Bovine subclinical mastitis reduces milk yield and economic return

NARCIS (Netherlands)

Gonçalves, J.L.; Kamphuis, C.; Martins, C.M.M.R.; Barreiro, J.R.; Tomazi, T.; Gameiro, A.H.; Hogeveen, H.; Santos, dos M.V.

2018-01-01

The effect of different pathogens was studied by evaluating the contralateral (healthy and infected) mammary quarters of 146 lactating cows. The impact of SM on economic return (quarter milk yield × milk price) was determined by applying milk payment estimates on milk collected from healthy vs.

Accounting- versus economic-based rates of return: implications for profitability measures in the pharmaceutical industry.

Science.gov (United States)

Skrepnek, Grant H

2004-01-01

Accounting-based profits have indicated that pharmaceutical firms have achieved greater returns relative to other sectors. However, partially due to the theoretically inappropriate reporting of research and development (R&D) expenditures according to generally accepted accounting principles, evidence suggests that a substantial and upward bias is present in accounting-based rates of return for corporations with high levels of intangible assets. Given the intensity of R&D in pharmaceutical firms, accounting-based profit metrics in the drug sector may be affected to a greater extent than other industries. The aim of this work was to address measurement issues associated with corporate performance and factors that contribute to the bias within accounting-based rates of return. Seminal and broadly cited works on the subject of accounting- versus economic-based rates of return were reviewed from the economic and finance literature, with an emphasis placed on issues and scientific evidence directly related to the drug development process and pharmaceutical industry. With international convergence and harmonization of accounting standards being imminent, stricter adherence to theoretically sound economic principles is advocated, particularly those based on discounted cash-flow methods. Researchers, financial analysts, and policy makers must be cognizant of the biases and limitations present within numerous corporate performance measures. Furthermore, the development of more robust and valid economic models of the pharmaceutical industry is required to capture the unique dimensions of risk and return of the drug development process. Empiric work has illustrated that estimates of economic-based rates of return range from approximately 2 to approximately 11 percentage points below various accounting-based rates of return for drug companies. Because differences in the nature of risk and uncertainty borne by drug manufacturers versus other sectors make comparative assessments

Interannual Variability of Fisheries Economic Returns and Energy Ratios Is Mostly Explained by Gear Type

Science.gov (United States)

Trenkel, Verena M.; Daurès, Fabienne; Rochet, Marie-Joëlle; Lorance, Pascal

2013-01-01

According to portfolio theory applied to fisheries management, economic returns are stabilised by harvesting in a portfolio stocks of species whose returns are negatively correlated and for which the portfolio economic return variance is smaller than the sum of stock specific return variances. Also, variability is expected to decrease with portfolio width. Using a range of indicators, these predictions were tested for the French fishing fleets in the Bay of Biscay (Northeast Atlantic) during the period 2001–2009. For this, vessels were grouped into eight fishing fleets based on the gears used and exploited species were grouped into five functional groups. The portfolio width of fleets ranged from 1–3 functional groups, or 4–19 species. Economic fleet returns (sale revenues minus fishing costs) varied strongly between years; the interannual variability was independent of portfolio width (species or functional groups). Energy ratio expressed by the ratio between fuel energy used for fishing and energy contained in landings varied from 0.3 for purse seines to 9.7 for trawlers using bottom trawls alone or in combination with pelagic trawls independent of portfolio width. Interannual variability in total sale revenues was larger than the sum of species specific sales revenue variability, except for fleets using hooks and pelagic trawlers; it increased with the number of species exploited. In conclusion, the interannual variability of economic returns or energy ratios of French fisheries in the Bay of Biscay did not decrease with the number of species or functional groups exploited, though it varied between fleets. PMID:23922951

Boron Application Improves Growth, Yield and Net Economic Return of Rice

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Mubshar HUSSAIN

2012-09-01

Full Text Available A field trial was conducted to evaluate the role of boron (B application at different growth stages in improving the growth, yield and net economic return of rice at farmer's fields during summer season, 2009. Boron was soil applied (1.5 kg/hm2 at the transplanting, tillering, flowering and grain formation stages of rice; foliar applied (1.5% B solution at the tillering, flowering and grain formation stages of rice, and dipped seedling roots in 1.5% B solution before transplanting; while control plots did not apply any B. Boron application (except dipping of seedling roots in B solution, which caused toxicity and reduced the number of tillers and straw yield than control substantially improved the rice growth and yield. However, soil application was better in improving the number of grains per panicle, 1000-grain weight, grain yield, harvest index, net economic income and ratio of benefit to cost compared with the rest of treatments. Overall, for improving rice performance and maximizing the net economic returns, B might be applied as soil application at flowering.

The Influence of Groundwater Depletion from Irrigated Agriculture on the Tradeoffs between Ecosystem Services and Economic Returns.

Science.gov (United States)

Kovacs, Kent; West, Grant

2016-01-01

An irrigated agricultural landscape experiencing groundwater overdraft generates economic returns and a suite of ecosystem services (in particular, groundwater supply, greenhouse gases reduction, and surface water quality). Alternative land cover choices indicate tradeoffs among the value of ecosystem services created and the economic returns. These tradeoffs are explored using efficiency frontiers that determine the least value in ecosystem services that must be given up to generate additional economic returns. Agricultural producers may switch to irrigation with surface water using on-farm reservoirs and tail water recovery systems in response to groundwater overdraft, and this has consequences for the bundle of ecosystem service values and economic returns achievable from the landscape. Planning that accounts for both ecosystem service value and economic returns can achieve more value for society, as does the adoption of reservoirs though lowering the costs of irrigation, increasing groundwater levels, and reducing fuel combustion and associated GHG emissions from groundwater pumping. Sensitivity analyses of per unit value of ecosystem services, crop prices, and the groundwater and water purification model parameters indicate tradeoff among ecosystems service values, such as the use of a high-end social cost of carbon ultimately lowers groundwater supply and water purification value by more than 15%.

The Influence of Groundwater Depletion from Irrigated Agriculture on the Tradeoffs between Ecosystem Services and Economic Returns.

Directory of Open Access Journals (Sweden)

Kent Kovacs

Full Text Available An irrigated agricultural landscape experiencing groundwater overdraft generates economic returns and a suite of ecosystem services (in particular, groundwater supply, greenhouse gases reduction, and surface water quality. Alternative land cover choices indicate tradeoffs among the value of ecosystem services created and the economic returns. These tradeoffs are explored using efficiency frontiers that determine the least value in ecosystem services that must be given up to generate additional economic returns. Agricultural producers may switch to irrigation with surface water using on-farm reservoirs and tail water recovery systems in response to groundwater overdraft, and this has consequences for the bundle of ecosystem service values and economic returns achievable from the landscape. Planning that accounts for both ecosystem service value and economic returns can achieve more value for society, as does the adoption of reservoirs though lowering the costs of irrigation, increasing groundwater levels, and reducing fuel combustion and associated GHG emissions from groundwater pumping. Sensitivity analyses of per unit value of ecosystem services, crop prices, and the groundwater and water purification model parameters indicate tradeoff among ecosystems service values, such as the use of a high-end social cost of carbon ultimately lowers groundwater supply and water purification value by more than 15%.

Return to work, economic hardship, and women's postpartum health.

Science.gov (United States)

Tucker, Jenna N; Grzywacz, Joseph G; Leng, Iris; Clinch, C Randall; Arcury, Thomas A

2010-10-01

This study followed a sample of 217 new mothers in a North Carolina county as they returned to work full-time, measuring their mental and physical health-related quality of life through 16 months postpartum. In general, working mothers of infants had mental health scores that were comparable to the general population of U.S. women, and physical health that was slightly better than women in general. Using ANCOVA and controlling for important demographic characteristics, health-related quality of life was compared between mothers experiencing low and high levels of economic hardship. Across the study period, women with high economic hardship, who constituted 30.7% of the sample, had levels of mental and physical health below those of women with low economic hardship. Mothers with high economic hardship also had less stable health trajectories than mothers with low economic hardship. The findings highlight the importance of reconsidering the traditionally accepted postpartum recovery period of six weeks and extending benefits, such as paid maternity and sick leave, as well as stable yet flexible work schedules.

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

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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.

End-of-the-year economic growth and time-varying expected returns

DEFF Research Database (Denmark)

Møller, Stig V.; Rangvid, Jesper

2015-01-01

We show that macroeconomic growth at the end of the year (fourth quarter or December) strongly influences expected returns on risky financial assets, whereas economic growth during the rest of the year does not. We find this pattern for many different asset classes, across different time periods......, and for US and international data. We also show that movements in the surplus consumption ratio of Campbell and Cochrane (1999) , a theoretically well-founded measure of time-varying risk aversion linked to macroeconomic growth, influence expected returns stronger during the fourth quarter than the other...

Economic return from the Women's Health Initiative estrogen plus progestin clinical trial: a modeling study.

Science.gov (United States)

Roth, Joshua A; Etzioni, Ruth; Waters, Teresa M; Pettinger, Mary; Rossouw, Jacques E; Anderson, Garnet L; Chlebowski, Rowan T; Manson, Joann E; Hlatky, Mark; Johnson, Karen C; Ramsey, Scott D

2014-05-06

The findings of the Women's Health Initiative (WHI) estrogen plus progestin (E+P) trial led to a substantial reduction in use of combined hormone therapy (cHT) among postmenopausal women in the United States. The economic effect of this shift has not been evaluated relative to the trial's $260 million cost (2012 U.S. dollars). To estimate the economic return from the WHI E+P trial. Decision model to simulate health outcomes for a "WHI scenario" with observed cHT use and a "no-WHI scenario" with cHT use extrapolated from the pretrial period. Primary analyses of WHI outcomes, peer-reviewed literature, and government sources. Postmenopausal women in the United States, aged 50 to 79 years, who did not have a hysterectomy. 2003 to 2012. Payer. Combined hormone therapy. Disease incidence, expenditure, quality-adjusted life-years, and net economic return. The WHI scenario resulted in 4.3 million fewer cHT users, 126,000 fewer breast cancer cases, 76,000 fewer cardiovascular disease cases, 263,000 more fractures, 145,000 more quality-adjusted life-years, and expenditure savings of $35.2 billion. The corresponding net economic return of the trial was $37.1 billion ($140 per dollar invested in the trial) at a willingness-to-pay level of $100,000 per quality-adjusted life-year. The 95% CI for the net economic return of the trial was $23.1 to $51.2 billion. No evaluation of indirect costs or outcomes beyond 2012. The WHI E+P trial made high-value use of public funds with a substantial return on investment. These results can contribute to discussions about the role of public funding for large, prospective trials with high potential for public health effects. National Heart, Lung, and Blood Institute.

Value at Risk and Hedge Fund Return - Does High Risk Bring High Return?

OpenAIRE

Jing, Tao; Zhao, Hongxiang

2010-01-01

This paper mainly focuses on the correlation between live hedge fund return and their value at risk (VaR), and is based on the historical data from May 2000 to April 2010. The authors adopt portfolio level analyses and fund level cross-sectional regression, and find that there is significant positive correlation, both statistically and economically, between the hedge fund return and VaRs (parametric, non-parametric and GARCH). Further research is conducted by sub-dividing the overall period i...

Return Migration as Failure or Success?: The Determinants of Return Migration Intentions Among Moroccan Migrants in Europe.

Science.gov (United States)

de Haas, Hein; Fokkema, Tineke; Fihri, Mohamed Fassi

Different migration theories generate competing hypotheses with regard to determinants of return migration. While neoclassical migration theory associates migration to the failure to integrate at the destination, the new economics of labour migration sees return migration as the logical stage after migrants have earned sufficient assets and knowledge and to invest in their origin countries. The projected return is then likely to be postponed for sustained or indefinite periods if integration is unsuccessful. So, from an indication or result of integration failure return is rather seen as a measure of success. Drawing on recent survey data ( N  = 2,832), this article tests these hypotheses by examining the main determinants of return intention among Moroccan migrants across Europe. The results indicate that structural integration through labour market participation, education and the maintenance of economic and social ties with receiving countries do not significantly affect return intentions. At the same time, investments and social ties to Morocco are positively related, and socio-cultural integration in receiving countries is negatively related to return migration intentions. The mixed results corroborate the idea that there is no uniform process of (return) migration and that competing theories might therefore be partly complementary.

Economic evaluation of 'Return to Country': A remote Australian initiative to address indigenous homelessness.

Science.gov (United States)

Kinchin, Irina; Jacups, Susan; Hunter, Gary; Rogerson, Bernadette

2016-06-01

An increase in the number of Indigenous homeless persons in Cairns, Northern Australia, prompted the Queensland Police Service (QPS) to commence a pilot 'Return to Country' (R2C) program. The program was designed to assist homeless people who were voluntarily seeking to return to their home communities. This study assesses the costs of running the program and evaluates its net economic impact. Retrospective uncontrolled cost, cost-effectiveness and cost-offset analyses were undertaken from a societal perspective. All costs were expressed in 2014 AU$. The R2C program successfully assisted 140 participants to return home, reducing the prevalence of homelessness in the regional center by 9.6%. The total program cost was estimated as AU$ 135,831 or AU$ 970 per participant. The economic analysis indicated that R2C was value for money, potentially saving AU$ 2,714,460. Limitations of the study included retrospective data collection and no established alternative comparison group. R2C is a relatively simple, minimal cost program, which can be utilized by policy makers to offer one solution to homelessness. This economic evaluation informs the QPS of the effects of the R2C program in order to guide further program initiatives. The R2C model may be applied to assist temporarily stranded Indigenous people in other locations within Australia or internationally to return home. No funding was obtained for conducting this study. Copyright © 2016 Elsevier Ltd. All rights reserved.

Management of and economic returns from selected fisheries in the Nordic Countries

DEFF Research Database (Denmark)

Nielsen, Max; Flaaten, Ola; Waldö, Staffan

2012-01-01

There is potential to increase the economic returns in many fisheries by improving fisheries management. In this article, maximum and estimated current resource rents are analyzed using a standardized methodology for five case studies of fisheries with different management regimes: individual quo...

Linkage between company scores and stock returns

Directory of Open Access Journals (Sweden)

Saban Celik

2017-12-01

Full Text Available Previous studies on company scores conducted at firm-level, generally concluded that there exists a positive relation between company scores and stock returns. Motivated by these studies, this study examines the relationship between company scores (Corporate Governance Score, Economic Score, Environmental Score, and Social Score and stock returns, both at portfolio-level analysis and firm-level cross-sectional regressions. In portfolio-level analysis, stocks are sorted based on each company scores and quintile portfolio are formed with different levels of company scores. Then, existence and significance of raw returns and risk-adjusted returns difference between portfolios with the extreme company scores (portfolio 10 and portfolio 1 is tested. In addition, firm-level cross-sectional regression is performed to examine the significance of company scores effects with control variables. While portfolio-level analysis results indicate that there is no significant relation between company scores and stock returns; firm-level analysis indicates that economic, environmental, and social scores have effect on stock returns, however, significance and direction of these effects change, depending on the included control variables in the cross-sectional regression.

Planning for positive clinical & financial returns with telemonitoring.

Science.gov (United States)

Wright, Kristy

2003-10-01

Telemonitoring is a burgeoning market in the home care industry. Making the decision to invest in telemonitoring technology can be difficult in the best situations. The financial investment is significant, the risks can be high, and the need to achieve a positive return is critical to future success. In spite of the risks, this relatively new technology in home care holds the promise for the redefinition of the industry.

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

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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.

Comparing Sprinkler and Surface Irrigation for Wheat Using Multi-Criteria Analysis: Water Saving vs. Economic Returns

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Hanaa Darouich

2017-01-01

Full Text Available Coping with water scarcity using supplemental irrigation of wheat (Triticum aestivum L. in the semi-arid northeast Syria is a great challenge for sustainable water use in agriculture. Graded borders and set sprinkler systems were compared using multi-criteria analysis. Alternative solutions for surface irrigation and for sprinkler systems were developed with the SADREG and the PROASPER design models, respectively. For each alternative, two deficit irrigation strategies were considered, which were characterized using indicators relative to irrigation water use, yields and water productivity, including farm economic returns. Alternatives were ranked considering two contrasting priorities: economic returns and water saving. A first step in ranking led to a selection of graded borders with and without precise land levelling and of solid set and semi-permanent sprinkler systems. Precise-levelled borders were better for water saving, while non-precise ones ranked higher for economic returns. Semi-permanent set systems have been shown to be better in economic terms and similar to solid set systems when water saving is prioritized. Semi-permanent sprinkler systems rank first when comparing all type of systems together regardless of the considered deficit irrigation strategy. Likely, border irrigation is appropriate when wheat is in rotation with cotton if the latter is surface irrigated. When peace becomes effective, appropriate economic incentives and training for farmers are required to implement innovative approaches.

Risk-return relationship in a complex adaptive system.

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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.

Socio-Economic Position and Suicidal Ideation in Men

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Jane Pirkis

2017-03-01

Full Text Available People in low socio-economic positions are over-represented in suicide statistics and are at heightened risk for non-fatal suicidal thoughts and behaviours. Few studies have tried to tease out the relationship between individual-level and area-level socio-economic position, however. We used data from Ten to Men (the Australian Longitudinal Study on Male Health to investigate the relationship between individual-level and area-level socio-economic position and suicidal thinking in 12,090 men. We used a measure of unemployment/employment and occupational skill level as our individual-level indicator of socio-economic position. We used the Index of Relative Socio-Economic Disadvantage (a composite multidimensional construct created by the Australian Bureau of Statistics that combines information from a range of area-level variables, including the prevalence of unemployment and employment in low skilled occupations as our area-level indicator. We assessed suicidal thinking using the Patient Health Questionnaire (PHQ-9. We found that even after controlling for common predictors of suicidal thinking; low individual-level and area-level socio-economic position heightened risk. Individual-level socio-economic position appeared to exert the greater influence of the two; however. There is an onus on policy makers and planners from within and outside the mental health sector to take individual- and area-level socio-economic position into account when they are developing strategic initiatives.

RUSSIA RETURNS TO AFGHANISTAN: PROSPECTS OF BILATERAL ECONOMIC COOPERATION

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Н Асеф

2017-12-01

Full Text Available He article discusses the dynamics of the development of the economic situation in the Is-lamic Republic of Afghanistan after the fall of the Taliban regime in 2001, and the current state and prospects of development of Russian-Afghan trade and economic relations. Russia and Afghanistan have a long history of cooperation. In the XX century, the Soviet Union provided economic assistance to Afghanistan, including the financing and construction of objects of industry and infrastructure, which are now in need of rehabili-tation and modernization. The accumulated experience of cooperation makes Russia may be one of the major players in Afghani-stan and participate in reconstruction of the country. The relevance of this article stems from the fact that at the present time in conditions of economic sanctions and the deterioration of relations with countries of the West, Russia intends to renew and develop relationships with long-term partners. Today Afghanistan is trying to recover from the devastating effects of years of civil war, and invite Russia to join this process. This means that Russia had a unique chance to return and gain a foothold in the market of Afghanistan, which will be an advantage for the development of cooperation between the two countries. The task of the article is analysis of the economic situation in Afghanistan, in order to study the possibilities of deepening and development of Russian-Afghan trade and economic cooperation. The analysis of Russian-Afghan relations showed that to date, despite the existence of certain problems faced by our country, the development of trade and economic relations is a promising direction of bilateral cooperation.

Returns to Education During and After the Economic Crisis: Evidence from Latvia 2006–2012

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Vilerts Karlis

2017-03-01

Full Text Available We employ EU-SILC micro data for Latvia to study how returns to education changed during the economic crisis of 2008–2009 and afterwards. We found that returns to education increased significantly during the crisis and decreased slightly during the subsequent economic recovery. The counter-cyclical effect was evident in nearly all population groups. After the crisis, education became more associated than before with a longer working week and a higher employment probability. Furthermore, we show that returns to education in Latvia are generally higher in the capital city and its suburbs than outside the capital city region, as well as for citizens of Latvia than for resident non-citizens and citizens of other countries, but lower for males and young people. Wage differential models reveal a relatively large wage premium for higher education and a rather small one for secondary education. Estimates obtained with instrumental variable (IV models significantly exceed the OLS estimates.

A Comparative Study on the Positive Lightning Return Stroke Electric Fields in Different Meteorological Conditions

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Chin-Leong Wooi

2015-01-01

Full Text Available Positive cloud-ground lightning is considerably more complex and less studied compared to the negative lightning. This paper aims to measure and characterize the significant parameters of positive return strokes electric field, namely, the zero-to-peak rise time, 10–90% rise time, slow front duration, fast transition rise time (10–90%, zero-crossing time, and opposite polarity overshoot relative to peak. To the best of the authors’ knowledge, this is the first time such detailed characteristics of positive lightning in Malaysia are thoroughly analyzed. A total of 41 positive lightning flashes containing 48 return strokes were analyzed. The average multiplicity is 1.2 strokes per flash. The majority of positive lightning was initiated from the primary positive charge rather than as a byproduct of in-cloud discharges. The cumulative probability distribution of rise time parameters, opposite polarity overshoot relative to peak, and slow front amplitude relative to peak are presented. A comparison between studies in four countries representing tropic, subtropic, and temperate regions was also carried out. Measured parameters in Florida, Sweden, and Japan are generally lower than those in Malaysia. Positive lightning occurrences in tropical regions should be further studied and analyzed to improve our current understanding on positive return strokes.

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

A theorem on the methodology of positive economics

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Eduardo Pol

2015-12-01

Full Text Available It has long been recognized that the Milton Friedman’s 1953 essay on economic methodology (or F53, for short displays open-ended unclarities. For example, the notion of “unrealistic assumption” plays a role of absolutely fundamental importance in his methodological framework, but the term itself was never unambiguously defined in any of the Friedman’s contributions to the economics discipline. As a result, F53 is appealing and liberating because the choice of premises in economic theorizing is not subject to any constraints concerning the degree of realisticness (or unrealisticness of the assumptions. The question: “Does the methodology of positive economics prevent the overlapping between economics and science fiction?” comes very naturally, indeed. In this paper, we show the following theorem: the Friedman’s methodology of positive economics does not exclude science fiction. This theorem is a positive statement, and consequently, it does not involve value judgements. However, it throws a wrench on the formulation of economic policy based on surreal models.

Economic analysis of solar industrial process heat systems: A methodology to determine annual required revenue and internal rate of return

Science.gov (United States)

Dickinson, W. C.; Brown, K. C.

1981-08-01

An economic evaluation of solar industrial process heat systems, is developed to determine the annual required revenue and the internal rate of return. First, a format is provided to estimate the solar system's installed cost, annual operating and maintenance expenses, and net annual solar energy delivered to the industrial process. The annual required revenue and the price of solar is calculated. The economic attractiveness of the potential solar investment can be determined by comparing the price of solar energy with the price of fossilfuel, both expressed in levelized terms. This requires calcuation of the internal rate of return on the solar investment or, in certain cases, the growth rate of return.

Economic policy uncertainty and housing returns in Germany: Evidence from a bootstrap rolling window

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David Su

2016-06-01

Full Text Available The purpose of this investigation is to research the causal link between economic policy uncertainty (EPU and the housing returns (HR in Germany. In the estimated vector autoregressive models, we test its stability and find the short-run relationship between HR and EPU is unstable. As a result, a time-varying approach (bootstrap rolling window causality test is utilized to revisit the dynamic causal link, and we find EPU has no impact on HR due to the stability of the real estate market in Germany. HR does not have significant effects on EPU in most time periods. However, significant feedback in several sub-periods (both positive and negative are found from HR to EPU, which indicates the causal link from HR to EPU varies over time. The empirical results do not support the general equilibrium model of government policy choices that indicate EPU does not play a role in the real estate market. The basic conclusion is that the real estate market shows its stability due to the social welfare nature and the rational institutional arrangement of the real estate in Germany, and the real estate market also shows its importance that it has significant effect on the economic policy choice in some periods when negative external shocks occur.

The use of efficiency frontiers to evaluate the optimal land cover and irrigation practices for economic returns and ecosystem services

Science.gov (United States)

Kovacs, Kent; West, Grant; Xu, Ying

2017-04-01

Efficiency frontiers are a useful tool for governmental agencies that balance the protection of ecosystem services with the economic returns from an agricultural landscape because the tool illustrates that a compromise of objectives generates greater value to society than optimizing a sole objective. Policy makers facing the problem of groundwater overdraft on an agricultural landscape want to know if regulations or irrigation technology adoption will enhance both economic and ecosystem service benefits. Conjunctive water management with on-farm reservoirs and tail water recovery system is frequently suggested to alleviate groundwater and surface water quality problems in the Lower Mississippi River Basin of the United States, and this study evaluates the consequence of the adoption of this technology for the balance of ecosystem service and economic objectives. A compromise of objectives that maximizes the value to society provides 76% more value to society without reservoirs and 66% more value to society with reservoirs than the sole objective of economic returns. The reservoirs help an agricultural landscape maximizing economic returns to align more closely with a landscape maximizing the value to society, although there are still significant gains possible from finding a landscape that directly compromises on the objectives.

Agroforestry versus farm mosaic systems - Comparing land-use efficiency, economic returns and risks under climate change effects.

Science.gov (United States)

Paul, Carola; Weber, Michael; Knoke, Thomas

2017-06-01

Increasing land-use conflicts call for the development of land-use systems that reconcile agricultural production with the provisioning of multiple ecosystem services, including climate change mitigation. Agroforestry has been suggested as a global solution to increase land-use efficiency, while reducing environmental impacts and economic risks for farmers. Past research has often focused on comparing tree-crop combinations with agricultural monocultures, but agroforestry has seldom been systematically compared to other forms of land-use diversification, including a farm mosaic. This form of diversification mixes separate parcels of different land uses within the farm. The objective of this study was to develop a modelling approach to compare the performance of the agroforestry and farm mosaic diversification strategies, accounting for tree-crop interaction effects and economic and climate uncertainty. For this purpose, Modern Portfolio Theory and risk simulation were coupled with the process-based biophysical simulation model WaNuLCAS 4.0. For an example application, we used data from a field trial in Panama. The results show that the simulated agroforestry systems (Taungya, alley cropping and border planting) could outperform a farm mosaic approach in terms of cumulative production and return. Considering market and climate uncertainty, agroforestry showed an up to 21% higher economic return at the same risk level (i.e. standard deviation of economic returns). Farm compositions with large shares of land allocated to maize cultivation were also more severely affected by an increasing drought frequency in terms of both risks and returns. Our study demonstrates that agroforestry can be an economically efficient diversification strategy, but only if the design allows for economies of scope, beneficial interactions between trees and crops and higher income diversification compared to a farm mosaic. The modelling approach can make an important contribution to support

The socio-economic impact of the involuntary mass return to Yemen in 1990.

Science.gov (United States)

Van Hear, N

1994-01-01

800,000 Yemen nationals were forced to leave Saudi Arabia, Kuwait, and other countries in the region during the Gulf War. Their mass return to Yemen followed immediately after reunification of North and South Yemen. Analysis reveals that the term "migrant worker" is a misnomer and obscures the variations in wealth, residence, and status. Returnees had variable lengths of stay abroad, number of dependents or family members abroad or at home, types of occupation, ownership of assets, frequency of visits to the community of origin, and remittances. The range of long-term migrants included wealthy merchants and bankers, middle level service and retail workers, and poor workers in the informal sector. The common thread is that all suffered some decline in standard of living. The return was less disruptive for short-term migrants. Some long-term residents no longer had social and economic ties to Yemen, and some had no experience living in Yemen. About 33% were estimated to be without ties to home communities. The decline in remittances from abroad affected foreign exchange receipts. The country shifted from labor scarcity to unemployment conditions. The infrastructure in housing, education, and social services was strained. The one-time influx of capital was short-lived. Returnees comprised about 7% of the total population. The feared upheaval politically and economically did not occur. Suggested improvements for future mass resettlement include offering shanty dwellers a supplemental feeding program, a means of obtaining secure housing, and increased infrastructure. The long-term benefits of encouraging a return to agriculture should have been more widely promoted.

Margin Requirements and Equity Option Returns

DEFF Research Database (Denmark)

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

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

Margin Requirements and Equity Option Returns

DEFF Research Database (Denmark)

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

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

Childhood and adulthood socio-economic position and midlife depressive and anxiety disorders.

Science.gov (United States)

Stansfeld, Stephen A; Clark, Charlotte; Rodgers, Bryan; Caldwell, Tanya; Power, Chris

2008-02-01

This paper investigates how childhood socio-economic position influences the risk for midlife depressive and anxiety disorders at 45 years of age, assessed by the Clinical Interview Schedule in 9377 participants of the 1958 British Birth Cohort. Socio-economic position was measured by Registrar General Social Class in childhood and adulthood. The association of paternal manual socio-economic position with any diagnosis at 45 years of age was accounted for after adjustment for adult socio-economic position. Manual socio-economic position in women at 42 years of age was associated with midlife depressive disorder and any diagnosis; these associations were diminished by adjustment for childhood psychological disorders. Effects of childhood socio-economic position on adult depressive disorders may be mediated through adult socio-economic position.

Positive and Negative Factors of Economic Development in Economic History of South Korea

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Park Jong Min

2017-01-01

Full Text Available Purpose: the aim of the article is to analyze the Korean economic strategy from the beginning of its development until modern stage. Examination of how this strategy has changed depending on changes within domestic and international economic environment, assumptions, set goals, their effectiveness and significance of all the taken measures. It will demonstrate waypoints for the future economic development and will become a trigger towards recognition of the successful development of the Korean economy by other countries. Methods: the methodological bases of this article are the economic and statistical methods of analysis of the Korean economys, graphical methods displaying economic indicators. Results: economic history of South Korea over the past century shows the positive and negative factors of the development from an economically weak country into a developing country. The history of the Japanese occupation of Korea, lasting from 1910 to 1945, showed that for a country which has lost its national sovereignty, expropriated the state's economy has no effect after the restoration of independence, and that the economy cannot develop in conditions of chaos within the political, economic and social spheres. Even after the establishment of a military dictatorship, it is possible to note that despite limitations of citizens’ rights, the economy can still grow if the people want it. In addition to the development of internal political system, unstable factors in the process of promotion of social reforms and hastily adopted policy of "open doors" in order to enhance the international status are unreasonable political, economic and social changes. In turn, the inability to control currency exchange in Asian countries, which is a policy of economic development, has shown the existence of a risk of national bankruptcy. Moreover, the adoption of policies of excessive decrease of interest rates in order to revive the recession may be counterproductive

Economic evaluation of reprocessing. Indicative UK position

International Nuclear Information System (INIS)

1979-05-01

This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic assessment of reprocessing. The indicative national position and illustrative ''phase diagram'' for the United Kingdom is presented. Under conditions pertaining in the United Kingdom the diagram suggests that: if uranium prices rise rapidly the fast reactor would become economic in the decade 1990-2000, if uranium prices rise more slowly, the fast reactor would become economic in the decade 2000-2010

HE CONVERSION OF THE EFFICIENCY OF LABOR, RESPECTIVELY OF LABOR PRODUCTIVITY IN THE ECONOMIC AND COMMERCIAL RATE OF RETURN

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Constantin CĂRUNTU

2010-12-01

Full Text Available Generally, an activity is considered to be efficient if the production implies low costs or if the revenues from selling the products on the market outweigh the expenditures that were made to achieve them. Labor productivity as an efficiency indicator of a production process represents an expression of the relationship between effect (products, services and effort (work means, labor force, work items. Through the labor productivity conversion in rates of return (economic and commercial is determined an evolution and an influence on these rates, driving the company’s own efforts to innovate, produce and harness goods, works and services with maximum utility, efficiency and competitiveness services. The aim of this paper is to highlight the work efficiency, respectively the labor productivity detached from the factorial context in the trade and economic rates of return. The introduction presents some general aspects referring to labor productivity, then it will be presented and discussed the analytical methods used in the process of reflecting the labor productivity in the rates of return, the results analysis, and at the end of this paper it will be presented some conclusions based on the study case. The expected results consist in identifying the mechanisms by which labor efficiency is converted into the company’s economic and financial performance.

Predictable return distributions

DEFF Research Database (Denmark)

Pedersen, Thomas Quistgaard

trace out the entire distribution. A univariate quantile regression model is used to examine stock and bond return distributions individually, while a multivariate model is used to capture their joint distribution. An empirical analysis on US data shows that certain parts of the return distributions......-of-sample analyses show that the relative accuracy of the state variables in predicting future returns varies across the distribution. A portfolio study shows that an investor with power utility can obtain economic gains by applying the empirical return distribution in portfolio decisions instead of imposing...

Performance analysis of supply and return fans for HVAC systems under different operating strategies of economizer dampers

Energy Technology Data Exchange (ETDEWEB)

Nassif, Nabil [Florida Solar Energy Center, A Research Institute of the University of Center Florida, 1679 Clearlake Road, Cocoa, FL 32922 (United States)

2010-07-15

HVAC systems and associated equipment consume a relatively large fraction of total building energy consumption, a significant portion of which is attributed to fan operation. The operation of economizer dampers when installed can cause high energy consumption in fans if they are not functioning in proper and optimal manner. This will mainly be due to the potential high pressure drops through those dampers and associated high total pressures that should be developed by supply and/or return fans. It is then necessary to ensure that a proper strategy to operate optimally the economizer dampers is implemented with minimum fan energy use. The paper examines several operation strategies of the economizer dampers and investigates their effects on the performance of both the supply and return fans in HVAC system. It also discusses a new operating strategy for economizer dampers that can lead to lower fan energy use. The strategies are evaluated by simulations for a typically existing HVAC system. Several factors such as the building locations, system characteristics, resistance in the duct where the dampers are installed, supply air temperature and economizer control, and minimum ventilation requirements are also considered during the evaluations. The results show that the way of the economizer dampers been controlled has a significant effect on fan performance and its energy use. The proposed strategy if properly implemented can provide fan energy saving in the range of 5-30%, depending mainly on the number of hours when the system operates in the free cooling mode, damper characteristics, and minimum outdoor air. (author)

Perbedaan Perusahan Pencipta Economic Value Added Positif Dengan Economic Value Added Negatif

OpenAIRE

Suripto, Suripto

2008-01-01

This research was to explain and analyze the different variable of Inflation Rate,Exchange Rate, Interest Rate, Ratio Plant Asset, Size Measure Company, Profitability, Growth ,LD / E, TD / TA, Stock of Return, Book To Market between company having Economic ValueAdded ( Positive ) and company having Economic Value Added ( Negative ). Analysis which wasused in this research was multivariate analysis of variant (MANOVA). There was different variableof Inflation Rate, Exchange Rate, Interest Rate...

The unidirectional relationship between consumer confidence and PSI-20 returns - The influence of the economic cycle

Directory of Open Access Journals (Sweden)

Maria Elisabete Duarte Neves

Full Text Available ABSTRACT The aim of this paper is to determine the relationship between market sentiment and rates of return on the main Portuguese benchmark and verify whether this relationship is influenced by different economic cycles. Given the subjectivity inherent to the use of variables capturing investor sentiment, the Consumer Confidence Index (CCI was used as a benchmark. To achieve the proposed objective, an analysis of time series stationarity, Pearson correlation, and Granger causality using the autoregressive vectors model was carried out, followed by the Least Squares Method with macroeconomic variables. The results obtained suggest a one-way relationship between stock market returns and the sentiment variable. In fact, in times of recession, investor pessimism induces linear behavior and the sentiment-return relationship is more evident. This article will thus be of interest both to the academic community, in providing a basis for future investigations, and to managers and investors, with regards to the perception that the predictability of returns will be easier in periods of recession.

Diminished Economic Return of Socioeconomic Status at Birth among Black than White Youth

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Shervin Assari

2018-05-01

Full Text Available Background: According to the Minorities’ Diminished Return theory, socioeconomic status (SES systemically generates larger gains for Whites compared to Blacks. It is, however, unknown whether the effects of baseline SES on future family income also varies between Blacks and Whites. Aims: Using a national sample, this study investigated racial variation in the effects of family SES (i.e., family structure, maternal education, and income at birth on subsequent household income at age 15. Methods: This 15-year longitudinal study used data from the Fragile Families and Child Wellbeing Study (FFCWS, which followed 1471 non-Hispanic Black or White families from the time of birth of their child for 15 years. Two family SES indicators (maternal education and income at birth were the independent variables. Family income 15 years later was the outcome. Maternal age, child gender, and family structure at baseline were covariates. Race was the focal moderator. Linear regression models were used for data analysis. Results: In the pooled sample, maternal education (b = 11.62, p < 0.001 and household income (b = 0.73, p < 0.001 at baseline were predictive of family income 15 years later. Race, however, interacted with maternal education (b = −12,073.89, p < 0.001 and household income (b = −312.47, p < 0.001 at birth on household income 15 years later, indicating smaller effects for Black compared to White families. These differential gains were independent of family structure, mother age, and child gender. Conclusions: The economic return of family SES is smaller for Black compared to White families, regardless of the SES indicator. Policies should specifically address structural barriers in the lives of racial and ethnic minorities to minimize the diminished return of SES resources across racial minority groups. Policies should also reduce extra cost of upward social mobility for racial minorities. As the likely causes are multi-level, solutions should

Economic evaluation of reprocessing - Indicative German position

International Nuclear Information System (INIS)

1979-05-01

This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic assessment of reprocessing. The indicative national position and illustrative ''phase diagram'' for the Federal Republic of Germany is presented. Advantages to be gained from the recycling of plutonium in thermal reactors are identified and it is concluded that many of these are not explicitly taken into account in the ''phase diagram''. Under the conditions pertaining in the Federal Republic of Germany thermal recycle will be economic under present day uranium prices. On the other hand the fast breeder reactor might become commercially economic around the year 2000

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.

The Economic Value of Predicting Bond Risk Premia

DEFF Research Database (Denmark)

Sarno, Lucio; Schneider, Paul; Wagner, Christian

2016-01-01

evaluation. More specifically, the model mostly generates positive (negative) economic value during times of high (low) macroeconomic uncertainty. Overall, the expectations hypothesis remains a useful benchmark for investment decisions in bond markets, especially in low uncertainty states.......This paper studies whether the evident statistical predictability of bond risk premia translates into economic gains for investors. We propose a novel estimation strategy for affine term structure models that jointly fits yields and bond excess returns, thereby capturing predictive information...... otherwise hidden to standard estimations. The model predicts excess returns with high regression R2s and high forecast accuracy but cannot outperform the expectations hypothesis out-of-sample in terms of economic value, showing a general contrast between statistical and economic metrics of forecast...

Exiting and Returning to the Parental Home for Boomerang Kids.

Science.gov (United States)

Sandberg-Thoma, Sara E; Snyder, Anastasia R; Jang, Bohyun Joy

2015-06-01

Young adults commonly exit from and return to the parental home, yet few studies have examined the motivation behind these exits and returns using a life course framework. Using data from the National Longitudinal Survey of Youth 1997, the authors examined associations between mental health problems and economic characteristics and exits from (n = 8,162), and returns to (n = 6,530), the parental home during the transition to adulthood. The average age of the respondents was 24 years. The authors found evidence that mental health and economic characteristics were related to home leaving and returning. Emotional distress was associated with earlier exits from, and returns to, the parental home; alcohol problems were associated with earlier returns to the parental home. The findings regarding economic resources were unexpectedly mixed. Greater economic resources were linked to delayed exits from, and earlier returns to, the parental home. The implications of these findings for young adults are discussed.

THE IMPACT OF FINANCIAL LEVERAGE ON RETURN AND RISK

Directory of Open Access Journals (Sweden)

HAKAN SARITAŞ

2013-05-01

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

Economic evaluation of reprocessing. Indicative US position

International Nuclear Information System (INIS)

1979-05-01

This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic assessment of reprocessing. The indicative national position and illustrative ''phase diagram'' for the United States is presented. The prospective costs of nuclear power are given for four equilibrium modes of LWR operation: once-through, 15% and 25% improved once-through and thermal recycle. For a particular representative choice of fuel cycle parameters the economic cross over at which thermal recycle becomes economic relative to a 15% improved once-through cycle is above 100/lb U 3 O 8 . Thus the US believes that for the next several decades there is no economic incentive for thermal recycle. As a planning guide the US considers that the fast reactor will not become commercialised in the US before the year 2020

Economic value analysis of the return from the Korean astronaut program and the science culture diffusion activity in Korea

Science.gov (United States)

Yi, Soyeon; Jang, Hyun-Jin; Lee, Hyo Suk; Yu, Jong-Phil; Kim, Soyeon; Lee, Joohee; Hur, Hee-Young

2013-06-01

In this study, we analyze the economic effects from the Korean Astronaut Program (KAP) and the subsequent Science Culture Diffusion Activity (SCDA). Korea has had a huge practical effect on the development of science and technology and has increased international awareness of Korea by producing Korea's first astronaut. There has also been a large, ripple effect on space related industries. In addition, the KAP has exercised a far-reaching influence on Korean society and culture by boosting all science and engineering and inspiring national pride. After the KAP, astronauts' outreach activities, such as lectures for the general public; interviews on television, newspapers and magazines; participating in children's science camps; and distributing publications and DVDs about astronaut program for general public, were instituted for diffusing science culture. Thus, positive effects such as the promotion of Korea's level of technology, student interest in science and engineering fields, and the expansion of the industrial base were reinforced after the KAP. This study is aimed at evaluating the economic significance and the value of return through analyzing the effects of the KAP and the subsequent Science Culture Diffusion Activity.

No MERS-CoV but positive influenza viruses in returning Hajj pilgrims, China, 2013–2015

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Xuezheng Ma

2017-11-01

Full Text Available Abstract Background There is global health concern that the mass movement of pilgrims to and from Mecca annually could contribute to the international spread of Middle East Respiratory Syndrome Coronavirus (MERS-CoV. In China, about 11,000 Muslim pilgrims participate in the Hajj gathering in Mecca annually. This is the first report of MERS-CoV and respiratory virus molecular screening of returning pilgrims at points of entry in China from 2013 to 2015. Methods and results A total of 847 returning Hajj pilgrims participated in this study. The test results indicated that of the travelers, 34 tested positive for influenza A virus, 14 for influenza B virus, 4 for metapneumo virus, 2 for respiratory syncytial virus, and 3 for human coronavirus. There was a significant difference in the rates of positive and negative influenza virus tests between Hajj pilgrims with symptoms and those without. The detection rates of influenza virus were not significantly different among the three years studied, at 5.3, 6.0 and 6.3% for 2013, 2014 and 2015, respectively. Discussion and conclusion The MERS-CoV and respiratory viruses detection results at points of entry in China from 2013 to 2015 indicated that there were no MERS-CoV infection but a 5.7% positive influenza viruses in returning Chinese pilgrims.

The conditional returns to origin-country human capital among Turkish and Moroccan immigrants in Belgium.

Science.gov (United States)

Kanas, Agnieszka; van Tubergen, Frank

2014-07-01

This study extends the analysis of the economic returns to pre-migration human capital by examining the role of the receiving context, co-ethnic residential concentration, and post-migration investments in human capital. It uses large-scale survey data on Turkish and Moroccan immigrants in Belgium. The analysis demonstrates that regarding employment, Moroccan immigrants, that is, those originating from former French colonies receive larger returns to their origin-country education and work experience in French- vs. Dutch-speaking regions. Other than the positive interaction effect between co-ethnic residential concentration and work experience on employment, there is little evidence that co-ethnic concentration increases the returns to origin-country human capital. Speaking the host-country language facilitates economic returns to origin-country work experience. Conversely, immigrants who acquire host-country credentials and work experience receive lower returns to origin-country education and experience, suggesting that, at least among low-skilled immigrants, pre- and post-migration human capital substitute rather than complement each other. Copyright © 2014 Elsevier Inc. All rights reserved.

