB's shareowners' equity went from a surplus of USD137 million to a deficit of USD247 million. The analysis will allow students to determine that the change resulted from borrowing to purchase treasury stock. Students…

  7. Labour Market Programmes and the Equity-Efficiency Trade-off

    DEFF Research Database (Denmark)

    Filges, Trine; Kennes, John; Larsen, Birthe

    This paper studies labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both effiency and equity. Frictions in the matching process create unemployment and differently...... skilled workers face different unemployment risks. We show that in such an environment, training programmes that are targeted to the unemployed complement passive transfers (UI benefits), unlike a general training subsidy. Combining passive subsidies with a training subsidy conditioned on the individual...... being unemployed (for a while) - the typical Active Labour Market Programme - implies a favorable trade-off between equity and efficiency which encourages high spending on training....

  8. Labour Market Programmes and the Equity-Efficiency Trade-off

    DEFF Research Database (Denmark)

    Kennes, John; Larsen, Birthe; Tranæs, Torben

    2005-01-01

    This paper studies labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both effiency and equity. Frictions in the matching process create unemployment and differently...... skilled workers face different unemployment risks. We show that in such an environment, training programmes that are targeted to the unemployed complement passive transfers (UI benefits), unlike a general training subsidy. Combining passive subsidies with a training subsidy conditioned on the individual...... being unemployed (for a while) - the typical Active Labour Market Programme - implies a favorable trade-off between equity and efficiency which encourages high spending on training....

  9. Pricing of brand extensions based on perceptions of brand equity

    Directory of Open Access Journals (Sweden)

    Panagiotis Arsenos

    2018-04-01

    Full Text Available The paper explores the role of brand equity when pricing hypothetical brand extensions. Companies tend to use different pricing techniques for their products, and their pricing decisions are based on many factors, including image and category fit of the product with the existing image and products of the company. Brand extensions are usually investigated from a consumer perspective, focusing on the extension attitude, however, it is essential to understand the corporate decision-making process regarding pricing. Exploring this matter using quantitative research methods, the study provides empirical evidence that companies that have invested heavily in marketing actions in the past and have built strong brand equity over-time, show flexibility in the mark-up during the cost decision-making process of a hypothetical brand extensions. Variations in mark-up percentages are also observed when there is a difference in image and category fit of the extension to the original brand. However, companies characterized by greater brand equity exhibited greater flexibility in the mark-up percentages, even for low fit extensions.

  10. Educational investment towards the ideal future: South Africa�s strategic choices

    Directory of Open Access Journals (Sweden)

    Suellen Shay

    2017-01-01

    Full Text Available Although there has been rapid expansion of higher education around the globe, such expansion has not resulted in a more equitable system. Drawing on the work of Nancy Fraser, equity in higher education is conceptualised as ‘parity of participation’ and includes both equity of access and outcomes. The tensions between expansion and equity are illustrated by comparing South Africa’s equity challenges with those of Brazil and the USA. Focusing on South Africa’s critical choices, four scenarios or possible futures are provided to illustrate some of the trade-offs and strategic choices. The main argument is that if South Africa’s higher education system continues to expand without a concomitant investment in the effectiveness of teaching and learning, it will not achieve the policy goals of equity of access and outcomes. Furthermore the investment needs to be strategically targeted to interventions that can serve as systemic levers of change for reducing drop-out rates and improving graduation rates. To this end, over the next decade the state needs to prioritise an investment in an undergraduate curriculum more ‘fit for purpose’. The investment needs to be in curriculum reform that normalises different levels of foundational provision, identifies and removes curriculum obstacles that delay or impede graduation, and provides opportunities for ‘breadth’ for all students, not only those who come from privileged backgrounds.

  11. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    Principal component analysis of equity options on Dow-Jones firms reveals a strong factor structure. The first principal component explains 77% of the variation in the equity volatility level, 77% of the variation in the equity option skew, and 60% of the implied volatility term structure across...... equities. Furthermore, the first principal component has a 92% correlation with S&P500 index option volatility, a 64% correlation with the index option skew, and a 80% correlation with the index option term structure. We develop an equity option valuation model that captures this factor structure...

  12. Consumer Learning and Brand Equity

    NARCIS (Netherlands)

    S.M.J. van Osselaer (Stijn); J.W. Alba (Joseph)

    2000-01-01

    textabstractA series of experiments illustrates a learning process that enhances brand equity at the expense of quality-determining attributes. When the relationship between brand name and product quality is learned prior to the relationship between product attributes and quality, inhibition of the

  13. Risk Measurement of Equity Markets and Private Investor Behaviour

    Directory of Open Access Journals (Sweden)

    Stanislav Škapa

    2013-11-01

    Full Text Available Purpose of this article: The aim of this paper is to evaluate and determine risk profile of equities markets and conclude consequency for private investor portfolios. There is summarized broad issue of risk measuremen with a focuse on downside risk measurement principle and giving into context with expected utility theory and loss aversion theory. Methodology/methods: The suitable statistical methods (mainly robust statistical methods have been used for estimation of selected characteristics and ratios. There is used a computer intensive method (a bootstrap method for estimating risk characteristics for equity markets, indicators and ratios. Scientific aim: The main scientific aim is to use a complex of more sophisticated and theoretically advanced statistical techniques and apply them on on the finding of the expected utility theory and the loss aversion theory. Findings: A main finding should be reckon a using of results of loss aversion theory applied into empirical evidence of risk profile of equity markets which led to the finding that more reliable and more suitable evaluation of risk of equity markets is downside risk and Sortino ratio from the perpective of private investor. Conclusion: Using downside risk measurement is revealing as it lays bare the “true” risk of investing in stock markets mainly for risk averse private investors. A bootstrap method with down side risk metric can evaluate risk in more appropriate way, and it is also more suitable if statistical characteristics do not fulfil a normal distribution assumption (mostly because of fat tails or outliers. And lastly in general, investors in emerging market (e.g. Visegrad´s countries are rewarded with higher return, but if things go wrong, the damage can be severe and detrimental to performance.

  14. Positioning of equity in financial intermediation cooperatives compared to IFRS on financial instruments

    Directory of Open Access Journals (Sweden)

    Francisco Martínez Batista

    2017-04-01

    Full Text Available This research has not transeccional experimental and design, it focuses on analyzing the equity position of financial intermediation cooperatives (I.F. against the contributions of its partners. Begins with theoretical approaches of international and local accounting standards, the ratio of total invested assets versus liabilities, Heritage and Contributions. The case study analyzed the balance sheet figures, the real differences under the uncertainty of the full standard. The results show 14.8% equity and deterioration of overall indebtedness in the same order. Case Study In the real situation, versus the full standard, and considering the irreducible minimum of Capital Contributions, as decreases in 10.2% Equity and Financial Liabilities increased 10.2%. In conclusion, it is considered solvent use some strategy that the situation of international accounting standards with national converge for the benefit of cooperatives.

  15. Pricing of premiums for equity-linked life insurance based on joint mortality models

    Science.gov (United States)

    Riaman; Parmikanti, K.; Irianingsih, I.; Supian, S.

    2018-03-01

    Life insurance equity - linked is a financial product that not only offers protection, but also investment. The calculation of equity-linked life insurance premiums generally uses mortality tables. Because of advances in medical technology and reduced birth rates, it appears that the use of mortality tables is less relevant in the calculation of premiums. To overcome this problem, we use a combination mortality model which in this study is determined based on Indonesian Mortality table 2011 to determine the chances of death and survival. In this research, we use the Combined Mortality Model of the Weibull, Inverse-Weibull, and Gompertz Mortality Model. After determining the Combined Mortality Model, simulators calculate the value of the claim to be given and the premium price numerically. By calculating equity-linked life insurance premiums well, it is expected that no party will be disadvantaged due to the inaccuracy of the calculation result

  16. Sources of Investment Finance in Firms in Slovakia

    Directory of Open Access Journals (Sweden)

    Mikócziová Jana

    2010-06-01

    Full Text Available Based on results of the EBRD-World Bank “Business Environment and Enterprise Performance Survey” (BEEPS, the paper provides an explanation of why firms in Slovakia finance the most of their new investments with retained earnings, followed by bank debt, trade credit and external equity, as well as why small firms tend to use more retained earnings and less bank debt than medium and large firms. The financing patterns of firms in Slovakia are compared to the average financing patterns of firms in selected OECD-countries. Furthermore, measures to stimulate corporate investments and their financing are proposed.

  17. Private equity y venture capital: Diferenciación y principales características

    Directory of Open Access Journals (Sweden)

    Leonel Arango Vásquez

    2015-03-01

    Full Text Available El propósito de este artículo es explicar, desde la teoría, dos posibles opciones de financiación que tienen las empresas cuando éstas no pueden acceder a las fuentes tradicionales. La industria del Capital Riesgo surge así como una fuente alternativa de financiación. Esta industria opera a través de vehículos especiales de inversión llamados fondos Private Equity y fondos Venture Capital. En general, los primeros invierten en compañías maduras y desarrolladas, mientras que los segundos lo hacen en empresas nacientes y pequeñas. El ciclo de financiación que proveen estos fondos se estructura en tres etapas principales: captación de recursos, inversión y desinversión. En este artículo se explica la diferencia entre los términos Private Equity y Venture Capital, así como las principales características de las etapas mencionadas.Palabras clave: desinversión; Capital Riesgo; captación de fondos; inversión alternativa; pymes. Private equity and venture capital: Differentiation and main characteristicsAbstractThe purpose of this article with a qualitative approach aims to determine, from the theory the business environment, when companies are not capable to obtain financing through traditional sources, the Private Equity industry is viewed as an alternative source of finance for those companies. This industry operates through special investment vehicles named Private Equity Funds and Venture Capital Funds. In general, the former invest in develop and mature firms, the latter focus on infant and small companies. The financial cycle that these funds supply is structured in three main phases: fundraising phase, investment phase, and divestment phase or exit. This paper explains the difference between Private Equity and Venture Capital, as well as the main characteristics of the mentioned phases; through the methodology of content analysis, which aims to continue the research project of Venture Capital Industry in Colombia

  18. Investments in the Brazilian electric sector; Os investimentos no setor eletrico brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Mello, Arthur Octavio Pinto Barreto de

    2008-05-15

    This work covers the investments in the Brazilian electric sector. Initially it describes the investments since 1879 in order to give a better understanding of the historical return obtained by investors, associated risks, investors' profile and investment's funding. Then some financial considerations related to new investments analysis are presented, emphasizing: the discounted cash flow theory, the equity return, the business risks and the characteristics of the main project accounts. Additionally, a hydroelectric case study is presented, in which the effect at the energy price of uncertainties in cost's projections, regional tax benefits, tax alternatives, and others are stressed. (author)

  19. Investments in the Brazilian electric sector; Os investimentos no setor eletrico brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Mello, Arthur Octavio Pinto Barreto de

    2008-05-15

    This work covers the investments in the Brazilian electric sector. Initially it describes the investments since 1879 in order to give a better understanding of the historical return obtained by investors, associated risks, investors' profile and investment's funding. Then some financial considerations related to new investments analysis are presented, emphasizing: the discounted cash flow theory, the equity return, the business risks and the characteristics of the main project accounts. Additionally, a hydroelectric case study is presented, in which the effect at the energy price of uncertainties in cost's projections, regional tax benefits, tax alternatives, and others are stressed. (author)

  20. Investment innovation trends: Factor-based investing

    Directory of Open Access Journals (Sweden)

    Sanja Centineo

    2017-05-01

    Full Text Available This article shows that it can take a long period of time until research knowledge finds its application in practice and get disseminated as innovation trend. Factor-based investing is such an example. Having its developing roots in the nineties, it took more than two decades until this approach was detected by the by investment community. The goal of this article is to recall the definition of factor investing, present its historical evolvement and motivate its recent break-through and current trend among investment practitioners (known also under the notion smart beta. It aims at familiarizing with this investment approach from a practical perspective and highlighting its diversifying benefits in a portfolio context with the potential to outperform the market on risk-adjusted basis.

  1. The role of financial market performance in hospital capital investment.

    Science.gov (United States)

    Reiter, Kristin L; Song, Paula H

    2011-01-01

    Many not-for-profit hospitals hold large portfolios of financial investments, making them vulnerable to fluctuations in market performance. This article examines the association of bond and equity market performance with investment in property, plant, and equipment by 194 not-for-profit general hospitals in California over the period 1997 to 2006. The study combines retrospective panel data from the California Office of Statewide Health Planning and Development with year-end returns on the S&P 500 and ten-year US Treasury bonds. Using fixed-effects regression, we find a significant positive association between S&P 500 performance and hospitals' capital investment; investment is not correlated with ten-year Treasury bond performance.

  2. A Measure of the Potential Impact of Hospital Community Health Activities on Population Health and Equity.

    Science.gov (United States)

    Begun, James W; Kahn, Linda M; Cunningham, Brooke A; Malcolm, Jan K; Potthoff, Sandra

    2017-12-13

    Many hospitals in the United States are exploring greater investment in community health activities that address upstream causes of poor health. Develop and apply a measure to categorize and estimate the potential impact of hospitals' community health activities on population health and equity. We propose a scale of potential impact on population health and equity, based on the cliff analogy developed by Jones and colleagues. The scale is applied to the 317 activities reported in the community health needs assessment implementation plan reports of 23 health care organizations in the Minneapolis-St Paul, Minnesota metropolitan area in 2015. Using a 5-point ordinal scale, we assigned a score of potential impact on population health and equity to each community health activity. A majority (50.2%) of health care organizations' community health activities are classified as addressing social determinants of health (level 4 on the 5-point scale), though very few (5.4%) address structural causes of health equity (level 5 on the 5-point scale). Activities that score highest on potential impact fall into the topic categories of "community health and connectedness" and "healthy lifestyles and wellness." Lower-scoring activities focus on sick or at-risk individuals, such as the topic category of "chronic disease prevention, management, and screening." Health care organizations in the Minneapolis-St Paul metropolitan area vary substantially in the potential impact of their aggregated community health activities. Hospitals can be significant contributors to investment in upstream community health programs. This article provides a scale that can be used not only by hospitals but by other health care and public health organizations to better align their community health strategies, investments, and partnerships with programming and policies that address the foundational causes of population health and equity within the communities they serve.

  3. Commercial launch systems: A risky investment?

    Science.gov (United States)

    Dupnick, Edwin; Skratt, John

    1996-03-01

    A myriad of evolutionary paths connect the current state of government-dominated space launch operations to true commercial access to space. Every potential path requires the investment of private capital sufficient to fund the commercial venture with a perceived risk/return ratio acceptable to the investors. What is the private sector willing to invest? Does government participation reduce financial risk? How viable is a commercial launch system without government participation and support? We examine the interplay between various forms of government participation in commercial launch system development, alternative launch system designs, life cycle cost estimates, and typical industry risk aversion levels. The boundaries of this n-dimensional envelope are examined with an ECON-developed business financial model which provides for the parametric assessment and interaction of SSTO design variables (including various operational scenarios with financial variables including debt/equity assumptions, and commercial enterprise burden rates on various functions. We overlay this structure with observations from previous ECON research which characterize financial risk aversion levels for selected industrial sectors in terms of acceptable initial lump-sum investments, cumulative investments, probability of failure, payback periods, and ROI. The financial model allows the construction of parametric tradeoffs based on ranges of variables which can be said to actually encompass the ``true'' cost of operations and determine what level of ``true'' costs can be tolerated by private capitalization.

  4. Equity and nuclear waste disposal

    International Nuclear Information System (INIS)

    Shrader-Frechette, K.

    1994-01-01

    Following the recommendations of the US National Academy of Sciences and the mandates of the 1987 Nuclear Waste Policy Amendments Act, the US Department of Energy has proposed Yucca Mountain, Nevada as the site of the world's first permanent repository for high-level nuclear waste. The main justification for permanent disposal (as opposed to above-ground storage) is that it guarantees safety by means of waste isolation. This essay argues, however, that considerations of equity (safer for whom?) undercut the safety rationale. The article surveys some prima facie arguments for equity in the distribution of radwaste risks and then evaluates four objections that are based, respectively, on practicality, compensation for risks, scepticism about duties to future generations, and the uranium criterion. The conclusion is that, at least under existing regulations and policies, permanent waste disposal is highly questionable, in part, because it fails to distribute risk equitably or to compensate, in full, for this inequity

  5. Public funding and private investment for R&D: a survey in China's pharmaceutical industry.

    Science.gov (United States)

    Qiu, Lan; Chen, Zi-Ya; Lu, Deng-Yu; Hu, Hao; Wang, Yi-Tao

    2014-06-13

    In recent years, China has experienced tremendous growth in its pharmaceutical industry. Both the Chinese government and private investors are motivated to invest into pharmaceutical research and development (R&D). However, studies regarding the different behaviors of public and private investment in pharmaceutical R&D are scarce. Therefore, this paper aims to investigate the current situation of public funding and private investment into Chinese pharmaceutical R&D. The primary data used in the research were obtained from the China High-tech Industry Statistics Yearbook (2002-2012) and China Statistical Yearbook of Science and Technology (2002-2012). We analyzed public funding and private investment in five aspects: total investment in the industry, funding sources of the whole industry, differences between provinces, difference in subsectors, and private equity/venture capital investment. The vast majority of R&D investment was from private sources. There is a significantly positive correlation between public funding and private investment in different provinces of China. However, public funding was likely to be invested into less developed provinces with abundant natural herbal resources. Compared with the chemical medicine subsector, traditional Chinese medicine and biopharmaceutical subsectors obtained more public funding. Further, the effect of the government was focused on private equity and venture capital investment although private fund is the mainstream of this type of investment. Public funding and private investment play different but complementary roles in pharmaceutical R&D in China. While being less than private investment, public funding shows its significance in R&D investment. With rapid growth of the industry, the pharmaceutical R&D investment in China is expected to increase steadily from both public and private sources.

  6. Equity, Economic Growth and Lifestyle

    DEFF Research Database (Denmark)

    Meyer, Niels I; Nørgaard, Jørgen; Hvelplund, Frede

    2011-01-01

    Consequences of global warming are appearing much faster than assumed just a few years ago and irreversible ”tipping points” are few years ahead [IPCC, James Hansen]. So far, strategies for mitigation of global warming have mostly been focusing on technological solutions e.g. renewable energy...... such questions as national and international equity, “limits to growth”, alternative employment policies, military and security policy and alternatives to traditional GDP as the dominant indicator of welfare and of sound development....

  7. Equity valuation of Tesco Plc.

    OpenAIRE

    Schmitz, Clemens

    2015-01-01

    This dissertation aimed to value the British retailer Tesco Plc. The objective was to determine a target price for the company and as a consequence determine a buy or sell recommendation when comparing it to the current market price. After the state of the art of literature regarding equity valuation has been assessed, the retail industry as well as Tesco have been analysed in more detail. Based on this, the retail business of Tesco has been valued using the Adjusted Present Va...

  8. Strategic pricing of equity issues

    OpenAIRE

    Klaus Ritzberger; Frank Milne

    2002-01-01

    Consider a general equilibrium model where agents may behave strategically. Specifically, suppose some firm issues new shares. If the primary market price is controlled by the issuing institution and investors' expectations on future equity prices are constant in their share purchases, the share price on the primary market cannot exceed the secondary market share price. In certain cases this may imply strict underpricing of newly issued shares. If investors perceive an influence on future sha...

  9. Equity, Economic Growth and Lifestyle

    DEFF Research Database (Denmark)

    Meyer, Niels I; Nørgaard, Jørgen; Hvelplund, Frede

    2011-01-01

    sources (RES) in the supply sector and energy efficiency in the demand sector. Much less attention has been given to potential changes in life style and to alternative economic and social systems. This chapter will focus on non-technological strategies for mitigation of global warming including...... such questions as national and international equity, “limits to growth”, alternative employment policies, military and security policy and alternatives to traditional GDP as the dominant indicator of welfare and of sound development....

  10. The persistence of risk levels of general equity funds in an emerging market economy

    Directory of Open Access Journals (Sweden)

    Rousseau Lötter

    2013-10-01

    Full Text Available The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

  11. The persistence of risk levels of general equity funds in an emerging market economy

    Directory of Open Access Journals (Sweden)

    Rousseau Lötter

    2013-12-01

    Full Text Available The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

  12. Investment in Developing Countries

    Science.gov (United States)

    Motooka, Takeshi

    1973-01-01

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

  13. Quantitative investment analysis

    CERN Document Server

    DeFusco, Richard

    2007-01-01

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

  14. Examining equity: a multidimensional framework for assessing equity in payments for ecosystem services

    OpenAIRE

    McDermott, Melanie; Mahanty, Sango; Schreckenberg, Kathrin

    2012-01-01

    Concern over social equity dominates current debates about payments for ecosystem services and reduced deforestation and forest degradation (REDD+). Yet, despite the apprehension that these initiatives may undermine equity, the term is generally left undefined. This paper presents a systematic framework for the analysis of equity that can be used to examine how local equity is affected as the global value of ecosystem services changes. Our framework identifies three dimensions that form the c...

  15. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

  16. Private label brand equity: a conceptual framework

    OpenAIRE

    Xara-Brasil, Duarte; Marreiros, Cristina; Dionísio, Andreia

    2012-01-01

    Trabalho apresentado na AMA/ACRA First Triennial Conference, 18-21 de abril de 2012, Seattle, USA This paper presents a conceptual framework to analyze private label brand equity in a retail context. Several authors proposed brand equity models as Aaker (1996), Keller (1993) and Yoo and Donthu (2001), and specific research has been done in retail industry (Jara & Cliquet, 2009), (Pappu & Quester, 2006). To study private label brand equity, we suggest a framework based on the Yo...

  17. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...

