WorldWideScience

Sample records for preliminary capital requirements

  1. 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...... 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...... in the required return, the interest rate premium paid for leniency isincreased in recession at a given level of required capital....

  2. Capital Requirements and Credit Rationing

    OpenAIRE

    Itai Agur

    2010-01-01

    This paper analyzes the trade-off between financial stability and credit rationing that arises when increasing capital requirements. It extends the Stiglitz-Weiss model of credit rationing to allow for bank default. Bank capital structure then matters for lending incentives. With default and rationing endogenous, optimal capital requirements can be analyzed. Introducing bank financiers, the paper also shows that uninsured funding raises the sensitivity of rationing to capital requirements. In...

  3. Regulatory capital requirements and bail in mechanisms

    NARCIS (Netherlands)

    Joosen, B.P.M.; Haentjens, M.; Wessels, B.

    2015-01-01

    With the introduction of the Capital Requirements Regulation (CRR) in the European Union, the qualitative requirements for bank regulatory capital have changed. These changes aim at implementing in Europe the Basel III principles for better bank capital that is able to absorb losses of banks,

  4. 12 CFR 932.4 - Credit risk capital requirement.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Credit risk capital requirement. 932.4 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.4 Credit risk capital requirement. (a) General requirement. Each Bank's credit risk capital requirement shall be equal to the sum of the Bank's...

  5. 12 CFR 567.2 - Minimum regulatory capital requirement.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Minimum regulatory capital requirement. 567.2... Regulatory Capital Requirements § 567.2 Minimum regulatory capital requirement. (a) To meet its regulatory capital requirement a savings association must satisfy each of the following capital standards: (1) Risk...

  6. International power projections and capital requirements

    International Nuclear Information System (INIS)

    Ann, H.

    1989-01-01

    This work is related to the international power projections and capital requirements of all kinds of energy and the share of electricity. It is also related to the so-called greenhouse effect carbon dioxide concentration in atmosphere. (A.C.A.S.)

  7. 12 CFR 932.5 - Market risk capital requirement.

    Science.gov (United States)

    2010-01-01

    ... estimates the market value of the Bank's assets and liabilities, off-balance sheet items, and derivative... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Market risk capital requirement. 932.5 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.5 Market risk capital requirement. (a...

  8. 12 CFR 932.3 - Risk-based capital requirement.

    Science.gov (United States)

    2010-01-01

    ... credit risk capital requirement, its market risk capital requirement, and its operations risk capital... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement. 932.3 Section 932.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND...

  9. 12 CFR 932.2 - Total capital requirement.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Total capital requirement. 932.2 Section 932.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.2 Total capital requirement. (a) Each Bank shall...

  10. Time-Varying Capital Requirements and Disclosure Rules

    DEFF Research Database (Denmark)

    Imbierowicz, Björn; Kragh, Jonas; Rangvid, Jesper

    2018-01-01

    We investigate how banks' capital and lending decisions respond to changes in bank-specific capital and disclosure requirements. We find that an increase in the bank-specific regulatory capital requirement results in a higher bank capital ratio, brought about via less asset risk. A decrease...

  11. Companies' human capital required for collaboration

    DEFF Research Database (Denmark)

    Albats, Ekaterina; Bogers, Marcel; Podmetina, Daria

    building, relationship building, IPR management and negotiation for the context of collaboration with universities. Our research has revealed an importance of expectation management skills for university-industry collaboration (UIC) context. We found that human capital for UIC is to be continuously......Universities are widely acknowledged as an important source of knowledge for corporate innovation, and collaboration with universities plays an important role in companies’ open innovation strategy. However, little is known about the human capital components required for collaboration...... with universities. Analysing the results of the survey among over 500 company managers we define the universal employees’ skills required for company’ successful collaborations with external stakeholders. Then through analysing qualitative interviews data we distinguish between these skills and capabilities...

  12. Time-varying Capital Requirements and Disclosure Rules

    DEFF Research Database (Denmark)

    Kragh, Jonas; Rangvid, Jesper

    , implying that resilience in the banking system is also increased. The increase in capital ratios is partly due to a modest reduction in lending. Using a policy changes, we show that banks react stronger to changes in capital requirements when these are public. Our results further suggest that the impact......Unique and confidential Danish data allow us to identify how changes in disclosure requirements and bank-specific time-varying capital requirements affect banks' lending and capital accumu-lation decisions. We find that banks increase their capital ratios after capital requirements are increased...... of capital requirements differ for small and large banks. Large banks raise their capital ratios more, reduce lending less, and accumulate more new capital compared to small banks....

  13. 12 CFR 932.6 - Operations risk capital requirement.

    Science.gov (United States)

    2010-01-01

    ... operations risk capital requirement shall at all times equal 30 percent of the sum of the Bank's credit risk... percent but no less than 10 percent of the sum of the Bank's credit risk capital requirement and market... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Operations risk capital requirement. 932.6...

  14. Capital requirement, bank competition and stability in Africa

    Directory of Open Access Journals (Sweden)

    Jacob Oduor

    2017-06-01

    Full Text Available Monetary authorities around the world are implementing enhanced banking capital adequacy requirements under Basel III meant to improve financial stability. Critics however argue that increased capital requirements concentrate the banking industry reducing competition while not guaranteeing financial sector stability. Using data from 167 banks in 37 African countries, we find that increased capital beef-up significantly increases financial instability in Africa (except in big banks implying that higher capital requirements did not make African banks safer. We also find that increased regulatory capital improves competitive pricing for foreign banks while it makes domestic banks less competitive mainly attributed to the high cost of sourcing and holding extra capital for domestic banks compared to foreign banks who can source cheaper capital from parent companies. The results put to question the effectiveness of enhanced regulatory capital on stability and competitiveness of the African financial system.

  15. Financial Frictions and the Credit Transmission Channel: Capital Requirements and Bank Capital

    OpenAIRE

    Lucyna Gornicka; Sweder van Wijnbergen

    2013-01-01

    We investigate actual capital chosen by banks in presence of capital minimum requirements and ex-post penalties for violating them. The model yields excess capital that is always positive and increases during times of distress in the economy, which is in line with empirical evidence. Next, we show that in presence of ex-post violation penalties the introduction of the conservation buffer under Basel III will not contribute to lowering the pro-cyclicality of capital regulations. The countercyc...

  16. 12 CFR 567.3 - Individual minimum capital requirements.

    Science.gov (United States)

    2010-01-01

    ... association's directors, officers, and senior management as well as the internal control and internal audit... associations; has management deficiencies, including failure to adequately monitor and control financial and... capital requirement for a savings association that varies from the risk-based capital requirement, the...

  17. Higher bank capital requirements and mortgage pricing: evidence from the Counter-Cyclical Capital Buffer

    OpenAIRE

    Basten, Christoph; Koch, Cathérine

    2014-01-01

    We examine mortgage pricing before and after Switzerland was the first country to activate the Counter-Cyclical Capital Buffer of Basel III. Observing multiple mortgage offers per request, we obtain three core findings. First, capitalconstrained and mortgage-specialized banks raise their rates relatively more. Second, risk-weighting schemes supposed to discriminate against more risky borrowers do not amplify the effect of higher capital requirements. Third, CCB-subjected banks and CCB-exempt ...

  18. Modelling of capital requirements in the energy sector: capital market access. Final memorandum

    Energy Technology Data Exchange (ETDEWEB)

    1978-04-01

    Formal modelling techniques for analyzing the capital requirements of energy industries have been performed at DOE. A survey has been undertaken of a number of models which forecast energy-sector capital requirements or which detail the interactions of the energy sector and the economy. Models are identified which can be useful as prototypes for some portion of DOE's modelling needs. The models are examined to determine any useful data bases which could serve as inputs to an original DOE model. A selected group of models are examined which can comply with the stated capabilities. The data sources being used by these models are covered and a catalog of the relevant data bases is provided. The models covered are: capital markets and capital availability models (Fossil 1, Bankers Trust Co., DRI Macro Model); models of physical capital requirements (Bechtel Supply Planning Model, ICF Oil and Gas Model and Coal Model, Stanford Research Institute National Energy Model); macroeconomic forecasting models with input-output analysis capabilities (Wharton Annual Long-Term Forecasting Model, Brookhaven/University of Illinois Model, Hudson-Jorgenson/Brookhaven Model); utility models (MIT Regional Electricity Model-Baughman Joskow, Teknekron Electric Utility Simulation Model); and others (DRI Energy Model, DRI/Zimmerman Coal Model, and Oak Ridge Residential Energy Use Model).

  19. 13 CFR 108.210 - Minimum capital requirements for NMVC Companies.

    Science.gov (United States)

    2010-01-01

    ... NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.210 Minimum capital requirements for NMVC Companies. You must have Regulatory Capital of at... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Minimum capital requirements for...

  20. Preliminary waste acceptance requirements - Konrad repository project

    International Nuclear Information System (INIS)

    Brennecke, P.W.; Warnecke, E.H.

    1991-01-01

    In Germany, the planned Konrad repository is proposed for the disposal of all types of radioactive wastes whose thermal influence upon the host rock is negligible. The Bundesamt fuer Strahlenschutz has established Preliminary Waste Acceptance Requirements (as of April 1990) for this facility. The respective requirements were developed on the basis of the results of site-specific safety assessments. They include general requirements on the waste packages to be disposed of as well as more specific requirements on the waste forms, the packaging and the radionuclide inventory per waste package. In addition, the delivery of waste packages was regulated. An outline of the structure and the elements of the Preliminary Waste Acceptance Requirements of April 1990 is given including comments on their legal status. (Author)

  1. The Department of Defense's Civilian Human Capital Strategic Plan Does Not Meet Most Statutory Requirements

    National Research Council Canada - National Science Library

    Farrell, Brenda S

    2008-01-01

    To examine the extent to which DOD's civilian human capital strategic plan addresses congressional reporting requirements, we obtained and analyzed the "Department of Defense Civilian Human Capital...

  2. 40 CFR 35.3135 - Specific capitalization grant agreement requirements.

    Science.gov (United States)

    2010-07-01

    ... received a capitalization grant and, if the deposit was expended, it was expended in accordance with title... after it receives the payment, the RA may withhold future quarterly grant payments, and require... procedures regarding the commitment or expenditure of revenues. (h) State accounting and auditing procedures...

  3. Fuel-cycle financing, capital requirements and sources of funds

    International Nuclear Information System (INIS)

    Manderbach, R.W.

    1977-01-01

    An issue of global importance today is the economic case fro nuclear power and the conservation of precious fossil resources. An important question is whether sufficient financial resources can be attracted to the nuclear industry in order to develop a complete fuel-cycle industry capable of meeting the requirements of a global nuclear power industry. Future growth of the nuclear power industry will depend largely on the timely development of a private competitive industry covering the total fuel cycle. The report of the Edison Electric Institute on Nuclear Fuels Supply estimates that by 1985 initial capital investmentor in the nuclear fuel cycle will total US$15x10 9 and by the year 2000, US$60x10 9 will be required. Although the amount of funding projected is manageable from a global availability standpoint, there is a hesitancy to commit financial resources to certain segments of the fuel cycle, because of the many unresolved problems in connection with the nuclear industry - uncertainty regarding local and international governmental regulations and legislation, environmental and alternative technological considerations coupled with the substantial long-term capital commitments needed in each of the several segments of the processes. Activities associated with the nuclear fuel cycle have unique investment requirements, which are needed in many diverse unrelated fields such as resource development and high technology process. This paper examines sources of capital on a national scale, such as net earnings, depreciation, capital market and public subsidies; and, in the broader context, capital investments in highly industrialized and developing countries. Possible areas of government guarantees and financing; and the situation on financing fuel-cycle projects in the USA and in other countries is also discussed. Comments are included on the money market and investment climate in developing countries, particularly regarding the development of uranium resources

  4. Fuel cycle financing, capital requirements and sources of funds

    International Nuclear Information System (INIS)

    Manderbach, R.W.

    1977-01-01

    An issue of global importance today is the economic case for nuclear power and the conservation of precious fossil resources. A question important to all of us is can sufficient financial resources be attracted to the nuclear industry in order to develop a complete fuel cycle industry capable of meeting the requirements of a global nuclear power industry. Future growth of the nuclear power industry will depend to a large extent on the timely development of a private competitive industry covering the total fuel cycle. The report of the Edison Electric Institute on Nuclear Fuels Supply estimates that by 1985 initial capital investment in the nuclear fuel cycle will total $15 billion and by the year 2000, $60 billion will be required. Although undoubtedly the amount of funding projected is manageable from a global availability standpoint, there is a hesitancy to commit financial resources to certain segments of the fuel cycle. This is because of the many unresolved problems in connection with the nuclear industry such as uncertainty regarding local and international governmental regulations and legislation, environmental and alternative technological considerations coupled, of course, with the substantial capital long term commitments needed in each of the several segments of the processes. Activities associated with the nuclear fuel cycle have unique investment requirements. Investments are needed in many diverse unrelated fields such as resource development and high technology process some of which are not yet fully commercialized. Sources of capital will be examined on a national scale, such as net earnings, depreciation, capital market and public subsidies. The paper also examines, in the broader context, capital investments in highly industrialized and developing countries as well as discussing the possible areas of Government guarantees and financing. The intensive capital required in certain segments of the cycle, which are to be developed by private

  5. Crispin: capital requirements and reinsurance protect against insolvency.

    Science.gov (United States)

    Crispin, C

    2001-12-01

    Charles Crispin is president of Evergreen Re, a managed care consulting firm with expertise in the reinsurance industry. Before Joining Evergreen Re, Crispin served as a consultant to the managed care industry. He is a member of the American Association of Integrated Delivery Systems, Glen Allen, Virginia, and the Provider Excess Loss Association, Princeton, New Jersey. Crispin recently talked with HFM about risk-based capital requirements for health plans and the Impact these solvency guidelines could have on healthcare providers.

  6. 12 CFR 567.9 - Tangible capital requirement.

    Science.gov (United States)

    2010-01-01

    ... capital, a savings association must deduct from assets, and, thus, from capital: (1) Intangible assets (as defined in § 567.1) except for mortgage servicing assets to the extent they are includable in tangible... maintain tangible capital in an amount equal to at least 1.5% of adjusted total assets. (b) The following...

  7. When does International Capital Mobility Require Tax Coordination?

    NARCIS (Netherlands)

    Rodrik, D.; van Ypersele, T.P.M.C.

    1999-01-01

    Basic economic theory identifies a number of efficiency gains that derive from international capital mobility. But just as with free trade in goods, there is no guarantee that capital mobility makes everyone better o¤. Consequently, capital mobility may be politically unsustainable even though it

  8. 38 CFR 61.12 - Threshold requirements for capital grant applications.

    Science.gov (United States)

    2010-07-01

    ... for capital grant applications. 61.12 Section 61.12 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS (CONTINUED) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.12 Threshold requirements for capital grant applications. To be eligible for a capital grant, an applicant must meet the...

  9. 12 CFR 325.3 - Minimum leverage capital requirement.

    Science.gov (United States)

    2010-01-01

    ... depository institution making application to the FDIC) shall consist of a ratio of Tier 1 capital to total..., excellent asset quality, high liquidity, good earnings and in general is considered a strong banking... application to the FDIC) shall consist of a ratio of Tier 1 capital to total assets of not less than 4 percent...

  10. 46 CFR 176.635 - Preliminary examination requirements.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 7 2010-10-01 2010-10-01 false Preliminary examination requirements. 176.635 Section... (UNDER 100 GROSS TONS) INSPECTION AND CERTIFICATION Hull and Tailshaft Examinations § 176.635 Preliminary examination requirements. (a) If you exclusively use divers to examine the underwater hull plating, you must...

  11. 12 CFR 567.10 - Consequences of failure to meet capital requirements.

    Science.gov (United States)

    2010-01-01

    ...; and (5) The savings association's ratio of core capital to total assets is not less than the ratio..., the leverage ratio requirement, or the tangible capital requirement established under this part, the... expenditures to specified levels; (9) Increase liquid assets and maintain such increased liquidity at specified...

  12. 12 CFR 956.4 - Risk-based capital requirement for investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement for investments... OFF-BALANCE SHEET ITEMS FEDERAL HOME LOAN BANK INVESTMENTS § 956.4 Risk-based capital requirement for investments. Each Bank shall hold retained earnings plus general allowance for losses as support for the...

  13. 13 CFR 120.472 - Higher individual minimum capital requirement.

    Science.gov (United States)

    2010-01-01

    ... capital level, and the performance of its SBA loan portfolio; (e) The management views of the SBLC's directors and senior management; and (f) Other risk-related factors, as determined by SBA. [73 FR 75516, Dec... those circumstances or potential problems; (c) Overall condition, management strength, and future...

  14. Higher Bank Capital Requirements and Mortgage Pricing: Evidence from the Countercyclical Capital Buffer (CCB)

    OpenAIRE

    Basten, Christhoph; Koch, Cathérine

    2015-01-01

    How has the CCB affected mortgage pricing after Switzerland became the first country to activate this Basel III macroprudential tool? By analyzing a database with several offers per mortgage request, we construct a picture of mortgage supply and demand. We find, first, that the CCB changes the composition of mortgage supply, as relatively capital-constrained and mortgage-specialized banks raise prices more than their competitors do. Second, risk-weighting schemes linked to borrower risk do no...

  15. Economic analysis vs. capital-recovery requirements of power reactor decommissioning

    International Nuclear Information System (INIS)

    Ferguson, J.S.

    1980-01-01

    As a consultant to electric utilities the author often becomes involved in the development of policy for capital recovery and in the determination of depreciation rates that will implement the policy. Utility capital recovery is controlled by generally accepted depreciation accounting practices and by regulatory commission accounting rules and, as a result, can differ significantly from engineering economics. Those involved with decommissioning of power reactors should be aware of the depreciation accounting and regulatory framework that dictates capital recovery requirements, whether their involvement is related to engineering economics or capital recovery. This presentation defines that framework, points out several significant implications (particularly tax), describes several conforming capital-recovery methods, describes several techniques that have been used with the decommissioning component in economic analysis of alternative energy sources, and discusses why those involved in economic analysis should learn the accounting and regulatory framework for capital recovery

  16. 12 CFR 955.6 - Risk-based capital requirement for acquired member assets.

    Science.gov (United States)

    2010-01-01

    ... losses as support for the credit risk of all AMA estimated by the Bank to represent a credit risk that is...) Recalculation of credit enhancement. For risk-based capital purposes, each Bank shall recalculate the estimated... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement for acquired...

  17. Financial Market Regulation in Germany - Capital Requirements of Financial Institutions

    Directory of Open Access Journals (Sweden)

    Daniel Karl Detzer

    2015-03-01

    Full Text Available This paper examines capital adequacy regulation in Germany. The first part reviews capital adequacy regulation from the 1930s up to the financial crisis and identifies two main trends: a gradual softening of the eligibility criteria for equity and increasing reliance on internal risk models. While the first trend has been reversed following the financial crisis, internal risk models still play a central role. Therefore, the second part discusses the problems with the use of internal risk models and discusses the potentials of Basel 2.5 and Basel III to alleviate the identified problems. It is concluded that the relevant problems are not resolved. Therefore, in the final part some suggestions of how the problems could be addressed properly are given.

  18. Smart gun technology requirements preliminary report

    Energy Technology Data Exchange (ETDEWEB)

    Weiss, D.R.; Brandt, D.J.; Tweet, K.D.

    1995-05-01

    Goal of the Smart Gun Technology project is to eliminate the capability of an unauthorized user from firing a law enforcement officer`s firearm by implementing user-recognizing-and-authorizing surety technologies. This project is funded by the National Institute of Justice. This document reports the projects first objective: to find and document the requirements for a user-recognizing-and-authorizing firearm technology that law enforcement officers will value. This report details the problem of firearm takeaways in law enforcement, the methodology used to develop the law enforcement officers` requirements, and the requirements themselves.

  19. 76 FR 27563 - Margin and Capital Requirements for Covered Swap Entities

    Science.gov (United States)

    2011-05-11

    ... Comptroller of the Currency 12 CFR Part 45 Board of Governors of the Federal Reserve System 12 CFR Part 237... Housing Finance Agency 12 CFR Part 1221 Margin and Capital Requirements for Covered Swap Entities...; [[Page 27564

  20. 76 FR 27801 - Capital Requirements of Swap Dealers and Major Swap Participants

    Science.gov (United States)

    2011-05-12

    ... swaps, debt or equity securities, foreign currency, physical commodities, and other derivatives. The..., 23, and 140 Capital Requirements of Swap Dealers and Major Swap Participants; Proposed Rule #0;#0...

  1. Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?

    OpenAIRE

    Kevin C. Murdock; Thomas F. Hellmann; Joseph E. Stiglitz

    2000-01-01

    In a dynamic model of moral hazard, competition can undermine prudent bank behavior. While capital-requirement regulation can induce prudent behavior, the policy yields Pareto-inefficient outcomes. Capital requirements reduce gambling incentives by putting bank equity at risk. However, they also have a perverse effect of harming banks' franchise values, thus encouraging gambling. Pareto-efficient outcomes can be achieved by adding deposit-rate controls as a regulatory instrument, since they f...

  2. Comparison of initial capital investment requirements for new domestic energy supplies: 1980 update

    International Nuclear Information System (INIS)

    Schlesinger, B.; Hay, N.E.; Wilkinson, P.

    1980-01-01

    A.G.A.'s update of its 1978 analysis comparing the initial capital investments required for several domestic sources of alternative energy (coal conversion, oil shale, unconventional natural gas, Alaskan gas, nuclear power, and solar energy) concludes that US energy-supply and utilization systems based on gaseous fuels need substantially less initial capital investment than do equivalent nuclear, coal, and solar electric systems or synthetic-liquids systems. The capital estimates include the costs of resource extraction, processing and conversion, transmission and distribution, and end-use equipment. The cost advantages shown for the three end-use applications compared - residential and small-commercial space heating, premium industrial usage, and large industrial boilers - reflect both the lower capital requirements and higher energy efficiencies of the gaseous systems

  3. Capital Requirements, Monetary Policy, and Aggregate Bank Lending: Theory and Empirical Evidence.

    OpenAIRE

    Thakor, Anjan V

    1996-01-01

    Capital requirements linked solely to credit risk are shown to increase equilibrium credit rationing and lower aggregate lending. The model predicts that the bank's decision to lend will cause an abnormal run-up in the borrower's stock price and that this reaction will be greater the more capital-constrained the bank. The author provides empirical support for this prediction. The model explains the recent inability of the Federal Reserve to stimulate bank lending by increasing the money suppl...

  4. Phasing-in Basel III capital and liquidity requirements in post-revolution Egypt

    Directory of Open Access Journals (Sweden)

    Monal Abdel-Baki

    2012-08-01

    Full Text Available The Basel Committee has introduced a new set of capital and liquidity requirements to be introduced by the global banking system during 2013 till January 2019. Egypt possesses a well-capitalised banking sector, yet it has been exposed to the devastating shock imposed by its popular revolution. Using the GMM method, the impact of introducing the new capital and liquidity requirements on the macroeconomic performance of the Egyptian economy is examined. The results reveal that Egyptian banks are motivated to enhance capital and liquidity ratios in the case of realizing high profits and favourable conditions at the individual banking level. On the other hand, negative macroeconomic performance and a poor business environment substantially deter the preparedness of Egyptian banks to meet the Basel III requirements. The analysis is timely given the need for compliance with Basel III as one of the requirements to raise the credit rating of the devastated economy.

  5. On meeting capital requirements with a chance-constrained optimization model.

    Science.gov (United States)

    Atta Mills, Ebenezer Fiifi Emire; Yu, Bo; Gu, Lanlan

    2016-01-01

    This paper deals with a capital to risk asset ratio chance-constrained optimization model in the presence of loans, treasury bill, fixed assets and non-interest earning assets. To model the dynamics of loans, we introduce a modified CreditMetrics approach. This leads to development of a deterministic convex counterpart of capital to risk asset ratio chance constraint. We pursue the scope of analyzing our model under the worst-case scenario i.e. loan default. The theoretical model is analyzed by applying numerical procedures, in order to administer valuable insights from a financial outlook. Our results suggest that, our capital to risk asset ratio chance-constrained optimization model guarantees banks of meeting capital requirements of Basel III with a likelihood of 95 % irrespective of changes in future market value of assets.

  6. Preliminary waste acceptance requirements for the planned Konrad repository

    International Nuclear Information System (INIS)

    Warnecke, E.; Brennecke, P.

    1987-01-01

    The Physikalisch-Technische Bundesanstalt (PTB) has established Preliminary Waste Acceptance Requirements for the planned Konrad repository. These requirements were developed, in accordance with the Safety Criteria of the Reactor Safety Commission, with the help of a site specific safety assessment; they are under the reservation of the plan approval procedure, which is still in progress. In developing waste acceptance requirements, the PTB fulfills one of its duties as the institute responsible for waste disposal and gives guidelines for waste conditioning to waste producers and conditioners. (orig.) [de

  7. Private capital requirements for international biomass energy projects

    Energy Technology Data Exchange (ETDEWEB)

    Goldemberg, J [University of Sao Paulo, Sao Paulo (Brazil)

    1995-12-01

    In developing countries, the use of biomass for energy production faces two contradictory pressures. On the one hand, biomass costs very little and it is used inefficiently for fuel or charcoal production, leading to widespread destruction of forested areas and environmental degradation; this problem is being attenuated by the promotion, through aid programmes, of more efficient cook stoves for poor people. On the other hand, the conversion of biomass into high-grade fuel such as ethanol from sugar cane or burning urban refuse or gasifying it to produce electricity is not economically competitive at this time and requires subsidies of approximately 30% to make it as attractive as conventional fuels. Only electricity production using residues from sawmills, crops and other biomass by-products is competitive, and a number of plants are in operation in some countries, particularly the United States. For such plants, the usual rates of return and long-term contract purchases that characterize investments of this kind are applied. Although technologies are available for the widespread efficient use of biomass, the financial hurdle of high initial costs has impeded their market penetration, which in turn precludes any decline in costs that might otherwise have come from production increases. Intervention by governments or by GEF, justified on grounds of environmental protection, is needed to accelerate the introduction of the new technologies. The only private flows that are taking place at the moment are those from enlightened investors wishing to guarantee themselves a strong position in the area for the future or to preempt command and control regulations, such as carbon taxes, imposed by governments. The joint implementation of biomass technologies between industrialized and developing countries might be one method of accelerating this flow. (author) 9 refs, 4 figs, 3 tabs

  8. Private capital requirements for international biomass energy projects

    International Nuclear Information System (INIS)

    Goldemberg, J.

    1995-01-01

    In developing countries, the use of biomass for energy production faces two contradictory pressures. On the one hand, biomass costs very little and it is used inefficiently for fuel or charcoal production, leading to widespread destruction of forested areas and environmental degradation; this problem is being attenuated by the promotion, through aid programmes, of more efficient cook stoves for poor people. On the other hand, the conversion of biomass into high-grade fuel such as ethanol from sugar cane or burning urban refuse or gasifying it to produce electricity is not economically competitive at this time and requires subsidies of approximately 30% to make it as attractive as conventional fuels. Only electricity production using residues from sawmills, crops and other biomass by-products is competitive, and a number of plants are in operation in some countries, particularly the United States. For such plants, the usual rates of return and long-term contract purchases that characterize investments of this kind are applied. Although technologies are available for the widespread efficient use of biomass, the financial hurdle of high initial costs has impeded their market penetration, which in turn precludes any decline in costs that might otherwise have come from production increases. Intervention by governments or by GEF, justified on grounds of environmental protection, is needed to accelerate the introduction of the new technologies. The only private flows that are taking place at the moment are those from enlightened investors wishing to guarantee themselves a strong position in the area for the future or to preempt command and control regulations, such as carbon taxes, imposed by governments. The joint implementation of biomass technologies between industrialized and developing countries might be one method of accelerating this flow. (author)

  9. Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking

    NARCIS (Netherlands)

    Di Nicolo, G.; Gamba, A.; Lucchetta, M.

    2011-01-01

    This paper formulates a dynamic model of a bank exposed to both credit and liquidity risk, which can resolve financial distress in three costly forms: fire sales, bond issuance and equity issuance. We use the model to analyze the impact of capital regulation, liquidity requirements and taxation on

  10. Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking

    NARCIS (Netherlands)

    Di Nicolo, G.; Gamba, A.; Lucchetta, M.

    2011-01-01

    This paper formulates a dynamic model of a bank exposed to both credit and liquidity risk, which can resolve financial distress in three costly forms: fire sales, bond issuance ad equity issuance. We use the model to analyze the impact of capital regulation, liquidity requirements and taxation on

  11. Functional requirements regarding medical registries--preliminary results.

    Science.gov (United States)

    Oberbichler, Stefan; Hörbst, Alexander

    2013-01-01

    The term medical registry is used to reference tools and processes to support clinical or epidemiologic research or provide a data basis for decisions regarding health care policies. In spite of this wide range of applications the term registry and the functional requirements which a registry should support are not clearly defined. This work presents preliminary results of a literature review to discover functional requirements which form a registry. To extract these requirements a set of peer reviewed articles was collected. These set of articles was screened by using methods from qualitative research. Up to now most discovered functional requirements focus on data quality (e. g. prevent transcription error by conducting automatic domain checks).

  12. Basic Requirements Of The Basel Committee On Regulating Capital Adequacy And Liquidity Of Commercial Banks

    OpenAIRE

    Bahriddin Berdiyarov

    2012-01-01

    The current paper highlights theBaselI, Basel II & Basel III requirements on capital adequacy and liquidity of commercial banks.  In the paper, Basel II structure, methods of loan risk assessment, coefficients of loan risk assessment, credit risk measurement for counterparty banks are discussed.  Moreover, assessments of Basel III on bank chances against crisis driven from financial and economic crunches, risk management, performance quality and bank transparency improvement measures are ...

  13. 13 CFR 120.462 - What are SBA's additional requirements on capital maintenance for SBA Supervised Lenders?

    Science.gov (United States)

    2010-01-01

    ... capital that each SBA Supervised Lender must maintain to protect against the credit risk and other general... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false What are SBA's additional requirements on capital maintenance for SBA Supervised Lenders? 120.462 Section 120.462 Business Credit and...

  14. 13 CFR 108.1830 - NMVC Company's Capital Impairment definition and general requirements.

    Science.gov (United States)

    2010-01-01

    ... ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM NMVC Company's Noncompliance With Terms of Leverage Computation of Nmvc Company's Capital Impairment § 108.1830 NMVC Company's Capital Impairment definition and... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false NMVC Company's Capital Impairment...

  15. Systematically Important Banks and Increased Capital Requirements in the Dodd-Frank Era

    DEFF Research Database (Denmark)

    Lutz, Chandler

    2016-01-01

    This paper analyzes the effects of new capital requirements for systematically important financial institutions proposed by the Federal Reserve on September 8, 2014. Results from an event study indicate this announcement led to lower abnormal initial stock returns for systemically important...... financial firms that then reverse and dissipate after three days. Further, findings suggest that the announcement of the proposed rule change had no impact on key interest series. Overall, the results are consistent with an initial overreaction and subsequent market correction to the announcement...... of the proposed regulation by equity market investors....

  16. Capital requirements for the transportation of energy materials: 1979 ARC estimates. Final report

    Energy Technology Data Exchange (ETDEWEB)

    1979-09-28

    TERA's estimates of capital requirements to transport natural gas, crude oil, petroleum products, and coal in the US by 1990 are presented. It is a continuation of a 1978 study (EAPA 5:3946) to perform a similar analysis on 1979 scenarios. Scenarios B, C, and D from the EIA's Mid-range Energy Forecasting Systems, as used in the 1979 Annual Report to Congress (ARC), were provided as a basis for the analysis and represent three alternative futures. Summaries of transportation investment requirements through 1990 are given for Scenarios B, C, and D. Total investment requirements for the three models (pipelines, railroads, waterways) and the three energy commodities (coal, petroleum, petroleum products, natural gas) are estimated to range between $35.3 and $42.7 billion by 1990 depending on the scenario.

  17. 13 CFR 120.471 - What are the minimum capital requirements for SBLCs?

    Science.gov (United States)

    2010-01-01

    ...) Additional paid-in capital representing amounts paid for stock in excess of the par value; (4) Retained earnings of the business; and/or (5) For limited liability companies and limited partnerships, capital...

  18. Comparative economics for DUCRETE spent fuel storage cask handling, transportation, and capital requirements

    International Nuclear Information System (INIS)

    Powell, F.P.

