WorldWideScience

Sample records for preliminary financial analysis

  1. Financial analysis as a financial management instrument

    Directory of Open Access Journals (Sweden)

    Stehlíková Beáta

    2001-12-01

    Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firm’s financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide “en bloc”.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting

  2. PRELIMINARY ACCOUNTING WORKS FOR THE ESTABLISHMENT OF FINANCIAL STATEMENTS

    OpenAIRE

    HOLT GHEORGHE

    2017-01-01

    The preparation of financial statements is a complex process of aggregation of data and accounting information in the perspective of establishing economic and financial indicators. The adoption of a uniform set of preliminary accounting work for the closure of the current financial exercises is the only way for romanian companies to ensure that their financial situations are reliable, and on this basis, the users can make the best decisions. According to IASB Framework, the objective...

  3. Financial Analysis of HRD.

    Science.gov (United States)

    1995

    These five papers are from a symposium facilitated by Ronald L. Jacobs on financial analysis of human resource development (HRD) at the 1995 Academy of Human Resource Development conference. "Return on Investment--Beyond the Four Levels!" (Jack J. Phillips) offers a modification of the Kirkpatrick model of evaluation for HRD in…

  4. Financial Statements Analysis

    OpenAIRE

    Tănase Alin-Eliodor

    2014-01-01

    This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

  5. Financial Statements Analysis

    Directory of Open Access Journals (Sweden)

    Tănase Alin-Eliodor

    2014-10-01

    Full Text Available This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

  6. PRELIMINARY ACCOUNTING WORKS FOR THE ESTABLISHMENT OF FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    HOLT GHEORGHE

    2017-02-01

    Full Text Available The preparation of financial statements is a complex process of aggregation of data and accounting information in the perspective of establishing economic and financial indicators. The adoption of a uniform set of preliminary accounting work for the closure of the current financial exercises is the only way for romanian companies to ensure that their financial situations are reliable, and on this basis, the users can make the best decisions. According to IASB Framework, the objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions: managers, shareholders, prospective investors, financial institutions, suppliers, customers, employees, competitors, general public, governments. The complexity of the accounting works preceding the financial statement preparation is determined by the large volume of theoretical and practical knowledge that can be influenced by the following factors: different accounting policies, accounting estimates, professional judgment, verifiability, measurability, fraud and error. The main objective of this scientific paper is to highlight the importance of preliminary accounting works for the annual financial statements establisment, focusing on the presentation of their chronological evidence.

  7. Financial Openness and Financial Development: An Analysis Using Indices

    OpenAIRE

    Ozkok, Zeynep

    2010-01-01

    This paper examines the link between financial openness and financial development through panel data analysis on advanced and emerging market countries. Using indices, financial openness together with institutional and educational variables explains a large part of the variation in financial development across countries and over time. Our analysis demonstrates that different indexing strategies serve in finding better measures for financial openness and financial development in comparison to ...

  8. Financial Performance Analysis Of Financial Service Cooperative

    Directory of Open Access Journals (Sweden)

    Eyo Asro Sasmita

    2015-08-01

    Full Text Available This research is aimed to test and identify empirical evidence regarding the effect of capital structure and loan to financial performance of cooperative where the relationship between loan and financial performance is moderated by non-performing loan. The population of this research is 257 Financial Service Cooperative hereinafter referred to as KJK as the abbreviation for Koperasi Jasa Keuangan of Urban Village Community Economic Empowerment hereinafter referred to as PEMK as the abbreviation for Pemberdayaan Ekonomi Masyarakat Kelurahan in Jakarta 2011 to 2013. Sample is determined by using purposive sampling method. The data is secondary data which is obtained from the Revolving Fund Management Unit hereinafter referred to as UPDB as the abbreviation for Unit Pengelola Dana Bergulir Jakarta. Hypothesis is tested by using multiple linear regression analysis with SPSS 20.00. The number of sample used in this research is 120. Research findings explain that 1 Capital Structure hereinafter referred to as SM as the abbreviation for Struktur Modal has positive and significant impact on financial performance hereinafter referred to as KIN as the abbreviation for Kinerja Keuangan because the probability value of 0000 is smaller than amp945 0.05. Calculation shows that if the capital structure rises 1 assuming that the loan and non-performing loan variables remain the same then the financial performance will increase 0.017. 2 Loans hereinafter referred to as PIN as the abbreviation for Pinjaman given has positive and significant impact on KIN because the probability value of 0001 is smaller than amp945 0.05. If the loan rises 1 assuming that the capital structure and non-performing loan variables remain the same then the KIN will increase 0.013. 3 Non-performing loan has negative and significant effect on KIN because the probability value of 0000 is smaller than amp945 0.05. PBR varible increase 1 assuming that the loan and capital structure variables

  9. Financial feasibility of a log sort yard handling small-diameter logs: A preliminary study

    Science.gov (United States)

    Han-Sup Han; E. M. (Ted) Bilek; John (Rusty) Dramm; Dan Loeffler; Dave Calkin

    2011-01-01

    The value and use of the trees removed in fuel reduction thinning and restoration treatments could be enhanced if the wood were effectively evaluated and sorted for quality and highest value before delivery to the next manufacturing destination. This article summarizes a preliminary financial feasibility analysis of a log sort yard that would serve as a log market to...

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

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-08-01

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

  11. INFORMATION SYSTEM OF THE FINANCIAL ANALYSIS

    OpenAIRE

    MIRELA MONEA

    2013-01-01

    Financial analysis provides the information necessary for decision making, and also helps both the external and internal users of these. The results of the financial analysis work are dependent on the quality, accuracy, relevance and effectiveness of the information collected, and processed. Essential sources of information for financial analysis are financial statements, which are considered the raw material of financial analysis. One of the financial statements -the balance sheet - provi...

  12. Financial Decision-making Abilities and Financial Exploitation in Older African Americans: Preliminary Validity Evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS)

    OpenAIRE

    Lichtenberg, Peter A.; Ficker, Lisa J.; Rahman-Filipiak, Annalise

    2015-01-01

    This study examines preliminary evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS), a new person-centered approach to assessing capacity to make financial decisions, and its relationship to self-reported cases of financial exploitation in 69 older African Americans. More than one third of individuals reporting financial exploitation also had questionable decisional abilities. Overall, decisional ability score and current decision total were significantly associated with cogn...

  13. Financial Decision-making Abilities and Financial Exploitation in Older African Americans: Preliminary Validity Evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS)

    Science.gov (United States)

    Ficker, Lisa J.; Rahman-Filipiak, Annalise

    2015-01-01

    This study examines preliminary evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS), a new person-centered approach to assessing capacity to make financial decisions, and its relationship to self-reported cases of financial exploitation in 69 older African Americans. More than one third of individuals reporting financial exploitation also had questionable decisional abilities. Overall, decisional ability score and current decision total were significantly associated with cognitive screening test and financial ability scores, demonstrating good criterion validity. Financially exploited individuals, and non-exploited individuals, showed mean group differences on the Mini Mental State Exam, Financial Situational Awareness, Psychological Vulnerability, Current Decisional Ability, and Susceptibility to undue influence subscales, and Total Lichtenberg Financial Decision Rating Scale Score. Study findings suggest that impaired decisional abilities may render older adults more vulnerable to financial exploitation, and that the LFDRS is a valid tool for measuring both decisional abilities and financial exploitation. PMID:26285038

  14. INFORMATION SYSTEM OF THE FINANCIAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    MIRELA MONEA

    2013-12-01

    Full Text Available Financial analysis provides the information necessary for decision making, and also helps both the external and internal users of these. The results of the financial analysis work are dependent on the quality, accuracy, relevance and effectiveness of the information collected, and processed. Essential sources of information for financial analysis are financial statements, which are considered the raw material of financial analysis. One of the financial statements -the balance sheet - provides information about assets, liabilities, equity, liquidity, solvency, risk, financial flexibility. The profit and loss account is a synthesis accounting document, part of the financial statement reporting enterprise financial performances during of a specified accounting period and summarizes all revenues earned and expenses of an accounting period and reports the results.

  15. Using Financial Ratios to Select Companies for Tax Auditing: A Preliminary Study

    Science.gov (United States)

    Marghescu, Dorina; Kallio, Minna; Back, Barbro

    Tax auditing procedures include an investigation of the accounting records of a company and of other sources of information in order to assess whether the taxation has been based on correct and complete information. When there are found discrepancies between the accounting information and the real situation, the taxation should be corrected so that the eventual tax defaults are assessed and debited. The paper analyzes to what extent the financial performance of a company can be used as an indicator of tax defaults. We focus on one type of tax, namely employer's contribution, and four financial ratios. We evaluate the model in a study of Finnish companies by using a binomial logistic regression analysis. The study is exploratory and at a preliminary stage.

  16. FINANCIAL PERFORMANCE ANALYSIS AND BANKRUPTCY PREDICTION IN HUNGARIAN DAIRY SECTOR

    Directory of Open Access Journals (Sweden)

    Rozsa Andrea

    2014-07-01

    The preliminary sample for the analysis is framed on the basis of three criteria: amount of the subscribed capital, sales revenues and product structure. Those companies are regarded as competitors that have subscribed capitals in excess of HUF 250 million, consistently high levels of sales revenues and diversified product structures. The preliminary sample consists of 7 companies. In 2012, their total sales revenues were as high as about 50% of the overall amount of sales revenues in the sector. Three of the 7 companies are possessed by foreign owners in full or part, whereas 4 of them belong to Hungarian owners. In 2012, Hungarian-owned companies covered more than one-third of the combined sales revenues of the 7 leading companies. Hence, the competitive positions of these 4 companies based on their financial positions are examined. These calculations have relied on the annual reports for the period of 2008–2012 (balance sheets, income statements, cash flow statements. The research has implemented a comprehensive and comparative financial analysis. The main question is what the key financial characteristics of the Hungarian-owned companies are. Financial indicators are calculated and their time-series analysis is accomplished to describe the sample companies’ capital structures, liquidity and profitability. Using comparative analysis of the applied financial ratios the study determines (1 which company has the most advantageous financial conditions for the successful operation; (2 which companies have disadvantageous financial situation; and (3 which companies are in potential financial distress situation. Potential bankruptcy positions are examined by the applications of Altman and Springate models.

  17. Financial Analysis, Budgeting, Decision and Control

    Directory of Open Access Journals (Sweden)

    Mariana Rodica TIRLEA

    2013-12-01

    Full Text Available The economic processes taking place in the economic environment are stochastic processes that involve and imply risks, arising from product diversification, competition, financial derivatives transactions: swaps, futures, options and from the large number of actors involved in the stock market with a higher or a smaller uncertainty degree. Competition and competitiveness, led to major and rapid change in the business environment, they determined actors participating in the economy to find solutions and methods of collecting and processing data, in such a way that, after being transformed into information they quickly help based on their analysis in decision making, planning and financial forecasting, having an effect on increasing their economic efficiency. In these circumstances the financial analysis, decision, forecasting and control, should be based on quality information that should be a value creation source. The active nature of the financial function implies the existence of a substantially large share of financial analysis, financial decision, forecasting and control.

  18. ANALYSIS OF FINANCIAL BALACE USING RATES

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2013-08-01

    Full Text Available The analysis of the financial balance is based on the data from the balance sheet and is related to thecorrelation between financial resources and financing needs, the company’s liquidity and solvency, and also tothe rotation speed of assets and liabilities from the balance sheet. If the balance between financial resources andfinancing needs show a static balance, the analysis of rotation rates of fixed assets, stocks, receivables, longterm debts and short term debts signifies a dynamic balance and offers more relevant data than the static one.Consequently, an adequate financial diagnosis will refer to both forms of balance.

  19. UVISS preliminary visibility analysis

    DEFF Research Database (Denmark)

    Betto, Maurizio

    1998-01-01

    The goal of this work is to obtain a preliminary assessment of the sky visibility for anastronomical telescope located on the express pallet of the International SpaceStation (ISS)} taking into account the major constraints imposed on the instrument by the ISSattitude and structure. Part of the w......The goal of this work is to obtain a preliminary assessment of the sky visibility for anastronomical telescope located on the express pallet of the International SpaceStation (ISS)} taking into account the major constraints imposed on the instrument by the ISSattitude and structure. Part...

  20. UVISS preliminary visibility analysis

    DEFF Research Database (Denmark)

    Betto, Maurizio

    1998-01-01

    The goal of this work is to obtain a preliminary assessment of the sky visibility for anastronomical telescope located on the express pallet of the International SpaceStation (ISS)} taking into account the major constraints imposed on the instrument by the ISSattitude and structure. Part...

  1. Analysis of Joint Ventures Financial State

    Directory of Open Access Journals (Sweden)

    Alla V. Dmitrenko

    2013-01-01

    Full Text Available The article describes the basic techniques for the analysis of businesses financial state and methods that were adapted for the joint ventures activities, analyses joint venture financial state, makes conclusions and submits reasonable proposals for improvement of its future activities

  2. Econometric Analysis of Financial Derivatives : An overview

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael)

    2014-01-01

    markdownabstract__Abstract__ One of the fastest growing areas in empirical finance, and also one of the least rigorously analyzed, especially from a financial econometrics perspective, is the econometric analysis of financial derivatives, which are typically complicated and difficult to analyze. Th

  3. Econometric Analysis of Financial Derivatives : An overview

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael)

    2014-01-01

    markdownabstract__Abstract__ One of the fastest growing areas in empirical finance, and also one of the least rigorously analyzed, especially from a financial econometrics perspective, is the econometric analysis of financial derivatives, which are typically complicated and difficult to analyze.

  4. Econometric Analysis of Financial Derivatives: An Overview

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael)

    2014-01-01

    markdownabstract__Abstract__ One of the fastest growing areas in empirical finance, and also one of the least rigorously analyzed, especially from a financial econometrics perspective, is the econometric analysis of financial derivatives, which are typically complicated and difficult to analyze.

  5. Financial Health Indicators: An Analysis Of Financial Statement Information To Determine The Financial Health Of DOD Contractors

    Science.gov (United States)

    2016-12-01

    the financial health of prospective contractors. In fact, according to the Federal Acquisition Regulation (FAR), the very first general requirement ...NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT FINANCIAL HEALTH INDICATORS: AN ANALYSIS OF FINANCIAL...STATEMENT INFORMATION TO DETERMINE THE FINANCIAL HEALTH OF DOD CONTRACTORS December 2016 By: Timothy J. Grant Tony L. Ingram Darnell D

  6. Financial Reforms and Financial Fragility: A Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Syed Faizan Iftikhar

    2015-04-01

    Full Text Available This paper explores the relationship between financial reforms, financial liberalization and the quality of banking regulation and supervision for financial fragility by applying a dynamic two-step system generalized method of moments GMM panel estimator technique. The finding of this study is that the financial vulnerability of the banking sector could be affected, not only by bank-specific and macro-specific variables; but also by financial liberalization and banking regulations and supervision policies. The empirical results of this study confirm the evidence that financial reforms and financial liberalization significantly enhance the likelihood of financial fragility while strong banking regulations and supervision have an inverse relationship with financial fragility. The results of this study also explain that the lag value of loan growth and unemployment contribute to enhancing financial fragility while equity to assets ratio, natural log of total assets and share of foreign banks reduce financial vulnerability.

  7. THE GLOBAL FINANCIAL MARKET: ANALYSIS AND PERSPECTIVES

    Directory of Open Access Journals (Sweden)

    Tatiana COLESNICOVA

    2015-04-01

    Full Text Available The assessment of the situation on the global financial market is analyzed in the paper. The actuality of this research proceeded from the reality facing the entire global financial system. The purpose of this work is to research the situation on the global financial market based on the complex analysis of the sector. In the process of developing of this work were used the following methods: comparative analysis, synthesis, logical analysis. The results from the well-known companies which provided each year the analysis and ratings between the high net worth individuals wealth levels and growth by world regions, the most successfully International Financial Centres, leading wealth managers, wealth management innovators, Private Banks of the year, Private Bankers of the year etc. are analyzed in the paper.

  8. Financial Statement Analysis for Nonprofit Organizations

    OpenAIRE

    Travaglini,Claudio

    2007-01-01

    A financial statement analysis framework for nonprofit organizations is proposed, based on Nonprofit Commission of Certified Public Accountants Association (Commissione Aziende Nonprofit Ordine Nazionale Dottori Commercialisti) for Italian Nonprofits.

  9. Framework for financial ratio analysis of audited federal financial reports

    OpenAIRE

    Brady, Richard T.

    1999-01-01

    Federal agencies have traditionally prepared financial reports to monitor and report the obligation and expenditure of federal funding. With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations. The disclosure of this type of information, it was believed, would enable decision-makers to understand the financial implications of budgetary, policy and...

  10. Management Strategies and Dynamic Financial Analysis

    OpenAIRE

    Eling, Martin; Parnitzke, Thomas; Schmeiser, Hato

    2008-01-01

    Dynamic financial analysis (DFA) has become an important tool in analyzing the financial situation of insurance companies. Constant development and documentation of DFA tools has occurred during the last years. However, several questions concerning the implementation of DFA systems have not been answered in the DFA literature to date. One such important issue is the consideration of management strategies in the DFA context. The aim of this paper is to study the effects of different management...