  18. Investment in capital markets

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2017-01-01

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

  19. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Emine Çına Bal

    2015-03-01

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

  1. How social policy contributes to the distribution of population health: the case of gender health equity.

    Science.gov (United States)

    Beckfield, Jason; Morris, Katherine Ann; Bambra, Clare

    2018-02-01

    In this study we aimed to analyze gender health equity as a case of how social policy contributes to population health. We analyzed three sets of social-investment policies implemented in Europe and previously hypothesized to reduce gender inequity in labor market outcomes: childcare; active labor market programs; and long-term care. We use 12 indicators of social-investment policies from the OECD Social Expenditure Database, the OECD Family Database, and the Social Policy Indicators' Parental Leave Benefit Dataset. We draw outcome data from the 2015 Global Burden of Disease for years lived with disability and all-cause mortality among men and women ages 25-54 for 18 European nations over the 1995-2010 period. We estimate 12 linear regression models each for mortality and morbidity (i.e. years lived with disability), one per social-investment indicator. All models use country fixed-effects and cluster-robust standard errors. For years lived with disability, women benefit more from social investment for most indicators. The only exception is the percentage of young children in publicly funded childcare or schooling, which equally benefits men. For all-cause mortality, men benefit more or equally from social investment for most indicators, while women benefit more from government spending on direct job creation through civil employment. Social policy contributes to the distribution of population health. Social-investment advocates argue such policies in particular enhance economic gender equity. Our results show that these polices have ambiguous effects on gender health equity and even differential improvements among men for some outcomes.

  2. Sustainable Markets Investment Briefings: Foreign investment contracts

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the fourth of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 4 sets out some of the ways in which foreign investment contracts can impact on sustainable development.

  3. Reviewing the Concept of Brand Equity and Evaluating Consumer-Based Brand Equity (CBBE) Models

    OpenAIRE

    Sanaz Farjam; Xu Hongyi

    2015-01-01

    The purpose of this paper is to explore the concept of brand equity and discuss its different perspectives, we try to review existing literature of brand equity and evaluate various Customer-based brand equity models to provide a collection from well-known databases for further research in this area.Classification-JEL: M00

  4. Is equity confined to the shorter term projects - and if not, what does it need?

    International Nuclear Information System (INIS)

    Cryan, T.

    1996-01-01

    There are two types of equity investor generally found in shorter term energy projects: energy project developers or sponsors who view a given project as buying or building a business; and financial investors who have viewed an investment as buying a stream of cash flows. This article examines the objectives and needs of these two investor groups, and discusses the principal issues which govern their respective decision-making process. (author)

  5. FASB (Financial Accounting Standards Board) issues new accounting rules for debt and equity securities.

    Science.gov (United States)

    Reinstein, A; Bayou, M E

    1994-10-01

    The Financial Accounting Standards Board (FASB) recently issued a new statement that requires all companies to change their methods of accounting for debt and equity securities. Rather than allowing organizations to use a historical cost approach in accounting for such financial instruments, FASB Statement No. 115 requires organizations to adopt a market value approach. The provisions of this statement will affect significantly organizations in the healthcare industry that have large investment portfolios.

  6. Predictability of Equity REIT Returns: Implications for Property Tactical Asset Allocation

    OpenAIRE

    John Okunev; Patrick J. Wilson

    2008-01-01

    This study presents further evidence of the predictability of excess equity REIT (real estate investment trust) returns. Recent evidence on forecasting excess returns using fundamental variables has resulted in diminishing returns from the 1990’s onward. Trading strategies based on these forecasts have not significantly outperformed the buy/hold strategy of the 1990’s. We have developed an alternative strategy that is based on the time variation of the risk premium of investors. Our results i...

  7. Action Investment Energy Games

    DEFF Research Database (Denmark)

    Larsen, Kim Guldstrand; Laursen, Simon; Srba, Jiri

    2012-01-01

    We introduce the formalism of action investment energy games where we study the trade-off between investments limited by given budgets and resource constrained (energy) behavior of the underlying system. More specifically, we consider energy games extended with costs of enabling actions and fixed...... budgets for each player. We ask the question whether for any Player 2 investment there exists a Player 1 investment such that Player 1 wins the resulting energy game. We study the action investment energy game for energy intervals with both upper and lower bounds, and with a lower bound only, and give...

  8. Promoting Islamic Private Equity Fund As An Ideal Financial Intermediary Institution

    Directory of Open Access Journals (Sweden)

    Nashr Akbar

    2017-12-01

    Full Text Available The existence of financial intermediation institution is quite necessary to support the economic activity. It serves both surplus unit and deficit unit to meet their wants whereby the former wants to invest his money in the lack of skill, while the latter wants to develop their businesses but does not have adequate capital. Bank institution is the most common institution serving the people’s need of financial intermediation. However, bank has several weaknesses that may harm and hamper the economic development. This paper aims to explore the weaknesses of banks as financial intermediary institutions and then promote Islamic Private Equity Fund as alternative. The result showed that the weaknesses of banks are: 1 fractional reserve banking, 2 fiat money, 3 debt-based investment, 4 risk averse. Furthermore, the study also found that Islamic Private Equity Fund can serve as an ideal financial intermediary institution due to some strengths: 1 no fractional reserve banking, 2 equity-based investment and 3 risk taker

  9. Investing for a low carbon economy. Special issue COP21

    International Nuclear Information System (INIS)

    Guez, Herve; Basselier, Clotilde; Bennani, Zineb; Coeslier, Manuel; Dufour, Mathilde; Dunand-Chatellet, Lea; Guez, Herve; Lauverjat Celine; Ostiari, Emmanuelle; Smia, Ladislas; Bonnin, Marguerite; Briand, Marc; Favier, Julien; Finidori, Esther; Wigley, Chris; Dobie, Jacqueline; Mary Ellis, Susannah; Kiernan, Shannon; Lefer, Elizabeth; Perrin, Elsa; Treadwell, Christopher; Zerner, Rachel

    2015-11-01

    investments in project companies based on renewable energy assets in France and Europe. Mirova's renewable energies funds, including its latest launch, Mirova Eurofideme, have generated 730 MW of new production capacity and contributed to avoiding 1.4 million of CO_2 emissions. - Green bonds: a direct link between financing and projects Mirova was one of the first asset management firms in the world to launch a green bond product: Mirova Green Bond - Global. By financing tangible assets and ensuring transparency regarding the deployment of the capital raised, green bonds enable issuers to diversify their investor bases, while enabling investors to actively participate in financing the energy transition. - Listed equities: committed theme-based asset management Mirova proposes fundamental conviction-based asset management covering European and global equities, focusing on companies providing sustainable development solutions. Mirova Global Transition Energy Equity Fund invests worldwide in companies offering products and services aiming to reduce greenhouse gas emissions

  10. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...... standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible...... investment model identified. Implications of the altered investment problem are investigated when the dynamics between portfolio risk, expected return and responsibility is considered. Relying on the definition of a responsible investor, it is shown how superior investment opportunities can emerge when...

  11. Accounting Issues: An Essay Series Part VI--Investments in Securities

    Science.gov (United States)

    Laux, Judy

    2008-01-01

    The sixth in a series of theory-based essays, this article presents accounting for investments in debt and equity securities along with some related conceptual and measurement issues. Additional coverage is devoted to potential ethical dilemmas and both theoretical and empirical literature related to this asset. (Contains 1 footnote.)

  12. The invisible hand? Using tax credits to encourage institutional investment in social housing

    NARCIS (Netherlands)

    Blessing, A.; Gilmour, T.

    2011-01-01

    Over recent decades many developed countries have commercialised the provision of state-subsidised housing, and introduced a stronger role for market forces. Government financial support now often aims to leverage debt or equity investment. Spearheading this policy change is a quest for the ‘Holy

  13. The Impact of Assets-in-Place on Corporate Financing and Investment Decisions

    DEFF Research Database (Denmark)

    Clausen, Saskia; Flor, Christian Riis

    2015-01-01

    assets-in-place) mainly use debt financing, whereas young high-growth firms (without assets-in-place) frequently use equity financing and signal their type by early investment. Simulation analyses conrm this and our model is thus able to explain empirical patterns which contradict the static pecking...

  14. Do social factors influence investment behavior and performance? Evidence from mutual fund holdings

    NARCIS (Netherlands)

    Borgers, Arian; Derwall, J.M.M.; Koedijk, Kees; ter Horst, Jenke

    2015-01-01

    We study the economic significance of social dimensions in investment decisions by analyzing the holdings of U.S. equity mutual funds over the period 2004-2012. Using these holdings, we measure funds' exposures to socially sensitive stocks in order to answer two questions. What explains

  15. 78 FR 39820 - Notice Seeking Exemption Under the Small Business Investment Act, Conflicts of Interest

    Science.gov (United States)

    2013-07-02

    ... Seeking Exemption Under the Small Business Investment Act, Conflicts of Interest Notice is hereby given... Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration...'s equity. Therefore this transaction is considered a financing constituting a conflict of interest...

  16. Consumer Based-Brand Equity

    OpenAIRE

    Ekinci, Yuksel

    2014-01-01

    Research Objectives The objectives of this study are to: - Assess external validity of Nam et al.’s (2011) CBBE model in different culture (Turkey) and new service context (fashion retailing). - Compare validity of Nam et al.’s (2011) CBBE model with the brand equity model introduced by Yoo and Donthu (2001). - Expand the Nam et al.’s (2011) model by introducing “brand awareness”. Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech.

  17. Equity in the social sciences

    International Nuclear Information System (INIS)

    Enbar, M.

    1984-01-01

    This review suggests that many social scientists and philosophers are increasingly sensitive to the ethical and moral dimensions of analytic endeavors and of normative policymaking, in particular to the fact that no purely technical fix exists for problems whose solutions impinge upon the political process. The presence of equity issues widens the scope of the decision making process, requiring the consideration of a broader field of options and consequences and an awareness of the institutional and social fabrics from which solutions to previous analogous problems were fashioned. Current policy must reflect greater sensitivity to the distributional outcomes of major collective decisions and to the moral and ethical foundations which underlie them. 85 references

  18. PNG Education System: Equity Trends and Comparisons.

    Science.gov (United States)

    Sheret, Michael

    This paper identifies and discusses inequities in the educational system of Papua New Guinea (PNG). It begins by explaining the use of the Gini coefficient as an equity index, and then discusses inequities and equity trends in four concern areas: geographic distribution of formal education between provinces; educational achievement; distribution…

  19. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    2018-01-01

    constructed from intraday effective spreads for a large panel of U.S. equities, and they are robust to different empirical implementations. Our findings are consistent with evidence that market makers in the equity options market hold large and risky net long positions, and positive illiquidity premia...

  20. Accessibility, equity and efficiency. Part 1: Introduction

    NARCIS (Netherlands)

    Geurs, Karst Teunis; Dentinho, T.; Patuelli, R.; Geurs, K.T.; Patuelli, R.; Dentinho, T.

    2016-01-01

    The tension between efficiency and equity has been the focus of major debate since equity aspects started to be considered as part of project evaluation procedures (Thomopoulos et al. 2009). In this book, we contribute to the debate by focusing on the links and trade-offs between accessibility,

  1. Equity Mispricing and Leverage Adjustment Costs

    NARCIS (Netherlands)

    Warr, R.S.; Elliott, W.B.; Koeter-Kant, J.; Oztekin, O.

    2012-01-01

    We find that equity mispricing impacts the speed at which firms adjust to their target leverage (TL) and does so in predictable ways depending on whether the firm is over- or underlevered. For example, firms that are above their TL and should therefore issue equity (or retire debt) adjust more

  2. On the Real Effects of Private Equity

    NARCIS (Netherlands)

    P.G.J. Roosenboom (Peter)

    2009-01-01

    textabstractPrivate equity has become an increasingly important part of our economy. Around the world the companies owned by private equity investors account for a substantial percentage of Gross Domestic Product (GDP) and private sector employment. These investors have recently been under fire in

  3. Explaining the performance of Chinese equity funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Shi, Qiqiang

    2013-01-01

    This paper examines the determinants of Chinese equity fund performance measured by market benchmark adjusted returns and risk adjusted return (Jensen’s Alpha). The sample covers 193 equity funds from January 2006 to December 2011, including both bear (2008 and 2011) and bull (2006, 2007, 2009, and

  4. Leisure Today: Equity Issues in Leisure Services.

    Science.gov (United States)

    Dustin, Daniel L., Ed.; And Others

    1990-01-01

    Seven articles on equity issues in leisure services focus on conservation for the future, resource allocation inequities in wildland recreation, leisure services for people of color and people with disabilities, serving all children in community recreation, women and leisure services, and equity in public sector resource allocations. (JD)

  5. Investigating different factors influencing on brand equity

    Directory of Open Access Journals (Sweden)

    Afsane Zamanimoghadam

    2014-07-01

    Full Text Available The purpose of this paper is to determine and prioritize factors influencing on brand equity in consumer’s point of view for a case study of Samsung appliance consumers in city of Tehran, Iran. The study investigates the effects of four factors in terms of the customer's perspective, price, advertisement, family and brand image, by dimensions of brand equity, perceived quality, brand awareness, brand association, brand loyalty, on brand equity. The research method is based on a descriptive-survey research. The questionnaire includes Samsung consumers in city of Tehran, Iran. To test the hypotheses, SPSS and LISREL software packages are used. For data analysis, descriptive statistics and inferential statistical tests including structural equation modeling and path analysis are used. The results of the survey have indicated that family and brand image influence positively on brand equity but the effects of advertisement and price on brand equity were not confirmed.

  6. Cross-sectional returns with volatility regimes from a diverse portfolio of emerging and developed equity indices

    Directory of Open Access Journals (Sweden)

    Paweł Sakowski

    2016-10-01

    Full Text Available This article aims to extend evaluation of the classic multifactor model of Carhart (1997 for the case of global equity indices and to expand analysis performed in Sakowski et. al. (2015. Our intention is to test several modifications of these models to take into account different dynamics of equity excess returns between emerging and developed equity indices. Proposed extensions include a volatility regime switching mechanism (using dummy variables and the Markov approach and the fifth risk factor based on realized volatility of index returns. Moreover, instead of using data for stocks of a particular market (which is a common approach in the literature, we check performance of these models for weekly data of 81 world investable equity indices in the period of 2000-2015. Such an approach is proposed to estimate an equity risk premium for a single country. Empirical evidence reveals important differences between results for classical models estimated on single stocks (either in international or US-only frameworks and models evaluated for equity indices. Additionally, we observe substantial discrepancies between results for developed countries and emerging markets. Finally, using weekly data for the last 15 years we illustrate the importance of model risk and data overfitting effects when drawing conclusions upon results of multifactor models.

  7. Managerial Challenges in Investment Market Research

    Directory of Open Access Journals (Sweden)

    Daniel Manaţe

    2012-12-01

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

  8. India welcomes foreign investment in power

    International Nuclear Information System (INIS)

    Kishewitsch, S.

    1993-01-01

    India's electricity supply capacity is 72 GW, and there are plans to add 48 GW every five years for the next 15 years. Economic growth is about 6% and new policies have been implemented to encourage foreign investment in the electric power sector, since state electricity boards lack funds for expansion. Ceilings on foreign ownership have been removed, tariffs are being reduced, rupees are made convertible on trade accounts, and licenses now have 30-year terms. To ensure investor interest, the national parliament has guaranteed a 16% return on equity. Power system developers interested in the Indian market will have to overcome problems associated with bureaucratic inefficiency, low load factors, a high percentage of rural population, lack of local financing, uneven quality of coal supplies, cumbersome regulations, poor maintenance of equipment, transportation delays, and widespread theft of power. In some areas of India, investments in improving the efficiency of the transmission or generation system, or improving efficiency of end-use industrial processes, could be more cost-effective than building new power plants. Recommendations are made for Canadian firms interested in investing in India's electric power sector

  9. NEGATIVE CURRENCY-RISK-EXPOSURE FOR TURKISH EQUITIES

    Directory of Open Access Journals (Sweden)

    Salvatore J. Terregrossa

    2016-04-01

    Full Text Available Currency-risk-exposure is an issue for Turkish equities, from two different angles: internationaltrade and foreign-portfolio-investment. The likely effect is positive for the former, and negative for the latter aspect. Consequently, the overall or net effect on equity value depends on which of these aspects of currency-risk-exposure has the greater impact. The present empirical analysis estimates currency risk of Turkish equities within a multi-factor regression setting, utilizing the framework of the Security Market Plane (SMP model. The SMP model embodies a conditional relation among three variables: beta, realized excess market-return, and expected excess portfolio-return. The SMP empirical framework is extended to include a currency-risk-factor in the present analysis. The currency-risk-factor is specified as the excess return to holding foreign currency (€; $, relative to holding domestic currency (Turkish Lira. The SMP-related factor is the cross-product term of beta and realized excess market-return (β it rMt . A regression of realized excess portfolio-returns against the corresponding currency-risk-factor and cross product-term (β it rMt finds that the Turkish stocks represented in the analysis generally have overall negative currency-risk-exposure; suggesting that unexpected currency depreciation generally leads to lower values for Turkish stocks (and portfolios of Turkish stocks. Thus, after accounting for the SMP-related interaction-effect between beta and realized excess marketreturn, currency risk is found to command a premium for the Turkish stocks represented in the analysis.

  10. THE BORROWER CHARACTERISTICS IN HOT EQUITY MARKETS

    Directory of Open Access Journals (Sweden)

    HALIL DINCER KAYA

    2017-06-01

    Full Text Available In this study, I examine the characteristics of U.S. corporate borrowers (public debt, private placement, and syndicated loan firms in HOT versus COLD equity markets. My main objective is to see the characteristics of firms that choose debt financing even when the equity market is HOT. HOT equity markets are defined as the top twenty percent of the months in terms of the de-trended number of equity offerings. I find that the HOT equity market borrowers generally have higher market-to-book ratios compared to the COLD market borrowers. Also, in HOT equity markets, the public debt firms (i.e. the corporate bond issuers tend to have fewer tangible assets, the private placement firms tend to be smaller and highly levered, and the syndicated loan firms tend to be smaller, more profitable, and less levered compared to the COLD market firms. When I look at the number of transactions in each market, I find that when the equity market is active (i.e. HOT, the syndicated loan market is even more active. During these periods, the public debt market is also active (although not as much as the equity or the syndicated loan markets. When I look at the sizes of the transactions in each market, I find that the private placements tend to be significantly larger in HOT markets compared to COLD markets. I conclude that while the equity, the public debt, and the syndicated loan markets move together in terms of market activity, the equity market and the private placement markets move together in terms of the size of the transaction.

  11. The global interdependence among oil-equity nexuses

    International Nuclear Information System (INIS)

    Huang, Shupei; An, Haizhong; Gao, Xiangyun; Wen, Shaobo; Jia, Xiaoliang

    2016-01-01

    We propose a global network model to investigate the interdependence among the oil-equity nexuses from different countries in various time horizons based on wavelet coherence and gray correlation. The stock indexes from 28 countries and crude oil prices of WTI (​West Texas Intermediate price) and Brent are the sample. We obtain the following primary results: Oil-equity nexuses throughout the world are well-integrated across time scales; Ireland, the Netherlands, Norway, Singapore, Demark, Germany and the Czech Republic for Brent-stock nexuses and Ireland, the Netherlands, Netherlands, Singapore, Japan, Germany and Malaysia for WTI-stock nexuses, successively corresponding to the frequency bands of 4 days–256 days, can be treated as a benchmark and can spread their fluctuations to other nexuses easily and rapidly. By contrast, China is more isolated in most time horizons and could be the ideal risk-hedging choice. Next, the global interdependence among oil-stock nexuses is characterized by the clustering effect, by which geographical factors and the oil production-consumption profile can exert their influence in most time horizons. In contrast, the speculation deals as well as energy policy and stagey are primarily influential in certain frequency bands. Thus, the decision-making for different time horizons could consider corresponding references. - Highlights: • Global interactions among oil-stock nexuses are invested. • Interdependence among oil-stock nexuses for Brent and WTI are both integrated. • Oil-stock nexuses networks are characterized by Multiscale and cluster effecting.

  12. Determinants of Discretionary Investments

    Directory of Open Access Journals (Sweden)

    K. S. Sujit

    2016-03-01

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

  13. Investment and uncertainty

    DEFF Research Database (Denmark)

    Greasley, David; Madsen, Jakob B.

    2006-01-01

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

  14. Equity venture capital platform model based on complex network

    Science.gov (United States)

    Guo, Dongwei; Zhang, Lanshu; Liu, Miao

    2018-05-01

    This paper uses the small-world network and the random-network to simulate the relationship among the investors, construct the network model of the equity venture capital platform to explore the impact of the fraud rate and the bankruptcy rate on the robustness of the network model while observing the impact of the average path length and the average agglomeration coefficient of the investor relationship network on the income of the network model. The study found that the fraud rate and bankruptcy rate exceeded a certain threshold will lead to network collapse; The bankruptcy rate has a great influence on the income of the platform; The risk premium exists, and the average return is better under a certain range of bankruptcy risk; The structure of the investor relationship network has no effect on the income of the investment model.

  15. Impact of global investment processes on ukrainian share market

    Directory of Open Access Journals (Sweden)

    O.К. Zotsenko

    2015-03-01

    Full Text Available The paper investigates the effects of financial and investment processes on the Ukrainian share market. The research analyzed and estimated investment climate in Ukraine. The study highlights a comparison of the domestic share market with share markets of other countries. In terms of share capitalization of listed companies in the GDP determined that equity is the most developed in the USA and UK. Largest share markets with highest capitalization rate characterized. The regional distribution of the share market capitalization by continents are shown. The study of the dynamics of Ukrainian and global share indexes revealed that the Ukrainian share market indexes show a constant volatility and unpredictability. Correlation Ukrainian stock indexes with indexes in Europe, Russia and America is very weak, which is a very negative trend of the stock market of Ukraine. The key problems and risks of the domestic investments are defined which are consequences of downturn in the Ukrainian share market.

  16. Confronting the Equity "Learning Problem" through Practitioner Inquiry

    Science.gov (United States)

    Ching, Cheryl D.