    1995-04-01

    This report summarizes economic differences between a DUCRETE spent nuclear fuel storage cask and a conventional concrete storage cask in the areas of handling, transportation, and capital requirements. The DUCRETE cask is under evaluation as a new technology that could substantially reduce the overall costs of spent fuel and depleted U disposal. DUCRETE incorporates depleted U in a Portland cement mixture and functions as the cask's primary radiation barrier. The cask system design includes insertion of the US DOE Multi-Purpose Canister inside the DUCRETE cask. The economic comparison is from the time a cask is loaded in a spent fuel pool until it is placed in the repository and includes the utility and overall US system perspectives

  19. Capital planning for operating theatres based on projecting future theatre requirements.

    Science.gov (United States)

    Sheehan, Jennifer A; Tyler, Peter; Jayasinha, Hirani; Meleady, Kathleen T; Jones, Neill

    2011-05-01

    During 2006, NSW and ACT Health Departments jointly engaged KPMG to develop an Operating Theatre Requirements' Projection Model and an accompanying planning guideline. A research scan was carried out to identify drivers of surgical demand, theatre capacity and theatre performance, as well as locating existing approaches to modelling operating theatre requirements for planning purposes. The project delivered a Microsoft Excel-based model for projecting future operating theatre requirements, together with an accompanying guideline for use of the model and interpretation of its outputs. It provides a valuable addition to the suite of tools available to Health staff for service and capital planning. The model operates with several limitations, largely due to being data dependent, and the state and completeness of available theatre activity data. However, the operational flexibility built into the model allows users to compensate for these limitations, on a case by case basis, when the user has access to suitable, local data. The design flexibility of the model means that updating the model as improved data become available is not difficult; resulting in revisions being able to be made quickly, and disseminated to users rapidly.

  20. Exploring the Social Capital of Adolescents Who Are Deaf or Hard of Hearing and Their Parents: A Preliminary Investigation.

    Science.gov (United States)

    Wong, Cara L; Ching, Teresa Y; Whitfield, Jessica; Duncan, Jill

    2018-01-01

    The study explored the social capital of Australian adolescents who were deaf or hard of hearing (DHH) and their parents, and investigated the relationship between social capital and individual characteristics, language, literacy, and psychosocial outcomes. Sixteen adolescents (ages 11-14 years) and 24 parents enrolled in the Longitudinal Outcomes of Children with Hearing Impairment (LOCHI) study completed an online questionnaire on social capital and psychosocial outcomes. Information about demographics, language, and literacy was retrieved from the LOCHI study database. On average, parent-rated social capital was positively related to adolescent-rated social capital, but not to child outcomes. Aspects of adolescent-reported social capital were significantly related to the adolescents' language and reading skills, but not to psychosocial outcomes. This study gives support to the promotion of social capital in adolescents who are DHH and their families, and considers how social capital promotion could be applied in interventions.

  1. Capital investment requirements in the West German energy economy and its financing

    Energy Technology Data Exchange (ETDEWEB)

    Diel, R; Radtke, G; Stoessel, R

    1980-01-01

    An analysis of the order of magnitude of capital investment required in the West German energy sector in the next two decades is based on reserve, production, and consumption statistics of the 10th World Energy Conference, the Chase Manhattan Bank and a 4% inflation rate, and shows requirements of DM22 billion for 1980-85, DM52 billion for 1980-90, and DM150 billion for 1980-2000 for exploration, production, and gasification of bituminous coal; DM21.7 billion or DM33.8 billion for 1980-2000 for lignite, depending on the use of the lignite for direct electricity generation or for gasification with nuclear process heat; DM2.8 billion and DM3.0 billion for expansion and conversion of petroleum-refining capacity for 1980-90 and 1991-2000, respectively; DM75-DM90 billion for exploration and production to maintain the present oil and natural gas production level in 1980-2000; DM70 billion for the transport and distribution of natural gas in 1980-2000; DM88.4 billion for coal and nuclear power-generation plants and DM59 billion for the distribution network to 1990; and DM48 billion for regenerative energy sources to 2000. The financing structure is also discussed.

  2. THE TRANSPARENCY IN THE REPORTING OF INTELLECTUAL CAPITAL: BETWEEN THE MANAGEMENT RESPONSIBILITY AND THE STAKEHOLDERS' REQUIREMENTS

    Directory of Open Access Journals (Sweden)

    Dicu Roxana-Manuela

    2011-07-01

    Full Text Available The increasingly ample orientation of the companies towards the intellectual capital is based on the rediscovery of this resource with (almost unlimited potential, generating economic benefits for a company. Given its importance, the information needs of stakeholders on this line have increased. Thus, in this context, it was put the issue of reporting information related to intellectual capital and the transparency of information published by companies, given that its reporting is not currently regulated. The objective of this paper is to establish an answer to a question: Up to what limit should be made public information related to this capital, given that stakeholders want as much information, and managers only publish information that favors the company's image? In addressing this issue, the point of departure is the intellectual capital structure, most commonly found in the literature, namely human capital, structural capital and relational capital. With this structure, the paper establishes, as a first step, a series of relevant indicators relating to the three components from three different perspectives: resources, management achievements and future expectations. At first observation, the indicators are divided into two categories: financial and non-financial, the first ones targeting the company's performance in relation to the components of intellectual capital, and the latter ones having a pronounced social touch. Based on these indicators, the paper analyses whether a company is willing to publish information, particularly those with social influence, especially in the current conditions of intensely requested social responsibility. In addition to documentary research, we also consider the most important findings based on existing reporting arrangements of the companies, especially from the reports published by them, depending on different criteria, such as social engagement, financial and accounting criteria etc. Given the lack of

  3. Effect of increased regulation on capital costs and manual labor requirements of nuclear power plants

    International Nuclear Information System (INIS)

    Paik, S.; Schriver, W.R.

    1981-01-01

    An attempt is made to explain the impact of increasing governmental regulation on capital costs and labor requirements for constructing light water reactor (LWR) electric power plants. The principal factors contributing to these increases are: (1) market conditions and (2) increased regulation. General market conditions include additional costs attributable to price inflation of equipment, material, labor, and the increased cost of money. The central objective of this work is to estimate the impact of increasing regulation on plant costs and, conversely, on output. To do this it is necessary to isolate two opposing sets of forces which have been in operation during the period of major regulatory expansion: learning based upon plant design experience and economies of scale with increasing size (generating capacity) of newer plants. Conceptual models are specified to capture the independent effects of increasing regulation, learning, and economies of scale. Empirical results were obtained by estimating the models on data collected from industry experience during the 1967-1980 period. 23 refs

  4. Exploring the Social Capital of Adolescents Who Are Deaf or Hard of Hearing and Their Parents: A Preliminary Investigation

    Science.gov (United States)

    Wong, Cara L.; Ching, Teresa Y. C.; Whitfield, Jessica; Duncan, Jill

    2018-01-01

    The study explored the social capital of Australian adolescents who were deaf or hard of hearing (DHH) and their parents, and investigated the relationship between social capital and individual characteristics, language, literacy, and psychosocial outcomes. Sixteen adolescents (ages 11-14 years) and 24 parents enrolled in the Longitudinal Outcomes…

  5. Capital requirements of the US-energy economy up to 1990

    International Nuclear Information System (INIS)

    Posner, E.

    1976-01-01

    Efforts to give the U.S. energy market a new structure in favour of a higher proportion of domestic energy resources involve particular attention to investment problems and the possibilities of the U.S. capital market for providing capital for the planned energy projects. If the doubts lately expressed by members of government, industry and banks with respect to sufficient financing of domestic energy projects prove to be realistic, increased dependence of the U.S.A. on uncertain imported energies, particularly mineral oil, would not be avoidable. Among various studies and estimates of private organizations dealing with these problems, a study carried out by the Bankers Trust Company, which was published at the beginning of this year, is most remarkable. The bank investigated alternative energy consumption structures and calculated these alternatives in an effort to find out whether the objections as to sufficient capital are justified. (orig./UA) [de

  6. Preliminary Design Requirements Document for Project W-314

    Energy Technology Data Exchange (ETDEWEB)

    MCGREW, D.L.

    2000-04-27

    This document sets forth functional requirements, performance requirements, and design constraints for the tank farm systems elements identified in Section 3.1 of this document. These requirements shall be used to develop the Design Requirements Baseline for those system elements. System Overview--The tank farm system at Hanford Site currently consists of 149 single shell tanks and 28 double shell tanks with associated facilities and equipment, located in 18 separate groupings. Each grouping is known as a tank farm. They are located in the areas designated as 200 West and 200 East. Table 1-1 shows the number of tanks in each farm. The farms are connected together through a transfer system consisting of piping, diversion boxes, Double Contained Receiver Tanks (DCRT) and other miscellaneous facilities and elements. The tank farm system also connects to a series of processing plants which generate radioactive and hazardous wastes. The primary functions of the tank farm system are to store, transfer, concentrate, and characterize radioactive and hazardous waste generated at Hanford, until the waste can be safely retrieved, processed and dispositioned. The systems provided by Project W-314 support the store and transfer waste functions. The system elements to be upgraded by Project W-314 are identified in Section 3.1.

  7. Preliminary Design Requirements Document for Project W-314

    International Nuclear Information System (INIS)

    MCGREW, D.L.

    2000-01-01

    This document sets forth functional requirements, performance requirements, and design constraints for the tank farm systems elements identified in Section 3.1 of this document. These requirements shall be used to develop the Design Requirements Baseline for those system elements. System Overview--The tank farm system at Hanford Site currently consists of 149 single shell tanks and 28 double shell tanks with associated facilities and equipment, located in 18 separate groupings. Each grouping is known as a tank farm. They are located in the areas designated as 200 West and 200 East. Table 1-1 shows the number of tanks in each farm. The farms are connected together through a transfer system consisting of piping, diversion boxes, Double Contained Receiver Tanks (DCRT) and other miscellaneous facilities and elements. The tank farm system also connects to a series of processing plants which generate radioactive and hazardous wastes. The primary functions of the tank farm system are to store, transfer, concentrate, and characterize radioactive and hazardous waste generated at Hanford, until the waste can be safely retrieved, processed and dispositioned. The systems provided by Project W-314 support the store and transfer waste functions. The system elements to be upgraded by Project W-314 are identified in Section 3.1

  8. 13 CFR 107.1830 - Licensee's Capital Impairment-definition and general requirements.

    Science.gov (United States)

    2010-01-01

    ... and the Capital Impairment regulations in this part in effect when you issued your Leverage. For all... ADMINISTRATION SMALL BUSINESS INVESTMENT COMPANIES Licensee's Noncompliance With Terms of Leverage Computation of.... (a) Applicability of this section. This section applies to Leverage issued on or after April 25, 1994...

  9. Preliminary design and estimate of capital and operating costs for a production scale application of laser decontamination technology

    International Nuclear Information System (INIS)

    Pang, Ho-ming; Edelson, M.C.

    1994-01-01

    The application of laser ablation technology to the decontamination of radioactive metals, particularly the surfaces of equipment, is discussed. Included is information related to the design, capital and operating costs, and effectiveness of laser ablation technology, based on commercial excimer and Nd:YAG lasers, for the decontamination of production scale equipment

  10. 75 FR 6151 - Minimum Capital

    Science.gov (United States)

    2010-02-08

    ... capital and reserve requirements to be issued by order or regulation with respect to a product or activity... minimum capital requirements. Section 1362(a) establishes a minimum capital level for the Enterprises... entities required under this section.\\6\\ \\3\\ The Bank Act's current minimum capital requirements apply to...

  11. Operational risk in bank governance and control: How to save capital requirement through a risk transfer strategy. Evidences from a simulated case study

    Directory of Open Access Journals (Sweden)

    Enzo Scannella

    2015-06-01

    Full Text Available Operational risk management in banking has assumed such importance during the last decade. It has become increasingly important to measure, manage, and assess the impact of operational risk in the economics of banking. The purpose of this paper is to demonstrate how an effective operational risk management provides mitigating effects on capital-at-risk in banking. The paper provides evidences that an implementation of an operational risk transfer strategy reduces bank capital requirement. The paper adopts the loss distribution approach, the Monte Carlo simulation, and copula methodologies to estimate the regulatory capital and simulate an operational risk transfer strategy in banking.

  12. Private Equity and Regulatory Capital

    NARCIS (Netherlands)

    Bongaerts, D.; Charlier, E.

    2008-01-01

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

  13. 78 FR 76973 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-12-20

    ... Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital..., 2013, a document adopting a final rule that revises its risk-based and leverage capital requirements... risk-based and leverage capital requirements for banking organizations. An allowance for additional...

  14. Preliminary site requirements and considerations for a monitored retrievable storage facility

    International Nuclear Information System (INIS)

    1991-08-01

    This report presents preliminary requirements and considerations for siting monitored retrievable storage (MRS) facility. It purpose is to provide guidance for assessing the technical suitability of potential sites for the facility. It has been reviewed by the NRC staff, which stated that this document is suitable for ''guidance in making preliminary determinations concerning MRS site suitability.'' The MRS facility will be licensed by the US Nuclear Regulatory Commission. It will receive spent fuel from commercial nuclear power plants and provide a limited amount of storage for this spent fuel. When a geologic repository starts operations, the MRS facility will also stage spent-fuel shipments to the repository. By law, storage at the MRS facility is to be temporary, with permanent disposal provided in a geologic repository to be developed by the DOE

  15. Basic requirements for a preliminary conceptual design of the Korea advanced pyroprocess facility (KAPF)

    International Nuclear Information System (INIS)

    Lee, Ho Hee; Ko, Won Il; Chang, Hong Lae; Song, Dae Yong; Kwon, Eun Ha; Lee, Jung Won

    2008-12-01

    Korea Atomic Energy Research Institute (KAERI) has been developing technologies for pyroprocessing for spent PWR fuels. This study is part of a long term R and D program in Korea to develop an advanced recycle system that has the potential to meet and exceed the proliferation resistance, waste minimization, resource minimization, safety and economic goals of approved Korean Government energy policy, as well as the Generation IV International Forum (GIF) program. To support this R and D program, KAERI requires that an independent estimate be made of the conceptual design and cost for construction and operation of a 'Korea Advanced Pyroprocessing Facility', This document describes the basic requirements for preliminary conceptual design of the Korea Advanced Pyroprocess Facility (KAPF). The presented requirements will be modified to be more effective and feasible on an engineering basis during the subsequent design process

  16. Basic requirements for a preliminary conceptual design of the Korea advanced pyroprocess facility (KAPF)

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Ho Hee; Ko, Won Il; Chang, Hong Lae; Song, Dae Yong; Kwon, Eun Ha; Lee, Jung Won [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

    2008-12-15

    Korea Atomic Energy Research Institute (KAERI) has been developing technologies for pyroprocessing for spent PWR fuels. This study is part of a long term R and D program in Korea to develop an advanced recycle system that has the potential to meet and exceed the proliferation resistance, waste minimization, resource minimization, safety and economic goals of approved Korean Government energy policy, as well as the Generation IV International Forum (GIF) program. To support this R and D program, KAERI requires that an independent estimate be made of the conceptual design and cost for construction and operation of a 'Korea Advanced Pyroprocessing Facility', This document describes the basic requirements for preliminary conceptual design of the Korea Advanced Pyroprocess Facility (KAPF). The presented requirements will be modified to be more effective and feasible on an engineering basis during the subsequent design process.

  17. Corporate Data Network (CDN). Data Requirements Task. Preliminary Strategic Data Plan. Volume 4

    International Nuclear Information System (INIS)

    1985-11-01

    The NRC has initiated a multi-year program to centralize its information processing in a Corporate Data Network (CDN). The new information processing environment will include shared databases, telecommunications, office automation tools, and state-of-the-art software. Touche Ross and Company was contracted with to perform a general data requirements analysis for shared databases and to develop a preliminary plan for implementation of the CDN concept. The Enterprise Model (Vol. 1) provided the NRC with agency-wide information requirements in the form of data entities and organizational demand patterns as the basis for clustering the entities into logical groups. The Data Dictionary (Vol.2) provided the NRC with definitions and example attributes and properties for each entity. The Data Model (Vol.3) defined logical databases and entity relationships within and between databases. The Preliminary Strategic Data Plan (Vol. 4) prioritized the development of databases and included a workplan and approach for implementation of the shared database component of the Corporate Data Network

  18. Ex-vessel core catcher design requirements and preliminary concepts evaluation

    International Nuclear Information System (INIS)

    Friedland, A.J.; Tilbrook, R.W.

    1974-01-01

    As part of the overall study of the consequences of a hypothetical failure to scram following loss of pumping power, design requirements and preliminary concepts evaluation of an ex-vessel core catcher (EVCC) were performed. EVCC is the term applied to a class of devices whose primary objective is to provide a stable subcritical and coolable configuration within containment following a postulated accident in which it is assumed that core debris has penetrated the Reactor Vessel and Guard Vessel. Under these assumed conditions a set of functional requirements were developed for an EVCC and several concepts were evaluated. The studies were specifically directed toward the FFTF design considering the restraints imposed by the physical design and construction of the FFTF plant

  19. Making big communities small: using network science to understand the ecological and behavioral requirements for community social capital.

    Science.gov (United States)

    Neal, Zachary

    2015-06-01

    The concept of social capital is becoming increasingly common in community psychology and elsewhere. However, the multiple conceptual and operational definitions of social capital challenge its utility as a theoretical tool. The goals of this paper are to clarify two forms of social capital (bridging and bonding), explicitly link them to the structural characteristics of small world networks, and explore the behavioral and ecological prerequisites of its formation. First, I use the tools of network science and specifically the concept of small-world networks to clarify what patterns of social relationships are likely to facilitate social capital formation. Second, I use an agent-based model to explore how different ecological characteristics (diversity and segregation) and behavioral tendencies (homophily and proximity) impact communities' potential for developing social capital. The results suggest diverse communities have the greatest potential to develop community social capital, and that segregation moderates the effects that the behavioral tendencies of homophily and proximity have on community social capital. The discussion highlights how these findings provide community-based researchers with both a deeper understanding of the contextual constraints with which they must contend, and a useful tool for targeting their efforts in communities with the greatest need or greatest potential.

  20. Intellectual Capital.

    Science.gov (United States)

    Snyder, Herbert W.; Pierce, Jennifer Burek

    2002-01-01

    This review focuses on intellectual capital and its relationship to information professionals. Discusses asset recognition; national practices and the acceptance of intellectual capital; definitions of intellectual capital; measuring intellectual capital, including multiple and single variable measures; managing intellectual capital; and knowledge…

  1. Intellectual Capital

    DEFF Research Database (Denmark)

    Bukh, Per Nikolaj; Christensen, Karina Skovvang

    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...

  2. C2 Link Security for UAS: Technical Literature Study and Preliminary Functional Requirements. Version 0.9 (Working Draft)

    Science.gov (United States)

    2005-01-01

    This document provides a study of the technical literature related to Command and Control (C2) link security for Unmanned Aircraft Systems (UAS) for operation in the National Airspace System (NAS). Included is a preliminary set of functional requirements for C2 link security.

  3. 78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-22

    ..., Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule AGENCY: Federal Deposit Insurance... Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and...

  4. 12 CFR 567.4 - Capital directives.

    Science.gov (United States)

    2010-01-01

    ... requirement, the leverage ratio requirement, the tangible capital requirement, or individual minimum capital... capital directive, it may become effective immediately. A capital directive shall remain in effect and... plan shall continue in full force and effect. (b) Relation to other administrative actions. The Office...

  5. 78 FR 55339 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-09-10

    ... countercyclical capital buffer was designed to take into account the macro-financial environment in which large... ability to raise capital to meet the increased minimum requirements in the current environment and upon...

  6. Capital investment requirements for greenhouse gas emissions mitigation in power generation on near term to century time scales and global to regional spatial scales

    International Nuclear Information System (INIS)

    Chaturvedi, Vaibhav; Clarke, Leon; Edmonds, James; Calvin, Katherine; Kyle, Page

    2014-01-01

    Our paper explores the implication of climate mitigation policy and electricity generation technology performance for capital investment demands by the electric power sector on near term to century time scales. We find that stabilizing GHG emissions will require additional investment in the electricity generation sector over and above investments that would be needed in the absence of climate policy, in the range of 15 to 29 trillion US$ (48–94%) depending on the stringency of climate policy during the period 2015 to 2095 under default technology assumptions. This increase reflects the higher capital intensity of power systems that control emissions as well as increased electrification of the global economy. Limits on the penetration of nuclear and carbon capture and storage technology could increase costs substantially. Energy efficiency improvements can reduce the investment requirement by 18 to 24 trillion US$ (compared to default technology climate policy assumptions), depending on climate policy scenario. We also highlight the implications of different technology evolution scenarios for different regions. Under default technology set, the heaviest investments across scenarios in power generation were observed in China, India, SE Asia and Africa regions with the latter three regions dominating in the second half of the 21st century. - Highlights: • We present electricity generation investment requirement under different scenarios. • A climate policy will lead to substantial increase in investment requirement. • Stringency of climate policy has significant implications for investments. • Technology evolution and performance alter investment requirements significantly. • China, India, Southeast Asia and Africa dominate as investment destinations

  7. Measuring Capital

    OpenAIRE

    W. Erwin Diewert

    2003-01-01

    The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are considered: (1) one hoss shay; (2) straight line depreciation; (3) declining balance or geometric depreciation; (4) linearly declining efficiency profiles and (5) linearly increasing maintenance profiles. The l...

  8. GRIST-2 preliminary test plan and requirements for fuel fabrication and preirradiation

    International Nuclear Information System (INIS)

    Tang, I.M.; Harmon, D.P.; Torri, A.

    1978-12-01

    The preliminary version of the GRIST-2 test plan has been developed for the planned initial 5 years (1984 to 1989) of TREAT-Upgrade in-pile tests. These tests will be employed to study the phenomenology and integral behavior of GCFR core disruptive accidents (CDAs) and to support the Final Safety Analysis Report (FSAR) CDA analyses for the demonstration plant licensing. The preliminary test plan is outlined. Test Phases I and II are for the fresh fuel (preconditioned or not) CDA behavior at the beginning-of-life (BOL) reactor state. Phase III is for the reactor state that contains irradiated fuel with a saturated content of helium and fission gas. Phase IV is for larger bundle tests and scaling effects

  9. Capital gains

    International Nuclear Information System (INIS)

    Blishen, C.

    1997-01-01

    This article examines African and Middle East oil and natural gas project financing. Capital markets financing, Ras Laffan's project bonds, capital market issues in Saudi Arabia, the movement toward gas and away from oil, and Islamic opportunities are discussed, African and Middle East oil and gas projects are listed. (UK)

  10. 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 expend...

  11. Effect of Leadership Styles, Social Capital, and Social Entrepreneurship on Organizational Effectiveness of Social Welfare Organization in Malaysia: Data Screening and Preliminary Analysis

    OpenAIRE

    Won, Ng Chun; Wan, Chong Yen; Sharif, Mohmad Yazam

    2017-01-01

    The purpose of this paper is to discuss the process of screening, editing and preparation of initial data before any further multivariate analysis of the study concerning effect of leadership styles, social capital and social entrepreneurship on organizational effectiveness of social welfare organization in Malaysia. It is vital to conduct data screening to identify any potential violation of the basic assumptions related to the application of multivariate techniques. Moreover, initial data e...

  12. 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.

  13. 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

  14. 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

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

    International Nuclear Information System (INIS)

    Repse, Stephen E.; Koulouris, George; Troupis, John M.

    2015-01-01

    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

  16. 78 FR 62017 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-11

    ... unlevel playing field between banking organizations and other financial services providers. For example, a... for banking organizations. The final rule consolidates three separate notices of proposed rulemaking... minimum capital requirement, a higher minimum tier 1 capital requirement, and, for banking organizations...

  17. Venture Capital

    National Research Council Canada - National Science Library

    Lister, M. J; Andreassen, A; Bales, Shanda; Biddle, J. G; Chang, M. M; McCormick, R; Packard, W. J; Sun, T

    2006-01-01

    Leveraging venture capital to the advantage of the Naval Services should be viewed as part of the larger project of reforming the acquisition system to permit rapid introduction of new technologies...

  18. Preliminary design requirements document (DRD) for Project W-236B, ''Initial Pretreatment Module''

    International Nuclear Information System (INIS)

    Swanson, L.M.

    1995-01-01

    The scope of this Design Requirements Document (DRD) is to identify and define the functions, with associated requirements, which must be performed to separate Hanford Site tank waste supernatants into low-level and high-level fractions. This documents sets forth function requirements, performance requirements, and design constraints necessary to begin conceptual design for the Initial Pretreatment Module (IPM). System and physical interfaces between the IPM project and the Tank Waste Remediation System (TWRS) are identified. The constraints, performance requirements, and transfer of information and data across a technical interface will be documented in an Interface Control Document. Supplemental DRDs will be prepared to provide more detailed requirements specific to systems described in the DRD

  19. Development of functional requirements for electronic health communication: preliminary results from the ELIN project.

    Science.gov (United States)

    Christensen, Tom; Grimsmo, Anders

    2005-01-01

    User participation is important for developing a functional requirements specification for electronic communication. General practitioners and practising specialists, however, often work in small practices without the resources to develop and present their requirements. It was necessary to find a method that could engage practising doctors in order to promote their needs related to electronic communication. Qualitative research methods were used, starting a process to develop and study documents and collect data from meetings in project groups. Triangulation was used, in that the participants were organised into a panel of experts, a user group, a supplier group and an editorial committee. The panel of experts created a list of functional requirements for electronic communication in health care, consisting of 197 requirements, in addition to 67 requirements selected from an existing Norwegian standard for electronic patient records (EPRs). Elimination of paper copies sent in parallel with electronic messages, optimal workflow, a common electronic 'envelope' with directory services for units and end-users, and defined requirements for content with the possibility of decision support were the most important requirements. The results indicate that we have found a method of developing functional requirements which provides valid results both for practising doctors and for suppliers of EPR systems.

  20. Banks’ Capital and Liquidity Creation

    OpenAIRE

    Horváth, Roman; Seidler, Jakub; Weill, Laurent

    2012-01-01

    This paper examines the relation between banks’ capital and liquidity creation. This issue is of interest to determine the potential impact of higher capital requirements for banks on their liquidity creation, which may have particular importance with new Basel III reform demanding from banks higher capital. We perform Granger-causality tests in a dynamic GMM panel estimator framework on an exhaustive dataset of Czech banks from 2000 to 2010.

  1. Station set requirements document. Volume 82: Fire support. Book 2: Preliminary functional fire plan

    Science.gov (United States)

    Gray, N. C.

    1974-01-01

    The fire prevention/protection requirements for all shuttle facility and ground support equipment are presented for the hazardous operations. These include: preparing the orbiter for launch, launch operations, landing operations, safing operations, and associated off-line activities.

  2. STATISTICAL MODELS OF REPRESENTING INTELLECTUAL CAPITAL

    Directory of Open Access Journals (Sweden)

    Andreea Feraru

    2016-06-01

    Full Text Available This article entitled Statistical Models of Representing Intellectual Capital approaches and analyses the concept of intellectual capital, as well as the main models which can support enterprisers/managers in evaluating and quantifying the advantages of intellectual capital. Most authors examine intellectual capital from a static perspective and focus on the development of its various evaluation models. In this chapter we surveyed the classical static models: Sveiby, Edvisson, Balanced Scorecard, as well as the canonical model of intellectual capital. Among the group of static models for evaluating organisational intellectual capital the canonical model stands out. This model enables the structuring of organisational intellectual capital in: human capital, structural capital and relational capital. Although the model is widely spread, it is a static one and can thus create a series of errors in the process of evaluation, because all the three entities mentioned above are not independent from the viewpoint of their contents, as any logic of structuring complex entities requires.

  3. Sources of Regional Banks Capitalization

    Directory of Open Access Journals (Sweden)

    Olga Sergeevna Miroshnichenko

    2018-03-01

    Full Text Available Searching of sources to increase the capitalization of Russian banks is an important economic problem for both the national and regional economy. Moreover, a strong capital base allows to credit institutions to meet the demands of economic agents for banking service. The research focuses on the choice of sources of regulatory capital for the banks of Tyumen region in the context of changing supervisory requirements in the period of 2005–2016, in different phases of the business cycle. We apply econometric methods of statistical information using IBM SPSS Statistics software. We have calculated the individual correlations of regional banks’ capital with gross domestic product (GDP (excluding gross regional product (GRP and GRP (with the exception of the effect of GDP. These calculations have shown that the capital of regional banks is related only to GDP. The increase in the capital of regional banks is accompanied by a change in its structure: the share of authorized capital has halved, and the share of subordinated debt has grown. All sources of capital, other than the reserve fund, are related to GDP. Authorized capital is associated with the profit of profitable lending institutions; retained earnings in the capital of regional banks — with the aggregated amount of risks of the banking system of the Russian Federation. Subordinated debt, like capital as a whole, is negatively affected by the profitability of the banking sector. The change in the capital of regional banks is determined by the change in retained earnings, subordinated debt and reserve fund. Modelling of these relations has allowed to obtain a system of equations. This system synthesizes linear regression models of changing the capital of regional banks in the context of their sourcing. The results of this study are significant for theoretical justification and practical development of a balanced financial policy of regional banks. Our research will contribute to

  4. Spare Parts Management of Aging Capital Products

    NARCIS (Netherlands)

    M. Hekimoğlu (Mustafa)

    2015-01-01

    textabstractSpare parts are critical for operations of capital products such as aircraft, refineries, trucks, etc/, which require maintenance regularly. Original Equipment Manufacturers (OEMs) bear the responsibility of undisrupted maintenance service and spare parts flow for their capital products.

  5. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A Bank shall require each member to maintain a minimum investment in the capital stock of the Bank, both...

  6. 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

  7. Reporting on intellectual capital

    NARCIS (Netherlands)

    Meer-Kooistra, Jeltje van der; Zijlstra, Siebren M.

    2001-01-01

    In today’s knowledge-based economy intellectual capital (IC) is becoming a major part of companies’ value. Being able to manage and control IC requires that companies can identify, measure and report internally on IC. As financial accounting rules ban full disclosure of IC in the annual report the

  8. Allergy Capitals

    Science.gov (United States)

    ... to face one of the season’s biggest problems: tree pollen . Common symptoms of springtime allergies include: Runny nose Itchy eyes Sneezing Congestion “Our Spring Allergy Capitals report is a valuable tool to help identify cities where seasonal allergy symptoms can create challenges,” ...

  9. Capital Unchained

    DEFF Research Database (Denmark)

    Bryan, Dick; Rafferty, Michael; Wigan, Duncan

    2017-01-01

    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...

  10. A preliminary evaluation of the simulation requirements of accident situations in a PWR training simulator

    International Nuclear Information System (INIS)

    Bhattacharya, A.S.

    1978-07-01

    An attempt was made to establish here the need to incorporate ''Accident Situations'' in Training Simulators, and, to indicate that the modelling of such otherwise complex situations could admit a great deal of simplifications. In most cases, a ''semidynamic'' model to display time dependent flows or Tank levels would do while ESF actuated start/stop or open/close of equipment could be modelled merely ''Live''. Transport delays and Time Constants in most cases are of no significance as are the accuracy considerations of most variables. The systems which need complete Dynamic Simulation are the ones which are always running, such as Pressuriser, RCS, Reactor, and the Steam Generator with the added advantages of the modest accuracy requirements and the plant being shutdown. (author)

  11. Preliminary Assessment of Operational Hazards and Safety Requirements for Airborne Trajectory Management (ABTM) Roadmap Applications

    Science.gov (United States)

    Cotton, William B.; Hilb, Robert; Koczo, Stefan, Jr.; Wing, David J.

    2016-01-01

    A set of five developmental steps building from the NASA TASAR (Traffic Aware Strategic Aircrew Requests) concept are described, each providing incrementally more efficiency and capacity benefits to airspace system users and service providers, culminating in a Full Airborne Trajectory Management capability. For each of these steps, the incremental Operational Hazards and Safety Requirements are identified for later use in future formal safety assessments intended to lead to certification and operational approval of the equipment and the associated procedures. Two established safety assessment methodologies that are compliant with the FAA's Safety Management System were used leading to Failure Effects Classifications (FEC) for each of the steps. The most likely FEC for the first three steps, Basic TASAR, Digital TASAR, and 4D TASAR, is "No effect". For step four, Strategic Airborne Trajectory Management, the likely FEC is "Minor". For Full Airborne Trajectory Management (Step 5), the most likely FEC is "Major".

  12. R and D Requirements, RF Gun Mode Studies, FEL-2 Steady-State Studies, Preliminary FEL-1 Time-Dependent Studies, and Preliminary Layout Option Investigation

    International Nuclear Information System (INIS)

    Byrd, John; Corlett, John; Doolittle, Larry; Fawley, William; Lidia, Steven; Penn, Gregory; Ratti, Alex; Staples, John; Wilcox Russell; Wurtele, Jonathan; Zholents, Alexander

    2005-01-01

    This report constitutes the third deliverable of LBNLs contracted role in the FERMI (at) Elettra Technical Optimization study. It describes proposed RandD activities for the baseline design of the Technical Optimization Study, initial studies of the RF gun mode-coupling and potential effects on beam dynamics, steady-state studies of FEL-2 performance to 10 nm, preliminary studies of time-dependent FEL-1 performance using electron bunch distribution from the start-to-end studies, and a preliminary investigation of a configuration with FEL sinclined at a small angle from the line of the linac

  13. 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

  14. Building a transnational biosurveillance network using semantic web technologies: requirements, design, and preliminary evaluation.