  11. The Financial Analysis System: An Integrated Software System for Financial Analysis and Modeling.

    Science.gov (United States)

    Groomer, S. Michael

    This paper discusses the Financial Analysis System (FAS), a software system for financial analysis, display, and modeling of the data found in the COMPUSTAT Annual Industrial, Over-the-Counter and Canadian Company files. The educational utility of FAS is also discussed briefly. (Author)

  12. Development and preliminary results of the Financial Incentive Coercion Assessment questionnaire.

    Science.gov (United States)

    Byrne, Margaret M; Croft, Jason R; French, Michael T; Dugosh, Karen L; Festinger, David S

    2012-07-01

    Financial incentives are often used in research, yet no measure exists to determine whether they lead to perceptions of coercion in subjects. We present a preliminary evaluation of a recently developed Financial Incentive Coercion Assessment (FICA) questionnaire. FICA measures perceived coercion specifically related to payment for participation in a research study. Two hundred sixty-six subjects were recruited from a large randomized controlled trial; 152 returned for a 6-month follow-up and completed the FICA. Approximately 30% of participants reported the major reason for participating was "for the money," but less than 5% felt that the financial incentives were coercive. FICA results are consistent with levels of perceived coercion using an alternative measure. Initial assessment of responses on the FICA suggests that it may provide a novel approach to measuring perceived coercion from financial incentives in research. Future work will refine the FICA and analyze its psychometric properties.

  13. Concept Overview & Preliminary Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Ruth, Mark

    2017-07-12

    'H2@Scale' is an opportunity for wide-scale use of hydrogen as an intermediate that carries energy from various production options to multiple uses. It is based on identifying and developing opportunities for low-cost hydrogen production and investigating opportunities for using that hydrogen across the electricity, industrial, and transportation sectors. One of the key production opportunities is use of low-cost electricity that may be generated under high penetrations of variable renewable generators such as wind and solar photovoltaics. The technical potential demand for hydrogen across the sectors is 60 million metric tons per year. The U.S. has sufficient domestic renewable resources so that each could meet that demand and could readily meet the demand using a portfolio of generation options. This presentation provides an overview of the concept and the technical potential demand and resources. It also motivates analysis and research on H2@Scale.

  14. Financial indicators for municipalities: a quantitative analysis

    Directory of Open Access Journals (Sweden)

    Sreĉko Devjak

    2009-12-01

    Full Text Available From the characterization of Local Authority financing models and structures in Portugal and Slovenia, a set of financial and generic budget indicators has been established. These indicators may be used in a comparative analysis considering the Bragança District in Portugal, and municipalities of similar population size in Slovenia. The research identified significant differences, in terms of financing sources due to some discrepancies on financial models and competences of municipalities on each country. The results show that Portuguese and Slovenian municipalities, in 2003, for the economy indicator, had similar ranking behaviour, but in 2004, they changed this behaviour.

  15. Hurst Exponent Analysis of Financial Time Series

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    Statistical properties of stock market time series and the implication of their Hurst exponents are discussed. Hurst exponents of DJ1A (Dow Jones Industrial Average) components are tested using re-scaled range analysis. In addition to the original stock return series, the linear prediction errors of the daily returns are also tested. Numerical results show that the Hurst exponent analysis can provide some information about the statistical properties of the financial time series.

  16. Efficiency Analysis of Financial Management Administration of ABC Hospital using Financial Ratio Analysis Method

    Directory of Open Access Journals (Sweden)

    Jonny Jonny

    2016-05-01

    Full Text Available This paper evaluated the financial performance of ABC hospital within the period of 2012 to 2013. To overcome the problems faced by the hospital related to how to measure and presented its financial performance in which financial ratio analysis was undertaken. These financial ratios were employed to measure the liquidity, assets utilization, long-term solvency and profitability of the hospital. This analysis was conducted in order to prove whether the hospital has been managed efficiently or not in accordance to Indonesian Hospital Quality Accreditation as stated in its clause on Administration Standard No. 5 Parameter No. 3 that the hospital financial management shall be conducted in appropriate way in order to guarantee its operation efficiently. The result showed that overall financial performance of ABC hospital increased considerably in those two years of the analysis. A significant change was occurred on its solvency ratio which was decreased from -2% to -8%, indicating its loose dependency due to its founder’s strong financial support. Therefore, based on this favorable result, the hospital was regarded to have efficient hospital management and thus, together with other standard fulfillment, it was accredited by Indonesian Health Ministry.

  17. Preliminary hazards analysis -- vitrification process

    Energy Technology Data Exchange (ETDEWEB)

    Coordes, D.; Ruggieri, M.; Russell, J.; TenBrook, W.; Yimbo, P. [Science Applications International Corp., Pleasanton, CA (United States)

    1994-06-01

    This paper presents a Preliminary Hazards Analysis (PHA) for mixed waste vitrification by joule heating. The purpose of performing a PHA is to establish an initial hazard categorization for a DOE nuclear facility and to identify those processes and structures which may have an impact on or be important to safety. The PHA is typically performed during and provides input to project conceptual design. The PHA is then followed by a Preliminary Safety Analysis Report (PSAR) performed during Title 1 and 2 design. The PSAR then leads to performance of the Final Safety Analysis Report performed during the facility`s construction and testing. It should be completed before routine operation of the facility commences. This PHA addresses the first four chapters of the safety analysis process, in accordance with the requirements of DOE Safety Guidelines in SG 830.110. The hazards associated with vitrification processes are evaluated using standard safety analysis methods which include: identification of credible potential hazardous energy sources; identification of preventative features of the facility or system; identification of mitigative features; and analyses of credible hazards. Maximal facility inventories of radioactive and hazardous materials are postulated to evaluate worst case accident consequences. These inventories were based on DOE-STD-1027-92 guidance and the surrogate waste streams defined by Mayberry, et al. Radiological assessments indicate that a facility, depending on the radioactive material inventory, may be an exempt, Category 3, or Category 2 facility. The calculated impacts would result in no significant impact to offsite personnel or the environment. Hazardous materials assessment indicates that a Mixed Waste Vitrification facility will be a Low Hazard facility having minimal impacts to offsite personnel and the environment.

  18. THE OPTIMIZATION OF THE ENTERPRISE FINANCIAL ANALYSIS TROUGH THE FINANCIAL SYSTEM OF CONTROL DU PONT

    Directory of Open Access Journals (Sweden)

    GÂDOIU MIHAELA

    2016-06-01

    Full Text Available The return on assets and the return on equity are essential indicators for the assessment of the company performance. They have a rich financial content, but there are many cases where the figure sometimes shows a “prettier” reality. In such cases it is necessary to treat and interpret financial rates with caution, taking into account, at the same time, other methods used in the financial analysis. The objective of this paper is to present a popular financial diagnosis optimization method - the Du Pont financial control system, that has an important role in the financial analysis of the company because it is related to the return on assets and the return on equity of the company as a result of the interaction of several factors synthesized through reports built based on information taken from the annual financial statements.

  19. THE IT ANNUAL REPORTS USED IN THE FINANCIAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Nechita Anca

    2010-07-01

    Full Text Available In the paper the authors presented the importance of financial reporting system used in financial analysis of IT firms. Thus were presented balance sheet, income statement and cash flows.

  20. Analysis of Farmers' Financial Demand and Rural Financial Supply from a Sociological Viewpoint

    Institute of Scientific and Technical Information of China (English)

    YeJingzhong; ZhuYanjie; YangHongping

    2005-01-01

    After analysis of Baoshi Village farmers' financial demand, the loan supply from formal financial institutions and the current situation and causes of informal finance, we can draw the following conclusions: loans from formal financial institutions in the village have mainly gone to the farmers who are richer or enjoy higher social capital. Those farmers, relying on their own strengths and superior social networks, have access to formal loans. Ordinary farmers, especially those who are poorer or have inadequate human capital,

  1. Comparison between Financial Ratios Analysis and Balanced Scorecard

    Directory of Open Access Journals (Sweden)

    Khalad M.S. Alrafadi

    2011-01-01

    Full Text Available Financial ratios have long been used as a tool to evaluate the overall financial performance of a company. However, in early 1990s, a new method called Balanced Scorecard has been introduced by Robert Kaplan and David Norton to evaluate the overall controlling of a company. Problem statement: To the best of my knowledge at present there are no letrature review comparing between Financial ratios and Balanced Scorecard. Approach: This study is a conceptual paper comparing between the financial ratios analysis and balanced scorecard method. The objective of this paper is to compare between the benefits and problems of using financial ratios analysis and Balanced Scorecard method in evaluating the overall control of the company. Results: As a result, we found that the Balanced Scorecard is more efficient than financial ratios analysis. Conclusion/Recommendations: Both the balanced scorecard and financial ratios analysis are important tools for evaluating performance. So, we cannot ignore either of them.

  2. THE FINANCIAL STABILITY ANALYSIS THROUGH THE WORKING CAPITAL

    Directory of Open Access Journals (Sweden)

    LĂPĂDUŞI MIHAELA LOREDANA

    2012-12-01

    Full Text Available The main goal of any business is to maintain the financial stability not only on the short term but also on medium and long term, in other words to maintain a harmony between financial sources and financial needs, respectively the equality between the assets and liabilities from the balance sheet. On short term, maintaining the financial stability involves correlating the temporary resources with the temporary uses by using the necessary working capital, and on the long-term, the financial stability involves comparing the permanent resources with the permanent uses by working capital indicator. The determination of the financial state of the company at a certain moment represents the key moment in establishing and adopting the economic and financial decisions in the management of the company. Maintaining the financial stability of the company represents one of the main objectives of the financial analysis and management and it also provides the optimum development of the entire economic and financial activity of the company. The analysis of the working capital size is based on the financial statement data and information, and based on this analysis is considered the financial situation of the company, the financial equilibrium state at a certain moment. The purpose of this article is to highlight the fact that the maintenance of the financial stability on medium and long term is subordinated to the “working capital” indicator, its content and interpretation evolving in time and varying differently from one company to another. The results of this research may have broad applicability in the field of the companies’ activity and it materializes in the complex approach of the working capital regarded as a classic indicator, frequently used in the financial analysis and with profound significance in establishing the financial state in general and the equilibrium state in particular.

  3. DIAGNOSIS OF FINANCIAL POSITION BY BALANCE SHEET ANALYSIS - CASE STUDY

    OpenAIRE

    Hada Teodor; Marginean Radu

    2013-01-01

    This study aims to elucidate and to exemplify an important technique for assessing the economic entities, namely the fundamental analysis of the balance sheet, in several significant aspects. The analysis of financial data reported in the balance sheet are, for an economic entity, the basis of a principle diagnosis by determining specific indicators of economic and financial analysis. This analysis aims to provide an insight into the companyâ€(tm)s financial position. The stated aim of this s...

  4. Analysis of Conservatism and Persistence of Financial Results of the Brazilian Financial Institutions

    Directory of Open Access Journals (Sweden)

    Marcelo Paulo de Arruda

    2015-08-01

    Full Text Available The regulatory environment for public and private companies are significant differences in earnings quality between public and private companies (BALL; SHIVAKUMAR, 2005. However, the literature has suggested that the process of accounting measurement of financial institutions differ substantially from other companies (PEASNELL et al, 2000. Nevertheless,previous studies did not have systematically analyzed the informational differences between the public and private financial institutions. The aim of this study was to analyze the behavior of levels of conservatism and persistence of financial results of the public and private Brazilian financial institutions. To meet the objective of this work was realize an analysis of the data based on the models of conservatism proposed by Ball and Shivakumar (2005 and persistence described by Dechow and Schrand (2004, estimated using panel data. The sample was composed by Brazilian financial institutions public and private in the period between 1996 and 2013. The results of this research identified that none of the types of financial institutions (public and private presents timely losses during the period-analyzed recognition. Regarding the persistence of financial results, the analyses indicate that the private financial institutions have greater persistence in their accounting results that the public institutions, resulting in greater predictability of future profits on present profits. These results suggest that the financial results of Brazilian financial institutions do not exhibit conservative behavior, moreover, the profits of private companies are more persistent than the public companies.

  5. Determinants of Trade Credit: A Preliminary Analysis on Construction Sector

    Directory of Open Access Journals (Sweden)

    Nicoleta Barbuta-Misu

    2016-07-01

    Full Text Available This paper introduces a preliminary analysis of the correlations between trade credit and some selected measures of financial performance for a sample of 958 firms acting in the construction sector. The examined period covers 2004-2013. The sample derived from Amadeus database contains firms that have sold and bought on credit. Results showed that larger firms offered and used more credit than counterparties. Firms offered and used in same time credit, but not in same level. Firms with higher return on assets and profit margin used and offered less credit from suppliers, respectively to clients. Moreover, more liquid firms used less trade payables.

  6. A statistical analysis of UK financial networks

    Science.gov (United States)

    Chu, J.; Nadarajah, S.

    2017-04-01

    In recent years, with a growing interest in big or large datasets, there has been a rise in the application of large graphs and networks to financial big data. Much of this research has focused on the construction and analysis of the network structure of stock markets, based on the relationships between stock prices. Motivated by Boginski et al. (2005), who studied the characteristics of a network structure of the US stock market, we construct network graphs of the UK stock market using same method. We fit four distributions to the degree density of the vertices from these graphs, the Pareto I, Fréchet, lognormal, and generalised Pareto distributions, and assess the goodness of fit. Our results show that the degree density of the complements of the market graphs, constructed using a negative threshold value close to zero, can be fitted well with the Fréchet and lognormal distributions.

  7. Key components of financial-analysis education for clinical nurses.

    Science.gov (United States)

    Lim, Ji Young; Noh, Wonjung

    2015-09-01

    In this study, we identified key components of financial-analysis education for clinical nurses. We used a literature review, focus group discussions, and a content validity index survey to develop key components of financial-analysis education. First, a wide range of references were reviewed, and 55 financial-analysis education components were gathered. Second, two focus group discussions were performed; the participants were 11 nurses who had worked for more than 3 years in a hospital, and nine components were agreed upon. Third, 12 professionals, including professors, nurse executive, nurse managers, and an accountant, participated in the content validity index. Finally, six key components of financial-analysis education were selected. These key components were as follows: understanding the need for financial analysis, introduction to financial analysis, reading and implementing balance sheets, reading and implementing income statements, understanding the concepts of financial ratios, and interpretation and practice of financial ratio analysis. The results of this study will be used to develop an education program to increase financial-management competency among clinical nurses.

  8. Hydrothermal Liquefaction Treatment Preliminary Hazard Analysis Report

    Energy Technology Data Exchange (ETDEWEB)

    Lowry, Peter P.; Wagner, Katie A.

    2015-08-31

    A preliminary hazard assessment was completed during February 2015 to evaluate the conceptual design of the modular hydrothermal liquefaction treatment system. The hazard assessment was performed in 2 stages. An initial assessment utilizing Hazard Identification and Preliminary Hazards Analysis (PHA) techniques identified areas with significant or unique hazards (process safety-related hazards) that fall outside of the normal operating envelope of PNNL and warranted additional analysis. The subsequent assessment was based on a qualitative What-If analysis. This analysis was augmented, as necessary, by additional quantitative analysis for scenarios involving a release of hazardous material or energy with the potential for affecting the public.

  9. Mixture Distribution Approach In Financial Risk Analysis

    OpenAIRE

    Kocak, Keziban; Calis, Nazif; Unal, Deniz

    2014-01-01

    In recent years, major changes occurred in the prices of stock exchange appeared the necessity of measuring the financial risk. Nowadays, Value-atRisk (VaR) is often used to calculate the financial risk. Parametric methods which need normality are mostly used in the calculation of VaR.If the financial data does not fit the normal distribution, mixture of normal distribution models can be fitted to this data. In this study, the financial risk is calculated by using normal mixture distribution ...

  10. THE FINANCIAL ANALYSIS OF THE PETROLEUM COMPANIES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Adi Eleonor G. TRIFU

    2014-04-01

    Full Text Available With the trigger of the Financial Crisis of the 2008, many companies in Romania and across the world had realized that the economic environment became very unstable. In order the compete in a turbulent external environment the managers of companies must know first the stability of the internal environment of the company. The analysis of the financial health is one the most important analysis because reveals the financial problems that the company have or will have in the near future. This paper is a comparison between the potential financial health of the petroleum and gas companies that have economic activities in Romania. The analysis is made in order to show the impact that had the Financial Crisis upon the Romanian Energy Industry. The results can be used by the managers of the energy companies or other industries in order to identify the financial problems of the companies.

  11. Financial Convergence Analysis: Implication for Insurance and Pension Markets

    Directory of Open Access Journals (Sweden)

    Natalia P. Kuznetsova

    2016-06-01

    Full Text Available The proposed paper is one of a set of articles dedicated to the new phenomenon in the global and national financial markets – financial convergence – and is focused on theoretical issues. The hypothesis of the article is to argue whether the financial convergence determines the directions of financial market (namely, insurance and pension sectors development. Adequately the goal of this paper is to analyze the existence of convergence processes in the insurance and pension markets. Methods of systematic and logical analysis are used. In the first part authors give brief history of the convergence phenomenon research. Then the paper analyses influence of financial convergence on insurance and pension markets, manifested in the following effects: mix of financial institutions functions; distribution channels advantages, increase of insurance and pension funds companies’ competitiveness; governance models convergence. The major results of the study are: demographic shifts in different developed and emerging markets countries caused the need to reform the social security systems and public pension schemes and refocus them to the market-based financial convergence model; pension funds, acting as institutional investors, are the leading players in the contemporary global financial market; competition at the financial market causes the expansion of a number of services offered by various organizations: banks, insurance companies, pension funds and so on, which offer a wide range of services not directly related to their core businesses; the mixing of financial institutions functions from the insurance, pension and banking sectors, increased competition for customers at the national and global financial market.