    2018-01-01

    This study examined how participation in an inquiry-based workshop on assessing course syllabi for equity-mindedness and cultural inclusivity fostered community college math faculty learning about racial/ethnic equity and equity-mindedness. Findings show that the workshop prompted reflection on what equity means and how participants' teaching…

  17. Value Relevance of Investment Properties: Evidence from the Brazilian Capital Market

    Directory of Open Access Journals (Sweden)

    Ketlyn Alves Gonçalves

    2017-04-01

    Full Text Available This study investigates the relevance to the capital market of the assets recognized as investment properties of companies listed on the BM&F BOVESPA, in the period from 2011 to 2014. The research conducted was based on the Ohlson model (1995 and panel analysis was carried out using linear regression with POLS and Fixed and Random Effects estimators. Two hypothesis were made: (i that Earning and Equity generate accounting information relevant to investors; and (2 that Earning, Equity and Investment Property generate accounting information relevant to investors, assuming that investment properties have incremental effect on the relevance of this information relative only to earning and to equity. Both hypotheses were rejected, so it is concluded that Investment Property assets are not of value relevance in the determination of share price and do not influence the decision making of users of accounting information. The study adds to the limited literature on the value relevance of Investment Property, permitting a better understanding of the impact of accounting disclosures used by companies on their market value.

  18. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

    Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

  19. Indicators of responsible investing

    NARCIS (Netherlands)

    Scholtens, Bert

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

  20. Missouri airport investment study

    Science.gov (United States)

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

  1. RUSSIAN INDUSTRY INVESTMENT SITUATION

    Directory of Open Access Journals (Sweden)

    O. V. Pochukaeva

    2011-01-01

    Full Text Available The actual deficiency of investment into Russian industry innovative development increases its technological drag from industries of countries with developed markets. Although the rate of investment into real sectors of Russian economics mid 2000 was higher compared to the previous period, annual investment amounts were much lower than in 1990. At present, highest investment amounts are directed to industry extractive branches and to the commerce. Amounts invested to various economy branches do not correspond to their contribution to the country’sGross Added Product; particularly underinvested are manufacturing industry branches. At present, foreign share in the country economy total investment makes 15–18%. Recently, most interesting for foreigners was investment to machine-building branches with overwhelming part (for example, 90% in 2007–2008 of foreign investment into the machine-building industry being directed to creation of new automobile plants. Today, first place in the list of foreign investors’ preferences in Russia is taken by the machine-tool construction sector.

  2. Investment for food

    NARCIS (Netherlands)

    Groenveld, D.

    1961-01-01

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

  3. Considerations in Duplex Investment.

    Science.gov (United States)

    Wright, Arthur; Goen, Tom

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

  4. The Investment Policy Statement

    Science.gov (United States)

    Griswold, John S.; Jarvis, William F.

    2011-01-01

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

  5. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    2018-01-01

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the crosssectional variation. Furthermore, these principal components are highly correlated with the S&P 500 index option...... volatility, skew, and term structure, respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that covaries more with the market...

  6. Banking Firm, Equity and Value at Risk

    Directory of Open Access Journals (Sweden)

    Udo Broll

    2012-12-01

    Full Text Available The paper focuses on the interaction between the solvency probability of a banking firm and the diversification potential of its asset portfolio when determining optimal equity capital. The purpose of this paper is to incorporate value at risk (VaR into the firm-theoretical model of a banking firm facing the risk of asset return. Given the necessity to achieve a confidence level for solvency, we demonstrate that diversification reduces the amount of equity. Notably, the VaR concept excludes a separation of equity policy and asset-liability management.

  7. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the cross-sectional variation. Furthermore, these principal components are highly correlated with the S&P500 index option...... volatility, skew, and term structure respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that co-varies more with the market...

  8. Equity trees and graphs via information theory

    Science.gov (United States)

    Harré, M.; Bossomaier, T.

    2010-01-01

    We investigate the similarities and differences between two measures of the relationship between equities traded in financial markets. Our measures are the correlation coefficients and the mutual information. In the context of financial markets correlation coefficients are well established whereas mutual information has not previously been as well studied despite its theoretically appealing properties. We show that asset trees which are derived from either the correlation coefficients or the mutual information have a mixture of both similarities and differences at the individual equity level and at the macroscopic level. We then extend our consideration from trees to graphs using the "genus 0" condition recently introduced in order to study the networks of equities.

  9. Competition in investment banking

    Directory of Open Access Journals (Sweden)

    Katrina Ellis

    2011-01-01

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

  10. The Equity-Equality Conflict

    DEFF Research Database (Denmark)

    Scheuer, Steen

    2013-01-01

    -for-performance systems) perceived as fair and when are they not? When can differences in contribution (equity) overrule the social norm of equality? Which contingent reward structure should be applied for teamwork members, if any? Which structure to motivate employees to a continuous search for smarter working......This article investigatesthe factors that determine workplace actors’ appeal to social norms of fairness in some situations and what ‘fairness’ is perceived as consisting of. When is a pay level considered as relativity fair, and when is it not? When are contingent pay systems (i.e. pay...... procedures and solutions? These are central concerns of motivation theory, where rational choice decisions are counterbalanced by endowment effectsor other fairness concerns. Management is placed in a dilemma between what is, e.g., an economically rational structure of incentives, on the one hand, and what...

  11. Liquidity Risk and Distressed Equity

    DEFF Research Database (Denmark)

    Medhat, Mamdouh

    I show theoretically and empirically that cash holdings can help rationalize the low returns to distressed equity. In my model, levered firms with financing constraints optimally choose their cash holdings to eliminate liquidity risk and optimally default when insolvent. Using data on solvency......, liquidity, and returns for US firms, I find evidence consistent with the model’s predictions: (1) In all solvency levels, the average firm holds enough liquid assets to cover its short-term liabilities; less solvent firms have (2) a higher fraction of their total assets in liquid assets and therefore (3......) lower conditional betas and (4) lower returns; (5) the profits of long-short solvency strategies are highest among firms with low liquidity; and (6) the profits of long-short liquidity strategies are highest among firms with low solvency....

  12. Venture Capital and Other Private Equity: A Survey

    OpenAIRE

    Andrew Metrick; Ayako Yasuda

    2010-01-01

    We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings highlig...

  13. Effect of Dimensions of Service Quality on the Brand Equity in the Fast Food Industry

    Directory of Open Access Journals (Sweden)

    Esmaeilpour Majid

    2016-12-01

    Full Text Available Due to the increasing competition in the industry and service sectors, creating the powerful brands has great importance in these industries. One of the main factors that help to create a powerful brand is investment and improving the quality of services. Nowadays, the competition for improving the quality of services is raised as a key strategic issue for organizations that operate in the services sector. The aim of this research is to investigate how the dimensions of service quality affect the brand equity in the fast food industry. The customers of fast food industry (Restaurant Raphael in Boushehr constitute the statistical population of this research. Given that the statistical population is unlimited, through sampling 390 questionnaires were distributed, collected and analyzed. For analyzing the data, the structural equations modelling was used by help of the software smart PLS. The results show that the entire dimensions of service quality of model SERVQUAL (tangible factors of services, reliability, responsiveness, assurance and empathy have a positive and significant impact on the brand equity. It also became clear that among the five dimensions of quality of services, the tangible factors of services have the most impact on the brand equity in the fast food industry. So implementing the programs to enhance the quality of services will have to a very large extent a positive effect on increasing the brand equity in the fast food industry.

  14. Public funding and private investment for R&D: a survey in China’s pharmaceutical industry

    Science.gov (United States)

    2014-01-01

    Background In recent years, China has experienced tremendous growth in its pharmaceutical industry. Both the Chinese government and private investors are motivated to invest into pharmaceutical research and development (R&D). However, studies regarding the different behaviors of public and private investment in pharmaceutical R&D are scarce. Therefore, this paper aims to investigate the current situation of public funding and private investment into Chinese pharmaceutical R&D. Methods The primary data used in the research were obtained from the China High-tech Industry Statistics Yearbook (2002–2012) and China Statistical Yearbook of Science and Technology (2002–2012). We analyzed public funding and private investment in five aspects: total investment in the industry, funding sources of the whole industry, differences between provinces, difference in subsectors, and private equity/venture capital investment. Results The vast majority of R&D investment was from private sources. There is a significantly positive correlation between public funding and private investment in different provinces of China. However, public funding was likely to be invested into less developed provinces with abundant natural herbal resources. Compared with the chemical medicine subsector, traditional Chinese medicine and biopharmaceutical subsectors obtained more public funding. Further, the effect of the government was focused on private equity and venture capital investment although private fund is the mainstream of this type of investment. Conclusions Public funding and private investment play different but complementary roles in pharmaceutical R&D in China. While being less than private investment, public funding shows its significance in R&D investment. With rapid growth of the industry, the pharmaceutical R&D investment in China is expected to increase steadily from both public and private sources. PMID:24925505

  15. Thorny roses: The motivations and economic consequences of holding equity stakes in financial institutions for China’s listed nonfinancial firms

    Directory of Open Access Journals (Sweden)

    Liping Xu

    2017-06-01

    Full Text Available The reforms of China’s financial system have significantly changed the country’s financial sector. One noteworthy phenomenon is that many nonfinancial firms have obtained equity stakes in financial institutions. This study investigates the motivations behind and economic consequences of this recent proliferation of investments in financial institutions by nonfinancial listed firms. We find that the motivations for holding equity stakes in financial institutions include alleviating the pressure of industry competition, reducing transaction costs, and diversification to reduce risk. These investments, however, have double-edged effects on the performance of the investing firms. While their investment income increases, their operating income and overall return on assets decrease, as the investment income cannot compensate for the decrease in other operating income. The investing firms’ cost of debt also increases, their cash-holding decreases, and stock price performance does not improve after investing in financial institutions. These effects contrast with the enthusiasm nonfinancial listed firms have for investing in financial institutions. The empirical findings in this study can inform financial industry regulators and decision-makers in listed firms. We advise nonfinancial firms to be cautious when considering investing in financial institutions.

  16. Equity and Value in 'Precision Medicine'.

    Science.gov (United States)

    Gray, Muir; Lagerberg, Tyra; Dombrádi, Viktor

    2017-04-01

    Precision medicine carries huge potential in the treatment of many diseases, particularly those with high-penetrance monogenic underpinnings. However, precision medicine through genomic technologies also has ethical implications. We will define allocative, personal, and technical value ('triple value') in healthcare and how this relates to equity. Equity is here taken to be implicit in the concept of triple value in countries that have publicly funded healthcare systems. It will be argued that precision medicine risks concentrating resources to those that already experience greater access to healthcare and power in society, nationally as well as globally. Healthcare payers, clinicians, and patients must all be involved in optimising the potential of precision medicine, without reducing equity. Throughout, the discussion will refer to the NHS RightCare Programme, which is a national initiative aiming to improve value and equity in the context of NHS England.

  17. Equity Theory Ratios as Causal Schemas

    Directory of Open Access Journals (Sweden)

    Alexios Arvanitis

    2016-08-01

    Full Text Available Equity theory approaches justice evaluations based on ratios of exchange inputs to exchange outcomes. Situations are evaluated as just if ratios are equal and unjust if unequal. We suggest that equity ratios serve a more fundamental cognitive function than the evaluation of justice. More particularly, we propose that they serve as causal schemas for exchange outcomes, that is, they assist in determining whether certain outcomes are caused by inputs of other people in the context of an exchange process. Equality or inequality of ratios in this sense points to an exchange process. Indeed, Study 1 shows that different exchange situations, such as disproportional or balanced proportional situations, create perceptions of give-and-take on the basis of equity ratios. Study 2 shows that perceptions of justice are based more on communicatively accepted rules of interaction than equity-based evaluations, thereby offering a distinction between an attribution and an evaluation cognitive process for exchange outcomes.

  18. RELIGIOUS AND CULTURAL ISSUES IN GENDER EQUITY ...

    African Journals Online (AJOL)

    Admin

    RELIGIOUS AND CULTURAL ISSUES IN GENDER EQUITY: IMPLICATION FOR ... Education and Culture of any country determine its developmental rate. Culture affects the way ... expectations that people of one gender are expected to fulfill ...

  19. Iranian nursing students' perspectives of educational equity.

    Directory of Open Access Journals (Sweden)

    Shahrzad Ghiyasvandian

    2014-12-01

    Full Text Available Around the world there is a growing consensus that students' rights must be protected, regardless of race, creed, color, sex, religion, and socioeconomic status. One of these rights is the educational equity. However, little is known about these phenomena in nursing education. The aim of this study was to explore the educational equity from the perspective of nursing students. A qualitative study was conducted. Thus, we purposefully recruited for in-depth interviews 13 nursing students (8 female and 5 male. All interviews were transcribed verbatim and analyzed by thematic analysis approach to identify categories and themes. Four main themes emerged from the data: Fair Educational Opportunity, fair evaluation, attempts to combat discrimination, and employing qualified teachers.  It is argued that educational equity should be developed in higher education. Principles of equity and students' rights may form the most basic rationale for all formal and informal efforts to extend the right of equal access to education.

  20. Improvement of Educational Equity & Teacher Training

    Directory of Open Access Journals (Sweden)

    María J. Rodríguez

    2013-10-01

    Full Text Available Educational improvement for equity and professional teacher development are crucial issues concerning the essential right all students have of a good education. Firstly the article proposes a contextual reflection on improvement, some considerations related to well known traditions in the field and particularly the social justice and its relationships and implication for educational politics, curriculum, teaching, teacher and community. Secondly, it claims for the coherence of teacher professional development to educational equity. Different analysis and proposals are outlined related to policies and tasks the public administration should undertake and some dimensions of teacher education are considered attending educational equity criteria. Professional learning communities are described and valued as a hypothetical framework in order to improve equity and teacher education relationships.

  1. 76 FR 6774 - Equity and Excellence Commission

    Science.gov (United States)

    2011-02-08

    ... rise to the achievement gap, with a focus on systems of finance, and recommend appropriate ways in... recommendations for restructuring school finance systems to achieve equity in the distribution of educational...

  2. 76 FR 55059 - Equity and Excellence Commission

    Science.gov (United States)

    2011-09-06

    ... gap, with a focus on systems of finance, and recommend appropriate ways in which Federal policies... restructuring school finance systems to achieve equity in the distribution of educational resources and further...

  3. Equity Theory Ratios as Causal Schemas.

    Science.gov (United States)

    Arvanitis, Alexios; Hantzi, Alexandra

    2016-01-01

    Equity theory approaches justice evaluations based on ratios of exchange inputs to exchange outcomes. Situations are evaluated as just if ratios are equal and unjust if unequal. We suggest that equity ratios serve a more fundamental cognitive function than the evaluation of justice. More particularly, we propose that they serve as causal schemas for exchange outcomes, that is, they assist in determining whether certain outcomes are caused by inputs of other people in the context of an exchange process. Equality or inequality of ratios in this sense points to an exchange process. Indeed, Study 1 shows that different exchange situations, such as disproportional or balanced proportional situations, create perceptions of give-and-take on the basis of equity ratios. Study 2 shows that perceptions of justice are based more on communicatively accepted rules of interaction than equity-based evaluations, thereby offering a distinction between an attribution and an evaluation cognitive process for exchange outcomes.

  4. 28 CFR 548.15 - Equity.

    Science.gov (United States)

    2010-07-01

    ... Beliefs and Practices of Committed Offenders § 548.15 Equity. No one may disparage the religious beliefs of an inmate, nor coerce or harass an inmate to change religious affiliation. Attendance at all...

  5. Energy investments and employment

    International Nuclear Information System (INIS)

    1993-08-01

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

  6. INVESTMENT ATTRACTIVENESS OF ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Nadiia Davydenko

    2017-03-01

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

  7. Determinants of Beef and Pork Brand Equity

    OpenAIRE

    Parcell, Joseph L.; Schroeder, Ted C.

    2003-01-01

    A set of consumer-level characteristic demand models were estimated to determine the level of brand equity for pork and beef meat cuts. Results indicate that brand premiums and discounts vary by private, national, and store brands; and brand equity varies across meat cuts carrying the same brand name. Other results are that product size discounts are linear, meat items on sale are significantly discounted to non-sale items, specialty stores typically do not garner higher prices than supermark...

  8. Equity Volatility and Corporate Bond Yields

    OpenAIRE

    John Y. Campbell; Glen B. Taksler

    2002-01-01

    This paper explores the effect of equity volatility on corporate bond yields. Panel data for the late 1990s show that idiosyncratic firm-level volatility can explain as much cross-sectional variation in yields as can credit ratings. This finding, together with the upward trend in idiosyncratic equity volatility documented by Campbell, Lettau, Malkiel, and Xu (2001), helps to explain recent increases in corporate bond yields. The definitive version is available at www.blackwell-synergy.com.

  9. Brand equity in the Pakistani hotel industry

    OpenAIRE

    Ishaq, Muhammad Ishtiaq; Hussain, Nazia; Asim, Ali Ijaz; Cheema, Luqman J.

    2014-01-01

    Brand equity is considered as the most important aspect of branding, which is a set of brands' assets and liabilities, its symbol or name that subtracts from or adds the value provided by a product or service to a firm and customers. The current research endeavor was to identify the interrelationship of customer-based brand equity dimensions (brand awareness, brand loyalty, brand image, and service quality) in Pakistani hotel industry. Data was collected from 821 consumers who experienced the...

  10. Irreversible investments revisited

    DEFF Research Database (Denmark)

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

    2007-01-01

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

  11. NEW REGULATION OF PRIVATE EQUITY AND VENTURE CAPITAL FUNDS AND OPEN QUESTIONS

    Directory of Open Access Journals (Sweden)

    Suzana Audić Vuletić

    2017-01-01

    Full Text Available This article provides an analysis of the new regulation of private equity and venture capital funds which are in Croatian law regulated by Alternative Investment Funds Act and ordinances. These funds can offer their units only via private offering to primarily professional, i.e. qualifying investors. They invest mostly in shares and units of companies, including both companies in early (start-ups and in later stage of business. For the companies in which they invest, these funds are very signifi cant as they can provide capital for even small entrepreneurs which could not obtain fi nancing from traditional sources (e. g. banks. This article analyzes investment transactions between private equity (further in text: PE and venture capital (further in text: VC funds and the company in which they invest (portfolio company. PE and VC funds represent a new segment in the Croatian capital market which is still developing and whose potential is yet to be fully recognized. PE and VC funds are not regulated on the EU level. However, managers of AIFs, including PE and VC funds are under certain conditions. Authors shall analyze these legal sources, both on the EU and on the domestic level, with emphasis on the regulation of managers of AIFs when they acquire controlling stake in non-listed companies and issuers, which is of special interest to PE and VC funds due to their investment techniques. In that light, authors question if there is a mechanism which ensures that PE and VC funds act as a socially responsible shareholders/unitholders in portfolio companies (public accountability of the managers of AIFs. If so, authors argue the existence of possible confl ict of interest, as it is not clear in whose interest should managers of PE and VC funds act: in the interest of their investors or in the interest of the portfolio company.

  12. Setting priorities for knowledge translation of Cochrane reviews for health equity: Evidence for Equity.

    Science.gov (United States)

    Tugwell, Peter; Petkovic, Jennifer; Welch, Vivian; Vincent, Jennifer; Bhutta, Zulfiqar A; Churchill, Rachel; deSavigny, Don; Mbuagbaw, Lawrence; Pantoja, Tomas

    2017-12-02

    A focus on equity in health can be seen in many global development goals and reports, research and international declarations. With the development of a relevant framework and methods, the Campbell and Cochrane Equity Methods Group has encouraged the application of an 'equity lens' to systematic reviews, and many organizations publish reviews intended to address health equity. The purpose of the Evidence for Equity (E4E) project was to conduct a priority-setting exercise and apply an equity lens by developing a knowledge translation product comprising summaries of systematic reviews from the Cochrane Library. E4E translates evidence from systematic reviews into 'friendly front end' summaries for policy makers. The following topic areas with high burdens of disease globally, were selected for the pilot: diabetes/obesity, HIV/AIDS, malaria, nutrition, and mental health/depression. For each topic area, a "stakeholder panel" was assembled that included policymakers and researchers. A systematic search of Cochrane reviews was conducted for each area to identify equity-relevant interventions with a meaningful impact. Panel chairs developed a rating sheet which was used by all panels to rank the importance of these interventions by: 1) Ease of Implementation; 2) Health System Requirements; 3)Universality/Generalizability/Share of Burden; and 4) Impact on Inequities/Effect on equity. The ratings of panel members were averaged for each intervention and criterion, and interventions were ordered according to the average overall ratings. Stakeholder panels identified the top 10 interventions from their respective topic areas. The evidence on these interventions is being summarized with an equity focus and the results posted online, at http://methods.cochrane.org/equity/e4e-series . This method provides an explicit approach to setting priorities by systematic review groups and funders for providing decision makers with evidence for the most important equity

  13. Petroleum investment conditions in Peru

    International Nuclear Information System (INIS)

    Garcia Schreck, M.

    1996-01-01

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

  14. Development Finance Institutions’ Effect on The Fund Manager’s Investment Decisions : Balancing Financial Performance Goals and Development Impact Objectives

    OpenAIRE

    Adolfssson, Alexander; Åström, Marie

    2016-01-01

    Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduce...

  15. Keynes, population, and equity prices.

    Science.gov (United States)

    Tarascio, V J

    1985-01-01

    Keynes in 1937 examined the phenomenon of the Great Depression from a longrun perspective in contradiction to the "General Theory," where the focus was on the shortrun. "Some Economic Consequences of a Declining Population," Keynes' article, reveals the context in which the "General Theory" was written. In the "General Theory," the focus is on short-term fluctuations, i.e., business cycles, but Keynes fails to provide any theoretical explanation as to why the depression of the 1930s was so severe and intractable. In the 1937 article, the depression is seen as the result of the combined effects of a decline in longrun growth due to population growth decline and a shortrun cyclical decline, together producing severe economic consequences. What is important for the purposes of this discussion is the implication, within the context of the 1937 article, that not only was the stock market crash of 1929 related to population change (with its accompanying collapse in expectations) but that, in general, changes in the rate of growth of population are accompanied by stock price movements in the same direction. The remainder of the discussion is devoted to a simple empirical test of this relationship. The data used are population size (POP), defined as the total residential population in the US from 1870-1979, and the Standard and Poor 500 Stock index (SP) for the corresponding 109-year period. In addition, a 3rd series was constructed, a price deflated Standard and Poor index (RSP) with a base period of 1870, to account for possible inflationary distortion of the index. The empirical results do not invalidate the hypothesis that population growth rates affect equity markets. In fact, there seems to be strong evidence that they are related in a manner suggestive of Keynes' intutition, namely, that the stock market crash of 1929 was due to factors more fundamental than those often perceived from a shortrun perspective. According to Keynes (1937), population is the most

  16. Labour Market Programmes and the Equity-Efficiency Trade-Off

    DEFF Research Database (Denmark)

    Filges, Trine; Kennes, John; Larsen, Birthe

    2011-01-01

    This paper studies optimal labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both efficiency and equity. Frictions in the matching process create unemployment...... and differently skilled workers face different levels of risk of unemployment. We show that in such an environment, training programmes that are targeted at the disadvantaged workers complement passive transfers (UI benefits), unlike general training subsidies. Combining passive subsidies with a training subsidy...... conditioned on the individual being unemployed (for a period) – the typical Active Labour Market Programme – creates a favourable trade-off between equity and efficiency and this encourages high spending on training...