    Science.gov (United States)

    Teodoro, Douglas; Pasche, Emilie; Gobeill, Julien; Emonet, Stéphane; Ruch, Patrick; Lovis, Christian

    2012-05-29

    Antimicrobial resistance has reached globally alarming levels and is becoming a major public health threat. Lack of efficacious antimicrobial resistance surveillance systems was identified as one of the causes of increasing resistance, due to the lag time between new resistances and alerts to care providers. Several initiatives to track drug resistance evolution have been developed. However, no effective real-time and source-independent antimicrobial resistance monitoring system is available publicly. To design and implement an architecture that can provide real-time and source-independent antimicrobial resistance monitoring to support transnational resistance surveillance. In particular, we investigated the use of a Semantic Web-based model to foster integration and interoperability of interinstitutional and cross-border microbiology laboratory databases. Following the agile software development methodology, we derived the main requirements needed for effective antimicrobial resistance monitoring, from which we proposed a decentralized monitoring architecture based on the Semantic Web stack. The architecture uses an ontology-driven approach to promote the integration of a network of sentinel hospitals or laboratories. Local databases are wrapped into semantic data repositories that automatically expose local computing-formalized laboratory information in the Web. A central source mediator, based on local reasoning, coordinates the access to the semantic end points. On the user side, a user-friendly Web interface provides access and graphical visualization to the integrated views. We designed and implemented the online Antimicrobial Resistance Trend Monitoring System (ARTEMIS) in a pilot network of seven European health care institutions sharing 70+ million triples of information about drug resistance and consumption. Evaluation of the computing performance of the mediator demonstrated that, on average, query response time was a few seconds (mean 4.3, SD 0.1 × 10

  15. Instrumental Capital

    Directory of Open Access Journals (Sweden)

    Gabriel Valerio

    2007-07-01

    Full Text Available During the history of human kind, since our first ancestors, tools have represented a mean to reach objectives which might otherwise seemed impossibles. In the called New Economy, where tangibles assets appear to be losing the role as the core element to produce value versus knowledge, tools have kept aside man in his dairy work. In this article, the author's objective is to describe, in a simple manner, the importance of managing the organization's group of tools or instruments (Instrumental Capital. The characteristic conditions of this New Economy, the way Knowledge Management deals with these new conditions and the sub-processes that provide support to the management of Instrumental Capital are described.

  16. partial capitalness

    Directory of Open Access Journals (Sweden)

    Elena Grigoryeva

    2017-06-01

    A world away, in the Cape Winelands, architects of Stellenbosch struggle for the identity of the city, the capital of the unique cultural landscape. Here the traditional African culture is mixed with three century-long tradition of winegrowing and winemaking. This wonderful mixture was placed on the UNESCO Tentative List of World Heritage Sites. The authors of the project use cultural heritage protection laws to protect their city from chaotic development.

  17. 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...

  18. Triads of capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase

    of capital means a coherent stock of capital, including social, cultural and physical capital, which belongs to a local community. The case of civic organization in rural Denmark 1800-1900 shows how the three capitals successively acted as driving forces: physical capital about year 1800, social capital...... about year 1880, and cultural capital about year 1900. In each case, one form of capital changed the two others in a chain reaction process, which ultimately led to a major reorganization of the triads of capital in the local rural communities....

  19. 13 CFR 108.200 - Adequate capital for NMVC Companies.

    Science.gov (United States)

    2010-01-01

    ... VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.200 Adequate capital for NMVC Companies. You must meet the requirements of §§ 108.200-108.230 in order to... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Adequate capital for NMVC...

  20. 12 CFR 704.3 - Corporate credit union capital.

    Science.gov (United States)

    2010-01-01

    ... minimum level of required capital and NEV ratios after the funds are called. (4) Liquidation. In the event...) Capital ratio. A corporate credit union will maintain a minimum capital ratio of 4 percent, except as otherwise provided in this part. A corporate credit union must calculate its capital ratio at least monthly...

  1. 24 CFR 891.145 - Owner deposit (Minimum Capital Investment).

    Science.gov (United States)

    2010-04-01

    ... General Program Requirements § 891.145 Owner deposit (Minimum Capital Investment). As a Minimum Capital... Investment shall be one-half of one percent (0.5%) of the HUD-approved capital advance, not to exceed $25,000. ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Owner deposit (Minimum Capital...

  2. 12 CFR 325.103 - Capital measures and capital category definitions.

    Science.gov (United States)

    2010-01-01

    ... STATEMENTS OF GENERAL POLICY CAPITAL MAINTENANCE Prompt Corrective Action § 325.103 Capital measures and... agreement, order, capital directive, or prompt corrective action directive issued by the FDIC pursuant to... CFR 28.15(b), or to comply with asset maintenance requirements pursuant to 12 CFR 28.20; or (B) The...

  3. ORGANIZATIONAL CAPITAL IN ENTERPRISE ARCHITECTURE

    Directory of Open Access Journals (Sweden)

    Kirill G. Skripkin

    2016-01-01

    Full Text Available The paper describes a new approach to the description of organizational capital in enterprise architecture. This approach is focused on internal consistency of organizational mechanisms and their fit to the requirements of technologies in use and key employees. The description rests on Henry Mintzberg organizational design theory. The value of this description is demonstrated for the case of influence of Ministry of Education and Science policy on the organizational capital of the Russian university.

  4. 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.

  5. Calculating the capital contribution required for regulation of incentives in the energy sector; Bestimmung des Eigenkapitalzinssatzes fuer eine Anreizregulierung des Energiesektors

    Energy Technology Data Exchange (ETDEWEB)

    Schaeffner, D. [WIK GmbH, Wissenschaftliches Inst. fuer Infrastruktur und Kommunikationsdienste, Bad Honnef (Germany)

    2006-12-15

    On 30 June 2006, the Federal Regulatory Agency (BNetzA) published its final report on the introduction of regulation by incentives according to Section 21a EnWG. The new regulation regime is to start on 1 January 2008. By this date, a starting value must be defined for the initial cost level and grid use reimbursements. Further, the interest rate for the capital contribution must be redefined (currently: 6.5 percent for the electricity sector and 7.8 percent for the gas sector). The contribution presents a regulation-economic method which takes account of individual parameteres in defining the capital contribution interest rate and of tax parameters and links these to current legal boundary conditions. As an example, the well-known CAPM is presented. (orig.)

  6. 76 FR 1889 - Risk-Based Capital Guidelines: Market Risk

    Science.gov (United States)

    2011-01-11

    ... ``three-pillar'' framework that includes (i) risk-based capital requirements for credit risk, market risk... incremental risk capital requirement to capture default and credit quality migration risk for non... (advanced approaches rules) (collectively, the credit risk capital rules) \\8\\ by requiring any bank subject...

  7. Social capital in engineering education

    Science.gov (United States)

    Brown, Shane

    A theoretical argument is presented to suggest that engineering curriculum be designed to develop social capital. Additionally, the value of social capital in the retention of students in the College of Engineering, and the development, role, and value of social capital in an electrical engineering laboratory is evaluated. Data collected includes participant observations, informal and formal student interviews, and a researcher-designed survey. Social capital consists of interaction among individuals (networks), social rules that encourage interactions such as trust and reciprocity (norms), and the value of these networks and norms to the individual and the group. A large body of evidence suggests that social capital is valuable in terms of retention and multiple measures of academic achievement. The importance of social capital in retention was verified by students that have left engineering and those that remain, in terms of interactions with peers, teaching assistants, and engineering faculty; and a lack of sense of community in freshman engineering courses. Students that have left engineering differed in their perceptions of social capital from those that remain in their frustrations with teaching methods that encourage little discussion or opportunities to ask questions about assumptions or approaches. The open-ended nature of laboratory assignments, extensive required troubleshooting, and lack of specific directions from the teaching assistants were found to encourage the development of social capital in the laboratory setting. Degree centrality, a network measure of social capital as the number of ties an individual has within a social network, was found to be positively correlated with laboratory grade. Student perceptions of the importance of interactions with other students on success in the laboratory setting has a negative model effect on academic achievement in the laboratory. In contrast, student perceptions of the quality of interactions with

  8. ABOUT THE FINANCIAL REPORTING ON THE CAPITAL MARKETS IN THE EUROPEAN UNION: REQUIREMENTS OF USING THE IFRS AND THE EQUIVALENCE OF THIRD COUNTRY ACCOUNTING STANDARDS

    Directory of Open Access Journals (Sweden)

    Aristita Rotila

    2013-12-01

    Full Text Available The need to build a single European market and to ensure the competitiveness of the community capital markets led to the involvement of European Union in the convergence process taking place on a global level in the realm of financial reporting. This paper is a study on financial reporting for the capital markets in the European Union by analyzing the accounting standards that need to be applied. Specifically, this paper highlights a number of issues concerning: the adoption of IAS / IFRS in the European Union and their compulsory aspect in preparing the consolidated financial statements for the companies listed on a regulated market; the requirement’s extension of using the IFRSs adopted in the European Union to the issuers of certain third countries involving a public offer of securities in European Union or performing transactions with securities on a community regulated market; the establish of a mechanism for the determination of equivalence of certain third country accounting standards with IFRSs in force at European level and, consequently, the possibility of using by some third country issuers, in preparing the consolidated financial statements submitted to the European markets, recognized national standards as equivalent to adopted IFRS.

  9. Investment in capital markets

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2017-01-01

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

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

    African Journals Online (AJOL)

    Siphambe H (Prof)

    The paper therefore seeks to establish the relationship between capital levels and ... Thus an increase in capital requirements will not affect banks' ..... competitive products and services to customers with the end result being increased ...

  11. Preliminary Data on the Ecological Requirements of the Invasive Spiny-Cheek Crayfish in the Lower Danube

    Directory of Open Access Journals (Sweden)

    Pîrvu Mălina

    2014-12-01

    Full Text Available Water quality and properties of the riverbed often shape the community structure of aquatic ecosystems, occasionally sustaining the expansion of non-native species. This study aims to provide preliminary data on the ecological preferences of the invasive species Orconectes limosus, its control, and the protection of the native stock is an European priority. In order to assess the species ability to colonize small river systems, relevant tributaries in the invaded Danube sector were monitored. Statistical test indicates a preference for deep and warm rivers, low water velocity and also high concentrations of calcium.

  12. Measuring excess capital capacity in agricultural production

    NARCIS (Netherlands)

    Zhengfei, G.; Kumbhakar, S.C.; Myers, R.J.; Oude Lansink, A.G.J.M.

    2009-01-01

    We introduce the concept "excess capital capacity" and employ a stochastic input requirement frontier to measure excess capital capacity in agricultural production. We also propose a two-step estimation method that allows endogenous regressors in stochastic frontier models. The first step uses

  13. 12 CFR 208.4 - Capital adequacy.

    Science.gov (United States)

    2010-01-01

    ... Banking FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H) General Membership and Branching Requirements § 208.4 Capital adequacy. (a) Adequacy. A member bank's capital, as defined in appendix A to this...

  14. Epochality, Global Capitalism and Ecology

    Directory of Open Access Journals (Sweden)

    Wayne Hope

    2018-05-01

    Full Text Available What type of capitalism do we live in today? My answer to this question draws upon two interrelated lines of argument. Firstly, I will argue that we inhabit an epoch of global capitalism. The precursors of this kind of capitalism originated from the late nineteenth century when the development of telegraph networks, modern transport systems and world time zones provided a global template for industrialisation and Western imperialism. From about 1980 a confluence of global events and processes bought a fully-fledged global capitalism into being. These included the collapse of Fordist Keynesianism, national Keynesianism and Soviet Communism along with First, Second and Third World demarcations; the international proliferation of neo-liberal policy regimes; the growth of transnational corporations in all economic sectors; the predominance of financialisation and the reconstitution of global workforces. Secondly, I will argue that the shift from organic surface energy to underground fossil energy intertwined the time of the earth with the time of human history as nature was being instrumentalised as a resource for humanity. Understanding the capitalist relations of power involved here requires that we rethink the emergence of industrial capitalism in the historical context of a world system built upon unequal socio-ecological exchange between core and periphery. Today, global capitalism has intensified the anthropogenic feedback loops associated with CO2 emissions and climate change and universalised the organisational frameworks of profit extraction and socio-ecological destruction. I refer here to the transnational systems of fossil fuel capitalism along with their interlinkages with financialisation and advertising/commodity fetishism. From the preceding lines of argument I will briefly outline the intra-capitalist and planetary-ecological crises out of which transnational coalitions of opposition might emerge.

  15. Reaping benefits from intellectual capital.

    Science.gov (United States)

    Weston, Marla J; Estrada, Nicolette A; Carrington, Jane

    2007-01-01

    The wealth and value of organizations are increasingly based on intellectual capital. Although acquiring talented individuals and investing in employee learning adds value to the organization, reaping the benefits of intellectual capital involves translating the wisdom of employees into reusable and sustained actions. This requires a culture that creates employee commitment, encourages learning, fosters sharing, and involves employees in decision making. An infrastructure to recognize and embed promising and best practices through social networks, evidence-based practice, customization of innovations, and use of information technology results in increased productivity, stronger financial performance, better patient outcomes, and greater employee and customer satisfaction.

  16. ORGANIZATIONAL CAPITAL THEORY EXPRESSION OF ELECTRONIC HEALTH

    Directory of Open Access Journals (Sweden)

    Tomas Vedlūga

    2017-03-01

    Full Text Available Implementation of e-health is a very difficult and complex process in terms of health policy that requires both organizational ability to meet market requirements and well-managed internal communication, which is carried out through organizational capital and high organizational culture and philosophy. This process requires a change in the organizational processes of health care institutions, ensuring the management and use of health information in order to improve the functioning of health care institutions. Scientists emphasize that health care institutions, with a high organizational capital can effectively promote the development of e-health, by consistently improving the quality of health care services and increasing the confidence and sense of security by enhancing the individual‘s ability to become more involved in the health care system. Nevertheless, in Lithuania, the progress of health care institutions in the field of e-health varies significantly, therefore, different tendencies of e-health care indicators tend to be related to organizational capital. Organizational capital covering the various dimensions of social context analysis, and organizational capital theory is a paradigm that attempts to explain the e-health inequalities at the level of organizations. This paper has evaluated the organizational capital theory expression of the e-health level, to identify and analyze organizational capital assessment indices in the field of e-health and modeled organizational capital assessment scheme.

  17. 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.

  18. Preliminary Project Execution Plan for the Remote-Handled Low-Level Waste Disposal Project

    International Nuclear Information System (INIS)

    Duncan, David

    2011-01-01

    This preliminary project execution plan (PEP) defines U.S. Department of Energy (DOE) project objectives, roles and responsibilities of project participants, project organization, and controls to effectively manage acquisition of capital funds for construction of a proposed remote-handled low-level waste (LLW) disposal facility at the Idaho National Laboratory (INL). The plan addresses the policies, requirements, and critical decision (CD) responsibilities identified in DOE Order 413.3B, 'Program and Project Management for the Acquisition of Capital Assets.' This plan is intended to be a 'living document' that will be periodically updated as the project progresses through the CD process to construction and turnover for operation.

  19. CSR, SMEs and Social Capital

    DEFF Research Database (Denmark)

    Murillo, David; Vallentin, Steen

    2012-01-01

    capital are interrelated, turning social capital into a powerful instrument to better explain what academic literature has called silent CSR practices. The analysis that follows questions some of the basic tenets that underpin the branch of business ethics that deals with the nature of SMEs' approach...... this type of action d) Any study of this kind of practice requires a dual approach: a) normative when using tools developed by CSR; and b) descriptive and instrumental using the notion of social capital....... in the automotive sector, took the distinctive approach of trying to understand the nature of CSR-like activities developed not by best-in-class CSR-driven companies but by purely competitiveness-driven firms. The case studies provide explicit evidence that the CSR activities of SMEs and the notion of social...

  20. Capital financing in prospective payment.

    Science.gov (United States)

    Oszustowicz, R J; Dreachslin, J L

    1984-03-01

    In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.

  1. Capital Flight from Russia

    OpenAIRE

    Prakash Loungani; Paolo Mauro

    2000-01-01

    This paper documents the scale of capital flight from Russia, compares it with that observed in other countries, and reviews policy options. The evidence from other countries suggests that capital flight can be reversed once reforms take hold. The paper argues that capital flight from Russia can only be curbed through a medium-term reform strategy aimed at improving governance and macroeconomic performance, and strengthening the banking system. Capital controls result in costly distortions an...

  2. Capital Equipment Replacement Decisions

    OpenAIRE

    Batterham, Robert L.; Fraser, K.I.

    1995-01-01

    This paper reviews the literature on the optimal replacement of capital equipment, especially farm machinery. It also considers the influence of taxation and capital rationing on replacement decisions. It concludes that special taxation provisions such as accelerated depreciation and investment allowances are unlikely to greatly influence farmers' capital equipment replacement decisions in Australia.

  3. Flight path control strategies and preliminary deltaV requirements for the 2007 Mars Phoenix (PHX) mission

    Science.gov (United States)

    Raofi, Behzad

    2005-01-01

    This paper describes the methods used to estimate the statistical deltaV requirements for the propulsive maneuvers that will deliver the spacecraft to its target landing site while satisfying planetary protection requirements. the paper presents flight path control analysis results for three different trajectories, open, middle, and close of launch period for the mission.

  4. The Determinants of Capital Structure: Some Evidence from Banks

    OpenAIRE

    Heider, Florian; Gropp, Reint

    2008-01-01

    This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of large banks in the United States and Europe. We find a remarkable consistency in sign, significance and economic magnitude. Like non-financial firms, banks appear to have stable capital structures at levels that are specific to each individual bank. The results suggest that capital requirements may only be of second-order importance for banks’ capital structures and confirm ...

  5. Implementing the countercyclical capital buffer in South Africa: Practical considerations

    OpenAIRE

    Pravin Burra; Pieter Juriaan de Jongh; Helgard Raubenheimer; Gary van Vuuren; Henco Wiid

    2015-01-01

    The Basel II regulatory framework significantly increased the resilience of the banking system, but proved ineffective in preventing the 2008/9 financial crisis. The subsequent introduction of Basel III aimed, inter alia, to supplement bank capital using buffers. The countercyclical buffer boosts existing minimum capital requirements when systemic risk surges are detected. Bolstering capital in favourable economic conditions cushions losses in unfavourable conditions, thereby addressing capit...

  6. Managing intellectual capital in libraries beyond the balance sheet

    CERN Document Server

    Kostagiolas, Petros

    2012-01-01

    In the knowledge economy, professionals have to make decisions about non-tangible, non-monetary, and largely invisible resources. Information professionals need to understand the potential uses, contributions, value, structure, and creation of broadly intangible intellectual capital in libraries. In order to fully realize intellectual capital in libraries, new practices and skills are required for library management practitioners and researchers.Managing Intellectual Capital in Libraries provides research advances, guidelines, methods and techniques for managing intellectual capital in a libra

  7. 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 ...

  8. Transmission line capital costs

    International Nuclear Information System (INIS)

    Hughes, K.R.; Brown, D.R.

    1995-05-01

    The displacement or deferral of conventional AC transmission line installation is a key benefit associated with several technologies being developed with the support of the U.S. Department of Energy's Office of Energy Management (OEM). Previous benefits assessments conducted within OEM have been based on significantly different assumptions for the average cost per mile of AC transmission line. In response to this uncertainty, an investigation of transmission line capital cost data was initiated. The objective of this study was to develop a database for preparing preliminary estimates of transmission line costs. An extensive search of potential data sources identified databases maintained by the Bonneville Power Administration (BPA) and the Western Area Power Administration (WAPA) as superior sources of transmission line cost data. The BPA and WAPA data were adjusted to a common basis and combined together. The composite database covers voltage levels from 13.8 to 765 W, with cost estimates for a given voltage level varying depending on conductor size, tower material type, tower frame type, and number of circuits. Reported transmission line costs vary significantly, even for a given voltage level. This can usually be explained by variation in the design factors noted above and variation in environmental and land (right-of-way) costs, which are extremely site-specific. Cost estimates prepared from the composite database were compared to cost data collected by the Federal Energy Regulatory Commission (FERC) for investor-owned utilities from across the United States. The comparison was hampered because the only design specifications included with the FERC data were voltage level and line length. Working within this limitation, the FERC data were not found to differ significantly from the composite database. Therefore, the composite database was judged to be a reasonable proxy for estimating national average costs

  9. 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....... 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...

  10. Fueling innovation in medical devices (and beyond): venture capital in health care.

    Science.gov (United States)

    Ackerly, D Clay; Valverde, Ana M; Diener, Lawrence W; Dossary, Kristin L; Schulman, Kevin A

    2009-01-01

    Innovation in health care requires new ideas and the capital to develop and commercialize those ideas into products or services. The necessary capital is often "venture capital," but the link between public policy and the venture capital industry has not been well examined. In this paper we explore the link between venture capital and innovation in health care, and we present new descriptive data from a survey of health care venture capital fund managers. Respondents generally viewed policy levers (for example, reimbursement and regulations) as important risks to venture capital investments, potentially affecting their ability to raise capital for early-stage investment funds.

  11. 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....

  12. 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...

  13. ACCOUNT INSTRUMENT CAPITAL BORROWED

    Directory of Open Access Journals (Sweden)

    Holt Gheorghe

    2012-03-01

    Full Text Available Setting up business capital is made from different sources and their use coordinates its policy aims, issues that affect the overall efficiency and thus differentiate companies with the same profile of activity and a similar level of capital advanced in the economic cycle. Thus financial structure, the average cost of capital used in the mechanism how the financial management of the company, of particular importance for this.

  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. 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...

  16. 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....

  17. Human Capital Overview

    National Research Council Canada - National Science Library

    McCarthy, Ellen E

    2007-01-01

    ...: To provide an agile, adaptive, integrated, and innovative defense intelligence workforce through a deliberate process identifying, implementing, and directing human capital organizational, doctrinal...

  18. LH2 airport requirements study

    Science.gov (United States)

    Brewer, G. D. (Editor)

    1976-01-01

    A preliminary assessment of the facilities and equipment which will be required at a representative airport is provided so liquid hydrogen LH2 can be used as fuel in long range transport aircraft in 1995-2000. A complete facility was conceptually designed, sized to meet the projected air traffic requirement. The facility includes the liquefaction plant, LH2, storage capability, and LH2 fuel handling system. The requirements for ground support and maintenance for the LH2 fueled aircraft were analyzed. An estimate was made of capital and operating costs which might be expected for the facility. Recommendations were made for design modifications to the reference aircraft, reflecting results of the analysis of airport fuel handling requirements, and for a program of additional technology development for air terminal related items.

  19. 12 CFR 567.6 - Risk-based capital credit risk-weight categories.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Risk-based capital credit risk-weight... CAPITAL Regulatory Capital Requirements § 567.6 Risk-based capital credit risk-weight categories. (a) Risk...)(2) of this section), plus risk-weighted recourse obligations, direct credit substitutes, and certain...

  20. South Korea's Experience with International Capital Flows

    OpenAIRE

    Marcus Noland

    2005-01-01

    South Korea%u2019s experience is unparalleled in its combination of sustained prosperity, capital controls, and financial crisis. Over several decades, South Korea experienced rapid sustained growth in the presence of capital controls. These controls and the de-linking of domestic and international financial markets were an essential component of the country's state-led development strategy. As the country developed, opportunities for easy technological catch-up eroded, requiring more sophist...

  1. Access to capital: implications for hospital consolidation.

    Science.gov (United States)

    Grauman, Daniel M; Harris, John M; Martin, Christine

    2010-04-01

    Recent economic challenges have left many independent hospitals and their boards concerned about long-term viability of their organizations as stand-alone facilities. The CFO's role should be to facilitate a candid, objective assessment of the organization's ability to continue to go it alone. Key indicators that should be considered in such an assessment include patient volume, degree of physician alignment, profitability, current debt burden, cash, available capital versus capital requirements, and credit rating changes.

  2. Implementing a Capital Plan.

    Science.gov (United States)

    Daigneau, William A.

    2003-01-01

    Addresses four questions regarding implementation of a long-term capital plan to manage a college's facilities portfolio: When should the projects be implemented? How should the capital improvements be implemented? What will it actually cost in terms of project costs as well as operating costs? Who will implement the plan? (EV)

  3. World wide spatial capital.

    Science.gov (United States)

    Sen, Rijurekha; Quercia, Daniele

    2018-01-01

    In its most basic form, the spatial capital of a neighborhood entails that most aspects of daily life are located close at hand. Urban planning researchers have widely recognized its importance, not least because it can be transformed in other forms of capital such as economical capital (e.g., house prices, retail sales) and social capital (e.g., neighborhood cohesion). Researchers have already studied spatial capital from official city data. Their work led to important planning decisions, yet it also relied on data that is costly to create and update, and produced metrics that are difficult to compare across cities. By contrast, we propose to measure spatial capital in cheap and standardized ways around the world. Hence the name of our project "World Wide Spatial Capital". Our measures are cheap as they rely on the most basic information about a city that is currently available on the Web (i.e., which amenities are available and where). They are also standardized because they can be applied in any city in the five continents (as opposed to previous metrics that were mainly applied in USA and UK). We show that, upon these metrics, one could produce insights at the core of the urban planning discipline: which areas would benefit the most from urban interventions; how to inform planning depending on whether a city's activity is mono- or poly-centric; how different cities fare against each other; and how spatial capital correlates with other urban characteristics such as mobility patterns and road network structure.

  4. Venture capital and internationalization

    NARCIS (Netherlands)

    Schertler, A.G.; Tykvova, T.

    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

  5. La escritura capital cursiva

    OpenAIRE

    Carbonell Boria, María José

    1989-01-01

    Estado de la cuestión de los trabajos sobre la Capital Cursiva. Análisis de la misma y muestras de su existencia y uso en la cultura occidental, incluida España. The matter of the study of Italic Capital letters. Its analysis, samples, and use in Western cultur, including Spain.

  6. Pension fund's illiquid assets allocation under liquidity and capital constraints

    OpenAIRE

    Broeders, Dirk; Jansen, Kristy; Werker, Bas

    2017-01-01

    This paper empirically assesses the impact of liquidity and capital constraints on the allocation of defined benefit pension funds to illiquid assets. Liquidity constraints result from short-term pension payments and collateral requirements on derivatives. Capital constraints follow from the requirement to retain sufficient capital to absorb unexpected losses. Liability duration and hedging affect the allocation to illiquid assets through both these constraints. First, we find a hump-shaped i...

  7. 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......, 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...

  8. 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...... participation and generalized trust. This measure is then applied by comparing the level of social capital in 25 countries from Western and Eastern Europe. Our nine cluster analysis shows that Switzerland has the highest score, followed by the Netherlands and Scandinavia. At the other end of the continuum we...... find post-communist countries and Southern Italy. The findings for this specific sample suggest that institutions matter for social capital and the relationship between decentralization and social capital emerges as a promising line of inquiry. Thus, the highest scoring countries in the sample may...

  9. Social Capital in Asia

    DEFF Research Database (Denmark)

    Li, Peter Ping; Redding, Gordon

    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......, 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......–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...

  10. 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...

  11. Bank Size, Risk-taking and Capital Regulation in Bangladesh

    Directory of Open Access Journals (Sweden)

    Mohammad M. RAHMAN

    2015-05-01

    Full Text Available This study examines the impact of bank size on bank regulatory capital ratios and risk-taking behavior using a panel dataset of 30 Bangladeshi commercial banks over the period 2008-2012. The relationship between bank regulatory capital ratios and bank risk-taking is also examined. For empirical analysis, generalized methods of moments (GMM panel method are used to explore the relationships among bank size, regulatory capital ratios and risk-taking behavior. Empirical results show that large banks hold lower amount of capital and take higher level of risk. Findings also show a reverse relationship between bank capital levels and bank risk-taking; that is, banks holding higher levels of regulatory capital are significantly less risky. Findings of this study has important implications for the Bangladeshi government, policy makers, banking regulators and bank stakeholders regarding bank size, regulatory capital requirements and overall banking sector risk-taking behavior.

  12. 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.

  13. A disciplined approach to capital: today's healthcare imperative.

    Science.gov (United States)

    Dupuis, Patrick J; Kaufman, Kenneth

    2007-07-01

    BJC HealthCare's experience exemplifies several basic principles of a finance-based approach to capital. Organizations that adopt this approach look to improve processes first, remove costs second, and spend capital last. Multiyear planning is required to quantitatively identify the profitability and liquidity requirements of strategic initiatives and address essential funding and financing issues.

  14. Indeterminacy and Business Fluctuations under Partial Capital Mobility

    Directory of Open Access Journals (Sweden)

    Jongkyou Jeon

    2008-12-01

    Full Text Available The paper examines a modified real business cycle model of a small open economy such as the Korean economy. The model economy is assumed to produce output with two types of capital: traded capital and non¡ⓒtraded capital. Domestic individuals can borrow from the world capital market only by using traded capital as collateral, and investment in non¡ⓒtraded capital must be financed by domestic savings. It implies that the capital mobility is partial rather than perfect although domestic residents have free access to the world capital market. By incorporating externalities into the production technology, the model economy is able to generate dynamic path of equilibrium time series solely driven by non¡ⓒfundamental shocks such as animal spirits of investors or self¡ⓒfulfilling expectations if the ratio of traded capital to total capital is sufficiently high. The paper shows that the second moment properties of the Korean aggregate data could be reproduced in a modified real business cycle framework where fluctuations are driven only by non¡ⓒfundamental shocks, not by the disturbances to economic fundamentals such as technology. This requires a high value of traded capital relative to total capital, which means that the domestic capital market must be highly integrated with the world capital market. It implies that there exists some critical level of capital mobility beyond which the business cycles of an open economy becomes highly vulnerable to non¡ⓒfundamental shocks such as self¡ⓒfulfilling expectations.

  15. Utility requirements for fusion

    International Nuclear Information System (INIS)

    Vondrasek, R.J.

    1982-02-01

    This report describes work done and results obtained during performance of Task 1 of a study of Utility Requirements and Criteria for Fusion Options. The work consisted of developing a list of utility requirements for fusion optics containing definition of the requirements and showing their relative importance to the utility industry. The project team members developed a preliminary list which was refined by discussions and literature searches. The refined list was recast as a questionnaire which was sent to a substantial portion of the utility industry in this country. Forty-three questionnaire recipients responded including thirty-two utilities. A workshop was held to develop a revised requirements list using the survey responses as a major input. The list prepared by the workshop was further refined by a panel consisting of vice presidents of the three project team firms. The results of the study indicate that in addition to considering the cost of energy for a power plant, utilities consider twenty-three other requirements. Four of the requirements were judged to be vital to plant acceptability: Plant Capital Cost, Financial Liability, Plant Safety and Licensability

  16. 75 FR 82317 - Risk-Based Capital Standards: Advanced Capital Adequacy Framework-Basel II; Establishment of a...

    Science.gov (United States)

    2010-12-30

    ... leverage or risk-based capital requirements in effect for insured depository institutions as of the date of..., sections 171(b)(1) and (2) specify that the minimum leverage and risk- based capital requirements...)(1) and (2) specify that the Federal banking agencies may not establish leverage or risk-based...

  17. 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...

  18. 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....

  19. Prioritization of Capital Projects

    National Research Council Canada - National Science Library

    LaVielle, Michael

    2002-01-01

    Public works capital projects in the U,S, naval forces are not prioritized and funded in a way that best uses limited operations resources and maintenance dollars, This thesis develops a linear model...

  20. capital. A discussion paper

    Directory of Open Access Journals (Sweden)

    Ewa Chojnacka

    2015-04-01

    Full Text Available The purpose of this study is to confront certain propositions presented in Lesław Niemczyk’s publication Rachunkowość finansowa aktywów kompetencyjnych i kapitału intelektualnego. Nowy dział rachunkowości(Accounting for Competence Assets and Intellectual Capital. A New Area in Accounting with ideas published in other studies. The authors discuss issues concerning firm value, selected definitions of intellectual capital, as well as certain methods of intellectual capital measurement and valuation. Other problems analysed include accounting for and reporting of intellectual capital and similarities and differences between the way those issues are presented in Polish and in international studies as well as in existing legal regulations and standards.

  1. 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....

  2. The Continuing Relevance of the Marxist Tradition for Transcending Capitalism

    Directory of Open Access Journals (Sweden)

    Erik Olin Wright

    2018-05-01

    Full Text Available No idea is more closely associated with Marx than the claim that the intrinsic, contradictory dynamics of capitalism ultimately lead to its self-destruction while simultaneously creating conditions favourable for a revolutionary rupture needed to create an emancipatory alternative in which the control by the capitalist class of investments and production is displaced by radical economic democracy. Marx’s formulation of a theory of transcending capitalism is unsatisfactory for two main reasons: 1 the dynamics of capitalism may generate great harms, but they do not inherently make capitalism unsustainable nor do they generate the structural foundations of a collective actor with a capacity to overthrow capitalism; 2 the vision of a system-level rupture with capitalism is not a plausible strategy replacing capitalism by a democratic-egalitarian economic system. Nevertheless, there are four central propositions anchored in the Marxist tradition that remain essential for understanding the possibility of transcending capitalism: 1. Capitalism obstructs the realization of conditions for human flourishing. 2. Another world is possible. 3. Capitalism’s dynamics are intrinsically contradictory. 4. Emancipatory transformation requires popular mobilization and struggle. These four propositions can underwrite a strategic vision of eroding the dominance of capitalism by building democratic-egalitarian economic relations within the contradictory spaces of capitalism.

