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.

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

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.

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 ...

"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...

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...

PRIVATE EQUITY INVESTMENTS IN HUNGARY AND THEFINANCIAL CRISIS

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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.

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)

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

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

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

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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.

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

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 ...

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

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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.

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

"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).

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

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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.

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.

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...

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

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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.

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...

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...

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

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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

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

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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.

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

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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.

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...

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....

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.

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

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.

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.

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.

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...

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…

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.

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.

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...

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...

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

'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,...

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.

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

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...

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

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...

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

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...

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

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.

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

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...

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

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.

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.

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,

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.

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.

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

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

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.

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...

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.

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.

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...

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.

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

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...

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.

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...

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....

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)

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...

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...

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...

47 CFR 76.1300 - Definitions.

Science.gov (United States)

2010-10-01

...) percent interests shall include all voting or nonvoting stock or limited partnership equity interests of... in Notes 1 through 5 to § 76.501 provided, however, that: (1) The limited partner and LLC/LLP/RLLP... representative of its members or whose members, as contracting parties, agree to joint and several liability; and...

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...

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...

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

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.

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...

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 ...

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.

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.

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.

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.

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 ...

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...

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.

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.

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...

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...

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...

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.

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

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.

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...

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

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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.

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...

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...

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...

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....

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....

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...

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.

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

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.

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.

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.

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

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.

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...

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.

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.

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

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...

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

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...

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...

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.

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.

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...

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

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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.

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...

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)

Health Equity Talk: Understandings of Health Equity among Health Leaders

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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

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.

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

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

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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.

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

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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.

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…

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,…

Sources of Investment Finance in Firms in Slovakia

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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.

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)

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

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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.

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.)

Pricing of brand extensions based on perceptions of brand equity

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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.

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

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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

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

Effect of the equity multiplier indicator in companies according the sectors

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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.

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.

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

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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.

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

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

Major indicators of analysis of insurers’ investment activity

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O.O. Poplavskyi

2016-12-01

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

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.

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...

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....

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.

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

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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.

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

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

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

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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

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

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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.

Managerial Challenges in Investment Market Research

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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”.

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...

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-...

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...

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...

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.

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.

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.

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....

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...

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

THE EFFICIENCY OF FOREIGN INVESTMENTS IN THE FINANCING OF AUDITED ENTITIES

Directory of Open Access Journals (Sweden)

Berinde Sorin

2013-07-01

Full Text Available The auditing of the financial statements is a certification service intended to offer the users more credibility regarding the quality of accounting information. This is the reason why the present study selected all the Cluj county entities that, according to the public information, between 2005-2012 were subject to financial audit in order to estimate, at this level, the influence of foreign investments in the financing structure. The information provided by the financial statements of these audited entities (with or without foreign participation in share capital was analyzed for the calculation of the relevant indicators to determine the evolution of the equity financing, the recourse to external financing funds, the ratio of external funds and equity funds used for financing and the assessment of the efficiency of foreign capital invested at the level of these entities. In order to meet this objective, we considered the information from the financial statements of the concerned entities, published between 2008-2011. For the relevance of the study, we eliminated the audited entities that did not have financial statements published in all of the four financial years for various reasons (dissolution, liquidation, merger, or temporary suspension of activity or had negative working capital. The financial statement information was analyzed in view of the calculation for each audited entity of the rate of financial autonomy, the debt ratio, the debt to equity ratio and of the rotation speed of equity. The audited entities were classified into 2 major categories: audited entities with a foreign participation in share capital and audited entities with the whole share capital financed by equity funds. We applied the simple average method at the level of the both audited entities categories for each of the four analyzed indicators. Furthermore, we performed an analysis from the static and dynamic point of view of the results. The conclusions that we

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...

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...

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.

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

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.

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.

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.

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.

Regime Switching Vine Copula Models for Global Equity and Volatility Indices

Directory of Open Access Journals (Sweden)

Holger Fink

2017-01-01

Full Text Available For nearly every major stock market there exist equity and implied volatility indices. These play important roles within finance: be it as a benchmark, a measure of general uncertainty or a way of investing or hedging. It is well known in the academic literature that correlations and higher moments between different indices tend to vary in time. However, to the best of our knowledge, no one has yet considered a global setup including both equity and implied volatility indices of various continents, and allowing for a changing dependence structure. We aim to close this gap by applying Markov-switching R-vine models to investigate the existence of different, global dependence regimes. In particular, we identify times of “normal” and “abnormal” states within a data set consisting of North-American, European and Asian indices. Our results confirm the existence of joint points in a time at which global regime switching between two different R-vine structures takes place.

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.

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

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

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...

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...

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.

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...

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)

The Effects of Tax Avoidance, Accrual Earnings Management, Real Earnings Management, and Capital Intensity on the Cost of Equity

Directory of Open Access Journals (Sweden)

Amrie Firmansyah

2018-03-01

Full Text Available This study aims to examine the effects of tax avoidance, accrual profit management, real profit management, and capital intensity on equity costs. The population of this study is a manufacturing company listed on the Indonesia Stock Exchange which amounted to 146 companies. The sampling technique used was purposive sampling and resulted in 420 units of analysis. This type of research is quantitative causality by performing hypothesis testing analysis is done by using multiple linear regression model. The findings of this research are tax avoidance will add to the risks that must be borne by investors thus increasing uncertainty over their investment. Investors consider that accrual profit management actions are opportunistic as risk-taking actions as well as real profit management actions. While on Capital Intensity, investors assume the information on the company’s fixed assets is not useful in making investment decisions. The conclusions that can be taken are tax avoidance, accrual profit management, and earnings management real positive to the cost of equity. However, capital intensity has a negative effect.

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.

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

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.

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.

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.

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...

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...

Cross-border Portfolio Investment Networks and Indicators for Financial Crises

Science.gov (United States)

Joseph, Andreas C.; Joseph, Stephan E.; Chen, Guanrong

2014-02-01

Cross-border equity and long-term debt securities portfolio investment networks are analysed from 2002 to 2012, covering the 2008 global financial crisis. They serve as network-proxies for measuring the robustness of the global financial system and the interdependence of financial markets, respectively. Two early-warning indicators for financial crises are identified: First, the algebraic connectivity of the equity securities network, as a measure for structural robustness, drops close to zero already in 2005, while there is an over-representation of high-degree off-shore financial centres among the countries most-related to this observation, suggesting an investigation of such nodes with respect to the structural stability of the global financial system. Second, using a phenomenological model, the edge density of the debt securities network is found to describe, and even forecast, the proliferation of several over-the-counter-traded financial derivatives, most prominently credit default swaps, enabling one to detect potentially dangerous levels of market interdependence and systemic risk.

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.

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.

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.

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.

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

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.

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...

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...

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.

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.

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.

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

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.

The Impact of Corporate Social Responsibility on the Investment Attractiveness of the Russian Companies

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Natalia Removna Kelchevskaya

2017-03-01

Full Text Available Investigation of the impact of corporate social responsibility (CSR and environmental responsibility on the economic performance over the past decades has shown that the implementation of CSR is one of the key drivers of value creation. Disclosure of social policy is one of the key CSR areas, it reduces information asymmetry and also contributes to the company’s reputation, decreasing uncertainty and risk in the assessment of the internal environment. This study shows that the disclosure of CSR information is able to increase the investment attractiveness of companies, and reduce the cost of equity. In the last decade, Russian industry has accumulated considerable positive experience in the implementing and positioning of corporate social responsibility (CSR technologies, which has yet to be assessed. In this paper, we used the sample of social reports of 18 Russian companies in the period from 2004 to 2014. The authors provided content-analysis of information disclosure dimensions including staff training, social policy, charity and environmental responsibility. In contrast to other studies, the results show a comparatively moderate impact of disclosure on the cost of equity capital. Also, we found that different dimensions of the disclosure have an ambiguous impact on the investment attractiveness of companies. Our results allow formulating practical recommendations for the management of metallurgical, oil and gas Russian companies to increase their investment attractiveness, in particular, a prudent choice of CSR information for disclosure. The study is unique for the Russian practice of evaluating the effectiveness of CSR, as it is based on a sample of the largest industrial enterprises

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

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…

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...

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.

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...

It was the best of times, it was the worst of times: a tale of two years in not-for-profit hospital financial investments.

Science.gov (United States)

Song, Paula H; Smith, Dean G; Wheeler, John R C

2008-01-01

Not-for-profit (NFP) hospitals' accumulations of financial assets have been growing steadily over the past 10 years. Surprisingly, little is known about how much investment reserves represent and how they are handled among NFP hospitals. The purpose of this study is to evaluate investment strategies in financial assets among NFP hospitals. Specifically, this article seeks to explore how NFP hospitals allocate and manage financial assets, how much risk hospitals employ in their investment strategies, and the risk and return trade-off under contrasting market conditions. Using two years of survey data from the Common fund Benchmarks Study for Health Care Institutions for fiscal years 2002 and 2003, we analyze NFP hospitals' investment strategies by comparing asset size, investment management characteristics, board characteristics, asset allocation, levels of risk, and annual returns. Univariate regression analysis is used to evaluate the relationship between risk and return. NFP hospitals have sizeable long-term financial assets, averaging over $558 million in 2002 and $634 million in 2003. Two thirds of these funds are invested in long-term operating funds followed by defined benefit pension funds and insurance reserves; management of these funds is primarily outsourced. NFP hospitals allocate, on average, 50% of their operating fund assets to equities. During the stock market downturn in 2002, each 1% investment in equities was significantly associated with a -0.18% decrease in annual returns. In contrast, the relationship is almost exactly opposite--consistent with the relationship typically associated with risk and return--in 2003. NFP hospitals with heavy reliance on investment income to boost total profit margins may have difficulty adjusting to periods of low performance. Evaluation of the performance and financial condition of the hospital must account for the size and composition of financial assets.

Recent evolution of italian households’ equity portfolio choices: an empirical investigation

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Attilio Gardini

2013-05-01

Full Text Available We study Italian households’ portfolio choices, with a special focus on equity investments, by analysing jointly time series and cross-sectional portfolio data. We investigate the temporal evolution of the actual composition of Italian households’ investments in order to explain their portfolio choices and to detect possible determinants of the observed disequilibria phenomena. Moreover, we model the stock market participation choice by using probit regression techniques and we test for parameter stability over time. Instability of participation parameters and a peculiar evolution of Italian households’ portfolios pointed out by our concurrent analysis of cross-sectional and time series data seem to confirm the distance of Italian households’ financial decisions from the rational choice predicted by the Markowitz model. In particular, we find that the housing market bubbles interact strongly with the stock market and financial institutions seem to be unable to advise investors suggesting optimal portfolio choices. The deep reason behind these facts may be the bounded education of investors, in particular the low financial literacy of Italian households.

THE SIGNIFICANCE OF FOREIGN DIRECT INVESTMENT IN COUNTRIES IN TRANSITION WITH THE PROJECTION OF FDI INFLOW IN SERBIA UNTIL 2020

Directory of Open Access Journals (Sweden)

STEVANOVIĆ Mirjana

2016-11-01

Full Text Available Foreign direct investments (FDI are the core and essence of every economic policy of any country, both in theory and in practice. In other words, we have fresh capital which is placed through foreign direct investment on the one hand and on the other hand, we have equity owners who use the opportunity to place it with the aim to make a profit. The inflow of foreign direct investments in countries in transition is analyzed in this paper, with a special emphasis on Serbia with the projection of inflow movement by the year 2020 (the statistical method of a linear growth trend was applied; problems the countries in transition are faced with, legislative regulations, tax incentives

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…

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.

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)

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...

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...

China Angel Investment Practice on the Crowdfunding Platform:the Status and Problems%我国众筹平台上的天使投资实践：现状与问题

Institute of Scientific and Technical Information of China (English)

李朝晖

2016-01-01

Equity crowdfunding in fact is many angel investors to co-invest one proj ect.In traditional angel investment model there is the problem,which is small scale of investment and narrow source of investment proj ects.In China,the syndicate investment model in the private equity crowdfunding plat-forms has enlarged the number of investors,broadened the sources of angel investment funds and pro-j ects,which has exerted a positive significance in prompting innovation and entrepreneurship.Though these two years the amount of China equity crowdfunding platform has increased fast and the size of transaction has grown quickly,there still exist some problems:too many legal restrictions,platform audit unstrictly and platform information disclosure insufficiently,etc.to hinder the development of angel investment.These problems can be resolved by revising the laws,constructing industry associa-tion,and educating investors.%股权众筹的实质是天使众投。传统的天使投资单项投资金额小，项目来源窄。我国私募股权众筹平台采取的辛迪加模式，扩大了天使投资家、天使投资资金和项目的来源，对促进创新和创业具有积极意义。近两年我国股权众筹平台数量及交易规模快速增长，但在天使投资活动环境方面仍存在法律限制多、平台审核不严格和平台信息披露不足等问题，需要通过修订法律政策、建设行业协会和进行投资者教育等措施来解决。

Certification and equity: Applying an “equity framework” to compare certification schemes across product sectors and scales

International Nuclear Information System (INIS)

McDermott, Constance L.

2013-01-01

Highlights: ► Assessing equity requires a comprehensive conceptual framework. ► The framing of equity varies across sectors and schemes. ► Schemes vary in prioritizing the environment, communities or equity in the supply chain. ► Addressing contextual equity is essential lest certification reinforce inequities of global trade. -- Abstract: This paper applies a comprehensive equity framework to compare the priorities and trade-offs of different environmental and social certification schemes. The schemes selected for comparison are the Forest Stewardship Council (FSC), the Programme for the Endorsement of Forest Certification Schemes (PEFC), the Fairtrade Labelling Organization (FLO), and the Climate, Community and Biodiversity Alliance (CCBA). The framework considers how the parameters of equity are set in certification scheme governance, including who are the primary decision-makers and intended beneficiaries, and how this is reflected in the content of scheme standards and certification outcomes. Each of these parameters is assessed across the dimensions of procedural, contextual and distributive equity. Results reveal significant variation in the prioritization of the environment, non-commercial stakeholders or equity across the supply chain. In forestry, the FSC has placed primary emphasis on the procedural rights of non-commercial interests in standard-setting processes, the contextual rights of indigenous peoples, and the conservation of natural ecosystems, while the PEFC places more emphasis on procedural equity for producers and the legitimacy of sovereign governments as rule-makers. Both FLO and CCBA prioritize distributive equity regarding the sharing of material benefits with small-scale and/or community producers or workers, while FLO also emphasizes the contextual issue of “empowerment” and capacity-building. In all schemes, contextual factors related to capacity and access have disproportionately advantaged Northern and large

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...

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...

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.

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.

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.

Global Equity Gauge Alliance: reflections on early experiences.

Science.gov (United States)

McCoy, David; Bambas, Lexi; Acurio, David; Baya, Banza; Bhuiya, Abbas; Chowdhury, A Mushtaque R; Grisurapong, Siriwan; Liu, Yuanli; Ngom, Pierre; Ngulube, Thabale J; Ntuli, Antoinette; Sanders, David; Vega, Jeanette; Shukla, Abhay; Braveman, Paula A

2003-09-01

The paper traces the evolution and working of the Global Equity Gauge Alliance (GEGA) and its efforts to promote health equity. GEGA places health equity squarely within a larger framework of social justice, linking findings on socioeconomic and health inequalities with differentials in power, wealth, and prestige in society. The Alliance's 11 country-level partners, called Equity Gauges, share a common action-based vision and framework called the Equity Gauge Strategy. An Equity Gauge seeks to reduce health inequities through three broad spheres of action, referred to as the 'pillars' of the Equity Gauge Strategy, which define a set of interconnected and overlapping actions. Measuring and tracking the inequalities and interpreting their ethical import are pursued through the Assessment and Monitoring pillar. This information provides an evidence base that can be used in strategic ways for influencing policy-makers through actions in the Advocacy pillar and for supporting grassroots groups and civil society through actions in the Community Empowerment pillar. The paper provides examples of strategies for promoting pro-equity policy and social change and reviews experiences and lessons, both in terms of technical success of interventions and in relation to the conceptual development and refinement of the Equity Gauge Strategy and overall direction of the Alliance. To become most effective in furthering health equity at both national and global levels, the Alliance must now reach out to and involve a wider range of organizations, groups, and actors at both national and international levels. Sustainability of this promising experiment depends, in part, on adequate resources but also on the ability to attract and develop talented leadership.