  17. Investor herds and oil prices evidence in the Gulf Cooperation Council (GCC equity markets

    Directory of Open Access Journals (Sweden)

    Talat Ulussever

    2017-09-01

    Full Text Available This paper scrutinizes the effect of crude oil prices on herd behavior among investors in the Gulf Cooperation Council (GCC stock markets. Using firm level data from Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Dubai and Abu Dhabi stock exchanges, we examine equity return dispersions within industry portfolios and test whether investor herds exist in these markets. We then assess whether crude oil price movements have any effect on the investment behavior of traders in the aforementioned markets. Our findings reveal significant evidence supporting herd behavior in all GCC equity markets with the exception of Oman and Qatar, more consistently during periods of market losses. Furthermore, we find significant oil price effects on herd behavior in these markets, particularly during periods of extreme positive changes in the price of oil. Our findings suggest that investors’ tendency to act as a herd in the said markets is significantly affected by the developments in the oil market.

  18. Environment, Trade, and Investment

    Science.gov (United States)

    Environment, trade, and investment are fundamentally linked as the environment provides many basic inputs of economic activity – forests, fisheries, metals, minerals – as well as the energy used to process those materials.

  19. Socially responsible investment engagement

    NARCIS (Netherlands)

    Goessling, T.; Buijter, Bas; Freeman, R.E.; Kujala, J.; Sachs, S.

    2017-01-01

    This study explores engagement in socially responsible investment (SRI) processes. More specifically, it researches the impact of shareholder salience on the success of engagement activities. The research question asks: What is the relationship between shareholder salience and engagement effort

  20. Multimodal freight investment criteria.

    Science.gov (United States)

    2010-07-01

    Literature was reviewed on multi-modal investment criteria for freight projects, examining measures and techniques for quantifying project benefits and costs, as well as ways to describe the economic importance of freight transportation. : A limited ...

  1. Sanitation investments in Ghana

    DEFF Research Database (Denmark)

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

    2016-01-01

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

  2. Parental Investments in Children

    DEFF Research Database (Denmark)

    Bonke, Jens; Esping-Andersen, Gösta

    This study examines parental time investment in their children, distinguishing between developmental and non-developmental care. Our analyses centre on three influential determinants: educational background, marital homogamy, and spouses’ relative bargaining power. We find that the emphasis...

  3. Sources of Investment Finance in Firms in Slovakia

    OpenAIRE

    Mikócziová Jana

    2010-01-01

    Based on results of the EBRD-World Bank “Business Environment and Enterprise Performance Survey” (BEEPS), the paper provides an explanation of why firms in Slovakia finance the most of their new investments with retained earnings, followed by bank debt, trade credit and external equity, as well as why small firms tend to use more retained earnings and less bank debt than medium and large firms. The financing patterns of firms in Slovakia are compared to the average financing patterns of firms...

  4. Structure of financing investments in the energy sector

    OpenAIRE

    Kowal Barbara; Ranosz Robert; Sobczyk Wiktoria

    2017-01-01

    The purpose of this article is to discuss the issues of financing investments in the fuel and energy sector. The manner of financing business activities of every company depends on the decisions made by the management board, which need to take into consideration the effective striving for optimal level of the capital cost. The capital raised by the companies from the aforesaid sector may be in the form of equity or outside capital. This study depicts such sources of capital as bank loans a...

  5. A Century of Evidence on Trend-Following Investing

    DEFF Research Database (Denmark)

    Hurst, Brian; Ooi, Yao Hua; Heje Pedersen, Lasse

    a century. We analyze trend-following returns through various economic environments and highlight the diversifi cation benefi ts the strategy has historically provided in equity bear markets. Finally, we evaluate the recent environment for the strategy in the context of these long-term results.......We study the performance of trend-following investing across global markets since 1903, extending the existing evidence by more than 80 years. We fi nd that trend-following has delivered strong positive returns and realized a low correlation to traditional asset classes each decade for more than...

  6. Investment, regulation, and uncertainty

    Science.gov (United States)

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

    2014-01-01

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

  7. Slum Upgrading and Health Equity.

    Science.gov (United States)

    Corburn, Jason; Sverdlik, Alice

    2017-03-24

    Informal settlement upgrading is widely recognized for enhancing shelter and promoting economic development, yet its potential to improve health equity is usually overlooked. Almost one in seven people on the planet are expected to reside in urban informal settlements, or slums, by 2030. Slum upgrading is the process of delivering place-based environmental and social improvements to the urban poor, including land tenure, housing, infrastructure, employment, health services and political and social inclusion. The processes and products of slum upgrading can address multiple environmental determinants of health. This paper reviewed urban slum upgrading evaluations from cities across Asia, Africa and Latin America and found that few captured the multiple health benefits of upgrading. With the Sustainable Development Goals (SDGs) focused on improving well-being for billions of city-dwellers, slum upgrading should be viewed as a key strategy to promote health, equitable development and reduce climate change vulnerabilities. We conclude with suggestions for how slum upgrading might more explicitly capture its health benefits, such as through the use of health impact assessment (HIA) and adopting an urban health in all policies (HiAP) framework. Urban slum upgrading must be more explicitly designed, implemented and evaluated to capture its multiple global environmental health benefits.

  8. Investing in river health.

    Science.gov (United States)

    Bennett, J

    2002-01-01

    Rivers provide society with numerous returns. These relate to both the passive and extractive uses of the resources embodied in river environments. Some returns are manifest in the form of financial gains whilst others are non-monetary. For instance, rivers are a source of monetary income for those who harvest their fish. The water flowing in rivers is extracted for drinking and to water crops and livestock that in turn yield monetary profits. However, rivers are also the source of non-monetary values arising from biological diversity. People who use them for recreation (picnicking, swimming, boating) also receive non-monetary returns. The use of rivers to yield these returns has had negative consequences. With extraction for financial return has come diminished water quantity and quality. The result has been a diminished capacity of rivers to yield (non-extractive) environmental returns and to continue to provide extractive values. A river is like any other asset. With use, the value of an asset depreciates because its productivity declines. In order to maintain the productive capacity of their assets, managers put aside from their profits depreciation reserves that can be invested in the repair or replacement of those assets. Society now faces a situation in which its river assets have depreciated in terms of their capacity to provide monetary and non-monetary returns. An investment in river "repair" is required. But, investment means that society gives up something now in order to achieve some benefit in the future. Society thus has to grapple wih the choice between investing in river health and other investments--such as in hospitals, schools, defence etc. - as well as between investing in river health and current consumption--such as on clothes, food, cars etc. A commonly used aid for investment decision making in the public sector is benefit cost analysis. However, its usefulness in tackling the river investment problem is restricted because it requires all

  9. Brand equity v kategorii jogurtů na českém trhu.

    OpenAIRE

    Flodrová, Tereza

    2008-01-01

    Thesis deals with the subject of brand value / equity. In the application part equity of selected brands of yoghurts is measured using Equity Builder and Brand Power methodologies and recommendations for their brand equity growth are given.

  10. Societal foundations for explaining fertility: Gender equity

    Directory of Open Access Journals (Sweden)

    Peter McDonald

    2013-05-01

    Full Text Available BACKGROUND Gender equity theory in relation to fertility argues that very low fertility is the result of incoherence in the levels of gender equity in individually-oriented social institutions and family-oriented social institutions. The salience of gender to the fertility transition is strong in theory but not as strong in specification of testable hypotheses as has been pointed out in the literature. OBJECTIVE The paper aims to clarify the specification of gender equity theory through a discussion of the difference between equity and equality and to suggest methods that might be applied to test the theory. METHODS The theory is restated and further developed using literature from different disciplines. The method is described using a decomposition of fertility for women by human capital levels. RESULTS The clarification of the theory includes a reminder that the theory relates to differences in fertility between countries and not to differences in fertility between women in the same country. In comparisons between countries, higher gender equity leads to higher fertility. In comparisons of fertility across women in the same country, higher gender equity does not necessarily imply higher fertility. In relation to measurement, a specification is suggested that effectively compares women across countries controlling for their level of human capital. Simple graphics are used to indicate ways in which fertility between countries may vary. CONCLUSIONS The paper concludes that it is likely the gender equity theory can be tested more readily by examining the behaviour across countries of women with higher levels of human capital.

  11. Japanese investment in Peru: limits of developmental investment

    OpenAIRE

    Kamiya, Marco

    2004-01-01

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

  12. Major indicators of analysis of insurers’ investment activity

    Directory of Open Access Journals (Sweden)

    O.O. Poplavskyi

    2016-12-01

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

  13. Value acceleration: lessons from private-equity masters.

    Science.gov (United States)

    Rogers, Paul; Holland, Tom; Haas, Dan

    2002-06-01

    The most successful private-equity firms regularly spearhead dramatic business transformations, creating exceptional returns for their investors. To understand how those firms do it, the authors studied more than 2,000 PE transactions over the past ten years and discovered that the top performers' success stems from the rigor with which they manage their businesses. This article describes the four management disciplines vital to the success of the best PE firms. First, for each business, they define an investment thesis: a brief, clear statement of how to make the business more valuable within three to five years. The thesis, which guides all actions by the company, usually focuses on growth. PE firms know that the demonstration of a path to strong growth produces the big returns on investment. Second, they don't measure too much. They zero in on a few financial indicators that most clearly reveal the business's progress in increasing its value. They watch cash more closely than earnings and tailor performance measures to each business, rather than imposing one set of measures across their entire portfolio. Third, they work their balance sheets, mining undervalued assets, turning fixed assets into sources of financing, and aggressively managing their physical capital. Last, they make the center the shareholder. Corporate staffs in PE firms make unsentimental investment decisions, buying and selling businesses when the price is right and bringing in new management when performance falters. These firms also keep their corporate centers extremely lean. By adopting these four disciplines, executives at public companies should be able to reap significantly greater returns from their own business units.

  14. Essays in Investment Theory

    International Nuclear Information System (INIS)

    Bobtcheff, C.

    2006-01-01

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

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

    OpenAIRE

    Yamin Ahmad; Pietro Cova; Rodrigo Harrison

    2004-01-01

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

  16. Investment shocks and the relative price of investment

    OpenAIRE

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

    2009-01-01

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

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

    OpenAIRE

    Oksanen, Olli-Pekka

    2006-01-01

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

  18. 76 FR 55237 - Use of Derivatives by Investment Companies Under the Investment Company Act of 1940

    Science.gov (United States)

    2011-09-07

    .../studies/deriv.txt ; John C. Hull, Options, Futures, and Other Derivatives (7th ed. 2009) (``Hull'') at 1... as either exchange-traded or OTC.\\22\\ Exchange-traded derivatives--such as futures, certain options...\\ Equity derivatives include equity futures contracts, options on equity futures contracts, equity options...

  19. Pay Equity Act, 17 May 1988.

    Science.gov (United States)

    1988-01-01

    This document contains major provisions of the 1988 Pay Equity Act of Prince Edward Island, Canada. (Nova Scotia enacted similar legislation in 1988.) This act defines "female-dominated class" or "male-dominated class" as a class with 60% or more female or male incumbents, respectively. The objective of this act is to achieve pay equity among public sector employers and employees by identifying systemic gender discrimination through a comparison of the relative wages and value of the work performed by female- and male-dominated classes. The value of work is to be determined by considering the skill, effort, and responsibility required by the work as well as the conditions under which it is performed. A difference in wages between a female- and male-dominated class performing work of equal or comparable value can be justified by a formal performance appraisal system or formal seniority system that does not discriminate on the basis of gender or by a skills shortage which requires a temporary inflation in wages to attract workers for a certain position. No wages shall be reduced to implement pay equity. Implementation of pay equity will include the work of bargaining agents to achieve agreement on salient points. Pay equity may be implemented in four stages over a period of 24 months.

  20. On the evolutionary origins of equity.

    Directory of Open Access Journals (Sweden)

    Stéphane Debove

    Full Text Available Equity, defined as reward according to contribution, is considered a central aspect of human fairness in both philosophical debates and scientific research. Despite large amounts of research on the evolutionary origins of fairness, the evolutionary rationale behind equity is still unknown. Here, we investigate how equity can be understood in the context of the cooperative environment in which humans evolved. We model a population of individuals who cooperate to produce and divide a resource, and choose their cooperative partners based on how they are willing to divide the resource. Agent-based simulations, an analytical model, and extended simulations using neural networks provide converging evidence that equity is the best evolutionary strategy in such an environment: individuals maximize their fitness by dividing benefits in proportion to their own and their partners' relative contribution. The need to be chosen as a cooperative partner thus creates a selection pressure strong enough to explain the evolution of preferences for equity. We discuss the limitations of our model, the discrepancies between its predictions and empirical data, and how interindividual and intercultural variability fit within this framework.

  1. Optimal Regulation of Lumpy Investments

    NARCIS (Netherlands)

    Zwart, G.; Broer, D.P.

    2012-01-01

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

  2. FOREIGN INVESTMENT INFLUENCE ON OWNERSHIP AND CONTROL IN JAPANESE FIRMS

    Directory of Open Access Journals (Sweden)

    Nistor Ioan Alin

    2010-12-01

    Full Text Available Corporate equity structure, whether is in a market-based system like US or a bank-based system like Japan is prone to changes due to foreign investment. Protection from outside investors varies greatly around these systems. Where protection is good, market-based systems flourish. These systems have certain advantages as they appear to foster innovation and to encourage the release of capital from declining industries. Bank-based systems may be better suited to established industries. These systems also help protect individuals from direct exposure to stock market risk. But, no matter the system, agency problems are inevitable. The paper looks at the past changes of the Japanese corporate ownership composition under the influence of foreign investment.

  3. KEBIJAKAN PENDANAAN DAN DIVIDEN DENGAN PENDEKATAN INVESTMENT OPPORTUNITY SET

    Directory of Open Access Journals (Sweden)

    Christian Herdinata

    2017-03-01

    Full Text Available This research aimed to identify policy difference of debt and dividend policy amongcompanies having potency high and low growth with approach of investment opportunity setin Indonesia Stock Exchange (BEI. To classify company growth, it was applied five proxiesInvestment Opportunity Set (IOS that was market to book of asset ratio (MVE/BE, price earningratio (PER, value book of plant, property, and equipment to asset ratio ( PPE/BVA and capitaladdition to book of asset ratio (CAP/BVA. The variables were analyzed using common factoranalysis. In identifying debt policy to apply proxy debt equity ratio and dividend policy, proxydividend yield was applied, then it was analyzed using difference test mean and test u mannwhitney. The empirical results showed that company having potency to grow high had higherdebt and lower dividend payment than companies having potency to grow low.

  4. Irreversible investments revisited

    DEFF Research Database (Denmark)

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

    2007-01-01

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

  5. Finans/Invest

    DEFF Research Database (Denmark)

    Bechmann, Ken L.

    2014-01-01

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

  6. ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

    Directory of Open Access Journals (Sweden)

    Mihaela TULVINSCHI

    2016-12-01

    Full Text Available Substantiating the concept of equity is an issue of interest to specialists in accounting, taxation and finance. The purpose of this article is to present three of the sensitive issues generated by the concept of equity. One aspect considered is the demarcation of financial liabilities from the equity instruments. The distinction between equity and debt instruments is necessary because it has consequences on financial reporting. A second part of the study focuses on the fiscal side, trying to find the answer to the question: Are there deferred taxes recognized in equity? Deferred tax liabilities will be presented at the end of the year in equity and not debt, because they are related to gains recorded directly in equity. The third part of the article discusses the financial importance of equity, focusing on subscription and attribution rights as financial instruments used when raising capital. By creating subscription rights it is desired to obtain immediate funds needed to finance the entity.

  7. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

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

  8. Firm Decisions: Determinants of Investments

    OpenAIRE

    Ionescu Alexandra

    2011-01-01

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

  9. Negotiating equity for management of DOE wastes

    International Nuclear Information System (INIS)

    Carnes, S.A.

    1994-01-01

    One important factor frustrating optimal management of Department of Energy (DOE)-complex wastes is the inability to use licensed and permitted facilities systematically. Achieving the goal of optimal use of DOE's waste management facilities is politically problematic for two reasons. First, no locale wants to bear a disproportionate burden from DOE wastes. Second, the burden imposed by additional wastes transported from one site to another is difficult to characterize. To develop a viable framework for equitably distributing these burdens while achieving efficient use of all DOE waste management facilities, several implementation and equity issues must be addressed and resolved. This paper discusses stakeholder and equity issues and proposes a framework for joint research and action that could facilitate equity negotiations among stakeholder and move toward a more optimal use of DOE's waste management capabilities

  10. Brand Equity Evolution: a System Dynamics Model

    Directory of Open Access Journals (Sweden)

    Edson Crescitelli

    2009-04-01

    Full Text Available One of the greatest challenges in brand management lies in monitoring brand equity over time. This paper aimsto present a simulation model able to represent this evolution. The model was drawn on brand equity concepts developed by Aaker and Joachimsthaler (2000, using the system dynamics methodology. The use ofcomputational dynamic models aims to create new sources of information able to sensitize academics and managers alike to the dynamic implications of their brand management. As a result, an easily implementable model was generated, capable of executing continuous scenario simulations by surveying casual relations among the variables that explain brand equity. Moreover, the existence of a number of system modeling tools will allow extensive application of the concepts used in this study in practical situations, both in professional and educational settings

  11. Negotiating equity for management of DOE wastes

    International Nuclear Information System (INIS)

    Carnes, S.A.

    1993-01-01

    One important factor frustrating optimal management of DOE-complex wastes is inability to use licensed and permitted facilities systematically. Achieving the goal of optimal use of DOE's waste management facilities is politically problematic for two reasons. First, no locale wants to bear a disproportionate burden from DOE wastes. Second, the burden imposed by additional wastes transported from one site to another is difficult to characterize. To develop a viable framework for equitably distributing these burdens while achieving efficient use of all DOE waste management facilities, several implementation and equity issues must be addressed and resolved. This paper discusses stakeholders and equity issues and proposes a framework for joint research and action that could facilitate equity negotiations among stakeholders and move toward a more optimal use of DOE's waste management capabilities

  12. Governing health equity in Scandinavian municipalities

    DEFF Research Database (Denmark)

    Scheele, Christian Elling; Little, Ingvild; Diderichsen, Finn

    2018-01-01

    AIMS: Local governments in the Scandinavian countries are increasingly committed to reduce health inequity through 'health equity in all policies' (HEiAP) governance. There exists, however, only very sporadic implementation evidence concerning municipal HEiAP governance, which is the focus...... of this study. METHODS: Data are based on qualitative thematic network analysis of 20 interviews conducted from 2014 to 2015 with Scandinavian political and administrative practitioners. RESULTS: We identify 24 factors located within three categories; political processes, where insufficient political commitment...... to health equity goals outside of the health sector and inadequate economic prioritization budget curbs implementation. Concerning evidence, there is a lack of epidemiological data, detailed evidence of health equity interventions as well as indicators relevant for monitoring implementation. Concerted...

  13. Country brand equity model: Sustainability perspective

    Directory of Open Access Journals (Sweden)

    Teodorović Milivoj

    2016-01-01

    Full Text Available This paper proposes a model of country brand equity that incorporates the issue of sustainability in determining destination brand equity. In particular, the model includes elements of sustainability as its core dimensions and promotes the concept of the country sustainability promise that transforms destination resources into the positive perception and experience. The theoretical model is empirically tested using global secondary data confirming that country image is the most important element followed by sustainability and loyalty. Also, the analysis suggests the existence of the higher order construct confirming the country brand equity concept. Based on the research findings, the article offers some implications to the destination managers by suggesting the direction for further development and strategy implementation.

  14. Negotiating equity for management of DOE wastes

    International Nuclear Information System (INIS)

    Carnes, S.A.

    1994-01-01

    One important factor frustrating optimal management of Department of Energy (DOE)-complex wastes is the inability to use licensed and permitted facilities systematically. Achieving the goal of optimal use of DOE's waste management facilities is politically problematic for two reasons. First, no locale wants to bear a disproportionate burden from DOE wastes. Second, the burden imposed by additional wastes transported from one site to another is difficult to characterize. To develop a viable framework for equitably distributing these burdens while achieving efficient use of all DOE waste management facilities, several implementation and equity issues must be addressed and resolved. This paper discusses stakeholders and equity issues and proposes a framework for joint research and action that could facilitate equity negotiations among stakeholders and move toward a more optimal use of DOE's waste management capabilities

  15. Medical pluralism: global perspectives on equity issues.

    Science.gov (United States)

    Marian, Florica

    2007-12-01

    Over the last decades, awareness has increased about the phenomenon of medical pluralism and the importance to integrate biomedicine and other forms of health care. The broad variety of healing cultures existing alongside biomedicine is called complementary or alternative medicine (CAM) in industrialized countries and traditional medicine (TM) in developing countries. Considerable debate has arisen about ethical problems related to the growing use of CAM in industrialized countries. This article focuses on equity issues and aims to consider them from a global perspective of medical pluralism. Several dimensions of equity are explored and their interrelatedness discussed: access to care, research (paradigm and founding) and recognition. This so-called 'equity circle' is then related to Iris Marion Young's justice theory and particularly to the concepts of cultural imperialism, powerlessness and marginalisation.