  3. Capital Improvements Business Line

    Science.gov (United States)

    2012-08-08

    NAVFAC Southwest Dan Waid Program & Business Mgmt NAVFAC SW Capital Improvements Business Line NAVFAC SW 8 August 2012 1 Report...REPORT TYPE 3. DATES COVERED 00-00-2012 to 00-00-2012 4. TITLE AND SUBTITLE Capital Improvements Business Line 5a. CONTRACT NUMBER 5b. GRANT...AVAILABILITY STATEMENT Approved for public release; distribution unlimited 13. SUPPLEMENTARY NOTES Presented at the 2012 Navy Gold Coast Small Business

  4. World wide spatial capital.

    Directory of Open Access Journals (Sweden)

    Rijurekha Sen

    Full Text Available In its most basic form, the spatial capital of a neighborhood entails that most aspects of daily life are located close at hand. Urban planning researchers have widely recognized its importance, not least because it can be transformed in other forms of capital such as economical capital (e.g., house prices, retail sales and social capital (e.g., neighborhood cohesion. Researchers have already studied spatial capital from official city data. Their work led to important planning decisions, yet it also relied on data that is costly to create and update, and produced metrics that are difficult to compare across cities. By contrast, we propose to measure spatial capital in cheap and standardized ways around the world. Hence the name of our project "World Wide Spatial Capital". Our measures are cheap as they rely on the most basic information about a city that is currently available on the Web (i.e., which amenities are available and where. They are also standardized because they can be applied in any city in the five continents (as opposed to previous metrics that were mainly applied in USA and UK. We show that, upon these metrics, one could produce insights at the core of the urban planning discipline: which areas would benefit the most from urban interventions; how to inform planning depending on whether a city's activity is mono- or poly-centric; how different cities fare against each other; and how spatial capital correlates with other urban characteristics such as mobility patterns and road network structure.

  5. Capital mobility, tax competition, and lobbying for redistributive capital taxation

    OpenAIRE

    Lorz, Jens Oliver

    1996-01-01

    This paper analyzes the impact of international capital mobility on redistributive capital taxation and on lobbying activities by interest groups. It employs a model where different capital endowments lead to a conflict between households concerning their most preferred capital tax rate. Three main results are derived: First, redistributive source based capital taxes or subsidies decline as international tax competition intensifies. Second, lobbying activities of certain interest groups may e...

  6. Entrepreneurs’ human and social capital

    DEFF Research Database (Denmark)

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

    2014-01-01

    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...... 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...

  7. The Performance of Intellectual Capital

    DEFF Research Database (Denmark)

    Murthy, Vijaya; Mouritsen, Jan

    2011-01-01

    Purpose – This paper aims to analyse the relationship between intellectual capital and financial capital using a case study. This makes it possible to discuss how intellectual capital is related to value creation with a degree of nuance that is absent from most statistical studies of relationships...... between human, organisational, relational and financial capital. Design/methodology/approach – The paper uses a case study of a firm that invests in intellectual capital in order to develop financial capital. It traces the relationship between intellectual capital elements and financial capital via...... 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...

  8. 12 CFR 5.47 - Subordinated debt as capital.

    Science.gov (United States)

    2010-01-01

    ... compliance concern, or raises a significant legal or policy issue. (ii) Tier 2 and Tier 3 capital. When the... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Subordinated debt as capital. 5.47 Section 5.47... capital. (a) Authority. 12 U.S.C. 93a. (b) Licensing requirements. A national bank does not need prior OCC...

  9. Islamic Banking Capital Challenges to Increase Business Expansion (Indonesia Cases)

    OpenAIRE

    Lucky Nugroho; Wiwik Utami; Caturida Meiwanto Doktorlina; Soeharjoto Soekapdjo; Tengku Chandra Husnadi

    2017-01-01

    In the case of Indonesia regarding capital sources in Islamic Banks, all Islamic Banks are subsidiaries of Conventional Banks (except Bank Muamalat). Bank Syariah Mandiri which is the only Islamic Bank that meets capital ownership with Business Category Bank Level III (BUKU III) is also a subsidiary of Bank Mandiri (conventional bank). In the same way, conventional banks become essential to meet the capital requirement to improve the business of Islamic Bank. This article aims to determine th...

  10. Nursing intellectual capital theory: testing selected propositions.

    Science.gov (United States)

    Covell, Christine L; Sidani, Souraya

    2013-11-01

    To test the selected propositions of the middle-range theory of nursing intellectual capital. The nursing intellectual capital theory conceptualizes nursing knowledge's influence on patient and organizational outcomes. The theory proposes nursing human capital, nurses' knowledge, skills and experience, is related to the quality of patient care and nurse recruitment and retention of an inpatient care unit. Two factors in the work environment, nurse staffing and employer support for nurse continuing professional development, are proposed to influence nursing human capital's association with patient and organizational outcomes. A cross-sectional survey design. The study took place in 2008 in six Canadian acute care hospitals. Financial, human resource and risk data were collected from hospital departments and unit managers. Clearly specified empirical indicators quantified the study variables. The propositions of the theory were tested with data from 91 inpatient care units using structural equation modelling. The propositions associated with the nursing human capital concept were supported. The propositions associated with the employer support for nurse continuing professional development concept were not. The proposition that nurse staffing's influences on patient outcomes was mediated by the nursing human capital of an inpatient unit, was partially supported. Some of the theory's propositions were empirically validated. Additional theoretical work is needed to refine the operationalization and measurement of some of the theory's concepts. Further research with larger samples of data from different geographical settings and types of hospitals is required to determine if the theory can withstand empirical scrutiny. © 2013 Blackwell Publishing Ltd.

  11. 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...

  12. Capital Budgeting: Do Private Sector Methods of Budgeting for Capital Assets Have Applicability to the Department of Defense

    Science.gov (United States)

    2005-12-01

    asset pricing model ( CAPM ). “According to the CAPM theory, investors determine their required return by adding a risk premium to the interest rate...NUMBER OF PAGES 77 14. SUBJECT TERMS Capital Budgeting; GAO; DOD; Capital Assets ; Risk, OMB; NPV, IRR 16. PRICE CODE 17. SECURITY...needs of the mission, as defined by the strategic plan, and limit the number of “nice to haves” (OMB, 1997). d. Alternatives to Capital Assets

  13. Capital effectiveness in a capital intensive project

    Energy Technology Data Exchange (ETDEWEB)

    Yarossi, M.E. (IPA Institute, The Hague (Netherlands))

    2009-07-01

    The technical difficulty of incorporating new technology in capital intensive projects has been underestimated. Bio-refineries projects are no exemption. These projects in many occasions have assigned inadequate project resources, such as lean project teams and overly optimistic contingencies. Furthermore, project developers have set unrealistic expectations; for example: aggressive schedule duration, low cost targets and optimistic operability targets. These project drivers set before project's authorization compromise the project's outcome. In many cases, this translates into lower return on investment, higher costs, and lower operability. In order to counteract these outcomes, it is critical for capital intensive projects, like bio-refineries, to have a well define project which will enable to increase its chance of success. IPA's research has shown that bio-refineries projects have poor project performance due to poor project practices, lack of owner project controls and inadequate change management. An adequate risk analysis during definition is a critical component of a project's success, especially when there is new technology, like biomass conversion. It is of outmost importance to asses this technology and set realistic expectations. parallel to this, there is a need to have a well established execution strategy, which should be maintained throughout the execution of the project. In conclusion, IPA's research has indicated that bio-refineries, as any other capital intensive project, need to assign adequate resources at an early state of project development, by making sure there is and adequate team in place, reasonable schedule, technical difficulties evaluation, and keeping control during execution. Although these elements might be seen as common practices that should be taken into account when developing a project, many projects being their execution without having a proper foundation, and thus affecting the project

  14. Pobreza, capital humano, capital social e familiar

    OpenAIRE

    Petrini, Giancarlo; Fonseca, Ricardo; Porreca, Wladimir

    2010-01-01

    O presente estudo investiga a pobreza partindo de uma análise dos recursos que os pobres dispõem em sua realidade, analisando os temas do capital humano, social e familiar, procurando estabelecer conexões e elucidar fatores da realidade pouco considerados em estudos e  projetos de combate à pobreza e à exclusão social. O presente artigo, em seu conjunto, procura compreender porque, em condições semelhantes de pobreza, algumas pessoas conseguem elaborar um projeto de vida enquanto outras se es...

  15. 13 CFR 108.150 - Management and ownership diversity requirement.

    Science.gov (United States)

    2010-01-01

    ... VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Organizing A Nmvc Company § 108.150... 70 percent of your Regulatory Capital or your Leverageable Capital. (c) Non-affiliation requirement. At least 30 percent of your Regulatory Capital and Leverageable Capital must be owned and controlled...

  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. Capitation, contracts, and control

    International Nuclear Information System (INIS)

    McIsaac, L.H.

    1987-01-01

    The radiology business manager in today's environment must become proficient in contract evaluations and negotiations. Health care is focusing on preventive medicine. Third-party payers are offering plans and programs to provide ''well-patient'' care. For prepaid (HMO-IPA-PTO) plans to succeed, demands for reduced fees and other entrepreneurial contractual arrangements are developed. This presentation will focus on specific items contained in most contracts. The issues of withhold, billing procedures, prompt-payment rewards, medical liability, capitation determinations, and modified capitation plans will be discussed. It is the intent of this presentation to share with the audience methods of evaluating contracts, the importance of negotiating specific terms, and an approach to determination of capitation amounts

  18. 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.

  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...... the sum of the risks of the individual sub-units. The question is how to allocate the risk capital of the company among the subunits in a fair way. In this paper we propose to use the Lorenz set as an allocation method. We show that the Lorenz set is operational and coherent. Moreover, we propose a set...... of new axioms related directly to the problem of risk capital allocation and show that the Lorenz set satisfies these new axioms in contrast to other well-known coherent methods. Finally, we discuss how to deal with non-uniqueness of the Lorenz set....

  20. 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...

  1. 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.

  2. Pension fund's illiquid assets allocation under liquidity and capital constraints

    NARCIS (Netherlands)

    Broeders, Dirk; Jansen, Kristy; Werker, Bas

    2017-01-01

    This paper empirically assesses the impact of liquidity and capital constraints on the allocation of defined benefit pension funds to illiquid assets. Liquidity constraints result from short-term pension payments and collateral requirements on derivatives. Capital constraints follow from the

  3. 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.

  4. Graduate Inquiry: Social Capital in Online Courses

    Science.gov (United States)

    Mays, Thomas

    2016-01-01

    As colleges and universities increase their online course offerings, student social experiences in online learning environments require further examination, specifically for nonresidential students who may already be less integrated into college social networks. A social capital framework was used to guide this qualitative study of 17…

  5. From political capitalism to clientelist capitalism? The case of Croatia

    OpenAIRE

    Vladimir Cvijanovic; Denis Redzepagic

    2011-01-01

    The paper analyses the typology of capitalism in Croatia. The Croatian form of capitalism is specific, in form and origin, with links between the pre-independence and post-independence periods, implying that capitalism has gradually evolved – from the political during the eighties towards current clientelistic capitalism. The manufacturing focus aims to facilitate the analysis of institutional, political and economic changes over the past forty years, emphasising the implications of instituti...

  6. Green Capital: Student Capital student-led evaluation

    OpenAIRE

    Runkle, Q.; Haines, T.; Piper, K.; Leach, S.

    2016-01-01

    To assess and evaluate the impact of the Green Capital: Student Capital project, the partnership (the University of the West of England, the University of Bristol, the Students’ Union at UWE, and Bristol Students’ Union) worked with NUS to train a team of students from both universities to lead an evaluation process. There were two key aims for the evaluation: \\ud \\ud • To verify the quantitative outputs of the Green Capital: Student Capital project; \\ud • And to make a qualitative assessment...

  7. 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.

  8. 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…

  9. 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...

  10. 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...

  11. Governing Global Capital

    DEFF Research Database (Denmark)

    Harrington, Brooke

    in helping elites avoid taxes and other forms of regulation. The study documents how the means through which they achieve this objective - shifting billions in private capital wealth between Asia, Africa, India and Europe - and how this affects the balance of regional economic power. Drawing from...

  12. 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.

  13. Reggio Social Capital

    Science.gov (United States)

    Stejzygier, Aneta

    2009-01-01

    The paper presents the social capital as the essential element of success of the Reggio Emilia preschools known for their unique approach to the early childhood education. The collaborative effort is introduced through examples of the currently ongoing "Reggio Narrates" project of Reggio preschools, the "Dialogue with the…

  14. Reproduction and Fixed Capital

    NARCIS (Netherlands)

    van Schaik, A.B.T.M.

    2014-01-01

    In the 'sixties, the reproduction model was often the subject of analysis and discussion in economic literat­ ure. Discussion was by criticism of the neo-classical concept of capital as well as by a renewed interest in the labour theory of value. Criticism of the use of a homogeneous concept of

  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. 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

  17. Social Capital in Organizations.

    NARCIS (Netherlands)

    M. Oteman

    2008-01-01

    In my belief the effectiveness of organizations has more to do with managing people in a more ethical, sustainable and effective way than what is common these days. For example employees values like trust, respect and commitment are rarely considered as values that can contribute to social capital

  18. Capital Structure and Assets

    DEFF Research Database (Denmark)

    Flor, Christian Riis

    2008-01-01

    This paper analyzes a firm's capital structure choice when assets have outside value. Valuable assets implicitly provide a collateral and increase tax shield exploitation. The key feature in this paper is asset value uncertainty, implying that it is unknown ex ante whether the equity holders ex p...

  19. Antecedents of Relational Capital

    DEFF Research Database (Denmark)

    Nowinska, Agnieszka

    This paper merges economic geography and relational capital perspective in order to analyze the proximity-based antecedents of relational assets in brokerage. It investigates empirically the role and interplay of geographical and cognitive proximity between a broker and her buyers in a quantitative...... for buyers characteristics. Lastly, I make use the under-researched empirical field of brokers....

  20. On the capitalization and cultivation of social capital

    DEFF Research Database (Denmark)

    Waldstrøm, Christian; Svendsen, Gunnar Lind Haase

    2008-01-01

    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...

  1. 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

  2. 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

  3. FINANCIAL COMMUNICATION AND INTELLECTUAL CAPITAL REPORTING PRACTICES

    Directory of Open Access Journals (Sweden)

    BELENESI (BUMBA MARIOARA

    2014-07-01

    Full Text Available In a highly competitive economy, driven by globalization, the abundance of digital information and communication facilities, the investor directs its capital to those companies that promise added value of the invested capital. Even so, companies seek to obtain favorable terms of financing by rendering sensitive the investors. To achieve their goal, they must provide information about their financial and non financial performance with sufficient regularity to meet the information needs of actual or potential capital bidders in decision making. Financial communication through standardized annual statements of financial reporting in the context of corporate governance is no longer sufficient. The organization has more resources than those included in its balance sheet, capable of attracting huge benefits, but which do not meet the criteria for recognition in the financial statements. It requires, therefore, a voluntary disclosure of information on intangible resources, which are key factors in creating future value for both the organization itself and the industry it is part of. The reports of intellectual capital can effectively complement the shortcomings of the traditional model of accounting and financial reporting. In our paper we wanted to analyze financial communication in the context of corporate governance, presented through financial statements, reaching the intellectual capital reporting practices, as a means to improve communication of the organization with the outside. In this sense we presented two examples of good practice of two service companies (consultancy and design that publish annually intellectual capital reports. To alleviate the negative consequences of non-recognition of intangible assets in the financial statements, we are for the voluntary disclosure of information on intangible assets in the intellectual capital reports, annual reports, those regarding corporate responsibility, or at least in the explanatory notes of

  4. 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.

  5. Problems of power plant capital demands

    International Nuclear Information System (INIS)

    Slechta, V.; Bohal, L.

    1986-01-01

    The problems are discussed of requirements for investment for power plants in Czechoslovakia. Since the construction was finished of coal-burning 110 MW power plants with six power units, specific capital cost has steadily been growing. The growth amounts to 6 to 8% per year while the principle has been observed that specific capital cost decreases with increased unit power. Attention is paid to the cost of the subcontractors of the building and technological parts of a power plant and to the development of productivity of labour. A comparison is tabulated of cost for coal-burning power plants with 100 MW and 200 MW units and for nuclear power plants with WWER-440 reactors. Steps are suggested leading to a reduction of the capital cost of nuclear power plants. It is stated that should not these steps be taken, the envisaged development of nuclear power would be unbearable for the Czechoslovak national economy. (Z.M.). 8 tabs., 3 refs

  6. 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...

  7. Macroeconomic Conditions and Capital Raising

    OpenAIRE

    Isil Erel; Brandon Julio; Woojin Kim; Michael S. Weisbach

    2011-01-01

    Do macroeconomic conditions affect firms' abilities to raise capital? If so, how do they affect the manner in which the capital is raised? We address these questions using a large sample of publicly-traded debt issues, seasoned equity offers, bank loans and private placements of equity and debt. Our results suggest that a borrower's credit quality significantly affects its ability to raise capital during macroeconomic downturns. For noninvestment-grade borrowers, capital raising tends to be p...

  8. Does Venture Capital Spur Innovation?

    OpenAIRE

    Samuel Kortum; Josh Lerner

    1998-01-01

    While policymakers often assume venture capital has a profound impact on innovation, that premise has not been evaluated systematically. We address this omission by examining the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that the amount of venture capital activity in an indust...

  9. Access to capital--a growing concern.

    Science.gov (United States)

    Carlson, Donald A

    2004-01-01

    Access to capital over the next ten years will be one of the biggest challenges healthcare organizations will face as they strive to remain competitive and serve their communities. Meeting the growing needs for capital will require a disciplined and honest assessment of the capital sources that will be available and the best ways of positioning an organization to maximize their uses. It is incumbent on chief executive officers and other senior leaders to create a disciplined process for allocating capital and conveying how that process will be linked to the organization's strategic plan. All of the credit constituencies "buying" healthcare need to fully understand how the organization is positioning itself for future growth and success, and detailed bond marketing plans need to be implemented well before the actual sale of a new bond issue. Large and small healthcare providers will have sufficient access to capital in the future if investors believe that senior hospital executives have a credible plan and are disciplined enough to execute it.

  10. A road map for natural capitalism.

    Science.gov (United States)

    Lovins, A B; Lovins, L H; Hawken, P

    1999-01-01

    No one would run a business without accounting for its capital outlays. Yet most companies overlook one major capital component--the value of the earth's ecosystem services. It is a staggering omission; recent calculations place the value of the earth's total ecosystem services--water storage, atmosphere regulation, climate control, and so on--at $33 trillion a year. Not accounting for those costs has led to waste on a grand scale. But now a few farsighted companies are finding powerful business opportunities in conserving resources on a similarly grand scale. They are embarking on a journey toward "natural capitalism," a journey that comprises four major shifts in business practices. The first stage involves dramatically increasing the productivity of natural resources, stretching them as much as 100 times further than they do today. In the second stage, companies adopt closed-loop production systems that yield no waste or toxicity. The third stage requires a fundamental change of business model--from one of selling products to one of delivering services. For example, a manufacturer would sell lighting services rather than lightbulbs, thus benefitting the seller and customer for developing extremely efficient, durable lightbulbs. The last stage involves reinvesting in natural capital to restore, sustain, and expand the planet's ecosystem. Because natural capitalism is both necessary and profitable, it will sub-sume traditional industrialism, the authors argue, just as industrialism sub-sumed agrarianism. And the companies that are furthest down the road will have the competitive edge.

  11. Intellectual Capital: Comparison and Contrast.

    Science.gov (United States)

    Madsen, Susan R.

    2001-01-01

    Suggests that one of the most important keys for improving individual and organizational performance is in developing and strengthening intellectual capital (IC) and explores the similarities and differences between the concepts of intellectual capital, human capital, and knowledge management. Presents four IC characteristics and addresses the…

  12. Bank capital management : International evidence

    NARCIS (Netherlands)

    De Jonghe, O.G.; Öztekin, Ö.

    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

  13. Working Paper on Social capital

    DEFF Research Database (Denmark)

    Lassen Hanan, Anne

    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...

  14. Social Capital and Online Games

    OpenAIRE

    Safferling, Christoph

    2011-01-01

    We use data from an online game economy and econometric matching methods to test whether social capital of players has an impact on game success. Membership in a 'clan', a voluntary organization of players, positively impacts game success. Hence, social capital has a positive effect on outcomes. Yet, top performers do not gain from access to this social capital.

  15. Cultural Capital: A Concept Analysis.

    Science.gov (United States)

    Ohashi, Yuki; Taguchi, Atsuko; Omori, Junko; Ozaki, Akiko

    2017-07-01

    Harnessing community assets may help public health nurses address health inequalities. Cultural factor is one such asset, which is assumed to be capital in a community. Cultural capital is a key concept for understanding the causes of public health issues. This paper provided an in-depth analysis of "cultural capital" as a concept. Rodgers' evolutionary methodology was used for concept analysis. Forty-two studies published in English between 1998 and 2015 were retrieved from MEDLINE by searching for "cultural capital" in the title field. Antecedents of cultural capital included "educational environment," "belongingness in one's social group," "existing health/social inequalities," and "daily behavior." Cultural capital's identified attributes were "social cultivation," "reproductive rubric," "practical knowledge," and "autogenic ability." Cultural capital's consequences were "improving productivity," "reducing health/social inequality," and "enhancing well-being." Cultural capital is defined as capital characterized by cultivation, rubric, knowledge, and ability. These aspects of cultural capital are typically autogenic, and accumulate and reproduce through lifelong community membership. Cultural capital reduces inequality and ultimately enhances the well-being of individuals and the community through bonding, bridging, and linking economic and social capital. © 2017 Wiley Periodicals, Inc.

  16. Venture Capital and Innovation Strategies

    NARCIS (Netherlands)

    Da Rin, Marco; Penas, Maria

    2015-01-01

    Venture capital investors are specialized financial intermediaries that provides funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company’s choice of innovation strategies.

  17. Venture capital and innovation strategies

    NARCIS (Netherlands)

    Da Rin, Marco; Penas, Fabiana

    2017-01-01

    Venture capital investors are specialized financial intermediaries that provide funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company's choice of innovation strategies.

  18. Capital regulation and tail risk

    NARCIS (Netherlands)

    Perotti, E.; Ratnovski, L.; Vlahu, R.

    2011-01-01

    The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly

  19. Capital regulation and tail risk

    NARCIS (Netherlands)

    Perotti, E.; Ratnovski, L.; Vlahu, R.

    2011-01-01

    The paper studies risk mitigation associated with capital regulation, in a context where banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk taking driven by limited liability. Moreover, higher capital may have an unintended

  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. 12 CFR 652.100 - Audit of the risk-based capital stress test.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Audit of the risk-based capital stress test... AGRICULTURAL MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS Risk-Based Capital Requirements § 652.100 Audit of the risk-based capital stress test. You must have a qualified, independent external auditor review...

  2. 26 CFR 1.851-6 - Investment companies furnishing capital to development corporations.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Investment companies furnishing capital to... Investment Trusts § 1.851-6 Investment companies furnishing capital to development corporations. (a) Qualifying requirements. (1) In the case of a regulated investment company which furnishes capital to...

  3. Performance systems and social capital

    DEFF Research Database (Denmark)

    Rasmussen, Grane Mikael Gregaard; Edwards, Kasper

    2014-01-01

    Performance systems and social capital are considered mutually exclusive. Contemporary studies show that social capital is essential in generating performance improvement. This raises an important question: “How do performance systems and social capital correspond?” This study draws on findings...... 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...

  4. Leveraging organisational cultural capital

    Directory of Open Access Journals (Sweden)

    R Scheel

    2007-10-01

    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.

  5. 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...

  6. 12 CFR 1229.11 - Capital restoration plans.

    Science.gov (United States)

    2010-01-01

    ... that the Bank will make to member stock purchase requirements, to assure that it will become adequately... meeting specific goals and benchmarks and taking other actions described in the proposed capital...

  7. Outside Entrepreneurial Capital

    OpenAIRE

    Andy Cosh; Douglas Cumming; Alan Hughes

    2005-01-01

    This paper investigates the internal versus external financing decisions among 1900 early stage privately held UK firms in 1996-1997. We study the factors that affect rejection rates in applications for outside finance among the different types of investors, taking into account the non-randomness in a firm’s decision to seek outside finance. The data support the traditional pecking order theory; firms with greater capital expenditures / profits are more likely to seek finance and apply for mo...

  8. Selection of intellectual capital management strategies

    OpenAIRE

    Shcherbachenko Viktoriia Oleksiivna

    2016-01-01

    This article deals with the selection of intellectual capital management strategy. The attention is paid to the structure of intellectual capital, which consists of human capital, customer capital, process capital, intellectual property, intangible assets. The algorithm of selection of intellectual capital management strategy was created by author.

  9. Selection of intellectual capital management strategies

    Directory of Open Access Journals (Sweden)

    Shcherbachenko Viktoriia Oleksiivna

    2016-02-01

    Full Text Available This article deals with the selection of intellectual capital management strategy. The attention is paid to the structure of intellectual capital, which consists of human capital, customer capital, process capital, intellectual property, intangible assets. The algorithm of selection of intellectual capital management strategy was created by author.

  10. Do capital buffers mitigate volatility of bank lending? A simulation study

    OpenAIRE

    Heid, Frank; Krüger, Ulrich

    2011-01-01

    Critics claim that capital requirements can exacerbate credit cycles by restricting lending in an economic downturn. The introduction of Basel 2, in particular, has led to concerns that risksensitive capital charges are highly correlated with the business cycle. The Basel Committee is contemplating a revision of the Basel Accord by introducing counter-cyclical capital buffers. Others claim that capital buffers are already large enough to absorb fluctuations in credit risk. We address the ques...

  11. Utilization of cellulosic materials through enzymic hydrolysis. 11. Preliminary assessment of an integrated processing scheme

    Energy Technology Data Exchange (ETDEWEB)

    Wilke, C R; Cysewski, G R; Yang, R D

    1976-01-01

    An integrated processing scheme is described for the conversion of a cellulose waste (newsprint) to sugars by enzymic hydrolysis and then to ethanol and yeast by fermentation. The unconverted solids are burned to produce process energy requirements and surplus electric power. With the preliminary design at an estimate total capital investment of $33.4 x 10/sup 6/, 95% ethanol may be produced FOB (free on board) the plant for approx.61 cents/gal, assuming zero cost for cellulosic feed; taking into account interest rates and taxes and a cellulose feed cost of $20/ton the figure becomes $1.67/gal.

  12. Preliminary Project Execution Plan for the Remote-Handled Low-Level Waste Disposal Project

    Energy Technology Data Exchange (ETDEWEB)

    David Duncan

    2011-05-01

    This preliminary project execution plan (PEP) defines U.S. Department of Energy (DOE) project objectives, roles and responsibilities of project participants, project organization, and controls to effectively manage acquisition of capital funds for construction of a proposed remote-handled low-level waste (LLW) disposal facility at the Idaho National Laboratory (INL). The plan addresses the policies, requirements, and critical decision (CD) responsibilities identified in DOE Order 413.3B, 'Program and Project Management for the Acquisition of Capital Assets.' This plan is intended to be a 'living document' that will be periodically updated as the project progresses through the CD process to construction and turnover for operation.

  13. 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...

  14. Rethinking the economics of capital mobility and capital controls

    Directory of Open Access Journals (Sweden)

    Thomas I. Palley

    2009-09-01

    Full Text Available This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

  15. 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.

  16. A Typology of Social Capital and Associated Network Measures

    OpenAIRE

    Jackson, Matthew O.

    2017-01-01

    I provide a typology of social capital, breaking it down into seven more fundamental forms of capital: information capital, brokerage capital, coordination and leadership capital, bridging capital, favor capital, reputation capital, and community capital. I discuss how most of these forms of social capital can be identified using different network-based measures.

  17. Commercial Banks and Capital Regulation in the Early 20th Century US

    OpenAIRE

    Gou, Michael

    2017-01-01

    My dissertation investigates the effect of capital requirements on commercial banks and the impact of commercial bank suspensions on the United States economy during the early 20th century. The first chapter examines the effect of capital requirements on bank stability. The early 20th century United States provides an opportunity to determine whether imposing capital requirements on commercial banks promotes banking stability in the long run. The structure of the national banking system fac...

  18. Dominant Capital and the New Wars

    Directory of Open Access Journals (Sweden)

    Shimshon Bichler

    2015-08-01

    to run into mounting difficulties in the late 1990s, and eventually collapsed in 2000. For differential accumulation to continue, dominant capital now needs inflation, and inflation requires instability and social crisis. It is within this broader dynamics of power accumulation that the new wars need to be understood.

  19. Nursing intellectual capital theory: operationalization and empirical validation of concepts.

    Science.gov (United States)

    Covell, Christine L; Sidani, Souraya

    2013-08-01

    To present the operationalization of concepts in the nursing intellectual capital theory and the results of a methodological study aimed at empirically validating the concepts. The nursing intellectual capital theory proposes that the stocks of nursing knowledge in an organization are embedded in two concepts, nursing human capital and nursing structural capital. The theory also proposes that two concepts in the work environment, nurse staffing and employer support for nursing continuing professional development, influence nursing human capital. A cross-sectional design. A systematic three-step process was used to operationalize the concepts of the theory. In 2008, data were collected for 147 inpatient units from administrative departments and unit managers in 6 Canadian hospitals. Exploratory factor analyses were conducted to determine if the indicator variables accurately reflect their respective concepts. The proposed indicator variables collectively measured the nurse staffing concept. Three indicators were retained to construct nursing human capital: clinical expertise and experience concept. The nursing structural capital and employer support for nursing continuing professional development concepts were not validated empirically. The nurse staffing and the nursing human capital: clinical expertise and experience concepts will be brought forward for further model testing. Refinement for some of the indicator variables of the concepts is indicated. Additional research is required with different sources of data to confirm the findings. © 2012 Blackwell Publishing Ltd.

  20. Knight Capital Americas LLC

    DEFF Research Database (Denmark)

    Austin, Robert D.; Meister, Darren

    2015-01-01

    It took 19 years to build Knight Capital Americas LLC into the largest market maker on the New York Stock Exchange, but on August 1, 2012, it took only 45 minutes for the firm to be wiped out by an information technology (IT) problem: a change in the company's software caused it to lose more than...... $450 million dollars in less than an hour. Although it was ultimately saved from bankruptcy when it was acquired two days later, the terms of acquisition were very unfavourable to the company's shareholders. How did this happen? Could it have been prevented? What should the staff, the chief executive...

  1. 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...... of a number of other variables and supplementing the sample with slightly older data from non-European countries. The evidence of the reverse causal direction is weak. I suggest that it is possible to build social capiatl through investing in education, interest in society and some level of income...

  2. Contratos de capital humano

    OpenAIRE

    Oscar Alejandro Goyes Viteri

    2005-01-01

    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.

  3. CAPITAL HUMANO: DOS ENFOQUES

    Directory of Open Access Journals (Sweden)

    María Isabel Pueyo Roy

    2005-01-01

    Full Text Available El artículo presenta un resumen de la teoría existente sobre capital humano, considerando dos proposiciones que se complementan: la Teoría Neoclásica -educación como formación laboral o señalización al mercado de trabajo- y la Teoría Institucional o de mercados internos de trabajo. Se presenta el desarrollo de ambas teorías, los problemas que presentan y la complementariedad entre las mismas.

  4. Determinants of capital structure.

    Science.gov (United States)

    McCue, M J; Ozcan, Y A

    1992-01-01

    This study analyzes the determinants of hospital capital structure in a new market setting that are created by the financial pressures of prospective payment and the intense price competition among hospitals. Using California data, the study found hospital system affiliation, bed size, growth rate in revenues, operating risk, and asset structure affected both short- and long-term debt borrowings. In addition, percentage of uncompensated care, profitability, and payer mix influenced short-term borrowings while market conditions and ownership affected long-term borrowings. Most significant of all is the finding that smaller hospitals tend to borrow more, possibly because they cannot generate funds internally.

  5. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  6. Human Capital Quality and Development: An Employers' and Employees' Comparative Insight

    Directory of Open Access Journals (Sweden)

    Neagu Olimpia

    2016-09-01

    Full Text Available The aim of the paper is to compare the employers' and employees' insights on human capital quality defining and human capital development at organisational level, based on a survey carried out in the county of Satu Mare, Romania. Our findings show that as human capital buyers, employers understand by human capital quality professional background and skills, professional behaviour and efficiency and productivity for the organisation. As human capital sellers, for employees human capital quality means health and the ability to learn and to be suitable to the job requirements. Regarding the opportunities to develop the organisational human capital, the views of employers and employees are very different when the level of discussion is international (macro-level. Employees consider that the international environment has a greater impact on human capital development in their organisation as the employers.

  7. 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....