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

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...

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

Hospital financial management: what is the link between revenue cycle management, profitability, and not-for-profit hospitals' ability to grow equity?

Science.gov (United States)

Singh, Simone Rauscher; Wheeler, John

2012-01-01

Effective revenue cycle management--from appointment scheduling and patient registration at the front end of the revenue cycle to billing and cash collections at the back end--plays a crucial role in hospitals' efforts to improve their financial performance. Using data for 1,397 bond-issuing, not-for-profit US hospitals for 2000 to 2007, this study analyzed the relationship between hospitals' performance at managing the revenue cycle and their profitability and ability to build equity capital. Hospital-level fixed effects regression analysis was used to model four different measures of profitability and equity capital as functions of two key financial indicators of revenue cycle management--amount of patient revenue and speed of revenue collection. The results indicated that higher amounts of patient revenue in relation to a hospital's assets were associated with statistically significant increases in operating and total profit margins, free cash flow, and equity capital (p < 0.01 for all four models); that is, hospitals that generated more patient revenue per dollar of assets invested reported improved financial performance. Likewise, a statistically significant link existed between lower revenue collection periods and all four indicators of hospital financial performance (p < 0.01 for three models; p < 0.05 for one model). Hospitals that collected faster on their patient revenue reported higher profit margins and larger equity values. For revenue cycle managers, these findings represent good news: Streamlining a hospital's management of the patient revenue cycle can advance the organization's financial viability by improving profitability and enabling equity growth.

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.

12 CFR 208.73 - What additional provisions are applicable to state member banks with financial subsidiaries?

Science.gov (United States)

2010-01-01

... aggregate amount of its outstanding equity investment (including retained earnings) in all financial... bank's outstanding equity investment (including retained earnings) in all financial subsidiaries from... outstanding equity investment (including retained earnings) in all financial subsidiaries from the bank's Tier...

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.

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.

Brand Equity – Measuring Corporate Brand Strength in the Swedish Smartphone Market; Dimensions of Corporate Brand Equity from a Consumer Perspective

OpenAIRE

Lökken, Andreas; Nayar, Malini; Runering, Maria

2012-01-01

This study deals with the concept of brand equity composition in the Swedish smartphone market. The three dimensions used to describe brand equity are based on Aaker’s definition of consumer based brand equity namely; brand awareness, brand loyalty and perceived quality. The corporate brands represented on the market are analyzed with regards to consumer rating and brand equity composition using a proven theoretical model and a standardized questionnaire. The findings in this study indicate t...

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.

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...

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”.

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.

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

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....

Chasing the deal with the money: Measuring the required risk premium and expected abnormal returns of private equity funds to maximize their internal rate of return

Directory of Open Access Journals (Sweden)

Fernando Scarpati

2013-09-01

Full Text Available A number of scholars of private equity (“PE” have attempted to assess the ex-post returns, or performance, of PEs by adopting an ex-post perspective of asset pricing. In doing so a set of phenomena has been recognized that is thought to be specific to the PE sector, such as “money-chasing deal phenomenon” (Gompers and Lerner, 2000 and “performance persistence” (Lerner and Schoar, 2005. However, based on their continuing use of an ex-post perspective, few scholars have paid attention to the possible extent to which these and other PE phenomena may affect expected returns from PE investments. To address this problem this article draws on an ex-ante perspective of investment decision-making in suggesting how a number of drivers and factors of PE phenomena may produce “abnormal returns”, and that each of those drivers and factors should therefore be considered in accurately assessing the required risk premium and expected abnormal returns of PE investments. In making these contributions we examined a private equity investment of a regional PE in Italy and administered a telephone questionnaire to 40 PEs in Italy and the UK and found principally that while size is the most important driver in producing abnormal returns illiquidity alone cannot explain the expected returns of PE investments (cf. Franzoni et al., 2012. Based on our findings we developed a predictive model of PE decision-making that draws on an ex-ante perspective of asset pricing and takes into account PE phenomena and abnormal returns. This model extends the work of Franzoni et al. (2012, Jegadeesh et al. (2009, and Korteweg and Sorensen (2010 who did not consider the possible influence of PE phenomena in decision-making and will also help PE managers in making better-informed decisions.

Co-movement of Africa's equity markets: Regional and global analysis in the frequency-time domains

Science.gov (United States)

Boako, Gideon; Alagidede, Paul

2017-02-01

This paper examines regional and global co-movement of Africa's stock markets using the three-dimensional continuous Morlet wavelet transform methodology. The analyses which are done in segments investigate co-movements with global markets; bilateral exchange rates expressed in US dollars and euro; and four regional markets in Africa. First, we find evidence of stronger co-movements broadly narrowed to short-run fluctuations. The co-movements are time-varying and commonly non-homogeneous - with phase difference arrow vectors implying lead-lag relationships. The presence of lead-lag effects and stronger co-movements at short-run fluctuations may induce arbitrage and diversification opportunities to both local and international investors with long-term investment horizons. The findings also reveal that some African equity markets are, to a degree, segmented from volatilities of the dollar and euro exchange rates. Thus, inferring that, ceteris paribus, international investors may diversify their portfolio investments across those markets without worrying about the effects of currency price volatility.

Impacts of IPP's, restructuring of QF's and expected impacts of PUHCA reform

International Nuclear Information System (INIS)

MacDonald, A.

1991-01-01

Under the Public Utility Holding Company Act, or PUHCA, the SEC regulates the capital structure of registered holding company systems and securities sales, mergers, service company arrangements, affiliate contracts, and other transactions involving registered holding companies and their subsidiaries. The SEC does not have ratemaking authority or otherwise regulate the operational aspects of the public utility business. Unlike QF's, which are exempt from PUHCA by virtue of the Public Utility Regulatory Policies Act of 1978, or PURPA, IPP's fall within the definition of an 'electric utility company,' and the owners of an IPP (i.e., its stockholders or partners) must carefully navigate the PUCHA mine field to avoid subjecting themselves to the registration requirements of PUHCA. Bills now pending in Congress would, if enacted, exempt some IPP's from PUHCA. In the meantime, PUHCA has not proven to be a complete bar to successful IPP development, although it has undoubtedly contributed to the creation of unusual ownership structures. This paper looks at the various approaches taken by IPP developers to solve the PUHCA problem. It focuses primarily upon structures in which certain equity investors acquire and hold non-voting securities, such as limited partnership interests or non-voting common stock, the role of individuals in the ownership of IPP's, and the use of one or more of the exemptions available under PUHCA for certain kinds of classes of 'holding companies.'

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...

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.

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

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)

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...

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.

Achieving Conservation and Equity amidst Extreme Poverty and Climate Risk: The Makira REDD+ Project in Madagascar

Directory of Open Access Journals (Sweden)

Laura Brimont

2015-03-01

Full Text Available Achieving forest conservation together with poverty alleviation and equity is an unending challenge in the tropics. The Makira REDD+ pilot project located in northeastern Madagascar is a well-suited case to explore this challenge in conditions of extreme poverty and climatic vulnerability. We assessed the potential effect of project siting on the livelihoods of the local population and which households would be the most strongly impacted by conservation measures. Farmers living in hilly areas must resort to slash-and-burn agriculture (tavy since a combination of topographic and climatic constraints, such as cyclones, makes permanent rice cultivation very difficult. These are the people who suffer most from conservation-related restriction measures. For practical reasons the project, unfortunately, did not target these farmers. The main focus was on communities with a lower cyclonic risk that are able to practice permanent rice agriculture in the lowlands. To reduce deforestation without violating the principles of equity, REDD+ projects in Madagascar need to better target populations facing high climatic risks and invest in efforts to improve the farmers’ agricultural systems.

Increased water charges improve efficiency and equity in an irrigation system

Directory of Open Access Journals (Sweden)

Andrew Reid. Bell

2016-09-01

Full Text Available Conventional wisdom in many agricultural systems across the world is that farmers cannot, will not, or should not pay the full costs associated with surface water delivery. Across Organisation for Economic Co-operation and Development (OECD countries, only a handful can claim complete recovery of operation, maintenance, and capital costs; across Central and South Asia, fees are lower still, with farmers in Nepal, India, and Kazakhstan paying fractions of a U.S. penny for a cubic meter of water. In Pakistan, fees amount to roughly USD 1-2 per acre per season. However, farmers in Pakistan spend orders of magnitude more for diesel fuel to pump groundwater each season, suggesting a latent willingness to spend for water that, under the right conditions, could potentially be directed toward water-use fees for surface water supply. Although overall performance could be expected to improve with greater cost recovery, asymmetric access to water in canal irrigation systems leaves the question open as to whether those benefits would be equitably shared among all farmers in the system. We develop an agent-based model (ABM of a small irrigation command to examine efficiency and equity outcomes across a range of different cost structures for the maintenance of the system, levels of market development, and assessed water charges. We find that, robust to a range of different cost and structural conditions, increased water charges lead to gains in both efficiency and concomitant improvements in equity as investments in canal infrastructure and system maintenance improve the conveyance of water resources further down watercourses. This suggests that, under conditions in which (1 farmers are currently spending money to pump groundwater to compensate for a failing surface water system, and (2 there is the possibility that through initial investment to provide perceptibly better water supply, genuine win-win solutions can be attained through higher water-use fees to

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.

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.

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.

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.

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.

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...

Public financial institutions and the low carbon transition: five case studies on low-carbon infrastructure and project investment. Environment working paper No. 72:

International Nuclear Information System (INIS)

Cochran, Ian; Hubert, Romain; Marchal, Virginie; Youngman, Robert; Rus, Katerina; Baker, Jade; Kynaston, Jane

2014-01-01

Public financial institutions (PFIs) are well-positioned to act as a key leverage point for governments' efforts to mobilise private investment in low-carbon projects and infrastructure. The study identifies the tools, instruments and approaches used by five PFIs to directly support and scale-up domestic private sector investment in sustainable transport, energy-efficiency and renewable energy in OECD countries. Between 2010-2012, these five institutions - Group Caisse des Depots in France, KfW Bankengruppe in Germany, the UK Green Investment Bank, the European Investment Bank, and the European Bank for Reconstruction and Development - have provided over 100 billion euros of equity investment and financing for energy efficiency, renewable energy and sustainable transport projects. They use both traditional and innovative approaches to link low-carbon projects with finance through enhancing access to capital; facilitating risk reduction and sharing; improving the capacity of market actors; and shaping broader market practices and conditions. (authors)

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.

Settlement-date Accounting for Equity Share Options - Conceptual Validity and Numerical Effects

DEFF Research Database (Denmark)

Møller, Peder Fredslund

-date accounting are fully conceptually valid. They represent measurements of one partner group's share of total equity with effect for another group's share of total equity and income: the shareholders' part. Partially, this equity and income sharing model is already the basis for existing accounting standards......This paper demonstrates that settlement-date accounting for equity share options can be seen as an accounting method which implements a shareholder focused residually rewarded partners' equity view. This equity view represents a simple, natural extension of the shareholder proprietary view....... It implicates an equity and income sharing model for accounting which is characterized by specification of both shareholders' and non-shareholders' parts of total equity and income. When using this equity and income sharing model, the remeasurements of equity share option obligations made by settlement...

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

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.

Private equity ownership and nursing home financial performance.

Science.gov (United States)

Pradhan, Rohit; Weech-Maldonado, Robert; Harman, Jeffrey S; Laberge, Alex; Hyer, Kathryn

2013-01-01

Private equity has acquired multiple large nursing home chains within the last few years; by 2009, it owned nearly 1,900 nursing homes. Private equity is said to improve the financial performance of acquired facilities. However, no study has yet examined the financial performance of private equity nursing homes, ergo this study. The primary purpose of this study is to understand the financial performance of private equity nursing homes and how it compares with other investor-owned facilities. It also seeks to understand the approach favored by private equity to improve financial performance-for instance, whether they prefer to cut costs or maximize revenues or follow a mixed approach. Secondary data from Medicare cost reports, the Online Survey, Certification and Reporting, Area Resource File, and Brown University's Long-term Care Focus data set are combined to construct a longitudinal data set for the study period 2000-2007. The final sample is 2,822 observations after eliminating all not-for-profit, independent, and hospital-based facilities. Dependent financial variables consist of operating revenues and costs, operating and total margins, payer mix (census Medicare, census Medicaid, census other), and acuity index. Independent variables primarily reflect private equity ownership. The study was analyzed using ordinary least squares, gamma distribution with log link, logit with binomial family link, and logistic regression. Private equity nursing homes have higher operating margin as well as total margin; they also report higher operating revenues and costs. No significant differences in payer mix are noted. Results suggest that private equity delivers superior financial performance compared with other investor-owned nursing homes. However, causes for concern remain particularly with the long-term financial sustainability of these facilities.

The Tragedy of Maldistribution: Climate, Sustainability, and Equity

Directory of Open Access Journals (Sweden)

Elizabeth A. Stanton

2012-03-01

Full Text Available This essay is an initial exploration of the dimensions of the equity/sustainability linkage from the perspective of public goods analysis. Sustainability requires an abundance of public goods. Where these commons lack governance, sustainability is at risk. Equity is a critical component of sustainability that can itself be viewed as a public good, subject to deterioration (maldistribution when left ungoverned. As is the case for so many forms of environmental degradation, the private benefits of maldistribution tend to overshadow the larger social costs, and the result is a degradation of equity. This article sketches out the analogy of equity as a public good by: examining the evidence regarding current and historical income equality within and between countries; introducing the characteristics of public goods and grounding equity in this idiom; reviewing several theories explaining the sub-optimal provision of environmental goods; applying these theoretical frameworks to the case of equity, with an examination of the potential causes of, and solutions to, maldistribution; and, finally, addressing equity’s critical role as a component of sustainability in the case of climate change, with implications for climate policy.

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...

An Analysis of Herd Behavior and Lead-investor Mechanism in Equity-crowdfunding%股权众筹中的领投机制与羊群行为分析

Institute of Scientific and Technical Information of China (English)

唐磊; 张明

2016-01-01

通过构建一个基于信息交互的多主体仿真模型验证说明了,在股权众筹投资中,领投人的积极投资态度或决策信息较高的可信度都可能会加剧大众投资者的从众投资趋势,导致更为严重的羊群行为.为了促进股权众筹的健康发展,监管部门和众筹平台应采取一系列措施,以控制领投人的道德风险,降低羊群行为发生的严重性,避免羊群行为的次优结果.%In this paper, we construct a Multi-agent simulation model based on information interaction to illustrate that, in the equity-crowdfunding investment, the positive attitude or high credible investment decision information of the lead-investor, may aggravate the herd investment tendency of public investors. In order to promote the healthy development of equity-crowdfunding, regulators and crowdfunding platform should take a combined of measures to control lead-investor's moral hazard, reduce the severity of herd behavior, and avoid its suboptimal results.

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...

The role of debt and equity finance over the business cycle

NARCIS (Netherlands)

Covas, F.; den Haan, W.J.

