WorldWideScience

Sample records for preliminary capital cost

  1. The Opportunity Cost of Capital

    Directory of Open Access Journals (Sweden)

    Ayman Chit PhD

    2015-04-01

    Full Text Available The opportunity cost of the capital invested in pharmaceutical research and development (R&D to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this “hidden” cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D.

  2. Cost of capital to the hospital sector.

    Science.gov (United States)

    Sloan, F A; Valvona, J; Hassan, M; Morrisey, M A

    1988-03-01

    This paper provides estimates of the cost of equity and debt capital to for-profit and non-profit hospitals in the U.S. for the years 1972-83. The cost of equity is estimated using, alternatively, the Capital Asset Pricing Model and Arbitrage Pricing Theory. We find that the cost of equity capital, using either model, substantially exceeded anticipated inflation. The cost of debt capital was much lower. Accounting for the corporate tax shield on debt and capital paybacks by cost-based insurers lowered the net cost of capital to hospitals.

  3. INSURANCE AND THE CORPORATE COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Monika Wieczorek-Kosmala

    2012-04-01

    Full Text Available The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives – the classical concept related to the weighted average cost of capital (WACC and a novel concept related to the risk-based capital structure model with the total average cost of capital (TACC. The paper explains the idea of insurance as a retrospective (post-loss risk financing tool and the risk transfer mechanism upon it. As the risk financing tool insurance reduces the need for the balance-sheet capital in a company and thus the financial distress costs. Also, insurance may reduce the level of operating risk and thus influences the required returns of the capital providers. These observations allow emphasising the impact of insurance on the WACC. However, according to the novel concept of the risk-based capital structure, insurance (as a risk financing tool represents an off-balance sheet capital component. As a consequence, it extends the volume of total capital. The presented conceptual model, based on the TACC concept, indicates that large volume of insurance (the insurance sum and its relatively low cost (the insurance premium gives the possibility to the significant reduction of the cost of capital on average. The concluding remarks discuss some dilemmas over the utility of the TACC concept.

  4. 42 CFR 412.302 - Introduction to capital costs.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Introduction to capital costs. 412.302 Section 412... Inpatient Hospital Capital Costs General Provisions § 412.302 Introduction to capital costs. (a) New capital... hospital is required under State law to obtain preapproval of the capital project or acquisition by a...

  5. Capital cost: gas cooled fast reactor plant

    Energy Technology Data Exchange (ETDEWEB)

    1977-09-01

    The results of an investment cost study for a 900 MW(e) GCFR central station power plant are presented. The capital cost estimate arrived at is based on 1976 prices and a conceptual design only, not a mature reactor design.

  6. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

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

  7. LIFE Cost of Electricity, Capital and Operating Costs

    Energy Technology Data Exchange (ETDEWEB)

    Anklam, T

    2011-04-14

    Successful commercialization of fusion energy requires economic viability as well as technical and scientific feasibility. To assess economic viability, we have conducted a pre-conceptual level evaluation of LIFE economics. Unit costs are estimated from a combination of bottom-up costs estimates, working with representative vendors, and scaled results from previous studies of fission and fusion plants. An integrated process model of a LIFE power plant was developed to integrate and optimize unit costs and calculate top level metrics such as cost of electricity and power plant capital cost. The scope of this activity was the entire power plant site. Separately, a development program to deliver the required specialized equipment has been assembled. Results show that LIFE power plant cost of electricity and plant capital cost compare favorably to estimates for new-build LWR's, coal and gas - particularly if indicative costs of carbon capture and sequestration are accounted for.

  8. Cost of Capital when Dividends are Deductible

    Directory of Open Access Journals (Sweden)

    Ignacio Velez-Pareja

    2011-09-01

    Full Text Available Tax savings and the discount rate we use to calculate their value are involved in the calculation of cost of capital. Based on previous findings, we derive a general approach to cash flow valuation that take into account any kind of tax shields related to the financing decision of a firm and any date when they are earned. They can be used to introduce any type of externality that creates value through tax savings not captured by neither the cost of debt nor the cost of equity. This paper develops the formulations for the cost of capital when dividends, interest on equity or monetary correction of equity are deductible as it happens in Brazil. It shows that when properly done most known valuation methods are consistent and give identical results. Also, the paper argues that when dividends are tax deductible, optimal leverage is lower and equity value is higher.

  9. Breckinridge Project, initial effort. Report VIII. Capital cost estimate

    Energy Technology Data Exchange (ETDEWEB)

    None

    1982-01-01

    The major objective of the Initial Effort for the Breckinridge Project is to develop engineering to the point where realistic economics for the construction and operation of the plant can be made. The plant is designed to process 23,000 tons per day of run-of-mine coal to produce a nominal 50,000 barrels per day of liquid products using the H-COAL and standard industry technology. The plant will be located in Breckinridge County, Kentucky. Considerable preliminary engineering has been performed for this estimate. This work uses a single-point design based on the Process Demonstration Unit (PDU) data from run 5, period 29 of the pilot plant. The design basis is discussed in Volume II of this report. Many aspects of plant construction and cost have been considered that were not taken into account in the past studies. Ashland and Bechtel believe the accuracy of the capital estimate to be +19%, -17%. This accuracy is postulated on January 1981 dollars, the as-spent dollar amount naturally depending upon the inflation rate through the construction period. Considerable attention has been devoted to reliability of operation, and redundant equipment has been used where it was deemed necessary to assure reasonable onstream time. This equipment is included in the capital estimate. The capital is summarized by total plant cost on Table 1. The subtotal plant cost, excluding contingency, fee, and adjustment is $2,710,940,000. Adding the contingency, fee and adjustment, the total depreciable cost of the plant is $3,167,430,000. Adding the working capital to the total plant cost results in total capital requirements of $3,258,430,000 as shown on the individual plant cost summary Table 2.

  10. 78 FR 13933 - Railroad Cost of Capital-2012

    Science.gov (United States)

    2013-03-01

    ... cost of debt capital; (2) the railroads' 2012 current cost of preferred equity capital (if any); (3... Surface Transportation Board Railroad Cost of Capital--2012 AGENCY: Surface Transportation Board, DOT. ACTION: Notice of decision instituting a proceeding to determine the railroad industry's 2012 cost...

  11. 77 FR 6625 - Railroad Cost of Capital-2011

    Science.gov (United States)

    2012-02-08

    ... cost of debt capital; (2) the railroads' 2011 current cost of preferred equity capital (if any); (3... Surface Transportation Board Railroad Cost of Capital--2011 AGENCY: Surface Transportation Board. ACTION: Notice of decision instituting a proceeding to determine the railroad industry's 2011 cost of...

  12. 75 FR 16894 - Railroad Cost of Capital-2009

    Science.gov (United States)

    2010-04-02

    ... current cost of debt capital; (2) the railroads' 2009 current cost of preferred equity capital (if any... Surface Transportation Board Railroad Cost of Capital--2009 AGENCY: Surface Transportation Board, DOT. ACTION: Notice of decision instituting a proceeding to determine the railroad industry's 2009 cost...

  13. Information and the Cost of Capital: An Ex Ante Perspective

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; de la Rosa, Leonidas Enrique; Feltham, Gerald A.

    2010-01-01

    Recent articles have demonstrated that increased public disclosure can decrease firms' cost of capital. The focus has been on the impact of information on the cost of capital subsequent to the release of the information (the ex post cost of capital). We show that the reduction in the ex post cost...... of capital is offset by an equal increase in the cost of capital for the period leading up to the release of the information (the preposterior cost of capital). Thus, within the class of models framing the recent discussion, there is no impact on the ex ante cost of capital covering the full time span...... investors may actually benefit from a higher ex post cost of capital....

  14. Capital and operating cost estimates. Volume I. Preliminary design and assessment of a 12,500 BPD coal-to-methanol-to-gasoline plant. [Grace C-M-G Plant, Henderson County, Kentucky

    Energy Technology Data Exchange (ETDEWEB)

    1982-08-01

    This Deliverable No. 18b - Capital and Operating Cost Estimates includes a detailed presentation of the 12,500 BPD coal-to-methanol-to-gasoline plant from the standpoint of capital, preoperations, start-up and operations cost estimation. The base capital cost estimate in June 1982 dollars was prepared by the Ralph M. Parsons Company under the direction of Grace. The escalated capital cost estimate as well as separate estimates for preoperations, startup and operations activities were developed by Grace. The deliverable consists of four volumes. Volume I contains details of methodology used in developing the capital cost estimate, summary information on a base June 1982 capital cost, details of the escalated capital cost estimate and separate sections devoted to preoperations, start-up, and operations cost. The base estimate is supported by detailed information in Volumes II, III and IV. The degree of detail for some units was constrained due to proprietary data. Attempts have been made to exhibit the estimating methodology by including data on individual equipment pricing. Proprietary details are available for inspection upon execution of nondisclosure and/or secrecy agreements with the licensors to whom the data is proprietary. Details of factoring certain pieces of equipment and/or entire modules or units from the 50,000 BPD capital estimate are also included. In the case of the escalated capital estimate, Grace has chosen to include a sensitivity analysis which allows for ready assessment of impacts of escalation rates (inflation), contingency allowances and the construction interest financing rates on the escalated capital cost. Each of the estimates associated with bringing the plant to commercial production rates has as a basis the schedule and engineering documentation found in Deliverable No. 14b - Process Engineering and Mechanical Design Report, No. 28b - Staffing Plans, No. 31b - Construction Plan, and No. 33b - Startup and Operation Plan.

  15. When Does Information Asymmetry Affect the Cost of Capital?

    OpenAIRE

    Armstrong, Christopher S.; John E. Core; Taylor, Daniel J.; Robert E Verrecchia

    2009-01-01

    This paper examines when information asymmetry among investors affects the cost of capital in excess of standard risk factors. When equity markets are perfectly competitive, information asymmetry has no separate effect on the cost of capital. When markets are imperfect, information asymmetry can have a separate effect on firms’ cost of capital. Consistent with our prediction, we find that information asymmetry has a positive relation with firms’ cost of capital in excess of standard risk fact...

  16. 76 FR 10430 - Railroad Cost of Capital-2010

    Science.gov (United States)

    2011-02-24

    ... 2010. The decision solicits comments on the following issues: (1) The railroads' 2010 current cost of debt capital; (2) the railroads' 2010 current cost of preferred equity capital (if any); (3) the... Surface Transportation Board Railroad Cost of Capital--2010 AGENCY: Surface Transportation Board....

  17. APPLICATION OF COST OF CAPITAL FOR CAPITAL STRUCTURING IN CROATIAN FIRMS

    Directory of Open Access Journals (Sweden)

    Silvije Orsag

    2014-12-01

    Full Text Available This paper show result of empirical analysis application of cost of capital for capital structuring in Croatian firms. Intensity of this applications is highly unrespectable because Croatian firms usually calculated cost of capital in their capital budgeting process. Analysis also show low inconsistency of Croatian firm’s capital structures with peaking order theory. The paper shows that Croatian firm’s employ debt in their capital structure close to the debt equity ratio 1:1, with the significant portion of trade credit and short term bank credits. This short term liabilities are greater than 60% of total used debt in analyzing firms. Finally, paper shows that with degree of using the cost of capital in capital structuring rise profitability of analyzing firms.

  18. The role of capital costs in decarbonizing the electricity sector

    Science.gov (United States)

    Hirth, Lion; Steckel, Jan Christoph

    2016-11-01

    Low-carbon electricity generation, i.e. renewable energy, nuclear power and carbon capture and storage, is more capital intensive than electricity generation through carbon emitting fossil fuel power stations. High capital costs, expressed as high weighted average cost of capital (WACC), thus tend to encourage the use of fossil fuels. To achieve the same degree of decarbonization, countries with high capital costs therefore need to impose a higher price on carbon emissions than countries with low capital costs. This is particularly relevant for developing and emerging economies, where capital costs tend to be higher than in rich countries. In this paper we quantitatively evaluate how high capital costs impact the transformation of the energy system under climate policy, applying a numerical techno-economic model of the power system. We find that high capital costs can significantly reduce the effectiveness of carbon prices: if carbon emissions are priced at USD 50 per ton and the WACC is 3%, the cost-optimal electricity mix comprises 40% renewable energy. At the same carbon price and a WACC of 15%, the cost-optimal mix comprises almost no renewable energy. At 15% WACC, there is no significant emission mitigation with carbon pricing up to USD 50 per ton, but at 3% WACC and the same carbon price, emissions are reduced by almost half. These results have implications for climate policy; carbon pricing might need to be combined with policies to reduce capital costs of low-carbon options in order to decarbonize power systems.

  19. What's your real cost of capital?

    Science.gov (United States)

    McNulty, James J; Yeh, Tony D; Schulze, William S; Lubatkin, Michael H

    2002-10-01

    In valuing any investment project or corporate acquisition, executives must decide what discount rate to use in their estimates of future cash flows. The traditional approach is to apply the capital asset pricing model (CAPM), which has remained fundamentally unchanged for 40 years. But the formula--in particular, its beta element--has long been a source of frustration. In fact, corporate executives and investment bankers routinely fudge their CAPM estimates, say the authors, because experience and intuition tell them the model produces inappropriate discount rates. CAPM has three main problems: First, beta is a measure of both a stock's correlation and its volatility; second, beta is based on historical data; and third, CAPM rates don't take into account the term of the investment. These factors together result in discount rates that defy common sense. As an alternative to CAPM and its beta element, the authors developed a forward-looking approach to calculating a company's cost of capital, the market-derived capital pricing model (MCPM). It does not incorporate any measure of historical stock-to-market correlation, relying instead on estimates of future volatility derived from the options market. This is helpful since investor expectations from the options market are built into a company's current stock price. Using GE as an example, the authors give step-by-step instructions for how to calculate discount rates with MCPM. They also offer evidence from a range of industries to show that MCPM's discount rates are more realistic--especially from the corporate investor's perspective--than are CAPM's.

  20. The impact of intellectual capital disclosure on cost of equity capital: A case of French firms

    Directory of Open Access Journals (Sweden)

    Mohamed Ali Boujelbene

    2013-06-01

    Full Text Available The purpose of this paper is to examine empirically the impact of intellectual capital disclosure (IC on cost of Equity capital. The empirical research is based on companies listed in the French SBF 120 stock market index. The findings confirm our hypotheses that stipulate the existence of a significant and negative association between intellectual capital disclosure with its two components (human capital, structural and the cost of equity. However, the negative impact of the relational capital disclosure is not validated. The results in this paper are of considerable importance to both policy makers and firms. In fact, the understanding of the impact of Intellectual capital disclosure on cost of equity capital helps policy makers in the evaluation of the costs and benefits of disclosure. Moreover, with regard to managers of firms, the results show the benefit of enhanced IC disclosure regarding the reduction in their cost of capital. This study is one of the very first to provide empirical evidence of the association between Cost of equity capital and the level of disclosure in the three individual intellectual capital categories (human; structural and relational capital.

  1. Estimating the capital cost of underground car parking projects

    OpenAIRE

    Bastos, Mónica; Ribeiro, F. Loforte; Teixeira, José M. Cardoso

    2005-01-01

    Underground parking projects are expansive. The capital cost of underground parking project has been, and still is, one of the promoter's main economic concerns. Therefore, the capital cost estimation is an essential taskin the early stages pf underground parking projcts. In this context, the promoters mainly use cost estimation models, most of them produced by methodologies with lack of precision and with low performances. Over the last yeras Portugal has embarked ona a large programme of...

  2. Reducing the cost of health care capital.

    Science.gov (United States)

    Silberman, R

    1984-08-01

    Although one may ask four financial experts their opinion on the future of the hospital capital market and receive five answers, the blatant need for financial strategic planning is evident. Clearly, the hospital or system with sound financial management will be better positioned to gain and/or maintain an edge in the competitive environment of the health care sector. The trends of the future include hospitals attempting to: Maximize the efficiency of invested capital. Use the expertise of Board members. Use alternative capital sources. Maximize rate of return on investments. Increase productivity. Adjust to changes in reimbursements. Restructure to use optimal financing for capital needs, i.e., using short-term to build up debt capacity if long-term financing is needed in the future. Take advantage of arbitrage (obtain capital and reinvest it until the funds are needed). Delay actual underwriting until funds are to be used. Better management of accounts receivable and accounts payable to avoid short-term financing for cash flow shortfalls. Use for-profit subsidiaries to obtain venture capital by issuing stock. Use product line management. Use leasing to obtain balance sheet advantages. These trends indicate a need for hospital executives to possess a thorough understanding of the capital formation process. In essence, the bottom line is that the short-term viability and long-term survival of a health care organization will greatly depend on the financial expertise of its decision-makers.

  3. The opportunity cost of capital: development of new pharmaceuticals.

    Science.gov (United States)

    Chit, Ayman; Chit, Ahmad; Papadimitropoulos, Manny; Krahn, Murray; Parker, Jayson; Grootendorst, Paul

    2015-01-01

    The opportunity cost of the capital invested in pharmaceutical research and development (R&D) to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this "hidden" cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D.

  4. NSSS capital costs for a mature LMFBR industry

    Energy Technology Data Exchange (ETDEWEB)

    Zaman, S.U.

    1978-10-23

    The conceptual design of a commercial LMFBR (Target Plant) and its NSSS capital cost have been developed in support of the United Engineers and Constructors Contract EN-78-C-02-4954 with the Department of Energy. The objective of this work is to provide the Department of Energy/Office of Program Planning and Analysis - Nuclear Energy Programs with periodic updates of technical, capital cost, fuel cycle cost, and operating and maintenance cost information. This effort supports Task 3B of the UE and C's Phase I Energy Economic Data Base (EEDB) Program. Past estimates of LMFBR capital costs have generally predicted that these costs would be higher than those of a comparably sized LWR, primarily due to the more demanding technology associated wih higher temperatures and the large number of engineered systems. The LMFBR, because of its low fuel cycle costs, can tolerate a capital cost premium relative to thermal reactors. The key issues, therefore, are: the allowable LMFBR cost premium, and the steps necessary to reduce the capital cost below the projected allowable cost premium for a safe and reliable plant.

  5. Carbon Emission Disclosure and the Cost of Capital: An Analysis of Malaysian Capital Market

    National Research Council Canada - National Science Library

    Noor Raida Binti Abd Rahman; Nor Hasimah Binti Johari; Nor Edi Azhar Binti Mohamad

    2017-01-01

    ...) on the firm’s weighted-average cost of capital. A carbon disclosure index is used to evaluate the quality of carbon emission disclosure in 2013 and 2014 annual reports of 247 Malaysian public listed companies...

  6. Capitalizing strategic planning costs to recognize future value.

    Science.gov (United States)

    Meeting, D T; Luecke, R W

    1995-04-01

    As healthcare organizations devote more resources to strategic planning, financial managers should consider capitalizing, rather than expensing, planning costs. Traditionally, healthcare organizations have absorbed these costs in the year a plan is developed. However, a strategic plan may be viewed as an intangible asset that provides the organization with future benefits. Therefore, its costs can be amortized over the plan's life.

  7. Preliminary Cost Estimates of Pollution Control Technologies for Geothermal Developments

    Energy Technology Data Exchange (ETDEWEB)

    Sung, R.; Houser, G.; Richard, G.; Cotter, J.; Weller, P.; Pulaski, E.

    1979-10-01

    This is the first report from the EPA estimating the cost of technology for mitigating pollution that might arise from geothermal power systems. The Environmental Protection Agency (EPA) has taken an initial step towards the establishment of regulatory standards for the geothermal industry by preparing a document entitled Pollution Control Guidance for Geothermal Energy Development. This report supports that document by providing pollution control cost information. The objective of this report is to provide preliminary cost estimates for air and water pollution treatment and disposal technologies applicable for geothermal energy conversion systems. Cost estimates include both annualized capital investment and operation and maintenance (O&M) costs for various levels of environmental requirements. [DJE-2005

  8. Depreciation cost for the capital investment of a pyroprocess facility

    Energy Technology Data Exchange (ETDEWEB)

    Kim, S. K.; Lee, S. H.; Ko, W. I. [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

    2015-10-15

    The pyroprocess produces U/TRU metal ingots using four important processes, pretreatment, electrochemical reduction, electrorefining and electrowinning, in order to recycle spent fuel. KAPF+'s capacity is shown the cost that is injected into the KAPF+. The pyroprocess unit cost is data that are essential for inputting to calculate the pyroprocess-Sodiumcooled Fast Reactor (SFR) nuclear fuel cycle cost. Moreover, since the pyroprocess facility's depreciation cost is included in the manufacturing indirect cost of the pyroprocess cost, it can become an important element for judging the pyroprocess' economic viability. Since the pyroprocess unit cost calculates the sum of the costs that are incurred each year by dividing with the total amount of U/TRU ingot produced, the pyroprocess unit cost uncertainty increases as well when the uncertainty of the costs incurred by each year increases. KAPF+, which is a commercialization facility, was set as the cost object, and the existing methods (straightline method and fixed percentage of declining-balance method) used today and the depreciation cost of the ADDM were subjected to a comparative analysis. The results are as follows. First, in case of the straight-line method that calculated the durable period as 40 years, and in case of ADDM that factored in a 5% deceleration rate, the difference in the depreciation costs of $65.26/kgHM and $119.05/kgHM resulted during the first and last years, respectively. Accordingly, it was analyzed that there is a significant difference in terms of the cost of the capital investment every year depending on the depreciation method. Secondly, since the depreciation cost is a component of the manufacturing indirect cost, it is necessary to maintain a trend that is similar to that of the direct labor cost in addition to the direct material cost.

  9. 48 CFR 52.215-17 - Waiver of Facilities Capital Cost of Money.

    Science.gov (United States)

    2010-10-01

    ... Capital Cost of Money. 52.215-17 Section 52.215-17 Federal Acquisition Regulations System FEDERAL... Provisions and Clauses 52.215-17 Waiver of Facilities Capital Cost of Money. As prescribed in 15.408(i), insert the following clause: Waiver of Facilities Capital Cost of Money (OCT 1997) The Contractor did...

  10. 48 CFR 52.215-16 - Facilities Capital Cost of Money.

    Science.gov (United States)

    2010-10-01

    ... Money. 52.215-16 Section 52.215-16 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION....215-16 Facilities Capital Cost of Money. As prescribed in 15.408(h), insert the following provision: Facilities Capital Cost of Money (JUN 2003) (a) Facilities capital cost of money will be an allowable...

  11. Statistical analysis of regional capital and operating costs for electric power generation

    Energy Technology Data Exchange (ETDEWEB)

    Sanchez, L.R.; Myers, M.G.; Herrman, J.A.; Provanizano, A.J.

    1977-10-01

    This report presents the results of a three and one-half-month study conducted for Brookhaven National Lab. to develop capital and operating cost relationships for seven electric power generating technologies: oil-, coal-, gas-, and nuclear-fired steam-electric plants, hydroelectric plants, and gas-turbine plants. The methodology is based primarily on statistical analysis of Federal Power Commission data for plant construction and annual operating costs. The development of cost-output relationships for electric power generation is emphasized, considering the effects of scale, technology, and location on each of the generating processes investigated. The regional effects on cost are measured at the Census Region level to be consistent with the Brookhaven Multi-Regional Energy and Interindustry Regional Model of the United States. Preliminary cost relationships for system-wide costs - transmission, distribution, and general expenses - were also derived. These preliminary results cover the demand for transmission and distribution capacity and operating and maintenance costs in terms of system-service characteristics. 15 references, 6 figures, 23 tables.

  12. Minimum Cost Design of Distributed Energy Resources with Studying the Effect of Capital Cost and Replacement Cost

    Directory of Open Access Journals (Sweden)

    Mehdi Nafar

    2012-02-01

    Full Text Available This study presents an optimized design of HPS in a distribution system including sources like, photovoltaic array, Diesel generator and battery bank.In this research, an algorithm has been developed for evaluation and cost optimization HPS. The costs include capital cost, replacement cost, operation and maintenance cost, fuel cost and production cost for HPS and DG power during different load profile. Then an objective function with aim to minimizing of total costs has been considered. A genetic algorithm approach is employed to obtain the best cost value of HPS construction. This study tested on case study network on Mardasht city in Iran.

  13. Multicriteria Estimated Cost of Equity Capital Estimación multicriterio del costo de capital patrimonial

    Directory of Open Access Journals (Sweden)

    Juan Carlos Gutiérrez Betancur

    2009-12-01

    Full Text Available The estimation of the cost of equity capital is a key input to the capital budgeting  process when the firm uses internal financing. Financial analyst and managers usually utilize the CAPM to estimate the cost of equity which requires both measurement of  the market risk premium and estimation of beta. For publicly traded firms, calculating the cost of equity is entirely based on information from the financial markets. Non traded firms and small businesses do not have sufficient market based information. This article proposes a multicriteria model to determine the cost of equity for non traded firms. The Analytic Hierarchy Process developed by Thomas Saaty is the proposed methodology for deriving relative priorities of tangible and intangible corporate risk factors. The model requires business managers to identify the relevant information sources for the required input data. The inconsistencies checking mechanism within the AHP model allows management to identify inconsistencies, to revise prior judgments and to synthesize coherently.ResumenLa estimación del costo del capital propio es un elemento clave en el proceso de presupuestación de capital. Analistas y gerentes financieros utilizan el CAPM para estimar el costo del patrimonio, el cual requiere tanto la medición de la prima de riesgo del mercado como la estimación de beta. En el caso de compañías públicamente cotizadas y bursátiles, el cálculo del costo del patrimonio se basa totalmente en la información disponible en los mercados financieros. Las firmas no transadas en bolsa no cuentan con suficiente información de mercado que permita construir un comparable exactamente válido. Este artículo propone un modelo multicriterio para determinar el costo del capital propio de compañías no transadas en bolsa. El Proceso Analítico de Jerarquías desarrollado por Thomas Saaty soporta la metodología propuesta para derivar prioridades relativas de factores de riesgo corporativos

  14. Corporation Income Taxes and the Cost of Capital: A Revision

    Directory of Open Access Journals (Sweden)

    James W. Kolari

    2012-12-01

    Full Text Available The value of debt tax shields in foundational corporate valuation models by Nobel Laureates Modigliani and Miller (MM continues to be a controversial issue that is central to our understanding of corporate finance. Rather than discounting debt interest payments using a riskless interest rate or unlevered equity rate, the present paper proposes the use of the levered cost of equity. Assuming no bankruptcy risk and no personal taxes, our revised tax model yields an inverted U-shaped firm value function with an interior optimal capital structure. Analyses are extended to Miller’s personal tax extension of MM’s tax model. Also, implications to corporate capital structure decisions and previous literature are discussed.

  15. Understanding the cost of capital of logistics service providers: an empirical investigation of multiple contingency variables

    National Research Council Canada - National Science Library

    Lampe, Kerstin; Hofmann, Erik

    2014-01-01

    ...); in addition of being a measure of performance, the cost of capital is an important variable for logistics service providers in decisions about investing capital and developing the appropriate strategy...

  16. Disclosure and the Cost of Capital: Evidence from Firms' Responses to the Enron Shock

    OpenAIRE

    Christian Leuz; Catherine Schrand

    2009-01-01

    This paper examines the link between disclosure and the cost of capital. We exploit an exogenous cost of capital shock created by the Enron scandal in Fall 2001 and analyze firms' disclosure responses to this shock. These tests are opposite to the typical research design that analyzes cost of capital responses to disclosure changes. In reversing the tests and using an exogenous shock, we mitigate concerns about omitted variables in traditional cross-sectional disclosure studies. We estimate s...

  17. Accessing Low-Cost Capital Through Securitization (Poster)

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, M.

    2014-10-01

    Poster for Solar Power International conference presents information on NREL's effort to open capital markets through securitization via Solar Access to Public Capital (SAPC) working group's efforts.

  18. The sensitivity of capital services measurement : Measure all assets and the cost of capital

    NARCIS (Netherlands)

    Inklaar, R.

    2010-01-01

    The measurement of capital inputs is still a contentious issue: many choices have to be made that have potentially large effects on the resulting capital input series. This paper compares a large number of methodological choices and their impact on U.S. capital services at the industry and aggregate

  19. Impact of power purchases from nonutilities on the utility cost of capital

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.; Stoft, S.; Belden, T. [Lawrence Berkeley Lab., CA (United States). Energy and Environment Div.

    1994-03-01

    This report studies the debt-equivalence debate empirically. The topics of the study include a review of the literature on the cost of equity capital for regulated utilities, a formulation of the debate on NUGs and the utility`s cost of capital, a review of variable definitions and data sources, and a discussion of statistical issues and results.

  20. 48 CFR 9904.409 - Cost accounting standard-depreciation of tangible capital assets.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Cost accounting standard-depreciation of tangible capital assets. 9904.409 Section 9904.409 Federal Acquisition Regulations System COST...—depreciation of tangible capital assets....

  1. The Sensitivity of Capital Services Measurement: Measure all assets and the cost of capital

    OpenAIRE

    Inklaar, Robert

    2008-01-01

    The measurement of capital inputs is still a contentious issue: many choices have to be made that have potentially large effects on the resulting capital input series, some entailing differing assumptions about firm behaviour. This paper compares a large number of methodological choices and their impact on US capital services growth at the industry and aggregate level. The results show that measuring all assets, in particular intangible assets, and the choice for the rate of return matter sub...

  2. Development of underground-mine cost-estimating equations. [Dependence of initial capital cost, deferred capital cost and annual operating cost on region, annual mine output and seam depth

    Energy Technology Data Exchange (ETDEWEB)

    1981-03-06

    Table 3.3 summarizes the initial capital, deferred capital, and operating costs (in millions of 1980 dollars) for the four regionally-based underground model mines. The initial capital is divided into two components, fixed and variable. The fixed component is just the investment cost for surface facilities, which is assumed to be independent of mine size. The rest of the initial capital cost is associated with production (primarily face-related) and is assumed to vary linearly with mine size (i.e., annual output). There exists a concern that deferred capital costs will change due to entry mode. However, the installations concerned primarily with this point are depreciated off over the mine life and are not targeted for replacement. Therefore, deferred capital costs will not change significantly with entry mode changes or seam depth. In conclusion, it is our feeling that, within the resources of this project, development of cost adjustment factors relating productivity to various supply regions and seam heights is not practical. Assuming that productivity and, therefore, cost is independent of seam height will introduce errors into the system; however, their extent should be minimized by the incorporation of multiple model mines into the RAMC. Lastly, the relationship presented in this memorandum for depth of cover should be used in the RAMC.

  3. The Sensitivity of Capital Services Measurement : Measure all assets and the cost of capital

    NARCIS (Netherlands)

    Inklaar, Robert

    2008-01-01

    The measurement of capital inputs is still a contentious issue: many choices have to be made that have potentially large effects on the resulting capital input series, some entailing differing assumptions about firm behaviour. This paper compares a large number of methodological choices and their im

  4. Preliminary Multivariable Cost Model for Space Telescopes

    Science.gov (United States)

    Stahl, H. Philip

    2010-01-01

    Parametric cost models are routinely used to plan missions, compare concepts and justify technology investments. Previously, the authors published two single variable cost models based on 19 flight missions. The current paper presents the development of a multi-variable space telescopes cost model. The validity of previously published models are tested. Cost estimating relationships which are and are not significant cost drivers are identified. And, interrelationships between variables are explored

  5. 36 CFR 51.57 - How does a concessioner request arbitration of the construction cost of a capital improvement?

    Science.gov (United States)

    2010-07-01

    ... request arbitration of the construction cost of a capital improvement? 51.57 Section 51.57 Parks, Forests... Surrender Interest § 51.57 How does a concessioner request arbitration of the construction cost of a capital improvement? If a concessioner requests arbitration of the construction cost of a capital...

  6. Determining Capital Cost in Wastewater Treatment Installations Operating Under Inflow Characteristics Uncertainty

    Science.gov (United States)

    Batzias, D. F.; Pollalis, Y. A.

    2007-12-01

    This work deals with the determination of capital cost in wastewater treatment installations operating under inflow characteristics uncertainty. For this purpose, a methodological framework, under the form of an algorithmic procedure, has been designed/developed and successfully implemented in two cases of biological processing under steady state conditions. The results obtained are in satisfactory approximation with industrial data. Moreover, mathematical formulae have been derived for determining capital cost when processing takes place under unsteady state conditions; in this case, numerical approximation is necessary, since the expressions obtained have not analytic solution. Last, the influence of certain technical parameters on minimum capital cost is discussed.

  7. Yoga practices as identity capital: preliminary notes from Turku, Finland

    Directory of Open Access Journals (Sweden)

    Måns Broo

    2012-01-01

    Full Text Available As elsewhere in Finland, different types of yoga practices are popular in the city of Åbo/Turku. But how do practitioners view their own relationship to their practice, and further, what do they feel that they as individuals gain from it? Through in-depth interviews with yoga teachers in the city of Turku, the author examines ways in which individuals, in what could be called a post-secular society, construct a meaningful sense of self and of individual agency. The observations offered in this article represent preliminary notes for a larger work on yoga in Turku, conducted at the ‘Post-Secular Culture and a Changing Religious Landscape’ research project at Åbo Akademi University, devoted to qualitative and ethnographic investigations of the changing religious landscape in Finland.

  8. Human capital demand in Brazil: The effects of adjustment cost, economic growth, exports and imports

    Directory of Open Access Journals (Sweden)

    Joilson Dias

    2015-01-01

    Full Text Available The objective of this paper is to learn about the effects of the adjustment costs, economic growth, imports and exports on human capital labor demand. The dynamic model proposed by Sargent (1978 was adjusted to consider three types of human capital: (a one with fundamental education (1–8 years of schooling; (b one with secondary education level (9–11 years of education; (c and one with tertiary education level (12 years or more of schooling. Using state level panel data, the dynamic econometrics estimates showed the following results: (i the labor market adjustment costs are very higher; (ii the adjustment cost for the human capital with intermediary education level is the highest one compared to the others; (iii the states’ economic growth favor those with superior education; (iv the imports seems to favor the demand for those with intermediate education levels; (v the degree of openness does show some weak effect on the demand for human capitals with intermediate education. In sum, the growing demand for human capital with some superior education seems to be more associated to its lower adjustment cost and economic growth; the non-significance of real wage elasticity and high adjustment cost seems to indicate that the human capital with intermediate knowledge is in short supply; hence, economic education policy that increases supply of such human capital are in need.

  9. Game theory approach to optimal capital cost allocation in pollution control

    Institute of Scientific and Technical Information of China (English)

    1998-01-01

    This paper tries to integrate game theory, a very usefultool to resolve conflict phenomena, with optimal capital costallocation issue in total emission control. First the necessity ofallocating optimal capital costs fairly and reasonably amongpolluters in total emission control is analyzed. Then thepossibility of applying game theory to the issue of the optimalcapital cost allocation is expounded. Next the cooperative N-person game model of the optimal capital cost allocation and itssolution ways including method based on Shapley value, least coremethod, weak least core methods, proportional least core method,CGA method, MCRS method and so on are delineated. Finally throughapplication of these methods it is concluded that to apply gamethory in the optimal capital cost allocation issue is helpful toimplement the total emission control planning schemes successfully,to control pollution effectively, and to ensure sustainable development.

  10. Capital cost reimbursement to community hospitals under Federal health insurance programs.

    Science.gov (United States)

    Kinney, E D; Lefkowitz, B

    1982-01-01

    Issues in current capital cost reimbursement to community hospitals by Medicare and Medicaid are described, and options for change analyzed. Major reforms in the way the federal government pays for capital costs--in particular substitution of other methods of payment for existing depreciation reimbursement--could have significant impact on the structure of the health care system and on government expenditures. While such reforms are likely to engender substantial political opposition, they may be facilitated by broader changes in the reimbursement system.

  11. Valuation in emerging markets : how to adjust the cost of capital for country risk

    OpenAIRE

    Benserud, Mats; Austgulen, Henrik

    2006-01-01

    In this paper, we conduct valuations on four Argentine companies, all registered on the Buenos Aires Stock Exchange. Our goal is to investigate how to best calculate the relevant cost of capital in emerging markets. We start by thoroughly presenting the Argentine economic history and present macro-economic environment, before we present relevant theory for conducting valuations in emerging markets. We further carefully discuss theory on calculating the cost of capital and how to apply it. We ...

  12. 47 CFR 65.305 - Calculation of the weighted average cost of capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Calculation of the weighted average cost of... Carriers § 65.305 Calculation of the weighted average cost of capital. (a) The composite weighted average... Commission determines to the contrary in a prescription proceeding, the composite weighted average cost...

  13. Default Rate and Price of Capital in a Costly External Finance Model

    Directory of Open Access Journals (Sweden)

    Juan Pablo Medina

    2006-03-01

    Full Text Available Financial frictions have been used to enrich mechanisms transmission in macroeconomics. However, the predictions of real business cycle models of costly external finance imply a procyclical default rate, external premium and relative price of capital which seems at odds with the data. In this article, we include technology shocks that affect the average productivity and idiosyncratic risk of capital producers in a standard costly external finance model. These elements enhance the model to deliver a countercyclical default rate, external finance and relative price of capital premium which are more consistent with the data and contrary to the results obtained with a sector-neutral productivity shock. Intuitively, if the entrepreneurs’ investment projects become more productive in average, the relative price of capital and the default rate fall while investment and output increase. Using data on the relative price of capital, we perform a calibration of this type of shocks which highlights its business-cycle relevance.

  14. INTEREST ON EQUITY AND THE WEIGHTED AVERAGE COST OF CAPITAL

    OpenAIRE

    LUCAS AUGUSTO DE MORAIS PILOTO

    2008-01-01

    Diversos métodos são utilizados para o cálculo do valor justo de uma empresa. Dentre os métodos mais usados, estão o método do fluxo de caixa descontado, onde os fluxos de caixa estimados da empresa são trazidos a valor presente por uma taxa para se chegar a uma estimativa de valor da empresa. Esta taxa é uma média ponderada do custo de capital próprio e do custo de capital de terceiros, sendo conhecida pela sigla WACC. No Brasil, entretanto, existe uma peculiaridade na legi...

  15. The integrated supplier: key to cost management and multi-franchise capitation contracting.

    Science.gov (United States)

    Schuweiler, R C

    1996-05-01

    Capitation...most healthcare providers do not work under it, comprehend it, or even want it, yet supply capitation contracting seminars are popping up everywhere creating the feeling that the bandwagon is leaving, and it might be time to get on board. Not true. Supply capitation is not for all organizations. Capitation contracting is not easy and there are not many successful models to help the uninitiated. If a panacea is sought for reducing supply costs, capitation is only one component of a systematic strategy to reduce materiel costs. This article suggests a direction using the Group Health Materiel Management (Group Health Cooperative of Puget Sound, WA) experience as a point of reference. It advocates a systematic approach that focuses on expense reduction in: cost of goods, holding cost of inventory, labor cost associated with all materiel processes, distribution cost (transportation and par stock pick, pack, and replenishment), product utilization, variation in product standards, and waste stream byproducts. At Group Health (GH) these issues are primarily addressed through the use of: information systems, supplier certification/selection processes, group purchasing compliance, supply channel management, supply capitation contracting programs, standardization, and utilization management. Because of managed care organizational structure, Group Health Cooperative supply capitation contracting, as performed at GH, is discussed not as a quick fix solution but in the spirit of sharing our experience with others who may be considering it as a cost savings tactic in the context of a broad-based materiel management strategy. This article highlights the experiences of GH beginning with materiel management's business process assumptions toward multiple-franchise supply capitation.

  16. Capital Cost: Pressurized Water Reactor Plant Volume 1

    Energy Technology Data Exchange (ETDEWEB)

    1977-06-01

    The investment cost study for the 1139-MW(e) pressurized water reactor (PWR) central station power plant consists of two volumes. This volume includes in addition to the foreword and summary, the plant description and the detailed cost estimate.

  17. The Optimal Solution of the Model with Physical and Human Capital Adjustment Costs

    Institute of Scientific and Technical Information of China (English)

    RAO Lan-lan; CAI Dong-han

    2004-01-01

    We prove that the model with physical and human capital adjustment costs has optimal solution when the production function is increasing return and the structure of vetor fields of the model changes substantially when the prodution function from decreasing return turns to increasing return.And it is shown that the economy is improved when the coefficients of adjustment costs become small.

  18. Mental Health Costs and Access Under Alternative Capitation Systems in Colorado

    Science.gov (United States)

    Bloom, Joan R; Hu, Teh-wei; Wallace, Neal; Cuffel, Brian; Hausman, Jaclyn W; Sheu, Mei-Ling; Scheffler, Richard

    2002-01-01

    Objective To examine service cost and access for persons with severe mental illness under Medicaid mental health capitation payment in Colorado. Capitation contracts were made with two organizational models: community mental health centers (CMHCs) that manage and deliver services (direct capitation [DC]) and joint ventures between CMHCs and a for-profit managed care firm (managed behavioral health organization, [MBHO]) and compared to fee for service (F.F.S.). Data Sources/Study Setting Both primary and secondary data were collected for the year prior to the new financing policy and the following two years (1995–1998). Study Design A stratified random sample of 522 severely mentally ill subjects was selected from comparable geographic areas within the capitated and FFS regions of Colorado. Major variables include service cost, utilization, and access (probability of service use) derived from secondary claims data, subject reported access collected at six-month intervals, and baseline outcomes (symptoms, functioning, and quality of life). Principal Findings In comparison to the FFS area, cost per person was reduced in the capitated areas in each of the two years following implementation. By the end of year two, cost per person was reduced by two-thirds in the MBHO areas and by one-fifth in the DC areas. Reductions in access were found for both capitated areas, although reductions in utilization for those receiving service were found only in the MBHO model. Conclusions Medicaid mental health capitation in Colorado resulted in cost reducing service changes for persons with severe mental illness. Assessment of outcome change is necessary to identify cost effectiveness. PMID:12035996

  19. Mandatory IFRS adoption and the cost of Equity Capital. Evidence from Spanish Firms

    Directory of Open Access Journals (Sweden)

    David Castillo-Merino

    2014-05-01

    Full Text Available Purpose: The main objective of this paper analyses the effects of mandatory International Financial Reporting Standards (IFRS adoption by Spanish firms in 2005 on the cost of equity capital. Design/methodology: Using a sample of listed Spanish companies during the 1999 to 2009 period and a country-level focused analysis. To achieve our objective we relied on OLS regression analysis and estimate the dependent variable – the cost of equity – by using the proxy suggested in Easton (2004. Findings: We find evidence that, unlike previous studies, Spanish listed companies show a significant reduction in their cost of equity capital after the mandatory adoption of IFRS in 2005, after controlling by a set of firm-risk and market variables. According to our results, increased financial disclosure and enhanced information comparability, along with changes in legal and institutional enforcement, seem to have a joint effect on the cost of capital, leading to a large decrease in expected equity returns. Research limitations: The main limitation of the study is that the sample represents just one country. Practical implications: The findings of the study may have implications for the firms’ management staff, as they reveal what information determines the cost of equity capital. The systematic risk and the leverage affect positively the cost of stocks and therefore their market value. The results are consistent with the financial principle establishing that the higher risk and the higher leverage, the higher cost of capital. Originality/value: As a result of the conducted research, one is able to figure out which stock-return variables should be observed to anticipate the change of a company’s cost of capital.

  20. DAYA INFORMASI AKUNTANSI MEMODERASI PENGARUH POSITIF CORPORATE SOCIAL RESPONSIBILTY TERHADAP COST OF EQUITY CAPITAL

    Directory of Open Access Journals (Sweden)

    Gede Adi Yuniarta

    2017-03-01

    Full Text Available This research investigated the influence of informativeness of accounting on the relation of Corporate SocialResponsibility disclosure and the cost of equity capital of public companies listed in the Indonesian StockExchange in the period of 2008-2012. Purposive sampling method was used to determine samples and 154observations were obtained. Hypothesis testing was conducted using moderated regression analysis (MRA.This study found that the informativeness of accounting influenced the relation of Corporate Social Responsibilitydisclosure and the cost of equity capital. It weakened the positive impact of corporate social responsibilityon the cost of equity capital. The greater level of Corporate Social Responsibility disclosure accompanied by agood informativeness of accounting by companies, the lower the cost of equity capital was. Corporate SocialResponsibility disclosure with good informativeness accounting would give potential benefits like the growingnumber of investors, reducing estimated risks and asymmetry of information each of which indicated areduction in the cost of equity capital of firms.

  1. Capital cost: low and high sulfur coal plants; 800 MWe

    Energy Technology Data Exchange (ETDEWEB)

    None

    1978-01-01

    This Commercial Electric Power Cost Study for 800-MWe (Nominal) low- and high-sulfur coal plants consists of three volumes. (This is the fourth subject in a series of eight performed in the Commercial Electric Power Cost Studies by the US NRC). The low-sulfur coal plant is described in Volumes I and II, while Volume III (this volume) describes the high sulfur coal plant. The design basis, drawings, and summary cost estimate for a 794-MWe high-sulfur coal plant are presented in this volume. This information was developed by redesigning the low-sulfur sub-bituminous coal plant for burning high-sulfur bituminous coal. The reference design includes a lime flue-gas-desulfurization system. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal. Costs of alternate cooling systems are provided in Report No. 7 in this series of studies of costs of commercial electrical power plants.

  2. Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Qin, Zhenjiang

    In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...... information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting...

  3. Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Qin, Zhenjiang

    In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend...... information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

  4. The Determinants Factors of the Capital Cost � Evidence from 5 EU Countries

    Directory of Open Access Journals (Sweden)

    Georgiana Sterea

    2016-07-01

    Full Text Available The aim of the paper is to highlight the importance and complexity of the company�s capital and its components and the extent to which its cost is influenced by several factors. In order to achieve this goal we have made a study on a sample of 15 companies from Romania and other 4 EU countries: Italy, Spain, France and Finland. All are SME�s and micro-enterprises that acting in the sector of "Growing of spices, aromatic, drug and pharmaceutical crops". For the study of capital cost determinants were selected five variables: return on equity, return on assets, general indebtedness, taxation and firm�s size in order to determine their influence on the cost of capital.

  5. Capital Regulation, the Cost of Financial Intermediation and Bank Profitability: Evidence from Bangladesh

    Directory of Open Access Journals (Sweden)

    Changjun Zheng

    2017-04-01

    Full Text Available In response to the recent global financial crisis, the regulatory authorities in many countries have imposed stringent capital requirements in the form of the BASEL III Accord to ensure financial stability. On the other hand, bankers have criticized new regulation on the ground that it would enhance the cost of funds for bank borrowers and deteriorate the bank profitability. In this study, we examine the impact of capital requirements on the cost of financial intermediation and bank profitability using a panel dataset of 32 Bangladeshi banks over the period from 2000 to 2015. By employing a dynamic panel generalized method of moments (GMM estimator, we find robust evidence that higher bank regulatory capital ratios reduce the cost of financial intermediation and increase bank profitability. The results hold when we use equity to total assets ratio as an alternative measure of bank capital. We also observe that switching from BASEL I to BASEL II has no measurable impact on the cost of financial intermediation and bank profitability in Bangladesh. In the empirical analysis, we further observe that higher bank management and cost efficiencies are associated with the lower cost of financial intermediation and higher bank profitability. These results have important implications for bank regulators, academicians, and bankers.

  6. Willingness to pay and cost of illness for changes in health capital depreciation.

    Science.gov (United States)

    Ried, W

    1996-01-01

    The paper investigates the relationship between the willingness to pay and the cost of illness approach with respect to the evaluation of economic burden due to adverse health effects. The basic intertemporal framework is provided by Grossman's pure investment model, while effects on individual morbidity are taken to be generated by marginal changes in the rate of health capital depreciation. More specifically, both the simple example of purely temporary changes and the more general case of persistent variations in health capital depreciation are discussed. The analysis generates two principal findings. First, for a class of identical individuals cost as measured by the cost of illness approach is demonstrated to provide a lower bound on the true welfare cost to the individual, i.e. cost as given by the willingness to pay approach. Moreover, the cost of illness is increasing in the size of the welfare loss. Second, if one takes into account the possible heterogeneity of individuals, a clear relationship between the cost values supplied by the two approaches no longer exists. As an example, the impact of variations in either financial wealth or health capital endowment is discussed. Thus, diversity in individual type turns out to blur the link between cost of illness and the true economic cost.

