Estimating return on investment in translational research: methods and protocols.

Science.gov (United States)

Grazier, Kyle L; Trochim, William M; Dilts, David M; Kirk, Rosalind

2013-12-01

Assessing the value of clinical and translational research funding on accelerating the translation of scientific knowledge is a fundamental issue faced by the National Institutes of Health (NIH) and its Clinical and Translational Awards (CTSAs). To address this issue, the authors propose a model for measuring the return on investment (ROI) of one key CTSA program, the clinical research unit (CRU). By estimating the economic and social inputs and outputs of this program, this model produces multiple levels of ROI: investigator, program, and institutional estimates. A methodology, or evaluation protocol, is proposed to assess the value of this CTSA function, with specific objectives, methods, descriptions of the data to be collected, and how data are to be filtered, analyzed, and evaluated. This article provides an approach CTSAs could use to assess the economic and social returns on NIH and institutional investments in these critical activities.

Returns to Investment in Ontario University Education, 1960-1990, and Implications for Tuition Fee Policy. Discussion Series, Issue 5.

Science.gov (United States)

Stager, David A. A.

This analysis of Ontario's returns to investment and implications for tuition fee policy updates a 1989 publication titled "Focus on Fees." The paper examines: data on public and private return on investment (ROI) from university education, pattern of ROI rates over time, and impact of tuition fee levels on estimated ROI for various…

Performance Indexing: Assessing the Nonmonetized Returns on Investment in Military Equipment

Science.gov (United States)

2016-05-17

Image designed by Diane Fleischer PERFORMANCE INDEXING: Assessing the NONMONETIZED RETURNS ON INVESTMENT in Military Equipment Ian D...MacLeod and Capt Robert A. Dinwoodie, USMC A prime managerial concern is how to decide which investment alternatives provide the greatest return with...agencies, these methods often fall short because typical governmental investments do not have a monetary return. The processes underpinning governmental

The true value and return on investment of business continuity.

Science.gov (United States)

Phelps, Regina

2018-01-01

The phrase return on investment (ROI) is commonly heard when groups or organisations attempt to demonstrate the value of a particular activity. 'Is it good for us?', 'Is it worth the investment?' and 'Should we continue to fund the endeavour?' are all valid and important questions. The challenge for business continuity professionals is to address the question, 'What is the ROI of business continuity?' in ways that will be meaningful to the person wielding the budget stick. In the 'olden days', colleagues would point to their business impact analysis, with pie charts and bar graphs showing the cost of business downtime if an event occurred. They would sit back and say, 'See? We provide ROI because we addressed The Bad Thing!'. But is that really the best that continuity professionals can do? This paper peels back the question of ROI and addresses the value proposition of business continuity. The goal is to broaden the conversation, by instead of talking about how much money business continuity efforts will save the company, and instead to focus on the value that business continuity provides every day.

Providing Demonstrable Return-on-Investment for Organisational Learning and Training

Science.gov (United States)

Elliott, Michael; Dawson, Ray; Edwards, Janet

2009-01-01

Purpose: The aim of this paper is to present a holistic approach to training, that clearly demonstrates cost savings with improved effectiveness and efficiencies that are aligned to business objectives. Design/methodology/approach: Extending Kirkpatrick's evaluation framework with Phillips's return-on-investment (ROI) concepts, the paper conveys a…

An Analysis of Return on Investment Options for the USMC Distance Learning Program

National Research Council Canada - National Science Library

Clark, Jamie

2000-01-01

A study was conducted to examine various aspects of Distance Learning (DL) applications currently under review by the Marine Corps, and determine whether these programs, if initiated, provide a positive Return on Investment (ROI...

Maximizing ROI (return on information)

Energy Technology Data Exchange (ETDEWEB)

McDonald, B.

2000-05-01

The role and importance of managing information are discussed, underscoring the importance by quoting from the report of the International Data Corporation, according to which Fortune 500 companies lost $ 12 billion in 1999 due to inefficiencies resulting from intellectual re-work, substandard performance , and inability to find knowledge resources. The report predicts that this figure will rise to $ 31.5 billion by 2003. Key impediments to implementing knowledge management systems are identified as : the cost and human resources requirement of deployment; inflexibility of historical systems to adapt to change; and the difficulty of achieving corporate acceptance of inflexible software products that require changes in 'normal' ways of doing business. The author recommends the use of model, document and rule-independent systems with a document centered interface (DCI), employing rapid application development (RAD) and object technologies and visual model development, which eliminate these problems, making it possible for companies to maximize their return on information (ROI), and achieve substantial savings in implementation costs.

Commercial viability of medical devices using Headroom and return on investment calculation

NARCIS (Netherlands)

Markiewicz, Katarzyna; van Til, Janine Astrid; Steuten, Lotte Maria Gertruda; IJzerman, Maarten Joost

2016-01-01

The market success of a medical product depends on its commercial viability, yet this may be hard to predict during the development process of medical devices. This paper aims to determine if applying the Headroom method combined with return on investment (ROI) analysis allows for estimation of the

Assessment of Cost Savings of DOE's Return-on-Investment Program

International Nuclear Information System (INIS)

Yuracko, K.L.

2000-01-01

The US Department of Energy (DOE) Office of Pollution Prevention (EM-77) created a successful internally competed program to fund innovative projects based on projected returns. This is called the Return-on-Investment (ROI) program. EM-77 conducted a successful ROI pilot, developed and implemented sound management practices, and successfully transferred the program to several Operations Offices. Over the past 4 years sites have completed 262 ROI projects (costing $18.8 million) with claimed first-year savings of $88 million and claimed life cycle savings exceeding $300 million. EM-77 requested that Oak Ridge National Laboratory perform an independent evaluation of the site-led, DOE-HQ-funded pollution prevention (P2) ROI program to assist the Department in determining whether claimed savings are real. The approach for conducting this evaluation was to analyze a sample of P2 projects to identify actual project cost savings and other actual benefits--e.g., amount of waste avoided. To determine the projects for review, EM-77 provided a list of EM-funded projects at two Operations Offices: Oak Ridge and Richland. Sixteen projects (eight from each Operations Office) were selected at random from this list for review. Project documentation was requested from the sites, and this was followed by face-to-face interviews with project personnel. of the 16 projects selected at random, two are still awaiting implementation, and no project interview was conducted for one project. Because the purpose of this study was to review projects after they have been implemented, the two uncompleted projects were eliminated from further consideration. The remainder of this report addresses the 13 completed projects for which we received documentation and performed interviews with project personnel. Both Oak Ridge and Richland staff pointed out that because of the selection approach used, this study did not review the most successful projects at their sites

Analysis of Return on Investment in Different Types of Agile Software Development Project Teams

Directory of Open Access Journals (Sweden)

Goran MILANOV

2012-01-01

Full Text Available This exploratory study of IT project teams in Serbia investigates how the choice of agile methods in different development project teams affects the return-on-investment (ROI. In this paper different types of software project teams are analyzed in order to examine and identify the business-value of using agile methods. In various software development project teams, the ROI of agile methods is yet to be fully explored, while the ROI of traditional methods is well-understood. Since ROI is important indicator of the projects success, in this paper we examine the factors that influence the ROI both from software solution customer point of view, and different agile project teams.

Return on Investment of a Work-Family Intervention: Evidence From the Work, Family, and Health Network.

Science.gov (United States)

Barbosa, Carolina; Bray, Jeremy W; Dowd, William N; Mills, Michael J; Moen, Phyllis; Wipfli, Brad; Olson, Ryan; Kelly, Erin L

2015-09-01

To estimate the return on investment (ROI) of a workplace initiative to reduce work-family conflict in a group-randomized 18-month field experiment in an information technology firm in the United States. Intervention resources were micro-costed; benefits included medical costs, productivity (presenteeism), and turnover. Regression models were used to estimate the ROI, and cluster-robust bootstrap was used to calculate its confidence interval. For each participant, model-adjusted costs of the intervention were $690 and company savings were $1850 (2011 prices). The ROI was 1.68 (95% confidence interval, -8.85 to 9.47) and was robust in sensitivity analyses. The positive ROI indicates that employers' investment in an intervention to reduce work-family conflict can enhance their business. Although this was the first study to present a confidence interval for the ROI, results are comparable with the literature.

Differences in decision-making criteria towards the return on marketing investment: A project business perspective

OpenAIRE

Smyth, H.; Lecoeuvre, L.

2015-01-01

Assessing the value of marketing to a business remains a thorny issue in theory and practice. Decision-making at the finance–marketing interface is under-researched, particularly for project businesses. Confronted by demands of accountability concerning the allocation of resources to meet competitive pressures, the paper examines the quality and extent of dialogue in investment decision-making. The return on investment (ROI) and marketing-specific investment (ROMI) are important factors at th...

The 3-year disease management effect: understanding the positive return on investment.

Science.gov (United States)

Nyman, John A; Jeffery, Molly Moore; Abraham, Jean M; Jutkowitz, Eric; Dowd, Bryan E

2013-11-01

Conventional wisdom suggests that health promotion programs yield a positive return on investment (ROI) in year 3. In the case of the University of Minnesota's program, a positive ROI was achieved in the third year, but it was due entirely to the effectiveness of the disease management (DM) program. The objective of this study is to investigate why. Differences-in-differences regression equations were estimated to determine the effect of DM participation on spending (overall and service specific), hospitalizations, and avoidable hospitalizations. Disease management participation reduced expenditures overall, and especially in the third year for employees, and reduced hospitalizations and avoidable hospitalizations. The positive ROI at Minnesota was due to increased effectiveness of DM in the third year (mostly due to fewer hospitalizations) but also to the simple durability of the average DM effect.

Evaluating the return in ecosystem services from investment in public land acquisitions.

Directory of Open Access Journals (Sweden)

Kent Kovacs

Full Text Available We evaluate the return on investment (ROI from public land conservation in the state of Minnesota, USA. We use a spatially-explicit modeling tool, the Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST, to estimate how changes in land use and land cover (LULC, including public land acquisitions for conservation, influence the joint provision and value of multiple ecosystem services. We calculate the ROI of a public conservation acquisition as the ratio of the present value of ecosystem services generated by the conservation to the cost of the conservation. For the land scenarios analyzed, carbon sequestration services generated the greatest benefits followed by water quality improvements and recreation opportunities. We found ROI values ranged from 0.21 to 5.28 depending on assumptions about future land use change, service values, and discount rate. Our study suggests conservation is a good investment as long as investments are targeted to areas with low land costs and high service values.

Evaluating the Return in Ecosystem Services from Investment in Public Land Acquisitions

Science.gov (United States)

Kovacs, Kent; Polasky, Stephen; Nelson, Erik; Keeler, Bonnie L.; Pennington, Derric; Plantinga, Andrew J.; Taff, Steven J.

2013-01-01

We evaluate the return on investment (ROI) from public land conservation in the state of Minnesota, USA. We use a spatially-explicit modeling tool, the Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST), to estimate how changes in land use and land cover (LULC), including public land acquisitions for conservation, influence the joint provision and value of multiple ecosystem services. We calculate the ROI of a public conservation acquisition as the ratio of the present value of ecosystem services generated by the conservation to the cost of the conservation. For the land scenarios analyzed, carbon sequestration services generated the greatest benefits followed by water quality improvements and recreation opportunities. We found ROI values ranged from 0.21 to 5.28 depending on assumptions about future land use change, service values, and discount rate. Our study suggests conservation is a good investment as long as investments are targeted to areas with low land costs and high service values. PMID:23776429

RFID Benefits; Looking Beyond ROI

National Research Council Canada - National Science Library

Guilford, Shane; Kutis, Mark C

2005-01-01

...) into the logistics process that are not captured by traditional Return on Investment (ROI) analysis. The authors seek to identify some of these benefits to determine their overall contribution to the value of new technology implementation...

Returns on Investment in California County Departments of Public Health.

Science.gov (United States)

Brown, Timothy T

2016-08-01

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

Return on investment of public health interventions: a systematic review.

Science.gov (United States)

Masters, Rebecca; Anwar, Elspeth; Collins, Brendan; Cookson, Richard; Capewell, Simon

2017-08-01

Public sector austerity measures in many high-income countries mean that public health budgets are reducing year on year. To help inform the potential impact of these proposed disinvestments in public health, we set out to determine the return on investment (ROI) from a range of existing public health interventions. We conducted systematic searches on all relevant databases (including MEDLINE; EMBASE; CINAHL; AMED; PubMed, Cochrane and Scopus) to identify studies that calculated a ROI or cost-benefit ratio (CBR) for public health interventions in high-income countries. We identified 2957 titles, and included 52 studies. The median ROI for public health interventions was 14.3 to 1, and median CBR was 8.3. The median ROI for all 29 local public health interventions was 4.1 to 1, and median CBR was 10.3. Even larger benefits were reported in 28 studies analysing nationwide public health interventions; the median ROI was 27.2, and median CBR was 17.5. This systematic review suggests that local and national public health interventions are highly cost-saving. Cuts to public health budgets in high income countries therefore represent a false economy, and are likely to generate billions of pounds of additional costs to health services and the wider economy. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

Historical return on investment and improved quality resulting from development and mining of a hospital laboratory relational database.

Science.gov (United States)

Brimhall, Bradley B; Hall, Timothy E; Walczak, Steven

2006-01-01

A hospital laboratory relational database, developed over eight years, has demonstrated significant cost savings and a substantial financial return on investment (ROI). In addition, the database has been used to measurably improve laboratory operations and the quality of patient care.

Financial return-on-investment of ophthalmic interventions: a new paradigm.

Science.gov (United States)

Brown, Melissa M; Brown, Gary C; Lieske, Heidi B; Lieske, P Alexander

2014-05-01

Although the patient value gain (improvement in quality-of-life and/or length-of-life) has been highlighted in Value-based Medicine cost-utility analyses, the financial value gain associated with healthcare interventions has received less emphasis. It is important for professional healthcare providers to realize their interventions often confer a large financial return-on-investment (ROI) to society. The societal costs associated with vitreoretinal and other ophthalmic interventions include: direct ophthalmic medical costs expended (hospital, physician, drug, diagnostic testing and so forth), direct medical costs saved (decreased costs for depression, injury, skilled nursing facility, nursing home and others), direct nonmedical costs saved (decreased costs for caregivers, transportation, residence costs, moving costs, and others), and indirect medical costs saved (improving employment incidence and wages). The financial ROI for direct ophthalmic medical costs expended for ranibizumab therapy for neovascular age-related macular degeneration is 450%, whereas that for cataract surgery is 4500% and for medical open-angle glaucoma therapy is 4000%. Many costs gained add to the Gross Domestic Product and increase the wealth of the nation. Many vitreoretinal and other ophthalmologic interventions confer considerable patient value, but also result in a large financial ROI to society. This financial ROI increases the wealth of the nation.

Return on investment for vendor computerized physician order entry in four community hospitals: the importance of decision support.

Science.gov (United States)

Zimlichman, Eyal; Keohane, Carol; Franz, Calvin; Everett, Wendy L; Seger, Diane L; Yoon, Catherine; Leung, Alexander A; Cadet, Bismarck; Coffey, Michael; Kaufman, Nathan E; Bates, David W

2013-07-01

In-hospital adverse events are a major cause of morbidity and mortality and represent a major cost burden to health care systems. A study was conducted to evaluate the return on investment (ROI) for the adoption of vendor-developed computerized physician oder entry (CPOE) systems in four community hospitals in Massachusetts. Of the four hospitals, two were under one management structure and implemented the same vendor-developed CPOE system (Hospital Group A), while the other two were under a second management structure and implemented another vendor-developed CPOE system (Hospital Group B). Cost savings were calculated on the basis of reduction in preventable adverse drug event (ADE) rates as measured previously. ROI, net cash flow, and the breakeven point during a 10-year cost-and-benefit model were calculated. At the time of the study, none of the participating hospitals had implemented more than a rudimentary decision support system together with CPOE. Implementation costs were lower for Hospital Group A than B ($7,130,894 total or $83/admission versus $19,293,379 total or $113/admission, respectively), as were preventable ADE-related avoided costs ($7,937,651 and $16,557,056, respectively). A cost-benefit analysis demonstrated that Hospital Group A had an ROI of 11.3%, breaking even on the investment eight years following implementation. Hospital Group B showed a negative return, with an ROI of -3.1%. Adoption of vendor CPOE systems in community hospitals was associated with a modest ROI at best when applying cost savings attributable to prevention of ADEs only. The modest financial returns can beattributed to the lack of clinical decision support tools.

Returns on Investment in California County Departments of Public Health

Science.gov (United States)

2016-01-01

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

Risk-return Performance of Residential Property Investment in Abuja ...

African Journals Online (AJOL)

Sultan

2017-06-20

Jun 20, 2017 ... Keywords: property investment performance, risk-return analysis, ANO VA and HSD-tukey test. ATBU Journal of Environmental Technology 10, 1, June 2017. 95 ... minimizing the effect of risk, therefore return .... listed companies and UACN within a given .... information on rent and sales between 2001 and.

ROI en medios sociales: campañas de marketing en bibliotecas

OpenAIRE

González-Fernández-Villavicencio, Nieves

2015-01-01

Social media marketing must be a part of a digital marketing plan. Although marketing traditionally has been associated with obtaining an economic ROI (return on investment), it also can be measured in terms of social ROI (return on influence, return on relationships, reputation, branding, etc.). This study addresses the use of digital marketing campaigns by libraries for social profitability. Concepts related to digital marketing and social media marketing, and the way different types of org...

Tank Riser Pit Decontamination System (Pit Viper) Return on Investment and Break-Even Analysis

International Nuclear Information System (INIS)

Young, Joan K.; Weimar, Mark R.; Balducci, Patrick J.; Fassbender, Linda L.; Hernandez, Melissa

2003-01-01

This study assessed the cost benefit of Pit Viper deployment for 80 tank farm pits between October 1, 2003 and September 30, 2012 under the technical baseline for applicable double-shell tank (DST) and single-shell tank (SST) projects. After this assessment had been completed, the U.S. Department of Energy (DOE) Richland Operations Office (RL) and Office of River Protection (ORP) published the Hanford Performance Management Plan (August 2003), which accelerated the schedule for SST retrieval. Then, DOE/CH2M HILL contract modification M064 (October 2002) and The Integrated Mission Acceleration Plan (March 2003) further accelerated SST retrieval and closure schedules. Twenty-six to 40 tanks must be retrieved by 2006. Thus the schedule for SST pit entries is accelerated and the number of SST pit entries is increased. This study estimates the return on investment (ROI) and the number of pits where Pit Viper deployment would break even or save money over current manual practices. The results of the analysis indicate a positive return on the federal investment for deployment of the Pit Viper provided it is used on a sufficient number of pits

Developing and Implementing a Social Media Program While Optimizing Return on Investment--An MBA Program Case Study

Science.gov (United States)

Gilfoil, David M.; Aukers, Steven M.; Jobs, Charles G.

2015-01-01

Over the past decade, Web 2.0 has brought a wealth of opportunities for improving marketing effectiveness; social media platforms, in particular, have proven to be exceptional tools for realizing growth potential. The big question for businesses used to be how to measure and report financial return on investment (ROI) for social media ad spend to…

Return on Investment in Public Relations: A critique of concepts used by practitioners from the perspectives of communication and management sciences

OpenAIRE

Watson, Tom; Zerfass, Ansgar

2011-01-01

Return on Investment (ROI) is a term commonly and non-specifically used by public relations practitioners when discussing the value to be created from communication activities. It mimics business language, particularly from business administration and financial management, but does not figure widely in academic discourse (Watson, 2005). \\ud The Institute for Public Relations [now CIPR] undertook a review of ROI practice in the United Kingdom (IPR/CDF 2004) and Likely, Rockland and Weiner (200...

Measuring Return on Investment for Professional Development Activities: Implications for Practice.

Science.gov (United States)

Opperman, Cathleen; Liebig, Debra; Bowling, Judith; Johnson, Carol Susan; Harper, Mary

2016-01-01

What is the return on investment (ROI) for the time and resources spent for professional development activities? This is Part 2 of a two-part series to report findings and demonstrate how financial analysis of educational activities can drive decision-making. The resources consumed for professional development activities need to be identified and quantified to be able to determine the worth of such activities. This article defines terms and formulas for financial analysis for nursing professional development practitioners to use in analysis of their own programs. Three fictitious examples of common nursing professional development learning activities are provided with financial analysis. This article presents the "how to" for the busy practitioner.

Antiherding in Financial Decision Increases Valuation of Return on Investment: An Event-Related Potential Study

Directory of Open Access Journals (Sweden)

Cuicui Wang

2017-01-01

Full Text Available Using event-related potentials, this study investigated how financial herding or antiherding affected the valuation of subsequent outcomes. For each trial, subjects decided whether to buy the stock according to its net money flow information which could be used to reflect the strength of buying power or selling power of the stock. The return on investment (ROI as feedback included the increase or decrease percentage after subjects’ responses. Results showed that, compared with herding, antiherding induced larger discrepancies of FRN and P300 amplitude between positive ROI and negative ROI, indicating that individuals under antiherding condition had stronger motivation and paid more attention in the evaluation process of ROI. Moreover, only for positive ROI, the amplitudes of FRN and P300 were modulated by two kinds of behaviors. We suggested that individuals making antiherd decisions were more confident with their own ability and choices, which reduced the positive outcome prediction error and gave more mental resources to evaluate positive outcome. However, negative outcomes evoked no different motivational meaning and negative emotion for individuals between herding and antiherding. The study may provide new insights into neurocognitive processes of herding and antiherding in financial market.

Antiherding in Financial Decision Increases Valuation of Return on Investment: An Event-Related Potential Study.

Science.gov (United States)

Wang, Cuicui; Jin, Jia; Vieito, João Paulo; Ma, Qingguo

2017-01-01

Using event-related potentials, this study investigated how financial herding or antiherding affected the valuation of subsequent outcomes. For each trial, subjects decided whether to buy the stock according to its net money flow information which could be used to reflect the strength of buying power or selling power of the stock. The return on investment (ROI) as feedback included the increase or decrease percentage after subjects' responses. Results showed that, compared with herding, antiherding induced larger discrepancies of FRN and P300 amplitude between positive ROI and negative ROI, indicating that individuals under antiherding condition had stronger motivation and paid more attention in the evaluation process of ROI. Moreover, only for positive ROI, the amplitudes of FRN and P300 were modulated by two kinds of behaviors. We suggested that individuals making antiherd decisions were more confident with their own ability and choices, which reduced the positive outcome prediction error and gave more mental resources to evaluate positive outcome. However, negative outcomes evoked no different motivational meaning and negative emotion for individuals between herding and antiherding. The study may provide new insights into neurocognitive processes of herding and antiherding in financial market.

Investment Strategy Based on Aviation Accidents: Are there abnormal returns?

Directory of Open Access Journals (Sweden)

Marcos Rosa Costa

2013-06-01

Full Text Available This article investigates whether an investment strategy based on aviation accidents can generate abnormal returns. We performed an event study considering all the aviation accidents with more than 10 fatalities in the period from 1998 to 2009 and the stock market performance of the respective airlines and aircraft manufacturers in the days after the event. The tests performed were based on the model of Campbell, Lo & MacKinlay (1997 for definition of abnormal returns, by means of linear regression between the firms’ stock returns and the return of a market portfolio used as a benchmark. This enabled projecting the expected future returns of the airlines and aircraft makers, for comparison with the observed returns after each event. The result obtained suggests that an investment strategy based on aviation accidents is feasible because abnormal returns can be obtained in the period immediately following an aviation disaster.

ANALISIS PENGARUH KINERJA KEUANGAN, MANAJEMEN RISIKO DAN MANAJEMEN MODAL KERJA TERHADAP RETURN SAHAM

Directory of Open Access Journals (Sweden)

Dwian Wahyu Prabawa

2017-04-01

Full Text Available Level stock returns telecommunications in Indonesia is influenced by various factors such as financial performance, risk management and working capital management. The purpose of this research was to analyze the influence of financial performance through parameters Debt to Equity Ratio (DER, Return On Investment (ROI, Current Ratio (CR dan Total Assets Turn Over (TATO. Risk management using parameters (interest rate and working capital management using parameters Cash Conversion Cycle (CCC. The population in this study is a telecommunications companies listed in Indonesia Stock Exchange 2010-2013. In analyzing the effect of variable DER, ROI, CR, TATO, ir and CCC using multiple linear regression. The analysis showed that the Debt to Equity Ratio (DER has effect on stock returns with significant value 0,009, Return on Investment (ROI has effect on stock returns with significant value 0,006. And Total Asset Turn Over (TATO has effect on stock returns with significant value 0,025. While the Current Ratio (CR ,interest rate, and Cash Conversion Cycle not effect on stock returns with significant value 0,403; 0,047; 0,977. All the independent variables simultaneously affect the stock on telecommunication companies.

Integrating asthma education and smoking cessation for parents: financial return on investment.

Science.gov (United States)

McQuaid, Elizabeth L; Garro, Aris; Seifer, Ronald; Hammond, S Katharine; Borrelli, Belinda

2012-10-01

Caregivers who smoke and have children with asthma are an important group for intervention. Home-based interventions successfully reduce asthma morbidity, yet are costly. This study evaluated the financial return on investment (ROI) of the Parents of Asthmatics Quit Smoking (PAQS) program, a combined asthma education and smoking cessation intervention. Participants included caregivers (n = 224) that smoked, had a child with asthma, and were enrolled in a Medicaid managed care plan. Participants received nurse-delivered asthma education and smoking counseling in three home visits. Program implementation costs were estimated, and healthcare expenses were obtained from insurance claims data 12 months pre- and 12 months post intervention. ROI was calculated for all participants, children <6 years, children 6-18 years, and children with moderate/severe persistent asthma. Total program implementation cost was $34,481. After intervention, there was increased mean annual refills of beta-agonist (0.51 pre, 1.64 post; P < 0.001), and controller medications (0.65 pre, 2.44 post; P < 0.001). Reductions were found in mean annual emergency department visits (0.33 pre, 0.14 post; P < 0.001), hospitalizations (0.23 pre, 0.08 post; P < 0.001), and outpatient visits (2.33 pre, 1.45 post, P < 0.001). The program had negative ROI (-21.8%) for the entire sample. The ROI was positive (+106.9) for children <6 years, negative (-150.3) for children 6-18, and negligible for moderate/severe persistent asthma (+6.9%). PAQS was associated with increased medication use and decreased healthcare utilization. While the overall ROI for PAQS was negative, PAQS had a positive ROI for caregivers of young children with asthma. Copyright © 2012 Wiley Periodicals, Inc.

Economic Model For a Return on Investment Analysis of United States Government High Performance Computing (HPC) Research and Development (R & D) Investment

Energy Technology Data Exchange (ETDEWEB)

Joseph, Earl C. [IDC Research Inc., Framingham, MA (United States); Conway, Steve [IDC Research Inc., Framingham, MA (United States); Dekate, Chirag [IDC Research Inc., Framingham, MA (United States)

2013-09-30

This study investigated how high-performance computing (HPC) investments can improve economic success and increase scientific innovation. This research focused on the common good and provided uses for DOE, other government agencies, industry, and academia. The study created two unique economic models and an innovation index: 1 A macroeconomic model that depicts the way HPC investments result in economic advancements in the form of ROI in revenue (GDP), profits (and cost savings), and jobs. 2 A macroeconomic model that depicts the way HPC investments result in basic and applied innovations, looking at variations by sector, industry, country, and organization size. A new innovation index that provides a means of measuring and comparing innovation levels. Key findings of the pilot study include: IDC collected the required data across a broad set of organizations, with enough detail to create these models and the innovation index. The research also developed an expansive list of HPC success stories.

Using cost-benefit analysis and social return on investment to evaluate the impact of social enterprise: Promises, implementation, and limitations.

Science.gov (United States)

Cordes, Joseph J

2017-10-01

Since the early 2000's there has been growing interest in using the Social Return on Investment (SROI) as a measure for assessing the performance of social enterprises. By analogy with its business counterpart, the Return on Investment (ROI), the SROI is a metric that compares the monetized social costs of a program with the monetized social benefits of achieving an outcome (or set of outcomes). For example, calculating the SROI of a nonprofit half-way house for drug addicts might involve estimating the reduced social costs attributable to successful rehabilitation of addicts, and comparing this to the social costs of operating the half-way house. Alternatively, the total return of a for-profit social enterprise providing affordable housing might consist both of the traditional private return on investment along with the economic value of meeting the housing needs of lower income households. Early descriptions of the methodology for calculating the SROI suggest that the approach initially evolved from standard methodologies found in the business finance literature for evaluating investments, with the important twist that nonprofit sector returns/payoffs are defined in broader social terms (Thornley, Anderson, & Dixon, 2016). Yet, someone who is familiar with the economic literature on cost benefit analysis (CBA) as it is applied to the evaluation of public programs cannot help but be struck by the similarity between the outcomes that CBA is intended to measure, and those that are the object of efforts to calculate the SROI. One implication is that the literature on the theory and practice of cost benefit analysis offers useful lessons about how to measure the social return on investment, as well as about potential caveats and limitations that need to be confronted when attempting to undertake an analysis of the SROI. The paper discusses the potential uses and limitations of CBA and SROI as tools that governments, private donor/investors, and foundations can use to

Energy Return on Investment - Fuel Recycle

International Nuclear Information System (INIS)

Halsey, W.; Simon, A.J.; Fratoni, M.; Smith, C.; Schwab, P.; Murray, P.

2012-01-01

This report provides a methodology and requisite data to assess the potential Energy Return On Investment (EROI) for nuclear fuel cycle alternatives, and applies that methodology to a limited set of used fuel recycle scenarios. This paper is based on a study by Lawrence Livermore National Laboratory and a parallel evaluation by AREVA Federal Services LLC, both of which were sponsored by the DOE Fuel Cycle Technologies (FCT) Program. The focus of the LLNL effort was to develop a methodology that can be used by the FCT program for such analysis that is consistent with the broader energy modeling community, and the focus of the AREVA effort was to bring industrial experience and operational data into the analysis. This cooperative effort successfully combined expertise from the energy modeling community with expertise from the nuclear industry. Energy Return on Investment is one of many figures of merit on which investment in a new energy facility or process may be judged. EROI is the ratio of the energy delivered by a facility divided by the energy used to construct, operate and decommission that facility. While EROI is not the only criterion used to make an investment decision, it has been shown that, in technologically advanced societies, energy supplies must exceed a minimum EROI. Furthermore, technological history shows a trend towards higher EROI energy supplies. EROI calculations have been performed for many components of energy technology: oil wells, wind turbines, photovoltaic modules, biofuels, and nuclear reactors. This report represents the first standalone EROI analysis of nuclear fuel reprocessing (or recycling) facilities.

Return on Investment from Biochar Application

Science.gov (United States)

Current literature has yet to fully address the cost of biochar application or the return on investment to the grower. The objectives were to identify possible on-farm spreader equipment, spreader capacity, application expenses, and rate of return needed for growers to apply biochar economically. Bi...

Attention to detail helps Clarian measure ROI.

Science.gov (United States)

2007-01-01

Clarian Health takes a risk and embarks on a branding strategy. Taking a multi-integrated approach, with The Heavy Weights in Indianapolis, Clarian started managing its marketing by tracking return on investment (ROI) and making the most of a CRM database. In a groundbreaking approach, it found that it was actually able to turn its marketing effort into a money-maker, leading higher-ups to see its outreach efforts as necessity.

Return on investment of advanced practice medical degrees: NPs vs. PAs.

Science.gov (United States)

Craig, Christopher K; Holmes, James H; Carter, Jeffery E

2017-06-01

As the United States faces a predicted physician shortage over the next 2 decades, physician assistants (PAs) and NPs are expected to fill the void. At the same time, because education is expensive, student loan and tuition increases have many potential applicants assessing differences in reimbursement and wondering about their return on investment (ROI). An analysis compared PA and NP salaries by incorporating national salary data, federal income tax, and student loans for a comparative analysis of each career pathway. Salaries were abstracted from the 2012 Bureau of Labor Statistics database. The net present value (NPV) of PA and NP salaries was calculated with a 5% discount rate. Principal and interest for student loans was calculated at a 6% interest fixed-rate loan over 30 years. NPVs were then compared with projected ROI at retirement age. Relative career values were also given to each career choice, based on a retirement age of 65 years, which translates to about 41 years of employment for both PAs and NPs. PAs' and NPs' educational loans both equalled $129,484 on total repayment. The median annual salary of a PA was $90,930 and $89,960 for an NP. PA data yielded a 5% NPV of $781,323 compared with $764,348 for NPs. Of note, the 5% NPV of a 4-year nursing degree is $728,436. PAs have a slightly higher ROI compared with NPs. These findings may change due to adjustments in nursing training models. Many PA programs allow matriculation immediately after obtaining a bachelor's degree. NP schools often require nursing experience before entering their program. Some schools are considering an accelerated NP program, allowing immediate matriculation after obtaining a bachelor's degree. Because many NP programs have become doctoral degrees, the increased duration of training, higher tuition, and fewer years worked before retirement lower the overall NP ROI. A similar reduction in ROI was considered marginal in PAs who attend residency programs-though these programs are

What's the ROI for resolving the nursing faculty shortage?

Science.gov (United States)

Kowalski, Karren; Kelley, Brian M

2013-01-01

The nursing faculty shortage will have a fundamental impact on the ability to produce nurses. For most nursing schools and states, however, concerns about the relative merits of different solutions to the nursing faculty shortage are misplaced. Without significantly increased visibility and definition, accompanied by a clear public, private, and health care organization return on investment (ROI), proposing solutions to the nursing faculty shortage is at best premature and at worst irrelevant. There is simply too much competition for resources to expect that a vaguely defined and invisible problem with no rationale for increased investment will receive sufficient support from critical decision makers and constituencies. First must come problem definition, visibility, and ROI. Only then can the case be made for implementing solutions to the nursing faculty shortage.

Protecting biodiversity when money matters: maximizing return on investment.

Directory of Open Access Journals (Sweden)

Emma C Underwood

Full Text Available BACKGROUND: Conventional wisdom identifies biodiversity hotspots as priorities for conservation investment because they capture dense concentrations of species. However, density of species does not necessarily imply conservation 'efficiency'. Here we explicitly consider conservation efficiency in terms of species protected per dollar invested. METHODOLOGY/PRINCIPAL FINDINGS: We apply a dynamic return on investment approach to a global biome and compare it with three alternate priority setting approaches and a random allocation of funding. After twenty years of acquiring habitat, the return on investment approach protects between 32% and 69% more species compared to the other priority setting approaches. To correct for potential inefficiencies of protecting the same species multiple times we account for the complementarity of species, protecting up to three times more distinct vertebrate species than alternate approaches. CONCLUSIONS/SIGNIFICANCE: Incorporating costs in a return on investment framework expands priorities to include areas not traditionally highlighted as priorities based on conventional irreplaceability and vulnerability approaches.

Promoting Sustainability through Investment in Building Information Modeling (BIM Technologies: A Design Company Perspective

Directory of Open Access Journals (Sweden)

Marius Reizgevičius

2018-02-01

Full Text Available The aim of this article is to enhance the understanding of how design companies perceive the benefits of Building Information Modeling (BIM technologies application. BIM is recognized in the literature as a (potentially powerful driver leading the construction sector towards sustainability. However, for design companies, the choice to invest in BIM technologies is basically an economic one. Specifically, a design company assesses economic benefits and efficiency improvements thanks to the application of BIM technologies. The article discusses the return on investments (ROI in BIM technologies and reviews ROI calculation methodologies proposed by other authors. In order to evaluate BIM return on investment correctly practical ROI calculations are carried out. Appropriate methods, together with the relevant variables for ROI calculation, are developed. The study allows for adjusting the calculation method making it more accurate and understandable using the Autodesk Revit based ROI calculation of the first year.

What Is the Return on Investment for Implementation of a Crew Resource Management Program at an Academic Medical Center?

Science.gov (United States)

Moffatt-Bruce, Susan D; Hefner, Jennifer L; Mekhjian, Hagop; McAlearney, John S; Latimer, Tina; Ellison, Chris; McAlearney, Ann Scheck

Crew Resource Management (CRM) training has been used successfully within hospital units to improve quality and safety. This article presents a description of a health system-wide implementation of CRM focusing on the return on investment (ROI). The costs included training, programmatic fixed costs, time away from work, and leadership time. Cost savings were calculated based on the reduction in avoidable adverse events and cost estimates from the literature. Between July 2010 and July 2013, roughly 3000 health system employees across 12 areas were trained, costing $3.6 million. The total number of adverse events avoided was 735-a 25.7% reduction in observed relative to expected events. Savings ranged from a conservative estimate of $12.6 million to as much as $28.0 million. Therefore, the overall ROI for CRM training was in the range of $9.1 to $24.4 million. CRM presents a financially viable way to systematically organize for quality improvement.