  8. Legal capital: an outdated concept

    OpenAIRE

    John Armour

    2006-01-01

    This paper reviews the case for and against mandatory legal capital rules. It is argued that legal capital is no longer an appropriate means of safeguarding creditors' interests. This is most clearly the case as regards mandatory rules. Moreover, it is suggested that even an 'opt in' (or default) legal capital regime is unlikely to be a useful mechanism. However, the advent of regulatory arbitrage in European corporate law will provide a way of gathering information regarding investors' prefe...

  9. Corporate taxation and capital accumulation

    OpenAIRE

    Stephen Bond; Jing Xing

    2010-01-01

    We present new empirical evidence that aggregate capital accumulation is strongly influenced by the user cost of capital and, in particular, by corporate tax incentives summarised in the tax-adjusted user cost. We use sectoral panel data for the USA, Japan, Australia and ten EU countries over the period 1982-2007. Our panel combines data on capital stocks, value-added and relative prices from the EU KLEMS database with measures of effective corporate tax rates from the Oxford University Centr...

  10. DISPUTE RESOLUTION AND MEDIATION ON CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    CRISTIAN GHEORGHE

    2011-04-01

    Full Text Available Capital Market is usually depicted as a place for experts, for people with high trading skills. This is a half truth. There are entities established and functioning under strict scrutiny of Romanian National Securities Commission (RNSC, in compliance with Capital Market Law and regulations. There are also the investors, in many cases individuals involved in shares/financial instruments trade. In both cases disputes can rise. Disputes are inevitable a part of human interaction, hence the need for dispute resolution. First option is the judicial court system. Alternative dispute resolution comprises arbitration and mediation. Arbitration is an alternative choice to provide simpler, speedier and more accessible justice than ordinary courts as well as expertise in matters that are technical in nature and require special knowledge to adjudicate upon. Capital Market environment provides an institutional arbitration court for all participants, including investors. In many cases the agreement executed between participants under RNSC scrutiny The other option for settling disputes outside the court is mediation. Mediation can provide a much cheaper and quick extrajudicial resolution of disputes in commercial matters without time consuming procedures and rigid rules. Agreements resulting from mediation are more likely to be complied with voluntarily and are more likely to foster the commercial relationship between the parties. The interaction between investors and brokerage houses is based on investment services agreement concluded by parties. This is the usual framework for disputes between parties and the usual “landscape” for mediation on capital market.

  11. Exploring the social capital grid

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Patulny, Roger

    2007-01-01

    The purpose of this paper is to show that numerous studies have advanced social capital research over the past decade. Most studies have accepted the theoretical distinction between bonding and bridging social capital networks. Many, however, tend to agglomerate empirical research under the one...... 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....

  12. 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.

  13. Entrepreneurship and human capital development in children

    DEFF Research Database (Denmark)

    Brandt, Kasper; Rutasitara, Longinus; Selejio, Onesmo

    2017-01-01

    This paper explores the link between entrepreneurship and child human capital development. We specifically examine how operating a non-farm enterprise (NFE) as opposed to working in agriculture relates to child labour and schooling outcomes. Accounting for timeinvariant unobservable characteristics...... for girls. Given these findings, it appears that household entrepreneurship may contribute to decreasing the severe child labour problem in Tanzania, but resolving the problem of low school attendance rates will require a different strategy....

  14. The Option Value of Human Capital

    OpenAIRE

    Yongseok Shin; Sang Yoon (Tim) Lee

    2013-01-01

    We study college enrollment and completion decisions in the presence of risk in individuals' returns to college. Although the human capital acquired through education is irreversible (i.e., it cannot be decumulated or sold off), college education comes with two inherent options: (i) college students may drop out after obtaining additional information on their post-graduation wages and (ii) college graduates may take jobs that does not require a college degree, effectively protecting themselve...

  15. 45 CFR 150.217 - Preliminary determination.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 1 2010-10-01 2010-10-01 false Preliminary determination. 150.217 Section 150.217... Are Failing To Substantially Enforce HIPAA Requirements § 150.217 Preliminary determination. If, at... designees). (b) Notifies the State of CMS's preliminary determination that the State has failed to...

  16. THE CAPITAL STRUCTURE OF VENTURE CAPITAL FIRMS IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Andi Buchari

    2016-10-01

    Full Text Available Venture capital (VC is an important fund source for small and medium enterprises (SMEs and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009-2014 monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms’ capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms’ capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively.

  17. Electronic Markets Ontology: ideal architecture for global capital market

    Directory of Open Access Journals (Sweden)

    Davide Khalil

    1998-11-01

    Full Text Available When approaching electronic capital market design and microstructure with the focus of analysing and improving existing markets with end-state analysis, it is necessary to name an ideal objective. This serves the purposes of technology evaluation and the development of a standard framework for structural measurement in modeling and language paradigm design. An ideal capital market architecture is presented in this paper that is feasible with current technology based on the end-to-end functionality of existing capital markets including internal requirements of participants. Various architectural and ethical issues are introduced and discussed sketching a framework for further work in quantifying electronic markets.

  18. 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.

  19. The Countercyclical Capital Buffer of Basel III: A Critical Assessment

    OpenAIRE

    Repullo, Rafael; Saurina, Jesús

    2011-01-01

    We provide a critical assessment of the countercyclical capital buffer in the new regulatory framework known as Basel III, which is based on the deviation of the creditto- GDP ratio with respect to its trend. We argue that a mechanical application of the buffer would tend to reduce capital requirements when GDP growth is high and increase them when GDP growth is low, so it may end up exacerbating the inherent pro-cyclicality of risk-sensitive bank capital regulation. We also note that Basel I...

  20. THE FORMATION OF A CAPITAL INVESTMENT PROJECT INDUSTRIAL ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Y. S. Potashnik

    2015-01-01

    Full Text Available The article specifies the main sources of financing of investment projects of industrial enterprises, among which are proposed to distinguish between belonging to the participants (shareholders of the company and others. Shows the sequence and content of the steps in building the industrial enterprises of a specific capital investment project. The main requirements for the capital structure of the investment project. As such invited to consider the requirements for the financial feasibility of the project, minimize the cost of capital of the project, the need for additional investments and changes of property shares members of the company, and not exceeding the maximum level of the probability of occurrence of insolvency of the enterprise. The approach allowing to assess the adequacy of the probability of occurrence of insolvency of the enterprise in one way or another the capital structure of the project the maximum allowable (limit level. The methodical examples of basic calculations.

  1. 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 capital...

  2. BIPS-FS preliminary design, miscellaneous notes

    International Nuclear Information System (INIS)

    1976-01-01

    A compendium of flight system preliminary design internal memos and progress report extracts for the Brayton Isotope Power System Preliminary Design Review to be held July 20, 21, and 22, 1975 is presented. The purpose is to bring together those published items which relate only to the preliminary design of the Flight System, Task 2 of Phase I. This preliminary design effort was required to ensure that the Ground Demonstration System will represent the Flight System as closely as possible

  3. Conceptualising Intellectual Capital (IC) as Language Game and Power

    DEFF Research Database (Denmark)

    Jørgensen, Kenneth Mølbjerg

    2006-01-01

    Intellectual Capital (IC) can be viewed as knowledge about knowledge, knowledge creation and how such processes might be leveraged into value. Developing a critical understanding of IC requires a historical and contextual understanding of how IC has emerged and how IC is used. This paper, drawing...... this process of social construction. The paper concludes by proposing some methodological guidelines for conducting critical genealogical research on intellectual capital....

  4. Culture as Capital

    DEFF Research Database (Denmark)

    Kacunko, Slavko

    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......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....... 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...

  5. Veja a Carta Capital

    OpenAIRE

    Iuan, Igor

    2014-01-01

    Resumo: Este estudo consiste numa análise das estratégias ideológicas e discursivas em reportagens das revistas Veja e Carta Capital, publicadas em maio de 2009, sobre a revelação do câncer da então ministra-chefe da Casa Civil do Brasil, Dilma Rousseff. O objetivo é investigar como a comunicação, por meio das estratégias discursivas e ideológicas utilizadas em ambos os veículos informativos, emite determinadas descrições da conjuntura política e eleitoral da época. Para isto, são realizados ...

  6. A successful capital treadmill

    International Nuclear Information System (INIS)

    Bohun, D.A.

    1995-01-01

    A summary of the operating economics of the Winter Cummings Sand Pool, a horizontal well development project with a sustained rate of development, was presented. A total of 58 horizontal wells have been drilled over a time span of seven years. The production performance of the first pilot wells indicated that development of the pool by horizontal wells could be economically viable. Since its inception the Winter field development was considered to have become a capital treadmill with an incremental rate of return on the incremental investment of 240 percent (a 24 million dollar net operating cash flow for a 10 million dollar investment). Current development status and production forecasts were also discussed. 21 figs

  7. 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...

  8. International venture capital perspective

    International Nuclear Information System (INIS)

    Carter, D.

    2004-01-01

    'Full text:' The emerging fuel cell industry is characterized by global cooperation and partnerships in commercial, technical, and financial aspects. In this talk, we would like to provide observations about international venture capital focused on fuel cells globally. The talk will refer to experiences Conduit Ventures has had with its portfolio companies and other investors in various countries. We discuss our approach to working with portfolio companies who are geographically remote from our main office in London. We also discuss the process of making investment decisions on possible investments in various countries. The talk will conclude with insights and 'lessons learned' which may be of interest to fellow members of Fuel Cells Canada. (author)

  9. 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…

  10. 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...

  11. Capital intelectual no varejo brasileiro

    OpenAIRE

    Edelweiss, Danila Lorens

    2010-01-01

    Através de uma pesquisa realizada com empresas rio setor de varejo, é realizada uma análise do conjunto de indicadores de capital intelectual com o objetivo de buscar evidências que empresas que apresentam melhores indicadores de capital intelectual, também apresentam melhores resultados financeiros.

  12. 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

  13. 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…

  14. 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

  15. 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.

  16. Avascular Necrosis of the Capitate

    Science.gov (United States)

    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. PMID:22470799

  17. A Phenomenology of Capital

    Directory of Open Access Journals (Sweden)

    Christian Schmidt

    2017-02-01

    Full Text Available O artigo aborda a questão da metodologia que Marx utilizou em O Capital. A hipótese é que Marx utiliza a Fenomenologia do Espírito de Hegel como paradigma, em vez da Ciência da Lógica, como se acredita. O argumento discerne a fenomenologia do século 19 a partir da compreensão atual, moldada por Husserl. Além disso, eu remeto a ideia de uma fenomenologia em economia de volta ao círculo dos jovens hegelianos em torno de Proudhon. No entanto, o argumento é conclusivo apenas por um olhar mais atento ao uso que Hegel e Marx fazem dos níveis distintos de abstração dentro de suas respectivas exposições. O artigo demonstra especialmente os paralelos no início de ambos os livros e a forma como os seus autores avançam de um nível para o outro. Em contraste com as abordagens atuais que empregam a Ciência da Lógica como paradigma, eu saliento a especificidade que os objetos de investigação exibem em seus níveis particulares de abstração. Exemplos são a diferença de valores e preços de mercado e a discriminação entre capitais em geral e capital como um de muitos capitais em competição.

  18. 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....

  19. 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.

  20. Individual social capital and survival

    DEFF Research Database (Denmark)

    Ejlskov, Linda; Mortensen, Rikke N; 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...

  1. Human capital and career success

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Kato, Takao

    capital formally through schooling for career success, as well as the gender gap in career success rates. Second, broadening the scope of human capital by experiencing various occupations (becoming a generalist) is found to be advantageous for career success. Third, initial human capital earned through......Denmark’s registry data provide accurate and complete career history data along with detailed personal characteristics (e.g., education, gender, work experience, tenure and others) for the population of Danish workers longitudinally. By using such data from 1992 to 2002, we provide rigorous...... formal schooling and subsequent human capital obtained informally on the job are found to be complements in the production of career success. Fourth, though there is a large body of the literature on the relationship between firm-specific human capital and wages, the relative value of firm-specific human...

  2. 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.

  3. 78 FR 65744 - Reporting and Recordkeeping Requirements Under OMB Review

    Science.gov (United States)

    2013-11-01

    ... SBIC's compliance with applicable laws and regulations concerning capital requirements. SUPPLEMENTARY INFORMATION: Title: Stockholders Confirmation (Corporation): Ownership Confirmation (Partnership). Frequency...

  4. 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...

  5. National Capital Planning Commission Meeting Transcripts

    Data.gov (United States)

    National Capital Planning Commission — Transcripts of the monthly (with the exception of August) National Capital Planning Commission meeting transcripts are provided for research to confirm actions taken...

  6. Immigrant Capital and Entrepreneurial Opportunities

    Directory of Open Access Journals (Sweden)

    Malavika Sundararajan

    2016-01-01

    Full Text Available Objective: The main objective of this study is to define and operationalize the concept of immigrant capital, a key factor that differentiates immigrant from host country entrepreneurs in how they recognize and start new ventures. Research Design & Methods: A detailed analysis of contemporary immigrant entrepreneurship and opportunity recognition literature was carried out. Using grounded theory, we synthesized the outcomes from the analysis of eight Canadian and U.S. case studies of successful immigrant entrepreneurs with the key findings from the literature to define and develop a model of immigrant capital. Findings: Based on our grounded theory development process we show that the concept of immigrant capital as a distillate of human, cultural, economic and social capital that goes beyond expected opportunity recognition (OR drivers like prior knowledge and prior experience to differentiate and enhance the immigrant entrepreneur’s ability to recognize business opportunities compared to host country entrepreneurs. We found immigrant capital to be a consequence of being boundary spanners in host and home country networks. Implications & Recommendations: Understanding a unique resource like immigrant capital, will help immigrant as well as host country entrepreneurs further develop their opportunity recognition ability by bridging gaps and fulfilling the needs for both, immigrant and host country consumers. Contribution & Value Added: The main contribution is the theoretical development, identification and definition of the immigrant capital model and propositions that will articulate the factors that lead to the conceptualization and operationalization of immigrant capital. Furthermore, the immigrant capital model can serve host country entrepreneurs to develop cross-cultural networks and jump-start entrepreneurial activities in their home countries as well as learn how to expand their operations into global markets.

  7. Capitalism, Socialism and Public Choice

    Directory of Open Access Journals (Sweden)

    Adrián Osvaldo Ravier

    2010-10-01

    Full Text Available The essay examines Schumpeter’s understanding of the capitalist process and develops a critical analysis of his explanation of why capitalism cannot survive. Part I deals with how Schumpeter understood capitalism. Part II studies why –- from his point of view — capitalism couldn’t survive. Part III analysis why it is actually socialism, as a socio-political alternative, that is impractical and must collapse from contradictions inherent in it. Part IV presents some final reflections, presenting the public choice and the thought of James M. Buchanan, as an alternative to the pessimist Schumpeterian view.

  8. Participative environmental management and social capital in Poland

    DEFF Research Database (Denmark)

    Hunka, Agnieszka; De Groot, Wouter T

    2011-01-01

    with a ubiquitous top-down approach taken by institutional decision-makers. The paper addresses this problem from the perspective of social capital theory. A study of administrative culture and decision-making processes shows the way decisions are currently made. We also propose a way to achieve more participative......Eastern European countries, such as Poland, are often used as exemplary in social capital studies. Upon entering the European Union, the low social capital level in Poland posed problems with implementing new regulations, particularly in the environmental policy field. Environmental issues often...... present a high degree of complexity – and European legislation requires multi-stakeholder involvement in decision-making processes. Thus, the dilemma: on the one hand, there is a demand to engage and consult many actors; on the other hand, low social capital contributes to an administrative culture...

  9. From political capitalism to clientelist capitalism? The case of Croatia

    Directory of Open Access Journals (Sweden)

    Denis Redžepagić

    2011-12-01

    Full Text Available The paper analyses the typology of capitalism in Croatia. The Croatian form of capitalism is specific, in form and origin, with links between the pre-independence and post-independence periods, implying that capitalism has gradually evolved – from the political during the eighties towards current clientelistic capitalism. The manufacturing focus aims to facilitate the analysis of institutional, political and economic changes over the past forty years, emphasising the implications of institutional changes which have to a great extent, apart from the war of course, influenced the evolution of capitalism. The paper finds that the transition generated a number of costs, mainly generated by the state (fall in employment, manufacturing and social capital. The claim that the manufacturing industry has inherited low competitiveness neglects the necessary discussion on the role of the state in the formation of industrial policy and market actions. It is also an ex post argument for the claim that restructuring should have been implemented prior to privatisation as this would reduce negative impacts. Institutional changes led to a drastic reduction of the role of the manufacturing sector in the economy. The main finding in this paper is that the change in the interaction between the financial and the real sectors of the economy, the educational system and industrial relations system exposed the vulnerability of the current institutional environment. Despite similarities, institutional advantages of political capitalism are lost in the new type of Croatian capitalism, due to the complexity of the double transition process and the institutional or socio-economic particularities.

  10. The manager and equipment decisions: the capital budget.

    Science.gov (United States)

    McConnell, Charles R

    2011-01-01

    As part of his or her role in preparing a departmental budget, a manager must often become involved in budgeting for capital expenditures, those purchases that are of a type and sufficient dollar value to be capitalized and depreciated. Depending on the value of a proposed purchase, the department manager may have only a partial voice in the process; some significant purchases will require administrative approval, whereas some major acquisitions will require approval by the board of directors. Planning for possible capital purchases should begin well before the start of the annual budget exercise. Listing a capital item in the department's budget request does not imply approval; often, there are many more "needs" than there are capital funds available. Therefore, there must be a consistent process for identifying the proposed purchases that will be funded, such process necessarily including detailed specification of the need for a particular capital purchase, identification of all reasonable alternatives, consideration of any constraints, detailed financial comparison of alternatives, assessment of intangible factors, and a recommended choice.

  11. Capital market efficiency III

    Directory of Open Access Journals (Sweden)

    Pantelić Svetlana

    2015-01-01

    Full Text Available In 2013 the Nobel Prize in Economic Sciences was awarded to the American economists, Eugene Fama, Lars Peter Hansen and Robert Shiller. The monetarists, Fama and Hansen, from the University of Chicago, and the Neo- Keynesian, Shiller, from the Yale University, according to the Swedish Royal Academy, won this prestigious prize for their research providing mathematical and economic models to determine (irregularities in the stock value trends at the stock exchanges. With his colleagues, in the 1960s Fama established that, in the short term, it is extremely difficult to forecast stock prices, given that new information gets embedded in the prices rather quickly. Shiller, however, determined that, although it is almost impossible to predict the stock prices for a period of few days, this is not true for a period of several years. He discovered that the stock prices fluctuate much more substantially than corporation dividents, and that the relationship between prices and dividends tends to decline when high, and to grow when low. This pattern does not apply only to stocks, but also to bonds and other forms of capital.

  12. PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Denny Andriana

    2014-04-01

    Full Text Available The purpose of this research is to examine the influence of intellectual capital and its components, represented by physical capital (capital employed, human capital, and structural capital,on financial performance of mining and manufacturing companies listed in Indonesia Stock Exchange (Bursa Efek Indonesia – BEI period of 2010 – 2012. Total population observed during this research shows 169 mining and manufacturing companies.The sample was determined by purposive sampling method and found a total of 70 samples as the research subjects. The analytical technique for the quantitaive data uses a statistical tool, i.e. multiple regression. Intellectual capital and its components were measured by Pulic Model, while financial performance uses Return on Equty (ROE ratio. The results show that intellectual capital and human capital have negative influence, yet insignificant, impacton companies financial performance. While physical capital (capital employed and structural capital do have positive influence but not significanton companies financial performance.

  13. Financial potential of migrants’ capital in Ukraine

    Directory of Open Access Journals (Sweden)

    I.М. Krupka

    2015-06-01

    financial capital potential for the development of the national economy. Solving the problem of efficient use of migrants’ capital requires reforms of the tax area, government financial policy, regulation of entrepreneurship etc. Creating relevant socio-economic and legal conditions in Ukraine will allow us to direct the potential of migrants’ capital at the domestic financial market and the development of the national economy in terms of transformation and globalization.

  14. 40 CFR 35.3545 - Capitalization grant agreement.

    Science.gov (United States)

    2010-07-01

    ... required to determine compliance with section 1452 of the Act. (c) Operating agreement. At the option of a... Fund in accordance with the requirements and objectives of the Act and this subpart. (e) Roles and..., the State must describe the roles and responsibilities of each agency in the capitalization grant...

  15. REVIEW: Towards a risk register for natural capital.

    Science.gov (United States)

    Mace, Georgina M; Hails, Rosemary S; Cryle, Philip; Harlow, Julian; Clarke, Stewart J

    2015-06-01

    Natural capital is essential for goods and services on which people depend. Yet pressures on the environment mean that natural capital assets are continuing to decline and degrade, putting such benefits at risk. Systematic monitoring of natural assets is a major challenge that could be both unaffordable and unmanageable without a way to focus efforts. Here we introduce a simple approach, based on the commonly used management tool of a risk register, to highlight natural assets whose condition places benefits at risk.We undertake a preliminary assessment using a risk register for natural capital assets in the UK based solely on existing information. The status and trends of natural capital assets are assessed using asset-benefit relationships for ten kinds of benefits (food, fibre (timber), energy, aesthetics, freshwater (quality), recreation, clean air, wildlife, hazard protection and equable climate) across eight broad habitat types in the UK based on three dimensions of natural capital within each of the habitat types (quality, quantity and spatial configuration). We estimate the status and trends of benefits relative to societal targets using existing regulatory limits and policy commitments, and allocate scores of high, medium or low risk to asset-benefit relationships that are both subject to management and of concern.The risk register approach reveals substantial gaps in knowledge about asset-benefit relationships which limit the scope and rigour of the assessment (especially for marine and urban habitats). Nevertheless, we find strong indications that certain assets (in freshwater, mountain, moors and heathland habitats) are at high risk in relation to their ability to sustain certain benefits (especially freshwater, wildlife and climate regulation). Synthesis and applications . With directed data gathering, especially to monitor trends, improve metrics related to asset-benefit relationships, and improve understanding of nonlinearities and thresholds, the

  16. The Impact of Capital Structure on Economic Capital and Risk Adjusted Performance

    OpenAIRE

    Porteous, Bruce; Tapadar, Pradip

    2008-01-01

    The impact that capital structure and capital asset allocation have on financial services firm economic capital and risk adjusted performance is considered. A stochastic modelling approach is used in conjunction with banking and insurance examples. It is demonstrated that gearing up Tier 1 capital with Tier 2 capital can be in the interests of bank Tier 1 capital providers, but may not always be so for insurance Tier 1 capital providers. It is also shown that, by allocating a bank or insuranc...

  17. Emerging Forms of Cultural Capital

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

    assessment of the arguments made, including those made in the studies we have been involved in ourselves (the study of cultural capital and social exclusion in the UK, and the study of the Danish city Aalborg). Secondly, the paper looks into the different claims that are made in empirical studies after...... - the claims that there are forms of emotional, subcultural or national cultural capital at work - The claim about cosmopolitanism or an international orientation as a distinctive feature of the culturally privileged classes The paper responds to the first theme announced in the call for this conference......This paper reviews recent European studies to assess whether cultural capital now has the same characteristics – or may be rather the same functions - as when Distinction was written. The paper will examine empirical applications of the concept of cultural capital in leading European studies...

  18. Corporate governance and intellectual capital

    Directory of Open Access Journals (Sweden)

    Rahmat Alizadeh

    2014-01-01

    Full Text Available The purpose of this paper is to examine the association between corporate governance and Intellectual capital in the pharmaceutical companies accepted in Tehran Stock Exchange over the period 2004-2009 using a regression based model. The study investigates the impacts of three some independent variables of the corporate governance (i.e. the number of board members, the relative extent of nonexecutive to executive directors, the auditing committee. The results suggest that corporate governance had no special effect on intellectual capital in the pharmaceutical companies. Furthermore among corporate governance's variables, the first one (i.e. board size had negative impact on firms' intellectual capital and the second and the third variables had no effects on intellectual capital.

  19. A Preliminary Assessment of the Initial Compression Power Requirement in CO2 Pipeline “Carbon Capture and Storage (CCS Technologies”

    Directory of Open Access Journals (Sweden)

    Abdussalam El-Suleiman

    2016-05-01

    Full Text Available CO2 captured from fossil-fueled power generation plants is said to be economically transported via pipelines over long distances. The CO2 must be compressed to pipeline specifications using compressors and pumps that are driven by gas turbine (GT or other prime movers. This paper presents the evaluation of actual work transfer or required prime power by modeling the governing equations of compression using the Peng–Robinson equation of state (PR-EOS. A computer code was developed to carry out the modeling and subsequent simulation of the compression power requirement. The simulation of prime mover power was carried out for different technology (head per stage of the compressor ranging from 10-staged compression to double stage compression. The results show that the current technology of the centrifugal compressor could require as much as 23MW of prime mover power to compress 1.5 million tonnes per year of CO2—a projected equivalent CO2 released from a 530MW combined cycle gas turbine (CCGT power generation plant.

  20. 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

  1. THE IMPORTANCE OF VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    IRINA ANGHEL-ENESCU

    2013-05-01

    Full Text Available Created in the United States of America, Venture Capital is an asset class which attracted recently the attention of the policy makers all over the world. But the concept is still not clearly defined and understood. This paper attempts at introducing in the concept, its characteristics, and reviewing some of the benefits Venture Capital investments can bring at both the macroeconomic level, by looking at the correlation with the economic growth, and at the microeconomic level, for the portfolio companies.

  2. Reforming Capital Taxation in Italy

    OpenAIRE

    Luc Eyraud

    2014-01-01

    This paper reviews capital taxation issues in Italy based on a comprehensive definition encompassing taxes on income, transactions, and ownership. It discusses options to enhance the neutrality of the capital income tax system, followed by a detailed analysis of the property tax, the inheritance tax, and various transaction taxes. The paper also examines the case for replacing the set of existing taxes on financial and real assets with a single net wealth tax.

  3. 76 FR 12611 - Risk-Based Capital Standards: Advanced Capital Adequacy Framework-Basel II; Establishment of a...

    Science.gov (United States)

    2011-03-08

    ... necessary to calculate its required minimum risk-based capital requirements under both the general risk... to the advanced approaches rules must calculate and compare its minimum tier 1 and total risk-based... sector of the economy, productivity, competition, jobs, the environment, public health or safety, or...

  4. Social capital and workplace bullying.

    Science.gov (United States)

    Pihl, Patricia; Albertsen, Karen; Hogh, Annie; Andersen, Lars Peter Sønderbo

    2017-01-01

    Workplace bullying is a serious stressor with devastating short- and long-term consequences. The concept of organizational social capital may provide insights into the interactional and communicative dynamics of the bullying process and opportunities for prevention. This study aimed to explore the association between organizational social capital and being a target or observer of workplace bullying. Based on self-reported cross-sectional data from a large representative sample of the Danish working population (n = 10.037), logistic regression analyses were conducted to explore at the individual level the associations between vertical and horizontal organizational social capital with being a target or observer of workplace bullying. In the fully adjusted models, low organizational social capital (vertical and horizontal) was associated with significantly increased odds ratios of both self-labelled (vertical: OR = 3.25; CI = 2.34-4.51; horizontal: OR = 3.17; CI = 2.41-4.18) and observed workplace bullying (vertical: OR = 2.09; CI = 1.70-2.56; horizontal: OR = 1.60; CI = 1.35-1.89), when compared with high organizational social capital. This study supports that characteristics of the psychosocial work environment are of importance in the development of workplace bullying, and provides focus on the importance of self-reported organizational social capital.

  5. Bridges in social capital: a review of the definitions and the social capital of social capital researchers

    OpenAIRE

    Akcomak, S.

    2009-01-01

    There has been a recent surge of interest in social economics and social capital. Articles on social capital that are published in the last five years constitute more than 60 percent of all articles on social capital. Research on social capital is now massive and spans sociology, economics, management, political science and health sciences. Despite this interest there is still not a consensus on the definition and the measurement of social capital. This paper argues that this is due to lack o...

  6. RETROSPECTIVE OF FINANCIAL REPORTING ON CAPITAL MARKET

    OpenAIRE

    Diana Muresan

    2012-01-01

    The purpose of this paper is to develop a conceptual framework for the evolution offinancial reporting on capital market. Due to the worlwide changes, the role of financial reportingin capital market is constantly growing. Financial reporting analyzed through market perspective isstrongly correlated with issues like: capital allocation, financial statements, internationalaccounting standards and informational valences. Capital market research emphasizes the need forqualitative and transparent...

  7. Capital Regulation and Bank Risk-Taking Behavior: Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Badar Nadeem Ashraf

    2016-08-01

    Full Text Available In response to the global financial crisis of 2007–2009, risk-based capital requirements have been reinforced in the new Basel III Accord to counter excessive bank risk-taking behavior. However, prior theoretical as well as empirical literature that studies the impact of risk-based capital requirements on bank risk-taking behavior is inconclusive. The primary purpose of this paper is to examine the impact of risk-based capital requirements on bank risk-taking behavior, using a panel dataset of 21 listed commercial banks of Pakistan over the period 2005–2012. Purely regulatory measures of bank capital, capital adequacy ratio, and bank assets portfolio risk, risk-weighted assets to total assets ratio, are used for the main analysis. Recently developed small N panel methods (bias corrected least squares dummy variable (LSDVC method and system GMM method with instruments collapse option are used to control for panel fixed effects, dynamic dependent variables, and endogenous independent variables. Overall, the results suggest that commercial banks have reduced assets portfolio risk in response to stringent risk-based capital requirements. Results also confirm that all banks having risk-based capital ratios either lower or higher than the regulatory required limits, have decreased portfolio risk in response to stringent risk-based capital requirements. The results are robust to alternative proxies of bank risk-taking, alternative estimation methods, and alternative samples.

  8. Levels of Social Capital in Internationalization

    DEFF Research Database (Denmark)

    Decker, Arnim

    2016-01-01

    This contribution introduces the notion of social capital and discusses integration into the studies on internationalization of smaller firms and entrepreneurs. Integrating social capital into the resource based perspective, we categorize social capital at three levels: firstly, social capital can...... be attributed to individuals, affecting their relationship with the external environment. Secondly, social capital is an inherent property of networks, into which smaller firms and entrepreneurs are embedded. Thirdly, social capital exists at the macro level, where its characteristics and availability varies...... between environments and nations. This contribution attemps to fascilitate the operationalization of social capital for an improved understanding of processes of internationalization of smaller firms and entrepreneurs....

  9. The U.S. Intelligence Community's Five Year Strategic Human Capital Plan

    National Research Council Canada - National Science Library

    2006-01-01

    .... The National Intelligence Strategy (NIS) requires a 5-year human capital strategy that will build an agile, "all source" workforce by projecting and planning for mission critical human resource requirements...

  10. SOCIAL CAPITAL AND CIVIC PARTICIPATION

    Directory of Open Access Journals (Sweden)

    Melike ERDOGAN

    2010-07-01

    Full Text Available The concept of social capital has a long intellectual history in the fie ld of social sciences. In recent years, interest of scholars from sociology, po litical science, economics and public administration is rapidly increasing. The reason for this increasing interest is that it has been aware of the importance of social capital in communities’ administrative, social, economic and political development. In this sense, the concept of social ca pital is an issue to be discussed with solution of current problems of public administration, subjects of governance, civil society, and participation. Social capital has a lot of definitions which are completely different from each other. Common point of these different definitions is that social capital is a resource at both individual and community level. We will use Robert Putnam’s defi nition about social cap ital in this paper. Putnam (1993 defines social capital as “features of social organization, such as trust, norms, and networks that can improve the efficiency of society by facilitating coordinated action”. In his book; Bowling Alone: The Collapse and Revival of the American Community, Putnam describes declining social capital in America. He analyzes relationship between social capital and civic participation and assumes that there is a positive relationship between social capital and civic participation. The paper aims to reveal how there is a relationshi p between social capital and civic participation in Central Florida. We will use “The Central Florida Social Capital Community Benchmark Survey that is made by The Survey Research Labora tory in the Ins titute for Social and Behavior Sciences at the University of Central Florida among central Florida residents. We use notion of civic participation not only as voting but also as concern of politics, volunteering, attending a political meeting, participating in any demonstrations, protests or boycotts, cooperating to solve problems and

  11. Capital Adequacy and Liquidity in Banking Dynamics: Theory and Regulatory Implications

    OpenAIRE

    Cao, Jin; Chollete, Loran

    2014-01-01

    We present a framework for modelling optimum capital adequacy in a dynamic banking context. We combine the (static) capital adequacy framework of Repullo (2013) with a dynamic banking model similar to that of Corbae and D`Erasmo (2014), with the extra feature that the probability of systemic risk is endogenous. Unlike previous work, we examine frameworks to ameliorate bankruptcy using both capital adequacy and liquidity requirements. Since equity is costly, the social cost of regulation may b...

  12. Pengaruh Profitabilitas Dan Likuiditas Terhadap Capital Adequacy Ratio (CAR) Pada Bank Rakyat Indonesia (PERSERO) Tbk

    OpenAIRE

    Situmorang, Patar Sardo

    2011-01-01

    There are several factor that influent in banking performance such as liquidity and profitability. There could be represented with its financial ratios which can predict banking performance on capital matter (Capital Adequacy Ratio). The purpose of this research is to test influence of the variabel Interest Margin Loan (IML), Return on Equity (ROE), Loan To Deposit Ratio (LDR), and Reserve Requirement (GWM) toward Capital Adequacy Ratio (CAR). Data was used in this research based on public...