  7. Conceptual capital-cost estimate and facility design of the Mirror-Fusion Technology Demonstration Facility

    Energy Technology Data Exchange (ETDEWEB)

    1982-09-01

    This report contains contributions by Bechtel Group, Inc. to Lawrence Livermore National Laboratory (LLNL) for the final report on the conceptual design of the Mirror Fusion Technology Demonstration Facility (TDF). Included in this report are the following contributions: (1) conceptual capital cost estimate, (2) structural design, and (3) plot plan and plant arrangement drawings. The conceptual capital cost estimate is prepared in a format suitable for inclusion as a section in the TDF final report. The structural design and drawings are prepared as partial inputs to the TDF final report section on facilities design, which is being prepared by the FEDC.

  8. Capital cost: low and high sulfur coal plants; 800 MWe

    Energy Technology Data Exchange (ETDEWEB)

    None

    1978-01-01

    The Commercial Electric Power Cost Study for 800-MWe (Nominal) low- and high-sulfur coal plants consists of three volumes. (This the fourth subject in a series of eight performed in the Commercial Electric Power Cost Studies by the US NRC). The low-sulfur coal plant is described in Volumes I and II (this volume), while Volume III describes the high-sulfur coal plant. The design basis and cost estimate for the 801-MWe low-sulfur coal plant is presented in Volume I and the drawings, equipment list, and site description are contained in this document. The design basis, drawings, and summary cost estimate for a 794-MWe high-sulfur coal plant are presented in Volume III. This information was developed by redesigning the low-sulfur sub-bituminous coal plant for burning high-sulfur bituminous coal. The reference design includes a lime flue gas desulfurization system. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal. Costs of alternate cooling systems are provided in Report No. 7 in this series of studies of costs of commercial electrical power plants.

  9. Quality Cost in the Construction Industry ' Preliminary Findings in Malaysia

    Directory of Open Access Journals (Sweden)

    Mukhtar Che Ali

    2010-06-01

    Full Text Available One of the key areas being emphasis in ISO 9001 Quality Management System (QMS is performance measurement towards continual improvement. Among the primary measuring tools is quality cost approach. Quality cost has been well practice in manufacturing sector but slowly gain its importance in construction industry. In fact Project Management Body of Knowledge (PMBOK has reckoned quality cost as one of the tool and technique in few of its management processes. In view of such circumstances that has prompted an effort to undertake a study to ascertain the level of knowledge and practice on quality cost in Malaysian construction landscape. The targeted group of respondents was the personnel in the project management team. Capitalizing Construction Industry Development Board (CIDB National Electronic Tendering Initiatives (NETI road shows which were held in year 2007 throughout the country, the author was able to garner 263 respondents representing the project management team. Subsequently the data gathered from the completed forms were analyzed using Statistical Package for Social Science (SPSS software. General findings indicated that the level of knowledge and practice on quality cost among the project management team were relatively low. One of the main contributing factors was poor knowledge in the area related to quality cost. Despite of such scenario most of the respondents showed their interest in acquiring knowledge in the field of quality cost. Hence quality cost approach is at the infancy stage in Malaysian construction industry.

  10. CVP ANALYSIS INCORPORATING THE COST OF CAPITAL ON R&D INVESTMENT

    Directory of Open Access Journals (Sweden)

    DIAN PRIHADYANTI

    2011-04-01

    Full Text Available Cost-volume-profit (CVP analysis is a widely used tool for managerial planning. The failure of CVP analysis to incorporate the cost of capital into a product's cost function can lead to underestimating a product's cost, while overstating its profitability. This paper proposes another variation of the CVPanalytical model to include cost of capital on R&D investment and its risk level on strategic decisions. The modified CVP model provides more useful information to management because it focuses on morespecific type of investment which has particular characteristics. The CVP model developed is more complex, because it includes risk and uncertainty for the expected revenue, and specifies the R&D expense as percentage of total sales. However, the model still needs further development.

  11. Wind-To-Hydrogen Project: Electrolyzer Capital Cost Study

    Energy Technology Data Exchange (ETDEWEB)

    Saur, G.

    2008-12-01

    This study is being performed as part of the U.S. Department of Energy and Xcel Energy's Wind-to-Hydrogen Project (Wind2H2) at the National Renewable Energy Laboratory. The general aim of the project is to identify areas for improving the production of hydrogen from renewable energy sources. These areas include both technical development and cost analysis of systems that convert renewable energy to hydrogen via water electrolysis. Increased efficiency and reduced cost will bring about greater market penetration for hydrogen production and application. There are different issues for isolated versus grid-connected systems, however, and these issues must be considered. The manner in which hydrogen production is integrated in the larger energy system will determine its cost feasibility and energy efficiency.

  12. Rightsizing HVAC Systems to Reduce Capital Costs and Save Energy

    Science.gov (United States)

    Sebesta, James

    2010-01-01

    Nearly every institution is faced with the situation of having to reduce the cost of a construction project from time to time through a process generally referred to as "value engineering." Just the mention of those words, however, gives rise to all types of connotations, thoughts, and memories (usually negative) for those in the facilities…

  13. Molten Salt: Concept Definition and Capital Cost Estimate

    Energy Technology Data Exchange (ETDEWEB)

    Stoddard, Larry [Black & Veatch, Kansas City, MO (United States); Andrew, Daniel [Black & Veatch, Kansas City, MO (United States); Adams, Shannon [Black & Veatch, Kansas City, MO (United States); Galluzzo, Geoff [Black & Veatch, Kansas City, MO (United States)

    2016-06-30

    The Department of Energy’s (DOE’s) Office of Renewable Power (ORP) has been tasked to provide effective program management and strategic direction for all of the DOE’s Energy Efficiency & Renewable Energy’s (EERE’s) renewable power programs. The ORP’s efforts to accomplish this mission are aligned with national energy policies, DOE strategic planning, EERE’s strategic planning, Congressional appropriation, and stakeholder advice. ORP is supported by three renewable energy offices, of which one is the Solar Energy Technology Office (SETO) whose SunShot Initiative has a mission to accelerate research, development and large scale deployment of solar technologies in the United States. SETO has a goal of reducing the cost of Concentrating Solar Power (CSP) by 75 percent of 2010 costs by 2020 to reach parity with base-load energy rates, and to reduce costs 30 percent further by 2030. The SunShot Initiative is promoting the implementation of high temperature CSP with thermal energy storage allowing generation during high demand hours. The SunShot Initiative has funded significant research and development work on component testing, with attention to high temperature molten salts, heliostats, receiver designs, and high efficiency high temperature supercritical CO2 (sCO2) cycles. DOE retained Black & Veatch to support SETO’s SunShot Initiative for CSP solar power tower technology in the following areas: 1. Concept definition, including costs and schedule, of a flexible test facility to be used to test and prove components in part to support financing. 2. Concept definition, including costs and schedule, of an integrated high temperature molten salt (MS) facility with thermal energy storage and with a supercritical CO2 cycle generating approximately 10MWe. 3. Concept definition, including costs and schedule, of an integrated high temperature falling particle facility with thermal energy storage and with a supercritical CO2

  14. Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data

    NARCIS (Netherlands)

    Lashitew, Addisu A.

    2011-01-01

    Lack of access to finance is argued to be one of the most binding constraints for firm growth. There is, however, limited empirical evidence on the relationship between access to finance and the cost of capital. This paper uses international manufacturing data to analyze the effect of access to fina

  15. Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data

    NARCIS (Netherlands)

    Lashitew, Addisu A.

    2011-01-01

    Lack of access to finance is argued to be one of the most binding constraints for firm growth. There is, however, limited empirical evidence on the relationship between access to finance and the cost of capital. This paper uses international manufacturing data to analyze the effect of access to fina

  16. 47 CFR 65.300 - Calculations of the components and weights of the cost of capital.

    Science.gov (United States)

    2010-10-01

    ... the cost of capital. 65.300 Section 65.300 Telecommunication FEDERAL COMMUNICATIONS COMMISSION... of financing that are not investor supplied, or that are otherwise subtracted from a carrier's rate... that are made pursuant to section 203 of the Communications Act of 1934, 47 U.S.C. 203, or that...

  17. 42 CFR 413.130 - Introduction to capital-related costs.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Introduction to capital-related costs. 413.130 Section 413.130 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN... depreciable assets under § 413.134(f). (2) Taxes on land or depreciable assets used for patient care....

  18. Towards a differentiated capitation system : relation between patient characteristics, contacts and costs

    NARCIS (Netherlands)

    Olthof, Marijke; Groenhof, Feikje; Berger, Marjolein Y.

    2015-01-01

    Background and objective. A new payment system could curb primary health care costs. A differentiated capitation system based on patient characteristics could be the best mix for payment. To test the feasibility of such a system, we examined the number of contacts between patients and general practi

  19. Falling Particles: Concept Definition and Capital Cost Estimate

    Energy Technology Data Exchange (ETDEWEB)

    Stoddard, Larry [Black & Veatch, Kansas City, MO (United States); Galluzzo, Geoff [Black & Veatch, Kansas City, MO (United States); Adams, Shannon [Black & Veatch, Kansas City, MO (United States); Andrew, Daniel [Black & Veatch, Kansas City, MO (United States)

    2016-06-30

    The Department of Energy’s (DOE) Office of Renewable Power (ORP) has been tasked to provide effective program management and strategic direction for all of the DOE’s Energy Efficiency & Renewable Energy’s (EERE’s) renewable power programs. The ORP’s efforts to accomplish this mission are aligned with national energy policies, DOE strategic planning, EERE’s strategic planning, Congressional appropriation, and stakeholder advice. ORP is supported by three renewable energy offices, of which one is the Solar Energy Technology Office (SETO) whose SunShot Initiative has a mission to accelerate research, development and large scale deployment of solar technologies in the United States. SETO has a goal of reducing the cost of Concentrating Solar Power (CSP) by 75 percent of 2010 costs by 2020 to reach parity with base-load energy rates, and to reduce costs 30 percent further by 2030. The SunShot Initiative is promoting the implementation of high temperature CSP with thermal energy storage allowing generation during high demand hours. The SunShot Initiative has funded significant research and development work on component testing, with attention to high temperature molten salts, heliostats, receiver designs, and high efficiency high temperature supercritical CO2 (sCO2) cycles.

  20. NATIONAL SCIENCE FOUNDATION. Preliminary Observations on Indirect Costs for Research

    Science.gov (United States)

    2017-05-24

    NATIONAL SCIENCE FOUNDATION Preliminary Observations on Indirect Costs for Research Statement of John Neumann, Director...on Science , Space, and Technology, House of Representatives For Release on Delivery Expected at 10:00 a.m. ET Wednesday, May 24th, 2017 GAO-17...testimony before the Subcommittee on Research and Technology and the Subcommittee on Oversight, Committee on Science , Space, and Technology, House of

  1. Early-Stage Capital Cost Estimation of Biorefinery Processes: A Comparative Study of Heuristic Techniques.

    Science.gov (United States)

    Tsagkari, Mirela; Couturier, Jean-Luc; Kokossis, Antonis; Dubois, Jean-Luc

    2016-09-08

    Biorefineries offer a promising alternative to fossil-based processing industries and have undergone rapid development in recent years. Limited financial resources and stringent company budgets necessitate quick capital estimation of pioneering biorefinery projects at the early stages of their conception to screen process alternatives, decide on project viability, and allocate resources to the most promising cases. Biorefineries are capital-intensive projects that involve state-of-the-art technologies for which there is no prior experience or sufficient historical data. This work reviews existing rapid cost estimation practices, which can be used by researchers with no previous cost estimating experience. It also comprises a comparative study of six cost methods on three well-documented biorefinery processes to evaluate their accuracy and precision. The results illustrate discrepancies among the methods because their extrapolation on biorefinery data often violates inherent assumptions. This study recommends the most appropriate rapid cost methods and urges the development of an improved early-stage capital cost estimation tool suitable for biorefinery processes. © 2015 The Authors. Published by Wiley-VCH Verlag GmbH & Co. KGaA.

  2. Capital and operating costs for industrial boilers. Final report Apr-Jun 79

    Energy Technology Data Exchange (ETDEWEB)

    Gibbs, L.L.; AbrahaM, J.P.; Noe, N.D.; Forste, D.S.; Kimball, H.T.

    1979-06-01

    The report provides estimates of capital and operating costs for industrial boilers. Costs are related to the type of fuel fired, firing design and rated capacity. Both package and field-erected boilers are evaluated. Fuels considered include coal, residual oil, distillate oil and natural gas. Firing designs for coal include underfeed-stoker, spreader-stoker and pulverized. Rated capacities range from 15(10 to the 6th)Btu/hr for oil and gas to 700(10 to the 6th)Btu/hr for coal. Costs are developed on a study estimate basis. Individual boiler cost estimates were plotted and cost equations developed for total equipment, installation (direct and indirect) and operating costs (variable and fixed).

  3. Assesing the Impact of Local Incentives on Capital Cost: The Case of the Indiana Era Program

    Directory of Open Access Journals (Sweden)

    Esteban G. DALEHITE

    2006-02-01

    Full Text Available Public policy makers and administrators around the world recurrently face the question of whether to grant tax privileges to businesses in order to promote investment, jobs, or economic development in general. This article analyzes a very popular form of local incentive, the property tax abatement, and its ability to reduce capital cost. The research question is: By how much do property tax abatements reduce the capital cost of business and homes? Results show that abatements can account for quite a large range of possible percentage reductions in the price of investment for firms. The findings provide public administrators and policy makers with data and a tool to assess the benefits that firms derive from abatements. This in turn can contribute to more informed abatement decisions and to an overall assessment concerning the suitability of this tool to promote economic development.

  4. Environmental residuals and capital costs of energy recovery from municipal sludge and feedlot manure

    Energy Technology Data Exchange (ETDEWEB)

    Ballou, S W; Dale, L; Johnson, R; Chambers, W; Mittelhauser, H

    1980-09-01

    The capital and environmental cost of energy recovery from municipal sludge and feedlot manure is analyzed. Literature on waste processing and energy conversion and interviews with manufacturers were used for baseline data for construction of theoretical models using three energy conversion processes: anaerobic digestion, incineration, and pyrolysis. Process characteristics, environmental impact data, and capital costs are presented in detail for each conversion system. The energy recovery systems described would probably be sited near large sources of sludge and manure, i.e., metropolitan sewage treatment plants and large feedlots in cattle-raising states. Although the systems would provide benefits in terms of waste disposal as well as energy production, they would also involve additional pollution of air and water. Analysis of potential siting patterns and pollution conflicts is needed before energy recovery systems using municipal sludge can be considered as feasible energy sources.

  5. Managerial Optimism and the Cost of Capital. The SEM-Approach with a Focus on the German Capital Market 

    Directory of Open Access Journals (Sweden)

    Jan-Hendrik Meier

    2016-04-01

    Full Text Available The present study contributes the first analysis of the influence of managerial optimism on companies’ financing policy and cost of capital. Since overconfidence biases investment and financing decisions, it may directly and indirectly influence a company’s risks and value. In contrast to prior research, which has almost exclusively been focused on the analysis of leverage, the present paper also takes risk measures into account to decompose the cost of capital and to identify direct and indirect effects of managerial optimism by using structural equation modeling (SEM. Based on a large sample of companies listed in Germany, this study found strong evidence that optimistic managers caused a higher equity risk and a higher risk of insolvency. However, this effect was not caused by the choice of leverage, and, thus, it must have been caused by investment-policy decisions. However, an optimistic management achieves a significant reduction in the overall cost of capital.

  6. Breast and prostate cancer productivity costs: a comparison of the human capital approach and the friction cost approach.

    Science.gov (United States)

    Hanly, Paul; Timmons, Aileen; Walsh, Paul M; Sharp, Linda

    2012-05-01

    Productivity costs constitute a substantial proportion of the total societal costs associated with cancer. We compared the results of applying two different analytical methods--the traditional human capital approach (HCA) and the emerging friction cost approach (FCA)--to estimate breast and prostate cancer productivity costs in Ireland in 2008. Data from a survey of breast and prostate cancer patients were combined with population-level survival estimates and a national wage data set to calculate costs of temporary disability (cancer-related work absence), permanent disability (workforce departure, reduced working hours), and premature mortality. For breast cancer, productivity costs per person using the HCA were € 193,425 and those per person using the FCA were € 8,103; for prostate cancer, the comparable estimates were € 109,154 and € 8,205, respectively. The HCA generated higher costs for younger patients (breast cancer) because of greater lifetime earning potential. In contrast, the FCA resulted in higher productivity costs for older male patients (prostate cancer) commensurate with higher earning capacity over a shorter time period. Reduced working hours postcancer was a key driver of total HCA productivity costs. HCA costs were sensitive to assumptions about discount and growth rates. FCA costs were sensitive to assumptions about the friction period. The magnitude of the estimates obtained in this study illustrates the importance of including productivity costs when considering the economic impact of illness. Vastly different results emerge from the application of the HCA and the FCA, and this finding emphasizes the importance of choosing the study perspective carefully and being explicit about assumptions that underpin the methods. Copyright © 2012 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

  7. IMPACT OF FINANCIAL CRISIS ON CONSTRUCTION FIRM`S COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Schiau (Macavei Laura Liana

    2010-12-01

    Full Text Available The average cost of debt is negatively related with size, tangibility, firm growth, the leverage ratio, and the ratio of long- to short-term debt and positively to profitability. We find that the recent international crisis did have a significant impact on the set of firms in our sample, but affected the way in which leverage and the interest to debt ratio relate to firm fundamentals. In this article, we want to study the impact of financial crisis on the cost of capital using a sample of construction companies.

  8. Early‐Stage Capital Cost Estimation of Biorefinery Processes: A Comparative Study of Heuristic Techniques

    Science.gov (United States)

    Couturier, Jean‐Luc; Kokossis, Antonis; Dubois, Jean‐Luc

    2016-01-01

    Abstract Biorefineries offer a promising alternative to fossil‐based processing industries and have undergone rapid development in recent years. Limited financial resources and stringent company budgets necessitate quick capital estimation of pioneering biorefinery projects at the early stages of their conception to screen process alternatives, decide on project viability, and allocate resources to the most promising cases. Biorefineries are capital‐intensive projects that involve state‐of‐the‐art technologies for which there is no prior experience or sufficient historical data. This work reviews existing rapid cost estimation practices, which can be used by researchers with no previous cost estimating experience. It also comprises a comparative study of six cost methods on three well‐documented biorefinery processes to evaluate their accuracy and precision. The results illustrate discrepancies among the methods because their extrapolation on biorefinery data often violates inherent assumptions. This study recommends the most appropriate rapid cost methods and urges the development of an improved early‐stage capital cost estimation tool suitable for biorefinery processes. PMID:27484398

  9. Controlling Capital Costs in High Performance Office Buildings: A Review of Best Practices for Overcoming Cost Barriers

    Energy Technology Data Exchange (ETDEWEB)

    Pless, S.; Torcellini, P.

    2012-05-01

    This paper presents a set of 15 best practices for owners, designers, and construction teams of office buildings to reach high performance goals for energy efficiency, while maintaining a competitive budget. They are based on the recent experiences of the owner and design/build team for the Research Support Facility (RSF) on National Renewable Energy Facility's campus in Golden, CO, which show that achieving this outcome requires each key integrated team member to understand their opportunities to control capital costs.

  10. Structural and performance costs of reproduction in a pure capital breeder, the Children's python Antaresia childreni.

    Science.gov (United States)

    Lourdais, Olivier; Lorioux, Sophie; DeNardo, Dale F

    2013-01-01

    Females often manage the high energy demands associated with reproduction by accumulating and storing energy in the form of fat before initiating their reproductive effort. However, fat stores cannot satisfy all reproductive resource demands, which include considerable investment of amino acids (e.g., for the production of yolk proteins or gluconeogenesis). Because capital breeders generally do not eat during reproduction, these amino acids must come from internal resources, typically muscle proteins. Although the energetic costs of reproduction have been fairly well studied, there are limited data on structural and performance costs associated with the muscle degradation required to meet amino acid demands. Thus, we examined structural changes (epaxial muscle width) and performance costs (constriction and strength) over the course of reproduction in a pure capital breeder, the children's python (Antaresia childreni). We found that both egg production (i.e., direct resource allocation) and maternal care (egg brooding) induce muscle catabolism and affect performance of the female. Although epaxial muscle loss was minimal in nonreproductive females, it reached up to 22% (in females after oviposition) and 34% (in females after brooding) of initial muscle width. Interestingly, we found that individuals with higher initial muscular condition allocated more of their muscle into reproduction. The amount of muscle loss was significantly linked to clutch mass, underscoring the role of structural protein in egg production. Egg brooding significantly increased proteolysis and epaxial loss despite no direct allocation to the offspring. Muscle loss was linked to a significant reduction in performance in postreproductive females. Overall, these results demonstrate that capital-breeding females experience dramatic costs that consume structural resources and jeopardize performance.

  11. Capital cost: pressurized water reactor plant. Commercial electric power cost studies

    Energy Technology Data Exchange (ETDEWEB)

    1977-06-01

    The investment cost study for the 1139 MW(e) pressurized water reactor (PWR) central station power plant consists of two volumes. This volume contains the drawings, equipment list and site description.

  12. Fair Value Accounting and the Cost of Equity Capital: The Moderating Effect of Risk Disclosure

    Directory of Open Access Journals (Sweden)

    Dignah Ashwag

    2017-01-01

    Full Text Available Evidence thus far suggests fair value accounting poses risk and affects firms’ returns in some ways. This research, on a sample of Asian banks, improves the understanding of the information risk effect of fair value accounting by examining the moderating role of risk disclosure in the relationship between fair value accounting and the cost of equity capital. The results from a generalised method of moments on dynamic panel data analysis, show that risk disclosure mitigates the asymmetric information problem. Thus the findings contribute towards the standard setters’ effort in improving the practice of fair value accounting, and suggest that there are benefits in mandating disclosure especially for banks.

  13. Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Qin, Zhenjiang

    In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend...... advantage of the disagreements and the differences in con…dence among investors. This leads to a higher growth in the investors’certainty equivalents and, thus, a higher equilibrium interest rate, whereas the ex ante risk premium on the risky asset is unaffected by the informativeness of the public...

  14. Developing a Cost Model and Methodology to Estimate Capital Costs for Thermal Energy Storage

    Energy Technology Data Exchange (ETDEWEB)

    Glatzmaier, G.

    2011-12-01

    This report provides an update on the previous cost model for thermal energy storage (TES) systems. The update allows NREL to estimate the costs of such systems that are compatible with the higher operating temperatures associated with advanced power cycles. The goal of the Department of Energy (DOE) Solar Energy Technology Program is to develop solar technologies that can make a significant contribution to the United States domestic energy supply. The recent DOE SunShot Initiative sets a very aggressive cost goal to reach a Levelized Cost of Energy (LCOE) of 6 cents/kWh by 2020 with no incentives or credits for all solar-to-electricity technologies.1 As this goal is reached, the share of utility power generation that is provided by renewable energy sources is expected to increase dramatically. Because Concentrating Solar Power (CSP) is currently the only renewable technology that is capable of integrating cost-effective energy storage, it is positioned to play a key role in providing renewable, dispatchable power to utilities as the share of power generation from renewable sources increases. Because of this role, future CSP plants will likely have as much as 15 hours of Thermal Energy Storage (TES) included in their design and operation. As such, the cost and performance of the TES system is critical to meeting the SunShot goal for solar technologies. The cost of electricity from a CSP plant depends strongly on its overall efficiency, which is a product of two components - the collection and conversion efficiencies. The collection efficiency determines the portion of incident solar energy that is captured as high-temperature thermal energy. The conversion efficiency determines the portion of thermal energy that is converted to electricity. The operating temperature at which the overall efficiency reaches its maximum depends on many factors, including material properties of the CSP plant components. Increasing the operating temperature of the power generation

  15. Disclosure, Conservatism and their Influence on Cost of Capital of the Companies Accepted by Tehran Stock Exchange (TSE

    Directory of Open Access Journals (Sweden)

    R. Zare

    2013-05-01

    Full Text Available This study attempts to examine the relevance of Disclosure, conservatism and their influence on cost of capital of the companies accepted by Tehran Stock Exchange (TSE and Compare the relative information content of them. Based on sampling, 113 firms from Tehran Stock Exchange (TSE were selected and examined during 2003 to 2009. The results support the priority of accounting figures over dividend policy. The results show there is some significant relation between the conservatism rate and cost of capital. The relation between the conservatism and cost of capital is on the basis of the Spence (1973. By virtue of the theory the companies benefit from the conservative accounting policy as a quality sign. When the conservative accounting policy is chosen it indicates a positive qualitative sign. Higher quality indicates the information risk of a company decreases probably; when the information risk of a company decreases the cost of capital decreases, too. Also the results show a significant relation between the disclosure rate and cost of capital namely when the disclosure rate of a company is higher (better the usual shares cost is lower.

  16. Metabolic costs of capital energy storage in a small-bodied ectotherm.

    Science.gov (United States)

    Griffen, Blaine D

    2017-04-01

    Reproduction is energetically financed using strategies that fall along a continuum from animals that rely on stored energy acquired prior to reproduction (i.e., capital breeders) to those that rely on energy acquired during reproduction (i.e., income breeders). Energy storage incurs a metabolic cost. However, previous studies suggest that this cost may be minimal for small-bodied ectotherms. Here I test this assumption. I use a laboratory feeding experiment with the European green crab Carcinus maenas to establish individuals with different amounts of energy storage. I then demonstrate that differences in energy storage account for 26% of the variation in basal metabolic costs. The magnitudes of these costs for any individual crab vary through time depending on the amount of energy it has stored, as well as on temperature-dependent metabolism. I use previously established relationships between temperature- and mass-dependent metabolic rates, combined with a feasible annual pattern of energy storage in the Gulf of Maine and annual sea surface temperature patterns in this region, to estimate potential annual metabolic costs expected for mature female green crabs. Results indicate that energy storage should incur an ~8% increase in metabolic costs for female crabs, relative to a hypothetical crab that did not store any energy. Translated into feeding, for a medium-sized mature female (45 mm carapace width), this requires the consumption of an additional ~156 mussels annually to support the metabolic cost of energy storage. These results indicate, contrary to previous assumptions, that the cost of energy storage for small-bodied ectotherms may represent a considerable portion of their basic operating energy budget. An inability to meet these additional costs of energy storage may help explain the recent decline of green crabs in the Gulf of Maine where reduced prey availability and increased consumer competition have combined to hamper green crab foraging success in

  17. A heat & mass integration approach to reduce capital and operating costs of a distillation configuration

    Energy Technology Data Exchange (ETDEWEB)

    Madenoor Ramapriya, Gautham [Purdue University; Jiang, Zheyu [Purdue University; Tawarmalani, Mohit [Purdue University; Agrawal, Rakesh [Purdue University

    2015-11-11

    We propose a general method to consolidate distillation columns of a distillation configuration using heat and mass integration. The proposed method encompasses all heat and mass integrations known till date, and includes many more. Each heat and mass integration eliminates a distillation column, a condenser, a reboiler and the heat duty associated with a reboiler. Thus, heat and mass integration can potentially offer significant capital and operating cost benefits. In this talk, we will study the various possible heat and mass integrations in detail, and demonstrate their benefits using case studies. This work will lay out a framework to synthesize an entire new class of useful configurations based on heat and mass integration of distillation columns.

  18. Credit Constraints and Determinants of the Cost of Capital in Vietnamese Manufacturing

    DEFF Research Database (Denmark)

    Rand, John

    2007-01-01

    This paper examines the extent to which borrowing constraints restrict firm access to credit and identifies individual, firm, and loan characteristics, which determine the cost of capital in Vietnamese manufacturing. Using direct information from a Vietnamese enterprise survey the paper shows...... to have the necessary time to go through the many administrative difficulties in the formal credit system if they want to "seize the day". Finally, collateralized loans face larger interest rates, explained by the significant influence of "policy lending" in Vietnamese credit markets...... that between 14 and 25% of the enterprises are credit constrained, and these enterprises would increase their debt holdings by between 40 and 115% if borrowing constraints were relaxed. Moreover, it emerges that informal credit markets play an important role for fast growing firms. Enterprises do not appear...

  19. GAME THEORY: MINIMISING THE COST OF CAPITAL VS. MAXIMISING THE RETURN OF INVESTORS

    Directory of Open Access Journals (Sweden)

    Mihaela Brindusa Tudose

    2014-12-01

    Full Text Available The application of game theory to financial transactions focuses on two categories of stakeholders: users of financing (firms and providers of financing (investors. The core of game theory consists in the strategy that a partner is able to build starting from the possible decisions of the other partner (each party having opposing interests. In fact, we deal here with a cooperative game in which both opponents seek to maximise their own chances of winning. The article aims to highlight the manner in which mathematical game theory is transposed in the field of corporate finance by balancing the firm’s objectives (maximising market value by minimising the cost of raising capital and the investors’ objectives (maximising returns on investments. The intended novelty of this paper lies in developing a model for optimising a firm’s financial structure and assessing it in terms of investors’ interests.

  20. Productivity Losses Associated with Head and Neck Cancer Using the Human Capital and Friction Cost Approaches.

    Science.gov (United States)

    Pearce, Alison M; Hanly, Paul; Timmons, Aileen; Walsh, Paul M; O'Neill, Ciaran; O'Sullivan, Eleanor; Gooberman-Hill, Rachael; Thomas, Audrey Alforque; Gallagher, Pamela; Sharp, Linda

    2015-08-01

    Previous studies suggest that productivity losses associated with head and neck cancer (HNC) are higher than in other cancers. These studies have only assessed a single aspect of productivity loss, such as temporary absenteeism or premature mortality, and have only used the Human Capital Approach (HCA). The Friction Cost Approach (FCA) is increasingly recommended, although has not previously been used to assess lost production from HNC. The aim of this study was to estimate the lost productivity associated with HNC due to different types of absenteeism and premature mortality, using both the HCA and FCA. Survey data on employment status were collected from 251 HNC survivors in Ireland and combined with population-level survival estimates and national wage data. The cost of temporary and permanent time off work, reduced working hours and premature mortality using both the HCA and FCA were calculated. Estimated total productivity losses per employed person of working age were EUR253,800 using HCA and EUR6800 using FCA. The main driver of HCA costs was premature mortality (38% of total) while for FCA it was temporary time off (73% of total). The productivity losses associated with head and neck cancer are substantial, and return to work assistance could form an important part of rehabilitation. Use of both the HCA and FCA approaches allowed different drivers of productivity losses to be identified, due to the different assumptions of the two methods. For future estimates of productivity losses, the use of both approaches may be pragmatic.

  1. Cost of soybean crop yield transgenic in Goias ( crop 2015/2016 equity x third capital

    Directory of Open Access Journals (Sweden)

    Sidney Jordan Silva

    2016-06-01

    Full Text Available Considering the data from the Ministry of Agriculture, in 2014 the Gross Domestic Product - Brazilian agricultural GDP accounted for about 23% of the total GDP of the Brazilian economy, in reais equivalent to R $ 1.1 trillion. And within it agriculture is represented in 70% of the production of agribusiness. Seen it, one sees Brazil's potential in this activity. Therefore, it is evident that this Montate production needs to be managed throughout the production cycle. This includes as a first step planting, a fact that needs initial investment to allow the harvest to the end of the process. Because of this it was thought what are the ways to start agricultural production. This work specifically measured the transgenic soybean crop in the state of Goiás. The source of the resource that defrayed the cost of production was studied. It found that can be made via bank through a rural financing or financing with own resources, considering that the farmer has this option when you start your planting. If the producer utilizasse own resources he would not receive the full amount calculated the profitability of Agribusiness Credit Bills - LCA. By financing the farmer will pay only the interest calculated if using all capital financed the formalization of the contract. And taking into account that the cost of financing ranges from planting to harvest, if the releases are gradually made the producer may also reduce the interest to be paid.

  2. CNSS plant concept, capital cost, and multi-unit station economics

    Energy Technology Data Exchange (ETDEWEB)

    1984-07-01

    United Engineers and Constructors (UE and C) and the Babcock and Wilcox Company (B and W) have performed several studies over the last eight years related to small integral pressurized water reactors. These reactors include the 365 MWt (100 MWe) Consolidated Nuclear Steam Generator (CNSG) and the 1200 MWt Consolidated Nuclear Steam System (CNSS). The studies, mostly performed under contract to the Oak Ridge National Laboratory, have led to a 1250 MWt (400 MWe) Consolidated Nuclear Steam System (CNSS) plant concept, with unique design and cost features. This report contains an update of earlier studies of the CNSS reactor and balance-of-plant concept design, capital costs, and multi-unit plant economics incorporating recent design developments, improvements, and post-TMI-2 upgrades. The economic evaluation compares the total system economic impact of a phased, three stage 400 MWe CNSS implementation program, i.e., a three-unit station, to the installation of a single 1200 MWe Pressurized Water Reactor (PWR) into a typical USA utility system.

  3. Sustentabilidade empresarial e o impacto no custo de capital próprio das empresas de capital aberto Sustainable development and consequences for equity costs in public companies

    Directory of Open Access Journals (Sweden)

    Lílian Simone Aguiar da Silva

    2006-12-01

    Full Text Available Este trabalho apresenta o impacto no custo de capital próprio para as empresas brasileiras de capital aberto face à adoção dos princípios de sustentabilidade. O conceito de desenvolvimento sustentável tem se aprimorado num processo contínuo de reavaliação da relação existente entre: crescimento econômico, a sociedade civil e o meio ambiente. O triple-bottom-line das dimensões econômica, ambiental e social da sustentabilidade tem emergido como um modelo de interpretação pelas empresas, embora cada uma dessas dimensões represente um grande desafio. O segmento corporativo vem atendendo às demandas cada vez maiores da sociedade frente a essas questões, ficando a dúvida quanto à legitimidade dessas ações e o questionamento relativo ao papel das empresas na economia e na sociedade. Para avaliar o impacto no custo de capital próprio, foi implementado um modelo de decomposição do beta em medidas contábeis de risco, incluindo uma variável referente à sustentabilidade. O resultado confirma a expectativa de que ao aderir aos padrões de sustentabilidade a empresa reduz o risco corporativo medido pelo risco sistemático, determinando a redução do custo de capital e aumento do valor econômico.This article provides an analysis of equity costs in Brazilian public companies regarding the adoption of sustainability principles. The concept of sustainable development has evolved considering the relation among economic growth, the society and the environment. The triple-bottom-line of economic, environmental, and social dimensions has emerged as an interpretation model by companies, although each of these dimensions may present a challenge. The corporate sector has faced an increasing demand from society regarding these sustainability concepts, though the actions and the role to be played by companies within this context are still being questioned. Equity costs were analyzed by a multivariate regression of beta on accounting measures

  4. The financial cost of doctors emigrating from sub-Saharan Africa: human capital analysis.

    Science.gov (United States)

    Mills, Edward J; Kanters, Steve; Hagopian, Amy; Bansback, Nick; Nachega, Jean; Alberton, Mark; Au-Yeung, Christopher G; Mtambo, Andy; Bourgeault, Ivy L; Luboga, Samuel; Hogg, Robert S; Ford, Nathan

    2011-11-23

    To estimate the lost investment of domestically educated doctors migrating from sub-Saharan African countries to Australia, Canada, the United Kingdom, and the United States. Human capital cost analysis using publicly accessible data. Sub-Saharan African countries. Nine sub-Saharan African countries with an HIV prevalence of 5% or greater or with more than one million people with HIV/AIDS and with at least one medical school (Ethiopia, Kenya, Malawi, Nigeria, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe), and data available on the number of doctors practising in destination countries. The financial cost of educating a doctor (through primary, secondary, and medical school), assuming that migration occurred after graduation, using current country specific interest rates for savings converted to US dollars; cost according to the number of source country doctors currently working in the destination countries; and savings to destination countries of receiving trained doctors. In the nine source countries the estimated government subsidised cost of a doctor's education ranged from $21,000 (£13,000; €15,000) in Uganda to $58,700 in South Africa. The overall estimated loss of returns from investment for all doctors currently working in the destination countries was $2.17bn (95% confidence interval 2.13bn to 2.21bn), with costs for each country ranging from $2.16m (1.55m to 2.78m) for Malawi to $1.41bn (1.38bn to 1.44bn) for South Africa. The ratio of the estimated compounded lost investment over gross domestic product showed that Zimbabwe and South Africa had the largest losses. The benefit to destination countries of recruiting trained doctors was largest for the United Kingdom ($2.7bn) and United States ($846m). Among sub-Saharan African countries most affected by HIV/AIDS, lost investment from the emigration of doctors is considerable. Destination countries should consider investing in measurable training for source countries and strengthening of their

  5. The Costs of Policing: Psychosocial Capital and Mental Health Outcomes in a Nigeria Police Sample.

    Science.gov (United States)

    Ojedokun, Oluyinka; Balogun, Shyngle K

    2015-10-14

    This study examined the influence of psychosocial capital (psychological and workplace social capital) on mental health outcomes among 340 police personnel in Nigeria. Data were collected via anonymously completed questionnaires. The hypotheses were tested using structural equation modeling, and the results revealed that in the context of stress and traumatic stress, resilience p police organization pay attention to how psychological capital influence the development of psychopathology or resilience and how such issues can be addressed through psychological training in the workplace.

  6. Perceptions of social capital and cost-related non-adherence to medication among the elderly.

    Science.gov (United States)

    Luz, Tatiana Chama Borges; Loyola Filho, Antônio Ignácio de; Lima-Costa, Maria Fernanda

    2011-02-01

    The aim of this study was to examine the association between social capital and cost-related non-adherence (CRN) in an elderly population, using data from 1,134 respondents to the Greater Metropolitan Belo Horizonte Health Survey. CRN was lower for those elderly with a better perception of attachment to their neighbourhoods (PR = 0.68; 95%CI: 0.50-0.94), with more social contacts (one to five, PR = 0.49; 95%CI: 0.30-0.80 and more than five, PR = 0.42; 95%CI: 0.26-0.67), and with private health insurance coverage (PR = 0.64; 95%CI: 0.45-0.93). Meanwhile, CRN was significantly higher for those with fair to poor self-rated health (PR =1.66; 95%CI: 0.95-2.90 and PR = 2.62; 95%CI: 1.46-4.71 respectively), with multiple comorbidities (two, PR = 3.45; 95%CI: 1.38-8.62 and three or more, PR = 4.42; 95%CI: 1.74-11.25), and with a lower frequency of physician-patient dialogue about health/treatment (rarely/never, PR = 1.91; 95%CI: 1.16-3.13). These findings highlight the need to take into account the social context in future research on CRN.

  7. A zinc–iron redox-flow battery under $100 per kW h of system capital cost

    OpenAIRE

    Gong, Ke; Ma, Xiaoya; Kuttler, Kevin J.; Grunewald, Jonathan B.; Yeager, Kelsey L.; Bazant, Martin Z.; Gu, Shuang; Yan, Yushan; Conforti, Kameron Michael

    2015-01-01

    Redox flow batteries (RFBs) are one of the most promising scalable electricity-storage systems to address the intermittency issues of renewable energy sources such as wind and solar. The prerequisite for RFBs to be economically viable and widely employed is their low cost. Here we present a new zinc–iron (Zn–Fe) RFB based on double-membrane triple-electrolyte design that is estimated to have under $100 per kW h system capital cost. Such a low cost is achieved by a combination of inexpensive r...

  8. Wind energy in Brazil. Systemic risks and the cost of the own capital in the context of the cleaning development mechanism; Energia eolica no Brasil. Riscos sistemicos e o custo do capital proprio no contexto do mecanismo de desenvolvimento limpo

    Energy Technology Data Exchange (ETDEWEB)

    Lisboa, Cristines [IBMEC, Rio de Janeiro, RJ (Brazil)], E-mail: cristines.lisboa@gmail.com; Hauser, Philip, E-mail: philipphauser@web.de; Medeiros, Anamelia, E-mail: anameliam@yahoo.com.br

    2010-07-01

    This paper analyses the capital cost of technology based on the CDM rules and the financial practice established and applied by the ANEEL, viewing the establishment of a reference rate for the discussion of financial additional of the projects.

  9. Preliminary Study on Causative Factors Leading to Construction Cost Overrun

    Directory of Open Access Journals (Sweden)

    Aftab Hameed Memon

    2011-07-01

    Full Text Available Cost is the fundamental component for any construction project. However, cost overrun is observed as one of the most frequently occurring issues in construction projects worldwide and need to be studied more to alleviate this issue in the future. This trend is more severe in developing countries where these overruns sometimes exceeds 100% of the anticipated cost of the project.   Like other countries, construction industry in Malaysia is also facing a lot of challenges such as the delay to complete the project in time, the expenditure exceeding the budget, the building defects and over dependent of foreign workers. The ultimate effects of project delay also results in exceeding cost. This leads to serious need of addressing the critical issue of construction cost overrun. To avoid construction cost overrun, very first and most important step is to identify and understand the causes and factors responsible for that. Hence, this paper is aimed to identify various factors responsible for construction cost overrun. Through a comprehensive study of literature review, common factors causing cost overrun resulting in identification of 78 factors were mapped in frequency table. A questionnaire survey and interviews were carried out amongst selected experienced personnel for expert opinion to identify the significant factors causing cost overrun in Malaysia. Five respondents were selected from each of the respondents groups including client, consultant and contractor. The questionnaire responses were analyzed by average index method, which resulted in identification of 59 common factors causing construction cost overrun in Malaysia. Results show that poor design & delays in Design, unrealistic contract duration & requirements imposed, lack of experience, late delivery of materials & equipment, relationship between management & labour, delay preparation & approval of drawings, inadequate planning & scheduling, poor site management & supervision and

  10. Uncertainties in early-stage capital cost estimation of process design – a case study on biorefinery design

    DEFF Research Database (Denmark)

    Cheali, Peam; Gernaey, Krist; Sin, Gürkan

    2015-01-01

    is highlighted using the synthesis and design of a biorefinery as a case study. The impact of uncertainties in cost estimation on the identification of optimal processing paths is indeed found to be profound. To tackle this challenge, a comprehensive techno-economic risk analysis framework is presented to enable......Capital investment, next to the product demand, sales, and production costs, is one of the key metrics commonly used for project evaluation and feasibility assessment. Estimating the investment costs of a new product/process alternative during early-stage design is a challenging task, which......) the Monte Carlo technique as an error propagation method based on expert input when cost data are not available. Four well-known models for early-stage cost estimation are reviewed and analyzed using the methodology. The significance of uncertainties of cost data for early-stage process design...

  11. Capital and Operating Costs of Full-Scale Fecal Sludge Management and Wastewater Treatment Systems in Dakar, Senegal

    Science.gov (United States)

    2012-01-01

    A financial comparison of a parallel sewer based (SB) system with activated sludge, and a fecal sludge management (FSM) system with onsite septic tanks, collection and transport (C&T) trucks, and drying beds was conducted. The annualized capital for the SB ($42.66 capita–1 year–1) was ten times higher than the FSM ($4.05 capita–1 year–1), the annual operating cost for the SB ($11.98 capita–1 year–1) was 1.5 times higher than the FSM ($7.58 capita–1 year–1), and the combined capital and operating for the SB ($54.64 capita–1 year–1) was five times higher than FSM ($11.63 capita–1 year–1). In Dakar, costs for SB are almost entirely borne by the sanitation utility, with only 6% of the annualized cost borne by users of the system. In addition to costing less overall, FSM operates with a different business model, with costs spread among households, private companies, and the utility. Hence, SB was 40 times more expensive to implement for the utility than FSM. However, the majority of FSM costs are borne at the household level and are inequitable. The results of the study illustrate that in low-income countries, vast improvements in sanitation can be affordable when employing FSM, whereas SB systems are prohibitively expensive. PMID:22413875

  12. Capital and operating costs of full-scale fecal sludge management and wastewater treatment systems in Dakar, Senegal.

    Science.gov (United States)

    Dodane, Pierre-Henri; Mbéguéré, Mbaye; Sow, Ousmane; Strande, Linda

    2012-04-03

    A financial comparison of a parallel sewer based (SB) system with activated sludge, and a fecal sludge management (FSM) system with onsite septic tanks, collection and transport (C&T) trucks, and drying beds was conducted. The annualized capital for the SB ($42.66 capita(-1) year(-1)) was ten times higher than the FSM ($4.05 capita(-1) year(-1)), the annual operating cost for the SB ($11.98 capita(-1) year(-1)) was 1.5 times higher than the FSM ($7.58 capita(-1) year(-1)), and the combined capital and operating for the SB ($54.64 capita(-1) year(-1)) was five times higher than FSM ($11.63 capita(-1) year(-1)). In Dakar, costs for SB are almost entirely borne by the sanitation utility, with only 6% of the annualized cost borne by users of the system. In addition to costing less overall, FSM operates with a different business model, with costs spread among households, private companies, and the utility. Hence, SB was 40 times more expensive to implement for the utility than FSM. However, the majority of FSM costs are borne at the household level and are inequitable. The results of the study illustrate that in low-income countries, vast improvements in sanitation can be affordable when employing FSM, whereas SB systems are prohibitively expensive.

  13. Optimal Dividend and Dynamic Reinsurance Strategies with Capital Injections and Proportional Costs

    Institute of Scientific and Technical Information of China (English)

    Yi-dong WU; Jun-yi GUO

    2012-01-01

    We consider an optimization problem of an insurance company in the diffusion setting,which controls the dividends payout as well as the capital injections.To maximize the cumulative expected discounted dividends minus the penalized discounted capital injections until the ruin time,there is a possibility of (cheap or non-cheap) proportional reinsurance.We solve the control problems by constructing two categories of suboptimal models,one without capital injections and one with no bankruptcy by capital injection.Then we derive the explicit solutions for the value function and totally characterize the optimal strategies.Particularly,for cheap reinsurance,they are the same as those in the model of no bankruptcy.

  14. Privatization and the Corporate Cost of Capital in New Zealand: An Application of Fama and French (1999)

    OpenAIRE

    2005-01-01

    Fama and French’s (1999) internal rate of return method is applied to Datastream data from 1993-2001 for 81 non-financial firms listed on the New Zealand Stock Exchange. The nominal return on value is 7.09%. The real return on value is 5.07%. The nominal return on cost is 11.59%. The real return on cost is 9.48%. The 10 former state-owned enterprises have nominal and real returns significantly higher than the 71other publicly-listed companies and their capital structures and market-to-book ...

  15. The Feasibility and Current Estimated Capital Costs of Producing Jet Fuel at Sea Using Carbon Dioxide and Hydrogen

    Science.gov (United States)

    2010-09-29

    1,250,000,000 In addition to the electrolysis units, commercial reactors and carbon capture materials must also be accounted for in the overall cost of a jet...Power The U.S. Navy’s Nimitz class aircraft carriers are powered by two nuclear fission pressurized water reactors (PWRs) capable of producing a...total minimum of 275 MW of power [16]. The estimated capital cost of these light water reactors (L WR) is 1,200 dollars per kilowatt of electricity

  16. The cost of child health inequalities in Aotearoa New Zealand: a preliminary scoping study

    Directory of Open Access Journals (Sweden)

    Mills Clair

    2012-05-01

    Full Text Available Abstract Background Health inequalities have been extensively documented, internationally and in New Zealand. The cost of reducing health inequities is often perceived as high; however, recent international studies suggest the cost of “doing nothing” is itself significant. This study aimed to develop a preliminary estimate of the economic cost of health inequities between Māori (indigenous and non-Māori children in New Zealand. Methods Standard quantitative epidemiological methods and “cost of illness” methodology were employed, within a Kaupapa Māori theoretical framework. Data were obtained from national data collections held by the New Zealand Health Information Service and other health sector agencies. Results Preliminary estimates suggest child health inequities between Māori and non-Māori in New Zealand are cost-saving to the health sector. However the societal costs are significant. A conservative “base case” scenario estimate is over $NZ62 million per year, while alternative costing methods yield larger costs of nearly $NZ200 million per annum. The total cost estimate is highly sensitive to the costing method used and Value of Statistical Life applied, as the cost of potentially avoidable deaths of Māori children is the major contributor to this estimate. Conclusions This preliminary study suggests that health sector spending is skewed towards non-Māori children despite evidence of greater Māori need. Persistent child health inequities result in significant societal economic costs. Eliminating child health inequities, particularly in primary care access, could result in significant economic benefits for New Zealand. However, there are conceptual, ethical and methodological challenges in estimating the economic cost of child health inequities. Re-thinking of traditional economic frameworks and development of more appropriate methodologies is required.