  16. The Equity Share in New Issues and Aggregate Stock Returns

    OpenAIRE

    Malcolm Baker; Jeffrey Wurgler

    1999-01-01

    The share of equity issues in total new equity and debt issues is a strong predictor of U.S. stock market returns between 1928 and 1997. In particular, firms issue relatively more equity than debt just before periods of low market returns. The equity share in new issues has stable predictive power in both halves of the sample period, and after controlling for other known predictors. We do not find support for efficient market ex

  17. Conceptualization of the Relationship between Brand Equity and Purchase Behavior

    OpenAIRE

    Ogunnaike, Olaleke Olusye; Kehinde, Oladele Joseph; Omoyayi, Oluwadamilola Oluwatosin; Popoola, Oluwamakinde Oluwamayowa; Amoruwa, Andrew

    2017-01-01

    Assessing the customer perspective of brand equity will provide deep understanding of how brands influence purchase behaviour of customers. The purpose of this paper is to formulate a conceptual framework that will provide an understanding of the relationship existing between the elements of brand equity and that of purchase behaviour. The adoption of Aaker’s brand equity model will serve as a guide for conceiving associations between brand equity and purchase behaviour for this study. Litera...

  18. Do Financial Constraints Moderate the Impact of Financing Decisions From Internal-financing Sources on Investment?

    Directory of Open Access Journals (Sweden)

    Andewi Rokhmawati

    2017-07-01

    Full Text Available To prevent investment growth in 2013 to 2015 from decreasing, the Industrial Ministry provided fiscal incentives to stimulate investment-growth. Nevertheless, the investment growth of manufacturing firms still declined. This condition indicated that fiscal stimulus might be ineffective to prevent investment-growth from declining. The decline of investment might be influenced by the increase of firm financial constraints to access a source of long term debts. This study aimed to examine the influence of financial constraints in moderating the effect of financing decisions from internal financing sources on investment. The population of the study was all listed-manufacturing firms in Indonesia from 2013 to 2015. Samples were chosen based on the availability of firms’ financial report covering the period of the study. The study concluded that financial constraints significantly weaken the effect of internal funding decision on investment. Unconstrained firms had a higher beta than constrained firms. Although unconstrained firms had an opportunity to choose their source of funding, they preferred to finance their investment from cash flows because the cost of debts might be much higher than the cost of equity.Hence, to help firms to finance their feasible investment opportunity, the government should not only provide tax incentives but also provide a low-interest loan.

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

    Directory of Open Access Journals (Sweden)

    Šlogar Helena

    2017-06-01

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

  20. Moving towards global health equity: Opportunities and threats: An ...

    African Journals Online (AJOL)

    MESKE

    time in recent history. ... Results: Equity has been a long quest in public health and global health equity could be seen as part of ... Sub-Saharan Africa will remain an enduring preoccupation ..... In recent years, “Equity as a shared vision for health and ..... skilled workers is evolving as a policy position in the US and Europe.

  1. 26 CFR 1.809-10 - Computation of equity base.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Computation of equity base. 1.809-10 Section 1... (CONTINUED) INCOME TAXES Gain and Loss from Operations § 1.809-10 Computation of equity base. (a) In general. For purposes of section 809, the equity base of a life insurance company includes the amount of any...

  2. La valutazione degli investimenti finanziati tramite equity crowdfunding

    OpenAIRE

    Zanetti, Laura

    2015-01-01

    Evoluzione e dimensione del crowdfunding, La valutazione e strutturazione dell’investimento tramite equity crowdfunding, Valutazioni implicite nelle raccolte fondi in equity crowdfunding, Peculiarità specifiche dell’equity crowdfunding, Un confronto con la bolla valutativa delle aziende internet degli anni 2000

  3. Gender Equity and Mass Communication's Female Student Majority.

    Science.gov (United States)

    Golombisky, Kim

    2002-01-01

    Provides an overview of the history and politics of gender equity to make problematic the phrase "gender equity," to introduce the gender equity in education literature, and to outline some issues relevant to mass communication. Suggests that equal access represents a sex-blind approach dependent on a male standard. (SG)

  4. Reviving Pay Equity: New Strategies for Attacking the Wage Gap.

    Science.gov (United States)

    Kahn, Peggy; Figart, Deborah M.

    1998-01-01

    Pay equity remains a problem linked to the problem of low pay. Pay equity must be understood as one solution to the problem of securing a living wage for women and men in the restructuring economy as well as a means for challenging gender equity. (JOW)

  5. Do Firms Replenish Executives’ Incentives After Equity Sales?

    NARCIS (Netherlands)

    Ladika, T.

    2013-01-01

    After selling firm equity, executives' incentives to maximize shareholder value may decrease. How do boards respond? Theory shows boards can restore executives' incentives by shifting subsequent pay from cash toward equity. Unobservable firm-level changes that cause executives to sell equity and

  6. Value at risk, bank equity and credit risk

    OpenAIRE

    Broll, Udo; Wahl, Jack E.

    2003-01-01

    We study the implications of the value at risk concept for the bank's optimum amount of equity capital under credit risk. The market value of loans is risky and lognormally distributed. We show that the required equity capital depends upon managerial and market factors. Furthermore, the bank's equity and asset/liability management has to be addressed simultaneously by bank managers.

  7. Inquiry as an Entry Point to Equity in the Classroom

    Science.gov (United States)

    Tang, Gail; El Turkey, Houssein; Cilli-Turner, Emily; Savic, Milos; Karakok, Gulden; Plaxco, David

    2017-01-01

    Although many policy documents include equity as part of mathematics education standards and principles, researchers continue to explore means by which equity might be supported in classrooms and at the institutional level. Teaching practices that include opportunities for students to engage in active learning have been proposed to address equity.…

  8. Legal aspects of intergenerational equity issues

    International Nuclear Information System (INIS)

    Green, H.P.

    1984-01-01

    This paper examines the extent to which American law and legal institutions have addressed problems of intergenerational equities. Beginning with a definition of the issue, the paper goes on to address conservation law, public debt ceilings, property law, and eugenic laws. The research supports the conclusion that neither statutory law, the formal expression of public policy articulated by the legislature, nor common law, the case-by-case definition of private legal rights by the courts has developed a coherent set of legal principles for dealing with the difficult problems of intergenerational equity. 15 references

  9. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    , including standard measures of illiquidity of the underlying stock, determinants of spreads, and a measure of net demand pressure. The positive illiquidity premium we find is consistent with existing evidence that market makers in the equity options market hold net long positions.......Illiquidity is well-known to be a significant determinant of stock and bond returns. We are the first to estimate illiquidity premia in equity option markets using effective spreads for a large cross-section of firms. The risk-adjusted return spread for illiquid over liquid options is 23 bps per...

  10. Equity in health and health care reforms.

    Science.gov (United States)

    Glick, S M

    1999-01-01

    In planning healthcare reforms increasing attention has been focused on the issue of equity. Inequities in the provision of healthcare exist even in relatively egalitarian societies. Poverty is still one of the major contributors to ill health and there are many powerful influences in society that continue to thwart the goal of a maximally equitable system for the provision of healthcare. The principles of equity in a healthcare system have been well articulated in recent years. It is incumbent on healthcare professionals who understand the issues to join the efforts towards a more humane and equitable healthcare system in their societies.

  11. Option-implied measures of equity risk

    DEFF Research Database (Denmark)

    Chang, Bo-Young; Christoffersen, Peter; Vainberg, Gregory

    2012-01-01

    Equity risk measured by beta is of great interest to both academics and practitioners. Existing estimates of beta use historical returns. Many studies have found option-implied volatility to be a strong predictor of future realized volatility. We find that option-implied volatility and skewness...... are also good predictors of future realized beta. Motivated by this finding, we establish a set of assumptions needed to construct a beta estimate from option-implied return moments using equity and index options. This beta can be computed using only option data on a single day. It is therefore potentially...

  12. Optimal investment horizons

    Science.gov (United States)

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

    2002-06-01

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

  13. Beyond the Investment Narrative

    Science.gov (United States)

    Moss, Peter

    2013-01-01

    The current policy interest in early childhood education and care is driven by an investment narrative, a story of quality and high returns emerging from a dominant neoliberal political economy. This short note expresses deep reservations about this narrative, and hints at another narrative that foregrounds democracy, experimentation and…

  14. Sudan Investment Climate Assessment

    OpenAIRE

    World Bank

    2009-01-01

    This report on Sudan's Investment Climate Assessment (ICA) provides a baseline assessment of challenges to productivity, diversification and inclusion. Chapter 1 describes some of the questions underlying the three issues of competitiveness, diversification and broad-based growth. Chapter 2 analyzes firm performance and competitiveness. Chapter 3 discusses markets and trust. Chapter 4 des...

  15. Investing in Youth: Brazil

    Science.gov (United States)

    OECD Publishing, 2014

    2014-01-01

    The series Investing in Youth builds on the expertise of the Organisation for Economic Cooperation and Development (OECD) on youth employment, social support and skills. It covers both OECD countries and countries in the process of accession to the OECD, as well as some emerging economies. This report provides a detailed diagnosis of the youth…

  16. Investments secure supply security

    International Nuclear Information System (INIS)

    Van Baarle, D.

    2006-01-01

    In order to guarantee the supply of energy considerable investment must be made to improve the infrastructure (e.g. capacity for LNG-transport and -storage) and ties with the natural gas supplier in the Russian Federation must be intensified [nl

  17. Energy Investment: Beyond Competence

    Science.gov (United States)

    Tosti, Donald T.; Amarant, John

    2005-01-01

    People vary considerably in their work performance as well as their overall approach to work. At one extreme are the outstanding performers, who approach work with enthusiasm and energy, and, at the other extreme, are those who seem to do only what is necessary to get by. Organizatins often invest a good deal of energy in trying to improve the…

  18. Inflation Protected Investment Strategies

    Directory of Open Access Journals (Sweden)

    Mirco Mahlstedt

    2016-03-01

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

  19. Investing in Youth: Latvia

    Science.gov (United States)

    OECD Publishing, 2015

    2015-01-01

    The series Investing in Youth builds on the expertise of the Organisation for Economic Cooperation and Development (OECD) on youth employment, social support and skills. It covers both OECD countries and countries in the process of accession to the OECD, as well as some emerging economies. This report provides a detailed diagnosis of the youth…

  20. Investing in Youth: Lithuania

    Science.gov (United States)

    OECD Publishing, 2016

    2016-01-01

    The series Investing in Youth builds on the expertise of the Organisation for Economic Cooperation and Development (OECD) on youth employment, social support and skills. It covers both OECD countries and countries in the process of accession to the OECD, as well as some emerging economies. The present report on Lithuania is the fourth of a new…

  1. Investing in Diamonds

    NARCIS (Netherlands)

    Renneboog, Luc

    2015-01-01

    This paper examines the risk-return characteristics of investment grade gems (white diamonds, colored diamonds and other types of gems including sapphires, rubies, and emeralds). The transactions are coming from gem auctions and span the period 1999-2012. Over our time frame, the annual nominal USD

  2. Assystem valorizes the investments

    International Nuclear Information System (INIS)

    Anon.

    1995-01-01

    Assystem is a group of 60 contractor societies which ensures conception and dismantling of plants as well as a more complete valorization of industrial investment as controlling the production and information systems of the industries. Different examples of prestations proposed by Assystem are given. (O.L.). 3 figs

  3. Investments into education

    DEFF Research Database (Denmark)

    Kirchsteiger, Georg; Sebald, Alexander Christopher

    2006-01-01

    groups with differing human capital and welfare levels. Depending on the parameters of the model, a temporary or permanent public investment into human capital formation is needed to overcome steady states with low human capital and welfare levels. Furthermore, even the best steady state is suboptimal...

  4. Adaptation investments and homeownership

    DEFF Research Database (Denmark)

    Hansen, Jørgen Drud; Skak, Morten

    2008-01-01

    the home through a supplementary investment. Ownership offers low costs of adaptation, but has high contract costs compared with renting. Consumers simultaneously decide housing demand and tenure, and because of the different cost structure only consumers with strong preferences for individual adaptation...

  5. Adaptation investments and homeownership

    DEFF Research Database (Denmark)

    Hansen, Jørgen Drud; Skak, Morten

    2008-01-01

    by adapting the home through a supplementary investment. Ownership offers low costs of adaptation, but has high contract costs compared with renting. Consumers simultaneously choose housing demand and tenure, and because of the different cost structure only consumers with strong preferences for individual...

  6. Pengaruh Investment Oportunity Set Terhadap volume perdagangan Saham Perusahaan Go Public Di...

    OpenAIRE

    Gusrifa, Rahmad

    2007-01-01

    Tujuan penelitian ini adalah untuk menguji pengaruh investment opportunity set terhadap volume perdagangan saham antara perusahan yang berpotensi tumbuh dan perusahaan yang tidak berpotensi tumbuh. Ada enam proksi yang digunakan sebagai variabel 10S, yaitu rasio market to hook value of assets (A7/VA HVA), ratio market to hook value of equity (WERI/A), rusio price to earning (flip), rust capital expenditure to hook value of assets (CAP 13114), rasio capital expenditure to market value of asset...

  7. How well does consumer-based brand equity align with sales-based brand equity and marketing mix response?

    NARCIS (Netherlands)

    Datta, Hannes; Ailawadi, Kusum L.; van Heerde, H.J.

    Brand equity is the differential preference and response to marketing effort that a product obtains because of its brand identification. Brand equity can be measured based on either consumer perceptions or on sales. Consumer-based brand equity (CBBE) measures what consumers think and feel about the

  8. Towards deep inclusion for equity-oriented health research priority-setting: A working model.

    Science.gov (United States)

    Pratt, Bridget; Merritt, Maria; Hyder, Adnan A

    2016-02-01

    Growing consensus that health research funders should align their investments with national research priorities presupposes that such national priorities exist and are just. Arguably, justice requires national health research priority-setting to promote health equity. Such a position is consistent with recommendations made by the World Health Organization and at global ministerial summits that health research should serve to reduce health inequalities between and within countries. Thus far, no specific requirements for equity-oriented research priority-setting have been described to guide policymakers. As a step towards the explication and defence of such requirements, we propose that deep inclusion is a key procedural component of equity-oriented research priority-setting. We offer a model of deep inclusion that was developed by applying concepts from work on deliberative democracy and development ethics. This model consists of three dimensions--breadth, qualitative equality, and high-quality non-elite participation. Deep inclusion is captured not only by who is invited to join a decision-making process but also by how they are involved and by when non-elite stakeholders are involved. To clarify and illustrate the proposed dimensions, we use the sustained example of health systems research. We conclude by reviewing practical challenges to achieving deep inclusion. Despite the existence of barriers to implementation, our model can help policymakers and other stakeholders design more inclusive national health research priority-setting processes and assess these processes' depth of inclusion. Copyright © 2016 Elsevier Ltd. All rights reserved.

  9. GLOBAL TRENDS OF ALTERNATIVE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-08-01

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

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

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

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

  11. Figuring what’s fair: The cost of equity capital for renewable energy in emerging markets

    International Nuclear Information System (INIS)

    Donovan, Charles; Nuñez, Laura

    2012-01-01

    The appropriate cost of capital for a renewable energy project depends upon an accurate measure of investment risk. Employing the conceptual framework of a commonly accepted asset pricing model, we analyze the risk faced by renewable energy investors in large emerging markets. We find that firms in Brazil, China and India expose multinational investors to the same risk as investing in emerging markets generally. The risk to domestic investors in those same firms ranges from substantially below-average to above-average, depending upon the country. The results are robust across several model versions and statistical techniques. With an eye toward government efforts to encourage the deployment of renewable energy in developing countries, we establish a range of estimates for the required return on equity capital in this fast-growing and politically important economic sector.

  12. Spread of risk across financial markets: better to invest in the peripheries

    Science.gov (United States)

    Pozzi, F.; Di Matteo, T.; Aste, T.

    2013-04-01

    Risk is not uniformly spread across financial markets and this fact can be exploited to reduce investment risk contributing to improve global financial stability. We discuss how, by extracting the dependency structure of financial equities, a network approach can be used to build a well-diversified portfolio that effectively reduces investment risk. We find that investments in stocks that occupy peripheral, poorly connected regions in financial filtered networks, namely Minimum Spanning Trees and Planar Maximally Filtered Graphs, are most successful in diversifying, improving the ratio between returns' average and standard deviation, reducing the likelihood of negative returns, while keeping profits in line with the general market average even for small baskets of stocks. On the contrary, investments in subsets of central, highly connected stocks are characterized by greater risk and worse performance. This methodology has the added advantage of visualizing portfolio choices directly over the graphic layout of the network.

  13. Spread of risk across financial markets: better to invest in the peripheries.

    Science.gov (United States)

    Pozzi, F; Di Matteo, T; Aste, T

    2013-01-01

    Risk is not uniformly spread across financial markets and this fact can be exploited to reduce investment risk contributing to improve global financial stability. We discuss how, by extracting the dependency structure of financial equities, a network approach can be used to build a well-diversified portfolio that effectively reduces investment risk. We find that investments in stocks that occupy peripheral, poorly connected regions in financial filtered networks, namely Minimum Spanning Trees and Planar Maximally Filtered Graphs, are most successful in diversifying, improving the ratio between returns' average and standard deviation, reducing the likelihood of negative returns, while keeping profits in line with the general market average even for small baskets of stocks. On the contrary, investments in subsets of central, highly connected stocks are characterized by greater risk and worse performance. This methodology has the added advantage of visualizing portfolio choices directly over the graphic layout of the network.

  14. An Experiment Examining the Relationship of Affect, Equity, and Equity Sensitivity, With Organizational Citizenship Behaviors

    OpenAIRE

    Kalanick, Julie Lynn

    2006-01-01

    This study employed an experimental design intended to be an analog to the workplace to simultaneously examine the affect orientation and equity theory explanations of OCBs, which were evaluated as prosocial behaviors. Participants were 188 undergraduates. Participantsâ dispositional variables were measured at time 1, and at time 2, participants experienced an equity manipulation and were given the opportunity to perform prosocial behaviors. Results indicated a distinction between the decis...

  15. Decomposing European bond and equity volatility

    DEFF Research Database (Denmark)

    Christiansen, Charlotte

    The paper investigates volatility spillover from US and aggregate European asset markets into European national asset markets. A main contribution is that bond and equity volatilities are analyzed simultaneously. A new model belonging to the "volatilityspillover" family is suggested: The conditio...

  16. Equity and Quality Dimensions in Educational Effectiveness

    NARCIS (Netherlands)

    Kyriakides, L.; Creemers, B.P.M.; Charalambous, E.

    2018-01-01

    This book aims to make a contribution to the theory, research and practice on quality and equity in education by providing a comprehensive overview of these two dimensions of educational effectiveness and proposing a methodological instrument that may be used to measure the contribution that each

  17. Gender Equity, Sport Sponsorship, and Participation

    Science.gov (United States)

    Yiamouyiannis, Athena

    2009-01-01

    As the pressure to win in select collegiate sports escalates, financial pressures mount, and the need to comply with Title IX regulations and gender equity policies continues, athletics administrators are faced with having to make difficult decisions regarding their sport programs. To assist in the decision-making process regarding sport programs,…

  18. Housing equity, residential mobility and commuting

    DEFF Research Database (Denmark)

    Bloze, Gintautas; Skak, Morten

    2016-01-01

    Highly productive economies require a flexible labor force with workers that move in accordance with the changing demand for goods and services. In times with falling housing prices, the mobility of home owning workers may be hampered by a lock-in effect of low or even negative housing equity. Th...

  19. Opinion Health equity from the African perspective

    African Journals Online (AJOL)

    MESKE

    will not be able to realize meaningful poverty alleviation despite the creditable record of relatively high economic ... Poverty reduction is the MDG goal most crucial to health equity. Anyangwe et.al characterize poverty as both .... disaster, the Horn of Africa recently experienced drought-caused famine and a similar threat is ...

  20. Market Impact Costs of Institutional Equity Trades

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

    2008-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  1. Market Impact Costs of Institutional Equity Trades

    NARCIS (Netherlands)

    van der Sluis, P.J.; Bikker, J.A.; Spierdijk, L.

    2007-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  2. Market impact costs of institutional equity trades

    NARCIS (Netherlands)

    Bikker, Jacob A.; Spierdijk, Laura; van der Sluis, Pieter Jelle

    2007-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  3. Social Conflict and Sex Equity in Education.

    Science.gov (United States)

    Quantz, Richard A.

    1983-01-01

    Holds that male/female differences in such behavior characteristics as aggression, cooperation/competition, compliance, and anxiety are not innate, but rather are social strategies available to both sexes and utilized whenever reasonable. Suggests that the sex equity problems in education can be solved by eliminating differential treatment of boys…

  4. Strategic default and equity risk across countries

    NARCIS (Netherlands)

    Favara, G.; Schroth, E.; Valta, P.

    2010-01-01

    We test whether the firm’s systematic equity risk reflects the shareholders’ incentives to default strategically on the firm’s debt. We use a real options model to relate the shareholders’ strategic default behavior to frictions in the debt renegotiation procedure. We test the model’s predictions

  5. Learning, Official Languages and Employment Equity Advisor ...

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

    Job Summary Plans and coordinates human resources services in the areas of Learning, Official Languages (OL) and Employment Equity (EE) while ensuring that management's needs are met. Provides operational services and advises managers and employees in determining their needs, analyzing problems, ...

  6. Disability and Equity in Higher Education Accessibility

    Science.gov (United States)

    Alphin, Henry C., Jr., Ed.; Lavine, Jennie, Ed.; Chan, Roy Y., Ed.

    2017-01-01

    Education is the foundation to almost all successful lives. It is vital that learning opportunities are available on a global scale, regardless of individual disabilities or differences, and to create more inclusive educational practices. "Disability and Equity in Higher Education Accessibility" is a comprehensive reference source for…

  7. Addressing Gender Equity in Nonfaculty Salaries.

    Science.gov (United States)

    Toukoushian, Robert K.