  12. An Introduction to Analysis of Financial Data with R

    DEFF Research Database (Denmark)

    Nielsen, Søren Feodor

    2014-01-01

    A review of: An introduction to analysis of financial data with R / by Ruey S. Tsay. (Hoboken : John Wiley & Sons, 2012)......A review of: An introduction to analysis of financial data with R / by Ruey S. Tsay. (Hoboken : John Wiley & Sons, 2012)...

  13. European Union Financial Crisis: A Marxist Analysis

    NARCIS (Netherlands)

    Petrus Kanisius Farneubun, P.

    European financial crisis poses a serious challenge to the fundamental structure of the European Union, political and financial institutions, as well as the values that bind European together. Different factors have been suggested as the causes of the crisis notably the failure of national

  14. Financial Markets Analysis by Probabilistic Fuzzy Modelling

    NARCIS (Netherlands)

    J.H. van den Berg (Jan); W.-M. van den Bergh (Willem-Max); U. Kaymak (Uzay)

    2003-01-01

    textabstractFor successful trading in financial markets, it is important to develop financial models where one can identify different states of the market for modifying one???s actions. In this paper, we propose to use probabilistic fuzzy systems for this purpose. We concentrate on Takagi???Sugeno (

  15. Specific classification of financial analysis of enterprise activity

    Directory of Open Access Journals (Sweden)

    Synkevych Nadiia I.

    2014-01-01

    Full Text Available Despite the fact that one can find a big variety of classifications of types of financial analysis of enterprise activity, which differ with their approach to classification and a number of classification features and their content, in modern scientific literature, their complex comparison and analysis of existing classification have not been done. This explains urgency of this study. The article studies classification of types of financial analysis of scientists and presents own approach to this problem. By the results of analysis the article improves and builds up a specific classification of financial analysis of enterprise activity and offers classification by the following features: objects, subjects, goals of study, automation level, time period of the analytical base, scope of study, organisation system, classification features of the subject, spatial belonging, sufficiency, information sources, periodicity, criterial base, method of data selection for analysis and time direction. All types of financial analysis significantly differ with their inherent properties and parameters depending on the goals of financial analysis. The developed specific classification provides subjects of financial analysis of enterprise activity with a possibility to identify a specific type of financial analysis, which would correctly meet the set goals.

  16. Allan deviation analysis of financial return series

    Science.gov (United States)

    Hernández-Pérez, R.

    2012-05-01

    We perform a scaling analysis for the return series of different financial assets applying the Allan deviation (ADEV), which is used in the time and frequency metrology to characterize quantitatively the stability of frequency standards since it has demonstrated to be a robust quantity to analyze fluctuations of non-stationary time series for different observation intervals. The data used are opening price daily series for assets from different markets during a time span of around ten years. We found that the ADEV results for the return series at short scales resemble those expected for an uncorrelated series, consistent with the efficient market hypothesis. On the other hand, the ADEV results for absolute return series for short scales (first one or two decades) decrease following approximately a scaling relation up to a point that is different for almost each asset, after which the ADEV deviates from scaling, which suggests that the presence of clustering, long-range dependence and non-stationarity signatures in the series drive the results for large observation intervals.

  17. On the Australian Bank Financial Ratio Analysis

    Institute of Scientific and Technical Information of China (English)

    张丽娜

    2011-01-01

    Financial ratios,despite some criticisms,are still used as a basis to evaluate a firm's performance,to make credit risk assessment decisions and classify firms into bankrupt and non-bankrupt groups.There are a great number of financial ratios which can be used for the evaluation of banks performance.Golin (2001) provides a list of over 80 ratios covering the major categories of capital,asset quality,profitability & efficiency,and liquidity & funding provides.

  18. ACCOUNTING POLICIES AND FINANCIAL ANALYSIS INTERDEPENDENCES - EMPIRICAL EVIDENCE

    Directory of Open Access Journals (Sweden)

    Nino Serdarević

    2011-06-01

    Full Text Available This paper presents empirical evidence on applied analysis interdependences with created accounting policies and estimates within Bosnia and Herzegovina (BIH private commercial entities, in specific, targeting practice oriented relevance of financial indicators, non-financial indicators, enterprise resource planning and management account-ting insight frequencies. Recently, standard setters (International Accounting Standards Board and International Federation of Accountants have published outcomes of an internationally organized research on financial reports usefulness, recommending enforced usage of enterprise relevant information, non-financial indicators and risks implications in assets and liabilities positions. These imply litigation and possible income smoothening. In regard to financial reporting reliability, many authors suggest accounting conservatism as a measure to compose risk assessment and earnings response ratio. Author argues that recently suggested financial management measures involving cash and assets management, liquidity ratios and turns do not directly imply accounting information quality, prior computed within applied accounting conservatism.

  19. TRANSFER PRICING AS A TOOLFOR FINANCIAL ANALYSIS OFENTERPRISES

    Directory of Open Access Journals (Sweden)

    Alexey S. Besfamilnyy

    2015-01-01

    Full Text Available The article outlines the basics of using transfer pricing methods applied to the financial analysis of the enterprise. It focuses on the application of transfer pricing methods not only over prices control between related organizations, but for analysis of the financial performance of companies. It proposes to use comparison of profitability of comparable companies during the reporting period. Shows an approach for the search and selection of comparable companies using information systems SPARKS or Bureau van Dijk. It analysis some examples in which the methodology is applicable transfer pricing as a tool of financial analysis.

  20. Inflation and Financial Statement Analysis in the International Accounting Classroom

    Science.gov (United States)

    Riordan, Diane A.; Riordan, Michael P.

    2009-01-01

    This article provides an exercise for students to contemplate the effects of inflation during financial statement analysis. Even small amounts of inflation accumulating over time can grow to distort a company's reported financial position and results of operations. The growing economies in emerging markets, the international market for oil, and…

  1. Topics in Finance: Part II--Financial Analysis

    Science.gov (United States)

    Laux, Judy

    2010-01-01

    The second article in a series designed to supplement the introductory financial management course, this essay addresses financial statement analysis, including its impact on stock valuation, disclosure, and managerial behavior. [For "Topics in Finance Part I--Introduction and Stockholder Wealth Maximization," see EJ1060345.

  2. Preliminary safety analysis methodology for the SMART

    Energy Technology Data Exchange (ETDEWEB)

    Bae, Kyoo Hwan; Chung, Y. J.; Kim, H. C.; Sim, S. K.; Lee, W. J.; Chung, B. D.; Song, J. H. [Korea Atomic Energy Research Institute, Taejeon (Korea)

    2000-03-01

    This technical report was prepared for a preliminary safety analysis methodology of the 330MWt SMART (System-integrated Modular Advanced ReacTor) which has been developed by Korea Atomic Energy Research Institute (KAERI) and funded by the Ministry of Science and Technology (MOST) since July 1996. This preliminary safety analysis methodology has been used to identify an envelope for the safety of the SMART conceptual design. As the SMART design evolves, further validated final safety analysis methodology will be developed. Current licensing safety analysis methodology of the Westinghouse and KSNPP PWRs operating and under development in Korea as well as the Russian licensing safety analysis methodology for the integral reactors have been reviewed and compared to develop the preliminary SMART safety analysis methodology. SMART design characteristics and safety systems have been reviewed against licensing practices of the PWRs operating or KNGR (Korean Next Generation Reactor) under construction in Korea. Detailed safety analysis methodology has been developed for the potential SMART limiting events of main steam line break, main feedwater pipe break, loss of reactor coolant flow, CEA withdrawal, primary to secondary pipe break and the small break loss of coolant accident. SMART preliminary safety analysis methodology will be further developed and validated in parallel with the safety analysis codes as the SMART design further evolves. Validated safety analysis methodology will be submitted to MOST as a Topical Report for a review of the SMART licensing safety analysis methodology. Thus, it is recommended for the nuclear regulatory authority to establish regulatory guides and criteria for the integral reactor. 22 refs., 18 figs., 16 tabs. (Author)

  3. A comparative analysis of returns of various financial asset classes ...

    African Journals Online (AJOL)

    A comparative analysis of returns of various financial asset classes in South Africa: a triumph of bonds? ... Southern African Business Review. Journal Home · ABOUT · Advanced ... This study does not take tax into consideration. After adjusting ...

  4. Time averaging, ageing and delay analysis of financial time series

    Science.gov (United States)

    Cherstvy, Andrey G.; Vinod, Deepak; Aghion, Erez; Chechkin, Aleksei V.; Metzler, Ralf

    2017-06-01

    We introduce three strategies for the analysis of financial time series based on time averaged observables. These comprise the time averaged mean squared displacement (MSD) as well as the ageing and delay time methods for varying fractions of the financial time series. We explore these concepts via statistical analysis of historic time series for several Dow Jones Industrial indices for the period from the 1960s to 2015. Remarkably, we discover a simple universal law for the delay time averaged MSD. The observed features of the financial time series dynamics agree well with our analytical results for the time averaged measurables for geometric Brownian motion, underlying the famed Black-Scholes-Merton model. The concepts we promote here are shown to be useful for financial data analysis and enable one to unveil new universal features of stock market dynamics.

  5. 中职营销专业财务素养课程分析及教法初探%A Preliminary Exploration on the Curriculum Analysis and Teaching Methods of Financial Literacy for Sec- ondary Vocational Marketing Specialty

    Institute of Scientific and Technical Information of China (English)

    胡观强

    2015-01-01

    In the marketing specialty of secondary vocational schools, to set up financial literacy courses is the inevitable re-quirement of marketing activities, as well as the need of the com-prehensive development of marketing personnel, statistics, ac-counting, tax, finance and other courses can help marketers to better accomplish the task of marketing, enable enterprises to better achieve business objectives. Modular-based and task-based teaching can adapt to the reality of secondary voca-tional education and the actual need of marketing personnel.%中职营销专业设置财务素养类课程是营销活动的必然要求,也是营销人员综合发展的要求,统计、会计、税收、金融等课程能帮助营销人员更好地完成营销任务,能使企业更好地实现经营目标。采用模块化、任务化的课程教学更能适应中职教育的现实和营销人员实际的需要。

  6. FINANCIAL SIDE ANALYSIS OF LOCAL AUTONOMY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ICHIM CRISTINEL

    2012-05-01

    Full Text Available Financial side of local autonomy expresses the capacity of local communities to have their own revenue and expenditure budget, distinct from that of the state in which revenues can cover expenses incurred to meet their requirements. The analysis of financial autonomy of administrative-territorial units in Romania is an interesting but complex approach given that some factors are actually difficult to predict and quantify.The purpose of this paper is to clarify the meaning of financial side of local autonomy and analyze this in Romania based on indicators established in recent years for measuring the position of administrative-territorial units in relation to central government.

  7. COMPARISON OF MALAYSIA MANUFACTURING COMPANIES BY FINANCIAL STATEMENT ANALYSIS TOOLS

    OpenAIRE

    MALEK, Afagh; Mohammadi, Maryam; NASSIRI, Fardokht

    2012-01-01

    One of the best ways to get the expected results from trading in the stock market is to acquire a good evaluation of companies’ performance. Similarly, this study aims at comparing the financial performance of Lb Aluminium Berhad and Seal Incorporated Berhad manufacturing companies, which are listed in the main market of Malaysian stock exchange. The data were gathered from the annual reports of companies during last three years and analysed by financial statement analysis tools, which are ...

  8. Dynamic analysis of house price diffusion across Asian financial centres

    OpenAIRE

    Nanda, Anupam; Yeh, Jia-Huey

    2012-01-01

    The aim of this paper is to explore effects of macroeconomic variables on house prices and also, the lead-lag relationships of real estate markets to examine house price diffusion across Asian financial centres. The analysis is based on the Global Vector Auto-Regression (GVAR) model estimated using quarterly data for six Asian financial centres (Hong Kong, Tokyo, Seoul, Singapore, Taipei and Bangkok) from 1991Q1 to 2011Q2. The empirical results indicate that the global economic conditions pla...

  9. Preliminary Analysis of Google+'s Privacy

    OpenAIRE

    2011-01-01

    In this paper we provide a preliminary analysis of Google+ privacy. We identified that Google+ shares photo metadata with users who can access the photograph and discuss its potential impact on privacy. We also identified that Google+ encourages the provision of other names including maiden name, which may help criminals performing identity theft. We show that Facebook lists are a superset of Google+ circles, both functionally and logically, even though Google+ provides a better user interfac...

  10. Alternative financial institutions? Sustainability, development, social reproduction, and gender analysis.

    Science.gov (United States)

    Kidder, T

    1999-08-01

    This paper proposes a conceptual framework for alternative financial institutions in Nicaragua. The article includes a discussion on innovative services and policies, which differentiate CARUNA (National Savings and Credit Cooperative ¿Caja Rural¿), and other financial institutions from conventional banks. It further examines theories that have altered the way development practitioners think about the economy, poverty reduction, and the positions of men and women in the society. These theories are the feminist economic theory and alternative development theories. Specific ways to incorporate the concepts of alternative and feminist economic theories in the design of financial institutions include open credit, savings, and remittance mechanisms, and coordinating councils. The gender analysis approach was used to evaluate the design of financial institutions.

  11. A Financial Analysis of Brazilian Hospitals Between 2006 and 2011

    Directory of Open Access Journals (Sweden)

    Antônio Artur de Souza

    2014-12-01

    Full Text Available This paper presents the results of a research that aimed at developing a financial analysis of a sample of Brazilian hospitals between 2006 and 2011. The data were collected from financial statements of 23 hospitals and from the Database of United Health System. These secondary data were analyzed through the following techniques: descriptive statistics, Spearman’s correlation, Kolmogorov-Smirnov’s test, Kruskal-Wallis’ test and Chi-square’s test. It was verified that the sample presents unsatisfactory general results about financial performance, especially when related to financial ratios of profitability and return. However, the analysis of different categories of hospitals displays relevant and significant divergences, especially about the type of hospitals: publics and voluntaries ones. The voluntary hospitals present higher liquidity ratios and the best profitability and their capital structure usually focus on long term financing obtained from external agents. These evidences suggest that those organizations focus on financial leverage to achieve better results without deteriorate their liquidity. On the other hand, the public hospitals present lower liquidity as well as worse profitability and return ratios. It was verified that the large-sized hospitals usually present lower financial ratios (liquidity, profitability and return than the medium-sized hospitals.

  12. Fundamentals of financial statement analysis for academic physician managers.

    Science.gov (United States)

    Danzi, J T; Boom, M L

    1998-04-01

    Academic medical centers (i.e., teaching hospitals) and academic medical practices are under pressure to control costs to compete with for-profit health care institutions. The authors explain how academic physician managers who want to control costs wisely must first understand the cost structure of the medical center or practice and compare that structure with those of for-profit institutions. Doing this requires a firm understanding of how to use a valuable tool, financial statement analysis, to assess an institution's health and performance. Such analysis consists of calculating a variety of financial ratios (e.g., operating income divided by revenues; net income divided by total assets) and then comparing them with the corresponding ratios that are considered industry norms. Three types of financial statements (defined in detail) lend themselves to this approach: the balance sheet, income statement, and statement of cash flows. The authors define standard financial ratios, point out their uses and limitations, and emphasize that a ratio's meaning derives from comparing it with the corresponding benchmark ratio in the industry as a whole. Ratios should be used not as the end point of assessing financial status, but as ways to identify possible problems that require further investigation. Analysis of trends of ratios over time within an institution is a complementary approach. The authors then discuss the use of ratios in three standard types of institutional evaluation: of performance, of liquidity and leverage, and of strategic planning. In addition, they present the financial statement of a fictitious academic medical center as an example of how to use ratios for financial statement analysis. The authors emphasize that the key to using the ratios they discuss and hundreds of others is first to decide what question needs answering and then to choose the relevant ratios to provide a basis for finding the answer.

  13. Financial liberalization and economic growth : A meta-analysis

    NARCIS (Netherlands)

    Bumann, Silke; Hermes, Niels; Lensink, Robert

    2013-01-01

    This study provides a systematic analysis of the empirical literature on the relationship between financial liberalization and economic growth by conducting a meta-analysis, based on 441 t-statistics reported in 60 empirical studies. We focus on explaining the heterogeneity of results in our sample

  14. An Analysis of the Readability of Financial Accounting Textbooks.

    Science.gov (United States)

    Smith, Gerald; And Others

    1981-01-01

    The Flesch formula was used to calculate the readability of 15 financial accounting textbooks. The 15 textbooks represented introductory, intermediate, and advanced levels and also were classified by five different publishers. Two-way analysis of variance and Tukey's post hoc analysis revealed some significant differences. (Author/CT)

  15. Improving the usefulness of accounting data in financial analysis

    Directory of Open Access Journals (Sweden)

    A Saville

    2015-04-01

    Full Text Available Accounting practices are flawed.  As a consequence, the accounting data generated by firms are generally open to interpretation, often misleading and sometimes patently false.  Yet, financial analysts place tremendous confidence in accounting data when appraising investments and investment strategies.  The implications of financial analysis based on questionable information are numerous, and range from inexact analysis to acute investment error.  To rectify this situation, this paper identifies a set of simple, yet highly effective corrective measures, which have the capacity to move accounting practice into a realm wherein accounting starts to ‘count what counts’.  The net result would be delivery of accounting data that more accurately reflect firms’ economic realities and, as such, are more useful in the task of financial analysis.