  13. A Conceptual Framework for Team Social Capital as Basis for Organizational Team Synergy

    OpenAIRE

    Raluca ZOLTAN

    2012-01-01

    The purpose of this paper is to outline a conceptual framework of team social capital as a basis for reaching organizational team synergy. The dimensions of team social capital and the basic conditions required for organizational team synergy enable the extension of current model of team social capital by including of other variables. Today’s managers must consider these variables since the team tends to be the basic structural unit of current organizations and synergy, the key to achieving h...

  14. Payload/orbiter contamination control requirement study: Preliminary contamination mission support plan. [a management analysis of project planning of spacecraft sterilization

    Science.gov (United States)

    Bareiss, L. E.; Hooper, V. W.; Ress, E. B.

    1976-01-01

    Progress is reported on the mission support plan and those support activities envisioned to be applicable and necessary during premission and postmission phases of the Spacelab program. The purpose, role, and requirements of the contamination control operations for the first two missions of the Spacelab equipped Space Transportation System are discussed. The organization of the contamination control operation and its relationship to and interfaces with other mission support functions is also discussed. Some specific areas of contamination to be investigated are treated. They are: (1) windows and viewports, (2) experiment equipment, (3) thermal control surfaces, (4) the contaminant induced atmosphere (as differentiated from the normal ambient atmosphere at the orbit altitude), and (5) optical navigation instruments.

  15. 12 CFR 1229.5 - Capital distributions for adequately capitalized Banks.

    Science.gov (United States)

    2010-01-01

    ... capitalized Banks. 1229.5 Section 1229.5 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTITY REGULATIONS CAPITAL CLASSIFICATIONS AND PROMPT CORRECTIVE ACTION Federal Home Loan Banks § 1229.5 Capital... classification of adequately capitalized. A Bank may not make a capital distribution if such distribution would...

  16. Minority Capital Resource Handbook. A Guide to Raising Capital for Minority Entrepreneurs. Second Edition.

    Science.gov (United States)

    Ewing, Samuel D., Jr.; Maloney, Clifton H. W.

    This minority capital resource handbook consists of a guide to raising capital for minority entrepreneurs and a listing of sources that provide such capital. The first section deals with the process of raising capital. The realities of raising capital, intermediaries and financial advisors, and assessing needs are outlined. Factors considered in…

  17. Human Capital Tracking Tool -

    Data.gov (United States)

    Department of Transportation — AVS is now required to collect, track, and report on data from the following Flight, Business and Workforce Plan. The Human Resource Management’s Performance Target...

  18. Islamic Banking Capital Challenges to Increase Business Expansion (Indonesia Cases

    Directory of Open Access Journals (Sweden)

    Lucky Nugroho

    2017-11-01

    Full Text Available In the case of Indonesia regarding capital sources in Islamic Banks, all Islamic Banks are subsidiaries of Conventional Banks (except Bank Muamalat. Bank Syariah Mandiri which is the only Islamic Bank that meets capital ownership with Business Category Bank Level III (BUKU III is also a subsidiary of Bank Mandiri (conventional bank. In the same way, conventional banks become essential to meet the capital requirement to improve the business of Islamic Bank. This article aims to determine the role of capital and operating profit for business expansion (financing in Bank Syariah Mandiri. The method used is the quantitative method by using statistical tool STATA version 13. The result of regression test is known that capital and profit have a significant influence in increasing financing expansion in Islamic Bank. Also, the price of the number of bad debts causes the lack of public confidence in the Islamic bank. The alternative to increasing the capital and public trust is government policies to support Islamic bank become independent.

  19. Intangible Capital, Corporate Valuation and Asset Pricing

    OpenAIRE

    Danthine, Jean-Pierre; Jin, Xiangrong

    2006-01-01

    Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from the process by which physical capital accumulates. We study the implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our main fi...

  20. Migration, income redistribution, and international capital mobility

    OpenAIRE

    Meckl, Jürgen

    1994-01-01

    This paper studies income-redistribution effects from labor migration in a small open economy under alternative assumptions on the international mobility of capital. Our principal result is that induced international capital flows dampen or may even reverse redistribution effects. However, as long as the location of capital is unaffected by migration redistribntion effects may be greater if some of the capital is foreign owned, depending on whether labor and capital are friends or enemies. On...

  1. Preliminary Development of a Work Breakdown Structure (WBS) for Small Modular Reactors (SMRs)

    Energy Technology Data Exchange (ETDEWEB)

    Harrison, Thomas J [ORNL; Moses, Rebecca J [ORNL; Flanagan, George F [ORNL

    2014-10-01

    In summary, this preliminary WBS serves as an initial basis for the capital cost component of the economic analysis of SMRs. This preliminary WBS comes from the known WBS for existing, large nuclear power plants and develops the methodology for accounting for the anticipated differences between the current large plants and the projected SMR designs.

  2. Preliminary design of high-power wave-guide/transmission system for multimegawatt CW requirements of 100 MeV proton Linac

    International Nuclear Information System (INIS)

    Shrivastava, Purushottam; Wanmode, Y.D.; Hannurkar, P.R.

    2002-01-01

    Development of a 100 MeV CW proton Linac has been planned at CAT. This Linac will be needing CW rf power in the frequency ranges of 350 MHz and 700 MHz for its RFQ and DTL/CCDTL/SFDTL structures respectively. The power to the accelerating structures will be produced by either 1 MW CW or 250 kW CW klystron/inductive output tubes (HOM IOTs). The power needed by respective feed points in the structure is max. 250 kW which will be powered by splitting the power from 1 MW klystron/klystrode into four channels by using a wave-guide system. In case of using 250 kW tubes the power to the structures will be provided directly from each tube. Two types of wave-guide transmission system have been considered, viz WR 2300 for 350 MHz rf needs and WR 1500 for 700 MHz rf needs. The typical wave-guide system has been designed using the 1 MW CW klystron followed by wave-guide filter, dual directional coupler, high-power circulator, three 3 dB magic TEE power dividers to split the main channel into four equal channels of 250 kW each. Each individual channel has dual directional couplers, flexible wave-guide sections and high power ceramic vacuum window. The circulator and each power divider is terminated into the isolated ports by high power CW loads. Out of the four channels three channels have phase shifters. Present paper describes the technological aspects and design specifications-considerations for these stringent requirements. (author)

  3. Financial capital and intellectual capital in physician practice management.

    Science.gov (United States)

    Robinson, J C

    1998-01-01

    Medical groups need financial resources yet most retain no earnings and have no reserves. Physician practice management (PPM) companies have recognized the need for investment and the scarcity of indigenous capital in the physician sector and are rushing to fill the void. Resources are being contributed by venture capitalists, bond underwriters, private investors, pharmaceutical manufacturers, health plans, hospital systems, and public equity markets. The potential contribution of PPM firms is to nurture the intellectual capital of leading physician organizations and diffuse it throughout the health care system. The risk is that short-term financial imperatives will impede necessary long-term investments.

  4. Limited Capital Market Participation and Human Capital Risk

    OpenAIRE

    Jonathan Berk; Johan Walden

    2010-01-01

    The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents' portfolio holdings. In this paper we argue that the opposite might be true --- traditional models might not be able to explain agent portfolio holdings because they do not explicitly account for the fact that human capital does trade (in the form of labor contracts). We derive wages endogenously as part of a dynamic equilibrium in a production economy. Risk is shared in l...

  5. Measuring the value of groundwater and other forms of natural capital

    Science.gov (United States)

    Fenichel, Eli P.; Abbott, Joshua K.; Bayham, Jude; Boone, Whitney; Haacker, Erin M. K.; Pfeiffer, Lisa

    2016-01-01

    Valuing natural capital is fundamental to measuring sustainability. The United Nations Environment Programme, World Bank, and other agencies have called for inclusion of the value of natural capital in sustainability metrics, such as inclusive wealth. Much has been written about the importance of natural capital, but consistent, rigorous valuation approaches compatible with the pricing of traditional forms of capital have remained elusive. We present a guiding quantitative framework enabling natural capital valuation that is fully consistent with capital theory, accounts for biophysical and economic feedbacks, and can guide interdisciplinary efforts to measure sustainability. We illustrate this framework with an application to groundwater in the Kansas High Plains Aquifer, a rapidly depleting asset supporting significant food production. We develop a 10-y time series (1996−2005) of natural capital asset prices that accounts for technological, institutional, and physical changes. Kansas lost approximately $110 million per year (2005 US dollars) of capital value through groundwater withdrawal and changes in aquifer management during the decade spanning 1996–2005. This annual loss in wealth is approximately equal to the state’s 2005 budget surplus, and is substantially more than investments in schools over this period. Furthermore, real investment in agricultural capital also declined over this period. Although Kansas’ depletion of water wealth is substantial, it may be tractably managed through careful groundwater management and compensating investments in other natural and traditional assets. Measurement of natural capital value is required to inform management and ongoing investments in natural assets. PMID:26858431

  6. Measuring the value of groundwater and other forms of natural capital.

    Science.gov (United States)

    Fenichel, Eli P; Abbott, Joshua K; Bayham, Jude; Boone, Whitney; Haacker, Erin M K; Pfeiffer, Lisa

    2016-03-01

    Valuing natural capital is fundamental to measuring sustainability. The United Nations Environment Programme, World Bank, and other agencies have called for inclusion of the value of natural capital in sustainability metrics, such as inclusive wealth. Much has been written about the importance of natural capital, but consistent, rigorous valuation approaches compatible with the pricing of traditional forms of capital have remained elusive. We present a guiding quantitative framework enabling natural capital valuation that is fully consistent with capital theory, accounts for biophysical and economic feedbacks, and can guide interdisciplinary efforts to measure sustainability. We illustrate this framework with an application to groundwater in the Kansas High Plains Aquifer, a rapidly depleting asset supporting significant food production. We develop a 10-y time series (1996-2005) of natural capital asset prices that accounts for technological, institutional, and physical changes. Kansas lost approximately $110 million per year (2005 US dollars) of capital value through groundwater withdrawal and changes in aquifer management during the decade spanning 1996-2005. This annual loss in wealth is approximately equal to the state's 2005 budget surplus, and is substantially more than investments in schools over this period. Furthermore, real investment in agricultural capital also declined over this period. Although Kansas' depletion of water wealth is substantial, it may be tractably managed through careful groundwater management and compensating investments in other natural and traditional assets. Measurement of natural capital value is required to inform management and ongoing investments in natural assets.

  7. Impact of individual-level social capital on quality of life among AIDS patients in China.

    Directory of Open Access Journals (Sweden)

    Ying Ma

    Full Text Available BACKGROUND: With growing recognition of the social determinants of health, social capital is an increasingly important construct in international health. However, the application of social capital discourse in response to HIV infection remains preliminary. The aim of this study was to assess the impact of social capital on quality of life (QoL among adult patients with acquired immune deficiency syndrome (AIDS. METHODS: A convenient sample of 283 patients receiving antiretroviral treatment (ART was investigated in Anhui province, China. QoL data were collected using the Medical Outcomes Study HIV Survey (MOS-HIV questionnaire. Social capital was measured using a self-developed questionnaire. Logistic regression models were used to explore associations between social capital and QoL. RESULTS: The study sample had a mean physical health summary (PHS score of 50.13 ± 9.90 and a mean mental health summary (MHS score of 41.64 ± 11.68. Cronbach's α coefficients of the five multi-item scales of social capital ranged from 0.44 to 0.79. When other variables were controlled for, lower individual levels of reciprocity and trust were associated with a greater likelihood of having a poor PHS score (odds ratio [OR] =2.02 or PHS score (OR=6.90. Additionally, the factors of social support and social networks and ties were associated positively with MHS score (OR=2.30, OR=4.17, respectively. CONCLUSIONS: This is the first report to explore the effects of social capital on QoL of AIDS patients in China. The results indicate that social capital is a promising avenue for developing strategies to improve the QoL of AIDS patients in China, suggesting that the contribution of social capital should be fully exploited, especially with enhancement of QoL through social participation. Social capital development policy may be worthy of consideration.

  8. Intellectual Capital Management in Transport Sector

    Directory of Open Access Journals (Sweden)

    Asta Znakovaitė

    2011-03-01

    Full Text Available This article presents an analysis of intellectual capital; its management, features and processes by which intellectual capital of a company can be evaluated. The main elements of intellectual capital (human, structural and relationship capital are presented and used in research. After surveying bibliography, intellectual capital evaluation model, which applies to Lithuanian and Latvian companies operating in the transport sector, is created. The research is based on the value-added intellectual capital factor model, the relationship between indicators, multi-asset return correlation and regression analysis and generation of alternatives to intellectual capital performance-enhancing. Following an assessment of intellectual capital of Lithuanian and Latvian transport sectors, on the basis of the results, it was found that the intellectual capital is a key factor in corporation management to increase revenue. Article in Lithuanian

  9. CAPITALISM IN ILLUSION AND DELUSION

    Directory of Open Access Journals (Sweden)

    DORU CÎRNU

    2011-12-01

    Full Text Available The current crisis seems to shake the foundations of contemporary society as a whole and generated increasingly more opinions that show the capitalist society has begun and continues to lose ground. This is because capitalism has changed something inside so deeply that eternal truths of capitalism – economic growth, full employment, financial stability – seem to have crashed like the New York twin towers. Beyond all the shortcomings, quite a lot in numbers, known and recognized, the world and those who analyze it agree that , at least so far, has not been invented a better mechanism to obstruct and retain tyranny and so it is possible to consider the evolution of capitalism only in and through democracy.

  10. The measurement of social capital.

    Science.gov (United States)

    Villalonga-Olives, Ester; Kawachi, Ichiro

    2015-01-01

    Social capital has been defined as the resources available to individuals and groups through membership in social networks. The definition is consistent with either an individualistic approach, i.e. resources (such as information or instrumental assistance) that are accessed by individuals through their network connections; or a collective approach, e.g. the benefits accruing to members of a group - such as the ability of a community to engage in collective action - as a consequence of the existence of cohesive relationships. While research often restricts itself to a single level of analysis, the benefits (and downsides) of social capital accrue to both the individual as well as to the network to which he belongs. In the Dictionary of Epidemiology both the individual and collective levels of analysis were recognized in the definition of social capital. Copyright © 2014 SESPAS. Published by Elsevier Espana. All rights reserved.

  11. LINGUISTIC CAPITAL AND PERMANENT EDUCATION

    Directory of Open Access Journals (Sweden)

    Cornelia DUMITRU

    2006-06-01

    Full Text Available The Europe of Knowledge means shifting to a new stage of identifying, redefining and satisfying the exigencies related to human capital. Among the basic competencies, the language ones shall play a more important role for all age groups, and all categories of jobs and professions in the economic, social and cultural fields due to the emergence of the virtual society and economy. Market internationalisation, as well as the strong outspread of English in all fields led to the emergence of the “working language” making it “strict requirement” from the perspective of the qualitative attributes of human capital. At the same time, from the viewpoint of the human capital, “English is not enough” for sustainable development at regional and international level.

  12. The measurement of social capital

    Directory of Open Access Journals (Sweden)

    Ester Villalonga-Olives

    2015-01-01

    Full Text Available Social capital has been defined as the resources available to individuals and groups through membership in social networks. The definition is consistent with either an individualistic approach, i.e. resources (such as information or instrumental assistance that are accessed by individuals through their network connections; or a collective approach, e.g. the benefits accruing to members of a group – such as the ability of a community to engage in collective action – as a consequence of the existence of cohesive relationships. While research often restricts itself to a single level of analysis, the benefits (and downsides of social capital accrue to both the individual as well as to the network to which he belongs. In the Dictionary of Epidemiology both the individual and collective levels of analysis were recognized in the definition of social capital.

  13. Transnational Investments in Informational Capital

    DEFF Research Database (Denmark)

    D. Munk, Martin

    This paper analyses the acquisition of informational capital, e.g. academic capital, measured as student mobility, and understood as transnational investments in prestigious foreign educational institutions. In the 1990s, educational “zones of prestige” have especially been the United States......) are more likely than students from other social classes to pursue transnational investments, even though students from the middle and working classes have now entered the competition. This result is also recently found in an analysis of Danish academic emigrants. All in all, the studies confirm...... the hypothesis that students from upper classes are more likely than others to invest in specific informational capital in the field of education, in national environments but also in international settings....

  14. The Pro-Cyclical Impact of Basel III Regulatory Capital on Bank Capital Risk

    OpenAIRE

    Song, Guoxiang

    2014-01-01

    To raise the quality of regulatory capital, Basel III capital rules recognize unrealized gains and losses on all available-for-sale (AFS) securities in Common Equity Tier 1 Capital (CET1). However, by examining the correlations between U.S. GDP growth rate, interest rates and regulatory capital ratios computed using Basel III regulatory capital definition for six U.S. global systemically important banks (G-SIBs) since 2007, this chapter finds that Basel III regulatory capital will enhance the...

  15. Implementing the countercyclical capital buffer in South Africa: Practical considerations

    Directory of Open Access Journals (Sweden)

    Pravin Burra

    2015-03-01

    Full Text Available The Basel II regulatory framework significantly increased the resilience of the banking system, but proved ineffective in preventing the 2008/9 financial crisis. The subsequent introduction of Basel III aimed, inter alia, to supplement bank capital using buffers. The countercyclical buffer boosts existing minimum capital requirements when systemic risk surges are detected. Bolstering capital in favourable economic conditions cushions losses in unfavourable conditions, thereby addressing capital requirement procyclicality. This paper contains an overview of the countercyclical capital buffer and a critical discussion of its implementation as proposed in Basel III. Consequences of the buffer's introduction for South African banks are explored, and in particular, potential systemic risk indicator variables are identified that may be used by the South African Reserve Bank (SARB as early warning indicators of imminent systemic financial distress. These indicators may be of value to the SARB, which could use them in taking decisions on the build-up and release of the countercyclical buffer for South African banks.

  16. THE ROAD OF ROMANIA FROM FRONTIER TOWARDS EMERGING CAPITAL

    Directory of Open Access Journals (Sweden)

    BELCIC-ŞTEFAN IULIA-OANA

    2015-08-01

    Full Text Available In the present study I first present the classification system of states by international financial institutions on economic and financial criteria, then focusing on the classification made by Morgan Stanley Capital International. According to it the capital market in Romania is currently a frontier one, the Financial Surveillance Authority pursuing the reclassification as an emerging capital market by August 2016. The findings of the study indicate this term as unrealistic, for several reasons. Thus, curently on the Romanian stock market there are only two entities out of 3 minimum required, respectively S.N.G.N Romgaz and Fondul Proprietatea, which fully meet the size and liquidity requirements imposed by MSCI in order to be reclassified as an emerging capital market. Also it is mandatory making significant progress regarding the effectiveness of the operational framework, progress made to some extent through Project S.T.E.A.M. (Set of actions Towards Establishing and Acknowledgment of the emerging Market status. On this project, after analyzing the degree of completion of the proposed measures in order to reach the primary and secondary objectives, whose deadlines have expired, according to the schedule provided, we found that only 69% of them were fulfilled. Given these considerations I can state that Romania could be reclassified as an emerging capital market at the earliest starting with 2017.

  17. Human capital and human resource management to achieve ambidextrous learning: A structural perspective

    Directory of Open Access Journals (Sweden)

    Mirta Diaz-Fernandez

    2017-01-01

    Full Text Available Organisational learning has become increasingly important for strategic renewal. Ambidextrous organisations are especially successful in the current environment, where firms are required to be efficient and adapt to change. Using a structural approach, this study discusses arguments about the nature of ambidexterity and identifies the kinds of human capital that better support specific learning types and HRM practices suited to these components of human capital. Results highlight learning differences between marketing and production units, as well as different HRM practices and human capital orientations. This study points out that human capital mediates between HRM practices and learning.

  18. Health-Based Capitation Risk Adjustment in Minnesota Public Health Care Programs

    Science.gov (United States)

    Gifford, Gregory A.; Edwards, Kevan R.; Knutson, David J.

    2004-01-01

    This article documents the history and implementation of health-based capitation risk adjustment in Minnesota public health care programs, and identifies key implementation issues. Capitation payments in these programs are risk adjusted using an historical, health plan risk score, based on concurrent risk assessment. Phased implementation of capitation risk adjustment for these programs began January 1, 2000. Minnesota's experience with capitation risk adjustment suggests that: (1) implementation can accelerate encounter data submission, (2) administrative decisions made during implementation can create issues that impact payment model performance, and (3) changes in diagnosis data management during implementation may require changes to the payment model. PMID:25372356

  19. Is regulatory capital a legitimate, comparable and objective global standard? Evidence from 51 institutions across 17 countries

    Directory of Open Access Journals (Sweden)

    Johann Jacobs

    2014-05-01

    Full Text Available Capital as an instrument for financial regulation has come under scrutiny since the financial crisis of 2007 to 2010 highlighted some deficiencies in the ability of capital to absorb unexpected losses and the procyclical nature of capital. This scrutiny arises mainly from the perspective that one of the principal objectives of capital requirements is to promote and contribute to financial stability. However, the literature on the topic is scarce almost to the point of non-existence regarding capital’s validity as tool to level the playing fields between financial institutions. The objective of this article is therefore to investigate financial regulations based on capital requirements from the perspective of its goal of providing equal competitive conditions for financial institutions, the attainment of which is based on the assumption that the cost of capital between institutions (and countries is the same, which might not necessarily be the case. The cost of capital for 51 financial institutions across 17 countries (three institutions per country is accordingly calculated in this article using original weighted average cost of capital and capital asset pricing models, as well as modified versions of these to include more country-specific factors. The objective of the article is sought firstly by determining whether the cost of capital is the same among countries and secondly, based on the results, ascertaining whether financial regulations based on capital requirements can therefore realistically achieve this objective of providing equal competitive conditions for financial institutions.

  20. The Role of Regulatory Pressure in Banks’ Capital and Risk Decisions

    Directory of Open Access Journals (Sweden)

    Alessandra Tanda

    2015-06-01

    Full Text Available Capital regulation represents the core of prudential regulation in banking. Despite the aim of the regulators to have a safer and more robust banking industry, the effects of capital regulation on banks’ capital and risk decisions appear ambiguous. The paper analyses the relationship between capital and risk changes and the impact of regulatory pressure for a sample of European banks during the period 2006–2010, which encompasses the start of the latest financial crisis. Results highlight that banks tend to adopt a different behaviour depending on the capital ratio considered, supporting the so-called ‘gamble for resurrection’ hypothesis. Evidence supports the rethinking of the regulatory framework, especially with reference to higher and stricter capital requirements.

  1. Capital Investment Procedures for FEMYSO

    OpenAIRE

    Oluduro, Francis Oladele; Duru, Longinus; Al Jaafar, Mofid

    2008-01-01

    Date: 2008-06-05 Level: Bachelor Thesis in Business Administration EF0703, 15 ECTS Credits. Authors: Longinus Duru (Stockholm), Francis O.Oluduro (Västerås) and Mofid Al Jaafar (Västerås) Title: Capital Investment Procedures for FEMYSO Problem Area: Undertaking an investment by FEMYSO involves weighing up the risk against the returns but still capital investment decision are still one of the most undertaken decisions by organization managers because it involves commitment of huge amount of mo...

  2. Taxes and Venture Capital Support

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    In this paper we set up a model of start-up finance under double moral hazard.Entrepreneurs lack own resources and business experience to develop their ideas.Venture capitalists can provide start-up finance and commercial support. The effortput forth by either agent contributes to the firm......-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...

  3. 12 CFR Appendix B to Part 325 - Statement of Policy on Capital Adequacy

    Science.gov (United States)

    2010-01-01

    ... capital purposes, the FDIC will accord special attention to the general characteristics of the intangibles... investment in the unconsolidated subsidiary will be divided into a tangible and an intangible portion based... that the minimum capital requirements should apply to a bank's depository activities in their entirety...

  4. ¿Necesitamos capital social? Sí, pero socializando el capital

    Directory of Open Access Journals (Sweden)

    Silvio Salej Higgins

    2005-07-01

    Full Text Available A partir de O Capital S ocia! está na moda: aná!isepara sua reconstruido teórica (Salej: 2003, ofrecemos una sinopsis sobre la arquitectura teórica de uno de los conceptos más utilizados en las ciencias sociales durante la última década. En el nivel de la discusión sobre las transformaciones de las democracias del primer mundo (putnam: 2001, cuestionamos la tesis básica de que la merma del asociativismo cívico es el resultado de la modernización tecnológica y su concomitante cultura individualista. Por el contrario y en la misma linea de Rothstein (2001, construimos la hipótesis de que la disminución del capital social, denunciada por Putnam (1995, es correlativa al desmantelamiento de las políticas de asistencia social, con la consecuente caída en los indicadores de equidad. De modo prospectivo se presentan las preguntas- clave y las hipótesis para un programa de investigación alternativo y plausible sobre el capital social. Palabras clave: capital social, asociativismo cívico, integración social, equidad.

  5. 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.

  6. 12 CFR 325.104 - Capital restoration plans.

    Science.gov (United States)

    2010-01-01

    ... liability of the company under any guarantee required or provided in connection with any capital restoration... of the full amount of that guarantee from any or all of the companies issuing the guarantee. (2... shall be accepted unless it includes any performance guarantee described in section 38(e)(2)(C) of the...

  7. 12 CFR 6.5 - Capital restoration plans.

    Science.gov (United States)

    2010-01-01

    ... liability of the company under any guarantee required or provided in connection with any capital restoration... amount of that guarantee from any or all of the companies issuing the guarantee. (2) Failure to provide... it includes any performance guarantee described in section 38(e)(2)(C) of that Act by each company...

  8. 12 CFR 208.44 - Capital restoration plans.

    Science.gov (United States)

    2010-01-01

    ... capital restoration plan shall not limit the liability of the company under any guarantee required or... condition or practice. No plan shall be accepted unless it includes any performance guarantee described in... Corporation. (i) Performance guarantee by companies that control a bank—(1) Limitation on Liability. (i...

  9. Development Cost Capitalization During R&D Races

    NARCIS (Netherlands)

    De Waegenaere, A.; Sansing, R.C.; Wielhouwer, J.L.

    2017-01-01

    We investigate the economic effects of capitalizing development costs during a race between two firms to discover and develop a new technology. Winning the race requires success in the research stage and success in the development stage. Development costs are expensed in some settings, but

  10. 77 FR 53059 - Risk-Based Capital Guidelines: Market Risk

    Science.gov (United States)

    2012-08-30

    ...'' framework that includes (1) Risk-based capital requirements for credit risk, market risk, and operational... default and credit quality migration risk for non-securitization credit products. With respect to... securitization positions, the revisions assign a specific risk- weighting factor based on the credit rating of a...

  11. Development cost capitalization during R&D races

    NARCIS (Netherlands)

    Waegenaere, Anja M.B.; Sansing, R.C.; Wielhouwer, J.L.

    We investigate the economic effects of capitalizing development costs during a race between two firms to discover and develop a new technology. Winning the race requires success in the research stage and success in the development stage. Development costs are expensed in some settings, but

  12. 78 FR 43829 - Risk-Based Capital Guidelines; Market Risk

    Science.gov (United States)

    2013-07-22

    ... have no practical impact on the rules that apply to the provision of official export credits.'' \\8\\ \\7... treatment of certain securitization positions under the SSFA with regard to determining the delinquency of... increase the capital requirements for a securitization exposure when delinquencies in the underlying assets...

  13. 78 FR 76521 - Risk-Based Capital Guidelines; Market Risk

    Science.gov (United States)

    2013-12-18

    ... ``[t]his means that the change has no practical impact on the rules that apply to the provision of... delinquency of the underlying exposures as discussed below. Among the inputs to the SSFA is the ``W'' parameter, which increases the capital requirements for a securitization exposure when delinquencies in the...

  14. IPSAS versus National Norms on Public Institutions' Own Capitals

    OpenAIRE

    Ecobici, Nicolae

    2008-01-01

    In this paper I have compared international standards on accounting for the public sector and those required by national norms on public institutions' own capitals, pointing out both convergences and divergences. Last, but not the least, I have compared IPSAS 1 (applied by public institutions) with IAS 1 (applied by commercial companies).

  15. Social capital, community-based governance and resilience in an ...

    African Journals Online (AJOL)

    While the Mozambique government policy promotes community-based fisheries management in artisanal fisheries, we argue that under current conditions of ineffective community-based governance, a strong focus on reconstruction of social capital will be required before a community-based resource management process ...

  16. 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

  17. Emerging Forms of Cultural Capital

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

    2013-01-01

    This paper takes stock of recent research on patterns of cultural engagement in various European nations, with specific reference to British and Danish research. It argues that Bourdieu's original theorisation of cultural capital in ‘Distinction’ needs to be significantly updated to register...

  18. Cannibals and Animals of Capital

    DEFF Research Database (Denmark)

    Ziegler, Magnus Møller

    2018-01-01

    In this working paper, I provide an alternative to William Clare Roberts's argument (in "Marx's Inferno", 2017) that Marx structured "Capital" based on Dante's "Inferno". In stead I argue that the "socialist infernalism" which Roberts identifies in Marx has its roots in Moses Hess's Feuerbachian ...

  19. TOWARDS THE CAPITAL MARKET UNION

    Directory of Open Access Journals (Sweden)

    Iulian PANAIT

    2015-06-01

    Full Text Available This paper discusses the main characteristics of the proposed Capital Markets Union in Europe, as they are introduced by the European Commission and various authors, and emphasises some important advantages and disadvantages of this project for the developing and frontier markets in UE, especially for Romania.

  20. Laboratory administration--capital budgeting.

    Science.gov (United States)

    Butros, F

    1997-01-01

    The process of capital budgeting varies among different health-care institutions. Understanding the concept of present value of money, incremental cash flow statements, and the basic budgeting techniques will enable the laboratory manager to make the rational and logical decisions that are needed in today's competitive health-care environment.

  1. Measurement of individual social capital

    NARCIS (Netherlands)

    Gaag, Martin Pieter Johannes van der

    2005-01-01

    The last twenty years have seen the idea of social capital blossoming as a popular and promising new look at phenomena in the social sciences. Essentially a theory that explains how and why relational networks are important for the production of outcomes at the individual and collective level,

  2. Varieties of capitalism in crisis?

    DEFF Research Database (Denmark)

    Bruff, Ian; Horn, Laura

    2012-01-01

    In this introduction to the special issue, we provide a brief overview of the two distinct but connected meanings of the phrase ‘varieties of capitalism in crisis’: (1) the crisis of empirical political economies under conditions of capitalist diversity; and (2) the crisis of the institutionalist...

  3. Social Capital and Savings Behaviour

    DEFF Research Database (Denmark)

    Newman, Carol; Tarp, Finn; Van Den Broeck, Katleen

    We explore the extent to which social capital can play a role in imparting information about the returns to saving where potential knowledge gaps and mistrust exists. Using data from Vietnam we find strong evidence to support the hypothesis that information transmitted via reputable social...

  4. School Cheating and Social Capital

    Science.gov (United States)

    Paccagnella, Marco; Sestito, Paolo

    2014-01-01

    In this paper we investigate the relationship between social capital and cheating behaviour in standardized tests. Given the low-stakes nature of these tests, we interpret the widespread presence of cheating as a signal of low trust towards central education authorities and as lack of respect for the rule of law. We find that cheating is…

  5. Qatar - large capital investment planned

    International Nuclear Information System (INIS)

    Roberts, J.

    1996-01-01

    Large capital investments are planned throughout Qatar's energy industry over the next five years totalling $25 billion. This article describes the successful commissioning of Qatar's first liquefied natural gas (LNG) project on time and within budget. The second LNG plant is well underway and plans for a third are under negotiation. (UK)

  6. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

    We use synthetic data generated by a prototypical stochastic growth model to assess the accuracy of the Solow residual (Solow, 1957) as a measure of total factor productivity (TFP) growth when the capital stock in use is measured with error. We propose two alternative measurements based on curren...

  7. Capital Punishment: An International Perspective.

    Science.gov (United States)

    Kaufman, Edy

    1983-01-01

    The debate over the death penalty in the United States has implications beyond our borders. Because of the lack of universal standards governing its use, only those countries which have abolished capital punishment may, with any moral authority, denounce its exploitation as an instrument of political expediency. (IS)

  8. 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...

  9. Building Social Capital for Internationalization

    Directory of Open Access Journals (Sweden)

    Suzana Braga Rodrigues

    2012-01-01

    Full Text Available Social capital may be defined as social relationships that confer actual or potential benefits. It can therefore beunderstood as a particular type of resource. Recent research has drawn attention to how connections andrelationships (networking both at home and abroad can be crucially important for small and medium-sizedenterprises (SMEs seeking to export or invest abroad. However, relatively little is known about how SMEsinitiate, develop and maintain network relationships. This paper reports a study of 32 British SMEs exporting, orattempting to export, to Brazil and of domestic institutional agencies whose role was to facilitate businessconducted between British and Brazilian SMEs. The study explored both the functions of social capital for theSMEs and the process whereby it was developed. Its findings confirm the value of social capital in internationalentrepreneurship. It can provide information, interpretation, market opportunities, and some degree of protectionagainst the risks associated with foreignness, newness and smallness. The study also confirms the vitalimportance of personal trust in sustaining social capital between small firms.