  17. Uncertainties in Early Stage Capital Cost Estimation of Process Design – A case study on biorefinery design

    Directory of Open Access Journals (Sweden)

    Gurkan eSin

    2015-02-01

    Full Text Available Capital investment, next to the product demand, sales and production costs, is one of the key metrics commonly used for project evaluation and feasibility assessment. Estimating the investment costs of a new product/process alternative during early stage design is a challenging task. This is especially important in biorefinery research, where available information and experiences with new technologies is limited. A systematic methodology for uncertainty analysis of cost data is proposed that employs (a Bootstrapping as a regression method when cost data is available and (b the Monte Carlo technique as an error propagation method based on expert input when cost data is not available. Four well-known models for early stage cost estimation are reviewed an analyzed using the methodology. The significance of uncertainties of cost data for early stage process design is highlighted using the synthesis and design of a biorefinery as a case study. The impact of uncertainties in cost estimation on the identification of optimal processing paths is found to be profound. To tackle this challenge, a comprehensive techno-economic risk analysis framework is presented to enable robust decision making under uncertainties. One of the results using an order-of-magnitude estimate shows that the production of diethyl ether and 1,3-butadiene are the most promising with economic risks of 0.24 MM$/a and 4.6 MM$/a due to uncertainties in cost estimations, respectively.

  18. PERCEPTION OF THE FINANCIAL MANAGERS OF THE SMALL AND MIDDLE BUSINESS WITH RELATIONSHIP AT THE COST OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Márcio André Veras Machado

    2006-06-01

    Full Text Available This article has as purpose to analyze the degree of the financial managers' perception among small and middle organizations about the capital cost. The data were collected within 27 companies in 10 sections of the Brazilian economy. The method chosen for data collection relies greatly on personal interviews based on route previously elaborated. The interviews demonstrated that most of the interviewees even does not know about the cost of equity. The ones who know about it, in its majority, measure like as the minimum rate of profitability, measured for the cost of lost opportunity. In the regard of the cost of debt, most of them know and were unanimous to confirm that the cost of debt is explicit and it already comes defined by the financial institutions, in its contracts. It was observed that among the managers interviewed which affirmed to know the cost of equity and cost of debt, the great part were in the management position, had college degree in accounting or engineering,, had more than 15 years of experience in these functions, had over 40 years, worked within companies 21 years old and over in the market, and were basically male. Key-words: Cost of Equity, Cost of Debt, Small and Middle Business.

  19. DO FINANCIAL STATEMENTS PROVIDE ADEQUATE INFORMATION ABOUT THE CAPITALIZATION OF COSTS RELATED TO INTANGIBLE ASSETS?: AN EMPIRICAL RESEARCH ON ITALIAN LISTED COMPANIES

    OpenAIRE

    Vignini, Stefania

    2015-01-01

    The aim of our research is to verify if Italian listed companies financial statements provide adequate information about the capitalization of costs related to intangible assets and if the information provided are reliable. Moreover, we investigated if they merely comply with law or provide additional information on cost capitalization and reveal if internal control systems (especially managerial accounting systems) or other information systems are applied to support the measurement proces...

  20. Investigation of Iterative Algorithms for Evaluation of Capital Structure and Cost

    Directory of Open Access Journals (Sweden)

    Vigen Minasyan

    2014-01-01

    Full Text Available Determination of structure and correct calculation of a company’s capital value is an essential; theoretical and practical problem for corporate finance. The proportion between the company’s equity and borrowed capital determines the risk and profitability of the company and, consequently, the welfare of its owners. The most common recommendation is to evaluate the stricture of capital based on market proportions between indebtedness and equity. However, market proportions most often deviate from values obtained through analytical calculations. This means that weak efficiency of the market brings about inconsistency between the input data and the results, which are calculated from them. Second, not all companies have a representative market quotation. There is a question, then: how can we correctly evaluate capital and its market structure for individual projects and companies in general? The work presented below is dedicated to the iterative method for evaluation of fair structure of capital as suggested in (Limitovsky M.A., Minasyan V.B. 2010, and to the proving of consistency of this method for a very large number of companies.

  1. Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-12-01

    Full Text Available Most finance textbooks present the Weighted Average Cost of Capital (WACC calculation as: WACC = Kd×(1-T×D% + Ke×E%, where Kd is the cost of debt before taxes, T is the tax rate, D% is the percentage of debt on total value, Ke is the cost of equity and E% is the percentage of equity on total value. All of them precise (but not with enough emphasis that the values to calculate D% y E% are market values. Although they devote special space and thought to calculate Kd and Ke, little effort is made to the correct calculation of market values. This means that there are several points that are not sufficiently dealt with: Market values, location in time, occurrence of tax payments, WACC changes in time and the circularity in calculating WACC. The purpose of this note is to clear up these ideas, solve the circularity problem and emphasize in some ideas that usually are looked over. Also, some suggestions are presented on how to calculate, or estimate, the equity cost of capital.

  2. Preliminary study of Low-Cost Micro Gas Turbine

    Science.gov (United States)

    Fikri, M.; Ridzuan, M.; Salleh, Hamidon

    2016-11-01

    The electricity consumption nowadays has increased due to the increasing development of portable electronic devices. The development of low cost micro gas turbine engine, which is designed for the purposes of new electrical generation Micro turbines are a relatively new distributed generation technology being used for stationary energy generation applications. They are a type of combustion turbine that produces both heat and electricity on a relatively small scaled.. This research are focusing of developing a low-cost micro gas turbine engine based on automotive turbocharger and to evaluation the performance of the developed micro gas turbine. The test rig engine basically was constructed using a Nissan 45V3 automotive turbocharger, containing compressor and turbine assemblies on a common shaft. The operating performance of developed micro gas turbine was analyzed experimentally with the increment of 5000 RPM on the compressor speed. The speed of the compressor was limited at 70000 RPM and only 1000 degree Celsius at maximum were allowed to operate the system in order to avoid any failure on the turbocharger bearing and the other components. Performance parameters such as inlet temperature, compressor temperature, exhaust gas temperature, and fuel and air flow rates were measured. The data was collected electronically by 74972A data acquisition and evaluated manually by calculation. From the independent test shows the result of the system, The speed of the LP turbine can be reached up to 35000 RPM and produced 18.5kw of mechanical power.

  3. APT cost scaling: Preliminary indications from a Parametric Costing Model (PCM)

    Energy Technology Data Exchange (ETDEWEB)

    Krakowski, R.A.

    1995-02-03

    A Parametric Costing Model has been created and evaluate as a first step in quantitatively understanding important design options for the Accelerator Production of Tritium (APT) concept. This model couples key economic and technical elements of APT in a two-parameter search of beam energy and beam power that minimizes costs within a range of operating constraints. The costing and engineering depth of the Parametric Costing Model is minimal at the present {open_quotes}entry level{close_quotes}, and is intended only to demonstrate a potential for a more-detailed, cost-based integrating design tool. After describing the present basis of the Parametric Costing Model and giving an example of a single parametric scaling run derived therefrom, the impacts of choices related to resistive versus superconducting accelerator structures and cost of electricity versus plant availability ({open_quotes}load curve{close_quotes}) are reported. Areas of further development and application are suggested.

  4. THE RELATIONSHIP BETWEEN THE COST OF EDUCATION AND THE HUMAN CAPITAL. THE ALIGNEMENT OF ROMANIA TO THE EUROPEAN STANDARDS

    Directory of Open Access Journals (Sweden)

    IOANA-JULIETA JOSAN

    2012-05-01

    Full Text Available Once with the development of the human capital theory, the education received an economic value, which is a quality variable of human resources and the main determinant of economic growth. The famed economists have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. Human capital approach allows also estimating the costs of education in schools and higher education, as well as the profits that comes out of it. Thus, the human capital theory is primarily focused on the demand for education. Moreover, the objective function of the state, in terms of education, contains itself two contradictory arguments: the state, theoretically, is a representative and guarantor of the collective good and its organizer; the state will seek to maximize individual education on the one hand and on the other hand will search for the optimization of the relationship between professional training and formal education. Also, in the context of recent years, the budgetary constraints are raising the problem of optimal allocation of the resources, as well as the funding of the performance of the educational services. The particularities, in terms of flexibility and cumulative distribution of the investment levels in the human factors, are translated into a practical action in the sense that global competition, from which Romania cannot decouple. In the long run, there are winning and resisting only those with academic flexible formation and the intelligent persons. Considering the above arguments, the purpose of this paper is to analyze the main characteristics of funding mechanisms for education systems, the volume of spending on education and ways of managing the resources allocated to the education. The cost allocation for education in Romania is investigated in terms of government policies, but also in terms of human capital theory

  5. THE RELATIONSHIP BETWEEN THE COST OF EDUCATION AND THE HUMAN CAPITAL. THE ALIGNEMENT OF ROMANIA TO THE EUROPEAN STANDARDS

    Directory of Open Access Journals (Sweden)

    Ioana-Julieta JOSAN

    2012-11-01

    Full Text Available Once with the development of the human capital theory, the education received an economic value, which is a quality variable of human resources and the main determinant of economic growth.The famed economists have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. Human capital approach allows also estimating the costs of education in schools and higher education, as well as the profits that comes out of it. Thus, the human capital theory is primarily focused on the demand for education. Moreover, the objective function of the state, in terms of education, contains itself two contradictory arguments: the state, theoretically, is a representative and guarantor of the collective good and its organizer; the state will seek to maximize individual education on the one hand and on the other hand will search for the optimization of the relationship between professional training and formal education. Also, in the context of recent years, the budgetary constraints are raising the problem of optimal allocation of the resources, as well as the funding of the performance of the educational services. The particularities, in terms of flexibility and cumulative distribution of the investment levels in the human factors, are translated into a practical action in the sense that global competition, from which Romania cannot decouple. In the long run, there are winning and resisting only those with academic flexible formation and the intelligent persons. Considering the above arguments, the purpose of this paper is to analyze the main characteristics of funding mechanisms for education systems, the volume of spending on education and ways of managing the resources allocated to the education. The cost allocation for education in Romania is investigated in terms of government policies, but also in terms of human capital theory

  6. Geography and the costs of urban energy infrastructure: The case of electricity and natural gas capital investments

    Science.gov (United States)

    Senyel, Muzeyyen Anil

    Investments in the urban energy infrastructure for distributing electricity and natural gas are analyzed using (1) property data measuring distribution plant value at the local/tax district level, and (2) system outputs such as sectoral numbers of customers and energy sales, input prices, company-specific characteristics such as average wages and load factor. Socio-economic and site-specific urban and geographic variables, however, often been neglected in past studies. The purpose of this research is to incorporate these site-specific characteristics of electricity and natural gas distribution into investment cost model estimations. These local characteristics include (1) socio-economic variables, such as income and wealth; (2) urban-related variables, such as density, land-use, street pattern, housing pattern; (3) geographic and environmental variables, such as soil, topography, and weather, and (4) company-specific characteristics such as average wages, and load factor. The classical output variables include residential and commercial-industrial customers and sales. In contrast to most previous research, only capital investments at the local level are considered. In addition to aggregate cost modeling, the analysis focuses on the investment costs for the system components: overhead conductors, underground conductors, conduits, poles, transformers, services, street lighting, and station equipment for electricity distribution; and mains, services, regular and industrial measurement and regulation stations for natural gas distribution. The Box-Cox, log-log and additive models are compared to determine the best fitting cost functions. The Box-Cox form turns out to be superior to the other forms at the aggregate level and for network components. However, a linear additive form provides a better fit for end-user related components. The results show that, in addition to output variables and company-specific variables, various site-specific variables are statistically

  7. Preliminary benefit-cost analysis of the Fast Flux Test Facility (FFTF) power addition

    Energy Technology Data Exchange (ETDEWEB)

    Callaway, J.M.; Lezberg, A.J.; Scott, M.J.; Tawil, J.J.

    1984-07-01

    The primary objective of this report is to conduct a preliminary benefit-cost study for the proposed power addition to FFTF to determine whether the project is cost-effective. If the project is authorized, construction will begin in 1986 and end in 1991. Full power operation is scheduled to begin in 1991 and a project life of 20 years is assumed. The undiscounted cost during the construction period of the FFTF power addition is estimated to be approximately $117 million over the construction period (1984 dollars). An additional $3 million is estimated as the opportunity cost - or value of these resources in their most favorable alternative use - of surplus FFTF equipment and unused CRBR equipment, including materials for steam generator fabrication. The annual operating and maintenance cost of the project is estimated to be about $2.1 million in 1984 dollars. 20 references.

  8. The costs of failure: A preliminary assessment of major energy accidents, 1907-2007

    Energy Technology Data Exchange (ETDEWEB)

    Sovacool, Benjamin K. [Energy Governance Program, Centre on Asia and Globalisation, Lee Kuan Yew School of Public Policy, National University of Singapore (Singapore)

    2008-05-15

    A combination of technical complexity, tight coupling, speed, and human fallibility contribute to the unexpected failure of large-scale energy technologies. This study offers a preliminary assessment of the social and economic costs of major energy accidents from 1907 to 2007. It documents 279 incidents that have been responsible for $41 billion in property damage and 182,156 deaths. Such disasters highlight an often-ignored negative externality to energy production and use, and emphasize the need for further research. (author)

  9. COST OF CAPITAL VALUATION BEST PRACTICES IN BRAZILIAN PUBLIC STOCK OFFER

    OpenAIRE

    EDUARDO MONEGALHA RODRIGUES

    2009-01-01

    No período de 2004 a 2008, foram registradas, no Brasil, 199 ofertas públicas de ações, sendo 111 ofertas iniciais de ações, basicamente abertura de capital registrada na Bolsa de Valores de São Paulo; e 88 ofertas públicas de ações registradas na Comissão de Valores Mobiliários, com finalidades diversas. Utilizando uma amostra de 50 ofertas públicas, observamos as principais práticas de avaliação de empresas adotadas pelos principais agentes financeiros que atuam no país. C...

  10. Constant Leverage And Constant Cost Of Capital: A Common Knowledge Half-Truth

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez–Pareja

    2008-04-01

    In this document we show that for finite cash flows, Ke and hence WACC depend on the discount rate that is used to value the tax shield, TS and as expected, Ke and WACC are not constant with Kd as the discount rate for the tax shield, even if the leverage is constant. We illustrate this situation with a simple example. We analyze five methods: DCF using APV, FCF and traditional and general formulation for WACC, present value of CFE plus debt and Capital Cash Flow, CCF.

  11. 公司现金流与资本成本研究%On Corporate, Cash Flow and Capital Cost

    Institute of Scientific and Technical Information of China (English)

    马克林

    2015-01-01

    The investment formed capital over a period of time gives the company a sustainable cash flow , and cash flow to a discount rate that is used to meet the total risk of the company is the market value of the company . Meanwhile , the cash flow generated by the company ’ s assets can basically be divided into pay interest , taxes and shareholders income , and the three are discounted by different discount rate and the total value may also mean the company’s market value.This indicates that the company ’s market value has nothing to do with the proportion of the interest , taxes and the shareholders ’ income in the company ’ s total cash flow , and the company ’ s weighted cost of capital has nothing to do with the interest , taxes, and shareholders’ income value ratio.Therefore, it is be-lieved that there are no connections between corporate value , capital cost and capital structure .%公司投资而形成的资本经过一段时间会给公司带来一个持续的现金流,将该现金流用一个与公司总风险相适应的折现率折现而求得的价值即是公司的市场价值。同时,公司资产产生的现金流基本上可以分解为支付利息、税收和股东所得,三者分别按不同的折现率进行折现后所得的现价值之和也表示公司的市场价值。这表明公司的市场价值与利息、税收、股东所得在公司总现金流中的比例无关,而公司的加权资本成本与利息、税收、股东所得三者现价值比例也没有关系。因此,可以认为,资本结构同资本成本与公司价值无关。

  12. CONSTANT LEVERAGE AND CONSTANT COST OF CAPITAL: A COMMON KNOWLEDGE HALF-TRUTH

    Directory of Open Access Journals (Sweden)

    IGNACIO VÉLEZ-PAREJA

    2008-01-01

    Full Text Available Un enfoque típico para valorar flujos de caja finitos es suponer que el endeudamiento es constante (generalmente como un endeudamiento objetivo o deseado y que por tanto, el costo del patrimonio, Ke y el costo promedio ponderado de capital CPPC, también son constantes. Para los flujos de caja perpetuos, y con el costo de la deuda, Kd como la tasa de descuento para el ahorro en impuestos o escudo fiscal, Ke y el CPPC aplicado al flujo de caja libre FCL son constantes si el endeudamiento es constante. Sin embargo esto no es verdad para los flujos de caja finitos. En este documento mostramos que para flujos de caja finitos, Ke y por lo tanto el CPPC dependen de la tasa de descuento que se utiliza para valorar el ahorro en impuestos, AI y según lo esperado, Ke y el CPPC no son constantes con Kd como la tasa de descuento para el ahorro en impuestos, aunque el endeudamiento sea constante. Ilustramos esta situación con un ejemplo simple. Analizamos cinco métodos: el flujo de caja descontado, FCD, usando APV, el FCD y la formulación tradicional y general del CPPC, el valor presente del flujo de caja del accionista, FCA más deuda y el flujo de caja de capital, FCC.

  13. Incidence and direct hospitalisation costs of hip fractures in Vilnius, capital of Lithuania, in 2010

    Directory of Open Access Journals (Sweden)

    Tamulaitiene Marija

    2012-07-01

    Full Text Available Abstract Background Few epidemiological data on hip fractures were previously available in Lithuania. The aim of this study was to estimate the incidence and hospital costs of hip fractures in Vilnius in 2010. Methods Data were collected from the medical charts of all patients admitted to hospitals in Vilnius (population, 548,835 due to new low-energy trauma hip fracture, during 2010. The estimated costs included ambulance transportation and continuous hospitalisation immediately after a fracture, which are covered by the Lithuanian healthcare system. Results The incidence of new low-energy trauma hip fractures was 252 (308 women and 160 men per 100,000 inhabitants of Vilnius aged 50-years or more. There was an exponential increase in the incidence with increasing age. The overall estimated cost of hip fractures in Vilnius was 1,114,292 EUR for the year 2010. The greatest part of the expenditure was accounted for by fractures in individuals aged 65-years and over. The mean cost per case was 2,526.74 EUR, and cost varied depending on the treatment type. Hip replacement did not affect the overall mean costs of hip fracture. The majority of costs were incurred for acute (53% and long-term care (35% hospital stays, while medical rehabilitation accounted for only 12% of the overall cost. The costs of hip fracture were somewhat lower than those found in other European countries. Conclusion The data on incidence and costs of hip fractures will help to assess the importance of interventions to reduce the number of fractures and associated costs.

  14. 26 CFR 1.263A-1 - Uniform capitalization of costs.

    Science.gov (United States)

    2010-04-01

    ... is required to maintain the level of pressure necessary for operation of the facility. However... the portion of the bid not awarded to the taxpayer. In the case of a bid or proposal for a multi-unit... costs are marketing, selling, advertising, and distribution costs. (B) Research and experimental...

  15. Wind Turbine Control Design to Reduce Capital Costs: 7 January 2009 - 31 August 2009

    Energy Technology Data Exchange (ETDEWEB)

    Darrow, P. J.

    2010-01-01

    This report first discusses and identifies which wind turbine components can benefit from advanced control algorithms and also presents results from a preliminary loads case analysis using a baseline controller. Next, it describes the design, implementation, and simulation-based testing of an advanced controller to reduce loads on those components. The case-by-case loads analysis and advanced controller design will help guide future control research.

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

    Institute of Scientific and Technical Information of China (English)

    Jeong-Bon; Kim; Mary; L.Z.Ma; Haiping; Wang

    2015-01-01

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

  17. Effects of the cost of capital for companies financing decisions%资金成本对企业筹资决策的影响研究

    Institute of Scientific and Technical Information of China (English)

    薛冰峰

    2015-01-01

    决定企业发展的根本因素就是企业的资金成本,而且资金成本对企业筹资决策还起到了非常重要的作用,筹资是企业扩大规模的一种方式,怎样在筹资决策中调整资本结构受到了业界的普遍重视。本文将对资金成本在筹资决策中的作用进行分析阐述,并分析选择适合的筹资方式来降低资金成本的方法。%The fundamental factors that determine the development of enterprises is the company's cost of capital, and the cost of capital for corporate financing decisions also played a very important role in corporate financing is a way to expand the scale and how to adjust the capital structure of the financing decisions by the industry universal attention. This paper will effect the cost of capital in the financing decisions were analyzed and discussed and analyzed to choose the financing method to reduce the cost of capital.

  18. A preliminary benefit-cost study of a Sandia wind farm.

    Energy Technology Data Exchange (ETDEWEB)

    Ehlen, Mark Andrew; Griffin, Taylor; Loose, Verne W.

    2011-03-01

    In response to federal mandates and incentives for renewable energy, Sandia National Laboratories conducted a feasibility study of installing an on-site wind farm on Sandia National Laboratories and Kirtland Air Force Base property. This report describes this preliminary analysis of the costs and benefits of installing and operating a 15-turbine, 30-MW-capacity wind farm that delivers an estimated 16 percent of 2010 onsite demand. The report first describes market and non-market economic costs and benefits associated with operating a wind farm, and then uses a standard life-cycle costing and benefit-cost framework to estimate the costs and benefits of a wind farm. Based on these 'best-estimates' of costs and benefits and on factor, uncertainty and sensitivity analysis, the analysis results suggest that the benefits of a Sandia wind farm are greater than its costs. The analysis techniques used herein are applicable to the economic assessment of most if not all forms of renewable energy.

  19. A preliminary benefit-cost study of a Sandia wind farm.

    Energy Technology Data Exchange (ETDEWEB)

    Ehlen, Mark Andrew; Griffin, Taylor; Loose, Verne W.

    2011-03-01

    In response to federal mandates and incentives for renewable energy, Sandia National Laboratories conducted a feasibility study of installing an on-site wind farm on Sandia National Laboratories and Kirtland Air Force Base property. This report describes this preliminary analysis of the costs and benefits of installing and operating a 15-turbine, 30-MW-capacity wind farm that delivers an estimated 16 percent of 2010 onsite demand. The report first describes market and non-market economic costs and benefits associated with operating a wind farm, and then uses a standard life-cycle costing and benefit-cost framework to estimate the costs and benefits of a wind farm. Based on these 'best-estimates' of costs and benefits and on factor, uncertainty and sensitivity analysis, the analysis results suggest that the benefits of a Sandia wind farm are greater than its costs. The analysis techniques used herein are applicable to the economic assessment of most if not all forms of renewable energy.

  20. A proposal for evaluation of the owner capital cost for the Brazilian electric power sector; Uma proposta de avaliacao do custo do capital proprio para o setor de energia eletrica brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, Ricardo Oliveira L.

    2003-12-01

    This work studies the owner capital cost of the brazilian electric sector, according to three methods: Comparable Accounting Earnings, that uses historical values in its measuring and Discounted Cash Flow (DCF) and the Capital Asset Pricing Model (CAPM), elaborated from the expected values. The obtained results by using the CAE method showed that the Brazilian electric sector has not been rewarded in its real necessity of maintenance and expansion. From this observation, it was considered appropriated not to take this method in the methodology presently proposed, which will be using only the single average of the CAPM and DCF models. The use of the results single average of this model presents the advantage of selecting specific characteristics of each one, and diluting the effects of occasional peak values. The owner capital cost obtained from this work was the average value of 19.73% for the studied period - 1995/2003 (17.12% for 2003), proximate to the obtained result by ANEEL - brazilian agency of electric power - for investments in energy distribution in Brazil, 17.47%, while Minardi and Sanvicente (2003) obtained 36.06% for the owner capital cost of CEMIG in 2002, specifically.

  1. A proposal for evaluation of the owner capital cost for the Brazilian electric power sector; Uma proposta de avaliacao do custo do capital proprio para o setor de energia eletrica brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, Ricardo Oliveira L.

    2003-12-01

    This work studies the owner capital cost of the brazilian electric sector, according to three methods: Comparable Accounting Earnings, that uses historical values in its measuring and Discounted Cash Flow (DCF) and the Capital Asset Pricing Model (CAPM), elaborated from the expected values. The obtained results by using the CAE method showed that the Brazilian electric sector has not been rewarded in its real necessity of maintenance and expansion. From this observation, it was considered appropriated not to take this method in the methodology presently proposed, which will be using only the single average of the CAPM and DCF models. The use of the results single average of this model presents the advantage of selecting specific characteristics of each one, and diluting the effects of occasional peak values. The owner capital cost obtained from this work was the average value of 19.73% for the studied period - 1995/2003 (17.12% for 2003), proximate to the obtained result by ANEEL - brazilian agency of electric power - for investments in energy distribution in Brazil, 17.47%, while Minardi and Sanvicente (2003) obtained 36.06% for the owner capital cost of CEMIG in 2002, specifically.

  2. Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital

    Directory of Open Access Journals (Sweden)

    Li Li

    2015-01-01

    Full Text Available Purpose: Drawing on asymmetric information and stakeholder theories, this paper investigates two mechanisms, namely market liquidity and cost of equity capital, by which the carbon information disclosure of enterprises can benefit their value creation. Design/methodology/approach: In this research, web crawler technology is employed to study the link between carbon information disclosure and enterprises value creation?and the carbon information data are provided by all companies listed in Chinese A-share market Findings: The results show that carbon information disclosure have significant positive influence on enterprise value creation, which is embodied in the relationship between carbon information disclosure quantity, depth and enterprise value creation, and market liquidity and cost of equity capital play partially mediating role in it, while the influence of carbon information disclosure quality and concentration on enterprise value creation are not significant in statistics. Research limitations/implications: This paper explains the influence path and mechanism between carbon information disclosure and enterprise value creation deeply, answers the question of whether carbon information disclosure affects enterprise value creation or not in China. Practical implications: This paper finds that carbon information disclosure contributes positively to enterprise value creation suggests that managers can reap more financial benefits by disclosing more carbon information and investing carbon emissions management. So, managers in the enterprises should strengthen the management of carbon information disclosure behavior. Originality/value: The paper gives a different perspective on the influence of carbon information disclosure on enterprise value creation, and suggests a new direction to understand carbon information disclosure behavior.

  3. Social capital and transaction cost on co-creating IT value towards inter-organizational EMR exchange.

    Science.gov (United States)

    Chang, Hsin Hsin; Hung, Chung-Jye; Huang, Ching Ying; Wong, Kit Hong; Tsai, Yi Ju

    2017-01-01

    This study adopts social capital theory and transaction cost theory to explore the feasibility of an inter-organizational cross-hospital electronic medical records (EMR) exchange system, and the factors that affect its adoption. The concept of value co-creation is also used to assess such a system, and its influence on the performance of participating medical institutes. This research collected 330 valid paper-based questionnaires from the medical staff of various institutes. The results showed that social interaction ties and shared vision positively affected medical institutes' willingness to adopt the EMR exchange system, while asset specificity and uncertainty increased the related transaction costs. With a greater willingness to invest in relation-specific assets and to meet the related transaction costs, this behavior lead to an increase in medical IT value, as well as better results for the related medical institutes, medical staff, and patients. Therefore, this study suggests that such institutes encourage their medical staff to participate in seminars or reunions in order to develop their professional and social networks, and set up clear schedules and desire for expected effects when introducing the cross-hospital EMR exchange system.

  4. Capital cost: high and low sulfur coal plants-1200 MWe. [For low sulfur coal

    Energy Technology Data Exchange (ETDEWEB)

    1977-01-01

    This Commercial Electric Power Cost Study for 1200 MWe (Nominal) high and low sulfur coal plants consists of three volumes. The high sulfur coal plant is described in Volumes I and II, while Volume III describes the low sulfur coal plant. The design basis and cost estimate for the 1232 MWe high sulfur coal plant is presented in Volume I, and the drawings, equipment list and site description are contained in Volume II. The reference design includes a lime flue gas desulfurization system. A regenerative sulfur dioxide removal system using magnesium oxide is also presented as an alternate in Section 7 V olume II. The design basis, drawings and summary cost estimate for a 1243 MWe low sulfur coal plant are presented in Volume III. This information was developed by redesigning the high sulfur coal plant for burning low sulfur sub-bituminous coal. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal. Costs of alternate cooling systems are provided in Report No. 7 in this series of studies of costs of commercial electrical power plants.

  5. Capital cost: high and low sulfur coal plants-1200 MWe. [High sulfur coal

    Energy Technology Data Exchange (ETDEWEB)

    1977-01-01

    This Commercial Electric Power Cost Study for 1200 MWe (Nominal) high and low sulfur coal plants consists of three volumes. The high sulfur coal plant is described in Volumes I and II, while Volume III describes the low sulfur coal plant. The design basis and cost estimate for the 1232 MWe high sulfur coal plant is presented in Volume I, and the drawings, equipment list and site description are contained in Volume II. The reference design includes a lime flue gas desulfurization system. A regenerative sulfur dioxide removal system using magnesium oxide is also presented as an alternate in Section 7 Volume II. The design basis, drawings and summary cost estimate for a 1243 MWe low sulfur coal plant are presented in Volume III. This information was developed by redesigning the high sulfur coal plant for burning low sulfur sub-bituminous coal. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal. Costs of alternate cooling systems are provided in Report No. 7 in this series of studies of costs of commercial electrical power plants.

  6. Capital cost: low- and high-sulfur coal plants, 800 MWe

    Energy Technology Data Exchange (ETDEWEB)

    1977-01-01

    This Commercial Electric Power Cost Study for 800-MWe (Nominal) high- and low-sulfur coal plants consists of three volumes. The low-sulfur coal plant is described in Volumes I and II, while Volume III describes the high-sulfur coal plant. The design basis and cost estimate for the 801-MWe low sulfur coal plant is presented in Volume I, and the drawings, equimpment list, and site description are contained in Volume II. The design basis, drawings, and summary cost estimate for a 794-MWe high-sulfur coal plant are presented in Volume III. This information was developed by redesigning the low-sulfur sub-bituminous coal plant for burning high-sulfur bituminous coal. The reference design includes a lime flue-gas desulfurization system. These coal plants utilize a mechanical draft (wet) cooling tower system for condenser heat removal.

  7. Capital cost expenditure of high temperature latent and sensible thermal energy storage systems

    Science.gov (United States)

    Jacob, Rhys; Saman, Wasim; Bruno, Frank

    2017-06-01

    In the following study cost estimates have been undertaken for an encapsulated phase change material (EPCM) packed bed, a packed bed thermocline and a traditional two-tank molten salt system. The effect of various heat transfer fluids (air and molten salt), system configuration (cascade vs one PCM, and direct vs indirect) and temperature difference (ΔT = 100-500 °C) on the cost estimate of the system was also investigated. Lastly, the storage system boundary was expanded to include heat exchangers, pumps and fans, and heat tracing so that a thorough cost comparison could be undertaken. The results presented in this paper provide a methodology to quickly compare various systems and configurations while providing design limits for the studied technologies.

  8. Reducing the company weighted cost-of-capital by use of Management Commentary transparency in SMEs

    DEFF Research Database (Denmark)

    Schøler, Finn

    the cost of financing through credit institutions or improve the supplier accepted creditworthiness. This paper demonstrates empirically that there is a strong relationship between corporate transparency through use of an extensive management commentary and partly the financial costs, partly creditor......In a stakeholder perspective, this paper deals with information transparency through use of the management commentary as a means to improve the relation to other stakeholders than shareholders in (smaller) non-listed companies (SME’s). Some of the main incentives for doing this could be to reduce...

  9. Reducing the company weighted cost-of-capital by use of Management Commentary transparency in SMEs

    DEFF Research Database (Denmark)

    Schøler, Finn

    In a stakeholder perspective, this paper deals with information transparency through use of the management commentary as a means to improve the relation to other stakeholders than shareholders in (smaller) non-listed companies (SME’s). Some of the main incentives for doing this could be to reduce...... the cost of financing through credit institutions or improve the supplier accepted creditworthiness. This paper demonstrates empirically that there is a strong relationship between corporate transparency through use of an extensive management commentary and partly the financial costs, partly creditor...

  10. Consecuencias de las prácticas de sostenibilidad en el coste de capital y en la reputación corporativa

    Directory of Open Access Journals (Sweden)

    Jennifer Martínez Ferrero

    2014-07-01

    Los resultados tras aplicar una metodología para datos de panel confirman cómo las prácticas de sostenibilidad son valoradas positivamente por los inversores y otros stakeholders, generando un efecto positivo en la reputación empresarial y un menor coste de capital.

  11. Application of Boosting Regression Trees to Preliminary Cost Estimation in Building Construction Projects.

    Science.gov (United States)

    Shin, Yoonseok

    2015-01-01

    Among the recent data mining techniques available, the boosting approach has attracted a great deal of attention because of its effective learning algorithm and strong boundaries in terms of its generalization performance. However, the boosting approach has yet to be used in regression problems within the construction domain, including cost estimations, but has been actively utilized in other domains. Therefore, a boosting regression tree (BRT) is applied to cost estimations at the early stage of a construction project to examine the applicability of the boosting approach to a regression problem within the construction domain. To evaluate the performance of the BRT model, its performance was compared with that of a neural network (NN) model, which has been proven to have a high performance in cost estimation domains. The BRT model has shown results similar to those of NN model using 234 actual cost datasets of a building construction project. In addition, the BRT model can provide additional information such as the importance plot and structure model, which can support estimators in comprehending the decision making process. Consequently, the boosting approach has potential applicability in preliminary cost estimations in a building construction project.

  12. Application of Boosting Regression Trees to Preliminary Cost Estimation in Building Construction Projects

    Directory of Open Access Journals (Sweden)

    Yoonseok Shin

    2015-01-01

    Full Text Available Among the recent data mining techniques available, the boosting approach has attracted a great deal of attention because of its effective learning algorithm and strong boundaries in terms of its generalization performance. However, the boosting approach has yet to be used in regression problems within the construction domain, including cost estimations, but has been actively utilized in other domains. Therefore, a boosting regression tree (BRT is applied to cost estimations at the early stage of a construction project to examine the applicability of the boosting approach to a regression problem within the construction domain. To evaluate the performance of the BRT model, its performance was compared with that of a neural network (NN model, which has been proven to have a high performance in cost estimation domains. The BRT model has shown results similar to those of NN model using 234 actual cost datasets of a building construction project. In addition, the BRT model can provide additional information such as the importance plot and structure model, which can support estimators in comprehending the decision making process. Consequently, the boosting approach has potential applicability in preliminary cost estimations in a building construction project.

  13. Supercritical Carbon Dioxide Power Generation System Definition: Concept Definition and Capital Cost Estimate

    Energy Technology Data Exchange (ETDEWEB)

    Stoddard, Larry [Black & Veatch, Kansas City, MO (United States); Galluzzo, Geoff [Black & Veatch, Kansas City, MO (United States); Andrew, Daniel [Black & Veatch, Kansas City, MO (United States); Adams, Shannon [Black & Veatch, Kansas City, MO (United States)

    2016-06-30

    The Department of Energy’s (DOE’s) Office of Renewable Power (ORP) has been tasked to provide effective program management and strategic direction for all of the DOE’s Energy Efficiency & Renewable Energy’s (EERE’s) renewable power programs. The ORP’s efforts to accomplish this mission are aligned with national energy policies, DOE strategic planning, EERE’s strategic planning, Congressional appropriation, and stakeholder advice. ORP is supported by three renewable energy offices, of which one is the Solar Energy Technology Office (SETO) whose SunShot Initiative has a mission to accelerate research, development and large scale deployment of solar technologies in the United States. SETO has a goal of reducing the cost of Concentrating Solar Power (CSP) by 75 percent of 2010 costs by 2020 to reach parity with base-load energy rates, and 30 percent further reductions by 2030. The SunShot Initiative is promoting the implementation of high temperature CSP with thermal energy storage allowing generation during high demand hours. The SunShot Initiative has funded significant research and development work on component testing, with attention to high temperature molten salts, heliostats, receiver designs, and high efficiency high temperature supercritical CO2 (sCO2) cycles. DOE retained Black & Veatch to support SETO’s SunShot Initiative for CSP solar power tower technology in the following areas: 1. Concept definition, including costs and schedule, of a flexible test facility to be used to test and prove components in part to support financing. 2. Concept definition, including costs and schedule, of an integrated high temperature molten salt (MS) facility with thermal energy storage and with a supercritical CO2 cycle generating approximately 10MWe. 3. Concept definition, including costs and schedule, of an integrated high temperature falling particle facility with thermal energy storage and with a supercritical CO2 cycle

  14. Experiments, conceptual design, preliminary cost estimates and schedules for an underground research facility

    Energy Technology Data Exchange (ETDEWEB)

    Korbin, G.; Wollenberg, H.; Wilson, C.; Strisower, B.; Chan, T.; Wedge, D.

    1981-09-01

    Plans for an underground research facility are presented, incorporating techniques to assess the hydrological and thermomechanical response of a rock mass to the introduction and long-term isolation of radioactive waste, and to assess the effects of excavation on the hydrologic integrity of a repository and its subsequent backfill, plugging, and sealing. The project is designed to utilize existing mine or civil works for access to experimental areas and is estimated to last 8 years at a total cost for contruction and operation of $39.0 million (1981 dollars). Performing the same experiments in an existing underground research facility would reduce the duration to 7-1/2 years and cost $27.7 million as a lower-bound estimate. These preliminary plans and estimates should be revised after specific sites are identified which would accommodate the facility.

  15. Cost-based optimization of a nuclear reactor core design: a preliminary model

    Energy Technology Data Exchange (ETDEWEB)

    Sacco, Wagner F.; Alves Filho, Hermes [Universidade do Estado do Rio de Janeiro (UERJ), Nova Friburgo, RJ (Brazil). Inst. Politecnico. Dept. de Modelagem Computacional]. E-mails: wfsacco@iprj.uerj.br; halves@iprj.uerj.br; Pereira, Claudio M.N.A. [Instituto de Engenharia Nuclear (IEN), Rio de Janeiro, RJ (Brazil). Div. de Reatores]. E-mail: cmnap@ien.gov.br

    2007-07-01

    A new formulation of a nuclear core design optimization problem is introduced in this article. Originally, the optimization problem consisted in adjusting several reactor cell parameters, such as dimensions, enrichment and materials, in order to minimize the radial power peaking factor in a three-enrichment zone reactor, considering restrictions on the average thermal flux, criticality and sub-moderation. Here, we address the same problem using the minimization of the fuel and cladding materials costs as the objective function, and the radial power peaking factor as an operational constraint. This cost-based optimization problem is attacked by two metaheuristics, the standard genetic algorithm (SGA), and a recently introduced Metropolis algorithm called the Particle Collision Algorithm (PCA). The two algorithms are submitted to the same computational effort and their results are compared. As the formulation presented is preliminary, more elaborate models are also discussed (author)

  16. Performance, cost and environmental assessment of gasification-based electricity in India: A preliminary analysis

    Science.gov (United States)

    Rani, Abha; Singh, Udayan; Jayant; Singh, Ajay K.; Sankar Mahapatra, Siba

    2017-07-01

    Coal gasification processes are crucial to decarbonisation in the power sector. While underground coal gasification (UCG) and integrated gasification combined cycle (IGCC) are different in terms of the site of gasification, they have considerable similarities in terms of the types of gasifiers used. Of course, UCG offers some additional advantages such as reduction of the fugitive methane emissions accompanying the coal mining process. Nevertheless, simulation of IGCC plants involving surface coal gasification is likely to give reasonable indication of the 3E (efficiency, economics and emissions) prospects of the gasification pathway towards electricity. This paper will aim at Estimating 3E impacts (efficiency, environment, economics) of gasification processes using simulation carried out in the Integrated Environmental Control Model (IECM) software framework. Key plant level controls which will be studied in this paper will be based on Indian financial regulations and operating costs which are specific to the country. Also, impacts of CO2 capture and storage (CCS) in these plants will be studied. The various parameters that can be studied are plant load factor, impact of coal quality and price, type of CO2 capture process, capital costs etc. It is hoped that relevant insights into electricity generation from gasification may be obtained with this paper.

  17. Performance of a low-cost methane sensor for ambient concentration measurements in preliminary studies

    Science.gov (United States)

    Eugster, W.; Kling, G. W.

    2012-08-01

    Methane is the second most important greenhouse gas after CO2 and contributes to global warming. Its sources are not uniformly distributed across terrestrial and aquatic ecosystems, and most of the methane flux is expected to stem from hotspots which often occupy a very small fraction of the total landscape area. Continuous time-series measurements of CH4 concentrations can help identify and locate these methane hotspots. Newer, low-cost trace gas sensors such as the Figaro TGS 2600 can detect CH4 even at ambient concentrations. Hence, in this paper we tested this sensor under real-world conditions over Toolik Lake, Alaska, to determine its suitability for preliminary studies before placing more expensive and service-intensive equipment at a given locality. A reasonably good agreement with parallel measurements made using a Los Gatos Research FMA 100 methane analyzer was found after removal of the strong sensitivities for temperature and relative humidity. Correcting for this sensitivity increased the absolute accuracy required for in-depth studies, and the reproducibility between two TGS 2600 sensors run in parallel is very good. We conclude that the relative CH4 concentrations derived from such sensors are sufficient for preliminary investigations in the search of potential methane hotspots.

  18. Real Activities Earnings Management and Cost of Equity Capital%真实活动盈余管理与权益资本成本

    Institute of Scientific and Technical Information of China (English)

    王亮亮

    2013-01-01

    盈余质量的经济后果是资本市场会计研究的核心问题,囿于变量测度和模型估计等问题,学术界还较少关注真实活动盈余管理与隐含权益资本成本之间的关系。基于 Roy-chowdhury 行业-年度预测模型估计真实活动盈余管理程度,基于 GLS、OJN、GGM 和 CT 等估计模型通过矩阵运算得到隐含权益资本成本,运用1999年至2011年中国上市公司样本,检验真实活动盈余管理对隐含权益资本成本的影响。研究结果表明,销售操控、生产操控和酌量性费用操控3类真实活动盈余管理的幅度都与权益资本成本正相关,基于3类真实活动盈余管理构建的综合指标与权益资本成本正相关,在控制应计项目盈余管理因素的影响下,真实活动盈余管理与权益资本成本之间的关系依旧存在。研究结论为探讨隐含权益资本成本影响因素提供了经验证据。%The economic consequences of earnings management are essential questions in the field of capital market accounting . However , due to problems in variable measures and model estimates , there are few empirical evidences on the link between real earnings management and implied cost of equity capital .Employing industry-year estimation model developed by Roychowdhury to estimate the degree of real earnings management and estimation models such as GLS , OJN, GGM and CT to perform matrix calculation to estimate implied cost of equity capital , this study investigates how real earnings management affects implied cost of equity capital based on data from the Chinese listed companies from 1999 to 2011.The results suggest that:①three types of real earnings management , sales control , production control and cost control , are positively related to cost of equity capital;②com-prehensive indicators based on three types of real earnings management is positively related to cost of equity capital ;and③when the effects of accrual

  19. A cost and returns evaluation of alternative dairy products to determine capital investment and operational feasibility of a small-scale dairy processing facility.

    Science.gov (United States)

    Becker, K M; Parsons, R L; Kolodinsky, J; Matiru, G N

    2007-05-01

    This study examines the economic feasibility of 50- and 500-cow dairy processing facilities for fluid milk, yogurt, and cheese. Net present value and internal rate of return calculations for projected costs and returns over a 10-yr period indicate that larger yogurt and cheese processing plants offer the most profitable prospects, whereas a smaller yogurt plant would break even. A smaller cheese plant would have insufficient returns to cover the cost of capital, and fluid milk processing at either scale is economically infeasible. Economic success in processing is greatly contingent upon individual business, financial management, and marketing skills.

  20. DEMONSTRATION OF FUEL CELLS TO RECOVER ENERGY FROM ANAEROBIC DIGESTER GAS - PHASE I. CONCEPTUAL DESIGN, PRELIMINARY COST, AND EVALUATION STUDY

    Science.gov (United States)

    The report discusses Phase I (a conceptual design, preliminary cost, and evaluation study) of a program to demonstrate the recovery of energy from waste methane produced by anaerobic digestion of waste water treatment sludge. The fuel cell is being used for this application becau...

  1. DEMONSTRATION OF FUEL CELLS TO RECOVER ENERGY FROM ANAEROBIC DIGESTER GAS - PHASE I. CONCEPTUAL DESIGN, PRELIMINARY COST, AND EVALUATION STUDY

    Science.gov (United States)

    The report discusses Phase I (a conceptual design, preliminary cost, and evaluation study) of a program to demonstrate the recovery of energy from waste methane produced by anaerobic digestion of waste water treatment sludge. The fuel cell is being used for this application becau...

  2. Industrial Features of Firms'Cost of Equity Capital%权益资本成本的行业特征研究

    Institute of Scientific and Technical Information of China (English)

    张军华

    2014-01-01

    以2004~2011年沪深 A股上市公司为样本,研究权益资本成本的行业差异以及行业特征对权益资本成本的影响。研究发现:行业门类层面和制造业次类层面的权益资本成本差异显著,这种差异在时序上较为稳定。行业竞争程度越低,权益资本成本越小,体现了产品市场竞争的特质性风险效应,行业收益波动和行业成长性分别对权益资本成本产生显著的正向影响和负向影响。企业会计准则的改革强化了行业因素对权益资本成本的影响。%Using a total of 2 5 5 2 firm-year balanced panel data of China's A-share listed compa-nies during the period of 2004 to 2011,this paper investigates the cost of equity capital's industri-al differences and industrial features.The results show that there are significant differences in the costs of equity capital in different industries and in manufacturing sub-categories,and such differ-ences are relatively stable over time;the degree of industrial competition and the fluctuation of in-dustrial profits have significantly positive effect on the costs of equity capital,which reflects the effect of the idiosyncratic risk of product market competition;the fluctuation of the return of an industry and the industrial growth have significantly negative and positive effects respectively on the cost of equity capital;and the reform of accounting standards strengthens the industrial factor 'effect on the cost of equity capital.

  3. From capital to capital

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    HOW easy it is for one who lives in Beijing, capital of the country, to have the impression that all things significant happen there! This is to forget how there are now many provincial capitals in China, that are rapidly modernizing. In order to achieve such modernization, these cities, like

  4. Human Capital,Training Cost and Transnational Service Outsourcing%人力资本、培训成本与跨国服务外包

    Institute of Scientific and Technical Information of China (English)

    任志成; 孙文远

    2012-01-01

    The teamwork based on the difference of human capitals is the typical feature of international service outsourcing.The article analyzes the effect of training cost and the level of human capital on service outsourcing team's cooperative decision and benefit.The research suggests that transnational team's training cost is an important factor influencing the international outsourcing decision.Meanwhile,the effect of training cost on employer's income varies in different team cooperation cost.The higher the level of human capital of the employer's country is,the more income and the more incentive to do service outsourcing the employer's country gain.%基于人力资本差异而形成的团队合作是国际服务外包的典型特征。运用简单的两国模型分析培训成本及人力资本水平对服务外包团队合作决策和收益的影响,研究结果表明:跨国团队的培训成本是国际外包决策的重要影响因素;团队协作成本不同的条件下,培训成本对发包方的收入影响不同;接包国的人力资本水平越高,发包国获得的收入越高,越有动力实施服务外包。

  5. Social capital

    OpenAIRE

    Landhäußer, Sandra; Ziegler, Holger

    2003-01-01

    This paper surveys research on social capital. We explore the concepts that motivate the social capital literature, efforts to formally model social capital using economic theory, the econometrics of social capital, and empirical studies of the role of social capital in various socioeconomic outcomes. While our focus is primarily on the place of social capital in economics, we do consider its broader social science context. We argue that while the social capital literature has produced many i...

  6. 新会计准则、盈余透明度与资本成本%China's New Accounting Standards,Earnings Transparency and Cost of Capital

    Institute of Scientific and Technical Information of China (English)

    郑伟光; 高洁; 陆强

    2014-01-01

    In this paper,a new measurement method has been adopted to measure the transparency of accounting earn-ings and examine the relationship between the cost of equity capital and earnings transparency.The impact of China's new accounting standards has also been studied on earnings transparency from the perspective of consolidated financial state-ment theory and fair value.The empirical results show that:the cost of equity capital is negatively associated with earnings transparency;due to new accounting standards,changes of accounting treatment for minority interest income and introduc-tion of fair value increase earnings transparency significantly.It is also found that the new accounting standards weaken the relationship between the cost of capital and earnings transparency.%本文采用一种新的计量方法衡量会计盈余透明度,并研究盈余透明度与股权资本成本的关系,在此基础上从合并报表理论变革和公允价值的视角研究新会计准则对盈余透明度的影响。结果显示:盈余透明度与股权资本成本负相关,新会计准则对少数股东损益计量方法的变更与公允价值的引入显著增加了盈余透明度,同时,研究发现新会计准则的实施削弱了盈余透明度与资本成本的关系。

  7. Preliminary estimate of the manufacturing cost for lithium/metal sulfide cells for stationary and mobile applications

    Energy Technology Data Exchange (ETDEWEB)

    Chilenskas, A. A.; Schaefer, J. C.; Towle, W. L.; Barney, D. L.