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.

The effects of integration and transnational ties on international return migration intentions

Directory of Open Access Journals (Sweden)

Hein de Haas

2011-12-01

Full Text Available While return migration is receiving increasing attention, there is still insufficient insight into the factors which determine migrants' intentions and decisions to return. It is often assumed that integration in receiving countries and the concomitant weakening of transnational ties decreases the likelihood of returning. However, according to alternative theoretical interpretations, return migration can also be the outflow of successful integration in receiving countries. Drawing on a data set of four African immigrant groups in Spain and Italy, this articlereviews these conflicting hypotheses by assessing the effects of integration and transnational ties on return migration intentions. The results of the analysis suggest that socio-cultural integration has a negative effect on return migration intentions, while economic integration and transnational ties have more ambiguous and sometimes positive effects. The results provide mixed support for the different hypotheses but question theoretical perspectives that unequivocally conceptualizereturn migration and transnationalism as causes and/or consequences of "integration failure".

Economic and ordinal benefits of Hydrogen Energy Technology

International Nuclear Information System (INIS)

Giannantoni, C.; Zoli, M.

2009-01-01

A method for assessing economic, environmental and energy investments is particularly suited for hydrogen technologies, because it makes it possible to calculate business returns, negative externalities and, above all, the economic benefits to the citizens: the monetizable positive externalities and the ordinal benefits, i.e. those which cannot be reduced to a simple monetary value. [it

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...

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.

Economic opportunity in Mexico and return migration from the United States.

Science.gov (United States)

Lindstrom, D P

1996-08-01

I analyze the influence of the economic characteristics of origin area on trip duration for Mexican migrants in the United States. I argue that migrants from economically dynamic areas in Mexico with favorable opportunities for employment and small capital investment have a larger incentive to stay in the United States longer and to withstand the psychic costs of separation from family and friends than do migrants from economically stagnant areas in Mexico, where the productive uses of savings are severely limited. In line with this argument we should expect investment opportunities in migrants' origin areas to be associated positively with migrants' trip duration in the United States. To test this hypothesis I use individual- and household-level data on U.S. migration experience collected in 13 Mexican communities. Evidence from parametric hazards models supports the idea that economic characteristics of origin areas influence the motivations and strategies of Mexican migrants in the United States.

FUNGICIDES IN SECOND HARVEST CORN: CERCOSPORIOSE CONTROL AND BLOTCH, PRODUCTIVITY, ECONOMIC RETURN AND GRAIN QUALITY

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P. Rezende

2017-10-01

Full Text Available Os objetivos desse trabalho foram avaliar a eficiência de The aim of this study was evaluate efficacy fungicides to control cercospora leaf spot (Cercospora zeae-maydis and helminthosporium leaf blight (Exserohilumturcicum, productivity, economic returns and quality of grain of corn culture of second crop in Farm Bandeirantes at Feliz Natal/MT. The treatments evaluated were: pyraclostrobina+epoxiconazol (0,7 L ha-1, trifloxistrobina+protioconazol (0,3L ha-1, azoxistrobina+cyproconazol(0,3 L ha-1, azoxystrobina (0,25 L ha-1, trifloxistrobina+ciproconazol (0,2 L ha-1 and control. Theapplicationof products occurred when corn was with 55 days, with a high propelled sprayer. The experimental design was a randomized block, with 6 treatments and 3 replications. The severity of each disease was visually determined through periodic analyses and ten plants were marked in each repetition, which were evaluated during the entire crop cycle. The data of severity obtained were used to calculate the area under disease progress curve (AUDPC. It was also obtained the production per ha, the economic return (R$ ha-1 and physiological quality of grain was evaluated by germination tests and accelerated aging of the grains. All treatments had significant difference compared to the control sample in controlling cercospora leaf spot about the control of helminthosporiumleat blight, the fungicides trifloxystrobin+prothioconazol and trifloxystrobin+cyproconazol were not efficient, and the fungicides pyraclostrobina+epoxiconazol, azoxystrobina, azoxistrobina+cyproconazol were efficient. The treatments that had major production are from the group of triazoles+strobilurine and the fungicide pyraclostrobin+epoxyconazol showed greater economic viability. Not were differences among fungicides, and neither of the treatments compared to control, in germination and accelerated aging tests, showing that the grains have good quality characteristics

SWEET CORN FARMING: THE EFFECT OF PRODUCTION FACTOR, EFFICIENCY AND RETURN TO SCALE

Directory of Open Access Journals (Sweden)

Dwijatenaya I.B.M.A.

2017-10-01

Full Text Available This research aims to determine the effect of production factors on the sweet corn production, the efficiency of sweet corn farming, and the return to scale of sweet corn production. The sampling technique was taken by proportionate stratified random sampling method with the sample number of 57 people while the analyzer used was the program of Frointer 4.1c. The results show that the production factors of the land farm, seed, and fertilizer have a positive and significant effect on sweet corn production. On the other hand, labor production factors have a positive but not significant effect on sweet corn production. It also found that technical efficiency, price efficiency, and economic efficiency of sweet corn farming in Muara Wis Sub-district of Kutai Kartanegara Regency are not efficient yet. The return to scale of sweet corn yield has an increasing return to scale condition.

The Conceptual Model of Calculating the Return Period of the Costs for Creation of the Enterprise’s Economic Security Service in the Short-Term Period

Directory of Open Access Journals (Sweden)

Melikhova Tetiana O.

2018-03-01

Full Text Available Determination of the return period of the costs, advanced for the creation of economic security service of enterprise during a year, involves consideration of interaction of the conditional money flow, accumulated for a certain number of months, and the constant costs. The main component of the constant costs are the annual depreciation deductions. The return period is considered as gross, net, valid, and specified. The gross (net, valid, and specified return period is the time, wherein the gross conditional money flow, equal to the advanced costs, will be accumulated. The gross return period, taking account of the effect of time factor, is proposed to be defined as the ratio of annual depreciation deductions increased by the annual compounding coefficient to the conditional average monthly gross money flow, increased by the average monthly inflation index. As for the short-term period, a relationship between the gross, net, valid, and specified return periods of the costs, advanced to the creation of the economic security service, has been identified. The net (valid, specified return period is equal to the gross period adjusted to the coefficient of excess of the gross conditional money flow, accumulated in the gross period, over the net (valid, specified conditional cash flow.

A New Definition of and Role for Preferences in Positive Economics

NARCIS (Netherlands)

Engelen, Bart

2017-01-01

Positive economic models aim to provide truthful explanations of significant (aspects of) economic phenomena. While the notion of ‘preferences’ figures prominently in micro-economic models, it suffers from a remarkable lack of conceptual clarity and rigor. After distinguishing narrow homo economicus

Return migration as failure or success? : The determinants of return migration intentions among Moroccan migrants in Europe

NARCIS (Netherlands)

de Haas, H.; Fokkema, T.; Fihri, M.F.

2015-01-01

Different migration theories generate competing hypotheses with regard to determinants of return migration. While neoclassical migration theory associates migration to the failure to integrate at the destination, the new economics of labour migration sees return migration as the logical stage after

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

NARCIS (Netherlands)

Lokman, S.; Volker, D.; Zijlstra-Vlasveld, M.C.; Brouwers, E.P.M.; Boon, B.; Beekman, A.T.; Smit, F.; van der Feltz-Cornelis, C.M.

2017-01-01

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. A two-armed cluster randomised trial with occupational physicians (OPs) (n=62),

Economic evaluation of reprocessing - Indicative Belgian position

International Nuclear Information System (INIS)

1979-05-01

This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic evaluation of reprocessing. The indicative national position and illustrative ''phase diagram'' for Belgium is presented. Other factors which influence the Belgian viewpoint and which are not included on the phase diagram are given

The Determinants of Return Migration: Evidence for Kosovo

Directory of Open Access Journals (Sweden)

Ardiana Gashi

2015-12-01

Full Text Available Return migration represents a potentially important contributor to economic development for countries that are large exporters of labor. This paper provides an analysis of the determinants of return migration to Kosovo, a country with an especially high level of recent emigration. The findings of this investigation suggest that there is a non-linear relationship between the age of the migrant and their probability of returning. In addition, the more educated migrants and those that have acquired additional education whilst abroad are more likely to return, whereas recent migrants, those that possess permanent resident status and have their family abroad are less likely to return. As expected, the stronger the family ties of a migrant with their home country, the more likely they are to return. Finally, migrants that are expected to invest in businesses in Kosovo are more inclined to return. Together these findings suggest that return migration may be an important contributor to economic development in Kosovo and policies are outlined that could strengthen this contribution.

Effects of Tillage on Yield and Economic Returns of Maize and Cowpea in Semi-Arid Eastern Kenya

International Nuclear Information System (INIS)

Miriti, M.J; Kironchi, G; Gachene, K.K.C; Esilaba, O.A.; Mwangi, M.D; Nyamwaro, S.O; Heng, K.L

2014-01-01

Crop yields and financial returns are important criteria for adoption of conservation tillage by farmers. A study was conducted between 2007-2010 to compare the financial returns of subsoiling-ripping and tied-ridge tillage with the conventional ox-plough tillage in the production of maize (Zea mays L.) and cowpea (Vigna unguiculata L.) under semi-arid subsistence farming conditions in lower eastern Kenya. Four cropping systems namely maize sole crop, cowpea sole crop, maize/cowpea intercrop and maize sole crop with manure were evaluated in a split-plot treatments arrangement with tillage practices as the main plots and cropping systems as the sub-plots. The grain yields of maize and cowpea, prevailing market prices for cowpea and maize grains, labour, inputs applied and other relevant socio-economic data were collected every season, to enable estimation of economic returns and acceptability of the technologies. The results showed that average grain yield for maize sole crop, cowpea sole crop, maize/cowpea intercrop and maize sole crop with manure cropping systems under tied-ridge were 5, 9, 97 and 27% greater than the yields under oxplough tillage, respectively. Crop yields produced under subsoiling-ripping and ox-plough tillage were generally similar. However, land preparation and weeding labour expenses (KES 4240 / ha) for ox-plough tillage were 34% greater than those for subsoiling-ripping tillage but 40% lower than those for tied-ridge tillage. When averaged across seasons and tillage systems, the highest gross margins (KES 8567 / ha) were obtained in sole cowpea cropping system, followed by sole maize with manure (KES 4070 / ha), intercrop (KES 864 / ha) and least (loss of KES 1330 / ha) in sole maize without manure cropping system. (author)

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

Range-based volatility, expected stock returns, and the low volatility anomaly

Science.gov (United States)

2017-01-01

One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility), which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics. PMID:29190652

Range-based volatility, expected stock returns, and the low volatility anomaly.

Science.gov (United States)

Blau, Benjamin M; Whitby, Ryan J

2017-01-01

One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility), which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics.

Range-based volatility, expected stock returns, and the low volatility anomaly.

Directory of Open Access Journals (Sweden)

Benjamin M Blau

Full Text Available One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility, which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics.

Impact of employment instability on socio-economic position of employees

Directory of Open Access Journals (Sweden)

Vyacheslav Nikolaevich Bobkov

2013-12-01

Full Text Available The subject of the article is the relationships in labor utilization. The article analyzes the impact of employment instability on the socio-economic situation of employees in Russia. Questions revealing the concept content of employment instability, its real forms and socio-economic consequences for employees are considered. Methods of statistical and sociological data analysis are applied. Indicators to measure the scope and level of employment instability of employees are calculated. The dynamics in the time of the size of employment instability in Russia are analyzed. The obtained results can be applied within national economic and social policy. The findings indicate that employment instability is high, and it threatens socio-economic position of the great number of employees in Russia. It is argued that, in these conditions, the most appropriate in the fight against the spread of employment instability are the set of government initiatives, proactive position of the Russian society and the expansion of societal forms of control over the government.

An Assessment of the Available Evidence on the Returns to Military Training

Science.gov (United States)

1977-07-01

Hanushek Kassing McCall and Wallace Mason (1970) Nathan Associates Weinstein et al. Richardson (1967) Thorndike and Hagen (1957) u.s...Biderman Cutright Freeman Hanushek Kassing McCall and Wallace Mason (1970) Primary Purpose of the Study Analyze the vocational readjustment...that veterans do not receive a positive economic return from military voca- tional training. Mason (1970), Hanushek , Cutright, and Kassing reach

Avoiding negative vs. achieving positive outcomes in hard and prosperous economic times

NARCIS (Netherlands)

Millet, K.; Lamey, L.; Van den Bergh, B.

2012-01-01

Three studies suggest that business cycle fluctuations trigger distinct motivational orientations that selectively affect economic judgment and decision making. Economic contractions induce avoidance motivation and affect negative economic sentiment, but leave approach motivation and positive

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...

Greenlining. Economic and Environmental Effects of Government Facilitated Lending to Sustainable Economic Activities in the Netherlands

International Nuclear Information System (INIS)

Scholtens, B.

2001-03-01

This paper analyzes the economic and environmental impact of a policy instrument that is related to the tax deductibility of interest returns and dividend yields from specified 'green' projects. We investigate this so-called 'Green Project Facility' in the Netherlands during 1995-1999. We analyze the effect on taxes, economic growth, employment, as well as on the emission of a number of gases and on solid waste production. We find that the economic effects in general are positive. However, the environmental effects are quite mixed. It is concluded that the policy instrument could be used much more effective

Stock Returns and Risk: Evidence from Quantile

Directory of Open Access Journals (Sweden)

Thomas C. Chiang

2012-12-01

Full Text Available This paper employs weighted least squares to examine the risk-return relation by applying high-frequency data from four major stock indexes in the US market and finds some evidence in favor of a positive relation between the mean of the excess returns and expected risk. However, by using quantile regressions, we find that the risk-return relation moves from negative to positive as the returns’ quantile increases. A positive risk-return relation is valid only in the upper quantiles. The evidence also suggests that intraday skewness plays a dominant role in explaining the variations of excess returns.

Social capital in Asia: Investigating returns to brokerage in collectivistic national cultures.

Science.gov (United States)

Merluzzi, Jennifer

2013-05-01

Evidence on the returns to brokerage networks predominately comes from studies of firms located in the United States. Analyses conducted in other countries have noted differences in how social capital may be valued questioning whether brokerage networks yield economic advantage in less individualistic contexts such as Asia. Using network data on employees involved in a product launch in the Asian region of a large American software firm, evidence of returns to brokerage is found among the top executives located and working in the collectivistic national country offices. This finding provides new insights on how returns to brokerage in a non-US culture may arise by considering the differing influences of firm and national culture as well as an employee's formal position at a firm. Copyright © 2012 Elsevier Inc. All rights reserved.

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...

The economics of petroleum exploration and development west of Scotland

International Nuclear Information System (INIS)

Kemp, A.G.; Stephen, L.

2001-01-01

This paper examines the economics of oil and gas exploration and development in the West of Scotland region. A considerable exploration effort has resulted in some discoveries but the overall success rate has been quite low. The region is comprised of several distinct geological basins. To date the Judd Basin has experienced the best discovery rate. Expected returns as measured by expected monetary values are generally low, confirming the high-risk nature of the region. The most economical field development concept depends to a large extent on a combination of field size and water depth which vary markedly from basin to basin. In typical cost conditions at an $18 price returns to investors in medium and large-sized fields at the development phase are positive, but at $14 only when costs are relatively low are positive returns in prospect. Stand-alone gas developments are very unlikely to be viable in current market conditions. The fuller exploitation of the whole region requires higher oil and gas prices and /or significant innovation and technological progress. (Author)

Economic evaluation of reprocessing. Indicative Netherlands position

International Nuclear Information System (INIS)

1979-05-01

The paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic evaluation of reprocessing. The indicative national position and illustrative ''phase diagram'' for the Netherlands is presented. Two alternative scenarios have been assumed for the variation of uranium price in the future; a 2% per annum price rise and a 5% per annum price rise

MEASURING SOFT ECONOMIC POWER OF COUNTRIES

Directory of Open Access Journals (Sweden)

O. Chugaiev

2015-10-01

Full Text Available Existing methods of measuring economic component of national soft power are mainly based on surveys of public opinion. Their results are summarized. We elaborate and test an index of soft economic power based on webometric approach. The index measures the amount of economic information about a country in the internet and the ratio of positive and negative information. The information usually reflects economic situation in a country, news, conditions for business, efficiency of governance, returns or economic relations with other countries. The leaders by the soft economic power index are the EU, the U,S, and China, The correlation between the index and the share in world GDP is high, but several outliers were detected. English-speaking countries tend to be overrepresented in the internet. Despite several advantages of the suggested approach, use of the index as the sole method of measurement is problematic, because other language bias, occasional double counting, imperfect classification of information as positive or negative, and imprecise results for small countries.

Evidence of Macroeconomic Policy Effects over Company-Sector Stock Returns

Directory of Open Access Journals (Sweden)

Mara Madaleno

2014-11-01

Full Text Available Given that stock markets may act as an economy mirror, it is explored the sensitivity of company-sector-specific stock returns to macroeconomic news reflecting different economic environments for the UK, US, Germany, Japan and Australian markets between March 1993 and February 2013 using monthly data. Results seem to indicate that portfolio investors need to be aware that movements in the market index is the best predictor to forecast stock returns of individual companies and sectors in developed economies. Sentiment influences individual company’s returns of the utilities sector, even if these are considered of limited growth and stable earnings, for UK, USA and Australia, turning investor confidence a relevant variable to be included. Information increases about industrial production have no influence on company and sector stocks, thus not affecting investor’s decision in developed countries. As for Japan, results seem to indicate that the higher the need of oil imports of a country, the higher will be the positive impact of oil price changes over company returns. Finally, the riskless interest rate has no effect on sector stock returns independently of the country under analysis. For developed economies, we confirm the finding that stocks cannot be used as a hedge against inflation.

A CONCEPTUAL APPROACH TO ECONOMIC AGGLOMERATIONS

Directory of Open Access Journals (Sweden)

Mădălina-Ștefania Dîrzu

2012-09-01

Full Text Available Technological progress and rapid structural adjustments have characterized a lot of economies in the last century and they still feature pronounced structures. An important observation is that economic activities tend to agglomerate in space as a result of some kind increasing returns, forming eventually economic agglomerations. When various companies gather together, they establish specific forms of interaction. Increasing returns produce when this mutual interplay creates positive externalities for those firms which operate into an agglomeration. In this context, it is crucial to raise a question: what is an economic agglomeration and what do different scientists imply when using the concept? The phenomenon of agglomeration has attracted researchers from various disciplines employing a hybrid set of analytical perspectives. This whole framework is still puzzled with contradictory conceptualizations which are often used in an ambiguous way. Scientists tend to utilize notions such as agglomeration, cluster, territorial network, specialization, concentration somewhat interchangeably and with little concern about how to operationalize them. To shed a light on this issue, the aim of this paper is to provide a comprehensive analyze of different theoretical framework in which economic agglomerations have been debated and researched.

The Real Estate and Economic Crisis: An Opportunity for Urban Return and Rehabilitation Policies in Spain

Directory of Open Access Journals (Sweden)

Jesús M. González Pérez

2010-06-01

Full Text Available In the early 1980s, suburbanization and periurbanization processes became widespread in major cities within Spain. An interesting stage of returning to city centers commenced that materialized in the start of rehabilitation policies within historic centers. These processes coincided with weak population growth, an acute industrial economic crisis, and new democratic policies in municipal councils. Three decades later, we may be witnessing similar processes, although with different origins. The consequences of a construction-based economic model have been disastrous in Spain, from both an economic as well as an environmental point of view. The artificial land boom was significant throughout the country, but was especially prominent within the Mediterranean areas that specialize in tourism and real estate (second homes. The burst of the real estate bubble has shown the irrationality of the economic model and the serious social and environmental consequences that the model has entailed. Within this context, some of the territorial transformation processes that occurred in Spain during the real estate boom period are being studied for the first time. Additionally, changes in land policies (urban renewal of centers and urban renewal in general within the current economic and real estate crisis are analyzed. An urban rehabilitation that gradually includes new spaces for intervention and for introducing new sustainable methods for recovering degraded spaces, such as the Master Plan for Platja de Palma, a mature tourism destination that seeks a final ‘0 CO2 balance’ scenario, among other objectives.

The Use of Risk and Return for Testing the Stability of Stock Markets

Directory of Open Access Journals (Sweden)

Viorica Chirilă

2014-04-01

Full Text Available The European Central Bank stipulates that a financial system is stable if the financial risks are evaluated and rewarded correctly and if the economic and financial shocks are absorbed. When analyzing the return and volatility of the stock exchanges we may ascertain that a stock exchange is stable if there is a connection between return and volatility and if the shocks determined by the new positive and negative information do not cause significant changes of the volatility. We took into consideration the values of the indices of stock markets from Holland (AEX, Belgium (BEL, Romania (BET, Hungary (BUX, Germany (DAX, France (CAC, Czech Republic (PX, Slovakia (SAX, Austria (ATX, Estonia (OMXT, Latvia (OMXR and Lithuania (OMXV. In order to test the relationship between return-volatility and volatility asymmetry we estimated a GJR-GARCH-M model. The results confirm the lack of existence of a correlation between return and volatility for the entire period under analysis and the existence of the volatility asymmetry.

ANALISIS PENGARUH EVA DAN MVA TERHADAP RETURN SAHAM PADA INDUSTRI PROPERTI DI BURSA EFEK INDONESIA PERIODE 2007-2012

Directory of Open Access Journals (Sweden)

Ryan Pahlawan

2015-04-01

mendapatkan investor dari Bursa Efek Indonesia Abstract: The aim of this research is to know and analyze : (1st the influence of Economic Value Added (EVA to Stock Return (2nd the influence of Market Value Added (MVA  to Stock Return (3rd the influence of Economic Value Added (EVA and Market Value Added (MVA to Stock Return between the financial performance variables of property industries on Indonesian Stock Exchange on period 2007-2012.The theoretical usefulness is to give contribution about financial management knowledge, which can use as reference for next research of financial performance especially about property industries on Indonesian Stock Exchange. The practical usefulness is to know the rate influence of Economic Value Added (EVA and Market Value Added (MVA to financial performance for give contribution to general property management in manage performance variables of property industries Indonesian Stock Exchange. This research using the secondary data which collected from Indonesian Stock Exchange data, and Research Department according to properties financial report on period 2007-2012. The samples are 54 variables and analyzed by multiple regression linear statistic method. Total of determination value is 0.368, this meaning is 36,8% the information in the data can be explained by model and 63,2% under other variables and error.  Conclusion of this research is : (1st Variables of Economic Value Added (EVA have positive influence to Stock Return; (2nd Variables of Market Value Added (MVA have negative influence to Stock Return; Refer to research conclusion above suggested is : (1st Optimized the Economic Value Added (EVA to achieve income and profits of stock return (2nd Manage the Variables of Market Value Added (MVA on well condition to keep finance stability  and get trusted from investors Indonesian Stock Exchange  (3rd Focus to Risk Management, Services, Corporate Vision & Mission, and Active to higher employee’s skill and knowledge company to get

Longitudinal Models of Socio-Economic Status: Impact on Positive Parenting Behaviors

Science.gov (United States)

Azad, Gazi; Blacher, Jan; Marcoulides, George

2014-01-01

Parenting research is frequently conducted without a thorough examination of socio-economic characteristics. In this study, longitudinal observations of positive parenting were conducted across six time points. Participants were 219 mothers of children with and without developmental delays. Mothers' positive parenting increased during early and…

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.

Return and profitability of space programs. Information - the main product of flights in space

Science.gov (United States)

Nikolova, Irena

The basic branch providing global information, as a product on the market, is astronautics and in particular aero and space flights. Nowadays economic categories like profitability, return, and self-financing are added to space information. The activity in the space information service market niche is an opportunity for realization of high economic efficiency and profitability. The present report aims at examining the possibilities for return and profitability of space programs. Specialists in economics from different countries strive for defining the economic effect of implementing space technologies in the technical branches on earth. Still the priorities here belong to government and insufficient market organization and orientation is apparent. Attracting private investors and searching for new mechanisms of financing are the factors for increasing economic efficiency and return of capital invested in the mentioned sphere. Return of utilized means is an economically justified goal, a motive for a bigger enlargement of efforts and directions for implementing the achievements of astronautics in the branches of economy on earth.

An Empirical Research on Returns to Education of Disabled People during the Process of Modernization

Directory of Open Access Journals (Sweden)

Juan Liao

2014-04-01

Full Text Available Education is one of the most important ways to form human capital. Individual can get profit from investment in human capital. Although education situation of the disabled is getting better slowly during the process of modernization, the study of return to education of disabled has been largely ignored for many years. Furthermore, there are still a number of challenges need to pay more attention. This paper based on CHNS data in the economic transition period using Mincer Equation to study the returns to education in the disabled people in China. The results show that the education level has significant positive relationship with the rate of return to education; Return to education of the disabled is lower than non-disabled and male higher than female. The paper suggested more special education supply are required, female disabled people should be pay more attention especially on their education.

Measuring socio-economic position in dietary research: is choice of socio-economic indicator important?

Science.gov (United States)

Turrell, Gavin; Hewitt, Belinda; Patterson, Carla; Oldenburg, Brian

2003-04-01

To examine the association between socio-economic position (SEP) and diet, by assessing the unadjusted and simultaneously adjusted (independent) contributions of education, occupation and household income to food purchasing behaviour. The sample was randomly selected using a stratified two-stage cluster design, and the response rate was 66.4%. Data were collected by face-to-face interview. Food purchasing was examined on the basis of three composite indices that reflected a household's choice of grocery items (including meat and chicken), fruit and vegetables. Brisbane City, Australia, 2000. : Non-institutionalised residents of private dwellings located in 50 small areas (Census Collectors Districts). When shopping, respondents in lower socio-economic groups were less likely to purchase grocery foods that were high in fibre and low in fat, salt and sugar. Disadvantaged groups purchased fewer types of fresh fruits and vegetables, and less often, than their counterparts from more advantaged backgrounds. When the relationship between SEP and food purchasing was examined using each indicator separately, education and household income made an unadjusted contribution to purchasing behaviour for all three food indices; however, occupation was significantly related only with the purchase of grocery foods. When education and occupation were simultaneously adjusted for each other, the socio-economic patterning with food purchase remained largely unchanged, although the strength of the associations was attenuated. When household income was introduced into the analysis, the association between education, occupation and food purchasing behaviour was diminished or became non-significant; income, however, showed a strong, graded association with food choice. The food purchasing behaviours of socio-economically disadvantaged groups were least in accord with dietary guideline recommendations, and hence are more consistent with greater risk for the development of diet

What Is the Aggregate Economic Rate of Return to Foreign Aid?

DEFF Research Database (Denmark)

Arndt, Channing; Jones, Edward Samuel; Tarp, Finn

2015-01-01

of return to aid. Our results highlight the long run nature of aid-financed investments and the importance of channels other than accumulation of physical capital. We find the return to aid lies in ranges commonly accepted for public investments and there is little to justify the view that aid has had...

Reintegration of Pakistani return migrants from the Middle East in the domestic labour market.

Science.gov (United States)

Arif, G M

1998-01-01

This study compared the unemployment rates among return migrants and nonmigrants and examined the reintegration pattern of returnees in the domestic labor market. The study utilized three data sets: the 1980 World Bank Survey of Return Migrant Households; the 1986 ILO/ARTEP Survey of Return Migrant Households; the 1991 Pakistan Integrated Household Survey. Findings showed that unemployment rates were much higher among return migrants than nonmigrants. Although this difference narrowed with the passage of time, even among those who returned to Pakistan at least 18 months prior to the surveys, more than 10% of workers were unemployed. The multivariate analysis further showed that returnees, irrespective of the period elapsed since their return, were more likely to be unemployed than nonmigrants. With respect to the reintegration pattern of return migrants, the study revealed that variables indicating their human capital, such as occupation and pre-migration and during-migration work experience, appear to have a greater influence on their post-return adjustment than the variables related to economic positions such as savings. The results also showed that the types of jobs unemployed returnees were looking for differed substantially from those held by employed return migrants. A possibility was that unemployed returnees could not save enough from their overseas earnings to become self-employed. Thus, provision of credit for self-employment seems to be the right way to accommodate these workers.

Foreign portfolio capital flows and stock returns: a study of Brazilian listed firms

Directory of Open Access Journals (Sweden)

Tiago Rodrigues Loncan

2015-12-01

Full Text Available Abstract This study analyzed the effect of foreign portfolio capital flows on stock returns of Brazilian listed firms through a 6-factors APT model, in which an additional risk factor for foreign portfolio capital flows was included. First, an aggregate analysis was conducted. The partial effect of foreign portfolio capital flows on the IBOVESPA index’s returns was statistically significant and positive. Next, a disaggregate analysis was also implemented, in which portfolios of stocks were sorted by sector of economic activity, level of risk and level of corporate governance. Foreign portfolio capitals caused increases in returns especially for sectors related to commodities, industry and cyclical consumption. For the portfolios sorted by risk (in which the stocks’ betas were used as a risk parameter for sorting, foreign capitals increased the returns of mid-high and high beta portfolios, but decreased the returns of low and low-mid beta portfolios. For corporate governance portfolios, the firms listed on the Novo Mercado segment (according to BMF&Bovespa criteria experienced a statistically significant revaluation effect. Overall, the results of the study provide support to the revaluation effect hypothesis.

THE CONNECTION BETWEEN ECONOMIC GROWTH AND STOCK MARKETS

Directory of Open Access Journals (Sweden)

Andreea Maria PECE

2015-04-01

Full Text Available This paper examines the connection between economic growth and stock market performance in the case of an emerging economy, namely Romania, by using quarterly financial data, during the period 2000-2013. This topic is widely studied in the financial literature and seeks to provide an answer for the following questions: does economic growth influences the capital market, does capital market influences economic growth, or there is no connection between these variables. I have analyzed the long term relationship between economic growth and stock market for Romania, by applying Johansen cointegration test, Granger causality and Gregory Hansen cointegration test, which allows the presence of the structural breaks in the time series. The empirical results obtained highlighted that portfolio investments have a positive impact on economic growth and the GDP growth engages in turn, a long term positive capital markets return. The main conclusion of this study is that in the case of Romanian economy, is a bi-directional link between the economic growth and the capital market performance.

Inequalities in child mortality in Mozambique: differentials by parental socio-economic position

DEFF Research Database (Denmark)

Macassa, Gloria; Ghilagaber, Gebrenegus; Bernhardt, Eva

2003-01-01

This study investigates the relation between socio-economic parental position (education and occupation) and child death in Mozambique using data from the Mozambican Demographic and Health Survey carried out between March and July 1997. The analysis included 9142 children born within 10 years...... before the survey. In spite of the Western system of classification used in the study, the results partly showed a parental socio-economic gradient of infant and child mortality in Mozambique. Father's education seemed to reflect the family's social standing in the Mozambique context, showing a strong...... statistical association with postneonatal and child mortality. However, maternal education as a measure of socio-economic position was not statistically significantly associated with child mortality. This finding may partly be explained by the extreme hardships experienced by the country (civil war...

The Effects of Twitter Sentiment on Stock Price Returns.

Science.gov (United States)

Ranco, Gabriele; Aleksovski, Darko; Caldarelli, Guido; Grčar, Miha; Mozetič, Igor

2015-01-01

Social media are increasingly reflecting and influencing behavior of other complex systems. In this paper we investigate the relations between a well-known micro-blogging platform Twitter and financial markets. In particular, we consider, in a period of 15 months, the Twitter volume and sentiment about the 30 stock companies that form the Dow Jones Industrial Average (DJIA) index. We find a relatively low Pearson correlation and Granger causality between the corresponding time series over the entire time period. However, we find a significant dependence between the Twitter sentiment and abnormal returns during the peaks of Twitter volume. This is valid not only for the expected Twitter volume peaks (e.g., quarterly announcements), but also for peaks corresponding to less obvious events. We formalize the procedure by adapting the well-known "event study" from economics and finance to the analysis of Twitter data. The procedure allows to automatically identify events as Twitter volume peaks, to compute the prevailing sentiment (positive or negative) expressed in tweets at these peaks, and finally to apply the "event study" methodology to relate them to stock returns. We show that sentiment polarity of Twitter peaks implies the direction of cumulative abnormal returns. The amount of cumulative abnormal returns is relatively low (about 1-2%), but the dependence is statistically significant for several days after the events.

Returns to damage under undesirable congestion and damages to return under desirable congestion measured by DEA environmental assessment with multiplier restriction: Economic and energy planning for social sustainability in China

International Nuclear Information System (INIS)

Sueyoshi, Toshiyuki; Yuan, Yan

2016-01-01

This study discusses the concept of natural and managerial disposability from their economic and methodological implications on social sustainability development. Then, it explores their analytical linkages to a concept on “congestion.” The concept is classified into Undesirable Congestion (UC) under natural disposability and Desirable Congestion (DC) under managerial disposability. Considering the two disposability concepts, this study compares between Returns to Damage (RTD) under UC and Damages to Return (DTR) under DC. Conceptually, UC and DC are conceptually different from RTD and DTR although they are closely related to each other group. An occurrence of the former measures is identified by a single negative multiplier (i.e. dual variable). In contrast, the latter measures are associated with multiple negative multipliers and an intercept of a supporting hyperplane on a production and pollution possibility set. Thus, an occurrence of UC and DC is a necessary condition, but not a sufficient condition on RTD and DTR, respectively, in terms of the number of negative multipliers on production factors. To document the practicality of the proposed approach, this study applies it to Chinese economic and environmental assessment for its economic and energy planning for social sustainability development. This study identifies four important findings: First, the Chinese government has historically paid attention to the economic prosperity, but not paying serious attention on the environmental pollution (e.g., air pollution). Second, there was an increasing trend in improving the two components (i.e., economic and environmental performance measures) regarding social sustainability. Third, China's economic and energy policy concerns have been focused upon well-developed municipalities (e.g., Beijing and Shanghai) and large provinces. Therefore, it is an important strategy for the government to allocate economic and energy resources to other provinces so that China

The relationship between return on investment and quality of study methodology in workplace health promotion programs.

Science.gov (United States)

Baxter, Siyan; Sanderson, Kristy; Venn, Alison J; Blizzard, C Leigh; Palmer, Andrew J

2014-01-01

To determine the relationship between return on investment (ROI) and quality of study methodology in workplace health promotion programs. Data were obtained through a systematic literature search of National Health Service Economic Evaluation Database (NHS EED), Database of Abstracts of Reviews of Effects (DARE), Health Technology Database (HTA), Cost Effectiveness Analysis (CEA) Registry, EconLit, PubMed, Embase, Wiley, and Scopus. Included were articles written in English or German reporting cost(s) and benefit(s) and single or multicomponent health promotion programs on working adults. Return-to-work and workplace injury prevention studies were excluded. Methodological quality was graded using British Medical Journal Economic Evaluation Working Party checklist. Economic outcomes were presented as ROI. ROI was calculated as ROI = (benefits - costs of program)/costs of program. Results were weighted by study size and combined using meta-analysis techniques. Sensitivity analysis was performed using two additional methodological quality checklists. The influences of quality score and important study characteristics on ROI were explored. Fifty-one studies (61 intervention arms) published between 1984 and 2012 included 261,901 participants and 122,242 controls from nine industry types across 12 countries. Methodological quality scores were highly correlated between checklists (r = .84-.93). Methodological quality improved over time. Overall weighted ROI [mean ± standard deviation (confidence interval)] was 1.38 ± 1.97 (1.38-1.39), which indicated a 138% return on investment. When accounting for methodological quality, an inverse relationship to ROI was found. High-quality studies (n = 18) had a smaller mean ROI, 0.26 ± 1.74 (.23-.30), compared to moderate (n = 16) 0.90 ± 1.25 (.90-.91) and low-quality (n = 27) 2.32 ± 2.14 (2.30-2.33) studies. Randomized control trials (RCTs) (n = 12) exhibited negative ROI, -0.22 ± 2.41(-.27 to -.16). Financial returns become

Returning to the homeland: The migratory patterns between Brazil and Japan for Japanese-Brazilians

Directory of Open Access Journals (Sweden)

Yoko Baba

2012-04-01

Full Text Available Migration to well-off countries has been well documented. However, the reasons why migrants return to their home countries, which often face severe economic disadvantages, are examined less frequently. The return migration ofJapanese-Brazilians (Brazilian citizens of ethnic Japanese descent who migrate to Japan and return again to Brazil has not been studied to any great extent. To understand the factors associated with Japanese-Brazilians’ return migration, using Gmelch's (1983 model of push and pull factors, we examined what motivated Japanese-Brazilian migrant laborers to return to Brazil from Japan.With a mixed method including in-person interviews, a total of n=47 Brazilian migrants to Japan were sampled in São Paulo, Brazil. The present examination resulted in a pattern similar to the one Gmelch (1983 observed in his study on Irish and Newfoundlander return migrants. In the current study, pull factors were more important than push factors in terms of repatriation. Personal and social pull factors were stronger reasons compelling migrants return to Brazil than were economic or familial factors. Nevertheless, familial and economic reasons were also reported as important motivators for returning to Brazil in our interviews. Limitations are also discussed.

Exploring Longitudinal Risk-return Relationships

DEFF Research Database (Denmark)

Andersen, Torben J.; Bettis, Richard A.

2015-01-01

We study a longitudinal fit model of adaptation and its association with the longitudinal risk-return relationship. The model allows the firm to adjust its position in response to partial learning about a changing environment characterized by two path-dependent processes—a random walk and a stoch......We study a longitudinal fit model of adaptation and its association with the longitudinal risk-return relationship. The model allows the firm to adjust its position in response to partial learning about a changing environment characterized by two path-dependent processes—a random walk...... can lead to the inverse longitudinal risk-return relationships observed empirically. We discuss this apparent paradox and the possible resolution between mindless and conscious behavior as plausible causes of the longitudinal Bowman Paradox....

The case for increasing returns (2: the methods of planning horizons

Directory of Open Access Journals (Sweden)

Frederic B. Jennings Jr.

2016-05-01

Full Text Available In neoclassical economics, substitution assumptions support equilibrium models in closed systems shunning interdependence. On these grounds an array of frames show outcomes as stable, efficient, unique and determinate. Heterodox economists say equilibrium models sidestep practical knowledge and the rich reality of economic behavior. Rigor or realism, mainstream or radical, ecological, institutional, socio-cultural: economics invites a wide diversity of assumptions, once short-term models of substitution are opened to question. The answers are blurred by applications; there is clarity in a simplicity shielded from mundane detail. This paper addresses the methodological impact of planning horizons, increasing returns and complementarity, and their proper representation in economic constructions. Horizonal economics can be construed as extending orthodox standards into a realm of time, but for its subtler ramifications. Increasing returns make our relations complementary and not substitutional, loosening the tight deductions from mainstream models of choice. The horizonal extension of our received theory of price applies time to cost and demand curves, showing Marshallian scissors (supply and demand cut outward and downward with expanded horizons. Static conceptions appear in horizonal groups, suggesting complete theories of price should specify agents’ horizons, with no further radical impact: the trouble emerges with increasing returns and complementarity. Horizons stem from unbounded causality; if all we do ripples outward forever in nature and society, the relevant field of inquiry for economics is interdependent: this is the case for bounded rationality as an analytical limit to economic conceptions. In turn, interdependence suggests a use of network constructs to frame complex systemic cascades, and networks open a door to complementarity and increasing returns in transport and information exchange. The gaping maw of increasing returns and

Investment returns and economic fundamentals in international art markets

NARCIS (Netherlands)

Renneboog, L.D.R.; Spaenjers, C.; Velthuis, O.; Baia-Curioni, S.

Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. This chapter examines geographical segmentation and its effects on price formation and returns in the international art auction market. The chapter finds (1) a close connection between

Estimating the Economic Impacts of a Small-Scale Sport Tourism Event: The Case of the Italo-Swiss Mountain Trail CollonTrek

Directory of Open Access Journals (Sweden)

Stefano Duglio

2017-02-01

Full Text Available Evidence from several studies shows that small-scale sport events may have more positive repercussions for the host community than major ones in terms of both economic and social impacts. This study estimates the economic impacts on a small community derived from athletes’ expenditure at a specific small-scale sport tourism event, the Italo-Swiss mountain endurance trail CollonTrek. Even if this kind of event is considered a minor sport event, generating very limited economic activity, this study supports the hypothesis that the funds invested by the public administration are compensated for by revenue generated during the trail. In fact, according to the three analyzed scenarios (Conservative, Average and Liberal, for each euro invested by the public administration, an economic return between €17.62 and €18.92 has been estimated, and between €5.64 and €6.9 (32%–36.47% represent the direct economic return for the local community. Furthermore, in addition to the direct economic benefits, in accordance with the feedback from a sample of participants at the event (n = 180, this kind of event has positive implications in terms of future tourism for the host valley, pointing out how this kind of tourist activities has positive repercussions in terms of economic and social sustainability.

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

Investment Returns and Economic Fundamentals in International Art Markets

NARCIS (Netherlands)

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

Understanding the Puzzling Risk-Return Relationship for Housing

OpenAIRE

Lu Han

2013-01-01

Standard theory predicts a positive relationship between risk and return, yet recent data show that housing returns vary positively with risk in some markets but negatively in others. This paper rationalizes these cross-market differences in the risk-return relationship for housing, and in so doing, explains the puzzling negative relationship. The paper shows that when the current house provides a hedge against the risk associated with the future housing consumption, households are willing to...

Stock market returns and clinical trial results of investigational compounds: an event study analysis of large biopharmaceutical companies.

Science.gov (United States)

Hwang, Thomas J

2013-01-01

For biopharmaceutical companies, investments in research and development are risky, and the results from clinical trials are key inflection points in the process. Few studies have explored how and to what extent the public equity market values clinical trial results. Our study dataset matched announcements of clinical trial results for investigational compounds from January 2011 to May 2013 with daily stock market returns of large United States-listed pharmaceutical and biotechnology companies. Event study methodology was used to examine the relationship between clinical research events and changes in stock returns. We identified public announcements for clinical trials of 24 investigational compounds, including 16 (67%) positive and 8 (33%) negative events. The majority of announcements were for Phase 3 clinical trials (N = 13, 54%), and for oncologic (N = 7, 29%) and neurologic (N = 6, 24%) indications. The median cumulative abnormal returns on the day of the announcement were 0.8% (95% confidence interval [CI]: -2.3, 13.4%; P = 0.02) for positive events and -2.0% (95% CI: -9.1, 0.7%; P = 0.04) for negative events, with statistically significant differences from zero. In the day immediately following the announcement, firms with positive events were associated with stock price corrections, with median cumulative abnormal returns falling to 0.4% (95% CI: -3.8, 12.3%; P = 0.33). For firms with negative announcements, the median cumulative abnormal returns were -1.7% (95% CI: -9.5, 1.0%; P = 0.03), and remained significantly negative over the two day event window. The magnitude of abnormal returns did not differ statistically by indication, by trial phase, or between biotechnology and pharmaceutical firms. The release of clinical trial results is an economically significant event and has meaningful effects on market value for large biopharmaceutical companies. Stock return underperformance due to negative events is greater in magnitude and persists longer than

The Economic Returns to Graduating with Honors - Evidence from Law Graduates

OpenAIRE

Schumann, Mathias; Freier, Ronny; Siedler, Thomas

2014-01-01

This paper studies the causal effects of graduating from university with an honors degree on subsequent labor market outcomes. While a rich body of literature has focused on estimating returns to human capital, few studies have analyzed returns at the very top of the education distribution. We highlight the importance of honors degrees for future labor market success in the context of German law graduates. Using a difference-in-differences research design combined with entropy balancing, we f...