Process improvement as an investment: Measuring its worth

Science.gov (United States)

Mcgarry, Frank; Jeletic, Kellyann

1993-01-01

This paper discusses return on investment (ROI) generated from software process improvement programs. It details the steps needed to compute ROI and compares these steps from the perspective of two process improvement approaches: the widely known Software Engineering Institute's capability maturity model and the approach employed by NASA's Software Engineering Laboratory (SEL). The paper then describes the specific investments made in the SEL over the past 18 years and discusses the improvements gained from this investment by the production organization in the SEL.

Calculating the return on investment of mobile healthcare.

Science.gov (United States)

Oriol, Nancy E; Cote, Paul J; Vavasis, Anthony P; Bennet, Jennifer; Delorenzo, Darien; Blanc, Philip; Kohane, Isaac

2009-06-02

Mobile health clinics provide an alternative portal into the healthcare system for the medically disenfranchised, that is, people who are underinsured, uninsured or who are otherwise outside of mainstream healthcare due to issues of trust, language, immigration status or simply location. Mobile health clinics as providers of last resort are an essential component of the healthcare safety net providing prevention, screening, and appropriate triage into mainstream services. Despite the face value of providing services to underserved populations, a focused analysis of the relative value of the mobile health clinic model has not been elucidated. The question that the return on investment algorithm has been designed to answer is: can the value of the services provided by mobile health programs be quantified in terms of quality adjusted life years saved and estimated emergency department expenditures avoided? Using a sample mobile health clinic and published research that quantifies health outcomes, we developed and tested an algorithm to calculate the return on investment of a typical broad-service mobile health clinic: the relative value of mobile health clinic services = annual projected emergency department costs avoided + value of potential life years saved from the services provided. Return on investment ratio = the relative value of the mobile health clinic services/annual cost to run the mobile health clinic. Based on service data provided by The Family Van for 2008 we calculated the annual cost savings from preventing emergency room visits, $3,125,668 plus the relative value of providing 7 of the top 25 priority prevention services during the same period, US$17,780,000 for a total annual value of $20,339,968. Given that the annual cost to run the program was $567,700, the calculated return on investment of The Family Van was 36:1. By using published data that quantify the value of prevention practices and the value of preventing unnecessary use of emergency

Systematic review on the financial return of worksite health promotion programmes aimed at improving nutrition and/or increasing physical activity.

Science.gov (United States)

van Dongen, J M; Proper, K I; van Wier, M F; van der Beek, A J; Bongers, P M; van Mechelen, W; van Tulder, M W

2011-12-01

This systematic review summarizes the current evidence on the financial return of worksite health promotion programmes aimed at improving nutrition and/or increasing physical activity. Data on study characteristics and results were extracted from 18 studies published up to 14 January 2011. Two reviewers independently assessed the risk of bias of included studies. Three metrics were (re-)calculated per study: the net benefits, benefit cost ratio (BCR) and return on investment (ROI). Metrics were averaged, and a post hoc subgroup analysis was performed to compare financial return estimates between study designs. Four randomized controlled trials (RCTs), 13 non-randomized studies (NRSs) and one modelling study were included. Average financial return estimates in terms of absenteeism benefits (NRS: ROI 325%, BCR 4.25; RCT: ROI -49%, BCR 0.51), medical benefits (NRS: ROI 95%, BCR 1.95; RCT: ROI -112%, BCR -0.12) or both (NRS: ROI 387%, BCR 4.87; RCT: ROI -92%, BCR 0.08) were positive in NRSs, but negative in RCTs. Worksite health promotion programmes aimed at improving nutrition and/or increasing physical activity generate financial savings in terms of reduced absenteeism costs, medical costs or both according to NRSs, whereas they do not according to RCTs. Since these programmes are associated with additional types of benefits, conclusions about their overall profitability cannot be made. © 2011 The Authors. obesity reviews © 2011 International Association for the Study of Obesity.

Risk and performances: financial performance of sime darby berhad

OpenAIRE

W.Hussin, Wan Nur Imani

2017-01-01

The aim of this study are used to investigate the relationship between company performance and the profitability of the company. Firm organisation that used to identify this relationship is Sime Darby Berhad. In this study, the factors that indicate to profitability such as return on asset (ROA), return on equity (ROE), return on investment (ROI), average collection period (ACP), leverage, remuneration, liquidity, operational etc. Financial instrument merely related to financial performance o...

Ditch network maintenance in peatland forest as a private investment: short- and long-term effects on financial performance at stand level

Directory of Open Access Journals (Sweden)

T. Penttilä

2008-03-01

Full Text Available In Finland, most of the suitable peatland has now been ditched for forestry purposes, and ditch network maintenance (DNM is carried out on 70,000–80,000 hectares of land each year. We examined the financial performance of DNM operations on 44 sample plots representing two medium-quality site types located within two different climatic regions in northern Finland. We applied a simulation approach in which actual measurements of trees growing on sample plots were fed into a stand simulator (MOTTI which predicted stand development with and without DNM. The financial assessments involved calculating short-term and long-term effects of DNM by applying, respectively, ROI (return on investment and NPV (net present value analyses. The results indicated that the financial performance of DNM, particularly in the short term, was highly dependent on the availability of government subsidies. Without the DNM subsidy, the return on investment was between 1.6% and 3.7%; whereas with government subsidy it ranged from 3.8% to 8.4%. In the long run, the net present value was ca. 4–14% higher for stands with DNM than for those without.

Determinant Keputusan investasi dan Pengaruhnya Terhadap Return Saham Pada Perusahaan Manufaktur di Bursa Efek Indonesia

OpenAIRE

Silalahi, Alistraja Dison

2012-01-01

Determinant investment decision and its influence to return stock. This research aimed to know whether capital structure, ROI, net profit and firm size are influence to investment decision. This research is also to test and analize the influence of capital structure, ROI, net profit and investment decision toward return stock at manufacture companies in Indonesian Stock Exchange. The population in this research is manufacture companies which are registered in Indonesian stock exchange at ...

Assessing the capital efficiency of healthcare information technologies investments: an econometric perspective.

Science.gov (United States)

Meyer, Rodolphe; Degoulet, Patrice

2008-01-01

To examine the different methods that can be used in the quantification of the added value of information technologies (IT) in the health care sector. This quantification represents a major issue for decision-makers and health care professionals when they have to plan an IT investment. Articles were chosen via Medline, internet and the University of Geneva bibliographic portal. Some of the papers were obtained directly from their authors. We examine the most current methods used to evaluate IT return on investment (ROI) in the general business and in the health care sector, drawing attention on methods traditionally used in macroeconomic studies that could reveal themselves disruptive for IT ROI impact evaluation in hospitals. Financial and accounting methods can provide interesting data on a specific IT project but are usually incomplete for revealing the global IT investment influence. Econometric methods tend to demonstrate the positive impact of health care IT (HIT) on hospital production and productivity. Hospitals having higher levels of IT investment tend to deliver a higher level of clinical quality and show improved hospital cost performances. Information technologies are so intermingled with people and processes that the identification of specific IT benefit remains questionable. Using macroeconomic tools could be the best way to analyze and compute IT ROI in health care. Econometric tools take into account all types investments (inputs) and all the returns (outputs) enabling the precise measurement of IT investments impact, breakeven points, and possible threshold levels, thus providing helpful intelligence to reach the higher levels of IT governance in hospitals.

Evaluation and comparison of return of investment for proposed use of solar systems in the Czech and Slovak Republic

Directory of Open Access Journals (Sweden)

E. Weiss

2012-07-01

Full Text Available The aim of the paper is to evaluate return of investment (ROI and cost savings from proposed use of solar systems for residents funded by government grants. The paper deals with proposals for solar energy systems for various use, simple calculations of payback periods of solar systems financed with subsidy and without subsidy. Apart from climatic conditions, chemical composition the of the absorber and structural elements that are made of copper, respectively aluminum and Al-Mg alloy play an important role in assessing the payback period of the investment in solar panels.

Retrospective return on investment analysis of an electronic treatment adherence device piloted in the Northern Cape Province.

Science.gov (United States)

Broomhead, Sean; Mars, Maurice

2012-01-01

The return on investment (ROI) for utilizing the SIMpill electronic treatment adherence solution as an adjunct to directly observed treatment short-course (DOTS) is assessed using data from a 2005 pilot of the SIMpill solution among new smear-positive tuberculosis (TB) patients in the Northern Cape Province. The value of this cost minimization analysis (CMA), for use by public health planners in low-resource settings as a precursor to more rigorous assessment, is discussed. The retrospective analysis compares the costs and health outcomes of the DOTS-SIMpill cohort with DOTS-only controls. Hypothetical 5-year cash flows are generated and discounted to estimate net present values (NPVs). Comparison between the DOTS-SIMpill pilot cohort and DOTS-only supported controls, for a hypothetical implementation of 1,000 devices, over 5 years, demonstrates positive ROI for the DOTS-SIMpill cohort based on improved health outcomes and reduced average cost per patient. The net stream is shown to be positive from the first year. Discounted NPV is ZAR 3,255,256 (US$ 493,221) for a cohort that would have started mid 2005 and ZAR 3,747,636 (US$ 487,339) starting mid 2010. This is an ROI of 23% over the 5-year period. The addition of electronic treatment adherence support technology can help to improve TB outcomes and lower average cost per patient by reducing treatment failure and the associated higher cost and burden on limited resources. CMA is an appropriate initial analysis for health planners to highlight options that may justify more sophisticated methods such as cost effectiveness analysis or full cost benefit analysis where a preferred option is immediately revealed. CMA is proposed as a tool for use by public health planners in low-resource settings to evaluate the ROI of treatment adherence technology postpilot and prior to implementation.

The Returns on Investment Grade Diamonds

NARCIS (Netherlands)

Renneboog, L.D.R.

2013-01-01

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

THE INFLUENCE OF CORPORATE FINANCIAL PERFORMANCE ON SHARE RETURN

Directory of Open Access Journals (Sweden)

Ghulam Nurul Huda

2015-09-01

Full Text Available This study was conducted to examine the effect of financial performances of Economic Value Added (EVA, Market Value Added (MVA as well as financial ratios (Fixed Asset Turnover, Return on Investment, Debt to Equity Ratio, Price to Book Value, Total Asset Turnover on Stock Return. This study used the data of six representative palm oil companies which were listed in Indonesia Stock Exchange. The analysis models that were used included three multiple regression equations for EVA, MVA and Stock Return. The results indicate that DER significantly influences EVA and PBV, and TATO significantly influences MVA. Return Shares are significantly only affected by EVA. The company's fundamentals, especially EVA, PBV, TATO and DER were used by investors to predict the Stock Return in Indonesia Stock Exchange in 2009–2014 period. This study confirmed the previous studies that these variables are involved on regression model to predict the Stock Return. The results of the analysis of the company's financial performance with EVA and MVA and financial fundamental variables provide a better alternative picture on the achievement of the company so that the benefits in investing in the palm oil business in Indonesia can be maximally managed.Keywords: Indonesia Stock Exchange, investor, market, multiple regression, stock

XSEDE Value Added, Cost Avoidance, and Return on Investment

Energy Technology Data Exchange (ETDEWEB)

Stewart, Craig A [Indiana University; Roskies, Ralph [Pittsburgh Supercomputing Center; Knepper, Richard [Indiana University; Whitt, Justin L [ORNL; Moore, Richard L [San Diego Supercomputer Center; Cockerill, Timothy [Texas Advanced Computing Center

2015-01-01

It is difficult for large research facilities to quantify a return on the investments that fund their operations. This is because there can be a time lag of years or decades between an innovation or discovery and the realization of its value through practical application. This report presents a three-part methodology that attempts to assess the value of federal investment in XSEDE: 1) a qualitative examination of the areas where XSEDE adds value to the activities of the open research community, 2) a thought model examining the cost avoidance realized by the National Science Foundation (NSF) through the centralization and coordination XSEDE provides, and 3) an assessment of the value XSEDE provides to Service Providers in the XD ecosystem. XSEDE adds significantly to the US research community because it functions as a unified interface to the XD ecosystem and because of its scale. A partly quantitative, partly qualitative analysis suggests the Return on Investment of NSF spending on XSEDE is greater than 1.0. indicating that the aggregate value received by the nation from XSEDE is greater than the cost of direct federal investment in XSEDE.

Stock returns and foreign investment in Brazil

OpenAIRE

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

2008-01-01

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

Determining the Return on Investment (ROI) for Joint Training

National Research Council Canada - National Science Library

Nesselrode, Mark C

2007-01-01

.... The methodology should provide the ability for Operational level staffs to assess performance, costs, and value of training either for routine reporting or in support of certification, regardless...

The Library as Strategic Investment: Results of the Illinois Return on Investment Study

Directory of Open Access Journals (Sweden)

Paula T. Kaufman

2008-11-01

Full Text Available University administrators are asking library directors to demonstrate their library's value to the institution in easily articulated quantitative terms that focus on outputs rather than on traditionally reported input measures. This paper reports on a study undertaken at the University of Illinois at Urbana-Champaign that sought to measure the return on the university's investment in its library. The study sought to develop a quantitative measure that recognizes the library's value in supporting the university's strategic goals, using grant income generated by faculty using library materials. It also sought to confirm the benefits of using electronic resources and the resulting impact on productivity over a 10-year period. The results of this study, which is believed to be the first of its kind, represent only one piece of the answer to the challenge of representing the university's total return from its investment in its library.

Stock Market Liquidity and Investment Decisions of Non-Financial Quoted Companies in Nigeria

Directory of Open Access Journals (Sweden)

Rafiu Oyesola Salawu

2016-01-01

Full Text Available The study examined the impact of market liquidity on investment decision of 50 non-financial quoted companies in Nigeria between 2006 and 2012. The study employed secondary source of data collection. Data collected were analyzed using descriptive statistics and inferential statistics such as pool OLS and fixed effect model. The results showed that Size of the Firm (FS and Firms’ Age (FAGE were the only significant determinants of Return on Investment (ROI. The turnover ratio (TOR which is a proxy for market liquidity had positive but insignificant effect on ROI. Based on the above findings, the study concluded that for most of the companies operating in the non-financial sector of the Nigerian economy, the influence of market liquidity on investment decision is positive, but not significant. The study recommended that management should place more emphasis on the firm age and in particular firm size as they can be employed to predict the return on investment.

INFLUENCE OF THE INVESTMENT DECISIONS ON THE RETURN OF THE COMPANY

Directory of Open Access Journals (Sweden)

Pop Mugurel Gabriel Sorin

2012-12-01

Full Text Available We propose in this study, to make an analysis of the influence of the investment decision on the return of the company. The goal of our research is the quantification of the influence of investment activity on profitability. Fulfilling such a goal has forced us to research the existing literature in this field, both in our country and abroad, ascertaining the existence of a unitary meaning of the criteria for investment projects’ evaluation. Of course, the realization of such research was possible only after close consideration of the opinions expressed in the relevant literature on this area. Our research aims to be a theoretical-applied one. It is based on comparisons we make between the two criteria for assessing investment projects namely: that of net present value (VAN and internal rate of return (RIR. By creating a suite of phase calculations, based on information from economic and financial documentation of corporate investments, we separated the influence of the policy investment decisions on profitability. We are convinced that the most accurate determination of the influence of policy investment decisions on profitability helps the financial management, facilitating the process of adopting the most appropriate policy decisions that ultimately leads to the objectives formulated by the financial policy. The result of our research is the quantification of the influence of investment policy decisions of the firm on profitability.

Return on research investments: personal good versus public good

Science.gov (United States)

Fox, P. A.

2017-12-01

For some time the outputs, i.e. what's produced, of publicly and privately funded research while necessary, are far from sufficient, when considering an overall return on (research) investment. At the present time products such as peer-reviewed papers, websites, data, and software are recognized by funders on timescales related to research awards and reporting. However, from a consumer perspective impact and value are determined at the time a product is discovered, accessed, assessed and used. As is often the case, the perspectives of producer and consumer communities can be distinct and not intersect at all. We contrast personal good, i.e. credit, reputation, with that of public good, e.g. interest, leverage, exploitation, and more. This presentation will elaborate on both the metaphorical and idealogical aspects of applying a "return on investment" frame for the topic of assessing "good".

The leap from ROI to SROI: Farther than expected?

Science.gov (United States)

Gargani, John

2017-10-01

Social return on investment (SROI) is a popular method for evaluating the impact that organizations have on society and the environment. It has its roots in finance, where return on investment (ROI) is used to evaluate investments. Over the past ten years, SROI has made the leap from a tool for building private wealth to one that advances the public good. Has it landed us in a better place? To answer the question, I describe the general approach to financial analysis, how it is applied to financial decisions, and how it has been adapted to evaluate impact. I then consider the strengths and weaknesses of SROI, and suggest how, by pushing beyond the constraints of financial analysis, it can give stakeholders voice and provide evidence of success from diverse perspectives. Along the way, I propose a conceptual model for value, a foundational concept in SROI that has been criticized by some as underdeveloped, and I include a technical appendix that identifies potential sources of statistical bias in SROI estimates. I conclude by acknowledging our growing need to incorporate efficiency as one of multiple success criteria and the role that SROI-properly implemented-can play. Copyright © 2017 Elsevier Ltd. All rights reserved.

Return Predictability, Model Uncertainty, and Robust Investment

DEFF Research Database (Denmark)

Lukas, Manuel

Stock return predictability is subject to great uncertainty. In this paper we use the model confidence set approach to quantify uncertainty about expected utility from investment, accounting for potential return predictability. For monthly US data and six representative return prediction models, we...... find that confidence sets are very wide, change significantly with the predictor variables, and frequently include expected utilities for which the investor prefers not to invest. The latter motivates a robust investment strategy maximizing the minimal element of the confidence set. The robust investor...... allocates a much lower share of wealth to stocks compared to a standard investor....

School Leadership Preparation and Development in Kenya: Evaluating Performance Impact and Return on Leadership Development Investment

Science.gov (United States)

Asuga, Gladys; Eacott, Scott; Scevak, Jill

2015-01-01

Purpose: The purpose of this paper is to evaluate the quality of the current provision for school leadership in Kenya, the extent to which they have an impact on student outcomes and the return on school leadership preparation and development investment. Design/Methodology/Approach: The paper draws from educational leadership, management and…

Expected Rate of Return on the Personal Investment in Education of No-Fee Preservice Students

Science.gov (United States)

Zhang, Xuemin

2013-01-01

Return on personal investment is an important factor affecting the decision to invest in education. This article analyzes the personal education costs of no-fee preservice students, estimates and forecasts the return on their personal education investment, and compares the costs and benefits of for-fee preservice students and nonteaching students.…

Intersystem return on investment in public mental health: Positive externality of public mental health expenditure for the jail system in the U.S.

Science.gov (United States)

Yoon, Jangho; Luck, Jeff

2016-12-01

This study examines the extent to which increased public mental health expenditures lead to a reduction in jail populations and computes the associated intersystem return on investment (ROI). We analyze unique panel data on 44 U.S. states and D.C. for years 2001-2009. To isolate the intersystem spillover effect, we exploit variations across states and over time within states in per capita public mental health expenditures and average daily jail inmates. Regression models control for a comprehensive set of determinants of jail incarcerations as well as unobserved determinants specific to state and year. Findings show a positive spillover benefit of increased public mental health spending on the jail system: a 10% increase in per capita public inpatient mental health expenditure on average leads to a 1.5% reduction in jail inmates. We also find that the positive intersystem externality of increased public inpatient mental health expenditure is greater when the level of community mental health spending is lower. Similarly, the intersystem spillover effect of community mental health expenditure is larger when inpatient mental health spending is lower. We compute that overall an extra dollar in public inpatient mental health expenditure by a state would yield an intersystem ROI of a quarter dollar for the jail system. There is significant cross-state variation in the intersystem ROI in both public inpatient and community mental health expenditures, and the ROI overall is greater for inpatient mental health spending than for community mental health spending. Copyright © 2016. Published by Elsevier Ltd.

Return on Scientific Investment - RoSI: a PMO dynamical index proposal for scientific projects performance evaluation and management.

Science.gov (United States)

Caous, Cristofer André; Machado, Birajara; Hors, Cora; Zeh, Andrea Kaufmann; Dias, Cleber Gustavo; Amaro Junior, Edson

2012-01-01

To propose a measure (index) of expected risks to evaluate and follow up the performance analysis of research projects involving financial and adequate structure parameters for its development. A ranking of acceptable results regarding research projects with complex variables was used as an index to gauge a project performance. In order to implement this method the ulcer index as the basic model to accommodate the following variables was applied: costs, high impact publication, fund raising, and patent registry. The proposed structured analysis, named here as RoSI (Return on Scientific Investment) comprises a pipeline of analysis to characterize the risk based on a modeling tool that comprises multiple variables interacting in semi-quantitatively environments. This method was tested with data from three different projects in our Institution (projects A, B and C). Different curves reflected the ulcer indexes identifying the project that may have a minor risk (project C) related to development and expected results according to initial or full investment. The results showed that this model contributes significantly to the analysis of risk and planning as well as to the definition of necessary investments that consider contingency actions with benefits to the different stakeholders: the investor or donor, the project manager and the researchers.

The Risk-Return Trade-Off in Human Capital Investment

DEFF Research Database (Denmark)

Christiansen, Charlotte; Joensen, Juanna Schrøter; Nielsen, Helena Skyt

In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by sing...... tests for mean-variance spanning. A risk-return trade-off is revealed, hich is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may...

Pension Fund Performance in East Asia: A Comparative Study

Directory of Open Access Journals (Sweden)

Zamri Ahmad

2015-06-01

Full Text Available This paper discusses and analyzes asset allocation and performance of the major pension funds in four East Asia countries, namely Malaysia, Singapore, Hong Kong and South Korea. The respective funds for these countries are Employee Provident Fund (EPF, Central Provident Fund (CPF, Mandatory Pension Fund (MPF and National Pension Service (NPS. The impact of some economic crises on the fund performance will also be assessed. Besides looking at the individual countries, a comparison of the performance among all the funds will also be done. From the analyses, it is found that the CPF is the most conservative pension fund as it invested most of its funds in fixed income and the investments were made in the local markets, while MPF is the most aggressive pension fund as most of its funds were invested in equities. Performance of the funds was measured in terms of return on investment (ROI. All funds recorded the lowest ROI during the subprime crisis in 2008. Besides the subprime crisis, these funds were also affected by the Japanese earthquake as lower ROI were also observed in 2011.

Return on Investment (ROI) for Education Philanthropy: Focus on the Bottom Line. Research into Practice

Science.gov (United States)

Johnston, J. Howard

2011-01-01

Education is a top-priority funding area for corporate philanthropy, mostly because corporate leaders recognize that strategic investments in education can have long-term pay off for their companies as well as for students and schools. It is also one of the most visible and effective means for demonstrating a company's commitment to corporate…

Return on Investment in the Public Sector

National Research Council Canada - National Science Library

Bigham, Joshua

2004-01-01

.... Development and application of ROI analysis is challenging in the public sector since most government organizations do not generate profit necessary for calculation of ROI in the manner in which it...

The risks and returns of stock investment in a financial market

Science.gov (United States)

Li, Jiang-Cheng; Mei, Dong-Cheng

2013-03-01

The risks and returns of stock investment are discussed via numerically simulating the mean escape time and the probability density function of stock price returns in the modified Heston model with time delay. Through analyzing the effects of delay time and initial position on the risks and returns of stock investment, the results indicate that: (i) There is an optimal delay time matching minimal risks of stock investment, maximal average stock price returns and strongest stability of stock price returns for strong elasticity of demand of stocks (EDS), but the opposite results for weak EDS; (ii) The increment of initial position recedes the risks of stock investment, strengthens the average stock price returns and enhances stability of stock price returns. Finally, the probability density function of stock price returns and the probability density function of volatility and the correlation function of stock price returns are compared with other literatures. In addition, good agreements are found between them.

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.

Performance of shear-wave elastography for breast masses using different region-of-interest (ROI) settings.

Science.gov (United States)

Youk, Ji Hyun; Son, Eun Ju; Han, Kyunghwa; Gweon, Hye Mi; Kim, Jeong-Ah

2018-07-01

Background Various size and shape of region of interest (ROI) can be applied for shear-wave elastography (SWE). Purpose To investigate the diagnostic performance of SWE according to ROI settings for breast masses. Material and Methods To measure elasticity for 142 lesions, ROIs were set as follows: circular ROIs 1 mm (ROI-1), 2 mm (ROI-2), and 3 mm (ROI-3) in diameter placed over the stiffest part of the mass; freehand ROIs drawn by tracing the border of mass (ROI-M) and the area of peritumoral increased stiffness (ROI-MR); and circular ROIs placed within the mass (ROI-C) and to encompass the area of peritumoral increased stiffness (ROI-CR). Mean (E mean ), maximum (E max ), and standard deviation (E SD ) of elasticity values and their areas under the receiver operating characteristic (ROC) curve (AUCs) for diagnostic performance were compared. Results Means of E mean and E SD significantly differed between ROI-1, ROI-2, and ROI-3 ( P Shear-wave elasticity values and their diagnostic performance vary based on ROI settings and elasticity indices. E max is recommended for the ROIs over the stiffest part of mass and an ROI encompassing the peritumoral area of increased stiffness is recommended for elastic heterogeneity of mass.

Statistical analyses of the performance of Macedonian investment and pension funds

Directory of Open Access Journals (Sweden)

Petar Taleski

2015-10-01

Full Text Available The foundation of the post-modern portfolio theory is creating a portfolio based on a desired target return. This specifically applies to the performance of investment and pension funds that provide a rate of return meeting payment requirements from investment funds. A desired target return is the goal of an investment or pension fund. It is the primary benchmark used to measure performances, dynamic monitoring and evaluation of the risk–return ratio on investment funds. The analysis in this paper is based on monthly returns of Macedonian investment and pension funds (June 2011 - June 2014. Such analysis utilizes the basic, but highly informative statistical characteristic moments like skewness, kurtosis, Jarque–Bera, and Chebyishev’s Inequality. The objective of this study is to perform a trough analysis, utilizing the above mentioned and other types of statistical techniques (Sharpe, Sortino, omega, upside potential, Calmar, Sterling to draw relevant conclusions regarding the risks and characteristic moments in Macedonian investment and pension funds. Pension funds are the second largest segment of the financial system, and has great potential for further growth due to constant inflows from pension insurance. The importance of investment funds for the financial system in the Republic of Macedonia is still small, although open-end investment funds have been the fastest growing segment of the financial system. Statistical analysis has shown that pension funds have delivered a significantly positive volatility-adjusted risk premium in the analyzed period more so than investment funds.

Return on Scientific Investment – RoSI: a PMO dynamical index proposal for scientific projects performance evaluation and management

Directory of Open Access Journals (Sweden)

Cristofer André Caous

2012-06-01

Full Text Available Objective: To propose a measure (index of expected risks to evaluateand follow up the performance analysis of research projects involvingfinancial and adequate structure parameters for its development.Methods: A ranking of acceptable results regarding researchprojects with complex variables was used as an index to gauge aproject performance. In order to implement this method the ulcerindex as the basic model to accommodate the following variableswas applied: costs, high impact publication, fund raising, and patentregistry. The proposed structured analysis, named here as RoSI(Return on Scientific Investment comprises a pipeline of analysis tocharacterize the risk based on a modeling tool that comprises multiplevariables interacting in semi-quantitatively environments. Results:This method was tested with data from three different projects in ourInstitution (projects A, B and C. Different curves reflected the ulcer indexes identifying the project that may have a minor risk (project C related to development and expected results according to initial or full investment. Conclusion: The results showed that this model contributes significantly to the analysis of risk and planning as well as to the definition of necessary investments that consider contingency actions with benefits to the different stakeholders: the investor or donor, the project manager and the researchers.

Decoding the IT value problem an executive guide for achieving optimal ROI on critical IT investments

CERN Document Server

Fell, Gregory J

2013-01-01

Gain greater returns from your IT investments Revealing the secrets to proven, effective strategies that enable businesses to leverage the full value of highly expensive IT investments, Decoding the IT Value Problem is a no-nonsense guide for making smart IT investments and cutting through the noise of vendor marketing and media hype. Author Gregory Fell describes in rich detail the actual processes, frameworks, infrastructure and discipline required to develop and execute corporate IT strategies that areprofitable and sustainable.Provides a proven framework for develop

The hands-on project office guaranteeing ROI and on-time delivery

CERN Document Server

Kesner, Richard M

2003-01-01

THE THREE PILLARS OF IT DELIVERY - PROBLEM RESOLUTION, SERVICE REQUESTS, AND PROJECTSIntroduction The Business Context The Internal Economy for Investing in IT Services and ProjectsThe Three Pillars of IT Delivery Managing Service DeliveryManaging Project Commitments IT Metrics and Reporting Tools THE PROJECT MANAGEMENT OFFICE BUSINESS MODELIntroduction: Revisiting the IT Organization IT Service and Project Delivery RolesThe Role of the Project Management Office: Measuring its ROI The PMO Value Proposition: An Initial ROI Estimate ALIGNMENT AND PLANNING - DOING THE RIGHT THINGS Introduction Ge

Accounting for Institutional Variation in Expected Returns to Higher Education

Science.gov (United States)

Dorius, Shawn F.; Tandberg, David A.; Cram, Bridgette

2017-01-01

This study leverages human capital theory to identify the correlates of expected returns on investment in higher education at the level of institutions. We leverage estimates of average ROI in post-secondary education among more than 400 baccalaureate degree conferring colleges and universities to understand the correlates of a relatively new…

Maximizing the return on taxpayers' investments in fundamental biomedical research.

Science.gov (United States)

Lorsch, Jon R

2015-05-01

The National Institute of General Medical Sciences (NIGMS) at the U.S. National Institutes of Health has an annual budget of more than $2.3 billion. The institute uses these funds to support fundamental biomedical research and training at universities, medical schools, and other institutions across the country. My job as director of NIGMS is to work to maximize the scientific returns on the taxpayers' investments. I describe how we are optimizing our investment strategies and funding mechanisms, and how, in the process, we hope to create a more efficient and sustainable biomedical research enterprise.

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 ...

Create full-scale predictive economic models on ROI and innovation with performance computing

Energy Technology Data Exchange (ETDEWEB)

Joseph, Earl C. [IDC Research, Inc., Framingham, MA (United States); Conway, Steve [IDC Research, Inc., Framingham, MA (United States)

2017-10-27

The U.S. Department of Energy (DOE), the world's largest buyer and user of supercomputers, awarded IDC Research, Inc. a grant to create two macroeconomic models capable of quantifying, respectively, financial and non-financial (innovation) returns on investments in HPC resources. Following a 2013 pilot study in which we created the models and tested them on about 200 real-world HPC cases, DOE authorized us to conduct a full-out, three-year grant study to collect and measure many more examples, a process that would also subject the methodology to further testing and validation. A secondary, "stretch" goal of the full-out study was to advance the methodology from association toward (but not all the way to) causation, by eliminating the effects of some of the other factors that might be contributing, along with HPC investments, to the returns produced in the investigated projects.

Variables Influencing the Return on Investment in Management Training Programs: A Utility Analysis of 10 Swiss Cases

Science.gov (United States)

Chochard, Yves; Davoine, Eric

2011-01-01

In this article, we present the utility analysis approach as an alternative and promising approach to measure the return on investment in managerial training programs. This approach, linking economic value with competencies developed by trainees, enables researchers and decision-makers to compare the return on investment from different programs in…

The returns and risks of investment portfolio in stock market crashes

Science.gov (United States)

Li, Jiang-Cheng; Long, Chao; Chen, Xiao-Dan

2015-06-01

The returns and risks of investment portfolio in stock market crashes are investigated by considering a theoretical model, based on a modified Heston model with a cubic nonlinearity, proposed by Spagnolo and Valenti. Through numerically simulating probability density function of returns and the mean escape time of the model, the results indicate that: (i) the maximum stability of returns is associated with the maximum dispersion of investment portfolio and an optimal stop-loss position; (ii) the maximum risks are related with a worst dispersion of investment portfolio and the risks of investment portfolio are enhanced by increasing stop-loss position. In addition, the good agreements between the theoretical result and real market data are found in the behaviors of the probability density function and the mean escape time.

Return on Investment (ROI) Framework Case Study: CTH.

Energy Technology Data Exchange (ETDEWEB)

Corro, Janna L. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2018-02-01

CTH is a Eulerian code developed at Sandia National Laboratories capable of modeling the hydrodynamic response of explosives, liquids, gases, and solids. The code solves complex multi-dimensional problems characterized by large deformations and strong shocks that are composed of various material configurations. CTH includes models for material strength, fracture, porosity, and high explosive detonation and initiation. The code is an acronym for a complex series of names relating to its origin. A full explanation can be seen in Appendix A. The software breaks penetration simulations into millions of grid-like “cells”. As a modeled projectile impacts and penetrates a target, progressively smaller blocks of cells are placed around the projectile, which show in detail deformations and breakups. Additionally, the code is uniquely suited to modeling blunt impact and blast loading leading to human body injury.

Introduction to Special Issue on New Studies in EROI (Energy Return on Investment

Directory of Open Access Journals (Sweden)

Charles A.S. Hall

2011-10-01

Full Text Available Energy Return on Investment (EROI refers to how much energy is returned from one unit of energy invested in an energy-producing activity. It is a critical parameter for understanding and ranking different fuels. There were a number of studies on EROI three decades ago but relatively little work since. Now there is a whole new interest in EROI as fuels get increasingly expensive and as we attempt to weigh alternative energies against traditional ones. This special volume brings together a whole series of high quality new studies on EROI, as well as many papers that struggle with the meaning of changing EROI and its impact on our economy. One overall conclusion is that the quality of fuels is at least as important in our assessment as is the quantity. I argue that many of the contemporary changes in our economy are related directly to changing EROI as our premium fuels are increasingly depleted.

Scaling-up treatment of depression and anxiety: a global return on investment analysis.

Science.gov (United States)

Chisholm, Dan; Sweeny, Kim; Sheehan, Peter; Rasmussen, Bruce; Smit, Filip; Cuijpers, Pim; Saxena, Shekhar

2016-05-01

Depression and anxiety disorders are highly prevalent and disabling disorders, which result not only in an enormous amount of human misery and lost health, but also lost economic output. Here we propose a global investment case for a scaled-up response to the public health and economic burden of depression and anxiety disorders. In this global return on investment analysis, we used the mental health module of the OneHealth tool to calculate treatment costs and health outcomes in 36 countries between 2016 and 2030. We assumed a linear increase in treatment coverage. We factored in a modest improvement of 5% in both the ability to work and productivity at work as a result of treatment, subsequently mapped to the prevailing rates of labour participation and gross domestic product (GDP) per worker in each country. The net present value of investment needed over the period 2016-30 to substantially scale up effective treatment coverage for depression and anxiety disorders is estimated to be US$147 billion. The expected returns to this investment are also substantial. In terms of health impact, scaled-up treatment leads to 43 million extra years of healthy life over the scale-up period. Placing an economic value on these healthy life-years produces a net present value of $310 billion. As well as these intrinsic benefits associated with improved health, scaled-up treatment of common mental disorders also leads to large economic productivity gains (a net present value of $230 billion for scaled-up depression treatment and $169 billion for anxiety disorders). Across country income groups, resulting benefit to cost ratios amount to 2·3-3·0 to 1 when economic benefits only are considered, and 3·3-5·7 to 1 when the value of health returns is also included. Return on investment analysis of the kind reported here can contribute strongly to a balanced investment case for enhanced action to address the large and growing burden of common mental disorders worldwide. Grand

Cost Efficiency and Returns to Scope in Italian Investment Firms

OpenAIRE

Marcello Basili; Fulvio Fontini

2005-01-01

This paper estimates cost efficiency and returns to scope of Italian investment firms during the period 1998-2002, following the stochastic frontier function approach. Results indicate a large inefficiency for Italian investment firms (with a high standard deviation across sample) and the absence of significant returns to scope

Social Media Return on Investment: How Much is it Worth to My Practice?