2012-01-01

If equity issuance is introduced into the costly state verification framework and the friction firms face in raising equity is acyclical, then the model cannot simultaneously generate procyclical equity issuance and a countercyclical default rate. This requires a countercyclical equity issuance

Customized Transportation, Equity Participation, and Cooperation Performance within Logistics Supply Chains

Directory of Open Access Journals (Sweden)

Xudong Lin

2015-01-01

Full Text Available Customized transportation has received growing concerns by researchers and practitioners in recent years. Despite the fact that one consignor often holds partial ownership of its carrier within a supply chain, the existing interpretations behind them remain relatively unexplored. Based on the game models, we find that a simple take-or-pay contract is not likely to solve the low-efficient customized production problem, and equity participation mechanism plus simple contract may improve the cooperation performance of customized transportation. In the case of the owner-managed carrier, only when purchasing at par can it be ensured to obtain the socially optimal customization investment, but when purchasing at premium or discount, the optimal partial ownership selected by consignor cannot motivate the carrier to make the most efficient customization investment. With the optimal solutions, we also provide a theoretic foundation for calculating the optimal partial ownership and for interpreting why the interfirm share-holding ratios of the member-firms within the familial-type logistic supply chains are much larger than the ratios within the public-type logistic supply chains. Finally, our results show that the familial-type logistic supply chains may choose more efficient customized production level than public-type logistic supply chains.

Relationship between Major Developed Equity Markets and Major Frontier Equity Markets of World

Directory of Open Access Journals (Sweden)

Muhammad Mansoor Baig

2016-02-01

Full Text Available The core aim of this study is to compute the long run relationship between frontier equity markets Pakistan (KSE 100 Index, Argentina (MERVAL BUENOS AIRES stock Exchange, NSE.20 (Kenya, MSM 30 (MSI Oman and equity markets of developed world (OMXS30 Sweden, SMI (Switzerland, SSE Composite Index (China and STI index (Singapore by taking weekly values from stock return prices for the period 1st week of January-2000 to last week of January/2014. Descriptive statistic, Correlation, Augmented dickey fuller (ADF, Phillips Perron test, Johanson and Jelseluis test of co-integration, Granger causality test, Variance Decomposition Test and Impulse Response are used to find the relationship among frontier and developed markets. The results of this study reveal that frontier markets have no long run relationship with equity markets of developed world. Furthermore, this study is helpful for investors to enhance the returns by diversifying the unsystematic risk at given level of profit because results of this study confirm that markets are no cointegrated.

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.

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.

Managing Consumer-Based Brand Equity in Higher Education

Directory of Open Access Journals (Sweden)

Tina Vukasovic

2015-03-01

Full Text Available The purpose of this study is to establish the key elements of brand equity for international students by exploring existing brand equity theory in its applicability to international higher education (HE. The main objective of this research is to enhance academic understanding of brand equity in the HE sector and explore the implications for management practice. Quantitative data collected via a self-completion survey are used to test a model of brand equity in the context of HE. The empirical setting is Slovenia, which has a mixture of public and private provision and an increasingly competitive environment. The results provide support for the proposed conceptual model, with image-related and awareness-related determinants. The findings of this research provided evidence that the customer-based brand equity model can be applied to the HE context as an element of competitive advantage and used to guide marketing activities for Universities internationally.

Pengaruh Profitability Dan Investment Opportunity Set Terhadap Dividen Tunai Pada Perusahaan Terbuka Di Bursa Efek Jakarta

OpenAIRE

Sadalia, Isfenti; Saragih, Nurul Sari Syafitri

2010-01-01

The purpose of the research is to examine the influence of the profitability which is consists of the Return On Equity (ROE) and Net Profit Margin (NPM), and Investment Oppurtunity Set (IOS) which is consists of Market to Book Value of Assets (MVA/BVA), dan Property,Plant & Equipment to the Book Value of Assets(PPE/BVA) to Cash Dividend in Go Public Company as listing at Indonesian Stock Exchange. The result of research indicate that the the profitability which is consists of the Return On...

INVESTMENT IDEAS IN A VOLATILE ENVIRONMENT - A STUDY CASE FOR THE 2012 SOCIETY

Directory of Open Access Journals (Sweden)

VERONICA ADRIANA POPESCU

2012-05-01

Full Text Available The year 2011 has proven to be a highly volatile year, especially if we take into account the Eurozone crisis. Even so, the year 2011 has proved to be a year in which great opportunities were created, as well. Our article “Investment Ideas in a Volatile Environment - A Study Case for the 2012 Society” starts by presenting both the strong and the weak points of the year 2011, in terms of assets markets and net results, continuing with the general outlook of the year 2012 and putting a strong emphasis on the investment ideas for 2012. In our study we are going to describe the opportunities that exist in the year 2012, providing answers to questions such as: what equities should investors focus on, what changes can be predicted in terms of foreign exchange market, what will the evolution of the commodities be like, how will the evolution of different types of currencies look like.

Model finančne ocene premoženja blagovnih znamk z uporabo vedenjskih dejavnikov = Assessing the Financial Value of a Brand Equity by Applying Behavioural Models

Directory of Open Access Journals (Sweden)

Danijel Bratina

2007-09-01

Full Text Available Marketers are under a thorough examination of the higher management to empirically prove the benefits of various investments into marketing activities. The effects of allocating resources to increase brand variables is commonly measured by determining the value of a brand or a brand equity. Brand equity valuation models can be divided in three groups: financial, behavioral and combined. Each group serves different purposes. Behavioral models are the most appropriate for studying customer’s behavior. These models try to analyse qualitatively different determinants of the brand equity construct. Brand managers who usually prefer these type of models need an effective and fast tool that allows them to use these behavioral determinants in order to financially assess the brand’s value. The main purpose of this article is to introduce a model that acts as a framework to quantify most of the behavior models. It can be applied to most available behavioral models with no original model modifications needed. Towards the end of the article future research in the field of brand evaluation is suggested.

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.

Schools of Excellence AND Equity? Using Equity Audits as a Tool to Expose a Flawed System of Recognition

Directory of Open Access Journals (Sweden)

Kathleen M Brown

2010-01-01

Full Text Available The purpose of this article is to demonstrate how equity audits can be used as a tool to expose disparate achievement in schools that, on the surface and to the public, appear quite similar. To that end, the researcher probed beyond surface-level performance composite scores into deeper, more hidden data associated with state-recognized "Honor Schools of Excellence." How is "excellence" defined and operationalized in these schools? Are these schools "excellent" for all students? Can a school really be classified by the state as "excellent" and yet still have significant "gaps" and disparities? If so, is the state's formula used to identify exemplary schools too simple, dogmatic, and institutionally flawed? Through the use of equity audits, quantitative data was collected to scan for systemic patterns of equity and inequity across multiple domains of student learning and activities within 24 elementary schools. The intent was to document and distinguish between schools that are promoting and supporting both academic excellence (small gap schools; SGS and systemic equity and schools that are not (large gap schools; LGS. Results reveal that although demographic, teacher quality, and programmatic audits all indicated a fair amount of equity between SGS and LGS, the achievement audit between both types of schools indicated great disparities. By controlling for or eliminating some of the external variables and internal factors often cited for the achievement gaps between white middle-class children and children of color or children from low-income families, the findings from this study raise more questions than answers. Results do indicate that equity audits are a practical, easy-to-apply tool that educators can use to identify inequalities objectively.

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...

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

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.

Equity weighting and the marginal damage costs of climate change

Energy Technology Data Exchange (ETDEWEB)

Anthoff, David [The Economic and Social Research Institute, Dublin (Ireland)]|[International Max Planck Research School on Earth System Modelling, Hamburg (Germany)]|[Research Unit Sustainability and Global Change, Hamburg University and Centre for Marine and Atmospheric Science, Hamburg (Germany); Hepburn, Cameron [Smith School of Enterprise and the Environment, and James Martin Institute, Said Business School, University of Oxford, and New College, Oxford (United Kingdom); Tol, Richard S.J. [The Economic and Social Research Institute, Dublin (Ireland)]|[Research Unit Sustainability and Global Change, Hamburg University and Centre for Marine and Atmospheric Science, Hamburg (Germany)]|[Institute for Environmental Studies, Vrije Universiteit, Amsterdam (Netherlands)]|[Engineering and Public Policy, Carnegie Mellon University, Pittsburgh, PA (United States)

2009-01-15

Climate change will give rise to different impacts in different countries, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions reflect these differences. This paper analyses the impact of equity weighting on the marginal damage cost of carbon dioxide emissions, and reaches four main conclusions. First, equity-weighted estimates are substantially higher than estimates without equity-weights; equity-weights may even change the sign of the social cost estimates. Second, estimates differ by two orders of magnitude depending on the region to which the equity weights are normalised. Third, equity-weighted estimates are sensitive to the resolution of the impact estimates. Depending on the assumed intra-regional income distribution, estimates may be more than twice as high if national rather than regional impacts are aggregated. Fourth, variations in the assumed inequality aversion have different impacts in different scenarios, not only because different scenarios have different emissions and hence warming, but also because different scenarios have different income differences, different growth rates, and different vulnerabilities. (author)

Equity weighting and the marginal damage costs of climate change

International Nuclear Information System (INIS)

Anthoff, David; Hepburn, Cameron; Tol, Richard S.J.

2009-01-01

Climate change will give rise to different impacts in different countries, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions reflect these differences. This paper analyses the impact of equity weighting on the marginal damage cost of carbon dioxide emissions, and reaches four main conclusions. First, equity-weighted estimates are substantially higher than estimates without equity-weights; equity-weights may even change the sign of the social cost estimates. Second, estimates differ by two orders of magnitude depending on the region to which the equity weights are normalised. Third, equity-weighted estimates are sensitive to the resolution of the impact estimates. Depending on the assumed intra-regional income distribution, estimates may be more than twice as high if national rather than regional impacts are aggregated. Fourth, variations in the assumed inequality aversion have different impacts in different scenarios, not only because different scenarios have different emissions and hence warming, but also because different scenarios have different income differences, different growth rates, and different vulnerabilities. (author)

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.

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...

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

Finnish NGOs promoting health equity in the context of welfare economy.

Science.gov (United States)

Rouvinen-Wilenius, Päivi; Ahokas, Jussi; Kiukas, Vertti; Aalto-Kallio, Mervi

2018-04-05

Health inequality is a national challenge in Finland. The WHO global strategy of Health for All implies that all people should have an equal opportunity to develop and maintain their health through fair and just access to health resources. This article examines the role of Finnish Non-Governmental Organizations (NGO) in strengthening the health equity. The article presents the strategy and specific criteria constructed by the NGOs to promote health equity in society. The health equity criteria and welfare economy strategy are combined to a framework which NGOs can utilize in their work to promote health equity. The welfare economy strategy describes the important issues that NGOs have to address when working towards a specific societal goal, in this case equity. The health equity criteria in turn are an instrument for the practical implementation of the preconditions of equity.

Power, Politics, and Health: A New Public Health Practice Targeting the Root Causes of Health Equity.

Science.gov (United States)

Iton, Anthony; Shrimali, Bina Patel

2016-08-01

Purpose Understanding the WHY, WHAT, and HOW of place-based work in maternal and child health (MCH) is critical to examining the components of the environment that shape health opportunity through the relationship between life expectancy and neighborhood residence. Description On September 18, 2014, during the CityMatCH Leadership and MCH Epidemiology Conference, Dr. Anthony Iton provided the Keynote Address focused on the root causes of health inequities. Assessment The address focused on issues of equity in California and initiatives designed to mitigate and prevent disparities, including the Bay Area Regional Health Equities Initiative framework. Dr. Iton presented information on how the framework translated into investment strategies and a policy and systems change approach to place-based work. Conclusion The field of MCH, because of its focus on supporting health during critical periods of development, is poised to play a significant role in reducing health inequities. Recognizing that human health suffers when low income communities are passive, disenfranchised and disorganized, in order to change this status quo, understanding that human capital is the greatest asset is the urgent challenge to the field of MCH.

"Trade creep" and implications of the Transatlantic Trade and Investment Partnership Agreement for the United Kingdom National Health Service.

Science.gov (United States)

Koivusalo, Meri; Tritter, Jonathan

2014-01-01

The ambitious and comprehensive Transatlantic Trade and Investment Partnership Agreement (TTIP/TAFTA) agreement between the European Union and United States is now being negotiated and may have far-reaching consequences for health services. The agreement extends to government procurement, investment, and further regulatory cooperation. In this article, we focus on the United Kingdom National Health Service and how these negotiations can limit policy space to change policies and to regulate in relation to health services, pharmaceuticals, medical devices, and health industries. The negotiation of TTIP/TAFTA has the potential to "harmonize" more corporate-friendly regulation, resulting in higher costs and loss of policy space, an example of "trade creep" that potentially compromises health equity, public health, and safety concerns across the Atlantic.

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

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...

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

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.

Comparing Between Commercial and Investment Banking: A Case Study from Iraq

Directory of Open Access Journals (Sweden)

Dr. Majeed Mohsen

2016-11-01

Full Text Available The research aim is to evaluating investment and commercial banking to led the investor who want to be shareholder in equity to the suitable banking in Iraqi environment, which banking is suitable for risk averse and which is suitable for risk seeker, by comparing between depending on market attractiveness and business strength by comparing between Iraqi’s investment and commercial banking for the period (2010-2014, it is evaluate market attractiveness by using banking return, banking risk, banking size, and banking stability and business strength by using market share (competition, and banking development. The data were from financial report used for statistical testing of difference between two means for comparing instead of comparing between variables directly by using t-test between means. The result explained there wasn’t difference between the two banking marketing, but commercial banking was more total risk than investment banking and systematic risk was the most in both banking. Research conclusion the risky environment, is resulting the conservative depositors decreasing the project, and weak effect of globalization on banking, that is resulting nearly same strategies to avoid internal risk by trying to create safely internal environment depending on strategy of less risk through minimizing unsystematic risks which reduce the ability on diversification which led to weak globalization’s effect.

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.

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...

资本性投资、融资来源与营运资本投资效率研究%Capital Investment,Financing Source and Working Capital Investment Efficiency

Institute of Scientific and Technical Information of China (English)

魏刚

2016-01-01

运用异质性随机边界模型定量测算了资本性投资及融资来源影响下的营运资本投资效率。结果表明：中国上市公司营运资本投资效率低于最优效率10％～26％，在非经济危机影响的年度中，资本性投资规模增长大的企业，其营运资本投资效率较低；内部融资和外部股权融资具有缓解融资约束和降低未来融资不确定性的作用，而债务融资会加剧融资约束程度，但可以降低未来融资不确定性。融资约束程度的改善有助于降低资本性投资对营运资本投资效率的影响。%Using the heteroscedastic stochastic frontier model , this paper measures the working capital investment efficiency under the influence of capital investment and financing sources .Results show that , the efficiency of working capital invest-ment in Chinese listing corporation is lower than the optimal efficiency of 10%~26%.During the years of the non-econom-ic crisis, working capital investment efficiency of enterprises is lower , which possess a large scale of capital investment .In-ternal financing and external equity financing can alleviate the financing constraints and reduce the uncertainty of the future ;debt financing will increase the degree of financing constraints , but can reduce the uncertainty of future financing .The im-provement of financing constraints could help to reduce the impact of capital investment on the efficiency of working capital investment .