  16. FY16 Analysis report: Financial systems dependency on communications

    Energy Technology Data Exchange (ETDEWEB)

    Beyeler, Walter E.

    2017-03-01

    Within the Department of Homeland Security (DHS), the Office of Cyber and Infrastructure Analysis (OCIA)'s National Infrastructure Simulation and Analysis Center (NISAC) develops capabilities to support the DHS mission and the resilience of the Nation’s critical infrastructure. At Sandia National Laboratories, under DHS/OCIA direction, NISAC is developing models of financial sector dependence on communications. This capability is designed to improve DHS's ability to assess potential impacts of communication disruptions to major financial services and the effectiveness of possible mitigations. This report summarizes findings and recommendations from the application of that capability as part of the FY2016 NISAC program plan.

  17. Ensemble vs. time averages in financial time series analysis

    Science.gov (United States)

    Seemann, Lars; Hua, Jia-Chen; McCauley, Joseph L.; Gunaratne, Gemunu H.

    2012-12-01

    Empirical analysis of financial time series suggests that the underlying stochastic dynamics are not only non-stationary, but also exhibit non-stationary increments. However, financial time series are commonly analyzed using the sliding interval technique that assumes stationary increments. We propose an alternative approach that is based on an ensemble over trading days. To determine the effects of time averaging techniques on analysis outcomes, we create an intraday activity model that exhibits periodic variable diffusion dynamics and we assess the model data using both ensemble and time averaging techniques. We find that ensemble averaging techniques detect the underlying dynamics correctly, whereas sliding intervals approaches fail. As many traded assets exhibit characteristic intraday volatility patterns, our work implies that ensemble averages approaches will yield new insight into the study of financial markets’ dynamics.

  18. Preliminary Hazards Analysis Plasma Hearth Process

    Energy Technology Data Exchange (ETDEWEB)

    Aycock, M.; Coordes, D.; Russell, J.; TenBrook, W.; Yimbo, P. [Science Applications International Corp., Pleasanton, CA (United States)

    1993-11-01

    This Preliminary Hazards Analysis (PHA) for the Plasma Hearth Process (PHP) follows the requirements of United States Department of Energy (DOE) Order 5480.23 (DOE, 1992a), DOE Order 5480.21 (DOE, 1991d), DOE Order 5480.22 (DOE, 1992c), DOE Order 5481.1B (DOE, 1986), and the guidance provided in DOE Standards DOE-STD-1027-92 (DOE, 1992b). Consideration is given to ft proposed regulations published as 10 CFR 830 (DOE, 1993) and DOE Safety Guide SG 830.110 (DOE, 1992b). The purpose of performing a PRA is to establish an initial hazard categorization for a DOE nuclear facility and to identify those processes and structures which may have an impact on or be important to safety. The PHA is typically performed during and provides input to project conceptual design. The PRA then is followed by a Preliminary Safety Analysis Report (PSAR) performed during Title I and II design. This PSAR then leads to performance of the Final Safety Analysis Report performed during construction, testing, and acceptance and completed before routine operation. Radiological assessments indicate that a PHP facility, depending on the radioactive material inventory, may be an exempt, Category 3, or Category 2 facility. The calculated impacts would result in no significant impact to offsite personnel or the environment. Hazardous material assessments indicate that a PHP facility will be a Low Hazard facility having no significant impacts either onsite or offsite to personnel and the environment.

  19. THE ENVIRONMENT OF REGIONAL DEVELOPMENT FINANCIAL ANALYSIS

    OpenAIRE

    Bechis Liviu; MOSCVICIOV, Andrei

    2012-01-01

    The paper presents the difference between the two concepts regionalism and regionalization. It also presents the three types of regionalism analysis depending on the dimension and the nature of the relations: regionalism at national level, transnational regionalism and international regionalism analysis.

  20. Multivariate time series analysis with R and financial applications

    CERN Document Server

    Tsay, Ruey S

    2013-01-01

    Since the publication of his first book, Analysis of Financial Time Series, Ruey Tsay has become one of the most influential and prominent experts on the topic of time series. Different from the traditional and oftentimes complex approach to multivariate (MV) time series, this sequel book emphasizes structural specification, which results in simplified parsimonious VARMA modeling and, hence, eases comprehension. Through a fundamental balance between theory and applications, the book supplies readers with an accessible approach to financial econometric models and their applications to real-worl

  1. FINANCIAL PERFORMANCE INDICATORS OF TUNISIAN COMPANIES: DECISION TREE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Ferdaws Ezzi

    2016-01-01

    Full Text Available The article at hand is an attempt to identify the various indicators that are more likely to explain the financial performance of Tunisian companies. In this respective, the emphasis is put on diversification, innovation, intrapersonal and interpersonal skills. Indeed, they are the appropriate strategies that can designate emotional intelligence, the level of indebtedness, the firm age and size as the proper variables that support the target variable. The "decision tree", as a new data analysis method, is utilized to analyze our work. The results involve the construction of a crucial model which is used to achieve a sound financial performance.

  2. User's operating procedures. Volume 2: Scout project financial analysis program

    Science.gov (United States)

    Harris, C. G.; Haris, D. K.

    1985-01-01

    A review is presented of the user's operating procedures for the Scout Project Automatic Data system, called SPADS. SPADS is the result of the past seven years of software development on a Prime mini-computer located at the Scout Project Office, NASA Langley Research Center, Hampton, Virginia. SPADS was developed as a single entry, multiple cross-reference data management and information retrieval system for the automation of Project office tasks, including engineering, financial, managerial, and clerical support. This volume, two (2) of three (3), provides the instructions to operate the Scout Project Financial Analysis program in data retrieval and file maintenance via the user friendly menu drivers.

  3. Time series analysis for minority game simulations of financial markets

    CERN Document Server

    Ferreira, F F; Machado, B S; Muruganandam, P

    2003-01-01

    The minority game model introduced recently provides promising insights into the understanding of the evolution of prices, indices and rates in the financial markets. In this paper we perform a time series analysis of the model employing tools from statistics, dynamical systems theory and stochastic processes. Using benchmark systems and a financial index for comparison, we draw conclusions about the generating mechanism for this kind of evolution. The trajectories of the model are found to be similar to that of the first differences of the SP500 index: stochastic, nonlinear and (unit root) stationary.

  4. Financial liberalization, financial regulation and bank efficiency : a multi-country analysis

    NARCIS (Netherlands)

    Hermes, Niels; Meesters, Aljar

    2015-01-01

    This article investigates the impact of financial reforms on bank efficiency. More specifically, we distinguish between two different types of financial reforms, i.e. financial liberalization measures and measures of the quality of bank regulation and supervision (i.e. financial regulation), and stu

  5. Financial liberalization, financial regulation and bank efficiency : a multi-country analysis

    NARCIS (Netherlands)

    Hermes, Niels; Meesters, Aljar

    2015-01-01

    This article investigates the impact of financial reforms on bank efficiency. More specifically, we distinguish between two different types of financial reforms, i.e. financial liberalization measures and measures of the quality of bank regulation and supervision (i.e. financial regulation), and

  6. Financial development and economic growth. An empirical analysis for Ireland

    Directory of Open Access Journals (Sweden)

    Antonios Adamopoulos

    2010-07-01

    Full Text Available This study investigated the relationship between financial development and economicgrowth for Ireland for the period 1965-2007 using a vector error correction model (VECM.Questions were raised whether financial development causes economic growth or reverselytaking into account the positive effect of industrial production index. Financial marketdevelopment is estimated by the effect of credit market development and stock marketdevelopment on economic growth. The objective of this study was to examine the long-runrelationship between these variables applying the Johansen cointegration analysis takinginto account the maximum eigenvalues and trace statistics tests. Granger causality testsindicated that economic growth causes credit market development, while there is a bilateralcausal relationship between stock market development and economic growth. Therefore, itcan be inferred that economic growth has a positive effect on stock market development andcredit market development taking into account the positive effect of industrial productiongrowth on economic growth for Ireland.

  7. Financial risk analysis and prediction of Chinese power industry

    Energy Technology Data Exchange (ETDEWEB)

    Jin, H.; An, C. [Hebei Univ. of Technology, Tianjin (China). School of Management; Zhang, C. [Nankai Univ., Tianjin (China). School of Business

    2009-03-11

    A study of 57 Shanghai and Shenzhen power industry companies was presented. The study considered financial ratios between companies in order to determine risk factors for financial crises. Financial data from the Shanghai and Shenzhen stock markets were used to investigate power company performance from 2006 to 2008. Data from the China Center for Economic Research (CCER) were also used. Results of the study indicated that the cash-to-current debt ratio, the return on equity (ROE), net asset growth ratio, and inventory turnover presented uncorrelated and significantly varying ratios for failed power companies. The study also showed that most power companies have a high proportion of liabilities, higher debt risk, low asset turnover ratios, and negative net working capital. Results of the analysis were used to design an early warning model that used logistic regression techniques to predict risk. 7 refs., 5 tabs.

  8. Analysis of Intellectual Capital Effect Toward Financial Performance and Growth

    Directory of Open Access Journals (Sweden)

    Sasya Sabrina

    2015-11-01

    Full Text Available The purpose of this research is to investigate the influence of intellectual capital of firm toward financial performance and growth. The Value Added Intellectual Coefficient (VAICTM is used to measure intellectual capital. The indicators for VAICTM are Value Added Capital Employed (VACA, Value Added Human Capital (VAHU, and Structural Capital Value Added (STVA. The indicators for financial performance are Current Ratio (CR, Total Assets Turnover (TATO, Return on Investment (ROI, and Return on Equity (ROE. The indicators for growth are Earnings Growth (EG and Assets Growth (AG. This research uses data drawn from 92 publicly listed manufacturing companies in Indonesian Stock Exchange in 2010, 2011, and 2012. Partial Least Square (PLS is used as the method of data analysis. This research uses SmartPLS 3.2.0 to analyze the data.The results show that: intellectual capital doesn’t influence financial performance and intellectual capital positively influences growth.

  9. Repository Subsurface Preliminary Fire Hazard Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Richard C. Logan

    2001-07-30

    This fire hazard analysis identifies preliminary design and operations features, fire, and explosion hazards, and provides a reasonable basis to establish the design requirements of fire protection systems during development and emplacement phases of the subsurface repository. This document follows the Technical Work Plan (TWP) (CRWMS M&O 2001c) which was prepared in accordance with AP-2.21Q, ''Quality Determinations and Planning for Scientific, Engineering, and Regulatory Compliance Activities''; Attachment 4 of AP-ESH-008, ''Hazards Analysis System''; and AP-3.11Q, ''Technical Reports''. The objective of this report is to establish the requirements that provide for facility nuclear safety and a proper level of personnel safety and property protection from the effects of fire and the adverse effects of fire-extinguishing agents.

  10. VALUE ANALYSIS FROM A FINANCIAL STANDPOINT

    Directory of Open Access Journals (Sweden)

    BAKİ RIZA BALCI

    2013-06-01

    Full Text Available Actually, every product has its own value stream during its manufacturing process. It begins with “designing a new product” and ends with “after-sale supports”. Encountering waste along value stream is not easy task. Overproduction, inventory, motion, waiting, transportations, over-processing and defects will affect the analysis about value along value streams. Important point is to determine waste systematic in order to get a perfect stable value which suits customer expectations. New manufacturing philosophies change the business nature and seek waste with bigger lens, because of that, Accounting shifted its paradigm and can help to determine waste in a value stream. This article compiles and analyzes the literature to show how accounting helps to find waste, which affects the entire value stream and analysis about it.

  11. An Empirical Analysis of Regional Disparity of Financial Exclusion Based on Types and Levels of Financial Institution

    Institute of Scientific and Technical Information of China (English)

    Yongbin LU; Xianping ZHOU; Min LI; Wanpeng ZOU

    2015-01-01

    We make an empirical analysis of regional characteristics of influence factors of financial exclusion by using the data of types and levels of financial institutions in China from 1998 to 2012. The study shows that the number of financial institutions continues to increase,but with uneven distribution; the density of financial institutions increases steadily and the gap between the eastern regions and the Midwest is huge; the commercial banks of the eastern regions account for the highest proportion but the rate of basic outlets of the commercial bank is low,the rate of basic outlets of the rural institution bank is relatively higher,and the proportion of the Midwest rural banks is high. Even though the financial exclusion eases,large differences still exist in different areas and the situation is rather critical in rural areas,especially the financial exclusion in western rural areas is the worst. The economic development level,area scale,government expenditure,personal savings level,per capita consumption and educational level have different effects on financial exclusion. Accordingly,this paper puts forward the recommendations for coordinating the financial resource from all regions and reducing the regional financial exclusion.

  12. Comparative financial analysis of electricity utilities in West Africa

    Energy Technology Data Exchange (ETDEWEB)

    Fritsch, Remi, E-mail: fritschr@afd.fr [Centre d' Etudes Financieres, Economiques et Bancaires (CEFEB), BP 33401, 13567 Marseille cedex 02 (France)

    2011-10-15

    Access to electricity is a major issue in West Africa. Governments have a difficult equation to solve. They naturally seek to offer their people a cheap kWh. But they are constrained by a production based largely on oil and therefore highly volatile production costs. How to fix an acceptable tariff, taking into account the investment needs required to expand the network and increase production? This analysis should provide some answers. The study presented in this paper provides a financial analysis of electricity utilities in West Africa. It allows a comparison of performances on a number of key financial ratios related to operations (Earning Before Interest Taxes Debt and Amortization/sales, working capital requirement/sales, days of receivables or payables), investment (net fixed assets/gross fixed assets), bank financing (financial structure, debt/EBITDA, interest expense/EBITDA) and economic and financial returns (Return On Capital Employed, Return On Equity). The conclusion focuses on the growth opportunity that the electricity sector could represent for each country. But this opportunity may only materialize if the EBITDA margins are restored. The available options appear limited and must be assessed taking into account the context of each country: tariff increase, improvement of technical losses or diversification into means of production no longer based primarily on oil or gas. - Highlights: > The study provides a financial analysis of electricity distribution companies in West Africa. > The study highlights generally insufficient EBITDA margins. > The study raises the question of tariffs and contribution to Gross Domestic Product of the electricity sector. > The conclusion focuses on the growth opportunity that the electricity sector could represent for each country.

  13. Design of financial results on the basis of factor analysis

    Directory of Open Access Journals (Sweden)

    V. M. Sidorov

    2016-01-01

    Full Text Available Approaches are presented in the article, qualificatory the design of financial results on the basis of factor analysis. Connection marks between development of enterprises and scientific and technical progress. It is shown that potential of enterprises can be based on the design of financial results. Actuality of this direction of research marks on a background the entered approvals against Russia. A control role is indicated at the effective use of resources. It is well-proven that a key moment in forming of profit of enterprise is a design of financial results. A factor analysis is reasonable at the estimation of activity of organization, which exposed an application of this determined model domain. is sent to capital augmentation. The role of the financial system and separate elements is shown in to financially-economic activity. Connection is set between a design and structure of the investigated object. A design cannot come true without determination of structure of the investigated object, because a structure characterizes steady connections between elements. The components of elements are able in totality to counteract to external influences. For expansion of the system to distinguish the most meaningful factors. To distinguish integrating connections from appropriate. Distinguished, that factors due to co-operating with each other can create a synergistically or extinguishing effect or neutralize each other. Factors will organize or will disorganize work of organization. The design of objects is built on the certain terms, and separate parties of object are examined at abandonment from the less meaningful elements of the system. The role of empiric and theoretical level of research in the design of activity of organization is shown. An author suggested to use the determined model for determination of functional connections between a resulting index and factor signs. Exposed an application of this determined model domain.

  14. IMPROVING FINANCIAL ANALYSIS OF ORGANIZATIONS IN ORDER TO PREVENT THEIR INSOLVENCY

    Directory of Open Access Journals (Sweden)

    V. N. Alferov

    2013-01-01

    Full Text Available The current regulatory analysis of the financial condition of insolvent organizations have some disadvantages also does not account the features of the analysis based on the consolidated financial statements under IFRS and GAAP. In this work on the basis of the comparative analysis of financial condition of a number of large Russian companies, calculated on their accounting statements prepared under Russian accounting standards, IFRS and GAAP, proposals are developed to improve the analysis of financial condition of insolvent institutions.

  15. IMPROVING FINANCIAL ANALYSIS OF ORGANIZATIONS IN ORDER TO PREVENT THEIR INSOLVENCY

    Directory of Open Access Journals (Sweden)

    V. N. Alferov

    2012-01-01

    Full Text Available The current regulatory analysis of the financial condition of insolvent organizations have some disadvantages also does not account the features of the analysis based on the consolidated financial statements under IFRS and GAAP. In this work on the basis of the comparative analysis of financial condition of a number of large Russian companies, calculated on their accounting statements prepared under Russian accounting standards, IFRS and GAAP, proposals are developed to improve the analysis of financial condition of insolvent institutions.