Economic evaluation of reprocessing - Indicative Canadian position

International Nuclear Information System (INIS)

1979-05-01

This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic evaluation of reprocessing. The indicative national position and illustrative ''phase diagram'' for Canada is presented. Three fuel cycles are considered. (1) CANDU operating on the natural uranium, once-through fuel cycle. (2) CANDU operating with low enrichment (1.2%) once-through fuel cycle. (3) CANDU operating with recycle of plutonium and depleted uranium which has been extracted from spent CANDU natural uranium fuel. The diagrams show that reprocessing and recycle of fuel can be used to reduce further the sensitivity of CANDU fuelling costs to increasing uranium ore price

Development of an international scale of socio-economic position based on household assets.

Science.gov (United States)

Townend, John; Minelli, Cosetta; Harrabi, Imed; Obaseki, Daniel O; El-Rhazi, Karima; Patel, Jaymini; Burney, Peter

2015-01-01

The importance of studying associations between socio-economic position and health has often been highlighted. Previous studies have linked the prevalence and severity of lung disease with national wealth and with socio-economic position within some countries but there has been no systematic evaluation of the association between lung function and poverty at the individual level on a global scale. The BOLD study has collected data on lung function for individuals in a wide range of countries, however a barrier to relating this to personal socio-economic position is the need for a suitable measure to compare individuals within and between countries. In this paper we test a method for assessing socio-economic position based on the scalability of a set of durable assets (Mokken scaling), and compare its usefulness across countries of varying gross national income per capita. Ten out of 15 candidate asset questions included in the questionnaire were found to form a Mokken type scale closely associated with GNI per capita (Spearman's rank rs = 0.91, p = 0.002). The same set of assets conformed to a scale in 7 out of the 8 countries, the remaining country being Saudi Arabia where most respondents owned most of the assets. There was good consistency in the rank ordering of ownership of the assets in the different countries (Cronbach's alpha = 0.96). Scores on the Mokken scale were highly correlated with scores developed using principal component analysis (rs = 0.977). Mokken scaling is a potentially valuable tool for uncovering links between disease and socio-economic position within and between countries. It provides an alternative to currently used methods such as principal component analysis for combining personal asset data to give an indication of individuals' relative wealth. Relative strengths of the Mokken scale method were considered to be ease of interpretation, adaptability for comparison with other datasets, and reliability of imputation for even quite

Longitudinal changes in functional capacity: effects of socio-economic position among ageing adults

Directory of Open Access Journals (Sweden)

Sulander Tommi

2012-12-01

Full Text Available Abstract Introduction Health and functional capacity have improved especially in Western countries over the past few decades. Nevertheless, the positive secular trend has not been able to decrease an uneven distribution of health. The main aim of this study was to follow-up changes in functional capacity among the same people in six years time and to detect whether the possible changes vary according to socio-economic position (SEP. In addition, it is of interest whether health behaviours have an effect on these possible changes. Methods This longitudinal follow-up study consisted of 1,898 individuals from three birth cohorts (1926–1930, 1936–40, 1946–50 who took part in clinical check-ups and answered to a survey questionnaire in 2002 and 2008. A sub-scale of physical functioning from the RAND-36 was used to measure functional capacity. Education and adequacy of income were used as indicators of socio-economic position. Repeated-measures ANOVA was used as a main method of analysis. Results Physical functioning in 2002 and 2008 was poorest among those men and women belonging to the oldest cohort. Functional capacity deteriorated in six years among men in the oldest cohort and among women in all three cohorts. Socio-economic disparities in functional capacity among ageing people existed. Especially lower adequacy of income was most consistently associated with poorer functional capacity. However, changes in functional capacity by socio-economic position remained the same or even narrowed independent of health behaviours. Conclusion Socio-economic disparities in physical functioning are mainly incorporated in the level of functioning at the baseline. No widening socioeconomic disparities in functional capacity exist. Partly these disparities even seem to narrow with ageing.

Impact of the spatial structure on the returns of the stock indexes

Directory of Open Access Journals (Sweden)

Carlos A. Díaz Contreras

2007-09-01

Full Text Available Nowadays, economies are integrated in commercial, financial, social, and cultural terms. Integration facilitates the transmission of impacts associated with economic events originated in one region to other regions, generating unexpected fluctuations at domestic level. Hence, investors may face higher uncertainty and unexpected effects on economic development may be observed. This research shows a significant spatial dependence in stock returns for the America’s countries. Therefore, we demonstrate that there exist spatial externalities, which facilitate that changes affecting to stock returns of each country are spread through the continent, impacting also to the rest of American countries’ returns.

Corporate Governance and Equity Returns

OpenAIRE

Uchida, Shigeru

2012-01-01

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

Returning home

DEFF Research Database (Denmark)

Agergaard, Jytte; Brøgger, Ditte

2016-01-01

flows. By focusing on these educational migrants, this paper explores how they connect to their rural homes. Guided by a critical reading of the migration-development scholarship, the paper examines how migrants and their relatives make sense of educational migrants’ remitting and returning practices......, and by comparing three groups of educational migrants, the migrants’ reasons for staying connected and sending remittances are scrutinized. The paper finds that although educational migrants do not generate extensive economic remittances for local development in Nepal, they stay connected to their rural homes...

Returns to nursing education: rural and nonrural practice.

Science.gov (United States)

Pan, S; Straub, L

1997-01-01

This study uses data from a national sample of registered nurses to compare earnings of nurses in rural and nonrural practice. The comparisons, conditioned by the nurses' education level, are analogous to the concept of "returns to human capital investment" used in labor economics. A general linear model is applied within a framework of labor economics analysis. Results show that nurses with more education receive less for their investment if they practice in rural areas. Work experience and employment setting are also related to lower annualized earnings for rural practice. One exception to the otherwise consistent findings is that returns to advanced practice nursing are higher in rural areas. Results and policy implications are discussed.

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

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Chu V. Nguyen

2012-12-01

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

Economic evaluation of CISM : a pilot study

DEFF Research Database (Denmark)

Vogt, Joachim

2004-01-01

air traffic controllers, critical incident stress management, CISM, critical incidents, critical incident stress, cost-benefit-analysis, economic evaluation, efficiency, return on investment......air traffic controllers, critical incident stress management, CISM, critical incidents, critical incident stress, cost-benefit-analysis, economic evaluation, efficiency, return on investment...

Analisis Karakteristik Perusahaan Dan Ekonomi Makro Pada Return Saham Syariah Dan Non Syariah

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Ardi Hamzah

2011-10-01

Full Text Available The objectives of this paper are to determine, to examine, and to test whether firm characteristic and macro economics are the important discriminators for return of syariah and non syariah stock; to determine whether there are any differences in return of some syariah and non syariah stock; to determine and to test whether there is a relationship between return and firm characteristic and macro economis in some syariah and non syariah stock. The total sample is 300 stock that were taken each from 150 for syariah stock and 150 for non syariah stock for period 2005 – 2009. The study also showed that there is a difference in return between syariah and non syariah stock. Finally,with regression analysis indicated that partially price book value, price earnings ratio, and kurs rupiah on dollar significantly effect on return of syariah stock, while for return of non syariah stock only kurs rupiah on dollar that significantly effect on return of non syariah stock. For testing with simultant regression indicate firm characteristic and macro economics significantly effect on return of syariah stock, while at return of non syariah stock not significantly effect.

Weibo sentiments and stock return: A time-frequency view.

Science.gov (United States)

Xu, Yingying; Liu, Zhixin; Zhao, Jichang; Su, Chiwei

2017-01-01

This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter's variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive), detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market.

Weibo sentiments and stock return: A time-frequency view.

Directory of Open Access Journals (Sweden)

Yingying Xu

Full Text Available This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter's variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive, detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market.

Weibo sentiments and stock return: A time-frequency view

Science.gov (United States)

Liu, Zhixin; Zhao, Jichang; Su, Chiwei

2017-01-01

This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter’s variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive), detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market. PMID:28672026

Conditional Relationship Between Beta and Return in the US Stock Market

Directory of Open Access Journals (Sweden)

Bing XIAO

2016-04-01

Full Text Available According to the CAPM, risk is measured by the beta, and the relation between required expected return and beta is linear. This paper examines the conditional relationship between beta and return in the US stock market. The conditional covariances and variances used to estimate beta are modeled as an ARCH process. The beta return relationship is tested upon the sign of the excess market return. The implication of the sign of the excess market return follows Morelli (2011. This study shows the importance of recognizing the sign of the excess market return when testing the beta-return relationship. The approach also allows us to distinguish the size effect and the effect of economic cycles.

Asset securitization and rate of return: A study on letters of guarantee

Science.gov (United States)

Wu, Binghui

2018-01-01

Using the theory of asset securitization, we analyze the feasibility of the securitization of letters of guarantee in theory. In the process of constructing the model of rate of return of securities backed by letters of guarantee, we propose two indices: the risk probability of asset-backed securities and the loss rate of asset-backed securities to analyze the cash flow of securities. On the basis of no arbitrage principle, the expression of rate of return of securities backed by letters of guarantee is put forward. In order to study the relationship between the rate of return of securities and other influential factor in the model, a simulation experiment is designed. The experiment results show that (i) an increasing risk probability of cash flow or a short maturity date also make the return rate of securities increase and (ii) the return rate of securities is higher in economic boom than that in economic recession when other parameters remain unchanged.

Habit formation, surplus consumption and return predictability

DEFF Research Database (Denmark)

Engsted, Tom; Hyde, Stuart; Vinther Møller, Stig

2010-01-01

On an international post World War II dataset, we use an iterated GMM procedure to estimate and test the Campbell and Cochrane (1999, By force of habit: a consumption-based explanation of aggregate stock market behavior. Journal of Political Economy 107, 205–251.) habit formation model with a time......-varying risk-free rate. In addition, we analyze the predictive power of the surplus consumption ratio for future stock and bond returns. We find that, although there are important cross-country differences and economically significant pricing errors, for the majority of countries in our sample the model gets...... significant information about future stock returns, also during the 1990s. In addition, in most countries the surplus consumption ratio is also a powerful predictor of future bond returns. Thus, the surplus consumption ratio captures time-varying expected returns in both stock and bond markets....

Regime switches in the risk-return trade-off

OpenAIRE

Marcellino, Massimiliano; Ghysels, Eric; Guerin, Pierre

2014-01-01

This paper deals with the estimation of the risk-return trade-off. We use a MIDAS model for the conditional variance and allow for possible switches in the risk-return relation through a Markov-switching specification. We find strong evidence for regime changes in the risk-return relation. This finding is robust to a large range of specifications. In the first regime characterized by low ex-post returns and high volatility, the risk-return relation is reversed, whereas the intuitive positive ...

"Making Do", Understanding the Economic "Possible': Social Positioning, Money and Mother's Economic Habitus in the School Context

Science.gov (United States)

O' Donoghue, Mary

2015-01-01

This paper is a qualitative consideration of how working-class mothers manage money, daily life, their children's education and, in the process, internalise a particularistic economic position. It is uncommon that educational sociology incorporates a critical engagement of the daily drudge of extending money, and the implications of managing the…

Position statement on 'Economic Impact of Oil and Gas Development within the Province of Newfoundland and Labrador

International Nuclear Information System (INIS)

1998-01-01

This document contains the statement outlining the official position of the Newfoundland Ocean Industries Association (NOIA) concerning the report on the 'Economic Impact of Oil and Gas Development within the Province of Newfoundland and Labrador'. NOIA's position reflects the concern that Newfoundland businesses and individuals be involved in this emerging industry. Not unexpectedly, the statement is directed primarily towards improving economic opportunity for its members, but it also argues in favour of increasing economic activity within the province as whole. The Position Statement addresses six major issues of concern. These are: a full and fair opportunity for Newfoundland-resident supply and service companies to bid on an internationally competitive basis; a level playing field for all those who submit bids for contracts; enhancement of Newfoundland technology, expertise and facilities, as well as support of technology transfer to interested and capable Newfoundland businesses or companies; a life-of-field approach to planning, or linking capital expenditure and operational expenditure in order to achieve long-term positive economic impact within Newfoundland and Labrador; a supplier development program to encourage the development of an internationally competitive Newfoundland supply community; and the encouragement of operators and major contractors to fulfill specific requirements for positive economic impact within the province

Building uncertainty into cost-effectiveness rankings: portfolio risk-return tradeoffs and implications for decision rules.

Science.gov (United States)

O'Brien, B J; Sculpher, M J

2000-05-01

Current principles of cost-effectiveness analysis emphasize the rank ordering of programs by expected economic return (eg, quality-adjusted life-years gained per dollar expended). This criterion ignores the variance associated with the cost-effectiveness of a program, yet variance is a common measure of risk when financial investment options are appraised. Variation in health care program return is likely to be a criterion of program selection for health care managers with fixed budgets and outcome performance targets. Characterizing health care resource allocation as a risky investment problem, we show how concepts of portfolio analysis from financial economics can be adopted as a conceptual framework for presenting cost-effectiveness data from multiple programs as mean-variance data. Two specific propositions emerge: (1) the current convention of ranking programs by expected return is a special case of the portfolio selection problem in which the decision maker is assumed to be indifferent to risk, and (2) for risk-averse decision makers, the degree of joint risk or covariation in cost-effectiveness between programs will create incentives to diversify an investment portfolio. The conventional normative assumption of risk neutrality for social-level public investment decisions does not apply to a large number of health care resource allocation decisions in which health care managers seek to maximize returns subject to budget constraints and performance targets. Portfolio theory offers a useful framework for studying mean-variance tradeoffs in cost-effectiveness and offers some positive predictions (and explanations) of actual decision making in the health care sector.

Positive thinking about the future in newspaper reports and presidential addresses predicts economic downturn.

Science.gov (United States)

Sevincer, A Timur; Wagner, Greta; Kalvelage, Johanna; Oettingen, Gabriele

2014-04-01

Previous research has shown that positive thinking, in the form of fantasies about an idealized future, predicts low effort and poor performance. In the studies reported here, we used computerized content analysis of historical documents to investigate the relation between positive thinking about the future and economic development. During the financial crisis from 2007 to 2009, the more weekly newspaper articles in the economy page of USA Today contained positive thinking about the future, the more the Dow Jones Industrial Average declined in the subsequent week and 1 month later. In addition, between the New Deal era and the present time, the more presidential inaugural addresses contained positive thinking about the future, the more the gross domestic product and the employment rate declined in the presidents' subsequent tenures. These counterintuitive findings may help reveal the psychological processes that contribute to an economic crisis.

Tail Risk Premia and Return Predictability

DEFF Research Database (Denmark)

Bollerslev, Tim; Todorov, Viktor; Xu, Lai

The variance risk premium, defined as the difference between actual and risk-neutralized expectations of the forward aggregate market variation, helps predict future market returns. Relying on new essentially model-free estimation procedure, we show that much of this predictability may be attribu......The variance risk premium, defined as the difference between actual and risk-neutralized expectations of the forward aggregate market variation, helps predict future market returns. Relying on new essentially model-free estimation procedure, we show that much of this predictability may......-varying economic uncertainty and changes in risk aversion, or market fears, respectively....

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.

Association of an adult obesity, blood pressure adulthood socio-economic position.

Science.gov (United States)

Siadat, Zahra Dana; Abdoli, Aminreza; Shahsanaee, Armindokht

2012-03-01

The purpose of this study is to investigate an effect of childhood and adulthood socio-economic position on selected cardiovascular risk factors including obesity, blood pressure level and smoking behavior. This is a cross-sectional study performed on 479 individuals, randomly selected by random clustered sampling from men and women aged 30-50 years, living in Esfahan. Their demographic characteristics, education, occupation and smoking behavior were questioned. Their weight, height and blood pressure were also measured, and their BMI (Body Mass Index) was calculated. The data were analyzed by SPSS 19 software. In men, the odds ratio for ever smoking to never smoking at higher levels of education in comparison with the lower levels was 6.08 (2.65-14.11). For manual occupation to non-manual occupation, it was 3.55 (1.88-6.68). The odds ratio for obesity and overweight vs no overweight, for manual occupation to non-manual occupation was 3.12 (1.81-5.40) in men and for father's occupation it was 2.03 (1.10-3.74). In women, their education with the odds ratio of 2.11 (1.17-3.82) and father's occupation with the odds ratio of 6.63 (3.50-12.58) altered their chance of being obese or overweight. Also, in women, the mean systolic blood pressure was significantly lower at higher educational levels and in those whose fathers' occupation were manual but lower in manual workers. The current socio-economic position in individuals is associated with an obesity and smoking behavior, particularly in men. Childhood socio-economic position increases the chance of an obesity and higher blood pressure, particularly in women.

The role of hardship in the association between socio-economic position and depression.

Science.gov (United States)

Butterworth, Peter; Olesen, Sarah C; Leach, Liana S

2012-04-01

It is well established that socio-economic position is associated with depression. The experience of financial hardship, having to go without the essentials of daily living due to limited financial resources, may explain the effect. However, there are few studies examining the link between financial hardship and diagnosable depression at a population level. The current paper addresses this gap and also evaluates the moderating effect of age. Data were from 8841 participants aged 16-85 years in Australia's 2007 National Survey of Mental Health and Wellbeing. The 12-month prevalence of depressive episode was assessed using the Composite International Diagnostic Interview. Measures of socio-economic position included: financial hardship, education, labour-force status, occupational skill, household income, main source of income, and area-level disadvantage. Financial hardship was more strongly associated with depression than other socio-economic variables. Hardship was more strongly associated with current depression than with prior history of depression. The relative effect of hardship was strongest in late adulthood but the absolute effect of hardship was greatest in middle age. The results demonstrate the critical role of financial hardship in the association between socio-economic disadvantage and 12-month depressive episode, and suggest that social and economic policies that address inequalities in living standards may be an appropriate way to reduce the burden attributable to depression.

Risk-return incentives in liberalised electricity markets

NARCIS (Netherlands)

Lynch, Muireann Á; Shortt, Aonghus; Tol, Richard S.J.; O'Malley, Mark J.

2013-01-01

We employ Monte Carlo analysis to determine the distribution of returns for various electricity generation technologies. Costs and revenues for each technology are calculated by means of a unit commitment and economic dispatch algorithm at hourly resolution. This represents a considerable

An evaluation of a coal mining company's return to work program

International Nuclear Information System (INIS)

Allen, R.G.

1990-01-01

This study consolidates and evaluates information and data obtained from a coal mining company's return to work program called the Work Therapy Program. Organizational information and economic and statistical data were available for the study based on the company's records. Analysis of the data included descriptive statistics such as total injuries, the frequency rate of injuries, total days away from work due to injury, average days away per employee, and severity rates. A cost-benefit analysis was conducted to determine if the Program was economically beneficial to the company. Data from an opinion survey of the management at the mine where the Program was first instituted was used to determine the perceptions of mine management with respect to the Work Therapy Program. Conclusions were that the Work Therapy Program was economically beneficial to the Company and that the Program resulted in a significant reduction in compensable injuries. The Program did not significantly reduce days away from work due to mine injury. Perceptions of mine management were mostly positive

Economic Reintegration of Ethiopian Women Returned from the Middle East

NARCIS (Netherlands)

Nisrane, Beza L.; Morissens, Ann; Need, Ariana; Torenvlied, René

2017-01-01

Current migration studies and policy reviews neglect the vital link between migration experiences of labour migrants and their return and reintegration process. The objective of this study is to highlight the phenomenon and bring the matter to policy makers' attention. This study uses in-depth

Positive attitudes and preserved high level of motor performance are important factors for return to work in younger persons after stroke: a national survey.

Science.gov (United States)

Lindström, Britta; Röding, Jenny; Sundelin, Gunnevi

2009-09-01

Significant numbers of younger persons with stroke should be given the opportunity to return to work. The aim of this study was to investigate factors of importance for return to work among persons after first ever stroke, in the age range 18-55 years. A questionnaire was sent to all persons who had experienced a first ever stroke, 18-55 years of age, registered in the Swedish national quality register for stroke care, Riks-Stroke. Of the 1068 who answered the questionnaire, 855 (539 men and 316 women) were in paid employment before their stroke, and were included in this study. Sixty-five percent returned to work and, of these, an equal proportion were men and women. Significant factors associated with return to work were the perceived importance of work (odds ratio (OR) 5.10), not perceiving themselves as a burden on others (OR 3.33), support from others for return to work (OR 3.66), retaining the ability to run a short distance (OR 2.77), and higher socioeconomic codes (OR 2.12). A negative association was found between those rehabilitated in wards intended for younger persons and return to work (OR 0.37). External support from others, and positive attitudes towards return to work, were factors associated with successful return to work after stroke. Contrary to what was expected, independence in personal activities of daily living and cognitive factors were not associated with return to work to the same extent as persistent higher level of physical functions, such as ability to run a short distance.

Asymmetry of price returns-Analysis and perspectives from a non-extensive statistical physics point of view.

Directory of Open Access Journals (Sweden)

Łukasz Bil

Full Text Available We study how the approach grounded on non-extensive statistical physics can be applied to describe and distinguish different stages of the stock and money market development. A particular attention is given to asymmetric behavior of fat tailed distributions of positive and negative returns. A new method to measure this asymmetry is proposed. It is based on the value of the non-extensive Tsallis parameter q. The new quantifier of the relative asymmetry level between tails in terms of the Tsallis parameters q± is provided to analyze the effect of memory in data caused by nonlinear autocorrelations. The presented analysis takes into account data of separate stocks from the main developing stock market in Europe, i.e., the Warsaw Stock Exchange (WSE in Poland and-for comparison-data from the most mature money market (Forex. It is argued that the proposed new quantifier is able to describe the stage of market development and its robustness to speculation. The main strength is put on a description and interpretation of the asymmetry between statistical properties of positive and negative returns for various stocks and for diversified time-lags Δt of data counting. The particular caution in this context is addressed to the difference between intraday and interday returns. Our search is extended to study memory effects and their dependence on the quotation frequency for similar large companies-owners of food-industrial retail supermarkets acting on both Polish and European markets (Eurocash, Jeronimo-Martins, Carrefour, Tesco-but traded on various European stock markets of diversified economical maturity (respectively in Warsaw, Lisbon, Paris and London. The latter analysis seems to indicate quantitatively that stocks from the same economic sector traded on different markets within European Union (EU may be a target of diversified level of speculations involved in trading independently on the true economic situation of the company. Our work thus gives

Asymmetry of price returns-Analysis and perspectives from a non-extensive statistical physics point of view.

Science.gov (United States)

Bil, Łukasz; Grech, Dariusz; Zienowicz, Magdalena

2017-01-01

We study how the approach grounded on non-extensive statistical physics can be applied to describe and distinguish different stages of the stock and money market development. A particular attention is given to asymmetric behavior of fat tailed distributions of positive and negative returns. A new method to measure this asymmetry is proposed. It is based on the value of the non-extensive Tsallis parameter q. The new quantifier of the relative asymmetry level between tails in terms of the Tsallis parameters q± is provided to analyze the effect of memory in data caused by nonlinear autocorrelations. The presented analysis takes into account data of separate stocks from the main developing stock market in Europe, i.e., the Warsaw Stock Exchange (WSE) in Poland and-for comparison-data from the most mature money market (Forex). It is argued that the proposed new quantifier is able to describe the stage of market development and its robustness to speculation. The main strength is put on a description and interpretation of the asymmetry between statistical properties of positive and negative returns for various stocks and for diversified time-lags Δt of data counting. The particular caution in this context is addressed to the difference between intraday and interday returns. Our search is extended to study memory effects and their dependence on the quotation frequency for similar large companies-owners of food-industrial retail supermarkets acting on both Polish and European markets (Eurocash, Jeronimo-Martins, Carrefour, Tesco)-but traded on various European stock markets of diversified economical maturity (respectively in Warsaw, Lisbon, Paris and London). The latter analysis seems to indicate quantitatively that stocks from the same economic sector traded on different markets within European Union (EU) may be a target of diversified level of speculations involved in trading independently on the true economic situation of the company. Our work thus gives indications

The return to keynesianism in overcoming cyclical fluctuations?

Directory of Open Access Journals (Sweden)

Praščević Aleksandra

2008-01-01

Full Text Available The problems faced by the American economy in the second half of 2007, which intensified in 2008, have once again asked economic science, and even more so economic policy, questions relating to business cycles - the reasons for cyclical fluctuations, the character of business cycles and, naturally, economic policy measures that can be implemented to alleviate and overcome an economic recession. Since the 1970s, business cycle theories have been intensively developed - ranging from monetary theories, developed within monetarism and the first phase of New Classical Macroeconomics, to the real business cycle theory of New Classical Macroeconomics. Consequently, the triggers for the beginning of a cycle can be monetary (monetary theories or real in the form of technological shocks (real business cycles. In essence economic policy conducted since the 1970s, has rejected the Keynesian explanations of the functioning of the economic system, and thus the policy of aggregate demand management. However, the measures that are now being implemented in the USA point to a return to Keynesianism. This refers, above all, to attempts to compensate for the inefficiency of monetary policy with fiscal expansion. All three psychological propensities (propensity to consume, propensity to invest and liquidity preference in Keynes's theory and applied in Keynesian economic policy, are still the significant determinants of monetary and fiscal policies. The return to Keynesianism points to the depth of the crisis faced by the USA, but also confirms the vitality of Keynesian economics and affirms the view that - although Keynes wished to present his theory as being "general" - it is actually the theory of economic depression.

The association among the seven elements of the black economic empowerment score and market performance

Directory of Open Access Journals (Sweden)

Cara Maria van der Merwe

2014-11-01

Full Text Available The black economic empowerment (BEE score consists of seven elements, namely ownership,management control, employment equity, skills development, preferential procurement, enterprisedevelopment and socio-economic development. The purpose of this study is to establish whether anassociation exists between an entity’s BEE elements and its share returns in the short term.Based on prior literature, it appears that the market reacts positively to an announcement of a BEE deal,although the literature also indicates that an entity’s BEE score, which includes all seven elements of theBEE score, bears a negative relationship to its share returns. Therefore the association between the variousBEE elements and share returns needs to be investigated. The study uses a multivariate regressionanalysis that controls for factors influencing share returns. The study includes the BEE element data asobtained from the survey of the top empowerment companies carried out by Empowerdex/Financial Mail forthe period 2005 to 2011.The results of this study indicate that a significant positive association exists between the managementcontrol element of the BEE score and the entity’s share returns. Furthermore, a significant negativeassociation exists between the ownership and preferential procurement elements of an entity and its sharereturns. This study contributes to the literature on BEE in the accounting and finance field in South Africa aswell as enhances the understanding and effect of BEE compliance through implementation of the genericscorecard as required by the 2007 codes of good practice. The results of this study would be of interest togovernment policy analysts, investors and managers.

Temporal trends in BMI in Argentina by socio-economic position and province-level economic development, 2005-2009.

Science.gov (United States)

Christine, Paul J; Diez Roux, Ana V; Wing, Jeffrey J; Alazraqui, Marcio; Spinelli, Hugo

2015-04-01

We investigated temporal trends in BMI, and assessed hypothesized predictors of trends including socio-economic position (SEP) and province-level economic development, in Argentina. Using multivariable linear regression, we evaluated cross-sectional patterning and temporal trends in BMI and examined heterogeneity in these associations by SEP and province-level economic development with nationally representative samples from Argentina in 2005 and 2009. We calculated mean annual changes in BMI for men and women to assess secular trends. Women, but not men, exhibited a strong cross-sectional inverse association between SEP and BMI, with the lowest-SEP women having an average BMI 2.55 kg/m(2) greater than the highest-SEP women. Analysis of trends revealed a mean annual increase in BMI of 0.19 kg/m(2) and 0.15 kg/m(2) for women and men, respectively, with slightly greater increases occurring in provinces with greater economic growth. No significant heterogeneity in trends existed by individual SEP. BMI is increasing rapidly over time in Argentina irrespective of various sociodemographic characteristics. Higher BMI remains more common in women of lower SEP compared with those of higher SEP.

Market skewness risk and the cross section of stock returns

DEFF Research Database (Denmark)

Chang, B.Y.; Christoffersen, Peter; Jacobs, K.

2013-01-01

The cross section of stock returns has substantial exposure to risk captured by higher moments of market returns. We estimate these moments from daily Standard & Poor's 500 index option data. The resulting time series of factors are genuinely conditional and forward-looking. Stocks with high...... exposure to innovations in implied market skewness exhibit low returns on average. The results are robust to various permutations of the empirical setup. The market skewness risk premium is statistically and economically significant and cannot be explained by other common risk factors such as the market...... excess return or the size, book-to-market, momentum, and market volatility factors, or by firm characteristics....

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

Economic Value Of Garcinia kola Marketing In Enugu State, Nigeria ...

African Journals Online (AJOL)

Economic Value Of Garcinia kola Marketing In Enugu State, Nigeria. ... returns and identifying and determining the Socio-economic variables that affect the marketers net returns. Three markets, one ... EMAIL FULL TEXT EMAIL FULL TEXT

The effects of marriage partners' socio-economic positions on the risk of divorce in Finland

Directory of Open Access Journals (Sweden)

Marika Jalovaara

2007-01-01

Full Text Available The high and increasing incidence of divorce, with the various consequences for adults and children, has aroused interest among social scientists in understanding the contributory factors. Prominent economic and psychosocial theories suggest that the husband’s social and economic resources tend to stabilize a marriage, whereas the wife’s economic success tends to destabilize it (the gendered hypothesis. Register-based follow-up data from Statistics Finland on first marriages in Finland that were intact at the end of 1990 and divorces in 199193 (n=21,309, and Poisson regression were used to analyze the impact of the socio-economic positions of the spouses on the risk of divorce. This thesis consists of three articles published in international refereed journals, and a summary article. The aim of sub-study I was to disentangle the influences of various aspects of the spouses’ socio-economic positions on divorce risk and to reveal the causal pathways through which each socio-economic factor was related to it. Sub-study II investigated the joint effects of both spouses’ socio-economic positions. Finally, sub-study III explored the possibility that the effect of spouses’ socio-economic positions on divorce risk might vary according to the duration of the marriage.  When examined individually, divorce risk was inversely associated with socio-economic status for all its various indicators (i.e. each spouse’s education, occupational class, economic activity, and income, as well as housing tenure and housing density except the wife’s income. All of these factors had an independent effect. The independent effect was weak for both spouses’ occupational rankings and housing density, however, and it was positive for the wife’s income. The divorce risk for couples with both partners at the lowest educational level was lower than expected on the basis of its overall inverse association with each spouse’s education. Employed and

Estimation of return levels against different return periods of extreme annual rainfall over Baluchistan

International Nuclear Information System (INIS)

Ali, M.; Jan, B.; Iqbal, J.

2012-01-01

Unprecedented heavy monsoon rainfall began in the last week of July 2010 in the Northern part of our country, causes floods in Baluchistan and Sindh. As the high frequency rainfall events are a significant cause of current severe flooding in Pakistan and any fluctuation in the level of such events may cause huge economic losses as well as social problem, urban structures (i.e. dams, urban drainage systems and flood). Statistical distributions are used to identify extremes of annual rainfall of different cities of Baluchistan (Quetta, Sibbi, Khuzdar, Lasbella, Dalbandin and Pasni) with their return periods. Analysis predicts that Gumbel Max. (GM) Distribution is the best fitted distribution for Sibbi and Lasbella while the GEV distribution is the best fitted for Quetta, Khuzdar, Dalbandin and Pasni. The analysis also suggests that different cities of Baluchistan have 30-years return period for getting more than 90 mm average daily rainfall while they have 100-years return period for receiving more than 118 mm daily rainfall. This suggests for suitable flood forecasting and improving the river structure in Baluchistan, Pakistan. (author)

DESIGNING THE RETURN MIGRATION OF ROMANIAN STUDENTS

Directory of Open Access Journals (Sweden)

Magdalena VELCIU

2017-05-01

Full Text Available Romanian youth migration is an increasing phenomenon, due to subjective and objective factors as economical reasons, professional carrer and increasingly more international competition for talent. In these circumstances, the present article aims to evaluate determinant factors that contribute to the decision of Romanian graduates to return national labour market. We sustain that young Romanians consider carefully and hardly decide their professional future. A particular attention is given to their personal reasons and motivations as well as family and friends network. For designing returning factors we present the results of a questionnaire survey, asking young pupils and students about their future educational way and personal reasons underlying the decision to study in a foreign country and taking into consideration the returning decision. As far international student migration is seen as a first step to migration for work, our work desires to fight for returning home of Romanian well-educated graduates.

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.

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.

Why is electricity consumption inconsistent with economic growth in China?

International Nuclear Information System (INIS)

Lin, Boqiang; Liu, Chang

2016-01-01

Studies have indicated that there exists a relatively stable and positive correlation between electricity consumption and economic growth and there should not be a large deviation between them. However, the deviation between electricity consumption and economic growth in China during the Asian Financial Crisis and Global Economic Crisis sparks intense debates. We attempt to explain the deviation from the perspective of inventory investment adjustment in the business cycle using the SVAR model in this paper. The results show that the effects of inventory investment adjustment shock and electricity consumption structure shock on the deviation are positive but tend to be negative for electricity efficiency shock. The results of historical decomposition of these shocks also show that the inventory investment adjustment shock is the main factor that influences the deviation during the Global Economic Crisis. Economic fluctuation in the short term can not change the economic development pattern and the characteristics of electricity demand. Once the economy returns to stable growth, the deviation between electricity consumption and economic growth will shrink and disappear soon. - Highlights: • We analyze the deviation between GDP and electricity consumption in business cycle. • The inventory investment adjustment mainly impacts the deviation in China. • Concentrated electricity consumption of heavy industry magnifies the deviation.

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...

INSTITUTIONAL OWNERSHIP LEVEL AND RISK-ADJUSTED RETURN

OpenAIRE

Isaiah, Chioma; Li, Meng (Emma)

2017-01-01

This paper examines the relationship between the level of institutional ownership andrisk-adjusted return on stocks. We find a significant positive relationship between the level ofinstitutional ownership on a stock and its risk-adjusted return. This result holds both in the longrun and in shorter time periods. Our findings suggest that all things being equal, it is possible toobtain risk-adjusted return by going short on the stocks with low institutional ownership andgoing long on those with...

Macro factors in oil futures returns

International Nuclear Information System (INIS)

Le Pen, Yannick; Sevi, Benoit

2012-01-01

We investigate the macro factors that can explain the monthly oil futures return for the NYMEX WTI futures contract for the time period 1993:11 to 2010:03. We build a new database of 187 real and nominal macro-economic variables from developed and emerging countries and resort to the large factor approximate model to extract 9 factors from this dataset. We then regress crude oil return on several combinations of these factors. Our best model explains around 38% of the variability of oil futures return. More interestingly, the factor which has the largest influence on crude oil price is related to real variables from emerging countries. This result confirms the latest finding in the literature that the recent evolution in oil price is attributable to change in supply and demand conditions and not to the large increase in trading activity from speculators. (authors)

How important is homeland education for refugees' economic position in the Netherlands?

NARCIS (Netherlands)

Hartog, J.; Zorlu, A.

2009-01-01

We use data on refugees admitted to The Netherlands that include registration of education in their homeland by immigration officers. Such data are seldom available. We investigate the quality and reliability of the registrations and then use them to assess effects on refugees’ economic position

Health Status and Experience of the Migrant Workers Returned from Spain to Colombia: A Qualitative Approach.

Science.gov (United States)

Zapata-Villa, Carolina; Agudelo-Suárez, Andrés A; Cardona-Arango, Doris; Ronda-Pérez, Elena

2017-12-14

This study aims to understand the migratory experience and the employment, work and health conditions of the returned migrants from Spain to Colombia. A qualitative study was conducted by means of 23 semi-structured interviews with Colombian returned migrant workers. Qualitative narrative content analysis was performed using Atlas.Ti software. Main findings are represented by nine categories emerged from the participants' discourses: (1) impact of the economic crisis on work and employment conditions in Spain, (2) economic crisis and return, (3) characteristics of returnees, (4) perception of the returnees about Colombia, (5) the role of social support networks, (6) employment and working conditions in Colombia, (7) health and wellbeing, (8) future plans and expectations, (9) the experience of being immigrant. Adjustment difficulties in participants are evidenced by the return migration process and the conditions of the social, political and economic system in Colombia. Return migration represents the reconfiguration of personal and working lives of this population. This situation requires the development of global policies and strategies in public health to facilitate the adaptation of these people.

Economic efficency and competitive position of nuclear energy today

International Nuclear Information System (INIS)

Schmitt, D.

1988-01-01

In spite of the relaxation making itself felt at the moment on the world energy markets, the competitive position of nuclear power from either existing or shortly to be connected power plants remains safe. Any attempt at doing without this extraordinarily convenient vehicle of power generation would mean to severely force up costs and expenses. The competitive position of existing nuclear power plants is assumed to remain untouched through the coming decade. In spite of the presently very low world market prices imported coal is especially affected by, even abstract economic analyses show nuclear energy to come out superior to all other alternatives providing for the electric power supply of the Federal Republic of Germany. Once the over-capacity is reduced and under control, a longer-term superior competitive position of nuclear power, however, presupposes a rise in prices full level with those of the neighbor countries. At any rate and for the time being, the divergence of electric power from imported coal prices which was even obvious in the mean load range has diminished. The superior position of nuclear power in the base load range can be maintained through avoiding further rises in operating costs by gradual rationalization and standardization. (orig./HP) [de

Motivational goals, group identifications, and psychosocial adjustment of returning migrants: The case of Jews returning to Russia.

Science.gov (United States)

Tartakovsky, Eugene; Patrakov, Eduard; Nikulina, Marina

2017-12-01

The present study investigated the motivational goals, group identifications, and psychosocial adjustment of Jews who returned to Russia after emigrating from the republics of the Former Soviet Union to different countries (n = 151). To gain a deeper understanding of these returning migrants, their traits were compared with those of Jews living in Russia who did not emigrate (n = 935). Compared to locals, returnees reported a higher preference for the openness to change and self-enhancement values and a lower preference for the conservation values; there was no difference in the self-transcendence values. Returning migrants had a relatively weak affiliation with the home country: they had a weaker identification with the home country than with the country of emigration, their identification with Russians was weaker than that among Jews who did not emigrate from Russia, and their intention to emigrate (again) from Russia was greater than that among locals. However, the Jewish identification of returning migrants was similar to that of locals. The adjustment of returning migrants varied across different dimensions: their economic adjustment was better than that of locals; however, the interpersonal adjustment of returnees was less successful than among locals. © 2016 International Union of Psychological Science.

Real economic activity and accounting information in Spanish construction and real estate firms

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Juan Carlos Navarro-García

2016-01-01

Full Text Available The aim of this work is to determine whether the accounting information provided by construction and real estate firms in Spain reflects the real economic activity, during upswings and downturns. A relationship is found between economic conditions and financial reporting in a continental European country such as Spain. Although there is a relationship between real housing price growth and financial accounting measures, real estate companies seem to show an artificial position, since they only present a relationship with Return on Assets (ROA based on low quality income (accruals. Therefore, a different financial position influences a different behaviour in these two similar sectors. In fact, some signs alerting of possible risk in real estate firms are shown.

Socio-economic position and cardiovascular risk in rural Indian adolescents: evidence from the Andhra Pradesh children and parents study (APCAPS).

Science.gov (United States)

Kinra, S; Johnson, M; Kulkarni, B; Rameshwar Sarma, K V; Ben-Shlomo, Y; Smith, G D

2014-09-01

This study examined association between socio-economic position and cardiovascular risk factors in adolescents to investigate whether childhood socio-economic position is a risk factor for future cardiovascular disease, independently of adult behaviours. Participants (n = 1128, 46% girls, aged 13-18 years) were members of a birth cohort (Andhra Pradesh Children and Parents Study or APCAPS) established to investigate long-term effects of a pregnancy and childhood nutritional supplementation trial conducted in 29 villages near Hyderabad in South India. Cross-sectional associations between socio-economic position and cardiovascular risk factors were examined using linear regression models. The mean BMI was 16.7 kg/m(2) for boys and 17.8 kg/m(2) for girls. Socio-economic position was positively associated with fat mass index (0.15 kg/m(2); 95% CI: 0.05-0.25) and inversely associated with central-peripheral skinfold ratio (-0.04; 95% CI: -0.06 to -0.01) and, in boys, fasting triglycerides (-0.05; 95% CI: -0.09 to -0.01). Association of socio-economic position with other risk factors (blood pressure, arterial stiffness, fasting glucose, insulin and cholesterol) was weak and inconsistent, and did not persist after adjustment for potential confounders, including age, sex, pubertal stage, height, adiposity and nutrition supplementation. The study thus showed that lower socio-economic position may be associated with greater central adiposity and higher triglyceride levels in these settings. Socio-economic gradient in cardiovascular risk may strengthen in future with later economic and lifestyle changes. Cardiovascular disease prevention strategies should therefore focus on the youth from the low income group. Copyright © 2014 The Authors. Published by Elsevier Ltd.. All rights reserved.

What stock market returns to expect for the future?

Science.gov (United States)

Diamond, P A

2000-01-01

In evaluating proposals for reforming Social Security that involve stock investments, the Office of the Chief Actuary (OCACT) has generally used a 7.0 percent real return for stocks. The 1994-96 Advisory Council specified that OCACT should use that return in making its 75-year projections of investment-based reform proposals. The assumed ultimate real return on Treasury bonds of 3.0 percent implies a long-run equity premium of 4.0 percent. There are two equity-premium concepts: the realized equity premium, which is measured by the actual rates of return; and the required equity premium, which investors expect to receive for being willing to hold available stocks and bonds. Over the past two centuries, the realized premium was 3.5 percent on average, but 5.2 percent for 1926 to 1998. Some critics argue that the 7.0 percent projected stock returns are too high. They base their arguments on recent developments in the capital market, the current high value of the stock market, and the expectation of slower economic growth. Increased use of mutual funds and the decline in their costs suggest a lower required premium, as does the rising fraction of the American public investing in stocks. The size of the decrease is limited, however, because the largest cost savings do not apply to the very wealthy and to large institutional investors, who hold a much larger share of the stock market's total value than do new investors. These trends suggest a lower equity premium for projections than the 5.2 percent of the past 75 years. Also, a declining required premium is likely to imply a temporary increase in the realized premium because a rising willingness to hold stocks tends to increase their price. Therefore, it would be a mistake during a transition period to extrapolate what may be a temporarily high realized return. In the standard (Solow) economic growth model, an assumption of slower long-run growth lowers the marginal product of capital if the savings rate is constant

Abnormal stock market returns to announcements of M&A banking deals in Greece 1996-2013

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Anastasios KARAMANOS

2015-06-01

Full Text Available This study has undertaken a comprehensive empirical analysis of the wealth effects of bank M&As in Greece over the period 1996-2013. The purpose is to measure the performance of merger participants over the acquisition period as a deviation of how shareholders’ actual returns differ from expected returns conditional on the particular process of M&A. The authors develop a conceptual framework that integrates theoretical perspectives from economics, finance, organization theory, strategic management and human resource management to offer a broader process-oriented integrative model of the empirical evidence and theories suggested to explain acquisitions. The empirical analysis reports insignificant abnormal gains for acquiring banks, significant positive abnormal returns at 7,44% for acquired banks, and 2,91% positive abnormal returns for the combined entity, in the event window [-10;+1]. The findings indicate that, on average, the Greek bank mergers neither create nor destroy shareholder wealth. This result is consistent with the findings of other Greek event studies and the bulk of US and European event studies on M&A wealth effects. On average, acquired firm shareholders gain at the expense of the acquiring firm and market value of the combined entity appears to have little improvement around the announcement of the transaction. The conceptual framework explicitly describes that wealth effects of bank M&As in Greece over the period 1996-2013 may be a result of macroeconomic theory and perfectly competitive market, lack of strategic relatedness and synergy realization, managerial hubris, or unethical behavior of managers derived from expense preference approach of agency theory.