    2000-01-01

    Discusses methodology of gender equity studies on noninstructional employees of colleges and universities, including variable selection in the multiple regression model and alternative approaches for measuring wage gaps. Analysis of staff data at one institution finds that experience and market differences account for 80 percent of gender pay…

  8. Strengthening Equity through Applied Research Capacity Building ...

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

    There exists limited understanding of how e-Health solutions are perceived, designed, implemented and used. ... The Strengthening Equity through Applied Research Capacity Building in e-Health (SEARCH) program will cultivate local research capacity to examine e-health and ... Liverpool School of Tropical Medicine.

  9. Employment Equity | IDRC - International Development Research ...

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

    At IDRC, diversity is one of the keys to our success. We are committed to achieving employment equity for designated groups in our workforce. Our goal is to create and maintain an innovative and responsive work environment where employees are valued and respected. Designated groups – Definitions.

  10. The Joint Dynamics of Equity Market Factors

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Langlois, Hugues

    2013-01-01

    The 4 equity market factors from Fama and French (1993) and Carhart (1997) are pervasive in academia and practice. However, not much is known about their joint distribution and dynamics. We find striking evidence of asymmetric tail dependence across the factors. While the linear factor correlatio...

  11. Governance for Equity in Health Systems Deadline

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

    Jean-Claude Dumais

    2012-09-12

    Sep 12, 2012 ... of training and mentorship in research, research management, and grant administration allows awardees to pursue their research goals in a dynamic team environment in one of the world's leaders in generating new knowledge to meet global challenges. IDRC's Governance for Equity in Health Systems ...

  12. Diversity, Equity, & Inclusion at Berkeley Lab

    Science.gov (United States)

    Berkeley Lab A-Z Index Directory Search Diversity, Equity, & Inclusion at Berkeley Lab Home Diversity & Inclusion Council Women Scientists & Engineers Council Employee Resource Groups -and culture of inclusion are key to attracting and engaging the brightest minds and furthering our

  13. Globalisation, Equity and Social Development | Mkandawire ...

    African Journals Online (AJOL)

    African Sociological Review / Revue Africaine de Sociologie. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 6, No 1 (2002) >. Log in or Register to get access to full text downloads. Username, Password, Remember me, or Register. Globalisation, Equity and ...

  14. Teaching for Equity: A Transformationist Approach

    Science.gov (United States)

    Wheeler, Tiffany R.; Trail, Amelia El-Hindi

    2010-01-01

    Today's teachers must be equipped to reach all children and embrace a pedagogy of equity. Toward that end, teacher preparation programs need to foster a transformationist pedagogy which allows students to develop into culturally responsive teachers. This paper describes three components of a teacher preparation program that embraces teaching for…

  15. 7 CFR 1735.18 - Additional equity.

    Science.gov (United States)

    2010-01-01

    ... AGRICULTURE GENERAL POLICIES, TYPES OF LOANS, LOAN REQUIREMENTS-TELECOMMUNICATIONS PROGRAM Loan Purposes and Basic Policies § 1735.18 Additional equity. If determined by the Administrator to be necessary for loan security, a borrower applying for an initial loan shall increase its net worth as a percentage of assets to...

  16. Volatility Spillover Effects in European Equity Markets

    NARCIS (Netherlands)

    Baele, L.

    2003-01-01

    This paper quantifies the magnitude and time-varying nature of volatility spillovers from the aggregate European (EU) and US market to 13 local European equity markets.I develop a shock spillover model that decomposes local unexpected returns into a country speciffic shock, a regional European

  17. Argentina : Gender Equity in the Private Sector

    OpenAIRE

    World Bank

    2010-01-01

    First tested in Mexico in 2003, and most recently applied in 2009 in Argentina, the World Bank has developed a model to incorporate gender equity into private sector organizations while simultaneously enhancing their business. Under the model, participating organizations conduct a self-diagnosis to identify gender biases and gaps in the operations. This baseline is then used to create and ...

  18. Protocol for the development of a CONSORT-equity guideline to improve reporting of health equity in randomized trials.

    Science.gov (United States)

    Welch, Vivian; Jull, J; Petkovic, J; Armstrong, R; Boyer, Y; Cuervo, L G; Edwards, Sjl; Lydiatt, A; Gough, D; Grimshaw, J; Kristjansson, E; Mbuagbaw, L; McGowan, J; Moher, D; Pantoja, T; Petticrew, M; Pottie, K; Rader, T; Shea, B; Taljaard, M; Waters, E; Weijer, C; Wells, G A; White, H; Whitehead, M; Tugwell, P

    2015-10-21

    Health equity concerns the absence of avoidable and unfair differences in health. Randomized controlled trials (RCTs) can provide evidence about the impact of an intervention on health equity for specific disadvantaged populations or in general populations; this is important for equity-focused decision-making. Previous work has identified a lack of adequate reporting guidelines for assessing health equity in RCTs. The objective of this study is to develop guidelines to improve the reporting of health equity considerations in RCTs, as an extension of the Consolidated Standards of Reporting Trials (CONSORT). A six-phase study using integrated knowledge translation governed by a study executive and advisory board will assemble empirical evidence to inform the CONSORT-equity extension. To create the guideline, the following steps are proposed: (1) develop a conceptual framework for identifying "equity-relevant trials," (2) assess empirical evidence regarding reporting of equity-relevant trials, (3) consult with global methods and content experts on how to improve reporting of health equity in RCTs, (4) collect broad feedback and prioritize items needed to improve reporting of health equity in RCTs, (5) establish consensus on the CONSORT-equity extension: the guideline for equity-relevant trials, and (6) broadly disseminate and implement the CONSORT-equity extension. This work will be relevant to a broad range of RCTs addressing questions of effectiveness for strategies to improve practice and policy in the areas of social determinants of health, clinical care, health systems, public health, and international development, where health and/or access to health care is a primary outcome. The outcomes include a reporting guideline (CONSORT-equity extension) for equity-relevant RCTs and a knowledge translation strategy to broadly encourage its uptake and use by journal editors, authors, and funding agencies.

  19. Equity trade-offs in conservation decision making.

    Science.gov (United States)

    Law, Elizabeth A; Bennett, Nathan J; Ives, Christopher D; Friedman, Rachel; Davis, Katrina J; Archibald, Carla; Wilson, Kerrie A

    2018-04-01

    Conservation decisions increasingly involve multiple environmental and social objectives, which result in complex decision contexts with high potential for trade-offs. Improving social equity is one such objective that is often considered an enabler of successful outcomes and a virtuous ideal in itself. Despite its idealized importance in conservation policy, social equity is often highly simplified or ill-defined and is applied uncritically. What constitutes equitable outcomes and processes is highly normative and subject to ethical deliberation. Different ethical frameworks may lead to different conceptions of equity through alternative perspectives of what is good or right. This can lead to different and potentially conflicting equity objectives in practice. We promote a more transparent, nuanced, and pluralistic conceptualization of equity in conservation decision making that particularly recognizes where multidimensional equity objectives may conflict. To help identify and mitigate ethical conflicts and avoid cases of good intentions producing bad outcomes, we encourage a more analytical incorporation of equity into conservation decision making particularly during mechanistic integration of equity objectives. We recommend that in conservation planning motivations and objectives for equity be made explicit within the problem context, methods used to incorporate equity objectives be applied with respect to stated objectives, and, should objectives dictate, evaluation of equity outcomes and adaptation of strategies be employed during policy implementation. © 2017 Society for Conservation Biology.

  20. What does equity in health mean?

    Science.gov (United States)

    Mooney, G

    1987-01-01

    The author posits some ethical concerns and theories of distribution in order to gain some insight into the meaning of equity in health, as referred to in WHO documents. It is pointed out that the lack of clarity in the WHO positions is evidenced by examining 1) the European strategy document, which focuses on giving equal health to all and equity access to health care, and 2) the Global Strategy for Health, which talks about reducing inequality and health as a human right. The question raised in document 1 is whether more equal sharing of health might mean less health for the available quantity of resources. The question raised in document 2 is whether there is a right to health per se. The question is how does one measure health policy effects. Health effects are different for an 8-year-old girl and an octogenarian. How does one measure the fairness of access to health care in remote mountain villages versus an urban area? Is equal utilization which is more easily measured comparable to equal need as a measure? How does one distribute doctors equitably? The author espouses the determinant of health as Aday's illness and health promotion, which is not biased by class and controversy. The Aday definition embraces both demand and need, although his definition is still open to question. Concepts of health with distinction between need and demand are made. Theories of Veatch which relate to distributive justice and equity in health care are provided as entitlement theory (market forces determine allocation of resources), utilitarianism (greatest good for the greatest number regardless of redistribution issues), maximum theory (maximize the minimum position or giver priority to the least well off), and equality (fairness in distribution). Different organizational and financing structures will influence the approach to equity. The conclusion is that equity is a value laden concept which has no uniquely correct definition. 5 theories of equity in distribution of health

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

    NARCIS (Netherlands)

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

    2016-01-01

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

  2. Modelling home equity conversion loans with life insurance models

    Directory of Open Access Journals (Sweden)

    Baškot Bojan

    2013-01-01

    Full Text Available Home equity represents a reserve that can be used for providing additional money for its owners during their retirement. Life insurance models can be successfully applied to model home equity conversion loans. The home equity conversion loan is a financial product that provides a certain flexibility by using home equity as a resource for a quality life during retirement. Home equity conversion loans do not have a predetermined maturity date, as do conventional loans. But, like every loan, it must be repaid. One potential advantage of using a home equity conversion loan during tough financial times instead of some types of need-based assistance is that eligibility is straightforward. Home equity conversion loans can be useful tools in the process of pension system reform.

  3. Investment Opportunities & Job Information

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Shanghai Vacancies from Chinajob.com China Pacific Insurance (Group) Co. Ltd. Senior Investment Manager and Senior Accounting Analyst are needed, full time; annual salary: $50,000-100,000. China Europe International Business School wants professors or people with doctoral degrees to teach Accounting, Finance, Human Resources and Management, Strategic and General Management, Carving out Management, Production and Transportation Management, and Information Management Systems, full time. Salary starts at $1...

  4. BUSINESS ANGELS AND INVESTMENTS

    Directory of Open Access Journals (Sweden)

    CLAUDIA ISAC

    2015-12-01

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

  5. RISKS IN INVESTMENT AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Ms. Tatiana A. Ykovleva

    2016-12-01

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

  6. A basic guide to investing.

    Science.gov (United States)

    Smith, Michael C

    2006-03-01

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

  7. From green investments to ecotax

    International Nuclear Information System (INIS)

    Stam, B.

    1996-01-01

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

  8. Chinese investments in the EU

    NARCIS (Netherlands)

    Ebbers, H.A.; Zhang, J.

    2010-01-01

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

  9. Crisis will impact investments

    International Nuclear Information System (INIS)

    Anon.

    2008-01-01

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

  10. Greenland and Chinese outbound investments

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  11. Corporate Negative Equity: The Evidence from the European Union

    Directory of Open Access Journals (Sweden)

    Natalia Mokhova

    2016-01-01

    Full Text Available After the Global Financial Crisis the frequency of reported losses of companies has increased significantly in countries of the European Union. Moreover, the financial leverage of companies have increased and even exceeded 100% in several countries. The reason of this development is negative equity that companies find themselves to report. At first sight negative equities are caused by accumulated losses from prior periods. However, there are some other reasons that can result in increasing negative equities in companies. They remain adequate as long as a company is able to pay its bills. Nevertheless, a company with negative equity is exposed to risks. This paper investigates whether the corporate negative equity is a sign of the future failure of a company. We examine non-financial manufactured companies from selected countries of the European Union within the period 2005–2012 from database Amadeus (Czech Republic, Slovakia, Hungary, Poland and Germany. By the means of comparison between negative and positive equities we applied descriptive statistics and Pearson correlation analysis. We find that in all surveyed countries the size positively influences the equity of companies. Other factors as profitability and growth opportunities do not influence the corporate equity. In addition the binary logistic regression analysis has been conducted based on the evidence from Czech companies. Our results indicate that negative equities are not a sign of bankruptcy or insolvency of a company. But the low profitability or low business activities (that are predictors of bankruptcy might lead to negative equities in the balance sheet.

  12. [Several problems concerning population investment].

    Science.gov (United States)

    Liu, Z

    1982-07-29

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

  13. Investment for the future

    International Nuclear Information System (INIS)

    Sprigarde, G.

    1994-01-01

    In view of the increasing requirements concerning availability and safety of power plants, their economical operation and the environmental protection and safeguarding of resources, the new process control system ''Teleperm XP'' for power plants has been developed. A modern and purposeful system architecture, together with the use of the most innovative standards of hardware and software, makes it possible to maintain the short innovation cycles in microelectronics, and thus to secure investments for the future during the entire lifetime of a power station. (orig.) [de

  14. Gas trade and investments

    International Nuclear Information System (INIS)

    Chabrelie, M.F.

    2000-01-01

    The WOC 9 workshop of the CMG 2000 world gas congress was devoted to gas projects and economics. One round table chaired by G. Bouchard (Gaz de France) and T.H. Thorn (Enron) was devoted to the commercial and financial challenges the gas industry will have to face in the context of inter-region markets and investments. This article summarizes the discussion that took place during this round table: towards a progressive un-partitioning of regional markets, the strategic changes in the European gas market, the LNG industry: new actors and new markets, the gas producers at the crossroads. (J.S.)

  15. VALUATION AND INVESTMENT PROFESSION

    Directory of Open Access Journals (Sweden)

    Lidija Dedi

    2013-06-01

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

  16. Stakeholders in Equity-Based Crowdfunding: Respective Risks Over the Equity Crowdfunding Lifecycle

    Directory of Open Access Journals (Sweden)

    Semen Son Turan

    2015-08-01

    Full Text Available Objective. The purpose of this paper is to present a thorough research on the risk categories and specific risk factors that each immediate stakeholder faces over the equity crowdfunding lifecycle.Methodology. This study employs an exploratory approach, supported by current data to understand the global equity crowdfunding setting and the stakes for major players.Findings. Findings show that, although equity crowdfunding, can be a unique opportunity especially for underdeveloped countries and SMEs who have difficulty obtaining funding elsewhere, is also a potential peril for those who ignore or underestimate the overall and stand-alone risks that come along with each stage of the process. The findings have implications for all ventures seeking alternative financing venues, investors and equity crowdsourcing platforms. Furthermore, they pinpoint potential areas of further investigation for researchers and policy makers.Originality/Value. This study differentiates itself from the limited number of papers on equity crowdfunding, as a newly developing field of academic research, in that it underscores financial, regulatory, operational, reputational and strategic risks from several perspectives and offers recommendations on how these risks can be addressed.

  17. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant margin premium in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  18. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant "margin premium" in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  19. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    Illiquidity is well-known to be a significant determinant of stock and bond returns. We report on illiquidity premia in the equity options market. An increase in option illiquidity decreases the current option price and implies higher expected option returns. This effect is statistically and econ......Illiquidity is well-known to be a significant determinant of stock and bond returns. We report on illiquidity premia in the equity options market. An increase in option illiquidity decreases the current option price and implies higher expected option returns. This effect is statistically...... and economically signifi…cant. It is robust across different empirical approaches and when including various control variables. The illiquidity of the underlying stock affects the option return negatively, consistent with a hedging argument: When stock market illiquidity increases, the cost of replicating...

  20. Performance Persistence of Equity Funds in Hungary

    Directory of Open Access Journals (Sweden)

    Dariusz Filip

    2011-03-01

    Full Text Available This study examines the phenomenon of performance persistence of equity funds in Hungary in two time perspectives: 1-year and 6-month perspectives. The empirical results confirm the occurrence of performance dependence in consecutive periods. There is also a strong evidence of short-term persistence in the total horizon of the study (from the beginning of 2000 to the end of 2009, and in several sub-periods. The 1-year persistence was also found in the tested sample and, in general, depended on the measure applied. Furthermore, I observed performance reversal, which can be partly explained by trend changes in the financial markets. The persistence of equity funds performance in Hungary is shaped by market factors rather than the diversity of managerial characteristics.

  1. 78 FR 69143 - Guggenheim Equal Weight Enhanced Equity Income Fund and Guggenheim Funds Investment Advisers, LLC...

    Science.gov (United States)

    2013-11-18

    ... designed to ensure that all notices required to be sent to a Fund's shareholders pursuant to section 19(a... graphical format: (1) The amount of the distribution, on a per common share basis, together with the amounts... history of operations is less than five years, the time period commencing immediately following the Fund's...

  2. Investment Opportunities in BRIC Nations - A Comparative Fundamental Analysis of Indian Equity Markets

    OpenAIRE

    Dhingra, Gaurav

    2007-01-01

    Emerging Markets like BRIC (Brazil, Russia, India and China) have attracted a lot of attention from investors all over the globe. The economies of these nations are growing at a rapid pace and these nations are expected to become a much larger force in few years from now. As a result, they have given much higher returns than the developed ones in the recent past. India with its strong fundamentals and macroeconomic stability has impressed investors worldwide and attracted enormous foreign inv...

  3. Macroeconomic Perspectives on the Equity Premium Puzzle

    NARCIS (Netherlands)

    J. Zenhorst (Jorn)

    2012-01-01

    textabstractSuppose you were born on January 1, 1983. A few months later, your parents, wanting to set aside some money for your 18th birthday, were at a crossroads. They could either invest money in risk-free Dutch government bonds or in the newly created AEX index, investing in companies’

  4. Equity in Adaptation to Climate Change

    International Nuclear Information System (INIS)

    Gemenne, F.

    2009-01-01

    Most observers agree that equity has become a key condition for the success of a global agreement on climate, and that any deal that would seem inequitable would be doomed to fail. The UNFCCC (United Nations Framework Convention on Climate Change) makes a distinction between developed countries, developing countries, and least advanced countries; as well as between vulnerable countries and particularly vulnerable countries. The first distinction has to do with equity in mitigation efforts, whereas the latter is concerned with equity in the allocation of adaptation funding (Mace 2006). Adaptation itself is poorly defined: the IPCC (Intergovernmental Panel of Climate Change) does not go further than defining it as the adjustment of human or natural systems confronted to a new or changing environment (IPCC 2007). It took a very long time for adaptation to be acknowledged as a key aspect of the fight against global warming. Funding mechanisms were long overdue when they were finally implemented, and remain heavily discussed. A sufficient amount of funding for adaptation appears today as the sine qua non condition for the participation of developing countries to a global deal on climate. This amount has been estimated at US$ 100 billion at least on a yearly basis, including support for mitigation efforts. However, though equity concerns have been placed at the core of the negotiation on mitigation efforts, they have been little addressed in the discussions on adaptation. As a result of this, the criteria that will be used to allocate the adaptation funding remain unclear and vague, which could be detrimental for the negotiation process as a whole. This paper aims to offer a new perspective on this issue, departing from the traditional perspective inspired by retributive justice. (author)

  5. Cooperate! A paradigm shift for health equity.

    Science.gov (United States)

    Chang, Wei-Ching; Fraser, Joy H

    2017-02-21

    The role of competition and cooperation in relation to the goal of health equity is examined in this paper. The authors explain why the win-lose mentality associated with avoidable competition is ethically questionable and less effective than cooperation in achieving positive outcomes, particularly as it relates to health and health equity. Competition, which differentiates winners from losers, often with the winner-takes-all reward system, inevitably leads to a few winners and many losers, resulting in social inequality, which, in turn, engenders and perpetuates health inequity.Competitive market-driven approaches to healthcare-brought about by capitalism, neo-liberalization, and globalization, based primarily on a competitive framework-are shown to have contributed to growing inequities with respect to the social determinants of health, and have undermined equal opportunity to access health care and achieve health equity. It is possible to redistribute income and wealth to reduce social inequality, but globalization poses increasing challenges to policy makers. John Stuart Mill provided a passionate, philosophical defense of cooperatives, followed by Karl Polanyi who offered an insightful critique of both state socialism and especially the self-regulating market, thereby opening up the cooperative way of shaping the future. We cite Hannah Arendt's "the banality of evil" to characterize the tragic concept of "ethical fading" witnessed in business and everyday life all over the world, often committed (without thinking and reflecting) by ordinary people under competitive pressures.To promote equity in health for all, we recommend the adoption of a radically new cooperation paradigm, applied whenever possible, to everything in our daily lives.

  6. Health equity monitoring for healthcare quality assurance.

    Science.gov (United States)

    Cookson, R; Asaria, M; Ali, S; Shaw, R; Doran, T; Goldblatt, P

    2018-02-01

    Population-wide health equity monitoring remains isolated from mainstream healthcare quality assurance. As a result, healthcare organizations remain ill-informed about the health equity impacts of their decisions - despite becoming increasingly well-informed about quality of care for the average patient. We present a new and improved analytical approach to integrating health equity into mainstream healthcare quality assurance, illustrate how this approach has been applied in the English National Health Service, and discuss how it could be applied in other countries. We illustrate the approach using a key quality indicator that is widely used to assess how well healthcare is co-ordinated between primary, community and acute settings: emergency inpatient hospital admissions for ambulatory care sensitive chronic conditions ("potentially avoidable emergency admissions", for short). Whole-population data for 2015 on potentially avoidable emergency admissions in England were linked with neighborhood deprivation indices. Inequality within the populations served by 209 clinical commissioning groups (CCGs: care purchasing organizations with mean population 272,000) was compared against two benchmarks - national inequality and inequality within ten similar populations - using neighborhood-level models to simulate the gap in indirectly standardized admissions between most and least deprived neighborhoods. The modelled inequality gap for England was 927 potentially avoidable emergency admissions per 100,000 people, implying 263,894 excess hospitalizations associated with inequality. Against this national benchmark, 17% of CCGs had significantly worse-than-benchmark equity, and 23% significantly better. The corresponding figures were 11% and 12% respectively against the similar populations benchmark. Deprivation-related inequality in potentially avoidable emergency admissions varies substantially between English CCGs serving similar populations, beyond expected statistical

  7. Globalisation and schooling: equity and access issues

    Science.gov (United States)

    Zajda, Joseph

    2011-03-01

    This review essay focuses on the prominence given to globalisation and discourses of globalisation in education reforms and pedagogy, as well as the way conceptual thinking in this area has changed and developed, due to competing ideologies, forces of globalisation and political, economic and cultural transformations. It analyses and evaluates the shifts in methodological approaches to globalisation and its effects on education policy and pedagogy. It focuses on forces of globalisation, ideology, social inequality and implications for equity and access to quality education.