  10. Social Capital, Institutions and Trust

    NARCIS (Netherlands)

    Nooteboom, B.

    2006-01-01

    This paper analyzes the relations between social capital, institutions and trust.These concepts are full of ambiguity and confusion.This paper attempts to dissolve some of the confusion, by distinguishing trust and control, and analyzing institutional and relational conditions of trust.It presents a

  11. Social Capital. Trust and Ideology

    Directory of Open Access Journals (Sweden)

    Jacek TITTENBRUN

    2013-06-01

    Full Text Available The paper offers a critical analysis of the central concept around which the popular construct of social capital is organised, i.e. trust. To this end the views of Fukuyama, the leading exponent of the said concept are considered. As a result, the concept in question is found to be ideologically charged and substantively weak in many respects.

  12. Social Capital. Trust and Ideology

    OpenAIRE

    TITTENBRUN Jacek

    2013-01-01

    The paper offers a critical analysis of the central concept around which the popular construct of social capital is organised, i.e. trust. To this end the views of Fukuyama, the leading exponent of the said concept are considered. As a result, the concept in question is found to be ideologically charged and substantively weak in many respects.

  13. Organizational networks and social capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Waldstrøm, Christian

    2013-01-01

    , 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...

  14. Successful Strategies for Capital Campaigns

    Science.gov (United States)

    Grover, Stuart R.

    2007-01-01

    Twenty five years ago, few community or technical colleges considered launching capital campaigns. They lacked community standing, professional fundraising staff, and the related institutional foundation structure to manage charitable efforts. Gradually, as public funding eroded, bond issues became harder to pass, and colleges recognized the need…

  15. Productivity spillovers of organization capital

    NARCIS (Netherlands)

    Chen, Wen; Inklaar, Robert

    Investments in organization capital increase productivity of not just the investing firm but could also spillover to other firms-similar to investments in research and development. Recent evidence at the industry and economy level suggests such spillovers could be important. In this paper, we fail

  16. 76 FR 74631 - Capital Plans

    Science.gov (United States)

    2011-12-01

    ... Financial Statements for Bank Holding Companies (FR Y-9C). This calculation will be effective as of the due... to rely on tentative fourth quarter financial statements in developing its capital plan and suggested... rule applies only to bank holding companies with $50 billion or more of total consolidated assets...

  17. Social capital and community heterogeneity

    NARCIS (Netherlands)

    Coffé, Hilde R.

    2009-01-01

    Abstract Recent findings indicate that more pronounced community heterogeneity is associated with lower levels of social capital. These studies, however, concentrate on specific aspects in which people differ (such as income inequality or ethnic diversity). In the present paper, we introduce the

  18. Liquidity coinsurance and bank capital

    NARCIS (Netherlands)

    Castiglionesi, F.; Feriozzi, F.; Lóránth, G.; Pelizzon, L.

    Banks can deal with their liquidity risk by holding liquid assets (self-insurance), by participating in interbank markets (coinsurance), or by using flexible financing instruments, such as bank capital (risk sharing). We use a simple model to show that undiversifiable liquidity risk, that is, the

  19. Human Capital and Career Success

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Kato, Takao

    2016-01-01

    and Waldman and Lazear. Our analysis allows for both internal promotion and external recruitment as means to achieve top management appointments, and yields additional findings: the breath of human capital is more important in mature firms, as predicted by the theory; and the concept of firm-specific human...

  20. STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

    Directory of Open Access Journals (Sweden)

    Wesley Mendes-da-Silva

    2014-08-01

    Full Text Available This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

  1. What do Basel Capital Accords mean for SMEs?

    OpenAIRE

    Trujillo Ponce, Antonio; Briozzo, Anahí; Cardone Riportella, Clara

    2011-01-01

    This paper analyses the impact of the new Basel Capital Accords (Basel II and Basel III) on the bank’s capital requirements in a portfolio of Small and Medium-sized Enterprises (SMEs) when the internal ratings-based (IRB) approach is used. To do this, the study uses a large database of Spanish firms and covers the period from 2005 to 2009. We also examine the effect on the credit risk premium charged by banks of the guarantee offered by a Loan Guarantee Association (LGA) to a SME; and whether...

  2. Hospital Capital Investment During the Great Recession.

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal.

  3. National Capital Planning Commission Library contents

    Data.gov (United States)

    National Capital Planning Commission — The National Capital Planning Commission library catalog is a compilation of titles, authors, years of publication and topics of books, reports and NCPC publications.

  4. HUMAN CAPITAL DEVELOPMENT: A STRATEGY FOR MOVING ...

    African Journals Online (AJOL)

    economy” but also “Knowledge economy” via human capital development. She has not been serious with her ... economy, Human capital, Strategy. Introduction. The world is now controlled by the revolution of Information and Communication.

  5. Economic Analysis of Social Common Capital

    Science.gov (United States)

    Uzawa, Hirofumi

    2005-06-01

    Social common capital provides members of society with those services and institutional arrangements that are crucial in maintaining human and cultural life. The term æsocial common capital' is comprised of three categories: natural capital, social infrastructure, and institutional capital. Natural capital consists of all natural environment and natural resources including the earth's atmosphere. Social infrastructure consists of roads, bridges, public transportation systems, electricity, and other public utilities. Institutional capital includes hospitals, educational institutions, judicial and police systems, public administrative services, financial and monetary institutions, and cultural capital. This book attempts to modify and extend the theoretical premises of orthodox economic theory to make them broad enough to analyze the economic implications of social common capital. It further aims to find the institutional arrangements and policy measures that will bring about the optimal state of affairs.

  6. Staged Financing in Venture capital market.

    OpenAIRE

    Damania, Priti

    2009-01-01

    The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.

  7. Employee Capital:Resource or Reoccurring Nightmare

    OpenAIRE

    Murphy, James Peter

    2005-01-01

    Employee capital need not be a reoccurring nightmare for bar owners if they create a system for managing their employee capital which deals with recruitment, placement, training and development for all hospitality staff members.

  8. Hospital Capital Investment During the Great Recession

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal. PMID:28617202

  9. INTELLECTUAL CAPITAL REPORTING: NEW ACCOUNTING FOR THE NEW ECONOMY

    Directory of Open Access Journals (Sweden)

    Peter Demediuk

    2002-01-01

    Full Text Available In the 'new economy', ideas, practices and innovations that arise from the creation of intellectual capital have become a pre-eminent economic resource and the basis for competitive advantage. Attempts to develop cogent accounting praxis that makes intellectual capital discussable and therefore actionable, are constrained by the granular nature of existing definitions and taxonomies of intellectual capital. As a response to this lack of clarity, a model has been proposed that maps how a group of knowledge workers characterise the drivers and outcomes of their human creativity. The model indicates that accounting must break away from the traditional frame of reference that is 'the artifact', 'the entity', 'management control' and 'uniform reporting models'. At issue is whether the same set of measurement tools can provide descriptions of reality that have meaning for the decision making of individuals, and yet provide appropriate resourcing signals, evaluative information, and signs of legitimacy that are required by institutional management and other stakeholders.

  10. WHAT DETERMINES THE CAPITAL STRUCTURE OF LISTED FIRMS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Floriniţa Duca

    2012-10-01

    Full Text Available This paper examines the relative importance of four factors in the capital structure decisions of Romanian listed firms. The existing empirical research on capital structure has been largely confined to developed countries. The Romanian Financial Market has been developing at an exponential rate and dedicated research in the field is required. We used 100 firms listed in 2010 at the Bucharest Stock Exchange. The objective of this paper is to build on previous studies model all the important factors affecting capital structure decisions. We find that factors such as tangibility of assets, firm size, liquidity, and profitability have significant influences on the leverage structure chosen by firms.These results are believed to have significant implications for the theory of finance and to be of importance to the corporate treasure in choice of new financing and to the financial analyst.

  11. THE SUCCESS OF EMERGING CAPITAL MARKETS IN DETERMINING ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Ion POHOAŢĂ

    2014-06-01

    Full Text Available Capital markets are regarded as “the barometer” of economic activity at the national level, but among emerging markets, the position of this segment in the economy is far from ideal. The answers that we try to offer are concerning the contribution of capital markets to the economic welfare of nations in transition from Central and Eastern Europe, using Granger causality tests. Our findings highlight that in this geographical area, the relation between capital markets and economic growth is a bidirectional one. However, although both the establishment of stock exchanges and their liberalization represented governments’ strategy of economic development, their objective was not fully achieved. Institutional transformations are required in order to attract foreign investors.

  12. Capital Structure of Internet Companies: Case Study

    OpenAIRE

    Miglo, Anton; Liang, Shuting; Lee, Zhenting

    2014-01-01

    We analyze the financing decisions and capital structure of internet companies and relate observed findings to the common capital structure theories. Large internet companies usually have low debt and small internet companies have high debt. We find that the trade-off theory of capital structure, pecking order theory, market timing theory and other theories cannot individually explain a firm’s capital structure. However, they can compliment each other in describing some patterns of observed b...

  13. Return on capital of Brazilian electricity distributors: A comparative analysis

    International Nuclear Information System (INIS)

    Rocha, Katia; Camacho, Fernando; Braganca, Gabriel

    2007-01-01

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

  14. Supplier relationship management leverages intellectual capital for increased competitive advantage

    Directory of Open Access Journals (Sweden)

    C. R. Van Zyl

    2005-12-01

    Full Text Available The main purpose of this article is to demonstrate how supplier relationship management (SRM enables the capture and creation of intellectual capital, thereby attaining and sustaining a strategic competitive advantage and increasing supply chain profitability. In order to achieve this purpose, a large part of the article is devoted to exploring the relatively new and unknown field of SRM. It is shown that an organisation must possess a thorough understanding of good supplier characteristics and of the drivers, benefits and requirements for the successful implementation of SRM, in order to enable that organisation to leverage their supplier relationships to ensure the capture of supplier expertise, patents, experiences etc. (i.e. their intellectual capital. The article then explores how the integration of technology in SRM applications can improve the efficiency of supplier collaboration and intellectual capital capture and creation. It is then demonstrated how efficient and collaborative supplier relationships improve supply chain profitability and competitiveness. Lastly, the article explores the implementation pitfalls and trends of SRM that must be constantly considered and monitored by an organisation in order to continually capture and create intellectual capital and reap the full benefits of SRM. This exploration involved an examination of contemporary literature, theories and business cases and subsequently revealed that SRM is a vital discipline/philosophy that must be implemented by any organisation wishing to achieve greater supply chain efficiency and competitiveness. This competitiveness can only be achieved through the mutual unlocking, sharing and leveraging of intellectual capital.

  15. 75 FR 4635 - Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory...

    Science.gov (United States)

    2010-01-28

    ... phase-in would unfairly penalize banking organizations given their already established businesses..., will aid banking organizations with capital planning as they implement FAS 166 and FAS 167 and adjust... assets a banking organization consolidates as a result of changes to U.S. generally accepted accounting...

  16. Harnessing the Power of Intellectual Capital.

    Science.gov (United States)

    Bassi, Laurie J.

    1997-01-01

    Describes intellectual capital--employees' brainpower, know-how, knowledge, and processes--and knowledge management--the processes by which a company creates and leverages intellectual capital--as the primary sources of competitive advantage in many industries. Offers ways to measure intellectual capital, a glossary, and additional resources. (JOW)

  17. Three Worlds of Welfare Capitalism or Four?

    OpenAIRE

    Mitchell, Deborah; Castles, Francis

    1991-01-01

    This paper is developed in response to Gosta Esping-Andersen's study, The Three Worlds of Welfare Capitalism (1990), in which he categorizes welfare capitalism as Liberal, Conservative, and Social Democratic. The authors argue that there also exists radical welfare capitalism which describes Australia's welfare state.

  18. School Social Capital and School Effectiveness

    Science.gov (United States)

    Tsang, Kwok-Kuen

    2009-01-01

    This article argues that school social capital is crucial for school effectiveness, but it has been disregarded in the traditional school administrative theory. Therefore, this article tries to illustrate the significance of school social capital to school effectiveness. School social capital is defined as the social resources embedded in internal…

  19. Cognitive Capitalism, Education and Digital Labor

    Science.gov (United States)

    Peters, Michael A., Ed.; Bulut, Ergin, Ed.

    2011-01-01

    Cognitive capitalism--sometimes referred to as "third capitalism," after mercantilism and industrial capitalism--is an increasingly significant theory, given its focus on the socio-economic changes caused by Internet and Web 2.0 technologies that have transformed the mode of production and the nature of labor. The theory of cognitive…

  20. Measuring Social Capital in Hamilton, Ontario

    Science.gov (United States)

    Kitchen, Peter; Williams, Allison; Simone, Dylan

    2012-01-01

    Social capital has been studied by academics for more than 20 years and within the past decade there has been an explosion of growth in research linking social capital to health. This paper investigates social capital in Hamilton, Ontario by way of a telephone survey of 1,002 households in three neighbourhood groups representing high, mixed and…

  1. Measuring Social Capital Accumulation in Rural Development

    Science.gov (United States)

    Teilmann, Kasper

    2012-01-01

    Using a theoretical framework, the study proposes an index that can measure the social capital of local action group (LAG) projects. The index is founded on four indicators: number of ties, bridging social capital, recognition, and diversity, which are aggregated into one social capital index. The index has been tested in LAG-Djursland, Denmark,…

  2. 12 CFR 725.5 - Capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital stock. 725.5 Section 725.5 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided...

  3. Heterogeneity of Human Capital and the Return

    DEFF Research Database (Denmark)

    Madsen, Erik Strøjer

    2015-01-01

    Human capital is an important growth factor for developing and developed countries and measuring the return to education is essential in evaluating the growth impact from human capital. Most studies use the length of education measured by the years of schooling as an indicator of human capital...

  4. Venture Capital Initiative: Ohio's School Improvement Effort.

    Science.gov (United States)

    Yoo, Soonhwa; Loadman, William E.

    In 1994 the Ohio State Legislature established Venture Capital to support school restructuring. The Venture Capital school initiative is a concept borrowed from the business community in which the corporate entity provides risk capital to parts of the organization to stimulate creative ideas and to provide opportunities for local entities to try…

  5. Meting, waardering en sturing van human capital

    NARCIS (Netherlands)

    Verbeeten, F.H.M.

    2012-01-01

    Human capital wordt door diverse auteurs gezien als een ‘value driver’. Er is echter weinig bekend over de wijze waarop ondernemingen human capital meten en sturen en hoe beleggers op de kapitaalmarkt reageren op human capital informatie die door ondernemingen wordt verstrekt. In dit artikel wordt

  6. 78 FR 1991 - Major Capital Investment Projects

    Science.gov (United States)

    2013-01-09

    ... Administration 49 CFR Part 611 Major Capital Investment Projects; Notice of Availability of Proposed New Starts... Capital Investment Projects AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Final rule. SUMMARY... capital investments seeking funding under the discretionary ``New Starts'' and ``Small Starts'' programs...

  7. 75 FR 31383 - Major Capital Investment Projects

    Science.gov (United States)

    2010-06-03

    ...-0009] RIN 2132-AB02 Major Capital Investment Projects AGENCIES: Federal Transit Administration (FTA... current approach to evaluating and rating major capital investment projects (``New Starts'' and ``Small...'' to address identified transportation needs in the corridor without a major capital investment in new...

  8. Social capital in involuntary displacement and resettlement

    NARCIS (Netherlands)

    Navarra, M.Q.; Niehof, A.; Vaart, van der W.

    2013-01-01

    Social capital is often seen as a substitute for lack of other types of capital among poor people. Because of the recognized applicability of the social capital concept and its correlation with the different dimensions of poverty, it has been used in evaluating the adaptation and integration of

  9. HUMAN CAPITAL MANAGEMENT IN A KNOWLEDGE ECONOMY ...

    African Journals Online (AJOL)

    approach in Scientific Research Centers within knowledge based ... Relational Capital (customer capital): represents all the .... measure the economy's human capital by the rates of enrolment in .... skill or ability, a personal characteristic, or a cluster of two or more ..... satisfied with the moral motivation (not financial) of the.

  10. Tiempo y capital financiero en El Capital de Marx

    Directory of Open Access Journals (Sweden)

    Boris Salazar

    2018-06-01

    Full Text Available Este artículo sugiere que la metamorfosis de las deudas en derivados y títulos financieros, y de estos en deudas, genera redes de activos y obligaciones, que inducen la emergencia de distintos tiempos del capital, articulados en un sistema complejo, cuya dinámica hace posible sincronizarlos en forma de crisis de carácter global. La crisis se trata como un cambio de estado en un sistema complejo, precipitada por la conectividad generada por el apalancamiento creciente. Es un desarrollo de las teorías de la crisis y de la socialización de la deuda planteadas por Marx en El Capital.

  11. Psychological Capital, Career Identity and Graduate Employability in Uganda: The Mediating Role of Social Capital

    Science.gov (United States)

    Ngoma, Muhammad; Dithan Ntale, Peter

    2016-01-01

    This paper seeks to evaluate the relationship between psychological capital, career identity, social capital and graduate employability. We also seek to evaluate the mediating role of social capital on the relationships between psychological capital, career identity and graduate employability in Uganda. A population of 480 unemployed young people…

  12. KONTRIBUSI HUMAN CAPITAL dan CUSTOMER CAPITAL DALAM MENGGAPAI KINERJA CAFÉ dan RESTO di SURABAYA

    Directory of Open Access Journals (Sweden)

    Gendut Sukarno

    2016-11-01

    Berdasarkan hasil pengolahan data diketemukan bahwa 1 human capital mampu memberikan kontribusi yang berarti terhadap customer capital. 2 Customer capital mampu memberikan kontribusi yang berarti terhadap kinerja café dan resto di Surabaya, 3 human capital mampu memberikan kontribusi yang berarti terhadap kinerja café dan resto di Surabaya.

  13. The effect of human capital, social capital, and perceptual values on nascent entrepreneurs' export intentions

    DEFF Research Database (Denmark)

    Christensen, Poul Rind; Evald, Majbritt Rostgaard; Klyver, Kim

    2011-01-01

    This study investigates the influence of human capital, social capital, and cognition on nascent entrepreneurs' export intentions. The results indicate that while human capital and social capital influence the level of intended export, cognitive characteristics, such as self-efficacy and risk...

  14. Access to capital and capital structure of the firm

    Czech Academy of Sciences Publication Activity Database

    Shamshur, Anastasiya

    -, č. 429 (2010), s. 1-36 ISSN 1211-3298 R&D Projects: GA ČR GA402/09/1595; GA MŠk LC542 Grant - others:MŠk(CZ) SVV-2010-261801 Institutional research plan: CEZ:MSM0021620846 Keywords : capital structure * financing decisions * credit constraints * Eastern Europe Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp429.pdf

  15. Agrofuels capitalism: a view from political economy.

    Science.gov (United States)

    White, Ben; Dasgupta, Anirban

    2010-01-01

    This article considers the global expansion of agrofuels feedstock production from a political economy perspective. It considers and dismisses the environmental and pro-poor developmental justifications attached to agrofuels. To local populations and direct producers, the specific destination of the crop as fuel, food, cosmetics or other final uses in faraway places is probably of less interest than the forms of (direct or indirect) appropriation of their land and the forms of their insertion or exclusion as producers in global commodity chains. Global demand for both agrofuels and food is stimulating new forms (or the resurgence of old forms) of corporate land grabbing and expropriation, and of incorporation of smallholders in contracted production. Drawing both on recent studies on agrofuels expansion and on the political economy literature on agrarian transition and capitalism in agriculture, this article raises the question whether "agrofuels capitalism" is in any way essentially different from other forms of capitalist agrarian monocrop production, and in turn whether the agrarian transitions involved require new tools of analysis.

  16. The Case for Capitation.

    Science.gov (United States)

    James, Brent C; Poulsen, Gregory P

    2016-01-01

    Recent studies suggest that at least 35%--and maybe over 5o%--of all health care spending in the U.S. is wasted on inadequate, unnecessary, and inefficient care and suboptimal business processes. But efforts to get rid of that waste face a huge challenge: Under current payment methods, the providers who develop more-cost-effective approaches don't receive any of the savings. Instead, the money goes mainly to insurers. The providers, who are paid for the volume of services delivered, end up actually losing money, which undermines their finances and their ability to invest in more cost-saving innovations. To address this quandary, say two top execs from the nonprofit Intermountain Healthcare system, we need a different way to pay for health care: population-based payment. PBP gives care delivery groups a fixed per-person payment that covers all of an individual's health care services in a given year. Under it, providers benefit from the savings of all efforts to attack waste, encouraging them to do it more. And though PBP may sound similar to the HMOs of the 1990s, there are significant twists: Payments go directly to care delivery groups, and patients' physicians--not insurance companies--assume responsibility for overseeing and managing the cost of treatment. Provider groups are also required to meet quality standards that further protect patients. By applying PBP in just part of its system, Intermountain, which serves 2 million people, has been able to chop $688 million in annual waste and bring total costs down 13%.

  17. Measuring Social Capital Investment: Scale Development and Examination of Links to Social Capital and Perceived Stress

    Science.gov (United States)

    Wegner, Rhiana; Gong, Jie; Fang, Xiaoyi; Kaljee, Linda

    2014-01-01

    Individuals with greater social capital have better health outcomes. Investment in social capital likely increases one’s own social capital, bearing great implications for disease prevention and health promotion. In this study, the authors developed and validated the Social Capital Investment Inventory (SCII). Direct effects of social capital investment on perceived stress, and indirect effects through social capital were examined. 397 Participants from Beijing and Wuhan, China completed surveys. Analyses demonstrated that the SCII has a single factor structure and strong internal consistency. Structural equation modeling showed that individuals who invested more in social capital had greater bonding social capital, and subsequently less perceived stress. Results suggest that disease prevention and health promotion programs should consider approaches to encourage social capital investment; individuals may be able to reduce stress by increasing their investment in social capital. Future research is needed to provide additional empirical support for the SCII and observed structural relationships. PMID:25648725

  18. A study on effects of cost-of-equity models on cost-of-capital and capital structure

    Directory of Open Access Journals (Sweden)

    Meysam Arabzadeh

    2012-10-01

    Full Text Available Most financial managers believe that there are different factors hindering decision-making about the capital structure of a company. This hindrance is so that, in some financial management literatures capital structure is called the mystery of capital. Financial managers widely believe that financial leverage enjoys a noticeable status in managerial decision making as well as management of the framework of balance sheet. The primary purpose of this research is to present applications of equity modules and to study effective factors on such models on Tehran stock exchange. The study covers data over a period of five years from 2001 to 2005. The study analyzes and tests relevant data to firm’s debt ratio and corporate size as effective factors on cost-of-equity. The preliminary findings indicate that contrary to the commonly held belief in financial management theorems, debts ratio has the least effect on cost-of-equity. Nevertheless, the study suggests that the variant of company’s size has a meaningful relationship with cost-of-equity. To calculate cost-of-equity, CAPM, Gordon and return ratio methods are used. Findings show that CAPM has more validity compared with other varieties. On the other hand, the results indicate that there is a 95-percent probability proving that liquidity has a significant negative effect on financial leverage.

  19. A different capitalism? : Guanxi-capitalism and the importance of family in modern China

    OpenAIRE

    Rühle, Susanne

    2011-01-01

    The emergence of Capitalism is said to always lead to extreme changes in the structure of a society. This view implies that Capitalism is a universal and unique concept that needs an explicit institutional framework and should not discriminate between a German or US Capitalism. In contrast, this work argues that the ‘ideal type’ of Capitalism in a Weberian sense does not exist. It will be demonstrated that Capitalism is not a concept that shapes a uniform institutional framework within every ...

  20. Impact of family capital & social capital on youth entrepreneurship – a study of Uttarakhand state, India

    OpenAIRE

    Sharma, Lalit

    2014-01-01

    The research paper intends to interpret how the three forms of family capital viz. family's financial capital, family's man power capital and family's human capital influences the career choice intention of students of HEI's of Uttarakhand, India. Additionally the study also evaluates the impact of student's individual social capital on his career intent. This is a quantitative study conducted at Uttarakhand state of India on a large sample of students studying in various professional courses...

  1. Reporting Intellectual Capital in Annual Reports: Evidence from Indonesia

    Directory of Open Access Journals (Sweden)

    Parulian Sihotang

    2014-08-01

    Full Text Available This  exploratory  study  which  replicates  the  content  analysis  methodology  of  Guthrie et  all  (1999,  2004  towards  Intellectual  Capital  (IC  disclosures  in  the  annual  report  has set  several  objectives.  Primarily,  the  empirical  investigation  assesses  the  extent  to  which Indonesian  listed  companies  are  publicly  reporting  their  IC  both  the  amount  and  type  of information  being  reported.  Secondly,  the  investigation  also  examines  the  extent  to  which the various categories of IC are represented in the annual reports of the sample companies. Finally, the study explores the extent to which the level of IC disclosures could be related to companies' characteristics such as industry category, age, ownership structure and market capitalization.  The sample was Indonesia's 23 largest companies listed in the Jakarta Stock Exchange.    In  light  of  research  limitations,  the  preliminary  and  tentative  indings  of  this study  indicate  that  irst  of  all,  similar  to  indings  worldwide,  Indonesian  companies  have substantial intellectual capital and they do aware and disclose their intellectual capital in the annual reports. Secondly, IC that tends to be most often reported is relational capital, followed by human capital and organizational capital. Thirdly, even though the trend in IC disclosure as a whole is generally increasing, there is no conclusive and predictable pattern found.  Fourthly,  the  IC  identiied  and  reported  is  inconsistent  as  no  framework  available in  helping  the  companies  discloses  intellectual  capital.  Fifthly,  most  of  the  intellectual capital  components  identiied  are  in  qualitative  format.  Sixthly,  even  though  the  study  did not ind a conclusive evidence regarding the relationship between the level of  IC

  2. International working capital practices of Ghanaian firms

    Directory of Open Access Journals (Sweden)

    J. Abor

    2005-12-01

    Full Text Available International working capital management is important to firms frequently operating in the international market. This article investigates the international working capital practices of top Ghanaian firms involved in international trade. The objective of the study is to ascertain the extent to which Ghanaian firms use international working capital management vehicles. The article focuses on two main areas of international working capital management; international cash management and international sales and accounts receivables management. The results of this study reveal low level of use of international working capital vehicles among Ghanaian firms. Recommendations are made in this regard.

  3. How to choose the right capitalization option.

    Science.gov (United States)

    Vaughan, J; Wise, J

    1996-12-01

    Physician group practices and networks must have ready access to capital to finance their working capital needs, capital equipment acquisitions, and real estate purchases, as well as to fund the acquisition of additional practices. At least three options for capitalization are available to group practices and networks: debt financing, equity financing, or a combination of the two. The best option for physician group practices and networks depends on the costs of capital and the impact the strategy will have on decision making and governance.

  4. Human Capital and Organizational Effectiveness

    Directory of Open Access Journals (Sweden)

    Ioana Julieta Josan

    2013-05-01

    Full Text Available The new organizational changes caused by social, economic and politic reforms led to a shift in the strategic management of the companies. The growing need for professionals, who know how to generate profits, is growing and increase confidence of partners and clients, find new ideas and adapt to a dynamic market. Therefore, internally, we need an efficient management of human resources to find and retain the most suitable and efficient people which will increase productivity and face the increased acting globally competition. Currently, companies that succeed are the ones that integrate in their business strategy, an important component of development and valuation human capital. The paper aims to analyze and highlight the importance of human capital in the new organizational strategies, focused on achieving a high level of competitiveness, innovation and excellence.

  5. Ethics, Intellectual Capital & Knowledge Management

    Directory of Open Access Journals (Sweden)

    José Manuel Saíz Álvarez

    2012-08-01

    Full Text Available Rev.esc.adm.neg Resultado del proceso de globalización económica actual, unido al inicio de la denominada «Primera Crisis Global (PCG, cada vez es mayor la importancia del capital intelectual en las organizaciones, tanto por las ventajas competitivas que genera para la organización, como por permitir que la empresa pueda lograr posiciones de liderazgo sostenible en el tiempo. Dicho capital intelectual se inserta dentro de las organizaciones siguiendo una doble perspectiva basada en la ética y en la gestión del conocimiento. El objetivo de este trabajo es analizar cuáles son las bases que, desde una gestión del conocimiento basado en la ética aplicada a la empresa, permiten construir organizaciones líderes en el mercado global.

  6. Share capitalism and worker wellbeing.

    Science.gov (United States)

    Bryson, Alex; Clark, Andrew E; Freeman, Richard B; Green, Colin P

    2016-10-01

    We show that worker wellbeing is determined not only by the amount of compensation workers receive but also by how compensation is determined. While previous theoretical and empirical work has often been preoccupied with individual performance-related pay, we find that the receipt of a range of group-performance schemes (profit shares, group bonuses and share ownership) is associated with higher job satisfaction. This holds conditional on wage levels, so that pay methods are associated with greater job satisfaction in addition to that coming from higher wages. We use a variety of methods to control for unobserved individual and job-specific characteristics. We suggest that half of the share-capitalism effect is accounted for by employees reciprocating for the "gift"; we also show that share capitalism helps dampen the negative wellbeing effects of what we typically think of as "bad" aspects of job quality.

  7. Capital, population and urban patterns.

    Science.gov (United States)

    Zhang, W

    1994-04-01

    The author develops an approach to urban dynamics with endogenous capital and population growth, synthesizing the Alonso location model, the two-sector neoclassical growth model, and endogenous population theory. A dynamic model for an isolated island economy with endogenous capital, population, and residential structure is developed on the basis of Alonso's residential model and the two-sector neoclassical growth model. The model describes the interdependence between residential structure, economic growth, population growth, and economic structure over time and space. It has a unique long-run equilibrium, which may be either stable or unstable, depending upon the population dynamics. Applying the Hopf theorem, the author also shows that when the system is unstable, the economic geography exhibits permanent endogenous oscillations.

  8. 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.

  9. Human capital in nuclear industry

    International Nuclear Information System (INIS)

    Anon.

    2010-01-01

    On June 7, 2010, as part of the Atomexpo 2010 exhibition, a round-table discussion took place on the topic Human capital in the nuclear industry: challenges and solutions. The article summarizes reports made during the meeting. Tatiana Kozhevnikova, deputy director general of the Rosatom Corporation, made a report about the strategy and best human resource management practices in member companies of the Corporation. She briefly described the state of the human capital in the Russian nuclear industry and outlined the key provisions of the human resource management strategy. Attendees to the round-table discussion elaborated further on the key statements of the report. The discussion has given an evidence that the Russian nuclear industry is giving an enormous importance to human resource management and is firmly intended on successfully tacking the issues associated with the provision of sufficient staff for the industry's safe and efficient development [ru

  10. From Finance Capitalism to Financialization

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

    In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...

  11. Ciemat Relational Capital: Institutional Presence

    International Nuclear Information System (INIS)

    Vaquero Ortiz, E. M.; González Pineda, L. M.; Cascante Díaz, E.

    2015-01-01

    The resources in any organization for its activity development can be divided into two main groups: tangible assets and intangible assets. In recent decades there has been a recognition of the importance of the intangible assets as value generators for the development and growth of organizations. And the so called Relational Capital is among them Relational Capital arises from the relationship processes that an organization maintains with external agents. Thus, in the case of a public research institution, such as CIEMAT, it includes the relations with projects financing organizations, with partners and with customers (both public and private entities which are serviced), as well as the institutional presence understood as the participation in discussion and coordination forums (foundations, associations, committees…). This report presents a study of CIEMAT institutional presence in the year 2015.

  12. Capital budgeting practices in Spain

    Directory of Open Access Journals (Sweden)

    Pablo de Andrés

    2015-01-01

    Full Text Available This paper seeks to shed further light on the capital budgeting techniques used by Spanish companies. Our paper posits that the gap between theory and practice might be related to the nature of sources of value and to the efficiency of mechanisms aligning managerial and shareholder incentives, rather than to resource restrictions or model misinterpretation. We analyze data from a survey conducted in 2011, the final sample comprising 140 non-financial Spanish firms. Our findings show a behaviour pattern similar to that reported in prior research for firms in other countries. Particularly noteworthy is that payback appears to be the most widely used tool, while real options are used relatively little. Our results confirm that size and industry are related to the frequency of use of certain capital budgeting techniques. Further, we find that the relevance of growth opportunities and flexibility is an important factor explaining the use of real options.