ACTUAL TRENDS IN THE DEVELOPMENT OF VENTURE INVESTMENT IN RUSSIA

Directory of Open Access Journals (Sweden)

K. P. Aleksandrova

2014-06-01

Full Text Available Relevance of research topic is related to the significant influence of the venture capital industry on the Russian economy. Innovative development of our country depends mainly on the effective commercialization of research and development, but the technology companies access to financial resources is a key factor in the innovation process . Venture capital plays a major role in this respect: it provides a fast and timely financial support to local entrepreneurs breakthrough ideas and enhances the competitiveness of the Russian economy as a whole. Objective - Analysis of Venture Investment in Russia , identifying issues and current trends in development. In the process, a set of methods has been applied economic and statistical analysis: methods of synthesis, comparison and analysis of economic and statistical information. In the study, it was determined that the current Russian venture market is characterized by an increase in the number of venture capital funds and private equity funds, as well as increasing their capitalization; an increasing number of companies financed, but about 90 % of all investments allocated for funding mature companies and only 10 % - for companies at the venture development stages; Central Federal District continues to firmly hold the leadership of the share of the total investment of all federal districts . Identified the following problems: lack of funding companies in the initial stages of development, infrastructure venture industry, inadequate legislation and taxation system , the problems associated with the protection and registration of intellectual property, the problem of lack of professional management, the lack of a well-functioning stock market, high-tech industries unattractive for investment.Purchase on Elibrary.ru > Buy nowDOI: http://dx.doi.org/10.12731/2070-7568-2014-3-5

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,

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)

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...

Using connectivity for measuring equity in transit provision

DEFF Research Database (Denmark)

Kaplan, Sigal; Popoks, Dmitrijs; Prato, Carlo Giacomo

2014-01-01

. In addition, transit connectivity weighs the impedance components according to their relative importance to travelers. The assessment of equity was performed for the multi-modal transit system in the Greater Copenhagen Area, renowned for its transit-oriented finger-plan. The assessment method used a GIS...... representation of the network (i.e., service lines, timetables, metro stations, train stations, and bus stops), and transit assignment results (i.e., level-of-service times, passenger flows). The assessment method proved effective in calculating location-based and potential-accessibility measures and Gini...... coefficients of inequality in the Greater Copenhagen Area. Results show that the transit-oriented development contributes to spatial equity with high connectivity in densely populated zones, vertical equity with comparable connectivity in high income and low income zones, inter-generational equity with good...

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.

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.

Consumer-Based Brand Equity: A literature review

Directory of Open Access Journals (Sweden)

A. Szőcs

2014-06-01

Full Text Available The concept of brand equity has gained in popularity since the 1980s, and since then, the field has undergone significant development. The concept of consumer-based brand equity has become a central marketing concept due to the increasing scientific and business interest in brands, since the approach according to which brands constitute one of the most valuable intangible assets of the companies is becoming increasingly widespread. The paper offers an updated literature review of this important research topic, providing a classification of brand equity models focusing on consumer based models. The most important models are critically reviewed from the perspective of model structure, methodology used and validity.

Consumer-Based Brand Equity: A literature review

Directory of Open Access Journals (Sweden)

Attila Szőcs

2014-01-01

Full Text Available The concept of brand equity has gained in popularity since the 1980s, and since then, the field has undergone significant development. The concept of consumer-based brand equity has become a central marketing concept due to the increasing scientific and business interest in brands, since the approach according to which brands constitute one of the most valuable intangible assets of the companies is becoming increasingly widespread. The paper offers an updated literature review of this important research topic, providing a classification of brand equity models focusing on consumer based models. The most important models are critically reviewed from the perspective of model structure, methodology used and validity.

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…

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…

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)

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.

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.

Equity prices, productivity growth and 'The New Economy'

DEFF Research Database (Denmark)

Madsen, Jakob B.; Davis, E. Philip

2006-01-01

The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This article establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions......, productivity advances can only have temporary effects on the fundamentals of equity prices. Using historical data on productivity of R&D capital, patent capital and fixed capital for 11 OECD countries, empirical evidence gives strong support for the model by suggesting that technological innovations indeed...

Perkembangan dan Evaluasi Kinejra Reksadana Terbuka Kontrak Investasi Kolektif di Indonesia

OpenAIRE

Lian Soei, Catharina B Tan

2000-01-01

There are four kinds of investment funds: Money Market Investment Funds, Income Investment Funds, Balanced or Discretionary Investment Funds and Equity Investment Funds which can give flexibility to investors, because each investment fund has different risks and rate of return. Investors who invest in Equity Investment Funds would expect higher returns over the long term but experience greater price variability than those who invest in the Balanced or - Income Investment Funds.It is important...

A comparison of carbon allocation schemes: On the equity-efficiency tradeoff

International Nuclear Information System (INIS)

Pan, Xunzhang; Teng, Fei; Wang, Gehua

2014-01-01

In the long-term stabilization targets of greenhouse gases concentrations, various carbon emission rights allocation schemes have been proposed. To compare and evaluate them, the most essential is the equity-efficiency tradeoff. This paper measures the equity and the efficiency in the global rather than the narrower national perspective. Specifically, the equity of the first allocation is quantified by the carbon Gini coefficient defined by per capita cumulative emission, and the economic efficiency to accomplish obligations is described with the discounted global abatement costs. Under 20 key allocation schemes, the numerical comparison on the equity-efficiency tradeoff side is carried out through the Equitable Access to Sustainable Development model. Our studies indicate that the equity and the efficiency of future emission space allocation approximately show a three-stage relationship. - Highlights: • The equity-efficiency tradeoff among 20 key allocation schemes is carried out. • Both the equity and the efficiency are measured in the global perspective. • The Equitable Access to Sustainable Development model is adopted as the study tool. • A practical trade framework is indispensable to efficiently address climate change. • The equity and the efficiency generally show a three-stage tradeoff relationship

Community investment in wind farms: funding structure effects in wind energy infrastructure development.

Science.gov (United States)

Beery, Joshua A; Day, Jennifer E

2015-03-03

Wind energy development is an increasingly popular form of renewable energy infrastructure in rural areas. Communities generally perceive socioeconomic benefits accrue and that community funding structures are preferable to corporate structures, yet lack supporting quantitative data to inform energy policy. This study uses the Everpower wind development, to be located in Midwestern Ohio, as a hypothetical modeling environment to identify and examine socioeconomic impact trends arising from corporate, community and diversified funding structures. Analysis of five National Renewable Energy Laboratory Jobs and Economic Development Impact models incorporating local economic data and review of relevant literature were conducted. The findings suggest that community and diversified funding structures exhibit 40-100% higher socioeconomic impact levels than corporate structures. Prioritization of funding sources and retention of federal tax incentives were identified as key elements. The incorporation of local shares was found to mitigate the negative effects of foreign private equity, local debt financing increased economic output and opportunities for private equity investment were identified. The results provide the groundwork for energy policies focused to maximize socioeconomic impacts while creating opportunities for inclusive economic participation and improved social acceptance levels fundamental to the deployment of renewable energy technology.

Social innovation for the promotion of health equity.

Science.gov (United States)

Mason, Chris; Barraket, Jo; Friel, Sharon; O'Rourke, Kerryn; Stenta, Christian-Paul

2015-09-01

The role of social innovations in transforming the lives of individuals and communities has been a source of popular attention in recent years. This article systematically reviews the available evidence of the relationship between social innovation and its promotion of health equity. Guided by Fair Foundations: The VicHealth framework for health equity and examining four types of social innovation--social movements, service-related social innovations, social enterprise and digital social innovations--we find a growing literature on social innovation activities, but inconsistent evaluative evidence of their impacts on health equities, particularly at the socio-economic, political and cultural level of the framework. Distinctive characteristics of social innovations related to the promotion of health equity include the mobilization of latent or unrealised value through new combinations of (social, cultural and material) resources; growing bridging social capital and purposeful approaches to linking individual knowledge and experience to institutional change. These have implications for health promotion practice and for research about social innovation and health equity. © The Author 2015. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

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.…

Firm Characteristics and their Effects on Foreign Direct Investment Evidence from Romania, Republic of Moldova and Republic of Turkey

Directory of Open Access Journals (Sweden)

Doina Prodan Palade

2016-12-01

Full Text Available The purpose of this paper is to examine whether the firm accounting and financial performance ratios are reflected in the level of the Foreign Direct Investment and which one plays the most important role in attracting the foreign investors. the paper investigates the prior research works on this topic, underlining the influence of different factors on the level of Foreign Direct Investment. The sample is made of 25 randomly extracted firms listed on Bucharest Stock Exchange, for the fiscal year 2014. We constructed and tested a multiple linear regression model, using the level of Foreign Direct Investment as the dependent variable and 22 financial ratios, as independent variables. the authors found a positive effect of the financial ratios such as the net turnover to networking capital, equity multiplier, and net profitability ratio on the level of Foreign Direct Investment. the results of the research show that to enhance Foreign Direct Investment, corporations must improve their accounting and financial performance. The originality of this study results from the fact that it takes into consideration three different economic environments: Romania, Turkey and Moldova, respectively a European Union member country, a candidate to the European Union and a non- European Union country.

Approaches that Affect Consumer-Based Brand Equity

Directory of Open Access Journals (Sweden)

Denise Santos de Oliveira

2017-08-01

Full Text Available Current studies on factors affecting the dimensions of consumer-based brand equity have been dispersed, applicable to specific contexts and not systematized in the literature. So, the purpose of this paper is to identify and categorize factors that create, increase or decrease each of the consumer-based brand equity dimensions: brand associations, brand awareness, perceived quality and brand loyalty. The extensive analysis of literature shows that there are significant differences between factors affecting each of the brand equity dimensions. Factors that positively affect one dimension cannot have the same effect on another. Moreover, it notes that the effect of such factors is variations when analyzed in different sectors and economic contexts. The main contribution of this research lies in the fact that it provides a research panorama already conducted on factors affecting the dimensions of consumer-based brand equity, indicating a potential for development of future studies. This research also enriches the literature categorizing the factors identified in the literature in four sets that allow the future targeting studies.

Pricing Equity-Indexed Annuities under Stochastic Interest Rates Using Copulas

Directory of Open Access Journals (Sweden)

Patrice Gaillardetz

2010-01-01

Full Text Available We develop a consistent evaluation approach for equity-linked insurance products under stochastic interest rates. This pricing approach requires that the premium information of standard insurance products is given exogenously. In order to evaluate equity-linked products, we derive three martingale probability measures that reproduce the information from standard insurance products, interest rates, and equity index. These risk adjusted martingale probability measures are determined using copula theory and evolve with the stochastic interest rate process. A detailed numerical analysis is performed for existing equity-indexed annuities in the North American market.

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.

[Evaluating cost/equity in the Colombian health system, 1998-2005].

Science.gov (United States)

Eslava-Schmalbach, Javier; Barón, Gilberto; Gaitán-Duarte, Hernando; Alfonso, Helman; Agudelo, Carlos; Sánchez, Carolina

2008-01-01

An economic analysis of cost-equity (from society's viewpoint) for evaluating the impact of Law 100/93 in Colombia between 1998 and 2005. An economic analysis compared costs and equity in health in Colombia between 1998 and 2005. Data was taken from the Colombian Statistics' Administration Department ( Departamento Administrativo Nacional de Estadistica - DANE) and from national demographic and health surveys carried out in 2000 and 2005. Information regarding costs was taken from the National Health Accounts' System. Inequity in Health was considered in line with the Inequity in Health Index (IHI). Incremental and average cost-equity analysis covered three sub-periods; 1998-1999 (during which time per capita gross internal product became reduced in Colombia ), 2000-2001 (during which time total health expense became reduced) and 2001 -2005. An unstable tendency for inequity in health becoming reduced during the period was revealed. There was an inverse relationship between IHI and public health spending and a direct relationship between out-of-pocket spending on health and equity in health (Spearman, p<0.05). The second period had the best incremental cost-equity ratio. Fluctuations in IHI and marginal cost-equity during the periods being analysed suggested that health spending depended on equity in health in Colombia during the period being studied.

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

Science and Mathematics Teachers Working Toward Equity Through Teacher Research: Tracing Changes Across Their Research Process and Equity Views

Science.gov (United States)

Brenner, Mary E.; Bianchini, Julie A.; Dwyer, Hilary A.

2016-12-01

We investigated secondary science and mathematics teachers engaged in a two-and-a-half-year professional development effort focused on equity. We examined how teachers conducting research on their own instructional practices—a central learning strategy of the professional development project—informed and/or constrained their views related to three strands of equity: teachers and teaching, students and learning, and students' families and communities. Data collected included recordings of professional development seminars and school-site meetings, three sets of individual interviews with teacher researchers, and drafts and final products of the classroom research teachers conducted. From our qualitative analyses of data, we found that most teachers addressed at least two of the three equity strands in researching their own practice. We also found that most transformed their understandings of teachers and students as a result of their teacher research process. However, teachers' views of families and communities changed in less substantive ways. We close with recommendations for other researchers and professional developers intent on supporting science and mathematics teachers in using teacher research to work toward equity.

77 FR 51968 - Submission for OMB Review; Comment Request

Science.gov (United States)

2012-08-28

... yield statistics on voter (and nonvoter) characteristics and current voter trends. The data also will enable policymakers to keep issues up to date, such as changes in participation in the election process... information for tracking historical trends of voter and nonvoter characteristics in each presidential and...

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...

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...

BRAND EQUITY OF LAHORE FORT AS A TOURISM DESTINATION BRAND

Directory of Open Access Journals (Sweden)

Muhammad Kashif

2015-06-01

Full Text Available Studies 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 developed to explain the relationship of brand awareness, brand image, brand association, and brand loyalty with Lahore Fort’s overall brand equity. We used various robust statistical techniques such as correlation, regression and confirmatory factor analysis (using PLS method to reach meaningful conclusions and found that brand image and brand associations positively contribute to brand loyalty. Furthermore, brand loyalty significantly contributes towards overall brand equity. Pragmatically, this study measures the customer based brand equity of the Lahore Fort, a destination brand. The results are useful as they suggest a few strategies that can help policy makers to enhance Lahore Fort’s brand performance.

An equity tool for health impact assessments: Reflections from Mongolia

International Nuclear Information System (INIS)

Snyder, Jeremy; Wagler, Meghan; Lkhagvasuren, Oyun; Laing, Lory; Davison, Colleen; Janes, Craig

2012-01-01

A health impact assessment (HIA) is a tool for assessing the potential effects of a project or policy on a population's health. In this paper, we discuss a tool for successfully integrating equity concerns into HIAs. This discussion is the product of collaboration by Mongolian and Canadian experts, and it incorporates comments and suggestions of participants of a workshop on equity focused HIAs that took place in Mongolia in October, 2010. Our motivation for discussing this tool is based on the observation that existing HIAs tend either to fail to define equity or use problematic accounts of this concept. In this paper we give an overview of socio-demographic and health indicators in Mongolia and briefly discuss its mining industry. We then review three accounts of equity and argue for the importance of developing a consensus understanding of this concept when integrating considerations of equity into an HIA. Finally, we present findings from the workshop in Mongolia and outline a tool, derived from lessons from this workshop, for critically considering and integrating the concept of equity into an HIA.

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.

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

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...

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.

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…

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.

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...

The effects of customer equity drivers on loyalty across services industries and firms

NARCIS (Netherlands)

Ou, Yi-Chun; Verhoef, Peter C.; Wiesel, Thorsten

Customer equity drivers (CEDs)-value equity, brand equity, and relationship equity-positively affect loyalty intentions, but this effect varies across industries and firms. We empirically examine potential industry and firm characteristics that explain why the CEDs-loyalty link varies across

Equity financing constraints and corporate capital structure:a model

Institute of Scientific and Technical Information of China (English)

Zhengwei Wang; Wuxiang Zhu

2013-01-01

Purpose-The "supply-side effect" brought about by the imperfection of the capital market has increasingly been concerned.The purpose of this paper is to study how will the uncertainty of equity financing brought about by the equity financing regulations in emerging capital market affect company's capital structure decisions.Design/methodology/approach-This paper establishes a theoretical model and tries to introduce equity financing uncertainty into the company's capital structure decision-making.The paper uses mathematical derivation method to get some basic conclusions.Next,in order to characterize the quantitative impact of specific factor on capital structure,numerical solution methods are used.Findings-The model shows that firm's value would decrease with the uncertainty of equity financing,because of the relationship between firm's future cash and their financing policies.The numerical solution of the model suggests that the uncertainty of equity financing is one of the important factors affecting the choice of optimal capital structure,the greater the uncertainty is,the lower optimal capital structure is.Originality/value-The research of this paper has certain academic value for further understanding of the issues.