Science.gov (United States)

Gould, Daniel J; Nazarian, Sheila

2018-04-06

Plastic surgeons are rapidly integrating social media into their practices and recent articles on the subject have exploded in the literature. Although social media is being evaluated as a tool, few have actually been able to quantify the impact of social media on a practice. To quantify the return on investment for social media in a plastic surgery practice. The ideal method for this type of study is a new practice, without preexisting clients and with a broad approach to marketing to examine the effects of multiple marketing tools. In this study, we profile a start-up plastic surgery practice in Beverly Hills, Los Angeles. In this study, we report practice demographics as well as one year of income, broken down by the referral source for each patient. The dollar amount returned was reported for several social media resources and other internet-based marketing tools. Social media has a relatively high return on investment, and to date this is the first study to transparently quantify the value of social media in plastic surgery.

Analysis of value creation by eva® and stock return of real estate companies in brazil

Directory of Open Access Journals (Sweden)

Marcelo Rangner Vasconcelos

2017-01-01

Full Text Available In the last years, the real estate industry in Brazil grew and consolidated, causing the opening of capital of several companies in this segment. This scenario raises the need to evaluate the financial and the value creation of this sector. Faced with this situation, the present study aims to verify what is the relationship between Economic Value Added (EVA® and stock return of the construction industry that make up the Indix BM&FBOVESPA Real Estate (IMOB. As for methodological procedures, it is a bibliographical research, descriptive and as well as a multicaso study, contemplating nine companies that compose said index in 2015. The ability to generate value of this sector was analyzed through the Economic Value Added (EVA®, in which information was collected from the companies analyzed for the financial years 2010 to 2014, with the purpose of obtaining Return on Investment (ROI, Economic Value Added (EVA® and Stock Return. In general, the results of the survey that the average performance of companies, in those years, represents the destruction of value, provided by the impact of the cost of capital, which was higher than the net results of the Companies. Lastly, nominal EVA® and stock return are negatively correlated. On the other hand, residual ROI and stock return are Positively correlated significantly.

[A return on investment tool in tobacco control: what do stakeholders think?].

Science.gov (United States)

Muñoz, Celia; Trapero-Bertran, Marta; Cheung, Kei Long; Evers, Silvia; Hiligsmann, Mickaël; de Vries, Hein; López-Nicolás, Ángel

2016-01-01

The European EQUIPT study will co-create a return on investment tool in several countries, aiming to provide decision makers with information and justification on the returns that can be generated by investing in tobacco control. This study aimed to identify the needs of potential users in Spain in order to provide information on the transferability of the tool. Telephone interviews with stakeholders were conducted including questions about the implementation of the tool, intended use and tobacco control interventions. Implementing the tool could provide added value to the information used in decision-making to advocate for cost-effective policies. The main drawback would be the training and time needed to learn how the tool works and for internal calculations. Knowledge and ideas from potential users collected in this study could inform the EQUIPT Tool adaptation. Thus, stakeholders could have an instrument that assists them on making healthcare decisions. Copyright © 2015 SESPAS. Published by Elsevier Espana. All rights reserved.

Economics of United States tuberculosis airline contact investigation policies: a return on investment analysis.

Science.gov (United States)

Coleman, Margaret S; Marienau, Karen J; Marano, Nina; Marks, Suzanne M; Cetron, Martin S

2014-01-01

In 2011, the Centers for Disease Control and Prevention modified its 2008 protocol for flight-related tuberculosis contact investigation initiation. The 2011 Modified protocol was implemented and replaced the 2008 CDC protocol based on comparative epidemiologic and economic analyses; this publication reports the economic analysis results. A return on investment model compared relative changes in tuberculosis disease treatment costs resulting from expenditures on tuberculosis contact investigations and latent tuberculosis infection treatment for the 2008 CDC and Modified protocols. At moderate/high rates of latent tuberculosis infection and tuberculosis disease, positive returns on investment indicated each $1.00 spent on tuberculosis contact investigations and latent tuberculosis treatment resulted in more than $1.00 of savings from reduced tuberculosis disease treatment costs. Low rates of latent tuberculosis infection and tuberculosis disease resulted in negative returns on investment, indicating economic losses from tuberculosis disease treatment costs. There were smaller economic losses at low latent tuberculosis infection and tuberculosis disease rates with the Modified protocol in comparison to the 2008 CDC protocol, while both identified comparable numbers of persons at risk for tuberculosis. The Modified protocol for conducting flight-related tuberculosis contact investigations represents a better use of resources and protects public health. Published by Elsevier Ltd.

Upper Bounds for Ruin Probability with Stochastic Investment Return

Institute of Scientific and Technical Information of China (English)

ZHANG Lihong

2005-01-01

Risk models with stochastic investment return are widely held in practice, as well as in more challenging research fields. Risk theory is mainly concerned with ruin probability, and a tight bound for ruin probability is the best for practical use. This paper presents a discrete time risk model with stochastic investment return. Conditional expectation properties and martingale inequalities are used to obtain both exponential and non-exponential upper bounds for the ruin probability.

CREATION OF OPTIMAL PERFORMANCE OF AN INVESTMENT PROJECT

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Višnja Vojvodić Rosenzweig

2010-12-01

Full Text Available The selection of an investment project is formulated as a multi-criteria decision-making problem. This paper presents a case in which the decision-maker uses nine criteria or rather attributes (Net Present Value, Internal Rate of Return, Payback Period, Accounting Rate of Return, Cumulative Cash Flows, Return on Investment, Net Profit Margin, Interest Coverage Ratio and Current Ratio. Individual utility functions are constructed for each attribute separately, as well as a global utility function representing a weighted sum of individual utility functions. For every attribute a finite set of ordered pairs or utility points is determined, taking into account the decision-maker’s assessment. The given points are then approximated by the utility function. Finally, according to the decision-maker’s assessment the optimization problem is solved with the purpose of achieving an optimal performance for each project. By way of negotiation the performances on offer approach the optimal performance of the project with the purpose of realising an agreement between the decision-maker and the investor.

Energy Return on Investment from Recycling Nuclear Fuel

International Nuclear Information System (INIS)

2011-01-01

This report presents an evaluation of the Energy Return on Investment (EROI) from recycling an initial batch of 800 t/y of used nuclear fuel (UNF) through a Recycle Center under a number of different fuel cycle scenarios. The study assumed that apart from the original 800 t of UNF only depleted uranium was available as a feed. Therefore for each subsequent scenario only fuel that was derived from the previous fuel cycle scenario was considered. The scenarios represent a good cross section of the options available and the results contained in this paper and associated appendices will allow for other fuel cycle options to be considered.

Ratio K: a New Way of Metering and Evaluating the Risk and Return of Stock Investment

Institute of Scientific and Technical Information of China (English)

朱淑珍; 朱静怡

2003-01-01

Although widely used, both the Markowitz model and VAR (Value at Risk) model have some limitations in evaluating the risk and return of stock investnent.By the analysis of the conceptions of risk and return,together with the three hypotheses of technological analysis, a novelty model of metering and evaluating the risk and return of stock investnent is established.The major indicator of this model , risk-return ratio K, combines the characteristic indicators of risk and return. Regardless of the form of the risk-return probability density functions, this indicator K can always reflect the risk-return performances of the invested stocks clearly and accurately. How to use the model to make optimum investment and how to make portfolio combined with clustering analysis is also explained.

CHALLENGES IN PERFORMANCE METRICS IN SOCIALLY RESPONSIBLE INVESTMENTS

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Kuti Monika

2014-07-01

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

Investing in Cognac Producing Vineyards to Hedge Wealth While Receiving High Returns

OpenAIRE

Hakob Hakobyan

2015-01-01

The general trend over the last decade for investments has been moving towards emerging markets, where investors are promised high returns for risky investments. These kind of investments favor the brave and bold, but are frightening for the risk averse. In this paper I will be presenting the opportunities that an investment into cognac producing vineyards can offer. High return and relatively low risk investment opportunities that exists in France. Included in the paper will be examples of l...

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.

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

Science.gov (United States)

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

2018-04-05

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

The Impact of Business Size and Business Type on Small Business Investment in Electronic Commerce: a study of Swedish small businesses

Directory of Open Access Journals (Sweden)

Robert MacGregor

2002-05-01

Full Text Available In the past, organisations relied on traditional quantitative metrics, such as Return on Investment (ROI to make decisions when investing in technology. With the advent of electronic commerce (EC, organisations have had to rethink their investment and acquisition decisions due to the strategic nature of electronic commerce. Where ROI measures have failed, they have been replaced with a plethora of organisational driving forces. This paper focuses on the driving forces behind EC adoption by small and medium enterprises (SME's and aims to determine the impact of organisational factors such as size and type of business on EC acquisition criteria. The results of a research study carried out in Sweden are presented and suggest that there exist high levels of significance between the size of the business and customer demand, reduced costs, developing new markets and improvement to marketing as driving forces, and the type of business and customer demand, pressure from competition, increased sales and improvement of relationship with business partners as driving forces for EC adoption.

The roles of the trading time risks on stock investment return and risks in stock price crashes

Science.gov (United States)

Li, Jiang-Cheng; Dong, Zhi-Wei; Yang, Guo-Hui; Long, Chao

2017-03-01

The roles of the trading time risks (TTRs) on stock investment return and risks are investigated in the condition of stock price crashes with Hushen300 data (CSI300) and Dow Jones Industrial Average (ˆDJI), respectively. In order to describe the TTR, we employ the escape time that the stock price drops from the maximum to minimum value in a data window length (DWL). After theoretical and empirical research on probability density function of return, the results in both ˆDJI and CSI300 indicate that: (i) As increasing DWL, the expectation of returns and its stability are weakened. (ii) An optimal TTR is related to a maximum return and minimum risk of stock investment in stock price crashes.

Ultra-Deepwater Gulf of Mexico Oil and Gas: Energy Return on Financial Investment and a Preliminary Assessment of Energy Return on Energy Investment

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Matthew Moerschbaecher

2011-10-01

Full Text Available The purpose of this paper is to calculate the energy return on financial investment (EROFI of oil and gas production in the ultra-deepwater Gulf of Mexico (GoM in 2009 and for the estimated oil reserves of the Macondo Prospect (Mississippi Canyon Block 252. We also calculated a preliminary Energy Return on Investment (EROI based on published energy intensity ratios including a sensitivity analysis using a range of energy intensity ratios (7 MJ/$, 12 MJ/$, and 18 MJ/$. The EROFI for ultra-deepwater oil and gas at the well-head, ranged from 0.019 to 0.022 barrels (BOE, or roughly 0.85 gallons, per dollar. Our estimates of EROI for 2009 ultra-deepwater oil and natural gas at the well-head ranged from 7–22:1. The independently-derived EROFI of the Macondo Prospect oil reserves ranged from 0.012 to 0.0071 barrels per dollar (i.e., $84 to $140 to produce a barrel and EROI ranged from 4–16:1, related to the energy intensity ratio used to quantify costs. We believe that the lower end of these EROI ranges (i.e., 4 to 7:1 is more accurate since these values were derived using energy intensities averaged across the entire domestic oil and gas industry. Time series of the financial and preliminary EROI estimates found in this study suggest that the extraction costs of ultra-deepwater energy reserves in the GoM come at increasing energetic and economic cost to society.

41 CFR 102-85.15 - What are the basic policies for charging Rent for space and services?

Science.gov (United States)

2010-07-01

... 2%) on the cost of the prospective capital investment. Each specific use of Return on Investment... customer agency. Once the ROI methodology is employed to establish Rent for a capital investment, the ROI...-owned buildings, a return on investment pricing approach if an appraisal-determined rental value does...

Lifetime return on investment increases with leaf lifespan among 10 Australian woodland species.

Science.gov (United States)

Falster, Daniel S; Reich, Peter B; Ellsworth, David S; Wright, Ian J; Westoby, Mark; Oleksyn, Jacek; Lee, Tali D

2012-01-01

• Co-occurring species often differ in their leaf lifespan (LL) and it remains unclear how such variation is maintained in a competitive context. Here we test the hypothesis that leaves of long-LL species yield a greater return in carbon (C) fixed per unit C or nutrient invested by the plant than those of short-LL species. • For 10 sympatric woodland species, we assessed three-dimensional shoot architecture, canopy openness, leaf photosynthetic light response, leaf dark respiration and leaf construction costs across leaf age sequences. We then used the YPLANT model to estimate light interception and C revenue along the measured leaf age sequences. This was done under a series of simulations that incorporated the potential covariates of LL in an additive fashion. • Lifetime return in C fixed per unit C, N or P invested increased with LL in all simulations. • In contrast to other recent studies, our results show that extended LL confers a fundamental economic advantage by increasing a plant's return on investment in leaves. This suggests that time-discounting effects, that is, the compounding of income that arises from quick reinvestment of C revenue, are key in allowing short-LL species to succeed in the face of this economic handicap. © 2011 The Authors. New Phytologist © 2011 New Phytologist Trust.

Simulation of investment returns of toll projects.

Science.gov (United States)

2013-08-01

This research develops a methodological framework to illustrate key stages in applying the simulation of investment returns of toll projects, acting as an example process of helping agencies conduct numerical risk analysis by taking certain uncertain...

Robust finger vein ROI localization based on flexible segmentation.

Science.gov (United States)

Lu, Yu; Xie, Shan Juan; Yoon, Sook; Yang, Jucheng; Park, Dong Sun

2013-10-24

Finger veins have been proved to be an effective biometric for personal identification in the recent years. However, finger vein images are easily affected by influences such as image translation, orientation, scale, scattering, finger structure, complicated background, uneven illumination, and collection posture. All these factors may contribute to inaccurate region of interest (ROI) definition, and so degrade the performance of finger vein identification system. To improve this problem, in this paper, we propose a finger vein ROI localization method that has high effectiveness and robustness against the above factors. The proposed method consists of a set of steps to localize ROIs accurately, namely segmentation, orientation correction, and ROI detection. Accurate finger region segmentation and correct calculated orientation can support each other to produce higher accuracy in localizing ROIs. Extensive experiments have been performed on the finger vein image database, MMCBNU_6000, to verify the robustness of the proposed method. The proposed method shows the segmentation accuracy of 100%. Furthermore, the average processing time of the proposed method is 22 ms for an acquired image, which satisfies the criterion of a real-time finger vein identification system.

Robust Finger Vein ROI Localization Based on Flexible Segmentation

Directory of Open Access Journals (Sweden)

Dong Sun Park

2013-10-01

Full Text Available Finger veins have been proved to be an effective biometric for personal identification in the recent years. However, finger vein images are easily affected by influences such as image translation, orientation, scale, scattering, finger structure, complicated background, uneven illumination, and collection posture. All these factors may contribute to inaccurate region of interest (ROI definition, and so degrade the performance of finger vein identification system. To improve this problem, in this paper, we propose a finger vein ROI localization method that has high effectiveness and robustness against the above factors. The proposed method consists of a set of steps to localize ROIs accurately, namely segmentation, orientation correction, and ROI detection. Accurate finger region segmentation and correct calculated orientation can support each other to produce higher accuracy in localizing ROIs. Extensive experiments have been performed on the finger vein image database, MMCBNU_6000, to verify the robustness of the proposed method. The proposed method shows the segmentation accuracy of 100%. Furthermore, the average processing time of the proposed method is 22 ms for an acquired image, which satisfies the criterion of a real-time finger vein identification system.

Robust Finger Vein ROI Localization Based on Flexible Segmentation

Science.gov (United States)

Lu, Yu; Xie, Shan Juan; Yoon, Sook; Yang, Jucheng; Park, Dong Sun

2013-01-01

Finger veins have been proved to be an effective biometric for personal identification in the recent years. However, finger vein images are easily affected by influences such as image translation, orientation, scale, scattering, finger structure, complicated background, uneven illumination, and collection posture. All these factors may contribute to inaccurate region of interest (ROI) definition, and so degrade the performance of finger vein identification system. To improve this problem, in this paper, we propose a finger vein ROI localization method that has high effectiveness and robustness against the above factors. The proposed method consists of a set of steps to localize ROIs accurately, namely segmentation, orientation correction, and ROI detection. Accurate finger region segmentation and correct calculated orientation can support each other to produce higher accuracy in localizing ROIs. Extensive experiments have been performed on the finger vein image database, MMCBNU_6000, to verify the robustness of the proposed method. The proposed method shows the segmentation accuracy of 100%. Furthermore, the average processing time of the proposed method is 22 ms for an acquired image, which satisfies the criterion of a real-time finger vein identification system. PMID:24284769

PUBLIC ATTENTION AND FINANCIAL INFORMATION AS DETERMINANTS OF FIRMS PERFORMANCE IN THE TELECOMMUNICATION SECTOR

Directory of Open Access Journals (Sweden)

Ridwan Nurazi

2017-03-01

Full Text Available The remarkable progress of information technology had driven every firm to publish their financial performanceby using internet. This circumstance resulted in the high public attention in order to generate the stockreturn. In addition, financial information such as financial ratio namely DER, LEV, NPM, ROI, and ROEwere supposed to influence the firm’s performance either in positive or negative effects. This study focused onthe investigation of public attention (PA and financial information as determinants of financial performanceon four companies in Telecommunication sector, Indonesia Stock Exchange (IDX, within time period from2007 to 2012. Hereby, we pointed out that public attention and financial information considerably contributeto firm performance, in which the Pooled Least Square (EGLS with cross section and period weight wasemployed. The results showed that Public Attention (PA positively contributed towards stock return. Further,financial ratio such as debt-to-equity ratio (DER negatively influenced the return. Leverage (LEV, net profitmargin (NPM and return on investment (ROI positively related to return. However, return on equity (ROEshowed the contrary sign, in which it negatively influenced the return but was statistically insignificant. Then,we reported that the stock price (LNSP did not significantly contribute towards return (RET.

What will it take for disease management to demonstrate a return on investment? New perspectives on an old theme.

Science.gov (United States)

Linden, Ariel Linden

2006-04-01

Disease management programs are expected (and usually contractually required) to reduce total costs in the diseases they manage. To discuss the appropriateness of using utilization indexes in lieu of cost and the importance of reviewing utilization trends to determine whether sufficient opportunity exists for a program to be financially effective; and to conduct an analysis to determine the number of admissions that must be reduced for a program to achieve various levels of return on investment. Descriptive. Historical inpatient cost trends, discharges per 10,000 population, the mean length of stay, and emergency department visits per 10,000 population for acute myocardial infarction, congestive heart failure, asthma, and diabetes mellitus are presented. A "number-needed-to-decrease" analysis is performed to determine the number of admissions or emergency department visits that must be reduced to meet varying levels of return on investment. (1) Hospital days per 10,000 population for these conditions trended downward, while costs during the same period escalated. (2) Discharge and emergency department visit rates per 10,000 population were flat and low during the observation period, while the mean length of stay declined. Results of the number-needed-to-decrease analysis suggest that disease management programs will have to decrease admissions 10% to 30% to cover program fees alone. A review of historical utilization trends and a number-needed-to-decrease analysis should be conducted before disease management program implementation to determine whether sufficient opportunity exists to reduce utilization to levels that will ensure a positive return on investment.

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.

Communicating Value in Simulation: Cost-Benefit Analysis and Return on Investment.

Science.gov (United States)

Asche, Carl V; Kim, Minchul; Brown, Alisha; Golden, Antoinette; Laack, Torrey A; Rosario, Javier; Strother, Christopher; Totten, Vicken Y; Okuda, Yasuharu

2018-02-01

Value-based health care requires a balancing of medical outcomes with economic value. Administrators need to understand both the clinical and the economic effects of potentially expensive simulation programs to rationalize the costs. Given the often-disparate priorities of clinical educators relative to health care administrators, justifying the value of simulation requires the use of economic analyses few physicians have been trained to conduct. Clinical educators need to be able to present thorough economic analyses demonstrating returns on investment and cost-effectiveness to effectively communicate with administrators. At the 2017 Academic Emergency Medicine Consensus Conference "Catalyzing System Change through Health Care Simulation: Systems, Competency, and Outcomes," our breakout session critically evaluated the cost-benefit and return on investment of simulation. In this paper we provide an overview of some of the economic tools that a clinician may use to present the value of simulation training to financial officers and other administrators in the economic terms they understand. We also define three themes as a call to action for research related to cost-benefit analysis in simulation as well as four specific research questions that will help guide educators and hospital leadership to make decisions on the value of simulation for their system or program. © 2017 by the Society for Academic Emergency Medicine.

Return on Investment Analysis of Health Experts onLine at Portsmouth: A 2-Year Review of the Navy's Newest Teleconsultation System.

Science.gov (United States)

Lin, Andrew H; Welstead, Bethany L; Morey, Brittany L; Mahnke, C Becket; Cole, Jacob H; Johnston, Michael G

2017-05-01

Health Experts onLine at Portsmouth (HELP) is a web-based teleconsultation system launched in June 2014 to facilitate communication between specialists at Naval Medical Center Portsmouth and providers assigned to both the fleet forces and primary care clinics across the eastern United States, Europe, and the Middle East. Specialist consultations through the HELP system purport to improve access to care for patients who otherwise might be referred to the civilian network or medically evacuated (MEDEVACed) to Naval Medical Center Portsmouth for specialized care. If HELP-facilitated communications help avoid civilian referrals or MEDEVACs, the associated costs of that care should be reduced. We evaluated cost savings associated with prevented MEDEVACs by analyzing both tangible savings (prevented costs of flights, per diems, and consults) and intangible savings (reduced lost productivity time). We compared these savings to the costs of maintaining and utilizing the HELP system: startup costs, administrative costs, and provider time costs. We used patient and provider data from the HELP database to evaluate clinical consult cases. Before this analysis, a panel of 3 physicians associated with HELP reviewed each consult to determine whether a case qualified as a prevented MEDEVAC. Data from the Military Health System (MHS) Management and Analysis Reporting Tool and the MHS Data Repository were used to estimate costs associated with provider time, patient time, and direct care medical encounters. The HELP program delivered measurable, positive returns on investment (ROIs) between June 2014 and December 2015. In that time frame, 559 consult cases occurred in the HELP system. Of the 559 total consult cases, 50 consults prevented MEDEVACs. Incorporating only tangible savings, HELP produced an 80% ROI on the basis of prevented medical evacuations; the addition of intangible savings such as reduced lost productivity increased the ROI to 250%. The dollar values of these savings

Adaptive and bounded investment returns promote cooperation in spatial public goods games.

Directory of Open Access Journals (Sweden)

Xiaojie Chen

Full Text Available The public goods game is one of the most famous models for studying the evolution of cooperation in sizable groups. The multiplication factor in this game can characterize the investment return from the public good, which may be variable depending on the interactive environment in realistic situations. Instead of using the same universal value, here we consider that the multiplication factor in each group is updated based on the differences between the local and global interactive environments in the spatial public goods game, but meanwhile limited to within a certain range. We find that the adaptive and bounded investment returns can significantly promote cooperation. In particular, full cooperation can be achieved for high feedback strength when appropriate limitation is set for the investment return. Also, we show that the fraction of cooperators in the whole population can become larger if the lower and upper limits of the multiplication factor are increased. Furthermore, in comparison to the traditionally spatial public goods game where the multiplication factor in each group is identical and fixed, we find that cooperation can be better promoted if the multiplication factor is constrained to adjust between one and the group size in our model. Our results highlight the importance of the locally adaptive and bounded investment returns for the emergence and dominance of cooperative behavior in structured populations.

Investment Returns and Economic Fundamentals in International Art Markets

OpenAIRE

Renneboog, L.D.R.; Spaenjers, C.

2014-01-01

Abstract: Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. We examine geographical segmentation and its effects on price formation and returns in the international art auction market. We find (i) a close connection between the country of sale and the type (e.g., nationality) of artworks sold; (ii) substantial international variation in average returns to art investments over the period 1971-2007; (iii) an impact of both global a...

Communicating Value in Simulation: Cost Benefit Analysis and Return on Investment.

Science.gov (United States)

Asche, Carl V; Kim, Minchul; Brown, Alisha; Golden, Antoinette; Laack, Torrey A; Rosario, Javier; Strother, Christopher; Totten, Vicken Y; Okuda, Yasuharu

2017-10-26

Value-based health care requires a balancing of medical outcomes with economic value. Administrators need to understand both the clinical and economic effects of potentially expensive simulation programs to rationalize the costs. Given the often-disparate priorities of clinical educators relative to health care administrators, justifying the value of simulation requires the use of economic analyses few physicians have been trained to conduct. Clinical educators need to be able to present thorough economic analyses demonstrating returns on investment and cost effectiveness to effectively communicate with administrators. At the 2017 Academic Emergency Medicine Consensus Conference "Catalyzing System Change through Health Care Simulation: Systems, Competency, and Outcomes", our breakout session critically evaluated the cost benefit and return on investment of simulation. In this paper we provide an overview of some of the economic tools that a clinician may use to present the value of simulation training to financial officers and other administrators in the economic terms they understand. We also define three themes as a call to action for research related to cost benefit analysis in simulation as well as four specific research questions that will help guide educators and hospital leadership to make decisions on the value of simulation for their system or program. This article is protected by copyright. All rights reserved. This article is protected by copyright. All rights reserved.

Superior eco-efficiency performance in industry: hidden risks and value potential for strategic investors

Energy Technology Data Exchange (ETDEWEB)

Whittaker, M.; Kiernan, M.J. [Innovest Strategic Value Advisors Inc., Richmond Hill, ON (Canada)

2000-07-01

It is now widely recognized that high eco-efficiency and competitiveness and financial performance go hand in hand. Innovest assessed more than 60 facets of business development, management and environmental risks in global companies representing the petroleum, chemicals, forest products, electrical utilities and other industries. It did not matter whether return on investment (ROI), return on equity (ROE) or total stock market return was considered as a basis for evaluation. Those companies that ranked at the top on environmental performance outperformed their rivals in the same sector by 17 per cent annually. In addition, the authors noticed variances as large as 500 per cent in the environmental risk profiles of companies whose credit and investment risks were deemed identical. The eco-efficiency helped generate competitive advantage and financial performance by enhancing: (1) cost containment and liability reduction, (2) sales and market share growth, (3) franchise and brand value, (4) stakeholder satisfaction and (5) innovation capacity. 2 refs., 3 figs.

Investing in Cognac Producing Vineyards to Hedge Wealth While Receiving High Returns

Directory of Open Access Journals (Sweden)

Hakob Hakobyan

2015-07-01

Full Text Available The general trend over the last decade for investments has been moving towards emerging markets, where investors are promised high returns for risky investments. These kind of investments favor the brave and bold, but are frightening for the risk averse. In this paper I will be presenting the opportunities that an investment into cognac producing vineyards can offer. High return and relatively low risk investment opportunities that exists in France. Included in the paper will be examples of large investments made recently into the industry. I will analyze the trends in the market over the past 8 years for the prices of land, cognac itself and the ease of sales of such products. There will also be an in-depth explanation of why cognac is today’s least risky product to invest into, comparing it to the Champagne regions’ similar historic trends. The findings show that land prices have increased at an average of 10% while simultaneously the price of cognac, has grow at an average of 14%. This product also has a unique hedging opportunity for investors. In short, excluding the growth of cognac prices in general the product itself gains value the longer it is stored, by an average of 12%. In this industry there are 5 big players that compete with each other on quality and also access to future stocks. This reality gives an investor the unique ability to sign futures contracts for 100% of their production over a 5 year period (standard market contract. Similar contracts can be signed with cooperatives who manage the lands for the investor, making the investment hassle free. This allows for an assured projection of both costs and returns for an unprecedented length of time compared to any other industry today. In conclusion, cognac producing vineyards are an investment that can potentially bring high returns, while being able to hedge the investment and see capital gains over the course of time. There will be a final simulation of a 5 year

Synthesis to Special Issue on New Studies in EROI (Energy Return on Investment

Directory of Open Access Journals (Sweden)

Charles A.S. Hall

2011-12-01

Full Text Available This paper is a synthesis of a series of twenty papers on the topic of EROI, or energy return on investment. EROI is simply the energy gained from an energy-obtaining effort divided by the energy used to get that energy. For example, one barrel of oil invested into getting oil out of the ground might return fifty, thirty, ten or one barrel, depending when and where the process is taking place. It is meant to be read in conjunction with the first paper in this special issue and also a number of the papers themselves. As such I try to summarize what general trends we might conclude from these varied and often highly technical papers. About half of the papers are reports on empirical analyses of various energy sources such as Norwegian or Gulf of Mexico oil, Pennsylvania gas and so on. About a quarter of the papers are methodological: how do we go about undertaking these analyses, what problems are there, what are the proper boundaries and so on. The final quarter are in a sense philosophical: since it appears that we will be living indefinitely in a world of decreasing EROIs, what are the economic, social and psychological implications? The rest of this paper summarizes the results of these studies.

Long-Term Cost-Effectiveness and Return-on-Investment of a Mindfulness-Based Worksite Intervention

NARCIS (Netherlands)

Dongen, J.M. van; Berkel, J. van; Boot, C.R.L.; Bosmans, J.E.; Proper, K.I.; Bongers, P.M.; Beek, A.J. van der; Tulder, M.W. van; Wier, M.F. van

2016-01-01

Objectives: The aim of this study was to conduct a cost-effectiveness and return-on-investment analysis comparing a mindfulness-based worksite intervention to usual practice. Methods: Two hundred fifty-seven governmental research institute employees were randomized to the intervention or control

INVESTMENT FUNDS’ PERFORMANCE AND ECONOMIC GROWTH

Directory of Open Access Journals (Sweden)

Apolzan Carmen Maria

2012-07-01

Full Text Available In this paper we examine the performance of investment funds during the period 2006-2010, intending to comprise the portfolio performance’s dynamics before, during and after the present economic and financial crises climax. We categorize investment funds according to their investment strategy and geographical focus and distinguish a number of 11 classes. In order to analyze their returns’ dynamics, we create a fund performance index for each category using principal components method. The instability created in financial system in 2007 had a direct impact on institutional investors’ portfolios regardless of investment strategy, effects that have rapidly propagated on real economy. Analyzing index’s dynamics correlated with economic growth we conclude that financial and economic environment react in the same direction, but with a certain time delay, to instability factors. We also underline the major impact of boom and bust evolution of financial markets on real economy, cause of the current economic and financial crises.

Medical Ultrasound Video Coding with H.265/HEVC Based on ROI Extraction.

Science.gov (United States)

Wu, Yueying; Liu, Pengyu; Gao, Yuan; Jia, Kebin

2016-01-01

High-efficiency video compression technology is of primary importance to the storage and transmission of digital medical video in modern medical communication systems. To further improve the compression performance of medical ultrasound video, two innovative technologies based on diagnostic region-of-interest (ROI) extraction using the high efficiency video coding (H.265/HEVC) standard are presented in this paper. First, an effective ROI extraction algorithm based on image textural features is proposed to strengthen the applicability of ROI detection results in the H.265/HEVC quad-tree coding structure. Second, a hierarchical coding method based on transform coefficient adjustment and a quantization parameter (QP) selection process is designed to implement the otherness encoding for ROIs and non-ROIs. Experimental results demonstrate that the proposed optimization strategy significantly improves the coding performance by achieving a BD-BR reduction of 13.52% and a BD-PSNR gain of 1.16 dB on average compared to H.265/HEVC (HM15.0). The proposed medical video coding algorithm is expected to satisfy low bit-rate compression requirements for modern medical communication systems.

Medical Ultrasound Video Coding with H.265/HEVC Based on ROI Extraction.

Directory of Open Access Journals (Sweden)

Yueying Wu

Full Text Available High-efficiency video compression technology is of primary importance to the storage and transmission of digital medical video in modern medical communication systems. To further improve the compression performance of medical ultrasound video, two innovative technologies based on diagnostic region-of-interest (ROI extraction using the high efficiency video coding (H.265/HEVC standard are presented in this paper. First, an effective ROI extraction algorithm based on image textural features is proposed to strengthen the applicability of ROI detection results in the H.265/HEVC quad-tree coding structure. Second, a hierarchical coding method based on transform coefficient adjustment and a quantization parameter (QP selection process is designed to implement the otherness encoding for ROIs and non-ROIs. Experimental results demonstrate that the proposed optimization strategy significantly improves the coding performance by achieving a BD-BR reduction of 13.52% and a BD-PSNR gain of 1.16 dB on average compared to H.265/HEVC (HM15.0. The proposed medical video coding algorithm is expected to satisfy low bit-rate compression requirements for modern medical communication systems.

Webinar: Green Cleaning for Improved Health: The Return on Investment of Green Cleaning in Schools

Science.gov (United States)

A page to register to view the June 22, 2017, webinar in the IAQ Knowledge-to-Action Professional Training Webinar Series: Green Cleaning for Improved Health: The Return on Investment of Green Cleaning in Schools

Fundamental aspects affecting the return on investment from solar power plants

International Nuclear Information System (INIS)

Cintula, B.; Viglas, D.

2012-01-01

The article deals with fundamental parameters of solar cells-conversion efficiency of solar radiation into electricity and price of solar cells. These two aspects affect each other, so it is important to deal with both at once. In introduction are described the theoretical solutions about efficiency analysis. Furthermore the article is focused on a description of materials used in the photovoltaic cells. In addition, the article shows the price trend of photovoltaic cells for the last year. Finally, these two aspects are evaluated for return on investment in photovoltaic power plants. (Authors)

Does Sustainability Affect Corporate Performance and Economic Development? Evidence from the Asia-Pacific region and North America

Directory of Open Access Journals (Sweden)

Kyungbok Kim

2018-03-01

Full Text Available This paper explores how sustainability influences financial returns and economic development in the Asia-Pacific region and North America, utilizing real data empirically. It is controversial that sustainable activities are related to financial performance. For clarification, we tested hypotheses analyzing sustainability index, seven stock markets, financial data such as ROI, ROIC, and ROA from eleven companies, and GDP/GNI per capita, based on the Asia-Pacific region and North America. The results indicate that both financial return for companies and economic development in the two regions are positively germane to sustainable investment. Besides, we found evidence that sustainable investment impacts economic development based on variance decomposition analysis, depending on GDP per capita between the two regions. This implication will be interesting for both practitioners and researchers regarding the measurement of sustainable performance.

Monitoring worksite clinic performance using a cost-benefit tool.

Science.gov (United States)

Tao, Xuguang; Chenoweth, David; Alfriend, Amy S; Baron, David M; Kirkland, Tracie W; Scherb, Jill; Bernacki, Edward J

2009-10-01

The purpose of this study was to explore the usefulness of continuously assessing the return on investment (ROI) of worksite medical clinics as a means of evaluating clinic performance. Visit data from January 1, 2007, to December 31, 2008, were collected from all the on-site clinics operated for the Pepsi Bottling Group. An average system-wide ROI was calculated from the time of each clinic's opening and throughout the study period. A multivariate linear regression model was used to determine the association of average ROI with penetration/utilization rate and plant size. A total of 26 on-site clinics were actively running as of December 2008. The average ROI at the time of start up was 0.4, which increased to 1.2 at approximately 4 months and 1.6 at the end of the first year of operation. Overall, it seems that the cost of operating a clinic becomes equal to the cost of similar care purchased in the community (ROI = 1) at approximately 3 months after a clinic's opening and flattens out at the end of the first year. The magnitude of the ROI was closely related to the number of visits (a function of the penetration/utilization rate) and the size of the plant population served. Serial monitoring of ROIs is a useful metric in assessing on-site clinic performance and quantifying the effect of new initiatives aimed at increasing a clinic's cost effectiveness.

Unemployment, Investment and Global Expected Returns: A Panel FAVAR Approach

OpenAIRE

Ron Smith; Gylfi Zoega

2005-01-01

We consider the hypothesis that a common factor, global expected returns, drives unemployment and investment in 21 OECD countries over the period 1960-2002. We investigate this hypothesis using a panel-factor augmented-vector autoregression (FAVAR). We first estimate the common factors of unemployment and investment by principal components and show that the first principal component of unemployment is almost identical to that of investment and that they both show the pattern one would expect ...

Social Return on Investment: A New Approach to Understanding and Advocating for Value in Healthcare.