Conference at Caltech on Riesz Spaces, Positive Operators, and their Applications to Economics

CERN Document Server

Aliprantis, Charalambos D; Luxemburg, Wilhelmus A J

1991-01-01

Over the last fifty years advanced mathematical tools have become an integral part in the development of modern economic theory. Economists continue to invoke sophisticated mathematical techniques and ideas in order to understand complex economic and social problems. In the last ten years the theory of Riesz spaces (vector lattices) has been successfully applied to economic theory. By now it is understood relatively well that the lattice structure of Riesz spaces can be employed to capture and interpret several economic notions. On April 16-20, 1990, a small conference on Riesz Spaces, Positive Opera­ tors, and their Applications to Economics took place at the California Institute of Technology. The purpose of the conference was to bring mathematicians special­ ized in Riesz Spaces and economists specialized in General Equilibrium together to exchange ideas and advance the interdisciplinary cooperation between math­ ematicians and economists. This volume is a collection of papers that represent the talks a...

The Returns to Entrepreneurship

DEFF Research Database (Denmark)

Van Praag, Mirjam; Raknerud, Arvid

Empirical studies show low pecuniary returns of switching from wage employment to entrepreneurship. We reconsider the pecuniary gains of this switching by employing a two-stage procedure, where the randomness in the timing of inheritance transfers is used as an exclusion restriction to identify...... causal effects. The model is estimated on data covering the whole Norwegian population of individuals matched to the entire population of firms established in the period 2002-2011. The results indicate that the average returns to entrepreneurship are significantly negative for individuals entering...... entrepreneurship through self-employment and modest, but significantly positive, for incorporated startups....

HUBUNGAN RETURN SAHAM DAN INFLASI DI INDONESIA

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Nyoman Triaryati

2017-03-01

Full Text Available The effect of inflation to the stock return research had been held since three decades ago based on GeneralizeFisher’s Hypotheses, but ‘how inflation influenced stock return’ had become a debate until today. In Indonesiamost of the related research used inflation as one of the variables that influenced stock return despite of others inshort period of time. This research investigated the effect of inflation to the stock return in Indonesia within fifteenyears, which was divided into 3 (three periods of time reflecting different economic growth for each of it. Thepurpose of this allotment was to see the consistency how inflation influenced the stock market. Using a secondarydata from monthly inflation and IHSG period 1998 until 2012, included three hundred and sixty observation,simple regression model analyses was applied. This research acknowledged that inflation negatively influencedstock return in a long time period, but it did not exist in the short time period, except when the level of inflationreached 10%. In conclusion, inflation influence on the stock return was not ascertained by how long the investigationwas held but if there was any inflation rate reaching 10% within the period of investigation.

Understanding the stakeholders' intention to use economic decision-support tools: A cross-sectional study with the tobacco return on investment tool.

Science.gov (United States)

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

2016-01-01

Despite an increased number of economic evaluations of tobacco control interventions, the uptake by stakeholders continues to be limited. Understanding the underlying mechanism in adopting such economic decision-support tools by stakeholders is therefore important. By applying the I-Change Model, this study aims to identify which factors determine potential uptake of an economic decision-support tool, i.e., the Return on Investment tool. Stakeholders (decision-makers, purchasers of services/pharma products, professionals/service providers, evidence generators and advocates of health promotion) were interviewed in five countries, using an I-Change based questionnaire. MANOVA's were conducted to assess differences between intenders and non-intenders regarding beliefs. A multiple regression analysis was conducted to identify the main explanatory variables of intention to use an economic decision-support tool. Ninety-three stakeholders participated. Significant differences in beliefs were found between non-intenders and intenders: risk perception, attitude, social support, and self-efficacy towards using the tool. Regression showed that demographics, pre-motivational, and motivational factors explained 69% of the variation in intention. This study is the first to provide a theoretical framework to understand differences in beliefs between stakeholders who do or do not intend to use economic decision-support tools, and empirically corroborating the framework. This contributes to our understanding of the facilitators and barriers to the uptake of these studies. Copyright © 2015 The Authors. Published by Elsevier Ireland Ltd.. All rights reserved.

Estimating returns to scale and scale efficiency for energy consuming appliances

Energy Technology Data Exchange (ETDEWEB)

Blum, Helcio [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Energy Efficiency Standards Group; Okwelum, Edson O. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Energy Efficiency Standards Group

2018-01-18

Energy consuming appliances accounted for over 40% of the energy use and $17 billion in sales in the U.S. in 2014. Whether such amounts of money and energy were optimally combined to produce household energy services is not straightforwardly determined. The efficient allocation of capital and energy to provide an energy service has been previously approached, and solved with Data Envelopment Analysis (DEA) under constant returns to scale. That approach, however, lacks the scale dimension of the problem and may restrict the economic efficient models of an appliance available in the market when constant returns to scale does not hold. We expand on that approach to estimate returns to scale for energy using appliances. We further calculate DEA scale efficiency scores for the technically efficient models that comprise the economic efficient frontier of the energy service delivered, under different assumptions of returns to scale. We then apply this approach to evaluate dishwashers available in the market in the U.S. Our results show that (a) for the case of dishwashers scale matters, and (b) the dishwashing energy service is delivered under non-decreasing returns to scale. The results further demonstrate that this method contributes to increase consumers’ choice of appliances.

Stock Return and Cash Flow Predictability: The Role of Volatility Risk

DEFF Research Database (Denmark)

Bollerslev, Tim; Xu, Lai; Zhou, Hao

risk premium positively forecast both short-horizon returns and dividend growth rates. We also confirm that dividend yield positively forecasts long-horizon returns, but that it cannot forecast dividend growth rates. Our equilibrium-based “structural” factor GARCH model permits much more accurate...

Income, self-selection, and return and onward interprovincial migration in Canada.

Science.gov (United States)

Newbold, K B

1996-06-01

"Estimated returns to migration based on comparison of individual migrants may be biased owing to self-selection in the migration process. Using data derived from the 1986 Canadian census, I will study the effects of expected wage differentials in determining the return or onward migration decision of nonnative adults aged 20 to 64 years. Evidence was found that return migrations were in the 'right' direction, as they are observed to respond to provincial economic variables (that is, average employment growth and income levels) in a rational manner. After accounting for self-selectivity, I found that...return migrants...are negatively selected, and experience lower income levels, following the return migration, than onward migrants would have, had they chosen the return migration option. This drop in expected wages decreases the propensity associated with making a return migration. Despite this drop in income, the large proportion selecting the return migration option suggests the importance of the province of birth in the mental map of nonnative migrants." excerpt

The Rate of Return to the High/Scope Perry Preschool Program.

Science.gov (United States)

Heckman, James J; Moon, Seong Hyeok; Pinto, Rodrigo; Savelyev, Peter A; Yavitz, Adam

2010-02-01

This paper estimates the rate of return to the High/Scope Perry Preschool Program, an early intervention program targeted toward disadvantaged African-American youth. Estimates of the rate of return to the Perry program are widely cited to support the claim of substantial economic benefits from preschool education programs. Previous studies of the rate of return to this program ignore the compromises that occurred in the randomization protocol. They do not report standard errors. The rates of return estimated in this paper account for these factors. We conduct an extensive analysis of sensitivity to alternative plausible assumptions. Estimated annual social rates of return generally fall between 7-10 percent, with most estimates substantially lower than those previously reported in the literature. However, returns are generally statistically significantly different from zero for both males and females and are above the historical return on equity. Estimated benefit-to-cost ratios support this conclusion.

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

A participatory supportive return to work program for workers without an employment contract, sick-listed due to a common mental disorder: an economic evaluation alongside a randomized controlled trial.

Science.gov (United States)

Lammerts, Lieke; van Dongen, Johanna M; Schaafsma, Frederieke G; van Mechelen, Willem; Anema, Johannes R

2017-02-02

Mental disorders are associated with high costs for productivity loss, sickness absence and unemployment. A participatory supportive return to work (RTW) program was developed in order to improve RTW among workers without an employment contract, sick-listed due to a common mental disorder. The program contained a participatory approach, integrated care and direct placement in a competitive job. The aim of this study was to evaluate the cost-effectiveness and cost-utility of this new program, compared to usual care. In addition, its return on investment was evaluated. An economic evaluation was conducted alongside a 12-month randomized controlled trial. A total of 186 participants was randomly allocated to the new program (n = 94) or to usual care (n = 92). Effect measures were the duration until sustainable RTW in competitive employment and quality-adjusted life years (QALYs) gained. Costs included intervention costs, medical costs and absenteeism costs. Registered data of the Dutch Social Security Agency were used to assess the duration until sustainable RTW, intervention costs and absenteeism costs. QALYs and medical costs were assessed using three- or six-monthly questionnaires. Missing data were imputed using multiple imputations. Cost-effectiveness analysis and cost-utility analysis were conducted from the societal perspective. A return on investment analysis was conducted from the social insurer's perspective. Various sensitivity analyses were performed to assess the robustness of the results. The new program had no significant effect on the duration until sustainable RTW and QALYs gained. Intervention costs and medical costs were significantly higher in the intervention group. From the societal perspective, the maximum probability of cost-effectiveness for duration until sustainable RTW was 0.64 at a willingness to pay of about €10 000/day, and 0.27 for QALYs gained, regardless of the willingness to pay. From the social insurer's perspective, the

The economic value of realized volatility

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunou, Bruno; Jacobs, Kris

2014-01-01

Many studies have documented that daily realized volatility estimates based on intraday returns provide volatility forecasts that are superior to forecasts constructed from daily returns only. We investigate whether these forecasting improvements translate into economic value added. To do so, we ...

Return Migration to Mexico: Does Health Matter?

Science.gov (United States)

Arenas, Erika; Goldman, Noreen; Pebley, Anne R; Teruel, Graciela

2015-12-01

We use data from three rounds of the Mexican Family Life Survey to examine whether migrants in the United States returning to Mexico in the period 2005-2012 have worse health than those remaining in the United States. Despite extensive interest by demographers in health-related selection, this has been a neglected area of study in the literature on U.S.-Mexico migration, and the few results to date have been contradictory and inconclusive. Using five self-reported health variables collected while migrants resided in the United States and subsequent migration history, we find direct evidence of higher probabilities of return migration for Mexican migrants in poor health as well as lower probabilities of return for migrants with improving health. These findings are robust to the inclusion of potential confounders reflecting the migrants' demographic characteristics, economic situation, family ties, and origin and destination characteristics. We anticipate that in the coming decade, health may become an even more salient issue in migrants' decisions about returning to Mexico, given the recent expansion in access to health insurance in Mexico.

ANALYSIS MODEL FOR RETURN ON CAPITAL EMPLOYED

Directory of Open Access Journals (Sweden)

BURJA CAMELIA

2013-02-01

Full Text Available At the microeconomic level, the appreciation of the capitals’ profitability is a very complex action which is ofinterest for stakeholders. This study has as main purpose to extend the traditional analysis model for the capitals’profitability, based on the ratio “Return on capital employed”. In line with it the objectives of this work aim theidentification of factors that exert an influence on the capital’s profitability utilized by a company and the measurementof their contribution in the manifestation of the phenomenon. The proposed analysis model is validated on the use caseof a representative company from the agricultural sector. The results obtained reveal that in a company there are somefactors which can act positively on the capitals’ profitability: capital turnover, sales efficiency, increase the share ofsales in the total revenues, improvement of the expenses’ efficiency. The findings are useful both for the decisionmakingfactors in substantiating the economic strategies and for the capital owners who are interested in efficiency oftheir investments.

Industry Returns and the Fisher Effect.

OpenAIRE

Boudoukh, Jacob; Richardson, Matthew; Whitelaw, Robert F

1994-01-01

The authors investigate the cross-sectional relation between industry-sorted stock returns and expected inflation, and they find that this relation is linked to cyclical movements in industry output. Stock returns of noncyclical industries tend to covary positively with expected inflation, while the reverse holds for cyclical industries. From a theoretical perspective, the authors describe a model that captures both (1) the cross-sectional variation in these relations across industries and (2...

The VIX, the Variance Premium, and Expected Returns

DEFF Research Database (Denmark)

Osterrieder, Daniela Maria; Ventosa-Santaulària, Daniel; Vera-Valdés, Eduardo

2018-01-01

. These problems are eliminated if risk is captured by the variance premium (VP) instead; it is unobservable, however. We propose a 2SLS estimator that produces consistent estimates without observing the VP. Using this method, we find a positive risk–return trade-off and long-run return predictability. Our...

Socio-economic position, family demands and reported health in working men and women.

Science.gov (United States)

Regidor, Enrique; Pascual, Cruz; de la Fuente, Luis; Santos, Juana M; Astasio, Paloma; Ortega, Paloma

2011-02-01

This study evaluates the extent to which domestic workload explains socio-economic differences in poor self-reported health in women and men. In total, 6284 men and women who were employed and living with a partner were selected from the 2003 Spanish Health Interview Survey. The indicators of family demands investigated were person responsible for housework, number of persons in the household and the presence of at least one child under 15 years of age in the household. The measures of socio-economic position were educational level and household income, and the measures of health status were poor perceived health and limitation of activity due to disease. Household size and presence of a child under 15 in the home were not related with the measures of health status. The indicator about the person who does the housework was related with poor perceived health and with activity limitation. Specifically, the worst health status was seen in respondents who lived in homes where the partner or other family members did the housework. In general, the relation between indicators of socio-economic position and measures of health status was not modified after taking into account the person who does the housework. Among working people with a partner, persons who work and do their own housework do not have poorer perceived health than those living in homes where other people do the housework. This indicator of family demands does not explain the socio-economic differences in self-reported health.

Cotton harvest at 40% versus 75% boll-splitting on yield and economic return under standard and proactive boll weevil (Coleoptera: Curculionidae) spray regimes.

Science.gov (United States)

Showler, A T; Robinson, J R C

2008-10-01

The standard practice of two or three preemptive insecticide applications at the start of pinhead (1-2-mm-diameter) squaring followed by threshold-triggered (when 10% of randomly selected squares have oviposition punctures) insecticide applications for boll weevil, Anthonomus grandis grandis Boheman (Coleoptera: Curculionidae), control does not provide reliable protection of cotton, Gossypium hirsutum L., lint production. This study, conducted during 2004 and 2005, showed that three to six fewer spray applications in a "proactive" approach, in which spraying began at the start of large (5.5-8-mm-diameter) square formation and continued at approximately 7-d intervals while large squares were abundant, resulted in fewer infested squares and 1.4- to 1.7-fold more lint than the standard treatment. Fewer sprays and increased yield made proactive spraying significantly more profitable than the standard approach, which resulted in relatively low or negative economic returns. Harvest at 75% boll-split in the proactive spray regime of 2005 resulted in four-fold greater economic return than cotton harvested at 40% boll-split because of improved protection of large squares and the elimination of late-season sprays inherent to standard spray regime despite the cost of an extra irrigation in the 75% boll-split treatments. The earlier, 40% harvest trigger does not avoid high late-season boll weevil pressure, which exerts less impact on bolls, the predominant form of fruiting body at that time, than on squares. Proactive spraying and harvest timing are based on an important relationship between nutrition, boll weevil reproduction, and economic inputs; therefore, the tactic of combining proaction with harvest at 75% boll-split is applicable where boll weevils are problematic regardless of climate or region, or whether an eradication program is ongoing.

Landscape urbanization and economic growth in China: positive feedbacks and sustainability dilemmas.

Science.gov (United States)

Bai, Xuemei; Chen, Jing; Shi, Peijun

2012-01-03

Accelerating urbanization has been viewed as an important instrument for economic development and reducing regional income disparity in some developing countries, including China. Recent studies (Bloom et al. 2008) indicate that demographic urbanization level has no causal effect on economic growth. However, due to the varying and changing definition of urban population, the use of demographic indicators as a sole representing indicator for urbanization might be misleading. Here, we re-examine the causal relationship between urbanization and economic growth in Chinese cities and provinces in recent decades, using built-up areas as a landscape urbanization indicator. Our analysis shows that (1) larger cities, both in terms of population size and built-up area, and richer cities tend to gain more income, have larger built-up area expansion, and attract more population, than poorer cities or smaller cities; and (2) that there is a long-term bidirectional causality between urban built-up area expansion and GDP per capita at both city and provincial level, and a short-term bidirectional causality at provincial level, revealing a positive feedback between landscape urbanization and urban and regional economic growth in China. Our results suggest that urbanization, if measured by a landscape indicator, does have causal effect on economic growth in China, both within the city and with spillover effect to the region, and that urban land expansion is not only the consequences of economic growth in cities, but also drivers of such growth. The results also suggest that under its current economic growth model, it might be difficult for China to control urban expansion without sacrificing economic growth, and China's policy to stop the loss of agricultural land, for food security, might be challenged by its policy to promote economic growth through urbanization.

Too much of a good thing? Economic growth and human rights, 1960 to 2010.

Science.gov (United States)

Cole, Wade M

2017-09-01

Despite widespread belief in the benefits of economic growth, some scholars emphasize the potentially negative consequences of growth-and especially rapid growth-for social and political outcomes. Using data for 149 countries between 1960 and 2010, I analyze the effect of economic growth on fundamental human rights conditions. Dynamic random-effects and two-way fixed-effects estimators, both with and without instrumental variables, yield several conclusions. First, economic growth is causally prior to rights conditions. Second, economic growth has a modest positive effect on human rights, albeit with diminishing returns at high growth rates. Third, low-income countries account for much of this relationship: growth improves rights conditions for most low-income countries, but extremely rapid growth is inimical. Growth has little effect among middle-income countries, while for high-income countries the relationship is positive but not robust. I bring these findings to bear on long-standing debates between proponents and critics of modernization theory. Copyright © 2017 Elsevier Inc. All rights reserved.

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.

Returning to work one year after childbirth: data from the mother-child cohort EDEN.

Science.gov (United States)

Wallace, Maeve; Saurel-Cubizolles, Marie-Josèphe

2013-10-01

The amount of time women spend out of work postpartum has implications for both health and economic trajectories which may result in long-term social inequities or exacerbate those already existing. The purpose of this investigation was to describe the characteristics of women who return to work within the first year postpartum and to identify specific occupational and health factors associated with returning to work among women who worked during pregnancy. The EDEN cohort is comprised of pregnant women recruited in two French university hospitals before 24 weeks gestation with a singleton pregnancy. Questionnaires were administered at 4, 8, and 12 months after birth. Multivariate logistic regression was used to model the odds of returning to work within 1 year of childbirth with inclusion of sociodemographic, health, and occupational variables that were significantly related to returning to work at the level of p worked during pregnancy in our sample had resumed work before their infant's first birthday. After adjustment, occupational level, full-time work, standing position, job reward, desire to change job, education, and father's occupational level remained significantly associated with returning to work. Women's perception of their work as rewarding was the strongest predictor of resuming employment (OR comparing high reward to low reward: 2.48, 95 % CI: 1.60-3.83 for women with parity 0 or 1). Experiencing an adverse birth outcome had no relation to returning to work within 1 year postpartum. Across all indicator variables, women of higher socioeconomic status or with greater resources had greater odds of returning to work compared to those of lower status. This suggests that the crucial period of employment transition around the time of childbirth may intensify preexisting social inequalities.

Maternal perspectives on postpartum return to the workplace.

Science.gov (United States)

Nichols, Mary R; Roux, Gayle M

2004-01-01

To describe maternal perceptions about postpartum return to the workplace. The research framework was McCubbin and McCubbin's Resiliency Model of Family Stress, Adjustment, and Adaptation. Employed, postpartum women, who resided in six different states, were recruited from day care and primary care settings to participate in this descriptive study. Seventy-four employed, married women, who returned to the workplace within one year after childbirth. As part of a larger study, perceptions about combining multiple roles after return to the workplace are the focus for this report. Participants responded to open-ended questions about their return to the workplace during the first months after giving birth. Content analysis of those responses resulted in two major categories, Resiliency Challenges: Negative Aspects (role conflict/overload, family stress, family/child issues, finances, psychosocial issues) and Resiliency Building: Positive Aspects (social support, maternal role satisfaction, positive adaptation, career role satisfaction). The data support the premise that employed women view returning to the workforce as having more challenges than they expected because the experience was viewed as being mostly negative. Preparing for return to the workplace is an important, but neglected, topic that needs to be addressed and defined more clearly in the literature. Therefore, future research is needed to identify resources and interventions that will help women experience fewer challenges associated with postpartum employment.

KINERJA LINGKUNGAN TERHADAP RETURN ON ASSET MELALUI CORPORATE SOCIAL RESPONSIBILITY DISCLOURE

Directory of Open Access Journals (Sweden)

Nurika Restuningdiah

2017-03-01

Full Text Available The purpose of this research was to examine the impact of environmental perfor-mance to Corporate Social Responsibility (CSR disclosure, the impact of CSR disclosure toReturn on Asset, and the undirect impact of of environmental performance to Return onAsset through CSR disclosure. Path Analysis of 18 public companies listed in Indonesia StockExchange and participated in the Proper Program from 2007 -2008 through a judgment sam-pling technique indicated that environmental performance had a positive effect to Corpo-rate Social Responsibility (CSR disclosure. The CSR disclosure had the positive impact toReturn on Asset, but the environmental performance had a negative effect to Return onAsset. This study also showed that there was positive undirect impact of environmentalperformance to Return on Asset through CSR disclosure. The implication of this study wasrelevant for public companies to publish their environmental performance on their annualreport (CSR Disclosure in order to give the “good news” to the public, and get the “goodimage” to increase sales.

Returns to Schooling in Less Developed Countries: New Evidence from Zambia

DEFF Research Database (Denmark)

Nielsen, Helena Skyt; Westergård-Nielsen, Niels Chr.

2001-01-01

In our analysis of returns to schooling in Zambia, we look at the rural and urban population separately, and estimate the returns to schooling in each region based on a selection model in two stages. For urban areas we find that the returns to primary schooling are nil whereas the returns to scho...... to schooling beyond primary school are higher. For rural areas we find that the returns to primary schooling are positive and no different from the returns to education beyond primary school. Udgivelsesdato: JAN...

The Returns to Educational Training in Math and Science for American Women.

Science.gov (United States)

Hills, Stephen M.; De Souza, Gita

The economic returns of taking math and science courses in high school are estimated for women who do not go on to college and for women entrepreneurs. A human capital model is used to estimate returns for respondents drawn from the National Longitudinal Survey's New Youth Cohort. Wage rates in 1990 of women who were ages 14-21 in 1979 were…

A stochastic model to determine the economic value of changing diagnostic test characteristics for identification of cattle for treatment of bovine respiratory disease.

Science.gov (United States)

Theurer, M E; White, B J; Larson, R L; Schroeder, T C

2015-03-01

Bovine respiratory disease is an economically important syndrome in the beef industry, and diagnostic accuracy is important for optimal disease management. The objective of this study was to determine whether improving diagnostic sensitivity or specificity was of greater economic value at varied levels of respiratory disease prevalence by using Monte Carlo simulation. Existing literature was used to populate model distributions of published sensitivity, specificity, and performance (ADG, carcass weight, yield grade, quality grade, and mortality risk) differences among calves based on clinical respiratory disease status. Data from multiple cattle feeding operations were used to generate true ranges of respiratory disease prevalence and associated mortality. Input variables were combined into a single model that calculated estimated net returns for animals by diagnostic category (true positive, false positive, false negative, and true negative) based on the prevalence, sensitivity, and specificity for each iteration. Net returns for each diagnostic category were multiplied by the proportion of animals in each diagnostic category to determine group profitability. Apparent prevalence was categorized into low (increasing specificity created more rapid, positive change in net returns than increasing sensitivity. Improvement of diagnostic specificity, perhaps through a confirmatory test interpreted in series or pen-level diagnostics, can increase diagnostic value more than improving sensitivity. Mortality risk was the primary driver for net returns. The results from this study are important for determining future research priorities to analyze diagnostic techniques for bovine respiratory disease and provide a novel way for modeling diagnostic tests.

Impacts of Returning Unsold Products in Retail Outsourcing Fashion Supply Chain: A Sustainability Analysis

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Bin Shen

2015-01-01

Full Text Available l outsourcing with a return policy is quite commonly adopted in the fashion supply chain. Under the return policy, the supplier as a brand owner may focus on production, and then outsource retailing to the retailer. In the meanwhile, the retailer may receive some support money from the supplier for subsidizing the loss of unsold products at the end of the selling season and be asked for shipping back. Motivated by this real practice in the fashion industry, we examine a two-echelon supply chain with one supplier and one retailer under the return policy. Several interesting findings are obtained from our analysis. First, we find that when the supply chain achieves channel coordination, the cost of physical return is at least partially borne by the supplier, no matter who is responsible for it in reality. Second, we find that the cost of physical return is significantly affecting the sustainability factors such as the expected amount leftover (which represents environmental friendliness, the expected sales to expected goods leftover ratio (which implies both environmental friendliness and economic sustainability, and the rate of return on investment (which indicates economic sustainability. Third, from a sustainability perspective, we find that the pure wholesale price contract is more sustainable than the coordinating return policy. A numerical study by the real company data is conducted and managerial insights from analysis are discussed.

Firm Efficiency and Returns-to-Scale in the Honey Bee Pollination Services Industry.

Science.gov (United States)

Jones Ritten, Chian; Peck, Dannele; Ehmke, Mariah; Patalee, M A Buddhika

2018-04-03

While the demand for pollination services have been increasing, continued declines in honey bee, Apis mellifera L. (Hymenoptera: Apidae), colonies have put the cropping sector and the broader health of agro-ecosystems at risk. Economic factors may play a role in dwindling honey bee colony supply in the United States, but have not been extensively studied. Using data envelopment analysis (DEA), we measure technical efficiency, returns to scale, and factors influencing the efficiency of those apiaries in the northern Rocky Mountain region participating in the pollination services market. We find that, although over 25% of apiaries are technically efficient, many experience either increasing or decreasing returns to scale. Smaller apiaries (under 80 colonies) experience increasing returns to scale, but a lack of available financing may hinder them from achieving economically sustainable colony levels. Larger apiaries (over 1,000 colonies) experience decreasing returns to scale. Those beekeepers may have economic incentivizes to decrease colony numbers. Using a double bootstrap method, we find that apiary location and off-farm employment influence apiary technical efficiency. Apiaries in Wyoming are found to be more efficient than those in Utah or Montana. Further, engagement in off-farm employment increases an apiary's technical efficiency. The combined effects of efficiency gains through off-farm employment and diseconomies of scale may explain, in part, the historical decline in honey bee numbers.

EMPIRICAL DISTRIBUTION OF STOCK RETURNS OF SOUTHEAST EUROPEAN EMERGING MARKETS

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Aleksandar Naumoski

2017-06-01

Full Text Available The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic distribution and skewness, which in most of the Southeast European (SEE markets is negative. This paper investigates further whether there is any distribution that may be considered an optimal fit for stock returns in the SEE region. Using daily, weekly and monthly data samples for a period of five years from ten Southeast European emerging countries, we applied the Anderson-Darling test of Goodness-of-fit. We strongly rejected the aforementioned assumption of normality for all considered data samples and found that the daily stock returns are best fitted by the Johnson SU distribution whereas for the weekly and monthly stock returns there was not one predominant, but many distributions that can be considered a best fit.

The Socio-Economic Determinants of Crime in Pakistan: New Evidence on an Old Debate

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Nabeela Khan

2015-10-01

Full Text Available Crime appears to be strictly related to the level of education attained and to individuals’ economic and social background. The objective of the study examines multiple factors i.e., education, unemployment, poverty and economic growth which contributed to the rate of crimes in Pakistan during the period of 1972-2011. The study finds a positive relationship between crime rates and unemployment rate in Pakistan. Higher unemployment diminishes the rate of return of legal activities, and is more likely to increase the return of illegal activities. There is a significant negative relationship between the crime rates and the higher education. More education directly induces high earnings of individuals and may increase both the opportunity cost of crimes and the cost of time spent in criminal activity. The study further assesses that GDP per capita leads to higher crime rates in the long-run but to lower rates in the short-run. Higher income shows that there are greater benefits for criminals as for thefts and robberies. Affluent areas attract more criminals due to the opportunities available to them. Finally, there is a positive relationship between the crime rates and poverty in the long-run but there is a negative relationship in the short-run. Poverty may lead to a high level of stress and mental illness which in turn causes individuals to adopt the criminal behavior. The study posits a caution that policy formulation in ameliorating crimes in Pakistan should anchor both social and economic factors.

Idleness, returns to education and child labor

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José Raimundo Carvalho

2012-12-01

Full Text Available Although recent trends about child labor are positive, see ILO (2006, there still are important shortcomings which require further investigation. Among them, the exclusion of the category "idle children" (those who neither work nor study from past studies, as well as the lack of reliable information on returns to education are two significant omissions. By using a data base that contains details on idle children and a proxy for the returns to education, we find evidence that confirms traditional findings both with regard to the strong positive effect of parental background and to the positive relationship between the number of children in the household and child labor. On the other hand, our estimates point out new insights, such as the great regional variation of estimates and the fact that the Body Mass Index effect is positive. Finally, we suggest a new perspective on the issue of "street children" through the analysis of the category of "idle children".

Economic Benefits of Aerobic Rice Grown Using Integrated Nitrogen Management

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Nyle A. Pardillo

2017-11-01

Full Text Available This study focuses in the effect of integrated nitrogen management to the yield and economic benefits of aerobic rice. This will help farmers to identify which of the two management technique to use to save costs while profit is high. A split plot experiment in Randomized Complete Block design is used with two main treatments and four sub treatments. Main treatments are the use of integrated nitrogen management and an application of synthetic nitrogen fertilizer. Sub treatments are the different rates of nitrogen fertilizer from 0 as control, 90, 120 and 150 kg N ha-1 . Data are consolidated and analyzed using the ANOVA of SAS 9.3 statistical tool and comparison means at 5% significance level in Duncan Multiple Range Test. Grain yield, income, costs, profit and return on expenses are the data gathered. There is an increasing yield from control to 120 kg N ha-1 and started to decline at 150 kg N ha-1 because optimum level reached at 120 kg N ha-1 . Significant increased in yield was observed in plants applied with integrated nitrogen management at 120 kg N ha-1 compared to plants applied with synthetic nitrogen due to release of nitrogen that contributed to the yield of aerobic rice. However, plants applied of 90 kg N ha-1 synthetic nitrogen gives significant yield increased compared to plants with integrated nitrogen management. Yield was subjected to economic analysis using gross income, costs and profit and return on expenses. Plants applied with synthetic nitrogen at 90 kg N ha-1 resulted to high income due to lower costs of fertilizer inputs and only treatment that has a positive return on expenses at 3.2% while other treatments have a negative remarks. This will lead to a conclusion that 90 kg N ha-1 is the optimum level of nitrogen that can give high yield and positive return on expenses that farmers will benefited.

ANALISA PENGARUH BETA, SIZE PERUSAHAAN, DER DAN PBV RATIO TERHADAP RETURN SAHAM

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Agung Sugiarto

2012-03-01

Full Text Available Penelitian ini bertujuan untuk memperlihatkan beberapa variabel yang menjadi pemrediksi stock return. Variabel tersebut adalah Beta, Company Size, DER ratio and PBV ratio. Berdasarkan analisis regresi, beta mempunyai dampak yang positif terhadap stock return tetapi tidak signifikan, besar kecilnya perusahaan dan rasio PBV mempunyai dampak positif dan signifikan, sedangkan rasio DER mempunyai dampak negative dan signifikan terhadap stock return. Dampak variabel-variabel pada stock return pada perusahaan-perusahaan yang terdaftar di Main Board Index (MBX lebih tinggi daripada perusahaan-perusahaan yang terdaftar pada Development Board Index (DBX. The research has a purpose for showing some factors that become the predictor for the stock return. They are Beta, Company Size, DER ratio and PBV ratio. From the reggresion analysis, the results say that beta have a positive effect to the stock return, but it is not significant; the company size and PBV ratio have a positive and significant effect to the stock return; while the DER ratio have a negative and significant effect to the stock return. The variables effect on stock return in companies that listed in Main Board Index (MBX is higher than in companies listed in Development Board Index (DBX.

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.

The economic efficiency of investment in the development of reserves of small groups of geographically contiguous gold deposits

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Evdokimov S.I.

2017-01-01

Full Text Available The object of the research is a group of geographically contiguous low volume gold deposits. The subject of the study is an economic justification for a way to involve economic turnover to get a positive commercial result on a specially formed group of gold deposits, in which individual field development is unprofitable. A small production volume, combined with high capital and operating costs are objective reasons for the reduction in investment attractiveness of the deposits which have reserves of gold of 50%, equipped with a mobile processing complex with deep processing technology on highly liquid commodity products on site. An economic-mathematical model was devised to determine the rational placement of the processing capacity of the group.A simulation was conducted and an economic evaluation was performed on the effectiveness of investments in individual and group mining projects. The simulation results show that the joint exploitation of the reserves of the group of deposits, the internal rate of return on investments exceed the rate of return of funds to the bank deposit, the return on investment is above the level of inflation. The group project complies with the strategic line of small mining companies in terms of cost recovery terms, availability of financial sources to cover expenses, provision of stable means of income and obtaining competitive advantage.

A participatory supportive return to work program for workers without an employment contract, sick-listed due to a common mental disorder: an economic evaluation alongside a randomized controlled trial

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Lieke Lammerts

2017-02-01

Full Text Available Abstract Background Mental disorders are associated with high costs for productivity loss, sickness absence and unemployment. A participatory supportive return to work (RTW program was developed in order to improve RTW among workers without an employment contract, sick-listed due to a common mental disorder. The program contained a participatory approach, integrated care and direct placement in a competitive job. The aim of this study was to evaluate the cost-effectiveness and cost-utility of this new program, compared to usual care. In addition, its return on investment was evaluated. Methods An economic evaluation was conducted alongside a 12-month randomized controlled trial. A total of 186 participants was randomly allocated to the new program (n = 94 or to usual care (n = 92. Effect measures were the duration until sustainable RTW in competitive employment and quality-adjusted life years (QALYs gained. Costs included intervention costs, medical costs and absenteeism costs. Registered data of the Dutch Social Security Agency were used to assess the duration until sustainable RTW, intervention costs and absenteeism costs. QALYs and medical costs were assessed using three- or six-monthly questionnaires. Missing data were imputed using multiple imputations. Cost-effectiveness analysis and cost-utility analysis were conducted from the societal perspective. A return on investment analysis was conducted from the social insurer’s perspective. Various sensitivity analyses were performed to assess the robustness of the results. Results The new program had no significant effect on the duration until sustainable RTW and QALYs gained. Intervention costs and medical costs were significantly higher in the intervention group. From the societal perspective, the maximum probability of cost-effectiveness for duration until sustainable RTW was 0.64 at a willingness to pay of about €10 000/day, and 0.27 for QALYs gained, regardless of the

The Economic Value of Predicting Bond Risk Premia

DEFF Research Database (Denmark)

Sarno, Lucio; Schneider, Paul; Wagner, Christian

the expectations hypothesis (EH) out-ofsample: the forecasts do not add economic value compared to using the average historical excess return as an EH-consistent estimate of constant risk premia. We show that in general statistical signicance does not necessarily translate into economic signicance because EH...... deviations mainly matter at short horizons and standard predictability metrics are not compatible with common measures of economic value. Overall, the EH remains the benchmark for investment decisions and should be considered an economic prior in models of bond risk premia.......This paper studies whether the evident statistical predictability of bond risk premia translates into economic gains for bond investors. We show that ane term structure models (ATSMs) estimated by jointly tting yields and bond excess returns capture this predictive information otherwise hidden...

THE INFLUENCE OF CORPORATE FINANCIAL PERFORMANCE ON SHARE RETURN

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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

The Requirement of a Positive Definite Covariance Matrix of Security Returns for Mean-Variance Portfolio Analysis: A Pedagogic Illustration

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Clarence C. Y. Kwan

2010-07-01

Full Text Available This study considers, from a pedagogic perspective, a crucial requirement for the covariance matrix of security returns in mean-variance portfolio analysis. Although the requirement that the covariance matrix be positive definite is fundamental in modern finance, it has not received any attention in standard investment textbooks. Being unaware of the requirement could cause confusion for students over some strange portfolio results that are based on seemingly reasonable input parameters. This study considers the requirement both informally and analytically. Electronic spreadsheet tools for constrained optimization and basic matrix operations are utilized to illustrate the various concepts involved.

Socio-economic correlates of pesticide usage: the case of citrus farmers

International Nuclear Information System (INIS)

Yasin, G.; Aslam, M.; Naz, S.; Parvez, I.

2003-01-01

The socio-economic factors affecting adoption of pesticides on citrus trees in Sargodha Division, Pakistan was studied. Six villages were selected (three from each subdivision) for data collection. Overall 150 orchard owners (25 from each sample village) were interviewed. Data were analyzed using SPSS programme. Gamma test and chi-square were used to check the direction and magnitude of relationship between independent and dependent variables. Among the sample, 48% respondents were spray users. The socio-economic factors that influenced farmer's receptivity to citrus spray were age (negatively correlated), education (positively correlated), social status (positively correlated), farm size (negatively correlated) and farming experience (negatively correlated). By incurring Rs. 3,600.00 per ha on spray farmers received Rs. 19,000.00 as an incremental benefit. Marginal rate of return indicated that by spending Re. 1.00 on spray farmers would get an increase of Rs. 5.27 in their income. (author)

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

OpenAIRE

Chu V. Nguyen

2012-01-01

The asymmetric, cointegrating relationship between the return on equity market and the narrowly defined money supply is documented. In fact, equity return and the monthly percentage change in the Colombian money supply M1 spread adjusts to the threshold value slower when a contractionary countercyclical policy action or an economic shock causes the money supply M1 to fall relative to the share price index, widening their spread, than when an expansionary countercyclical monetary policy action...

Intertemporal Risk-Return Trade-off in Foreign Exchange Rates

OpenAIRE

Christiansen, Charlotte

2010-01-01

We investigate the intertemporal risk-return trade-off of foreign ex-change (FX) rates for ten currencies quoted against the USD. For each currency,we use three risk measures simultaneously that pertain to that currency; its re-alized volatility, its realized skewness, and its value-at-risk. We apply monthlyFX excess returns and monthly FX risk measures calculated from daily ob-servations. We find that there is a positive and signi…cant contemporaneousrisk-return trade-off for most currencies...

Are fund of hedge fund returns asymmetric?

OpenAIRE

Lynch, Margaret; Hutson, Elaine; Stevenson, Max

2004-01-01

We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the ...

Returns to beauty over the life course

DEFF Research Database (Denmark)

Jæger, Mads Meier

’ facial attractiveness as well as data on SES, marital, and health outcomes from their mid-20s to their mid-60s. I find that beauty has lasting positive returns for women since more beautiful women have higher SES throughout their working life, have a higher probability of being married at age 25......, and marry high-SES husbands. I find no effects of beauty on health and, in general, no returns to beauty for men....

Abnormal Returns and Contrarian Strategies

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Ivana Dall'Agnol

2003-12-01

Full Text Available We test the hypothesis that strategies which are long on portfolios of looser stocks and short on portfolios of winner stocks generate abnormal returns in Brazil. This type of evidence for the US stock market was interpreted by The Bondt and Thaler (1985 as reflecting systematic evaluation mistakes caused by investors overreaction to news related to the firm performance. We found evidence of contrarian strategies profitability for horizons from 3 months to 3 years in a sample of stock returns from BOVESPA and SOMA from 1986 to 2000. The strategies are more profitable for shorter horizons. Therefore, there was no trace of the momentum effect found by Jagadeesh and Titman (1993 for the same horizons with US data. There are remaing unexplained positive returns for contrarian strategies after accounting for risk, size, and liquidity. We also found that the strategy profitability is reduced after the Real Plan, which suggests that the Brazilian stock market became more efficient after inflation stabilization.

Precision Agriculture Technologies Positively Contributing to GHG Emissions Mitigation, Farm Productivity and Economics

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Athanasios Balafoutis

2017-07-01

Full Text Available Agriculture is one of the economic sectors that affect climate change contributing to greenhouse gas emissions directly and indirectly. There is a trend of agricultural greenhouse gas emissions reduction, but any practice in this direction should not affect negatively farm productivity and economics because this would limit its implementation, due to the high global food and feed demand and the competitive environment in this sector. Precision agriculture practices using high-tech equipment has the ability to reduce agricultural inputs by site-specific applications, as it better target inputs to spatial and temporal needs of the fields, which can result in lower greenhouse gas emissions. Precision agriculture can also have a positive impact on farm productivity and economics, as it provides higher or equal yields with lower production cost than conventional practices. In this work, precision agriculture technologies that have the potential to mitigate greenhouse gas emissions are presented providing a short description of the technology and the impacts that have been reported in literature on greenhouse gases reduction and the associated impacts on farm productivity and economics. The technologies presented span all agricultural practices, including variable rate sowing/planting, fertilizing, spraying, weeding and irrigation.

Between crisis, agency and return: the vulnerability of Bolivian migrants in Italy

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Isabel Yépez del Castillo

2014-09-01

Full Text Available This article addresses the interrelationships between the economic crisis, international migration and the labour market, and their impact on female migration agency, both in the decision to migrate and in the subsequent possibility of return to Bolivia. Based on information collected in a large survey conducted in the city of Cochabamba and the tracing of multiple female migration trajectories, the extreme vulnerability of these women, who are the heads of single-parent households, working in elderly care in Bergamo, is shown. Despite their deteriorating working conditions in the context of current Italian economic crisis and the competition of immigrant care workers from countries of Eastern Europe, they choose to remain in Italy instead of returning to Bolivia.

Assessment of private economic benefits and positive environmental externalities of tea plantation in China.

Science.gov (United States)

Xue, Hui; Ren, Xiaoyi; Li, Shiyu; Wu, Xu; Cheng, Hao; Xu, Bin; Gu, Baojing; Yang, Guofu; Peng, Changhui; Ge, Ying; Chang, Jie

2013-10-01

Tea plantations are rapidly expanding in China and other countries in the tropical and subtropical zones, driven by relatively high private economic benefit. However, the impact of tea plantations on the regional environment, including ecosystem services and disservices are unclear. In this study, we developed an assessment framework for determining the private economic benefits and environmental externalities (the algebraic sum of the regulating services and disservices) of tea plantations in China. Our results showed that tea plantations provided private economic benefits of 5,652 yuan ha(-1) year(-1) (7.6 yuan = 1 USD in 2007) for tea farmers, plus positive environmental externalities of 6,054 yuan ha(-1) year(-1) for the society. The environmental externalities were calculated as the sum of the value of four regulating services, including carbon sequestration (392 yuan ha(-1) year(-1)); soil retention (72 yuan ha(-1) year(-1)); soil fertility protection (3,189 yuan ha(-1) year(-1)) and water conservation (2,685 yuan ha(-1) year(-1)), and three disservices, including CO2 emission (-39 yuan ha(-1) year(-1)), N2O emission (-137 yuan ha(-1) year(-1)) and nonpoint source pollution (-108 yuan ha(-1) year(-1)). Before the private optimal level, the positive environmental externalities can be maintained by private economic benefits; if a social optimal level is required, subsidies from government are necessary.

Estimating Return on Investment in Translational Research: Methods and Protocols

Science.gov (United States)

Trochim, William; Dilts, David M.; Kirk, Rosalind

2014-01-01

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 and its Clinical and Translational Awards (CTSA). 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 paper provides an approach CTSAs could use to assess the economic and social returns on NIH and institutional investments in these critical activities. PMID:23925706

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.