Generalized financial ratios to predict the equity premium

NARCIS (Netherlands)

Algaba, Andres; Boudt, Kris

2017-01-01

Empirical evidence for the price-dividend ratio to be a predictor of the equity premium is weak. We argue that changes in the economic conditions and market composition lead to a time-varying relationship between prices, dividends and the equity premium. Exploiting the information in the rolling

Market and Style Timing: German Equity and Bond Funds

OpenAIRE

Hayley, S.; Nitzsche, D.; Cuthbertson, K.

2016-01-01

We apply parametric and non-parametric estimates to test market and style timing ability of individual German equity and bond mutual funds using a sample of over 500 equity and 350 bond funds, over the period 1990-2009. For equity funds, both approaches indicate no successful market timers in the 1990-1999 or 2000-2009 periods, but in 2000-2009 the non-parametric approach gives fewer unsuccessful market timers than the parametric approach. There is evidence of successful style timing using th...

RISIKO INVESTASI, BID-ASK SPREAD, DAN COST OF EQUITY CAPITAL DI PASAR MODAL INDONESIA

Directory of Open Access Journals (Sweden)

Agus Haryono

2017-03-01

Full Text Available A number of studies investigated how financial information affected investment decisions. The study extendedthis line of research by examining the effect of risk, proxied by price per share, number of shareholders, numberof dealers, trading volume, accounting risk and market risk measures on the bid ask spread. Further, theresearch tried to test the relationship between bid ask spread and cost of equity capital. The samples of thisresearch were the manufacturing companies listed at Indonesian Stock Exchange which shared the dividendfor 3 years; there were 40 companies. Data analysis technique used multiple regression analysis. The results ofregression provided evidence of statistically significant effect of price per share, market value, asset size andprice variability on bid ask spread. At last, there was a positive relationship between bid ask spread and cost ofequity capital

Examining Equity Sensitivity: An Investigation Using the Big Five and HEXACO Models of Personality

Directory of Open Access Journals (Sweden)

Hayden J. R. Woodley

2016-01-01

Full Text Available The construct of equity sensitivity describes an individual’s preference about his/her desired input to outcome ratio. Individuals high on equity sensitivity tend to be more input oriented, and are often called Benevolents. Individuals low on equity sensitivity are more outcome oriented, and are described as Entitleds. Given that equity sensitivity has often been described as a trait, the purpose of the present study was to examine major personality correlates of equity sensitivity, so as to inform both the nature of equity sensitivity, and the potential processes through which certain broad personality traits may relate to outcomes. We examined the personality correlates of equity sensitivity across three studies (total N = 1170, two personality models (i.e., the Big Five and HEXACO, the two most common measures of equity sensitivity (i.e., the Equity Preference Questionnaire and Equity Sensitivity Inventory, and using both self and peer reports of personality (in Study 3. Although results varied somewhat across samples, the personality variables of Conscientiousness and Honesty-Humility, followed by Agreeableness, were the most robust predictors of equity sensitivity. Individuals higher on these traits were more likely to be Benevolents, whereas those lower on these traits were more likely to be Entitleds. Although some associations between Extraversion, Openness, and Neuroticism and equity sensitivity were observed, these were generally not robust. Overall, it appears that there are several prominent personality variables underlying equity sensitivity, and that the addition of the HEXACO model’s dimension of Honesty-Humility substantially contributes to our understanding of equity sensitivity.

Examining Equity Sensitivity: An Investigation Using the Big Five and HEXACO Models of Personality.

Science.gov (United States)

Woodley, Hayden J R; Bourdage, Joshua S; Ogunfowora, Babatunde; Nguyen, Brenda

2015-01-01

The construct of equity sensitivity describes an individual's preference about his/her desired input to outcome ratio. Individuals high on equity sensitivity tend to be more input oriented, and are often called "Benevolents." Individuals low on equity sensitivity are more outcome oriented, and are described as "Entitleds." Given that equity sensitivity has often been described as a trait, the purpose of the present study was to examine major personality correlates of equity sensitivity, so as to inform both the nature of equity sensitivity, and the potential processes through which certain broad personality traits may relate to outcomes. We examined the personality correlates of equity sensitivity across three studies (total N = 1170), two personality models (i.e., the Big Five and HEXACO), the two most common measures of equity sensitivity (i.e., the Equity Preference Questionnaire and Equity Sensitivity Inventory), and using both self and peer reports of personality (in Study 3). Although results varied somewhat across samples, the personality variables of Conscientiousness and Honesty-Humility, followed by Agreeableness, were the most robust predictors of equity sensitivity. Individuals higher on these traits were more likely to be Benevolents, whereas those lower on these traits were more likely to be Entitleds. Although some associations between Extraversion, Openness, and Neuroticism and equity sensitivity were observed, these were generally not robust. Overall, it appears that there are several prominent personality variables underlying equity sensitivity, and that the addition of the HEXACO model's dimension of Honesty-Humility substantially contributes to our understanding of equity sensitivity.

Examining Equity Sensitivity: An Investigation Using the Big Five and HEXACO Models of Personality

Science.gov (United States)

Woodley, Hayden J. R.; Bourdage, Joshua S.; Ogunfowora, Babatunde; Nguyen, Brenda

2016-01-01

The construct of equity sensitivity describes an individual's preference about his/her desired input to outcome ratio. Individuals high on equity sensitivity tend to be more input oriented, and are often called “Benevolents.” Individuals low on equity sensitivity are more outcome oriented, and are described as “Entitleds.” Given that equity sensitivity has often been described as a trait, the purpose of the present study was to examine major personality correlates of equity sensitivity, so as to inform both the nature of equity sensitivity, and the potential processes through which certain broad personality traits may relate to outcomes. We examined the personality correlates of equity sensitivity across three studies (total N = 1170), two personality models (i.e., the Big Five and HEXACO), the two most common measures of equity sensitivity (i.e., the Equity Preference Questionnaire and Equity Sensitivity Inventory), and using both self and peer reports of personality (in Study 3). Although results varied somewhat across samples, the personality variables of Conscientiousness and Honesty-Humility, followed by Agreeableness, were the most robust predictors of equity sensitivity. Individuals higher on these traits were more likely to be Benevolents, whereas those lower on these traits were more likely to be Entitleds. Although some associations between Extraversion, Openness, and Neuroticism and equity sensitivity were observed, these were generally not robust. Overall, it appears that there are several prominent personality variables underlying equity sensitivity, and that the addition of the HEXACO model's dimension of Honesty-Humility substantially contributes to our understanding of equity sensitivity. PMID:26779102

Personality correlates of equity sensitivity for samples of Canadian, Bulgarian, and Mexican business people.

Science.gov (United States)

Mintu-Wimsatt, Alma; Madjourova-Davri, Anna; Lozada, Héctor R

2008-02-01

Equity sensitivity concerns perceptions of what is or is not equitable. Previous studies have shown that equity sensitivity is associated with one's relationship orientation. Relationships are also influenced by personality variables. As both personality and equity sensitivity influence relationships, equity sensitivity and personality may be correlated also; so, this study examined that possibility. The relations of equity sensitivity with 3 personality variables were explored across three culturally different samples. This allowed validation across cultures of the proposed equity-personality relationship which has traditionally been assessed in a U.S. setting. In general, personality-equity sensitivity relationship was not supported across the samples.

Using decision trees for measuring gender equity in the timing of angiography in patients with acute coronary syndrome: a novel approach to equity analysis.

Science.gov (United States)

Bierman, Arlene S; Brown, Adalsteinn D; Levinton, Carey M

2015-12-23

Methods to measure or quantify equity in health care remain scarce, if not difficult to interpret. A novel method to measure health equity is presented, applied to gender health equity, and illustrated with an example of timing of angiography in patients following a hospital admission for an acute coronary syndrome. Linked administrative hospital discharge and survey data was used to identify a retrospective cohort of patients hospitalized with Acute Coronary Syndrome (ACS) between 2002 and 2008 who also responded to the Canadian Community Health Survey (CCHS), was analyzed using decision trees to determine whether gender impacted the delay to angiography following an ACS. Defining a delay to angiography as 1 day or more, resulted in a non-significant difference in an equity score of 0.14 for women and 0.12 for men, where 0 and 1 represents perfect equity and inequity respectively. Using 2 and 3 day delays as a secondary outcome resulted in women and men producing scores of 0.19 and 0.17 for a 2 day delay and 0.22 and 0.23 for a 3 day delay. A technique developed expressly for measuring equity suggests that men and women in Ontario receive equitable care in access to angiography with respect to timeliness following an ACS.

17 CFR 270.3a-5 - Exemption for subsidiaries organized to finance the operations of domestic or foreign companies.

Science.gov (United States)

2010-04-01

... subordinated in right of payment to other debt of the parent company); (2) Any non-voting preferred stock of... stock issued by the finance subsidiary, the holders of those securities may institute legal proceedings... venture) or for debt securities or non-voting preferred stock issued by the finance subsidiary meeting the...

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...

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...

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

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

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

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

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.

Empirical Essays on Debt, Equity, and Convertible Securities

NARCIS (Netherlands)

P. Verwijmeren (Patrick)

2008-01-01

textabstractThis dissertation consists of four empirical studies on firms’ financing decisions. In the first two studies, we investigate the debt-equity choice for a large number of U.S. firms. We find that firms prefer debt financing over equity financing in case a debt issue allows the firm to

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…

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.

Equity Analytics: A Methodological Approach for Quantifying Participation Patterns in Mathematics Classroom Discourse

Science.gov (United States)

Reinholz, Daniel L.; Shah, Niral

2018-01-01

Equity in mathematics classroom discourse is a pressing concern, but analyzing issues of equity using observational tools remains a challenge. In this article, we propose equity analytics as a quantitative approach to analyzing aspects of equity and inequity in classrooms. We introduce a classroom observation tool that focuses on relatively…

Significant components of service brand equity in healthcare sector.

Science.gov (United States)

Chahal, Hardeep; Bala, Madhu

2012-01-01

The purpose of the study is to examine three significant components of service brand equity--i.e. perceived service quality, brand loyalty, and brand image--and analyze relationships among the components of brand equity and also their relationship with brand equity, which is still to be theorized and developed in the healthcare literature. Effective responses were received from 206 respondents, selected conveniently from the localities of Jammu city. After scale item analysis, the data were analyzed using factor analysis, correlations, t-tests, multiple regression analysis and path modeling using SEM. The findings of the study support that service brand equity in the healthcare sector is greatly influenced by brand loyalty and perceived quality. However, brand image has an indirect effect on service brand equity through brand loyalty (mediating variable). The research can be criticized on the ground that data were selected conveniently from respondents residing in the city of Jammu, India. But at the same time the respondents were appropriate for the study as they have adequate knowledge about the hospitals, and were associated with the selected hospital for more than four years. Furthermore, the validity and reliability of the data are strong enough to take care of the limitations of the convenience sampling selection method. The study has unique value addition to the service marketing vis-à-vis healthcare literature, from both theoretical and managerial perspectives. The study establishes a direct and significant relationship between service brand equity and its two components, i.e. perceived service quality and brand loyalty in the healthcare sector. It also provides directions to healthcare service providers in creating, enhancing, and maintaining service brand equity through service quality and brand loyalty, to sustain competitive advantage.

How have Global Health Initiatives impacted on health equity?

Science.gov (United States)

Hanefeld, Johanna

2008-01-01

This review examines the impact of Global Health Initiatives (GHIs) on health equity, focusing on low- and middle-income countries. It is a summary of a literature review commissioned by the WHO Commission on the Social Determinants of Health. GHIs have emerged during the past decade as a mechanism in development assistance for health. The review focuses on three GHIs, the US President's Emergency Plan For AIDS Relief (PEPFAR), the World Bank's Multi-country AIDS Programme (MAP) and the Global Fund to Fight AIDS, TB and Malaria. All three have leveraged significant amounts of funding for their focal diseases - together these three GHIs provide an estimated two-thirds of external resources going to HIV/AIDS. This paper examines their impact on gender equity. An analysis of these Initiatives finds that they have a significant impact on health equity, including gender equity, through their processes of programme formulation and implementation, and through the activities they fund and implement, including through their impact on health systems and human resources. However, GHIs have so far paid insufficient attention to health inequities. While increasingly acknowledging equity, including gender equity, as a concern, Initiatives have so far failed to adequately translate this into programmes that address drivers of health inequity, including gender inequities. The review highlights the comparative advantage of individual GHIs, which point to an increased need for, and continued difficulties in, harmonisation of activities at country level. On the basis of this comparative analysis, key recommendations are made. They include a call for equity-sensitive targets, the collection of gender-disaggregated data, the use of policy-making processes for empowerment, programmes that explicitly address causes of health inequity and impact assessments of interventions' effect on social inequities.

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.

VTAE Equity Staff Development Workshops and Services--Phase II. Final Report.

Science.gov (United States)

Baldus, Lorayne; Nelson, Orville

The Phase II Equity Staff Development project was revised in response to a need to develop an equity strategic planning model with a vision statement, goals, and objectives. The Equity Strategic Planning Model was presented to administrators of Wisconsin Vocational, Technical, and Adult Education (VTAE) colleges for their use in district strategic…

Pengaruh Pengungkapan Corporate Social Responsibility terhadap Cost Of Equity Perusahaan

Directory of Open Access Journals (Sweden)

Mitta Ariyani

2016-06-01

The purpose of this study is to investigate the effect of Corporate Social Responsibility (CSR Disclosure on Cost of Equity Capital. CSR disclosure index is measured based on Global Reporting Initiative standards, while Cost of Equity Capital is measured by Capital Asset Pricing Model (CAPM. This study uses manufacturing companies which is listed on Indonesia Stock Exchange (IDX in 2010. By purposive sampling, this research obtained 72 companies as a samples. The control variables used are financial leverage and firm size. Multiple regression analysis by SPSS 16 was run for testing the hypothesis. The result show that CSR disclosure and financial leverage have no effect to Cost of Equity. Then, firm size have positive effect to Cost of Equity.

Sectoral job training as an intervention to improve health equity.

Science.gov (United States)

Tsui, Emma K

2010-04-01

A growing literature on the social determinants of health strongly suggests the value of examining social policy interventions for their potential links to health equity. I investigate how sectoral job training, an intervention favored by the Obama administration, might be conceptualized as an intervention to improve health equity. Sectoral job training programs ideally train workers, who are typically low income, for upwardly mobile job opportunities within specific industries. I first explore the relationships between resource redistribution and health equity. Next, I discuss how sectoral job training theoretically redistributes resources and the ways in which these resources might translate into improved health. Finally, I make recommendations for strengthening the link between sectoral job training and improved health equity.

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…

Instigating involvement through consumer-based brand equity : an attitudinal study of consumer-based brand equity and consumer involvement

OpenAIRE

Bredberg, David; Holmquist, Johan

2009-01-01

Recent research on links between dimensions of consumer-based brand equity, as well as links to consumer involvement, has shown that it is a significant predictor of purchase behavior. The purpose of this dissertation is to explore the affect brands have on consumer involvement. We attempt to investigate how consumer-based brand equity affects the level of consumer involvement. Based on consumer behavior theory and previous research of these areas, gathered primary data (an empirical investig...

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.

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.