Science.gov (United States)

Laing, Catherine M; Moules, Nancy J

2017-12-01

To determine whether the methodology of social return on investment (SROI) could be a way in which the value of a healthcare-related program (children's cancer camp) could be captured, evaluated, and communicated. The value of healthcare goes beyond what can be captured in financial terms; however, this is the most common type of value that is measured. The SROI methodology accounts for a broader concept of value by measuring social, environmental, and economic outcomes and uses monetary values to represent them. The steps/stages of an SROI analysis were applied to the context of a children's camp for this article. Applying the SROI methodology to this healthcare-related program was feasible and provided insight and understanding related to the impacts of this program. Because of SROI's flexibility, it is a tool that has great potential in a healthcare environment and for leaders to evaluate programmatic return on investment.

Return on the Federal Investment in Student Financial Aid: An Assessment for the High School Class of 1972.

Science.gov (United States)

St. John, Edward P.; Masten, Charles L.

1990-01-01

It is argued that public investment in student financial aid should be evaluated based on tax revenue returns resulting from the expenditure. A model for estimating tax revenue returns from gains in educational attainment attributable to student aid is developed, and impact of aid on access and persistence is examined. (Author/MSE)

The Rate of Return to Educational Investment in China: A Comparative Commentary

Science.gov (United States)

Li, Fengliang; Zhao, Yandong; Morgan, W. John

2011-01-01

This article comments on several features of the rate of return (ROR) to educational investment in China: first, the ROR to educational investment has increased with the expansion of educational provision since the 1980s. Second, the greater the educational provision, the greater the ROR. Third, the ROR in urban areas is more than that in rural…

Social rate of return to R&D on various energy technologies: Where should we invest more? A study of G7 countries

International Nuclear Information System (INIS)

Inglesi-Lotz, Roula

2017-01-01

The importance of investment in Research and Development (R&D) in the energy sector is indisputable especially considering the benefits of new technologies to sustainability, security and environmental protection. However, the nature and potential of various energy technologies that are capable of improving the energy and environmental conditions globally is a challenging task for governments and policy makers that have to make decisions on the allocation of funds in R&D. To do so, the optimal resource allocation to R&D should be determined by estimating the social rate of return for R&D investments. This paper aims to estimate the social rate of return of R&D on various energy applications and technologies such as energy efficiency, fossil fuels, renewable energy sources, and nuclear for the G7 countries. The results show that primarily R&D investment on Energy Efficiency technologies and Nuclear are the ones that yield high social benefits for all G7 countries while exactly the opposite holds for Fossil fuels. - Highlights: • Allocation of R&D funding in various energy technologies is a challenging task. • This can be done by estimating the social rate of return for R&D investments • We investigate various technologies’ social rate of return for the G7 countries. • R&D funding yields social benefits from energy efficiency and nuclear technologies. • R&D investment on fossil fuels has negative social rate of return.

Estimating investor preferences towards portfolio return distribution in investment funds

Directory of Open Access Journals (Sweden)

Margareta Gardijan

2015-03-01

Full Text Available Recent research in the field of investor preference has emphasised the need to go beyond just simply analyzing the first two moments of a portfolio return distribution used in a MV (mean-variance paradigm. The suggestion is to observe an investor's utility function as an nth order Taylor approximation. In such terms, the assumption is that investors prefer greater values of odd and smaller values of even moments. In order to investigate the preferences of Croatian investment funds, an analysis of the moments of their return distribution is conducted. The sample contains data on monthly returns of 30 investment funds in Croatia for the period from January 1999 to May 2014. Using the theoretical utility functions (DARA, CARA, CRRA, we compare changes in their preferences when higher moments are included. Moreover, we investigate an extension of the CAPM model in order to find out whether including higher moments can explain better the relationship between the awards and risk premium, and whether we can apply these findings to estimate preferences of Croatian institutional investors. The results indicate that Croatian institutional investors do not seek compensation for bearing greater market risk.

The impact of sharing arrangement institution on beef cattle breeding performance in Kupang District, East Nusa Tenggara Province, Indonesia

Science.gov (United States)

Nono, O. H.; Natawidjaja, R.; Arief, B.; Suryadi, D.; Kapa, M. M. J.

2018-02-01

The aim of this study was to analyse the impact of sharing arrangement systems to performance of beef cattle breeding. This research was conducted in Kupang Regency - East Nusa Tenggara Province, Indonesia. The study used multi stage cluster random sampling method to determine the sample area and respondents. The sample areas consisted of 2 sub-districts and 6 villages, while the total respondents were 117 people comprised 74 Participant Farmers (PF) of sharing arrangement systems (SAS) and 43 non-participant farmers (NPF). 23 investors were selected for the survey. The result of the study indicated that the performance of NPF in terms of revenue, net profit, and return on investment (ROI) was better than PF respondents. The value of ROI was between 16.69-32.23 %. This indicated that utilization of farm asset was not optimum yet. It was found that farm efficiency was 1.73 which indicated that SAS does not increase farm productivity.

How Are Property Investment Returns Determined? : Estimating the Micro-Structure of Asset Prices, Property Income, and Discount Rates

OpenAIRE

Shimizu, Chihiro

2014-01-01

How exactly should one estimate property investment returns? Investors in property aim to maximize capital gains from price increases and income generated by the property. How are the returns on investment in property determined based on its characteristics, and what kind of market characteristics does it have? Focusing on the Tokyo commercial property market and residential property market, the purpose of this paper was to break down and measure the micro-structure of property investment ret...

THE CHOICE OF INVESTMENT LOCATION – THE DETERMININING FACTOR OF ITS YIELD

Directory of Open Access Journals (Sweden)

GUŢĂ ANCA JARMILA

2016-08-01

Full Text Available The main objective of a financial manager is to use the funds of the company within its managerial authority, so that at long-term the firm obtains the investments yield at least as high as that which could be achieved through alternative investments, with similar risks. The second important objective is to maximize the present value of investment resources to achieve the higher yield as possible, without existing the undue risk. For maximization of the earning capacity of the firm, the resources are allocated in such a way that the earning are allocated in such a way that the earning capacity is transformed into a high efficiency as possible for the company. For achieving these objectives the measurement methods are needed to evaluate the company performance. A basic measurement method is the return on investment (ROI, which describes the relationship between profit and investment. The planning of a business regardless of the investment area must take into account the location of the investment project because of its importance to the future success of the company. In this context, the paper analyzes the main aspects concerning the natural environment and related geophysical conditions, the environmental impact of the project, socio-economic and governmental policies as well as the industrial infrastructure conditions, key issues in determining the efficiency of investment for a company with industrial production activity

Dual-ROI radionuclide ventriculography

International Nuclear Information System (INIS)

Standke, R.; Hoer, G.; Kanemoto, N.; Maul, F.D.

1981-01-01

Accurate determination of the left ventricular activity function is the precondition for a quantitative analysis of the ventricular volume function. During the volume reduction period, extra-myocardial tissue penetrates into the ROI of the late diastole. This curve-distorting activity cannot be eliminated by a single-ROI technique. Of the multiple-ROI techniques, the dual-ROI method is the least complex and tedions and involves the least methodological error. At the time of maximum volume change rates, the curve may be distorted if the late diastolic ROI is inaccurately defined. A method is described which uses only the counting rate over the late diastolic ROI and corrects it only on the basis of the counting rate of the late systolic ROI. The time parameters remain uninfluenced by this correction method while the volumetric parameters are corrected. (orig./APR) [de

A General Mathematical Framework for Calculating Systems-Scale Efficiency of Energy Extraction and Conversion: Energy Return on Investment (EROI) and Other Energy Return Ratios

OpenAIRE

Adam R. Brandt; Michael Dale

2011-01-01

The efficiencies of energy extraction and conversion systems are typically expressed using energy return ratios (ERRs) such as the net energy ratio (NER) or energy return on investment (EROI). A lack of a general mathematical framework prevents inter-comparison of NER/EROI estimates between authors: methods used are not standardized, nor is there a framework for succinctly reporting results in a consistent fashion. In this paper we derive normalized mathematical forms of four ERRs for energy ...

Relating Financial and Energy Return on Investment

Directory of Open Access Journals (Sweden)

Carey W. King

2011-10-01

Full Text Available For many reasons, including environmental impacts and the peaking and depletion of the highest grades of fossil energy, it is very important to have sound methods for the evaluation of energy technologies and the profitability of the businesses that utilize them. In this paper we derive relations among the biophysical characteristic of an energy resource in relation to the businesses and technologies that exploit them. These relations include the energy return on energy investment (EROI, the price of energy, and the profit of an energy business. Our analyses show that EROI and the price of energy are inherently inversely related such that as EROI decreases for depleting fossil fuel production, the corresponding energy prices increase dramatically. Using energy and financial data for the oil and gas production sector, we demonstrate that the equations sufficiently describe the fundamental trends between profit, price, and EROI. For example, in 2002 an EROI of 11:1 for US oil and gas translates to an oil price of 24 $2005/barrel at a typical profit of 10%. This work sets the stage for proper EROI and price comparisons of individual fossil and renewable energy businesses as well as the electricity sector as a whole. Additionally, it presents a framework for incorporating EROI into larger economic systems models.

Selection of the Best Security Controls for Rapid Development of Enterprise-Level Cyber Security

Science.gov (United States)

2017-03-01

investment (ROI) assessment. This ROI assessment entailed consideration of both the likely/expected security benefits of each candidate security control...the top 10–20 cyber security controls, where ranking was based upon a return on investment (ROI) assessment. This ROI assessment entailed...11  II.  CYBER SECURITY: UNDERLYING PRINCIPLES, FUNDAMENTALS AND BEST PRACTICES .................................................13  A

Impact Of Retirement Benefit Act (RBA) On Investment Returns To Pension Funds In Kenya

OpenAIRE

Lucy Jepchoge Rono; Julius Kibet Bitok; Gordon N Asamoah

2010-01-01

This study focused on the analysis of the impact of RBA guidelines on the return on investments of both pension funds under management and those for pension schemes. A random sample of 175 fund trustees and a census of 13 fund managers from registered fund management companies participated in the survey. The questionnaire was administered through the drop-and-pick method. Data were analyzed using SPSS (Statistical Package for Social Sciences) and summarized in descriptive statistics, such as ...

Measuring the Return on Investment of Nuclear Security Training: The Case of the WINS Academy Professional Society

International Nuclear Information System (INIS)

Battistella, B.; Howsley, R.; Johnson, D.

2015-01-01

The challenges inherent in managing nuclear and radiological materials are complex and growing; ensuring that such materials remain secure requires competent management supported by ongoing training. The nuclear industry is increasingly becoming aware of the need for nuclear security: numerous dedicated training centres have been established worldwide and the IAEA holds approximately 60 international nuclear security training events annually. International training programmes have been conducted in various fields over decades but assessing their value and having the assurance that these training have had a sustainable impact remain difficult. In the field of nuclear security training, no assessment is being made of the degree to which the investment made is making a difference in building sustainable capacity and capability. This paper aims to discuss a methodology to assess the return on investment of nuclear security training. WINS has established a new professional society called the WINS Academy Alumni, for those individuals who have achieved certification through the WINS Academy. This platform proposes a structure, based on established competency frameworks, through which to measure the return on investment and performance improvement of nuclear security training. The objectives of the WINS Academy society are to stay engaged with certified Alumni, track their continued professional development progress, provide them with additional opportunities, and encourage their continued security competence through recertification. We envision that these certified practitioners will in turn promote certification and continual professional development among their peers to help build a network of security-trained professionals that will lead to meaningful and sustainable changes to security culture worldwide. In the long run (5–10 years), we envision that this group will be at the forefront of new professional requirements for nuclear security competence, with

Economic and accounting rates of return

NARCIS (Netherlands)

Feenstra, D.W.; Wang, H.

2000-01-01

The rate of return on invested capital is a central concept in financial analysis. The purpose of calculating the rate of return on investment in general is to measure the financial performance, to assess the desirability of a project and to make decisions on the valuation of firms. Financial

Bedside ROP screening and telemedicine interpretation integrated to a neonatal transport system: Economic aspects and return on investment analysis.

Science.gov (United States)

Kovács, Gábor; Somogyvári, Zsolt; Maka, Erika; Nagyjánosi, László

Peter Cerny Ambulance Service - Premature Eye Rescue Program (PCA-PERP) uses digital retinal imaging (DRI) with remote interpretation in bedside ROP screening, which has advantages over binocular indirect ophthalmoscopy (BIO) in screening of premature newborns. We aimed to demonstrate that PCA-PERP provides good value for the money and to model the cost ramifications of a similar newly launched system. As DRI was demonstrated to have high diagnostic performance, only the costs of bedside DRI-based screening were compared to those of traditional transport and BIO-based screening (cost-minimization analysis). The total costs of investment and maintenance were analyzed with micro-costing method. A ten-year analysis time-horizon and service provider's perspective were applied. From the launch of PCA-PERP up to the end of 2014, 3722 bedside examinations were performed in the PCA covered central region of Hungary. From 2009 to 2014, PCA-PERP saved 92,248km and 3633 staff working hours, with an annual nominal cost-savings ranging from 17,435 to 35,140 Euro. The net present value was 127,847 Euro at the end of 2014, with a payback period of 4.1years and an internal rate of return of 20.8%. Our model presented the NPVs of different scenarios with different initial investments, annual number of transports and average transport distances. PCA-PERP as bedside screening with remote interpretation, when compared to a transport-based screening with BIO, produced better cost-savings from the perspective of the service provider and provided a return on initial investment within five years after the project initiation. Copyright © 2017 Elsevier B.V. All rights reserved.

High-tech industries' overseas investment performance evaluation - Application of data envelopment analysis

Directory of Open Access Journals (Sweden)

Ridong Hu

2013-12-01

Full Text Available With the rapid change of the social environment, Mainland China has become a new economic market due to the great domestic demand caused by its enormous population and the increasing economic growth rate. Taiwanese businesses have gradually turned to develop in China under the pressure of increasing domestic wages and land costs for expanding factories as well as the enhancement of environmental protection. Mainland China presents the advantages of ample land, low labor costs, monoethnicity, and easy language communication making it an attractive major investment location for Taiwanese high-tech industries. Data Envelopment Analysis (DEA is applied to measure overseas investment efficiency evaluation of Taiwanese high-tech businesses in China, where the Delphi Method is used for selecting the inputs of the number of employees, R&D expenses, and gross sales in total assets. Sensitivity Analysis is further utilized for acquiring the most efficient unit and individual units with operating efficiency. The research results show that 1.Three high-tech businesses that present constant returns to scale perform optimally with overseas investment efficiency 2.Two high-tech companies with decreasing returns to scale appear that they could improve the overseas investment efficiency by decreasing the scale to enhancing the marginal returns, and 3.Sixteen high-tech enterprises reveal increasing returns to scale, showing that they could expand the scale to enhance the marginal returns and further promote efficiency.

Evaluating return on investment in a school based health promotion and prevention program: the investment multiplier for the Stephanie Alexander Kitchen Garden National Program.

Science.gov (United States)

Eckermann, Simon; Dawber, James; Yeatman, Heather; Quinsey, Karen; Morris, Darcy

2014-08-01

Successful health promotion and disease prevention strategies in complex community settings such as primary schools rely on acceptance and ownership across community networks. Assessing multiplier impacts from investment on related community activity over time are suggested as key alongside evidence of program health effects on targeted groups of individuals in gauging community network engagement and ownership, dynamic impacts, and program long term success and return on investment. An Australian primary school based health promotion and prevention strategy, the Stephanie Alexander Kitchen Garden National Program (SAKGNP), which has been providing garden and kitchen classes for year 3-6 students since 2008, was evaluated between 2011 and 2012. Returns on Australian Federal Government investment for school infrastructure grants up to $60,000 are assessed up to and beyond a two year mutual obligation period with: (i) Impacts on student lifestyle behaviours, food choices and eating habits surveyed across students (n = 491 versus 260) and parents (n = 300 versus 234) in 28 SAKGNP and 14 matched schools, controlling for school and parent level confounders and triangulated with SAKGNP pre-post analysis; (ii) Multiplier impacts of investment on related school and wider community activity up to two years; and (iii) Evidence of continuation and program evolution in schools observed beyond two years. SAKGNP schools showed improved student food choices (p = 0.024) and kitchen lifestyle behaviour (p = 0.019) domains compared to controls and in pre-post analysis where 20.0% (58/290) reported eating fruit and vegetables more often and 18.6% (54/290) preparing food at home more often. No significant differences were found in case control analysis for eating habits or garden lifestyle behaviour domains, although 32.3% of children helped more in the garden (91/278) and 15.6% (45/289) ate meals together more often in pre-post analysis. The multiplier impact on total

The required rate of return for new nuclear investment, and the choice between nuclear and gas plant

International Nuclear Information System (INIS)

Dimson, E.; Staunton, M.

1995-01-01

The British Government is in the process of reviewing its strategy for nuclear power, which is largely in the hands of Nuclear Electric, a candidate for early privatisation. We estimate that the after-tax real return which must be earned on new investment by Nuclear Electric is at least 11 percent. The corresponding pre-tax required rate of return is at least 13 percent in real terms. The fact that some of the investment risks of nuclear power can be shifted onto competitors or consumers should not, in a regulated industry, be allowed to lower the discount rate. Nuclear Electric's current required rate of return of 8 percent before tax is too low, and leads to an overstatement of the value of the Sizewell C and Hinkley Point C proposals. Based on Nuclear Electric's own plant parameter assumptions, going ahead with both stations will be some Pound 4 billion more expensive than the gas alternative. Incorporating best estimates of capital cost and plant performance, we estimate the two proposals would result in a combined loss in value of approximately Pound 6-7 billion. (author)

How Are Property Investment Returns Determined? — Estimating the Micro-Structure of Asset Prices, Property Income, and Discount Rates —

OpenAIRE

清水, 千弘; Chihiro, Shimizu

2014-01-01

How exactly should one estimate property investment returns? Investors in property aim to maximize capital gains from price increases and income generated by the property. How are the returns on investment in property determined based on its characteristics, and what kind of market characteristics does it have? Focusing on the Tokyo commer-cial property market and residential property market, the purpose of this paper was to break down and measure the micro-structure of property investment re...

The cost-effectiveness and return-on-investment of a combined social and physical environmental intervention in office employees

NARCIS (Netherlands)

van Dongen, J M; Coffeng, J K; van Wier, M F; Boot, Cecile R. L.; Hendriksen, I.J.M.; van Mechelen, W.; Bongers, Paulien M.; Van Der Beek, Allard J.; Bosmans, J E; van Tulder, M W

2017-01-01

This study explored the cost-effectiveness and return-on-investment of a combined social and physical environmental worksite health promotion program compared with usual practice, and of both intervention conditions separately. Participants were randomized to the combined intervention (n = 92),

Are Accounting Metrics Applicable to Human Resources? The Case of Return on Valuing Assignments

Directory of Open Access Journals (Sweden)

Adam Steen

2011-09-01

Full Text Available The importance of accounting for human resources has long been recognised by the Accounting profession. Until recently, Human Resource Accounting (HRA literature has been dominated by discussion as to whether humans fit the traditional definition of assets, and how to measure and report them. We investigate the concept of human capital and its measurement through a review of the HRA literature, as well as the literature in Human Resources (HR. This paper then draws on the findings of a small exploratory study into the measurement of Return on Investment (ROI for international assignments. Interview data reveals that intangible costs and benefits are problematic when applying such a metric; that much of the outcome from the assignment is intellectual capital, in its broad sense, and therefore difficult to isolate and effectively measure.

Energy Return on Investment (EROI) for Forty Global Oilfields Using a Detailed Engineering-Based Model of Oil Production

Science.gov (United States)

Brandt, Adam R.; Sun, Yuchi; Bharadwaj, Sharad; Livingston, David; Tan, Eugene; Gordon, Deborah

2015-01-01

Studies of the energy return on investment (EROI) for oil production generally rely on aggregated statistics for large regions or countries. In order to better understand the drivers of the energy productivity of oil production, we use a novel approach that applies a detailed field-level engineering model of oil and gas production to estimate energy requirements of drilling, producing, processing, and transporting crude oil. We examine 40 global oilfields, utilizing detailed data for each field from hundreds of technical and scientific data sources. Resulting net energy return (NER) ratios for studied oil fields range from ≈2 to ≈100 MJ crude oil produced per MJ of total fuels consumed. External energy return (EER) ratios, which compare energy produced to energy consumed from external sources, exceed 1000:1 for fields that are largely self-sufficient. The lowest energy returns are found to come from thermally-enhanced oil recovery technologies. Results are generally insensitive to reasonable ranges of assumptions explored in sensitivity analysis. Fields with very large associated gas production are sensitive to assumptions about surface fluids processing due to the shifts in energy consumed under different gas treatment configurations. This model does not currently include energy invested in building oilfield capital equipment (e.g., drilling rigs), nor does it include other indirect energy uses such as labor or services. PMID:26695068

Energy Return on Investment (EROI for Forty Global Oilfields Using a Detailed Engineering-Based Model of Oil Production.

Directory of Open Access Journals (Sweden)

Adam R Brandt

Full Text Available Studies of the energy return on investment (EROI for oil production generally rely on aggregated statistics for large regions or countries. In order to better understand the drivers of the energy productivity of oil production, we use a novel approach that applies a detailed field-level engineering model of oil and gas production to estimate energy requirements of drilling, producing, processing, and transporting crude oil. We examine 40 global oilfields, utilizing detailed data for each field from hundreds of technical and scientific data sources. Resulting net energy return (NER ratios for studied oil fields range from ≈2 to ≈100 MJ crude oil produced per MJ of total fuels consumed. External energy return (EER ratios, which compare energy produced to energy consumed from external sources, exceed 1000:1 for fields that are largely self-sufficient. The lowest energy returns are found to come from thermally-enhanced oil recovery technologies. Results are generally insensitive to reasonable ranges of assumptions explored in sensitivity analysis. Fields with very large associated gas production are sensitive to assumptions about surface fluids processing due to the shifts in energy consumed under different gas treatment configurations. This model does not currently include energy invested in building oilfield capital equipment (e.g., drilling rigs, nor does it include other indirect energy uses such as labor or services.

XD Metrics on Demand Value Analytics: Visualizing the Impact of Internal Information Technology Investments on External Funding, Publications, and Collaboration Networks

Directory of Open Access Journals (Sweden)

Olga Scrivner

2018-01-01

Full Text Available Many universities invest substantial resources in the design, deployment, and maintenance of campus-based cyberinfrastructure (CI. To justify the expense, it is important that university administrators and others understand and communicate the value of these internal investments in terms of scholarly impact. This paper introduces two visualizations and their usage in the Value Analytics (VA module for Open XD metrics on demand (XDMoD, which enable analysis of external grant funding income, scholarly publications, and collaboration networks. The VA module was developed by Indiana University’s (IU Research Technologies division, Pervasive Technology Institute, and the CI for Network Science Center (CNS, in conjunction with the University at Buffalo’s Center for Computational Research. It provides diverse visualizations of measures of information technology (IT usage, external funding, and publications in support of IT strategic decision-making. This paper details the data, analysis workflows, and visual mappings used in two VA visualizations that aim to communicate the value of different IT usage in terms of NSF and NIH funding, resulting publications, and associated research collaborations. To illustrate the feasibility of measuring IT values on research, we measured its financial and academic impact from the period between 2012 and 2017 for IU. The financial return on investment (ROI is measured in terms of IU funding, totaling $339,013,365 for 885 NIH and NSF projects associated with IT usage, and the academic ROI constitutes 968 publications associated with 83 of these NSF and NIH awards. In addition, the results show that Medical Specialties, Brain Research, and Infectious Diseases are the top three scientific disciplines ranked by the number of publications during the given time period.

Practical implementation of Channelized Hotelling Observers: Effect of ROI size.

Science.gov (United States)

Ferrero, Andrea; Favazza, Christopher P; Yu, Lifeng; Leng, Shuai; McCollough, Cynthia H

2017-03-01

Fundamental to the development and application of channelized Hotelling observer (CHO) models is the selection of the region of interest (ROI) to evaluate. For assessment of medical imaging systems, reducing the ROI size can be advantageous. Smaller ROIs enable a greater concentration of interrogable objects in a single phantom image, thereby providing more information from a set of images and reducing the overall image acquisition burden. Additionally, smaller ROIs may promote better assessment of clinical patient images as different patient anatomies present different ROI constraints. To this end, we investigated the minimum ROI size that does not compromise the performance of the CHO model. In this study, we evaluated both simulated images and phantom CT images to identify the minimum ROI size that resulted in an accurate figure of merit (FOM) of the CHO's performance. More specifically, the minimum ROI size was evaluated as a function of the following: number of channels, spatial frequency and number of rotations of the Gabor filters, size and contrast of the object, and magnitude of the image noise. Results demonstrate that a minimum ROI size exists below which the CHO's performance is grossly inaccurate. The minimum ROI size is shown to increase with number of channels and be dictated by truncation of lower frequency filters. We developed a model to estimate the minimum ROI size as a parameterized function of the number of orientations and spatial frequencies of the Gabor filters, providing a guide for investigators to appropriately select parameters for model observer studies.

Energy Returned On Investment of Engineered Geothermal Systems Annual Report FY2011

Energy Technology Data Exchange (ETDEWEB)

Mansure, A.J.

2011-12-31

Energy Return On Investment (EROI) is an important figure of merit for assessing the viability of energy alternatives. For geothermal electric power generation, EROI is determined by the electricity delivered to the consumer compared to the energy consumed to construct, operate, and decommission the facility. Critical factors in determining the EROI of Engineered Geothermal Systems (EGS) are examined in this work. These include the input energy embodied into the system. The embodied energy includes the energy contained in the materials, as well as, that consumed in each stage of manufacturing from mining the raw materials to assembling the finished plant. Also critical are the system boundaries and value of the energy - heat is not as valuable as electrical energy.

Missouri airport investment study

Science.gov (United States)

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

The Cost-Effectiveness and Return-On-Investment of a Combined Social and Physical Environmental Intervention in Office Employees

Science.gov (United States)

van Dongen, J. M.; Coffeng, J. K.; van Wier, M. F.; Boot, C. R. L.; Hendriksen, I. J. M.; van Mechelen, W.; Bongers, P. M.; van der Beek, A. J.; Bosmans, J. E.; van Tulder, M. W.

2017-01-01

This study explored the cost-effectiveness and return-on-investment of a combined social and physical environmental worksite health promotion program compared with usual practice, and of both intervention conditions separately. Participants were randomized to the combined intervention (n = 92), social environmental intervention (n = 118), physical…

An evaluation of the Well at Dell health management program: health risk change and financial return on investment.

Science.gov (United States)

Musich, Shirley; McCalister, Tre'; Wang, Sara; Hawkins, Kevin

2015-01-01

To investigate the effectiveness of the Well at Dell comprehensive health management program in delivering health care and productivity cost savings relative to program investment (i.e., return on investment). A quasi-experimental design was used to quantify the financial impact of the program and nonexperimental pre-post design to evaluate change in health risks. Ongoing worksite health management program implemented across multiple U.S. locations. Subjects were 24,651 employees with continuous medical enrollment in 2010-2011 who were eligible for 2011 health management programming. Incentive-driven, outcomes-based multicomponent corporate health management program including health risk appraisal (HRA)/wellness, lifestyle management, and disease management coaching programs. Medical, pharmacy, and short-term disability pre/post expenditure trends adjusted for demographics, health status, and baseline costs. Self-reported health risks from repeat HRA completers. Analysis: Propensity score-weighted and multivariate regression-adjusted comparison of baseline to post trends in health care expenditures and productivity costs for program participants and nonparticipants (i.e., difference in difference) relative to programmatic investment. The Well at Dell program achieved an overall return on investment of 2.48 in 2011. Most of the savings were realized from the HRA/wellness component of the program. Cost savings were supported with high participation and significant health risk improvement. An incentive-driven, well-managed comprehensive corporate health management program can continue to achieve significant health improvement while promoting health care and productivity cost savings in an employee population.

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.

Returns on investment in wild dog management-beef production in the South Australian Arid Lands

OpenAIRE

Wicks, Santhi; Allen, Benjamin

2012-01-01

Beef cattle producers in Australia have reported an increase in calf losses as a result of wild dog attacks in recent years. However, while control measures may reduce calf losses from wild dog attacks, they may also reduce attacks on kangaroos. Thus, wild dog control measures may inadvertently increase kangaroo competition with cattle for grazing vegetation, which is potentially costly for graziers. In this study the net returns to beef production from investments in wild dog controls in a c...

Rates of Return on Open-End Debt Investment Funds and Bank Deposits in Poland in the Years 1995–2015 – A Comparative Analysis

Directory of Open Access Journals (Sweden)

Dittmann Iwona

2016-12-01

Full Text Available This paper presents the results of a comparison of the rates of return on specific open-end debt investment funds in Poland with the rates of return on bank deposits, in light of different time horizons. A comparative analysis was conducted based on the quartiles of the empirical distributions of the rates of return on selected funds and bank deposits. The empirical distributions were obtained using a moving window of observation. The results were largely influenced by very high interest rates on bank deposits in Poland in the years 1995–2001 (in the case of the oldest funds, and by the boom in the bond market in the years 2011–2012 (for the youngest funds. The investment horizon turned out to be significant. The best and worst funds were identified.

The Cost-Effectiveness of Investments to Meet the Guiding Principles for High-Performance Sustainable Buildings on the PNNL Campus

Energy Technology Data Exchange (ETDEWEB)

Cort, Katherine A.; Judd, Kathleen S.

2014-08-29

As part its campus sustainability efforts, Pacific Northwest National Laboratory (PNNL) has invested in eight new and existing buildings to ensure they meet the U.S. Department of Energy’s requirements for high performance sustainable buildings (HPSB) at DOE sites. These investments are expected to benefit PNNL by reducing the total life-cycle cost of facilities, improving energy efficiency and water conservation, and making buildings safer and healthier for the occupants. This study examines the cost-effectiveness of the implementing measures that meet the criteria for HPSBs in 3 different types of buildings on the PNNL campus: offices, scientific laboratories, and data centers. In each of the three case studies examined the investments made to achieve HPSB status demonstrated a high return on the HPSB investments that have taken place in these varied environments. Simple paybacks for total investments in the three case study buildings ranged from just 2 to 5 years; savings-to-investment ratios all exceeded the desirable threshold of 1; and the net present values associated with these investments were all positive.

On the Payoff Valuations of Investment Strategies: A Case of ...

African Journals Online (AJOL)

We also determine among the companies, which of them yield the highest returns at time t. We find that investors may not invest in some of the companies as a result of poor performance that arises from the high risk involve in the investments. Keywords: Payoff valuation; Investment strategy; Stock price; Stochastic.

Biopsy Needle Localization and Tracking Using ROI-RK Method

Directory of Open Access Journals (Sweden)

Yue Zhao

2014-01-01

Full Text Available ROI-RK method is a biopsy needle localization and tracking method. Previous research work has proved that it has a robust performance on different series of simulated 3D US volumes. Unfortunately, in real situations, because of the strong speckle noise of the ultrasound image and the different echogenic properties of the tissues, the real 3D US volumes have more complex background than the simulated images used previously. In this paper, to adapt the ROI-RK method in real 3D US volumes, a line-filter enhancement calculation only in the ROI is added to increase the contrast between the needle and background tissue, decreasing the phenomenon of expansion of the biopsy needle due to reverberation of ultrasound in the needle. To make the ROI-RK method more stable, a self-correction system is also implemented. Real data have been acquired on an ex vivo heart of lamb. The result of the ROI-RK method shows that it is capable to localize and track the biopsy needle in real situations, and it satisfies the demand of real-time application.

Stock investment funds in Brazil: performance and management expertise

Directory of Open Access Journals (Sweden)

Paulo Rogério Faustino Matos

2012-01-01

Full Text Available This article analyzes the stock investment fund market in Brazil and proposes dynamic rankings constructed from different risk-return metrics, during the period from 1998 to 2009. We find an uncommon level of persistence, mainly among the best performing funds, due to the expertise of the managers. The quadrimestral rebalancing of the portfolios based on these rankings permits inferring that in scenarios characterized as economic booms or recovery of financial markets, the strategies with equal participation in winner funds provides significantly higher average monthly gains, reduction of risk associated with diversification and consequently enhanced performance in relation to market or sector benchmarks. This evidence is robust to the use of different performance metrics for fund selection, indicating that active investors in winning funds demand good performance not only in terms of the Sharpe ratio, but also with respect to other metrics, such as the Treynor, Calmar and Sortino ratios. In these optimistic scenarios, only the industrial sector index (INDX provided returns compatible with those of these fund’s portfolios. However, during periods of crisis, no strategy involving the funds managed to provide hedge levels characteristic of the electric energy sector index (IEE, so it can be said that the majority of investing strategies are dominated in gain-risk criteria by sector or market indexes, with the exception of value-weighted portfolios composed of losing funds, a signal that the usual passive investors in large funds indexed to the Ibovespa can be presenting a greater level of inertia.

Factor investing based on Musharakah principle

Science.gov (United States)

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

2015-10-01

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

Considering Students' Cost of a Dental Education: Return on Investment and Debt to Income Ratio.

Science.gov (United States)

Formicola, Allan J

2017-08-01

The cost for students of a dental education has become an issue of concern. This article explores the return on investment and the debt to income ratio of studying dentistry. These two measures are monitored to gain perspective on whether the cost of education pays off in earnings. The factors underlying these measures and a discussion of them are included. The purpose of this article is to focus attention on one of the current issues facing dental schools in the United States. This article was written as part of the project "Advancing Dental Education in the 21 st Century."

Engineered Geothermal Systems Energy Return On Energy Investment

Energy Technology Data Exchange (ETDEWEB)

Mansure, A J

2012-12-10

Energy Return On Investment (EROI) is an important figure of merit for assessing the viability of energy alternatives. Too often comparisons of energy systems use efficiency when EROI would be more appropriate. For geothermal electric power generation, EROI is determined by the electricity delivered to the consumer compared to the energy consumed to construct, operate, and decommission the facility. Critical factors in determining the EROI of Engineered Geothermal Systems (EGS) are examined in this work. These include the input energy embodied into the system. Embodied energy includes the energy contained in the materials, as well as, that consumed in each stage of manufacturing from mining the raw materials to assembling the finished system. Also critical are the system boundaries and value of the energy heat is not as valuable as electrical energy. The EROI of an EGS depends upon a number of factors that are currently unknown, for example what will be typical EGS well productivity, as well as, reservoir depth, temperature, and temperature decline rate. Thus the approach developed is to consider these factors as parameters determining EROI as a function of number of wells needed. Since the energy needed to construct a geothermal well is a function of depth, results are provided as a function of well depth. Parametric determination of EGS EROI is calculated using existing information on EGS and US Department of Energy (DOE) targets and is compared to the minimum EROI an energy production system should have to be an asset rather than a liability.

Assessment of energy return on energy investment (EROEI) of oil bearing crops for renewable fuel production

OpenAIRE

A. Restuccia; S. Failla; D. Longo; L. Caruso; I. Mallia; G. Schillaci

2013-01-01

As reported in literature the production of biodiesel should lead to a lower energy consumption than those obtainable with its use. So, to justify its consumption, a sustainable and “low input” production should be carried out. In order to assess the sustainability of Linum usitatissimum, Camelina sativa and Brassica carinata cultivation for biodiesel production in terms of energy used compared to that obtained, the index EROEI (Energy Return On Energy Invested) has been used. At this aim, an...

Societal and environmental impact of high energy return on investment (EROI) energy access

DEFF Research Database (Denmark)

Atlason, Reynir Smari; Unnthorsson, Runar

2018-01-01

The Icelandic society is conveniently located where the Eurasian and North-American tectonic plates meet. This allows for relatively easy and cheap access to geothermal energy. Icelanders have benefited from this since settlement, first through direct use of the warm water but later on by co......-producing electricity. The nation also benefits from large glacial rivers, offering potential for energy harvesting. This chapter demonstrates the environmental benefits from utilising renewable energy, using Iceland as a case study. This is demonstrated by exploring the energy return on investment (EROI......) for the Nesjavellir geothermal and Fljotsdalsstod hydro power plant and the CO2 mitigation provided by the resources as the Icelandic society no longer needs to rely on fossil fuels for electricity and heating. This chapter demonstrates systematically how societies may benefit ecologically but also energetically from...

Interactive Whiteboard Technologies in High School: A Comparison of Their Impact on the Levels of Measure That Determine a Return on Investment

Science.gov (United States)

Schipper, Joseph M.; Yocum, Russell G.