  8. Equity in Health Care Expenditure in Nigeria

    Directory of Open Access Journals (Sweden)

    Olanrewaju Olaniyan

    2013-07-01

    Full Text Available Equity isone of the basic principles of health systems and features explicitly in theNigerian health financing policy. Despite acclaimed commitment to theimplementation of this policy through various pro-poor health programmes andinterventions, the level of inequity in health status and access to basichealth care interventions remain high. This paper examines the equity of healthcare expenditure by individuals in Nigeria. The paper evaluated equity in out-of-pocketspending( OOP for the country and separately for the six geopolitical zones ofthe country.The methodological framework rests onKakwani Progressivity Indices (KPIs, ReynoldSmolensky indices andconcentration indices (CIs using data from the 2004 Nigerian National LivingStandard Survey( NLSS collected by the National Bureau of Statistics. .The results reveal that health financing isregressive with the incidence disproportionately rest on poor households withabout 70% of the total expenditure on health is through out-of-pocket paymentsby households. Poor households are prone to bear most of the expenses in theevent of any health shock. The catastrophic consequences thus push some intopoverty, and aggravate the poverty of others.The paper therefore suggests that thecountry’s health financingsystems must be designed not only to allow people to access services when theyare needed, but must also protect household, from financial catastrophe, byreducing OOP spending through risk pooling and prepayment schemes within thehealth system.Keywords:                            Equity, Health careexpenditure, Kakwani progressivity index, Nigeria.

  9. FOMC communication and emerging equity markets

    OpenAIRE

    Hayo, Bernd; Kutan, Ali M.; Neuenkirch, Matthias

    2009-01-01

    Using a GARCH model, we study the effects of Federal Funds target rate changes and FOMC communication on emerging equity market returns and volatility over the period 1998–2006. First, both types of news have a significant impact on market returns. Second, target rate changes are more important than informal communication. Third, the occurrence of monetary policy reports lowers price volatility. Finally, American emerging markets react more to U.S. news than non-American markets.

  10. Health Equity in a Trump Administration.

    Science.gov (United States)

    Stone, Deborah

    2017-10-01

    Donald Trump's rhetoric and leadership are destroying the "culture of community" necessary for progress on health equity. His one-line promises to provide "quality health care at a fraction of the cost" smack of neoliberal nostrums that shifted ever more costs onto patients, thereby preventing many people from getting care. The dangers of Trump go far beyond health policy, however; Trump's presidency threatens the political and cultural institutions that make any good policy possible. Copyright © 2017 by Duke University Press.

  11. Decomposing European bond and equity volatility

    OpenAIRE

    Christiansen, Charlotte

    2004-01-01

    The paper investigates volatility spillover from US and aggregate European asset markets into European national asset markets. A main contribution is that bond and equity volatilities are analyzed simultaneously. A new model belonging to the "volatilityspillover" family is suggested: The conditional variance of e.g. the unexpected German stock return is divided into separate effects from the contemporaneous idiosyncratic variance of US bonds, US stocks, European bonds, European stocks, German...

  12. PPICA, Power Plant Investment Cost Analysis

    International Nuclear Information System (INIS)

    Lefevre, J.C.

    2002-01-01

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

  13. An investigation on the effects of brand equity, trust, image and customer satisfaction on regular insurance firm customers’ loyalty

    Directory of Open Access Journals (Sweden)

    Hamid Reza Saeednia

    2014-03-01

    Full Text Available Brand plays essential role on the success of most organizations and it has been considered as organizational assets. Therefore, brand management is important in today’s structure of organizations. A good brand helps gain new customer and future preferences, which leads to customer retention. Brand loyalty is one of the most important components of brand management. It can raise firm’s market share and it has close relationship with firm’s return of investment and profits. This research tries to answer this question and finds out more about the relationship between customer satisfaction, trust, brand equity, brand image and customer loyalty. The study uses a sample of 384 regular customers who use insurance services in Iran. Using Pearson correlation ratio as well as structural equation modeling, the study has detected positive and meaningful relationship between brand equity and other factors such as customer satisfaction, trust, etc.

  14. The Good Investment.

    Science.gov (United States)

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

    2017-07-01

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

  15. Offshore Investment Funds

    Directory of Open Access Journals (Sweden)

    Shang-Jin Wei

    1999-12-01

    Full Text Available Offshore investment funds are alleged to have engaged in trading behavior that is different from their onshore counterparts because they may be subject to less supervision and regulation. In particular, they may trade more intensely. They could also pursue more aggressively certain trading strategies such as positive feedback trading or herding that could contribute to a greater volatility in the market. Using a unique data set, this chapter compares the trading behavior in the Korean stock market between offshore investment funds with their onshore counterparts registered in the US and UK. There are a number of interesting findings. First, there is indeed evidence suggesting that the offshore funds trade more intensely than their onshore counterparts. Second, however, there is no evidence that the offshore funds engage in positive feedback trading. In contrast, there is strong evidence that the funds from the U.S. and U.K. do. Third, while offshore funds do herd, they do so far less than onshore funds in the U.S. or UK. Fourth, offshore funds hold less glamour stocks (e.g. stocks with high P/E in their portfolio than funds in the U.S. or U.K. do. Moreover, flight to glamour stocks during the in-crisis period is less evident in the case of offshore funds. In sum, offshore funds are no especially worrisome monsters.

  16. Commodities and Stock Investment

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2014-09-01

    Full Text Available This study is a multivariate analysis of commodities and stock investment in a newly established market scenario. Return distribution asymmetry is examined with higher order movements. Skewness in commodity future’s return is largely insignificant, whereas kurtosis is highly significant for both stock and commodity future contracts. Correlation analysis is done with Pearson’s and Kendall’s tau measures. Commodities provide significant diversification benefits when added in a portfolio of stocks. Compared with stocks, commodity future’s returns show stronger correlation with unexpected inflation. The volatility is measured through Glosten-Jagannathan-Runkle - Generalized Autoregressive Conditional Heteroskedasticity (GJR-GARCH model and reflects that commodities have inverted asymmetric behavior, that is, more impact from the upward shocks compared with downward. Stocks have asymmetric volatility, that is, more impact from negative shocks compared with positive. Gold has highest inverted asymmetric volatility. Tail dependence, measured through Student’s t copula, shows no combined downside movement. In conclusion, commodity investments provide diversification and inflation protection.

  17. Collaboration and Gender Equity among Academic Scientists

    Directory of Open Access Journals (Sweden)

    Joya Misra

    2017-03-01

    Full Text Available Universities were established as hierarchical bureaucracies that reward individual attainment in evaluating success. Yet collaboration is crucial both to 21st century science and, we argue, to advancing equity for women academic scientists. We draw from research on gender equity and on collaboration in higher education, and report on data collected on one campus. Sixteen focus group meetings were held with 85 faculty members from STEM departments, separated by faculty rank and gender (i.e., assistant professor men, full professor women. Participants were asked structured questions about the role of collaboration in research, career development, and departmental decision-making. Inductive analyses of focus group data led to the development of a theoretical model in which resources, recognition, and relationships create conditions under which collaboration is likely to produce more gender equitable outcomes for STEM faculty. Ensuring women faculty have equal access to resources is central to safeguarding their success; relationships, including mutual mentoring, inclusion and collegiality, facilitate women’s careers in academia; and recognition of collaborative work bolsters women’s professional advancement. We further propose that gender equity will be stronger in STEM where resources, relationships, and recognition intersect—having multiplicative rather than additive effects.

  18. Equity Gains in Bangladesh Primary Education

    Science.gov (United States)

    Chowdhury, A. Mushtaque R.; Nath, Samir R.; Choudhury, Rasheda K.

    2003-11-01

    Although equity is a desirable objective of any form of development intervention, including education, not many studies dwell upon this important area. Information on related trends is even more rare. This essay uses field-level data from Bangladesh to examine equity levels and trends in primary education, including enrolment and quality of learning, focusing on equity for different gender, urban or rural, economic and ethnic groups. The study shows that while some disparity between girls and boys has been eliminated, girls are still far behind boys in terms of learning achievement. Children belonging to poorer families and ethnic minority groups lag behind the respective dominant groups in terms of both enrolment and learning achievement. At the same time, there have been some improvements for hitherto excluded groups such as rural girls and children of the poor. These changes are attributed mainly to 'positive discriminatory' steps taken by the government and non-governmental organizations in favour of such groups. If this trend continues, Bangladesh can look forward to establishing itself as a more equitable society than it is now.

  19. Corporate social investment – good business and good revenue: The case of woolworths holdings ltd South Africa

    Directory of Open Access Journals (Sweden)

    Collins C. Ngwakwe

    2014-11-01

    Full Text Available This paper examined the relationship between corporate social investment and revenue in Woolworths Holdings Limited South Africa. The approach is thus a single case study, and financial data on social investment and revenue was retrieved from the Woolworths Holdings’ Good Business Journey report 2008 -2013 and from its annual report of 2002 - 2007. Using the SPSS statistics software, a correlation was sought between the Woolworths Holdings’ social investment expenditure and revenue, earnings per share and return on equity. Findings from the analysis revealed that, within the six years of Woolworths Holdings’ Good Business Journey, a significant positive relationship exists between Woolworths Holdings’ social investment and its revenue, earnings per share (EPS and return on equity (ROE. A further analysis of difference in means using the t-test statistics indicates that the revenue streams to Woolworths Holdings’ between 2008 – 2013 is significantly greater than the revenue streams in the six years before the Good Business Journey. In conclusion, the paper suggests a new research model, referred to in this research as the share holders’ support for corporate social investment model, and it is represented as: SHSSI = f (Rv+Es+Re+Of. The paper thus offers an agenda for further research to apply the above model to evaluate the degree of shareholders’ interest and support for corporate social investment in retailing and other companies

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

    Directory of Open Access Journals (Sweden)

    Jaya Shukla

    2014-01-01

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

  1. DETERMINANTS OF BRAND EQUITY: AN EMPIRICAL STUDY OF IT INDUSTRY

    Directory of Open Access Journals (Sweden)

    Muhammad Fahid MUQADDAS

    2016-12-01

    Full Text Available The performance of any brand can be measured by many methods. One of the widely used ways to calculate brand performance is through brand equity. Brand equity can be observed by customer’s perspective as well as financial perspective. This research paper investigates the impact of advertising and promotion, research and development (RD and profitability (return on assets on brand equity. In this research paper data is used from 20 international IT brands for a period of 5 years from 2011 to 2015. The results show that advertising and promotion and profitability have statistically significant impact on brand equity whereas RD doesn’t make significant impact on brand equity. Based on the findings, it is observed that advertising is having the strongest impact on brand equity.

  2. International portfolio diversification: United States and south Asian equity markets

    Directory of Open Access Journals (Sweden)

    Mushtaq Rizwan

    2014-01-01

    Full Text Available This paper explores the dynamic liaison between US and three developing South Asian equity markets in short and long term. To gauge the long-term relationship, we applied Johansen co-integration procedure as all the representative indices are found to be non-stationary at level. The findings illustrate that the US equity market index exhibits a reasonably different movement over time in contrast to the three developing equity markets under consideration. However, the Granger-causality test divulge that the direction of causality scamper from US equity market to the three South Asian markets. It further indicates that within the three developing equity markets the direction of causality emanates from Bombay stock market to Karachi and Colombo. Overall, the results of the study suggest that the American investors can get higher returns through international diversification into developing equity markets, while the US stock market would also be a gainful upshot for South Asian investors.

  3. Pengaruh Return On Equity, Price Earning Ratio, Price To Book Value Dan Inflasi Terhadap Harga Saham PT Bhakti Investama Tbk Jakarta

    Directory of Open Access Journals (Sweden)

    Pariang Siagian

    2011-11-01

    Full Text Available Investment on stocks is a high-risky investment to make investors to possibly gain a lot of profit. On the other hand, those investors might experience some big loss. Data collecting comes from theoretical books and other related references. Secondary data including Return On Equity (ROE, Price Earnings Ratio (PER, Earning Per Share (EPS, Book Value (BV, Price To Book Value (PBV and Stock Prices of PT Bhakti Investama Tbk. This research is intended to find whether Return On Equity (ROE, Price Earnings Ratio (PER, Price To Book Value (PBV and Inflation, have some influences on the Stock Price of PT Bhakti Investama Tbk., both partially and entirely; and how much the influences are.

  4. Multilateral negotiations in foreign investment

    Directory of Open Access Journals (Sweden)

    David Orlando Ruiz Castro

    2016-04-01

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

  5. Plan demographics, participants' saving behavior, and target-date fund investments.

    Science.gov (United States)

    Park, Youngkyun

    2009-05-01

    This analysis explores (1) whether plan demographic characteristics would affect individual participant contribution rates and target-date fund investments and (2) equity glide paths for participants in relation to plan demographics by considering target replacement income and its success rate. PLAN DEMOGRAPHIC CHARACTERISTICS IN PARTICIPANT CONTRIBUTION RATES: This study finds empirical evidence that 401(k) plan participants' contribution rates differ by plan demographics based on participants' income and/or tenure. In particular, participants in 401(k) plans dominated by those with low income and short tenure tend to contribute less than those in plans dominated by participants with high income and long tenure. Future research will explore how participant contribution behavior may also be influenced by incentives provided by employers through matching formulae. PLAN DEMOGRAPHIC CHARACTERISTICS IN TARGET-DATE FUND INVESTMENTS: The study also finds empirical evidence that participants' investments in target-date funds with different equity allocations differ by plan demographics based on participants' income and/or tenure. In particular, target-date fund users with 90 percent or more of their account balances in target-date funds who are in 401(k) plans dominated by low-income and short-tenure participants tend to hold target-date funds with lower equity allocations, compared with their counterparts in plans dominated by high-income and long-tenure participants. Future research will focus on the extent to which these characteristics might influence the selection of target-date funds by plan sponsors. EQUITY GLIDE PATHS: Several stylized equity glide paths as well as alternative asset allocations are compared for participants at various starting ages to demonstrate the interaction between plan demographics and equity glide paths/asset allocations in terms of success rates in meeting various replacement income targets. The equity glide path/asset allocation providing

  6. Ranking independent timber investments by alternative investment criteria

    Science.gov (United States)

    Thomas J. Mills; Gary E. Dixon

    1982-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Hari Krishna Shrestha

    2016-12-01

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

  8. Customer based brand equity: evidence from the hotel industry

    OpenAIRE

    Kayaman, Rüçhan; Araslı, Hüseyin

    2007-01-01

    The paper aims to explore interrelations of the four brand equity components; brand awareness, brand loyalty, perceived quality and brand image in hotel industry and improve the conceptualization of customer-based hotel brand equity. The paper is based on the recommendations of previous studies, the scale constructed to measure consumer-based brand equity included brand awareness, brand loyalty, perceived quality and brand image. The present study used a sample of 345 actual customers from 11...

  9. Pay equity, minimum wage and equality at work

    OpenAIRE

    Rubery, Jill

    2003-01-01

    Reviews the underlying causes of pay discrimination embedded within the organization of the labour market and structures of pay and reward. Discusses the need to focus on pay equity as part of a general strategy of promoting equity and decent work and examines the case for using minimum wage policies in comparison to more targeted equal pay policies to reduce gender pay equity. Identifies potential obstacles to or support for such policies and describes experiences of the use of minimum wages...

  10. DETERMINANTS OF BRAND EQUITY: AN EMPIRICAL STUDY OF IT INDUSTRY

    OpenAIRE

    Muhammad Fahid MUQADDAS; Ishtiaq AHMAD

    2016-01-01

    The performance of any brand can be measured by many methods. One of the widely used ways to calculate brand performance is through brand equity. Brand equity can be observed by customer’s perspective as well as financial perspective. This research paper investigates the impact of advertising and promotion, research and development (RD) and profitability (return on assets) on brand equity. In this research paper data is used from 20 international IT brands for a period of 5 years from 2011 to...

  11. Determinants of Brand Equity: Offering a Model to Chocolate Industry

    OpenAIRE

    Emari Hossien

    2011-01-01

    This study examined the underlying dimensions of brand equity in the chocolate industry. For this purpose, researchers developed a model to identify which factors are influential in building brand equity. The second purpose was to assess brand loyalty and brand images mediating effect between brand attitude, brand personality, brand association with brand equity. The study employed structural equation modeling to investigate the causal relationships between the dimensions...

  12. The equity of school facilities funding: Examples from Kentucky.

    OpenAIRE

    William J. Glenn; Lawrence O. Picus; Allan Odden; Anabel Aportela

    2009-01-01

    While there is an extensive literature analyzing the relative equity of state funding systems for current operating revenues, there is a dearth of research on capital funding systems. This article presents an analysis of the school capital funding system in Kentucky since 1990, using the operating-revenue analysis concepts of horizontal equity, vertical equity, and fiscal neutrality. In general one could tentatively conclude that Kentucky’s capital-funding system was reasonably equitable unti...

  13. Do Private Labels Build Retailer Brand Equity? An Empirical Approach

    OpenAIRE

    Xara-Brasil, Duarte; Marreiros, Cristina; Dionísio, Andreia

    2015-01-01

    This research is focused on retailer’s equity and brand equity, with an application to food retailer’s private labels. The study is supported on existing brand equity studies, namely Aaker, Keller, Yoo & Donthu and Pappu & Quester. The proposed conceptual model was tested through a survey to a sample of consumers, who do most of their food shopping in one of the two main Portuguese retailers. We obtained and validated a measurement and a structural model with appropriate model ...

  14. BRAND EQUITY OF LAHORE FORT AS A TOURISM DESTINATION BRAND

    OpenAIRE

    KASHIF, MUHAMMAD; SAMSI, SITI ZAKIAH MELATU; SARIFUDDIN, SYAMSULANG

    2015-01-01

    ABSTRACTStudies that measure the brand equity of destination brands by using the Customer-Based Brand Equity (CBBE) model in a developing country context are scarce. The present study investigates the destination brand equity of the Lahore Fort by employing the CBBE model in a developing country context of Pakistan. Following the positivist tradition, we adopted a survey-based approach to collect data from 237 tourists visiting the Lahore Fort. Data were collected through a questionnaire deve...

  15. Teknologi Informasi Dalam Membentuk Atribut Brand Equity Suatu Produk

    OpenAIRE

    Damayanti, Kristiana Asih

    2004-01-01

    Product is known from its merk and Customer will choice and buy product which havegood and famous merk. For it, Company have to built good merk which can describe fromBrand Equity. Brand Equity has five atributes: Brand Assosiation, Brand Awareness,Perceived Quality, Brand Loyalty, and other atributes.This paper has a goal to make a model how Information Technology in built everyatributes of Brand Equity.

  16. The effect of customer-base reputation on brand equity

    OpenAIRE

    Shahriyar Azizi; Behnaz Roustaian; Manizghe Gharache; Bahman Hajipour

    2016-01-01

    Among the most important sectors of Iranian economy is banking, an industry which has become more competitive over the recent decade. An objective of banks marketing is to increase brand equity. Since reputation is an important factor in improvement of brand equity, the present research evaluated the impact of bank customer-based reputation on total brand equity. A survey was conducted in Tehran metropolitan area, with the sample size of 246 people. Findings showed the positive impact of bank...

  17. 13 CFR 301.4 - Investment rates.

    Science.gov (United States)

    2010-01-01

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

  18. Health equity in Lebanon: a microeconomic analysis

    Directory of Open Access Journals (Sweden)

    Raad Firas

    2010-04-01

    Full Text Available Abstract Background The health sector in Lebanon suffers from high levels of spending and is acknowledged to be a source of fiscal waste. Lebanon initiated a series of health sector reforms which aim at containing the fiscal waste caused by high and inefficient public health expenditures. Yet these reforms do not address the issues of health equity in use and coverage of healthcare services, which appear to be acute. This paper takes a closer look at the micro-level inequities in the use of healthcare, in access, in ability to pay, and in some health outcomes. Methods We use data from the 2004/2005 Multi Purpose Survey of Households in Lebanon to conduct health equity analysis, including equity in need, access and outcomes. We briefly describe the data and explain some of its limitations. We examine, in turn, and using standardization techniques, the equity in health care utilization, the impact of catastrophic health payments on household wellbeing, the effect of health payment on household impoverishment, the equity implications of existing health financing methods, and health characteristics by geographical region. Results We find that the incidence of disability decreases steadily across expenditure quintiles, whereas the incidence of chronic disease shows the opposite pattern, which may be an indication of better diagnostics for higher quintiles. The presence of any health-related expenditure is regressive while the magnitude of out-of-pocket expenditures on health is progressive. Spending on health is found to be "normal" and income-elastic. Catastrophic health payments are likelier among disadvantaged groups (in terms of income, geography and gender. However, the cash amounts of catastrophic payments are progressive. Poverty is associated with lower insurance coverage for both private and public insurance. While the insured seem to spend an average of almost LL93,000 ($62 on health a year in excess of the uninsured, they devote a smaller

  19. DETERMINANTS OF RETURN ON EQUITY OF COOPERATIVE BANKS IN POLAND

    Directory of Open Access Journals (Sweden)

    Anna Bieniasz

    2016-03-01

    Full Text Available The aim of the study was to analyse the diversity of return on equity in the cooperative banks in Poland in 2010– 2014. The analysis was conducted using data of the Polish Financial Supervision Authority, on the basis of a modifi ed decomposition rate of return on equity. Assessment of the rate of return on equity was made in a size of banks, as determined by the value of assets. In addition, in order to determine the strength and direction of impact the individual components of the model on the formation of return on equity method was applied functional. The study suggests that cooperative banks eff ectively use the equity, because the rate of return on equity was signifi cantly higher than the rate of return on assets. The average return on assets in 2010–2014 was relatively lower in the largest banks and ranged from 0.7–0.9%, and the smallest banks return on assets was approximately 1%. In turn, the return on equity was higher at banks with major assets (over 200 million PLN. In 2013–2014 the rate of return both on assets and equity expressly declined. The main determinants of changes in return on equity were changing the multiplier reduction of profi t from banking activities by operating costs and costs of banking risk and return on assets, as well as measured result on banking activities.