    1980-01-01

    A preliminary estimate has been made of the manufacturing cost for lithium/iron sulfide cells for stationary energy-storage and electric-vehicle applications. This preliminary cost analysis indicated that the manufacturing cost (in 1979 dollars) is $24 to 41/kW-h for stationary energy-storage cells and $31 to 55/kW-h for electric-vehicle cells. The materials cost was found to contribute between 52 and 65% of this manufacturing cost. The most expensive materials and components were lithium (metal and compounds), $4.61 to $14.26/kW-h; BN felt, $4.00 to 8.50/kW-h; feed-through components, $2.40/kW-h; positive current collectors, $1.48 to 2.20/kW-h; and aluminum, $1.43 to 1.66/kW-h. The projected lithium requirements were determined for use in lithium/iron sulfide batteries and conventional uses to the year 2006. The results showed that the lithium requirements were about 275,000 short tons by 2006, which is equivalent to about 51% of presently known US resources. Of this amount, about 33% would be used in battery production and 67% consumed in conventional uses. It is expected that the lithium used in battery production would be recycled.

  8. Capital project cost estimation methodologies. The colombian case study Aproximación a las metodologías de estimación del costo de capital en los proyectos de inversión. El caso colombiano

    Directory of Open Access Journals (Sweden)

    John Díez B

    2011-06-01

    Full Text Available A literature review using databases of the main Colombian universities was made in order to define the theoretical form of capital cost estimation in Colombia. Given a review of global popular methodologies, this article presents an approach to emergent countries, especially Colombia. Up to now, there has not been a general rule or best practice for such estimation; on the contrary, diverse difficulties to be solved exist in an environment where the effects are global and different local situations arise. Academic and pragmatic authors find diverse postures, which makes recommendable to investors or shareholders to permanently evaluate the results. Currently, available models as Capital Asset Pricing are still used and adjust various proposals to its original structure.Con el objetivo de definir la forma de estimar teóricamente el costo de capital enColombia, se llevó a cabo una revisión de la literatura correspondiente en las bases dedatos electrónicas de las principales universidades del país. A partir de una revisiónde las prácticas metodológicas más comunes en el ámbito mundial, se presenta unaaproximación a la situación de los países emergentes y específicamente a la nuestra.Hasta ahora no existe una regla general ni una mejor práctica para dicho cálculo; aún haydificultades por resolver, en un medio donde cada vez son más globales los efectos y haygran diversidad de situaciones locales. Entre los académicos y prácticos encontramosdiversas posturas, razón por la cual es recomendable que los inversionistas o accionistashagan una evaluación permanente de sus resultados. Hoy por hoy se siguen utilizandolos modelos disponibles, entre los cuales el principal es el CAPM (Capital Asset PricingModel, con diversas propuestas de ajuste a su planteamiento tradicional.

  9. A proposal of cost evaluation of own capital for the Brazilian electric sector; Uma proposta de avaliacao do custo do capital proprio para o setor de energia eletrica brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, Ricardo Oliveira L.

    2003-12-01

    This work studies the own capital cost of the Brazilian electric sector, by using three methodologies: Comparable Accounting Results (CAR), using historical values for measurement, Discounted Cash Flow (DCF) and the CAPM, elaborated from expected values.The obtained results by using the CAR method indicated that the Brazilian electric power sector is not receiving remuneration according to the real maintenance and expansion necessities. Based on this observation, it was considered appropriated to discard the CAR method in the proposed methodology, therefore using the simply average of the CAPM e DCF models. By using the simply average of the models presents the advantage of capturing specific characteristics of each model, and to dilute effects of eventual extreme values.

  10. The Analyses of the Influence of Business Cost on Capital Gathering and Geographical Choose%商务成本对资本聚集及区位选择的影响分析

    Institute of Scientific and Technical Information of China (English)

    黄志启

    2012-01-01

    Business cost and the changes impact on capital geographical choose,capital selection system will promote the project level of economic and development of the economy.Capital geographical selection has reduced the cost of transaction costs and other business costs,the business cost reduction further attracting capital choice,then strengthening the mechanism of the business cost and capital choose.%一个地区的商务成本构成及其变动影响资本区位选择,资本区位选择等级体系则促进了集聚经济的形成和发展;集聚经济在强化资本区位选择的同时,还降低了该地区要素成本和交易成本等商务成本,这进一步吸引了资本的区位选择,从而形成了商务成本、资本集聚的自加强机制。

  11. Sand in the Wheels of Capitalism

    DEFF Research Database (Denmark)

    Bersem, Mario; Perotti, Enrico; von Thadden, Ernst-Ludwig

    We present a positive theory of capital market frictions that raise the cost of capital for new firms and lower the cost of capital for incumbent firms. Capital market frictions arise from a political conflict across voters who differ in two dimensions: (i) a fraction of voters owns capital......, the rest receives only lab or income; and (ii) voters have different vintages of human capital. We identify young workers as the decisive voter group, with preferences in between capitalists who favor a free capital market, and old workers, who favor restricted capital mobility. We show that capital market...... frictions do not naturally arise in a static framework, or even in a dynamic framework if capital market frictions are reversible. But if capital market frictions can be made to p ersist over time, we show that young workers favor capital market frictions as a way to smo oth income, especially if wealth...

  12. Capital y capital social

    OpenAIRE

    Bolívar Espinoza, Gardy Augusto; Elizalde, Antonio

    2012-01-01

    La perspectiva teórica del Capital, del siglo XIX, aparece alejada del capital social del siglo XXI.  Ambas, con la misma raíz, sin embargo, pareciera que no se tocan, ni teórica ni prácticamente.  Quizás, sería pertinente escudriñar esta relación. Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia ...

  13. Capital y capital social

    OpenAIRE

    Avalos-Lozano, José Antonio; Barrientos,Jaime; Bolívar Espinoza, Gardy Augusto; Brower Beltramin, Jorge; Cabrera, Cecilia; Caloca Osorio, Oscar Rogelio; Castro Sáez, Bernardo; Ceberio de León, Iñaki; Cleary, Eda; Córdova, María Gabriela; Cuéllar Saavedra, Óscar; Elizalde, Antonio; Flores Vega, Leonel; Gajardo Cornejo, Claudio; Garcés, Alejandro

    2011-01-01

    Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia y la sociología política, expertos de diversas instituciones internacionales han concurrido a este campo en busca de soluciones para el diseño de políticas públicas, que es donde parece brillar más este concepto. El “capital social”, sin embargo, –a...

  14. Capital y capital social

    OpenAIRE

    Avalos-Lozano, José Antonio; Barrientos,Jaime; Bolívar Espinoza, Gardy Augusto; Brower Beltramin, Jorge; Cabrera, Cecilia; Caloca Osorio, Oscar Rogelio; Castro Sáez, Bernardo; Ceberio de León, Iñaki; Cleary, Eda; Córdova, María Gabriela; Cuéllar Saavedra, Óscar; Elizalde, Antonio; Flores Vega, Leonel; Gajardo Cornejo, Claudio; Garcés, Alejandro

    2011-01-01

    Desde la década de los noventa, el tema del “capital social” ha sido visto por muchos estudiosos de la realidad social contemporánea como una propuesta promisoria, transversal y hegemónica. Tanto desde la economía, las ciencias morales, la ciencia y la sociología política, expertos de diversas instituciones internacionales han concurrido a este campo en busca de soluciones para el diseño de políticas públicas, que es donde parece brillar más este concepto. El “capital social”, sin embargo, –a...

  15. Economic costs of Oxford House inpatient treatment and incarceration: a preliminary report.

    Science.gov (United States)

    Olson, Bradley D; Viola, Judah; Jason, Leonard A; Davis, Margaret I; Ferrari, Joseph R; Rabin-Belyaev, Olga

    2006-01-01

    The Oxford House model for substance abuse recovery has potential economic advantages associated with the low cost of opening up and maintaining the settings. In the present study, annual program costs per person were estimated for Oxford House based on federal loan information and data collected from Oxford House Inc. In addition, annual treatment and incarceration costs were approximated based on participant data prior to Oxford House residence in conjunction with normative costs for these settings. Societal costs associated with the Oxford House program were relatively low, whereas estimated costs associated with inpatient and incarceration history were high. The implications of these findings are discussed.

  16. Digital Avionics Information System Preliminary Life-Cycle-Cost Analysis. Final Report (November 1974-May 1975).

    Science.gov (United States)

    Pruitt, Gary K.; Dieterly, Duncan L.

    The results of a study to evaluate the potential life-cycle costs and cost savings that could be realized by applying the Digital Avionics Information System (DAIS) concept to future avionic systems were presented. The tasks evaluated included selection of program elements for costing, selection of DAIS installation potential, definition of a…

  17. Mengukur Kontribusi Human Capital terhadap Tujuan Perusahaan

    Directory of Open Access Journals (Sweden)

    Brata Wibawa Djojo

    2010-10-01

    Human Capital Cost Factor, (iv Human Capital Value Added, and (v Human Capital Return on Investment. Results of research can provide guidelines for the management, especially for management of JLI in view of Human Capital contribution to corporate objectives, namely in terms of staffing and agency.

  18. 47 CFR 65.304 - Capital structure.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Capital structure. 65.304 Section 65.304... OF RETURN PRESCRIPTION PROCEDURES AND METHODOLOGIES Exchange Carriers § 65.304 Capital structure. The proportion of each cost of capital component in the capital structure is equal to: Proportion in the...

  19. CAPITAL STRUCTURE, COST OF DEBT AND DIVIDEND PAYOUT OF FIRMS IN NEW YORK AND SHANGHAI STOCK EXCHANGES

    Directory of Open Access Journals (Sweden)

    Jun Jiang

    2013-01-01

    Full Text Available The Study collects panel data of listed firms in New York Stock and Shanghai Stock Exchanges during 1992 to 2008. The data are used to perform panel regression estimates for firms in each stock market. The main purpose is to compare the decision on dividend payout of listed firms in the two stock markets. The results from fixed effect estimates show that factors that can explain dividend payout of firms in New York Stock Exchange poorly explain dividend payout of firms in Shanghai Stock Exchange. This paper adds to the literature in that it provides an evidence of difference in dividend policy of firms between advanced and emerging stock markets. For policymakers in the Chinese economy, implementation of measures to enhance the advancement of bond market is necessary. Additionally, firms in Shanghai Stock Exchange should adjust their capital structure to provide room for investors to diversify and adjust their portfolios of stocks and bonds.

  20. Niche public transport operational and capital investment strategies to minimize fares in the light of increased energy costs

    CSIR Research Space (South Africa)

    Letebele, MO

    2009-07-01

    Full Text Available Fuel costs are a significant component of a public transport fare. It is therefore of critical importance for measures aimed at containing household public transport expenditure to explore alternative ways of reducing fuel consumption or fuel...

  1. The environmental sustainability. The physical cost of replacement of mineral reserves; La sostenibilidad ambiental a escala planetaria. El coste fisico de reposicion del Capital Mineral de la Tierra

    Energy Technology Data Exchange (ETDEWEB)

    Valero, A.; Martinez, A.; Botero, E.

    2003-07-01

    In order to evaluate the physical value of mineral and water reserves, the concept of Exergy Replacement Cost has been defined as the energy required by the best available technologies to return a resource to the same conditions as it was delivered by the ecosystem. In the case of fossil fuel reserves, a new concept called exergy abatement cost has been proposed as a physical way of measuring the exergy cost of the best available technology for avoiding the environmental externalities associated with the use of fossil fuels. According to the results obtained, the physical value of mineral reserves is 15.4% of oil reserves. In the case of water reserves, 0,4 to 6,4 times the fossil energy consumed would be needed each year to supply only a part of the functions of the hydrological cycle. The global exegetic abatement costs would be 11,3% of the proven world exegetic reserves in fossil fuels. (Author)

  2. 房地产上市公司多元化战略与资本成本关系研究%The Relationship between Diversification Strategy and the Cost of Capital in Listed Real Estate Companies

    Institute of Scientific and Technical Information of China (English)

    张红; 陈嘉伟; 李林峻

    2015-01-01

    This paper uses the econometric model to have empirical analysis on the diversification strategy and the weighted average cost of capital , which includes 59 listed real estate companies in Shanghai and Shenzhen A stock markets from 2003 to 2013.The result of our paper shows a negative relation between the degree of diversifi-cation and the cost of equity capital.The degree of diversification also shows a positive correlation with the cost of debt capital , a negative correlation with the ratio of debt capital , and a positive correlation with the weighted aver-age cost of capital.This result means that when listed real estate companies have diversification strategy , their weighted average cost of capital will increase.%通过面板数据计量经济学模型,对2003~2013年我国沪深A股中59家房地产上市公司多元化经营战略及其加权平均资本成本进行实证分析。结果表明,多元化经营程度与普通股资本成本负相关,与债务资本成本正相关,与负债占资本比例负相关,与加权平均资本成本显著正相关。这意味着当房地产上市公司实行多元化战略时,该公司的加权平均资本成本也会相应提高。

  3. Preconception care: preliminary estimates of costs and effects of smoking cessation and folic acid supplementation.

    NARCIS (Netherlands)

    Weerd, S. de; Polder, J.J.; Cohen-Overbeek, T.E.; Zimmermann, L.J.; Steegers, E.A.P.

    2004-01-01

    OBJECTIVE: To assess costs and effectiveness of preconception counseling for all women planning pregnancy in The Netherlands with regard to folic acid supplementation and smoking cessation counseling. STUDY DESIGN: Costs and effects were estimated based on 200,000 women approached yearly and uptake

  4. Identifying the Costs and Benefits of Educational Psychology: A Preliminary Exploration in Two Local Authorities

    Science.gov (United States)

    Gibbs, Simon; Papps, Ivy

    2017-01-01

    This article provides an account of a small-scale pilot study of the cost and perceived benefits of the educational psychology services in two comparably small local authorities in England. This study is preparatory to a more detailed examination of the costs and likely benefits of state provision of educational psychology services in England. The…

  5. Preliminary evaluation of the lifecycle costs and market barriers of reflective pavements

    Energy Technology Data Exchange (ETDEWEB)

    Ting, M.; Koomey, J.G.; Pomerantz, M.

    2001-11-21

    The objective of this study is to evaluate the life cycle costs and market barriers associated with using reflective paving materials in streets and parking lots as a way to reduce the urban heat island effect. We calculated and compared the life cycle costs of conventional asphalt concrete (AC) pavements to those of other existing pavement technologies with higher reflectivity-portland cement concrete (PCC), porous pavements, resin pavements, AC pavements using light-colored chip seals, and AC pavements using light-colored asphalt emulsion additives. We found that for streets and parking lots, PCC can provide a cost-effective alternative to conventional AC when severely damaged pavements must be completely reconstructed. We also found that rehabilitating damaged AC streets and intersections with thin overlays of PCC (ultra-thin white topping) can often provide a cost-effective alternative to standard rehabilitation techniques using conventional AC. Chip sealing is a common maintenance treatment for low-volume streets which, when applied using light-colored chips, could provide a reflective pavement surface. If the incremental cost of using light-colored chips is low, this chip sealing method could also be cost-effective, but the incremental costs of light-colored chips are as of yet uncertain and expected to vary. Porous pavements were found to have higher life cycle costs than conventional AC in parking lots, but several cost-saving features of porous pavements fell outside the boundaries of this study. Resin pavements were found to be only slightly more expensive than conventional AC, but the uncertainties in the cost and performance data were large. The use of light-colored additives in asphalt emulsion seal coats for parking lot pavements was found to be significantly more expensive than conventional AC, reflecting its current niche market of decorative applications. We also proposed two additional approaches to increasing the reflectivity of conventional AC

  6. Risk-adjusted capitation based on the Diagnostic Cost Group Model: an empirical evaluation with health survey information

    NARCIS (Netherlands)

    L.M. Lamers (Leida)

    1999-01-01

    textabstractOBJECTIVE: To evaluate the predictive accuracy of the Diagnostic Cost Group (DCG) model using health survey information. DATA SOURCES/STUDY SETTING: Longitudinal data collected for a sample of members of a Dutch sickness fund. In the Netherlands the sickness

  7. Application of Boosting Regression Trees to Preliminary Cost Estimation in Building Construction Projects

    OpenAIRE

    Yoonseok Shin

    2015-01-01

    Among the recent data mining techniques available, the boosting approach has attracted a great deal of attention because of its effective learning algorithm and strong boundaries in terms of its generalization performance. However, the boosting approach has yet to be used in regression problems within the construction domain, including cost estimations, but has been actively utilized in other domains. Therefore, a boosting regression tree (BRT) is applied to cost estimations at the early stag...

  8. A Preliminary Study of Reducing the Cost of Blast Shelter for Critical Workers

    Science.gov (United States)

    1983-08-01

    23 2.1.6 Luscher Study ..... ................. .... 28 2.1.7 Krupka Study ..... ................. .... 29 2.1.9 Haaland Study...a more reasonable cost/space number had been reported. 2.1.6 Ulrich Luscher - Behavior of Flexible Underground Cylinders, 1965 This study ( Luscher ...information about the utilization of corrugated culverts as blast shelters and modes of hardening. No cost analyses were discussed by Luscher . 2.1.7 R. A

  9. The Mixed Waste Management Facility. Preliminary design review

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-12-31

    This document presents information about the Mixed Waste Management Facility. Topics discussed include: cost and schedule baseline for the completion of the project; evaluation of alternative options; transportation of radioactive wastes to the facility; capital risk associated with incineration; radioactive waste processing; scaling of the pilot-scale system; waste streams to be processed; molten salt oxidation; feed preparation; initial operation to demonstrate selected technologies; floorplans; baseline revisions; preliminary design baseline; cost reduction; and project mission and milestones.

  10. The Mixed Waste Management Facility. Preliminary design review

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-12-31

    This document presents information about the Mixed Waste Management Facility. Topics discussed include: cost and schedule baseline for the completion of the project; evaluation of alternative options; transportation of radioactive wastes to the facility; capital risk associated with incineration; radioactive waste processing; scaling of the pilot-scale system; waste streams to be processed; molten salt oxidation; feed preparation; initial operation to demonstrate selected technologies; floorplans; baseline revisions; preliminary design baseline; cost reduction; and project mission and milestones.

  11. Grid connected integrated community energy system. Phase II: final stage 2 report. Finance plan, capital costs and institutional analysis

    Energy Technology Data Exchange (ETDEWEB)

    1978-03-22

    The development of a grid-connected Integrated Community Energy System (ICES) is described. This system will supply electric power to the Northern States Power Co. in Minnesota and steam for the University of Minnesota, Augsburg College, two Minneapolis hospitals, and the Dept. of Health building. The fossil-fuel power plant would be located on the University of Minnesota campus. The costs, financing, and legal agreements involved in this project are presented and discussed. (LCL)

  12. Marginal-cost contracting in the NHS: results of a preliminary survey.

    Science.gov (United States)

    Beddow, A J; Cohen, D R

    2001-05-01

    Market disciplines and incentives were expected to improve efficiency in the UK National Health Service following the introduction of an 'internal market' in 1991. An exploratory survey of all Health Authorities and Trusts in the UK was undertaken to investigate whether players in the NHS managed market are behaving as economic theory predicts they should. The focus was on how and to what extent marginal costing has been used in the contracting process and on whether in some instances an inappropriate use of marginal costing may be resulting in inappropriate investment decisions. Twenty of 29 responding Health Authorities (69%) and 16 of 39 Trusts (41%) stated that they had considered purchasing/providing services on a marginal-cost basis and all of these led to contracts. Marginal-cost contracting appears to be fairly commonplace and the process does not appear to be causing insurmountable conflicts between players. Most marginal-cost contracts were specifically to meet waiting-list initiative targets. Overall results suggest that economic principles are not being particularly adhered to, with expansion in output rarely being related to available capacity. As increased responsibility for commissioning passes to primary care teams and local health groups, there are lessons for those involved in this more disaggregated approach to service shaping and service delivery.

  13. Economic burden of fire-related deaths in Finland, 2000-2010: Indirect costs using a human capital approach.

    Science.gov (United States)

    Haikonen, Kari; Lillsunde, Pirjo M; Lunetta, Philippe; Kokki, Esa

    2016-02-01

    The aim of this study was to examine the indirect economic burden of fire-related deaths in Finland in the period 2000-2010. The Human Capital (HC) approach was the main method used to estimate productivity losses due to fire-related deaths. Additionally, Potential Years of Life Lost (PYLL) due to deaths were reported. A total of 1090 fire-related deaths occurred in the period 2000-2010 within a population of some 5.4 million. The majority were male (76% vs 24%), with a mean age of 52 (CI: 51.0-53.2) years for males and 57 (CI: 54.6-59.6) for females; 24% (CI: 21.1-26.2%) of victims were over the retirement age. Most of the victims died of combustion gas poisoning (65%, CI: 61.8-67.6%), followed by burns (33%, CI: 30.6-36.3%). Alcohol was often involved and victims were often socially disadvantaged, with socioeconomic features significantly deviating from those of the general population. Annual PYLL ranged from 2094 (CI: 1861-2326) to 3299 (CI: 3008-3594), with an annual average PYLL of 2763 (CI: 2675-2851). PYLL per death fell in the study period from 34.3 (2000, CI: 31.0-37.7) to 24.6 (2010, CI: 21.8-27.6). The reduction is attributable to a decreasing fraction of young victims and an increase in average ages. Total productivity loss in the period 2000-2010 was c.a. EUR 342 million (CI: 330-354 million), giving an annual average of EUR 31.1 million (CI: 30.0-32.2 million), with the mean for a victim being EUR 0.315 million (CI: 0.30-0.33 million). The economic burden of deaths is considerable and this study remedies the lack of academic knowledge about the burden of fire-related deaths. Copyright © 2015 Elsevier Ltd and ISBI. All rights reserved.

  14. Corporate Social Capital and Public Relations : Capital Accumulation by Social Relationship and Rethinking the Definition of Public Relations

    OpenAIRE

    北見, 幸一

    2009-01-01

    This paper discusses Corporate Social Capital and Public Relations. This paper overviewed the Social Capital studies, especially early studies in sociology field, proposed the framework to evaluate Social Capital in a capital. Social Capital has the merit to reduce transaction costs, and should be clearly positioned as a component of capital of corporation. Using the concept of the Corporate Social Capital, to rethink the definition of Public Relations, this paper proposed the following defin...

  15. Added value, decreased cost: the evolving role of the cytotechnologist for preliminary screening and triage of thyroid aspirates.

    Science.gov (United States)

    Wotruba, Angelean L; Stewart, Jimmie; Scheberl, Thomas; Selvaggi, Suzanne M

    2011-12-01

    Immediate adequacy assessment for thyroid fine-needle aspirations (FNAs) is standard practice in many cytopathology laboratories. A pathologist is usually present for these time consuming assessments. The purpose of this 5 month study (January 2008-May 2008) was to show that cytotechnologists can accurately provide the majority of immediate adequacy assessments for thyroid FNAs, saving both time and money for pathologists, clinicians, and patients. The study consisted of 167 thyroid nodule FNAs performed in twice weekly thyroid FNA clinics. A comparison was made of the immediate assessments by five participating cytotechnologists and the preliminary and final diagnoses by three pathologists. The cytotechnologist prepared the slides, assessed the air-dried Hema-Diff™ stained slides for adequacy, and the pathologist viewed the slides remotely via real-time video streaming. Results were recorded in an Excel spreadsheet. There was a discordance rate of 1.2% when comparing the cytotechnologist's adequacy interpretation and the pathologist's preliminary diagnosis; both clinically insignificant. By cytotechnologist assessment, 79.0% of the cases were benign and 6.6% were nondiagnostic. 14.4% of the cases were assessed as cellular nodule or neoplastic lesion; all requiring pathologist's preliminary diagnosis. Utilizing a cytotechnologist to provide adequacy, instead of a pathologist, saved $464.10/case (2.38 passes/case) based on current gross technical and professional charges. On the basis of our findings, cytotechnologists can accurately provide immediate onsite adequacy assessments for thyroid nodule FNAs. Affording cytotechnologists the opportunity to preliminarily assess FNAs for adequacy also creates a new role in the laboratory. Furthermore, cost-savings are realized for patients and the health care system.

  16. Clearing of invasive alien plants in South Africa: a preliminary assessment of costs and progress

    CSIR Research Space (South Africa)

    Marais, R

    2004-01-01

    Full Text Available This paper provides estimates of the costs of clearing important species of invasive alien plants, as well as of progress made with clearing, based on data from a recently developed GIS-based project information system. Before the deployment...

  17. PHOEBUS/UHTREX: a preliminary study of a low-cost facility for transient tests of LMFBR fuel

    Energy Technology Data Exchange (ETDEWEB)

    Kirk, W.L. (comp.)

    1976-08-01

    The results of a brief preliminary design study of a facility for transient nuclear tests of fast breeder reactor fuel are described. The study is based on the use of a reactor building originally built for the UHTREX reactor, and the use of some reactor hardware and reactor design and fabrication technology remaining from the Phoebus-2 reactor of the Rover nulcear rocket propulsion program. The facility is therefore currently identified as the PHOEBUS/UHTREX facility. This facility is believed capable of providing early information regarding fast reactor core accident energetics issues which will be very valuable to the overall LMFBR safety program. Facility performance in conjunction with a reference 127-fuel pin experiment is described. Low cost and early availability of the facility were emphasized in the selection of design features and parameters.

  18. Joint U.S./Russian Study on the Development of a Preliminary Cost Estimate of the SAFSTOR Decommissioning Alternative for the Leningrad Nuclear Power Plant Unit #1

    Energy Technology Data Exchange (ETDEWEB)

    SM Garrett

    1998-09-28

    The objectives of the two joint Russian/U.S. Leningrad Nuclear Power Plant (NPP) Unit #1 studies were the development of a safe, technically feasible, economically acceptable decom missioning strategy, and the preliminary cost evaluation of the developed strategy. The first study, resulting in the decommissioning strategy, was performed in 1996 and 1997. The preliminary cost estimation study, described in this report, was performed in 1997 and 1998. The decommissioning strategy study included the analyses of three basic RBM.K decommission- ing alternatives, refined for the Leningrad NPP Unit #1. The analyses included analysis of the requirements for the planning and preparation as well as the decommissioning phases.

  19. The costs and potential savings of telemedicine for acute care neonatal consultation: preliminary findings.

    Science.gov (United States)

    Armfield, Nigel R; Donovan, Tim; Bensink, Mark E; Smith, Anthony C

    2012-12-01

    Telemedicine was used as a substitute for the telephone (usual care) for some acute care consultations from nurseries at four peripheral hospitals in Queensland. Over a 12-month study period, there were 19 cases of neonatal teleconsultation. Five (26%) cases of avoided infant transport were confirmed by independent assessment, four of which were avoided helicopter retrievals. We conducted two analyses. In the first, the actual costs of providing telemedicine at the study sites were compared with the actual savings associated with confirmed avoided infant transport and nursery costs. There was a net saving to the health system of 54,400 Australian Dollars (AUD) associated with the use of telemedicine over the 12-month period. In the second analysis, we estimated the potential savings that might have been achieved if telemedicine had been used for all retrieval consultations from the study sites. The total projected costs were AUD 64,969 while the projected savings were AUD 271,042, i.e. a projected net saving to the health system of AUD 206,073 through the use of telemedicine. A sensitivity analysis suggested that the threshold proportion of retrievals needed to generate telemedicine-related savings under the study conditions was 5%. The findings suggest that from the health-service perspective, the use of telemedicine for acute care neonatal consultation has substantial economic benefits.

  20. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

    Da Rin, M.; Penas, M.F.

    2015-01-01

    Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the

  1. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

    Da Rin, M.; Penas, M.F.

    2015-01-01

    Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the fir

  2. Intellectual Capital

    DEFF Research Database (Denmark)

    Mouritsen, Jan; Bukh, Per Nikolaj

    2015-01-01

    Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because...... it forms a starting point for understanding and managing value-creating processes. Three distinct agendas within IC management and research can be identified. The first concerns to measure the components of IC, the second attempts to relate indicators to effects using statistical models, while the third...

  3. Cost-Sharing Rates Increase During Deep Recession: Preliminary Data From Greece.

    Science.gov (United States)

    Gouvalas, Athanasios; Igoumenidis, Michael; Theodorou, Mamas; Athanasakis, Kostas

    2016-05-28

    Measures taken over the past four years in Greece to reduce pharmaceutical expenditure have led to significant price reductions for medicines, but have also changed patient cost-sharing rates for prescription drugs. This study attempts to capture the resulting increase in patients' out-of-pocket (OOP) expenses for prescription drugs during the 2011-2014 period. The authors conducted a retrospective review of financial data derived from 39 883 prescriptions, dispensed at three randomly chosen pharmacies located in Lamia, central Greece. The study recorded an average contribution rate per prescription as follows: 11.28% for 2011 (95% CI: 10.76-11.80), 14.10% for 2012, 19.97% for 2013, and 29.08% for 2014. Correspondingly, the mean patient charge per prescription for 2011 was €6.58 (95% CI: 6.22-6.94), €8.28 for 2012, €8.35 for 2013, and €10.87 for 2014. During the 2011-2014 period, mean percentage rate of patient contribution increased by 157.75%, while average patient charge per prescription in current prices increased by 65.22%. The use of a newly introduced internal reference price (IRP) system increased the level of prescription charge at a rate of 2.41% for 2012 (100% surcharge on patients), 26.24% for 2013 (49.95% on patients and 50.04% on the appropriate health insurance funds), and 47.72% for 2014 (85.06% on patients and 14.94% on funds). Increased cost-sharing rates for prescription drugs can reduce public pharmaceutical expenditure, but international experience shows that rising OOP expenses can compromise patients' ability to pay, particularly when it comes to chronic diseases and vulnerable populations. Various suggestions could be effective in refining the cost-sharing approach by giving greater consideration to chronic patients, and to the poor and elderly.

  4. Deployment of Low-Cost, Carbon Dioxide Sensors throughout the Washington Metropolitan Area - The Capital Climate Initiative

    Science.gov (United States)

    Caine, Kristen M.; Bailey, D. Michelle; Houston Miller, J.

    2016-04-01

    According to the IPCC from 1995 to 2005, atmospheric carbon dioxide (CO2) concentrations increased by 19 ppm, the highest average growth rate recorded for any decade since measurements began in the 1950s. Due to its ability to influence global climate change, it is imperative to continually monitor carbon dioxide emission levels, particularly in urban areas where some estimate in excess of 75% of total greenhouse gas emissions occur. Although high-precision sensors are commercially available, these are not cost effective for mapping a large spatial area. A goal of this research is to build out a network of sensors that are accurate and precise enough to provide a valuable data tool for accessing carbon emissions from a large, urban area. This publically available greenhouse gas dataset can be used in numerous environmental assessments and as validation for remote sensing products. It will also be a valuable teaching tool for classes at our university and will promote further engagement of K-12 students and their teachers through education and outreach activities. Each of our sensors (referred to as "PiOxides") utilizes a non-dispersive infrared (NDIR) sensor for the detection of carbon dioxide along with a combination pressure/temperature/humidity sensor. The collection of pressure and temperature increases the accuracy and precision of the CO2 measurement. The sensors communicate using a serial interfaces with a Raspberry Pi microcontroller. Each PiOxide is connected to a website that leverages recent developments in open source GIS tools. In this way, data from individual sensors can be followed individually or aggregated to provide real-time, spatially-resolved data of CO2 trends across a broad area. Our goal for the network is to expand across the entire DC/Maryland/Virginia Region through partnerships with private and public schools. We are also designing GHG Bluetooth beacons that may be accessed by mobile phone users in their vicinity. In two additional

  5. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

    Thöni, Christian; Tyran, Jean-Robert Karl; Wengström, Erik Roland

    2012-01-01

    Research on social capital routinely relies on survey measures of trust which can be collected in large and heterogeneous samples at low cost. We validate such survey measures in an incentivized public good experiment and show that they are importantly related to cooperation behavior in a large...

  6. A Preliminary Investigation of Wastewater Treatment Efficiency and Economic Cost of Subsurface Flow Oyster-Shell-Bedded Constructed Wetland Systems

    Directory of Open Access Journals (Sweden)

    Chia-Chuan Hsu

    2013-06-01

    Full Text Available We conducted a preliminary investigation of wastewater treatment efficiency and economic cost of the oyster-shell-bedded constructed wetlands (CWs compared to the conventional gravel-bedded CW based on field monitoring data of water quality and numerical modeling. Four study subsurface (SSF CWs were built to receive wastewater from Taipei, Taiwan. Among these sites, two are vertical wetlands, filled with bagged- (VA and scattered- (VB oyster shells, and the other two horizontal wetlands were filled with scattered-oyster shells (HA and gravels (HB. The BOD, NO3−, DO and SS treatment efficiency of VA and VB were higher than HA and HB. However, VA was determined as the best option of CW design due to its highest cost-effectiveness in term of BOD removal (only 6.56 US$/kg as compared to VB, HA and HB (10.88–25.01 US$/kg. The results confirmed that oyster shells were an effective adsorption medium in CWs. Hydraulic design and arrangement of oyster shells could be important in determining their treatment efficiency and cost-effectiveness. A dynamic model was developed to simulate substance transmissions in different treatment processes in the CWS using AQUASIM 2.1 based on the water quality data. Feasible ranges of biomedical parameters involved were determined for characterizing the importance of different biochemical treatment processes in SSF CWs. Future work will involve extending the experimental period to confirm the treatment efficiency of the oyster-shell-bedded CW systems in long-term operation and provide more field data for the simulated model instead of the literature values.

  7. Design Strategies and Preliminary Prototype for a Low-Cost Arsenic Removal System for Rural Bangladesh

    Energy Technology Data Exchange (ETDEWEB)

    Mathieu, Johanna L.; Gadgil, Ashok J.; Kowolik, Kristin; Qazi, Shefah; Agogino, Alice M.

    2009-09-14

    Researchers have invented a material called ARUBA -- Arsenic Removal Using Bottom Ash -- that effectively and affordably removes arsenic from Bangladesh groundwater. Through analysis of studies across a range of disciplines, observations, and informal interviews conducted over three trips to Bangladesh, we have applied mechanical engineering design methodology to develop eight key design strategies, which were used in the development of a low-cost, community-scale water treatment system that uses ARUBA to removearsenic from drinking water. We have constructed, tested, and analysed a scale version of the system. Experiments have shown that the system is capable of reducing high levels of arsenic (nearly 600 ppb) to below the Bangladesh standard of 50 ppb, while remaining affordable to people living on less than US$2/day. The system could be sustainably implemented as a public-private partnership in rural Bangladesh.

  8. Cost-Sharing Rates Increase During Deep Recession: Preliminary Data From Greece

    Directory of Open Access Journals (Sweden)

    Athanasios Gouvalas

    2016-12-01

    Full Text Available Background Measures taken over the past four years in Greece to reduce pharmaceutical expenditure have led to significant price reductions for medicines, but have also changed patient cost-sharing rates for prescription drugs. This study attempts to capture the resulting increase in patients’ out-of-pocket (OOP expenses for prescription drugs during the 2011-2014 period. Methods The authors conducted a retrospective review of financial data derived from 39 883 prescriptions, dispensed at three randomly chosen pharmacies located in Lamia, central Greece. Results The study recorded an average contribution rate per prescription as follows: 11.28% for 2011 (95% CI: 10.76-11.80, 14.10% for 2012, 19.97% for 2013, and 29.08% for 2014. Correspondingly, the mean patient charge per prescription for 2011 was €6.58 (95% CI: 6.22-6.94, €8.28 for 2012, €8.35 for 2013, and €10.87 for 2014. During the 2011-2014 period, mean percentage rate of patient contribution increased by 157.75%, while average patient charge per prescription in current prices increased by 65.22%. The use of a newly introduced internal reference price (IRP system increased the level of prescription charge at a rate of 2.41% for 2012 (100% surcharge on patients, 26.24% for 2013 (49.95% on patients and 50.04% on the appropriate health insurance funds, and 47.72% for 2014 (85.06% on patients and 14.94% on funds. Conclusion Increased cost-sharing rates for prescription drugs can reduce public pharmaceutical expenditure, but international experience shows that rising OOP expenses can compromise patients’ ability to pay, particularly when it comes to chronic diseases and vulnerable populations. Various suggestions could be effective in refining the costsharing approach by giving greater consideration to chronic patients, and to the poor and elderly.

  9. Celebration Capitalism

    OpenAIRE

    Boykoff, Jules

    2014-01-01

    Capitalism is a nimble shapeshifter. In this talk Jules Boykoff draws from the history of the Olympic Games to offer a theory of “celebration capitalism,” a form of modern-day economics that complements Naomi Klein’s “disaster capitalism” marked by neoliberalism: privatization, deregulation, and free-market rhetoric.

  10. 资本成本与资产流动性关系的经验验证%The Experience Validation of Relationship Between Cost of Capital and Asset Liquidity

    Institute of Scientific and Technical Information of China (English)

    王春峰; 孙会国; 房振明

    2012-01-01

    从公司财务理论和资产定价理论出发,分析资产流动性通过“流动性效应”和“定价效应”对资本成本的影响可发现:资产流动性直接影响公司对其物质资产重新配置的能力,进而是运营灵活性,从而影响事前资本成本;而其降低时,导致公司运营风险增大,投资者会要求更高的报酬率。更进一步,利用M&LA行为构建资产流动性指数,并用不同方法度量资本成本,尤其经过实证检验发现:在中国市场上,资产流动性越高,企业资本成本越低;对于在行业竞争中处于追随者地位的企业和市值账面比低的企业而言,资产流动性能降低更多资本成本。%Based on the theory of corporate finance and asset pricing, this article studies the effects of real asset liquidity on the cost of capital through "liquidity effect" and "asset pricing effect": Asset liquidity affects the ability of a firm redeploying its real asset, then its operating flexibility and the cost of capital ex ante, while lower asset liquidity leads higher operating risk, and thus investors require higher returns for the capital they provide. This article constructs the corporates' asset liquidity's indices with M~A activities, and computes the cost of capital using different methods, then empirically finds that the cost of capital is lower with higher asset liquidity in Chinese market, and higher asset liquidity reduces the cost of capital by more for firms that are industry leaders or with lower market-to-book ratio.

  11. Information Capital and Organization's Strategy Alignment

    OpenAIRE

    Maja Djukic; Jovica Stankovic

    2005-01-01

    In digital economy very important role has information capital which produce numerous benefits and costs for organizations. But, organization capital creates grate value in an organization only if it is aligned with organization strategy. So, main management problem is being able to make alignment of information capital and organization strategy

  12. An Earthquake Shake Map Routine with Low Cost Accelerometers: Preliminary Results

    Science.gov (United States)

    Alcik, H. A.; Tanircan, G.; Kaya, Y.

    2015-12-01

    Vast amounts of high quality strong motion data are indispensable inputs of the analyses in the field of geotechnical and earthquake engineering however, high cost of installation of the strong motion systems constitutes the biggest obstacle for worldwide dissemination. In recent years, MEMS based (micro-electro-mechanical systems) accelerometers have been used in seismological research-oriented studies as well as earthquake engineering oriented projects basically due to precision obtained in downsized instruments. In this research our primary goal is to ensure the usage of these low-cost instruments in the creation of shake-maps immediately after a strong earthquake. Second goal is to develop software that will automatically process the real-time data coming from the rapid response network and create shake-map. For those purposes, four MEMS sensors have been set up to deliver real-time data. Data transmission is done through 3G modems. A subroutine was coded in assembler language and embedded into the operating system of each instrument to create MiniSEED files with packages of 1-second instead of 512-byte packages.The Matlab-based software calculates the strong motion (SM) parameters at every second, and they are compared with the user-defined thresholds. A voting system embedded in the software captures the event if the total vote exceeds the threshold. The user interface of the software enables users to monitor the calculated SM parameters either in a table or in a graph (Figure 1). A small scale and affordable rapid response network is created using four MEMS sensors, and the functionality of the software has been tested and validated using shake table tests. The entire system is tested together with a reference sensor under real strong ground motion recordings as well as series of sine waves with varying amplitude and frequency. The successful realization of this software allowed us to set up a test network at Tekirdağ Province, the closest coastal point to

  13. Properties of Compressed Stabilized Earth Blocks (CSEB For Low-Cost Housing Construction: A Preliminary Investigation

    Directory of Open Access Journals (Sweden)

    Baba Shehu Waziri

    2013-11-01

    Full Text Available Materials used for the construction of walls are normally required to possess adequate strength and erosion resistance. The study investigates the suitability of stabilized laterite soils for the production of compressed earth blocks for low-cost housing construction.  Soil samples for the experiment were obtained at two different locations. Sample I was obtained at a borrow pit along Gujba road in Damaturu Yobe state while Sample II was taken at a borrow pit near lake Alau in Borno sate, Nigeria. The results of the study revealed that the specific gravity, bulk density, moisture content and plasticity index of both samples showed satisfactory performance. Different cement stabilization levels of 0%, 2.5%, 5% and 7.5% were used to prepare the specimens for testing. The blocks were moulded using hand operated CINVA-Ram machine. The maximum compressive strength of 2.48N/mm2 was obtained with stabilization level of 7.5% with sample I at 28 days curing.  The strength of the specimens increases with increasing cement content with an average value of 0.35N/mm2. For higher strength requirements different stabilization options can be considered.

  14. 制度成本、规模效应与厂商投资决策%Relationship Between Institutional Cost, Capital Stock and Investment Decision-making of a Corporate

    Institute of Scientific and Technical Information of China (English)

    陈张杭健; 王力

    2016-01-01

    制度成本是否会影响厂商的投资决策?是如何影响的?基于存在调整成本的投资模型,将制度成本内生化到该模型中,以探究制度成本是如何影响厂商的资本存量,进而改变厂商的投资决策。针对制度成本的特点提出假设:随着单位资本存量的减少,边际制度调整成本是增加的,即边际制度调整成本随调整的规模递减。理论模型的结果和面板数据模型实证分析表明:(1)在利润最大化的条件下,一单位资本的市场价值等于购买价格(1加上边际制度成本)和边际经济成本之和;(2)相对于内部经济调整成本,制度调整成本占厂商资本存量的比例更大,而且规模越大的厂商,其面临的制度调整成本越小。%Whether the institutional cost will affect the investment decision of corporate or not How it affected the decision -making In this paper , based on the investment model , we put the institutional cost into the model to explore how it affects the capital stock of a corporate and the manufacturer's investment decisions .With the reduction of capital stock , the marginal cost of institution-al adjustment is increased , which means the marginal cost to adjust the size of cost declining .The results of the theoretical model and the Panel Data Model analysis showed that:(1) Under the condition of profit maximization , the market value of a unit capital is equal to the purchase price (one plus the marginal institutional cost ) and the sum of the marginal economic costs;(2) with re-spect to the larger internal economic adjustment costs , the proportion of the capital stock should be larger .The institutional adjust-ment costs of large corporations would be smaller .

  15. CAPITAL STRUCTURE AND VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patricia

    2015-07-01

    Full Text Available Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company’s success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and the success of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor’s new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company’s environment, which have effects on the firm. The investor’s decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.

  16. A Guide To Measuring College Costs.

    Science.gov (United States)

    Winston, Gordon C.

    2000-01-01

    Argues that full-cost models in higher education fail to account correctly for capital and financial aid expenditures. Urges full accounting of all cost drivers that impact on higher education expenditures, e.g., operating costs, maintenance costs, physical capital costs, the current replacement value of capital stock, and the opportunity cost of…

  17. Allergy Capitals

    Science.gov (United States)

    ... Health Professionals Partners Media Donate Research 2016 Fall Allergy Capitals If you’re one of the millions ... needs of their residents with allergic diseases. Fall Allergies by the Numbers Nasal allergies affect more than ...

  18. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

    This chapter places The New Spirit of Capitalism in the context of the development of capitalism over the last twenty years, up to and including the 200-7-8 financial crisis and the ongoing economic crisis which has developed out of this and is now focused on the relationship between state...... expenditures, political legitimacy and financial markets. Boltanski and Chiapello's analysis of the projective city and connexionist logic captures important elements of capitalism in the era of neo-liberalism. However, as their analysis shows, any such logics require ‘spirit’, legitimacy and justification...... if they are to be sustained. Such logics are stabilized to the degree that they can pass the tests which they set themselves. The chapter shows how the projective city has increasingly failed these tests. It has instead created a privileged group of ‘mobile citizens’ working with mobile, global capital in ways...

  19. Thinking strategically about capitation.

    Science.gov (United States)

    Boland, P

    1997-05-01

    All managed care stakeholders--health plan members, employers, providers, community organizations, and government entitites--share a common interest in reducing healthcare costs while improving the quality of care health plan members receive. Although capitation is a usually thought of primarily as a payment mechanism, it can be a powerful tool providers and health plans can use to accomplish these strategic objectives and others, such as restoring and maintaining the health of plan members or improving a community's health status. For capitation to work effectively as a strategic tool, its use must be tied to a corporate agenda of partnering with stakeholders to achieve broader strategic goals. Health plans and providers must develop a partnership strategy in which each stakeholder has well-defined roles and responsibilities. The capitation structure must reinforce interdependence, shift focus from meeting organizational needs to meeting customer needs, and develop risk-driven care strategies.

  20. Capitalizing China

    OpenAIRE

    Joseph Fan; Randall Morck; Bernard Yeung

    2011-01-01

    Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all ...

  1. DOSTOYEVSKI'S "CAPITAL"

    OpenAIRE

    GUNAL, E. Zeynep

    2012-01-01

    Dostoyevski who was always in need of money and in debt, wrote two great novels about capital: "Idiot" and "Crime and Punishment". In these novels the writer tries to prove the negative effects of capital on people. This article particularly focuses on "Crime and Punishment". Because crime is discussed as the multi-dimensional factor in this work. Moreover, it is claimed that in the troika of crime which formed of Raskolnikov, Svidrigaylov and Luzhin, Luzhin is the most dangerous character w...

  2. Solar Pilot Plant, Phase I: preliminary design report. Volume VII. Pilot plant cost, commercial plant cost and performance. CDRL item 2

    Energy Technology Data Exchange (ETDEWEB)

    None

    1977-06-01

    Cost estimates are presented for the Solar Pilot Plant by cost breakdown structure element, with a commitment schedule and an expenditure schedule. Cost estimates are given for a Commercial Plant, including several point costs for plants with various solar multiples and storage times. Specific questions (ERDA) pertaining to commercial plant design and performance data are addressed. The cost estimates are supplemented by two books of vendor and subcontractor cost data.