  16. FINANCIAL PERFORMANCE ANALYSIS OF ENTERPRISES UNDER THE CORPORATE GOVERNANCE INDEX

    Directory of Open Access Journals (Sweden)

    Fatih Temizel

    2016-08-01

    Full Text Available According to regulations of Capital Market Board (CMB, Corporate Governance Principles Compliance Notes are given by independent rating institutions to companies whose shares are traded on Borsa İstanbul. Via those notes the 50 most successful companies on corporate governance are determined. In order to obtain indicators for the price and yield analysis, the 50 most successful shares are included in the Borsa İstanbul Corporate Governance Index. In this study with the exception of financial sector companies, financial performance ranking of 34 out of 50 companies of the Corporate Governance Index is performed by TOPSIS (Technique for Order Preference by Similarity to Ideal Solution method. TOPSIS method was used based on the 10 financial ratios of the companies. 5 year performance rankings covering the years 2011-2015 were obtained and the ranking changes were examined. Finally, the 5-year average performance rankings were calculated and financial performance ratings of the companies in the index for 5 years is revealed.

  17. Asymmetric matrices in an analysis of financial correlations

    OpenAIRE

    2006-01-01

    Financial markets are highly correlated systems that reveal both the inter-market dependencies and the correlations among their different components. Standard analyzing techniques include correlation coefficients for pairs of signals and correlation matrices for rich multivariate data. In the latter case one constructs a real symmetric matrix with real non-negative eigenvalues describing the correlation structure of the data. However, if one performs a correlation-function-like analysis of mu...

  18. ANALYSIS OF INTERCOMMUNICATION OF FINANCIAL RESULTS OF ACTIVITY AND INDEXES OF ESTIMATION OF THE FINANCIAL STATE OF A COMMERCIAL ORGANIZATION

    Directory of Open Access Journals (Sweden)

    Prudnikov A. G.

    2016-01-01

    Full Text Available The system of indicators characterizing the financial condition of a commercial organization, the major thing is profitability of its operations as the ratio of profit on sales and revenues, the ratio of profit before tax and the average annual value of total assets, the ratio of net profit and the average value of all assets, net income and average equity. Great practical importance for the efficient management of resources economic entity is marginal analysis, but it requires, in our opinion, improvement. In the academic literature on management analysis it is recommended to determine the relative value of the stock of financial strength ratio of the absolute value of the stock of financial strength and actual revenue; financial headroom suggested determined by the difference between the actual value of revenue and earnings, the corresponding break-even point. The relative value of the stock of financial strength should be determined, in our opinion, the ratio of the absolute value of the stock of financial strength and the amount of revenue in the break-even point. Recommended in textbooks relative value of the stock of financial strength is a share of stock of financial strength in the actual revenue. The method of rating the financial condition of commercial organizations (credit scoring of the American economist D. Durant return on total assets is also a priority index, largely determining the solvency and liquidity of the balance sheet, the financial stability of the business entity. However, in practice the profitability of the invested capital is not always characterized by an optimal investment

  19. THE IMPORTANCE OF ESTABLISHING A FINANCIAL ANALYSIS IN SERBIA

    Directory of Open Access Journals (Sweden)

    SLOBODAN POPOVIĆ

    2016-10-01

    Full Text Available As a company is a living organism, its growth and development depends on the adequacy of planning, control and analytical procedures that are in use in all aspects of their own business. Under such conditions, the accounting analysis involves primarily adequate monitoring already included in the displayed information contained in the financial statements and in particular the analysis of data that are essential to the operation of any enterprise. Knowledge and the application of modern accounting analysis will give to the company management a wide range of options in terms of uninterrupted growth and development of the company in accordance with a pre-designed and presented vision and mission.

  20. Quantitative Financial Analysis of Alternative Energy Efficiency Shareholder Incentive Mechanisms

    Energy Technology Data Exchange (ETDEWEB)

    Cappers, Peter; Goldman, Charles; Chait, Michele; Edgar, George; Schlegel, Jeff; Shirley, Wayne

    2008-08-03

    Rising energy prices and climate change are central issues in the debate about our nation's energy policy. Many are demanding increased energy efficiency as a way to help reduce greenhouse gas emissions and lower the total cost of electricity and energy services for consumers and businesses. Yet, as the National Action Plan on Energy Efficiency (NAPEE) pointed out, many utilities continue to shy away from seriously expanding their energy efficiency program offerings because they claim there is insufficient profit-motivation, or even a financial disincentive, when compared to supply-side investments. With the recent introduction of Duke Energy's Save-a-Watt incentive mechanism and ongoing discussions about decoupling, regulators and policymakers are now faced with an expanded and diverse landscape of financial incentive mechanisms, Determining the 'right' way forward to promote deep and sustainable demand side resource programs is challenging. Due to the renaissance that energy efficiency is currently experiencing, many want to better understand the tradeoffs in stakeholder benefits between these alternative incentive structures before aggressively embarking on a path for which course corrections can be time-consuming and costly. Using a prototypical Southwest utility and a publicly available financial model, we show how various stakeholders (e.g. shareholders, ratepayers, etc.) are affected by these different types of shareholder incentive mechanisms under varying assumptions about program portfolios. This quantitative analysis compares the financial consequences associated with a wide range of alternative incentive structures. The results will help regulators and policymakers better understand the financial implications of DSR program incentive regulation.

  1. ANALYSIS OF THE INFLUENCE OF A COMPANY’S INDEBTEDNESS ON THE FINANCIAL RISK

    Directory of Open Access Journals (Sweden)

    LĂPĂDUȘI MIHAELA LOREDANA

    2015-06-01

    Full Text Available Awareness of indebtedness and financial risk represents a great importance not only for the management of the company but also for creditors, investors, institutional investors, rating agencies, etc. An indebtedness analysis implies its effect on financial risk through financial lever coefficient or the financial lever. A financial lever is a notion originating in physics and it is the force that is applied in order to give a boost of a process or a phenomenon. However, in economics that notion was adapted and can be regarded as the strenght of different financial categories, financial instruments used in order to give a boost in a certain sense to various economic processes or activities in order to achieve the established objectives. More specifically we can say that the financial lever or the financial leverage expresses the impact of the financial structure over the company’s profitability. The research aims at analysing indebtedness and its influence over the financial risk and all the aspects underlined in the present article will prove the assumption that a company's performance and its capacity to produce profit depends mainly on the management and the use of financial resources. The purpose of present article is to highlight the impact of indebtedness over financial risk through the financial lever. The main objectives of the article set out to achieve this purpose are: the theoretical approach of a company's overall indebtedness, the analysis of the financial levers, and the analysis of the positive and negative leverage effects.

  2. Financial Stability – Comparative Analysis: Montenegro, Serbia and the Netherlands

    Directory of Open Access Journals (Sweden)

    Vučinić Milena

    2015-01-01

    Full Text Available The global financial crisis has had far-reaching effects on financial systems and economies all over the world, thus putting the importance of safeguarding financial stability in the focus of interest of the global economy.

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

    Directory of Open Access Journals (Sweden)

    Matthew Moerschbaecher

    2011-10-01

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

  4. Time series analysis for minority game simulations of financial markets

    Science.gov (United States)

    Ferreira, Fernando F.; Francisco, Gerson; Machado, Birajara S.; Muruganandam, Paulsamy

    2003-04-01

    The minority game (MG) model introduced recently provides promising insights into the understanding of the evolution of prices, indices and rates in the financial markets. In this paper we perform a time series analysis of the model employing tools from statistics, dynamical systems theory and stochastic processes. Using benchmark systems and a financial index for comparison, several conclusions are obtained about the generating mechanism for this kind of evolution. The motion is deterministic, driven by occasional random external perturbation. When the interval between two successive perturbations is sufficiently large, one can find low dimensional chaos in this regime. However, the full motion of the MG model is found to be similar to that of the first differences of the SP500 index: stochastic, nonlinear and (unit root) stationary.

  5. Analysis of enterprise financial liquidity on the example of the confectioner's trade

    Directory of Open Access Journals (Sweden)

    Zbigniew Gołaś

    2009-01-01

    Full Text Available The article shows results of the analysis of the financial liquidity of enterprise on the example of Jutrzenka Partnership S.A., recorded on Stock Exchange/Securities Market in Warsaw. The analysis of financial liquidity was carried out for years 2000-2006 with use of the static, dynamic indicators and non-classic financial liquidity measures. The investigated partnership was characterised by well rounded level of financial liquidity in given time. However, the majority of the considered indicators show decreasing level of the financial liquidity, which is caused by stronger character of the financial liquidity management allowing generation of higher flow of income.

  6. Preliminary Analysis Effects of Financial Development on Income Distribution Based on the Comparison with Two Theoretical Frameworks%浅析金融发展对居民收入分配的影响--基于两种理论框架下的比较分析

    Institute of Scientific and Technical Information of China (English)

    王娟

    2015-01-01

    Although financial development and income inequality have been concerned widely, the analysis of their relationship is not appeared until recent years. This paper starts with three opinions on the relationship between fi-nancial development and resident income distribution, analyzing two paths in which financial development affects in-come distribution from western economic and financial theory and monetary and financial theory in Marxist political economics, then we find that Kuznets inverted U-curve is an economic law rather than a social law which combines economic and philosophy together. Meanwhile,this paper draws the conclusion that finance cannot be over-marketized and liberalized, and it would enlighten our country that we should give full play to the superiority of our socialist sys-tem and the role of the socialist government,narrowing the income gap and realizing common prosperity.%本文从金融发展与居民收入分配的三种经典理论出发,通过西方经济金融理论与马克思主义政治经济学货币金融理论对金融发展影响收入分配两种路径的比较分析发现,金融发展并不会内在地缩小收入差距,只有在政府干预市场的情况下,才会缩小收入差距。同时,本文运用马克思主义政治经济理论分析认为,金融不能过度市场化与自由化,要充分发挥社会主义的制度优势和政府的作用,缩小居民收入差距,实现共同富裕。

  7. BASE Flexible Array Preliminary Lithospheric Structure Analysis

    Science.gov (United States)

    Yeck, W. L.; Sheehan, A. F.; Anderson, M. L.; Siddoway, C. S.; Erslev, E.; Harder, S. H.; Miller, K. C.

    2009-12-01

    The Bighorns Arch Seismic Experiment (BASE) is a Flexible Array experiment integrated with EarthScope. The goal of BASE is to develop a better understanding of how basement-involved foreland arches form and what their link is to plate tectonic processes. To achieve this goal, the crustal structure under the Bighorn Mountain range, Bighorn Basin, and Powder River Basin of northern Wyoming and southern Montana are investigated through the deployment of 35 broadband seismometers, 200 short period seismometers, 1600 “Texan” instruments using active sources and 800 “Texan” instruments monitoring passive sources, together with field structural analysis of brittle structures. The novel combination of these approaches and anticipated simultaneous data inversion will give a detailed structural crustal image of the Bighorn region at all levels of the crust. Four models have been proposed for the formation of the Bighorn foreland arch: subhorizontal detachment within the crust, lithospheric buckling, pure shear lithospheric thickening, and fault blocks defined by lithosphere-penetrating thrust faults. During the summer of 2009, we deployed 35 broadband instruments, which have already recorded several magnitude 7+ teleseismic events. Through P wave receiver function analysis of these 35 stations folded in with many EarthScope Transportable Array stations in the region, we present a preliminary map of the Mohorovicic discontinuity. This crustal map is our first test of how the unique Moho geometries predicted by the four hypothesized models of basement involved arches fit seismic observations for the Bighorn Mountains. In addition, shear-wave splitting analysis for our first few recorded teleseisms helps us determine if strong lithospheric deformation is preserved under the range. These analyses help lead us to our final goal, a complete 4D (3D spatial plus temporal) lithospheric-scale model of arch formation which will advance our understanding of the mechanisms

  8. S/sup 3/ Financial Projection Model: preliminary user's manual and system overview

    Energy Technology Data Exchange (ETDEWEB)

    Masso, J. F.

    1976-11-30

    The S/sup 3/ Financial Projection Model is an effort undertaken to construct a pipeline economic model in order to satisfy the requirements of the US ERDA program: Energy Study of Pipeline Transportation System. A brief outline of this process is described in Appendix A, Background on the S/sup 3/ Development of a Pipeline Economic Model. A general overview of the model is presented first to indicate the rationale underlying the model and to show the linkages between the various submodels. An understanding of the basic accounting definitions and self-evident relationships between line items in the general financial accounting reports is a prerequisite for the effective application of the model. Particular attention has been paid in this system description to defining the methods of calculations utilized by the model and to describing the optional capital investment planning techniques that may be exercised with the model. The mathematical relationships underlying various planning techniques are defined and the methods for applying these techniques are discussed with illustrations and sample input data specifications. Decision tables are used to show complex decision rules applied within the model to determine the logical flow of a particular computational routine. The complete set of source data and model options are described along with the procedures for input data preparation and actual program operation.

  9. UNEARTHING GLOBAL FINANCIAL INCLUSION LEVELS AND ANALYSIS OF FINANCIAL INCLUSION AS A MEDIATING FACTOR IN GLOBAL HUMAN DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Roshny Unnikrishnan

    2015-04-01

    Full Text Available This study is a result of the author’s inquisition to unearth the current values of Global Financial Inclusion and its relationship with economic growth measured by Gross Domestic product(GDP and human development measured by United Nations Human Development Index (HDI. The Financial Inclusion (FI levels are measured using Index for Financial Inclusion .The relationship between GDP and HDI with FI as mediator, using multiple regression, is validated on a global level based on data of 162 countries for the year 2011. An overall global mediation analysis is undertaken to establish Financial Inclusion as a mediating factor and partial mediation on human development is validated. The study is valid and unique in the global context of income inequality prevailing in developed, developing and underdeveloped countries as it validates the argument that an impressive GDP performance does not ensure equity in economic growth.

  10. Financial Ratio Analysis for Increasing the Financial Performance of the Company at Bank Bukopin

    Directory of Open Access Journals (Sweden)

    Khairiyahtul Anwar

    2016-09-01

    Full Text Available This paper analyzes the liquidity, profitability, activity and solvency ratio on the performance of Bank Bukopin. This study uses the secondary data that is financial statements of Bank Bukopin on the period of 2011-2013. From the calculation of these ratios, it can be determine the financial performance of Bank Bukopin. That financial performance then adjusted with the standards of the financial ratio. The research proves that the level of financial performance at Bank Bukopin from 2011-2013 according to the liquidity, profitability, activity and solvency ratios is expressed in good and healthy state. This study is limited in the scope of research on financial performance measured from the financial ratio. This study examines the cases of Bank Bukopin, Indonesia. The contribution of this study provide an insight how to keep the companies survive and develop accordance with the demands of the financial health and also this study is different from the previous studies because of the scale of study is a national level with a long research period that is for 3 years period.

  11. Dual-fuel, dual-throat engine preliminary analysis

    Science.gov (United States)

    Obrien, C. J.

    1979-01-01

    A propulsion system analysis of the dual fuel, dual throat engine for launch vehicle applications was conducted. Basic dual throat engine characterization data were obtained to allow vehicle optimization studies to be conducted. A preliminary baseline engine system was defined.

  12. Financial Mathematical Tasks in a Middle School Mathematics Textbook Series: A Content Analysis

    Science.gov (United States)

    Hamburg, Maryanna P.

    2009-01-01

    This content analysis examined the distribution of financial mathematical tasks (FMTs), mathematical tasks that contain financial terminology and require financially related solutions, across the National Standards in K-12 Personal Finance Education categories (JumpStart Coalition, 2007), the thinking skills as identified by "A Taxonomy for…

  13. A Financial Ratio Analysis of For-Profit and Non-Profit Rural Referral Centers

    Science.gov (United States)

    McCue, Michael J.; Nayar, Preethy

    2009-01-01

    Context: National financial data show that rural referral center (RRC) hospitals have performed well financially. RRC hospitals' median cash flow margin ratio was 10.04% in 2002 and grew to 11.04% in 2004. Purpose: The aim of this study is to compare the ratio analysis of key operational and financial performance measures of for-profit RRCs to…

  14. Monetary targeting and financial system characteristics : An empirical analysis

    NARCIS (Netherlands)

    Samarina, A..

    2012-01-01

    This paper investigates how reforms and characteristics of the financial system affect the likelihood of countries to abandon their strategy of monetary targeting. Apart from financial system characteristics, we include macroeconomic, fiscal, and institutional factors potentially associated with cou

  15. The Analysis of the Refined Financial Management of Modern Enterprises

    OpenAIRE

    Li Ran

    2016-01-01

    This paper briefly introduces the concept of the refined financial management, elaborates on its characteristics and puts forward some main points about it. It also comes up with some personal suggestions for reference on effective ways of refining financial management.

  16. Monetary targeting and financial system characteristics : An empirical analysis

    NARCIS (Netherlands)

    Samarina, A..

    2012-01-01

    This paper investigates how reforms and characteristics of the financial system affect the likelihood of countries to abandon their strategy of monetary targeting. Apart from financial system characteristics, we include macroeconomic, fiscal, and institutional factors potentially associated with

  17. Islamic Banks and Financial Stability; An Empirical Analysis

    OpenAIRE

    Martin Cihak; Heiko Hesse

    2008-01-01

    The relative financial strength of Islamic banks is assessed empirically based on evidence covering individual Islamic and commercial banks in 18 banking systems with a substantial presence of Islamic banking. We find that (i) small Islamic banks tend to be financially stronger than small commercial banks; (ii) large commercial banks tend to be financially stronger than large Islamic banks; and (iii) small Islamic banks tend to be financially stronger than large Islamic banks, which may refle...