  20. Understanding Gender-Based Wage Discrimination: Legal Interpretation and Trends of Pay Equity in Higher Education.

    Science.gov (United States)

    Luna, Gaye

    1990-01-01

    Traces the history of laws and litigation concerning pay equity issues, also referred to as wage equity and comparable worth. Suggests that universities and colleges identify possible problems and take voluntary corrective measures before pay-equity problems arise. (MLF)

  1. Structure of Cost of Equity as the Dependence on the Corporate- and Market Life Cycle

    Directory of Open Access Journals (Sweden)

    Zdeněk Konečný

    2013-10-01

    Full Text Available Purpose of the article: Companies, like all living creatures, goes through their life cycle, which includes some partial phases. Each of these phases is specific. Depending up the corporate life cycle, there are changed managerial decisions, that have an considerable influence, among others, on financial indicators like liquidity (current ratio, quick ratio, cash ratio, return (on investment, assets, equity, sales, economic value added, or cost of capital. The purpose of this article is to show relations between corporate life cycle and the structure of cost of equity. Furthermore, there will be, besides the corporate life cycle, considered also the market life cycle and market positions, that can companies hold on the market, on which they are acting. Methodology/methods: There is used a method, based on the analysis of secondary data, gotten from financial statements of selected companies and from statistical and analytical documents, published by Czech Ministry of Industry and Trade. There are selected 39 companies, acting on the czech market with motor vehicles production. The data are gathered for periods from 2002 up to 2010. There is used a model by Reiners (2004 to identify phases of corporate- and market life cycle and market positions. For finding out the structure of cost of equity there is used the constructional model by Czech Ministry of Industry and Trade. Scientific aim: The selected companies are divided into groups with considering different phases of their life cycle and with considering their different market positions. There are for each period found out numbers of companies from these groups, that reached the minimal value, the value within the interval and maximal value of all risk rewards, that are, besides the riskless rate, components of cost of equity. Findings: The greatest part of cost of equity, reached on the market, is the riskless rate. Other components (and their shares on the cost of equity

  2. Total and EDF invest

    International Nuclear Information System (INIS)

    Signoret, St.

    2008-01-01

    So as to prepare the future of their industrial sector,the Total company plans to invest (14 billion Euros in 2008) to increase its production capacities and strengthen in of other activities as the liquefied natural gas and the renewable energies; EDF plans to inject 35 billion Euros over three years to multiply the new projects of power plants (wind turbines, coal in Germany, gas in Great Britain and nuclear power in Flamanville). EDF wants to exploit its knowledge of leader to run more than ten E.P.R.(European pressurized water reactor) in the world before 2020, projects are in examination with China, Great Britain, South Africa and United States. (N.C.)

  3. Investments in power generation

    International Nuclear Information System (INIS)

    2000-01-01

    The power consumption in the common Nordic power market continues to grow. All potential production technologies entail more or less reduction in quality of the environment. This gives each of the Nordic countries incentives to limit the development of capacity and base themselves increasingly on import, which means that other countries take the political burden with the environmental issues (''free rider problem''). The uncertainty about the climate problem may make it rational to postpone investments which are expensive to reverse, like gas power. If the decisions are delayed too long, however, considerable socio-economic costs may accumulate because the price of electricity becomes too high. The present regulations of the environmental concerns in connection with the granting of concession are expensive and unpredictable and put society unnecessarily to expense

  4. Socially responsible investments

    CERN Multimedia

    Antonella Del Rosso

    2012-01-01

    In addition to well-established working principles based on conservative and capital preservation oriented investments that ensure it a sustainable future, the CERN Pension Fund recently introduced a new criterion for selecting the numerous opportunities that the market offers: philanthropy. Its first initiative, which also involves the Staff Association’s Long-Term Collection, will help support two orphanages in China.   The two charities are located near Beijing. Beijing’s “China Children Charity and Foundation” is an orphanage that cares for up to 80 babies who need surgery to correct birth defects. The other, “Hope Healing Home”, is an organization that deals with 300 babies and cares for sick and physically disabled babies who have been abandoned. All these babies are awaiting treatment and a medical solution. The CERN Pension Fund has over 6700 members. To ensure the greatest efficiency and profitability, the Fund’s por...

  5. Greater oil investment opportunities

    International Nuclear Information System (INIS)

    Arenas, Ismael Enrique

    1997-01-01

    Geologically speaking, Colombia is a very attractive country for the world oil community. According to this philosophy new and important steps are being taken to reinforce the oil sector: Expansion of the exploratory frontier by including a larger number of sedimentary areas, and the adoption of innovative contracting instruments. Colombia has to offer, Greater economic incentives for the exploration of new areas to expand the exploratory frontier, stimulation of exploration in areas with prospectivity for small fields. Companies may offer Ecopetrol a participation in production over and above royalties, without it's participating in the investments and costs of these fields, more favorable conditions for natural gas seeking projects, in comparison with those governing the terms for oil

  6. Keynes, investment, unemployment and expectations

    OpenAIRE

    Smith, Ron P.; Zoega, Gylfi

    2009-01-01

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

  7. Green investment: Trends and determinants

    International Nuclear Information System (INIS)

    Eyraud, Luc; Clements, Benedict; Wane, Abdoul

    2013-01-01

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

  8. INVESTMENT OF HUMAN CAPITAL IN TOURISM AND HOSPITALITY WITH A SPECIFIC REFERENCE OF R.MACEDONIA

    Directory of Open Access Journals (Sweden)

    Snezana Bardarova

    2013-10-01

    Full Text Available The fact that today tourism takes a bigger swing in the share of GDP, has prompted firms from the tourism sector to take measures to invest in their business. Thus, given the numerous studies proved that today tourism take a greater participation in the economy and hence the performance and creation of profit in tourism lies in more employees, unlike in the past when equity is created in the area of money and materiel. Today, the capital of every enterprise representing people with their knowledge, professionally, experience, creative ideas and potentials. So investing in a professional and qualified staff is the key to successful and profitable operation of tourism and catering companies. The subject of this research paper are companies from the tourism sector in R. Macedonia and how they invest in human capital

  9. How to improve the equity of health financial sources? - Simulation and analysis of total health expenditure of one Chinese province on system dynamics.

    Science.gov (United States)

    Wang, Xin; Sun, Yuanling; Mu, Xin; Guan, Li; Li, Jingjie

    2015-08-27

    We simulate and analyze Total Health Expenditure (THE) in financial sources and other economic indicators (such as THE per capita, GDP, etc.) in a province of China from 2002 to 2012 on System Dynamics. Based on actual data and certain mathematical methods, we use system dynamic software to construct a logic model for THE and changing proportions, and thus simulate the actual conditions of development and changes in THE. According to the simulation results, the government possess the largest investment in the average annual growth rate of THE, which was 25.16% in 2012. Social investment comprises the majority of the possession ratio, which was up to 41.20%. The personal investment growth rate decreased by almost 21%, but the total amount of personal investment increased by 28075 million yuan, which is far higher than the increase in government investment. Individuals are still the main carriers of health care expenses. The equity of health financial sources is still poor. The System Dynamics method used in this paper identifies a dynamic measurement process, provides a scientific basis for simulation and analysis of the changes in THE and its key constraining factors, as well as put forward suggestions for the improvement of equity of health financial sources.

  10. Guidelines for integrating socially responsible investment in the investment process

    NARCIS (Netherlands)

    de Graaf, F.J.; Slager, A.

    2009-01-01

    Socially Responsible Investment (SRI) is of growing importance for institutional investors. Our analysis shows that SRI strategies can be grouped in ethically-based, investment-driven and value-ensuring objectives. We demonstrate that this categorization strengthens decisionmaking in SRI. Based on

  11. Are all investment decisions to subscribe to new stocks mindless?

    Directory of Open Access Journals (Sweden)

    Zhe Li

    2016-12-01

    Full Text Available The IPO process is a way for companies to improve their corporate governance and for investors to assess company quality. This paper posits that investor choices vary with differences in investment ability and experience. Three groups of investors with large holdings, namely individual investors, blue-chip institutional investors and underperforming institutional investors, are compared by their use of three types of corporate governance information: board characteristics, equity structure and affiliated relationships. Overall, institutional investors make greater use of corporate governance information than individual investors, with blue-chip institutional investors making the greatest use. Further, bull-bear markets exert a significant influence on the behavior of both individual and underperforming institutional investors. These results enrich the IPO literature and contribute to optimal social fund allocation in the stock market.

  12. Venture Capital Investment in the Life Sciences in Switzerland.

    Science.gov (United States)

    Hosang, Markus

    2014-12-01

    Innovation is one of the main driving factors for continuous and healthy economic growth and welfare. Switzerland as a resource-poor country is particularly dependent on innovation, and the life sciences, which comprise biotechnologies, (bio)pharmaceuticals, medical technologies and diagnostics, are one of the key areas of innovative strength of Switzerland. Venture capital financing and venture capitalists (frequently called 'VCs') and investors in public equities have played and still play a pivotal role in financing the Swiss biotechnology industry. In the following some general features of venture capital investment in life sciences as well as some opportunities and challenges which venture capital investors in Switzerland are facing are highlighted. In addition certain means to counteract these challenges including the 'Zukunftsfonds Schweiz' are discussed.

  13. Forecasting Foreign Institutional Investment Flows towards India Using ARIMA Modelling

    Directory of Open Access Journals (Sweden)

    Vaishali S. Dhingra

    2015-05-01

    Full Text Available India has witnessed substantial increase in capital flows, particularly Foreign Institutional Investment in equity as well as derivatives segment since the 1990s. However, FII flows are sighted as ‘hot money’- more volatile than other type of flows, which gets affected by the domestic and global- macro economic factors, thereby raising questions about the need to encourage FII flows in narrow and shallow (in terms of absorption capacity capital market such as India. This paper attempts to forecast daily Aggregate FII flow in Indian Capital market and particularly in Futures Market (Derivative Segment using Auto Regressive Integrated Moving Average (ARIMA model.The paper tries to examine FII flows in India towards futures market along with spot market by tracing which AR terms and/or MA terms influence the current inflow or outflow.

  14. Japanese investment in Australian coal assets through the demise of concessional financing

    International Nuclear Information System (INIS)

    West, Jason

    2013-01-01

    The Australian coal industry has been described as being a perpetual case of ‘profitless prosperity’. This implies that foreign companies invest in low-margin mining activities with motives other than profit. It is argued that foreign investors and Japanese trading companies in particular used government investment concessions and subsidies to help create oversupply in the seaborne coal market. The aim of this strategy is to depress contract prices at the cost of achieving reasonable profitability levels, which have historically been well below that of other investors in the Australian mining sector. This study shows that the quasi-integration via concessional funding arrangements is not a credible strategy employed by Japanese trading companies or the Japanese Government. The analysis rejects the hypothesis that via foreign direct investment, Japanese companies are securing coal at below average prices. Furthermore we find no clear evidence of Japanese trading companies using their information advantage as equity investors to secure coal at favourable prices during contract negotiations. Finally we examine the investment behaviour of new entrants in the Australian coal production sector to highlight the differences in investment strategy between Japanese companies and other foreign investors regarding the security of supply. - Highlights: ► Past foreign investment practices sacrificed profit to create oversupply of Australian coal. ► Only a small amount of equity capital was required to exert influence over coal output. ► Foreign investors can no longer exploit information advantages to obtain favourable prices. ► Information advantages from partial ownership do not influence supply costs. ► Foreign investors in Australian mining now achieve similar profits to domestic firms.

  15. Dual Language Immersion Program Equity and Access: Is There Equity for All Students?

    Science.gov (United States)

    Fernandez, Patricia Espinoza

    2016-01-01

    This is a mixed methods study of K-12 school administrators with dual language immersion school leadership expertise. The paramount research focus was to identify equity and access issues in dual language immersion programs serving grades K-12, as identified by school administrators who have led such programs. A total pool of 498 were invited to…

  16. Scared of the bull. Not-for-profit hospitals are costing themselves millions with timid investment strategies.

    Science.gov (United States)

    Pallarito, K

    1997-03-10

    While level-headed noncasino-going people have accumulated tidy sums by judicious investing in higher-yielding debt and equities, the culture of hospital management and governance frowns on any financial risk. There are stirrings of change, especially among cash-rich systems. But naive as it sounds, some hospitals would rather stick with the tried-and-true than run with bulls.

  17. Energy renovation of single-family houses in Denmark utilising long-term financing based on equity

    DEFF Research Database (Denmark)

    Kragh, Jesper; Rose, Jørgen

    2011-01-01

    This paper aims to present an economic overview of the opportunities for energy renovation of single-family houses in Denmark financed over the long term. The paper focuses on the economic difference between energy savings and the repayment of investment. Taking out the average remaining 20% equity...... in long-term property mortgage loans and utilising it for extensive energy renovation improves both the economy and the extent of included measures. Approximately 30% of energy consumption in Denmark is used for space heating. The existing 1 million single-family houses account for approximately half...

  18. Discounting human lives: Uranium and global equity

    International Nuclear Information System (INIS)

    Goldman, B.A.

    1993-01-01

    Long-term, global environmental health risks complicate efforts to evaluate the efficiency and equity of economic activities from a public welfare perspective. This study sets out a practical framework based on the theory of neoclassical welfare economics for evaluating whether an economic activity yields such inefficient or inequitable net effects to justify government intervention from a variety of decision-making perspectives. It applies this empirical approach to the case of public policies that encouraged uranium production (the mining, milling, and refining of uranium ore) near Elliot Lake and Blind River in Northern Ontario. The analysis tests the two-fold hypothesis that if future negative externalities of production are considered along with past net effects, the these policies result in (1) an inefficient allocation of economic resources according to the potential Pareto criterion, and (2) an inequitable distribution of impacts according to Rawls' maximin criterion. The analytical framework to test these hypotheses has three parts: Risk-cost-benefit analysis, distributions analysis, and efficiency and equity analysis. Quantitative impacts are derived from empirical estimates of cost and benefit streams during 1956 to 1990, and modelled future cancer death costs. Net effects are aggregated to nine observations across three dimensions: Geographic, intergenerational, and social. Qualitative observations are provided about the boom-and-bust uranium economy, environmental burdens, and other unquantifiable impacts. The results illustrate how underlying normative assumptions overwhelm other aspects of efficiency and equity analyses of long-term, global environmental changes. These assumptions appear in discounting equations that ultimately derive from a priori allocations of rights to natural assets and corollary duties to protect such rights. More than two-thirds of the discounting scenarios yield inefficient outcomes and over ninety percent are inequitable

  19. Competitive Capacity Investment under Uncertainty

    NARCIS (Netherlands)

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

    2016-01-01

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

  20. Foreign Investment Boosts Rural Economies.

    Science.gov (United States)

    Glasmeier, Amy; Glickman, Norman

    1990-01-01

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

  1. Private investments in new infrastructures

    NARCIS (Netherlands)

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

    2004-01-01

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

  2. Optimal Investment in Structured Bonds

    DEFF Research Database (Denmark)

    Jessen, Pernille; Jørgensen, Peter Løchte

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

  3. Investment opportunities with YPFB capitalization

    International Nuclear Information System (INIS)

    Escobar, F.

    1996-01-01

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

  4. Overseas Investment, Encouraging Long Journey

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2010-01-01

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

  5. Shifting the balance: equity and sustainable consumption

    Energy Technology Data Exchange (ETDEWEB)

    Vermeulen, Sonja; Garside, Ben; De Morais, Gabriela Weber

    2009-01-15

    On our finite planet, the dictates of ecology and technology limit growth. Yet a key element of this issue – consumption – has until recently hardly figured on policy agendas. Now there is growing recognition that transformation towards a low-carbon, resource-efficient economy means tackling consumption as well as production. Governments and businesses are beginning to make concerted, if uncoordinated, efforts to reduce energy and resource use. Rethinking consumption could, however, drive an even bigger wedge between rich and poor. Any new agenda for consumption needs to factor in equity as well as environmental benefit.

  6. Equity in multiproduct supply chain network

    Directory of Open Access Journals (Sweden)

    Mina SAEE BOSTANABAD

    2013-01-01

    Full Text Available In this paper, multiproduct supply chain network is investigated with equity consideration,namely, obtaining the optimal flow pattern, in such a way that no user in the network can increasehis(her benefit with change in product’s sending path. However, each kind of products, has anindividual cost function and, at the same time, contributes to its own and other product’s cost functionin an individual way. An algorithm is developed to find optimal flow pattern for such multiproductsupply chain network.

  7. Equity issues in radioactive waste management

    International Nuclear Information System (INIS)

    Kasperson, R.E.

    1984-01-01

    The 15 papers in this book deal with the equity issues of locus, legacy and labor/laity as they occur in the nuclear industry's handling of radioactive wastes. The intent is to identify and clarify inequities in alternative approaches to radioactive waste management in a way that will inform current public policy deliberations and planning. The papers are arranged in five parts which put the problem in perspective, then define the locus, the legacy, and the labor problem, and conclude with a set of proposals for a more equitable management. A separate abstract was prepared for each of the 15 chapters selected for INS, EDB, and EPA

  8. A theoretical and practical perspective on the equity risk premium

    NARCIS (Netherlands)

    Salomons, Roelof

    In historical perspective, equity returns have been higher than interest rates but have also varied a good deal more. However, the average excess return has been larger than what could be expected based on classical equilibrium theory: the equity risk premium (ERP) puzzle. This paper has two

  9. Primary Healthcare Spending : Striving for Equity under Fiscal ...

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

    Primary Healthcare Spending : Striving for Equity under Fiscal Federalism. Couverture du livre Primary Healthcare Spending: Striving for Equity under Fiscal Federalism. Auteur(s) : Okore Apia Okorafor. Maison(s) d'édition : UCT Press, CRDI. 1 avril 2010. ISBN : 9781919895215. 200 pages. e-ISBN : 9781552504895.

  10. The Economics of Independent Living: Efficiency, Equity and Ethics.

    Science.gov (United States)

    O'Shea, E.; Kennelly, B.

    1996-01-01

    This article explores the meaning of efficiency and equity in the context of independent living programs for people with disabilities. Conflicts in costs and trade-offs in various scenarios of the efficiency/equity equation are examined in terms of theories of utilitarianism, contractarianism, justice and mutual advantage, and justice as…

  11. Equity Prices, Productivity Growth, and the 'New Economy'

    DEFF Research Database (Denmark)

    Madsen, Jakob Brøchner; Davis, E. Philip

    The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This paper establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions...

  12. Federal Funding to Promote Sex Equity in Education: 1980.

    Science.gov (United States)

    Klein, Susan S.; Goodman, Melanie A.

    This publication discusses federal funds which are available for research and development in sex equity in education. A major objective is to identify specific Federal funding opportunities for projects focusing on sex equity. Another objective is to help individuals understand the overall Federal pattern of support for activities to promote sex…

  13. The Equity Myth: Racialization and Indigeneity at Canadian Universities

    Science.gov (United States)

    Henry, Frances; Dua, Enakshi; James, Carl E.; Kobayashi, Audrey; Li, Peter; Ramos, Howard; Smith, Malinda S.

    2017-01-01

    The university is often regarded as a bastion of liberal democracy where equity and diversity are promoted and racism does not exist. In reality, the university still excludes many people and is a site of racialization that is subtle, complex, and sophisticated. While some studies do point to the persistence of systemic barriers to equity and…

  14. Beyond contracts : Governing structures in non-equity alliances

    NARCIS (Netherlands)

    Reuer, Jeffrey; Devarakonda, S.V.

    Non-equity alliances are often portrayed in the literature as purely contractual collaborative agreements. This paper questions the notion that contractual safeguards and incentives alone provide the formal governance mechanisms that undergird non-equity alliances. We argue and show that partners

  15. Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation?

    NARCIS (Netherlands)

    J.H. Block (Jörn); L. Hornuf (Lars); A. Moritz (Alexandra)

    2016-01-01

    textabstractStart-ups often post updates during equity crowdfunding campaigns. Yet, little is known about the effects of such updates on funding success. We investigate this question using hand-collected data from 71 funding campaigns on two German equity crowdfunding portals. Using a combination of

  16. On the Road to Success in Equity Crowdfunding

    NARCIS (Netherlands)

    A.A. Ralcheva (Aleksandrina); P.G.J. Roosenboom (Peter)

    2016-01-01

    textabstractThis paper extends the role of signaling and certification to the context of equity crowdfunding by looking into the determinants of funding success on the world's largest equity crowdfunding platform Crowdcube. We identify and empirically test four potential (third party) signals of

  17. Market timing and the debt-equity choice

    NARCIS (Netherlands)

    Elliot, W.B.; Koeter-Kant, J.; Warr, R.S.

    2008-01-01

    We test the market timing theory of capital structure using an earnings-based valuation model that allows us to separate equity mispricing from growth options and time-varying adverse selection; thus avoiding the multiple interpretations of book-to-market ratio. We find that equity market mispricing

  18. A Recommitment Strategy for Long Term Private Equity Fund Investors

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben); B. Frieser (Brian); D.J.C. van Dijk (Dick)

    2007-01-01

    textabstractThis paper develops a reinvestment strategy for private equity which aims to keep its portfolio weight equal to a desired strategic allocation, while taking into account the illiquid nature of private equity. Historical simulations (1980-2005) show that our dynamic strategy is capable of

  19. Foregrounding Issues of Equity and Diversity in Educational Leadership

    Science.gov (United States)

    Niesche, Richard; Keddie, Amanda

    2011-01-01

    This article documents the leadership practices within one secondary school in Queensland, Australia that uses equity as a central philosophy. Drawing on specific elements of productive leadership as defined by Hayes et al., the article draws attention to how the school's common equity agenda, its supportive social relations, and its dispersed…

  20. Do Professors Have Customer-Based Brand Equity?

    Science.gov (United States)

    Jillapalli, Ravi K.; Jillapalli, Regina

    2014-01-01

    This research endeavors to understand whether certain professors have customer-based brand equity (CBBE) in the minds of students. Consequently, the purpose of this study is to conceptualize, develop, and empirically test a model of customer-based professor brand equity. Survey data gathered from 465 undergraduate business students were used to…