  3. Wide field of view computed tomography and mid carpal instability: The value of the sagittal radius–lunate–capitate axis – Preliminary experience

    Energy Technology Data Exchange (ETDEWEB)

    Repse, Stephen E., E-mail: stephrep@gmail.com [Department of Diagnostic Imaging, Monash Health, VIC (Australia); Koulouris, George, E-mail: GeorgeK@melbourneradiology.com.au [Melbourne Radiology Clinic, Ground Floor, 3-6/100 Victoria Parade, East Melbourne, VIC (Australia); Centre for Orthopaedic Research, School of Surgery, University of Western Australia, Nedlands, WA (Australia); Troupis, John M., E-mail: john.troupis@gmail.com [Department of Diagnostic Imaging & Monash Cardiovascular Research Centre, Monash Health and Department of Biomedical Radiation Sciences, Faculty of Medicine, Nursing & Health Sciences, Monash University, VIC (Australia)

    2015-05-15

    Highlights: • Unique insight into the assessment of mid carpal instability. • 4D CT using sagittal reconstructions along the radius–lunate–capitate axis. • 4D CT observations of vacuum phenomenon, trigger lunate and capitate subluxation. • Earlier recognition of mid carpal instability. - Abstract: Purpose: Dynamic four dimensional (4D) computed tomography (CT) has recently emerged as a practical method for evaluating complex functional abnormality of joints. We retrospectively analysed 4D CT studies undertaken as part of the clinical management of hand and wrist symptoms. We present our initial experience of 4D CT in the assessment of functional abnormalities of the wrist in a group of patients with mid carpal instability (MCI), specifically carpal instability non-dissociative. We aim to highlight unique features in assessment of the radius–lunate–capitate (RLC) axis which allows insight and understanding of abnormalities in function, not just morphology, which may be contributing to symptoms. Materials and methods: Wide field of view multi-detector CT scanner (320 slices, 0.5 mm detector thickness) was used to acquire bilateral continuous motion assessment in hand flexion and extension. A maximum z-axis coverage of 16 cm was available for each acquisition, and a large field of view (FOV) was used. Due to the volume acquisition during motion, reconstructions at multiple time points were undertaken. Dynamic and anatomically targeted multi-planar-reconstructions (MPRs) were then used to establish the kinematic functionality of the joint. Results: Our initial cohort of 20 patients was reviewed. Three findings were identified which were present either in isolation or in combination. These are vacuum phenomenon, triggering of the lunate and capitate subluxation. We provide 4D CT representations of each and highlight features considered of clinical importance and their significance. We also briefly discuss how the current classifications of dynamic wrist

  4. ANCAMAN CAPITAL INFLOW

    Directory of Open Access Journals (Sweden)

    Teguh Sihono

    2011-01-01

    Full Text Available Capital inflow can be interpreted as an increase in the amount of money available from external or foreign sources for the purchase of local capital assets such as securities, houses, buildings, land, machinery. These short-term asset purchase, so if at any time be withdrawn in large quantities, it will endanger the country's economy. The swift flow of foreign funds may be a threat to the country which became the capital inflow in the form of options: pressure of inflation, high cost economy, the defisit Central Bank balance, the economic turbulence, and the threat of economic growth. Improvement of high economic growth accompanied by rising foreign exchange reserves that high also, it turns out is not free from the risk of unbridled inflation and economic cricis, destabilizing the economy during those funds withdrawn by foreign investors. For the avoidance of economic risk, should the government together with the Central Bank made a rule to direct capital inflow into the real sektor. Keywords: capital inflows, global likuiditas

  5. A Preliminary Discussion on the Development of Higher Vocational Students’ Psychological Capital%浅谈高职生心理资本的开发

    Institute of Scientific and Technical Information of China (English)

    任丽

    2015-01-01

    文章从积极心理学的角度探讨高职生的心理健康问题,心理健康教育不再只针对“问题人群”,更要面向全体。倡导开发学生的心理资本,用积极的心理因素来预防和抵御心理疾病,并提出了相应的心理资本的开发策略。%The paper discusses the psychological health of higher vocational students from the per‐spective of positive psychology .Education of psychological health not only mainly for the“problem peo‐ple” ,but also for the whole .To advocate development of students’ psychological capital ,use positive psychological elements to prevent and defend psychological diseases and bring up the strategies for devel‐opment of students’ psychological capital .

  6. 7 CFR 3560.304 - Initial operating capital.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Initial operating capital. 3560.304 Section 3560.304... capital. (a) Purpose. To provide a source of capital for start-up costs, such as the purchase of equipment... initial operating capital contribution to the general operating account as described in § 3560.64....

  7. Cost and size estimates for an electrochemical bulk energy storage concept

    Science.gov (United States)

    Warshay, M.; Wright, L. O.

    1975-01-01

    Preliminary capital cost and size estimates were made for an electrochemical bulk energy storage concept for a redox-flow-cell system. Preliminary calculations showed that the redox-flow-cell system has great promise as a bulk energy storage system for power load leveling. The size of the system was estimated to be less than 2 percent of the size of a comparable pumped hydroelectric storage plant.

  8. Measurement of capital stock and input services of Spanish banks

    OpenAIRE

    Alfredo Martín-Oliver; Vicente Salas-Fumás; Jesús Saurina

    2007-01-01

    This paper contains estimates of physical and intangible (information technology, advertising and training) capital stock, together with capital, labor and externally provided input services, of Spanish commercial and saving banks in the period 1983 to 2003. Capital stocks are valued at replacement costs and assets’ services flows are computed using estimates of the risk-adjusted user cost of capital. Replacement costs of assets are substantially higher than book values and economic estimates...

  9. 47 CFR 32.2681 - Capital leases.

    Science.gov (United States)

    2010-10-01

    ... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.2681 Capital leases. (a... lease payments, excluding that portion of the payments representing executory costs to be paid by the... this account at the inception of a capital lease shall be equal to the original cost, if known, or...

  10. Achieving ‘best value’ for the community by deployment of risk based cost estimation using Monte-Carlo Simulation to rate-payer-funded capital intensive road projects.

    Directory of Open Access Journals (Sweden)

    Mahender Rao

    2014-09-01

    Full Text Available This paper presents the application and validation of a new tool developed by the first author for accurate risk-based estimation of project budgets. Typical capital intensive projects to which this tool can be applied include road reconstruction, road resheet and road rehabilitation projects. Quantitative risk analysis and stochastic modeling using Monte -Carlo simulation is embedded in the algorithms of the computer code. The tool forecasts a range of possible project costs and the probability of the occurrence of those costs by taking into account uncertainties and associated risks. Application of the tool to capital intensive road projects designed by the second author and constructed in 2011 & 2012 demonstrates its validity and utility. Comparisons of forecasted estimates using this tool with actual costs and with traditional deterministic methods of cost estimation (such as --point base-case estimates inclusive of contingency provide valuable insights that can aid management in evaluating alternatives and in making informed decisions when estimating and allocating budgets to a portfolio of road projects.

  11. Social capital and localised learning

    DEFF Research Database (Denmark)

    Lorenzen, Mark

    2007-01-01

      This conceptual paper analyses why social capital is important for learning and economic development, how it is created and its geography. It argues that with the rise of globalisation and learning-based competition, social capital is becoming valuable because it organises markets, lowering...... business firms' costs of co-ordinating and allowing them flexibly to connect and reconnect. The paper defines social capital as a matrix of various social relations, combined with particular normative and cognitive social institutions that facilitate co-operation and reciprocity, and suggests that social...... capital is formed at spatial scales lower than the national or international, because the density of matrices of social relations increases with proximity. The paper also offers a discussion of how national and regional policies may be suited for promoting social capital....

  12. Optimal Dividends of Diffusion Model with Capital Injection and Transaction Cost%带注资和交易费用的扩散模型的最优分红

    Institute of Scientific and Technical Information of China (English)

    岳毅蒙; 王欣; 赵锐

    2016-01-01

    Issues about optimal dividends strategies of the model are discussed based on diffusion model with capital injection and transaction cost and by realizing the difference of maximization of value of expec-tation which equals to discounted dividends of shareholders minus punishment discounting capital injection as a target.The corresponding solutions and optimal dividend strategies are deduced through related HJB e-quation built by stochastic control theory.%在带注资和交易费用的扩散模型基础上,以股东的折现分红减去惩罚折现注资的差的期望值最大化为目标,讨论了模型的最优分红策略问题.由随机控制理论建立相应的HJB方程,得到了相应的解及最优分红策略.

  13. District energy: an important factor in the socially and environmentally responsible solution for the electric power industry; (requiring greater accelerated capital cost allowance treatment for income tax purposes)

    Energy Technology Data Exchange (ETDEWEB)

    Boucher, P. [HSBC James Capel Canada Inc. (Canada); Stevens, S. [Business Development Consumers Utilities (Canada)

    1996-09-01

    The considerable amount of risk associated with the investment in district energy systems was discussed. It was explained that district energy projects frequently require additional capital allowances, particularly in the initial years of a typical project, in order to attract private capital investments to the industry. Advantages of district energy systems were reviewed, among them reduction in CO{sub 2} and NO{sub x} emissions, enhancing energy conservation through the use of high efficiency boilers or thermal waste energy, increasing tax revenue at various levels of government, providing much-needed capital injection into communities, providing construction and operation jobs, and allowing electric utilities to offer cogeneration from older plants helping to avoid stranded investments. 1 tab.

  14. Capital Unchained

    DEFF Research Database (Denmark)

    Bryan, Dick; Rafferty, Michael; Wigan, Duncan

    2017-01-01

    The rise of intangible assets such as brand names, research and development, patents and other forms of abstract capital such as digital platforms and data flows has confounded extant measures and concepts of capital and accumulation. What used to be a residual asset category known as ‘goodwill......’ has now overtaken so-called fixed or tangible assets in the profitability and valuation of many leading corporations. Yet these intangible assets lead a double life as both spatial and temporal in some dimensions, yet fluid and spatio-temporally elusive in others. Using a framework focused...... on measuring (by accountants), managing (by corporations) and monitoring (by International Political Economy scholars and regulators), this article explores the longer term implications of accumulation of internationalised capital in intangible and abstract forms, and the prominent role of finance and offshore...

  15. Decreasing returns to capital, the willingness to pay and the willingness to accept compensation, and the limits of cost-benefit analysis

    NARCIS (Netherlands)

    Vermeylen, K.

    2012-01-01

    This paper uses the Kaldor-Hicks compensation principle to compute the present discounted value (PDV) of a non-marginal future event. Three theoretical results stand out: First, decreasing returns to capital create a wedge between the PDV of future generations' willingness to pay (WTP) and the PDV

  16. "If You Show Who You Are, Then They Are Going to Try to Fix You": The Capitals and Costs of Schooling for High-Achieving Latina Students

    Science.gov (United States)

    Locke, Leslie Ann; Tabron, Lolita A.; Venzant Chambers, Terah T.

    2017-01-01

    Schools are supposed to be places where students learn academic and technical skills while also expanding their social networks. Although much research exists that examines academic achievement from a variety of lenses, schools and educators continue to lack insight into the various strengths--or capital--students bring with them to school…

  17. "If You Show Who You Are, Then They Are Going to Try to Fix You": The Capitals and Costs of Schooling for High-Achieving Latina Students

    Science.gov (United States)

    Locke, Leslie Ann; Tabron, Lolita A.; Venzant Chambers, Terah T.

    2017-01-01

    Schools are supposed to be places where students learn academic and technical skills while also expanding their social networks. Although much research exists that examines academic achievement from a variety of lenses, schools and educators continue to lack insight into the various strengths--or capital--students bring with them to school…

  18. Capital Campaigns.

    Science.gov (United States)

    Dalessandro, David; And Others

    1989-01-01

    Eight articles focus on capital campaigns including setting goals (D. Dalessandro), the lead gift (D. A. Campbell), motivating trustees (J. J. Ianolli, Jr.), alumni associations (W. B. Adams), role of public relations officers (R. L. Williams), special events( H.R. Gilbert), the campaign document (R. King), and case statements (D. R. Treadwell,…

  19. Capital Challenge

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    China is on its way to establishing its own venture capital industry Venture capitalists will find no safe haven worldwide as the prospects for the majority of economies to pick up remain dim for the next two years. Still, if some of them have the money and

  20. Cost-effectiveness analysis of a low-cost bubble CPAP device in providing ventilatory support for neonates in Malawi - a preliminary report.

    Science.gov (United States)

    Chen, Ariel; Deshmukh, Ashish A; Richards-Kortum, Rebecca; Molyneux, Elizabeth; Kawaza, Kondwani; Cantor, Scott B

    2014-11-25

    A low-cost bubble continuous positive airway pressure (bCPAP) device has been shown to be an excellent clinical alternative to nasal oxygen for the care of neonates with respiratory difficulty. However, the delivery of bCPAP requires more resources than the current routine care using nasal oxygen. We performed an economic evaluation to determine the cost-effectiveness of a low-cost bCPAP device in providing ventilatory support for neonates in Malawi. We used patient-level clinical data from a previously published non-randomized controlled study. Economic data were based on the purchase price of supplies and equipment, adjusted for shelf life, as well as hospital cost data from the World Health Organization. Costs and benefits were discounted at 3%. The outcomes were measured in terms of cost, discounted life expectancy, cost/life year gained and net benefits of using bCPAP or nasal oxygen. The incremental cost-effectiveness ratio and incremental net benefits determined the value of one intervention compared to the other. Subgroup analysis on several parameters (birth weight categories, diagnosis of respiratory distress syndrome, and comorbidity of sepsis) was conducted to evaluate the effect of these parameters on the cost-effectiveness. Nasal oxygen therapy was less costly (US$29.29) than the low-cost bCPAP device ($57.78). Incremental effectiveness associated with bCPAP was 6.78 life years (LYs). In the base case analysis, the incremental cost-effectiveness ratio for bCPAP relative to nasal oxygen therapy was determined to be $4.20 (95% confidence interval, US$2.29-US$16.67) per LY gained. The results were highly sensitive for all tested subgroups, particularly for neonates with birth weight 1- cost effective. The bCPAP is a highly cost-effective strategy in providing ventilatory support for neonates in Malawi.

  1. Experience that much work produces many reinforcers makes the sunk cost fallacy in pigeons: A preliminary test

    Directory of Open Access Journals (Sweden)

    Shun eFujimaki

    2016-03-01

    Full Text Available The sunk cost fallacy is one of the irrational choice behaviors robustly observed in humans. This fallacy can be defined as a preference for a higher-cost alternative to a lower-cost one after previous investment in a higher-cost alternative. The present study examined this irrational choice by exposing pigeons to several types of trials with differently illuminated colors. We prepared three types of nonchoice trials for experiencing different outcomes after presenting same or different colors as alternatives and three types of choice trials for testing whether pigeons demonstrated irrational choice. In nonchoice trials, animals experienced either of the following: (1 no reinforcement after the presentation of an unrelated colored stimulus to the alternatives used in the choice situation, (2 no reinforcement after investment in the lower-cost alternative, or (3 reinforcement or no reinforcement after investment in the higher-cost alternative. In choice trials, animals were required to choose in the following three situations: (A higher-cost vs. lower-cost alternatives, (B higher-cost vs. lower-cost ones after some investment in the higher-cost alternative, and (C higher-cost vs. lower-cost alternatives after the presentation of an unrelated colored stimulus. From the definition of the sunk cost fallacy, we assumed that animals would exhibit this fallacy if they

  2. Trinidadian capitalism

    Directory of Open Access Journals (Sweden)

    Kevin A. Yelvington

    1999-07-01

    Full Text Available [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99 Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95 Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its historical advent (Sebastien 1978 to its twentieth-century manifestation in the petroleum sector (Seers 1964; Sandoval 1983, and from the ethnic structure of labor markets (Camejo 1971; Harewood 1971 and the role of capitalism in racial/ethnic inequality (Henry 1993; Coppin & Olsen 1998 to the way ethnicity affects business, big (Button 1981; Parris 1985; Centre for Ethnic Studies 1993 and small (Ryan & Barclay 1992; Griffith 1997, and the way ethnicity and gender are used in class recruitment (Yelvington 1995. There are also a number of fine working-class histories (e.g., Rennie 1973; Ramdin 1982; Basdeo 1983 and important works on the labor riots and strikes and the nature of the colonial state during the crises of the 1930s (e.g., Thomas 1987; Singh 1994. The two books under review here complement the works mentioned above, and they complement each other as well: Reddock's deals with the way capitalism up to the mid-century was buttressed by colonial politics, and explores how this formation engendered certain kinds of political responses, while Miller approaches capitalism through the assumption that fundamental changes in the post-Oil Boom period (ca. 1973-80 brought about considerable autonomy between production and consumption that can and should now be read through an analysis of the cultural circulation of images and commodities in the society. These books are both noteworthy because they engage in explicit theorizing on what capitalism was and is, and what it did and

  3. 世界黄金协会新成本计算标准的初步解读%Preliminary interpretation of new guidance on cost metrics of World Gold Council

    Institute of Scientific and Technical Information of China (English)

    蔡雪琳

    2014-01-01

    世界黄金协会于2013年6月底发布了《世界黄金协会总维持成本和总成本指引(非一般公认会计原则)》,提出了“总维持成本”的新概念和“总成本”的新计算标准。“总维持成本”指维持目前在产矿山产能的所有支出;“总成本”包含总维持成本和总非维持成本。新成本计算标准将资本支出一次性费用化,计入发生当年的损益;而目前国内黄金矿企的成本核算对于资本支出则是先予以资本化,然后每年通过折旧计入损益。本文通过分析新成本计算标准的特点,以及比较国内黄金矿业企业目前的成本核算与新成本计算标准存在的差异,认为二者之间最大的差异在于对资本支出的处理不同,从而得出不建议国内黄金矿业企业采纳该指引的初步结论。%At the end of June 2013 ,the World Gold Council published a Guidance Note on “all-in sustaining costs” and “all-in costs” metrics ,which develops a new concept of “all-in sustaining costs” and the new metric of “all-in costs” .“All-in sustaining costs” refer to all sustaining costs related to existing operations .“All-in costs” include all-in sustaining costs and all-in non-sustaining costs .The new metric includes the capital expenditure (“capex”) in profits & losses one-off when occurs ,whereas the cost accounting of Chinese gold mining companies capitalizes the capex when occurs and charges the related depreciation into profits & losses annually .The article analyses the new metric ,compares it with current cost accounting of Chinese gold mining companies and concludes that the major difference is the different treatment of capex .The preliminary opinion is that Chinese gold mining companies had better not adopt the new Guidance Note .

  4. Is Social Capital an Effective Smoke Condenser?

    DEFF Research Database (Denmark)

    Paldam, M.; Svendsen, Gert Tinggaard

    1999-01-01

    Social capital is defined as mutual trust. It is related to production by a key hypothesis: social capital determines how easily people work together. An easy-to-use proxy (Putnam's Instrument) is the density of voluntary organizations. Social capital might be a new production factor which must...... be added to human and physical capital, or it might enter as a reduction in either transaction or monitoring costs. A direct and an indirect way to measure social capital are discussed. The crucial question is if social capital can be changed. That is, if self enforcement can replace third party...... enforcement, and it is discussed how much harm totalitarian regimes do to social capital, when they expand their area of central control....

  5. The Mechanism between Internal Control Information Disclosure and Cost of Capital Equity%论内控信息披露与股权融资成本关系的作用机理

    Institute of Scientific and Technical Information of China (English)

    熊伟; 张艳

    2015-01-01

    随着我国资本市场的不断发展,上市公司的内部控制信息披露和股权融资成本表现出重要的关系。委托代理理论、信息不对称理论、信号传递理论都说明了上市公司主动且详细地披露内控信息的上市公司,其发展潜力巨大。投资者预期风险和股票流动性是内控信息披露质量与股权融资成本的关系的间接因素,内控信息披露质量越高,投资者对未来预期的风险就越小,股权融资成本就越低,同时,内控信息披露质量越高,股票流动性就越高,从而可以降低股权融资成本。%With the rapid development of our capital market, the internal control information disclosure and cost of capital equity of listed companies have been closely related. Principal-agency theory, information asymmetry theory and signaling theory have all demonstrated that listed companies will enjoy huge development potentials if they take the initiative to disclose their internal control information at great lengths. Investor expectation of risk and stock liquidity can, to some extent, affect the relationship between the two. The better the internal control information disclosure is, the lower the investor expectation of risk will be. In addition, the better internal control information dis-closure can also speed up stock exchange and thus bring down the cost of capital equity.

  6. 中国国有经济固定资本存量初步测算%The Preliminary Measurement of Fixed Capital Stocks of State-owned Economy of China

    Institute of Scientific and Technical Information of China (English)

    王益煊; 吴优

    2003-01-01

    The accounting of fixed capital stocks is very important in balance sheet accounting. And it is also an unsolved lasting problem of governmental statistics of China. On the basis of relevant researching projects, the paper conducts estimation of state-owned fixed capital stocks, and thereby constructs the foundation of the accounting of fixed capital stocks of the whole society.

  7. Capitalizing Central Banks: A Net Worth Approach

    OpenAIRE

    Alain Ize

    2005-01-01

    This paper provides a simple, quantitative, net worth-based, approach to assessing the need for central bank capital. It derives a concept of "core capital" (a function of the central bank's operating expenditures and the carrying cost of its international reserves) as the minimum capital needed by a central bank to ensure the credibility of its inflation target. The approach is illustrated with the published accounts of three loss-making central banks and selected accounting entries for a br...

  8. The Effect of Institutional Investors on Cost of Capital under the Investment Behavior Heterogeneity:An Evidence from China' s Capital Market%异质机构投资者持股对资本成本的影响研究——基于沪深 A 股上市公司的数据

    Institute of Scientific and Technical Information of China (English)

    霍晓萍

    2015-01-01

    Take A-share companies listed in the stock market in 2005~2012 as a sample, from the perspec-tive of investment behavior heterogeneity of institutional investors, the paper uses an Ordinary Least Squares regres-sion and the fixed effect model method to verify the effect of institutional investors on the cost of capital.The result from all samples is that institutional investors have a negative effect on cost of capital and they have played a posi-tive role in the listing corporate management.The results from sub-samples further show that institutional investors holding a large number of its shares can effectively reduce the cost of capital.Institutional investors holding a small number of its shares have a negative impact on corporate governance.Holding period of institutional investors has a significant effect on the decrease degree of cost of capital, and institutional investors with longer holding period can more effectively reduce the cost of capital and enhance the level of corporate governance.The paper makes a contri-bution to the institutional investors' role in corporate governance, and also casts a light on how to further promote the reform of China' s securities market.%基于机构投资者投资行为异质的视角,利用我国沪深A股上市公司2005~2012年的数据,运用多元回归和固定效应模型等方法,从机构投资者持股与否、持股高低和持股期限等多个方面实证检验机构投资者对上市公司资本成本的影响. 研究结果显示:机构投资者持股比例与资本成本之间显著负相关;持股比例较高时机构投资者能有效降低资本成本,提升上市公司治理水平;持股比例较低时机构投资者对公司治理产生负面影响,不利于改善公司治理水平;机构投资者的持股期限影响其降低资本成本的程度,持股期限越长,降低资本成本的作用越显著. 对机构投资者异质投资行为的研究为理解机构投资者的治理角色提供了新

  9. Flexible Capitalism

    DEFF Research Database (Denmark)

    Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how...... the perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified...

  10. Taxation and venture capital-backed entrepreneurship

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    In recent years, venture capital has increasingly become a factor in thefinancing of new firms. We examine how the value of mature firms determinesthe incentives of entrepreneurs to start up new firms and of venture capitaliststo finance and advise them. We examine how capital gains taxes as well...... assubsidies to start-up costs of new firms affect venture capital-backedentrepreneurship. We also argue that dividend and capital gains taxes onmature firms have important consequences for start-up firms as well.JEL Classification: D82, G24, H24 and H25Keywords: double moral hazard, entrepreneurship, taxes...

  11. Social and Symbolic Capital in Firm Clusters

    DEFF Research Database (Denmark)

    Gretzinger, Susanne; Royer, Susanne

    Based on a relational perspective this paper analyses the case of the “Mechatronics Cluster” in Southern Jutland, Denmark. We found that cluster managers are not aware of the importance of social and symbolic capital. Cluster managers could have access to both but they are not aware...... of this resource and they don´t have any knowledge how to manage social and symbolic capital. Just to integrate social-capital-supporting initiatives in the day to day business would help to develop and to foster social and symbolic capital on a low cost level. And in our example just to integrate successful sub...

  12. 建设工程项目工程造价前期控制%Preliminary Control of the Project Cost of Construction Engineering

    Institute of Scientific and Technical Information of China (English)

    昝文枭

    2016-01-01

    The engineering cost is the cost in the process of project construction. Engineering construction mainly includes investment decision-making stage, design stage, construction project contract stage and construction project implementation stage. The atages before the project implementation are considered to be the early stage of the project. In the cost control of the project investment, people often only pay attention to the construction stage, but neglecte the preliminary control, it causes serious mistakes in cost management. So this paper analyzes the cost control of project decision-making and design stages to provide the reference for relevant personnel in the project cost.%工程造价是工程项目建设过程中的全部费用.工程建设主要包括投资决策阶段、设计阶段、建设项目发包阶段和建设实施阶段,工程实施之前均视为工程项目的前期阶段.在工程造价的投资控制中,人们往往只注重于施工阶段,却忽视了前期控制,造成造价管理上的重大失误.所以本文就针对项目决策和设计阶段造价控制予以分析,为有关人员在工程造价中提供借鉴.

  13. Empirical Analysis of the Typical Breeding Pattern of Clam in Hongdao Town and the Preliminary Estimates of Costs and Benefits

    Institute of Scientific and Technical Information of China (English)

    Xijuan; YANG; Shijun; ZHANG

    2014-01-01

    Based on the survey data about clam breeding farmers in Hongdao Town in August 2011,this paper analyzes the production and operation of typical clam breeding pattern,and estimates the costs and benefits. Through the analysis of operation conditions and economic conditions of Hongdao clam breeding,this paper aims to explore a more reasonable and effective breeding pattern so as to reduce breeding costs and market risks,and increase breeding farmers’ income.

  14. A preliminary design and BOP cost analysis of M-C Power`s MCFC commerical unit

    Energy Technology Data Exchange (ETDEWEB)

    Chen, T.P. [Bechtel Corp, San Francisco, CA (United States)

    1996-12-31

    M-C Power Corporation plans to introduce its molten carbonate fuel cell (MCFC) market entry unit in the year 2000 for distributed and on-site power generation. Extensive efforts have been made to analyze the cell stack manufacturing costs. The major objective of this study is to conduct a detailed analysis of BOP costs based on an initial design of the market entry unit.

  15. Flexible Capitalism

    DEFF Research Database (Denmark)

    Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how...... the perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified...... flexible commoditization that more commonly is touted as tearing social relations apart. By interrogating a keenly debated contemporary work regime through an approach to sociality rooted in a rich and distinct anthropological legacy, the volume also makes a novel contribution to the anthropological...

  16. 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…

  17. 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…

  18. Mengukur Kontribusi Human Capital terhadap Tujuan Perusahaan

    Directory of Open Access Journals (Sweden)

    Brata Wibawa Djojo

    2010-11-01

    Full Text Available Human capital is a valuable asset of any company, especially for competent human resources and contributes both to the company. The performance evaluation given to employees annually can be defined and standardized by the company. However, the question is how big the contribution of human resources to sales and profit contribution is. Case studies take data from one branch of a general insurance company in Indonesia, Jakarta branch. Measurement is done by taking samples of data from 2007, 2008, and 2009. The study measures the risk of several components: (i Human Capital Revenue Factor, (ii Human Economic Value Added, (iii Human Capital Cost Factor, (iv Human Capital Value Added, and (v Human Capital Return on Investment. Results of research can provide guidelines for the management, especially for management of JLI in view of Human Capital contribution to corporate objectives, namely in terms of staffing and agency. 

  19. Organizational Capital of the Enterprise

    Directory of Open Access Journals (Sweden)

    Vladimir Nikiforovich Belkin

    2016-09-01

    Full Text Available In the article, the main theoretical questions of the organizational capital of the enterprise are considered. The concept of «organizational capital of the enterprise» as a system consisting of three subsystems (organization of production, labour organization and management is introduced. It is shown that the organizational capital forms the labour relations system at the enterprise consisting of the cooperation, technological, economic, moral labour relations and the relations of workers’ responsibility. The model of cyclic evolution of crisis at the enterprise caused by shortcomings of the organizational capital is revealed. It is shown that the organizational capital is a basis for the realization of the human capital, which creates value added. A considerable attention is paid to the experience of the creation and functioning of the organizational capital at the enterprises of the Japanese corporation «Toyota». The Russian economic literature on crisis management quite often considers only the financial aspects of diagnostics, proposing the optimization of cash flows, elimination of excess stocks, transition to the medium-term budgeting and others. However, the deep reasons of crisis need to be found not only in financial streams, but also in the system of the work relationships. The shortcomings in the development of technological, cooperation, economic, moral labour relations and the relations of responsibility directly reflects the shortcomings in the development of the elements of the organizational capital as they «are adjusted» by these elements. In turn, organizational problems affect the product quality leading to the customer attrition and decrease in the enterprise’s financial performance. The lack of financial resources cause the need to save costs (first of all, on personnel, that was brightly shown by the economic crisis of 2009 that even more weakens the enterprise and system of labour relations. Finally, the

  20. Potential cost to Western Australia of proposed patient co-payments according to healthcare organisational structure: A preliminary analysis.

    Science.gov (United States)

    Millar, J Alasdair; Millar, Robyn C

    2014-01-01

    The Australian federal government has proposed an AUD $7 patient co-payment for a general practitioner (GP) consultation. One effect of the co-payment may be that patients will seek assistance at public hospital emergency departments (EDs), where currently there is no user charge. We studied the possible financial impact of patient diversion on the Western Australia (WA) health budget. We constructed a spreadsheet model of changes in annual cash flows including the co-payment, GP fees for service, and rates of diversion to emergency departments with additional marginal costs for ED attendance. Changes in WA cash flows are the aggregate of marginal ED costs of treating diverted patients and added expenditure in fees paid to rural doctors who also man local emergency centres. The estimated costs to WA are AUD $6.3 million, $35.9 million and $87.4 million at 1, 5, and 10 per cent diversion, respectively. Commonwealth receipts increase and expenditure on Medicare benefits declines. A diversion of patients from GP surgeries to ED in WA caused by the co-payment will result in increased costs to the state, which may be substantial, and will reduce net costs to the Commonwealth.

  1. 新准则借款费用资本化会计处理的思考%Some Issues About Capitalization of Borrowing Costs Under New Standards

    Institute of Scientific and Technical Information of China (English)

    叶丹

    2012-01-01

    The Enterprise Accounting Standards,which was issued in February 2006,completed the borrowing costs and formulated the Enterprise Accounting Standards No. 17 - Borrowing Costs,which had a greater impact on corporate accounting. This article,based on the relevant provisions under the new borrowing cost standards,simply analyzed the changes between the old and new standards and the problems in the implementation process of new borrowing cost standards,and then came up with some suggestions on how to improve the borrowing costs guidelines.%财政部颁布的《企业会计准则》对借款费用部分进行了修整,制定了《企业会计准则第17号——借款费用》,这对企业的会计核算产生了较大影响。文章立足新《借款费用准则》中的相关规定,简单分析了新旧准则的变化,对新《借款费用准则》在执行过程中所存在的问题进行的分析,进而就如何完善《借款费用准则》提出了相应的建议。

  2. Preliminary measurement results of biotinylated BSA detection of a low cost optical cavity based biosensor using differential detection

    Science.gov (United States)

    Cowles, Peter; Joy, Cody; Bujana, Antonio; Rho, DongGee; Kim, Seunghyun

    2016-03-01

    We report an optical cavity based biosensor using a novel differential detection method for point-of-care applications. Two laser diodes allow for multiplexing capability along with the ability to enhance the responsivity using differential detection. The laser wavelengths are chosen so that the optical intensities of two lasers change monotonically with opposite slopes upon the adsorption of desired biomarkers. The cavity width, PMMA thickness, and silver thickness have been optimized to achieve a large change in scaled differential value. We chose biotinylated BSA detection with Avidin as a receptor molecule to demonstrate the proposed design. Avidin is attached directly to the PMMA layer by physisorption. Then, biotinylated BSA is introduced to the sample and the intensities of the laser diodes are measured by a sCMOS camera. A change in the scaled differential value will correlate to the binding of biotinylated BSA. In this presentation, we will discuss simulation results, fabrication procedures, and preliminary measurement results.

  3. Heavy oil recovery process: Conceptual engineering of a downhole methanator and preliminary estimate of facilities cost for application to North Slope Alaska

    Energy Technology Data Exchange (ETDEWEB)

    Gondouin, M.

    1991-10-31

    The West Sak (Upper Cretaceous) sands, overlaying the Kuparuk field, would rank among the largest known oil fields in the US, but technical difficulties have so far prevented its commercial exploitation. Steam injection is the most successful and the most commonly-used method of heavy oil recovery, but its application to the West Sak presents major problems. Such difficulties may be overcome by using a novel approach, in which steam is generated downhole in a catalytic Methanator, from Syngas made at the surface from endothermic reactions (Table 1). The Methanator effluent, containing steam and soluble gases resulting from exothermic reactions (Table 1), is cyclically injected into the reservoir by means of a horizontal drainhole while hot produced fluids flow form a second drainhole into a central production tubing. The downhole reactor feed and BFW flow downward to two concentric tubings. The large-diameter casing required to house the downhole reactor assembly is filled above it with Arctic Pack mud, or crude oil, to further reduce heat leaks. A quantitative analysis of this production scheme for the West Sak required a preliminary engineering of the downhole and surface facilities and a tentative forecast of well production rates. The results, based on published information on the West Sak, have been used to estimate the cost of these facilities, per daily barrel of oil produced. A preliminary economic analysis and conclusions are presented together with an outline of future work. Economic and regulatory conditions which would make this approach viable are discussed. 28 figs.

  4. Health, Human Capital, and Development.

    Science.gov (United States)

    Bleakley, Hoyt

    2010-09-01

    How much does disease depress development in human capital and income around the world? I discuss a range of micro evidence, which finds that health is both human capital itself and an input to producing other forms of human capital. I use a standard model to integrate these results, and suggest a re-interpretation of much of the micro literature. I then discuss the aggregate implications of micro estimates, but note the complications in extrapolating to general equilibrium, especially because of health's effect on population size. I also review the macro evidence on this topic, which consists of either cross-country comparisons or measuring responses to health shocks. Micro estimates are 1-2 orders of magnitude smaller than the cross-country relationship, but nevertheless imply high benefit-to-cost ratios from improving certain forms of health.

  5. Health, Human Capital, and Development*

    Science.gov (United States)

    Bleakley, Hoyt

    2013-01-01

    How much does disease depress development in human capital and income around the world? I discuss a range of micro evidence, which finds that health is both human capital itself and an input to producing other forms of human capital. I use a standard model to integrate these results, and suggest a re-interpretation of much of the micro literature. I then discuss the aggregate implications of micro estimates, but note the complications in extrapolating to general equilibrium, especially because of health’s effect on population size. I also review the macro evidence on this topic, which consists of either cross-country comparisons or measuring responses to health shocks. Micro estimates are 1–2 orders of magnitude smaller than the cross-country relationship, but nevertheless imply high benefit-to-cost ratios from improving certain forms of health. PMID:24147187

  6. Financing Human Capital: Families & Society

    Directory of Open Access Journals (Sweden)

    Neantro Saavedra-Rivano

    2016-10-01

    Full Text Available The Organization for Economic Cooperation and Development (OECD describes human capital as “knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing.”* It follows from this interpretation that investment in human capital includes the sum of all costs that allow a new being to reach economic autonomy. In this paper we analyze the family and social dimensions of human capital and discuss how decisions on human capital formation are taken and how its associated costs are shared. The discussion leads us to identify an important paradox underlying human capital formation, namely the fact that while families are its main contributors the benefits of such investment go primarily to society as a whole. This paradox and its consequences are central to two very important current issues. The first issue, one that is common to many developed countries, is low female fertility which is the source, in particular, of population aging. The second issue, affecting chiefly developing countries, is the inequality of opportunities, a problem lying at the root of underdevelopment. Two options are discussed to respond to this dilemma, one based on redistributive programs and another on market solutions. The paper discusses the limits inherent to redistributive programs and goes on to present at length the alternative market solution. In a nutshell this consists of securitizing the human capital of individuals so as to finance the expenses leading to their upbringing, from birth to adulthood. In addition to describing this scheme the paper analyzes its advantages as well as the difficulties associated with its implementation. It concludes by exploring possible interpretations of the scheme and feasible routes for its adoption.

  7. Cost-benefit analysis for sheltered employment service programs for people with disabilities in Taiwan - a preliminary study.

    Science.gov (United States)

    Wang, Yun-Tung; Lin, Yi-Jiun; Shu, Ching-Hsien

    2012-01-01

    The aim of this study is to do a cost-benefit analysis with monetary and non-monetary benefits for sheltered employment service programs and try to provide more evidence-based information for policy makers and practitioners to understand the outcomes of sheltered employment services. This study analyzed 3 sheltered employment service programs for people with disabilities (2006-2007) implemented by Sunshine Social Welfare Foundation in Taiwan using cost-benefit analysis (including non-monetary benefits). Three groups were analyzed, including participants in the programs, taxpayers, and society (participants and taxpayers). This study found that the net social monetary benefit was $NT29,432.07 per participant per year and the benefit cost ratio was 1.43. (In 2006-2007, $US1 = $NT32.5 averagely around.) The net monetary benefit for the participants was between $NT7,890.86 and $NT91,890.86 per participant per year. On the non-monetary benefit side, the physical health (raised 7.49%), social relationship (raised 3.36%) domains, and general quality of life (raised 2.53%) improved. However, the psychological (decreased 1.51%) and working/environment (decreased 3.85%) domains backslided. In addition, the differences between pre-test and post-test average scores of all domains were not statistically significant. This study is the first to use monetary and non-monetary cost-benefit analysis methods to analyze sheltered employment service programs for people with disabilities in Taiwan. The findings indicated that sheltered employment service programs for people with disabilities could be efficient and beneficial for the whole society and sheltered employees/clients, and also helpful for raising their quality of lives.

  8. Preliminary Study on Cost-Effective L-Tryptophan Production from Indole and L-Serine by E. coli Cells

    Science.gov (United States)

    Sadeghiyan-Rizi, Tahereh; Fooladi, Jamshid; Sadrai, Sima

    2016-01-01

    Background: L-tryptophan is used widespread in the pharmaceutical industry. The majority of L-Trp production depends on microbial processes that produce L-tryptophan from indole and L-serine. These processes are very costly due to the costs of precursors, especially L-serine. Use of inexpensive substitutions as the L-serine source of L-tryptophan production enables us to reach a cost-effective process. In this paper, effect of Triton X-100 on L-Trp production and the ability to use Iranian cane molasses as inexpensive L-serine source was investigated. Methods: Escherichia coli (E. coli) ATCC 11303 cells were grown in 10-L fermenter containing minimal medium supplemented with beet molasses as an inexpensive carbon source and indole as tryptophan synthase inducer. Whole cells of stationary phase were used as biocatalyst for L-Trp production. Triton X-100 addition to the production medium as indole reservoir was investigated. Then, cane molasses was used as L-Ser source in L-Trp production medium. Amount of L-Tryptophan and theoretical yield of L-Trp production was determined by HPLC and by a colorimetrically method on the basis of remaining indole assay, respectively. Results: As a result, triton X-100 increased L-Trp production three times. Also, the result showed that 0.68 mM L-Tryptophan was produced in the presence of cane molasses at 37°C for 8 hr. Conclusion: This result showed that cane molasses of Qazvin sugar factory includes significant amounts of L-Ser that makes it a suitable substitution for L-Ser in L-Trp production. Therefore, it has the potential to be used for cost-effective L-Trp production in industrial scale. PMID:27920887

  9. Central receiver solar thermal power system, Phase 1: CDRL Item 2, pilot plant preliminary design report. Volume VII. Pilot plant cost and commercial plant cost and performance

    Energy Technology Data Exchange (ETDEWEB)

    Hallet, Jr., R. W.; Gervais, R. L.

    1980-05-01

    Detailed cost and performance data for the proposed tower focus pilot plant and commercial plant are given. The baseline central receiver concept defined by the MDAC team consists of the following features: (A) an external receiver mounted on a tower, and located in a 360/sup 0/ array of sun-tracking heliostats which comprise the collector subsystem. (B) feedwater from the electrical power generation subsystem is pumped through a riser to the receiver, where the feedwater is converted to superheated steam in a single pass through the tubes of the receiver panels. (C) The steam from the receiver is routed through a downcomer to the ground and introduced to a turbine directly for expansion and generation of electricity, and/or to a thermal storage subsystem, where the steam is condensed in charging heat exchangers to heat a dual-medium oil and rock thermal storage unit (TSU). (D) Extended operation after daylight hours is facilitated by discharging the TSU to generate steam for feeding the admission port of the turbine. (E) Overall control of the system is provided by a master control unit, which handles the interactions between subsystems that take place during startup, shutdown, and transitions between operating modes. (WHK)

  10. Venture capitalism at the Veterans Administration.

    Science.gov (United States)

    Andries, G H

    1986-01-01

    This article outlines the implementation of a venture capitalism program in a 519-bed Veterans Administration tertiary care medical center. Venture capitalism at the VA West Side Medical Center in Chicago, Illinois is realized through a pool of capital within the budget, for the trial implementation of various ideas and programs that demonstrate a potential to reduce costs or increase revenues. Through this adaptation of venture capitalism, the principles of entrepreneurship can be applied. Employees submit a proposal to management that describes what they wish to accomplish. The proposal includes the time schedule required for implementation and how much capital will be needed to make the proposal operational. If the proposal is successful and becomes self-sufficient, the original venture capital is returned to the pool and used for other ventures. If the proposal does not meet expectations, support is withdrawn and the remaining capital is returned to the venture capital pool. In conclusion, several successful ventures are described to demonstrate the practicality of using the concepts of entrepreneurship and venture capitalism within the budget constraints of the federal government.

  11. 产权性质、债务融资成本与资本结构%Ownership Type,Debt Financing Cost and Capital Structure

    Institute of Scientific and Technical Information of China (English)

    于欢

    2015-01-01

    From the perspective of the debt financing cost impact on the debt ratio,this paper investigates financing discrimination on listed private corporation. It finds that the way that debt financing cost influent on the debt ratio is U-shaped,and the influence between state-owned and private listed corporation have significant differences. The pri-vate listed corporations have lower inflection point than the state-owned listed corporations. When the debt financing cost and debt rate is negative,the leverage of private listed corporation changes in response to debt financing cost more than the state-owned listed corporation.%经济结构的转型升级是我国经济的重要任务,而金融资源分配不合理成为重要的阻碍因素,民营企业面临的信贷歧视就是这种不合理的重要体现。从债务融资成本对负债率影响的角度研究民营上市公司的信贷歧视问题,发现债务融资成本对负债率的影响呈U型,且这种影响在国有和民营上市公司之间有显著差异。表现在民营上市公司比国有上市公司有更低的U型关系拐点,当债务融资成本与负债率负相关时,民营上市公司负债率对债务融资成本变化的反应小于国有上市公司。

  12. Quantitative wound healing studies using a portable, low cost, handheld near-infrared optical scanner: preliminary sensitivity and specificity analysis

    Science.gov (United States)

    Lei, Jiali; Rodriguez, Suset; Jayachandran, Maanasa; Solis, Elizabeth; Gonzalez, Stephanie; Perez-Clavijo, Francesco; Wigley, Stephen; Godavarty, Anuradha

    2016-03-01

    Lower extremity ulcers are devastating complications that are still un-recognized. To date, clinicians employ visual inspection of the wound site during its standard 4-week of healing process via monitoring of surface granulation. A novel ultra-portable near-infrared optical scanner (NIROS) has been developed at the Optical Imaging Laboratory that can perform non-contact 2D area imaging of the wound site. From preliminary studies it was observed that the nonhealing wounds had a greater absorption contrast with respect to the normal site, unlike in the healing wounds. Currently, non-contact near-infrared (NIR) imaging studies were carried out on 22 lower extremity wounds at two podiatric clinics, and the sensitivity and specificity of the scanner evaluated. A quantitative optical biometric was developed that differentiates healing from non-healing wounds, based on the threshold values obtained during ROC analysis. In addition, optical images of the wound obtained from weekly imaging studies are also assessed to determine the ability of the device to predict wound healing consistently on a periodic basis. This can potentially impact early intervention in the treatment of lower extremity ulcers when an objective and quantitative wound healing approach is developed. Lastly, the incorporation of MATLAB graphical user interface (GUI) to automate the process of image acquisition, image processing and image analysis realizes the potential of NIROS to perform non-contact and real-time imaging on lower extremity wounds.

  13. Preliminary report on a cost-utility analysis of revascularization by percutaneous coronary intervention for ischemic heart disease.

    Science.gov (United States)

    Takura, Tomoyuki; Tachibana, Kouichi; Isshiki, Takaaki; Sumitsuji, Satoru; Kuroda, Tadashi; Mizote, Isamu; Ide, Seiko; Nanto, Shinsuke

    2017-04-01

    Few socioeconomic studies have so far reported on revascularization for stable ischemic heart disease in Japan. This study aimed to validate the sensitivity of the health-related quality of life (HRQOL) scale for determining the pathology and medical technology to be used and to validate the application of a cost-utility analysis model. We studied 32 patients who had undergone percutaneous coronary intervention (PCI) (mean age 67.9 ± 7.3 years). For HRQOL, utility and quality of life (QOL) were examined using the EuroQol 5 Dimension (EQ-5D) and EuroQol Visual Analogue Scale (EQ-VAS), respectively. The changes in the utility index before and after PCI were compared between the PCI and coronary angiography (CAG) groups to determine the sensitivity of the EQ-5D that was used to calculate quality-adjusted life years (QALY). Additionally, to estimate the cost-utility of PCI 120 months after the procedure, we analyzed our study results and the results of previous reports using the Markov chain model. The utility index was found to improve in the PCI group (0.08 ± 0.15), whereas it decreased in the CAG group (-0.02 ± 0.11) (p = 0.049). The estimated result of the cost-utility analysis as the increase in utility above baseline level was the expected value, that is, 70,000 US$/QALY. Our findings suggest that QALY may be valid as a utility index in the clinical and economic evaluation of PCI in Japan.

  14. Bench-Scale Development of a Hybrid Membrane-Absorption CO{sub 2} Capture Process: Preliminary Cost Assessment

    Energy Technology Data Exchange (ETDEWEB)

    Freeman, Brice; Kniep, Jay; Pingjiao, Hao; Baker, Richard; Rochelle, Gary; Chen, Eric; Frailie, Peter; Ding, Junyuan; Zhang, Yue

    2014-03-31

    This report describes a study of capture costs for a hybrid membrane-absorption capture system based on Membrane Technology and Research, Inc. (MTR)’s low-pressure membrane contactors and the University of Texas at Austin’s 5 m piperazine (PZ) Advanced Flash Stripper (AFS; 5 m PZ AFS) based CO2 capture system. The report is submitted for NETL review, and may be superseded by a final topical report on this topic that will be submitted to satisfy the Task 2 report requirement of the current project (DE-FE0013118).

  15. The Optimal Capital Structure of Banks: Balancing Deposit Insurance, Capital Requirements and Tax-Advantaged Debt

    OpenAIRE

    John P. Harding; Xiaozhing Liang; Stephen L. Ross

    2007-01-01

    The capital structure and regulation of financial intermediaries is an important topic for practitioners, regulators and academic researchers. In general, theory predicts that firms choose their capital structures by balancing the benefits of debt (e.g., tax and agency benefits) against its costs (e.g., bankruptcy costs). However, when traditional corporate finance models have been applied to insured financial institutions, the results have generally predicted corner solutions (all equity or ...

  16. Approaches of Russian oil companies to optimal capital structure

    Science.gov (United States)

    Ishuk, T.; Ulyanova, O.; Savchitz, V.

    2015-11-01

    Oil companies play a vital role in Russian economy. Demand for hydrocarbon products will be increasing for the nearest decades simultaneously with the population growth and social needs. Change of raw-material orientation of Russian economy and the transition to the innovative way of the development do not exclude the development of oil industry in future. Moreover, society believes that this sector must bring the Russian economy on to the road of innovative development due to neo-industrialization. To achieve this, the government power as well as capital management of companies are required. To make their optimal capital structure, it is necessary to minimize the capital cost, decrease definite risks under existing limits, and maximize profitability. The capital structure analysis of Russian and foreign oil companies shows different approaches, reasons, as well as conditions and, consequently, equity capital and debt capital relationship and their cost, which demands the effective capital management strategy.

  17. Power wheelchair prescription, utilization, satisfaction, and cost for patients with amyotrophic lateral sclerosis: preliminary data for evidence-based guidelines.