  18. Islamic Banks and Financial Stability; An Empirical Analysis

    OpenAIRE

    Martin Cihak; Heiko Hesse

    2008-01-01

    The relative financial strength of Islamic banks is assessed empirically based on evidence covering individual Islamic and commercial banks in 18 banking systems with a substantial presence of Islamic banking. We find that (i) small Islamic banks tend to be financially stronger than small commercial banks; (ii) large commercial banks tend to be financially stronger than large Islamic banks; and (iii) small Islamic banks tend to be financially stronger than large Islamic banks, which may refle...

  19. Analysis of Financial Markets' Fluctuation by Textual Information

    Science.gov (United States)

    Izumi, Kiyoshi; Goto, Takashi; Matsui, Tohgoroh

    In this study, we proposed a new text-mining methods for long-term market analysis. Using our method, we analyzed monthly price data of financial markets; Japanese government bond market, Japanese stock market, and the yen-dollar market. First we extracted feature vectors from monthly reports of Bank of Japan. Then, trends of each market were estimated by regression analysis using the feature vectors. As a result, determination coefficients were over 75%, and market trends were explained well by the information that was extracted from textual data. We compared the predictive power of our method among the markets. As a result, the method could estimate JGB market best and the stock market is the second.

  20. A Model of System and Strategic Financial Analysis of the Crimean Health Resorts

    Directory of Open Access Journals (Sweden)

    Vadim Anatolyevich Malyshenko

    2016-06-01

    Full Text Available The subject matter of the research is the system of strategically focused financial analysis regarding an assessment of the financial condition of the enterprise. The hypothesis of the study is to assume the possibility of developing the financial and strategic model of the comprehensive assessment of the financial condition taking into account the integrated impact of environmental factors (general for the most Crimean health resorts. The methodology of the work is based on the most general principles of system analysis. The basic method of the research is the matrix method as the most common one for the system analysis. The graphical and statistical methods are also used. The result of the work is the comprehensive method of financial analysis developed as a model based on the matrix relation between the original visual profile of the internal environment and the dynamic type of external environment. The difference of the visual model of financial state from the existing graphic methods consists in fixing of the new strategic types of financial state on the basis of financial stability in visually grouped areas of financial coefficients in theme groups (configurationsprofiles with certain combinations of the forms and sizes. The new analytical instrument of «frigate model» can be applied in all analytical activities of the health resorts departments related to the analytical assessment of financial state. The advantage of «frigate model» in comparison with a classical method of the forming of the types of financial condition is that the proposed model allows to allocate more differentiated types and in addition, to identify the stages of enterprise life cycle based on the relative indicators of the analysis of financial state (objects-coefficients, and not just on the financial management. Through this, the consistency of interaction between the financial analysis and management is achieved.

  1. Human Factors in Financial Trading: An Analysis of Trading Incidents.

    Science.gov (United States)

    Leaver, Meghan; Reader, Tom W

    2016-09-01

    This study tests the reliability of a system (FINANS) to collect and analyze incident reports in the financial trading domain and is guided by a human factors taxonomy used to describe error in the trading domain. Research indicates the utility of applying human factors theory to understand error in finance, yet empirical research is lacking. We report on the development of the first system for capturing and analyzing human factors-related issues in operational trading incidents. In the first study, 20 incidents are analyzed by an expert user group against a referent standard to establish the reliability of FINANS. In the second study, 750 incidents are analyzed using distribution, mean, pathway, and associative analysis to describe the data. Kappa scores indicate that categories within FINANS can be reliably used to identify and extract data on human factors-related problems underlying trading incidents. Approximately 1% of trades (n = 750) lead to an incident. Slip/lapse (61%), situation awareness (51%), and teamwork (40%) were found to be the most common problems underlying incidents. For the most serious incidents, problems in situation awareness and teamwork were most common. We show that (a) experts in the trading domain can reliably and accurately code human factors in incidents, (b) 1% of trades incur error, and (c) poor teamwork skills and situation awareness underpin the most critical incidents. This research provides data crucial for ameliorating risk within financial trading organizations, with implications for regulation and policy. © 2016, Human Factors and Ergonomics Society.

  2. A new perspective on hospital financial ratio analysis.

    Science.gov (United States)

    Zeller, T L; Stanko, B B; Cleverley, W O

    1997-11-01

    Using audit financial data in a study of 2,189 not-for-profit hospitals for the period 1989-1992, six financial characteristics of performance were defined. These characteristics are profitability factor, fixed-asset efficiency, capital structure, fixed-asset age, working capital efficiency, and liquidity. The statistical output also shows the specific sets of financial ratios that can be used to measure the six characteristics of hospital performance. The results of this study can be beneficial to healthcare financial managers, hospital boards, policy groups, and other relevant entities because it affords them a clear understanding of an institution's financial performance.

  3. Financial Benchmarking

    OpenAIRE

    2012-01-01

    This bachelor's thesis is focused on financial benchmarking of TULIPA PRAHA s.r.o. The aim of this work is to evaluate financial situation of the company, identify its strengths and weaknesses and to find out how efficient is the performance of this company in comparison with top companies within the same field by using INFA benchmarking diagnostic system of financial indicators. The theoretical part includes the characteristic of financial analysis, which financial benchmarking is based on a...

  4. [Tuscan Chronic Care Model: a preliminary analysis].

    Science.gov (United States)

    Barbato, Angelo; Meggiolaro, Angela; Rossi, Luigi; Fioravanti, C; Palermita, F; La Torre, Giuseppe

    2015-01-01

    the aim of this study is to present a preliminary analysis of efficacy and effectiveness of a model of chronically ill care (Chronic Care Model, CCM). the analysis took into account 106 territorial modules, 1016 General Practitioners and 1,228,595 patients. The diagnostic and therapeutic pathways activated (PDTA), involved four chronic conditions, selected according to the prevalence and incidence, in Tuscany Region: Diabetes Mellitus (DM), Heart Failure (SC), Chronic Obstructive Pulmonary Disease (COPD) and stroke. Six epidemiological indicators of process and output were selected, in order to measure the model of care performed, before and after its application: adherence to specific follow-up for each pathology (use of clinical and laboratory indicators), annual average of expenditure per/capita/euro for diagnostic tests, in laboratory and instrumental, average expenditure per/capita/year for specialist visits; hospitalization rate for diseases related to the main pathology, hospitalization rate for long-term complications and rate of access to the emergency department (ED). Data were collected through the database; the differences before and after the intervention and between exposed and unexposed, were analyzed by method "Before-After (Controlled and Uncontrolled) Studies". The impact of the intervention was calculated as DD (difference of the differences). DM management showed an increased adhesion to follow-up (DD: +8.1%), and the use of laboratory diagnostics (DD: +4,9 €/year/pc), less hospitalization for long-term complications and for endocrine related diseases (DD respectively: 5.8/1000 and DD: +1.2/1000), finally a smaller increase of access to PS (DD: -1.6/1000), despite a slight increase of specialistic visits (DD: +0,38 €/year/pc). The management of SC initially showed a rising adherence to follow-up (DD: +2.3%), a decrease of specialist visits (DD:E 1.03 €/year/pc), hospitalization and access to PS for exacerbations (DD: -4.4/1000 and DD: -6

  5. Evaluating Financial Model Performance: An Empirical Analysis of Some North Sea Investments

    CERN Document Server

    Croll, Grenville J; Lawal, Ola

    2010-01-01

    Fifty North Sea oil & gas investment transactions were analysed using traditional spreadsheet based financial modelling methods. The purpose of the analysis was to determine if there was a statistically significant relationship between the price paid for an oil & gas asset and the actual or expected financial return over the asset's economically useful life. Several interesting and statistically significant relationships were found which reveal useful information about financial modelling performance, the premia paid to acquire North Sea assets, the contribution oil and gas price uncertainty has on estimates of future financial returns and the median financial return of these North Sea Investments.

  6. Asymmetric matrices in an analysis of financial correlations

    CERN Document Server

    Kwapien, J; Górski, A Z; Oswiecimka, P

    2006-01-01

    Financial markets are highly correlated systems that reveal both the inter-market dependencies and the correlations among their different components. Standard analyzing techniques include correlation coefficients for pairs of signals and correlation matrices for rich multivariate data. In the latter case one constructs a real symmetric matrix with real non-negative eigenvalues describing the correlation structure of the data. However, if one performs a correlation-function-like analysis of multivariate data, when a stress is put on investigation of delayed dependencies among different types of signals, one can calculate an asymmetric correlation matrix with complex eigenspectrum. From the Random Matrix Theory point of view this kind of matrices is closely related to Ginibre Orthogonal Ensemble (GinOE). We present an example of practical application of such matrices in correlation analyses of empirical data. By introducing the time lag, we are able to identify temporal structure of the inter-market correlation...

  7. Financial Ratio Analysis: the Development of a Dedicated Management Information System

    OpenAIRE

    Voicu-Dan Dragomir

    2007-01-01

    This paper disseminates the results of the development process for a financial analysis information system. The system has been subject to conceptual design using the Unified Modeling Language (UML) and has been implemented in object-oriented manner using the Visual Basic .NET 2003 programming language. The classic financial analysis literature is focused on the chain-substitution method of computing the prior-year to current-year variation of linked financial ratios. We have applied this tec...

  8. Islamic versus conventional banking: A comparative analysis of financial arrangements

    OpenAIRE

    Marinković, Srđan

    2013-01-01

    The paper explores the concept of Islamic banking by making comparison between the basic features of some key conventional and Islamic financial arrangements. Paradigm version of Islamic banking forbids arrangements based on a predetermined rate of return on financial investments, instead it proposes equity based modes of finance which promote partnership between financier and an entrepreneur. Nevertheless, the theoretically suggested concepts in current practice are faced with serious diffic...

  9. FINANCIAL WELL BEING: A MULTIFACTORIAL ANALYSIS OF LUDOVICENSE’S BEHAVIOR

    Directory of Open Access Journals (Sweden)

    Anna Paula Carvalho Diniz

    2015-12-01

    Full Text Available The objective of this study is to analyze the influence of behavioral factors (materialism, financial behavior, financial attitude and financial knowledge and socioeconomic and demographic variables (gender, age, marital status, children, level of schooling, race, occupation and income in financial well-being. The study’s scenario is the city called São Luís, located in the state of Maranhão, where 629 questionnaires were obtained. To analyze the data, descriptive statistics, factor analysis and multiple linear regression have been used. Results indicate that people from Maranhão are not satisfied with their financial situation, and have presented a low level of financial well-being, which is positively influenced by aspects related to investment in saving account, financial attitude control and age.

  10. Misselling as a New Topic of Financial Education? A Didactic Analysis of Investment Advise after the Financial Crisis

    Directory of Open Access Journals (Sweden)

    Dirk Loerwald

    2010-07-01

    Full Text Available Personal financial investments are, as a matter of course, a topic of economic education because they are a life situation which is inherently economical. In contrast, faulty advising in banks which has become focussed upon due to the extent it has played a part in the recent financial crisis is mentioned neither in curricula nor in educational text books. Numerous private funds have been exposed as unprofitable investments. One reason for this problem is to be found in the marketing staff of the banks who did not invest their customer’s funds securely enough – and the customers did not notice it. What conclusions can be drawn from this for general financial education after the financial crisis? The economic education has failed to address the topic of “faulty advising in banks” as well. On the basis of categorical economic didactics the following contribution will analyse whether one has an exemplary case here upon which students can win generalized, transferable insights. In this context, the topic of personal financial investments will be classified in an efficient manner and the risk of opportunism in advising situations will be analysed with the help of the positive principal-agent theory. The results of this analysis of informational asymmetries within financial markets give direction to the development and revision of curricula in the didactics of economic education. With the following article a sustainable theoretical fundament will be created to underscore the obligatory inclusion of this topic in curricula as well as its realisation for target groups in school text books.

  11. Technical and financial analysis of combined cycle gas turbine

    Directory of Open Access Journals (Sweden)

    Khan Arshad Muhammad

    2013-01-01

    Full Text Available This paper presents technical and financial models which were developed in this study to predict the overall performance of combined cycle gas turbine plant in line with the needs of independent power producers in the liberalized market of power sector. Three similar sizes of combined cycle gas turbine power projects up to 200 Megawatt of independent power producers in Pakistan were selected in-order to develop and drive the basic assumptions for the inputs of the models in view of prevailing Government of Pakistan’s two components of electricity purchasing tariff that is energy purchase price and capacity purchase price at higher voltage grid station terminal from independent power producers. The levelized electricity purchasing tariff over life of plant on gaseous fuel at 60 percent plant load factor was 6.47 cent per kilowatt hour with energy purchase price and capacity purchase prices of 3.54 and 2.93 cents per kilowatt hour respectively. The outcome of technical models of gas turbine, steam turbine and combined cycle gas turbine power were found in close agreement with the projects under consideration and provides opportunity of evaluation of technical and financial aspects of combined cycle power plant in a more simplified manner with relatively accurate results. At 105 Celsius exit temperature of heat recovery steam generator flue gases the net efficiency of combined cycle gas turbine was 48.8 percent whereas at 125 Celsius exit temperature of heat recovery steam generator flue gases it was 48.0 percent. Sensitivity analysis of selected influential components of electricity tariff was also carried out.

  12. Finanční analýza společnosti Pivovary Staropramen, a.s./Financial Analysis of Pivovary Staropramen Company

    OpenAIRE

    Knesplová, Zuzana

    2011-01-01

    This thesis is focused on the financial analysis of Pivovary Staropramen Company. The work is divided into theoretical and practical. The theoretical section explains the general scope of financial analysis, sources of information for financial analysis, users of financial analysis and most importantly, the methods of financial analysis. The practical part is devoted to the application of financial analysis by Pivovary Staropramen Company. Conclusion is drawn about the financial health of the...

  13. Structure and Connectivity Analysis of Financial Complex System Based on G-Causality Network

    Science.gov (United States)

    Xu, Chuan-Ming; Yan, Yan; Zhu, Xiao-Wu; Li, Xiao-Teng; Chen, Xiao-Song

    2013-11-01

    The recent financial crisis highlights the inherent weaknesses of the financial market. To explore the mechanism that maintains the financial market as a system, we study the interactions of U.S. financial market from the network perspective. Applied with conditional Granger causality network analysis, network density, in-degree and out-degree rankings are important indicators to analyze the conditional causal relationships among financial agents, and further to assess the stability of U.S. financial systems. It is found that the topological structure of G-causality network in U.S. financial market changed in different stages over the last decade, especially during the recent global financial crisis. Network density of the G-causality model is much higher during the period of 2007-2009 crisis stage, and it reaches the peak value in 2008, the most turbulent time in the crisis. Ranked by in-degrees and out-degrees, insurance companies are listed in the top of 68 financial institutions during the crisis. They act as the hubs which are more easily influenced by other financial institutions and simultaneously influence others during the global financial disturbance.

  14. The Analysis of the Refined Financial Management of Modern Enterprises

    Directory of Open Access Journals (Sweden)

    Li Ran

    2016-01-01

    Full Text Available This paper briefly introduces the concept of the refined financial management, elaborates on its characteristics and puts forward some main points about it. It also comes up with some personal suggestions for reference on effective ways of refining financial management.

  15. Using MSN Money to Perform Financial Ratio Analysis

    Science.gov (United States)

    Hsu, H. Christine

    2010-01-01

    In today's information technology world, real time financial data is readily available via many financial websites, such as MSN Money, Google Finance, Yahoo Finance, etc. The incorporation of computer technology in finance classes has become more popular than ever in this information technology rich environment. Mediated classrooms have rapidly…

  16. Financial Literacy of Youth. A Sensitivity Analysis of the Determinants

    Directory of Open Access Journals (Sweden)

    Nagar A. Κ.

    2008-04-01

    Full Text Available This paper reports on the potential use of Neural Network as a sensitivity modeling tool for the determinants of financial literacy. The financial literacy modeling in this research has been attempted to measure the literacy of youth in the Australian society with respect to their financial knowledge of Credit Cards, Loans and Superannuation (Pensions scheme in Australia that allows for choice of funds and investment decisions by the member. Based on the financial literacy related parameters, Neural Networks results showed good promise and capability for efficient financial literacy determinants, and represent a potentially robust and fault tolerant approach. The findings indicate that the determinants of credit card are significantly dependent on a student’s year of study, credit card status and daily routine, which has a strong relevance to respondents’ knowledge of credit cards. (n=1070; 9.0070 and 10.5898 respectively. This study did not have the intention to explore the skills of youth in order to measure the level of financial literacy but the objective was to test the basic financial knowledge of key products that is common to youth in Australian society. In so doing, the researchers were keen to identify the determinants of financial knowledge.

  17. Analysis of Financial Management in Micro and Small Enterprises Osasco

    Directory of Open Access Journals (Sweden)

    Michele Caroline Lima Formenti

    2015-06-01

    Full Text Available This study aims to identify the profile of the Financial Management in the Small Business in Osasco city. For development of this research was first done a bibliographic survey of issues related to the topic, such as: Definition of Small Business, General Law, Tax Aspects, Accounting Model (ITG 1000, Financial Controls. The second stage consisted of field research in which a questionnaire was prepared for Small Business managers of the municipality to identify the Financial Management model used. The study revealed that over 80% of Small Business perform some type of financial control, either by means of computer systems or electronic spreadsheets and that the greatest difficulty in Financial Management of these companies are: high taxes, tough competition and lack skilled labor.