  13. Account Managers Creation of Social Capital: Communal and Instrumental Investments and Performance Implications

    NARCIS (Netherlands)

    W.J.M.I. Verbeke (Willem); F.D. Belschak (Frank); S.H.K. Wuyts (Stefan); R.P. Bagozzi (Richard)

    2004-01-01

    textabstractAccount managers invest in two distinct, compensatory social ties to achieve social capital, namely peripheral knowledge ties and implementation support ties. The first ties require communal investments, which consist of organizational citizenship behaviors and peripheral information

  14. Capital Markets Union for Europe

    DEFF Research Database (Denmark)

    Ringe, Georg

    2015-01-01

    The merits of the “Capital Markets Union” project lie with its political importance, rather than its legal coherence or significance. Despite a number of substantial flaws, the initiation of this project comes at the right time. The Commission first and foremost sends a political message to the UK...... and other non-Euro Member States, as well as a commitment to the Single Market....

  15. Essays on Corporate Capital Structure

    OpenAIRE

    Albul, Boris

    2012-01-01

    This dissertation studies capital structure decisions of levered and unlevered firms using the modeling framework of Leland (1994). The first chapter, Cash Holdings and Financial Constraints, focuses on optimal management of cash holdings by equity holders of a levered, financially constrained firm. I add financial constraints as a market friction to the traditional model. A financially constrained firm is not able to issue new equity to subsidize net operating losses and is subject to pre...

  16. Immigrant Capital and Entrepreneurial Opportunities

    OpenAIRE

    Malavika Sundararajan; Binod Sundararajan

    2016-01-01

    Objective: The main objective of this study is to define and operationalize the concept of immigrant capital, a key factor that differentiates immigrant from host country entrepreneurs in how they recognize and start new ventures. Research Design & Methods: A detailed analysis of contemporary immigrant entrepreneurship and opportunity recognition literature was carried out. Using grounded theory, we synthesized the outcomes from the analysis of eight Canadian and U.S. case studies of successf...

  17. Capital Structure and Stock Returns

    OpenAIRE

    Ivo Welch

    2002-01-01

    U.S. corporations do not issue and repurchase debt and equity to counteract the mechanistic effects of stock returns on their debt-equity ratios. Thus over one- to five-year horizons, stock returns can explain about 40 percent of debt ratio dynamics. Although corporate net issuing activity is lively and although it can explain 60 percent of debt ratio dynamics (long-term debt issuing activity being most capital structurerelevant), corporate issuing motives remain largely a mystery. When stock...

  18. Loja musical capital of Ecuador

    Directory of Open Access Journals (Sweden)

    María Eugenia Rodríguez Guerrero

    2016-12-01

    Full Text Available In the slang language of Lojanos, it is said that Loja is the musical capital of Ecuador. thesis or clich´e, which has led to write the present article to find the theoretical empirical support and practices that support it, constituting it in research object and recommend to the future the innovations that need to be introduced in order to sustain and strengthen this place of Loja. This first approach has as a problem What does Loja provides, that distinguish from the rest of the provinces of Ecuador in the musical field, to be considered its capital? This first delivery aims to build a framework of computer concepts that open up posterity to a field of research on music and that translate into policies, plans and programs that empower it. They develop three concepts derived from the thesis: the power to construct music that refers to the generic and specific competences in different instruments and genres, the amount of music that is produced and the human talent in musical formation that is developed in Loja. Empirical evidence is collected to corroborate or reject the hypothesis: Loja is the musical capital of Ecuador. Data are collected on musical skills and compared at the global level, as well as music production and music training scenarios. At the end the hypothesis is checked. The task of the Lojanos is to innovate the capital. Keywords: Music, musical competitions, musical talent in training, amount of music, musicalperformance, musical instrument, songs.

  19. Spiritual Capital: Novelty and Tradition

    Directory of Open Access Journals (Sweden)

    Magdalena Bosch

    2015-04-01

    Full Text Available The article analyzes the most relevant versions of spiritual capital, the aspects they share, and the way in which some of them are linked to religion while others are not. It describes the multidimensional nature of the notion, which leads to a theory of profound motivation that is strongly rooted in the person. This intrinsic dimensión of motivation proves to be decisive for ethical theories of virtue inspired in Aristotle, which emphasize the internal aspect of behavior.

  20. 12 CFR 932.8 - Minimum liquidity requirements.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum liquidity requirements. 932.8 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.8 Minimum liquidity requirements. In addition to meeting the deposit liquidity requirements contained in § 965.3 of this chapter, each Bank...

  1. Preliminary design data package. Appendix C

    Energy Technology Data Exchange (ETDEWEB)

    1979-07-25

    The design requirements, design philosophy, method and assumptions, and preliminary computer-aided design of the Near-Term Hybrid Vehicle including its electric and heat power units, control equipment, transmission system, body, and overall vehicle characteristics are presented. (LCL)

  2. Decentralised wastewater treatment effluent fertigation: preliminary ...

    African Journals Online (AJOL)

    Decentralised wastewater treatment effluent fertigation: preliminary technical assessment. ... living in informal settlements with the effluent produced being used on agricultural land. ... Banana and taro required 3 514 mm of irrigation effluent.

  3. 13 CFR 108.230 - Private Capital for NMVC Companies.

    Science.gov (United States)

    2010-01-01

    ... VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.230 Private Capital for NMVC Companies. (a) General. Private Capital means the contributed capital of a NMVC... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Private Capital for NMVC Companies...

  4. 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.

  5. Limits to productive capital investments

    International Nuclear Information System (INIS)

    Seifritz, W.

    1984-07-01

    The rise in the specific capital costs of nuclear power plants has caused concern in all industrialized countries in the past few years. Although the amount of this rise differed and at least did not jeopardize the cost edge of nuclear power in Europe, it did result in cost advantages of coal over nuclear power in a number of Federal States in the USA. The cost development in nuclear power plant construction up to the present level of capital costs was due chiefly to intolerable extensions of construction periods as a consequence of dragging licensing procedures, most of them entailing additional conditions which were partly a matter of dispute. There is broad agreement on the need to not detract from the nuclear safety level now attained, but also on the inability to increase it further by any significant margin. It has become evident in the past that, from a certain level onward, additional measures may in fact reduce the level of safety. In this contribution an attempt is made to delineate the framework of reasonable capital expenditure. From this point of departure, realistic considerations of safety and environmental protection can be made for future orientation. (orig.)

  6. The Opportunity Cost of Capital

    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. PMID:25933615

  7. Preliminary assessment of an S.G.H.W. type research reactor

    International Nuclear Information System (INIS)

    Bicevskis, A.; Chapman, A.G.; Hesse, E.W.

    1970-08-01

    A preliminary design study has been made of a research reactor, based on the enriched S.G.H.W.R. concept, to be used for power reactor fuel irradiation, isotope production, basic research, and training in nuclear technology. A reactor physics assessment established a core size which would allow uninterrupted operation for the required irradiation period consistent with low capital and operating costs. A design was selected with 24 channels, a D 2 O calandria diameter of 2.7 m and an overall core height of 4.0 m. The capital cost was estimated as $750,000 for the fuel and $1,600,000 for the moderator, the refuelling cost being $340,000 per annum. A thermal design study showed that the fission heat of 65 MW could be transmitted to pressurised light water at 200 lb/in 2 abs. and rejected to sea water in two conventional U-tube heat exchangers. The basic design is flexible and can be adapted to meet many special requirements. (author)

  8. Alternative measures of the Federal Reserve Banks' cost of equity capital

    OpenAIRE

    Barnes, Michelle L.; Lopez, Jose A.

    2005-01-01

    The Monetary Control Act of 1980 requires the Federal Reserve System to provide payment services to depository institutions through the twelve Federal Reserve Banks at prices that fully reflect the costs a private-sector provider would incur, including a cost of equity capital (COE). Although Fama and French (1997) conclude that COE estimates are “woefully” and “unavoidably” imprecise, the Reserve Banks require such an estimate every year. We examine several COE estimates based on the Capital...

  9. Comparison and Association of Intellectual Capital: An Investigation and Measurement of the Value of Intellectual Capital Assets and Their Contribution to Stakeholder Perception within the Framework of Higher Education

    Science.gov (United States)

    Helm Stevens, Roxanne

    2011-01-01

    PROBLEM: Many of the preliminary approaches to strategic management of intellectual capital or knowledge assets have not been attempted in the not-for-profit arena. Additionally, because there is no marketplace value for not-for-profit firms or a valuation system for intangible assets, the identification and measurement necessary for efficient and…

  10. Small scale hydroelectric power potential in Nevada: a preliminary reconnaissance survey

    Energy Technology Data Exchange (ETDEWEB)

    Cochran, G.F.; Fordham, J.W.; Richard, K.; Loux, R.

    1981-04-01

    This preliminary reconnaissance survey is intended to: develop a first estimate as to the potential number, location and characteristics of small-scale (50 kW to 15 MW) hydroelectric sites in Nevada; provide a compilation of various Federal and state laws and regulations, including tax and financing regulations, that affect small-scale hydroelectric development and provide information on sources of small-scale hydroelectric generation hardware and consultants/ contractors who do small scale hydroelectric work. The entire survey has been conducted in the office working with various available data bases. The site survey and site evaluation methods used are described, and data are tabulated on the flow, power potential, predicted capital expenditures required, etc. for 61 potential sites with measured flows and for 77 sites with derived flows. A map showing potential site locations is included. (LCL)

  11. Greenridge Multi-Pollutant Control Project Preliminary Public Design Report

    Energy Technology Data Exchange (ETDEWEB)

    Connell, Daniel P

    2009-01-12

    the commercial readiness of an emissions control system that is specifically designed to meet the environmental compliance requirements of these smaller coal-fired EGUs. The multi-pollutant control system is being installed and tested on the AES Greenidge Unit 4 (Boiler 6) by a team including CONSOL Energy Inc. as prime contractor, AES Greenidge LLC as host site owner, and Babcock Power Environmental Inc. as engineering, procurement, and construction contractor. All funding for the project is being provided by the U.S. Department of Energy, through its National Energy Technology Laboratory, and by AES Greenidge. AES Greenidge Unit 4 is a 107 MW{sub e} (net), 1950s vintage, tangentially-fired, reheat unit that is representative of many of the 440 smaller coal-fired units identified above. Following design and construction, the multi-pollutant control system will be demonstrated over an approximately 20-month period while the unit fires 2-4% sulfur eastern U.S. bituminous coal and co-fires up to 10% biomass. This Preliminary Public Design Report is the first in a series of two reports describing the design of the multi-pollutant control facility that is being demonstrated at AES Greenidge. Its purpose is to consolidate for public use all available nonproprietary design information on the Greenidge Multi-Pollutant Control Project. As such, the report includes a discussion of the process concept, design objectives, design considerations, and uncertainties associated with the multi-pollutant control system and also summarizes the design of major process components and balance of plant considerations for the AES Greenidge Unit 4 installation. The Final Public Design Report, the second report in the series, will update this Preliminary Public Design Report to reflect the final, as-built design of the facility and to incorporate data on capital costs and projected operating costs.

  12. Long-term capital planning considering nuclear plant life-cycle management

    International Nuclear Information System (INIS)

    Negin, C.A.; Simpson, J.M.; Hostetler, D.R.

    1992-09-01

    The creation of a Life Cycle Management (LCM) group at utilities to evaluate the long term capital refurbishment needs is gaining favor. Among the functions of such groups can be the responsibility for recommending long term capital planning projects based on results of evaluations of systems, structures, and components that are not only essential to achieving the full current license term of operation, but also to extend the service life of the plant. Making such recommendations, in content and timing, requires the ability to view all recommendations in the context of an overall capital budget and long range outage impacts. This report illustrates an approach for creating a Long-Term Capital Plan with methods for deciding on, compiling, integrating, and presenting projects from the perspective of an LCM program for a nuclear power plant. It also addresses a rationale for capitalization of LCM program activities that would not be allowed under current accounting treatment

  13. 42 CFR 489.28 - Special capitalization requirements for HHAs.

    Science.gov (United States)

    2010-10-01

    ... present insignificant risk of changes in value. A cash equivalent that is not readily convertible to a... initial reserve operating funds. Such proof, at a minimum, will include a copy of the statement(s) of the... from an officer of the bank or other financial institution that the funds are in the account(s) and...

  14. 40 CFR 35.3550 - Specific capitalization grant agreement requirements.

    Science.gov (United States)

    2010-07-01

    ... Board or, in the case of privately-owned systems, the Financial Accounting Standards Board. The...) mechanism or similar financial arrangement for the State match. Under this mechanism, payments to this LOC... interest earnings of the Fund. Loan principal must not be used to retire State match bonds. (4) If the...

  15. Space Shuttle: Human Capital Challenges Require Management Attention

    National Research Council Canada - National Science Library

    2000-01-01

    .... NASA budget data shows that, since 1995, shuttle workforce levels have decreased from about 3,000 to about 1,800 full time equivalent employees NASA based its downsizing efforts on optimistic programmatic assumptions...

  16. 12 CFR 1750.4 - Minimum capital requirement computation.

    Science.gov (United States)

    2010-01-01

    ... current market value of posted qualifying collateral, computed in accordance with appendix A to this subpart; (ii) 1.50 percent of the market value of qualifying collateral posted to secure interest rate and... differences in the credit risk of such obligations in relation to mortgage-backed securities. (b) Any asset or...

  17. Where's the capital? A geographical essay.

    Science.gov (United States)

    Jones, Gareth A

    2014-12-01

    This paper is inspired by Thomas Piketty's book Capital in the Twenty-First Century. Piketty does a wonderful job of tracing income and wealth over time, and relating changes to trends of economic and population growth, and drawing out the implications for inequality, inheritance and even democracy. But, he says relatively little about where capital is located, how capital accumulation in one place relies on activities elsewhere, how capital is urbanized with advanced capitalism and what life is like in spaces without capital. This paper asks 'where is the geography in Capital' or 'where is the geography of capital in Capital'? Following Piketty's lead, the paper develops its analysis through a number of important novels. It examines, first, the debate that Jane Austen ignored colonialism and slavery in her treatment of nineteenth century Britain, second, how Balzac and then Zola provide insight to the urban political economy of capital later in the century, and third, how Katherine Boo attends to inequality as the everyday suffering of the poor. © London School of Economics and Political Science 2014.

  18. Social capital, economics, and health: new evidence.

    Science.gov (United States)

    Scheffler, Richard M; Brown, Timothy T

    2008-10-01

    In introducing this Special Issue on Social Capital and Health, this article tracks the popularization of the term and sheds light on the controversy surrounding the term and its definitions. It sets out four mechanisms that link social capital with health: making information available to community members, impacting social norms, enhancing the health care services and their accessibility in a community, and offering psychosocial support networks. Approaches to the measurement of social capital include the Social Capital Community Benchmark Survey (SCCBS) developed by Robert Putnam, and the Petris Social Capital Index (PSCI), which looks at community voluntary organizations using public data available for the entire United States. The article defines community social capital (CSC) as the extent and density of trust, cooperation, and associational links and activity within a given population. Four articles on CSC are introduced in two categories: those that address behaviors -- particularly utilization of health services and use of tobacco, alcohol, and drugs; and those that look at links between social capital and physical or mental health. Policy implications include: funding and/or tax subsidies that would support the creation of social capital; laws and regulations; and generation of enthusiasm among communities and leaders to develop social capital. The next steps in the research programme are to continue testing the mechanisms; to look for natural experiments; and to find better public policies to foster social capital.

  19. Capital intelectual: verdades e mitos

    Directory of Open Access Journals (Sweden)

    Maria Thereza Pompa Antunes

    2002-08-01

    Full Text Available Muito se tem comentado que os relatórios fornecidos pela Contabilidade Financeira não retratam certas realidades das empresas atualmente, tendo em vista o fato de o valor contábil das ações estar muitas vezes abaixo do seu valor de mercado. Esse contraste entre os dois valores vem sendo identificado como Capital Intelectual e apresentado como um novo conceito de administração de empresas que conduz à necessidade de aplicação de novas estratégias, de nova filosofia de gestão e novas formas de avaliação do valor da empresa. Este trabalho evidencia a verdadeira relação existente entre a Contabilidade e o Capital Intelectual. Desmistifica-se a novidade do conceito, pois comprova-se que o capital Intelectual é parte integrante do Goodwill, conceito secularmente conhecido e estudado pela Contabilidade. Os elementos intangíveis sempre foram abordados pela Contabilidade e, da mesma forma, como nunca se desprezou a sua importância, nunca se subestimou a sua complexidade. Portanto, a Contabilidade não é falha na divulgação das informações por ela registradas. Deve-se entender a finalidade de cada uma das Demonstrações Contábeis, bem como os Princípios subjacentes a elas. A falta de conhecimento, por vezes, conduz a conclusões precipitadas e errôneas. Por outro lado, qualquer que seja o rótulo atribuído aos elementos intangíveis, que sempre fizeram parte das organizações, entende-se e aceita-se que hoje, cada vez mais, o conhecimento e o gerenciamento desses elementos são relevantes para a gestão das empresas, pois o momento atual é caracterizado pela ampla aplicação do recurso do conhecimento pelo homem, que se materializa em novas tecnologias, sistemas e serviços (entendidos como ativos intangíveis que agregam valor às organizações.It has been said many times that the statements provided by Financial Accounting do not give a picture of certain realities of companies nowadays, considering the fact that, often

  20. Platform capitalism: The intermediation and capitalization of digital economic circulation

    Directory of Open Access Journals (Sweden)

    Paul Langley

    2017-10-01

    Full Text Available A new form of digital economic circulation has emerged, wherein ideas, knowledge, labour and use rights for otherwise idle assets move between geographically distributed but connected and interactive online communities. Such circulation is apparent across a number of digital economic ecologies, including social media, online marketplaces, crowdsourcing, crowdfunding and other manifestations of the so-called ‘sharing economy’. Prevailing accounts deploy concepts such as ‘co-production’, ‘prosumption’ and ‘peer-to-peer’ to explain digital economic circulation as networked exchange relations characterised by their disintermediated, collaborative and democratising qualities. Building from the neologism of platform capitalism, we place ‘the platform’ – understood as a distinct mode of socio-technical intermediary and business arrangement that is incorporated into wider processes of capitalisation – at the centre of the critical analysis of digital economic circulation. To create multi-sided markets and coordinate network effects, platforms enrol users through a participatory economic culture and mobilise code and data analytics to compose immanent infrastructures. Platform intermediation is also nested in the ex-post construction of a replicable business model. Prioritising rapid up-scaling and extracting revenues from circulations and associated data trails, the model performs the structure of venture capital investment which capitalises on the potential of platforms to realise monopoly rents.

  1. The Capitalism, Rent and Democracy

    Directory of Open Access Journals (Sweden)

    Victor S. Martyanov

    2017-03-01

    Full Text Available By inertia, which derives from Adam Smith, modern capitalism is described as a free-market competition. This historical model has worked while the market expands and the availability of resources increases. It provided the opportunity to maintain the political order of the welfare state as a form of non-economic egalitarian distribution of resources, which mitigates inequality and class antagonisms generated by market. However, once capitalism has engulfed the whole world, it is more prone to crises: competition intensifies, markets of demand and market outlets do not expand, technological progress creates a growing structural unemployment, economic growth due to the completion of the global village-city transition stagnates, the resources of all the peripheries are almost exhausted. As a result, nationalism and protectionism arise, the polarization between the global center and the periphery increases, and there comes the image of undemocratic and non-egalitarian labor less society on the horizon of the future, with the precariat and the unemployed growing in numbers and demanding large amounts of rent to maintain their livelihoods. Due to this, the market model of capitalism is gradually transforming into a rental one, where the pursuit of profit, the main motivational factor intrinsic to the market, is removed by the pursuit of rent and the redistribution of markets by non-economic ways. In this context, the state becomes the key economic actor, which distributes resources by extra-market means within the hierarchy of rental groups that form the framework of a new structure of the political community.

  2. Piketty's capital and social policy.

    Science.gov (United States)

    Piachaud, David

    2014-12-01

    Piketty's Capital (2014) primarily describes and analyses changes in the distribution of wealth and annual incomes. This paper focuses on his policy proposals that make up Part Four of the book. Piketty defends the 'social state' but he discusses it largely in terms of distribution and redistribution between tax units. This neglects the important role of social policy in promoting recognition and redistribution of income and opportunities that is related to gender, race, disability and sexual orientation. Nor does Piketty consider inequalities in health which effect life-time incomes, nor the impact of housing policies on house prices and the distribution of wealth. It is argued that Piketty's approach to social security is simplistic and plays down the complexity of competing policy goals. On taxation, Piketty defends progressive taxation and proposes a global capital levy. The latter proposal runs into formidable problems in seeking global taxation in a world of nation states. Rather than seeking a policy that is, for the foreseeable future, wholly politically impractical, a case is made for less idealistic but more practical and urgent tax coordination between nations to address the widespread avoidance of taxation that large corporations and the very wealthy are now permitted - taxation on which the future of the social state depends. The importance of human and social capital, which are largely set aside by Piketty, are discussed. Finally,it is argued that his approach to policy is to describe trends and propose amelioration of growing inequality rather than to identify causes of the trends and propose policies that might address the causes. Nevertheless, the importance of his work in bringing issues of inequality to the fore, especially among economists, is recognized and applauded. © London School of Economics and Political Science 2014.

  3. Preliminary Monthly Climatological Summaries

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Preliminary Local Climatological Data, recorded since 1970 on Weather Burean Form 1030 and then National Weather Service Form F-6. The preliminary climate data pages...

  4. THE ANALYSIS OF CAPITAL MARKET INTEGRATION IN ASEAN REGION BY USING THE OGARCH APPROACH

    Directory of Open Access Journals (Sweden)

    Robiyanto Robiyanto

    2017-04-01

    Full Text Available Capital market integration is a topic that attracts a lot of research interests in regional and international capital markets. Unfortunately, the various studies that have been done tend to use analytical tools that have not been able to conclude the degree of capital market integration quantitatively, hence a study that is able to measure the degree of capital market integration quantitatively is required. This study investigated the capital markets integration in ASEAN by using the Orthogonal Generalized Autoregressive Conditional Heteroscedasticity (OGARCH method which could provide the degree of integration quantitatively. Capital markets studied were Indonesia Stock Exchange, Kuala Lumpur Stock Exchange, Thailand Stock Exchange, Singapore Stock Exchange and Philippines Stock Exchange during period of January 2001 – December 2016. The result of this study was there was a co-movement among ASEAN capital markets studied, but not all these ASEAN capital markets were fully integrated. This study also found that Indonesia Stock Exchange, Kuala Lumpur Stock Exchange, Stock Exchange Thailand, and Singapore Stock Exchange were integrated but Philippines Stock Exchange was not. The Philippines Stock Exchange tended to be segmented rather than integrated.

  5. EFFECTIVENESS OF CAPITAL MARKET DERIVATIVES IN HOUSING DELIVERY OF NIGERIA EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Bernard Adjekophori

    2016-07-01

    Full Text Available The capital market is unarguably the most robust institution in any economy notable for mobilizing the necessary fund for financing long-term productive project. It controls relatively large amounts of capital and represent the largest institutional providing long-term credits for capital project like real estate that requires huge capital outlay. This study therefore, attempts an investigation into the effectiveness of capital market derivatives in housing delivery in Lagos. An empirical survey research was conducted in Lagos, using a random sampling technique with a structured questionnaire to collect data from 147 respondents comprising 89 stockbrokers and 58 real estate developers in Lagos mega-city. Data collected were analyzed with SPSS using descriptive and inferential statistics. The result revealed that 56.7% of the observed variations in housing delivery (R2= 0.567; p< 0.05 is explained by capital market derivatives, which suggests that, proper utilization of capital market derivatives will enhance and improve housing delivery in Nigeria. However, this is not been adequately used by developers of real estate projects in the study. Thus, the study recommends amongst other remedial steps that a synergetic effort should be created between the capital market and real estate developers which will enhance effective housing delivery, the development of people and the Nation.

  6. Capital psicológico

    OpenAIRE

    Salessi, Solana

    2013-01-01

    El término “capital”, originalmente utilizado en el campo de la economía y las finanzas, constituye un vocablo ampliamente difundido para representar diversos dominios. En este sentido, por ejemplo, la expresión “capital psicológico” es utilizada por los psicólogos organizacionales para designar los recursos psíquicos individuales que representan la valoración positiva de las circunstancias y la probabilidad de éxito basada en el esfuerzo y la perseverancia. En el marco de la psicología organ...

  7. Capital planning for clinical integration.

    Science.gov (United States)

    Grauman, Daniel M; Neff, Gerald; Johnson, Molly Martha

    2011-04-01

    When assessing the financial implications of a physician alignment and clinical integration initiative, a hospital should measure the initiative's potential ROI, perhaps best using a combination of net present value and payback period. The hospital should compare its own historical and projected performance with rating agency median benchmarks for key financial indicators of profitability, debt service, capital and cash flow, and liquidity. The hospital should also consider potential indirect benefits, such as retained outpatient/ancillary revenue, increased inpatient revenue, improved cost control, and improved quality and reporting transparency.

  8. Venture Capital and Industrial ''Innovation''

    OpenAIRE

    Hirukawa, Masayuki; Ueda, Masako

    2008-01-01

    For the sample period of 1965-1992, Kortum and Lerner (2000) find that venture capital (VC) investments have a positive impact on patent count at industry level, and this impact is larger than that of R&D expenditures. We confirm that this positive impact continued to be present and became even stronger in late 90s during which VC industry experienced an unprecedented growth. We then proceed to study if this positive impact of VC is also present on productivity growth, which is a measure of i...

  9. 12 CFR 932.7 - Reporting requirements.

    Science.gov (United States)

    2010-01-01

    ... to the Finance Board by the 15th business day of each month its risk-based capital requirement by... Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL... close of business of the last business day of the preceding month, or more frequently, as may be...

  10. THE INSTITUTIONAL CONTENT OF THE HUMAN CAPITAL OF THE NATIONAL ECONOMY

    Directory of Open Access Journals (Sweden)

    Viktoriia Kolomiiets

    2017-12-01

    Full Text Available In the current conditions of transformation of traditional institutes and institutions and formation of a new institutional state, the institutional content of human capital as the most valuable resource of the economy changes. Along with the existing research, the transformation of the old institutional system and the emergence of new institutes and institutions require an analysis of the updated institutional content of the human capital of the national economy. The purpose of the paper – to reveal the institutional content of the human capital of the national economy. In the process of work, the following tasks are set and solved: to study economic and institutional conditions of functioning of human capital, to determine the material content of human capital in the context of institutionalism and the process of institutionalization of human capital. Methodology. A methodological basis is a dialectical approach. To study the institutional content of human capital, abstract-logical and systemstructural methods are used. Results. Economic conditions for the formation and functioning of human capital are determined by the instability of the economic situation in Ukraine caused by the fall in the gross domestic product, the inappropriate growth of prices and wages, inflation, and military-political confrontation. Institutional conditions of Ukraine accumulate the following components: those that remained from the previous regimes; transformed components, imported components. The large financial capital, business structures, shadow economy, public sector of the country interact on a fundamentally different institutional basis. The main factor characterizing the institutional development of our country is the uncertainty of limits of institutionalization. The essential institutional conditions for the functioning of human capital are also the absence of a positive or negative experience of existence, coexistence of certain institutions in a

  11. Changing Endogenous Development: the Territorial Capital

    Directory of Open Access Journals (Sweden)

    Balázs István Tóth

    2011-12-01

    Full Text Available The aim of this research is to analyze territorial capital as a new paradigm to make best use of endogenous assets. The study is dealing with the preconditions, meaning and possible theoretical taxonomies of territorial capital. In this study I emphasize that the cumulative effects of regional potentials are more important than economies of scale and location factors. I present different approaches and interpretations of territorial capital, then make an attempt to create an own model. I try to find answers for questions, such as why territorial capital shows a new perspective of urban and regional development; how cognitive elements of territorial capital provide increasing return; how territorial capital influences competitiveness and what kind of relation it has with cohesion.

  12. Measuring Social Capital Accumulation in Rural Development

    DEFF Research Database (Denmark)

    Teilmann, Kasper

    2012-01-01

    Using a theoretical framework, the study proposes an index that can measure the social capital of local action group (LAG) projects. The index is founded on four indicators: number of ties, bridging social capital, recognition, and diversity, which are aggregated into one social capital index....... The index has been tested in LAG-Djursland, Denmark, and the study further investigates whether the organisational affiliation, project financing, and LAG co-financing can explain the degree of social capital accumulation. Furthermore, the author has tested if there are connections between motivation...... for pursuing development projects similar to those implemented previously and the degree of social capital. The paper concludes that there are indications that projects hosted by municipalities tend to show the most social capital, there is no connection between the amount of project financing and social...

  13. Social capital and technological literacy in Taiwan.

    Science.gov (United States)

    Yang, Hsieh-Hua; Huang, Fen Fen; Lai, Yi-Horng; Yang, Hung-Jen; Yu, Jui-Chen

    2012-01-01

    The burgeoning interest in social capital within the technology community represents a welcome move towards a concern for the social elements of technological adaptation and capacity. Since technology plays an ever larger role in our daily life, it is necessary to articulate social capital and its relationship to technological literacy. A nationwide data was collected by area sampling, and position generator was used to measure social capital. Regression model was constructed for technological literacy. Age, gender, education, income, web access, and social capital were included as independent variables. The results show that age, gender, education, web access, and social capital were good predictors of technological literacy. It is concluded that social capital is helpful in coping with rapid technological change. Theoretical and empirical implications and future research are discussed.

  14. Does National Culture Impact Capital Budgeting Systems?

    Directory of Open Access Journals (Sweden)

    Peter J. Graham

    2017-06-01

    Full Text Available We examine how national culture impacts organisational selection of capital budgeting systems to develop our understanding of what influence a holistic formulation of national culture has on capital budgeting systems. Such an understanding is important as it would not only provide a clearer link between national culture and capital budgeting systems and advance extant literature but would also help multinational firms that have business relationships with Indonesian firms in suitably designing strategies. We conducted semi-structured interviews of selected finance managers of listed firms in Indonesia and Australia. Consistent with the contingency theory, we found that economic, political, legal and social uncertainty impact on the use of capital budgeting systems. The levels of uncertainty were higher in Indonesia than Australia and need to be reckoned in the selection of capital budgeting systems used by firms. We also found that firms are influenced by project size and complexity, when selecting capital budgeting systems.

  15. ANALYSIS OF THE CAPITAL MARKET IN CROATIA

    Directory of Open Access Journals (Sweden)

    Maja Buljat

    2015-12-01

    Full Text Available The financial crisis that began in 2008 in the USA turned into a global economic crisis in a short time. As such, it had a big impact on the financial stability of Croatia, primarily on capital market. Capital market includes securities trading, primarily stocks and bonds, whose market value is influenced by the market capitalization of capital market and vice versa. Macro economically, market capitalization had an influence on the fall in the value of the entire capital market, and micro economically, it had an influence on the fall of the prices of stocks, bonds and other financial instruments of companies. The volume of trade decreased, but there was an increase in the number of transactions. In other words, people traded more and in smaller quantities. Therefore, the risk increased, and investors became more cautious.

  16. Global capital markets: An updated profile

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    Filipović Miroslava

    2007-01-01

    Full Text Available More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market’s degree of integration follows. The emergence of new (types of actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.

  17. An Economic Viewpoint on Capitalism Bashing

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    Burnete Sorin

    2016-12-01

    Full Text Available In this paper I discuss two long disputed notions: that capitalism without crises is a fallacy respectively that capitalism bashing, however severe, will not endanger the system itself. Yet proving both is not an easy task since the capitalism issue has always been a cupellation of theory, ideology and political precepts, which are controversial and hard to disentangle. That capitalism detractors are numberless is a truism. Yet criticism against capitalism, however fierce, has always been clearly delineated. Not any more: globalization has rendered the picture dangerously fuzzy. It is now hard to ascertain whether someone who will harangue about the ostensible evils of globalization is also a declared anti-capitalist. The blend of capitalism and globalization seems to be pure dynamite.

  18. Foreign Venture Capital Firm - Skye in China.

    OpenAIRE

    Hu, XiaoRui

    2007-01-01

    The reasons of why Tom Skype paid more attention to Venture Capital management have received more and more attentions from academic researchers in many current business studies. Based upon one case study in the Skype, this research has analyzed the significant of the Venture Capital. This research listed some differences of the situations in for the Skype and how it set up the Venture Capital strategic in China, then gave the author's own opinions to the research question.

  19. Does National Culture Impact Capital Budgeting Systems?

    OpenAIRE

    Peter J. Graham; Milind Sathye

    2017-01-01

    We examine how national culture impacts organisational selection of capital budgeting systems to develop our understanding of what influence a holistic formulation of national culture has on capital budgeting systems. Such an understanding is important as it would not only provide a clearer link between national culture and capital budgeting systems and advance extant literature but would also help multinational firms that have business relationships with Indonesian firms in suita...

  20. Social Capital and Technological Literacy in Taiwan

    OpenAIRE

    Yang, Hsieh-Hua; Huang, Fen Fen; Lai, Yi-Horng; Yang, Hung-Jen; Yu, Jui-Chen

    2012-01-01

    The burgeoning interest in social capital within the technology community represents a welcome move towards a concern for the social elements of technological adaptation and capacity. Since technology plays an ever larger role in our daily life, it is necessary to articulate social capital and its relationship to technological literacy. A nationwide data was collected by area sampling, and position generator was used to measure social capital. Regression model was constructed for technologica...