    Science.gov (United States)

    Ward, Amber L; Sanjak, Mohammed; Duffy, Kerry; Bravver, Elena; Williams, Nicole; Nichols, Mindy; Brooks, Benjamin Rix

    2010-02-01

    To determine the features most frequently selected in a power wheelchair (PWC), level of satisfaction with the selections, and how often the PWC features are used by patients diagnosed with amyotrophic lateral sclerosis (ALS)/motor neuron disease (MND). Internally generated questionnaire. An ALS/Muscular Dystrophy Association center. Convenience sample of current patients (N=45) of our clinic with ALS/MND who are PWC users (men, n=27; women, n=18; age range, 27-85 y). Self-administered survey. Thirty-two patients completed a 31-question survey investigating patients' patterns of selection, satisfaction, and frequency of PWC use; technical and psychometric influences; and other aspects of decision-making processes that patients experience before, during, and after acquiring a PWC. Ninety percent of respondents received their evaluations at a multidisciplinary ALS clinic, 1 via the Department of Veterans Affairs, and 1 was unknown. Sixty-six percent of patients thought the chair evaluation was timed correctly, and 19% wished they had started sooner. Forty-five percent of people were able to walk a few steps, and 55% were able to stand when their chairs arrived. When they first received the chair, 79% were satisfied with the overall comfort of the chair, and 86% were satisfied with the ease of use; currently, 69% are satisfied with the overall comfort, and 72% are satisfied with ease of use. There was a statistically significant difference in how patients used their wheelchair features initially and currently in terms of seat elevate and attendant control, but not tilt, recline, and elevating leg rests. The average cost for the power chairs was $26,404 (range, $19,376-$34,311), and the average cost a month is $917. Overall, 88% of respondents said they would get the same type of chair with the same features again, and 81% felt that the chair was a good value for the cost. We obtained first-hand knowledge from 32 patients with ALS/MND who are current PWC users on their

  18. Pilot-Scale Silicone Process for Low-Cost Carbon Dioxide Capture Preliminary Techno-Economic Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Singh, Surinder; Spiry, Irina; Wood, Benjamin; Hance, Dan; Chen, Wei; Kehmna, Mark; McDuffie, Dwayne

    2014-03-31

    This report presents system and economic analysis for a carbon-capture unit which uses an aminosilicone-based solvent for CO{sub 2} capture in a pulverized coal (PC) boiler. The aminosilicone solvent is a 60/40 wt/wt mixture of 3-aminopropyl end-capped polydimethylsiloxane (GAP-1m) with tri-ethylene glycol (TEG) as a co-solvent. For comparison purposes, the report also shows results for a carbon-capture unit based on a conventional approach using mono-ethanol amine (MEA). The first year removal cost of CO{sub 2} for the aminosilicone-based carbon-capture process is $46.04/ton of CO2 as compared to $60.25/ton of CO{sub 2} when MEA is used. The aminosilicone-based process has <77% of the CAPEX of a system using MEA solvent. The lower CAPEX is due to several factors, including the higher working capacity of the aminosilicone solvent compared the MEA, which reduces the solvent flow rate required, reducing equipment sizes. If it is determined that carbon steel can be used in the rich-lean heat exchanger in the carbon capture unit, the first year removal cost of CO{sub 2} decreases to $44.12/ton. The aminosilicone-based solvent has a higher thermal stability than MEA, allowing desorption to be conducted at higher temperatures and pressures, decreasing the number of compressor stages needed. The aminosilicone-based solvent also has a lower vapor pressure, allowing the desorption to be conducted in a continuous-stirred tank reactor versus a more expensive packed column. The aminosilicone-based solvent has a lower heat capacity, which decreases the heat load on the desorber. In summary, the amino-silicone solvent has significant advantages over conventional systems using MEA.

  19. Valuation, Capital Structure Decisions and the Cost of Capital

    NARCIS (Netherlands)

    M.B.J. Schauten (Marc)

    2008-01-01

    textabstractThis thesis consists of six essays in Corporate Finance. In Chapter 1 we examine the relation between the quality of corporate governance and the value of excess cash for large European firms. We use ratings for Shareholder rights, Takeover defenses, Disclosure and Board structure as pro

  20. Valuation, Capital Structure Decisions and the Cost of Capital

    NARCIS (Netherlands)

    M.B.J. Schauten (Marc)

    2008-01-01

    textabstractThis thesis consists of six essays in Corporate Finance. In Chapter 1 we examine the relation between the quality of corporate governance and the value of excess cash for large European firms. We use ratings for Shareholder rights, Takeover defenses, Disclosure and Board structure as

  1. Capital budgeting practices in Indian companies

    Directory of Open Access Journals (Sweden)

    Roopali Batra

    2017-03-01

    Full Text Available The volatility of the global economy, changing business practices, and academic developments have created a need to re-examine Indian corporate capital budgeting practices. Our research is based on a sample of 77 Indian companies listed on the Bombay Stock Exchange. Results reveal that corporate practitioners largely follow the capital budgeting practices proposed by academic theory. Discounted cash flow techniques of net present value and internal rate of return and risk adjusted sensitivity analysis are most popular. Weighted average cost of capital as cost of capital is most favoured. Nevertheless, the theory-practice gap remains in adoption of specialised techniques of real options, modified internal rate of return (MIRR, and simulation. Non-financial criteria are also given due consideration in project selection.

  2. Triads of capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase

    Within current research on social capital, a gap exists between political history analyses at the macro level and classical, sociological analyses at the meso and micro levels. Following up on  earlier work, the main purpose of this paper is to mediate between the two conflicting stances...... represented by Putnam and Portes. The paper raises the following question: Is it possible to detect the historical driving forces behind the building of both beneficial and harmful social capital? Driving forces are defined as structural determinants, which change human organization at all levels....... The hypothesis is that three forms of capital have the potential to act as driving forces: social capital, cultural capital and physical capital, the latter operationaliz­ed as buildings. A new concept, triad of capital, is introduced to analyze the interrelationship between these three forms of capital. A triad...

  3. State Capitalism in Eurasia

    NARCIS (Netherlands)

    C. Spechler, Martin; Ahrens, Joachim; Hoen, Herman W.

    2017-01-01

    The book specifies the type of economic system that has arisen in Central Asian. It presents three types of state-capitalism established in the former Soviet Union states in Eurasia - crony, dual sector, and predatory capitalism.

  4. O outro capital The other capital

    Directory of Open Access Journals (Sweden)

    Vinicius Prates da Fonseca Bueno

    2012-01-01

    Full Text Available Capital social uma forma de mobilizao cujo cerne no est nos indivduos nem nas formas de produo econmica, mas nas redes complexas de solidariedade e confiana. O livro Comunicao e poltica: capital social, reconhecimento e deliberao pblica traz uma coleo de artigos de pesquisadores em comunicao sobre este tema, organizado por ngela Marques e Heloiza Matos.Social capital is a form of mobilization whose core is not on individuals or in forms of economic production, but in the complex networks of solidarity and trust. The book Comunicao e poltica: capital social, reconhecimento e deliberao pblica (that translated to English means Communication and politics: social capital, recognition and public deliberation is a collection of articles written by researchers in communication about this subject, organized by ngela Marques and Heloiza Matos.

  5. Empirical analysis of Brazilian banks' capital buffers during the period 2001-2011

    Directory of Open Access Journals (Sweden)

    Vinícius Cintra Belém

    2016-04-01

    Full Text Available International literature indicates that the capital buffers held by banks result notably from the trade-off that exists between the cost of holding capital, adjustment costs, and bankruptcy costs, which all have a direct impact on banks' capital structures. The aim of this paper is to study the degree of sensitivity of Brazilian banks' capital buffers to the determining factors established in the literature, by using a sample of 121 banks, covering the period from 2001 to 2011. The empirical analysis that was carried out found that there was a significant cost of adjusting capital buffers for the Brazilian banks. At the same time, bankruptcy cost indicated a positive relationship between risk profile and capital buffers, while the cost of holding capital did not exhibit statistical significance in the analysis.

  6. CONTROLS ON CAPITAL MOVEMENTS

    Directory of Open Access Journals (Sweden)

    Petris Sorina

    2012-12-01

    Full Text Available Until recently, capital mobility was encouraged across national borders, because it was considered that such capital can seek the highest rate of return. However, recent global financial developments have shown that, due to contagion, the mobility of capital flows can cause severe financial imbalances. In the context of globalization, liberalization or maintaining controls on capital flows is a current topic, more debated by economists. This topic is very important, due to the impact of liberalization decision or maintaining controls on capital flows has on the overall macroeconomic framework. The paper analyzes the relationship between capital flows’ control and the income per capita, the degree of central bank independence, democracy country, the foreign exchange regime. Also, it analyzes the effectiveness in time of capital controls, taking account of financial system development and potential risks of instability. Over time, it was observed that a period in which they have imposed restrictions on capital movements was followed by a removal of such restrictions, and vice versa. Cyclic change of capital movements regime corresponds to the cyclic evolution of the global economy. Full capital account liberalization led to the emergence of currency and financial crises, so that the idea of maintaining controls on capital is not rejected by economists. After a full liberalization of capital flows, there is a change in the mentality of an increasing number of economists, who support the maintenance of controls, in a gradual liberalization.

  7. Theorizing Emotional Capital

    NARCIS (Netherlands)

    Cottingham, M.D.

    2016-01-01

    Theorizing a sociology of emotion that links micro-level resources to macro-level forces, this article extends previous work on emotional capital in relation to emotional experiences and management. Emerging from Bourdieu’s theory of social practice, emotional capital is a form of cultural capital t

  8. Theorizing Emotional Capital

    NARCIS (Netherlands)

    Cottingham, M.D.

    2016-01-01

    Theorizing a sociology of emotion that links micro-level resources to macro-level forces, this article extends previous work on emotional capital in relation to emotional experiences and management. Emerging from Bourdieu’s theory of social practice, emotional capital is a form of cultural capital

  9. HOW TO MEASURE HUMAN CAPITAL: A SHORT REVIEW

    Directory of Open Access Journals (Sweden)

    Bálint BALOGH

    2013-06-01

    Full Text Available This paper focuses on the most important estimation approaches of human capital. These approaches can be labeled as either monetary or non-monetary methods of estimation. The three major monetary methods of human capital are the prospective method, the retrospective method and the integrated approach. The income-based approach (prospective method estimates human capital based on the present value of a person’s future income stream. The cost-based approach (retrospective method is centered on the “production” costs of human capital, trying to determine the costs of producing human capital by adding up the education and schooling costs. The integrated approach is a mixture of the prospective and retrospective method. On the other side, the non-monetary measures are essentially education-based indicators, such as the literacy rate, the school enrollment rate or the average years of education.

  10. Optimization of the customer capital management system of the enterprise

    Directory of Open Access Journals (Sweden)

    Ie.O. Golysheva

    2013-12-01

    Full Text Available The aim of the article. The aim of the article is development of methodology of optimization of customer capital management system for enterprises. The results of the analysis. Thу article presents the optimization of customer capital management system which based on author’s methodology of customer capital evaluation. This methodology is based on the definition of integral indexes for resource and potential components of customer capital. The author considers the system of business relationship with economic contractors, information about economic contractors and history of relations with them, the trademarks of the company to the resource part and distribution system, communication system and image of the company – to the potential part of customer capital. Accordingly, the improvement of the state of customer capital management is due to the implementation of complex of strategic actions to switch positions on the matrix «resource-potential». The increase of the resource base and potential of customer capital leads to increased competitive position of the company and increases the efficiency of its activities. However, increasing the level of customer capital is required costs of management actions. Therefore, it is necessity of determine of the optimal value of the result and the necessary costs to produce it. The article presents a graphical interpretation of depending costs of customer capital increasing, results of enterprise activity on the state of its customer capital. Going to the next quadrant of the matrix «resource-potential» is made in the direction of «up and right». It is linked to the achievement of results and additional costs. Their tentative list is given in the article. Each transition is associated with a certain level of results and costs. It is necessary to choose that variant, when the ratio is maximum. Thus, in the paper an algorithm has been developed that takes into account all possible transitions and

  11. A Low-Cost Point-of-Care Testing System for Psychomotor Symptoms of Depression Affecting Standing Balance: A Preliminary Study in India

    Directory of Open Access Journals (Sweden)

    Arindam Dutta

    2013-01-01

    Full Text Available The World Health Organization estimated that major depression is the fourth most significant cause of disability worldwide for people aged 65 and older, where depressed older adults reported decreased independence, poor health, poor quality of life, functional decline, disability, and increased chronic medical problems. Therefore, the objectives of this study were (1 to develop a low-cost point-of-care testing system for psychomotor symptoms of depression and (2 to evaluate the system in community dwelling elderly in India. The preliminary results from the cross-sectional study showed a significant negative linear correlation between balance and depression. Here, monitoring quantitative electroencephalography along with the center of pressure for cued response time during functional reach tasks may provide insights into the psychomotor symptoms of depression where average slope of the Theta-Alpha power ratio versus average slope of baseline-normalized response time may be a candidate biomarker, which remains to be evaluated in our future clinical studies. Once validated, the biomarker can be used for monitoring the outcome of a comprehensive therapy program in conjunction with pharmacological interventions. Furthermore, the frequency of falls can be monitored with a mobile phone-based application where the propensity of falls during the periods of psychomotor symptoms of depression can be investigated further.

  12. 76 FR 35351 - Capital Plans

    Science.gov (United States)

    2011-06-17

    ..., implementing, and monitoring a bank holding company's capital planning strategies and internal capital adequacy... requirements into their capital planning strategies and internal capital adequacy processes, including the... presentation of a company's capital planning strategies and capital adequacy processes that includes (i) An...

  13. Is Capitalism Ethical?

    Directory of Open Access Journals (Sweden)

    Suciu T.

    2009-12-01

    Full Text Available The author of this paper have set off from the question: is the present capitalism ethical? We started with the delimitation and correlation of the concepts of ethics, morals, morality. Further on, we analysed the evolution of capitalism in connection with morals. Based on this research, we came to the conclusion that the capitalist system has undergone through three stages: moral capitalism, amoral capitalism, and immoral capitalism. We concluded by implying that the corporate capitalist society is immoral, that it cannot regulate itself and that the government’s assistance is needed to inoculate the ethics.

  14. Educational Cost Analysis.

    Science.gov (United States)

    Flynn, Donald L.

    Traditional approaches to the cost analysis of educational programs involve examining annual budgets. Such approaches do not properly consider the cost of either new capital expenditures or the current value of previously purchased items. This paper presents the methodology for a new approach to educational cost analysis that identifies the actual…

  15. Human Capital Diversification within the Household

    DEFF Research Database (Denmark)

    Lilleør, Helene Bie

    bear the costs of educating all their children and face uncertainty about the level and share of future returns. This uncertainty can make it optimal for parents to ensure a certain degree of human capital diversification within the household. The model implications allow me to test whether...... it is the need for diversification or the costs of schooling that dominate the human capital investment decision in rural households. Using extraordinary long panel data from a rural region in Northwestern Tanzania, I find strong empirical evidence of diversification effects for rural sons, but not for rural...

  16. ISLAMIC BANK PERFORMANCE AND CAPITAL STRUCTURE

    OpenAIRE

    Pratomo, Wahyu Ario; Ismail, Abdul Ghafar

    2006-01-01

    The choice between debt and equity financing has been directed to seek the optimal capital structure. Under the agency costs hypothesis, a high leverage or a low equity/asset ratio reduces the agency costs of outside equity and increases firm value. Several studies show that a firm with high leverage tends to have an optimal capital structure and therefore it leads to produce a good performance, while the Modigliani-Miller theorem proves that it has no effect on the value of firm. The importa...

  17. Human Capital and Knowledge Emergence. Induced Effects of the Global Crisis on Human capital and Innovation

    Directory of Open Access Journals (Sweden)

    Simona Buta

    2014-12-01

    Full Text Available In the global crisis context crossed by organizations and countries in the past six years we assist also at conflicting measures in which regards knowledge, innovation and human capital; for example, countries such as England and France have reduced their costs for education, while Germany and other countries (Australia, Austria, Canada and Norway maintained the same allocations for education. What will be the effects of such measures on human capital in the near future? What are the best human resources policies in companies in the crisis context? Given that the subject of the research is "knowledge and human capital", in this paper we refer to the induced effects of the crisis on human capital and innovation. We will also identify the key steps that can be taken during crisis, and not only, to stimulate human capital.

  18. THE EFFECT OF HUMAN CAPITAL ON SOCIAL CAPITAL AMONG ENTREPRENEURS

    OpenAIRE

    HANNES OTTÓSSON; KIM KLYVER

    2010-01-01

    Using data collected from 714 entrepreneurs in a random sample of 10,000 Danes, this study provides an investigation of the effect of human capital on social capital among entrepreneurs. Previous entrepreneurship research has extensively investigated the separated effect of human capital and social capital on different entrepreneurial outputs. The study takes a step back and investigates how these two capital concepts are related — specifically how human capital influences social capital. In ...

  19. THE EFFECT OF HUMAN CAPITAL ON SOCIAL CAPITAL AMONG ENTREPRENEURS

    OpenAIRE

    HANNES OTTÓSSON; KIM KLYVER

    2010-01-01

    Using data collected from 714 entrepreneurs in a random sample of 10,000 Danes, this study provides an investigation of the effect of human capital on social capital among entrepreneurs. Previous entrepreneurship research has extensively investigated the separated effect of human capital and social capital on different entrepreneurial outputs. The study takes a step back and investigates how these two capital concepts are related — specifically how human capital influences social capital. In ...

  20. MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

    Directory of Open Access Journals (Sweden)

    Andreea Avadanei

    2011-01-01

    Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.

  1. Manufacturing Capital Lingers in the Stock Market

    Institute of Scientific and Technical Information of China (English)

    吴程涛; 段铸; 张景宇; 张曙光

    2008-01-01

    Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China’s manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.

  2. Functions of Relationship Capital in Rural Public Sports Service

    Institute of Scientific and Technical Information of China (English)

    Wanjing; ZHU

    2014-01-01

    The field survey of two natural villages found that the relationship capital plays an important role in rural public sports service benefiting from the rural elite operation mode. However,negative effect brought by the relationship capital should not be neglected,including distorting the social equity,increasing social transaction cost,and weakening the public trust in government. It is a top priority to effectively evade its negative effect and bring into full play huge potential of the relationship capital.

  3. FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ciprian-Dan COSTEA

    2014-12-01

    Full Text Available Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting information is more reliable in this framework. Following recent regulations, Romanian entities activating on capital market as investors in capital market instruments, or whose shares are traded on a regulated market, must prepare their individual financial statements in accordance with the International Financial Reporting Standards. The study provides some conclusions that could enlarge the utility of fair value related to entities that activate on Romanian capital market.

  4. Knowledge-intensive entrepreneurship and financial capital

    DEFF Research Database (Denmark)

    Bøllingtoft, Anne; Neergaard, Helle; Ulhøi, John Parm

    2001-01-01

    the survival and preliminary growth of new ventures in high-tech and knowledge-intensive sectors. The paper builds in part upon existing literature on venture capital, theory on risk and trust and network theory. The results document that high variation on several dimensions can be found across the two sectors...... investigated (IT and life sciences). In closing, the paper briefly touches upon implications for policy makers, investors and business managers and for research....

  5. Cultural Capital in Context:

    DEFF Research Database (Denmark)

    Andersen, Ida Gran; Jæger, Mads Meier

    This paper analyzes the extent to which the effect of cultural capital on academic achievement varies across high- and low-achieving schooling environments. We distinguish three competing theoretical models: Cultural reproduction (cultural capital yields higher returns in high-achieving schooling...... environments than in low-achieving ones), cultural mobility (cultural capital yields higher returns in low-achieving environments), and cultural resources (cultural capital yields the same returns in different environments). We analyze PISA data from six countries and find that returns to cultural capital tend...... to be higher in low-achieving schooling environments than in high-achieving ones. These results support the cultural mobility explanation and are in line with previous research suggesting that children from low-SES families benefit more from cultural capital than children from high-SES families....

  6. Handbook of Social Capital

    DEFF Research Database (Denmark)

    The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all...... the social sciences. The contributors explore the different scientific approaches that are all needed if international research is to embrace both the bright and the more shadowy aspects of social capital....

  7. Modern Human Capital Management

    OpenAIRE

    Feldberger, Madita

    2008-01-01

    Title: Modern Human Capital Management Seminar date: 30th of May 2008 Course: Master thesis in Business Administration, 15 ECTS Authors: Madita Feldberger Supervisor: Lars Svensson Keywords: Human capital, SWOT Analysis, Strategic Map, Balanced Scorecard Research Problem: Despite of the success of Human Capital Management (HCM) in research it did not arrive yet in the HR departments of many companies. Numerous firms even have problems to set their strategic goals with focus on HR. The HR Bala...

  8. Institutions and Venture Capital

    OpenAIRE

    Lerner, Josh; Tåg, Joacim

    2012-01-01

    We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the US to Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlates with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an ...

  9. Corruption and the Efficiency of Capital Investment in Developing Countries

    DEFF Research Database (Denmark)

    O’Toole, Conor M.; Tarp, Finn

    2014-01-01

    This paper tests the effect of corruption on the efficiency of capital investment. Using firm-level data from the World Bank Enterprise Surveys, covering 90 developing and transition economies, we consider whether the cost of informal bribe payments distorts the efficient allocation of capital...

  10. THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    NEAGU OLIMPIA

    2012-12-01

    Full Text Available There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological, educational capital, health capital and social skills (Neagu, 2010. Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education as a the share of GDP per capita weighted by the

  11. Social Capital Database

    DEFF Research Database (Denmark)

    Paldam, Martin; Svendsen, Gert Tinggaard

    2005-01-01

      This report has two purposes: The first purpose is to present our 4-page question­naire, which measures social capital. It is close to the main definitions of social capital and contains the most successful measures from the literature. Also it is easy to apply as discussed. The second purpose ...... is to present the social capital database we have collected for 21 countries using the question­naire. We do this by comparing the level of social capital in the countries covered. That is, the report compares the marginals from the 21 surveys....

  12. Piketty’s Capital

    DEFF Research Database (Denmark)

    Larsen, Øjvind

    2016-01-01

    Piketty’s Capital in Twenty-First Century has posed a totally new platform for the discussion of the economy and capitalism. Piketty has reinvented the classical political economy founded by Adam Smith in his 1776 Wealth of Nations. Piketty has shown via massive historical research how growth...... and inequality have developed since 1793. Piketty’s conclusion is that the French Revolution did not change the existing inequality either in the medium or in the long term. Piketty’s prediction is that a new form of global capitalism will arise, patrimonial capitalism, in which inequality will develop further...

  13. Social Capital Database

    DEFF Research Database (Denmark)

    Paldam, Martin; Svendsen, Gert Tinggaard

    2005-01-01

      This report has two purposes: The first purpose is to present our 4-page question­naire, which measures social capital. It is close to the main definitions of social capital and contains the most successful measures from the literature. Also it is easy to apply as discussed. The second purpose ...... is to present the social capital database we have collected for 21 countries using the question­naire. We do this by comparing the level of social capital in the countries covered. That is, the report compares the marginals from the 21 surveys....

  14. Electronic Capitalization Asset Form

    Data.gov (United States)

    Department of Transportation — National Automated Capitalization Authorization Form used by ATO Engineering Services, Logistics, Accounting for the purpose of identifying and capturing FAA project...

  15. Human Capital Diversification within the Household

    DEFF Research Database (Denmark)

    Lilleør, Helene Bie

    Lack of primary schooling among rural children in developing countries is often attributed to credit constraints and household demand for child labour, implying that direct and indirect costs of schooling are high. Surprisingly few studies have considered the importance of parents' expected returns...... of investing in their childrens human capital, despite the fact that most parents rely on their children for old-age support and subsistence. In this paper, I propose an alternative model for human capital investment based on the household, rather than the individual child, incorporating the fact that parents...... bear the costs of educating all their children and face uncertainty about the level and share of future returns. This uncertainty can make it optimal for parents to ensure a certain degree of human capital diversification within the household. The model implications allow me to test whether...

  16. Are Capital Buffers Countercyclical ? An Evidence From Pakistan

    Directory of Open Access Journals (Sweden)

    Romila Qamar

    2016-09-01

    Full Text Available New risk based capital requirement have pro-cyclical effect and causes negative externalities in the economy. During recession, on one side, quality of loan portfolio deteriorates and probability of default increases resulting into increased level of provisions and write off’s and reduced capital level. This causes an increase in capital requirements which becomes more expensive. Weaker banks fail to access new capital and ultimately reduce the credit supply. On the other side, banks are required to maintain the minimum capital which results into credit supply contraction and hits the bank’s profitability leading to a situation called Credit Crunch. This situation may prolong recession. During the crisis, developing countries are more affected than developed countries and this debate is entirely new in Pakistan. This research empirically investigates the pro-cyclical effect of new capital regulation under Basel II using panel data of 47 Pakistani Banks from 2001-2012. Particularly this paper examines the capital management mechanisms using capital buffers, using Generalized Method of Moments (GMM one step and two step estimation techniques on dynamic panel data model. The results gives evidence that capital buffer are counter-cyclical except in case of specialized banks because of difference in operations. The findings also suggest that adjustment costs, cost of raising capital and bankruptcy costs are major determines of holding capital buffer. Analysis confirms too big to fail hypothesis. Form the results, it is concluded that capital buffer are counter-cyclical, consistent with the hypothesis. The findings suggest the banks to adopt Basel III Accord.

  17. Análise da relação entre gerenciamento de resultados e custo de capital em empresas brasileiras listadas na BM&FBOVESPA = Analysis of the Relationship Between Results-Based Management and Cost of Equity in Brazilian Companies Listed in BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Geovanne Dias de Moura

    2016-04-01

    Full Text Available O estudo objetivou analisar a relação entre o gerenciamento de resultados contábeis e o custo de capital próprio e de terceiros em empresas brasileiras listadas na BM&FBovespa. Para tal, realizou-se pesquisa descritiva, conduzida por meio de análise documental e abordagem quantitativa dos dados referentes ao período de 2010 a 2013 de uma amostra composta de 217 empresas. Os resultados evidenciaram que houve elevação do custo de capital próprio. No que tange ao custo de capital de terceiros, quando analisado por meio da variável Kd, constatou-se que ocorreu uma pequena redução de 31,81% para 28,37%. Ao analisar o custo de capital de terceiros, por meio da variável Ki, constatou-se que houve aumento de 23,94% para 30,13%. Os resultados evidenciaram destaque para os gerenciamentos de baixas proporções, principalmente a partir do ano de 2011. Também entre as empresas analisadas aquelas com menor gerenciamento de resultados não apresentavam menor custo de capital próprio e de terceiros. The study aimed at analyzing the relationship between results-based management and the company's cost of equity and its third party in Brazilian companies listed in BM&FBovespa. To this end, a descriptive research was conducted through documentary analysis and quantitative analysis of the data from 2010 to 2013 from a sample of 217 companies. The results revealed that the cost of equity rose in the period of 2010 to 2013. With respect to the cost of third party, when analyzed by Kd variable, it was found out a slight decrease from 31,81% to 28,37%. When analyzing the cost of third party by Ki variable, it was noticed an increase from 23,94% to 30,13% between 2010 and 2013. As for management, the results showed significance for the low proportion managements, especially since 2011. The results also showed that, among the analyzed companies, those with lower results-based management did not have lower cost of equity and third party.

  18. 内源融资能力、资本结构对信贷融资成本的影响--基于中小企业的实证研究%Empirical Analysis on the Impact of Internal Financing Ability, Capital Structure on SMEs' Credit Financing Cost

    Institute of Scientific and Technical Information of China (English)

    马雪彬; 佟美琪

    2015-01-01

    Taking the small and medium-sized listed companies' own internal financing ability, capital structure factors for the observation point, taking the listed SMEs credit financing cost as the research object, selecting the Shenzhen SME board 2007-2013 a total of 7 years of 55 listed corporations as the research sample, this paper studies deeply the impact of internal financing ability, capital structure of the listed SMEs credit financing cost. The result shows the endogenous financing capacity of SMEs is weaker, capital structure is more dependent on debt financing, SMEs credit financing cost is higher; endogenous fi-nancing capacity of SMEs is stronger, the capital structure of dependence on debt financing is weaker, SMEs credit financing cost is lower. Therefore, the small and medium-sized enterprise should constantly improve the internal financing ability of small and medium-sized enterprises, and optimize its capital structure, so as to reduce the small and medium-sized enterprises' own financing cost, and constantly promote the small and medium-sized enterprises' own market competitiveness.%论文以中小上市企业自身内源融资能力、资本结构因素为观察点,以中小上市企业信贷融资成本为研究对象,选择2007-2013年共7年的深市中小板55家上市公司作为研究样本,实证分析了中小企业内源融资能力、资本结构对中小企业信贷融资成本的影响。结果显示中小企业的内源融资能力越强,资本结构对债务融资的依赖性越弱,中小企业的信贷融资成本越低。因此中小企业应提高自身的内源融资能力,优化资本结构,从而降低自身信贷融资成本。

  19. A contemporary perspective on capitated reimbursement for imaging services.

    Science.gov (United States)

    Schwartz, H W

    1995-01-01

    Capitation ensures predictability of healthcare costs, requires acceptance of a premium in return for providing all required medical services and defines the actual dollar amount paid to a physician or hospital on a per member per month basis for a service or group of services. Capitation is expected to dramatically affect the marketplace in the near future, as private enterprise demands lower, more stable healthcare costs. Capitation requires detailed quantitative and financial data, including: eligibility and benefits determination, encounter processing, referral management, claims processing, case management, physician compensation, insurance management functions, outcomes reporting, performance management and cost accounting. It is important to understand actuarial risk and capitation marketing when considering a capitation contract. Also, capitated payment methodologies may vary to include modified fee-for-service, incentive pay, risk pool redistributions, merit, or a combination. Risk is directly related to the ability to predict utilization and unit cost of imaging services provided to a specific insured population. In capitated environments, radiologists will have even less control over referrals than they have today and will serve many more "covered lives"; long-term relationships with referring physicians will continue to evaporate; and services will be provided under exclusive, multi-year contracts. In addition to intensified use of technology for image transfer, telecommunications and sophisticated data processing and tracking systems, imaging departments must continue to provide the greatest amount of appropriate diagnostic information in a timely fashion at the lowest feasible cost and risk to the patient.

  20. 49 CFR 639.25 - Calculation of lease cost.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 7 2010-10-01 2010-10-01 false Calculation of lease cost. 639.25 Section 639.25..., DEPARTMENT OF TRANSPORTATION CAPITAL LEASES Cost-Effectiveness § 639.25 Calculation of lease cost. (a) For purposes of this part, the lease cost of a capital asset is— (1) The cost to lease the asset for the...

  1. An Investigation of the Relationship between Capital Levels and the ...

    African Journals Online (AJOL)

    Data from individual bank financial records complemented semi-annual data obtained from the ... It was also established that implicit costs negatively impacted on banks' ... Keywords: Capital Levels, Banks' Performance, Loan Provisions ...

  2. Social Capital in Asia

    DEFF Research Database (Denmark)

    Li, Peter Ping

    2014-01-01

    This article provides an overview of social capital in Asia. Social capital is trust and appears in two main forms: relational, based on societal norms, and systemic, based on societal institutions. The relational encourages personalistic transactions; and systemic trust, supports more formal...

  3. Linguistic Capital Pays Dividends

    Science.gov (United States)

    Linse, Caroline

    2013-01-01

    Some 37 million U.S. residents speak Spanish at home and more than 55% of them say they also speak English. That creates what is called linguistic capital. Although linguistic capital is difficult to quantify, it is enormously valuable and is determined by an individual's language competency, and is too frequently wasted instead of being…

  4. Human Capital and Retirement

    NARCIS (Netherlands)

    P. Alders

    1999-01-01

    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by

  5. Handbook of Social Capital

    DEFF Research Database (Denmark)

    The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all...

  6. Measuring Social Capital

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard; Bjørnskov, Christian

    2007-01-01

    How to construct a robust measure of social capital? This paper contains two contributions. The first is an attempt to establish a broad social capital measure based on four indicators, the Freedom House Index, an index of perceived corruption from Transparency International, and scores on civic...

  7. Venture capital and internationalization

    NARCIS (Netherlands)

    Schertler, Andrea; Tykvova, Tereza

    2011-01-01

    Cross-border investments represent a substantial share of venture capital activities. We use a comprehensive dataset on investments worldwide to analyze the internationalization of venture capital financing. We postulate that cross-border activity is shaped by macroeconomic factors in the venture ca

  8. Aggregating economic capital

    NARCIS (Netherlands)

    Dhaene, J.; Goovaerts, M.; Lundin, M.; Vanduffel, S.

    2005-01-01

    In this paper we analyze and evaluate a standard approach financial institutions use to calculate their so-called total economic capital. If we consider a business that faces a total random loss S over a given one-year horizon then economic capital is traditionally defined as the difference between

  9. Linguistic Capital Pays Dividends

    Science.gov (United States)

    Linse, Caroline

    2013-01-01

    Some 37 million U.S. residents speak Spanish at home and more than 55% of them say they also speak English. That creates what is called linguistic capital. Although linguistic capital is difficult to quantify, it is enormously valuable and is determined by an individual's language competency, and is too frequently wasted instead of being…

  10. 12 strategies for managing capital projects.

    Science.gov (United States)

    Stoudt, Richard L

    2013-05-01

    To reduce the amount of time and cost associated with capital projects, healthcare leaders should: Begin the project with a clear objective and a concise master facilities plan. Select qualified team members who share the vision of the owner. Base the size of the project on a conservative business plan. Minimize incremental program requirements. Evaluate the cost impact of the building footprint. Consider alternative delivery methods.

  11. 76 FR 42768 - Capital Distribution

    Science.gov (United States)

    2011-07-19

    ... Office of Thrift Supervision Capital Distribution AGENCY: Office of Thrift Supervision (OTS), Treasury... concerning the following information collection. Title of Proposal: Capital Distribution. OMB Number: 1550..., the information provides the OTS with a mechanism for monitoring capital distributions since...

  12. Cultural Capital Today

    DEFF Research Database (Denmark)

    Prieur, Annick; Skjøtt-Larsen, Jakob; Rosenlund, Lennart

    2008-01-01

    Based on Danish survey data subjected to correspondence analysis, this article aims at carrying out a critical assessment of Pierre Bourdieu's theory of social differentiation in advanced societies as a multi-dimensional phenomenon. As his theory goes, capital volume (economic + cultural capital......) and capital composition (the relative weight of the two) are the main dimensions of social differentiation, which structure the space of social positions as well as the space of lifestyles. The central discussion of the article concerns the character of cultural capital, and the role it plays in the formation...... of distinction? Cultural capital in a contemporary Danish context appears to be less related to traditional highbrow cultural consumption than in Bourdieu's studies in France some decades ago. Third, is there a rise in the omnivorousness and tolerant taste within the cultural elite? This study answers negatively...

  13. Social Capital in Asia

    DEFF Research Database (Denmark)

    Li, Peter Ping

    2014-01-01

    , and usually larger, transactions backed by law. For economic development, the systemic form becomes crucial but needs to be compatible with relational norms. The dimensions of social capital are often dual in nature. This article employs a theory that accepts this and analyses the phenomena as yin......This article provides an overview of social capital in Asia. Social capital is trust and appears in two main forms: relational, based on societal norms, and systemic, based on societal institutions. The relational encourages personalistic transactions; and systemic trust, supports more formal......–yang balancing, seeing trust as a culturally determined enabler of social cooperation. The evolutions of trustworthiness in Japan, China, and the Philippines are analysed. This article contributes to the literature on varieties of capitalism and business systems as well as that on social capital. It raises...

  14. Recent estimates of capital flight

    OpenAIRE

    Claessens, Stijn; Naude, David

    1993-01-01

    Researchers and policymakers have in recent years paid considerable attention to the phenomenon of capital flight. Researchers have focused on four questions: What concept should be used to measure capital flight? What figure for capital flight will emerge, using this measure? Can the occurrence and magnitude of capital flight be explained by certain (economic) variables? What policy changes can be useful to reverse capital flight? The authors focus strictly on presenting estimates of capital...

  15. Estimating the cost of the mass treatment campaign for schistosomiasis in Ugu District, KwaZulu-Natal, 2012

    DEFF Research Database (Denmark)

    Maphumulo, Andile A; Gagai, Silindile; Lothe, Andrea;

    2013-01-01

    by consumables (9%), transport (4%) and capital items (1%) respectively. The highest cost proportion by activity was Treatment costs (74%) followed by administration (19%), school visits (4%) and advocacy (3%) respectively. Conclusions: The praziquantel tablets and personnel contribute the highest costs....... The evidence shows that there is a need for implementation of a schistosomiasis Mass Treatment Campaign (MTC) but information about the cost of such a programme is unknown in South Africa. Materials and Methods: A retrospective, cross sectional descriptive costing study for a schistosomiasis MTC was conducted......, from a provider perspective. Costs were classified by cost inputs and activity. Financial records were reviewed for all 60 randomly selected schools participating in the MTC in Ugu District, KwaZulu-Natal. An Excel database was used for data analysis. Preliminary Findings: Forty five percent (16 239...

  16. On the wealth of nations: Bourdieuconomics and social capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard

    2003-01-01

    economy theory accentuating the role of formal institutions cannot stand on its own. This implies a socio-economic approach in the study where we supplement the formal institutional thesis with Bourdieu's idea of material and immaterial forms of capital. Such new socio-economics - which might be termed...... a 'Bourdieuconomics' - implies the usage of a capital theory that, methodologically, operates with material and immaterial forms of capital at the same level. Here, we stress the particular importance of an immaterial form of capital, namely social capital, which facilitates informal human exchange thereby...... 'lubricating' civic society and the voluntary provision of collective goods such as trust and predictable behaviour. In this way, social capital reduces transaction costs in society thereby enhancing economic growth and consequently the creation of differences in the wealth of nations. Future research should...

  17. Thinking strategically about imaging capacity and capital.

    Science.gov (United States)

    Griffin, David; Dubiel, Paul

    2006-01-01

    Diagnostic imaging continues to place high demands on hospital and health system capital budgets due to the high cost of most equipment and the rate of technological change. Diagnostic imaging also can be a significant service in competitive positioning, both alone and in conjunction with other programs and services. The purpose of this article is to provide a framework for linking diagnostic imaging to key hospital programs, and for forecasting future demands and capital requirements. The model has been developed over time in a number of settings in the United States and Canada. The specific examples are mostly from the Seton Healthcore Network in Austin, TX.

  18. Building and destroying social capital: The case of cooperative movements in Denmark and Poland

    DEFF Research Database (Denmark)

    Chloupkova, Jarka; Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard

    2003-01-01

    . However, the comparison of the present level of social capital indicates that the level of social capital is significantly higher in Denmark than in Poland. The paper concludes that the reason for this difference is due to the fact that the original accumulation of social capital in Poland was destroyed......Social capital, measured as the level of trust among people, may be regarded as a new production factor alongside the traditional ones of human and physical capital. With appropriate levels of social capital, monitoring and transaction costs can be saved and thus economic growth stimulated. Via...... linking social capital to rural development and comparing the cases of agricultural cooperative movements in Denmark and Poland, this paper identifies possible roots of building social capital and suggests that social capital was built through a lengthy process in both countries during the 19th century...

  19. Building and destroying social capital: The case of cooperative movements in Denmark and Poland

    DEFF Research Database (Denmark)

    Chloupkova, Jarka; Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard

    2003-01-01

    Social capital, measured as the level of trust among people, may be regarded as a new production factor alongside the traditional ones of human and physical capital. With appropriate levels of social capital, monitoring and transaction costs can be saved and thus economic growth stimulated. Via....... However, the comparison of the present level of social capital indicates that the level of social capital is significantly higher in Denmark than in Poland. The paper concludes that the reason for this difference is due to the fact that the original accumulation of social capital in Poland was destroyed...... linking social capital to rural development and comparing the cases of agricultural cooperative movements in Denmark and Poland, this paper identifies possible roots of building social capital and suggests that social capital was built through a lengthy process in both countries during the 19th century...

  20. Cultural Capital in Context:

    DEFF Research Database (Denmark)

    Andersen, Ida Gran; Jæger, Mads Meier

    This paper analyzes the extent to which the effect of cultural capital on academic achievement varies across high- and low-achieving schooling environments. We distinguish three competing theoretical models: Cultural reproduction (cultural capital yields higher returns in high-achieving schooling...... to be higher in low-achieving schooling environments than in high-achieving ones. These results support the cultural mobility explanation and are in line with previous research suggesting that children from low-SES families benefit more from cultural capital than children from high-SES families....

  1. Industrial cogeneration optimization program. Volume II. Appendix A. Conceptual designs and preliminary equipment specifications. Appendix B. Characterization of cogeneration systems (near-term technology). Appendix C. Optimized cogeneration systems

    Energy Technology Data Exchange (ETDEWEB)

    1980-01-01

    This appendix to a report which evaluates the technical, economic, and institutional aspects of industrial cogeneration for conserving energy in the food, chemical, textile, paper, and petroleum industries contains data, descriptions, and diagrams on conceptual designs and preliminary equipment specifications for cogeneration facilities; characterization of cogeneration systems in terms of fuel utilization, performance, air pollution control, thermal energy storage systems, and capital equipment costs; and optimized cogeneration systems for specific industrial plants. (LCL)

  2. Piketty’s Capital

    DEFF Research Database (Denmark)

    Larsen, Øjvind

    2016-01-01

    Piketty’s Capital in Twenty-First Century has posed a totally new platform for the discussion of the economy and capitalism. Piketty has reinvented the classical political economy founded by Adam Smith in his 1776 Wealth of Nations. Piketty has shown via massive historical research how growth...... and inequality have developed since 1793. Piketty’s conclusion is that the French Revolution did not change the existing inequality either in the medium or in the long term. Piketty’s prediction is that a new form of global capitalism will arise, patrimonial capitalism, in which inequality will develop further...... and the 1% of the World population will control 95% of all wealth in the World....

  3. Cultural Capital Today

    DEFF Research Database (Denmark)

    Prieur, Annick; Skjøtt-Larsen, Jakob; Rosenlund, Lennart

    2008-01-01

    Based on Danish survey data subjected to correspondence analysis, this article aims at carrying out a critical assessment of Pierre Bourdieu's theory of social differentiation in advanced societies as a multi-dimensional phenomenon. As his theory goes, capital volume (economic + cultural capital...... of distinction? Cultural capital in a contemporary Danish context appears to be less related to traditional highbrow cultural consumption than in Bourdieu's studies in France some decades ago. Third, is there a rise in the omnivorousness and tolerant taste within the cultural elite? This study answers negatively......, as those adhering to the preferences that are most typical for the cultural elite tend to simultaneously avoid or mark distance to popular expressions of taste. Fourth, are there traces of new forms of cultural capital? The study uncovers a cleavage between a global orientation or a form of cosmopolitanism...

  4. Unsustainable growth, unsustainable capitalism

    DEFF Research Database (Denmark)

    Næss, Petter

    2006-01-01

    problems, but serve to further highlight the difficulties of changing capitalism towards sustainability. In a profit-oriented economy, capital accumulation is a prime driving force, and non-growth for the economy at large tends to result in serious economic and social crises. On the other hand, a de...... according to which the powers and mechanisms of the natural world are considered totally controllable by humans as if they were mere epiphenomena of the human world. On the other hand, the assumptions of certain ecological economists about the possibility of steady-state capitalism disregard the relation...... between capital and surplus value, which constitutes a strong mechanism driving the capitalist economy toward limitless growth....

  5. Unsustainable growth, unsustainable capitalism

    DEFF Research Database (Denmark)

    Næss, Petter

    2006-01-01

    problems, but serve to further highlight the difficulties of changing capitalism towards sustainability. In a profit-oriented economy, capital accumulation is a prime driving force, and non-growth for the economy at large tends to result in serious economic and social crises. On the other hand, a de...... according to which the powers and mechanisms of the natural world are considered totally controllable by humans as if they were mere epiphenomena of the human world. On the other hand, the assumptions of certain ecological economists about the possibility of steady-state capitalism disregard the relation...... between capital and surplus value, which constitutes a strong mechanism driving the capitalist economy toward limitless growth....

  6. The Genesis of Capitalism

    DEFF Research Database (Denmark)

    Li, Xing

    2004-01-01

     This paper aims to offer a framework of interpreting the “evolution” of capitalism that is reaching every corner of the world and has achieved greater legitimacy than at any time in human history. It covers an interdisciplinary discussion on the development of market capitalism that has been...... characterized by a dual process: unanticipated origin (cultural and historical) and anticipated progress (political economy). The point of departure of this paper is that although the advancement of market capitalism is a process of societal development involving historical, cultural and religious causes...... (historical, divine, spiritual, miraculous), the establishment of capitalism is less the result of a force for cultural and economic dynamism than the realization of a political project. In other words, from being an enterprise within defined geographical boundaries to becoming a global project is first...

  7. Capital Projects Application (CPA)

    Data.gov (United States)

    General Services Administration — Capital Projects application (CPA) provides users with the ability to maintain project related financial data for Budget Activity (BA) 51, 55, 64, 01, 02, 03, 04....

  8. Algorithmic governmentality: radicalisation and immune strategy of capitalism and neoliberalism?

    Directory of Open Access Journals (Sweden)

    Antoinette Rouvroy

    2016-11-01

    Full Text Available This article is a set of reflections on the question: ‘what is completely new in algorithmic governmentality compared to capitalism and neoliberalism?’ The following text is thus some preliminary, temporary and definitively uncertain intuitions in response to this question.

  9. The Evaluation and Rethinking on the Dividends Proportion of State-owned Enterprises:Based on the State-owned Financial Goals of Capital Cost%国有企业分红比例的评估与再思考--基于资本成本的国企理财目标

    Institute of Scientific and Technical Information of China (English)

    李丽琴

    2015-01-01

    以资本成本的国有企业理财目标为研究视角,从兼顾股权资本成本及企业可持续增长的角度出发,通过构建可持续分红比例模型对中国国有企业的可持续分红比例进行估算,并通过聚类分析评估现行分类执行的比例标准。研究发现,中国国有企业的现实分红比例低于可持续分红比例,现有的分类标准并没有将资本成本及企业可持续增长纳入考量指标。在实证分析的基础上,提出了完善国有企业分红制度的政策建议。%Starting from the state-owned financial goals of capital cost and considering from both the perspective of equity capital cost and enterprise sustainable growth,this paper built a sustainable revenue sharing model to esti-mate the sustainable dividend proportion of state-owned enterprises in China,and through the cluster analysis to e-valuate the current classification standard.The study found that the reality of state-owned enterprises pay dividends proportion was lower than the sustainable dividend proportion,the classification of the existing standards did not make the cost of capital and the enterprise sustainable growth index into account.On the basis of empirical analysis, this paper put forward the policy suggestions to perfect the system of state-owned enterprises pay dividends.

  10. The Role of Capital Productivity in British Airways' Financial Recovery

    Science.gov (United States)

    Morrell, Peter

    1999-01-01

    British Airways (BA) was privatised in 1987, but its financial recovery occurred a number of years earlier. This recovery was sustained throughout the early 1990s economic recession, a period when few major airlines were operating profitably. This paper examines the role of productivity developments at British Airways from the early 1980s through 1996. The emphasis is on capital productivity and investment, but changes in capital intensity and labour productivity are also evaluated. Various measures are considered for both capital and labour productivity: outputs are measured in available tonne-kms (ATKS) and revenue tonne-kms (RTKs), with the former preferred over the latter two measures, after adjustment for work performed by BA for others. Capital inputs are measured in equivalent lease costs adjusted to constant prices with a different treatment of flight and ground equipment or assets. Labour inputs are derived from total payroll costs deflated by a UK wage price index. The airline made considerable capital investments over the period and at the same time went through two major processes of labour restructuring. This resulted in a gradual increase in capital intensity, relative high labour productivity growth, but poor capital productivity performance. However, capital investment played an important role in the airline's sustained labour and total factor productivity over the whole period.

  11. Updating cultural capital theory

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

    2011-01-01

    This paper considers how the analysis of cultural engagement can be elaborated through a reworking of the concept of cultural capital, as originally derived from Bourdieu’s (1984) Distinction. Drawing on detailed studies of the UK and Aalborg, Denmark, we show that despite the weakening of ‘‘high......This paper considers how the analysis of cultural engagement can be elaborated through a reworking of the concept of cultural capital, as originally derived from Bourdieu’s (1984) Distinction. Drawing on detailed studies of the UK and Aalborg, Denmark, we show that despite the weakening......, and art); and (c) an international and a local or national orientation stand out as the most important. We discuss whether these oppositions can usefully be conceptualised as cultural capital. We argue that such a conceptualisation demands, first, that cultural capital is understood in relative rather...... than absolute terms, and that a field analytic perspective provides the means of understanding cultural capital as such a relative entity. Second, the move from the empirical observation of oppositions to the conceptualisation of cultural capital also demands that the functioning of features...

  12. Heuristic Portfolio Trading Rules with Capital Gain Taxes

    DEFF Research Database (Denmark)

    Fischer, Marcel; Gallmeyer, Michael

    strategy is not dominated out-of-sample by a variety of optimizing trading strategies, except the parametric portfolios of Brandt, Santa-Clara, and Valkanov (2009). With dividend and realization-based capital gain taxes, the welfare costs of the taxes are large with the cost being as large as 30% of wealth......We study the out-of-sample performance of portfolio trading strategies when an investor faces capital gain taxation and proportional transaction costs. Under no capital gain taxation and no transaction costs, we show that, consistent with DeMiguel, Garlappi, and Uppal (2009), a simple 1/N trading...... outperform a 1/N trading strategy augmented with a tax heuristic, not even the most tax- and transaction-cost efficient buy-and-hold strategy. Overall, the best strategy is 1/N augmented with a heuristic that allows for a fixed deviation in absolute portfolio weights. Our results show that the best trading...