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.

ECONOMIC AND FINANCIAL ANALYSIS OF THE BUILDINGS REHABILITATION SOLUTIONS

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STAN IVAN F.E.

2016-07-01

Full Text Available The paper includes a simplified economical and financial analysis of the buildings rehabilitation solutions, for heating and lighting. The most important economic and financial indicators analyzed and determined are: economic return on investment and payback period of investment in dynamic form, net present value, and internal rate of return economic residual value of the investment on thermal insulation, building maintenance costs, energy costs. In order to reduce the electricity consumption: the methods consisted in replacing inefficient lighting with some efficient energy and for heat consumption: the proposed solution was building rehabilitation (exterior wall insulation, floor insulation board. The analysis consists in determining the economical and financial indicators before and after the building rehabilitation. The 3 rooms apartment is located in Craiova town, (wind zone IV, 2nd floor, orientation is S.

Bank Stock Returns in Responding the Contribution of Fundamental and Macroeconomic Effects

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Ridwan Nurazi

2016-06-01

Full Text Available This study attempts to examine the effect of financial fundamentals information using CAMELS ratios and macroeconomics variables surrogated by interest rate, exchange rate, and inflation rate toward stock return. By employing panel data analysis (Pooled Least Squared Model, the results reveal that several financial ratios perform a bit contrary to the theory, in which the ratio of CAR shows positive sign but insignificantly contributes to stock returns. Also, the ratio of NPL does not affect the return. In fact, ROE and LDR positively and significantly contribute toward banks’ stock return. Meanwhile, NIM and BOPO show negative signs. The other macroeconomic variables, interest rate (IR, exchange rate (ER and inflation rate (INF are consistent with the a priori expectation, in which those variables negatively and significantly contribute to stock return of 16 banks, for the observation period from 2002 to 2011 in the Indonesian banking sector.

Positive Behavioural Support in Schools for Children and Adolescents with Intellectual Disabilities Whose Behaviour Challenges: An Exploration of the Economic Case

Science.gov (United States)

Iemmi, Valentina; Knapp, Martin; Brown, Freddy Jackson

2016-01-01

Decision-makers with limited budgets want to know the economic consequences of their decisions. Is there an economic case for positive behavioural support (PBS)? A small before-after study assessing the impact of PBS on challenging behaviours and positive social and communication skills in children and adolescents with intellectual disabilities…

Pricing Volatility of Stock Returns with Volatile and Persistent Components

DEFF Research Database (Denmark)

Zhu, Jie

In this paper a two-component volatility model based on the component's first moment is introduced to describe the dynamic of speculative return volatility. The two components capture the volatile and persistent part of volatility respectively. Then the model is applied to 10 Asia-Pacific stock m......, a positive or risk-premium effect exists between return and the volatile component, yet the persistent component is not significantly priced for return dynamic process....... markets. Their in-mean effects on return are also tested. The empirical results show that the persistent component accounts much more for volatility dynamic process than the volatile component. However the volatile component is found to be a significant pricing factor of asset returns for most markets...

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

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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.

Are the Economically Optimal Harvesting Strategies of Uneven-Aged Pinus nigra Stands Always Sustainable and Stabilizing?

Directory of Open Access Journals (Sweden)

Carmen Fullana-Belda

2013-10-01

Full Text Available Traditional uneven-aged forest management seeks a balance between equilibrium stand structure and economic profitability, which often leads to harvesting strategies concentrated in the larger diameter classes. The sustainability (i.e., population persistence over time and influence of such economically optimal strategies on the equilibrium position of a stand (given by the stable diameter distribution have not been sufficiently investigated in prior forest literature. This article therefore proposes a discrete optimal control model to analyze the sustainability and stability of the economically optimal harvesting strategies of uneven-aged Pinus nigra stands. For this model, we rely on an objective function that integrates financial data of harvesting operations with a projection matrix model that can describe the population dynamics. The model solution reveals the optimal management schedules for a wide variety of scenarios. To measure the distance between the stable diameter distribution and the economically optimal harvesting strategy distribution, the model uses Keyfitz’s delta, which returns high values for all the scenarios and, thus, suggests that those economically optimal harvesting strategies have an unstabilizing influence on the equilibrium positions. Moreover, the economically optimal harvesting strategies were unsustainable for all the scenarios.

Miners’ return to work following injuries in coal mines

Directory of Open Access Journals (Sweden)

Ashis Bhattacherjee

2016-12-01

Full Text Available Background: The occupational injuries in mines are common and result in severe socio-economical consequences. Earlier studies have revealed the role of multiple factors such as demographic factors, behavioral factors, health-related factors, working environment, and working conditions for mine injuries. However, there is a dearth of information about the role of some of these factors in delayed return to work (RTW following a miner’s injury. These factors may likely include personal characteristics of injured persons and his or her family, the injured person’s social and economic status, and job characteristics. This study was conducted to assess the role of some of these factors for the return to work following coal miners’ injuries. Material and Methods: A study was conducted for 109 injured workers from an underground coal mine in the years 2000–2009. A questionnaire, which was completed by the personnel interviews, included among others age, height, weight, seniority, alcohol consumption, sleeping duration, presence of diseases, job stress, job satisfaction, and injury type. The data was analyzed using the Kaplan-Meier estimates and the Cox proportional hazard model. Results: According to Kaplan-Meier estimate it was revealed that a lower number of dependents, longer sleep duration, no job stress, no disease, no alcohol addiction, and higher monthly income have a great impact on early return to work after injury. The Cox regression analysis revealed that the significant risk factors which influenced miners’ return to work included presence of disease, job satisfaction and injury type. Conclusions: The mine management should pay attention to significant risk factors for injuries in order to develop effective preventive measures. Med Pr 2016;67(6:729–742

Producing Hardwood Dimension Parts Directly From Logs: An Economic Feasibility Study

Science.gov (United States)

Wenjie Lin; D. Earl Kline; Philip A. Araman; Janice K. Wiedenbeck

1995-01-01

The economic feasibility and profitability of a direct processing system for converting Factory Grades 2 and 3 red oak logs directly into rough dimension parts were evaluated. New present value (NPV) and internal rate of return (IRR) were used as the measurement of economic feasibility, and return on sales (ROS) was used as the measurement of profitability. NPV and IRR...

Modeling the greenhouse gas budget of straw returning in China: feasibility of mitigation and countermeasures.

Science.gov (United States)

Lu, Fei; Wang, Xiao-Ke; Han, Bing; Ouyang, Zhi-Yun; Zheng, Hua

2010-05-01

Straw returning is considered to be one of the most promising carbon sequestration measures in China's cropland. A compound model, namely "Straw Returning and Burning Model-Expansion" (SRBME), was built to estimate the net mitigation potential, economic benefits, and air pollutant reduction of straw returning. Three scenarios, that is, baseline, "full popularization of straw returning (FP)," and "full popularization of straw returning and precision fertilization (FP + P)," were set to reflect popularization of straw returning. The results of the SRBME indicated that (1) compared with the soil carbon sequestration of 13.37 Tg/yr, the net mitigation potentials, which were 6.328 Tg/yr for the FP scenario and 9.179 Tg/yr for the FP + P scenario, had different trends when the full budget of the greenhouse gases was considered; (2) when the feasibility in connection with greenhouse gas (GHG) mitigation, economic benefits, and environmental benefits was taken into consideration, straw returning was feasible in 15 provinces in the FP scenario, with a total net mitigation potential of 7.192 TgCe/yr and the total benefits of CNY 1.473 billion (USD 216.6 million); (3) in the FP + P scenario, with the implementation of precision fertilization, straw returning was feasible in 26 provinces with a total net mitigation potential of 10.39 TgCe/yr and the total benefits of CNY 5.466 billion (USD 803.8 million); (4) any extent of change in the treatment of straw from being burnt to being returned would contribute to air pollution reduction; (5) some countermeasures, such as CH(4) reduction in rice paddies, precision fertilization, financial support, education and propaganda, would promote the feasibility of straw returning as a mitigation measure.

An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

Directory of Open Access Journals (Sweden)

Thomas C. Chiang

2018-03-01

Full Text Available This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced into the Chinese stocks. The paper concludes that the risk-return tradeoff is present in the GARCH-in-mean, local downside risk-return, and global risk-return relations.

The Determinants of Stock Market Returns: An ARDL Investigation on Borsa Istanbul

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Sevinç Güler

2014-03-01

Full Text Available In this paper we examine the long run and the short run dynamics of stock return and macroeconomic and financial variables like gold prices, oil prices, export volume, import volume and exchange rate. The empirical investigation employed on monthly data between January 1988 to November 2013. The Autoregressive Distrubuted Lag (ARDL called analytical-cointegration technique is applied to capture the dynamics of short-run and long-run relationship between veriables. According to results we found a long run relationship between stock return and economic factors and existence of significant relationship between import and stock return in long run and short run models

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

How Do Neural Networks Enhance the Predictability of Central European Stock Returns?

OpenAIRE

Jozef Baruník

2008-01-01

In this paper, the author applies neural networks as nonparametric and nonlinear methods to Central European (Czech, Polish, Hungarian, and German) stock market returns modeling. In the first part, he presents the intuition of neural networks and also discusses statistical methods for comparing predictive accuracy, as well as economic significance measures. In the empirical tests, he uses data on the daily and weekly returns of the PX-50, BUX, WIG, and DAX stock exchange indices for the 2000–...

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.

EFFECT OF INVESTOR SENTIMENT ON FUTURE RETURNS IN THE NIGERIAN STOCK MARKET

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Udoka Bernard Alajekwu

2017-06-01

Full Text Available The study examined the effect of investor sentiment on future returns in the Nigerian stock market. The OLS regression and granger causality techniques were employed for data analyses. The results showed that (1 investor sentiment has a significant positive effect on stock market returns even after control for fundamentals such as Industrial production index, consumer price index and Treasury bill rate; (2 there is a uni-directional causality that runs from change in investor sentiment (ΔCCI to stock market returns (Rm. Derived finding showed that the inclusion of fundamentals increased the explanatory power of investor sentiment from 3.96% to 33.05%, though at both level, investor sentiment (ΔCCI has low explanatory power on stock market returns. The study posits existence of a dynamic relationship between investor sentiment and the behaviour of stock future returns in Nigeria such that higher sentiment concurrently leads to higher stock prices.

The economic costs and benefits of dental education: an empirical analysis.

Science.gov (United States)

Stafford, Gary L; Nourzad, Farrokh; Lobb, William K; Beall, Jason R

2014-11-01

The rising costs associated with obtaining a dental education have caused some to question the financial benefit of pursuing a dental degree. There is a concern that recent graduates may have difficulty finding professional opportunities that provide the income necessary to service their accumulated educational debt. The aim of this study was to evaluate the trends in educational costs to aid in making an accurate appraisal of the financial benefit of a dental education. Adjusted into constant dollar terms, data from a variety of sources were collected for economic variables such as tuition, fees, student indebtedness, and dentists' earnings. These variables were then analyzed to determine the true costs and benefits of obtaining a dental education. The results showed that, over the course of the last decade, educational costs increased faster than the real net income of practicing dentists, which led to a decline in the return on investment in dental education. However, regardless of an applicant's choice of public or private dental school, there continues to be a positive economic return on students' commitment of both financial resources and time to receive a dental education.

Pricing Volatility of Stock Returns with Volatile and Persistent Components

DEFF Research Database (Denmark)

Zhu, Jie

2009-01-01

This paper introduces a two-component volatility model based on first moments of both components to describe the dynamics of speculative return volatility. The two components capture the volatile and the persistent part of volatility, respectively. The model is applied to 10 Asia-Pacific stock ma...... markets. A positive or risk-premium effect exists between the return and the volatile component, yet the persistent component is not significantly priced for the return dynamic process....... markets. Their in-mean effects on returns are tested. The empirical results show that the persistent component is much more important for the volatility dynamic process than is the volatile component. However, the volatile component is found to be a significant pricing factor of asset returns for most...

Community colleges and economic mobility

OpenAIRE

Natalia A. Kolesnikova

2010-01-01

This paper examines the role of community colleges in the U.S. higher education system and their advantages and shortcomings. In particular, it discusses the population of community college students and economic returns to community college education for various demographic groups. It offers new evidence on the returns to an associate's degree. Furthermore, the paper uses data from the National Survey of College Graduates to compare educational objectives, progress, and labor market outcomes ...

Identifying Key Drivers of Return Reversal with Dynamical Bayesian Factor Graph.

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Shuai Zhao

Full Text Available In the stock market, return reversal occurs when investors sell overbought stocks and buy oversold stocks, reversing the stocks' price trends. In this paper, we develop a new method to identify key drivers of return reversal by incorporating a comprehensive set of factors derived from different economic theories into one unified dynamical Bayesian factor graph. We then use the model to depict factor relationships and their dynamics, from which we make some interesting discoveries about the mechanism behind return reversals. Through extensive experiments on the US stock market, we conclude that among the various factors, the liquidity factors consistently emerge as key drivers of return reversal, which is in support of the theory of liquidity effect. Specifically, we find that stocks with high turnover rates or high Amihud illiquidity measures have a greater probability of experiencing return reversals. Apart from the consistent drivers, we find other drivers of return reversal that generally change from year to year, and they serve as important characteristics for evaluating the trends of stock returns. Besides, we also identify some seldom discussed yet enlightening inter-factor relationships, one of which shows that stocks in Finance and Insurance industry are more likely to have high Amihud illiquidity measures in comparison with those in other industries. These conclusions are robust for return reversals under different thresholds.

'The methodology of positive economics' does not give us the methodology of positive economics

NARCIS (Netherlands)

U.I. Mäki (Uskali)

2003-01-01

textabstractIt is argued that rather than a well defined F-Twist, Milton Friedman's 'Methodology of positive economies' offers an F-Mix: a pool of ambiguous and inconsistent ingredients that can be used for putting together a number of different methodological positions. This concerns issues such as

Macroeconomic Forces and Stock Returns in Vietnam

OpenAIRE

Phan, Van Hang

2008-01-01

Capital market development, especially the appearance of Vietnamese equity market recently has a strategic importance in the economic growth and structural reform process of Vietnam (Chun et al, 2003). This dissertation focuses on the impacts of macroeconomic forces on stock market returns in Vietnamese stock market which has not been investigated in detail before, and thereby to contribute further literature on this new emerging stock market. Specifically, the research will intensively inves...

National Identity and Economic Nationalism: Can an Economic ...

African Journals Online (AJOL)

Since the demise of economic Marxism, the global environment has sought to uphold economic liberalism as the only successful theoretical position. The theoretical position of economic nationalism was relegated to obscurity on the basis that it was considered protectionist, stifled international trade and led to the creation ...

Maternal life course socio-economic position and offspring body composition at birth in a multi-ethnic population.

Science.gov (United States)

Sletner, Line; Jenum, Anne Karen; Mørkrid, Kjersti; Vangen, Siri; Holme, Ingar M; Birkeland, Kåre I; Nakstad, Britt

2014-09-01

Size and body composition at birth may affect long-term health. Mean birthweight and body composition differ between ethnic groups living in Europe. We wanted to explore if this relates to differences in socio-economic conditions in country of origin and over the maternal life course. This is a population-based cohort study of healthy pregnant women living in Oslo, Norway. Data on maternal early life and present socio-economic position (SEP) were collected in early gestation, and SEP scores were extracted through two separate principal components analyses. The associations between maternal present SEP and four different offspring anthropometric measures at birth were assessed separately, stratified by maternal early life SEP (dichotomised score) and Human Development Index (HDI, a country-level socio-economic indicator) in the country of origin [high HDI (Reference), n = 287 and low HDI, n = 250]. A strong positive association between maternal present SEP and offspring birthweight was observed if maternal early life SEP was high, but not if maternal early life SEP was low (P countries had smaller abdominal circumference, possibly indicating less fat-free mass, regardless of maternal life course SEP. Our results suggest that there are transgenerational effects of maternal past socio-economic conditions on offspring size and body composition at birth that modify the associations with present socio-economic factors. © 2014 John Wiley & Sons Ltd.

An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

OpenAIRE

Thomas C. Chiang; Yuanqing Zhang

2018-01-01

This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced int...

Empirical studies in labor and education economics

NARCIS (Netherlands)

Ketel, N.

2016-01-01

The chapters of this thesis focus on policy-relevant research questions in economics of education and labor economics. All chapters make use of randomized experiments in order to answer these questions. The second chapter studies the returns to medical school in a regulated labor market, by

Miners' return to work following injuries in coal mines.

Science.gov (United States)

Bhattacherjee, Ashis; Kunar, Bijay Mihir

2016-12-22

The occupational injuries in mines are common and result in severe socio-economical consequences. Earlier studies have revealed the role of multiple factors such as demographic factors, behavioral factors, health-related factors, working environment, and working conditions for mine injuries. However, there is a dearth of information about the role of some of these factors in delayed return to work (RTW) following a miner's injury. These factors may likely include personal characteristics of injured persons and his or her family, the injured person's social and economic status, and job characteristics. This study was conducted to assess the role of some of these factors for the return to work following coal miners' injuries. A study was conducted for 109 injured workers from an underground coal mine in the years 2000-2009. A questionnaire, which was completed by the personnel interviews, included among others age, height, weight, seniority, alcohol consumption, sleeping duration, presence of diseases, job stress, job satisfaction, and injury type. The data was analyzed using the Kaplan-Meier estimates and the Cox proportional hazard model. According to Kaplan-Meier estimate it was revealed that a lower number of dependents, longer sleep duration, no job stress, no disease, no alcohol addiction, and higher monthly income have a great impact on early return to work after injury. The Cox regression analysis revealed that the significant risk factors which influenced miners' return to work included presence of disease, job satisfaction and injury type. The mine management should pay attention to significant risk factors for injuries in order to develop effective preventive measures. Med Pr 2016;67(6):729-742. This work is available in Open Access model and licensed under a CC BY-NC 3.0 PL license.

Modelling the socio-economic impacts of modern bioenergy in rural communities in Ghana

DEFF Research Database (Denmark)

Kemausuor, Francis; Bolwig, Simon; Miller, Shelie

2016-01-01

economic and social indicators. With a 10% discount rate, a 30 year bio-digester lifetime and methane tariff starting at US$ 0.7/m3, the project will have a Net Present Value of approximately US$ 22,000, 16 year payback and an Internal Rate of Return of 11%. The project will create 4 full time unskilled...... labour positions during the investment year and 3 positions during operation years. Using methane from the bio-digester for cooking will displace approximately 170 tonnes of firewood per year and save the women in the community a total of 3400 hours per year not fetching firewood. However, only 5...

DETERMINAN RETURN SAHAM SYARIAH DENGAN RISIKO SISTEMATIS SEBAGAI VARIABEL MEDIASI

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irman firmansyah

2016-10-01

Full Text Available Islamic capital market is the investment alternatives in accordance with Islamic law. However, the purpose of investing is to obtain a high return stock. This study aimed to analyze the fundamental factors in predicting stock return of sharia with systematic risk as a mediating variable. Fundamental factors measured by DER, EPS, ROA, PER and NPM and systematic risk measured by beta. Data taken from the Islamic capital market through the Jakarta Islamic Index (JII in a span of research in 2013 and 2014. The analysis used is multiple regression analysis and Sobel test. The results showed that DER and PER positive effect on sharia stock return, beta negative effect on sharia stock return and EPS, ROA and NPM no effect on sharia stock return. Whereas in mediating variable testing, the beta did not mediate the relationship between DER, EPS, ROA, NPM and PER to sharia stock return.

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

Uncertain programming models for portfolio selection with uncertain returns

Science.gov (United States)

Zhang, Bo; Peng, Jin; Li, Shengguo

2015-10-01

In an indeterminacy economic environment, experts' knowledge about the returns of securities consists of much uncertainty instead of randomness. This paper discusses portfolio selection problem in uncertain environment in which security returns cannot be well reflected by historical data, but can be evaluated by the experts. In the paper, returns of securities are assumed to be given by uncertain variables. According to various decision criteria, the portfolio selection problem in uncertain environment is formulated as expected-variance-chance model and chance-expected-variance model by using the uncertainty programming. Within the framework of uncertainty theory, for the convenience of solving the models, some crisp equivalents are discussed under different conditions. In addition, a hybrid intelligent algorithm is designed in the paper to provide a general method for solving the new models in general cases. At last, two numerical examples are provided to show the performance and applications of the models and algorithm.

'EMU equity markets' return variance and spill over effects from short-term interest rates

DEFF Research Database (Denmark)

Hou, Ai Jun

2013-01-01

), stock returns have a negative relationship with the volatility, and the volatility process responds asymmetrically to shocks to equity returns, especially to bad news. The other regime (a bull market regime) appears to be a high mean, low variance state, within which the returns have a positive...

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.

Optimal decision making and matching are tied through diminishing returns.

Science.gov (United States)

Kubanek, Jan

2017-08-08

How individuals make decisions has been a matter of long-standing debate among economists and researchers in the life sciences. In economics, subjects are viewed as optimal decision makers who maximize their overall reward income. This framework has been widely influential, but requires a complete knowledge of the reward contingencies associated with a given choice situation. Psychologists and ecologists have observed that individuals tend to use a simpler "matching" strategy, distributing their behavior in proportion to relative rewards associated with their options. This article demonstrates that the two dominant frameworks of choice behavior are linked through the law of diminishing returns. The relatively simple matching can in fact provide maximal reward when the rewards associated with decision makers' options saturate with the invested effort. Such saturating relationships between reward and effort are hallmarks of the law of diminishing returns. Given the prevalence of diminishing returns in nature and social settings, this finding can explain why humans and animals so commonly behave according to the matching law. The article underscores the importance of the law of diminishing returns in choice behavior.

Borrowing green. Economic and environmental effects of green fiscal policy in The Netherlands

International Nuclear Information System (INIS)

Scholtens, B.

2001-01-01

This paper analyzes the economic and environmental impact of a policy instrument that is related to the tax deductibility of interest returns and dividend yields from specified 'green' projects. We investigate this so-called 'Green Project Facility' (Regeling Groenprojecten) in the Netherlands during 1995-1999. We analyze the effect on tax income, economic growth, employment, as well as on the emission of a number of gases and on solid waste production. We find that the economic effects in general are positive. This policy instrument increases growth, employment, and net tax income. However, the environmental effects are quite mixed. This especially results from the fact that a lot of projects would have been undertaken anyhow. Furthermore, we find that this green fiscal policy instrument is skewed towards energy and building. It appears to neglect environmental problems with consumer households, industry, and transport. 8 refs

Different forms, reasons and motivations for return migration of persons who voluntarily decide to return to their countries of origin.

Science.gov (United States)

Callea, S

1986-03-01

Although the 1973 oil crisis did not have the drastic effects on immigration which were originally feared, it did end a period of quasi-liberal immigration policy, establish intense and effective international cooperation on immigration, and arouse great interest in immigration studies and research. This paper analyzes the situations arising as a result of the petroleum shortage and focuses on the conditions relating to the return of emigrants to Southern European countries. This new research draws attention to the following fundamental aspects of the immigration problem: 1) the emigrant's return to his homeland cannot be considered a factor in development; it is a positive element in development only if the right socioeconomic conditions exist in the country of origin. 2) Concern for children's education is one of the most common reasons for return. 3) A large percentage of emigrants are satisfied with their work abroad. 4) An emigrant's return potential is wasted due to the slight use that is made of the resources he offers. 5) Returning workers most often want to set up an independent enterprise. 6) Savings are generally used to buy a house or farm. 7) Vocational level does not increase significantly between emigration and returning, though this increase becomes greater the longer the emigrant stays abroad. 8) The number of returning emigrants is too slight to bring about any change in the country of origin. 9) Incentives and subsidies to encourage return have not had a considerable impact on the decision to return. Callea recommends that officials of the country of origin posted abroad be assigned to counsel returning emigrants on finding employment, attending vocational development courses, obtaining housing, accruing interests and savings, and on the problems and perspectives of sociocultural reintegration.

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…

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.

Increasing Returns to Education and the Impact on Social Capital

Science.gov (United States)

Leeves, Gareth D.

2014-01-01

The returns to education have been increasing. It is suggested that high-skilled workers' social capital investment has been adversely affected by the increasing incentives to devote human capital to career development. Lower social capital is linked to reduced economic growth and innovation and higher transaction costs and is detrimental to…

Evaluation of the return to work and its duration after myocardial infarction

Directory of Open Access Journals (Sweden)

Seyyed Jalil Mirmohammadi

2014-05-01

Full Text Available BACKGROUND: The evaluation of the ability for return to work among patients after myocardial infarction (MI is subject to controversy. Understanding various factors, which may affect return to work process, will help in promoting effective communication between physicians and patients. Return to work is dependent on such factors as patients’ functional capacity, MI expansion, cardiac muscle function, some psychiatric variables, job satisfaction, economic status, and age. In this study, we aimed to assess the frequency of return to work after first MI attack, and factors affecting it. METHODS: This was a follow-up study performed in Yazd, Iran from September 2007 until September 2010 on 200 patients suffering from their first MI attack. Patients were assessed 6 months and 1-year after MI regarding their cardiac function. Job satisfaction was evaluated by Direct Support Professional job satisfaction questionnaire. RESULTS: Seventy-seven percent of MI patients returned to work after 1-year. Mean time for return to work was 46.00 ± 4.12 days. Sixty percent of patients returned to work during the first 50 days after MI and 50% of them during 40 days after MI. The most common reason for not returning to work was patient’s decision. CONCLUSION: This study showed that a considerable numbers of patients returned to work after 1-year. The only factors which affected the rate of return to work were left ventricular function after MI and job satisfaction.   Keywords: Myocardial Infarction, Return to Work, Left Ventricular Function, Job Satisfaction 

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.

How does the social "get under the gums"? The role of socio-economic position in the oral-systemic health link.

Science.gov (United States)

Gomaa, Noha; Nicolau, Belinda; Siddiqi, Arjumand; Tenenbaum, Howard; Glogauer, Michael; Quiñonez, Carlos

2017-09-14

To evaluate the extent of association between systemic inflammation and periodontal disease in American adults, and to assess whether socio-economic position mediated this relationship. We used data from the National Health and Nutrition Examination Survey (NHANES IV) (2001-2010). Systemic inflammation was defined by individual and aggregate (cumulative inflammatory load) biomarkers (C-reactive protein, white blood cell counts, neutrophil counts, and neutrophil:lymphocyte ratio). Loss of attachment and bleeding on probing were used to define periodontal disease. Poverty:income ratio and education were indicators of socio-economic position. Covariates included age, sex, ethnicity, smoking, alcohol, and attendance for dental treatment. Univariate and multivariable logistic regressions were constructed to assess the relationships of interest. In a total of 2296 respondents, biomarkers of systemic inflammation and cumulative inflammatory load were significantly associated with periodontal disease after adjusting for age, sex, and behavioural factors. Socio-economic position attenuated the association between markers of systemic inflammation and periodontal disease in the fully adjusted model. Socio-economic position partly explains how systemic inflammation and periodontal disease are coupled, and may thus have a significant role in the mechanisms linking oral and non-oral health conditions. It is of critical importance that the social and living conditions are taken into account when considering prevention and treatment strategies for inflammatory diseases, given what appears to be their impactful effect on disease processes.

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 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.

A multidisciplinary intervention to facilitate return to work in cancer patients: intervention protocol and design of a feasibility study

NARCIS (Netherlands)

Groeneveld, Iris F.; de Boer, Angela G. E. M.; Frings-Dresen, Monique H. W.

2012-01-01

Introduction: Returning to work can be problematic for cancer survivors due to suboptimal workplace support, a heavy workload, decreased physical functioning and fatigue. The timely and permanent return to work (RtW) of cancer patients favourably influences quality of life and economic independence.

The creation of special economic zones in China: Positive and negative impacts in its implementation

Directory of Open Access Journals (Sweden)

José Manuel Orozco Plascencia

2011-08-01

Full Text Available At the end of seventies, Deng Xioaping, President applied a modernization policy in China, that during more than 30 years allow to reach high economic growth rates above 8% average per year. This reform included the instauration of four Special Economic Zones (SEZ in the southeast of the country, three in Guangdong (Shenzhen, Zhuhai and Shantao and one in Xiamen, Fujian.The purpose of this paper is to analyze the backgrounds of SEZ, the reasons of Chinese Government to implement its and the positive impacts and barriers to become operational.The conclusion in this article is that sez arise like an experiment of the Chinese central government economic policy to apply capitalist measures in design previous regions, the most important benefit has been the strong attraction of Foreing Direct Investment, explained in a surplus trade balance, sustanaible economic growht and technological transference. However, the most significative operational barrier has been the legal rigidity in the imported overseas products, a change of nacional politicideology system and problem asociated with burocracy and corruption.

Estimating Marginal Returns to Education. NBER Working Paper No. 16474

Science.gov (United States)

Carneiro, Pedro; Heckman, James J.; Vytlacil, Edward J.

2010-01-01

This paper estimates the marginal returns to college for individuals induced to enroll in college by different marginal policy changes. The recent instrumental variables literature seeks to estimate this parameter, but in general it does so only under strong assumptions that are tested and found wanting. We show how to utilize economic theory and…

Poland’s Return To Europe: Polish Terrestrial Broadcasters And TV Fiction

Directory of Open Access Journals (Sweden)

Sylwia Szostak

2012-11-01

Full Text Available The changing political sphere in 1989 and the subsequent 2004 European Union accession had a profound impact on Poland’s economic, political and social spheres. Both events are considered to have marked Poland’s ‘return to Europe’ and strengthened the relations with its Western neighbours. This article examines the changing patterns of television fiction programming flow in Poland in the post-Soviet era, exploring the impact of those two events on Poland’s audiovisual sector. This article therefore assesses whether, and if so – how, this metaphorical ‘return to Europe’ is manifested on Polish television screens.

An Empirical Study of the Effect of Investor Sentiment on Returns of Different Industries

Directory of Open Access Journals (Sweden)

Chuangxia Huang

2014-01-01

Full Text Available Studies on investor sentiment are mostly focused on the stock market, but little attention has been paid to the effect of investor sentiment on the return of a specific industry. This paper constructs a proxy variable to examine the relationship between investor sentiment and the return of a specific industry, using the Principle Component Analysis, and finds that investor sentiment is positively correlated with the industry return of the current period and negatively correlated with that of one lag period; we classify investor sentiment as optimistic state and pessimistic state and find that optimistic investor sentiment has a positive effect on stock returns of most industries, while pessimistic investor sentiment has no effect on them; this paper further builds a two-state Markov regime switching model and finds that sentiment has different effect on different industries returns on different states of market.

Leaving from and returning to nursing practice: contributing factors.

Science.gov (United States)

Jamieson, Isabel; Taua, Chris

2009-07-01

Many nurses leave nursing and never return. Others return after a period of time. Given the global shortage of nurses a better understanding of these movements is needed. The present study focused on nurses who had been out of nursing for more than five years, and explored factors that influenced their leaving and return to practice. All the nurses who had undertaken a Competency Assessment Programme at a given New Zealand tertiary institution during 2005 were invited to participate. Of the 70 questionnaires mailed out 32 (44.5%) were completed and returned. Quantitative data were analysed using Microsoft Excel, and the qualitative data were coded and analysed by means of content analysis. For each, leaving and returning, three key issues emerged. Nurses left for personal reasons, to seek a career change, or because of poor working conditions. They returned when they had the personal freedom to do so, for fiscal reasons, or because they were motivated by some sense of unfinished business. These findings indicate that it is important for educators involved with Competency Assessment Programmes to collaborate with employers in ensuring that there are opportunities for re-entry to positive work environments, with a degree of flexibility that suits the demographic characteristics of those nurses returning to practice.

The Economics of Education and Policy: Ideas for a Principles Course

Science.gov (United States)

Rouse, Cecilia Elena

2017-01-01

There are many aspects of the "economics of education" that would make excellent examples for introductory economics students. The author presents two topics that are central to the economics of education and to human capital theory: the economic benefit (or "returns") to schooling and educational attainment as an investment.…

Economic study of rice irradiation in egypt

International Nuclear Information System (INIS)

Elkhateeb, M.A.; Elgmeel, E.A.

2004-01-01

The paper discusses the economics of rice irradiation and the effect of various parameters on unit processing costs. It provides a model for calculating specific unit processing costs by correlating known capital costs with annual operation cost and annual throughputs. It is intended to provide the investors with a general knowledge of how unit processing costs are derived. The investment criteria utilized for commercial evaluation were internal rate of return (I.I.R), pay back period (P.B.P), and average rate of return (A.R.R). The irradiation cost and the additional income are also discussed. The result of the analysis showed that the installation of an irradiation unit in Egypt would be economically feasible

Position and role of a woman in national social and economic development of Serbia

Directory of Open Access Journals (Sweden)

Torlak Nada

2016-01-01

Full Text Available Since the beginning of the 20th century it is a demographic fact that women represent over half of the population, while in public sphere they are marginalized. Even Hannah Arendt concluded that 'in modern society women are the biggest minority' there is. In the domain of rights (in subjective and objective sense of the notion women of the 20th century have reached an equal status with men in principle, but in the 21st century between formal and actual right there is considerable discrepancy. Her right to work is obstructed, in political, economic or cultural level as well as in any given professional activity, regardles formally and legally ensured equality and basically accepted reality of the need for an enhanced participation of less represented gender on decision-making positions. Printed media in Serbia makes clear they are marginalized, since they appear as expert collocutors almost nine times fewer than men (89.2 : 10.8 percent in favor of men experts. The effect of 'glass ceiling' implies invisible yet efficacious obstacle in advancement to the highest organizational positions of women. Statistical data clearly shows that there are still no women in places of actual decision-making, and that they are less paid for the same work in comparison to men, her unequal position is evident from the insight to the company ownership structure, as well as remarkably lower representation on leading positions. Moreover, women have fewer possibilities of advancement in career, and get dismissed more often than men in the process of transition. A woman is sometimes in an inequitable position when it comes to earning income for the exact same work carried out by a man, and she is actually not granted access to all positions and functions in the organization of a society. Therefore it is often a case of using 'woman-alibi' in practice, that is directing certain women to high and influential public positions in order to prove there is no discrimination

The Impact of Capital Structure on Stock Returns: International Evidence

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Reza TAHMOORESPOUR

2015-03-01

Full Text Available This study examines the relationship between capital structure and stock returns of firms in the following eight countries in the Asia Pacific regionfor a period of 22 years from 1990 to 2012. The methodology is Panel Regression. The results indicate that the effect of capital structure depends on the nature of industry as well as market. In Australia, China, and Korea, return of companies in the Basic Material industry have negative relationship with debt to common equity. Long term debt to common equity positively affects the return of firms in Australia and Korea in the Basic Material industry.

The risk-return profile of Lithuanian private pension funds

Czech Academy of Sciences Publication Activity Database

Kabašinskas, A.; Šutienė, K.; Kopa, Miloš; Valakevičius, E.

2017-01-01

Roč. 30, č. 1 (2017), s. 1611-1630 ISSN 1331-677X R&D Projects: GA ČR GA13-25911S Institutional support: RVO:67985556 Keywords : Pension system reform * private pension funds * performance ratios * risk– return measuring * clustering Subject RIV: AH - Economics OBOR OECD: Finance Impact factor: 0.742, year: 2016 http://library.utia.cas.cz/separaty/2017/E/kopa-0483752.pdf

Age-period-cohort projections of ischaemic heart disease mortality by socio-economic position in a rapidly transitioning Chinese population

OpenAIRE

Wong, IOL; Schooling, CM; Cowling, BJ; Leung, GM

2013-01-01

Background:With economic development and population aging, ischaemic heart disease (IHD) is becoming a leading cause of mortality with widening inequalities in China. To forewarn the trends in China we projected IHD trends in the most economically developed part of China, i.e., Hong Kong.Methods:Based on sex-specific IHD mortality rates from 1976 to 2005, we projected mortality rates by neighborhood-level socio-economic position (i.e., low- or high-income groups) to 2020 in Hong Kong using Po...

Male and Female Marriage Returns to Schooling

DEFF Research Database (Denmark)

Bruze, Gustaf

, and the extent to which men and women sort positively on several traits in marriage. Counterfactual analysis conducted with the model, suggests that US middle aged men and women are earning in the order of 30 percent of their return to schooling through improved marital outcomes....

Business Organizations’ Positive Socio-Economic Impact on Society - a Step Beyond CSR

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Mirela POPA

2015-12-01

Full Text Available In this article the authors argue the necessity of taking a step beyond CSR and tackling the issue of measuring the impact businesses have on society, in general. Even if CSR points out the idea that organizations have responsibilities regarding the well-being of the entire society, it has certain limitations listed in this article. Furthermore, the authors briefly present the socio-economic impact of business organizations including (1 some basic concepts, (2 the most relevant areas/fields for measuring the impact, and (3 the main advantages regarding the development and implementation of effective impact measurement practices. The general purpose of the empirical study refers to the identification of perceptions related to the Romanian business organizations’ socio-economic impact. In this regard, we set the following main objectives: (1 identifying the extent to which Romanian organizations undertake a process of measuring, assessing and managing their impacts on society, (2 analyzing clients, managers and owners’ perceptions regarding the positive impact of seven Romanian organizations’ activities, and (3 identifying the perceptional differences between clients and managers plus owners. The empirical results show that in the managers’ plus owners’ opinions the areas in which the organization’s activities always or almost always have a positive impact are: collecting and paying taxes, keeping a strict control over the costs, and fulfilling government regulations plus obeying laws. The highest differences in clients’ and managers’ plus owners’ perceptions refer to creating jobs and improving people’s personal security and the general well-being of society.

Economic analysis of potential uses of geothermal energy in agriculture

Energy Technology Data Exchange (ETDEWEB)

Cone, B.W.

1978-02-01

The economic feasibility and water quality considerations of the cultural practice of soil warming was evaluated using existing technical, agronomic, and economic data. It was hypothesized that it is technically and economically feasible to use geothermal energy in the cultural practice of soil warming for specific crops. The analysis attempted to reject the hypothesis. Since the hypothesis could not be rejected, the results are presented as a profit equation suitable for inclusion in the GEOCOST computer program. This determination of economic feasibility utilized heterogeneous crop yield data by comparing the elasticity of response with a normalized product-factor price ratio. Soil warming was determined to be feasible when the elasticity of production was equal to or greater than the normalized product-factor price ratio. A farm enterprise was determined profitable if net returns were positive. An empirical model in which the energy dissipation rate is a function of the difference between heat source temperature and mean monthly air temperature was transformed to utilize data describing the total heat applied during the growing season. Heat input was then measured as the total number of calories per square centimeter applied during the growing season.

Computing return times or return periods with rare event algorithms

Science.gov (United States)

Lestang, Thibault; Ragone, Francesco; Bréhier, Charles-Edouard; Herbert, Corentin; Bouchet, Freddy

2018-04-01

The average time between two occurrences of the same event, referred to as its return time (or return period), is a useful statistical concept for practical applications. For instance insurances or public agencies may be interested by the return time of a 10 m flood of the Seine river in Paris. However, due to their scarcity, reliably estimating return times for rare events is very difficult using either observational data or direct numerical simulations. For rare events, an estimator for return times can be built from the extrema of the observable on trajectory blocks. Here, we show that this estimator can be improved to remain accurate for return times of the order of the block size. More importantly, we show that this approach can be generalised to estimate return times from numerical algorithms specifically designed to sample rare events. So far those algorithms often compute probabilities, rather than return times. The approach we propose provides a computationally extremely efficient way to estimate numerically the return times of rare events for a dynamical system, gaining several orders of magnitude of computational costs. We illustrate the method on two kinds of observables, instantaneous and time-averaged, using two different rare event algorithms, for a simple stochastic process, the Ornstein–Uhlenbeck process. As an example of realistic applications to complex systems, we finally discuss extreme values of the drag on an object in a turbulent flow.

The economic and financial performance of Bahrain's Fisheries Sector

International Nuclear Information System (INIS)

Abdulqader, E.A.A.

2007-01-01

This work is based on an extensive socio-economic survey conducted at all Bahrain landing sites in the period July-November, 2002. Based on boat size and the type of fishing gear used, eight fisheries sectors were determined, these included small boats using wire traps, shrimp trawls, gillnets, hooks and lines and barrier traps. It also included large boats using wire traps, shrimp trawls and gillnets. The economic and financial performances of these sectors were evaluated. The ratio of net catch flow to total earnings was used to measure the economic performance, while the return over investment was used to measure the financial performance. Higher economic returns (except for gillnet and shrimp trawl fisheries) were found in the case of small boats where smaller investments are found. This indicated that an over-fishing condition exists in Bahrain's fisheries, which is clearly found in the case of the shrimp trawl fishery. (author)

Distribution of Depositors’ Return and The Income Smoothing Hypothesis by Malaysian Islamic Banks

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Zunaidah Sulong

2018-01-01

Full Text Available The paper aims to examine whether Malaysian Islamic banks carry out income smoothing with regards to their distribution of depositors’ return. The paper also examines the extent Malaysian Islamic banks engage earnings and capital management in their distribution of depositors’ return. This empirical study uses balanced panel data from 16 Malaysian Islamic banks, for the period 2008-2012. The regression model is estimated using random effects specifications. The findings indicate that the earnings before tax, zakat, and provision have a positive but insignificant effect on distribution of depositors’ return (DDR whilst the total capital before provision has a positive and significant effect on the DDR. These findings suggest that Islamic banks carry out income smoothing on the distribution of depositors’ return via capital management. Islamic banks also smooth their earnings through distribution of depositors’ return to avoid earnings troughs when earnings are poor. The findings shows prudence exercise among Malaysian Islamic banks with the objectives of mitigating displaced commercial risk (DCR, which involves massive withdrawal and bank runs risks.

Simplified energy design economics: Principles of economics applied to energy conservation and solar energy investments in buildings

Science.gov (United States)

Marshall, H. E.; Ruegg, R. T.; Wilson, F.

1980-01-01

Economic analysis techniques for evaluating alternative energy conservation investments in buildings are presented. Life cycle cost, benefit cost, savings to investment, payback, and rate of return analyses are explained and illustrated. The procedure for discounting is described for a heat pump investment. Formulas, tables of discount factors, and detailed instructions are provided to give all information required to make economic evaluations of energy conserving building designs.

Re-examining the risk–return relationship in Europe: Linear or non-linear trade-off?

OpenAIRE

Salvador, Enrique; Floros, Christos; Arago, Vicent

2014-01-01

This paper analyzes the risk–return trade-off in Europe using recent data from 11 European stock markets. After relaxing the linear assumptions in the risk–return relationship by introducing a new approach that considers the current state of the market, we obtain significant evidence for a positive risk–return trade-off for low volatility states. However, this finding is reduced or even non-significant during periods of high volatility. Maintaining the linear assumption over the risk–return t...

Economic Valuation of Liquidity Timing

NARCIS (Netherlands)

D. Karstanje (Dennis); E. Sojli (Elvira); W.W. Tham (Wing Wah); M. van der Wel (Michel)

2013-01-01

markdownabstract__Abstract__ This paper conducts a horse-race of different liquidity proxies using dynamic asset allocation strategies to evaluate the short-horizon predictive ability of liquidity on monthly stock returns. We assess the economic value of the out-of-sample power of empirical

Economic Darwinism

DEFF Research Database (Denmark)

Sloth, Birgitte; Whitta-Jacobsen, Hans Jørgen

2011-01-01

We define an evolutionary process of "economic Darwinism" for playing the field, symmetric games. The process captures two forces. One is "economic selection": if current behavior leads to payoff differences, behavior yielding lowest payoff has strictly positive probability of being replaced...... in the literature. Using this result, we demonstrate that generally under positive (negative) externalities, economic Darwinism implies even more under- (over-)activity than does Nash equilibrium....