  18. Dynamic Correlation Analysis of Financial Spillover to Asian and Latin American Markets in Global Financial Turmoil

    OpenAIRE

    Matthew S. Yiu; Wai-Yip Alex Ho; Lu Jin

    2010-01-01

    This paper investigates the spillover of financial crises by studying the dynamics of correlation between eleven Asian and six Latin American stock markets vis-¨¤-vis the US stock market. A regional factor that drives common movements of stock markets in each region is identified for the period from 1993 to early 2009. We then estimate the time-varying volatility correlation between the regional factor and the US stock market by an asymmetric dynamic conditional correlation model. We find tha...

  19. The use of non-financial information by financial analysts: A content analysis approach

    OpenAIRE

    Orens, Raf; Lybaert, Nadine

    2004-01-01

    Although some studies are arguing that annual reports are less relevant or useful, other studies are providing evidence that annual reports are the most important source of corporate information for financial analysts. If it really seems to be true that all information in analyst reports is published in annual reports as well, the relevance and usefulness of analyst reports may be questioned. For this reason, our paper researches the extent to which analyst reports provide additional value to...

  20. Financial constraints to enterprise investments: an international analysis on financial accounts of OECD countries”

    OpenAIRE

    Cinquegrana, Giuseppe; De Rita, Paola

    2012-01-01

    Since the ’80s, economic literature has stressed the importance of external financing on enterprises’ investment decisions; in particular the pecking order theory highlighted the existence of a hierarchy of financing sources, an approach that originates from the existence of asymmetric information between fund borrowers and lenders. The presence of effective financial constraints to the realisation of investments of productive units was reasserted in the work by Fazzari, Hubbard a...

  1. ASPECTS OF COMPANY PERFORMANCE ANALYSIS BASED ON RELEVANT FINANCIAL INFORMATION AND NONFINANCIAL INFORMATION

    Directory of Open Access Journals (Sweden)

    Popa Dorina

    2012-07-01

    Full Text Available The main objective of our work is the conceptual description of the performance of an economic entity in financial and non-financial terms. During our approach we have shown that it is not sufficient to analyze the performance of a company only in financial terms as the performance reflected in financial reports sometimes do not coincide with the real situation of the company. In this case the cause of the differences has to be found among the influences of other nonfinancial information. Mainly following the great financial scandals the distrust in the reliability of financial-accounting information has eroded strongly and thus the business performance measurement cannot be the exclusive domain of the criteria of financial analysis, but must be done in a comprehensive way, based both on financial criteria and on non-financial ones (intangible assets, social responsibility of the company. Using non-financial criteria have led to the occurrence of new types of analysis, namely extra-financial analysis. Thus, enterprise performance is not subject to material and financial resources managed and controlled by the entities, but to the complex of intangible resources that companies created by thier previous work. The extra-financial analysis has to face difficulties arising mainly from the existence of non-financial indicators very little normalized, and from the lack of uniformity of the practice in the field. In determining the extra-financial performance indicators one has to observe the manifestation and the evolution of the company’s relationships with its partners / environment. In order to analyze the performance measurement by financial and nonfinancial indicators we chose as a case study a company in Bihor county, listed on Bucharest Stock Exchange. The results of our study show that the Romanian entities are increasingly interested in measuring performance and after the extra-financial analysis we concluded that the company had set

  2. Financial Ratio Analysis: the Development of a Dedicated Management Information System

    Directory of Open Access Journals (Sweden)

    Voicu-Dan Dragomir

    2007-01-01

    Full Text Available This paper disseminates the results of the development process for a financial analysis information system. The system has been subject to conceptual design using the Unified Modeling Language (UML and has been implemented in object-oriented manner using the Visual Basic .NET 2003 programming language. The classic financial analysis literature is focused on the chain-substitution method of computing the prior-year to current-year variation of linked financial ratios. We have applied this technique on the DuPont System of analysis concerning the Return on Equity ratio, by designing several structural UML diagrams depicting the breakdown and analysis of each financial ratio involved. The resulting computer application offers a flexible approach to the analytical tools: the user is required to introduce the raw data and the system provides both table-style and charted information on the output of computation. User-friendliness is also a key feature of this particular financial analysis application.

  3. Financial Ratio Analysis: the Development of a Dedicated Management Information System

    Directory of Open Access Journals (Sweden)

    Voicu-Dan Dragomir

    2007-01-01

    Full Text Available This paper disseminates the results of the development process for a financial analysis information system. The system has been subject to conceptual design using the Unified Modeling Language (UML and has been implemented in object-oriented manner using the Visual Basic .NET 2003 programming language. The classic financial analysis literature is focused on the chain-substitution method of computing the prior-year to current-year variation of linked financial ratios. We have applied this technique on the DuPont System of analysis concerning the Return on Equity ratio, by designing several structural UML diagrams depicting the breakdown and analysis of each financial ratio involved. The resulting computer application offers a flexible approach to the analytical tools: the user is required to introduce the raw data and the system provides both table-style and charted information on the output of computation. User-friendliness is also a key feature of this particular financial analysis application.

  4. Crossover Phenomena in Detrended Fluctuation Analysis Used in Financial Markets

    Institute of Scientific and Technical Information of China (English)

    MA Shi-Hao

    2009-01-01

    A systematic analysis of Shanghai and Japan stock indices for the period of Jan.1984 to Dec.2005 is performed.After stationarity is verified by ADF (Augmented Dickey-Fuller) test, the power spectrum of the data exhibits a power law decay as a whole characterized by 1/fβ processes with possible long range correlations.Subsequently, by using the method of detrended fluctuation analysis (DFA) of the genera/volatility in the stock markets, we find that the long-range correlations are occurred among the return series and the crossover phenomena exhibit in the results obviously.Further, Shanghai stock market shows long-range correlations in short time scale and shows short-range correlations in long time scale.Whereas, for Japan stock market, the data behaves oppositely absolutely.Last, we compare the varying of scale exponent in large volatility between two stock markets.All results obtained may indicate the possibility of characteristic of multifractal scaling behavior of the financial markets.

  5. Preliminary safety design analysis of KALIMER

    Energy Technology Data Exchange (ETDEWEB)

    Suk, Soo Dong; Kwon, Y. M.; Kim, K. D. [Korea Atomic Energy Research Institute, Taejon (Korea)

    1999-03-01

    The national long-term R and D program updated in 1997 requires Korea Atomic Energy Research Institute(KAERI) to complete by the year 2006 the basic design of Korea Advanced Liquid Metal Reactor (KALIMER), along with supporting R and D work, with the capability of resolving the issue of spent fuel storage as well as with significantly enhanced safety. KALIMER is a 150 MWe pool-type sodium cooled prototype reactor that uses metallic fuel. The conceptual design is currently under way to establish a self consistent design meeting a set of the major safety design requirements for accident prevention. Some of current emphasis include those for inherent and passive means of negative reactivity insertion and decay heat removal, high shutdown reliability, prevention of and protection from sodium chemical reaction, and high seismic margin, among others. All of these requirements affect the reactor design significantly and involve supporting R and D programs of substance. This document first introduces a set of safety design requirements and accident evaluation criteria established for the conceptual design of KALIMER and then summarizes some of the preliminary results of engineering and design analyses performed for the safety of KALIMER. 19 refs., 19 figs., 6 tabs. (Author)

  6. Preliminary analysis of patent trends for magnetic fusion technology

    Energy Technology Data Exchange (ETDEWEB)

    Levine, L.O.; Ashton, W.B.; Campbell, R.S.

    1984-02-01

    This study presents a preliminary analysis of development trends in magnetic fusion technology based on data from US patents. The research is limited to identification and description of general patent activity and ownership characteristics for 373 patents. The results suggest that more detailed studies of fusion patents could provide useful R and D planning information.

  7. A Causality Analysis of Financial Deepening and Performance of ...

    African Journals Online (AJOL)

    Nneka Umera-Okeke

    The study examined the causal relationship between financial deepening and .... agent holds an elaborate overlapping savings portfolio as a means of getting ..... negative sign, which confirms a necessary condition for the variables to be co-.

  8. ANALYSIS TO FINANCIAL STABILITY OF THE BUILDING ENTERPRISE

    OpenAIRE

    Litvinenko, A.; Busurgina, M.

    2011-01-01

    This article is considered method of estimation of company’s sustainability in building sector. It presents results of research interconnection between type of company’s financial sustainability and profitability.

  9. Preliminary analysis of alternative fuel cycles for proliferation evaluation

    Energy Technology Data Exchange (ETDEWEB)

    Steindler, M. J.; Ripfel, H. C.F.; Rainey, R. H.

    1977-01-01

    The ERDA Division of Nuclear Research and Applications proposed 67 nuclear fuel cycles for assessment as to their nonproliferation potential. The object of the assessment was to determine which fuel cycles pose inherently low risk for nuclear weapon proliferation while retaining the major benefits of nuclear energy. This report is a preliminary analysis of these fuel cycles to develop the fuel-recycle data that will complement reactor data, environmental data, and political considerations, which must be included in the overall evaluation. This report presents the preliminary evaluations from ANL, HEDL, ORNL, and SRL and is the basis for a continuing in-depth study. (DLC)

  10. Joint venture versus outreach: a financial analysis of case studies.

    Science.gov (United States)

    Forsman, R W

    2001-01-01

    Medical centers across the country are facing cost challenges, and national commercial laboratories are experiencing financial declines that necessitate their capturing market share in any way possible. Many laboratories are turning to joint ventures or partnerships for financial relief. However, it often is in the best interest of the patient and the medical center to integrate laboratory services across the continuum of care. This article analyzes two hypothetical joint ventures involving a laboratory management agreement and full laboratory outsourcing.

  11. Analysis of Intellectual Capital Effect Toward Financial Performance and Growth

    OpenAIRE

    Sasya Sabrina

    2015-01-01

    The purpose of this research is to investigate the influence of intellectual capital of firm toward financial performance and growth. The Value Added Intellectual Coefficient (VAICTM) is used to measure intellectual capital. The indicators for VAICTM are Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). The indicators for financial performance are Current Ratio (CR), Total Assets Turnover (TATO), Return on Investment (ROI), and R...

  12. Financial Liberalization and Banking Profitability: a Panel Data analysis for Tunisian Banks

    Directory of Open Access Journals (Sweden)

    Hakimi Abdelaziz

    2011-01-01

    Full Text Available The financial liberalization policy was undertaken in several countries like in Tunisia in order to have modern and dynamic financial system. However, the consequences of this program are completely divergent from it’s waitings. In this paper, on the basis of data relating to 9 Tunisian banks over the period 1980-2009, and by adopting the panal data analysis, we will try to check the effect of financial liberalization on the Tunisian banking profitability. The results of our study show a negative and significative relation between financial liberalization and banking profitability.

  13. Business strategy and financial structure: an empirical analysis of acute care hospitals.

    Science.gov (United States)

    Ginn, G O; Young, G J; Beekun, R I

    1995-01-01

    This study investigated the relationship between business strategy and financial structure in the U.S. hospital industry. We studied two dimensions of financial structure--liquidity and leverage. Liquidity was assessed by the acid ratio, and leverage was assessed using the equity funding ratio. Drawing from managerial, finance, and resource dependence perspectives, we developed and tested hypotheses about the relationship between Miles and Snow strategy types and financial structure. Relevant contextual financial and organizational variables were controlled for statistically through the Multivariate Analysis of Covariance technique. The relationship between business strategy and financial structure was found to be significant. Among the Miles and Snow strategy types, defenders were found to have relatively high liquidity and low leverage. Prospectors typically had low liquidity and high leverage. Implications for financial planning, competitive assessment, and reimbursement policy are discussed.

  14. Complex Analysis of Financial State and Performance of Construction Enterprises

    Directory of Open Access Journals (Sweden)

    Algirdas Krivka

    2015-12-01

    Full Text Available The paper analyses the financial state and performance of large constructions enterprises by applying financial indicators. As there is no one single decisive financial indicator enabling to objectively assess enterprise performance, the multi-criteria decision making (MCDM methods are applied with four groups of financial ratios (profitability, liquidity, solvency and asset turnover acting as evaluation criteria, while the alternatives assessed are two enterprises compared throughout the reference period of three years, also with the average indicator values of the whole construction sector. The weights of the criteria have been estimated by involving competent experts with chi-square test employed to check the degree of agreement of expert estimates. The research methodology contributes to the issue of complex evaluation of enterprise financial state and performance, while the result of the multi-criteria assessment – the ranking of enterprises and sector average with respect to financial state and performance – could be considered worth attention from business owners, potential investors, customers or other possible stakeholders.

  15. Agent-based financial dynamics model from stochastic interacting epidemic system and complexity analysis

    Energy Technology Data Exchange (ETDEWEB)

    Lu, Yunfan, E-mail: yunfanlu@yeah.net; Wang, Jun; Niu, Hongli

    2015-06-12

    An agent-based financial stock price model is developed and investigated by a stochastic interacting epidemic system, which is one of the statistical physics systems and has been used to model the spread of an epidemic or a forest fire. Numerical and statistical analysis are performed on the simulated returns of the proposed financial model. Complexity properties of the financial time series are explored by calculating the correlation dimension and using the modified multiscale entropy method. In order to verify the rationality of the financial model, the real stock market indexes, Shanghai Composite Index and Shenzhen Component Index, are studied in comparison with the simulation data of the proposed model for the different infectiousness parameters. The empirical research reveals that this financial model can reproduce some important features of the real stock markets. - Highlights: • A new agent-based financial price model is developed by stochastic interacting epidemic system. • The structure of the proposed model allows to simulate the financial dynamics. • Correlation dimension and MMSE are applied to complexity analysis of financial time series. • Empirical results show the rationality of the proposed financial model.

  16. Financial Literacy and Credit Card Behaviors: A Cross-Sectional Analysis by Age

    Directory of Open Access Journals (Sweden)

    Sam Allgood

    2013-07-01

    Full Text Available In this study, we use a measure of financial literacy that includes both a test score of actual financial literacy and a self-rating of perceived financial literacy to investigate how financial literacy affects five credit card behaviors: (1 always paying a credit card balance in full; (2 carrying over a credit card balance and being charged interest; (3 making only a minimum payment on a credit card balance; (4 being charged a fee for a late payment; and (5 being charged a fee for exceeding a credit limit. Probit analysis was used to assess each behavior with a large nationally representative sample of U.S. adults (N = 28,146 divided into groups to reflect the five major decades in the adult life cycle (18–29; 30–39; 40–49; 50–59; and 60–69 and older. Perceived financial literacy was found to be a stronger predictor of less costly practices in credit card use than actual financial literacy for the five credit card behaviors and across each of the five age groups. The study also shows that the combination of the subjective assessment with the objective assessment of financial literacy provides a more comprehensive analysis of how financial literacy affects each credit card behavior. This combined approach to assessment produced the largest estimates of the effects of financial literacy on credit card behavior. The findings hold across the five credit card behaviors and the five age groups.

  17. Preliminary Integrated Safety Analysis Status Report

    Energy Technology Data Exchange (ETDEWEB)

    D. Gwyn

    2001-04-01

    This report provides the status of the potential Monitored Geologic Repository (MGR) Integrated Safety Analysis (EA) by identifying the initial work scope scheduled for completion during the ISA development period, the schedules associated with the tasks identified, safety analysis issues encountered, and a summary of accomplishments during the reporting period. This status covers the period from October 1, 2000 through March 30, 2001.

  18. Contribution of Fundamentalist Financial Analysis to Credit Concession: A Case Study in a Financial Institution in Brazil

    Directory of Open Access Journals (Sweden)

    Lucíola Aor Vasconcelos

    2014-04-01

    Full Text Available This paper has the purpose examine the ability to predict when the application of fundamental financial analysis for the granting of personal loans in relation to the default prediction of Brazilian companies listed on the BM&FBovespa through a case study of a financial institution. Our sample consists of firms listed on the Brazilian stock exchange that were included in the credit portfolio of a financial institution in the period 2008-2012. Based on a discriminant analysis, five accounting indicators were selected for having the highest predictive capacity concerning default events: Net Working Capital, Asset Turnover, Debt Ratio, Bovespa’s index participation and the Retained Earnings’ Index. Afterwards, macroeconomic variables GDP and Base Interest Rate, as well as accounting indicators weighted by industry sector and estimated by means of vector autoregressive models were included to a logit model. Statistical tests have shown that the estimation by means of autoregressive models is relevant only when accounting variables are used but not when the macroeconomic variables are included. The results indicate that although the macroeconomic variables have not shown to be individually relevant in the estimation of default events in the proposed model, the model with both accounting variables and macroeconomic variables has proved to be more robust, with a success rate of 97.3% for the latter against 95.3% for the former.

  19. Using Internet Resources in Teaching Financial Reporting and Analysis of Multinational Enterprises.

    Science.gov (United States)

    Agami, Abdel M.