  13. Heuristic Portfolio Trading Rules with Capital Gain Taxes

    DEFF Research Database (Denmark)

    Fischer, Marcel; Gallmeyer, Michael

    We study the out-of-sample performance of portfolio trading strategies when an investor faces capital gain taxation and proportional transaction costs. Under no capital gain taxation and no transaction costs, we show that, consistent with DeMiguel, Garlappi, and Uppal (2009), a simple 1/N trading...... strategy is not dominated out-of-sample by a variety of optimizing trading strategies, except the parametric portfolios of Brandt, Santa-Clara, and Valkanov (2009). With dividend and realization-based capital gain taxes, the welfare costs of the taxes are large with the cost being as large as 30% of wealth...... in some cases. Overlaying simple tax trading heuristics on these trading strategies improves out-of-sample performance. In particular, the 1/N trading strategy's welfare gains improve when a variety of tax trading heuristics are also imposed. For medium to large transaction costs, no trading strategy can...

  14. Entrepreneurs’ human and social capital

    DEFF Research Database (Denmark)

    Shayegheh Ashourizadeh, Shayegheh; Rezaei, Shahamak; Schøtt, Thomas

    2014-01-01

    capital, that human capital and social capital (specifically networking in the international environment, work-place, professions and market, but not in the private sphere) both benefit export directly and that human capital amplifies the benefit of social capital, especially through international......Abstract: It is widely acknowledged that entrepreneurs’ human capital in form of education and social capital in form of networking are mutually beneficial and also that both human and social capital benefit their performance. Here, the hypothesis is that human and social capital, in combination......, provide added value and jointly add a further boost to performance, specifically if the form of exporting. Global Entrepreneurship Monitor provides data on 52,946 entrepreneurs, who reported on exporting and networking for advice. Hierarchical linear modelling shows that human capital promotes social...

  15. 48 CFR 31.205-10 - Cost of money.

    Science.gov (United States)

    2010-10-01

    ...) Refers to— (i) Facilities capital cost of money (48 CFR 9904.414); and (ii) Cost of money as an element of the cost of capital assets under construction (48 CFR 9904.417). (b) Cost of money is allowable, provided— (1) It is measured, assigned, and allocated to contracts in accordance with 48 CFR 9904.414...

  16. Electricity prices in a competitive environment: Marginal cost pricing of generation services and financial status of electric utilities. A preliminary analysis through 2015

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-08-01

    The emergence of competitive markets for electricity generation services is changing the way that electricity is and will be priced in the United States. This report presents the results of an analysis that focuses on two questions: (1) How are prices for competitive generation services likely to differ from regulated prices if competitive prices are based on marginal costs rather than regulated {open_quotes}cost-of-service{close_quotes} pricing? (2) What impacts will the competitive pricing of generation services (based on marginal costs) have on electricity consumption patterns, production costs, and the financial integrity patterns, production costs, and the financial integrity of electricity suppliers? This study is not intended to be a cost-benefit analysis of wholesale or retail competition, nor does this report include an analysis of the macroeconomic impacts of competitive electricity prices.

  17. Capital Flight and Economic Performance

    OpenAIRE

    Beja, Edsel Jr.

    2007-01-01

    Capital flight aggravates resource constraints and contributes to undermine long-term economic growth. Counterfactual calculations on the Philippines suggest that capital flight contributed to lower the quality of long-term economic growth. Sustained capital flight over three decades means that capital flight had a role for the Philippines to lose the opportunities to achieve economic takeoff. Unless decisive policy actions are taken up to address enduring capital flight and manage the macroe...

  18. Big Cost to Families

    Institute of Scientific and Technical Information of China (English)

    MATT; YOUNG

    2006-01-01

    If tobacco multinationals had their way, China might more closely resemble a chimney. So what are the costs of a potentially smokier future in China? Aside from health costs, there could be economically (and educationally) severe ones, according to a new study published in Social Science & Medicine by a Yale professor. Dr. Hong Wang analyzed how the cost of smoking impacts China's critical economic strengths: human capital investment (defined by education and healthcare), risk-taking capacity (defined by...

  19. 78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-22

    ... Part 324 RIN 3064-AD95 Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule,...

  20. SOCIAL CAPITAL FRAMEWORK AND ITS INFLUENCE ON THE ENTREPRENEURIAL ACTIVITY

    Directory of Open Access Journals (Sweden)

    Badea Mihaela-Raluca

    2013-07-01

    Full Text Available The aim of this article is to understand the theoretical framework of the social capital concept, based on different approaches identified in the literature and highlight the direct influence social capital has on the entrepreneurial personality characteristics of individuals and organizations. The objectives of the paper focus first on conceptualizing the notion of social capital, by acknowledging the social capital structure and components in the acceptation of the most popular scholars in the research field, the sources of social capital and its role in building social economy; further on, the article explores the influence of social capital in the creation of innovation and economic growth, its dimensions in the entrepreneurial process and the definition of the instruments of measurement, including indicators of trust-generalized and institutional, number of social networks, associational activities-passive and active membership and civic norms. The paper gathers some of the outcomes of different researches conducted in the literature with respect to the positive relationship between social capital dimensions and entrepreneurship, through attracting the right potential of human capital and the required level of financial capital, reducing the transaction costs, identifying new market opportunities and leveraging the social networks, transfer and knowledge overflow and information channels, enabling the launch and the survival of business venture and help gain competitive advantage that would ensure sustainability and success. The case studies referenced in this article use various approaches of highlighting the social capital as a key enabler and not necessarily a generator of entrepreneurial activity, by analyzing the likelihood to launch new ventures based on the interactions with key partners and exchange of information, the sustainability and success of a start up or push/pull factors that determine an entrepreneur to enter the new

  1. Family Social Capital, Enterprise Ownership Costs and Family Business Divestment:A Comparative Case Study%家族社会资本、企业所有权成本与家族企业分拆案例研究

    Institute of Scientific and Technical Information of China (English)

    吴炯

    2013-01-01

    This paper establishes a theoretical framework, which describes that "why" and "how" the family factor results in the family division. It points out that the corresponding strategic concept of family division is the corporate divestment, which is determined by the ownership costs including the monitoring costs, the risk-taking costs and the group decision-making costs. Furthermore, family social capital like family authority and family credit decides the level of the ownership costs. So the family social capital corresponds to the family business divestment. To prove this relationship, the paper chooses Zongshen Motorcycle, Hope Group and Suning Enterprise to make a multi-case comparative analysis. The results provide a new theoretical basis for the set of family business property rights system.%针对家族因素如何导致家族企业分家的问题,建立理论框架:家族企业分家所对应的战略概念是企业分拆,是企业产权的再配置.决定家族企业产权结构的重要因素是监控成本、风险承担成本和集体决策成本等构成的所有权成本.由于家族权威、家族信任等家族社会资本条件影响着家族企业所有权成本,由此,也影响着家族企业分拆模式.就此对宗申摩托、希望集团、苏宁企业等兄弟创业型企业进行了多案例比较分析,分析结果为家族企业产权制度安排提供了新的理论依据.

  2. Human Capital and the Labor of Learning: A Case of Mistaken Identity

    Science.gov (United States)

    Sidorkin, Alexander M

    2007-01-01

    In this essay, Alexander Sidorkin offers a conceptual critique of the human capital theory that makes erroneous assumptions about the nature of student work and the private cost of schooling. Specifically, human capital theorists underestimate the private cost of schooling by taking low-level manual labor as the basis for estimating students'…

  3. Methods and preliminary findings of a cost-effectiveness study of glass-ionomer-based and composite resin sealant materials after 2 yr

    NARCIS (Netherlands)

    Goldman, A.S.; Chen, X.; Fan, M.; Frencken, J.E.F.M.

    2014-01-01

    The cost-effectiveness of glass-carbomer, conventional high-viscosity glass-ionomer cement (HVGIC) [without or with heat (light-emitting diode (LED) thermocuring) application], and composite resin sealants were compared after 2 yr in function. Estimated net costs per sealant were obtained from data

  4. Human Capital and Optimal Positive Taxation of Capital Income

    OpenAIRE

    Jacobs, B.; Bovenberg, A.L.

    2005-01-01

    This paper analyzes optimal linear taxes on capital and labor incomes in a life-cyclemodel of human capital investment, financial savings, and labor supply with heteroge-nous individuals. A dual income tax with a positive marginal tax rate on not onlylabor income but also capital income is optimal. The positive tax on capital incomeserves to alleviate the distortions of the labor tax on human capital accumulation.The optimal marginal tax rate on capital income is lower than that on labor inco...

  5. Organizational networks and social capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Waldstrøm, Christian

    2013-01-01

    This chapter presents a framework for understanding organizational networks and social capital through the lens of “social capital ownership” as well as the private and collective goods provided through this ownership. More specifically, it argues that ownership of social capital in organizations...... is closely connected to four types of social capital – two belonging to the bridging social capital type, and two belonging to the bonding social capital type. The chapter first reviews literature on organizational social capital and then directly focuses on ownership of social capital in organizations......, as well as the derived benefits, or losses. Next, the chapter presents an empirical case apt to illustrate the theoretical findings in part one, namely the nineteenth-century Danish Cooperative Dairy Movement (Svendsen and Svendsen 2004). It is demonstrated how social capital among Danish peasants...

  6. Organizational networks and social capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Waldstrøm, Christian

    2013-01-01

    This chapter presents a framework for understanding organizational networks and social capital through the lens of “social capital ownership” as well as the private and collective goods provided through this ownership. More specifically, it argues that ownership of social capital in organizations...... is closely connected to four types of social capital – two belonging to the bridging social capital type, and two belonging to the bonding social capital type. The chapter first reviews literature on organizational social capital and then directly focuses on ownership of social capital in organizations......, as well as the derived benefits, or losses. Next, the chapter presents an empirical case apt to illustrate the theoretical findings in part one, namely the nineteenth-century Danish Cooperative Dairy Movement (Svendsen and Svendsen 2004). It is demonstrated how social capital among Danish peasants...

  7. Life cycle assessment of capital goods related to waste incineration

    DEFF Research Database (Denmark)

    Brogaard, Line Kai-Sørensen; Christensen, Thomas Højlund

    2011-01-01

    The environmental impacts from the life cycle of products and systems were evaluated using Life Cycle Assessment (LCA) as a tool. Today most LCAs of waste management systems only considers the impacts from the operation of the system but neglects the environmental impacts from construction......, maintenance and demolition of capital goods. Capital goods are defined as buildings, machinery, trucks and infrastructure at the facility. A LCA was performed using two modelling programmes: Simapro and EASEWASTE. This paper assesses the importance of including capital goods when performing LCAs of waste...... incineration with efficient energy recovery. The environmental costs of the capital goods related to an incinerator was assessed and compared to the operation of the incinerator. The environmental loads from the capital goods were found to be insignificant compared to the benefits from the energy recovery from...

  8. Effectiveness and Effects of China's Capital Controls

    Institute of Scientific and Technical Information of China (English)

    FengjuanXiao; DonaldKimball

    2005-01-01

    Reductions in barriers to global trade have not been accompanied by a widespread loosening of restrictions on international flows of capital, especially in China. This study shows that China has some of the most restrictive controls and uses them effectively to bias flows of cross-border capital heavily in favor of foreign direct investment (FDI) and limit flows of portfolio and bank assets and liabilities, as well as reducing capital flow volatility. China is now facing pressure to speed up its opening to all forms of cross border capital. But since China is still struggling to strengthen its domestic financial structure, capital account liberalization would expose it to considerable risks and potentially high costs.

  9. A study on the effect of social capital on job satisfaction and citizenship behaviour

    Directory of Open Access Journals (Sweden)

    Roghiyeh Khodaei

    2013-07-01

    Full Text Available Social capital is one of the most important assets of any organization and it plays essential role in reaching organizational objectives. In this paper, we present an empirical study to study the effect of social capital on job satisfaction and citizenship behavior. The proposed study is performed among 240 employees who work for Allameh Tabataba’i University in Iran. The study designs a questionnaire in Likert scale and distributes it among selected employees and, using structural equation modeling, investigates the role of social capital on job satisfaction as well as citizenship behavior. The preliminary results of our survey indicate that social capital positively influences on both mentioned variables.

  10. Cost minimization and asset pricing

    OpenAIRE

    Robert G. Chambers; John Quiggin

    2005-01-01

    A cost-based approach to asset-pricing equilibrium relationships is developed. A cost function induces a stochastic discount factor (pricing kernel) that is a function of random output, prices, and capital stockt. By eliminating opportunities for arbitrage between financial markets and the production technology, firms minimize the current cost of future consumption. The first-order conditions for this cost minimization problem generate the stochastic discount factor. The cost-based approach i...

  11. The Effect of Management Entrenchment on the Equity Capital in Iran

    Directory of Open Access Journals (Sweden)

    Somayeh Baratiyan

    2013-05-01

    Full Text Available Managerial Entrenchment means that management control a significant portion of the equity in the firm and his/her actions is inconsistent with maximizing aim of the Institute. This research examined the impact of managerial entrenchment on cost of capital stock by analyzing of changes in levels. The present paper examines the relationship between managerial entrenchment, Systematic risk, rate of sales growth, the ratio of CEO and the cost of capital stock. Thus, 55 listed companies were analyzed during 2006-2010. The results indicate there is a significant relationship between the difference of managerial entrenchment period and cost of capital stock period and also significant relationship exists between rate of long sales growth, the ratio of CEO and the cost of capital stock, whereas, there is not significant relation between systematic risk and cost of capital stock.

  12. Transaction Cost Analysis of In-Clinic Versus Telehealth Consultations for Chronic Pain: Preliminary Evidence for Rapid and Affordable Access to Interdisciplinary Collaborative Consultation

    Science.gov (United States)

    Theodore, Brian R.; Whittington, Jan; Towle, Cara; Tauben, David J.; Endicott-Popovsky, Barbara; Cahana, Alex; Doorenbos, Ardith Z.

    2015-01-01

    Objectives With ever increasing mandates to reduce costs and increase the quality of pain management, health care institutions are faced with the challenge of adopting innovative technologies and shifting workflows to provide value-based care. Transaction cost economic analysis can provide comparative evaluation of the consequences of these changes in the delivery of care. The aim of this study was to establish proof-of-concept using transaction cost analysis to examine chronic pain management in-clinic and through telehealth. Methods Participating health care providers were asked to identify and describe two comparable completed transactions for patients with chronic pain: one consultation between patient and specialist in-clinic and the other a telehealth presentation of a patient’s case by the primary care provider to a team of pain medicine specialists. Each provider completed two on-site interviews. Focus was on the time, value of time, and labor costs per transaction. Number of steps, time, and costs for providers and patients were identified. Results Forty-six discrete steps were taken for the in-clinic transaction, and 27 steps were taken for the telehealth transaction. Although similar in costs per patient ($332.89 in-clinic vs. $376.48 telehealth), the costs accrued over 153 business days in-clinic and 4 business days for telehealth. Time elapsed between referral and completion of initial consultation was 72 days in-clinic, 4 days for telehealth. Conclusions U.S. health care is moving toward the use of more technologies and practices, and the information provided by transaction cost analyses of care delivery for pain management will be important to determine actual cost savings and benefits. PMID:25616057

  13. Transaction cost analysis of in-clinic versus telehealth consultations for chronic pain: preliminary evidence for rapid and affordable access to interdisciplinary collaborative consultation.

    Science.gov (United States)

    Theodore, Brian R; Whittington, Jan; Towle, Cara; Tauben, David J; Endicott-Popovsky, Barbara; Cahana, Alex; Doorenbos, Ardith Z

    2015-06-01

    With ever increasing mandates to reduce costs and increase the quality of pain management, health care institutions are faced with the challenge of adopting innovative technologies and shifting workflows to provide value-based care. Transaction cost economic analysis can provide comparative evaluation of the consequences of these changes in the delivery of care. The aim of this study was to establish proof-of-concept using transaction cost analysis to examine chronic pain management in-clinic and through telehealth. Participating health care providers were asked to identify and describe two comparable completed transactions for patients with chronic pain: one consultation between patient and specialist in-clinic and the other a telehealth presentation of a patient's case by the primary care provider to a team of pain medicine specialists. Each provider completed two on-site interviews. Focus was on the time, value of time, and labor costs per transaction. Number of steps, time, and costs for providers and patients were identified. Forty-six discrete steps were taken for the in-clinic transaction, and 27 steps were taken for the telehealth transaction. Although similar in costs per patient ($332.89 in-clinic vs. $376.48 telehealth), the costs accrued over 153 business days in-clinic and 4 business days for telehealth. Time elapsed between referral and completion of initial consultation was 72 days in-clinic, 4 days for telehealth. U.S. health care is moving toward the use of more technologies and practices, and the information provided by transaction cost analyses of care delivery for pain management will be important to determine actual cost savings and benefits. Wiley Periodicals, Inc.

  14. 财务报告信息质量、风险与权益资本成本--来自我国沪深股市的经验证据%Fi nancial Report Informaiton Quality, Risk and Equity Capital Cost:Empirical Evidence from Sh anghai and Shenzhen Stock Market in China

    Institute of Scientific and Technical Information of China (English)

    冯阳

    2015-01-01

    This paper examines the relationship ancong financial reporting quality, corporate information risk and equity capital cost taking the listed companies in Chinese Shanghai and Shenzhen stock markets from 2007 to 2013 as a sample.The results indicate that financial reporting quality is not a systematic risk factor investors need to price, but rather an unsystematic one.Although financial reporting quality reflects uncertainties of the information risk, corporate idiosyncratic risk has not been priced by investors, and does not increase the corporate equity capital cost.%本文以我国沪深股市2007—2013年上市公司为研究对象,检验了财务报告质量、公司信息风险与权益资本成本之间的关系。研究结果表明,财务报告质量并不是投资者需要定价的系统风险因素,而是一种非系统性风险。尽管财务报告质量反映了信息风险的不确定性,但这种公司特定的信息风险并没有被投资者定价,它并不会提高公司的权益资本成本。

  15. Machine cost analysis using the traditional machine-rate method and ChargeOut!

    Science.gov (United States)

    E. M. (Ted). Bilek

    2009-01-01

    Forestry operations require ever more use of expensive capital equipment. Mechanization is frequently necessary to perform cost-effective and safe operations. Increased capital should mean more sophisticated capital costing methodologies. However the machine rate method, which is the costing methodology most frequently used, dates back to 1942. CHARGEOUT!, a recently...

  16. Dynamic Capital Structure with Callable Debt and Debt Renegotiations

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Flor, Christian Riis; Lando, David

    2014-01-01

    taxes and bankruptcy costs are the only frictions, violations of the absolute priority rule (APR) are typically optimal. The size of the bankruptcy costs and the equity holders’ bargaining power affect the size of APR violations, but they have only a minor impact on the choice of capital structure....

  17. Ripple effects of reform on capital financing.

    Science.gov (United States)

    Arduino, Kelly

    2014-05-01

    Healthcare leaders should inventory and quantify the capital initiatives deemed critical for success under changing business models. Key considerations in planning such initiatives are opportunity costs and potential impact on productivity. Senior leaders also should create rolling five-year estimates of expenditures in addition to a one-year budget. Approaches to paying for such initiatives include borrowing from cash reserves, partnering to share cash and other resources, and developing new revenue sources derived from the initiatives themselves.

  18. The Capital Intensity of Photovoltaics Manufacturing

    Energy Technology Data Exchange (ETDEWEB)

    Basore, Paul

    2015-10-19

    Factory capital expenditure (capex) for photovoltaic (PV) module manufacturing strongly influences the per-unit cost of a c-Si module. This provides a significant opportunity to address the U.S. DOE SunShot module price target through capex innovation. Innovation options to reduce the capex of PV manufacturing include incremental and disruptive process innovation with c-Si, platform innovations, and financial approaches. and financial approaches.

  19. Contabilidad del capital intelectual

    OpenAIRE

    2007-01-01

    El capital intelectual es un valor intangible que debe incorporarse a los estados financieros, como parte de la generación de valor de todos los trabajadores de una organización. Existen algunos modelos que permiten cuantificarlo, aunque es preciso reconocer que debemos ahondar con más precisión con el objeto de contar con un mayor número de adeptos a esta importante referencia. The intellectual capital is an intangible value that should incorporate to the financial states, like part of t...

  20. Five models of capitalism

    Directory of Open Access Journals (Sweden)

    Luiz Carlos Bresser-Pereira

    2012-03-01

    Full Text Available Besides analyzing capitalist societies historically and thinking of them in terms of phases or stages, we may compare different models or varieties of capitalism. In this paper I survey the literature on this subject, and distinguish the classification that has a production or business approach from those that use a mainly political criterion. I identify five forms of capitalism: among the rich countries, the liberal democratic or Anglo-Saxon model, the social or European model, and the endogenous social integration or Japanese model; among developing countries, I distinguish the Asian developmental model from the liberal-dependent model that characterizes most other developing countries, including Brazil.

  1. Metabolic cost of level-ground walking with a robotic transtibial prosthesis combining push-off power and nonlinear damping behaviors: preliminary results.

    Science.gov (United States)

    Yanggang Feng; Jinying Zhu; Qining Wang

    2016-08-01

    Recent advances in robotic technology are facilitating the development of robotic prostheses. Our previous studies proposed a lightweight robotic transtibial prosthesis with a damping control strategy. To improve the performance of power assistance, in this paper, we redesign the prosthesis and improve the control strategy by supplying extra push-off power. A male transtibial amputee subject volunteered to participate in the study. Preliminary experimental results show that the proposed prosthesis with push-off control improves energy expenditure by a percentage ranged from 9.72 % to 14.99 % for level-ground walking compared with the one using non-push-off control.

  2. the costs ofprimary maternity care at the Diepkloof Community ...

    African Journals Online (AJOL)

    range of providers (e.g. specialists, general practitioners, midwives and traditional birth ... rather to gain detailed insight into the cost structure of one particular PHC ... sections, capital costs were a minor factor, accounting for 2% oftotal costs.

  3. Capital Market Implications of Corporate Disclosure: German Evidence

    Directory of Open Access Journals (Sweden)

    Michael Grüning

    2011-04-01

    Full Text Available This paper investigates the relationship between annual report disclosure, market liquidity, and capital cost for firms registered on the Deutsche Börse. Disclosure is comprehensively measured using the innovative Artificial Intelligence Measurement of Disclosure (AIMD. Results show that annual report disclosure enhances market liquidity by changing investors’ expectations and inducing portfolio adjustments. Trading frictions are negatively associated with disclosure. The study provides evidence for a capital-costreduction effect of disclosure based on the analysis of investors’ return requirements and market values. Altogether, no evidence is found that the information processing at the German capital market is structurally different from other markets.

  4. Venture Capital Investment Base on Grey Relational Theory

    Science.gov (United States)

    Zhang, Xubo

    This paper builds a venture capital investment projects selection evaluation model base on risk-weight investment return using grey relational analysis. The risk and return in venture capital investment projects selection process is analyses. These risk and return mainly constricted in management ability, operation ability, market ability, exit obtain and investment cost. The 18 sub-indicators are the impact factors contributed to these five evaluation aspects. Grey relation analysis is use to evaluate the venture capital investment selection. Get the optimal solution of risk-weight double objective investment selection evaluation model. An example is used to demonstrate the model in this paper.

  5. The analysis of capital structure of Chinese real estate listed companies

    Institute of Scientific and Technical Information of China (English)

    LI Peng-yan; LUO Qing-sheng; AO Li-feng

    2005-01-01

    Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder's equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.

  6. Capital Investment by Independent and System-Affiliated Hospitals

    Directory of Open Access Journals (Sweden)

    Nathan W. Carroll PhD

    2015-06-01

    Full Text Available Capital expenditures are a critical part of hospitals’ efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best strategy is to join a multi-hospital system. There is scant empirical evidence to support the idea that system membership improves independent hospitals’ ability to make capital expenditures. Using data from the American Hospital Association and Medicare Cost Reports, we use difference-in-difference methods to examine changes in capital expenditures for independent hospitals that joined multi-hospital systems between 1997 and 2008. We find that in the first 5 years after acquisition, capital expenditures increase by an average of almost $16 000 per bed annually, as compared with non-acquired hospitals. In later years, the difference in capital expenditure is smaller and not statistically significant. Our results do not suggest that increases in capital expenditures vary by asset age or the size of the acquiring system.

  7. Capital Investment by Independent and System-Affiliated Hospitals.

    Science.gov (United States)

    Carroll, Nathan W; Smith, Dean G; Wheeler, John R C

    2015-01-01

    Capital expenditures are a critical part of hospitals' efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best strategy is to join a multi-hospital system. There is scant empirical evidence to support the idea that system membership improves independent hospitals' ability to make capital expenditures. Using data from the American Hospital Association and Medicare Cost Reports, we use difference-in-difference methods to examine changes in capital expenditures for independent hospitals that joined multi-hospital systems between 1997 and 2008. We find that in the first 5 years after acquisition, capital expenditures increase by an average of almost $16,000 per bed annually, as compared with non-acquired hospitals. In later years, the difference in capital expenditure is smaller and not statistically significant. Our results do not suggest that increases in capital expenditures vary by asset age or the size of the acquiring system.

  8. Human Capital and Optimal Positive Taxation of Capital Income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2005-01-01

    textabstractThis paper analyzes optimal linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heteroge- nous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also capital inco

  9. Human Capital and Optimal Positive Taxation of Capital Income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2005-01-01

    textabstractThis paper analyzes optimal linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heteroge- nous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also capital inco

  10. Thin Capitalization Rules and Multinational Firm Capital Structure

    NARCIS (Netherlands)

    Blouin, J.; Huizinga, H.P.; Laeven, L.; Nicodeme, G.

    2014-01-01

    Abstract: This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confide

  11. 75 FR 6151 - Minimum Capital

    Science.gov (United States)

    2010-02-08

    ... finance market conditions; (7) Level of reserves or retained earnings; (8) Initiatives, operations... for a periodic review of core capital maintained by an Enterprise, the amount of capital retained by...

  12. Capital Structure and Assets

    DEFF Research Database (Denmark)

    Flor, Christian Riis

    2008-01-01

    post optimally sell the assets or re-optimize the capital structure. Ex ante, more uncertain asset value decreases leverage, but not firm value, and selling the assets becomes less likely. Firms should tend to invest in assets whose value is less correlated to changes in earnings and, in addition...

  13. Capital projects coordination

    Directory of Open Access Journals (Sweden)

    Zubović Jovan

    2004-01-01

    Full Text Available This paper looks at the difficulties of managing modem capital projects and endeavors to reduce the complexities to simpler and more understandable terms. It examines the project environment, defines project management and discusses points of difference from traditional management. In the second part of the paper are presented fundamentals for project success for different types of projects.

  14. Cooperative social capital

    Directory of Open Access Journals (Sweden)

    Oscar Acera Manero

    2005-12-01

    Full Text Available Social capital consists of the contributions of members and associates, both mandatory and voluntary. From an accounting point of view, it is a liability figure that expresses the value of a portion of the equity of the cooperative. Its inclusion in the liability is not the fact that it is a debt but by its nature unenforceable.

  15. Manage "Human Capital" Strategically

    Science.gov (United States)

    Odden, Allan

    2011-01-01

    To strategically manage human capital in education means restructuring the entire human resource system so that schools not only recruit and retain smart and capable individuals, but also manage them in ways that support the strategic directions of the organization. These management practices must be aligned with a district's education improvement…

  16. Corruption and Social Capital

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    2003-01-01

    I examine the causal relation between social capiatl and corruption. A simple model illustrates potential mechanisms and yields testable implications, which I estimate in a sample of European countries. The estimated effect of social capital on corruption is found to be robust to the inclusion...... redistribution, which in turn reduces corruption....

  17. Manage "Human Capital" Strategically

    Science.gov (United States)

    Odden, Allan

    2011-01-01

    To strategically manage human capital in education means restructuring the entire human resource system so that schools not only recruit and retain smart and capable individuals, but also manage them in ways that support the strategic directions of the organization. These management practices must be aligned with a district's education improvement…

  18. Towards Transnational Academic Capitalism

    Science.gov (United States)

    Kauppinen, Ilkka

    2012-01-01

    This paper contributes to current debates on the relationship between globalisation and higher education. The main argument of the paper is that we are currently witnessing transnationalisation of academic capitalism. This argument is illustrated by examining the collaboration between transnational corporations and research universities, and how…

  19. Risk capital allocation

    DEFF Research Database (Denmark)

    Hougaard, Jens Leth; Smilgins, Aleksandrs

    Risk capital allocation problems have been widely discussed in the academic literature. We consider a company with multiple subunits having individual portfolios. Hence, when portfolios of subunits are merged, a diversification benefit arises: the risk of the company as a whole is smaller than...

  20. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

    Thöni, Christian; Tyran, Jean-Robert; Wengström, Erik Roland

    We show that the standard trust question routinely used in social capital research is importantly related to cooperation behavior and we provide a microfoundation for this relation. We run a large-scale public goods experiment over the internet in Denmark and find that the trust question is a proxy...

  1. NANNING China's Green Capital

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Nanning,the capital city of Guangxi province,is not only the political,economic and cultural center of the province,but also plays an important role in the economic development of southwest China.Nanning's advantageous location makes the city a commercial and communication center,opening China to Southeast Asia.

  2. Risk capital allocation

    DEFF Research Database (Denmark)

    Hougaard, Jens Leth; Smilgins, Aleksandrs

    Risk capital allocation problems have been widely discussed in the academic literature. We consider a company with multiple subunits having individual portfolios. Hence, when portfolios of subunits are merged, a diversification benefit arises: the risk of the company as a whole is smaller than...

  3. Capitalizing on Happenstance

    Science.gov (United States)

    Krumboltz, John D.

    2011-01-01

    Unplanned events occur every day and have a deep impact on individuals' lives. The happenstance learning theory (Krumboltz, 2009; Krumboltz & Levin, 2010), briefly summarized in this article, provides guidance for employment counselors assisting clients to clarify goals and brainstorm actions to capitalize on chance events.

  4. Towards Transnational Academic Capitalism

    Science.gov (United States)

    Kauppinen, Ilkka

    2012-01-01

    This paper contributes to current debates on the relationship between globalisation and higher education. The main argument of the paper is that we are currently witnessing transnationalisation of academic capitalism. This argument is illustrated by examining the collaboration between transnational corporations and research universities, and how…

  5. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

    Thöni, Christian; Tyran, Jean-Robert; Wengström, Erik Roland

    We show that the standard trust question routinely used in social capital research is importantly related to cooperation behavior and we provide a microfoundation for this relation. We run a large-scale public goods experiment over the internet in Denmark and find that the trust question is a proxy...

  6. On Representative Social Capital

    NARCIS (Netherlands)

    Bellemare, C.; Kroger, S.

    2004-01-01

    This paper analyzes data for a random sample drawn from the Dutch population who reveal their propensity to invest and reward investments in building up social capital by means of an economic experiment.We find substantial heterogeneity and asymmetries in the propensity to invest and in the propensi

  7. Human Capital and Sustainability

    Directory of Open Access Journals (Sweden)

    Garry Jacobs

    2011-01-01

    Full Text Available A study of sustainability needs to consider the role of all forms of capital—natural, biological, social, technological, financial, cultural—and the complex ways in which they interact. All forms of capital derive their value, utility and application from human mental awareness, creativity and social innovation. This makes human capital, including social capital, the central determinant of resource productivity and sustainability. Humanity has entered the Anthropocene Epoch in which human changes have become the predominant factor in evolution. Humanity is itself evolving from animal physicality to social vitality to mental individuality. This transition has profound bearing on human productive capabilities, adaptability, creativity and values, the organization of economy, public policy, social awareness and life styles that determine sustainability. This article examines the linkages between population, economic development, employment, education, health, social equity, cultural values, energy intensity and sustainability in the context of evolving human consciousness. It concludes that development of human capital is the critical determinant of long-term sustainability and that efforts to accelerate the evolution of human consciousness and emergence of mentally self-conscious individuals will be the most effective approach for ensuring a sustainable future. Education is the primary lever. Human choice matters.

  8. Understanding your capital options.

    Science.gov (United States)

    Payne, Christopher T

    2012-05-01

    When planning capital expenditures, hospitals and health systems should understand the following financing considerations: Traditional fixed-rate tax-exempt bonds; Variable-rate financing alternatives; Basel III Accord requirements; Direct tax-exempt bank loans; Total return swaps Taxable financings; Interest-rate swaps and collateral requirements

  9. Is capitalism possible?

    NARCIS (Netherlands)

    Gaay Fortman, B. de

    1998-01-01

    In the two ages of its existence capitalism has given proof of its reformability. It was, however, anti-capitalist blueprints and ideas that constituted a continuous spiritual driving force towards reform. Today, after the collapse of real existing socialism there is an urgent need for new alternati

  10. Capital Structure and Assets

    DEFF Research Database (Denmark)

    Flor, Christian Riis

    2008-01-01

    post optimally sell the assets or re-optimize the capital structure. Ex ante, more uncertain asset value decreases leverage, but not firm value, and selling the assets becomes less likely. Firms should tend to invest in assets whose value is less correlated to changes in earnings and, in addition...

  11. Social capital and sports clubs

    OpenAIRE

    Tacon, Richard

    2014-01-01

    Book synopsis: \\ud \\ud This volume provides a collection of critical new perspectives on social capital theory by examining how social values, power relationships, and social identity interact with social capital. This book seeks to extend this theory into what have been largely under-investigated domains, and, at the same time, address long-standing, classic questions in the literature concerning the forms, determinants, and consequences of social capital.\\ud \\ud Social capital can be unders...

  12. Capitalism: A System of Conspiracy

    OpenAIRE

    Das, Subhendu

    2010-01-01

    There are some myths about American capitalism. Some of them are (1) Capitalism made America the richest nation, (2) Capitalism is based on self interest, and (3) America has democracy. We show that the survival of capitalism is based on several powerful conspiracy theories. We briefly describe these conspiracies. Our analysis is based on the following principles: (a) Laws of conservation, (b) System theoretic concepts, and (c) The global space time (GST) environment. Using these princip...

  13. MODELLING SOCIAL CAPITAL AND GROWTH

    OpenAIRE

    Chou, Yuan K.

    2002-01-01

    This paper proposes three theoretical growth models incorporating social capital, based on varied expositions on the concept of social capital and the empirical evidence gathered to date. In these models, social capital impacts growth by assisting in the accumulation of human capital, by affecting financial development through its effects on collective trust and social norms, and by facilitating networking between firms that result in the creation and diffusion of business and technological i...

  14. How venture capital works.

    Science.gov (United States)

    Zider, B

    1998-01-01

    The popular mythology surrounding the U.S. venture-capital industry derives from a previous era. Venture capitalists who nurtured the computer industry in its infancy were legendary both for their risk taking and for their hands-on operating experience. But today things are different, and separating the myths from the realities is crucial to understanding this important piece of the U.S. economy. Today's venture capitalists are more like conservative bankers than the risk takers of days past. They have carved out a specialized niche in the capital markets, filling a void that other institutions cannot serve. They are the linch-pins in an efficient system for meeting the needs of institutional investors looking for high returns, of entrepreneurs seeking funding, and of investment bankers looking for companies to sell. Venture capitalists must earn a consistently superior return on investments in inherently risky businesses. The myth is that they do so by investing in good ideas and good plans. In reality, they invest in good industries--that is, industries that are more competitively forgiving than the market as a whole. And they structure their deals in a way that minimizes their risk and maximizes their returns. Although many entrepreneurs expect venture capitalists to provide them with sage guidance as well as capital, that expectation is unrealistic. Given a typical portfolio of ten companies and a 2,000-hour work year, a venture capital partner spends on average less than two hours per week on any given company. In addition to analyzing the current venture-capital system, the author offers practical advice to entrepreneurs thinking about venture funding.

  15. Avaliação preliminar dos custos de resfriamento de laranja in natura Preliminary evaluation of cooling cost of fresh orange

    Directory of Open Access Journals (Sweden)

    BÁRBARA TERUEL

    2002-04-01

    Full Text Available Este trabalho apresenta um estudo para determinar os custos do resfriamento de laranja Valência (Citrus Sinensis Osbeck num sistema com ar forçado (Ta=1ºC e UR=88,4±2,0% e numa câmara convencional. Os frutos foram resfriados condicionados em dois tipos de embalagens, com área efetiva de abertura de 3,5% e 40%. O custo total anual foi determinado com o cálculo dos custos fixos e variáveis da instalação, e o custo total de resfriamento, baseado na quantidade de frutos que podem ser resfriados em cada sistema, num mesmo período. Comprovou-se que o custo de resfriamento chega a ser de 20% a 40% menor quando os frutos são resfriados no sistema com ar forçado, se comparado com o custo quando os frutos foram resfriados no sistema convencional.This paper presents study of the cooling cost of Valencia orange in a forced-air system and room cooling (Ta=1ºC and RH = 88,4±2,0%.The fruits was conditioned in two package with 3,5% and 40% of opening effective area. The annual total cost was determined with the fixed and variable costs of the installation and the cooling total costs with the quantity of cooling products in the each system for the same period. The cooling total cost is the 40 to 20% smaller, if compared with the cost when the fruits cooling in the conventional room.

  16. A PRACTICAL ASSESSMENT FOR PSYCHOLOGICAL CAPITAL DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Julio César Ponce Gutiérrez

    2016-07-01

    Full Text Available Psychological Capital has to do with individual psychological resources available to people in an organization which are useful for dealing with adversity. In this work, a practice with an intervention program to develop psychological capital is evaluated. The effect of practice in a sample of students in a Venezuelan public university (N = 15 were studied. Research and theory support the relationship of Psychological Capital components of hope, self-efficacy, optimism and resilience, with positive results in organizations both individually and organizational scope. Hence exploring the feature of malleability in CapPsi and therefore its developed capability it is interesting. There have been proven intervention models to develop CapPsi showing positive results. Practice to develop CapPsi (PCP shown in this paper is based on these initial models. Through an experimental design with pre- and post-test the effects of PCP on CapPsi levels is evaluated. Preliminary results support the hypothesis that through a concentrated training with a short practice, you can develop and improve levels of CapPsi.

  17. Working Paper on Social capital

    DEFF Research Database (Denmark)

    Lassen Hanan, Anne

    2013-01-01

    This paper outlines the major schools within social capital theory. Contemporary authors such as Coleman, Putnam and Bourdieu are elaborated on. The paper also presents a non-exhaustive review on studies of social capital. Furthermore, a criticial discussion on social capital is reviewed, before...

  18. Bank capital management : International evidence

    NARCIS (Netherlands)

    De Jonghe, O.G.; Öztekin, Ö.

    2015-01-01

    We examine the dynamic behavior of bank capital using a global sample of 64 countries during the 1994-2010 period. Banks achieve deleveraging through active capital management (equity growth) rather than asset liquidation. In contrast, they achieve leveraging through passive capital management (redu

  19. Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions

    Directory of Open Access Journals (Sweden)

    Alexandra Maßbaum

    2009-12-01

    Full Text Available Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and financing decisions, and whether they can partially explain why corporations receive both debt and equity capital. We model the Belgian, German and Italian rules as examples. We find that the so-called Miller equilibrium and definite financing effects depend significantly on the underlying tax system. Further, our results are useful for the treasury to decide what thin capitalization type to implement.

  20. Academic health systems management: the rationale behind capitated contracts.

    Science.gov (United States)

    Taheri, P A; Butz, D A; Greenfield, L J

    2000-06-01

    To determine why hospitals enter into "capitated" contracts, which often generate accounting losses. The authors' hypothesis is that hospitals coordinate contracts to keep beds full and that in principal, capitated contracts reflect sound capacity management. In high-overhead industries, different consumers pay different prices for similar services (e.g., full-fare vs. advanced-purchase plane tickets, full tuition vs. financial aid). Some consumers gain access by paying less than total cost. Hospitals, like other high-overhead business enterprises, must optimize the use of their capacity, amortizing overhead over as many patients as possible. This necessity for enhanced throughput forces hospitals and health systems to discount empty beds, sometimes to the point where they incur accounting losses serving some payors. The authors analyzed the cost accounting system at their university teaching hospital to compare hospital and intensive care unit (ICU) lengths of stay (LOS), variable direct costs (VDC), overhead of capitated patients, and reimbursement versus other payors for all hospital discharges (n = 29,036) in fiscal year 1998. The data were analyzed by diagnosis-related groups (DRGs), length of stay (LOS), insurance carrier, proximity to hospital, and discharge disposition. Patients were then distinguished across payor categories based on their resource utilization, proximity to the hospital, DRG, LOS, and discharge status. The mean cost for capitated patients was $4,887, less than half of the mean cost of $10,394 for the entire hospitalized population. The mean capitated reimbursement was $928/day, exceeding the mean daily VDC of $616 but not the total cost of $1,445/day. Moreover, the mean total cost per patient day of treating a capitated patient was $400 less than the mean total cost per day for noncapitated patients. The hospital's capitated health maintenance organization (HMO) patients made up 16. 0% of the total admissions but only 9.4% of the total

  1. Reason Why Market Timing Effect Have Few Persistent Influence on Capital Structure:An Empirical Study From on Perspective of Debt Cost%市场时机效应难以对资本结构产生持久性影响的原因——基于债务成本视角的实证研究

    Institute of Scientific and Technical Information of China (English)

    潘敏; 朱迪星; 熊文静

    2011-01-01

    This paper puts forward one channel through which investor's sentiment affects the choicing of capital structure,that is price deviation would influence creditor's expectation,and then influence the cost of debt and financing constraints, and finally influence manager's financing decision. Through the empirical test based on the financial data of listed companies in China during 1999-2008, it draws the following conclusions: investor's sentiment considerably affects the cost of debt of listed companies;in the assumption that investors are not rational, through combining the influence of investor's sentiment on debt cost with the market timing theory,the experienced data of long-term capital structure decision of listed companies can be explained.%提出投资者情绪影响资本结构选择的一条渠道,即价格偏离会造成企业债权人预期变化,进而影响债务成本、融资约束,最终改变经理人的融资决策.应用我国上市公司1999-2008年的财务数据进行横截面实证检验.结果表明:市场情绪在很大程度影响上市公司的债务融资成本;在投资者非理性假设下,考虑市场情绪对债务成本的影响并结合市场时机理论才能解释上市公司的长期资本结构选择的经验数据.

  2. The use of a low cost 3D scanning and printing tool in the manufacture of custom-made foot orthoses: a preliminary study

    Science.gov (United States)

    2014-01-01

    Background Custom foot orthoses are currently recognized as the gold standard for treatment of foot and lower limb pathology. While foam and plaster casting methods are most widely used in clinical practice, technology has emerged, permitting the use of 3D scanning, computer aided design (CAD) and computer aided manufacturing (CAM) for fabrication of foot molds and custom foot orthotic components. Adoption of 3D printing, as a form of CAM, requires further investigation for use as a clinical tool. This study provides a preliminary description of a new method to manufacture foot orthoses using a novel 3D scanner and printer and compare gait kinematic outputs from shod and traditional plaster casted orthotics. Findings One participant (male, 25 years) was included with no lower extremity injuries. Foot molds were created from both plaster casting and 3D scanning/printing methods. Custom foot orthoses were then fabricated from each mold. Lower body plug-in-gait with the Oxford Foot Model on the right foot was collected for both orthotic and control (shod) conditions. The medial longitudinal arch was measured using arch height index (AHI) where a decrease in AHI represented a drop in arch height. The lowest AHI was 21.2 mm in the running shoes, followed by 21.4 mm wearing the orthoses made using 3D scanning and printing, with the highest AHI of 22.0 mm while the participant wore the plaster casted orthoses. Conclusion This preliminary study demonstrated a small increase in AHI with the 3D printing orthotic compared to the shod condition. A larger sample size may demonstrate significant patterns for the tested conditions. PMID:25015013

  3. Reducing Lifecycle Sustainment Costs

    Science.gov (United States)

    2015-05-01

    funding is not allocated for its implementation .  Technology Refresh often requires non-recurring engineering investment, but the Working Capital Funds...Enterprise Resource Planning ( ERP ) systems • Industry • Government • Keys to Achieving O&S Cost Reduction Agenda 6 O&S Cost Estimating...policy and conducts oversight – Military departments are allowed considerable latitude in implementation • Army: OSMIS • Navy: Navy VAMOSC • Air

  4. Manual of phosphoric acid fuel cell power plant cost model and computer program

    Science.gov (United States)

    Lu, C. Y.; Alkasab, K. A.

    1984-01-01

    Cost analysis of phosphoric acid fuel cell power plant includes two parts: a method for estimation of system capital costs, and an economic analysis which determines the levelized annual cost of operating the system used in the capital cost estimation. A FORTRAN computer has been developed for this cost analysis.

  5. Evaluación preliminar de las patologías cutáneas asociadas con la aclimatación en cautiverio del “capitán de la sabana”, Eremophilus mutisii Preliminary Evaluation of Skin Pathology Associated with Captivity Aclimatation of “Capitán de la Sabana”, Eremophilus mutisii

    Directory of Open Access Journals (Sweden)

    Rodríguez A.

    2005-12-01

    Full Text Available El objetivo de este estudio fue investigar las causas que provocan ulceraciones mortales en capitanes de la sabana, Eremophilus mutisii, provenientes del embalse de Fúquene, departamento de Cundinamarca, Colombia (05°28'N 73°44'W, sometidos a cautiverio. De un lote de 53 peces se tomaron diez animales a los cuales se les realizaron, estudios clínicos, bacteriológicos, e histopatológicos de las úlceras dur ante ocho días, igualmente se realizó un antibiograma. Tanto en las lesiones como en el agua se aislaron bacterias Pseudomona spp. y Escherichia coli, resistentes a amoxicilina y sensibles a ciprofloxacina, norfloxacina, furazolidona y tetraciclina. El análisis histológico demostró necrosis de la epidermis y de los tejidos dérmicos subyacentes, e hiperplasia de las laminillas branquiales. El cuadro patológico se asocia con factores de estrés. Se sugiere realizar estudios adicionales sobre la etiología de la enfermedad y diseñar planes profilácticas con el fin de minimizar las pérdidas de los peces en cautiverio, los cuales exceden el 50% de los animales capturados.The aim of the present study was to explore the etiology of mortal ulcerations in "capitán de la sabana". Fishes were captured from Fúquene Lake, Cundinamarca department, Colombia (05°28'N 73°44'W and stocked in 100 L glass tanks in captivity. Ten fishes with skin ulcers were kept in an independent tank and changes in morphology, bacterial flora and organization of tissues were evaluated by means of bacteriology and histology techniques during eight days. Cultures for bacteria were done from the skin ulcers and from the tank water, and an antibiogram was carried out. The analysis showed the presence of common bacteria in the water flora and ulcers: Pseudomona spp. and Escherichia coli, resistant to the amoxicilin and sensitive to the ciprofloxacin, norfloxacin, furazolidon and tetraciclin. The histology demonstratednecrosis of the epidermis and underlaying

  6. Ensayo sobre el Capital Social

    Directory of Open Access Journals (Sweden)

    Ramón Frediani

    2011-08-01

    Full Text Available En la teoría económica existen distintas definiciones de capital: capital físico, el capital en recursos naturales, el capital financiero, el capital en infraestructura económica, el capital en infraestructura social y el capital humano. Todos ellos son condiciones necesarias para que un país alcance el desarrollo económico y social y un alto estándar y calidad de vida de sus habitantes, pero no suficientes puesto que hace falta una categoría adicional de capital. En los últimos años ha surgido el análisis de una nueva categoría: el Capital Social. El concepto se ha convertido en uno de los temas más debatidos de las ciencias sociales y políticas. Se refiere a un elemento invisible, etéreo, menos tangible que el capital humano (conocimientos y/o habilidades de los individuos o el capital físico (bienes materiales, pero que resulta decisivo para la actividad productiva, la satisfacción de las necesidades personales y el desarrollo comunitario y de una sociedad toda.