Variety and economic development : conceptual issues and measurement problems

NARCIS (Netherlands)

Frenken, K.; Saviotti, P.P.; Trommetter, M.; Cantner, U.; Hanusch, H.; Klepper, S.

2000-01-01

For any evolutionary theory of economic development, the understanding of the determinants of variety and its effects on economic systems is of central importance. On the one hand, increasing returns tend to standardize technologies thus reducing product variety. On the other hand, the resulting

Comparative economic value added on Southeast Asian banking industry

Directory of Open Access Journals (Sweden)

Lintang Dewanti

2017-03-01

Full Text Available This study analyses the bank's performance comparison across countries in some ASEAN members which are listed in the stock exchange, as well as to analyse the influence of Economic Value Added (EVA and some financial ratios on the company stock return. Analysis suggests some results. In Indonesia, Thailand and the Philippines, the movement of EVA follows the movement of Gross Domestic Product (GDP. This study also finds that Earning per Share (EPS, only in Singapore, and Return on Equity (ROE and Return on Assets (ROA, only in the Philippines, have an influence on stock return. Only in the Philippines where EVA together with ROA has an effect on stock return.

Return to football and long-term clinical outcomes after thumb ulnar collateral ligament suture anchor repair in collegiate athletes.

Science.gov (United States)

Werner, Brian C; Hadeed, Michael M; Lyons, Matthew L; Gluck, Joshua S; Diduch, David R; Chhabra, A Bobby

2014-10-01

To evaluate return to play after complete thumb ulnar collateral ligament (UCL) injury treated with suture anchor repair for both skill position and non-skill position collegiate football athletes and report minimum 2-year clinical outcomes in this population. For this retrospective study, inclusion criteria were complete rupture of the thumb UCL and suture anchor repair in a collegiate football athlete performed by a single surgeon who used an identical technique for all patients. Data collection included chart review, determination of return to play, and Quick Disabilities of the Arm, Shoulder, and Hand (QuickDASH) outcomes. A total of 18 collegiate football athletes were identified, all of whom were evaluated for follow-up by telephone, e-mail, or regular mail at an average 6-year follow-up. Nine were skill position players; the remaining 9 played in nonskill positions. All players returned to at least the same level of play. The average QuickDASH score for the entire cohort was 1 out of 100; QuickDASH work score, 0 out of 100; and sport score, 1 out of 100. Average time to surgery for skill position players was 12 days compared with 43 for non-skill position players. Average return to play for skill position players was 7 weeks postoperatively compared with 4 weeks for non-skill position players. There was no difference in average QuickDASH overall scores or subgroup scores between cohorts. Collegiate football athletes treated for thumb UCL injuries with suture anchor repair had quick return to play, reliable return to the same level of activity, and excellent long-term clinical outcomes. Skill position players had surgery sooner after injury and returned to play later than non-skill position players, with no differences in final level of play or clinical outcomes. Management of thumb UCL injuries in collegiate football athletes can be safely and effectively tailored according to the demands of the player's football position. Therapeutic IV. Copyright © 2014

Oil palm growth, yield and financial returns from interplanted food ...

African Journals Online (AJOL)

Maize, soyabean and pigeon pea were inter-planted with a juvenile oil palm plantation in 1999-2002 at the Teaching and Research Farm of the University of Agriculture, Abeokuta (7°15'N, 3°25', altitude 144m above sea level) to evaluate the growth of the interplanted oil palm as well as yield and overall economic returns ...

Abnormal Stock Market Returns to Announcements of M&A Banking Deals in Greece 1996-2013

OpenAIRE

Anastasios KARAMANOS; George BAKATSELOS; Roena AGOLLI

2015-01-01

This study has undertaken a comprehensive empirical analysis of the wealth effects of bank M&As in Greece over the period 1996-2013. The purpose is to measure the performance of merger participants over the acquisition period as a deviation of how shareholders’ actual returns differ from expected returns conditional on the particular process of M&A. The authors develop a conceptual framework that integrates theoretical perspectives from economics, finance, organization theory, strateg...

Returns to Tenure: Time or Rank?

DEFF Research Database (Denmark)

Buhai, Ioan Sebastian

-specific investment, efficiency-wages or adverse-selection models. However, rent extracting arguments as suggested by the theory of internal labor markets, indicate that the relative position of the worker in the seniority hierarchy of the firm, her 'seniority rank', may also explain part of the observed returns...... relative to their peer workers), as predicted by theories on unionized and insider-outsider markets....

THE EFFECT OF ACQUISITION ON THE STOCK RETURNS OF ACQUIRING COMPANIES: EXAMINING THE EFFECT OF ACQUISITIONS OCCURED THROUGH THE PERMISSION OF CAPITAL MARKET BOARD ON THE STOCK RETURNS OF ACQUIRING COMPANIES

Directory of Open Access Journals (Sweden)

LEVENT ÇITAK

2013-06-01

Full Text Available A merger can be defined as the economical and legal integration of two or more firms. On the other hand, an acquisiton is the transfer of all asssets and liabilities of the target firm to the acquiring firm. In the literature, merger and acquisition concepts can be used interchangeably. Firms tend to merge for the sake of creating snergy, competitive advantage, diversification, increasing firm value etc. Mergers and acquisitions are sometimes in favour of acquiring firms’ stock holders and sometimes target firms’ stock holders. Merger gains change, depending on the type of the merger and form of payment. In this study, mergers that occured through the permission of Capital Market Board have been used for the analyses. Of the mergers which have the permission, acquiring firms that are listed on Istanbul Stock Exchange have been considered and postacquisition buy and hold abnormal returns and cumulative abnormal returns have been calculated. It is concluded that postacquisition abnormal returns aren’t statistically significant. On the other hand, 1 month, 3 month, 6 month, 1 year and 2 year buy and hold abnormal returns and cumulative abnormal returns of the acquiring firms that use different payment methods are not statistically different from each other, on the basis of same return horizon. Two different methods of abnormal return calculation don’t make any difference in postacquisition abnormal returns, either.

Economic Efficiency and Investment Implementation in Energy Saving Projects

Directory of Open Access Journals (Sweden)

Venelin Terziev

2017-09-01

Full Text Available Investment in building thermoinsulation is a subject to appraisal for efficiency from the position of discounted cash flows taken specifically by energy saving. The appraisal of investment as optimal is attended by achieving the shortest term for investment implementation, the lowest investment outlays, the maximum total net value of energy savings, the shortest investment payback period. The complex application of the dynamic methods for appraising economic efficiency of an investment – net present value, internal rate of return, profitability index and discounted payback period, involves drawing of particular values which comparison definitely will show if this kind of investment is practically “attractive”. However, the question for significance weight of each of these indicators above in decision making for implementation a particular real investment still remains unsolved. This requires working out a system of criteria, priorities that can determine which of the indicators for economic efficiency of specific investment project will have the highest significance.

Comparing the availability, price, variety and quality of fruits and vegetables across retail outlets and by area-level socio-economic position.

Science.gov (United States)

Millichamp, Anna; Gallegos, Danielle

2013-01-01

To explore whether area-level socio-economic position or the form of retail stream (conventional v. farmers' market) is associated with differences in the price, availability, variety and quality of a range of fresh fruit and vegetables. A multi-site cross-sectional pilot study of farmers' markets, supermarkets and independent fruit and vegetable retailers. Each was surveyed to assess the price, availability, variety and quality of fifteen fruit and eighteen vegetable items. Retail outlets were located in south-east Queensland. Fifteen retail outlets were surveyed (five of each retail stream). Average basket prices were not significantly different across the socio-economic spectrum, but prices in low socio-economic areas were cheapest. Availability, variety and quality did not differ significantly across levels of socio-economic position; however, the areas with the most socio-economic disadvantage scored poorest for quality and variety. Supermarkets had significantly better fruit and vegetable availability than farmers' markets, although price, variety and quality scores were not different across retail streams. Results demonstrate a trend to fruit and vegetable prices being more expensive at farmers' markets, with the price of the fruit basket being significantly greater at the organic farmers' market compared with the non-organic farmers' markets. Neither area-level socio-economic position nor the form of retail stream was significantly associated with differences in the availability, price, variety and quality of fruit and vegetables, except for availability which was higher in supermarkets than farmers' markets. Further research is needed to determine what role farmers' markets can play in affecting fruit and vegetable intake.

Economic Darwinism

DEFF Research Database (Denmark)

Sloth, Birgitte; Whitta-Jacobsen, Hans Jørgen

We define an evolutionary process of “economic Darwinism” for playing-the-field, symmetric games. The process captures two forces. One is “economic selection”: if current behavior leads to payoff differences, behavior yielding lowest payoff has strictly positive probability of being replaced...... in the literature. Using this result, we demonstrate that generally under positive (negative) externalities, economic Darwinism implies even more under- (over-) activity than does Nash equilibrium...

DAMPAK PENYAJIAN KEMBALI EPS DAN CFPS TERHADAP RETURN SAHAM

Directory of Open Access Journals (Sweden)

Imelda Sinaga

2014-04-01

Full Text Available The problem in this study is whether there is a positive influence of CFPS and EPS before and after restatement in giving positive impact on stock returns. The sample used in EPS before and after the restatement, while as many as 102 samples meanwhile CFPS before and after restatement using 82 sample companies listed on the Stock Exchange. Independent variables used in this study are the earnings per share and cash flow per share and the dependent variables used in this study is the stock return. Test equipment used in this study using multiple regression statistical model           The results of this study demonstrate that EPS before restatement did not impact significantly on the stock returns which indicates that investors have been aware that there is signal to improve the EPS before the restatement. EPS after restatement had no significant effect on return, this indicates that the new information is in accordance with the Market Efficiency hypothesis is that will make the market participants to react and take action to respond that new information. CFPS before and after restatement also had no significant effect on stock returns because investors do not use operating cash flow information as a basic for investment decisions. This can have implications on investors who use financial statements to make right decisions on the location of their assets in the companies that perform restatement as well for the company itself that financial report restatement can be made if it is seen as a form of commitment and sense of responsibility to the market to provide trustable information

Goals, ways and the roots of our economic crisis

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Bob Goudzwaard

2014-08-01

Full Text Available This article deals with the question if and how far religious points of view and messages of churches involved matter in the analysis of the roots of the present global economic crisis, and even more in the discussion about how to overcome the crisis itself. Economic experts such as Stiglitz point to the presence of factors such as greed, fear and utmost selfish behaviour. It inevitably leads to the ethical, but in fact also the religious question of how far people, especially economic agents, can go in the pursuit of their own economic interests without doing harm to others. Jesus asked his disciples to follow him: with Bonhoeffer, we could call that a Way-orientation. Where and how far can a conflict therefore arise between human goal-orientations, on the one hand, and a biblical Way-orientation, on the other hand? And is it indeed relevant when considering our present economic crisis? This article defends the last position, describing some categories (such as the choice of ultimate meaning, the sacro-sanctity of chosen instruments, and the demonisation of opponents which indicate that the borderline has been passed between responsible and irresponsible goal-orientations. The glorification of greed and the delegation of ultimate power to financial markets indicate that at this moment elements of idolatry (or the obedience to Mammon are at hand. They are also aggravating the present economic crisis. This implies that returning to the choice for decisive normative Way-orientations in economic life is possibly the only true way out of the present economic crisis.

THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS ON DHAKA STOCK EXCHANGE

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Muhammed Monjurul Quadir

2012-01-01

Full Text Available This article investigates the effects of macroeconomic variables of treasury bill interest rate and industrial production on stock returns on Dhaka Stock Exchange for the period between January 2000 and February 2007 on the basis of monthly time series data using Autoregressive Integrated Moving Average (ARIMA model. The paper has taken the overall market stock returns as an independent variable. It does not consider the stock returns of different companies separately. Though the ARIMA model finds a positive relationship between Treasury bill interest rate and industrial production with market stock returns but the coefficients have turned out to be statistically insignificant.

Estimating the risk-return tradeoff in MENA Stock Markets

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Salim Lahmiri

2013-04-01

Full Text Available This study employs the generalized autoregressive conditionally heteroskedastic in the mean (GARCH-M methodology to investigate the return generating process of Jordan, Kingdom of Saudi Arabia (KSA, Kuwait, and Morocco stock market indices. The tradeoff between returns and the conditional variance is found to be positive in all markets. In other words, the empirical findings show that investors are rewarded for their exposure to more risk in these financial markets. This result is consistent with both financial theory and empirical finance.

Risk-Return Trade-off in Emerging Markets:Evidence from Dhaka Stock Exchange Bangladesh

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Abu T. Mollik

2015-03-01

Full Text Available This paper attempts to measure the risk and return relationship in Dhaka Stock Exchange (DSE. The study reports a statistically significant positive relationship between risk and return both at the individual security level and at the portfolio level, confirming the theoretical predictions and empirical findings on this issue in developed markets. Although portfolio risk and returns are found to be significantly positively related in general, some inconsistencies were revealed in the context of relative risk for high risk portfolios, suggesting the existence of some anomalies or mispricing in high risk assets. These findings have important implications for investment decisions at the DSE in that the investors may be able to create profitable investment strategies using the mispricing information.

Factors Affecting Stock Returns of Firms Quoted in ISE Market: A Dynamic Panel Data Approach

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Şebnem Er

2013-07-01

Full Text Available Several studies, explaining the factors affecting stock returns, have been published both in developed and developing countries. In many of these papers, either cross-sectional or time series methods have been applied. In this study, Dynamic Panel Data Analysis Methods have been conducted to explain the factors affecting stock returns of 64 manufacturing firms that are continuously quoted in ISE during the period of 2003-2007. The results indicate that stock performance, financial structure, activity and profitability ratios can be used to explain the stock returns as well as the oil prices, economic growth, exchange rate, interest rate, and money supply.

Muslimah Entrepreneurship and Economic Empowerment in Pengajian

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Ana Fadhilah

2017-04-01

Full Text Available It is a requirement in the practice of economic enterprising to gain productive skill training and capitalization or provision of capital using the moving loan for the member. However, there is still constraint for this method, which is some members are being late to return the loan, because of some reasons. This paper aims to analyze the effect of the moving loan for the pengajian (religious gathering of An Naml, especially who used it for the food processing business; and to analyze their income’s allocation, whether the income is allocated for the consumption, education, and health or set the income aside for the religious fund, such as infaq, alms, kurban and hajj’s fund. This paper employs qualitative and quantitative approaches, gathering data using in-depth interview, observation and distributing questioners to the 15 select members (purposive sampling. The analysis techniques used are descriptive analysis, paired t-test and correlation analysis. This paper found that the economic enterprise of the member of the An Naml religious gathering, according to the correlation test, proof that between the total income and the savings, before and after the loan given is positively related. In doing so, the connection between the total income and the religious fund before the loan given is related positively, but after the loan given the relation is undetected.

Estimating economic losses to tourism in Africa from the illegal killing of elephants

Science.gov (United States)

Naidoo, Robin; Fisher, Brendan; Manica, Andrea; Balmford, Andrew

2016-11-01

Recent surveys suggest tens of thousands of elephants are being poached annually across Africa, putting the two species at risk across much of their range. Although the financial motivations for ivory poaching are clear, the economic benefits of elephant conservation are poorly understood. We use Bayesian statistical modelling of tourist visits to protected areas, to quantify the lost economic benefits that poached elephants would have delivered to African countries via tourism. Our results show these figures are substantial (~USD $25 million annually), and that the lost benefits exceed the anti-poaching costs necessary to stop elephant declines across the continent's savannah areas, although not currently in the forests of central Africa. Furthermore, elephant conservation in savannah protected areas has net positive economic returns comparable to investments in sectors such as education and infrastructure. Even from a tourism perspective alone, increased elephant conservation is therefore a wise investment by governments in these regions.

Early-life Socio-economic Status and Adult Health: The Role of Positive Affect.

Science.gov (United States)

Murdock, Kyle W; LeRoy, Angie S; Fagundes, Christopher P

2017-08-01

The aim of this paper is to develop a further understanding of the relationship between early-life socio-economic status (SES) and adult health disparities. This was accomplished through evaluation of state indicators of positive and negative affect as mechanisms through which early-life SES was associated with susceptibility to a rhinovirus (i.e. the common cold). Analyses were conducted among 286 adults in a viral challenge study in which participants were exposed to a rhinovirus via nasal drops and cold symptoms were evaluated over a period of 5 days. Participant age, body mass index, sex, education, ethnicity, pre-challenge virus-specific antibody titres and subjective adult SES, along with virus type and season of participation, were included as covariates. Early-life SES was associated with cold incidence through state positive affect, but not state negative affect. In addition, contrast analysis indicated that the indirect effect through state positive affect was stronger than the indirect effect through state negative affect. Findings provide further support for early-life SES being an important variable associated with adult health, and that state self-reported positive affect may be an underlying mechanism associated with susceptibility to rhinoviruses. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

Effects of nitrogen fertilizer application on greenhouse gas emissions and economics of corn production.

Science.gov (United States)

Kim, Seungdo; Dale, Bruce E

2008-08-15

Nitrogen fertilizer plays an important role in corn cultivation in terms of both economic and environmental aspects. Nitrogen fertilizer positively affects corn yield and the soil organic carbon level, but it also has negative environmental effects through nitrogen-related emissions from soil (e.g., N20, NOx, NO3(-) leaching, etc.). Effects of nitrogen fertilizer on greenhouse gas emissions associated with corn grain are investigated via life cycle assessment. Ecoefficiency analysis is also used to determine an economically and environmentally optimal nitrogen application rate (NAR). The ecoefficiency index in this study is defined as the ratio of economic return due to nitrogen fertilizer to the greenhouse gas emissions of corn cultivation. Greenhouse gas emissions associated with corn grain decrease as NAR increases at a lower NAR until a minimum greenhouse gas emission level is reached because corn yield and soil organic carbon level increase with NAR. Further increasing NAR after a minimum greenhouse gas emission level raises greenhouse gas emissions associated with corn grain. Increased greenhouse gas emissions of corn grain due to nitrous oxide emissions from soil are much higher than reductions of greenhouse gas emissions of corn grain due to corn yield and changes in soil organic carbon levels at a higher NAR. Thus, there exists an environmentally optimal NAR in terms of greenhouse gas emissions. The trends of the ecoefficiency index are similar to those of economic return to nitrogen and greenhouse gas emissions associated with corn grain. Therefore, an appropriate NAR could enhance profitability as well as reduce greenhouse gas emissions associated with corn grain.

26 CFR 301.6103(h)(2)-1 - Disclosure of returns and return information (including taxpayer return information) to and by...

Science.gov (United States)

2010-04-01

... administration. 301.6103(h)(2)-1 Section 301.6103(h)(2)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT... Returns Returns and Records § 301.6103(h)(2)-1 Disclosure of returns and return information (including..., shall, to the extent provided by section 6103(h)(2) (A), (B), and (C) and subject to the requirements of...

Economic Growth, Economic Freedom, and Governance

OpenAIRE

Cebula, Richard; Ekstrom, Marcus

2008-01-01

This exploratory study examines the impact of various forms of economic freedom and various dimensions of governance, as well as a number of economic factors, on economic growth among OECD nations. Empirical estimation finds that the natural log of per capita purchasing-power-parity adjusted real GDP in OECD nations is positively impacted by business freedom, monetary freedom, trade freedom, and property rights security. Economic growth is found to be negatively affected by perceived governme...

Positioning matrix of economic efficiency and complexity: a case study in a university hospital.

Science.gov (United States)

Ippolito, Adelaide; Viggiani, Vincenzo

2014-01-01

At the end of 2010, the Federico II University Hospital in Naples, Italy, initiated a series of discussions aimed at designing and applying a positioning matrix to its departments. This analysis was developed to create a tool able to extract meaningful information both to increase knowledge about individual departments and to inform the choices of general management during strategic planning. The name given to this tool was the positioning matrix of economic efficiency and complexity. In the matrix, the x-axis measures the ratio between revenues and costs, whereas the y-axis measures the index of complexity, thus showing "profitability" while bearing in mind the complexity of activities. By using the positioning matrix, it was possible to conduct a critical analysis of the characteristics of the Federico II University Hospital and to extract useful information for general management to use during strategic planning at the end of 2010 when defining medium-term objectives. Copyright © 2013 John Wiley & Sons, Ltd.

Does Child Labor Decline with Improving Economic Status?

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Edmonds, Eric V.

2005-01-01

The rapid economic growth of Vietnam provides an interesting insight into the sharp decline in child labor. A study of the rising economic status of the population across Vietnam shows that children returned to school or stopped working as their family incomes grew. The decline in child labor is steep in poor households as they emerged from…

The Economic Payoff to Investing in Educational Justice

Science.gov (United States)

Levin, Henry M.

2009-01-01

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

SOSIAL EKONOMI PEREMPUAN MIGRAN KEMBALI (RETURN MIGRANT JORONG KAPUH, NAGARI SUMANI, KAB. SOLOK

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Yuliana Nengrum

2014-06-01

Full Text Available Marantau is a tradition in Minangkabaunes. Such as with Jorong Kapuh society it is economic factor and behavior as support their to do it. In the bight economic factor homogeny and less economic to get daily want until 70% in that condition. The aims based on resolution of the problem are: first, to describe a woman knowledge about bight, second, to describe the reason a woman can do it, third, to describe the reason a woman as a brighter and return migrant, fourth, to describe economic social condition us return migrant. Research counducted with qualitative approach with descriptive method. Informant chosed using purposive. The result of this research conclusion of bight woman is studied, couple research, socialization with another society. Social economic condition have two differences variable, first, economic variable (their physic necessity, health for economic physic, second, social variable (long life need, the appreciate of society, help another, success in their life. Merantau merupakan tradisi masyarakat Minangkabau. Demikian halnya dengan masyarakat Jorong Kapuh, selain dari merantau menjadi suatu tradisi faktor ekonomi dan keadaan alam juga sebagai pendorong bagi masyarakat Jorong Kapuh untuk merantau. Berdasarkan rumusan masalah terdapat empat tujuan penelitian yaitu: pertama, mendeskripsikan pengetahuan perempuan tentang merantau, kedua, mendeskripsikan alasan perempuan merantau, ketiga, mendeskripsikan alasan perempuanperantau, kembali kekampunghalamannya, keempat, mendeskripsikan kondisi sosiale konomi perempuan perantau pasca migrasi sebagai migrant kembali. Penelitian dilakukan dengan pendekatan kualitatif dengan metode penelitian deskriptif. Teknik pengambilan informan dilakukan dengancara purposive sampling. Hasil dari penelitian ini, dapat disimpulkan bahwa perempuan merantau yaitu mencari pengalaman hidup, perubahan ekonomi yang lebih baik, mencari jodoh, menuntut ilmu, bersosialisasi dengan masyarakat di rantau. Kondisi

Czech returns to schooling: does the short supply of college education bite?

Czech Academy of Sciences Publication Activity Database

Jurajda, Štěpán

-, č. 213 (2003), s. 1-14 ISSN 1211-3298 R&D Projects: GA AV ČR KSK8002119; GA ČR GA403/03/0340 Institutional research plan: CEZ:AV0Z7085904 Keywords : returns to education * Czech Republic Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp213.pdf

Modeling stock return distributions with a quantum harmonic oscillator

Science.gov (United States)

Ahn, K.; Choi, M. Y.; Dai, B.; Sohn, S.; Yang, B.

2017-11-01

We propose a quantum harmonic oscillator as a model for the market force which draws a stock return from short-run fluctuations to the long-run equilibrium. The stochastic equation governing our model is transformed into a Schrödinger equation, the solution of which features “quantized” eigenfunctions. Consequently, stock returns follow a mixed χ distribution, which describes Gaussian and non-Gaussian features. Analyzing the Financial Times Stock Exchange (FTSE) All Share Index, we demonstrate that our model outperforms traditional stochastic process models, e.g., the geometric Brownian motion and the Heston model, with smaller fitting errors and better goodness-of-fit statistics. In addition, making use of analogy, we provide an economic rationale of the physics concepts such as the eigenstate, eigenenergy, and angular frequency, which sheds light on the relationship between finance and econophysics literature.

Long memory volatility of gold price returns: How strong is the evidence from distinct economic cycles?

Science.gov (United States)

Bentes, Sonia R.

2016-02-01

This paper examines the long memory behavior in the volatility of gold returns using daily data for the period 1985-2009. We divided the whole sample into eight sub-samples in order to analyze the robustness and consistency of our results during different crisis periods. This constitutes our main contribution. We cover four major world crises, namely, (i) the US stock market crash of 1987; (ii) the Asian financial crisis of 1997; (iii) the World Trade Center terrorist attack of 2001 and finally, (iv) the sub-prime crisis of 2007, in order to investigate how the fractional integrated parameter of the FIGARCH(1, d,1) model evolves over time. Our findings are twofold: (i) there is evidence of long memory in the conditional variance over the whole sample period; (ii) when we consider the sub-sample analysis, the results show mixed evidence. Thus, for the 1985-2003 period the long memory parameter is positive and statistically significant in the pre-crisis sub-samples, and there is no evidence of long memory in the crisis sub-sample periods; however the reverse pattern occurs for the 2005-2009 period. This highlights the unique characteristics of the 2007 sub-prime crisis.

Economic feasibility of hay enriched extruded production as a complete diet for equine

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Kátia Feltre

2016-04-01

Full Text Available The present study aimed to evaluate the economic feasibility of production and commercialization project of Hay Enriched Extruded (HEE as a complete diet for horses. The study was based on survey data and quotation activities involving price from the land preparation (repair, planting and fertilization to the processing of the product at the factory (extrusion and marketing. Transportation costs and taxes were also considered. Discounted Cash Flow (30 years was used to calculate the profitability indicator and the Profit and Loss Statement (PLS. Calculations were developed using Microsoft Office Excel® spreadsheets. Three production scenarios were simulated with different consumer prices: Scenario 1 - equivalent to the complete diet, where the ingredients are supplied together, but purchased separately; Scenario 2 - Considering a value 10% higher than the complete diet; Scenario 3 - Considering a value 20% higher than the complete diet. We observed that the project was economically viable in the three suggested scenarios with positive Net Present Value, Internal Rate of Return greater than 9.4% and payback of 11 to 2 years. The results enable us to conclude that the product may be a promising investment for both product quality and ease of use as the rapid return on invested capital.

Comparison of knee flexion isokinetic deficits between seated and prone positions after ACL reconstruction with hamstrings graft: Implications for rehabilitation and return to sports decisions.

Science.gov (United States)

Koutras, Georgios; Bernard, Manfred; Terzidis, Ioannis P; Papadopoulos, Pericles; Georgoulis, Anastasios; Pappas, Evangelos

2016-07-01

Hamstrings grafts are commonly used in ACL reconstruction, however, the effect of graft harvesting on knee flexion strength has not been longitudinally evaluated in functional positions. We hypothesized that greater deficits in knee flexion strength exist in the prone compared to the seated position and these deficits remain as rehabilitation progresses. Case series. Forty-two consecutive patients who underwent ACL reconstruction with a hamstrings graft were followed prospectively for 9 months. Isokinetic knee flexion strength at a slow and a fast speed were collected at 3, 4, 6, and 9 months in two different positions: conventional (seated) and functional (0° of hip flexion). Peak torque knee flexion deficits were higher in the prone position compared to the seated position by an average of 6.5% at 60°/s and 9.1% at 180°/s (p<0.001). Measuring knee flexion strength in prone demonstrates higher deficits than in the conventional seated position. Most athletes would not be cleared to return to sports even at 9 months after surgery with this method. Copyright © 2015 Sports Medicine Australia. Published by Elsevier Ltd. All rights reserved.

A study on the relationship between operational cash flow and the return of stockholders

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Hassan Ghodrati

2014-07-01

Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

Revisiting the investor sentiment-stock returns relationship: A multi-scale perspective using wavelets

Science.gov (United States)

Lao, Jiashun; Nie, He; Jiang, Yonghong

2018-06-01

This paper employs SBW proposed by Baker and Wurgler (2006) to investigate the nonlinear asymmetric Granger causality between investor sentiment and stock returns for US economy while considering different time-scales. The wavelet method is utilized to decompose time series of investor sentiment and stock returns at different time-scales to focus on the local analysis of different time horizons of investors. The linear and nonlinear asymmetric Granger methods are employed to examine the Granger causal relationship on similar time-scales. We find evidence of strong bilateral linear and nonlinear asymmetric Granger causality between longer-term investor sentiment and stock returns. Furthermore, we observe the positive nonlinear causal relationship from stock returns to investor sentiment and the negative nonlinear causal relationship from investor sentiment to stock returns.

EFFECTS OF ECONOMIC CRISIS ON THE ROMANIAN ECONOMY

OpenAIRE

Valeriu Potecea; Georgiana Cebuc

2010-01-01

Romania, which for 50 years was part of the "communist experiment", returned in 1989 to rules of market economy, hoping that within a reasonable period will reap the benefits of capitalist values. Global seizures that began to affect the whole world economic system in 2008, from the U.S., seem to invalidate not only all political and economic accumulation obtained by our country in almost 20 years but efforts to affect and ideal economic theories which fully adhered

On the Risk-Return Tradeoff in the Stock Exchange of Thailand: New Evidence

OpenAIRE

Jiranyakul, Komain

2011-01-01

This paper provides new evidence on the positive risk-return tradeoff in the Thai stock market using monthly data. An AR(p)-GARCH-in-mean model is applied to the data from January 1981 to December 2009. Since stock prices and dividend series are not cointegrated, the excess returns are separately calculated as capital gain and dividend excess returns. By incorporating the dummy variables that capture the impact of the 1987 global stock market crash and the Asian 1997 financial crisis in th...

Revisiting the relevance of economic theory to hotel revenue ...

African Journals Online (AJOL)

This paper explores the role of economics in hospitality education and industry practice, with a particular focus on revenue management, and puts forward an argument for a return to the inclusion of economic theory in UK hospitality education, not seen since the 1990s. Given the increasing amounts of pricing data available ...

Mars Sample Return: Do Australians trust NASA?

Science.gov (United States)

Joyce, S.; Tomkins, C. S.; Weinstein, P.

2008-09-01

Mars Sample Return (MSR) represents an important scientific goal in space exploration. Any sample return mission will be extremely challenging from a scientific, economic and technical standpoint. But equally testing, will be communicating with a public that may have a very different perception of the mission. A MSR mission will generate international publicity and it is vital that NASA acknowledge the nature and extent of public concern about the mission risks and, perhaps equally importantly, the public’s confidence in NASA’s ability to prepare for and manage these risks. This study investigated the level of trust in NASA in an Australian population sample, and whether this trust was dependent on demographic variables. Participants completed an online survey that explored their attitudes towards NASA and a MSR mission. The results suggested that people believe NASA will complete the mission successfully but have doubts as to whether NASA will be honest when communicating with the public. The most significant finding to emerge from this study was that confidence in NASA was significantly (p communication.

The Prevalence of Norovirus in returning international travelers with diarrhea

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Löscher Thomas

2010-05-01

Full Text Available Abstract Background There is a high incidence of diarrhea in traveling populations. Norovirus (NV infection is a common cause of diarrhea and is associated with 7% of all diarrhea related deaths in the US. However, data on the overall prevalence of NV infection in traveling populations is limited. Furthermore, the prevalence of NV amongst travelers returning to Europe has not been reported. This study determined the prevalence of NV among international travelers returning to Germany from over 50 destinations in and outside Europe. Methods Stool samples of a total of 104 patients with a recent ( Results In our cohort, NV infection was detected in 15.7% of returning travelers with diarrhea. The closer to the date of return symptoms appeared, the higher the incidence of NV, ranging as high as 21.2% within the first four days after return. Conclusions In our cohort, NV infection was shown to be frequent among returning travelers especially in those with diarrhea, with over 1/5 of diarrhea patients tested positive for NV within the first four days after their return to Germany. Due to this prevalence, routine testing for NV infection and hygienic precautions may be warranted in this group. This is especially applicable to patients at an increased risk of spreading the disease, such as healthcare workers, teachers or food-handlers.

MENA Quarterly Economic Brief, July 2015

OpenAIRE

Devarajan, Shanta; Mottaghi, Lili

2015-01-01

Iran and the Permanent Members of the UN Security Council and Germany (P5+1) reached a deal on July 14, 2015 that limits Iranian nuclear activity in return for lifting all international sanctions that were placed on Iran (Box 1). This issue of the MENA Quarterly Economic Brief (QEB) traces the economic effects of this development—removing sanctions on Iran—on the world oil market, on Iran’s trading partners, and on the Iranian economy.

Return-to-Work Program for Injured Workers: Factors of Successful Return to Employment.

Science.gov (United States)

Awang, Halimah; Shahabudin, Sharifah Muhairah; Mansor, Norma

2016-11-01

This study examined the factors of successful return to employment among participants in the return to work program (RTW) following work-related injury. Data were obtained from the Social Security Organization database containing 9850 injured workers who underwent RTW in 2010 to 2013. About 65% had successfully returned to employment. Significant factors of successful return include gender, employer interest, motivation, age, intervention duration, and type of injury. Male and motivated employees were more likely to return to employment compared with female and unmotivated employees, respectively. Participants from interested employers were 23.22 times more likely to return to work than those from uninterested employers, whereas participants whose intervention period exceeded 5 months were 41% less likely to return to work compared with those whose intervention period was within 3 months. Appropriate strategy and enhanced collaboration between the stakeholders would improve the proportion of successful return to employment. © 2016 APJPH.

Socio-economic position and adolescents’ health in Italy: the role of selfesteem and self-efficacy

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Alessio Zambon

2007-09-01

Full Text Available

Background: To underline the importance of self-esteem and self-efficacy as aspects of health promotion, we investigated the hypothesis that self-esteem and self-efficacy mediate the effect of socio-economic position on adolescents’ health. This association has been confirmed by our data.

Methods: Data derive from the international Health Behaviours in School-aged Children (HBSC study, 2001- 02 edition: a representative sample of Italian children (age groups of 11, 13 and 15years, N=4386 was administered a questionnaire at school. We tested with a multivariate model the effect of economic wellbeing on health and behavioural outcomes, first excluding, and then including, self-esteem and self-efficacy among the determinants.

Results: Perceiving poorer health, not eating enough fruits and vegetables and doing too little physical activity are conditions affected by economic well-being (O.R. of best-off to worst-off are 0.65, 0.83 and 0.46, all statistically significant, while smoking habit is not affected. Including self-esteem and self-efficacy into the model significantly lowers, or annihilates, the effect of economic conditions on these outcomes.

Conclusions: Economic well-being affects adolescents’ health (perceived health and health behaviours in Italy, but it is reasonable to hypothesize that self-esteem and self-efficacy are among the mediators of this effect. Targeted interventions aimed at enhancing self-esteem and self-efficacy could therefore help in mitigating the effect of health inequalities.

Shale gas technology innovation rate impact on economic Base Case – Scenario model benchmarks

International Nuclear Information System (INIS)

Weijermars, Ruud

2015-01-01

Highlights: • Cash flow models control which technology is affordable in emerging shale gas plays. • Impact of technology innovation on IRR can be as important as wellhead price hikes. • Cash flow models are useful for technology decisions that make shale gas plays economic. • The economic gap can be closed by appropriate technology innovation. - Abstract: Low gas wellhead prices in North America have put its shale gas industry under high competitive pressure. Rapid technology innovation can help companies to improve the economic performance of shale gas fields. Cash flow models are paramount for setting effective production and technology innovation targets to achieve positive returns on investment in all global shale gas plays. Future cash flow of a well (or cluster of wells) may either improve further or deteriorate, depending on: (1) the regional volatility in gas prices at the wellhead – which must pay for the gas resource extraction, and (2) the cost and effectiveness of the well technology used. Gas price is an externality and cannot be controlled by individual companies, but well technology cost can be reduced while improving production output. We assume two plausible scenarios for well technology innovation and model the return on investment while checking against sensitivity to gas price volatility. It appears well technology innovation – if paced fast enough – can fully redeem the negative impact of gas price decline on shale well profits, and the required rates are quantified in our sensitivity analysis

Changes and continuities in families with migrant parents who have returned to Antioquia and the Colombian coffeegrowing region

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Jair Eduardo Restrepo Pineda

2017-01-01

Full Text Available This article carries out an approach to the families immersed in a migratory process of international return of their fathers and mothers, allowing to make visible the modification and reconfiguration of their dynamics and how these affect the relations, cohabitation and functioning of family life. Aspects such as authority and decision-making, gender roles and economic supply are the ones that demonstrate greater changes for every member of the family unit. As regards the continuities, it is highlighted the fact that the carer role is still being inherently bound to the women. The return is a dynamic process in which communication, care and economic supply prepare the migrants’ way towards their reincorporation into family life.

The Influence of the Endogenous and Exogenous Factors on Credit Institutions’ Return on Equity

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Baltes Nicolae

2015-05-01

Full Text Available The research’s purpose is to study the credit institutions’ performance, from the shareholders’ point of view, through return on equity (ROE. It aims to identify a dependency relationship between return on equity (ROE and endogenous factors (the growth rate of credit portfolio, the growth rate provisions, the solvency ratio, on the one hand and, on the other hand between ROE and the exogenous ones (GDP and inflation rate. The research was done over an horizon of 10 years (2004-2013 on the evolution of the return on equity indicator of two credit institutions listed on Bucharest Stock Exchange (Carpathian Commercial Bank SA and Banca Transilvania SA, highlights their vulnerability to economic conditions. The results obtained indicates, that in both credit institutions, the variation of return on capital is determined in a significant proportion by intern factors and it is conditioned in a insignificant share by the exogenous factors

Estimating Stocks Return with Decomposition of the Book-to-Market Ratio: Evidences from Bovespa

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Juliano Ribeiro de Almeida

2010-12-01

Full Text Available The book-to-market (BM ratio differs across stocks because to differences in expected cashflows and expected returns. The central hypothesis is that the evolution of BM, in terms of past changes in price and book equity, contains information about future cashflows that can be used to improve estimates of expected returns. This article used a database of Economática to extract a sample of non-financial companies shares listed on BOVESPA and test this hypothesis. The estimated regressions were performed monthly during the period July 1996 to June 2008. Both for large and mid caps as for small caps, the results do not favor this hypothesis and show that only the most recent BM is important to predict the assets returns. Furthermore, stock issues and repurchases are also related to future cashflows and it is expected to improve estimates of expected returns. However, the results provide no evidence favoring that.

When it cannot get better or worse: the asymmetric impact of good and bad news on bond returns in expansions versus recessions

NARCIS (Netherlands)

Beber, A.; Brandt, M.W.

2008-01-01

We examine empirically the response of bond returns and their volatility to good and bad macroeconomic news in economic expansions and recessions. We find that the information content of macroeconomic announcements is most important when it contains bad news for bond returns in expansions and, to a

The Relationship between Market Sentiment Index and Stock Rates of Return: a Panel Data Analysis

Directory of Open Access Journals (Sweden)

Claudia Emiko Yoshinaga

2012-04-01

Full Text Available This article analyzes the relationship between market sentiment and future stock rates of return. We used amethodology based on principal component analysis to create a sentiment index for the Brazilian market withdata from 1999 to 2008. The sample consisted of companies listed on BM&FBOVESPA which were groupedinto quintiles, each representing a portfolio, according to the magnitude of the following characteristics: marketvalue, total annualized risk and listing time on BM&FBOVESPA. Next, we calculated the average return of eachportfolio for every quarter. The data for the first and last quintiles were analyzed via two-factor ANOVA, usingsentiment index of the previous period (positive or negative as the main factor and each characteristic ascontrolling factors. Finally, the sentiment index was included in a panel data pricing model. The results indicatea significant and negative relationship between the market sentiment index and the future rates of return. Thesefindings suggest the existence of a reversion pattern in stock returns, meaning that after a positive sentimentperiod, the impact on subsequent stock returns is negative, and vice-versa.

26 CFR 1.6013-2 - Joint return after filing separate return.

Science.gov (United States)

2010-04-01

... the case of a joint return made under section 6013(b), the period of limitations provided in sections... (c)(1) of this section, relating to the application of sections 6501 and 6651 with respect to a joint... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Joint return after filing separate return. 1...

The time-varying correlation between policy uncertainty and stock returns: Evidence from China

Science.gov (United States)

Xiong, Xiong; Bian, Yuxiang; Shen, Dehua

2018-06-01

In this paper, we use a new policy uncertainty index to investigate the time-varying correlation between economic policy uncertainty (EPU) and Chinese stock market returns. The correlation is examined in the period from January 1995 to December 2016. We show that absolute changes in EPU have a significant impact on stock market returns. Specifically, empirical results based on the DCC-GARCH model reveal that the correlation between EPU and stock returns has large fluctuations, especially during a financial crisis; in addition, the impact of EPU on the Shanghai stock market is greater than on the Shenzhen stock market. Robustness results reveal that the impact of EPU on state-owned enterprises is larger than on non-state enterprises. All of these results highlight the important role of EPU in the Chinese stock market, and shed light on such issues for future research.

Economics of biodiesel production in the context of fulfilling 20% blending with petro-diesel in Nepal

DEFF Research Database (Denmark)

Parajuli, Ranjan

2014-01-01

The dependency on imported petro-diesel along with the escalating price are adversely affecting the national economy of Nepal. As an alternative fuel, prospects of biodiesel production for partial substitution of petro-diesel are felt necessary to reduce the dependency on fossil fuel. This article...... outlines the economics of biodiesel production in the country. Three different cases are developed for the economic analysis in the chain of biodiesel production, which are aimed to overview the influences of yield of plant, cost of cultivation, and price of raw oilseeds to the production cost of biodiesel....... The study concludes that the biodiesel production is economically viable with a plant yield greater than 2 kg/plant and with the price of oil seeds lower than 0.22 USD/kg, which has a positive return on investment. With the yield lower than 2 kg/plant, the production cost of biodiesel cannot compete...

The Risk Return Relationship: Evidence from Index Return and Realised Variance Series

OpenAIRE

Minxian Yang

2014-01-01

The risk return relationship is analysed in bivariate models for return and realised variance(RV) series. Based on daily time series from 21 international market indices for more than 13 years (January 2000 to February 2013), the empirical findings support the arguments of risk return tradeoff, volatility feedback and statistical balance. It is reasoned that the empirical risk return relationship is primarily shaped by two important data features: the negative contemporaneous correlation betw...

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.

Some Further Evidence on the Rate of Return to Schooling and the Business Cycle.

Science.gov (United States)

King, Randall H.

1980-01-01

The business cycle has a strong impact on calculated rates of return to schooling. Cross-sectional rates of return are positively related to the unemployment rate in the year the cross-section is taken. The sensitivity of the relationship was not found to be substantially different among the races. (CT)

On Socio-Economic Roles and Specialisation

NARCIS (Netherlands)

Gilles, R.P.; Lazarova, E.A.; Ruys, P.H.M.

2006-01-01

Abstract: Xiaokai Yang's theory of economic specialization under increasing returns to scale is a formal development of the fundamental Smith-Young theorem on the extent of the market and the social division of labor. In this theory specialization and, thus, the social division of labor is firmly

The value of winning : endorsement returns in individual sports

NARCIS (Netherlands)

Gerritsen, Dirk F.; van Rheenen, Saskia

Using the results of 1068 different golf, tennis, and track and field (in particular: running) events, this paper examines the relation between athlete performance and stock returns of firms endorsed by athletes. We find that a tournament victory is associated with significant and positive

Return to work and cancer: the Australian experience.