2016-01-01

This quantitative, quasi-experimental, nonequivalent group study examined the impact on levels of measure that determine a return on investment of differing forms of interactive whiteboard (IWB) technology used at a high school in a suburban school district in southeastern Virginia. Three forms of IWB were compared: a full-screen IWB, a mobile…

Analisis Laporan Keuangan Guna Menilai Kinerja PTP. Nusantara III (Persero) Medan

OpenAIRE

Donny Hendrawan S

2011-01-01

The main purpose of this research is to know how the evaluation of finance performance in PTP. Nusantara III (PERSERO) Medan. The writer restricts the evaluation of finance performance based on judgments letter of pulic company minister number : KEP-100/MBU/2002 that is about evaluation of public company performance. The finance ratios those are used in this research are Return on Equity (ROE), Return on Investment (ROI), Cash Ratio, Current Ratio, Collection Periods, Inventory Turn Over, Tot...

Foreign institutional investments in India: An empirical analysis of dynamic interactions with stock market return and volatility

Directory of Open Access Journals (Sweden)

Vaishali S. Dhingra

2016-12-01

Full Text Available This paper investigates interactions of foreign institutional investments with market returns and market volatility in India using both static and dynamic models based on daily data. The findings of both models show foreign investors as positive feedback traders while investing in the Indian market, and as negative feedback traders during their withdrawal. Using the impulse response functions based on vector autoregression, we find strong evidence that foreign institutional investments destabilise the market, particularly with selling activities, as they significantly increase the volatility.

Impact of speculator's expectations of returns and time scales of investment on crude oil price behaviors

International Nuclear Information System (INIS)

He, Ling-Yun; Fan, Ying; Wei, Yi-Ming

2009-01-01

Based on time series of crude oil prices (daily spot), this paper analyses price fluctuation with two significant parameters τ (speculators' time scales of investment) and ε (speculators' expectations of return) by using Zipf analysis technique, specifically, by mapping τ-returns of prices into 3-alphabeted sequences (absolute frequencies) and 2-alphabeted sequences (relative frequencies), containing the fundamental information of price fluctuations. This paper empirically explores parameters and identifies various types of speculators' cognition patterns of price behavior. In order to quantify the degree of distortion, a feasible reference is proposed: an ideal speculator. Finally, this paper discusses the similarities and differences between those cognition patterns of speculators' and those of an ideal speculator. The resultant analyses identify the possible distortion of price behaviors by their patterns. (author)

Return on Investment for Workplace Training: The Canadian Experience

Science.gov (United States)

Percival, Jennifer C.; Cozzarin, Brian P.; Formaneck, Steven D.

2013-01-01

One of the central problems in managing technological change and maintaining a competitive advantage in business is improving the skills of the workforce through investment in human capital and a variety of training practices. This paper explores the evidence on the impact of training investment on productivity in 14 Canadian industries from 1999…

The effect of information technology investment on firm-level performance in the health care industry.

Science.gov (United States)

Thouin, Mark F; Hoffman, James J; Ford, Eric W

2008-01-01

The return on investment for information technology (IT) has been the subject of much debate throughout the history of management information systems research. Often referred to as the productivity paradox, increased IT investments have not been consistently associated with increased productivity. Understanding individual IT factors that directly contribute to business value should provide insight into the productivity paradox. The effects of 3 different firm-level IT characteristics on financial performance in the health care industry are studied. Specifically, the effects of IT budget, IT outsourcing, and the relative number of IT personnel on firm-level financial performance are analyzed. Regression analysis of archival survey data for 914 Integrated Healthcare Delivery Systems is performed. IT budgetary expenditures and the number of IT services outsourced are associated with increases in the profitability of Integrated Healthcare Delivery Systems, whereas increases in IT personnel are not significantly associated with increased profitability. Each one tenth of a percentage increase in IT expenditures is associated with approximately $100,000 in increased profit, and each additional IT service outsourced is associated with approximately $950,000 in increased profit for an average-sized Integrated Healthcare Delivery System. To increase profitability, IT administrators should increase IT budgetary expenditures along with IT outsourcing levels. IT administrators in the health care industry can use such findings during budgeting cycles to justify increased investments in IT personnel as being budget neutral while increasing organizational capacity.

What is a new drug worth? An innovative model for performance-based pricing.

Science.gov (United States)

Dranitsaris, G; Dorward, K; Owens, R C; Schipper, H

2015-05-01

This article focuses on a novel method to derive prices for new pharmaceuticals by making price a function of drug performance. We briefly review current models for determining price for a new product and discuss alternatives that have historically been favoured by various funding bodies. The progressive approach to drug pricing, proposed herein, may better address the views and concerns of multiple stakeholders in a developed healthcare system by acknowledging and incorporating input from disparate parties via comprehensive and successive negotiation stages. In proposing a valid construct for performance-based pricing, the following model seeks to achieve several crucial objectives: earlier and wider access to new treatments; improved transparency in drug pricing; multi-stakeholder involvement through phased pricing negotiations; recognition of innovative product performance and latent changes in value; an earlier and more predictable return for developers without sacrificing total return on investment (ROI); more involved and informed risk sharing by the end-user. © 2014 John Wiley & Sons Ltd.

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.

Energy Return on Investment (EROI of Oil Shale

Directory of Open Access Journals (Sweden)

Peter A. O’Connor

2011-11-01

Full Text Available The two methods of processing synthetic crude from organic marlstone in demonstration or small-scale commercial status in the U.S. are in situ extraction and surface retorting. The considerable uncertainty surrounding the technological characterization, resource characterization, and choice of the system boundary for oil shale operations indicate that oil shale is only a minor net energy producer if one includes internal energy (energy in the shale that is used during the process as an energy cost. The energy return on investment (EROI for either of these methods is roughly 1.5:1 for the final fuel product. The inclusions or omission of internal energy is a critical question. If only external energy (energy diverted from the economy to produce the fuel is considered, EROI appears to be much higher. In comparison, fuels produced from conventional petroleum show overall EROI of approximately 4.5:1. “At the wellhead” EROI is approximately 2:1 for shale oil (again, considering internal energy and 20:1 for petroleum. The low EROI for oil shale leads to a significant release of greenhouse gases. The large quantities of energy needed to process oil shale, combined with the thermochemistry of the retorting process, produce carbon dioxide and other greenhouse gas emissions. Oil shale unambiguously emits more greenhouse gases than conventional liquid fuels from crude oil feedstocks by a factor of 1.2 to 1.75. Much of the discussion regarding the EROI for oil shale should be regarded as preliminary or speculative due to the very small number of operating facilities that can be assessed.

The impact of exchange rate EUR/USD on the rate of return of bond investments denominated in US dollar from the point of view of euro investor

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Oldřich Šoba

2009-01-01

Full Text Available Investment opportunities into foreign curruncies financial assets are rising because of financial markets globalization, financial markets integration and evolution of modern information technologies. The currency risk relates to these cases when investor converts cash from and into domestic currency. The currency risk is determined by unexcepeted change of exchange rate (currency of financial asset denomination / investor’s domestic currency during duration of the investment.Objective of the paper is quantification and analysis of exchange rate EUR/USD impact on the rate of return of bond investments denominated in US dollar from the point of view of a euro investor for investment horizons of different length.The analysis is realized for following investment horizons: 1 year, 2 years, 3 years, 5 years, 7 years, 10 year and 12 year. Complementary investment horizons are: month and 15 year. Bond investments denominated just US dollar are represented by investments into ING bond unit trust in period December 1989–December 2007. The unit trust invests into bonds with high rating (for example governmants bonds etc.. These bonds are denominated in USD only. Methodology of the analysis is based on quantification of proportion of exchange rate EUR/USD impact on the rate of return of bond investment denominated in USD. The share is based on basic piece of knowledge of the uncovered interest rate parity.

Investment appraisal of technology innovations on dairy farm electricity consumption.

Science.gov (United States)

Upton, J; Murphy, M; De Boer, I J M; Groot Koerkamp, P W G; Berentsen, P B M; Shalloo, L

2015-02-01

The aim of this study was to conduct an investment appraisal for milk-cooling, water-heating, and milk-harvesting technologies on a range of farm sizes in 2 different electricity-pricing environments. This was achieved by using a model for electricity consumption on dairy farms. The model simulated the effect of 6 technology investment scenarios on the electricity consumption and electricity costs of the 3 largest electricity-consuming systems within the dairy farm (i.e., milk-cooling, water-heating, and milking machine systems). The technology investment scenarios were direct expansion milk-cooling, ice bank milk-cooling, milk precooling, solar water-heating, and variable speed drive vacuum pump-milking systems. A dairy farm profitability calculator was combined with the electricity consumption model to assess the effect of each investment scenario on the total discounted net income over a 10-yr period subsequent to the investment taking place. Included in the calculation were the initial investments, which were depreciated to zero over the 10-yr period. The return on additional investment for 5 investment scenarios compared with a base scenario was computed as the investment appraisal metric. The results of this study showed that the highest return on investment figures were realized by using a direct expansion milk-cooling system with precooling of milk to 15°C with water before milk entry to the storage tank, heating water with an electrical water-heating system, and using standard vacuum pump control on the milking system. Return on investment figures did not exceed the suggested hurdle rate of 10% for any of the ice bank scenarios, making the ice bank system reliant on a grant aid framework to reduce the initial capital investment and improve the return on investment. The solar water-heating and variable speed drive vacuum pump scenarios failed to produce positive return on investment figures on any of the 3 farm sizes considered on either the day and night

Intangible Benefits Quantified: Insights from Micro-level Return on Investment Case Studies

Science.gov (United States)

Stewart, M. A.

2013-12-01

This presentation addresses the question: must socio-economic benefits of geospatial projects be considered intangible and thus unquantifiable? The question will be answered from the perspective of an engineer and geospatial practitioner, with examples provided from case studies using micro level financial analysis. Topics will include: 1. Quantification as a tool for setting and achieving goals, illustrated with individual and societal uses of measurement. 2. Geospatial data as a driver for economic and social development. 3. Building use cases from documented work processes, demographic information and external research results. 4. Moving beyond GDP to quantify the well being of individuals and society. 5. Extrapolation of case study results to quantify a technology's current and potential return on investment to society. 6. Is it realistic for society to work toward commonly held measurements of well being? Or should individual cases maintain uniquely developed measurements to more accurately characterize their results?

A Comparative Analysis of the Performance of Collective Investment Institutions

OpenAIRE

Carmen-Pilar Mart¨ª-Ballester

2012-01-01

Pension plans and mutual funds represent a substantial part of the welfare systems in both Europe and Spain. One of the most important factors in the choice of a plan or fund is its performance, since if high returns are obtained; the participant will receive higher payments when the contingency covered by the plan occurs or when the investors of the mutual funds recover their investments. The main objective of this paper is therefore to analyze the performance of Spanish collective investmen...

Optimal investment horizons

Science.gov (United States)

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

2002-06-01

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

Comments on "Investing in All the People".

Science.gov (United States)

Sabot, R H

1992-01-01

Professor Summer's article on government spending for education in Pakistan is agreed with. This commentary also suggested that the conference should have included the Ministry of Finance so that there could be multisector agreement that there must be reallocation of public expenditure from the military for future investment in power plants and primary and secondary education systems. The goal would be to eliminate the gender gap in education and to invest in girls' education. Professor Summers argued that inadequate demand needed to be increased with an increased supply of schools. Gender bias was also evident worldwide in missing girls and higher female mortality. Pakistan has the highest sex ratio, which may not reflect a changes in practices among younger mothers. It was argued by Professor Summers that breaking the vicious cycle of high fertility, little or no education, low productivity, and higher mortality among women can be accomplished virtuously by increasing girl's educational levels. The investment in girls will be reaped in the home, marketplace, and in child welfare through changes in household behavior. Educating girls was considered more cost effective than investing in family planning programs. Additional suggestions are provided that improvement in quality of schooling is also important in improving the education of mothers and children and is interactive with mother's education and years of schooling of children. It is likely that if mothers are educated investment returns are greater when quality if enhanced. It would also hold true that investments in health care or in family planning would reap greater returns if mothers are educated. The figures for return on investment are given as over 20% with a doubling of resources over 3.5 years. Returns would be lower if quality is low or jobs are of low quality or if the returns do not appear for another generation. If returns are too low, the question is how this will affect political will. This

FINANCIAL RETURN ON ASSETS. THE IMPACT OF THE FINANCIAL RETURN ON ASSETS OVER THE COMPANY’S DEVELOPMENT

Directory of Open Access Journals (Sweden)

Constantin Căruntu

2009-11-01

Full Text Available The financial rate of return is a significant indicator for assessing the economic and financial performance of an enterprise for the internal diagnosis, as well as for the analysis required by the external partners. The financial return is a basic indicator which characterizes the business performances that is found directly under the trade policy (trade cost, efficiency of capital employed (economic profitability but also under the financial policy of the company. If the economic rate of return expresses a remuneration of the employed capital only in relation to operating activities, the financial rate of return quantifies a remuneration of the private capital trough all three types of activity: operational, financial and extraordinary. Starting from the consideration that the financial rate of return expresses the efficiency of equity or permanent capital use of the company we can state that it is of particular importance to the shareholders of the company, which considers according to it’s level whether their investments are justified and they will continue to support the business development through raising of fresh capital or abandonment for a limited period to one part of the dividends due. Managers, in turn, will be keen on maintaining an appropriate level of this rate, in order to retain their positions and to achieve the performance criteria of the company.

49 CFR 1152.34 - Return on investment.

Science.gov (United States)

2010-10-01

... to which the nominal return element shall apply shall be the sum of: (i) The allowable working capital computed at 15 days on-branch cash avoidable costs (on branch avoidable costs less depreciation... liquidation purposes of all assets having a negative salvage value. (1) In calculating the net liquidation...

Statoil`s exposure to oil price fluctuations: An analysis on investment level and stock price

OpenAIRE

Nåmdal, Synne Meling; Meling, Kristine

2015-01-01

Master's thesis in Finance In this thesis an econometric analysis of Statoil’s investment level and stock return has been performed, with purpose of examine the affect that fluctuations in the price of crude oil has on these variables. The results revealed that crude oil prices have a significant impact on Statoil´s stock returns, due to the direct impact the crude oil price has on Statoil’s cash flows. The investment level does not seem to be affected by either of the variables in the ana...

Statoil`s exposure to oil price fluctuations: An analysis on investment level and stock price

OpenAIRE

Nåmdal, Synne Meling; Meling, Kristine

2015-01-01

In this thesis an econometric analysis of Statoil’s investment level and stock return has been performed, with purpose of examine the affect that fluctuations in the price of crude oil has on these variables. The results revealed that crude oil prices have a significant impact on Statoil´s stock returns, due to the direct impact the crude oil price has on Statoil’s cash flows. The investment level does not seem to be affected by either of the variables in the analysis, and this could indicate...

Investigating the Impact uf E-Learning as an Alternative for Business Education in Pharmaceutical Industry in Romania by Roi Methodology

Directory of Open Access Journals (Sweden)

Petruţa Blaga

2014-08-01

Full Text Available The capability of organizations to accumulate and apply new knowledge is a key factor in order to achieve the new competitive standards. A continuous changing diversity, to which the need of adaptation to the changes of external environment is added, speeds up the rate of development and business education. The new information and communication technologies speed up the rate of change and increase the need of education that is subject to a higher information flow. The achievements of information technology, along with changes within society, determine the creation of new paradigms for business education and training. Under these circumstances, e-learning has become one of the main educational forms of human resources in business. This research aims to measure the impact of some initiatives within human resources on an organization, market leader within pharmaceutical field, namely measuring the efficiency of business education programs concerning human resources through e-learning. Under these circumstances, the carried-out research aims to put into practice the theoretical frame of ROI (Return on Investment methodology of evaluating the business education programs concerning human resources in five stages, suggested by J. J. Phillips. The research validates theoretical data of the surveyed model and it is based on the analysis of the data gathering process within the ROI Methodology. This work shows only aspects related to the measuring of the participants` reaction towards the e-learning business education program, respectively

Returns to food and agricultural R&D investments in Sub-Saharan Africa, 1975-2014.

Science.gov (United States)

Pardey, Philip G; Andrade, Robert S; Hurley, Terrance M; Rao, Xudong; Liebenberg, Frikkie G

2016-12-01

Research-enabled growth in agricultural productivity is pivotal to sub-Saharan Africa's overall economic growth prospects. Yet, investments in research and development (R&D) targeted to many national food and agricultural economies throughout Africa are fragile and faltering. To gain insight into what could be driving this trend, this article updates, summarizes and reassesses the published evidence on the returns to African agricultural R&D. Based on a compilation of 113 studies published between 1975 and 2014 spanning 25 countries, the reported internal rates of return ( IRRs ) to food and agricultural research conducted in or of direct consequence for sub-Saharan Africa averaged 42.3%py. In addition to the 376 IRR estimates, the corresponding 129 benefit-cost ratios ( BCRs ) averaged 30.1. Most (96.5%) of the returns-to-research evaluations are of publicly performed R&D, and the majority (87.6%) of the studies were published in the period 1990-2009. The large dispersion in the reported IRRs and BCRs makes it difficult to discern meaningful patterns in the evidence. Moreover, the distribution of IRRs is heavily (positively) skewed, such that the median value (35.0%py) is well below the mean, like it is for research done elsewhere in the world (mean 62.4%py; median 38.0%py). Around 78.5% of the evaluations relate to the commodity-specific consequences of agricultural research, while 5.5% report on the returns to an "all agriculture" aggregate. The weight of commodity-specific evaluation evidence is not especially congruent with the composition of agricultural production throughout Africa, nor, to the best that can be determined, the commodity orientation of public African agricultural R&D.

The return to foreign aid

DEFF Research Database (Denmark)

Dalgaard, Carl-Johan Lars; Hansen, Henrik

We investigate the marginal productivity of investment across countries. The aim is to estimate the return on investments financed by foreign aid and by domestic resource mobilization, using aggregate data. Both returns are expected to vary across countries and time. Consequently we develop...... a correlated random coefficients model, to estimate the average aggregate return on ‘aid investments’ and ‘domestic investments’. Across different estimators and two different sources for GDP and investment data our findings are remarkably robust; the average gross return on ‘aid investments’ is about 20 per...

The energy return on energy investment (EROI) of photovoltaics: Methodology and comparisons with fossil fuel life cycles

International Nuclear Information System (INIS)

Raugei, Marco; Fullana-i-Palmer, Pere; Fthenakis, Vasilis

2012-01-01

A high energy return on energy investment (EROI) of an energy production process is crucial to its long-term viability. The EROI of conventional thermal electricity from fossil fuels has been viewed as being much higher than those of renewable energy life-cycles, and specifically of photovoltaics (PVs). We show that this is largely a misconception fostered by the use of outdated data and, often, a lack of consistency among calculation methods. We hereby present a thorough review of the methodology, discuss methodological variations and present updated EROI values for a range of modern PV systems, in comparison to conventional fossil-fuel based electricity life-cycles. - Highlights: ► We perform a review of the EROI methodology. ► We provide new calculations for PV compared to oil- and coal-based energy systems. ► If compared consistently, PV sits squarely in the same range of EROI as conventional fossil fuel life cycles.

Investing: reducing risks to enhance returns.

Science.gov (United States)

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

1996-09-01

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

Academic ROI: What Does the Most Good?

Science.gov (United States)

Levenson, Nathan

2012-01-01

The author, who has served as a school board member and district superintendent, advocates that school districts use an academic return on investment approach to evaluate and make decisions about spending, specifically in special education. This approach requires that schools formally evaluate all programs, efforts, and strategies by multiple…

Deepening the Institutionalization of Service-Learning: The Added Value of Assessing the Social Return of Investment

Science.gov (United States)

Stanton-Nichols, Kathleen; Hatcher, Julie; Cecil, Amanda

2015-01-01

Strategies to institutionalize service-learning are well documented (Furco 1996; Holland, 2000). Using Kecskes (2009) Community-Engaged Department Rubric we evaluated service-learning institutionalization within a school at a metropolitan campus. As a result, we propose adding an additional dimension, social return on investment. This added…

Identifying the Return on Investment for Army Migration to a Modular Open Systems Approach for Future and Legacy Systems

Science.gov (United States)

2017-04-05

Identifying the Return on Investment for Army Migration to a Modular Open Systems Approach for Future and Legacy Systems Phillip Minor...Authorization Act (NDAA) of 2015, cites the modular open systems approach (MOSA) as both a business and technical strategy to reduce the cost of system ...access the service over the network. Combine the advances cited above with the emergence of systems developed using the modular open systems approach

Comparison of Portfolio Selection and Performance: Shari’ah-Compliant and Socially Responsible Investment Portfolios

Directory of Open Access Journals (Sweden)

Mehmet Asutay

2015-04-01

Full Text Available This study examines the effect of Islamic screening criteria on Shari’ah-compliant portfolio selection and performance compared to Socially Responsible Investment (SRI portfolio. Each portfolio constructed from 15 stocks based on FTSE 100 using data from year 1997. Mean-variance portfolio optimization is employed with some financial ratios added as constraints for the Shari’ah portfolio. Annual expected return of each portfolio from 2008 to 2013 is used to calculate Sharpe’s ratio, Treynor ratio and Jensen’s alpha as the performance measurement tools. Macroeconomic variables are assessed using ordinary least square to examine whether they influence the portfolios’ expected returns or not. The result finds that Shari’ah portfolio has a better performance than SRI from year 2008 to 2010 shown by higher value of the measurement tools. However, from 2011 to 2013, SRI portfolio has better performance than Shari’ah portfolio. 

The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies

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Eugene Beaulieu

2014-06-01

Full Text Available In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment

Energy Return on Investment for Norwegian Oil and Gas from 1991 to 2008

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Mikael Höök

2011-10-01

Full Text Available Norwegian oil and gas fields are relatively new and of high quality, which has led, during recent decades, to very high profitability both financially and in terms of energy production. One useful measure for profitability is Energy Return on Investment, EROI. Our analysis shows that EROI for Norwegian petroleum production ranged from 44:1 in the early 1990s to a maximum of 59:1 in 1996, to about 40:1 in the latter half of the last decade. To compare globally, only very few, if any, resources show such favorable EROI values as those found in the Norwegian oil and gas sector. However, the declining trend in recent years is most likely due to ageing of the fields whereas varying drilling intensity might have a smaller impact on the net energy gain of the fields. We expect the EROI of Norwegian oil and gas production to deteriorate further as the fields become older. More energy-intensive production techniques will gain in importance.

Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s

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Dirk Kiesewetter

2009-05-01

Full Text Available We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1 the after-tax return an investor might have expected at the beginning of the 1990s, and (2 the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany.

CHARACTERISTICS OF INVESTMENT PORTFOLIOS PASSIVE MANAGEMENT STRATEGY ON THE CAPITAL MARKET

Directory of Open Access Journals (Sweden)

MIHAELA SUDACEVSCHI

2013-05-01

Full Text Available The strategies of investment portfolios management on the capital market involves a range of transactions with different financial securities, aimed at optimizing the results. On a developed and efficient capital market, with a high liquidity level, portfolio management primarly depends on investor’s targeted level of return and the risk profile of the investor. Passive strategy of investment portfolios management is applied especially by risk aversion investors, who are taking into account all existing risks in the capital market and seeking to preserve the value of investments, rather than increasing its value. This strategy presume that the investor has no information about the prices and the return of securities that would make him to give to his investment portfolio a different structure from the structure of capital market portfolio. Therefore, he will seek a return level equal to the return on the market portfolio, minimizing the portfolio risk up to eliminating the specific risk.

Joint Labeling Of Multiple Regions of Interest (Rois) By Enhanced Auto Context Models.

Science.gov (United States)

Kim, Minjeong; Wu, Guorong; Guo, Yanrong; Shen, Dinggang

2015-04-01

Accurate segmentation of a set of regions of interest (ROIs) in the brain images is a key step in many neuroscience studies. Due to the complexity of image patterns, many learning-based segmentation methods have been proposed, including auto context model (ACM) that can capture high-level contextual information for guiding segmentation. However, since current ACM can only handle one ROI at a time, neighboring ROIs have to be labeled separately with different ACMs that are trained independently without communicating each other. To address this, we enhance the current single-ROI learning ACM to multi-ROI learning ACM for joint labeling of multiple neighboring ROIs (called e ACM). First, we extend current independently-trained single-ROI ACMs to a set of jointly-trained cross-ROI ACMs, by simultaneous training of ACMs for all spatially-connected ROIs to let them to share their respective intermediate outputs for coordinated labeling of each image point. Then, the context features in each ACM can capture the cross-ROI dependence information from the outputs of other ACMs that are designed for neighboring ROIs. Second, we upgrade the output labeling map of each ACM with the multi-scale representation, thus both local and global context information can be effectively used to increase the robustness in characterizing geometric relationship among neighboring ROIs. Third, we integrate ACM into a multi-atlases segmentation paradigm, for encompassing high variations among subjects. Experiments on LONI LPBA40 dataset show much better performance by our e ACM, compared to the conventional ACM.

Economic Analysis of Production of Essential Oil using Steam ...

African Journals Online (AJOL)

acer

Economic Analysis of Production of Essential Oil using. Steam Distillation ... The return on investment (ROI) was 125%, internal rate of return ... oils, over dependency on petrodollar and ... The steam may be obtained from external boiler or.

A Simple Method for Causal Analysis of Return on IT Investment

Science.gov (United States)

Alemi, Farrokh; Zargoush, Manaf; Oakes, James L.; Edrees, Hanan

2011-01-01

This paper proposes a method for examining the causal relationship among investment in information technology (IT) and the organization's productivity. In this method, first a strong relationship among (1) investment in IT, (2) use of IT and (3) organization's productivity is verified using correlations. Second, the assumption that IT investment preceded improved productivity is tested using partial correlation. Finally, the assumption of what may have happened in the absence of IT investment, the so called counterfactual, is tested through forecasting productivity at different levels of investment. The paper applies the proposed method to investment in the Veterans Health Information Systems and Technology Architecture (VISTA) system. Result show that the causal analysis can be done, even with limited data. Furthermore, because the procedure relies on overall organization's productivity, it might be more objective than when the analyst picks and chooses which costs and benefits should be included in the analysis. PMID:23019515

Application of numerical method in calculating the internal rate of return of joint venture investment using diminishing musyarakah model

Science.gov (United States)

Ruslan, Siti Zaharah Mohd; Jaffar, Maheran Mohd

2017-05-01

Islamic banking in Malaysia offers variety of products based on Islamic principles. One of the concepts is a diminishing musyarakah. The concept of diminishing musyarakah helps Muslims to avoid transaction which are based on riba. The diminishing musyarakah can be defined as an agreement between capital provider and entrepreneurs that enable entrepreneurs to buy equity in instalments where profits and losses are shared based on agreed ratio. The objective of this paper is to determine the internal rate of return (IRR) for a diminishing musyarakah model by applying a numerical method. There are several numerical methods in calculating the IRR such as by using an interpolation method and a trial and error method by using Microsoft Office Excel. In this paper we use a bisection method and secant method as an alternative way in calculating the IRR. It was found that the diminishing musyarakah model can be adapted in managing the performance of joint venture investments. Therefore, this paper will encourage more companies to use the concept of joint venture in managing their investments performance.

Economic analysis of venture capital funds rate of return on venture activity

Directory of Open Access Journals (Sweden)

Usatenko O.V.

2017-08-01

Full Text Available The research deals with the topic of the analysis of venture capital funds’ rate of return on venture activity. The discovered venture capital funds have such a peculiarity as the involved investors of various types and concentrated financial resources, which lead to advantages in investing. Based on the analyzed scientific approaches to the evaluation of income rate met by various economic entities the paper determines the optimal indicators of such an analysis developed due to the article research. They are supposed to improve significantly the process of making decisions on venture capital investments. The author suggests to evaluate venture capital funds rate of return on venture activity by means of the basic four indicators usually employed for investment efficiency definition: net profit, internal rate of return, return period and return index. The research presents the examination of rates of return on venture activity of venture capital funds being controlled by a single asset management company. Thus, one can estimate not only the rate of return on venture activity, but also the efficiency of control taken by an asset management company.

SU-F-J-19: Robust Region-Of-Interest (ROI) for Consistent Registration On Deteriorated Surface Images

Energy Technology Data Exchange (ETDEWEB)

Kang, H; Malin, M; Chmura, S; Hasan, Y; Al-Hallaq, H [The Department of Radiation and Cellular Oncology, The University of Chicago Medicine, Chicago, IL (United States)

2016-06-15

Purpose: For African-American patients receiving breast radiotherapy with a bolus, skin darkening can affect the surface visualization when using optical imaging for daily positioning and gating at deep-inspiration breath holds (DIBH). Our goal is to identify a region-of-interest (ROI) that is robust against deteriorating surface image quality due to skin darkening. Methods: We study four patients whose post-mastectomy surfaces are imaged daily with AlignRT (VisionRT, UK) for DIBH radiotherapy and whose surface image quality is degraded toward the end of treatment. To simulate the effects of skin darkening, surfaces from the first ten fractions of each patient are systematically degraded by 25–35%, 40–50% and 65–75% of the total area of the clinically used ROI-ipsilateral-chestwall. The degraded surfaces are registered to the reference surface in six degrees-of-freedom. To identify a robust ROI, three additional reference ROIs — ROI-chest+abdomen, ROI-bilateral-chest and ROI-extended-ipsilateral-chestwall are created and registered to the degraded surfaces. Differences in registration using these ROIs are compared to that using ROI-ipsilateral-chestwall. Results: For three patients, the deviations in the registrations to ROI-ipsilateral-chestwall are > 2.0, 3.1 and 7.9mm on average for 25–35%, 40–50% and 65–75% degraded surfaces, respectively. Rotational deviations reach 11.1° in pitch. For the last patient, registration is consistent to within 2.6mm even on the 65–75% degraded surfaces, possibly because the surface topography has more distinct features. For ROI-bilateral-chest and ROI-extended-ipsilateral-chest registrations deviate in a similar pattern. However, registration on ROI-chest+abdomen is robust to deteriorating image qualities to within 4.2mm for all four patients. Conclusion: Registration deviations using ROI-ipsilateral-chestwall can reach 9.8mm on the 40–50% degraded surfaces. Caution is required when using AlignRT for patients

A Century of Evidence on Trend-Following Investing

DEFF Research Database (Denmark)

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

2017-01-01

In this article, the authors study the performance of trend-following investing across global markets since 1880, extending the existing evidence by more than 100 years using a novel data set. They find that in each decade since 1880, time-series momentum has delivered positive average returns...

A Simple Method for Causal Analysis of Return on IT Investment

Directory of Open Access Journals (Sweden)

Farrokh Alemi

2011-01-01

Full Text Available This paper proposes a method for examining the causal relationship among investment in information technology (IT and the organization's productivity. In this method, first a strong relationship among (1 investment in IT, (2 use of IT and (3 organization's productivity is verified using correlations. Second, the assumption that IT investment preceded improved productivity is tested using partial correlation. Finally, the assumption of what may have happened in the absence of IT investment, the so called counterfactual, is tested through forecasting productivity at different levels of investment. The paper applies the proposed method to investment in the Veterans Health Information Systems and Technology Architecture (VISTA system. Result show that the causal analysis can be done, even with limited data. Furthermore, because the procedure relies on overall organization's productivity, it might be more objective than when the analyst picks and chooses which costs and benefits should be included in the analysis.

Impact of IS/IT Investments on Firm Performance: Does “Stakeholder Orientation” Matter?

OpenAIRE

Guerreiro, António

2015-01-01

This research project addresses a central question in the IS business value field: Does IS/IT investments impact positively on firm financial performance? IS/IT investments are seen has having an enormous potential impact on the competitive position of the firm, on its performance, and demand an active and motivated participation of several stakeholder groups. Actual research conducted in the Information Systems field, relating IS/IT investments with firm performance use transactions co...

Analysis of Social Return on Investment in two systems of support for people with severe disabilities: personal assistance and residential service. A case study

Directory of Open Access Journals (Sweden)

Agustín Huete García

2014-06-01

Full Text Available At present, there are several alternatives to support daily life of people with disabilities, which require different resources: human, institutional, technical, material, financial, etc. In addition, these alternatives involve different impacts on both the life of people with disabilites and their immediate environment. This paper presents a case study that compares an user of personal assistance services of the Program for Independent Living (PAVI with an user of a residential service. The study method used is based on the approach of Social Return on Investment (SROI. It also specifies the selection of cases, the partners consulted to gather concepts and values, data collection, variables and formulas for calculating and monetization. Despite its limited scope, it is possible to draw conclusions about the social return on investment in a “standard profile” receiving personal assistance services compared with a “standard profile” in a residential service.

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

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2013-12-01

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

PENGARUH PROFITABILITY DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN TUNAI DENGAN LIKUIDITAS SEBAGAI VARIABEL PENGUAT (Studi pada Perusahaan yang Terdaftar di Bursa Efek Jakarta

Directory of Open Access Journals (Sweden)

Michell Suharli

2007-01-01

Full Text Available The objective of this research is to study influence of profitability and investment opportunity as independent variable, and liquidity as moderating variable toward cash dividend. It is interesting to analyze factors that influence dividend policy because to many considerations. Sometimes those considerations cause conflict between many parties. Research object is companies that delisting in Bursa Efek Jakarta that paid dividend. Research sample using purposive sampling of companies for period ended 2002 and 2003. This research concludes that both of two independent variables have significant influence toward dividend amount policy, and liquidity moderate the influence. Abstract in Bahasa Indonesia : Penelitian ini bermaksud menguji pengaruh profitabilitas dan kesempatan investasi terhadap kebijakan jumlah dividen kas perusahaan publik di Jakarta dengan menggunakan likuiditas sebagai variabel penguat (variabel moderator. Profitabilitas diukur dengan return on investment (ROI, kesempatan investasi diproksikan oleh fixed assets, dan liquiditas sebagai variabel moderat diproksikan oleh current ratio di Bursa Efek Jakarta.. Populasi penelitian ini adalah seluruh perusahaan di Indonesia yang listing di BEJ dan membagikan dividen pada tahun 2002-2003. Hasil penelitian ini adalah kebijakan jumlah pembagian dividen perusahaan dipengaruhi oleh profitabilitas dan diperkuat oleh likuiditas perusahaan. Kata kunci: dividen, profitabilitas, return on investment

Empirical Analysis of Server Consolidation and Desktop Virtualization in Cloud Computing

Directory of Open Access Journals (Sweden)

Bao Rong Chang

2013-01-01

Full Text Available Physical server transited to virtual server infrastructure (VSI and desktop device to virtual desktop infrastructure (VDI have the crucial problems of server consolidation, virtualization performance, virtual machine density, total cost of ownership (TCO, and return on investments (ROI. Besides, how to appropriately choose hypervisor for the desired server/desktop virtualization is really challenging, because a trade-off between virtualization performance and cost is a hard decision to make in the cloud. This paper introduces five hypervisors to establish the virtual environment and then gives a careful assessment based on C/P ratio that is derived from composite index, consolidation ratio, virtual machine density, TCO, and ROI. As a result, even though ESX server obtains the highest ROI and lowest TCO in server virtualization and Hyper-V R2 gains the best performance of virtual machine management; both of them however cost too much. Instead the best choice is Proxmox Virtual Environment (Proxmox VE because it not only saves the initial investment a lot to own a virtual server/desktop infrastructure, but also obtains the lowest C/P ratio.

Fundamental Cardiovascular Research: Returns on Societal Investment: A Scientific Statement From the American Heart Association.

Science.gov (United States)

Hill, Joseph A; Ardehali, Reza; Clarke, Kimberli Taylor; Del Zoppo, Gregory J; Eckhardt, Lee L; Griendling, Kathy K; Libby, Peter; Roden, Dan M; Sadek, Hesham A; Seidman, Christine E; Vaughan, Douglas E

2017-07-21

Recent decades have witnessed robust successes in conquering the acutely lethal manifestations of heart and vascular diseases. Many patients who previously would have died now survive. Lifesaving successes like these provide a tremendous and easily recognized benefit to individuals and society. Although cardiovascular mortality has declined, the devastating impact of chronic heart disease and comorbidities on quality of life and healthcare resources continues unabated. Future strides, extending those made in recent decades, will require continued research into mechanisms underlying disease prevention, pathogenesis, progression, and therapeutic intervention. However, severe financial constraints currently jeopardize these efforts. To chart a path for the future, this report analyzes the challenges and opportunities we face in continuing the battle against cardiovascular disease and highlights the return on societal investment afforded by fundamental cardiovascular research. © 2017 American Heart Association, Inc.