  7. Capital Requirements and Banks' Leniency

    DEFF Research Database (Denmark)

    Dietrich, J. Kimball; Wihlborg, Clas

    2003-01-01

    We investigate the effect of changes in capital regulation on the strictness(leniency) of loan terms using a simple model of bank capital requirements andasset quality examinations. Banks offer different levels of `leniency' in the senseof willingness to offer automatic extensions of loans...... in the presence of temporarypayment difficulties of borrowers. Banks offering lenient (less strict) loan termsmust have higher initial levels of capital and charge higher loan rates. Whencapital requirements are increased, both strict and lenient banks hold higher levelsof initial capital and they raise loan...... rates. As capital requirements increase thedifference between initial capital levels and between interest rates of strict andlenient banks decrease. Thus, higher capital requirements in recessions tend toreduce the interest rate premium paid for leniency. If a recession is interpreted asan increase...

  8. Religious social capital: Its measurement and utility in the study of the social determinants of health

    Science.gov (United States)

    Maselko, Joanna; Hughes, Cayce; Cheney, Rose

    2014-01-01

    As a social determinant of health, religiosity remains not well understood, despite the prevalence of religious activity and prominence of religious institutions in most societies. This paper introduces a working measure of Religious Social Capital and presents preliminary associations with neighborhood social capital and urban stressors. Religious social capital is defined as the social resources available to individuals and groups through their social connections with a religious community. Domains covered include group membership, social integration, values/norms, bonding/bridging trust as well as social support. Cross-sectional data come from a convenience sample of 104 community dwelling adults residing in a single urban neighborhood in a large US city, who also provided information on neighborhood social capital, and experiences of urban stressors. Results suggest that religious social capital is a valid construct that can be reliably measured. All indicators of religious social capital were higher among those who frequently attended religious services, with the exception of bridging trust (trust of people from different religious groups). A weak, inverse, association was also observed between religious and neighborhood social capital levels. Levels of religious social capital were correlated with higher levels of reported urban stressors, while neighborhood social capital was correlated with lower urban stressor levels. A significant percent of the sample was unaffiliated with a religious tradition and these individuals were more likely to be male, young and more highly educated. Social capital is a promising construct to help elucidate the influence of religion on population health. PMID:21802182

  9. Leveraging organisational cultural capital

    Directory of Open Access Journals (Sweden)

    R Scheel

    2007-01-01

    Full Text Available Organisational culture discourse mandates a linear approach of diagnosis, measurement and gap analysis as standard practice in relation to most culture change initiatives. Therefore, a problem solving framework geared toward “fixing�? and/or realigning an organisation’s culture is usually prescribed. The traditional problem solving model seeks to identify gaps between current and desired organisational cultural states, inhibiting the discovery of an organisation’s unique values and strengths, namely its cultural capital. In pursuit of discovering and leveraging organisational cultural capital, a descriptive case study is used to show how an Appreciative Inquiry process can rejuvenate the spirit of an organisation as a system-wide inquiry mobilises a workforce toward a shared vision.

  10. Managing soil natural capital

    DEFF Research Database (Denmark)

    Cong, Ronggang; Termansen, Mette; Brady, Mark

    2017-01-01

    Farmers are exposed to substantial weather and market related risks. Rational farmers seek to avoid large losses. Future climate change and energy price fluctuations therefore make adaptating to increased risks particularly important for them. Managing soil natural capital—the capacity of the soil...... to generate ecosystem services of benefit to farmers—has been proven to generate the double dividend: increasing farm profit and reducing associated risk. In this paper we explore whether managing soil natural capital has a third dividend: reducing the downside risk (increasing the positive skewness of profit......). This we refer to as the prudence effect which can be viewed as an adaptation strategy for dealing with future uncertainties through more prudent management of soil natural capital. We do this by developing a dynamic stochastic portfolio model to optimize the stock of soil natural capital—as indicated...

  11. Start-Up Capital

    OpenAIRE

    Verheul, Ingrid; Thurik, Roy

    2000-01-01

    textabstractFemale and male entrepreneurs differ in the way they finance their businesses. This can be attributed to the type of business and the type of management and experience (indirect effect). Female start-ups may also experience other barriers based upon discriminatory effects (direct effect). Whether gender has an impact on size and composition of start-up capital, is the subject of the present paper. To test for these direct and indirect effects data of 2000 Dutch starting entreprene...

  12. Is Social Capital an Effective Smoke Condenser? An Essay on Concept Linking the Social Sciences

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard; Paldam, Martin

    1998-01-01

    Social capital is defined as mutual trust. It is related to production by a key hypothesis: social capital determines how easily people work together. An easy-to-use proxy (Putnam's Instrument) is the density of voluntary organizations. Social capital might be a new production factor which must...... be added to human and physical capital, or it might enter as a reduction in either transaction or monitoring costs. A direct and an indirect way to measure social capital are discussed. The crucial question is if social capital can be changed. That is, if self enforcement can replace third party...... enforcement, and it is discussed how much harm totalitarian regimes do to social capital, when they expand their area of central control....

  13. ROLE OF HUMAN CAPITAL INVESTMENT IN A COMPETITIVE ECONOMY

    Directory of Open Access Journals (Sweden)

    Mungiu-Pupăzan Mariana Claudia

    2012-12-01

    Full Text Available This paper wants an analysis of investment in human capital as an important resource in the economy. The paper also seeks to strengthen the argument that this resource plays an important role in a competitive economy. The essence of the idea of human capital investment is made in human resources to improve their productivity. Costs are incurred in the expectation of future benefits, hence the term "investment" in human resources. Like all investments, and there is no question if economically justified. The answer to this question depends on whether or not the benefits outweigh the costs by an amount satisfactory or not they apply standard investment criteria.

  14. Biomass removal, retention, and costs associated with biomass harvesting in the partial harvest systems of Ontario's Great Lakes-Saint Lawrence forest region : preliminary results

    Energy Technology Data Exchange (ETDEWEB)

    Wolf, D. [Toronto Univ., ON (Canada). Faculty of Forestry

    2010-07-01

    Recent bioenergy policy developments in Ontario have increased interest in forest biomass supply research. Biomass harvested from clearcut and partial harvest system in the Great Lakes-Saint Lawrence (GLSL) region can be used to supply centralized pellet plants or directly to forest mill-based conversion facilities for electricity generation. Preliminary results from a biomass harvesting trial conducted in the GLSL have confirmed that whole-tree harvesting (WTH) and the removal of skid trail results in increased biomass removal and improved operational productivity relative to conventional cut-to-length methods. Biomass removals can be increased through the imposition of smaller minimum topping diameters and the harvesting of unmerchantable trees. The results of a study conducted to evaluate the difference between conventional and biomass harvesting in a shelterwood and selection system in the GLSL has indicated that increases in the amount of firewood and small, irregular blocks of wood recovered from biomass harvests are negligible compared with conventional harvesting practices. Biomass harvesting trials are currently being conducted to determine biomass removal and operational productivity calculations for determining the overall economic feasibility of biomass harvesting for energy in the region.

  15. fuente de capital humano

    Directory of Open Access Journals (Sweden)

    Ligia Becerra

    2005-01-01

    Full Text Available El capital intelectual es una concepción novedosa, tipificada como un activo intangible que agrega valor a la empresa; está formado por tres componentes: el capital organizacional, el humano y el relacional. El capital humano está relacionado con el desarrollo y los conocimientos del individuo, que permite diferenciar a un profesional de otro. El objetivo de este trabajo es analizar la formación del Contador Público egresado de la Universidad de Los Andes (ULA de Trujillo, como fuente de capital humano para su desempeño profesional. Los datos se recolectaron aplicando un cuestionario a una muestra aleatoria de 47 de estos profesionales, empleando para el análisis y presentación de los resultados técnicas estadísticas. La investigación evidencia que la mayoría de los encuestados poseen un nivel de satisfacción de medio a bajo con su formación de pregrado, señalando como principales debilidades del Plan de Estudio las áreas tributaria y cambiaria, el manejo instrumental del inglés y el conocimiento de las normativas que rigen el sistema económico. La formación en algunas de estas áreas la han mejorado a través de otras actividades de capacitación. No obstante reconocen algunas fortalezas tales como: el aprendizaje y dominio de conceptos y Principios Contables de Aceptación General, las matemáticas y estadística, el manejo de la contabilidad computarizada y las habilidades para analizar e interpretar problemas contables. Se concluye que a pesar de las deficiencias, la realización de cursos de actualización, junto con las fortalezas en la formación de la carrera, ha contribuido a que el contador público egresado de la ULA de Trujillo constituya un capital humano con ventaja competitiva.

  16. Rolling capital: managing investments in a value-based care world.

    Science.gov (United States)

    Jasuta, Lynette

    2016-06-01

    The importance of capital planning is increasing as the healthcare industry moves toward value-based care. Replacing unwieldy and inflexible traditional capital planning processes with a rolling capital planning approach can result in: Greater standardization, facilitating better strategic planning across the whole system. Reduced labor intensity in the planning and budgeting process. Reduced costs through being able to plan better for replacement purchases and take advantage of group purchasing and bundling opportunities. Increased transparency in the decision-making process.

  17. Medicação de alto custo para portador de sofrimento psíquico: um estudo preliminar dos custos = High Cost Drugs for carrier of psychic suffering: a preliminary study of costs

    Directory of Open Access Journals (Sweden)

    Guilherme Correa Barbosa

    2007-01-01

    Full Text Available O presente trabalho teve como objetivo identificar os valores dosmedicamentos de alto custo utilizados por portadores de Esquizofrenia Refratária atendidos em unidade ambulatorial. O estudo foi realizado através de uma análise de documentos em um Centro de Apoio Psicossocial, no período de junho de 2005 a maio de 2006, com 33usuários que faziam uso da medicação. A análise dos dados revelou que os medicamentos mais utilizados para os portadores de Esquizofrenia Refratária foram: clozapina de 100 mg e risperidona de 2 mg. Observou-se que o tratamento com o medicamento olanzapina 10 mg tem um custo mais alto e com o medicamento risperidona de 2 mg apresenta um custo mais baixo. Verificou-se que é necessário o monitoramento do consumo e dos custos dos medicamentos de alto custo, uma vez que fornece subsídios para melhor gerenciamento dos gastos e novos investimentos no serviço. Além disso, identificou-se também a necessidade de mais estudos na área para contribuir com o controle de custos.The present work aims to raise the costs of high-cost drugs used to treat patients of Refractory Schizophrenia in ambulatory unit. The study was carried out in the Psychosocial Support Center, which treated 33 patients with these medications, during the period of June, 2005 to May, 2006. Data analysis disclosed that the mostly used drugs to treat the carriers of Refractory Schizophrenia were: clozapina and risperidona. It was observed that the treatment with olanzapina is more expensive than that with risperidona. The study concluded that the analysis of the consumption and costs of drugs of high cost is necessary to subside better management of the expenses and new investments in the service. Moreover, the necessity of more studies in the area was also identified to contribute with the control of costs.

  18. Seeding Social Capital? Urban Community Gardening and Social Capital

    DEFF Research Database (Denmark)

    Christensen, Søren

    2017-01-01

    There is a continuing debate regarding urban community gardening’s benefits to local communities, and a particularly interesting branch of this debate has focused on community gardens capacity to encourage and facilitate social interaction, which may generate social capital. Social capital...... is an increasingly important concept in international research and measures of social capital have been associated with various measures of health. In a meta-analysis of literature published between 2000 and 2016 regarding community gardens’ social advantages, through the lens of the concept of social capital......, it is demonstrated that several studies substantiate that urban community gardens create social capital, both bonding and bridging, and exhibit indications of linking. It is moreover identified how there is much to be learned from future research, illuminating how urban community gardens can foster social capital...

  19. Exploiting Performance of Different Low-Cost Sensors for Small Amplitude Oscillatory Motion Monitoring: Preliminary Comparisons in View of Possible Integration

    OpenAIRE

    Elisa Benedetti; Roberta Ravanelli; Monica Moroni; Andrea Nascetti; Mattia Crespi

    2016-01-01

    We address the problem of low amplitude oscillatory motion detection through different low-cost sensors: a LIS3LV02DQ MEMS accelerometer, a Microsoft Kinect v2 range camera, and a uBlox 6 GPS receiver. Several tests were performed using a one-direction vibrating table with different oscillation frequencies (in the range 1.5–3 Hz) and small challenging amplitudes (0.02 m and 0.03 m). A Mikrotron EoSens high-resolution camera was used to give reference data. A dedicated software tool was develo...

  20. Does social capital help solving real world collective action problems?

    DEFF Research Database (Denmark)

    Nannestad, Peter

    2007-01-01

    A growing number of empirical macro-level studies show that social capital has various beneficial economic and political consequences. At the micro-level these beneficial effects are normally ascribed to the positive effects of social capital on transaction costs and/or the ability to solve...... collective action problems. However, these micro-level effects of social capital are more often assumed or postulated than empirically demonstrated. Using the collective action problem of organizing for the furthering of a common (collective) interest or good among non-western first-generation immigrants...... in Denmark this paper provides empirical evidence that the number of memberships in voluntary com¬mon-interest associations - i.e. the propensity to choose the cooperative strategy of joining this type of associations - is indeed positively and significantly related to the individual’s social capital...

  1. On the capitalization and cultivation of social capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Waldstrøm, Christian

    2008-01-01

    Bourdieu's (1986) seminal definition of social capital as "the aggregate of the actual or potential resources" is reflected in older definitions, as well as in many current within sociology (e.g. Portes, 2000) and organization (Adler & Kwon, 2002). The definition is interesting, because it directs...... a dual focus on social capital as both immediately and potentially productive resources, i.e. assets that can be immediately capitalized by individuals as well as ‘cultivated' for future use. We argue that to further operationalize this concept we must distinguish between actual/potential social capital...

  2. Approaches to evaluation of changes in capital structure in industrial branches

    Directory of Open Access Journals (Sweden)

    Martin Landa

    2010-01-01

    Full Text Available Capital structure is described as a relation between equity and debts while the mutual consequences among items of company’s assets and resources employed as well as the cost of capital are also taken into account. Both, the theory and practice, at evaluation of approaches to capital structure are focu­sed on creation and optimization of capital structure. Relatively less frequent approach is the analy­sis of a state and of changes in capital structure on the level of whole business branch. But on this basis, it is possible to investigate some “average” approaches to selection of financial resources. At ca­pi­tal structure optimization (the proportion between equity and debts, a wide range of criteria plays a substantial role, e.g. cost of capital, risk, expected profitability, liquidity, dividend policy. These criteria have joint effect. This way, a logic question which criteria are preferred more and which criteria are preferred less appears. The article deals with the analysis of capital structure of three branches of manufacturing industry (the branch of production of plastics, the branch of production of electric equipments, the branch of production of textile in the years 2007–2009 with the special focus on development of financial structure, capital structure and on cost of capital.

  3. Social Capital in Rural Denmark

    DEFF Research Database (Denmark)

    Svendsen, G.L.; Svendsen, Gert Tinggaard

    1999-01-01

    What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society...... and allows more transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to the general recommendation that any loss in social capital must be deducted from the economic gain following market forces. For example, the voluntary organization of small......-sized groups in the Danish Cooperative Dairy Movement was eliminated due to economies of scale. It may be so that an alternative way of production, taking social capital into account, could have increased economic growth further....

  4. Social capital and psychological distress.

    Science.gov (United States)

    Song, Lijun

    2011-12-01

    The author proposes a conceptual model to explain the diverse roles of social capital--resources embedded in social networks--in the social production of health. Using a unique national U.S. sample, the author estimated a path analysis model to examine the direct and indirect effects of social capital on psychological distress and its intervening effects on the relationships between other structural antecedents and psychological distress. The results show that social capital is inversely associated with psychological distress, and part of that effect is indirect through subjective social status. Social capital also acts as an intervening mechanism to link seven social factors (age, gender, race-ethnicity, education, occupational prestige, annual family income, and voluntary participation) with psychological distress. This study develops the theory of social capital as network resources and demonstrates the complex functions of social capital as a distinct social determinant of health.

  5. A new approach to obtain metric data from video surveillance: Preliminary evaluation of a low-cost stereo-photogrammetric system.

    Science.gov (United States)

    Russo, Paolo; Gualdi-Russo, Emanuela; Pellegrinelli, Alberto; Balboni, Juri; Furini, Alessio

    2017-02-01

    Using an interdisciplinary approach the authors demonstrate the possibility to obtain reliable anthropometric data of a subject by means of a new video surveillance system. In general the use of current video surveillance systems provides law enforcement with useful data to solve many crimes. Unfortunately the quality of the images and the way in which they are taken often makes it very difficult to judge the compatibility between suspect and perpetrator. In this paper, the authors present the results obtained with a low-cost photogrammetric video surveillance system based on a pair of common surveillance cameras synchronized with each other. The innovative aspect of the system is that it allows estimation with considerable accuracy not only of body height (error 0.1-3.1cm, SD 1.8-4.5cm) but also of other anthropometric characters of the subject, consequently with better determination of the biological profile and greatly increased effectiveness of the judgment of compatibility.

  6. 12 CFR Appendix A to Part 208 - Capital Adequacy Guidelines for State Member Banks: Risk-Based Measure

    Science.gov (United States)

    2010-01-01

    ... gains (that is, the excess, if any, of the fair value over historical cost) on available-for-sale equity... Measurement,” July 1988. The risk-based capital guidelines include both a definition of capital and a... intangible assets—a. Goodwill. Goodwill is an intangible asset that represents the excess of the cost of...

  7. A Low-Cost GPS GSM/GPRS Telemetry System: Performance in Stationary Field Tests and Preliminary Data on Wild Otters (Lutra lutra)

    Science.gov (United States)

    Quaglietta, Lorenzo; Martins, Bruno Herlander; de Jongh, Addy; Mira, António; Boitani, Luigi

    2012-01-01

    Background Despite the increasing worldwide use of global positioning system (GPS) telemetry in wildlife research, it has never been tested on any freshwater diving animal or in the peculiar conditions of the riparian habitat, despite this latter being one of the most important habitat types for many animal taxa. Moreover, in most cases, the GPS devices used have been commercial and expensive, limiting their use in low-budget projects. Methodology/Principal Findings We have developed a low-cost, easily constructed GPS GSM/GPRS (Global System for Mobile Communications/General Packet Radio Service) and examined its performance in stationary tests, by assessing the influence of different habitat types, including the riparian, as well as water submersion and certain climatic and environmental variables on GPS fix-success rate and accuracy. We then tested the GPS on wild diving animals, applying it, for the first time, to an otter species (Lutra lutra). The rate of locations acquired during the stationary tests reached 63.2%, with an average location error of 8.94 m (SD = 8.55). GPS performance in riparian habitats was principally affected by water submersion and secondarily by GPS inclination and position within the riverbed. Temporal and spatial correlations of location estimates accounted for some variation in the data sets. GPS-tagged otters also provided accurate locations and an even higher GPS fix-success rate (68.2%). Conclusions/Significance Our results suggest that GPS telemetry is reliably applicable to riparian and even diving freshwater animals. They also highlight the need, in GPS wildlife studies, for performing site-specific pilot studies on GPS functioning as well as for taking into account eventual spatial and temporal correlation of location estimates. The limited price, small dimensions, and high performance of the device presented here make it a useful and cost-effective tool for studies on otters and other aquatic or terrestrial medium

  8. A low-cost GPS GSM/GPRS telemetry system: performance in stationary field tests and preliminary data on wild otters (Lutra lutra.

    Directory of Open Access Journals (Sweden)

    Lorenzo Quaglietta

    Full Text Available BACKGROUND: Despite the increasing worldwide use of global positioning system (GPS telemetry in wildlife research, it has never been tested on any freshwater diving animal or in the peculiar conditions of the riparian habitat, despite this latter being one of the most important habitat types for many animal taxa. Moreover, in most cases, the GPS devices used have been commercial and expensive, limiting their use in low-budget projects. METHODOLOGY/PRINCIPAL FINDINGS: We have developed a low-cost, easily constructed GPS GSM/GPRS (Global System for Mobile Communications/General Packet Radio Service and examined its performance in stationary tests, by assessing the influence of different habitat types, including the riparian, as well as water submersion and certain climatic and environmental variables on GPS fix-success rate and accuracy. We then tested the GPS on wild diving animals, applying it, for the first time, to an otter species (Lutra lutra. The rate of locations acquired during the stationary tests reached 63.2%, with an average location error of 8.94 m (SD = 8.55. GPS performance in riparian habitats was principally affected by water submersion and secondarily by GPS inclination and position within the riverbed. Temporal and spatial correlations of location estimates accounted for some variation in the data sets. GPS-tagged otters also provided accurate locations and an even higher GPS fix-success rate (68.2%. CONCLUSIONS/SIGNIFICANCE: Our results suggest that GPS telemetry is reliably applicable to riparian and even diving freshwater animals. They also highlight the need, in GPS wildlife studies, for performing site-specific pilot studies on GPS functioning as well as for taking into account eventual spatial and temporal correlation of location estimates. The limited price, small dimensions, and high performance of the device presented here make it a useful and cost-effective tool for studies on otters and other aquatic or

  9. Re-Thinking Social Capital

    Directory of Open Access Journals (Sweden)

    Zlatko Bukač

    2011-06-01

    Full Text Available The concept of social capital has been used very often in sociological researches over the last two decades. Measuring social capital in civil society, neighborhoods and educational systems is merely a part of its popular usage. Many sociologists tend to use the concept of social capital very freely and therefore expand the definition of social capital. The author’s personal experience indicates that there have been a great number of academic discussions, research planning and public speeches implementing the notion of social capital without taking a detailed consideration of what that concept truly entails. By overviewing the available literature on social capital, it is actually no wonder that both sociologists and the noted concept were in this confusing situation. As Field stated in his book Social Capital (Key Ideas, published in 2008, his work was “the first attempt to provide an extended introduction on increasingly influential concept of social capital” (Field 1. Quibria notes that even though there is a vast number of research conducted on social capital in many academic fields and with various approaches ‘the concept of social capital remains largely elusive’’(1. That obviously is not an obstacle because there is a constantly growing interest in social capital. A vast body of research concerning, measuring, and defining social capital is available today, which helps a researcher to analyze and compare all of the perspectives concerning social capital. This can be of great importance when researchers approach a somewhat new subject of research such as online communication and, more specifically, online games.

  10. Contratos de capital humano

    Directory of Open Access Journals (Sweden)

    Oscar Alejandro Goyes Viteri

    2005-01-01

    Full Text Available Este documento busca dar a conocer el tema de la inversión en capital humano a través de la celebración de contratos atípicos y utilizando la fiducia mercantil y la titularización como vehículos financieros. Por medio de estos contratos un estudiante obtiene los recursos que requiere para financiar su educación superior, a cambio de entregar un porcentaje de sus ingresos después de su graduación a quien financió la operación.

  11. Capital social comunicativo

    Directory of Open Access Journals (Sweden)

    Darío Ángel

    2011-01-01

    Full Text Available En este artículo se buscan establecer las bases para una transformación del tradicional triángulo comunicativo emisor-mensaje-receptor, por un esquema que haga alusión a la dinámica social de la comunicación relacionada con lo público: actores-escenarios-sentidos. De esta forma, es posible conformar guías para la acción y encontrar en los actores ciudadanos de comunicación, la conformaciónde un capital social para la democracia.

  12. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

    Thöni, Christian; Tyran, Jean-Robert; Wengström, Erik Roland

    We show that the standard trust question routinely used in social capital research is importantly related to cooperation behavior and we provide a microfoundation for this relation. We run a large-scale public goods experiment over the internet in Denmark and find that the trust question is a proxy...... for cooperation preferences rather than beliefs about others' cooperation. To disentangle the preference and belief channels, we run a (standard) public goods game in which beliefs matter for cooperation choices and one (using the strategy method) in which they do not matter. We show that the "fairness question...

  13. Financing U.S. Renewable Energy Projects Through Public Capital Vehicles: Qualitative and Quantitative Benefits

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, M.; Feldman, D.

    2013-04-01

    This paper explores the possibility of financing renewable energy projects through raising capital in the public markets. It gives an overview of the size, structure, and benefits of public capital markets, as well as showing how renewable energy projects might take advantage of this source of new funds to lower the cost of electricity.

  14. A Capital-Financing Plan for School Systems and Local Government

    Science.gov (United States)

    Hodge, Penny

    2012-01-01

    School business officials are best equipped to lead in funding operating and capital needs because they understand the need for a methodical means of funding ongoing costs over time and the benefits of planning for future financial needs rather than letting emergencies dictate spending priorities. A capital-financing plan makes it possible to…

  15. Educational loan and human capital accumulation in a small open economy

    OpenAIRE

    Megumi Mochida

    2004-01-01

    Cartiglia (1997) shows that trade increases human capital investment in developing countries unless there are credit markets for individuals. In this paper, when households can borrow the education cost from a market, a trade-induced decrease in the skilled wage leads to less human capital investment in developing countries.

  16. Towards a capitation formula for competing health insurers. An empirical analysis

    NARCIS (Netherlands)

    R.C.J.A. van Vliet (René); W.P.M.M. van de Ven (Wynand)

    1992-01-01

    markdownabstract__Abstract__ In many countries the concept of capitating health care insurers is receiving increasing attention. The main reason is, that capitation may induce health care insurers in a competitive environment to concentrate more on cost containment. However, if the adjusters on

  17. Deviance as Pedagogy: From Nondominant Cultural Capital to Deviantly Marked Cultural Repertoires

    Science.gov (United States)

    Dixon-Román, Ezekiel J.

    2014-01-01

    Background/Context: Pierre Bourdieu's concept of cultural capital has been employed extensively in sociological, educational, and anthropological research. However, Bourdieu's conceptualization of cultural capital has often been misread to refer only to "high status" or dominant cultural norms and resources at the cost of…

  18. Human capital strategy: talent management

    National Research Council Canada - National Science Library

    Nagra, Michael

    2011-01-01

    .... This article elaborates the human capital management strategy within the Army Nurse Corps, which identifies, develops, and implements key talent management strategies under the umbrella of the Corps...

  19. Taxes and Venture Capital Support

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    -set may paradoxically contribute to higher quality of venturecapital finance and welfare. Subsidies to physical investment in VC-backed startupsare detrimental in our framework.Keywords: Venture capital, capital gains taxation, double moral hazard.JEL-Classification: D82, G24, H24, H25......'s success, but is not verifiable. Asa result, the market equilibrium is biased towards inefficiently low venture capitalsupport. The capital gains tax becomes especially harmful, as it further impairsadvice and causes a first-order welfare loss. Once the capital gains tax is in place,limitations on loss off...

  20. Capital and operating costs of irradiated natural uranium reprocessing plants; Couts d'investissement et d'exploitation des usines de retraitement de l'uranium naturel irradie

    Energy Technology Data Exchange (ETDEWEB)

    Thiriet, L.; Jouannaud, C.; Couture, J.; Duboz, J. [Commissariat a l' Energie Atomique (France). Centre d' Etudes Nucleaires; Oger, C. [Saint Gobain Nucleaire (France)

    1966-07-01

    This paper presents first a method of analysing natural uranium reprocessing plants investment costs (method similar to LANG and BACH well known in the fuel oil industry) and their operating costs (analysed according to their economic type). This method helps establishing standard cost structures for these plants, allowing thus comparisons between existing or planned industrial facilities. It also helps evaluating the foreseeable consequences of technical progress. Some results obtained are given, concerning: the investment costs sensitivity to the various technical parameters defining the fuel and their comparison according to the country or the economic area taken into account. Finally, the influence of the plants size on their investment costs is shown. (author) [French] La communication expose d'abord une methode d'analyse des couts d'investissement des usines de retraitement de l'uranium naturel irradie (inspiree de celles de LANG et de BACH, bien connues dans l'industrie petroliere) et de leurs couts d'exploitation (selon leur nature economique). Cette methode permet d'etablir des structures types de couts de ces usines et de comparer les realisations industrielles et les projets. Elle facilite l'exploration des consequences previsibles du progres technique. On indique un certain nombre de resultats obtenus, concernant la sensibilite des couts d'investissement de ces usines aux differents parametres techniques definissant le combustible et leur confrontation selon les pays ou aires economiques envisages. On montre enfin comment doit pouvoir s'exprimer l'influence de la taille des usines sur leur cout d'investissement. (auteur)

  1. Preliminary designs: passive solar manufactured housing. Technical status report

    Energy Technology Data Exchange (ETDEWEB)

    1980-05-12

    The criteria established to guide the development of the preliminary designs are listed. Three preliminary designs incorporating direct gain and/or sunspace are presented. Costs, drawings, and supporting calculations are included. (MHR)

  2. From Information Capitalism to Information Socialism

    Institute of Scientific and Technical Information of China (English)

    XiaoFeng

    2005-01-01

    Information technology and information capital are both neutral in character and can serve socialism as well as capitalism. As Karst pointed out, the information society is culturally and institutionally diverse. If in their transformation into social morphology information technology and capital may both end in socialism as well as capitalism, then what is the essential distinction between information capitalism and information socialism?

  3. Human capital and optimal positive taxation of capital income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2010-01-01

    textabstractThis paper analyzes optimal linear and non-linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heterogenous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also

  4. Culture as Capital

    DEFF Research Database (Denmark)

    Kacunko, Slavko

    A collection of essays 2011-2014 By following, and reproducing, the cultural turn, the rhetoric of cultural mix and hybridism is disseminated today primarily in its crossing of trade barriers. Cultures reduced to their exchange value function as capital - an accumulative, speculative and, ultimat......A collection of essays 2011-2014 By following, and reproducing, the cultural turn, the rhetoric of cultural mix and hybridism is disseminated today primarily in its crossing of trade barriers. Cultures reduced to their exchange value function as capital - an accumulative, speculative and......, ultimately, financial affair. In some of its media and site-(un)specific manifestations, process art - which aims to encompass both old and new media art - seems to resist this pressure, despite, nonetheless, not being protected from regulations and incorporations. In the present collection of his recent...... essays, Slavko Kacunko discusses the process art by crossing the disciplines of art history and comparative media-, visual- and -cultural studies. As a first approximation, several historiographical remarks on closed-circuit video installations underline their importance as a core category of process art...

  5. Exploiting Performance of Different Low-Cost Sensors for Small Amplitude Oscillatory Motion Monitoring: Preliminary Comparisons in View of Possible Integration

    Directory of Open Access Journals (Sweden)

    Elisa Benedetti

    2016-01-01

    Full Text Available We address the problem of low amplitude oscillatory motion detection through different low-cost sensors: a LIS3LV02DQ MEMS accelerometer, a Microsoft Kinect v2 range camera, and a uBlox 6 GPS receiver. Several tests were performed using a one-direction vibrating table with different oscillation frequencies (in the range 1.5–3 Hz and small challenging amplitudes (0.02 m and 0.03 m. A Mikrotron EoSens high-resolution camera was used to give reference data. A dedicated software tool was developed to retrieve Kinect v2 results. The capabilities of the VADASE algorithm were employed to process uBlox 6 GPS receiver observations. In the investigated time interval (in the order of tens of seconds the results obtained indicate that displacements were detected with the resolution of fractions of millimeters with MEMS accelerometer and Kinect v2 and few millimeters with uBlox 6. MEMS accelerometer displays the lowest noise but a significant bias, whereas Kinect v2 and uBlox 6 appear more stable. The results suggest the possibility of sensor integration both for indoor (MEMS accelerometer + Kinect v2 and for outdoor (MEMS accelerometer + uBlox 6 applications and seem promising for structural monitoring applications.

  6. Capital Subsidies and the Underground Economy

    DEFF Research Database (Denmark)

    Busato, Francesco; Chiarini, Bruno; Angelis, Pasquale de

    to offset the specific costs usually stressed by literature on underground production, such as those suggested by Loayza (1994) andAnderberg et al. (2003). Investigating the effects of different fiscal policy interventions,we find that taxation is a critical parameter to define the size of capital...... allocation in the underground production. In fact, a strong and inverse relationship is found, and tax reduction is the best policy to reduce the convenience to produce underground. Wealso confirm the depressing effect on investment of taxation (see, for instance, Summers,1981), so that tax reduction has...

  7. Optimal portfolio selection for cashflows with bounded capital at risk

    NARCIS (Netherlands)

    Vyncke, D.; Goovaerts, M.J.; Dhaene, J.L.M.; Vanduffel, S.

    2005-01-01

    We consider a continuous-time Markowitz type portfolio problem that consists of minimizing the discounted cost of a given cash-fl ow under the constraint of a restricted Capital at Risk. In a Black-Scholes setting, upper and lower bounds are obtained by means of simple analytical expressions that

  8. K-12 Marketplace Sees Major Flow of Venture Capital

    Science.gov (United States)

    Ash, Katie

    2012-01-01

    The flow of venture capital into the K-12 education market has exploded over the past year, reaching its highest transaction values in a decade in 2011, industry observers say. They attribute that rise to such factors as a heightened interest in educational technology; the decreasing cost of electronic devices such as tablet computers, laptops,…

  9. Capital Market Implications of Corporate Disclosure: German Evidence

    OpenAIRE

    Grüning, Michael

    2011-01-01

    This paper investigates the relationship between annual report disclosure, market liquidity, and capital cost for firms registered on the Deutsche Börse. Disclosure is comprehensively measured using the innovative Artificial Intelligence Measurement of Disclosure (AIMD). Results show that annual report disclosure enhances market liquidity by changing investors’ expectations and inducing portfolio adjustments. Trading frictions are negatively associated with disclosure. The study provides evid...

  10. Bright Futures?: Human Capital Dilemmas Cloud New England Outlook

    Science.gov (United States)

    Peirce, Neal R.; Johnson, Curtis

    2003-01-01

    In this article, the authors discuss the problematic trends affecting New England's human capital. These trends include migration to other states of New England's graduates due to high cost of living; more than 60 percent of college dropouts; and the decision of most companies to outsource jobs in India and other countries.

  11. Financial potential of migrants’ capital in Ukraine

    Directory of Open Access Journals (Sweden)

    I.М. Krupka

    2015-06-01

    Full Text Available In today’s globalized world, labor migration is an important source of remittances and other transfers of migrants to their homeland, which expands the country’s capacity for the development of the national economy and financial markets in particular. Due to the transformational changes in the domestic economy in the 1990th many citizens became migrant workers and their remittances now exceed foreign direct investment in the country. Until 2013 remittances in Ukraine were mainly coming through the banking system, but recently the dominant role is being played by international payment systems, as well as quite a significant amount is incoming by informal channels. In order to increase the role of formal financial market infrastructure in providing capital inflows of migrants first of all the cost of transfer must be reduced.Unfortunately, the capital of Ukrainian migrant workers is directed primarily at the consumer market, real estate market, as well as the shadow economy. The investment focus has actually only investments in real estate and private business (own entrepreneurship. Migrant workers invest in those areas of the economy that are the least compliant to investment and bank lending standards. At the same time, migrants almost do not use capital to purchase shares and bonds, but use it actively to invest in such financial market tool as deposits. Regardless of significant efforts by the Government of Ukraine to attract funds in the state budget by selling different variations of bonds a notable success in modern conditions was not achieved. Nowadays remittances have enabled us to soften financial instability, balance of payments deficit; to strengthen the exchange rate of the national currency and they also have the positive impact on international credit ratings of Ukraine. However, the effectiveness of government policy to direct remittances into investment is very low, and it actualizes the search of effective tools to realize

  12. 12 CFR 565.4 - Capital measures and capital category definitions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Capital measures and capital category... PROMPT CORRECTIVE ACTION § 565.4 Capital measures and capital category definitions. (a) Capital measures. For purposes of section 38 and this part, the relevant capital measures shall be: (1) The total...

  13. 12 CFR 325.103 - Capital measures and capital category definitions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Capital measures and capital category... STATEMENTS OF GENERAL POLICY CAPITAL MAINTENANCE Prompt Corrective Action § 325.103 Capital measures and capital category definitions. (a) Capital measures. For purposes of section 38 and this subpart,...

  14. San Diego's Capital Planning Process

    Science.gov (United States)

    Lytton, Michael

    2009-01-01

    This article describes San Diego's capital planning process. As part of its capital planning process, the San Diego Unified School District has developed a systematic analysis of functional quality at each of its school sites. The advantage of this approach is that it seeks to develop and apply quantifiable metrics and standards for the more…

  15. Capital flight and political risk

    NARCIS (Netherlands)

    Lensink, R; Hermes, N; Murinde, [No Value

    This paper provides the first serious attempt to examine the relationship between political risk and capital flight for a large set of developing countries. The outcomes of the analysis show that in most cases political risk variables do have a statistically robust relationship to capital flight

  16. Social Capital and Stability Operations

    Science.gov (United States)

    2008-03-26

    lowers drug use, criminality, and teenage pregnancies , while increasing youth academic success, economic development, and government effectiveness.49...addition to skills and knowledge , human capital also includes people’s ability to associate with each other. He defined social capital as the ability

  17. Exploring the social capital grid

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Patulny, Roger

    2007-01-01

    catch-all social capital concept, rather than classifying it according to the bonding/bridging distinction. Furthermore, most studies make little distinction on the basis of methodology, between qualitative and quantitative approaches to investigating social capital. These omissions need to be addressed....

  18. Avascular Necrosis of the Capitate

    OpenAIRE

    Bekele, Wosen; Escobedo, Eva; Allen, Robert

    2011-01-01

    Avascular necrosis of the capitate is a rare entity. The most common reported etiology is trauma. We report a case of avascular necrosis of the capitate in a patient with chronic wrist pain that began after a single episode of remote trauma.

  19. Schools, Social Capital and Space

    Science.gov (United States)

    Allan, Julie; Catts, Ralph

    2014-01-01

    This paper reports on the significance of social capital in relation to education, exploring its relevance to teachers and other professionals as well as among young people. It draws on aspects of five case studies undertaken by the Schools and Social Capital Network, within the Applied Educational Research Scheme in Scotland. These case studies…

  20. Universities Venture into Venture Capitalism.

    Science.gov (United States)

    Desruisseaux, Paul

    2000-01-01

    Reports that some universities are starting their own venture-capital funds to develop campus companies, or are investing endowment funds with established venture-capital firms inclined to finance potential spinoffs from campus research. Examples cited are from the University of Alabama, Vanderbilt University (Tennessee), University of…

  1. A Capital Adequacy Buffer Model

    NARCIS (Netherlands)

    D.E. Allen (David); M.J. McAleer (Michael); R.J. Powell (Robert); A.K. Singh (Abhay)

    2013-01-01

    markdownabstract__Abstract__ In this paper, we develop a new capital adequacy buffer model (CABM) which is sensitive to dynamic economic circumstances. The model, which measures additional bank capital required to compensate for fluctuating credit risk, is a novel combination of the Merton

  2. A Capital Adequacy Buffer Model

    NARCIS (Netherlands)

    D.E. Allen (David); M.J. McAleer (Michael); R.J. Powell (Robert); A.K. Singh (Abhay)

    2013-01-01

    markdownabstract__Abstract__ In this paper, we develop a new capital adequacy buffer model (CABM) which is sensitive to dynamic economic circumstances. The model, which measures additional bank capital required to compensate for fluctuating credit risk, is a novel combination of the Merton structur

  3. Schools, Social Capital and Space

    Science.gov (United States)

    Allan, Julie; Catts, Ralph

    2014-01-01

    This paper reports on the significance of social capital in relation to education, exploring its relevance to teachers and other professionals as well as among young people. It draws on aspects of five case studies undertaken by the Schools and Social Capital Network, within the Applied Educational Research Scheme in Scotland. These case studies…

  4. Innovation and venture capital exits

    NARCIS (Netherlands)

    Schwienbacher, A.

    2008-01-01

    This article analyses how start-ups financed by venture capital choose their innovation strategy based on the investor's exit preferences and thereby form different outcomes in the product market. It considers innovation choices and venture capital exits (IPO vs trade sale) in a setting in which ent

  5. Social Capital and Savings Behavior

    DEFF Research Database (Denmark)

    Newman, Carol; Tarp, Finn; Khai, Luu Duc

    In this paper, we analyze household savings in rural Vietnam paying particular attention to the factors that determine the proportion of savings held as formal deposits. Our aim is to explore the extent to which social capital can play a role in promoting formal savings behavior. Social capital...

  6. Patterns of International Capital Raisings

    OpenAIRE

    Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.

    2008-01-01

    This paper documents several new patterns associated with firms issuing securities in foreign markets that motivate the need for and help guide future research. Besides noting that these international capital raisings grew almost four-fold from 1991 to 2005, accounting for 35 percent of all capital raised through security issuances, the paper has three main findings. First, a large and gro...

  7. Capital flight and political risk

    NARCIS (Netherlands)

    Lensink, R; Hermes, N; Murinde, [No Value

    2000-01-01

    This paper provides the first serious attempt to examine the relationship between political risk and capital flight for a large set of developing countries. The outcomes of the analysis show that in most cases political risk variables do have a statistically robust relationship to capital flight onc

  8. Capital loss in China's agriculture

    Institute of Scientific and Technical Information of China (English)

    Cheng Peng

    2004-01-01

    China's agriculture has contributed a lot to industrialization but it has suffered a long-run and severe capital loss.This paper provides an estimation model of capital loss in agriculture and gives some explanation in marginal approach.With an eye to a balanced and sustainable economy development, it is high time for government to do something for it.

  9. Business model and Intellectual Capital

    DEFF Research Database (Denmark)

    Lindgren, Peter; Saghaug, Kristin Margrethe

    2012-01-01

    When practicing business model (BM) innovation releasing intellectual capital (IC) strategically from SME´s BMs through the innovation process can be extremely difficult and complex to carry out especially to small and medium size enterprises (SME). There are so many opportunities and resources...... in SME´s Intellectual Capital – but how to release them?...

  10. Cultural capital as a measurand

    Science.gov (United States)

    Taymanov, R.; Sapozhnikova, K.

    2016-11-01

    The necessity for developing metrology due to extension of its application sphere is noted. The efficiency of the metrological approach to measurement of multidimensional quantities in the field of humanities is shown using the development of cultural capital interpreted by L. Harrison. The cultural capital is defined as a measure of the society structure complexity and adaptive capacity.

  11. The Performance of Intellectual Capital

    DEFF Research Database (Denmark)

    Murthy, Vijaya; Mouritsen, Jan

    2011-01-01

    interviews. This allows the development of a nuanced account of the performance of intellectual capital. This account questions the universality of the linear model typically found in statistical studies. The model makes it possible to show how items of intellectual capital not only interact but also compete...

  12. Performance systems and social capital

    DEFF Research Database (Denmark)

    Rasmussen, Grane Mikael Gregaard; Edwards, Kasper

    2014-01-01

    from a study on implementation of a performance system in Danish construction. The results show causalities between implementing the performance system and the emergence of social capital in construction projects. Results indicate that performance systems and social capital is not mutually exclusive...

  13. Exploring the social capital grid

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Patulny, Roger

    2007-01-01

    catch-all social capital concept, rather than classifying it according to the bonding/bridging distinction. Furthermore, most studies make little distinction on the basis of methodology, between qualitative and quantitative approaches to investigating social capital. These omissions need to be addressed....

  14. Social Capital and International Migration from Latin America

    Directory of Open Access Journals (Sweden)

    Douglas S. Massey

    2011-01-01

    Full Text Available We combine data from the Latin American Migration Project and the Mexican Migration Project to estimate models predicting the likelihood of taking of first and later trips to the United States from five nations: Mexico, the Dominican Republic, Costa Rica, Nicaragua, and Peru. The models test specific hypotheses about the effects of social capital on international migration and how these effects vary with respect to contextual factors. Our findings confirm the ubiquity of migrant networks and the universality of social capital effects throughout Latin America. They also reveal how the sizes of these effects are not uniform across settings. Social capital operates more powerfully on first as opposed to later trips and interacts with the cost of migration. In addition, effects are somewhat different when considering individual social capital (measuring strong ties and community social capital (measuring weak ties. On first trips, the effect of strong ties in promoting migration increases with distance whereas the effect of weak ties decreases with distance. On later trips, the direction of effects for both individual and community social capital is negative for long distances but positive for short distances.

  15. Social Capital and International Migration from Latin America.

    Science.gov (United States)

    Massey, Douglas S; Aysa-Lastra, María

    2011-01-01

    We combine data from the Latin American Migration Project and the Mexican Migration Project to estimate models predicting the likelihood of taking of first and later trips to the United States from five nations: Mexico, the Dominican Republic, Costa Rica, Nicaragua, and Peru. The models test specific hypotheses about the effects of social capital on international migration and how these effects vary with respect to contextual factors. Our findings confirm the ubiquity of migrant networks and the universality of social capital effects throughout Latin America. They also reveal how the sizes of these effects are not uniform across settings. Social capital operates more powerfully on first as opposed to later trips and interacts with the cost of migration. In addition, effects are somewhat different when considering individual social capital (measuring strong ties) and community social capital (measuring weak ties). On first trips, the effect of strong ties in promoting migration increases with distance whereas the effect of weak ties decreases with distance. On later trips, the direction of effects for both individual and community social capital is negative for long distances but positive for short distances.

  16. Human capital strategy: talent management.

    Science.gov (United States)

    Nagra, Michael

    2011-01-01

    Large organizations, including the US Army Medical Department and the Army Nurse Corps, are people-based organizations. Consequently, effective and efficient management of the human capital within these organizations is a strategic goal for the leadership. Over time, the Department of Defense has used many different systems and strategies to manage people throughout their service life-cycle. The current system in use is called Human Capital Management. In the near future, the Army's human capital will be managed based on skills, knowledge, and behaviors through various measurement tools. This article elaborates the human capital management strategy within the Army Nurse Corps, which identifies, develops, and implements key talent management strategies under the umbrella of the Corps' human capital goals. The talent management strategy solutions are aligned under the Nurse Corps business strategy captured by the 2008 Army Nurse Corps Campaign Plan, and are implemented within the context of the culture and core values of the organization.

  17. Individual social capital and survival

    DEFF Research Database (Denmark)

    Ejlskov, Linda; Mortensen, Rikke Nørmark; Overgaard, Charlotte

    2014-01-01

    Background The concept of social capital has received increasing attention as a determinant of population survival, but its significance is uncertain. We examined the importance of social capital on survival in a population study while focusing on gender differences. Methods We used data from...... a Danish regional health survey with a five-year follow-up period, 2007?2012 (n=9288, 53.5% men, 46.5% women). We investigated the association between social capital and all-cause mortality, performing separate analyses on a composite measure as well as four specific dimensions of social capital while...... controlling for covariates. Analyses were performed with Cox proportional hazard models by which hazard ratios and 95% confidence intervals were calculated. Results For women, higher levels of social capital were associated with lower all-cause mortality regardless of age, socioeconomic status, health...

  18. Measuring social capital: further insights.

    Science.gov (United States)

    Carrillo Álvarez, Elena; Riera Romaní, Jordi

    Social capital is defined as the resources available to individuals and groups through membership in social networks. However, multiple definitions, distinct dimensions and subtypes of social capital have been used to investigate and theorise about its relationship to health on different scales, creating a confusing picture. This heterogeneity makes it necessary to systematise social capital measures in order to build a stronger foundation in terms of how these associations between the different aspects of social capital and each specific health indicator develop. We aim to provide an overview of the measurement approaches used to measure social capital in its different dimensions and scales, as well as the mechanisms through which it is presumed to influence health. Understanding the mechanisms through which these relationships develop may help to refine the existing measures or to identify new, more appropriate ones. Copyright © 2016 SESPAS. Publicado por Elsevier España, S.L.U. All rights reserved.

  19. A Strategic Market Game with Transactions Costs,

    Science.gov (United States)

    1983-03-30

    Hahn, F. M. (1971), "Equilibrium with Transaction Cost ," Econo- metrica, 39, 417-439. [91 Hicks, J. R. (1938), Value and Capital, Oxford University...of an Exchange Economy with Transaction Cost ," International Economic Review, 15, 699-717. [12] Kurz, M. (1974b), "Equilibrium with Transaction Costs

  20. Culture as Capital

    DEFF Research Database (Denmark)

    Kacunko, Slavko

    A collection of essays 2011-2014 By following, and reproducing, the cultural turn, the rhetoric of cultural mix and hybridism is disseminated today primarily in its crossing of trade barriers. Cultures reduced to their exchange value function as capital - an accumulative, speculative and...... essays, Slavko Kacunko discusses the process art by crossing the disciplines of art history and comparative media-, visual- and -cultural studies. As a first approximation, several historiographical remarks on closed-circuit video installations underline their importance as a core category of process art....... In the second part, the problems of process art, seen as a threshold of art history, are further examined in another retroanalytical step, in which concepts and objects related to `mirror', `frame' and `immediacy' are analyzed as the triple delimitation of visual culture studies. In the third part, previously...