Science.gov (United States)

McKay, Georgina; Knott, Vikki; Delfabbro, Paul

2013-03-01

Research suggests that for many cancer survivors, returning to work has a range of benefits. However, considerable barriers have been identified as influencing the quality of return to work outcomes. This study explored the perspectives of Australian cancer survivors, managers and employee assistance program (EAP) professionals to gain an understanding of the return to work process and factors that affect the experience. Focus groups and interviews were conducted with cancer survivors (n = 15), managers (n = 12), and EAP professionals / psychologists (n = 4) from public and private sectors. Thematic analysis was used to analyse the data to identify common and unique themes from the three participant groups. A range of drivers were identified including maintaining normality and regaining identity, which could act positively or negatively depending on survivors' coping ability and self awareness. Analysis revealed communication difficulties in the workplace that impact on emotional and practical support. Negotiating an employee's return is complex, influenced by the level of consultation with the employee and use of an ad hoc or structured process. Direct and indirect ways of supporting employees with cancer were identified, as was the need for colleague and manager support. This study supports previous research findings of the impact of cancer on work, and reveals managers' lack of knowledge on how to respond appropriately. The process of returning to work is complex, influenced by employees' and managers' attitudes, communication skills and coping abilities. Areas for workplace interventions to optimise support for the cancer survivor are described.

An Economic Return to Education in Small-scale Fisheries in North ...

African Journals Online (AJOL)

investigated amongst small-scale fishing communities in north-east Madagascar. We found that educational level is low in Malagasy fishing ... contribution of education to the economy, society and well-being of humans over the .... of labor education in South Korea from a sociopolitical and economic perspective.

The association of socio-economic position across the life course and age at menopause: the British Women's Heart and Health Study.

Science.gov (United States)

Lawlor, Debbie A; Ebrahim, Shah; Smith, George Davey

2003-12-01

To assess the association of indicators of adverse socio-economic position from across the life course with age at menopause. Cross sectional study as part of the British Women's Heart and Health Study. 23 British towns. Three thousand and five hundred and thirteen women aged 60-79 years from a total cohort of 4286. Women who underwent a hysterectomy or oophorectomy prior to their 'natural' menopause or who were taking hormone replacement therapy around the perimenopausal period and for whom a biological age at menopause could not be calculated were excluded from this study. Age at menopause. Most of the 10 indicators of adverse socio-economic position from childhood through to adulthood were linearly associated with a younger age at menopause. In age adjusted analyses, women from manual social classes in childhood began their menopause on average 0.68 years (95% confidence interval [CI] 0.11, 1.3) earlier than those from non-manual social classes. Those who lived in a house as a child without a bathroom began their menopause 0.47 years (95% CI 0.12, 0.82) earlier than those with a bathroom. Those who shared a bedroom began 0.36 years (95% CI 0.03, 0.70) earlier than those who had their own bedroom and finally those who lived in a household with no access to a car as a child began their menopause 0.47 years (95% CI 0.02, 0.95) earlier than those with access to a car. Adult indicators of adverse socio-economic position were similarly associated with earlier age at menopause. Age at completing full time education was not substantively associated with age at menopause. The inverse associations between each of the indicators of both childhood and adult socio-economic position and age at menopause were not importantly affected by adjustment for other reproductive factors but they attenuated by between 6% and 21% with adjustment for adult smoking and body mass index. The inverse associations between each of the childhood indicators of socio-economic position only and age

The net return from animal activity in agro-ecosystems: trading off benefits from ecosystem services against costs from crop damage [v2; ref status: indexed, http://f1000r.es/3c4

Directory of Open Access Journals (Sweden)

Gary W Luck

2014-04-01

Full Text Available Animals provide benefits to agriculture through the provision of ecosystem services, but also inflict costs such as damaging crops. These benefits and costs are mostly examined independently, rather than comparing the trade-offs of animal activity in the same system and quantifying the net return from beneficial minus detrimental activities. Here, I examine the net return associated with the activity of seed-eating birds in almond orchards by quantifying the economic costs and benefits of bird consumption of almonds. Pre-harvest, the consumption of harvestable almonds by birds cost growers AUD$57.50 ha-1 when averaged across the entire plantation. Post-harvest, the same bird species provide an ecosystem service by removing mummified nuts from trees that growers otherwise need to remove to reduce threats from fungal infection or insect pest infestations. The value of this ecosystem service ranged from AUD$82.50 ha-1–$332.50 ha-1 based on the replacement costs of mechanical or manual removal of mummified nuts, respectively. Hence, bird consumption of almonds yielded a positive net return of AUD$25–$275 ha-1 averaged across the entire plantation. However, bird activity varied spatially resulting in positive net returns occurring primarily at the edges of crops where activity was higher, compared to negative net returns in crop interiors. Moreover, partial mummy nut removal by birds meant that bird activity may only reduce costs to growers rather than replace these costs completely. Similar cost-benefit trade-offs exist across nature, and quantifying net returns can better inform land management decisions such as when to control pests or promote ecosystem service provision.

Modeling economic costs of disasters and recovery involving positive effects of reconstruction: analysis using a dynamic CGE model

Science.gov (United States)

Xie, W.; Li, N.; Wu, J.-D.; Hao, X.-L.

2013-11-01

Disaster damages have negative effects on economy, whereas reconstruction investments have positive effects. The aim of this study is to model economic causes of disasters and recovery involving positive effects of reconstruction activities. Computable general equilibrium (CGE) model is a promising approach because it can incorporate these two kinds of shocks into a unified framework and further avoid double-counting problem. In order to factor both shocks in CGE model, direct loss is set as the amount of capital stock reduced on supply side of economy; A portion of investments restore the capital stock in existing period; An investment-driven dynamic model is formulated due to available reconstruction data, and the rest of a given country's saving is set as an endogenous variable. The 2008 Wenchuan Earthquake is selected as a case study to illustrate the model, and three scenarios are constructed: S0 (no disaster occurs), S1 (disaster occurs with reconstruction investment) and S2 (disaster occurs without reconstruction investment). S0 is taken as business as usual, and the differences between S1 and S0 and that between S2 and S0 can be interpreted as economic losses including reconstruction and excluding reconstruction respectively. The study showed that output from S1 is found to be closer to real data than that from S2. S2 overestimates economic loss by roughly two times that under S1. The gap in economic aggregate between S1 and S0 is reduced to 3% in 2011, a level that should take another four years to achieve under S2.

The economic impact of foot and mouth disease and its control in South-East Asia: a preliminary assessment with special reference to Thailand.

Science.gov (United States)

Perry, B D; Kalpravidh, W; Coleman, P G; Horst, H S; McDermott, J J; Randolph, T F; Gleeson, L J

1999-08-01

A pilot study of the economic impact of foot and mouth disease (FMD) in the countries and region of South-East Asia is described. Previous economic impact assessments are reviewed and summarised and a synthesis of these contributions is constructed. A framework for the future economic impact of the disease is then developed, incorporating analyses at the sectoral (production system), national and regional levels. Data requirements for such studies are also identified. Integrated epidemiological and economic models for impact assessment were developed and applied to the case study country of Thailand. The models were used to evaluate the economic viability of FMD control programmes in the country. Scenarios evaluated include the effect of improving vaccination coverage and thus reducing productivity losses, and the effect of eventual eradication of the disease. The results indicate that economic returns to the high expenditures incurred in FMD control could be achieved in the short term if greater international trade in pork products was made possible and export prices higher than those in the domestic market could be attained. If FMD were to be eradicated from Thailand in 2010, the eradication would be economically viable, even without exports, with a predicted benefit-cost ratio of 3.73. With additional exports, the economic justification for control becomes much stronger with a benefit-cost ratio of up to 15:1 being achieved. If eradication is not achieved until 2020, returns remain positive without exports, but at a lower rate. The authors propose that the integrated epidemiological and economic models developed be applied to other countries of the region to gain a more accurate insight into the future benefits of FMD control and eradication in the region.

Life course socio-economic position and quality of life in adulthood: a systematic review of life course models

Science.gov (United States)

2012-01-01

Background A relationship between current socio-economic position and subjective quality of life has been demonstrated, using wellbeing, life and needs satisfaction approaches. Less is known regarding the influence of different life course socio-economic trajectories on later quality of life. Several conceptual models have been proposed to help explain potential life course effects on health, including accumulation, latent, pathway and social mobility models. This systematic review aimed to assess whether evidence supported an overall relationship between life course socio-economic position and quality of life during adulthood and if so, whether there was support for one or more life course models. Methods A review protocol was developed detailing explicit inclusion and exclusion criteria, search terms, data extraction items and quality appraisal procedures. Literature searches were performed in 12 electronic databases during January 2012 and the references and citations of included articles were checked for additional relevant articles. Narrative synthesis was used to analyze extracted data and studies were categorized based on the life course model analyzed. Results Twelve studies met the eligibility criteria and used data from 10 datasets and five countries. Study quality varied and heterogeneity between studies was high. Seven studies assessed social mobility models, five assessed the latent model, two assessed the pathway model and three tested the accumulation model. Evidence indicated an overall relationship, but mixed results were found for each life course model. Some evidence was found to support the latent model among women, but not men. Social mobility models were supported in some studies, but overall evidence suggested little to no effect. Few studies addressed accumulation and pathway effects and study heterogeneity limited synthesis. Conclusions To improve potential for synthesis in this area, future research should aim to increase study

Household Composition and Longitudinal Health Outcomes for Older Mexican Return Migrants

Science.gov (United States)

Mudrazija, Stipica; López-Ortega, Mariana; Vega, William A.; Robledo, Luis Miguel Gutiérrez; Sribney, William

2016-01-01

Mexican return migrant population is increasing, yet our knowledge about their lives after resettlement in Mexico remains fragmentary. Using 2001–2012 longitudinal data from the Mexican Health and Aging Study, we investigate difference in household composition for older migrants who returned from the United States compared to nonmigrants. Furthermore, we fit a Cox proportional hazards model to assess the relationship between household composition and health and functional trajectories of return migrants and nonmigrants. The results indicate that return migrants with long duration of U.S. stay have different household composition than nonmigrants or short-term migrants: On average, they have smaller household size, including fewer females who may be available to offer assistance to older adults. Presence of middle-age females in the household has positive effects on health and functional trajectories. We highlight implications of this research for policy makers in Mexico and the United States. PMID:26966255

How Do Neural Networks Enhance the Predictability of Central European Stock Returns?

Czech Academy of Sciences Publication Activity Database

Baruník, Jozef

2008-01-01

Roč. 58, 7-8 (2008), s. 359-376 ISSN 0015-1920 R&D Projects: GA ČR(CZ) GA402/06/1417 Institutional research plan: CEZ:AV0Z10750506 Keywords : emerging stock market s * predictability of stock returns * neural networks Subject RIV: AH - Economics Impact factor: 0.275, year: 2008 http://library.utia.cas.cz/separaty/2008/E/barunik-0314837.pdf

Weathering the Great Recession with Human Capital? Evidence on Labor Market Returns to Education from Arkansas. A CAPSEE Working Paper

Science.gov (United States)

Belfield, Clive

2015-01-01

The Great Recession was one of the sharpest economic downturns of the past century, with significant impacts across the U.S. labor market. Over past decades, one key feature of the U.S. labor market has been the high and stable returns to education. In this paper I estimate the returns to education for large samples of young workers in Arkansas…

Reinjury anxiety, coping, and return-to-sport outcomes: a multiple mediation analysis.

Science.gov (United States)

Wadey, Ross; Podlog, Leslie; Hall, Morgan; Hamson-Utley, Jordan; Hicks-Little, Charlie; Hammer, Chris

2014-08-01

This study aimed to examine whether the dimensions of reinjury anxiety (i.e., intensity, frequency, and direction) predicted perceived return-to-sport outcomes and whether coping mediated this relationship. Using a cross-sectional research design, 335 participants (M age = 23.5; SD = 6.6) who had sustained a sports-related injury preventing participation in training and competition for a minimum of 4 weeks (M time loss = 98 days; SD = 96.8) completed measures of reinjury anxiety (RIA-RE subscale of the Reinjury Anxiety Inventory (RIAI); Walker, Thatcher, & Lavallee, 2010), coping (MCOPE; Crocker & Graham, 1995), and perceived return-to-sport outcomes (RSSIQ; Podlog & Eklund, 2005). Pearson product-moment correlation and Preacher and Hayes's (2008) bootstrapping procedure were used to analyze the data. Consistent with our hypotheses, results indicated a positive relationship between reinjury anxiety (intensity and frequency) and heightened return concerns, whereas reinjury anxiety interpreted as facilitative toward postinjury performance was associated with a positive renewed perspective on sport participation. Significant indirect effects for coping were found for wishful thinking, venting of emotions, denial, and behavioral disengagement. Future avenues of research that aim to provide a greater knowledge and understanding of the relationship between reinjury anxiety and return-to-sport outcomes are discussed, including the need for alternative theoretical perspectives and diverse methodologies.

Study of technical and economic feasibility of a manufacturing briquettes for energy generation; Estudo da viabilidade tecnico-economica de uma fabrica de briquetes para fins de geracao energetica

Energy Technology Data Exchange (ETDEWEB)

Silva, Claudinei Augusto da; Simoes, Andre Felipe [Universidade Estadual de Campinas (FEM/UNICAMP), SP (Brazil). Fac. de Engenharia Mecanica], Emails: claudinei@fem.unicamp.br, afsimoes@fem.unicamp.br; Felfli, Felix Fonseca; Mesa Perez, Juan Miguel [Bioware Tecnologia, Campinas SP (Brazil); Rocha, Jose Dilcio [Universidade Estadual de Campinas (NIPE/UNICAMP), SP (Brazil). Nucleo Interdisciplinar de Planejamento Energetico

2006-07-01

Current scenario indicates that renewable energy sources are expected to play an increasingly important role in the world energy matrix, mainly due to a potential reduction of fossil fuel reserves and environment issues. In this context, the use of alternative energy sources, specifically biomass briquettes, shows up as a great opportunity. However, it is known that an economic feasibility assessment for the project depends on decision-making factors such as equipment, labor and material implementation. All costs and investments were calculated. A company headquartered in the city of Tiete, Sao Paulo State, analyzed the total costs of implementing a high density briquette factory. Tow scenarios were considered. In scenario 1, with tax exemption, the Net Present Value (NPV) is positive and the Intern Rate of Return is 16,9%, is an economic feasible scenario. Scenario 2, with no tax exemption, is not economically feasible, the NPV is negative and the Intern Rate Return is 13,9%, lower than 15.0% of the minimum rate of investor attractiveness. (author)

Human Capital as a Binding Constraint to Economic Growth: The Case of Macedonia

Directory of Open Access Journals (Sweden)

Darko Lazarov

2016-06-01

Full Text Available The main objective of the paper is to explore the assumption if the lack of skilled and well-educated workforces (human capital holds a potential of a binding constraint to economic growth of the Macedonian economy. Not neglecting growth econometrics’ insights for the investigation of the relationship between human capital and economic growth, the work is primarily based on a growth diagnostic approach. The empirical techniques used in this paper are: growth accounting decomposition production method; macro and micro assessment of the return rate on investment in human capital; and, comparative benchmark analysis concerns with regard to unemployment distribution according to education and age structure and companies’ perceptions about the quality of workforce. The estimated results indicate an important contribution of human capital to economic growth (its relative contribution in terms of growth rate composition is approximately 22 percent. The macro and micro assessment of the rate of return on investment in human capital shows that the rate of return to higher education is significantly superior to corresponding returns to secondary education. Finally, the international benchmark analysis helps in comparative human capital impact analysis (educational structure of labor force in the wider region. Predominantly, it is based on educational structure, unemployment distribution and the companies’ perception about the quality of the workforce.

Economic Beliefs and Party Preference

OpenAIRE

Michael W.M. Roos; Andreas Orland

2014-01-01

This paper reports the results of a questionnaire study used to explore the economic understanding, normative positions along the egalitarian-libertarian spectrum, and the party preferences of a large student sample. The aim of the study is both to find socio-economic determinants of normative and positive beliefs and to explore how beliefs about the economy influence party support. We find that positive beliefs of lay people differ systematically from those of economic experts. Positive beli...

Business Planning and the Economic Growth of Small and Medium ...

African Journals Online (AJOL)

The purpose of this study was to determine the relevance of business planning the economic growth of Small and Medium Scale Enterprises (SMEs) and their ability to attract investors and loans, in the face of dwindling economic returns in Nigeria. A five point likert-type questionnaire was utilized in gathering data from 450 ...

Variations in return value estimate of ocean surface waves - a study based on measured buoy data and ERA-Interim reanalysis data

Science.gov (United States)

Muhammed Naseef, T.; Sanil Kumar, V.

2017-10-01

An assessment of extreme wave characteristics during the design of marine facilities not only helps to ensure their safety but also assess the economic aspects. In this study, return levels of significant wave height (Hs) for different periods are estimated using the generalized extreme value distribution (GEV) and generalized Pareto distribution (GPD) based on the Waverider buoy data spanning 8 years and the ERA-Interim reanalysis data spanning 38 years. The analysis is carried out for wind-sea, swell and total Hs separately for buoy data. Seasonality of the prevailing wave climate is also considered in the analysis to provide return levels for short-term activities in the location. The study shows that the initial distribution method (IDM) underestimates return levels compared to GPD. The maximum return levels estimated by the GPD corresponding to 100 years are 5.10 m for the monsoon season (JJAS), 2.66 m for the pre-monsoon season (FMAM) and 4.28 m for the post-monsoon season (ONDJ). The intercomparison of return levels by block maxima (annual, seasonal and monthly maxima) and the r-largest method for GEV theory shows that the maximum return level for 100 years is 7.20 m in the r-largest series followed by monthly maxima (6.02 m) and annual maxima (AM) (5.66 m) series. The analysis is also carried out to understand the sensitivity of the number of observations for the GEV annual maxima estimates. It indicates that the variations in the standard deviation of the series caused by changes in the number of observations are positively correlated with the return level estimates. The 100-year return level results of Hs using the GEV method are comparable for short-term (2008 to 2016) buoy data (4.18 m) and long-term (1979 to 2016) ERA-Interim shallow data (4.39 m). The 6 h interval data tend to miss high values of Hs, and hence there is a significant difference in the 100-year return level Hs obtained using 6 h interval data compared to data at 0.5 h interval. The

THE DISCLOSURE OF THE CONVERSION OF VOLUME AND UTILIZATION OF FIXED CAPITAL IN THE COMMERCIAL RATE OF RETURN

Directory of Open Access Journals (Sweden)

CONSTANTIN CĂRUNTU

2010-01-01

Full Text Available The efficiency and sustainability in a competitive economy are provided also by the extent to which the company has a material potential whose technical and operational parameters meet the new requirements of market economy. The management of creating value at the enterprise level requires selecting from a range of alternative investments that variant that incubated the most likely probability to increase the value of the firm. The fixed capital of the company is a production factor with a significant role in the performances of economic efficiency of it. The fixed capital incorporates a certain qualitative level of the production tehnologies and its effectiveness will depend decisively on the degree of physical and moral wear and also by the degree to which production capacity is used. At company level, economic efficiency is called return and, if the ratio between effect and effort is expressed as a percentage, is called rate of return. The key element of a company's profitability is the profit which, in its various forms, is taken into account in determining the different rates of return. The objective of any enterprise is to achieve maximum benefit and profitability of capital invested with the view to ensure its development and compensation of those who made capital investments. The profitability is one of the synthetic forms of expressing the efficiency of the entire financial-economic activities of the enterprise, respectively of all the means of production used and labor force, in all stages of economic circuit: supply, production and sales.

The Economics of a Successful Raccoon Rabies Elimination Program on Long Island, New York

Science.gov (United States)

Elser, Julie L.; Bigler, Laura L.; Anderson, Aaron M.; Maki, Joanne L.; Lein, Donald H.; Shwiff, Stephanie A.

2016-01-01

Raccoon rabies is endemic in the eastern U.S.; however, an epizootic had not been confirmed on Long Island, New York until 2004. An oral rabies vaccination (ORV) program was initiated soon after the first rabies-positive raccoon was discovered, and continued until raccoon rabies was eliminated from the vaccination zone. The cost-effectiveness and economic impact of this rabies control program were unknown. A public health surveillance data set was evaluated following the ORV program on Long Island, and is used here as a case study in the health economics of rabies prevention and control efforts. A benefit-cost analysis was performed to determine the cost-effectiveness of the program, and a regional economic model was used to estimate the macroeconomic impacts of raccoon rabies elimination to New York State. The cost of the program, approximately $2.6 million, was recovered within eight years by reducing costs associated with post-exposure prophylaxis (PEP) and veterinary diagnostic testing of rabies suspect animals. By 2019, the State of New York is projected to benefit from the ORV program by almost $27 million. The benefit-cost ratio will reach 1.71 in 2019, meaning that for every dollar spent on the program $1.71 will be saved. Regional economic modeling estimated employment growth of over 100 jobs and a Gross Domestic Product (GDP) increase of $9.2 million through 2019. This analysis suggests that baiting to eliminate rabies in a geographically constrained area can provide positive economic returns. PMID:27935946

Income and Self-Rated Mental Health: Diminished Returns for High Income Black Americans

Directory of Open Access Journals (Sweden)

Shervin Assari

2018-05-01

Full Text Available Background: The minorities’ diminished return theory suggests that socioeconomic position (SEP generates smaller health gains for racial/ethnic minorities compared to Whites. The current study was a Black–White comparison of the association between household income and self-rated mental health (SRMH. Methods: This cross-sectional study used data from the 2017 State of the State Survey (SOSS. With representative sampling, the SOSS generates results that are generalizable to the state of Michigan. This study included 881 adults, (n = 92 Black and (n = 782 White. The independent variable was household income. The dependent variable was SRMH, measured using a single item. Age, gender, and participation in the labor force were covariates. Race/ethnicity was the focal moderator. Logistic regression models were used for data analysis. Results: Overall, higher household income was associated with better SRMH, net of covariates. An interaction was found between race/ethnicity and household income on SRMH, suggesting a smaller, or nonexistent, protective effect for Blacks compared to Whites. In race/ethnicity-stratified models, higher household income was associated with better SRMH for Whites but not Blacks. Conclusion: Supporting the minorities’ diminished return theory, our study documents differential effects for income on SRHM for Blacks and Whites, where Whites but not Blacks appear to benefit from their income. Given this, researchers and policy makers are cautioned against making assumptions that racial groups benefit equally from similar economic resources.

THE RELEVANCE OF THE PERFORMANCE INDICATORS IN ECONOMIC AND FINANCIAL DIAGNOSIS

Directory of Open Access Journals (Sweden)

MIRELA MONEA

2011-01-01

Full Text Available Each company must achieve the objectives to reach performance in order to survive on the market. The paper aims to present the concept of performance as is seen in economic literature, to discuss the relevance of the main performances indicators on economic and financial diagnosis, to answer the question what are the main indicators which reflect economic or financial performances: profit, profitability ratios, economic added value, investments return, liquidity, cash-flows, resources efficiency, productivity, others.

Pengaruh Rasio Modal Saham Terhadap Return Saham Perusahaan-Perusahaan Telekomunikasi Go Public di Indonesia Periode 2007

Directory of Open Access Journals (Sweden)

David Wijaya

2008-01-01

Full Text Available The purpose of this research is to know the influence of market value ratio to return in the telecommunication go public companies in Indonesia. This research uses multiple regression linear method, examination of hypothesis by using t test, F test and R2 test. The result of this analysis indicates that simultaneously all independent variables (ROE, PER, BVPS, and PTBV do not have a positive and significant effect to dependent variable (return. It means that return variable influenced by other variables which do not included in this research. Partially, all independent variables (ROE, PER, BVPS, and PTBV do not have a positive and significant effect to dependent variable (return Abstract in Bahasa Indonesia: Penelitian ini bertujuan untuk mengetahui pengaruh rasio modal saham terhadap return pada perusahaan-perusahaan telekomunikasi terbuka di Indonesia. Penelitian ini menggunakan metode analisis regresi linier berganda, pengujian hipotesis dengan menggunakan uji t, uji F, dan uji R2. Hasil analisis menunjukkan bahwa secara simultan (secara bersama-sama, semua variabel independen (ROE, PER, BVPS, dan PTBV secara signifikan dan positif tidak memiliki pengaruh terhadap variabel dependen (return. Hal ini berarti bahwa variabel return dipengaruhi oleh variabel-variabel lain yang tidak termasuk dalam penelitian ini. Secara parsial, semua variabel independen (ROE, PER, BVPS, dan PTBV tidak memiliki pengaruh secara signifikan dan positif terhadap variabel dependen (Return. Kata kunci: Laba atas ekuitas, harga-laba, nilai buku per lembar saham, harga saham per nilai buku, imbal hasil

Serious shoulder injuries in professional soccer: return to participation after surgery.

Science.gov (United States)

Hart, David; Funk, Lennard

2015-07-01

An evidence base for the management and prevention of shoulder injuries in soccer is lacking. The aim of this study was to demonstrate the type, mechanism and recovery time after surgery associated with serious shoulder injuries sustained in professional soccer to build an evidence base foundation. Fifty-two professional soccer players underwent shoulder surgery for injuries sustained during match play. Of these, 25 fulfilled the inclusion criteria. Data were collected for injury mechanism and type; clinical, radiological and surgical findings and procedures; and return to full participation. Subjects were all managed by the same surgeon. Labral injuries represented the most common injury type affecting 21 (84 %) subjects; two rotator cuff (8 %) and two combined labral/rotator cuff (8 %) injuries were less common. Fourteen (56 %) subjects sustained a high-energy trauma injury in a combined abduction and external rotation position. Six (24 %) subjects sustained a low-energy trauma mechanism in variable positions, while five (20 %) had a gradual onset of symptoms. Twenty-two (88 %) subjects reported a dislocation as a feature of their presentation. All of the subjects with high- and low-energy trauma mechanisms reported a dislocation occurring at the time of injury. Eight (32 %) subjects had sustained a previous significant shoulder injury to the ipsilateral side. Goalkeepers did not sustain low-energy trauma injuries. Outfield players returned to full participation in a mean time of 11.6 weeks, while goalkeepers did so in 11.1 weeks post-surgery. Return to participation time ranged from 7 to 24 weeks with a median of 11 weeks. Professional soccer players can expect a return to participation within 12 weeks post-surgery. The majority of serious shoulder injuries in soccer occur at a positional extreme of external rotation and abduction in high-energy situations, while a significant number occur in low-energy situations away from this position. Most serious shoulder

Economic assessment of different mulches in conventional and water-saving rice production systems.

Science.gov (United States)

Jabran, Khawar; Hussain, Mubshar; Fahad, Shah; Farooq, Muhammad; Bajwa, Ali Ahsan; Alharrby, Hesham; Nasim, Wajid

2016-05-01

Water-saving rice production systems including alternate wetting and drying (AWD) and aerobic rice (AR) are being increasingly adopted by growers due to global water crises. Application of natural and artificial mulches may further improve water economy of water-saving rice production systems. Conventionally flooded rice (CFR) system has been rarely compared with AWD and AR in terms of economic returns. In this 2-year field study, we compared CFR with AWD and AR (with and without straw and plastic mulches) for the cost of production and economic benefits. Results indicated that CFR had a higher production cost than AWD and AR. However, application of mulches increased the cost of production of AWD and AR production systems where plastic mulch was expensive than straw mulch. Although the mulching increased the cost of production for AWD and AR, the gross income of these systems was also improved significantly. The gross income from mulched plots of AWD and AR was higher than non-mulched plots of the same systems. In conclusion, AWD and AR effectively reduce cost of production by economizing the water use. However, the use of natural and artificial mulches in such water-saving environments further increased the economic returns. The maximized economic returns by using straw mulch in water-saving rice production systems definitely have pragmatic implications for sustainable agriculture.

Economic fundamentals: between consecration and contestation

Directory of Open Access Journals (Sweden)

Monica-Gabriela GHERMAN

2012-09-01

Full Text Available Currently, the whole world has fallen prey to the most profound and long recession in the history after the war. Based on the causes and effects of the current crisis, can we say exactly which is the best economic trend that evokes the reality of today? Representatives of classicism, neoclassicism, Keynesianism, monetarism, economic liberalism etc.? Economic laws will remain in the same stage or will change? Certainly, there will be an adjustment in economic thinking and the economic crisis will force us to choose a different economic model, based primarily on rationality, morality and temperance.We can even say that a quick return to the Middle Ages, the economic thinking of the scholars, who maintain those principles of economic life dependent and religious morality, by accepting the conditions of inequality as a source of virtue practiced, and detachment from wealth, combined with the principles of economic life in capitalism, could lead to a moral economic model, linking the two categories of facts: religion and economic development, as Max Weber stated in his book “Protestant Ethics and the Spirit of Capitalism”.

IRB PERSPECTIVES ON THE RETURN OF INDIVIDUAL RESULTS FROM GENOMIC RESEARCH

Science.gov (United States)

Dressler, Lynn G.; Smolek, Sondra; Ponsaran, Roselle; Markey, Janell M.; Starks, Helene; Gerson, Nancy; Lewis, Susan; Press, Nancy; Juengst, Eric; Wiesner, Georgia L.

2012-01-01

Purpose Return of individual research results from genomic studies is a hotly debated ethical issue in genomic research. However, the perspective of key stakeholders—Institutional Review Board (IRB) reviewers—has been missing from this dialogue. This study explores the positions and experiences of IRB members and staff regarding this issue. Methods In depth interviews with 31 IRB professionals at six sites across the United States. Results IRB professionals agreed that research results should be returned to research participants when results are medically actionable but only if the participants wanted to know the result. Many respondents expected researchers to address the issue of return of results (ROR) in the IRB application and informed-consent document. Many respondents were not comfortable with their expertise in genomics research, and only a few described actual experiences in addressing ROR. Although participants agreed that guidelines would be helpful, most were reticent to develop them in isolation. Even where IRB guidance exists (e.g., CLIA lab certification required for return), in practice, the guidance has been overruled to allow return (e.g., no CLIA lab performs the assay). Conclusion An IRB-researcher partnership is needed to help inform responsible and feasible institutional approaches to returning research results. PMID:22241094

A systematic review of studies identifying predictors of poor return to work outcomes following workplace injury.

Science.gov (United States)

Street, Tamara D; Lacey, Sarah J

2015-06-05

Injuries occurring in the workplace can have serious implications for the health of the individual, the productivity of the employer and the overall economic community. The objective of this paper is to increase the current state of understanding of individual demographic and psychosocial characteristics associated with extended absenteeism from the workforce due to a workplace injury. Studies included in this systematic literature review tracked participants' return to work status over a minimum of three months, identified either demographic, psychosocial or general injury predictors of poor return to work outcomes and included a heterogeneous sample of workplace injuries. Identified predictors of poor return to work outcomes included older age, female gender, divorced marital status, two or more dependent family members, lower education levels, employment variables associated with reduced labour market desirability, severity or sensitive injury locations, negative attitudes and outcome perceptions of the participant. There is a need for clear and consistent definition and measurement of return to work outcomes and a holistic theoretical model integrating injury, psychosocial and demographic predictors of return to work. Through greater understanding of the nature of factors affecting return to work, improved outcomes could be achieved.

Return to work after lumbar disc surgery is related to the length of preoperative sick leave

DEFF Research Database (Denmark)

Andersen, Mikkel Ø; Ernst, Carsten; Rasmussen, Jesper

2017-01-01

% returned to work if surgically treated within three months. In contrast, only 50% of those whose sick leave exceeded three months returned to work. CONCLUSION: The present analysis suggests that the return-to-work rate after lumbar disc herniation surgery is affected by the length of sick leave. FUNDING......INTRODUCTION: Lumbar disc herniation (LDH) is associated with high morbidity and significant socio-economic impact as the majority of the patients are of working age. The purpose of this study was to determine the impact of length of sick leave on the return-to-work rate after lumbar disc...... herniation surgery. METHODS: This was a single-centre study of LDH patients who underwent surgery from 18 May 2009 through 28 November 2014. Data were collected prospectively from the DaneSpine database. Questions in DaneSpine include preoperative length of sick leave and working status one year post...

PENGARUH KINERJA BERBASIS PENCIPTAAN NILAI DAN VARIABEL MAKROEKONOMI TERHADAP RETURN SAHAM INDUSTRI PAKAN TERNAK

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Evi Karmilah

2016-07-01

Full Text Available The creation of value-based performance measurement can be an alternative in measuring the company's financial performance. Results can be used as indicators of assessments by investors, and these indicators can influence the stock returns. Besides, macroeconomic variables also affect stock returns. This study aimed to analyze the financial performance of companies in the process of creation of value-added with EVA, MVA, and Tobin's Q approach. Impacts of these performance measurements and macroeconomic variables (exchange rates, interest rates, and inflation on stock returns of the subsector animal feed industry were studied. Descriptive analysis was applied in analyzing the company's financial performance. The impacts of the company financial performance and macroeconomic variables were assessed by using panel data regression analysis. The results related to the company's performance showed that 1 EVA performance dominantly obtained a positive EVA value; 2 MVA performance predominantly produced a positive MVA value in 3 companies and a negative MVA value in the other company; 3 Tobin’s Q performance predominantly generated a value of Q>1 in 2 companies and a value of Q<1 in the other 2 companies. The results of the panel data regression analysis concluded the independent variables influencing the stock return were the performance variables while the macroeconomic variables had no effects on stock return.Keywords: macroeconomic variables, panel data regression, stock return, subsector of animal feed, value-based performance

Models of the Economic Growth and their Relevance

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Nicolae MOROIANU

2012-06-01

Full Text Available Until few years ago, the economic growth was something perfect normal, part of an era marked by the transformation speed. Normality itself has been transformed and we currently are influenced by other rules, unknown yet, which should answer the question: “How do we return to the economic growth?” The economic growth and the models aiming to solve this problem concern the economic history even since its beginnings. In this paper we would like to find out what is the relevance that the well-known macroeconomic models still have and which might be their applicability level in a framework created by a black swan event type.

Stress-related sickness absence and return to labour market in Sweden.

Science.gov (United States)

Engström, Lars-Gunnar; Janson, Staffan

2007-03-15

To analyse factors influencing chances of returning to work after long-term sickness absence with a stress-related psychiatric diagnosis. Primary focus is on employer- and occupational categories as explanatory variables. Data was collected from the regional social insurance office in the county of Värmland for 911 individuals, all with stress-related sickness absences during November in the year 2000. Logistic regressions were carried out on outcome states from long-term sickness absence on two follow-up occasions after two and three years. The results indicate that the employer- and occupational categories only had a minor effect on return to work after the long-term sickness absence. Age and health-related factors together with time factors seem to be more relevant in explaining return to work. The findings suggest that individual labour market position, as occupation, employer, branch etc, seems to be less important than expected in explaining return to work from sickness absence due to stress-related psychiatric disorders.

Ex-ante analysis of economic returns from biological control of coconut mite in Tanzania

NARCIS (Netherlands)

Oleke, J.M.; Manyong, V.; Mignouna, D.; Isinika, A.; Mutabazi, K.; Hanna, R.; Sabelis, M.

2013-01-01

The coconut mite, Aceria guerreronis Keifer, has been identified as one of the pests that pose a threat to the coconut industry in Benin. The study presents the simulation results of the economic benefits of the biological control of coconut mites in Benin using a standard economic surplus model. In

SECTORAL RISK AND RETURN FOR COMPANIES IN ROMANIA

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Anis Cecilia

2012-12-01

Full Text Available probability that cash flows or return will vary from expectations. Standard corporate finance theory supposes that a company chooses a capital structure that maximizes company value. A fundamental idea in finance is the relationship between risk and return. The greater the amount of risk that an investor is willing to take on, the greater the potential return. The reason for this is that investors need to be compensated for taking on additional risk. Why put capital at significant risk for a return that is no higher than the return on government bonds? Or expect higher than averages returns from low-risk activities? It is impossible to separate measuring the performance of a company from the risks that the management takes to achieve it.In most aspects of company operations, risk assessment plays a different but equally important, role. It is an integral part of informed decision taking in achieving performance. Risk assessment is involved from the highest level in strategic choices about what activities to undertake, what assets to buy or what markets to serve all the way to detailed operational decisions about whether to accept payment in foreign currencies and the adequacy of safety measures in the workplace. It plays a part whether or not an organization is aware of managing risk and many managers feel that their instinct and judgment are enough – a behavior risk. The danger is that this leaves company risk unplanned and unmanaged. This paper proposes a framework where we realized a study cases: we test if return on assets and return on equity has influence on the risk, both on long and short term. For this purposes, we conduct an empirical research that covers 59 selected companies traded at the Bucharest Stock Exchange within the time period 1999-2010. For this study our results reveal that dynamic global risk can be associated to a low intensity with total assets performance of the company’s. Investments efficiency and the

The Cross-Section of Credit Risk Premia and Equity Returns

DEFF Research Database (Denmark)

Friewald, Nils; Wagner, Christian; Zechner, Josef

2014-01-01

We explore the link between a firm's stock returns and credit risk using a simple insight from structural models following Merton (1974): risk premia on equity and credit instruments are related because all claims on assets must earn the same compensation per unit of risk. Consistent with theory......, we find that firms' stock returns increase with credit risk premia estimated from CDS spreads. Credit risk premia contain information not captured by physical or risk-neutral default probabilities alone. This sheds new light on the “distress puzzle”—the lack of a positive relation between equity...

The Cross-Section of Credit Risk Premia and Equity Returns

DEFF Research Database (Denmark)

Friewald, Niels; Wagner, Christian; Zechner, Josef

We explore the link between a firm's stock returns and its credit risk using a simple insight from structural models following Merton (1974): risk premia on equity and credit instruments are related because all claims on assets must earn the same compensation per unit of risk. Consistent...... with theory, we find that firms' stock returns increase with credit risk premia estimated from CDS spreads. Credit risk premia contain information not captured by physical or by risk-neutral default probabilities alone. This sheds new light on the "distress puzzle", i.e. the lack of a positive relation...

Long-range dependence in returns and volatility of Central European Stock Indices

Czech Academy of Sciences Publication Activity Database

Krištoufek, Ladislav

2010-01-01

Roč. 2010, č. 3 (2010), s. 1-19 R&D Projects: GA ČR GD402/09/H045 Institutional research plan: CEZ:AV0Z10750506 Keywords : long-range dependence * rescaled range * modified rescaled range * bootstrapping Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2010/E/kristoufek-long-range dependence in returns and volatility of central european stock indices.pdf

Development and analysis of an economizer control strategy algorithm to promote an opportunity for energy savings in air conditioning installations

Energy Technology Data Exchange (ETDEWEB)

Neto, Jose H.M.; Azevedo, Walter L. [Centro Federal de Educacao Tecnologica de Minas Gerais (CEFET), Belo Horizonte, MG (Brazil). Dept. de Engenharia Mecanica]. E-mail: henrique@daem.des.cefetmg.br

2000-07-01

This work presents an algorithm control strategy denominated enthalpy economizer. The objective of this algorithm strategy is to determine the adequate fractions of outside and return air flowrates entering a cooling coil based on the analysis of the outside, return and supply air enthalpies, rather than on the analysis of the dry bulb temperatures. The proposed algorithm predicts the actual opening position of the outside and return air dampers in order to provide the lower mixing air enthalpy. First, the psychometrics properties of the outside and return air are calculated from actual measurements of the dry and wet bulb temperatures. Then, three distinct cases are analyzed: the enthalpy of the outside air is lower than the enthalpy of the supply air (free cooling); the enthalpy of the outside air is higher than the enthalpy of the return air; the enthalpy of the outside air is lower than the enthalpy of the return air and higher than the temperature of the supply air. Different outside air conditions were selected in order to represent typical weather data of Brazilians cities, as well as typical return air conditions. It was found that the enthalpy control strategy could promote an opportunity for energy savings mainly during mild nights and wintertime periods as well as during warm afternoons and summertime periods, depending on the outside air relative humidity. The proposed algorithm works well and can be integrated in some commercial automation software to reduce energy consumption and electricity demand. (author)

After the storm: the social relations of return to work following electrical injury.

Science.gov (United States)

Mansfield, Elizabeth; Stergiou-Kita, Mary; Kirsh, Bonnie; Colantonio, Angela

2014-09-01

In this study, we explored the experiences of 13 individuals who had suffered an electrical injury at work and had subsequently returned to work. In this article, we report on the social, institutional, and relational elements that workers perceived to influence return to work experiences and the provision of workplace accommodations. These elements included (a) worker resources, (b) job characteristics, (c) workplace setting, (d) injury elements, (e) workers' compensation context, and (f) supports and advocacy provided. We conclude that the availability and provision of supportive accommodations are influenced by a multiplicity of interrelated factors including the legitimacy of resulting impairments following electrical injury, institutional structures (e.g., compensation and health care systems), the social relations of work, and broader labor market and economic contexts. Those workers who were vulnerable because of factors such as employment circumstances or labor market conditions were often poorly supported when returning to work following electrical injury. © The Author(s) 2014.

Asymmetry of Returns in the Australian STOCK Market

Science.gov (United States)

Gunner, Susan M.; Brooks, Louise; Storer, Robin G.

We use econophysics techniques to investigate the characteristics of the distribution of returns from the All Ordinaries Index and from optimal portfolios constructed from individual stocks on the Australian Stock Exchange. We find in general that the tails of the distributions are asymmetric and that the negative tail favours a power-law behaviour while the positive tail is more Gaussian.

Returns to Tenure or Seniority?

DEFF Research Database (Denmark)

Buhai, Ioan Sebastian; Portela, Miguel; Teulings, Coen

  This study documents two empirical regularities, using data for Denmark and Portugal. First, workers who are hired last, are the first to leave the firm (Last In, First Out; LIFO). Second, workers' wages rise with seniority (= a Worker's tenure relative to the tenure of her colleagues). We seek...... at the moment of separation). The LIFO rule provides a stronger bargaining position for senior workers, leading to a return to seniority in wages. Efficiency in hiring requires the workers' .bargaining power to be in line with their share in the cost of specific investment. Then, the LIFO rule is a way...

Health, "illth," and economic growth: medicine, environment, and economics at the crossroads.

Science.gov (United States)

Egger, Garry

2009-07-01

Economic growth has been the single biggest contributor to population health since the Industrial Revolution. The growth paradigm, by definition, is dynamic, implying similar diminishing returns on investment at both the macro- and the micro-economic levels. Changes in patterns of health in developing countries, from predominantly microbial-related infectious diseases to lifestyle-related chronic diseases (e.g., obesity, type 2 diabetes) beyond a point of economic growth described as the epidemiologic transition, suggest the start of certain declining benefits from further investment in the growth model. These changes are reflected in slowing improvements in some health indices (e.g., mortality, infant mortality) and deterioration in others (e.g., disability-associated life years, obesity, chronic diseases). Adverse environmental consequences, such as climate change from economic development, are also related to disease outcomes through the development of inflammatory processes due to an immune reaction to new environmental and lifestyle-related inducers. Both increases in chronic disease and climate change can be seen as growth problems with a similar economic cause and potential economic and public health-rather than personal health-solutions. Some common approaches for dealing with both are discussed, with a plea for greater involvement by health scientists in the economic and environmental debates in order to deal effectively with issues like obesity and chronic disease.

Managing economic risks through simulation

International Nuclear Information System (INIS)

Griffin, B.J.; Eresman, R.K.