Least-squares dual characterization for ROI assessment in emission tomography

International Nuclear Information System (INIS)

Ben Bouallègue, F; Mariano-Goulart, D; Crouzet, J F; Dubois, A; Buvat, I

2013-01-01

Our aim is to describe an original method for estimating the statistical properties of regions of interest (ROIs) in emission tomography. Drawn upon the works of Louis on the approximate inverse, we propose a dual formulation of the ROI estimation problem to derive the ROI activity and variance directly from the measured data without any image reconstruction. The method requires the definition of an ROI characteristic function that can be extracted from a co-registered morphological image. This characteristic function can be smoothed to optimize the resolution-variance tradeoff. An iterative procedure is detailed for the solution of the dual problem in the least-squares sense (least-squares dual (LSD) characterization), and a linear extrapolation scheme is described to compensate for sampling partial volume effect and reduce the estimation bias (LSD-ex). LSD and LSD-ex are compared with classical ROI estimation using pixel summation after image reconstruction and with Huesman's method. For this comparison, we used Monte Carlo simulations (GATE simulation tool) of 2D PET data of a Hoffman brain phantom containing three small uniform high-contrast ROIs and a large non-uniform low-contrast ROI. Our results show that the performances of LSD characterization are at least as good as those of the classical methods in terms of root mean square (RMS) error. For the three small tumor regions, LSD-ex allows a reduction in the estimation bias by up to 14%, resulting in a reduction in the RMS error of up to 8.5%, compared with the optimal classical estimation. For the large non-specific region, LSD using appropriate smoothing could intuitively and efficiently handle the resolution-variance tradeoff. (paper)

Least-squares dual characterization for ROI assessment in emission tomography

Science.gov (United States)

Ben Bouallègue, F.; Crouzet, J. F.; Dubois, A.; Buvat, I.; Mariano-Goulart, D.

2013-06-01

Our aim is to describe an original method for estimating the statistical properties of regions of interest (ROIs) in emission tomography. Drawn upon the works of Louis on the approximate inverse, we propose a dual formulation of the ROI estimation problem to derive the ROI activity and variance directly from the measured data without any image reconstruction. The method requires the definition of an ROI characteristic function that can be extracted from a co-registered morphological image. This characteristic function can be smoothed to optimize the resolution-variance tradeoff. An iterative procedure is detailed for the solution of the dual problem in the least-squares sense (least-squares dual (LSD) characterization), and a linear extrapolation scheme is described to compensate for sampling partial volume effect and reduce the estimation bias (LSD-ex). LSD and LSD-ex are compared with classical ROI estimation using pixel summation after image reconstruction and with Huesman's method. For this comparison, we used Monte Carlo simulations (GATE simulation tool) of 2D PET data of a Hoffman brain phantom containing three small uniform high-contrast ROIs and a large non-uniform low-contrast ROI. Our results show that the performances of LSD characterization are at least as good as those of the classical methods in terms of root mean square (RMS) error. For the three small tumor regions, LSD-ex allows a reduction in the estimation bias by up to 14%, resulting in a reduction in the RMS error of up to 8.5%, compared with the optimal classical estimation. For the large non-specific region, LSD using appropriate smoothing could intuitively and efficiently handle the resolution-variance tradeoff.

The effects of firm specific factors and macroeconomics on profitability of property-liability insurance industry in Taiwan

OpenAIRE

Chen-Ying Lee

2014-01-01

This article investigates the relationship between firm specific factors and macroeconomics on profitability in Taiwanese property-liability insurance industry using the panel data over the1999 through 2009 time period. Using operating ratio and return on assets (ROA) for the two kinds of profitability indicators to measure insurers’ profitability. The results show that underwriting risk, reinsurance usage, input cost, return on investment (ROI) and financial holding group have significant in...

The Study on Bone Mineral Density Measurement Error in Accordance with Change in ROI by Utilizing Dual Energy X-ray Absorptiometry

Energy Technology Data Exchange (ETDEWEB)

Lee, Yun Hong [Dept. of Diagnostic Radiology, Korea University Guro Hospital, Seoul (Korea, Republic of); Lee, In Ja [Dept. of Radiological Technology, Dongnam Health College, Suwon (Korea, Republic of); Yong, Hyung Jin [Dept. of Medicine Physics, The Graduate School of Biomedical Science Korea University, Seoul (Korea, Republic of)

2012-03-15

Dual Energy X-ray Absorptiometry(DEXA) is commonly used to diagnose Osteoporosis. The errors of DEXA bone density operation are caused by operator, bone mineral density meter, blood testing, patient. We focus on operator error then study about how much influence operator's region of intest(ROI) in bone testing result. During from March to July in 2011. 50 patients ware selected respectively from 30, 40, 50, 60, and 70 age groups who came to Korea University Medical Center(KUMC) for their Osteoporosis treatment. A-test was performed with usually ROI and B-test was performed with most widely ROI. Then, We compare A-test and B-test for find maximum difference of T-score error which occurred operator ROI controlling. Standard deviation of T-score of B-test showed 0.1 higher then A-test in femur neck. Standard deviation of B-test showed 0.2 higher then A-test in Ward's area which in Greater trocanter and Inter trocanter. Standard deviation of B-test showed 0,1 lower then A-test in L-1. Bone density testing about Two hundred patients results are as follow. When operator ROI was changed wider than normal ROI, bone density of femur was measured more higher but bone density of L-spine was measured more lower then normal bone density. That means, sometime DEXA bone density testing result is dependent by operator ROI controlling. This is relevant with the patient's medicine and health insurance, thus, tester always keep the size of ROI for to prevent any problem in the patient.

Energy Technology Investments: Maximizing Efficiency Through a Maritime Energy Portfolio Interface and Decision Aid

Science.gov (United States)

2012-02-09

Investment (ROI) and Break Even Point ( BEP ). These metrics are essential for determining whether an initiative would be worth pursuing. Balanced...is Unlimited Energy Decision Framework Identify Inefficiencies 2. Perform Analyses 3. Examine Technology Candidates 1. Improve Energy...Unlimited Energy Decision Framework Identify Inefficiencies 2. Perform Analyses 3. Examine Technology Candidates 1. Improve Energy Efficiency 4

Roi Vaara tähendussõnad

Index Scriptorium Estoniae

2003-01-01

10. II oli Tallinna Kunstihoones soome kunstniku Roi Vaara performance Tallinna Kunstihoone uue juhataja Reiu Tüüri, kuraatorite Andres Härmi ja Reet Varblase inauguratsiooni ning TK interneti lehekülje esitluse puhul. Uue ühtse nimekuju KU autorit Edith Parist autasustati 1934 krooniga

Return-to-work intervention versus usual care for sick-listed employees: health-economic investment appraisal alongside a cluster randomised trial

Science.gov (United States)

Lokman, Suzanne; Volker, Danielle; Zijlstra-Vlasveld, Moniek C; Brouwers, Evelien PM; Boon, Brigitte; Beekman, Aartjan TF; Smit, Filip; Van der Feltz-Cornelis, Christina M

2017-01-01

Objective To evaluate the health-economic costs and benefits of a guided eHealth intervention (E-health module embedded in Collaborative Occupational healthcare (ECO)) encouraging sick-listed employees to a faster return to work. Design A two-armed cluster randomised trial with occupational physicians (OPs) (n=62), clustered and randomised by region into an experimental and a control group, to conduct a health-economic investment appraisal. Online self-reported data were collected from employees at baseline, after 3, 6, 9 and 12 months. Setting Occupational health care in the Netherlands. Participants Employees from small-sized and medium-sized companies (≥18 years), sick-listed between 4 and 26 weeks with (symptoms of) common mental disorders visiting their OP. Interventions In the intervention group, employees (N=131) received an eHealth module aimed at changing cognitions regarding return to work, while OPs were supported by a decision aid for treatment and referral options. Employees in the control condition (N=89) received usual sickness guidance. Outcomes Measures Net benefits and return on investment based on absenteeism, presenteeism, health care use and quality-adjusted life years (QALYs) gained. Results From the employer’s perspective, the incremental net benefits were €3187 per employee over a single year, representing a return of investment of €11 per invested Euro, with a break-even point at 6 months. The economic case was also favourable from the employee’s perspective, partly because of QALY health gains. The intervention was costing €234 per employee from a health service financier’s perspective. The incremental net benefits from a social perspective were €4210. This amount dropped to €3559 in the sensitivity analysis trimming the 5% highest costs. Conclusions The data suggest that the ECO intervention offers good value for money for virtually all stakeholders involved, because initial investments were more than recouped within a

Assessment of energy return on energy investment (EROEI of oil bearing crops for renewable fuel production

Directory of Open Access Journals (Sweden)

A. Restuccia

2013-09-01

Full Text Available As reported in literature the production of biodiesel should lead to a lower energy consumption than those obtainable with its use. So, to justify its consumption, a sustainable and “low input” production should be carried out. In order to assess the sustainability of Linum usitatissimum, Camelina sativa and Brassica carinata cultivation for biodiesel production in terms of energy used compared to that obtained, the index EROEI (Energy Return On Energy Invested has been used. At this aim, an experimental field was realised in the south-eastern Sicilian land. During the autumn-winter crop cycle, no irrigation was carried out and some suitable agricultural practices have been carried out taking into account the peculiarity of each type of used seeds. The total energy consumed for the cultivation of oil bearing crops from sowing to the production of biodiesel represents the Input of the process. In particular, this concerned the energy embodied in machinery and tools utilized, in seed, chemical fertilizer and herbicide but also the energy embodied in diesel fuels and lubricant oils. In addition, the energy consumption relating to machines and reagents required for the processes of extraction and transesterification of the vegetable oil into biodiesel have been calculated for each crops. The energy obtainable from biodiesel production, taking into account the energy used for seed pressing and for vegetable oil transesterification into biodiesel, represents the Output of the process. The ratio Output/Input gets the EROEI index which in the case of Camelina sativa and Linum usatissimum is greater than one. These results show that the cultivation of these crops for biofuels production is convenient in terms of energy return on energy investment. The EROEI index for Brassica carinata is lower than one. This could means that some factors, concerning mechanisation and climatic

A General Mathematical Framework for Calculating Systems-Scale Efficiency of Energy Extraction and Conversion: Energy Return on Investment (EROI and Other Energy Return Ratios

Directory of Open Access Journals (Sweden)

Adam R. Brandt

2011-08-01

Full Text Available The efficiencies of energy extraction and conversion systems are typically expressed using energy return ratios (ERRs such as the net energy ratio (NER or energy return on investment (EROI. A lack of a general mathematical framework prevents inter-comparison of NER/EROI estimates between authors: methods used are not standardized, nor is there a framework for succinctly reporting results in a consistent fashion. In this paper we derive normalized mathematical forms of four ERRs for energy extraction and conversion pathways. A bottom-up (process model formulation is developed for an n-stage energy harvesting and conversion pathway with various system boundaries. Formations with the broadest system boundaries use insights from life cycle analysis to suggest a hybrid process model/economic input output based framework. These models include indirect energy consumption due to external energy inputs and embodied energy in materials. Illustrative example results are given for simple energy extraction and conversion pathways. Lastly, we discuss the limitations of this approach and the intersection of this methodology with “top-down” economic approaches.

Investigating different factors influencing on return of private banks

Directory of Open Access Journals (Sweden)

Pegah Motamedi

2013-09-01

Full Text Available Return of Investment has always been an interesting area of research among academics as well as investors. Although capital asset pricing model (CAPM is capable of estimating risk of investment, many people argue that CAPM is not able to predict long-term return, properly. This paper presents an empirical investigation to find the effects of different financial figures including systematic risk (Beta, size of firm, ratio of book value to market share, volume of trade and the ratio of price/earnings (P/E on return of private banks in Iran. The study gathers the necessary information over the period 2005-2011 from private banks in Iran. The study uses multiple regression technique to find the effects of mentioned variables on return of private banks. The results indicate that there are some meaningful and positive relationship between return of banks and systematic risk (Beta, size, volume of trade and P/E. The study also finds some meaningful and reverse relationship between bank return and book value on market value.

Hard assets : The return on rare diamonds and gems

NARCIS (Netherlands)

Renneboog, L.D.R.; Spaenjers, C.

2012-01-01

This note examines the investment performance of diamonds and other gems (sapphires, rubies, and emeralds) over the period 1999–2010, using a novel data set of auction transactions. Over our time frame, the annualized real USD returns for white and colored diamonds equaled 6.4% and 2.9%,

Hard Assets : The Returns on Rare Diamonds and Gems

NARCIS (Netherlands)

Renneboog, L.D.R.; Spaenjers, C.

2011-01-01

This paper examines the investment performance of diamonds and other gems (sapphires, rubies, and emeralds) over the period 1999-2010, using a novel data set of auction transactions. Between 1999 and 2010, the annualized real USD returns for white and colored diamonds equaled 6.4% and 2.9%,

Economic Return of Clinical Trials Performed Under the Pediatric Exclusivity Program

Science.gov (United States)

Li, Jennifer S.; Eisenstein, Eric L.; Grabowski, Henry G.; Reid, Elizabeth D.; Mangum, Barry; Schulman, Kevin A.; Goldsmith, John V.; Murphy, M. Dianne; Califf, Robert M.; Benjamin, Daniel K.

2009-01-01

Context In 1997, Congress authorized the Food and Drug Administration (FDA) to grant 6 month extensions of marketing rights through the Pediatric Exclusivity program if industry sponsors complete FDA-requested pediatric trials. The program has been praised for creating incentives for studies in children; it has been criticized as a “windfall” to the innovator drug industry. This critique has been a substantial part of Congressional debate on the program, which is due to sunset in 2007. Objective To quantify the economic return to industry for completing Pediatric Exclusivity. Design Cohort study of programs conducted for Pediatric Exclusivity. We selected 9 drugs that were granted Pediatric Exclusivity. From the final study reports submitted to FDA, we obtained key elements of the clinical trial design and study operations. We estimated the cost of performing each study and converted these into estimates of after-tax cash outflows. We obtained 3-year market sales and converted these into estimates of after-tax cash inflows based upon 6 months of additional market protection. We then calculated the net economic return (cash inflows less outflows) and ratio net return to costs (net economic return divided by cash outflows) for each product. Main Outcome Measures Net economic return and ratio of net return to cost. Results The indications studied reflected a broad representation of the program: asthma, tumors, attention deficit disorder, hypertension, depression/generalized anxiety disorder, diabetes, gastroesophageal reflux, bacterial infection, and bone mineralization. The distribution of net economic return for 6 months of exclusivity varied substantially among products [net return ranged from (−)$8.9 million to (+)$507.9 million; ratio of return to cost ranged from −0.68 to 73.6] Conclusions The economic return for pediatric exclusivity is highly variable. Pediatric Exclusivity, as an incentive to complete much-needed clinical trials in children, can

What can a pilot congestive heart failure disease management program tell us about likely return on investment?: A case study from a program offered to federal employees.

Science.gov (United States)

vanVonno, Catherine J; Ozminkowski, Ronald J; Smith, Mark W; Thomas, Eileen G; Kelley, Doniece; Goetzel, Ron; Berg, Gregory D; Jain, Susheel K; Walker, David R

2005-12-01

In 1999, the Blue Cross and Blue Shield Federal Employee Program (FEP) implemented a pilot disease management program to manage congestive heart failure (CHF) among members. The purpose of this project was to estimate the financial return on investment in the pilot CHF program, prior to a full program rollout. A cohort of 457 participants from the state of Maryland was matched to a cohort of 803 nonparticipants from a neighboring state where the CHF program was not offered. Each cohort was followed for 12 months before the program began and 12 months afterward. The outcome measures of primary interest were the differences over time in medical care expenditures paid by FEP and by all payers. Independent variables included indicators of program participation, type of heart disease, comorbidity measures, and demographics. From the perspective of the funding organization (FEP), the estimated return on investment for the pilot CHF disease management program was a savings of $1.08 in medical expenditure for every dollar spent on the program. Adding savings to other payers as well, the return on investment was a savings of $1.15 in medical expenditures per dollar spent on the program. The amount of savings depended upon CHF risk levels. The value of a pilot initiative and evaluation is that lessons for larger-scale efforts can be learned prior to full-scale rollout.

The Return to Foreign Aid

DEFF Research Database (Denmark)

Dalgaard, Carl-Johan Lars; Hansen, Henrik

2017-01-01

We estimate the average rate of return on investments financed by aid and by domestic resource mobilisation, using aggregate data. Both returns are expected to vary across countries and time. Consequently we develop a correlated random coefficients model to estimate the average returns. Across...... different estimators and two different data sources for GDP and investment our findings are remarkably robust; the average gross return on ‘aid investments’ is about 20 per cent. This is in accord with micro estimates of the economic rate of return on aid projects and with aggregate estimates of the rate...

Recent experience in health promotion at Johnson & Johnson: lower health spending, strong return on investment.

Science.gov (United States)

Henke, Rachel M; Goetzel, Ron Z; McHugh, Janice; Isaac, Fik

2011-03-01

Johnson & Johnson Family of Companies introduced its worksite health promotion program in 1979. The program evolved and is still in place after more than thirty years. We evaluated the program's effect on employees' health risks and health care costs for the period 2002-08. Measured against similar large companies, Johnson & Johnson experienced average annual growth in total medical spending that was 3.7 percentage points lower. Company employees benefited from meaningful reductions in rates of obesity, high blood pressure, high cholesterol, tobacco use, physical inactivity, and poor nutrition. Average annual per employee savings were $565 in 2009 dollars, producing a return on investment equal to a range of $1.88-$3.92 saved for every dollar spent on the program. Because the vast majority of US adults participate in the workforce, positive effects from similar programs could lead to better health and to savings for the nation as a whole.

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...

The social surplus of broadband initiatives in compulsory education

Directory of Open Access Journals (Sweden)

David Peter Parsons

2016-10-01

Full Text Available In 2010, the New Zealand government embarked upon an ambitious programme of broadband infrastructure investment, a process that will continue until at least 2019. Part of this investment is specifically targeted at compulsory education, with initiatives that include bringing fibre connections to the school gate, supporting on-site network upgrades (including wireless and providing teaching, learning and support services delivered through these networks. Such investments are not made without some projections of the likely rate of return, but calculating return on investment (ROI in educational broadband is complex, as it encompasses a range of factors. This article reports on an interview-based study engaging a range of stakeholders in educational broadband provision. The study utilises a research model that considers the various elements of social surplus, namely; producer surplus (savings, producer surplus (profit and consumer surplus (perceived value over and above cost, to explore the elements of social surplus that have been used to define educational broadband ROI calculations and justify the scale of investment. The results indicate that all three components of social surplus are relevant, though the concept of profit can only be seen in the broader context of long term contributions to the economy. A note of caution is that projections of ROI based only on positive returns fail to acknowledge the potential for some innovations to actually increase costs. Further, purely quantitative models do not properly take into account qualitative components of consumer surplus.

Cost Estimates Of Concentrated Photovoltaic Heat Sink Production

Science.gov (United States)

2016-06-01

PV), return on investment (ROI) 15. NUMBER OF PAGES 59 16. PRICE CODE 17. SECURITY CLASSIFICATION OF REPORT Unclassified 18. SECURITY...improvements increase overall system returns on investment and 11 provide pathways for further reduction in system costs (Phillips et al., 2015). Phillips...generation. As the CPV market has matured, production costs have come down to near flat-panel photovoltaic (PV) production costs. CPV units

Risk-return relationship in a complex adaptive system.

Directory of Open Access Journals (Sweden)

Kunyu Song

Full Text Available For survival and development, autonomous agents in complex adaptive systems involving the human society must compete against or collaborate with others for sharing limited resources or wealth, by using different methods. One method is to invest, in order to obtain payoffs with risk. It is a common belief that investments with a positive risk-return relationship (namely, high risk high return and vice versa are dominant over those with a negative risk-return relationship (i.e., high risk low return and vice versa in the human society; the belief has a notable impact on daily investing activities of investors. Here we investigate the risk-return relationship in a model complex adaptive system, in order to study the effect of both market efficiency and closeness that exist in the human society and play an important role in helping to establish traditional finance/economics theories. We conduct a series of computer-aided human experiments, and also perform agent-based simulations and theoretical analysis to confirm the experimental observations and reveal the underlying mechanism. We report that investments with a negative risk-return relationship have dominance over those with a positive risk-return relationship instead in such a complex adaptive systems. We formulate the dynamical process for the system's evolution, which helps to discover the different role of identical and heterogeneous preferences. This work might be valuable not only to complexity science, but also to finance and economics, to management and social science, and to physics.

Risk-return relationship in a complex adaptive system.

Science.gov (United States)

Song, Kunyu; An, Kenan; Yang, Guang; Huang, Jiping

2012-01-01

For survival and development, autonomous agents in complex adaptive systems involving the human society must compete against or collaborate with others for sharing limited resources or wealth, by using different methods. One method is to invest, in order to obtain payoffs with risk. It is a common belief that investments with a positive risk-return relationship (namely, high risk high return and vice versa) are dominant over those with a negative risk-return relationship (i.e., high risk low return and vice versa) in the human society; the belief has a notable impact on daily investing activities of investors. Here we investigate the risk-return relationship in a model complex adaptive system, in order to study the effect of both market efficiency and closeness that exist in the human society and play an important role in helping to establish traditional finance/economics theories. We conduct a series of computer-aided human experiments, and also perform agent-based simulations and theoretical analysis to confirm the experimental observations and reveal the underlying mechanism. We report that investments with a negative risk-return relationship have dominance over those with a positive risk-return relationship instead in such a complex adaptive systems. We formulate the dynamical process for the system's evolution, which helps to discover the different role of identical and heterogeneous preferences. This work might be valuable not only to complexity science, but also to finance and economics, to management and social science, and to physics.

Research on the robust optimization of the enterprise's decision on the investment to the collaborative innovation: Under the risk constraints

International Nuclear Information System (INIS)

Zhou, Qing; Fang, Gang; Wang, Dong-peng; Yang, Wei

2016-01-01

Abstracts: The robust optimization model is applied to analyze the enterprise's decision of the investment portfolio for the collaborative innovation under the risk constraints. Through the mathematical model deduction and the simulation analysis, the research result shows that the enterprise's investment to the collaborative innovation has relatively obvious robust effect. As for the collaborative innovation, the return from the investment coexists with the risk of it. Under the risk constraints, the robust optimization method could solve the minimum risk as well as the proportion of each investment scheme in the portfolio on the condition of different target returns from the investment. On the basis of the result, the enterprise could balance between the investment return and risk and make optimal decision on the investment scheme.

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.

Evaluation of Performance of Investment Funds Based on Decision Models (DEA

Directory of Open Access Journals (Sweden)

Alireza Samet

2016-12-01

Full Text Available Selection of a suitable investment funds is very important from investors' point of view and may have a significant impact on the profit or loss of the funds. Therefore, evaluation of performance of investment funds to choose the most suitable fund will be given special emphasis. One of the new techniques for evaluating the performance of the Funds based on efficiency is the Data Envelopment Analysis technique. Accordingly, the present study is aimed to analyze and evaluate the performance of investment Funds in capital market of Iran, using the technique of efficiency evaluation through data envelopment analysis technique (DEA. This research is a descriptive - applicable study and to analyze the efficiency and effectiveness, 53 investment funds in the capital market of Iran in 2013 were considered as the sample. To analyze the efficiency of these funds, data envelopment analysis (DEA is used. Research findings showed that in 2013, of a total of 53 examined funds, 11 funds were in the efficiency situation and the other 42 funds were in a state of inefficiency. Also the reference funds and virtual composited funds of all inefficient funds were evaluated.

ARE EXCESSIVE LEGISLATIVE RESTRICTIONS OF PENSION FUND’S INVESTMENTS REQUIRED TO ENSURE THESE FUNDS’ OPERATIONAL STABILITY AND MINIMUM GUARANTED RETURN?

Directory of Open Access Journals (Sweden)

TANJA MARKOVIC HRIBERNIK

2013-02-01

Full Text Available In this paper, it is investigated whether government, when promises pension fund’s members a so-calledminimum guaranteed return, to reduce the exposure of members to financial risks , should at the same timehinders portfolio diversification process of pension funds. We provide a detailed analysis of the connectionbetween the requirements for providing a minimum guaranteed return and managing financial risks on the onehand and the investment structure of pension funds on the other. We intend to demonstrate with an illustrativecase, using the simulation technique and a combination of actual data and some hypothetical one, that byprecisely matching the investments' characteristics to the characteristics of the pension fund's liabilities, someimportant financial risks can even be hedged entirely. We also intend to demonstrate that with theimplementation of a proper policy of risk measurement and management, complemented with stress testingpractices, excessive legislative restrictions for investments are no longer necessary. At the very least,governments should avoid implementing legislation that hinders the portfolio diversification process andtherefore makes pension fund risk management more difficult.

Toward a theory of responsible investing : On the economic foundations of corporate social responsibility

NARCIS (Netherlands)

Dam, Lammertjan; Scholtens, Lambertus

Studies that link corporate social and financial performance usually find a positive association between the two. However, the literature does not establish a significant impact of socially responsible investing on stock market returns. We develop a coherent economic framework of responsible

Case Study for the Return on Investment of Internet of Things Using Agent-Based Modelling and Data Science

Directory of Open Access Journals (Sweden)

Charles Houston

2017-01-01

Full Text Available As technology advances towards new paradigms such as the Internet of Things, there is a desire among business leaders for a reliable method to determine the value of supporting these ventures. Traditional simulation and analysis techniques cannot model the complex systems inherent in fields such as infrastructure asset management, or suffer from a lack of data on which to build a prediction. Agent-based modelling, through an integration with data science, presents an attractive simulation method to capture these underlying complexities and provide a solution. The aim of this work is to investigate this integration as a refined process for answering practical business questions. A specific case study is addressed to assess the return on investment of installing condition monitoring sensors on lift assets in a London Underground station. An agent-based model is developed for this purpose, supported by analysis from historical data. The simulation results demonstrate how returns can be achieved and highlight features induced as a result of stochasticity in the model. Suggestions of future research paths are additionally outlined.

Analysis on Dynamic Decision-Making Model of the Enterprise Technological Innovation Investment under Uncertain Environment

Directory of Open Access Journals (Sweden)

Yong Long

2012-01-01

Full Text Available Under the environment of fuzzy factors including the return of market, performance of product, and the demanding level of market, we use the method of dynamic programming and establish the model of investment decision, in technology innovation project of enterprise, based on the dynamic programming. Analysis of the influence caused by the changes of fuzzy uncertainty factors to technological innovation project investment of enterprise.

Research on investment decisions model of trans-regional transmission network based on the theory of NPV

Science.gov (United States)

Zai, Wenjiao; Wang, Bo; Liu, Jichun; Shi, Haobo; Zeng, Pingliang

2018-02-01

The investment decision model of trans-regional transmission network in the context of Global Energy Internet was studied in this paper. The key factors affecting the trans-regional transmission network investment income: the income tax rate, the loan interest rate, the expected return on investment of the investment subject, the per capita GDP and so on were considered in the transmission network investment income model. First, according to the principle of system dynamics, the causality diagram of key factors was constructed. Then, the dynamic model of transmission investment decision was established. A case study of the power transmission network between China and Mongolia, through the simulation of the system dynamic model, the influence of the above key factors on the investment returns was analyzed, and the feasibility and effectiveness of the model was proved.

The Effectiveness of Warranties in the Solar Photovoltaic and Automobile Industries

Science.gov (United States)

Formica, Tyler J.

A warranty is an agreement outlined by a manufacturer to a customer that defines performance requirements for a product or service. Although long warranty periods are a useful marketing tool, in 2011 the warranty claims expense was 2.6% of total sales for computer original equipment manufacturers (OEMs) and is over 2% of total sales in many other industries today. Solar PV systems offer inverters with 5-15 year warranties and PV modules with 25-year performance warranties. This is problematic for the return on investment (ROI) of solar PV systems when the modules are still productive and covered under warranty but inverter failures occur due to degradation of electronic components after their warranty has expired. Out-of-warranty inverter failures during the lifetime of solar panels decrease the ROI of solar PV systems significantly and can cause the annual ROI to actually be negative 15-25 years into the lifetime of the system. This thesis analyzes the factors that contribute to designing an optimal warranty period and the relationship between reliability and warranty periods using General Motors (GM) and the solar PV industry as case studies. A return on investment of a solar photovoltaic system is also conducted and the effect of reliability, changing tax credit structures, and failure areas of solar PV systems are analyzed.

PERFORMANCE MEASUREMENT OF UCITS INVESTMENT FUNDS IN CROATIA

Directory of Open Access Journals (Sweden)

Marko Curkovic

2017-03-01

Full Text Available UCITS investment funds represent an important investment opportunity for retail, as well for institutional investors in the European Union. The aim of this paper is to analyse the performance of the UCITS investment funds in Croatia and to detect relatively homogeneous groups among the UCITS funds based on its performance. The analysis includes 55 UCITS, in the period from the beginning of 2011 until the end of 2014, and it is conducted on daily data of share prices, available from Bloomberg terminal. Analysis is performed separately within the groups of different investment fund by investment strategy. The research methodology is based on the calculation of various indicators of absolute and relative risk-adjusted performance and riskiness of the funds. In general, based on analysis of performance measures, it can be concluded that funds with higher values of net assets were more successful compared to the funds with below-average asset values. Also, funds with below-average values of net assets were more volatile. At the same time, funds run by foreign own management companies were more successful by the absolute performance measures, compared to funds run by management companies with domestic ownership. On the other hand, those funds were more volatile, as well.

Investing in river health.

Science.gov (United States)

Bennett, J

2002-01-01

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

Annotating image ROIs with text descriptions for multimodal biomedical document retrieval

Science.gov (United States)

You, Daekeun; Simpson, Matthew; Antani, Sameer; Demner-Fushman, Dina; Thoma, George R.

2013-01-01

Regions of interest (ROIs) that are pointed to by overlaid markers (arrows, asterisks, etc.) in biomedical images are expected to contain more important and relevant information than other regions for biomedical article indexing and retrieval. We have developed several algorithms that localize and extract the ROIs by recognizing markers on images. Cropped ROIs then need to be annotated with contents describing them best. In most cases accurate textual descriptions of the ROIs can be found from figure captions, and these need to be combined with image ROIs for annotation. The annotated ROIs can then be used to, for example, train classifiers that separate ROIs into known categories (medical concepts), or to build visual ontologies, for indexing and retrieval of biomedical articles. We propose an algorithm that pairs visual and textual ROIs that are extracted from images and figure captions, respectively. This algorithm based on dynamic time warping (DTW) clusters recognized pointers into groups, each of which contains pointers with identical visual properties (shape, size, color, etc.). Then a rule-based matching algorithm finds the best matching group for each textual ROI mention. Our method yields a precision and recall of 96% and 79%, respectively, when ground truth textual ROI data is used.

Computerized analysis of mammographic parenchymal patterns for assessing breast cancer risk: Effect of ROI size and location

International Nuclear Information System (INIS)

Li Hui; Giger, Maryellen L.; Huo Zhimin; Olopade, Olufunmilayo I.; Lan Li; Weber, Barbara L.; Bonta, Ioana

2004-01-01

The long-term goal of our research is to develop computerized radiographic markers for assessing breast density and parenchymal patterns that may be used together with clinical measures for determining the risk of breast cancer and assessing the response to preventive treatment. In our earlier studies, we found that women at high risk tended to have dense breasts with mammographic patterns that were coarse and low in contrast. With our method, computerized texture analysis is performed on a region of interest (ROI) within the mammographic image. In our current study, we investigate the effect of ROI size and ROI location on the computerized texture features obtained from 90 subjects (30 BRCA1/BRCA2 gene-mutation carriers and 60 age-matched women deemed to be at low risk for breast cancer). Mammograms were digitized at 0.1 mm pixel size and various ROI sizes were extracted from different breast regions in the craniocaudal (CC) view. Seventeen features, which characterize the density and texture of the parenchymal patterns, were extracted from the ROIs on these digitized mammograms. Stepwise feature selection and linear discriminant analysis were applied to identify features that differentiate between the low-risk women and the BRCA1/BRCA2 gene-mutation carriers. ROC analysis was used to assess the performance of the features in the task of distinguishing between these two groups. Our results show that there was a statistically significant decrease in the performance of the computerized texture features, as the ROI location was varied from the central region behind the nipple. However, we failed to show a statistically significant decrease in the performance of the computerized texture features with decreasing ROI size for the range studied

Does the private sector receive an excessive return from investments in health care infrastructure projects? Evidence from the UK.

Science.gov (United States)

Vecchi, Veronica; Hellowell, Mark; Gatti, Stefano

2013-05-01

This paper is concerned with the cost-efficiency of Private Finance Initiatives (PFIs) in the delivery of hospital facilities in the UK. We outline a methodology for identifying the "fair" return on equity, based on the Weighted Average Cost of Capital (WACC) of each investor. We apply this method to assess the expected returns on a sample of 77 contracts signed between 1997 and 2011 by health care provider organisations in the UK. We show that expected returns are in general in excess of the WACC benchmarks. The findings highlight significant problems in current procurement practices and the methodologies by which bids are assessed. To minimise the financial impact of hospital investments on health care systems, a regulatory regime must ensure that expected returns are set at the "fair" rate. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

ADN to BSN: lessons from human capital theory.

Science.gov (United States)

Graf, Christina M

2006-01-01

Currently, approximately 16% of associate degree nursing (ADN) graduates acquire baccalaureate or higher degrees. Human capital analysis demonstrated negative to minimal average returns on investment (ROI) in BSN education. Increasing the ROI may influence ADNs to pursue baccalaureate education and can be an effective strategy for meeting the projected need for BSN-prepared nurses.

Economic Impact of the Hawaii State Public Library System (HSPLS) on the Business and Tourism Industries Study: Final Report

Science.gov (United States)

Ryan, Joe; McClure, Charles R.

2003-01-01

Ryan Information Management conducted a return on investment (ROI) study of the economic value of the Hawaii State Public Library System (HSPLS) and identified potential additional sources of operating revenue. HSPLS economic value was examined from four viewpoints, HSPLS: direct economic impact, market value, peer comparison and value to library…

A STUDY ON THE RISK-ADJUSTED PERFORMANCE OF MUTUAL FUNDS INDUSTRY IN INDIA

Directory of Open Access Journals (Sweden)

Shivangi Agarwal

2017-04-01

Full Text Available Investing through mutual funds has gained interest in recent years as it offers optimal risk adjusted returns to investors. The Indian market is no exception and has witnessed a multifold growth in mutual funds over the years. As of 2016, the Indian market is crowded with over two thousand mutual fund schemes, each promising higher returns compared to their peers. This comes as a challenge for an ordinary investor to select the best portfolio to invest making it critical to analyse the performance of these funds. While understanding and analysing the historical performance of mutual funds do not guarantee future performance, however, this may give an idea of how the fund is likely to perform in different market conditions. In this research we address multiple research issues. These include measuring the performance of selected mutual schemes on the basis of risk and return and compare the performance of these selected schemes with benchmark index to see whether the scheme is outperforming or underperforming the benchmark. We also rank funds on the basis of performance and suggest strategies to invest in a mutual fund and therefore, our findings have significant relevance for investing public.

Linear and nonlinear determinants of the performance of informal venture capitalists’ investments. An empirical analysis

Directory of Open Access Journals (Sweden)

Vincenzo Capizzi

2013-05-01

Full Text Available This paper is aimed at identifying and analyzing the contribution of the major drivers of the performance of informal venture capitalists’ investments. This study analyzes data on Italian transactions and personal features of Italian Business Angels gathered during 2007 – 2011 with the support of IBAN (Italian Business Angels Network. The econometric analysis investigates the returns of business angels’ investments and their major determinants (industry, exit strategy, experience, holding period, rejection rate, and year of divestiture. The major results are the followings: 1 differently from previous literature, the relationship between Experience and IRR is quadratic and significant; 2 for the first time, is confirmed by quantitative data that short Holding period (below 3 years earn a lower IRR; 3 the Rejection rate is logarithmic and the impact on IRR is positive and significant. Finally, the outcomes of the empirical analysis performed in this study allow identifying new and concrete insights on possible policy interventions.