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

FACTORS INFLUENCING BRAND EQUITY OF BALI AS A TOURISM DESTINATION

Directory of Open Access Journals (Sweden)

I Ketut Surya Diarta

2016-03-01

Full Text Available Globally, competition among tourism destinations is more stringent in getting foreign tourists, including Bali. One effort to win the competition is increasing destination brand equity through maintaining its influencing factors and gaining tourist positive behavior toward destination. This effort, in long run, will increase and stabilize destination revenue and sustainability. This research aims to analyze factors influencing brand equity of Bali as a tourism destination. This research was conducted in Bali’s five major tourism objects. The 240 foreign tourists were chosen as respondents through convenience sampling technique. Data were analyzed using factor analysis. The results showed that factors that significantly influenced Bali brand equity were: symbolic and experiential benefit factor, direct and indirect destinations attributes, destination reliability and tangibility, assurance and empathy, brand destinations recognition and recall, destinations common psychological attributes, destination common functional attributes, unique functional attributes, behavioral loyalty, destination awareness, and attitudinal loyalty. Given the fluctuative nature of brand equity, Bali needs a consistent effort to maintain or to enhance brand equity of Bali as a tourism destination. Maintaining the dominant factors that influence the strength of brand equity can be used as a basis to develop destination branding strategy to expand market segment,  choose the right target market, and anchoring destination position in world market competition.

26 CFR 1.1092(c)-2 - Equity options with flexible terms.

Science.gov (United States)

2010-04-01

...) INCOME TAX (CONTINUED) INCOME TAXES Wash Sales of Stock Or Securities § 1.1092(c)-2 Equity options with... applicable stock price for Corporation Y stock is $14.75. Using the bench marks for an equity option with..., because the highest available strike price less than the applicable stock price for an equity option with...

How just and just how? A systematic review of social equity in conservation research

Science.gov (United States)

Friedman, Rachel S.; Law, Elizabeth A.; Bennett, Nathan J.; Ives, Christopher D.; Thorn, Jessica P. R.; Wilson, Kerrie A.

2018-05-01

Background: Conservation decisions not only impact wildlife, habitat, and environmental health, but also human wellbeing and social justice. The inclusion of safeguards and equity considerations in the conservation field has increasingly garnered attention in international policy processes and amongst conservation practitioners. Yet, what constitutes an ‘equitable’ solution can take many forms, and how the concept is treated within conservation research is not standardized. This review explores how social equity is conceptualized and assessed in conservation research. Methods/Design: Using a structured search and screening process, we identified 138 peer-reviewed studies that addressed equity in relation to conservation actions. The authors developed a coding framework to guide the review process, focusing on the current state of, definitions used for, and means of assessing social equity in empirical conservation research. Review Results: Results show that empirical research on social equity in conservation is rapidly growing, with the majority of studies on the topic published only since 2009. Equity within conservation research is skewed toward distributional concerns and to a lesser extent procedural issues, with recognition and contextual equity receiving little attention. Studies are primarily situated in forested biomes of the Global South. Conservation interventions mostly resulted in mixed or negative impacts on equity. Synthesis and Discussion: Our results demonstrate the current limitations of research on equity in conservation, and raise challenging questions about the social impacts of conservation and how to ameliorate equity concerns. Framing of equity within conservation research would benefit from greater transparency of study motivation, more explicit definition of how equity is used within the study context, and consideration for how best to assess it. We recommend that the empirical conservation literature more deeply engage with different

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

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 ...

Public Value Mapping of Equity in Emerging Nanomedicine

Science.gov (United States)

Slade, Catherine P.

2011-01-01

Public values failure occurs when the market and the public sector fail to provide goods and services required to achieve the core values of society such as equity (Bozeman 2007). That public policy for emerging health technologies should address intrinsic societal values such as equity is not a novel concept. However, the ways that the public…

Convertibles and hedge funds as distributors of equity exposure

NARCIS (Netherlands)

Brown, S.; Grundy, B.; Lewis, C.; Verwijmeren, P.

2012-01-01

By buying convertibles and shorting the underlying stock, hedge funds distribute equity exposure to well-diversified shareholders. We find that firms with characteristics that make seasoned equity offerings expensive are more likely to issue convertibles to hedge funds. We conclude that hedge funds

From denial to awareness: a conceptual model for obtaining equity in healthcare

OpenAIRE

Höglund, Anna T.; Carlsson, Marianne; Holmström, Inger K.; Lännerström, Linda; Kaminsky, Elenor

2018-01-01

Background Although Swedish legislation prescribes equity in healthcare, studies have reported inequalities, both in face-to-face encounters and in telephone nursing. Research has suggested that telephone nursing has the capability to increase equity in healthcare, as it is open to all and not limited by long distances. However, this requires an increased awareness of equity in healthcare among telephone nurses. The aim of this study was to explore and describe perceptions of equity in health...

Learning health equity frameworks within a community of scholars.

Science.gov (United States)

Alexander, Kamila A; Dovydaitis, Tiffany; Beacham, Barbara; Bohinski, Julia M; Brawner, Bridgette M; Clements, Carla P; Everett, Janine S; Gomes, Melissa M; Harner, Holly; McDonald, Catherine C; Pinkston, Esther; Sommers, Marilyn S

2011-10-01

Scholars in nursing science have long espoused the concept of health equity without specifically using the term or dialoguing about the social determinants of health and social justice. This article describes the development, implementation, and evaluation of a doctoral and postdoctoral seminar collective entitled "Health Equity: Conceptual, Linguistic, Methodological, and Ethical Issues." The course enabled scholars-in-training to consider the construct and its nuances and frame a personal philosophy of health equity. An example of how a group of emerging scholars can engage in the important, but difficult, discourse related to health equity is provided. The collective provided a forum for debate, intellectual growth, and increased insight for students and faculty. The lessons learned by all participants have the potential to enrich doctoral and postdoctoral scientific training in nursing science and may serve as a model for other research training programs in the health sciences. Copyright 2011, SLACK Incorporated.

Assessing equity of public transport: the case of Palma (Mallorca, Illes Balears

Directory of Open Access Journals (Sweden)

Maurici Ruiz

2017-01-01

Full Text Available The practice of sustainable transport planning must take into account the level of territorial and social equity of service. The equity analysis requires a deep understanding of the service and the territorial and social characteristics where it is implanted. We propose a simplified method to analyze the equity of the public bus system that has been used in the city of Palma de Mallorca. The bus service level was calculated from the spatial analysis of the offer and was contrasted with the population and with a multidimensional index of social need for public transportation leading to horizontal and vertical equity respectively. Next the overall equity of the service was tested with the support of the Lorenz curve and Gini coefficient. Finally, a sensitivity analysis of bus routes depending on the role they play in the equity of the service was performed.

Financial development and the cost of equity capital: Evidence from China

Directory of Open Access Journals (Sweden)

Jeong-Bon Kim

2015-12-01

Full Text Available This study examines the relation between province-level financial development and the cost of equity in China. Our main findings are that (1 stock market development reduces the cost of equity in general, but the effect diminishes significantly in state-owned enterprises (SOEs and firms with high growth potential or innovation intensity and (2 banking development only marginally lowers the cost of equity, but the effect is stronger in non-SOEs. Further analysis reveals that stock market development substitutes for such institutional factors as accounting quality, law enforcement, stock market integration and the split-share structure reform in lowering the cost of equity. We also find that lack of banking competition and banking marketization and under-development of the non-state economy partially account for the weak effect of banking development on the cost of equity.

Exploring Lenggong Valley World Heritage Site’s Brand Equity Dimensions

Directory of Open Access Journals (Sweden)

Noor Shuhaida Md

2014-01-01

Full Text Available This study explores the brand equity dimensions of a world heritage destination brand, namely the Lenggong Valley World Heritage Site. The study adopted a survey-based brand equity metrics from a previous study that features 27 brand equity dimensions for products. The 27 dimensions were used as the start-off point in exploring the brand equity dimensions for the focal destination brand. The questions were modified to reflect features of heritage destinations. Principal factor analyses were run on data collected from 100 local tourists. The factor analyses yielded 10 factors, namely Trust, Bonding, Service, Acceptability, Value, Heritage, Ambiance, Knowledge, Persistence and Relevance. A new dimension that emerged from the data was value that encompasses both non-financial and financial dimensions.

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

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.

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

International Nuclear Information System (INIS)

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

2017-01-01

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

The U.S. Public's Investment in Medical Research: An Evolving Social Contract.

Science.gov (United States)

Heinig, Stephen J; Dev, Anurupa; Bonham, Ann C

2016-01-01

Medical researchers and their institutions are operating under extraordinary financial stress. More than a decade after completion of the 5-year doubling of the National Institutes of Health budget, the medical research community must confront a significant loss in National Institutes of Health purchasing power and downward pressures in federal discretionary spending. In part, this trend results from a federal budget stalemate over the growth in entitlement programs, particularly spending on medical care. This article considers the changing nature of the federal investment in medical research and the potential for medical researchers and institutions conducting the full spectrum of research to improve health system performance and health equity. In our view, continued federal investments reflect an evolving social contract for research serving the public good; the term contract is used metaphorically to represent a figurative, implicit agreement between the scientific community and the public's representatives in government. Under this conceptual contract, the American people--who are ultimately the funders of research, research training and infrastructure--expect outcomes that lead to better health, security or other benefits. The evolving contract includes expectations for more accountability, transparency, sharing of results and resources, and better integration of research systems and cultures that used to take pride in boundaries and distinctions. We outline here some of the major movements of organizations realigning to social support, which are increasingly essential to sustain public investment in medical research. Copyright © 2016 Southern Society for Clinical Investigation. Published by Elsevier Inc. All rights reserved.

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

Directory of Open Access Journals (Sweden)

Beata Geruzel-Dudzińska

2016-03-01

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

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 ...

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...

[The virtual library in equity, health, and human development].

Science.gov (United States)

Valdés, América

2002-01-01

This article attempts to describe the rationale that has led to the development of information sources dealing with equity, health, and human development in countries of Latin America and the Caribbean within the context of the Virtual Health Library (Biblioteca Virtual en Salud, BVS). Such information sources include the scientific literature, databases in printed and electronic format, institutional directories and lists of specialists, lists of events and courses, distance education programs, specialty journals and bulletins, as well as other means of disseminating health information. The pages that follow deal with the development of a Virtual Library in Equity, Health, and Human Development, an effort rooted in the conviction that decision-making and policy geared toward achieving greater equity in health must, of necessity, be based on coherent, well-organized, and readily accessible first-rate scientific information. Information is useless unless it is converted into knowledge that benefits society. The Virtual Library in Equity, Health, and Human Development is a coordinated effort to develop a decentralized regional network of scientific information sources, with strict quality control, from which public officials can draw data and practical examples that can help them set health and development policies geared toward achieving greater equity for all.

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...

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...

Impact of terrorism and political instability on equity premium: Evidence from Pakistan

Science.gov (United States)

MengYun, Wu; Imran, Muhammad; Zakaria, Muhammad; Linrong, Zhang; Farooq, Muhammad Umer; Muhammad, Shah Khalid

2018-02-01

The study quantifies the impact of terrorism and political instability on firm equity premium in Pakistan using panel data for 306 non-financial firms for the period 2001 to 2014. Other variables included are law & order, government regime change and financial crisis of 2007/08. The estimated results reveal that terrorism has statistically significant negative impact on firm equity premium in Pakistan. This result is robust with alternative equation specifications. The result also remains same when terrorism variable is replaced with external and internal conflict variables. Law & order variable has significant positive effect on firm equity premium, which implies that equity premium increases with the improvement in law & order situation in the country. Equity premium also increases with government stability and when there is democratic system in the country. The result also reveals that global financial crisis of 2007/08 negatively influenced the firm equity premium. The study suggests some policy implications.

Equity and REDD+ in the Media: a Comparative Analysis of Policy Discourses

Directory of Open Access Journals (Sweden)

Monica Di Gregorio

2013-06-01

Full Text Available Reducing emissions from deforestation and forest degradation (REDD+ is primarily a market-based mechanism for achieving the effective reduction of carbon emissions from forests. Increasingly, however, concerns are being raised about the implications of REDD+ for equity, including the importance of equity for achieving effective carbon emission reductions from forests. Equity is a multifaceted concept that is understood differently by different actors and at different scales, and public discourse helps determine which equity concerns reach the national policy agenda. Results from a comparative media analysis of REDD+ public discourse in four countries show that policy makers focus more on international than national equity concerns, and that they neglect both the need for increased participation in decision making and recognition of local and indigenous rights. To move from addressing the symptoms to addressing the causes of inequality in REDD+, policy actors need to address issues related to contextual equity, that is, the social and political root causes of inequality.

Xpey’ Relational Environments: an analytic framework for conceptualizing Indigenous health equity

Directory of Open Access Journals (Sweden)

Alexandra Kent

2017-12-01

Full Text Available Introduction: Both health equity research and Indigenous health research are driven by the goal of promoting equitable health outcomes among marginalized and underserved populations. However, the two fields often operate independently, without collaboration. As a result, Indigenous populations are underrepresented in health equity research relative to the disproportionate burden of health inequities they experience. In this methodological article, we present Xpey’ Relational Environments, an analytic framework that maps some of the barriers and facilitators to health equity for Indigenous peoples. Methods: Health equity research needs to include a focus on Indigenous populations and Indigenized methodologies, a shift that could fill gaps in knowledge with the potential to contribute to ‘closing the gap’ in Indigenous health. With this in mind, the Equity Lens in Public Health (ELPH research program adopted the Xpey’ Relational Environments framework to add a focus on Indigenous populations to our research on the prioritization and implementation of health equity. The analytic framework introduced an Indigenized health equity lens to our methodology, which facilitated the identification of social, structural and systemic determinants of Indigenous health. To test the framework, we conducted a pilot case study of one of British Columbia’s regional health authorities, which included a review of core policies and plans as well as interviews and focus groups with frontline staff, managers and senior executives. Conclusion: ELPH’s application of Xpey’ Relational Environments serves as an example of the analytic framework’s utility for exploring and conceptualizing Indigenous health equity in BC’s public health system. Future applications of the framework should be embedded in Indigenous research methodologies.

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...

A Causal Model of Consumer-Based Brand Equity

Directory of Open Access Journals (Sweden)

Szőcs Attila

2015-12-01

Full Text Available Branding literature suggests that consumer-based brand equity (CBBE is a multidimensional construct. Starting from this approach and developing a conceptual multidimensional model, this study finds that CBBE can be best modelled with a two-dimensional structure and claims that it achieves this result by choosing the theoretically based causal specification. On the contrary, with reflective specification, one will be able to fit almost any valid construct because of the halo effect and common method bias. In the final model, Trust (in quality and Advantage are causing the second-order Brand Equity. The two-dimensional brand equity is an intuitive model easy to interpret and easy to measure, which thus may be a much more attractive means for the management as well.

Colombian equity return and narrow money supply: an asymmetric cointegration analysis

Directory of Open Access Journals (Sweden)

Chu V. Nguyen

2012-12-01

Full Text Available The asymmetric, cointegrating relationship between the return on equity market and the narrowly defined money supply is documented. In fact, equity return and the monthly percentage change in the Colombian money supply M1 spread adjusts to the threshold value slower when a contractionary countercyclical policy action or an economic shock causes the money supply M1 to fall relative to the share price index, widening their spread, than when an expansionary countercyclical monetary policy action or a shock causes money supply M1 to move in the opposite direction, narrowing their spread. The empirical findings further indicate the impact lag on the Colombian monetary policy in the equity market is two years. These empirical findings should be of interest to both domestic and international investors who are interested in the Colombian equity market. The results also reveal the presence of both the neoclassical and the post-Keynesian positions on the relationship between equity return and money supply M1 in the Colombian financial market. In the age of globalization, these findings may provide a better understanding of the impact of the countercyclical monetary policy on the equity market in Latin American economies.

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...

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...

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...