1994-01-01

Industrial operations are commonly managed in terms of such factors as raw material requirements, throughput, equipment reliability, and operator productivity. Simulation can be used to transform standard management performance measures into probabilistic measures which define the associated risks. These results provide valuable insight for effective management of economic risks. Case studies are presented using the Monte Carlo simulation method to demonstrate different applications of simulation techniques, various result formats, and their use for optimizing economic returns. In the first case study, design criteria for a large gas distribution system originally developed from worst-case demand estimates were modelled to provide a risk basis for decisions on alternative upgrading options. In the second, a commercial gas storage facility operation was modelled to develop economic marketing strategies balancing supply and demand requirements from multiple clients. 3 refs

Drivers of Concentration of Economic Activity in Russia’s Regions

Directory of Open Access Journals (Sweden)

Svetlana Nikolaevna Rastvortseva

2016-05-01

Full Text Available The uneven distribution of economic activity in Russia promotes the differentiation of its constituent entities by level of development. Regions are independent participants of economic relations, and they often act as competitors rather than partners. Agglomeration effects arise in more successful regions and contribute to the concentration of resources, manufacturing enterprises, service providers, skilled workers, and scientific and technological knowledge. The aim of the study, the results of which are reflected in the paper, is to identify the factors and assess their impact on the concentration (dispersion of economic activity on the basis of Russia’s regions. The paper describes the benefits of agglomeration processes from the standpoint of economic geography, allocation theory and international trade theory. The concentration of economic activity in Russia’s regions is estimated by the Herfindahl–Hirschman index of industrial production taking into consideration the volume of investments in fixed capital and the number of people employed in the economy in Russia’s regions in 1990–2013. It is determined that fixed capital investments have the propensity to concentrate, but react strongly to economic crises. Labor resources, by contrast, are distributed relatively evenly, and their concentration in certain regions is increasing steadily. The article considers key factors such as wage growth, distance to large cities, direct foreign investment, road network density, the degree of development of the services sector in the region. The factor model is constructed using the least squares method. The authors conclude that the growth of wages in the region (relative to national average has a negative effect on the concentration of economic activity. There is a positive correlation between the growth of direct foreign investment and the density of hard surface roads. The development of services has the greatest positive impact on

A review of the evidence linking child stunting to economic outcomes

Science.gov (United States)

McGovern, Mark E; Krishna, Aditi; Aguayo, Victor M; Subramanian, SV

2017-01-01

Abstract Background To understand the full impact of stunting in childhood it is important to consider the long-run effects of undernutrition on the outcomes of adults who were affected in early life. Focusing on the costs of stunting provides a means of evaluating the economic case for investing in childhood nutrition. Methods We review the literature on the association between stunting and undernutrition in childhood and economic outcomes in adulthood. At the national level, we also evaluate the evidence linking stunting to economic growth. Throughout, we consider randomized controlled trials (RCTs), quasi-experimental approaches and observational studies. Results Long-run evaluations of two randomized nutrition interventions indicate substantial returns to the programmes (a 25% and 46% increase in wages for those affected as children, respectively). Cost-benefit analyses of nutrition interventions using calibrated return estimates report a median return of 17.9:1 per child. Assessing the wage premium associated with adult height, we find that a 1-cm increase in stature is associated with a 4% increase in wages for men and a 6% increase in wages for women in our preferred set of studies which attempt to address unobserved confounding and measurement error. In contrast, the evidence on the association between economic growth and stunting is mixed. Conclusions Countries with high rates of stunting, such as those in South Asia and sub-Saharan Africa, should scale up policies and programmes aiming to reduce child undernutrition as cost-beneficial investments that expand the economic opportunities of their children, better allowing them and their countries to reach their full potential. However, economic growth as a policy will only be effective at reducing the prevalence of stunting when increases in national income are directed at improving the diets of children, addressing gender inequalities and strengthening the status of women, improving sanitation and reducing

The evolution of discharge current and channel radius in cloud-to-ground lightning return stroke process

Science.gov (United States)

Fan, Tingting; Yuan, Ping; Wang, Xuejuan; Cen, Jianyong; Chang, Xuan; Zhao, Yanyan

2017-09-01

The spectra of two negative cloud-to-ground lightning discharge processes with multi-return strokes are obtained by a slit-less high-speed spectrograph, which the temporal resolution is 110 μs. Combined with the synchronous electrical observation data and theoretical calculation, the physical characteristics during return strokes process are analysed. A positive correlation between discharge current and intensity of ionic lines in the spectra is verified, and based on this feature, the current evolution characteristics during four return strokes are investigated. The results show that the time from peak current to the half-peak value estimated by multi point-fitting is about 101 μs-139 μs. The Joule heat in per unit length of four return strokes channel is in the order of 105J/m-106 J/m. The radius of arc discharge channel is positively related to the discharge current, and the more intense the current is, the greater the radius of channel is. Furthermore, the evolution for radius of arc core channel in the process of return stroke is consistent with the change trend of discharge current after the peak value. Compared with the decay of the current, the temperature decreases more slowly.

Early Warning System in ASEAN Countries Using Capital Market Index Return: Modiied Markov Regime Switching Model

Directory of Open Access Journals (Sweden)

Imam Wahyudi

2014-08-01

Full Text Available Asia's  inancial  crisis  in  July  1997  affects  currency,  capital  market,  and  real  market throughout  Asian  countries.  Countries  in  southeast  region  (ASEAN,  including  Indonesia, Malaysia, Philippines, Singapore, and Thailand, are some of the countries where the crisis hit  the  most.  In  these  countries,  where  inancial  sectors  are  far  more  developed  than  real sectors  and  the  money  market  sectors,  most  of  the  economic  activities  are  conducted  in capital  market.  Movement  in  the  capital  market  could  be  a  proxy  to  describe  the  overall economic  situation  and  therefore  the  prediction  of  it  could  be  an  early  warning  system  of economic crises. This paper tries to investigate movement in ASEAN (Indonesia, Malaysia, Philippines,  Singapore,  and  Thailand  capital  market  to  build  an  early  warning  system from inancial sectors perspective. This paper will be very beneicial for the government to anticipate the forthcoming crisis. The insight of this paper is from Hamilton (1990 model of regime switching process in which he divide the movement of currency into two regimes, describe the switching transition based on Markov process and creates different model for each regimes. Differ from Hamilton, our research focuses on index return instead of currency to  model  the  regime  switching.  This  research  aimed  to  ind  the  probability  of  crisis  in  the future by combining the probability of switching and the probability distribution function of each  regime.  Probability  of  switching  is  estimated  by  categorizing  the  movement  in  index return  into  two  regimes  (negative  return  in  regime  1  and  positive  return  in  regime  2  then measuring  the  proportion  of  switching  to  regime  1  in  t  given  regime �

Buzz Factor or Innovation Potential: What Explains Cryptocurrencies' Returns?

Science.gov (United States)

Wang, Sha; Vergne, Jean-Philippe

2017-01-01

Cryptocurrencies have become increasingly popular since the introduction of bitcoin in 2009. In this paper, we identify factors associated with variations in cryptocurrencies' market values. In the past, researchers argued that the "buzz" surrounding cryptocurrencies in online media explained their price variations. But this observation obfuscates the notion that cryptocurrencies, unlike fiat currencies, are technologies entailing a true innovation potential. By using, for the first time, a unique measure of innovation potential, we find that the latter is in fact the most important factor associated with increases in cryptocurrency returns. By contrast, we find that the buzz surrounding cryptocurrencies is negatively associated with returns after controlling for a variety of factors, such as supply growth and liquidity. Also interesting is our finding that a cryptocurrency's association with fraudulent activity is not negatively associated with weekly returns-a result that further qualifies the media's influence on cryptocurrencies. Finally, we find that an increase in supply is positively associated with weekly returns. Taken together, our findings show that cryptocurrencies do not behave like traditional currencies or commodities-unlike what most prior research has assumed-and depict an industry that is much more mature, and much less speculative, than has been implied by previous accounts.

Buzz Factor or Innovation Potential: What Explains Cryptocurrencies' Returns?

Directory of Open Access Journals (Sweden)

Sha Wang

Full Text Available Cryptocurrencies have become increasingly popular since the introduction of bitcoin in 2009. In this paper, we identify factors associated with variations in cryptocurrencies' market values. In the past, researchers argued that the "buzz" surrounding cryptocurrencies in online media explained their price variations. But this observation obfuscates the notion that cryptocurrencies, unlike fiat currencies, are technologies entailing a true innovation potential. By using, for the first time, a unique measure of innovation potential, we find that the latter is in fact the most important factor associated with increases in cryptocurrency returns. By contrast, we find that the buzz surrounding cryptocurrencies is negatively associated with returns after controlling for a variety of factors, such as supply growth and liquidity. Also interesting is our finding that a cryptocurrency's association with fraudulent activity is not negatively associated with weekly returns-a result that further qualifies the media's influence on cryptocurrencies. Finally, we find that an increase in supply is positively associated with weekly returns. Taken together, our findings show that cryptocurrencies do not behave like traditional currencies or commodities-unlike what most prior research has assumed-and depict an industry that is much more mature, and much less speculative, than has been implied by previous accounts.

The Effects of Voluntary Return Programmes on Migration Flows in the Context of the 1973/74 and 2008/09 Economic Crises

Directory of Open Access Journals (Sweden)

Piotr Plewa

2012-10-01

Full Text Available The article analyses Spain’s voluntary return policies, including the programme instituted specifically to assist migrants affected by the 2008/09 crisis. Voluntary return policies were implemented in Europe in the context of the 1973/4 crisis. Just like the Western European programmes of the 1970s and the 1980s, the current Spanish voluntary return policies also only elicited the cooperation of small numbers of migrants and countries of origin. The article recommends four broader policy measures to tackle the emerging trend whereby a considerable proportion of migrants will stay in Spain rather than repatriate.

Economic growth, inequality, and the economic position of the poor in 1985-1995: an international perspective.

Science.gov (United States)

Kangas, Olli

2002-01-01

The "trickle-down" theory argues that wider income differences are good for economic growth, that growth is good for the poor, and therefore that widening income disparities benefit the poor. The theory thus fulfills Rawlsian principles of justice. The purpose of this article is to present a preliminary evaluation of the correctness of this theory. Income data for 21 countries were obtained from the Luxembourg Income Study, for the period 1985-95. The results of the analysis show no clear connections between inequality and economic prosperity. The wider the inequality, the worse is the absolute income of the poor. In this respect the theory is falsified. However, the trickle-down theory is partly correct in arguing for the beneficial effects of economic growth for the poor: the absolute income level of the poor is dependent on what is happening in the national economy, while the incidence and depth of poverty in advanced countries are not so much associated with economic factors as a result of national social policy programs.

Fiscal Deficit and Its Impact on Economic Growth: Evidence from Bangladesh

Directory of Open Access Journals (Sweden)

Mohammed Ershad Hussain

2017-10-01

Full Text Available The findings from the VECM for BBS data reveal that there is a positive and significant relationship between FD and GDPGR, supporting the Keynesian theory, while findings from the VECM for World Bank data indicate that the impact of Fiscal Deficit (FD on GDPGR is mild but negative and significant at the 5% level. This contradicts the Keynesian theory, but is in accord with Neo-classical theory which asserts that fiscal deficits lead to a drop in the GDP. Nevertheless, the government must strive to keep deficit under control, not to hamper growth, and expenditure ought to be set so as to avoid massive deficits leading to debt financing and the crowding-out effect of private investment. If deficits become unsustainable, it can lead to higher interest payments, and the government may well default. Although in the economic literature, there is no definitive conclusion as to whether fiscal deficit helps or hinders economic growth for any country, many argue that fiscal deficit leads to economic growth of a country, which cannot be achieved only through domestic savings, not enough for investment. It can be assumed safely that to some extent fiscal deficit is good for economic growth if the borrowed money is spent on beneficial projects, provided the return from such investments exceeds the funding cost. For future research work, it will be interesting to examine the relationships between government spending, economic growth and long-term interest rate for Bangladesh.

Duplicating the success. From positive examples to socio-economic marketing strategies for greater energy efficieny in industry

Energy Technology Data Exchange (ETDEWEB)

Ramesohl, S. [Wuppertal Inst. for Climate Environment Energy (Germany); Clases, C.; Prose, F. [Christian-Albrechts-Univ. Kiel, Inst.for Psychology (Germany)

1997-11-01

The paper presents the Project `Inter-disciplinary Analysis of Successful Implementation of Energy Efficiency in Industry, Commerce and Service`. Based on empirical case studies in Germany, Denmark, Austria and Switzerland, the interdisciplinary approach combines techno-economical variables from traditional barrier analyses with new socio-economic and socio-psychological aspects. It is the objective to gain a broader understanding of successful implementation processes in industrial enterprises. The positive examples include energy conservation measures within the context of individual success stories as well as efficiency programmes. The project examines the interdependencies between boundary conditions and the features and dynamics of the internal change processes analysed. It identifies main actors inside and outside of the company, the crucial determinants of their energy related behaviour, and influence factors suitable for energy policy use. The project derives first typical patterns of social innovation and organisational development. Generalizing the findings in order to contribute to holistic policy recommendations, the project puts emphasis on instruments of economic and social marketing strategies to promote cooperative energy efficiency initiatives. (au) 18 refs.

Economic evaluation and Applications of the Policy Analysis Matrix ...

African Journals Online (AJOL)

use

2011-12-07

Dec 7, 2011 ... By using benefit to costs index, internal rate of return, net ... city has no relative advantage, but intercropping system can increase the economic benefits and ... traditional farmers have reasons of technological, socio- logical ...

Approaches to economic analysis of profitability of forestry enterprises

Directory of Open Access Journals (Sweden)

O.M. Dzyubenko

2018-03-01

Full Text Available The article substantiates the directions of adaptation of existing analytical procedures for assessing the profitability to specific activities of forestry enterprises, which is an integral part of evaluating financial potential of enterprises of the investigated branch. In particular, the author identifies the following analytical procedures that make it possible to assess the performance of forestry enterprises and determine its financial potential: the return on equity (assets on net profit, the return on equity, the return on assets, the return on sales of profits from operating activities, the profitability of sold products at net profit, reinvestment factor, the economic growth sustainability ratio, the period of payback capital, the payback period of equity capital. On the basis of these indicators, the current state of profitability of forestry enterprises was substantiated and their critical points were determined.

Predictability of Stock Returns

Directory of Open Access Journals (Sweden)

Ahmet Sekreter

2017-06-01

Full Text Available Predictability of stock returns has been shown by empirical studies over time. This article collects the most important theories on forecasting stock returns and investigates the factors that affecting behavior of the stocks’ prices and the market as a whole. Estimation of the factors and the way of estimation are the key issues of predictability of stock returns.

Positive Catch & Economic Benefits of Periodic Octopus Fishery Closures: Do Effective, Narrowly Targeted Actions ‘Catalyze’ Broader Management?

Science.gov (United States)

Oliver, Thomas A.; Oleson, Kirsten L. L.; Ratsimbazafy, Hajanaina; Raberinary, Daniel; Benbow, Sophie; Harris, Alasdair

2015-01-01

Overview Eight years of octopus fishery records from southwest Madagascar reveal significant positive impacts from 36 periodic closures on: (a) fishery catches and (b) village fishery income, such that (c) economic benefits from increased landings outweigh costs of foregone catch. Closures covered ~20% of a village’s fished area and lasted 2-7 months. Fishery Catches from Each Closed Site Octopus landings and catch per unit effort (CPUE) significantly increased in the 30 days following a closure’s reopening, relative to the 30 days before a closure (landings: +718%, poctopus fishery income doubled in the 30 days after a closure, relative to 30 days before (+132%, p<0.001, n = 28). Control villages not implementing a closure showed no increase in income after “no ban” closures and modest increases after “ban” closures. Villages did not show a significant decline in income during closure events. Net Economic Benefits from Each Closed Site Landings in closure sites generated more revenue than simulated landings assuming continued open-access fishing at that site (27/36 show positive net earnings; mean +$305/closure; mean +57.7% monthly). Benefits accrued faster than local fishers’ time preferences during 17-27 of the 36 closures. High reported rates of illegal fishing during closures correlated with poor economic performance. Broader Co-Management We discuss the implications of our findings for broader co-management arrangements, particularly for catalyzing more comprehensive management. PMID:26083862

Comprehensive techno-economic analysis of wastewater-based algal biofuel production: A case study.

Science.gov (United States)

Xin, Chunhua; Addy, Min M; Zhao, Jinyu; Cheng, Yanling; Cheng, Sibo; Mu, Dongyan; Liu, Yuhuan; Ding, Rijia; Chen, Paul; Ruan, Roger

2016-07-01

Combining algae cultivation and wastewater treatment for biofuel production is considered the feasible way for resource utilization. An updated comprehensive techno-economic analysis method that integrates resources availability into techno-economic analysis was employed to evaluate the wastewater-based algal biofuel production with the consideration of wastewater treatment improvement, greenhouse gases emissions, biofuel production costs, and coproduct utilization. An innovative approach consisting of microalgae cultivation on centrate wastewater, microalgae harvest through flocculation, solar drying of biomass, pyrolysis of biomass to bio-oil, and utilization of co-products, was analyzed and shown to yield profound positive results in comparison with others. The estimated break even selling price of biofuel ($2.23/gallon) is very close to the acceptable level. The approach would have better overall benefits and the internal rate of return would increase up to 18.7% if three critical components, namely cultivation, harvest, and downstream conversion could achieve breakthroughs. Copyright © 2016 Elsevier Ltd. All rights reserved.

Benchmarking of nuclear economics tools

International Nuclear Information System (INIS)

Moore, Megan; Korinny, Andriy; Shropshire, David; Sadhankar, Ramesh

2017-01-01

Highlights: • INPRO and GIF economic tools exhibited good alignment in total capital cost estimation. • Subtle discrepancies in the cost result from differences in financing and the fuel cycle assumptions. • A common set of assumptions was found to reduce the discrepancies to 1% or less. • Opportunities for harmonisation of economic tools exists. - Abstract: Benchmarking of the economics methodologies developed by the Generation IV International Forum (GIF) and the International Atomic Energy Agency’s International Project on Innovative Nuclear Reactors and Fuel Cycles (INPRO), was performed for three Generation IV nuclear energy systems. The Economic Modeling Working Group of GIF developed an Excel based spreadsheet package, G4ECONS (Generation 4 Excel-based Calculation Of Nuclear Systems), to calculate the total capital investment cost (TCIC) and the levelised unit energy cost (LUEC). G4ECONS is sufficiently generic in the sense that it can accept the types of projected input, performance and cost data that are expected to become available for Generation IV systems through various development phases and that it can model both open and closed fuel cycles. The Nuclear Energy System Assessment (NESA) Economic Support Tool (NEST) was developed to enable an economic analysis using the INPRO methodology to easily calculate outputs including the TCIC, LUEC and other financial figures of merit including internal rate of return, return of investment and net present value. NEST is also Excel based and can be used to evaluate nuclear reactor systems using the open fuel cycle, MOX (mixed oxide) fuel recycling and closed cycles. A Super Critical Water-cooled Reactor system with an open fuel cycle and two Fast Reactor systems, one with a break-even fuel cycle and another with a burner fuel cycle, were selected for the benchmarking exercise. Published data on capital and operating costs were used for economics analyses using G4ECONS and NEST tools. Both G4ECONS and

Social Capital and Economic Integration of Migrants in Urban China.

Science.gov (United States)

Lu, Yao; Ruan, Danching; Lai, Gina

2013-07-01

Based on data from a 2005 survey conducted in Shanghai, China, this research examines the role of social capital in income inequality between rural migrants and urbanites. We find strong income return on social capital, in particular on social capital from strong ties. We also observe a great disparity in social capital possession between rural migrants and urban local residents. Although social capital from strong ties seems to be more important for rural migrants than for urbanites, local ties and high-status ties do not seem to benefit rural migrants. Hence, migrants not only suffer severe social capital deficits but also capital return deficits. Given the strong income returns on social capital and the substantial differences in access to and return on social capital between migrants and urban residents, social capital is consequently found to explain a large part of the income inequality between the two groups. Overall, our findings reveal macro-structural effects on the role of social capital in labor market stratification. In China, the lack of formal labor market mechanisms continues to create both a strong need for and opportunities for economic actions to be organized around informal channels via social relations. Yet, the long-standing institutional exclusion of migrants caused by the household registration system has resulted in pervasive social exclusion and discrimination which have substantially limited rural migrants' accumulation and mobilization of social capital. Under these conditions, social capital reinforces the economic inequality between migrants and urban residents in China. Such empirical evidence adds to our understanding of the role of social capital in the economic integration of migrants and in shaping intergroup inequality in general.

Canadian dairy policy and the returns to federal dairy cattle research

OpenAIRE

Fox, Glenn; Roberts, Bruce; Brinkman, George L.

1992-01-01

The economic surplus approach is used to estimate the returns to federal investments in dairy cattle research in Canada. A national supply function is estimated using time series data. Lagged research expenditures are included as explanatory variables in the model, facilitating the calculation of marginal as well as average benefits from research. Simulation analysis is used to study the effects of product market distortions associated with Canadian dairy policy as well as of the marginal exc...

Decision-making on Population Return At the End of an Eruption

Science.gov (United States)

Woo, G.

2015-12-01

If an eruption sequence is protracted and episodic, continuing for many months, or even a number of years, it can be very difficult for authorities to decide when an evacuated population might be allowed to return. A precautionary approach may be appropriate as a general principle, especially if the societal implications are deemed to be manageable. However, where the livelihoods of the evacuees are critically at stake, such as with farmers, and the economic costs of continuing evacuation are high, a risk-informed approach to supporting decision-making might be warranted. Such an approach has been developed, based on concepts drawn from cost-benefit analysis. On any given day during an extended volcanic crisis, a decision-maker may wish to consider whether to allow then for the return of evacuees. A delay of a decision by one day will increase the evacuation cost by one day's worth of accommodation and economic disruption. On the other hand, there is a small chance that there might be an onset to another eruption on this given day, so there would be a safety benefit in the delay. The task of quantifying this safety benefit requires a coherent synthesis of all the volcano monitoring data time series, together with an assessment of the medium and long-term historical and geological data, so that the probability of each of the alternative eruptive scenarios can be scientifically estimated. Bayesian belief networks provide a convenient framework for this synthesis. For each scenario, the potential casualty implications for returned evacuees need to be assessed. The application of this end of eruption methodology is illustrated and compared with the equivalent decision-making procedure at the start of an eruption.

75 FR 78160 - Requirement of a Statement Disclosing Uncertain Tax Positions

Science.gov (United States)

2010-12-15

... amendments to the Income Tax Regulations (26 CFR part 1) under section 6012 relating to the returns of income... every person liable for income tax to make the returns required by regulation. Section 6012 requires... corporations to file a schedule disclosing uncertain tax positions related to the tax return as required by the...

A fear index to predict oil futures returns

International Nuclear Information System (INIS)

Chevallier, Julien; Sevi, Benoit

2013-01-01

This paper evaluates the predictability of WTI light sweet crude oil futures by using the variance risk premium, i.e. the difference between model-free measures of implied and realized volatilities. Additional regressors known for their ability to explain crude oil futures prices are also considered, capturing macro-economic, financial and oil-specific influences. The results indicate that the explanatory power of the (negative) variance risk premium on oil excess returns is particularly strong (up to 25% for the adjusted R-squared across our regressions). It complements other financial (e.g. default spread) and oil-specific (e.g. US oil stocks) factors highlighted in previous literature. (authors)

Migrant Women, Economic Security and the Challenge of ...

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

The researchers will compare those participants who have received training in financial education and entrepreneurship with those who have not participated in financial education and entrepreneurship training initiatives prior to or immediately following their return home. A variety of social welfare and economic indicators ...

Coordination of a supply chain with consumer return under vendor-managed consignment inventory and stochastic demand

Science.gov (United States)

Wu, Zhihui; Chen, Dongyan; Yu, Hui

2016-07-01

In this paper, the problem of the coordination policy is investigated for vendor-managed consignment inventory supply chain subject to consumer return. Here, the market demand is assumed to be affected by promotional effort and consumer return policy. The optimal consignment inventory and the optimal promotional effort level are proposed under the decentralized and centralized decisions. Based on the optimal decision conditions, the markdown allowance-promotional cost-sharing contract is investigated to coordinate the supply chain. Subsequently, the comparison between the two extreme policies shows that full-refund policy dominates the no-return policy when the returning cost and the positive effect of return policy are satisfied certain conditions. Finally, a numerical example is provided to illustrate the impacts of consumer return policy on the coordination contract and optimal profit as well as the effectiveness of the proposed supply chain decision.

Are stock market returns related to the weather effects? Empirical evidence from Taiwan

Science.gov (United States)

Chang, Tsangyao; Nieh, Chien-Chung; Yang, Ming Jing; Yang, Tse-Yu

2006-05-01

In this study, we employ a recently developed econometric technique of the threshold model with the GJR-GARCH process on error terms to investigate the relationships between weather factors and stock market returns in Taiwan using daily data for the period of 1 July 1997-22 October 2003. The major weather factors studied include temperature, humidity, and cloud cover. Our empirical evidence shows that temperature and cloud cover are two important weather factors that affect the stock returns in Taiwan. Our empirical findings further support the previous arguments that advocate the inclusion of economically neutral behavioral variables in asset pricing models. These results also have significant implications for individual investors and financial institutions planning to invest in the Taiwan stock market.

Natural Resources and Socio-Economic Progress

Directory of Open Access Journals (Sweden)

Larissa Mikhaylovna Kapitsa

2014-01-01

Full Text Available The article reviews international debates on development problems of the resource-based economies. It draws atten tion to causes and mechanisms of the so-called "resource curse" and symptoms of systemic breakdowns and stagnant phenomena in resource-based economies named "Dutch disease". Specific attention is given to the role of national elites and institutions in the emergence of "Dutch disease", preservation of economic backwardness and/or de-industrialization of resource-rich countries. The author also considers new approaches to resolving the problem of'resource-curse", in particular, return to traditional instruments of economic diversification as industrialization and protectionism.

Working Capital Management Policies and Returns of Listed Manufacturing Firms in Ghana

Directory of Open Access Journals (Sweden)

Adam Anokye M.

2017-06-01

Full Text Available This study sought to determine the effects aggressive/conservative current asset investment and financing policies have on firms′ return for six manufacturing firms listed at Ghana Stock Exchange for a period of 2000-2013. Data were obtained from the annual reports of the firms and the Ghana Stock Exchange. The study adopted longitudinal explanatory non-experimental research design applied to dynamic panel ARDL framework in analyzing the data. The results revealed that the current asset investment and financing policies have highly significant positive effects on returns to equity holders in the long-run. The empirical evidence suggests that conservative current asset investment policies increase firms return while conservative financing policies yields negative returns. The study therefore would enable finance managers to be able to fashion out the appropriate working capital management policies. A firm pursuing conservative current asset investment policy should balance it with aggressive current asset financing policy in order to enhance profitability and create value for their investors.

Co-production of electricity and ethanol, process economics of value prior combustion

International Nuclear Information System (INIS)

Treasure, T.; Gonzalez, R.; Venditti, R.; Pu, Y.; Jameel, H.; Kelley, S.; Prestemon, Jeffrey

2012-01-01

Highlights: ► Economics of producing cellulosic ethanol and bio-power in the same facility using an autohydrolysis process. ► Feedstock considerably affect the economics of the biorefinery facility. ► Lower moisture content improves financial performance of the bio-power business. - Abstract: A process economic analysis of co-producing bioethanol and electricity (value prior to combustion) from mixed southern hardwood and southern yellow pine is presented. Bioethanol is produced by extracting carbohydrates from wood via autohydrolysis, membrane separation of byproducts, enzymatic hydrolysis of extracted oligomers and fermentation to ethanol. The residual solids after autohydrolysis are pressed and burned in a power boiler to generate steam and electricity. A base case scenario of biomass combustion to produce electricity is presented as a reference to understand the basics of bio-power generation economics. For the base case, minimum electricity revenue of $70–$96/MWh must be realized to achieve a 6–12% internal rate of return. In the alternative co-production cases, the ethanol facility is treated as a separate business entity that purchases power and steam from the biomass power plant. Minimum ethanol revenue required to achieve a 12% internal rate of return was estimated to be $0.84–$1.05/l for hardwood and $0.74–$0.85/l for softwood. Based on current market conditions and an assumed future ethanol selling price of $0.65/l, the co-production of cellulosic bioethanol and power does not produce financeable returns. A risk analysis indicates that there is a probability of 26.6% to achieve an internal rate of return equal or higher than 12%. It is suggested that focus be placed on improving yield and reducing CAPEX before this technology can be applied commercially. This modeling approach is a robust method to evaluate economic feasibility of integrated production of bio-power and other products based on extracted hemicellulose.

Globalization and Economic Freedom

DEFF Research Database (Denmark)

Bjørnskov, Christian

2006-01-01

This paper employs a panel data set to estimate the effect of globalization on four measures of economic freedom. Contrary to previous studies, the paper distinguishes between three separate types of globalization: economic, social and political. It also separates effects for poor and rich...... countries, and autocracies and democracies. The results show that economic globalization is negatively associated with government size and positively with regulatory freedom in rich countries; social globalization is positively associated with legal quality in autocracies and with the access to sound money...... in democracies. Political globalization is not associated with economic freedom...

Thermodynamic, economic and thermo-economic optimization of a new proposed organic Rankine cycle for energy production from geothermal resources

International Nuclear Information System (INIS)

Kazemi, Neda; Samadi, Fereshteh

2016-01-01

Highlights: • A new cycle was designed to improve basic organic Rankine cycle performance. • Peng Robinson equation of state was used to obtain properties of working fluids. • Operating parameters were optimized with three different objective functions. • Efficiency of new organic Rankine cycle is higher than other considered cycles. • Return on investment of new cycle for Iran is more than France and America. - Abstract: The main goal of this study is to propose and investigate a new organic Rankine cycle based on three considered configurations: basic organic Rankine cycle, regenerative organic Rankine cycle and two-stage evaporator organic Rankine cycle in order to increase electricity generation from geothermal sources. To analyze the considered cycles’ performance, thermodynamic (energy and exergy based on the first and second laws of thermodynamics) and economic (specific investment cost) models are investigated. Also, a comparison of cycles modeling results is carried out in optimum conditions according to different optimization which consist thermodynamic, economic and thermo-economic objective functions for maximizing exergy efficiency, minimizing specific investment cost and applying a multi-objective function in order to maximize exergy efficiency and minimize specific investment cost, respectively. Optimized operating parameters of cycles include evaporators and regenerative temperatures, pinch point temperature difference of evaporators and degree of superheat. Furthermore, Peng Robinson equation of state is used to obtain thermodynamic properties of isobutane and R123 which are selected as dry and isentropic working fluids, respectively. The results of optimization indicate that, thermal and exergy efficiencies increase and exergy destruction decrease especially in evaporators for both working fluids in new proposed organic Rankine cycle compared to the basic organic Rankine cycle. Moreover, the amount of specific investment cost in new

Positive Catch & Economic Benefits of Periodic Octopus Fishery Closures: Do Effective, Narrowly Targeted Actions 'Catalyze' Broader Management?

Science.gov (United States)

Oliver, Thomas A; Oleson, Kirsten L L; Ratsimbazafy, Hajanaina; Raberinary, Daniel; Benbow, Sophie; Harris, Alasdair

2015-01-01

Eight years of octopus fishery records from southwest Madagascar reveal significant positive impacts from 36 periodic closures on: (a) fishery catches and (b) village fishery income, such that (c) economic benefits from increased landings outweigh costs of foregone catch. Closures covered ~20% of a village's fished area and lasted 2-7 months. Octopus landings and catch per unit effort (CPUE) significantly increased in the 30 days following a closure's reopening, relative to the 30 days before a closure (landings: +718%, poctopus fishery income doubled in the 30 days after a closure, relative to 30 days before (+132%, p<0.001, n = 28). Control villages not implementing a closure showed no increase in income after "no ban" closures and modest increases after "ban" closures. Villages did not show a significant decline in income during closure events. Landings in closure sites generated more revenue than simulated landings assuming continued open-access fishing at that site (27/36 show positive net earnings; mean +$305/closure; mean +57.7% monthly). Benefits accrued faster than local fishers' time preferences during 17-27 of the 36 closures. High reported rates of illegal fishing during closures correlated with poor economic performance. We discuss the implications of our findings for broader co-management arrangements, particularly for catalyzing more comprehensive management.

Optimizing coffee cultivation and its impact on economic growth and export earnings of the producing countries: The case of Saudi Arabia

Directory of Open Access Journals (Sweden)

Ahmed M. Al-Abdulkader

2018-05-01

Full Text Available Coffee is one of the historical socioeconomic crops. It has received an increasing attention at the global level, due to its positive interlinkage with the economic growth and on the gross domestic product for most of the producing countries, particularly, developing and least developed countries. Saudi Arabia is one of the coffee producing countries that has a relative comparative advantage of coffee cultivation. Yet, coffee cultivation has not received as much attention in Saudi Arabia as that of producing countries around the world. This study aims to assess the current state of coffee cultivation in Saudi Arabia and to investigate the potential to optimize coffee cultivation in Saudi Arabia that maximizes the net national economic return and export earnings, given limitation of cultivated areas, local market activities, and international trade activities. The study statistically analyzed primary data collected from around (65 coffee farms and traders in the study regions at the south and southwest Saudi Arabia, and optimized coffee cultivation in Saudi Arabia using LINGO optimization software. Empirical results of the study revealed the great potential of Saudi Arabia to expand coffee cultivation at south and southwest regions to meet the escalating local demand and to increase its share at the world market up to 2%. Optimization of coffee cultivation in Saudi Arabia showed a high potential to meet the local demand for coffee by producing 80.07 thousand tons grown over 2861.78 hectares and to generate a net return equivalent to $395.72 million a year, which is equivalent to $138.28 thousand per hectare and $4.94 thousand per ton of coffee. Optimizing coffee cultivation will play a substantial role to increase market share of Saudi Arabia to about 1–2% of the world market by increasing its export volume, respectively, to about 69.66 and 112.56 thousand tons, the national net economic return by about $395.86 and $395.95 million a year, and

A theory of organized crime, corruption and economic growth

OpenAIRE

Rana, MP; Blackbourn, K; Neanidis, KC

2017-01-01

We develop a framework for studying the interactions between organized crime and corruption, together with the individual and combined effects of these phenomena on economic growth. Criminal organizations co-exist with law-abiding productive agents and potentially corrupt law enforcers. The crime syndicate obstructs the economic activities of agents through extortion, and may pay bribes to law enforcers in return for their compliance in this. We show how organized crime has a negative effect ...

192 inventory and economic evaluation of seedling species in ...

African Journals Online (AJOL)

2010-09-02

Sep 2, 2010 ... and Rate of Return on Investment (RORI) were adapted for economic analysis. The result revealed ..... that goes to the employees and material input suppliers. Thus ... and ecological wellbeing of the people in the area. In fact ...

76 FR 22611 - Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic...

Science.gov (United States)

2011-04-22

... Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic Media... Register on Wednesday, March 30, 2011 (76 FR 17521) providing guidance to specified tax return preparers who prepare and file individual income tax returns using magnetic media pursuant to section 6011(e)(3...

Migration: Pre-Requisite for Rural Economic Regeneration?

Science.gov (United States)

Stockdale, Aileen

2006-01-01

Migration from and to depopulating areas is related to the prospects for rural economic regeneration. The focus is on whether or not migration processes give rise to the necessary human capital required for successful endogenous development. Data from Scottish case studies pertaining to in-, out- and return migrants are analysed. Only by leaving…

Engineering Analysis and Economic Evaluation of the Synthesis of Composite CuO/ZnO/ZrO2 Nanocatalyst

Science.gov (United States)

Nandiyanto, A. B. D.; Hayati, W. R.; Aziz, T. A.; Ragadhita, R.; Abdullah, A. G.; Widiaty, I.

2018-02-01

The purpose of this study was to evaluate the synthesis process of composite CuO/ZnO/ZrO2 (CZZ) nanocatalyst. The CZZ nanocatalyst is used as a catalyst in the hydrogenation reaction, which is used to convert harmful CO2 gas into liquid fuels such as methanol. In this study, CZZ produced using the sol-gel autocombustion method was selected as a model of the production procedure. The evaluation was conducted into two factors: engineering and economic analysis. Engineering analysis was analyzed based on the available apparatuses and raw materials in online web. Then, these data were used and compared with the mass balance approximation. The economic analysis was done using several economic parameters, including such as gross margin, internal rate return, payback period, cumulative net value, break even point (BEP), profitability index on sales to investment. Engineering analysis showed the present method can be applied using available apparatuses and raw materials in market. Economic analysis result confirmed that the present project is profitable. The analysis concluded that the present project for the production of CZZ nanocatalyst is prospective in small scale industry and profitable (by positive values in all economic parameters).

Effects of tillage practice on soil structure, N2O emissions and economics in cereal production under current socio-economic conditions in central Bosnia and Herzegovina.

Science.gov (United States)

Žurovec, Ognjen; Sitaula, Bishal Kumar; Čustović, Hamid; Žurovec, Jasminka; Dörsch, Peter

2017-01-01

Conservation tillage is expected to have a positive effect on soil physical properties, soil Carbon (C) storage, while reducing fuel, labour and machinery costs. However, reduced tillage could increase soil nitrous oxide (N2O) emissions and offset the expected gains from increased C sequestration. To date, conservation tillage is barely practiced or studied in Bosnia and Herzegovina (BH). Here, we report a field study on the short-term effects of reduced (RT) and no tillage (NT) on N2O emission dynamics, yield-scaled N2O emissions, soil structure and the economics of cereal production, as compared with conventional tillage (CT). The field experiment was conducted in the Sarajevo region on a clayey loam under typical climatic conditions for humid, continental BH. N2O emissions were monitored in a Maize-Barley rotation over two cropping seasons. Soil structure was studied at the end of the second season. In the much wetter 2014, N2O emission were in the order of CT > RT > NT, while in the drier 2015, the order was RT > CT > NT. The emission factors were within or slightly above the uncertainty range of the IPCC Tier 1 factor, if taking account for the N input from the cover crop (alfalfa) preceding the first experimental year. Saturated soils in spring, formation of soil crusts and occasional droughts adversely affected yields, particularly in the second year (barley). In 2014, yield-scaled N2O emissions ranged from 83.2 to 161.7 g N Mg-1 grain (corn) but were much greater in the second year due to crop failure (barley). RT had the smallest yield-scaled N2O emission in both years. NT resulted in economically inacceptable returns, due to the increased costs of weed control and low yields in both years. The reduced number of operations in RT reduced production costs and generated positive net returns. Therefore, RT could potentially provide agronomic and environmental benefits in crop production in BH.

Symmetric and asymmetric US sector return volatilities in presence of oil, financial and economic risks

International Nuclear Information System (INIS)

Hammoudeh, Shawkat; Yuan, Yuan; Chiang, Thomas; Nandha, Mohan

2010-01-01

This paper examines the impacts of world, country, and sector-specific variables on the stock return volatility of twenty-seven US sectors in the short- and long-run, accounting for the asymmetric shocks based on GARCH models. In the standard GARCH model the two world variables, oil and Morgan Stanley Capital Index (MSCI), have differing impacts on the US equity sector returns' volatility, with oil price dampening it while MSCI heightening it for most sectors. This result underlines the need for hedging more against world capital market risk relative to oil risk which is probably hedged by many sectors. The world and country factors' impacts are not as pervasive across the board, compared with the sector-specific impacts of the P/B ratio and trading volume which affect almost all sectors. Increases in the P/B ratio would reduce the aggregate volatility, while increases in the trading volume would heighten it for all sectors. Asymmetry of factor impacts on volatility is also found for most sectors. Most of the GARCH factor results are confirmed in the CGARCH model with the exception of the impact of interest rate on the short-lived transitory volatility. Finally, interesting econometric results on the inclusion or exclusion of trading volumes are discussed.

Trade-offs between economic and environmental impacts of introducing legumes into cropping systems

Directory of Open Access Journals (Sweden)

Moritz eReckling

2016-05-01

Full Text Available Europe’s agriculture is highly specialized, dependent on external inputs and responsible for negative environmental impacts. Legume crops are grown on less than 2 % of the arable land and more than 70 % of the demand for protein feed supplement is imported from overseas. The integration of legumes into cropping systems has the potential to contribute to the transition to a more resource-efficient agriculture and reduce the current protein deficit. Legume crops influence the production of other crops in the rotation making it difficult to evaluate the overall agronomic effects of legumes in cropping systems. A novel assessment framework was developed and applied in five case study regions across Europe with the objective of evaluating trade-offs between economic and environmental effects of integrating legumes into cropping systems. Legumes resulted in positive and negative impacts when integrated into various cropping systems across the case studies. On average, cropping systems with legumes reduced nitrous oxide emissions by 18 % and 33 % and N fertilizer use by 24 % and 38 % in arable and forage systems, respectively, compared to systems without legumes. Nitrate leaching was similar with and without legumes in arable systems and reduced by 22 % in forage systems. However, grain legumes reduced gross margins in 3 of 5 regions. Forage legumes increased gross margins in 3 of 3 regions. Among the cropping systems with legumes, systems could be identified that had both relatively high economic returns and positive environmental impacts. Thus, increasing the cultivation of legumes could lead to economic competitive cropping systems and positive environmental impacts, but achieving this aim requires the development of novel management strategies informed by the involvement of advisors and farmers.

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI RETURN SAHAM KONSTRUKSI BUMN DENGAN REGRESI PANEL DINAMIS

Directory of Open Access Journals (Sweden)

Al Muizzuddin Fazaalloh

2016-03-01

Full Text Available This study aims to determine the factors that affect stock returns in the Indonesian state-owned construction period January 2013 to December 2015. The variables used were trading volume, market capitalization, inflation, exchange rate and government policy. The data in this research is secondary data obtained from the publication of the Central Bureau of Statistics, Ministry of Commerce and the Indonesia Stock Exchange. This study uses a dynamic panel regression by the method of Generalized Method of Moments (GMM. The results showed that lagged stock returns, trading volume at this time and the exchange rate at the moment significant negative effect on stock returns. While the market capitalization in the current and prior periods and inflation at the moment and the two previous period significant positive effect on stock returns. Besides the government's policy affect to state-owned construction stock returns where policies are made in the era of President Joko Widodo more influence smaller than the policy made during the leadership of President Susilo Bambang Yudhoyono.

Economic analysis of alternatives for optimizing energy use in manufacturing companies

International Nuclear Information System (INIS)

Méndez-Piñero, Mayra Ivelisse; Colón-Vázquez, Melitza

2013-01-01

The manufacturing companies are one of the main consumers of energy. The increment in global warming and the instability in the petroleum oil market have motivated companies to find alternatives to reduce energy use. In the academic literature several researchers have demonstrated that optimization models can be successfully used to reduce energy use. This research presents the use of an optimization model to identify feasible economic alternatives to reduce energy use. The economic analysis methods used were the payback and the internal rate of return. The optimization model developed in this research was applied and validated using an electronic manufacturing company case study. The results demonstrate that the main variables affecting the economic feasibility of the alternatives are the economic analysis method and the initial implementation costs. Several scenarios were analyzed and the best results show that the manufacturing company could save up to $78,000 in three years if the recommendations based on the optimization model results are implemented. - Highlights: • Evaluate top consumers of energy in manufacturing: A/C, compressed air, and lighting • Economic analysis of alternatives to optimize energy used in manufacturing • Comparison of payback method and internal rate of return method with real data • Results demonstrate that the company could generate savings in energy use

Impact of Economic Crisis on Business to the Franchise System in Romania

OpenAIRE

Parpandel Denisa Elena; Gãnescu Cristina; Codreanu Diana Elena

2011-01-01

Given the national context, but also international economic crisis, businesses are seeking the highest returns. Why would a business franchise win a bet? Because franchising is the most dynamic and powerful method practiced for business development and economic opportunity and the franchisee has the opportunity to become its own franchise architect of the scheme and detailed plan of procedures. Franchising remains a good recipe for business and crisis. What have changed because of economic di...

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