Does IS/IT Investments Impact on Firm Financial Performance: “Stakeholder” versus “Shareholder” Orientation

OpenAIRE

Guerreiro, António

2015-01-01

This research project addresses a central question in the IS business value field: Does IS/IT investments impact positively on firm financial performance? IS/IT investments are seen has having an enormous potential impact on the competitive position of the firm, on its performance, and demand an active and motivated participation of several stakeholder groups. Actual research conducted in the Information Systems field, relating IS/IT investments with firm performance use transactions costs...

Effects of ROI definition and reconstruction method on quantitative outcome and applicability in a response monitoring trial

International Nuclear Information System (INIS)

Krak, Nanda C.; Boellaard, R.; Hoekstra, Otto S.; Hoekstra, Corneline J.; Twisk, Jos W.R.; Lammertsma, Adriaan A.

2005-01-01

Quantitative measurement of tracer uptake in a tumour can be influenced by a number of factors, including the method of defining regions of interest (ROIs) and the reconstruction parameters used. The main purpose of this study was to determine the effects of different ROI methods on quantitative outcome, using two reconstruction methods and the standard uptake value (SUV) as a simple quantitative measure of FDG uptake. Four commonly used methods of ROI definition (manual placement, fixed dimensions, threshold based and maximum pixel value) were used to calculate SUV (SUV [MAN] , SUV 15 mm , SUV 50 , SUV 75 and SUV max , respectively) and to generate ''metabolic'' tumour volumes. Test-retest reproducibility of SUVs and of ''metabolic'' tumour volumes and the applicability of ROI methods during chemotherapy were assessed. In addition, SUVs calculated on ordered subsets expectation maximisation (OSEM) and filtered back-projection (FBP) images were compared. ROI definition had a direct effect on quantitative outcome. On average, SUV [MAN] , SUV 15 mm , SUV 50 and SUV 75 , were respectively 48%, 27%, 34% and 15% lower than SUV max when calculated on OSEM images. No statistically significant differences were found between SUVs calculated on OSEM and FBP reconstructed images. Highest reproducibility was found for SUV 15 mm and SUV [MAN] (ICC 0.95 and 0.94, respectively) and for ''metabolic'' volumes measured with the manual and 50% threshold ROIs (ICC 0.99 for both). Manual, 75% threshold and maximum pixel ROIs could be used throughout therapy, regardless of changes in tumour uptake or geometry. SUVs showed the same trend in relative change in FDG uptake after chemotherapy, irrespective of the ROI method used. The method of ROI definition has a direct influence on quantitative outcome. In terms of simplicity, user-independence, reproducibility and general applicability the threshold-based and fixed dimension methods are the best ROI methods. Threshold methods are in

An ROI multi-resolution compression method for 3D-HEVC

Science.gov (United States)

Ti, Chunli; Guan, Yudong; Xu, Guodong; Teng, Yidan; Miao, Xinyuan

2017-09-01

3D High Efficiency Video Coding (3D-HEVC) provides a significant potential on increasing the compression ratio of multi-view RGB-D videos. However, the bit rate still rises dramatically with the improvement of the video resolution, which will bring challenges to the transmission network, especially the mobile network. This paper propose an ROI multi-resolution compression method for 3D-HEVC to better preserve the information in ROI on condition of limited bandwidth. This is realized primarily through ROI extraction and compression multi-resolution preprocessed video as alternative data according to the network conditions. At first, the semantic contours are detected by the modified structured forests to restrain the color textures inside objects. The ROI is then determined utilizing the contour neighborhood along with the face region and foreground area of the scene. Secondly, the RGB-D videos are divided into slices and compressed via 3D-HEVC under different resolutions for selection by the audiences and applications. Afterwards, the reconstructed low-resolution videos from 3D-HEVC encoder are directly up-sampled via Laplace transformation and used to replace the non-ROI areas of the high-resolution videos. Finally, the ROI multi-resolution compressed slices are obtained by compressing the ROI preprocessed videos with 3D-HEVC. The temporal and special details of non-ROI are reduced in the low-resolution videos, so the ROI will be better preserved by the encoder automatically. Experiments indicate that the proposed method can keep the key high-frequency information with subjective significance while the bit rate is reduced.

Ranking independent timber investments by alternative investment criteria

Science.gov (United States)

Thomas J. Mills; Gary E. Dixon

1982-01-01

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

Can state-of-the-art HVS-based objective image quality criteria be used for image reconstruction techniques based on ROI analysis?

Science.gov (United States)

Dostal, P.; Krasula, L.; Klima, M.

2012-06-01

Various image processing techniques in multimedia technology are optimized using visual attention feature of the human visual system. Spatial non-uniformity causes that different locations in an image are of different importance in terms of perception of the image. In other words, the perceived image quality depends mainly on the quality of important locations known as regions of interest. The performance of such techniques is measured by subjective evaluation or objective image quality criteria. Many state-of-the-art objective metrics are based on HVS properties; SSIM, MS-SSIM based on image structural information, VIF based on the information that human brain can ideally gain from the reference image or FSIM utilizing the low-level features to assign the different importance to each location in the image. But still none of these objective metrics utilize the analysis of regions of interest. We solve the question if these objective metrics can be used for effective evaluation of images reconstructed by processing techniques based on ROI analysis utilizing high-level features. In this paper authors show that the state-of-the-art objective metrics do not correlate well with subjective evaluation while the demosaicing based on ROI analysis is used for reconstruction. The ROI were computed from "ground truth" visual attention data. The algorithm combining two known demosaicing techniques on the basis of ROI location is proposed to reconstruct the ROI in fine quality while the rest of image is reconstructed with low quality. The color image reconstructed by this ROI approach was compared with selected demosaicing techniques by objective criteria and subjective testing. The qualitative comparison of the objective and subjective results indicates that the state-of-the-art objective metrics are still not suitable for evaluation image processing techniques based on ROI analysis and new criteria is demanded.

What's the Return on a Tenner Nowadays...?

Science.gov (United States)

Williams, Sandra

2001-01-01

Workplace training at the British offices of Readers' Digest is designed to improve staff skills in communicating with customers. Evaluation of workshops focused on spelling, grammar, and business writing shows that the company is achieving a return on its training investment. (SK)

Program, policy, and price interventions for tobacco control: quantifying the return on investment of a state tobacco control program.

Science.gov (United States)

Dilley, Julia A; Harris, Jeffrey R; Boysun, Michael J; Reid, Terry R

2012-02-01

We examined health effects associated with 3 tobacco control interventions in Washington State: a comprehensive state program, a state policy banning smoking in public places, and price increases. We used linear regression models to predict changes in smoking prevalence and specific tobacco-related health conditions associated with the interventions. We estimated dollars saved over 10 years (2000-2009) by the value of hospitalizations prevented, discounting for national trends. Smoking declines in the state exceeded declines in the nation. Of the interventions, the state program had the most consistent and largest effect on trends for heart disease, cerebrovascular disease, respiratory disease, and cancer. Over 10 years, implementation of the program was associated with prevention of nearly 36,000 hospitalizations, at a value of about $1.5 billion. The return on investment for the state program was more than $5 to $1. The combined program, policy, and price interventions resulted in reductions in smoking and related health effects, while saving money. Public health and other leaders should continue to invest in tobacco control, including comprehensive programs.

A New Long Term Assessment of Energy Return on Investment (EROI) for U.S. Oil and Gas Discovery and Production

OpenAIRE

Guilford, Megan C.; Hall, Charles A.S.; O’Connor, Peter; Cleveland, Cutler J.

2011-01-01

Oil and gas are the main sources of energy in the United States. Part of their appeal is the high Energy Return on Energy Investment (EROI) when procuring them. We assessed data from the United States Bureau of the Census of Mineral Industries, the Energy Information Administration (EIA), the Oil and Gas Journal for the years 1919–2007 and from oil analyst Jean Laherrere to derive EROI for both finding and producing oil and gas. We found two general patterns in the relation of energy gains co...

Country Fundamentals and Currency Excess Returns

Directory of Open Access Journals (Sweden)

Daehwan Kim

2014-06-01

Full Text Available We examine whether country fundamentals help explain the cross-section of currency excess returns. For this purpose, we consider fundamental variables such as default risk, foreign exchange rate regime, capital control as well as interest rate in the multi-factor model framework. Our empirical results show that fundamental factors explain a large part of the cross-section of currency excess returns. The zero-intercept restriction of the factor model is not rejected for most currencies. They also reveal that our factor model with country fundamentals performs better than a factor model with usual investment-style factors. Our main empirical results are based on 2001-2010 balanced panel data of 19 major currencies. This paper may fill the gap between country fundamentals and practitioners' strategies on currency investment.

Investment Strategies of Different Holding Periods: Evidence from Stock Markets of Hong Kong, Korea, Shanghai, and Taiwan

OpenAIRE

Massoud Moslehpour; Munkh-Ulzii Batmunkh

2013-01-01

Although there is abundant research focusing on estimating the level of returns on stock market, there is a lack of studies examining the comparison of stock return movements for short-term and long-term investment in the Asian stock market. The present study examines return on investment of different holding periods among selected stock markets in Asia. Based on the trading performance of key indices and market capitalization value, Korean Stock Exchange (KRE), Shanghai Stock Exchange (SSE),...

Determinants of Return on Assets in Romania: A Principal Component Analysis

Directory of Open Access Journals (Sweden)

Sorana Vatavu

2015-03-01

Full Text Available This paper examines the impact of capital structure, as well as its determinants on the financial performance of Romanian companies listed on the Bucharest Stock Exchange. The analysis is based on cross sectional regressions and factor analysis, and it refers to a ten-year period (2003-2012. Return on assets (ROA is the performance proxy, while the capital structure indicator is debt ratio. Regression results indicate that Romanian companies register higher returns when they operate with limited borrowings. Among the capital structure determinants, tangibility and business risk have a negative impact on ROA, but the level of taxation has a positive effect, showing that companies manage their assets more efficiently during times of higher fiscal pressure. Performance is sustained by sales turnover, but not significantly influenced by high levels of liquidity. Periods of unstable economic conditions, reflected by high inflation rates and the current financial crisis, have a strong negative impact on corporate performance. Based on regression results, three factors were considered through the method of iterated principal component factors: the first one incorporates debt and size, as an indicator of consumption, the second one integrates the influence of tangibility and liquidity, marking the investment potential, and the third one is an indicator of assessed risk, integrating the volatility of earnings with the level of taxation. ROA is significantly influenced by these three factors, regardless the regression method used. The consumption factor has a negative impact on performance, while the investment and risk variables positively influence ROA.

Similarities and differences between stakeholders' opinions on using Health Technology Assessment (HTA) information across five European countries: results from the EQUIPT survey.

Science.gov (United States)

Vokó, Zoltan; Cheung, Kei Long; Józwiak-Hagymásy, Judit; Wolfenstetter, Silke; Jones, Teresa; Muñoz, Celia; Evers, Silvia M A A; Hiligsmann, Mickaël; de Vries, Hein; Pokhrel, Subhash

2016-05-26

The European-study on Quantifying Utility of Investment in Protection from Tobacco (EQUIPT) project aimed to study transferability of economic evidence by co-creating the Tobacco Return On Investment (ROI) tool, previously developed in the United Kingdom, for four sample countries (Germany, Hungary, Spain and the Netherlands). The EQUIPT tool provides policymakers and stakeholders with customized information about the economic and wider returns on the investment in evidence-based tobacco control, including smoking cessation interventions. A Stakeholder Interview Survey was developed to engage with the stakeholders in early phases of the development and country adaptation of the ROI tool. The survey assessed stakeholders' information needs, awareness about underlying principles used in economic analyses, opinion about the importance, effectiveness and cost-effectiveness of tobacco control interventions, and willingness to use a Health Technology Assessment (HTA) tool such as the ROI tool. A cross sectional study using a mixed method approach was conducted among participating stakeholders in the sample countries and the United Kingdom. The individual questionnaire contained open-ended questions as well as single choice and 7- or 3-point Likert-scale questions. The results corresponding to the priority and needs assessment and to the awareness of stakeholders about underlying principles used in economic analysis are analysed by country and stakeholder categories. Stakeholders considered it important that the decisions on the investments in tobacco control interventions should be supported by scientific evidence, including prevalence of smoking, cost of smoking, quality of life, mortality due to smoking, and effectiveness, cost-effectiveness and budget impact of smoking cessation interventions. The proposed ROI tool was required to provide this granularity of information. The majority of the stakeholders were aware of the general principles of economic analyses used in

Return on Knowledge Assets: Rethinking Investments in Educational Technology.

Science.gov (United States)

Watkins, Karen E.; Callahan, Mary Wilson

1998-01-01

Presents various ways of understanding knowledge and intellectual capital and the assets they produce. Considers implications of assessing the return on educational technologies as organizational knowledge assets. Presents a case study to illustrate how an educational technology application might help capture the benefits of knowledge capital.…

Application of the Value Averaging Investment Method on the US Stock Market

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Martin Širůček

2015-01-01

Full Text Available The paper focuses on empirical testing and the use of the regular investment, particularly on the value averaging investment method on real data from the US stock market in the years 1990–2013. The 23-year period was chosen because of a consistently interesting situation in the market and so this regular investment method could be tested to see how it works in a bull (expansion period and a bear (recession period. The analysis is focused on results obtained by using this investment method from the viewpoint of return and risk on selected investment horizons (short-term 1 year, medium-term 5 years and long-term 10 years. The selected aim is reached by using the ratio between profit and risk. The revenue-risk profile is the ratio of the average annual profit rate measured for each investment by the internal rate of return and average annual risk expressed by selective standard deviation. The obtained results show that regular investment is suitable for a long investment horizon or the longer the investment horizon, the better the revenue-risk ratio (Sharpe ratio. According to the results obtained, specific investment recommendations are presented in the conclusion, e.g. if this investment method is suitable for a long investment period, if it is better to use value averaging for a growing, sinking or sluggish market, etc.

Performance Evaluation of Investment (Mutual Funds

Directory of Open Access Journals (Sweden)

Povilas Vyšniauskas

2014-12-01

Full Text Available The efficiency of an investment fund is one of the main components in evaluating the performance of the fund. This study seeks for introducing and comparing risk and performance evaluation ratios. The paper is aimed at testing the worked out ratios and at distinguishing between the best ones for the purpose of evaluating the performance of Lithuanian mutual funds. Scientific studies show that a standard deviation, alpha, beta, Sharpe and Treynor ratios are mostly employed for identifying the performance of mutual funds that are also compared with their benchmark index to establish if these funds are outperformed and if is it worth paying management fees to investment banks for managing mutual funds. Historical data were selected for the period from 2012-01-02 to 2013-10-15 analysing the prices of monthly funds. The paper points out the areas of a practical application of the proposed model for investment fund valuation, which may not only provide valuable outcomes for practitioners but also may inspire further research on this article.

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.

On the Economic Consequences of Index-Linked Investing

OpenAIRE

Jeffrey Wurgler

2010-01-01

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

Real Estate Investment Trusts in the Developed Countries

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Yulia A. Burkova

2014-01-01

Full Text Available In this article, performance of239 real estate investment trusts (REITs from 15 developed countries is analyzed according to their regional specific characteristics. This investment vehicle is rapidly spreading all over the world due to high returns it offers while being of low risk, and since the governments create special legislation. In 2013, there were around 30 countries where REITs can be created, so regional specifics of REITs' performance can be studied. USA has the oldest REITs market in the world with 133 trusts operating there. Popularity of American REITs is explained by the fact that they usually hold well diversified portfolios of property with stable income. This helped them rather successfully survive through the global economic crisis of2008-2010, but after that attracted close attention of institutional investors which has led to the creation of new bubble on the market. European REITs market has appeared recently, its development being slowed down by the recent crisis. The debt crisis and liquidity strain caused REITs lack of funds; economic downturn led to the reduction of trusts' returns, resulting in the outflow of the investment to the USA. In 2012, the recovery of the debt capital market reanimated the REITs market. REITs in the Asia-Pacific region are very risky thus offering a high riskpremium. Their returns are unstable and fluctuate in line with the global economic situation. After the crisis, REITs have been the most attractive investment vehicle on the market offering high yield.

A Conceptual Model for Calculating the Return of Costs Invested in the Creation of an Economic Security Service, During a Short-Term Period

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Melikhova Tetiana O.

2018-02-01

Full Text Available The article is aimed at suggesting methods for calculating the short-term period of return of costs invested in creation of an economic security service. The article considers approaches to calculation of the period of return of costs, advanced at the level of enterprise, which build the methodical basis for definition of such period. At the level of structural subdivisions of enterprise, which do not produce products, it is suggested to use conditional money flow as a source of financing advanced costs. The calculation of the short-term return on investment at the enterprise level provides for: allocation of expenses for the permanent and the replacement parts during the year; determination of the production of money flow and the money flow accumulated during the year. Annual depreciation payments are the basis of fixed costs. Methods of determination of the gross, net, valid, and specified periods of return of costs, advanced during the year for introduction of an economic security service at enterprise, have been suggested.

Social Return on Investment (SROI): An Innovative Approach to Sustainable Development Goals for Sexual and Reproductive Health Programming in sub-Saharan Africa.

Science.gov (United States)

Kumar, Shubha R; Banke-Thomas, Aduragbemi

2016-09-01

Despite efforts, sub-Saharan Africa did not achieve many key Sexual and Reproductive Health (SRH) targets under the Millennium Development Goals. In the post 2015 era, the Sustainable Development Goals (SDGs) will frame decisions on donor priorities and resource allocations. Successfully addressing SRH challenges in sub-Saharan Africa have been blunted due to fragmentation of SRH interventions in planning and implementation, lack of coherence between policies and program implementation, resulting in poor program performance and lack of accountability. We suggest the Social Return on Investment (SROI) framework offers a strategic approach for sub-Saharan Africa in support of the implementation, monitoring and evaluation of SRH programs given its capacity to capture social and economic impacts, stakeholder participation, and sensitivity towards key human rights concerns relevant to SRH. SROI disrupts a -business as usual‖ approach for one that is systematic, participatory, and supportive of economic and human rights needs for success in the SDG era.

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.

Democracy and regulation: the effects of electoral competition on infrastructure investments

NARCIS (Netherlands)

Schram, A.; Ule, A.

2013-01-01

This paper investigates infrastructure investment in markets where regulation is subject to varying degrees of manipulation by elected politicians. Based on a model of price regulation in a market with increasing demand and long-term returns on investment we construct a multi-period game between a

RETURN DAN RISIKO SAHAM PADA PERUSAHAAN PERATA LABA DAN BUKAN PERATA LABA

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Dwi Putra R.A.

2013-05-01

Full Text Available Perataan laba merupakan praktik yang umum dilakukan oleh manajer perusahaan untuk mengurangi fluktuasi laba, yang diharapkan memiliki efek menguntungkan bagi evaluasi kinerja manajemen. Beberapa peneliti percaya bahwa investor memiliki lebih banyak kecenderungan untuk berinvestasi di perusahaan yang menerapkan perataan laba. Investor percaya bahwa perusahaan halus memiliki return yang berbeda dan risiko investasi. Beberapa penelitian membuktikan tentang return yang berbeda dan risiko investasi antara perusahaan perata dan bukan perata laba. Studi lainnya menyatakan bahwa tidak ada perbedaan antara perusahaan perata dan bukan perata laba. Penelitian ini mencoba untuk menguji perbedaan risiko investasi dan return antara perusahaan manufaktur perata dan bukan perata laba yang terdaftar di Bursa Efek Indonesia pada tahun 2009-2011. Perusahaan-perusahaan diklasifikasikan dengan Indeks Eckel dan pendapatan berdasarkan pendapatan operasional, laba sebelum pajak, dan laba setelah pajak. Studi ini menunjukkan bahwa tidak ada perbedaan return investasi antara perusahaan perata dan bukan perata laba. Namun, ada perbedaan dalam risiko investasi antara perusahaan perata dan bukan perata labaKata kunci: Return, Risiko, Perata laba, Beta Income smoothing is a common practice by corporate managers to reduce fluctuations in earnings, which are expected to have beneficial effects for management performance evaluation. Some researchers believe that investors have much more tendency to invest in companies that apply income smoothing. Investors believe that smoother companies have different return and risk investment.  Some studies prove about different return and risk investment between the smoother and non-smoother companies. On the other hand, the rest studies state that there is no difference between smoother and non-smoother companies. This study tries to examine the difference of investment risk and return between smoother and non-smoother manufacturing

PERFORMANCE OF TRADITIONAL INVESTMENT FUNDS AND ETFs LINKED TO SUSTAINABILITY AND CORPORATE GOVERNANCE

Directory of Open Access Journals (Sweden)

Elisângela de Magalhães Soares

2015-12-01

Full Text Available The objective of this study is to compare the performance of traditional investment funds and Exchange traded funds (ETFs, which benchmarks are Ibovespa, IBrX and Sustainability Indexes, as well as free funds using daily frequency data covering the period from 20 June 2012 to 31 October 2013. The survey is descriptive with a quantitative approach. Analyses were performed using the Capital Asset Pricing Model (CAPM and the Sharpe Ratio (1966. In order to obtain an index of ETFs linked to sustainability, the nomenclature and prospectus of each ETF were analyzed to see which ones were linked to this sector. Then the average return of these funds was calculated, weighted by its Net Asset Value, generating a series of the same period and frequency of others. The results show that the funds linked to sustainability and corporate governance indices are one of the best investment options, surpassed only by free funds.

IMPLIKASI KOMPONEN LAPORAN ARUS KAS, LABA KOTOR, DAN SIZE PERUSAHAAN TERHADAP EXPECTED RETURN SAHAM

Directory of Open Access Journals (Sweden)

Totok Sasongko

2017-03-01

Full Text Available Expected return of an investment was the probabilit y rate dist ribut ion on invest -ment returns. Although investors (stockholders did not know exact ly what rate of returnthey would get , they had base on their decisions to invest . Work performance measurementused by stockholders in investment decisions were prof it and cash f low. Besides, investorsalso considered company f inancial characterist ic like company size. The main purpose of thisresearch was to analyze the implicat ion of informat ion cash f low statement , gross prof it ,company size toward expected stock return. Populat ion of this research was manufacturecompanies listed at Jakarta Stock Exchange. The sample was selected by purposive sampling.The analysis data used was a mult i linear regression. The result showed that simultaneously,cash f low component , gross prof it and company size had signif icant ef fect to stock expectedreturns. But part ially, the cash f low f rom operat ion and f inancing didn’t have signif icantef fect to stock expected returns.

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...

Investment Opportunity, Institutional Ownership, Cash Flow, Company Life Cycle Terhadap Kebijakan Dividen Dan Return Saham

OpenAIRE

Wiagustini, Ni Luh Putu

2009-01-01

The objective of this research was to examine and to analyze the infl uences of investmentopportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividendpolicy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutionalownership, and company life cycle stages to share return. The samples used in this research weremanufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularlywithin the perio...

RETURNS OF PRIVATE EQUITY COMPARATIVE ANALYSES OF THE RETURNS OF VENTURE CAPITAL AND BUYOUT FUNDS IN EUROPE AND IN THE US

Directory of Open Access Journals (Sweden)

Becsky-Nagy Patrícia

2014-07-01

Full Text Available This paper focuses on the returns of two segments of Private Equity (PE market in Europe and in the US; Venture Capital (VC and Buyout (BO. Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90’s US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the

Socially Responsible Investment in Japanese Pensions

OpenAIRE

Henry Hongbo Jin; Olivia S. Mitchell; John Piggott

2005-01-01

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

Risk-adjusted impact of administrative costs on the distribution of terminal wealth for long-term investment.

Science.gov (United States)

Guillén, Montserrat; Jarner, Søren Fiig; Nielsen, Jens Perch; Pérez-Marín, Ana M

2014-01-01

The impact of administrative costs on the distribution of terminal wealth is approximated using a simple formula applicable to many investment situations. We show that the reduction in median returns attributable to administrative fees is usually at least twice the amount of the administrative costs charged for most investment funds, when considering a risk-adjustment correction over a reasonably long-term time horizon. The example we present covers a number of standard cases and can be applied to passive investments, mutual funds, and hedge funds. Our results show investors the potential losses they face in performance due to administrative costs.

Energy upgrades as financial or strategic investment? Energy Star property owners and managers improving building energy performance

International Nuclear Information System (INIS)

Gliedt, Travis; Hoicka, Christina E.

2015-01-01

Highlights: • Energy Star property owners/managers view energy as strategic or financial investments. • Energy performance improvements and motivations differ by property type. • Energy projects are most often funded by internal cash reserves. • Motivations and funding sources differ by type of energy project. • Environmental sustainability is an important criterion in many energy projects. - Abstract: Due to its significant carbon footprint and cost-effectiveness for upgrades, the commercial property sector is important for climate change mitigation. Although barriers to energy system changes, such as funding, financing and information, are well recognized, Energy Star property owners and managers are successfully overcoming these barriers and instigating energy efficiency upgrades, renewable energy installations, and behavior and management programs. To examine the decision-making process that leads to energy performance improvements, a national survey of property owners and management organizations of buildings that earned an Energy Star score of 75 or higher was conducted. The extent to which energy upgrades were considered strategic investments motivated by environmental sustainability or corporate social responsibility, or financial investments motivated by payback period or return-on-investment criteria, was contingent upon the property type and type of energy project. Environmental sustainability was found to be an important motivation for energy projects in office spaces in general, but in the case of smaller office spaces was often combined with motivations for corporate social responsibility. Energy projects on education properties were motivated by financial investment. Building envelope and mechanical efficiency upgrades were considered financial investments, while renewable energy, green roofs, and water conservation technologies were considered environmental sustainability initiatives

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

Energy intensities, EROIs (energy returned on invested), and energy payback times of electricity generating power plants

International Nuclear Information System (INIS)

Weißbach, D.; Ruprecht, G.; Huke, A.; Czerski, K.; Gottlieb, S.; Hussein, A.

2013-01-01

The energy returned on invested, EROI, has been evaluated for typical power plants representing wind energy, photovoltaics, solar thermal, hydro, natural gas, biogas, coal and nuclear power. The strict exergy concept with no “primary energy weighting”, updated material databases, and updated technical procedures make it possible to directly compare the overall efficiency of those power plants on a uniform mathematical and physical basis. Pump storage systems, needed for solar and wind energy, have been included in the EROI so that the efficiency can be compared with an “unbuffered” scenario. The results show that nuclear, hydro, coal, and natural gas power systems (in this order) are one order of magnitude more effective than photovoltaics and wind power. - Highlights: ► Nuclear, “renewable” and fossil energy are comparable on a uniform physical basis. ► Energy storage is considered for the calculation, reducing the ERoEI remarkably. ► All power systems generate more energy than they consume. ► Photovoltaics, biomass and wind (buffered) are below the economical threshold

Oil palm fresh fruit bunch ripeness classification based on rule- based expert system of ROI image processing technique results

International Nuclear Information System (INIS)

Alfatni, M S M; Shariff, A R M; Marhaban, M H; Shafie, S B; Saaed, O M B; Abdullah, M Z; BAmiruddin, M D

2014-01-01

There is a processing need for a fast, easy and accurate classification system for oil palm fruit ripeness. Such a system will be invaluable to farmers and plantation managers who need to sell their oil palm fresh fruit bunch (FFB) for the mill as this will avoid disputes. In this paper,a new approach was developed under the name of expert rules-based systembased on the image processing techniques results of thethree different oil palm FFB region of interests (ROIs), namely; ROI1 (300x300 pixels), ROI2 (50x50 pixels) and ROI3 (100x100 pixels). The results show that the best rule-based ROIs for statistical colour feature extraction with k-nearest neighbors (KNN) classifier at 94% were chosen as well as the ROIs that indicated results higher than the rule-based outcome, such as the ROIs of statistical colour feature extraction with artificial neural network (ANN) classifier at 94%, were selected for further FFB ripeness inspection system

Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?

Science.gov (United States)

Beshears, John; Choi, James J; Laibson, David; Madrian, Brigitte C

2017-06-01

Many experiments have found that participants take more investment risk if they see returns less frequently, see portfolio-level returns (rather than each individual asset's returns), or see long-horizon (rather than one-year) historical return distributions. In contrast, we find that such information aggregation treatments do not affect total equity investment when we make the investment environment more realistic than in prior experiments. Previously documented aggregation effects are not robust to changes in the risky asset's return distribution or the introduction of a multi-day delay between portfolio choice and return realizations.

Measuring Digital Signage ROI : A combination of Digital Signage and Mobile Advertising as a method for measuring Digtal Signage ROI

OpenAIRE

Helander, Fredrik

2010-01-01

Marketing has changed a lot the past decade. New modern marketing channels have been developed and marketing have become more effective. This has affected the expectations advertisers have on advertising channels. One thing advertisers increasingly expect is to be able to efficiently measure the result of advertising, the ROI. A method for measuring ROI of digital signage is in focus in this study. The measurement is enabled by a combination of digital signage and mobile advertising. First a ...

Application of a semi-automatic ROI setting system for brain PET images to animal PET studies

International Nuclear Information System (INIS)

Kuge, Yuji; Akai, Nobuo; Tamura, Koji

1998-01-01

ProASSIST, a semi-automatic ROI (region of interest) setting system for human brain PET images, has been modified for use with the canine brain, and the performance of the obtained system was evaluated by comparing the operational simplicity for ROI setting and the consistency of ROI values obtained with those by a conventional manual procedure. Namely, we created segment maps for the canine brain by making reference to the coronal section atlas of the canine brain by Lim et al., and incorporated them into the ProASSIST system. For the performance test, CBF (cerebral blood flow) and CMRglc (cerebral metabolic rate in glucose) images in dogs with or without focal cerebral ischemia were used. In ProASSIST, brain contours were defined semiautomatically. In the ROI analysis of the test image, manual modification of the contour was necessary in half cases examined (8/16). However, the operation was rather simple so that the operation time per one brain section was significantly shorter than that in the manual operation. The ROI values determined by the system were comparable with those by the manual procedure, confirming the applicability of the system to these animal studies. The use of the system like the present one would also merit the more objective data acquisition for the quantitative ROI analysis, because no manual procedure except for some specifications of the anatomical features is required for ROI setting. (author)

Examining Brain Morphometry Associated with Self-Esteem in Young Adults Using Multilevel-ROI-Features-Based Classification Method

Directory of Open Access Journals (Sweden)

Bo Peng

2017-05-01

Full Text Available Purpose: This study is to exam self-esteem related brain morphometry on brain magnetic resonance (MR images using multilevel-features-based classification method.Method: The multilevel region of interest (ROI features consist of two types of features: (i ROI features, which include gray matter volume, white matter volume, cerebrospinal fluid volume, cortical thickness, and cortical surface area, and (ii similarity features, which are based on similarity calculation of cortical thickness between ROIs. For each feature type, a hybrid feature selection method, comprising of filter-based and wrapper-based algorithms, is used to select the most discriminating features. ROI features and similarity features are integrated by using multi-kernel support vector machines (SVMs with appropriate weighting factor.Results: The classification performance is improved by using multilevel ROI features with an accuracy of 96.66%, a specificity of 96.62%, and a sensitivity of 95.67%. The most discriminating ROI features that are related to self-esteem spread over occipital lobe, frontal lobe, parietal lobe, limbic lobe, temporal lobe, and central region, mainly involving white matter and cortical thickness. The most discriminating similarity features are distributed in both the right and left hemisphere, including frontal lobe, occipital lobe, limbic lobe, parietal lobe, and central region, which conveys information of structural connections between different brain regions.Conclusion: By using ROI features and similarity features to exam self-esteem related brain morphometry, this paper provides a pilot evidence that self-esteem is linked to specific ROIs and structural connections between different brain regions.

The Criticality of Connecting People to Financial Results ‒ an ROI Calculation Model for Romanian FSOs

Directory of Open Access Journals (Sweden)

Daniela Niculescu

2016-02-01

Full Text Available Organisational culture and employee engagement have been the focus of recent broad-based research efforts. Adding this concern to the revealed importance of performance indicators on human capital, and that their use is getting momentum, in order to attach financial values to knowledge management assets, it becomes more and more critical to measure human capital value. Key for Romanian FSO’s managers becomes to consider that both human and financial values have a focus on adding value in every process and function in the organisation, and to perpetuate organisational profitability by the corporate culture, on the one hand, where culture is a powerful factor that helps a company to engage, on the other hand, talented people. There is a substantial concern on using ROI on Learning and Development programmes, but whilst this is still declared, Romanian FSOs do not yet have a consistent method to measure it. This study is showing the criticality of connecting people to financial results and data analysis suggests that ROI calculation has a positive impact on creating and fostering a powerful organisational culture and that employees’ awareness of ROI values within their organisation has a powerful effect on their sense of engagement. Our findings have a more practical implication for the analysed industry by shaping a formal ROI measurement mechanisms blueprint, an ROI calculation model for the Romanian FSOs, in the form of a mechanism that could be employed when considering the design of an ROI Methodology for Romanian FSOs.

Out Is In

Science.gov (United States)

Villano, Matt

2009-01-01

As the national economic climate worsens, and college and university endowments, coffers, and funding sources shrink, schools are forced to get the most out of every dollar. That means that administrators are bending over backwards to see that all new investments provide maximum return on investment (ROI) over the long term. Campus eCommerce is no…

Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?

Science.gov (United States)

Beshears, John; Choi, James J.; Laibson, David; Madrian, Brigitte C.

2016-01-01

Many experiments have found that participants take more investment risk if they see returns less frequently, see portfolio-level returns (rather than each individual asset’s returns), or see long-horizon (rather than one-year) historical return distributions. In contrast, we find that such information aggregation treatments do not affect total equity investment when we make the investment environment more realistic than in prior experiments. Previously documented aggregation effects are not robust to changes in the risky asset’s return distribution or the introduction of a multi-day delay between portfolio choice and return realizations. PMID:28553012

The returns to foreign R&D

NARCIS (Netherlands)

Belderbos, R.A.; Lokshin, B.; Sadowski, B.

2015-01-01

Extant research on R&D internationalization has not examined how effective foreign R&D investments are in generating positive returns for the investing firms, in particular in comparison and conjunction with the effects of domestic R&D investments. We examine the effectiveness of international

In situ study of the impact of inter- and intra-reader variability on region of interest (ROI) analysis in preclinical molecular imaging.

Science.gov (United States)

Habte, Frezghi; Budhiraja, Shradha; Keren, Shay; Doyle, Timothy C; Levin, Craig S; Paik, David S

2013-01-01

We estimated reader-dependent variability of region of interest (ROI) analysis and evaluated its impact on preclinical quantitative molecular imaging. To estimate reader variability, we used five independent image datasets acquired each using microPET and multispectral fluorescence imaging (MSFI). We also selected ten experienced researchers who utilize molecular imaging in the same environment that they typically perform their own studies. Nine investigators blinded to the data type completed the ROI analysis by drawing ROIs manually that delineate the tumor regions to the best of their knowledge and repeated the measurements three times, non-consecutively. Extracted mean intensities of voxels within each ROI are used to compute the coefficient of variation (CV) and characterize the inter- and intra-reader variability. The impact of variability was assessed through random samples iterated from normal distributions for control and experimental groups on hypothesis testing and computing statistical power by varying subject size, measured difference between groups and CV. The results indicate that inter-reader variability was 22.5% for microPET and 72.2% for MSFI. Additionally, mean intra-reader variability was 10.1% for microPET and 26.4% for MSFI. Repeated statistical testing showed that a total variability of CV variability has been observed mainly due to differences in the ROI placement and geometry drawn between readers, which may adversely affect statistical power and erroneously lead to negative study outcomes.

A study on the effect of P/E and PEG ratios on stock returns: Evidence from Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Seyyed Ali Lajevardi

2014-07-01

Full Text Available This paper studies the effect of the ratios of P/E and PEG on stock returns of the firms accepted on Tehran Stock Exchange. The study uses regression and Pearson Correlation Coefficient based on the performance of 138 firms over the period 2004- 2009 according to the Iranian calendar to investigate the effects of P/E and PEG on stock returns. The study also uses the models originally proposed by Chahin and Choudhry (2010 [Chahin, S., & Choudhry, T. (2010. Price to earnings, growth radio and value growth based strategies. Social Science Research Network, 19(4.] to discuss the strategies of investing on stocks. The results show that the ratio of P/E had more effect on stock returns than the ratio of PEG and stocks returns had a direct relationship with P/E and an inverse relationship with PEG. In addition, the returns of growth stock were more than value stock.

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

Science.gov (United States)

Kroll, Juidith A.