The Relation between Past Flows and Future Performance: Simple Investment Strategies in the Mutual Fund Sector

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Martin Rohleder

2015-02-01

Full Text Available In the mutual fund literature, it is an established fact that investors “chase past performance”. However, the opposite impact of flows on performance is widely discussed. Mainly, liquidity costs are held responsible for short-term erosion of performance, while high inflows enhance performance over longer horizons. I investigate this relation for various groups of equity, bond, and money market funds and find significant outperformance in high inflow funds over several months, especially for specific bond fund groups. In addition, I test whether this information can be exploited using simple investment strategies but find that the abnormal returns are too low to offset associated costs.

The Influence of Brand Equity Characters on Children's Food Preferences and Choices.

Science.gov (United States)

McGale, Lauren Sophie; Halford, Jason Christian Grovenor; Harrold, Joanne Alison; Boyland, Emma Jane

2016-10-01

To assess the influence of brand equity characters displayed on food packaging on children's food preferences and choices, 2 studies were conducted. Brand equity characters are developed specifically to represent a particular brand or product. Despite existing literature suggesting that promotional characters influence children's food choices, to date, no research has assessed the influence of brand equity characters specifically. We recruited 209 children 4-8 years of age from schools and childcare centers in the UK. In a mixed-measures design, the children were asked to rate their taste preferences and preferred snack choice for 3 matched food pairs, presented either with or without a brand equity character displayed on packaging. Study 1 addressed congruent food-character associations and study 2 addressed incongruent associations. Participants were also asked to rate their recognition and liking of characters used. Wilcoxon signed-rank tests and χ(2) analyses were used where appropriate. Children were significantly more likely to show a preference for foods with a brand equity character displayed on the packaging compared with a matched food without a brand equity character, for both congruent and incongruent food-character associations. The presence of a brand equity character also significantly influenced the children's within-pair preferences, within-pair choices, and overall snack choice (congruent associations only). Displaying brand equity characters promotes unhealthy food choices in children. The findings are consistent with those of studies exploring other types of promotional characters. In the context of a childhood obesity epidemic, the use of brand equity characters in the promotion of foods high in fat, salt, and sugar to children should be restricted. Copyright © 2016 Elsevier Inc. All rights reserved.

Facebook and user experience: Evaluating brand equity of Purdue University residences

OpenAIRE

Perkins, Jackelyn

2016-01-01

This study investigated how brand equity was perceived on the Purdue University Residences’ Facebook page by applying a user experience method. From a review of previous literature, Website Experience Analysis was identified and performed to evaluate brand equity. This study addressed and explored various themes throughout the data. The results showed how page content and user interactions within a Facebook page influence participants’ perceptions of brand equity.

Discount rates, equity weights and the social cost of carbon

International Nuclear Information System (INIS)

Hope, Chris

2008-01-01

Equity weighting has been proposed as a way of allowing welfare equivalents to be included in the social cost of carbon since a dollar to a poor person is worth more than a dollar to a rich one. Here we use the PAGE2002 integrated assessment model to show that the social cost of carbon is higher without equity weights (an elasticity of marginal utility with respect to income of 0) than with them. This might seem counter-intuitive, but it comes about because of the logical link between equity weights and discount rates; as the elasticity goes from 0 to - 0.5 to - 1.0, the social rate of time preference rises, and the drop in present values that results far outweighs the small increase in impacts that equity weights bring. (author)

An evaluation of equity and equality in physical activity policies in four European countries.

Science.gov (United States)

Hämäläinen, Riitta-Maija; Sandu, Petru; Syed, Ahmed M; Jakobsen, Mette W

2016-11-24

subgroups, a more instrumental approach to health equality and equity in PA promotion policies is needed. Policies should include aims to address health inequalities and inequities as fundamental objectives and also consider opportunities to allocate resources to reduce them for identified groups in this regard: the socially excluded, the remote, and the poor. The inclusion of aspects related to health inequalities and inequities in PA policies needs monitoring, evaluation and transparent accountability if we are to see the best gains in health of socially disadvantaged group. To tackle health inequities and inequalities governance structures need to take into consideration proportionate universalism. Thus, to achieve change in the social determinants of health, policy makers should pay attention to PA and proportionally invest for universal access to PA services. PA promotion advocates should develop a deeper awareness of political and policy structures and require more equity and equality in PA policies from those who they seek to influence, within specific settings for policy making and developing the policy agenda.

The effects of multimedia advertising on building brand equity

Directory of Open Access Journals (Sweden)

Reza Pirayesh

2014-08-01

Full Text Available This paper presents an empirical investigation to study the effects of multimedia advertisement on building brand equity. The proposed study uses two questionnaires, one for multimedia advertisement, which consists of 17 questions and the other one for measuring brand equity. The survey is applied among 384 randomly selected customers who do their daily businesses with banks located in province of Kordestan, Iran. Using Pearson correlation as well as linear regression techniques, the study has determined a positive and meaningful relationship between these two variables. In our survey, word of mouth advertisement seems to have the highest impact on brand equity followed by having seminars.

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…

Taxes and gender equity: Codes, behaviours, and (un)intended ...

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

2010-12-06

Dec 6, 2010 ... English · Français ... Might tax policies be used to promote gender equity and transform existing gendered roles in society? ... These implicit biases operate through the structure of work-related deductions and allowances ... Country case studies are included in “Taxation and Gender Equity: A Comparative ...

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…

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…

Equity in Health and Health Financing: Building and Strengthening ...

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

Equity in Health and Health Financing: Building and Strengthening Developing Country Networks. Equity in health is a pressing global concern. Disparities in health status and access to health care within and across countries are both a cause and a consequence of social inequality. Access to health services continues to ...

Bank equity connections, intellectual property protection and enterprise innovation – A bank ownership perspective

Directory of Open Access Journals (Sweden)

Xing Liu

2016-09-01

Full Text Available This study investigates the effects of bank equity connections and intellectual property protection on enterprises’ innovation behavior, and the regulating effect of intellectual property protection on the relationship between bank equity connections and innovation. In general, bank equity connections and intellectual property protection not only significantly increase innovation input, but also improve innovation performance. However, the efficiency of bank equity connections is influenced by the heterogeneity of enterprises and the value orientation of the subjects. Bank equity connections have a more significantly positive effect on innovation in private and central enterprises, whereas the principal-agent problem and government intervention may weaken the marginal contribution of bank equity connections to the innovation of local state-owned enterprises. Bank equity connections and intellectual property protection are complementary in promoting enterprise innovation. Not only are the combined effects of bank equity connections and intellectual property protection greater than the individual effects, but when the latter is relatively weak, the former’s positive effect on innovation is obviously weakened and may even crowd out innovation.

Brand equity and willingness to pay for condoms in Zimbabwe.

Science.gov (United States)

Evans, W Douglas; Taruberekera, Noah; Longfield, Kim; Snider, Jeremy

2011-10-26

Zimbabwe suffers from one of the greatest burdens of HIV/AIDS in the world that has been compounded by social and economic instability in the past decade. However, from 2001 to 2009 HIV prevalence among 15-49 year olds declined from 26% to approximately 14%. Behavior change and condom use may in part explain this decline.PSI-Zimbabwe socially markets the Protector Plus (P+) branded line of condoms. When Zimbabwe converted to a dollar-based economy in 2009, the price of condoms was greatly increased and new marketing efforts were undertaken. This paper evaluates the role of condom marketing, a multi-dimensional scale of brand peceptions (brand equity), and price in condom use behavior. We randomly sampled sexually active men age 15-49 from 3 groups - current P+ users, former users, and free condom users. We compared their brand equity and willingness to pay based on survey results. We estimated multivariable logistic regression models to compare the 3 groups. We found that the brand equity scale was positive correlated with willingness to pay and with condom use. Former users also indicated a high willingness to pay for condoms. We found differences in brand equity between the 3 groups, with current P+ users having the highest P+ brand equity. As observed in previous studies, higher brand equity was associated with more of the targeted health behavior, in this case and more consistent condom use. Zimbabwe men have highly positive brand perceptions of P+. There is an opportunity to grow the total condom market in Zimbabwe by increasing brand equity across user groups. Some former users may resume using condoms through more effective marketing. Some free users may be willing to pay for condoms. Achieving these objectives will expand the total condom market and reduce HIV risk behaviors.

Food sovereignty, food security and health equity: a meta-narrative mapping exercise.

Science.gov (United States)

Weiler, Anelyse M; Hergesheimer, Chris; Brisbois, Ben; Wittman, Hannah; Yassi, Annalee; Spiegel, Jerry M

2015-10-01

There has been growing policy interest in social justice issues related to both health and food. We sought to understand the state of knowledge on relationships between health equity--i.e. health inequalities that are socially produced--and food systems, where the concepts of 'food security' and 'food sovereignty' are prominent. We undertook exploratory scoping and mapping stages of a 'meta-narrative synthesis' on pathways from global food systems to health equity outcomes. The review was oriented by a conceptual framework delineating eight pathways to health (in)equity through the food system: 1--Multi-Scalar Environmental, Social Context; 2--Occupational Exposures; 3--Environmental Change; 4--Traditional Livelihoods, Cultural Continuity; 5--Intake of Contaminants; 6--Nutrition; 7--Social Determinants of Health and 8--Political, Economic and Regulatory context. The terms 'food security' and 'food sovereignty' were, respectively, paired with a series of health equity-related terms. Combinations of health equity and food security (1414 citations) greatly outnumbered pairings with food sovereignty (18 citations). Prominent crosscutting themes that were observed included climate change, biotechnology, gender, racialization, indigeneity, poverty, citizenship and HIV as well as institutional barriers to reducing health inequities in the food system. The literature indicates that food sovereignty-based approaches to health in specific contexts, such as advancing healthy school food systems, promoting soil fertility, gender equity and nutrition, and addressing structural racism, can complement the longer-term socio-political restructuring processes that health equity requires. Our conceptual model offers a useful starting point for identifying interventions with strong potential to promote health equity. A research agenda to explore project-based interventions in the food system along these pathways can support the identification of ways to strengthen both food

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.

Product innovation as a key success factor to build sustainable brand equity

Directory of Open Access Journals (Sweden)

Jalal Hanaysha

2015-06-01

Full Text Available In highly competitive markets, building brand equity has become one of the first priorities for many organizations as it brings several benefits and reputation for them. Past researches have acknowledged that consumers look for brands which provide them with differential values through innovative product and service features. However, despite the importance of product innovation in determining an organization’s success, very limited studies have intended to examine its effect on brand equity. In the present study, we aim to examine the effect of product innovation on brand equity in Malaysian automotive market. The data were collected from 287 passenger cars owners through self-administered questionnaire at several shopping malls in northern Malaysia. The findings revealed that product innovation had significant positive effect on overall brand equity and its dimensions namely; brand awareness, brand loyalty, brand image, and brand leadership. Based on the results of this study, several implications are discussed to enlighten our knowledge on important innovation activities that could develop favorable brand equity. Finally, limitations and future research suggestions are highlighted to gain better insights on brand equity development.

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...

17 CFR 190.07 - Calculation of allowed net equity.

Science.gov (United States)

2010-04-01

...; and (iii) The current realizable market value, determined as of the close of the market on the last... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Calculation of allowed net... BANKRUPTCY § 190.07 Calculation of allowed net equity. Allowed net equity shall be computed as follows: (a...

The Equity of School Facilities Funding: Examples from Kentucky

Science.gov (United States)

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

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,…

The Cross-Section of Credit Risk Premia and Equity Returns

DEFF Research Database (Denmark)

Friewald, Nils; Wagner, Christian; Zechner, Josef

Structural models a la Merton (1974) imply that rms' risk premia in equity and credit markets are related. We explore this relation, using the joint crosssection of stock returns and risk premia estimated from forward credit default swap (CDS) spreads. Consistent with structural models, we nd...... that rms' equity returns and Sharpe ratios increase with estimated credit risk premia and that the returns of buying high and selling low credit risk premium rms cannot be explained by traditional risk factors. Credit risk premia contain equity-relevant information neither captured by risk-neutral nor...

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....

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....

A step too far? Making health equity interventions in Namibia more sufficient

Directory of Open Access Journals (Sweden)

Ithindi Taati

2003-04-01

Full Text Available Abstract Background Equality of health status is the health equity goal being pursued in developed countries and advocated by development agencies such as WHO and The Rockefeller Foundation for developing countries also. Other concepts of fair distribution of health such as equity of access to medical care may not be sufficient to equalise health outcomes but, nevertheless, they may be more practical and effective in advancing health equity in developing countries. Methods A framework for relating health equity goals to development strategies allowing progressive redistribution of primary health care resources towards the more deprived communities is formulated. The framework is applied to the development of primary health care in post-independence Namibia. Results In Namibia health equity has been advanced through the progressive application of health equity goals of equal distribution of primary care resources per head, equality of access for equal met need and equality of utilisation for equal need. For practical and efficiency reasons it is unlikely that health equity would have been advanced further or more effectively by attempting to implement the goal of equality of health status. Conclusion The goal of equality of health status may not be appropriate in many developing country situations. A stepwise approach based on progressive redistribution of medical services and resources may be more appropriate. This conclusion challenges the views of health economists who emphasise the need to select a single health equality goal and of development agencies which stress that equality of health status is the most important dimension of health equity.

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 ...

Equity impact of interventions and policies to reduce smoking in youth: systematic review.

Science.gov (United States)

Brown, Tamara; Platt, Stephen; Amos, Amanda

2014-11-01

A systematic review to assess the equity impact of interventions/policies on youth smoking. Biosis, Cinahl, Cochrane Library, Conference Proceedings Citation Index, Embase, Eric, Medline, Psycinfo, Science Citation Index Expanded, Social Sciences Citation Index and tobacco control experts. Published January 1995 to October 2013. Primary studies of interventions/policies reporting smoking-related outcomes in youth (11-25 years) of lower compared to higher socioeconomic status (SES). References were screened and independently checked. Studies were quality assessed; characteristics and outcomes were extracted. A narrative synthesis by intervention/policy type. Equity impact was assessed as: positive (reduced inequity), neutral (no difference by SES), negative (increased inequity), mixed (equity impact varied) or unclear.Thirty-eight studies of 40 interventions/policies were included: smokefree (12); price/tax (7); mass media campaigns (1); advertising controls (4); access controls (5); school-based programmes (5); multiple policies (3), individual-level cessation support (2), individual-level support for smokefree homes (1). The distribution of equity effects was: 7 positive, 16 neutral, 12 negative, 4 mixed, 1 unclear. All 7 positive equity studies were US-based: price/tax (4), age-of-sales laws (2) and text-messaging cessation support (1). A British school-based intervention (A Stop Smoking in Schools Trial (ASSIST)) showed mixed equity effects (neutral and positive). Most neutral equity studies benefited all SES groups. Very few studies have assessed the equity impact of tobacco control interventions/policies on young people. Price/tax increases had the most consistent positive equity impact. There is a need to strengthen the evidence base for the equity impact of youth tobacco control interventions. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

Promoting Mental Health Equity: The Role of Integrated Care.

Science.gov (United States)

Satcher, David; Rachel, Sharon A

2017-12-01

People suffering from mental illness experience poor physical health outcomes, including an average life expectancy of 25 years less than the rest of the population. Stigma is a frequent barrier to accessing behavioral health services. Health equity refers to the opportunity for all people to experience optimal health; the social determinants of health can enable or impede health equity. Recommendations from the U.S. government and the World Health Organization support mental health promotion while recognizing barriers that preclude health equity. The United States Preventive Services Task Force recently recommended screening all adults for depression. The Satcher Health Leadership Institute at the Morehouse School of Medicine (SHLI/MSM) is committed to developing leaders who will help to reduce health disparities as the nation moves toward health equity. The SHLI/MSM Integrated Care Leadership Program (ICLP) provides clinical and administrative healthcare professionals with knowledge and training to develop culturally-sensitive integrated care practices. Integrating behavioral health and primary care improves quality of life and lowers health system costs.

Impact of Customer Relationships on Brand Equity in Chinese Retail Banking

DEFF Research Database (Denmark)

Marinova, Svetla Trifonova; Cui, Jinhuan; Shiu, Eric

of branding and relationship marketing, which are traditionally apart. The research findings provide bank managers with a comprehensive understanding of how customer relationships impact on the dimensions of brand equity, which will enable them in turn to design more effective marketing strategies to enhance...... issues. This study explores the associations between customer relationships and brand equity in the context of the Chinese banking system. A conceptual framework is proposed, in which the constructs of customer relationships including relationship closeness, relationship strength and relationship......Building strong brand equity is imperative in the highly competitive financial services sector. Despite tremendous interest in brand equity and relationship marketing, little conceptual development or empirical research has addressed whether relationships exist between these important marketing...

Impact of Customer Relationships on Brand Equity in Chinese Retail Banking

DEFF Research Database (Denmark)

Marinova, Svetla Trifonova; Cui, Jinhuan; Shiu, Erik

2013-01-01

of branding and relationship marketing, which are traditionally apart. The research findings provide bank managers with a comprehensive understanding of how customer relationships impact on the dimensions of brand equity, which will enable them in turn to design more effective marketing strategies to enhance...... issues. This study explores the associations between customer relationships and brand equity in the context of the Chinese banking system. A conceptual framework is proposed, in which the constructs of customer relationships including relationship closeness, relationship strength and relationship......Building strong brand equity is imperative in the highly competitive financial services sector. Despite tremendous interest in brand equity and relationship marketing, little conceptual development or empirical research has addressed whether relationships exist between these important marketing...

Advancing the Science of Qualitative Research to Promote Health Equity.

Science.gov (United States)

Griffith, Derek M; Shelton, Rachel C; Kegler, Michelle

2017-10-01

Qualitative methods have long been a part of health education research, but how qualitative approaches advance health equity has not been well described. Qualitative research is an increasingly important methodologic tool to use in efforts to understand, inform, and advance health equity. Qualitative research provides critical insight into the subjective meaning and context of health that can be essential for understanding where and how to intervene to inform health equity research and practice. We describe the larger context for this special theme issue of Health Education & Behavior, provide brief overviews of the 15 articles that comprise the issue, and discuss the promise of qualitative research that seeks to contextualize and illuminate answers to research questions in efforts to promote health equity. We highlight the critical role that qualitative research can play in considering and incorporating a diverse array of contextual information that is difficult to capture in quantitative research.

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...

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…

Marketing mix effects on private labels brand equity

OpenAIRE

Abril, Carmen; Rodriguez-Cánovas, Belén

2017-01-01

The present study explores some marketing mix effects on private labels brand equity creation. The research aims to study the effect of some elements under retailer's direct control such as in-store communications, in-store promotions and distribution intensity as well as other general marketing mix levers such as advertising, perceived price, and monetary promotions. The results indicate that the most efficient marketing mix tools for private label brand equity creation are private labels in...

Analyzing Equity Capital Programs of Banks for Cooperatives

OpenAIRE

Ismail Ahmad; Ken D. Duft; Ron C. Mittelhammer

1986-01-01

Characteristics of Banks for Cooperatives term loan and equity capital programs contribute toward complex intermittent exchanges of positive and negative cash flows between the cooperative lender and borrower and complicate the analysis of the net present value and effective interest of the financing project. A multiperiod linear program was developed to analyze the effect of variations in equity capital program components on the present value of the financing project. Furthermore, the concep...

Optimal investment in a portfolio of HIV prevention programs.

Science.gov (United States)

Zaric, G S; Brandeau, M L

2001-01-01

In this article, the authors determine the optimal allocation of HIV prevention funds and investigate the impact of different allocation methods on health outcomes. The authors present a resource allocation model that can be used to determine the allocation of HIV prevention funds that maximizes quality-adjusted life years (or life years) gained or HIV infections averted in a population over a specified time horizon. They apply the model to determine the allocation of a limited budget among 3 types of HIV prevention programs in a population of injection drug users and nonusers: needle exchange programs, methadone maintenance treatment, and condom availability programs. For each prevention program, the authors estimate a production function that relates the amount invested to the associated change in risky behavior. The authors determine the optimal allocation of funds for both objective functions for a high-prevalence population and a low-prevalence population. They also consider the allocation of funds under several common rules of thumb that are used to allocate HIV prevention resources. It is shown that simpler allocation methods (e.g., allocation based on HIV incidence or notions of equity among population groups) may lead to alloctions that do not yield the maximum health benefit. The optimal allocation of HIV prevention funds in a population depends on HIV prevalence and incidence, the objective function, the production functions for the prevention programs, and other factors. Consideration of cost, equity, and social and political norms may be important when allocating HIV prevention funds. The model presented in this article can help decision makers determine the health consequences of different allocations of funds.

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

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

The equity lens in the health care performance evaluation system.

Science.gov (United States)

Barsanti, Sara; Nuti, Sabina

2014-01-01

The main objective of this paper is to describe how indicators of the equity of access to health care according to socioeconomic conditions may be included in a performance evaluation system (PES) in the regional context level and in the planning and strategic control system of healthcare organisations. In particular, the paper investigates how the PES adopted, in the experience of the Tuscany region in Italy, indicators of vertical equity over time. Studies that testify inequality of access to health services often remain just a research output and are not used as targets and measurements in planning and control systems. After a brief introduction to the concept of horizontal and vertical equity in health care systems and equity measures in PES, the paper describes the 'equity process' by which selected health indicators declined by socioeconomic conditions were shared and used in the evaluation of health care institutions and in the CEOs' rewarding system, and subsequently analyses the initial results. Results on the maternal and child path and the chronicity care path not only show improvements in addressing health care inequalities, but also verify whether the health system responds appropriately to different population groups. Copyright © 2013 John Wiley & Sons, Ltd.

PENGARUH STRUKTUR KEPEMILIKAN DALAM MEKANISME CORPORATE GOVERNANCE TERHADAP COST OF EQUITY CAPITAL

Directory of Open Access Journals (Sweden)

tarjo tarjo

2009-10-01

Full Text Available Corporate governance mechanisms believed to have strong impact to the companies’ performance. Corporate governance mechanisms examined in this study are managerial ownership and institutional ownership structure. The purposes of this study are to know the variables effect of managerial ownership and institutional ownership on cost of equity capital. The samples of the study are firms listed in Jakarta Stock Exchange in 2005. The F-test on the all variables at the level confidence 1% indicates the effect of all variables on cost of equity capital is significant. The result of this study showed that managerial ownership and institutional ownership have positive significant impact (at the level of confidence 1% and 5% on the cost of equity capital. However this result showed that corporate governance mechanisms fail to decrease the cost of equity capital.  Keywords: corporate governance, managerial ownership, institutional ownership, cost of equity capital.

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)

Offshore Q ＆ A

Institute of Scientific and Technical Information of China (English)

AmberStohr

2003-01-01

Equity International, Asia, is a leading financial service provider in China, offering planning expertise for expatriates on investing their income and savings. I recently sat down with four senior wealth managers in Shanghai to discuss Equity's approach to offshore investing.

Developing Marketing Strategies To Increase Brand Equity: The Differences Between Age Groups

OpenAIRE

Hui-Chu Chen; Robert D. Green

2012-01-01

Retailers are facing challenges from global competitors, aging consumer markets, and households with less income that impact brand equity. This study examines three age groups (younger, middle, older) marketing strategy perceptions and their brand equity (brand loyalty, brand awareness, perceived quality, brand association). As expected, different strategies influence each age group. Generally, older retailer shoppers have the highest brand equity. The results have certain implications to the...

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...

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

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

ANALYSING THE LEVEL OF CORRELATION AMONG TURKEY AND EUROPEAN UNION MARKETS

Directory of Open Access Journals (Sweden)

HAKAN SARITAŞ

2013-06-01

Full Text Available International portfolio investments are growing rapidly as a result of the relaxation of capital controls in national markets. The most attractive aspect of international portfolio investments for investors is that investors are able to decrease the volatility of their investments through diversification. Although international portfolio investments provide tremendous diversification benefits, the level of correlation among the equity markets around the world has an important impact on diversification. If cross-country correlations are small, international diversification can provide investors with an attractive risk-return profile. However, investors may not be able to diversify away much domestic risk if the cross-country correlations are large. In this study, I analyzed the correlation between the Turkish equity market and equity markets of European Union (EU countries. The aim was to figure out the effects of developments emerged in the way of Turkey’s membership to EU on the level of correlation between the Turkish equity market and EU markets. The findings of the study indicate that mentioned developments increased the level of correlation between the Turkish equity market and EU markets.

Equity impact of population-level interventions and policies to reduce smoking in adults: a systematic review.

Science.gov (United States)

Brown, Tamara; Platt, Stephen; Amos, Amanda

2014-05-01

There is strong evidence about which tobacco control policies reduce smoking. However, their equity impact is uncertain. The aim was to assess the effectiveness of population-level interventions/policies to reduce socioeconomic inequalities in adult smoking. Systematic review of studies of population-level interventions/policies reporting smoking-related outcomes in adults of lower compared to higher socioeconomic status (SES). References were screened and independently checked. Studies were quality assessed. Results are presented in a narrative synthesis. Equity impact was assessed as: positive (reduced inequality), neutral (no difference by SES), negative (increased inequality), mixed (equity impact varied) or unclear. 117 studies of 130 interventions/policies were included: smokefree (44); price/tax (27); mass media campaigns (30); advertising controls (9); cessation support (9); settings-based interventions (7); multiple policies (4). The distribution of equity effects was: 33 positive, 36 neutral, 38 negative, 6 mixed, 17 unclear. Most neutral equity studies benefited all SES groups. Fourteen price/tax studies were equity positive. Voluntary, regional and partial smokefree policies were more likely to be equity negative than national, comprehensive smokefree policies. Mass media campaigns had inconsistent equity effects. Cigarette marketing controls were equity positive or neutral. Targeted national smoking cessation services can be equity positive by achieving higher reach among low SES, compensating for lower quit rates. Few studies have assessed the equity impact of tobacco control policy/interventions. Price/tax increases had the most consistent positive equity impact. More research is needed to strengthen the evidence-base for reducing smoking inequalities and to develop effective equity-orientated tobacco control strategies. Copyright © 2014. Published by Elsevier Ireland Ltd.

Craft's brand equity in CZ, focusing on canoeing

OpenAIRE

Šťastný, Šimon

2013-01-01

Title: Craft's brand equity in CZ, focusing on flat water canoeing. Objectives: The objective of this dissertation is to find out what is the Craft's brand equity and to suggest how to improve it on the Czech market. That would be based on marketing research and supplementary interview. I will be using marketing research and supplementary interview. Methods: In this dissertation the method of electronic questioning was used. The questionnaires were sent by email address after first contact on...

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.

Analyzing the Impact of Brand Equity and Advertisement on Customers’ Loyalty in Isfahan City

OpenAIRE

Mohammad Hossein Moshref Javadi; Sayyed Mohsen Allameh; Amir Poursaaedi

2014-01-01

The objective of this study was to analyze the impact of advertisement and brand equity on customers’ loyalty in Isfahan city. literature review on advertising, brand equity, customer loyalty research model was presented. A standard questionnaire was used as data collection instrument. To measure SNOWA Corporation brand equity, Keller's brand equity model was used with six dimensions of brand's salience, performance, image, judgments, feelings and resonance. Face validity was used to verify t...

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.

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.

How brand personality, brand identification and service quality influence service brand equity

Directory of Open Access Journals (Sweden)

Sandra Maria Correia Loureiro

2014-12-01

Full Text Available During the past couple of decades, brand equity has emerged as one of the key concepts in marketing. Literature concerned with consumer brand relationship is calling for more studies in order to increase understanding of brand equity dimensions. Therefore, this study aims to contribute to the existing body of knowledge by examining the strength of relational variables on brand equity perceived by consumers. Findings support the proposed model in the service industry revealing that brand loyalty, brand identification, trust, brand personality and brand awareness are the variables that have a greatest impact on brand equity. Thus, this study is the first to measure the strength of assorted relational variables, and variables related with identification and personality on brand equity for brands in the service industry. In this vein, brand managers should be aware of the importance of building a brand regarding the way they communicate the features of the brand.

Food sovereignty, food security and health equity: a meta-narrative mapping exercise

Science.gov (United States)

Weiler, Anelyse M.; Hergesheimer, Chris; Brisbois, Ben; Wittman, Hannah; Yassi, Annalee; Spiegel, Jerry M.

2015-01-01

There has been growing policy interest in social justice issues related to both health and food. We sought to understand the state of knowledge on relationships between health equity—i.e. health inequalities that are socially produced—and food systems, where the concepts of ‘food security’ and ‘food sovereignty’ are prominent. We undertook exploratory scoping and mapping stages of a ‘meta-narrative synthesis’ on pathways from global food systems to health equity outcomes. The review was oriented by a conceptual framework delineating eight pathways to health (in)equity through the food system: 1—Multi-Scalar Environmental, Social Context; 2—Occupational Exposures; 3—Environmental Change; 4—Traditional Livelihoods, Cultural Continuity; 5—Intake of Contaminants; 6—Nutrition; 7—Social Determinants of Health and 8—Political, Economic and Regulatory context. The terms ‘food security’ and ‘food sovereignty’ were, respectively, paired with a series of health equity-related terms. Combinations of health equity and food security (1414 citations) greatly outnumbered pairings with food sovereignty (18 citations). Prominent crosscutting themes that were observed included climate change, biotechnology, gender, racialization, indigeneity, poverty, citizenship and HIV as well as institutional barriers to reducing health inequities in the food system. The literature indicates that food sovereignty-based approaches to health in specific contexts, such as advancing healthy school food systems, promoting soil fertility, gender equity and nutrition, and addressing structural racism, can complement the longer-term socio-political restructuring processes that health equity requires. Our conceptual model offers a useful starting point for identifying interventions with strong potential to promote health equity. A research agenda to explore project-based interventions in the food system along these pathways can support the identification of ways to

Institutional Venture Capital for the Space Industry: Providing Risk Capital for Space Companies that Provide Investor Returns

Science.gov (United States)

Moore, Roscoe M., III

2002-01-01

provided by an institution. Those institutions tend to be Banks, Pension Funds, Insurance Funds, Corporations, and other incorporated entities that are obligated to earn a return on their invested capital. These institutions invest in a venture capital firm for the sole purpose of getting their money back with a healthy profit - within a set period of time. The venture capital firm is responsible for investing in and managing companies whose risk and return are higher than other less risky classes of investment. The venture capital firm's primary skill is its ability to manage the high risk of its venture investments while maintaining the high return potential of its venture investments. to businesses for the purpose of providing the above-mentioned Institutions a substantial return on their invested capital. Institutional Venture Capital for the Space Industry cannot be provided to projects or companies whose philosophy or intention is not to increase shareholder equity value within a set time period. efficiently when tied up in companies that intend to spend billions of dollars before the first dollar of revenue is generated. If 2 billion dollars of venture capital is invested in the equity of a Space Company for a minority equity position, then that Space Company must build that minority shareholder's equity value to a minimum investment return of 4 to 8 billion dollars. There are not many start-up companies that are able to reach public market equity valuations in the tens of billions of dollars within reasonable time horizons. Foundations, Manufacturers, and Strategic Investors can invest in projects that cannot realistically provide a substantial return on their equity to their investors within a reasonable period (5-7 years) of time. Venture Capitalists have to make money. Venture capitalists have made money on Satellite Television, Satellite Radio, Fixed Satellite Services, and other businesses. Venture capitalists have not made money on stand

Equity effects of economic instruments for greenhouse gas abatement