2012-01-01

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

Investible benchmarks & hedge fund liquidity

OpenAIRE

Freed, Marc S; McMillan, Ben

2011-01-01

A lack of commonly accepted benchmarks for hedge fund performance has permitted hedge fund managers to attribute to skill returns that may actually accrue from market risk factors and illiquidity. Recent innovations in hedge fund replication permits us to estimate the extent of this misattribution. Using an option-based model, we find evidence that the value of liquidity options that investors implicitly grant managers when they invest may account for part or even all hedge fund returns. C...

Investments

CERN Document Server

Bodie, Zvi; Marcus, Alan J.

2017-01-01

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

Investment in capital markets

OpenAIRE

Ledenyov, Dimitri O.; Ledenyov, Viktor O.

2017-01-01

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

Pension Fund Investment Policy

OpenAIRE

Zvi Bodie

1988-01-01

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

Economic returns to investment in AIDS treatment in low and middle income countries.

Directory of Open Access Journals (Sweden)

Stephen Resch

Full Text Available Since the early 2000s, aid organizations and developing country governments have invested heavily in AIDS treatment. By 2010, more than five million people began receiving antiretroviral therapy (ART--yet each year, 2.7 million people are becoming newly infected and another two million are dying without ever having received treatment. As the need for treatment grows without commensurate increase in the amount of available resources, it is critical to assess the health and economic gains being realized from increasingly large investments in ART. This study estimates total program costs and compares them with selected economic benefits of ART, for the current cohort of patients whose treatment is cofinanced by the Global Fund to Fight AIDS, Tuberculosis and Malaria. At end 2011, 3.5 million patients in low and middle income countries will be receiving ART through treatment programs cofinanced by the Global Fund. Using 2009 ART prices and program costs, we estimate that the discounted resource needs required for maintaining this cohort are $14.2 billion for the period 2011-2020. This investment is expected to save 18.5 million life-years and return $12 to $34 billion through increased labor productivity, averted orphan care, and deferred medical treatment for opportunistic infections and end-of-life care. Under alternative assumptions regarding the labor productivity effects of HIV infection, AIDS disease, and ART, the monetary benefits range from 81 percent to 287 percent of program costs over the same period. These results suggest that, in addition to the large health gains generated, the economic benefits of treatment will substantially offset, and likely exceed, program costs within 10 years of investment.

Normalisation: ROI optimal treatment planning - SNDH pattern

International Nuclear Information System (INIS)

Shilvat, D.V.; Bhandari, Virendra; Tamane, Chandrashekhar; Pangam, Suresh

2001-01-01

Dose precision maximally to the target / ROI (Region of Interest), taking care of tolerance dose of normal tissue is the aim of ideal treatment planning. This goal is achieved with advanced modalities such as, micro MLC, simulator and 3-dimensional treatment planning system. But SNDH PATTERN uses minimum available resources as, ALCYON II Telecobalt unit, CT Scan, MULTIDATA 2-dimensional treatment planning system to their maximum utility and reaches to the required precision, same as that with advance modalities. Among the number of parameters used, 'NORMALISATION TO THE ROI' will achieve the aim of the treatment planning effectively. This is dealing with an example of canal of esophagus modified treatment planning based on SNDH pattern. Results are attractive and self explanatory. By implementing SNDH pattern, the QUALITY INDEX of treatment plan will reach to greater than 90%, with substantial reduction in dose to the vital organs. Aim is to utilize the minimum available resources efficiently to achieve highest possible precision for delivering homogenous dose to ROI while taking care of tolerance dose to vital organs

Optimal Responsible Investment

DEFF Research Database (Denmark)

Jessen, Pernille

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

Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies

Directory of Open Access Journals (Sweden)

Chariri Anis

2018-01-01

Full Text Available The negative effects of globalization and rapid growth of industries on environment have changed the business paradigm from profit issues to profit, people and planet (triple bottom line. Consequently, a number of companies have invested their money in environmental issues (called as green investment. This study aims to investigate the effect of firm characteristics on green investment and how green investment influences financial performance. Using annual reports of companies receiving the Program for Pollution Control, Evaluation and Rating (PROPER award and listed on the Indonesia Stock Exchanges in the year of 2009-2014 as research data, the findings showed that firm size, foreign ownership, industry profile, and frequency of audit committee meeting significantly influenced green investment whereas ISO14001 management certification had no effect on it. Interestingly, green investment positively determined an increase in firm financial performance. This reveals that the better the green investment, the higher the financial performance of the companies. The findings contribute to the importance of adopting green investment as a company's strategy to increase profit without destroying the environment. Secondly, this finding can be used by government as a reference for formulating any regulations concerning business and environment. Finally, the finding contributes to the importance of including environmental issues in business education.

Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies

Science.gov (United States)

Chariri, Anis; Bukit, Gretta Ratna Sari Br; Eklesia, Octrine Bethary; Christi, Bourinta Uly; Tarigan, Daisy Meirisa

2018-02-01

The negative effects of globalization and rapid growth of industries on environment have changed the business paradigm from profit issues to profit, people and planet (triple bottom line). Consequently, a number of companies have invested their money in environmental issues (called as green investment). This study aims to investigate the effect of firm characteristics on green investment and how green investment influences financial performance. Using annual reports of companies receiving the Program for Pollution Control, Evaluation and Rating (PROPER) award and listed on the Indonesia Stock Exchanges in the year of 2009-2014 as research data, the findings showed that firm size, foreign ownership, industry profile, and frequency of audit committee meeting significantly influenced green investment whereas ISO14001 management certification had no effect on it. Interestingly, green investment positively determined an increase in firm financial performance. This reveals that the better the green investment, the higher the financial performance of the companies. The findings contribute to the importance of adopting green investment as a company's strategy to increase profit without destroying the environment. Secondly, this finding can be used by government as a reference for formulating any regulations concerning business and environment. Finally, the finding contributes to the importance of including environmental issues in business education.

An Aircraft Lifecycle Approach for the Cost-Benefit Analysis of Prognostics and Condition-Based Maintenance-Based on Discrete-Event Simulation

Science.gov (United States)

2014-10-02

MPD. This manufacturer documentation contains maintenance tasks with specification of intervals and required man-hours that are to be carried out...failures, without consideration of false alarms and missed failures (see also section 4.1.3). The task redundancy rate is the percentage of preventive...Prognostics and Health Management ROI return on investment RUL remaining useful life TCG task code group SB Service Bulletin XML Extensible Markup

Portfolios with fuzzy returns: Selection strategies based on semi-infinite programming

Science.gov (United States)

Vercher, Enriqueta

2008-08-01

This paper provides new models for portfolio selection in which the returns on securities are considered fuzzy numbers rather than random variables. The investor's problem is to find the portfolio that minimizes the risk of achieving a return that is not less than the return of a riskless asset. The corresponding optimal portfolio is derived using semi-infinite programming in a soft framework. The return on each asset and their membership functions are described using historical data. The investment risk is approximated by mean intervals which evaluate the downside risk for a given fuzzy portfolio. This approach is illustrated with a numerical example.

Abnormal profitability and foreign investment based on the investigation of covered interest parity

Science.gov (United States)

Huang, Bor-Yi; Chiou, Jer-Shiou; Wu, Pei-Shan

2007-10-01

Most literature focuses on how foreign investment and the market returns are related. Instead, this study attempts to identify the origin of abnormal behavior by foreign investors, as well as the relationship among the error in covered interest parity (ECIP), foreign investment (INV), and stock returns (RS). This study finds that the behavior of ECIP can be accurately represented by the ARJI model, which is capable of describing sudden jumps in the economy. Consequently, CBP-ARJI thus provides an effective means of studying the interaction among underlying variables. Empirically, ECIP has a negative statistical significant influence on foreign investment. While RS and INV have no mutual volatility spillover effect, they have a close correlation in terms of jump intensity. The previous jump of INV had more impact on current INV, while RS had little impact. The early withdrawal of foreign investment causes stock indexes to fall, creating potential losses for general investors. Foreign investment thus observes abnormal ECIP behavior, while leading the market movements, are always better off.

Pricing and Hedging Guaranteed Returns on Mix Funds

NARCIS (Netherlands)

Vellekoop, M.H.; van de Kamp, A.A.; Post, B.A.

2006-01-01

Abstract In this paper we propose a valuation and hedging strategy for a guaranteed minimal rate of return on a mix fund, which participates in both bonds and stocks. For the case where a fixed amount of money is invested, we show that a European put option on the mix fund replicates the cash flows

A multilevel-ROI-features-based machine learning method for detection of morphometric biomarkers in Parkinson's disease.

Science.gov (United States)

Peng, Bo; Wang, Suhong; Zhou, Zhiyong; Liu, Yan; Tong, Baotong; Zhang, Tao; Dai, Yakang

2017-06-09

Machine learning methods have been widely used in recent years for detection of neuroimaging biomarkers in regions of interest (ROIs) and assisting diagnosis of neurodegenerative diseases. The innovation of this study is to use multilevel-ROI-features-based machine learning method to detect sensitive morphometric biomarkers in Parkinson's disease (PD). Specifically, the low-level ROI features (gray matter volume, cortical thickness, etc.) and high-level correlative features (connectivity between ROIs) are integrated to construct the multilevel ROI features. Filter- and wrapper- based feature selection method and multi-kernel support vector machine (SVM) are used in the classification algorithm. T1-weighted brain magnetic resonance (MR) images of 69 PD patients and 103 normal controls from the Parkinson's Progression Markers Initiative (PPMI) dataset are included in the study. The machine learning method performs well in classification between PD patients and normal controls with an accuracy of 85.78%, a specificity of 87.79%, and a sensitivity of 87.64%. The most sensitive biomarkers between PD patients and normal controls are mainly distributed in frontal lobe, parental lobe, limbic lobe, temporal lobe, and central region. The classification performance of our method with multilevel ROI features is significantly improved comparing with other classification methods using single-level features. The proposed method shows promising identification ability for detecting morphometric biomarkers in PD, thus confirming the potentiality of our method in assisting diagnosis of the disease. Copyright © 2017 Elsevier B.V. All rights reserved.

Applicability of Investment and Profitability Effects in Asset Pricing Models

Directory of Open Access Journals (Sweden)

Márcio André Veras Machado

2017-11-01

Full Text Available This study aims to investigate whether investment and profitability are priced and if they partially explain the variations of stock returns in the Brazilian stock market, according to the Fama and French’s (2015 five-factor model. By using time series and cross-section regression, we found that book-to-market, momentum and liquidity are associated with stock returns whereas investment and profitability were not significant. We also found that there is no investment premium in Brazil. Therefore, motivated by the importance of B/M, momentum and liquidity to the Brazilian stock market, as well as by the poor performance of profitability and investment, we document that Keene and Peterson’s (2007 five-factor model is superior to all other models, especially the five-factor model by Fama and French (2015.

Prioritizing Training To Maximize Results: The 3 Box System.

Science.gov (United States)

Kearns, Paul

2003-01-01

Considers fundamentals of effective training and focuses on the evaluation of training. Describes the 3 Box System, which provides a framework for discussing: (1) basic training needs and priorities; (2) added value training, including ROI (return on investment); evaluation; and (3) prioritizing training budgets. (LRW)

Return and Liquidity Relationships on Market and Accounting Levels in Brazil

Directory of Open Access Journals (Sweden)

Fernanda Finotti Cordeiro Perobelli

2016-08-01

Full Text Available ABSTRACT This article discusses profitability-liquidity relationships on accounting and market levels for 872 shares of publicly-traded Brazilian companies, observed between 1994 and 2013. On the market level, the assumption is that share liquidity is able to reduce some of the risks incurred by investors, making them more willing to pay a higher price for liquid shares, which would lower expected market returns. On the accounting level, the basic hypothesis argues that a firm's holding more liquid assets is related to a conservative investment policy, possibly reducing accounting returns for shareholders. Under the assumption of financial constraint, however, more accounting liquidity would allow positive net present value investments to be carried out, increasing future accounting returns, which would positively affect market liquidity and share prices in an efficient market, resulting in a lower market risk/expected return premium. Under the assumption of no financial constraint, however, more accounting liquidity would only represent a carry cost, compromising future accounting returns, which would adversely affect market liquidity and share prices and result in a higher market risk/expected return premium. Among the hypotheses, the presence of a negative market liquidity premium was verified in Brazil, with shares that traded more exhibiting a higher expected market return. On the margins of the major theories on the subject, only two negative relationships between excess accounting liquidity and market liquidity and accounting return, supporting the carry cost assumption for financially unconstrained firms, were verified. In terms of this paper's contributions, there is the analysis, unprecedented in Brazil as far as is known, of the relationship between liquidity and return on market and accounting levels, considering the financial constraint hypothesis to which the firms are subject.

Can monkeys make investments based on maximized pay-off?

Directory of Open Access Journals (Sweden)

Sophie Steelandt

2011-03-01

Full Text Available Animals can maximize benefits but it is not known if they adjust their investment according to expected pay-offs. We investigated whether monkeys can use different investment strategies in an exchange task. We tested eight capuchin monkeys (Cebus apella and thirteen macaques (Macaca fascicularis, Macaca tonkeana in an experiment where they could adapt their investment to the food amounts proposed by two different experimenters. One, the doubling partner, returned a reward that was twice the amount given by the subject, whereas the other, the fixed partner, always returned a constant amount regardless of the amount given. To maximize pay-offs, subjects should invest a maximal amount with the first partner and a minimal amount with the second. When tested with the fixed partner only, one third of monkeys learned to remove a maximal amount of food for immediate consumption before investing a minimal one. With both partners, most subjects failed to maximize pay-offs by using different decision rules with each partner' quality. A single Tonkean macaque succeeded in investing a maximal amount to one experimenter and a minimal amount to the other. The fact that only one of over 21 subjects learned to maximize benefits in adapting investment according to experimenters' quality indicates that such a task is difficult for monkeys, albeit not impossible.

Developing an OD-Intervention Metric System with the Use of Applied Theory-Building Methodology: A Work/Life-Intervention Example

Science.gov (United States)

Morris, Michael Lane; Storberg-Walker, Julia; McMillan, Heather S.

2009-01-01

This article presents a new model, generated through applied theory-building research methods, that helps human resource development (HRD) practitioners evaluate the return on investment (ROI) of organization development (OD) interventions. This model, called organization development human-capital accounting system (ODHCAS), identifies…

Investigating investment in biopharmaceutical R&D

Science.gov (United States)

Carter, Percy H.; Berndt, Ernst R.; DiMasi, Joseph A.; Trusheim, Mark

2016-01-01

Recent studies have highlighted a reduction in projected financial returns associated with biopharmaceutical R&D, owing to decreased productivity, increases in costs and flattening revenue per new drug, prompting calls for dramatic revisions to R&D models. On the basis of previous financial modelling, the simplest hypothesis would be that new investment in such R&D should be minimal and focused on biologics in preference to small molecules, as the internal rate of return on investment for biologics projects has been reported to be higher. PMID:27616295

Return to competition, re-injury, and impact on performance of preseason shoulder injuries in Major League Baseball pitchers.

Science.gov (United States)

Makhni, Eric C; Lee, Randall W; Nwosu, Ekene O; Steinhaus, Michael E; Ahmad, Christopher S

2015-07-01

Major league baseball (MLB) pitchers are vulnerable to overuse injury of the upper extremity, especially in the shoulder. Injuries sustained in the preseason may have negative impact on performance following return. The goal of this study was to document the frequency of preseason shoulder injury in these athletes, as well as risk for re-injury and impact on performance following return from injury. A comprehensive search of MLB injury information from 2001 to 2010 of public databases yielded a cohort of MLB pitchers who sustained preseason shoulder injuries. These databases were utilized to obtain information regarding return to MLB competition, re-injury, and performance following return from injury. All performance metrics were compared to those of an age-matched control cohort. A total of 74 pitchers were identified who sustained a preseason shoulder injury. Only 39 (53%) returned that same season to pitch in the MLB competition. Of those that returned, nearly 50% of players were re-designated on the Disabled List during the return season. There was a decline in performance in earned run average and batting average against in the year of return. Compared to age-matched control pitchers, those with preseason shoulder injury had lower performance metrics across a number of outcomes. Preseason shoulder injury in MLB pitchers has the potential to result in high re-injury rates and decreased subsequent performance.

Constraints of philanthropy on determining the distribution of biodiversity conservation funding.

Science.gov (United States)

Larson, Eric R; Howell, Stephen; Kareiva, Peter; Armsworth, Paul R

2016-02-01

Caught between ongoing habitat destruction and funding shortfalls, conservation organizations are using systematic planning approaches to identify places that offer the highest biodiversity return per dollar invested. However, available tools do not account for the landscape of funding for conservation or quantify the constraints this landscape imposes on conservation outcomes. Using state-level data on philanthropic giving to and investments in land conservation by a large nonprofit organization, we applied linear regression to evaluate whether the spatial distribution of conservation philanthropy better explained expenditures on conservation than maps of biodiversity priorities, which were derived from a planning process internal to the organization and return on investment (ROI) analyses based on data on species richness, land costs, and existing protected areas. Philanthropic fund raising accounted for considerably more spatial variation in conservation spending (r(2) = 0.64) than either of the 2 systematic conservation planning approaches (r(2) = 0.08-0.21). We used results of one of the ROI analyses to evaluate whether increases in flexibility to reallocate funding across space provides conservation gains. Small but plausible "tax" increments of 1-10% on states redistributed to the optimal funding allocation from the ROI analysis could result in gains in endemic species protected of 8.5-80.2%. When such increases in spatial flexibility are not possible, conservation organizations should seek to cultivate increased support for conservation in priority locations. We used lagged correlations of giving to and spending by the organization to evaluate whether investments in habitat protection stimulate future giving to conservation. The most common outcome at the state level was that conservation spending quarters correlated significantly and positively with lagged fund raising quarters. In effect, periods of high fund raising for biodiversity followed (rather than

Returns on investment in electricity producing photovoltaic systems under de-escalating feed-in tariffs. The case of Greece

International Nuclear Information System (INIS)

Danchev, Svetoslav; Maniatis, George; Tsakanikas, Aggelos

2010-01-01

Under the threat of ballooning energy bills, the Greek legal framework supporting the electricity producing photovoltaic systems (PVS) changed in January 2009 from a fixed to a de-escalating feed-in tariff schedule. In this paper we investigate the internal rate of return (IRR) on investing in PVS under the new regulatory environment. We find that the new scheme favours strongly the early entry in the market. Unless there is a significant decrease in the equipment cost over the next decade, entering the market from 2015 onwards will be prohibitive. The bias of the current policy design towards early entry in a rapidly developing set of technologies entails the risk of a lock-up with sub-optimal technological option. This outlines the importance for policy design of linking the rate of feed-in-tariff de-escalation to more realistic expectations regarding the technology learning curve. (author)

Returns on Sustainable Mutual Funds in India

OpenAIRE

Jain, Anant

2011-01-01

The world has seen a huge growth in investment through the sustainable sector. But the study on the cost in construction and measuring the performance of such investments is confined to the limited countries. Thus to compare the performance of the sustainable investment with that of traditional investments it is necessary to increase the sample size of the study. Considering this in mind the paper aims to study the performance and risk of the sustainable mutual fund investments with that of t...

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.

The Determinant Factors of Real Estate Investment Trust (REIT’s Performance: Evidence from Asian REITs

Directory of Open Access Journals (Sweden)

Nor Edi Azhar Binti Mohamad

2014-01-01

Full Text Available Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} This paper investigates the factors that can influence the Real Estate Investment Trust (REIT’s performance, paying particular attention to the listed REIT’s in Asian.  Samples of 45 Asian listed REITs are selected from five different countries namely Taiwan, Thailand, Malaysia, Hong Kong, Japan and Singapore for 5 years basis from 2007 to 2011 with 225 observations. Study used Net Asset value (NAV and Return as the proxy for REITs performance while risk, dividend yield, net income and size to represent the determinants variable. Applying correlations and multiple regression analysis, the results provide evidence on the association between NAV and return with risk, dividend yield, net income and size of REITs. Results of this study are hoped to help the investors and portfolio managers to deepen their understanding of the dependence factors that might influence the performance of REITs in Asian. Keywords: Net asset value (NAV, Real Estate Investment Trust (REITs, Risk and Dividend Yield.

Analysis Of Supporting Factors On Foreign Direct Investment And Its Impact Toward Indonesian Employment And Export Performance Period 2005-2015

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Suharto

2017-09-01

Full Text Available This research analyzes effects of foreign direct investment and Its Impact toward employment and export performance in Indonesia 2005-2015. This research with secondary data focuses on the Supporting factors in which attract foreign direct investment into Indonesia. This research focused on the problem First the impact of labor export results economic growth rate exchange rate inflation rate interest rate and tax toward foreign direct investment second the impact of foreign direct investment on the expansion of employment and export performance in Indonesia during the period 2005-2015. The result of this research explains that variables of human resourceslabor and export performance give positive effect as significantly to attracting foreign direct investment in Indonesia. While foreign direct investment in Indonesia gives positive effect to employment creation and to export performance.

Job Training: Costs, Returns, and Wage Profiles

OpenAIRE

Jacob Mincer

1989-01-01

Using information on time costs of training and gains in wages attributable to training I computed rates of return on training investments. The range of estimates based on several data sets generally exceeds the magnitudes of rates of return usually observed for schooling investments. It is not clear, however, that the difference represents underinvestment in job training. Two methods were used to estimate total annual costs of job training in the U.S. economy, for 1958, 1976, and 1987. The "...

The impact of regulation, privatization and competition on gas infrastructure investments

International Nuclear Information System (INIS)

Andrade, Tiago

2014-01-01

In recent years we have witnessed several reforms in network industries, as privatization, regulatory changes and opening to competition in certain segments of the value chain. In sectors such as electricity and gas, this opening to competition is possible only in certain activities (i.e. generation, storage of natural gas and supply), maintaining as a natural monopoly the activities of distribution and transmission, and therefore still subject to regulation. The performance of these regulated segments can have important effects on the operation of the competitive segments, because the regulated segments (i.e. the transmission and distribution networks) provide the infrastructure platform upon which the competitive activities rely. The motivation of this paper is to evaluate the effects of privatization, liberalization and regulation on investments, as components of the reform of the natural gas sector. An empirical analysis was carried out using a panel data of 11 European countries from 2001 to 2011, with the aim to better understand the determinants influencing investment, thus contributing to a better understanding of the dynamics of this sector and meet the investments needs established by energy policies. - Highlights: • We carried out an empirical analysis using a panel data of 11 European TSO's from 2001 to 2011. • Privatization has a significant impact on investments, “more privatization means less investment”. • Different forms of regulation seem to play an important role in transmission investment. • It was found that incentive regulation has a positive impact leading to a higher investment more than rate of return. • Efficiency is an effective driver to increased investment. TSO's “only” invests if they have good operational efficiency

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

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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.

A study on relationship between the return of value/growth portfolio and market return: Evidence from Tehran Stock Exchange

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Monireh Mashhadi Ramezanali

2014-07-01

Full Text Available This study examines the relationship between the returns of two value and growth portfolios and the return of market on 15 selected firms on Tehran Stock Exchange over the period 2008-2011. The study divides the firms into two groups in terms of the ratios of price on earning as well as price on book value into two groups of value and growth portfolios. Using some regression analysis, the study has determined a positive and meaningful relationship between value portfolio and market return when the market is on the upside but this relationship is not meaningful during the bear session. The results indicate that during the bull sessions, value portfolios provide better investment opportunities than growth ones do.

RISK AND RETURN IN THE REAL ESTATE, BOND AND STOCK MARKETS

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Wolski Rafał

2017-09-01

Full Text Available Studies investigating the relation between risk and return occupy an important place in the discussion about the effectiveness of investing in real estate. A review of the available studies shows that real estate investments are less profitable than stocks, but in terms of risk and return, are usually the best option. This worldwide regularity may not necessarily be presented in Poland, as the Polish market is not fully fledged yet. The analysis presented in this article was performed with a view to reducing a research gap resulting from the lack of comprehensive Polish studies in this field. In the article, data spanning the years from 2006 to 2016 are examined by means of descriptive statistics, measures of risk, and the analysis of variance (ANOVA to determine which of the following investment vehicles - bonds, real estate or stocks - offer the best risk-return ratio. The article has two parts. The analytical part is a review of studies on risk measurement methods and of earlier studies investigating risk and return by a class of assets (particularly real estate. In the empirical part, assets are compared with the use of statistical methods. The results of the risk-return analysis point to the money market as the best option for investors. Stocks and real estate ranked second and third, respectively.

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

Science.gov (United States)

Sarney, M; Preneta, A M

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

Return on capital of Brazilian electricity distributors: A comparative analysis

International Nuclear Information System (INIS)

Rocha, Katia; Camacho, Fernando; Braganca, Gabriel

2007-01-01

This paper analyzes the electricity distribution segment in Brazil from 1998 to 2005-after the conclusion of privatization process-trying to assess whether the return on capital invested was in line with the risk required in the segment. It concludes that the return on equity in Brazil was systematically negative until 2003. Only in 2005 did the distribution segment really begin to recover, showing profitability consistent with the estimated cost of equity. Comparisons with Argentine, Chilean and American companies reveal that firms in the latter two countries, generally managed to reward shareholders according to the opportunity cost of capital. Estimates are that to sustain annual growth of roughly 3.7% for the next decade, the entire electricity sector will demand US$ 7 billion in capital expenditures a year for the next decade, 67% for generation, 16% for transmission and 17% for distribution. In order to stimulate private capital investment, it is fundamental for the regulator, in the tariff revision processes, to consistently assure a rate of return on capital in line with the segment's real opportunity cost and therefore maintain the health of all the three segments without the burden of subsidies

The Productivity Dilemma in Workplace Health Promotion

OpenAIRE

Cherniack, Martin

2015-01-01

Background. Worksite-based programs to improve workforce health and well-being (Workplace Health Promotion (WHP)) have been advanced as conduits for improved worker productivity and decreased health care costs. There has been a countervailing health economics contention that return on investment (ROI) does not merit preventive health investment. Methods/Procedures. Pertinent studies were reviewed and results reconsidered. A simple economic model is presented based on conventional and alternat...

Estimating decades-long trends in petroleum field energy return on investment (EROI) with an engineering-based model

Science.gov (United States)

Tripathi, Vinay S.

2017-01-01

This paper estimates changes in the energy return on investment (EROI) for five large petroleum fields over time using the Oil Production Greenhouse Gas Emissions Estimator (OPGEE). The modeled fields include Cantarell (Mexico), Forties (U.K.), Midway-Sunset (U.S.), Prudhoe Bay (U.S.), and Wilmington (U.S.). Data on field properties and production/processing parameters were obtained from a combination of government and technical literature sources. Key areas of uncertainty include details of the oil and gas surface processing schemes. We aim to explore how long-term trends in depletion at major petroleum fields change the effective energetic productivity of petroleum extraction. Four EROI ratios are estimated for each field as follows: The net energy ratio (NER) and external energy ratio (EER) are calculated, each using two measures of energy outputs, (1) oil-only and (2) all energy outputs. In all cases, engineering estimates of inputs are used rather than expenditure-based estimates (including off-site indirect energy use and embodied energy). All fields display significant declines in NER over the modeling period driven by a combination of (1) reduced petroleum production and (2) increased energy expenditures on recovery methods such as the injection of water, steam, or gas. The fields studied had NER reductions ranging from 46% to 88% over the modeling periods (accounting for all energy outputs). The reasons for declines in EROI differ by field. Midway-Sunset experienced a 5-fold increase in steam injected per barrel of oil produced. In contrast, Prudhoe Bay has experienced nearly a 30-fold increase in amount of gas processed and reinjected per unit of oil produced. In contrast, EER estimates are subject to greater variability and uncertainty due to the relatively small magnitude of external energy investments in most cases. PMID:28178318

Estimating decades-long trends in petroleum field energy return on investment (EROI) with an engineering-based model.

Science.gov (United States)

Tripathi, Vinay S; Brandt, Adam R

2017-01-01

This paper estimates changes in the energy return on investment (EROI) for five large petroleum fields over time using the Oil Production Greenhouse Gas Emissions Estimator (OPGEE). The modeled fields include Cantarell (Mexico), Forties (U.K.), Midway-Sunset (U.S.), Prudhoe Bay (U.S.), and Wilmington (U.S.). Data on field properties and production/processing parameters were obtained from a combination of government and technical literature sources. Key areas of uncertainty include details of the oil and gas surface processing schemes. We aim to explore how long-term trends in depletion at major petroleum fields change the effective energetic productivity of petroleum extraction. Four EROI ratios are estimated for each field as follows: The net energy ratio (NER) and external energy ratio (EER) are calculated, each using two measures of energy outputs, (1) oil-only and (2) all energy outputs. In all cases, engineering estimates of inputs are used rather than expenditure-based estimates (including off-site indirect energy use and embodied energy). All fields display significant declines in NER over the modeling period driven by a combination of (1) reduced petroleum production and (2) increased energy expenditures on recovery methods such as the injection of water, steam, or gas. The fields studied had NER reductions ranging from 46% to 88% over the modeling periods (accounting for all energy outputs). The reasons for declines in EROI differ by field. Midway-Sunset experienced a 5-fold increase in steam injected per barrel of oil produced. In contrast, Prudhoe Bay has experienced nearly a 30-fold increase in amount of gas processed and reinjected per unit of oil produced. In contrast, EER estimates are subject to greater variability and uncertainty due to the relatively small magnitude of external energy investments in most cases.

Estimating decades-long trends in petroleum field energy return on investment (EROI with an engineering-based model.

Directory of Open Access Journals (Sweden)

Vinay S Tripathi

Full Text Available This paper estimates changes in the energy return on investment (EROI for five large petroleum fields over time using the Oil Production Greenhouse Gas Emissions Estimator (OPGEE. The modeled fields include Cantarell (Mexico, Forties (U.K., Midway-Sunset (U.S., Prudhoe Bay (U.S., and Wilmington (U.S.. Data on field properties and production/processing parameters were obtained from a combination of government and technical literature sources. Key areas of uncertainty include details of the oil and gas surface processing schemes. We aim to explore how long-term trends in depletion at major petroleum fields change the effective energetic productivity of petroleum extraction. Four EROI ratios are estimated for each field as follows: The net energy ratio (NER and external energy ratio (EER are calculated, each using two measures of energy outputs, (1 oil-only and (2 all energy outputs. In all cases, engineering estimates of inputs are used rather than expenditure-based estimates (including off-site indirect energy use and embodied energy. All fields display significant declines in NER over the modeling period driven by a combination of (1 reduced petroleum production and (2 increased energy expenditures on recovery methods such as the injection of water, steam, or gas. The fields studied had NER reductions ranging from 46% to 88% over the modeling periods (accounting for all energy outputs. The reasons for declines in EROI differ by field. Midway-Sunset experienced a 5-fold increase in steam injected per barrel of oil produced. In contrast, Prudhoe Bay has experienced nearly a 30-fold increase in amount of gas processed and reinjected per unit of oil produced. In contrast, EER estimates are subject to greater variability and uncertainty due to the relatively small magnitude of external energy investments in most cases.

Closing the Loop: The Pay-Off on Your State's Investment. Doctoral Scholars Program

Science.gov (United States)

Abraham, Ansley

2014-01-01

States are investing in their futures through the Southern Regional Education Board (SREB) Doctoral Scholars Program, which helps minority Ph.D. students become faculty members. The return on investment? Candidates complete their doctorates faster and serve as role models for the increasingly diverse college students they teach as faculty members.…

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

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Ludmila PROFIR

2018-06-01

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

Investment Strategy in an Inflationary Environment

OpenAIRE

Zvi Bodie

1981-01-01

This paper addresses the issue of how an investor concerned about the real rate of return on his investment portfolio should allocate his funds among four major asset classes: stocks, bonds, bills and commodity futures contracts. It employs the Markowitz mean-variance framework to derive estimates of the pre-tax, real risk-return tradeoff curve currently facing an investor in the U.S. capital markets. Some of the major findings are: 1) Bills are the cornerstone of any low-risk investment stra...

Rates of Return on Shares of Real Estate Development Companies in Poland in the Years 2001-2015. A Comparative Analysis

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Dittmann Iwona

2016-12-01

Full Text Available The paper presents an analysis of the diversity of real estate development companies listed on the Warsaw Stock Exchange based on the rates of return on their shares which were attained in 2001-2015. The study included 10 real estate development companies. The analysis was conducted for different investment horizons (from 1 year to 10 years, and based on the quartiles of the empirical distributions of the rates of return on the shares of individual companies. The empirical distributions were obtained using a rolling window of observation based on daily share quotation. The diversity of the funds was examined by formulating six hypotheses concerning: the diversity of the quartiles of the distributions of returns on individual funds, the differences between the values of the quartiles of returns for the best and worst companies during each investment horizon, changes in the value of individual quartiles of returns for individual companies along with a lengthening of the investment horizon, differences in the positions of the companies in the rankings of companies based on different investment horizons and having different quartiles being accepted as the criterion for the rankings. The results obtained did not indicate grounds for the rejection of the formulated hypotheses.

Investing in threatened species conservation: does corruption outweigh purchasing power?

Science.gov (United States)

Garnett, Stephen T; Joseph, Liana N; Watson, James E M; Zander, Kerstin K

2011-01-01

In many sectors, freedom in capital flow has allowed optimization of investment returns through choosing sites that provide the best value for money. These returns, however, can be compromised in countries where corruption is prevalent. We assessed where the best value for money might be obtained for investment in threatened species that occur at a single site, when taking into account corruption. We found that the influence of corruption on potential investment decisions was outweighed by the likely value for money in terms of pricing parity. Nevertheless global conservation is likely to get best returns in terms of threatened species security by investing in "honest" countries than in corrupt ones, particularly those with a high cost of living.

Environmental investment and firm performance: A network approach

International Nuclear Information System (INIS)

Bostian, Moriah; Färe, Rolf; Grosskopf, Shawna; Lundgren, Tommy

2016-01-01

This study examines the role of investment in environmental production practices for both environmental performance and energy efficiency over time. We employ a network DEA approach that links successive production technologies through intertemporal investment decisions with a period by period estimation. This allows us to estimate energy efficiency and environmental performance separately, as well as productivity change and its associated decompositions into efficiency change and technology change. Incorporating a network model also allows us to account for both short-term environmental management practices and long-term environmental investments in each of our productivity measures. We apply this framework to a panel of detailed plant-level production data for Swedish manufacturing firms covering the years 2002–2008. - Highlights: • We use a network DEA model to account for intertemporal environmental investment decisionsin measures of firm productivity. • We apply our network technology model to a panel of firms in Sweden's pulp and paperindustry for the years 2002 - 2008. • We model environmental investments and expenditures separately from other productionoriented inputs. • We find evidence of positive relationships between energy efficiency, environmental performance, and firm productivity.

Influence of ROI selection on Resting Functional Connectivity: An Individualized Approach for Resting fMRI Analysis

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William Seunghyun Sohn

2015-08-01

Full Text Available The differences in how our brain is connected are often thought to reflect the differences in our individual personalities and cognitive abilities. Individual differences in brain connectivity has long been recognized in the neuroscience community however it has yet to manifest itself in the methodology of resting state analysis. This is evident as previous studies use the same region of interest (ROIs for all subjects. In this paper we demonstrate that the use of ROIs which are standardized across individuals leads to inaccurate calculations of functional connectivity. We also show that this problem can be addressed by taking an individualized approach by using subject-specific ROIs. Finally we show that ROI selection can affect the way we interpret our data by showing different changes in functional connectivity with ageing.

Cost/benefit analysis for selected waste minimization technologies at TA-55

International Nuclear Information System (INIS)

Boerigter, S.T.

1996-01-01

The TA-55 plutonium facility at LANL is one of the remaining plutonium-handling facilities in the United States with significant operational capability. In recent years a great deal of attention has been focused on the waste streams generated by this facility. Costs of properly treating these streams have risen significantly. This paper discusses the characterization of several proposed radioactive waste minimization technologies as a function of Return on Investment (ROI). In particular, the DOE Environmental Management program has identified a specific funding channel for such technology development activities, but this funding channel requires a restrictive definition of ROI. Here, a simple extension to the required ROI equation is used to capture the lifecycle ROI due to offsets in future capital charges resulting from present spending

Diffusion-weighted magnetic resonance imaging in the characterization of testicular germ cell neoplasms: Effect of ROI methods on apparent diffusion coefficient values and interobserver variability