    2003-01-01

    Provides some sources of corporate financial information on the Internet and illustrates how to use these resources in teaching international business and, more specifically, financial reporting and analysis of multinational enterprises. Points out some of the advantages and limitations of these resources. (EV)

  20. ANALYSIS OF THE FINANCIAL MANAGEMENT OF THE UNIVERSITY OF DEBRECEN

    Directory of Open Access Journals (Sweden)

    Labas Istvan

    2014-07-01

    Full Text Available Today, the general statement that due to the insufficiency of resources and the unlimited of user demands budgetary organisations have to act with strong, targeted rationalism becomes increasingly accepted. Hungary witnesses a full-scale transformation of the financing of its system of higher education, and therefore the management is required to monitor the changes of the environment continuously, and modify its objectives accordingly. A gradually emerging need is that these educational units have to frame operating structures that are suitable for flexibly following the changes occurring in their environment. This is a terrain where the management is supported by management control system, which is in fact means of regulating operations and driving preparations for decision-making. The purpose of this study is to examine to what extent the actual financial management data of the University of Debrecen coincide with the plans for the given budgetary year. The empiric research relies on the received reports, and embraces the years of 2008–2012; in this manner, a comprehensive view can be formulated in relation to the efficiency of planning in the past 5 years. To ascertain the correctness of operative management, mathematical, statistical and calculation methods are used. The study is conducted in view of the three major questions defined by the methodology of management control system; realistic grounds of the planned data, deviation analysis, identification of causes. The plan fulfilment indicator is used to present the efficiency of planning both on the institutional and the key budgeting levels. In the context of deviation analysis – supervision of the implementation of planned figures –, figures are prepared for better demonstrability. For the detailed identification of the underlying causes, structure analyses are performed for the income and expenditure sides alike. With respect to expenditures, it is examined whether there is any

  1. 75 FR 34530 - Analysis by the President's Working Group on Financial Markets on the Long-Term Availability and...

    Science.gov (United States)

    2010-06-17

    ... Analysis by the President's Working Group on Financial Markets on the Long-Term Availability and... President's Working Group on Financial Markets to perform an analysis and report to Congress regarding the... Working Group on Financial Markets is to conduct its analysis in consultation with the...

  2. ASPECTS OF FINANCIAL EQUILIBRIUM ANALYSIS AND ITS IMPLICATIONS IN MANAGEMENT DECISIONS

    Directory of Open Access Journals (Sweden)

    Daniela Cristina Solomon

    2014-01-01

    Full Text Available Considering the impact of risk factors in the economic environment, this study provides to all users of financial information a possible pattern for analyzing the financial equilibrium, designed to clarify the importance of dynamic analysis of indicators characterizing the financial equilibrium of an enterprise, expressed on absolute values, especially for managers in decision-making on future work, aimed at achieving pre-established strategic and tactical objectives. Practice has shown that the management cannot be based on intuition and routine but on a scientific analysis, on a thorough knowledge of the existing situation, as well as on the identification of vulnerabilities and opportunities for development. In order to promote a rational policy concerning business growth and achieving economic and financial satisfactory results, the company’s management grants a special importance to the financial diagnosis. The support of financial analysis is the balance sheet that allows developing financial diagnosis on the financial equilibrium conditions and creditworthiness, objectives that allow the evaluation of the independence of the firm and its market value.

  3. Positive Analysis About Financial Performance AndEnviromental Strategys Of Banks. Romania’s Situation

    Directory of Open Access Journals (Sweden)

    Elena Adelina Stoienescu

    Full Text Available Financial performance represents a subject for researchers especially by its determinants. The analysis of banks is not such complex as economic operators’ analysis, in the most of cases the focal point being stakeholders, regulating and monitoring activities, performance indicators and so on. By taking those researches as a base and keeping in mind the differences regarding financial analysis and its affecting agents, the objective is to investigate Romanian practices about financial performance, paying attention to its affectingagents or factors, green costs and necessary regulation changes in order to get an accurate picture.

  4. Analysis of financial potential of engineering enterprises the example of JSC «TEMP»

    Directory of Open Access Journals (Sweden)

    L.S. Stasiuk

    2014-03-01

    Full Text Available The aim of the article. The aim of the article is the disclosure of theoretical foundations and methodological aspects regarding calculation of basic performance indicators of financial capacity building enterprises using the balance sheet Khmelnytskii JSC «Temp» for the period of 2009-2011 years. The results of the analysis. Intensification of competition between companies is becoming increasingly important. The financial potential of the company determines the competitiveness of business cooperation opportunities, assesses as far as are guaranteed economic interests of the company and its partners in the financial and production relationship. In the current economic conditions the company must improve production efficiency, product competitiveness on the basis of effective forms of management and production management, business revitalization. This generally determines the importance of control over the economic activities of enterprises, which is why determining the financial condition of the company and its optimization is one of the main conditions for successful development. The main objective of financial potential of the company is to optimize financial flows in order to increase the positive financial result. The main factor in shaping the financial capacity of serving the financial position of the company. Determining the financial condition of the company and its optimization is one of the basic conditions for its successful development. Analysis of the financial condition of the company involves determining the estimated characteristics, choice of methods of measurement and characterization of these features on certain principles, assessment of deviations from the standard, generally accepted values. The main target of financial analysis is its assessment and identification of reserves, its stabilization and improvement. Means of implementation of this setup is the organization of economic and financial policy. There is a need to

  5. THE EVOLUTION OF AGRICULTURAL SECTOR THROUGH FINANCIAL STATEMENTS ANALYSIS

    Directory of Open Access Journals (Sweden)

    Theodore PAPAELIAS

    2012-09-01

    Full Text Available In 1950 Hellas was probably the most agricultural country of the West. Within the first thirty years (1950-80 the economic model that was followed had as a consequence the contraction of the sector. Nevertheless, in 1981, when the country entered European Union, it had still an extended agricultural nature. Even in 2010 (after the enlargement of E.U. to 27 members in 2004 and 2007 the labor force percentage of the farming sector was among the highest rates. Herewith it is intended to present the evolution of the sector though the analysis of the balance sheet variations of Greek agriculture. Based on a former extended literature survey, but also extracting data from Agricultural Bank of Greece (ATE, it was tried to evaluate, not only at the country level, but also at the prefectural one, data of assets and liabilities during the post-war era and per decade. The evidence derived from the fixed assets movements suggests that despite the capital accumulation, and the relatively satisfactory lending in working capital by ATE, the sector is moving near the edge of the cliff. Neither the integration of the country in the E.U. or later in the Economic and Monetary Union in 2000 managed to alter the trends formed in the period 1950-80.The contribution hereof lies in the presentation of the financial statements variations, on the one part, a methodology rather rare in Greek bibliography and relatively uncommon in the international one (data being assessed mainly with macroeconomic tools and on the other part, in the investigation of the consequences of the economic policy applied throughout the post-war period.

  6. ANALYSIS OF THE MAIN STRUCTURAL CHARACTERISTICS OF THE ROMANIAN FINANCIAL SYSTEM

    Directory of Open Access Journals (Sweden)

    Marius Constantin Apostoaie

    2011-12-01

    Full Text Available To know and to understand the factors within a financial system that significantly influences the institutions behaviour and the market responses to the central bank actions is of great importance for the monetary authorities and for the achievement of their monetary policy objectives. In Romania, the National Bank must pay special attention to financial institutions given their significant role in the process of financial intermediation (bank-based system. This study aims to conduct an investigation of the main coordinates of the Romanian financial system that are relevant for the study of the monetary policy transmission mechanism. The study focuses on the following features of the Romanian financial system: financial deepening, the existence of a bank-based system, the concentration degree of the Romanian banking sector, the balance sheet structure of monetary financial institutions and the soundness of the banking system. The study also considers the effects of the recent financial market turmoil on the financial system. The span of the empirical study covers the period after 2000 but brings to the forefront the period before and after October 2008. We believe that this research provides useful information for a future analysis of the Romanian monetary policy transmission mechanism.

  7. An Empirical Analysis of Relationship between Financial Development and Economic Growth: The Turkish Case

    Directory of Open Access Journals (Sweden)

    Burcu Ozcan,

    2011-01-01

    Full Text Available Financial development, financial liberalization and financial deepness have been important research topics in recent years. Especially, the relationship between financial development and economic growth has been analyzed by many researchers. Different results have been obtained since the country sample and econometric methods used in the analysis are different. Thus, there isn’t any consensus about the presence and direction of this relationship. Some writers call this state “egg-chicken problem”. There are four situations about the direction of this relationship: from economic growth to financial development, from financial development to economic growth, bidirectional relationship or there may be no relationship between these variables. In this study the relationship between financial development and economic growth has been analyzed for Turkey by estimating a VAR Model over the 1998-2009 periods. According to Granger causality test, there is a uni-directional relationship between financial development and economic growth in Turkey. The direction of this relationship is from economic growth to financial development. Consequently, Robinson’s “demand-following hypothesis” is corroborated.

  8. Statistics and data analysis for financial engineering with R examples

    CERN Document Server

    Ruppert, David

    2015-01-01

    The new edition of this influential textbook, geared towards graduate or advanced undergraduate students, teaches the statistics necessary for financial engineering. In doing so, it illustrates concepts using financial markets and economic data, R Labs with real-data exercises, and graphical and analytic methods for modeling and diagnosing modeling errors. Financial engineers now have access to enormous quantities of data. To make use of these data, the powerful methods in this book, particularly about volatility and risks, are essential. Strengths of this fully-revised edition include major additions to the R code and the advanced topics covered. Individual chapters cover, among other topics, multivariate distributions, copulas, Bayesian computations, risk management, multivariate volatility and cointegration. Suggested prerequisites are basic knowledge of statistics and probability, matrices and linear algebra, and calculus. There is an appendix on probability, statistics and linear algebra. Practicing fina...

  9. Internet financial reporting, infrastructures and corporate governance: An international analysis

    Directory of Open Access Journals (Sweden)

    Kalu Ojah

    2012-04-01

    Full Text Available Using a panel of 44 developed and developing countries, this paper analyzes the macro-environmental determinants of Internet financial reporting (IFR within the context of corporate governance models, and thus, addresses the question of which governance model's disclosure demands are more associated with IFR. Both physical and institutional infrastructures are shown to be important determinants of a country's adoption of IFR. Along with the corporate governance structure, these infrastructures combine with IFR to enhance transparency and market efficiency, both major goals of financial reporting and disclosure. These findings point to requisite environmental infrastructures governments must provide or foster for firms within their confines to effectively adopt IFR and thus, reap the attendant benefits of disclosure. They also contribute to the debate on harmonization of international financial reporting by showing that requisite environmental infrastructures are a precondition for the success of any reporting system.

  10. Fort Drum Preliminary Fiscal Impact Analysis.

    Science.gov (United States)

    1986-02-01

    of inmigrants 0 Fiscal histories, projections, and impacts for counties, cities, towns, villages, school districts, and the state. The results of...distribution of the inmigrating population within the three counties. Thus, an accurate forecast of the expected distribution of the inmigrating population is a...The distribution of inmigration to the school districts was made using the analysis explained in Chapter 3. Children associated with 800 new on-post

  11. Preliminary analysis of turbochargers rotors dynamic behaviour

    Science.gov (United States)

    Monoranu, R.; Ştirbu, C.; Bujoreanu, C.

    2016-08-01

    Turbocharger rotors for the spark and compression ignition engines are resistant steels manufactured in order to support the exhaust gas temperatures exceeding 1200 K. In fact, the mechanical stress is not large as the power consumption of these systems is up to 10 kW, but the operating speeds are high, ranging between 30000 ÷ 250000 rpm. Therefore, the correct turbochargers functioning involves, even from the design stage, the accurate evaluation of the temperature effects, of the turbine torque due to the engine exhaust gases and of the vibration system behaviour caused by very high operating speeds. In addition, the turbocharger lubrication complicates the model, because the classical hydrodynamic theory cannot be applied to evaluate the floating bush bearings. The paper proposes a FEM study using CATIA environment, both as modeling medium and as tool for the numerical analysis, in order to highlight the turbocharger complex behaviour. An accurate design may prevent some major issues which can occur during its operation.

  12. Financial fragility and natural disasters: An empirical analysis

    NARCIS (Netherlands)

    Klomp, J.G.

    2014-01-01

    Using data for more than 160 countries in the period 1997-2010, we explore the impact of large-scale natural disasters on the distance-to-default of commercial banks. The financial consequences of natural catastrophes may stress and threaten the existence of a bank by adversely affecting their solve

  13. Financial analysis of early stand treatments in southwest Oregon.

    Science.gov (United States)

    Helge Eng; K. Norman Johnson; Roger D. Fight

    1990-01-01

    Management guidelines for economically efficient early stand treatments were developed by identifying treatments that would maximize financial returns over the rotation for coast Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco var. menziesii) in southwest Oregon. Short rotations and low stand densities (trees per acre) gave...

  14. Analysis of Dividend Policy of the Romanian Financial Investment Companies

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2013-12-01

    Full Text Available The purpose of dividend policy, promoted by a joint-stock company may be: building trust and forming a true business ownership, business growth, increase creditworthiness of the company and of trust others to it. The paper aim is to study the dividend policy to those five Romanian Financial Investment Companies in the period 2006-2012, through a series of specific indicators such as: dividend per share, dividend growth rate, dividend distribution rate, dividend yield, earnings per share, price earnings ratio, in order to reflect the performance and the impact of financial crisis on their performance on the financial market. Tracking the dynamics of these indicators allows us to draw conclusions on the position of the companies on the securities market, and their level influences the decision of shareholders to maintain or withdraw of shares, to invest in other more profitable businesses. Dividend yields made every year by Financial Investment Companies justify the high interest from investors for these shares. Currently, these companies offer a very attractive return for investors compared to the average dividend yield of the Stock Exchange. The evolution of the price earnings ratio shows the normal trend of rise of the companies’ shares in the period 2007-2008, after that they have entered the market at highly undervalued levels especially after declining in 2008.

  15. Hydrogen Financial Analysis Scenario Tool (H2FAST). Web Tool User's Manual

    Energy Technology Data Exchange (ETDEWEB)

    Bush, B. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Penev, M. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Melaina, M. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Zuboy, J. [Independent Consultant, Golden, CO (United States)

    2015-05-11

    The Hydrogen Financial Analysis Scenario Tool (H2FAST) provides a quick and convenient indepth financial analysis for hydrogen fueling stations. This manual describes how to use the H2FAST web tool, which is one of three H2FAST formats developed by the National Renewable Energy Laboratory (NREL). Although all of the formats are based on the same financial computations and conform to generally accepted accounting principles (FASAB 2014, Investopedia 2014), each format provides a different level of complexity and user interactivity.

  16. METHODICAL APPROACHES TO THE ANALYSIS AND THE ESTIMATION OF THE FINANCIAL CONDITION OF MANAGING SUBJECTS OF AGRARIAN SPHERE

    Directory of Open Access Journals (Sweden)

    Prudnikov A. G.

    2016-02-01

    Full Text Available In the given article methodical bases of the analysis and an estimation of a financial condition of agrarian formations are considered, the revealed lacks of a traditional technique of the analysis of a financial condition of the agricultural organizations are presented. Imperfection of the technique leads to inexact estimations of liquidity of turnaround actives, the balance sheet, financial stability, sources of financing which can be the factor of acceptance of irrational administrative decisions in use of financial resources. The technique of a rating estimation of a financial condition of the agricultural organization is approved. Directions of strengthening of a financial condition of the agrofirm are proved

  17. FINANCIAL MECHANISMS OF FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-07-01

    Full Text Available The actuality of this article is determined by the need to demonstrate that financial crisis is not just an issue of economic disaster caused by contagion effect of financial cataclysm, expressed in national currency depreciation, depletion of foreign exchange reserves, mass bankruptcy of financial institutions, non-market entities insolvency and impossibility of sovereign debt servicing, but a special investment opportunity with associated characteristics of profitability. Central aims of article is research of financial crisis essence, investment mechanisms linked to existing fundamental laws of its conduct and determination of investment opportunities manifested in various segments of financial market and related sectors. Main research methods were: systemic analysis, statistical analysis, monographic and logic synthesis, etc. Main scientific results obtained in the article, due to research are to identify, analyze and demonstrate investment opportunities of international financial crisis and financial crises in Moldova.

  18. Preliminary Analysis of Helicopter Options to Support Tunisian Counterterrorism Operations

    Science.gov (United States)

    2016-04-27

    results of the current analysis and in Mouton et al., 2015, is the relative cost -effectiveness between the CH-47D and the Mi-17v5. In the previous...helicopters from Sikorsky to fulfill a number of roles in counterterrorism operations. Rising costs and delays in delivery raised the question of...whether other cost -effective options exist to meet Tunisia’s helicopter requirement. Approach Our team conducted a preliminary assessment of

  19. FINANCIAL PERFORMANCE ANALYSIS BASED ON THE FINANCIAL STATEMENTS FOR THE COMPANIES LOCATED IN THE BIHOR - HAJDU BIHAR EUROREGION

    Directory of Open Access Journals (Sweden)

    Droj Laurentiu

    2012-12-01

    Full Text Available This paper will be later used within the Doctoral thesis: “The Mechanism of Financing Investment Projects by Usage of European Structural Funds”, which is currently under development at the University Babeș Bolyai Cluj Napoca, Faculty of Economics and Business Management, under the coordination of the prof. univ. dr. Ioan Trenca. This paper comes also as a result of the European Funded project PERINPRO “Cross-Border Research Programme - Performance Indicators of the Economic Entities from Bihor-Hajdu Bihar Euroregion”. The goal of the project was to identify of a set of common indicators that characterizes companies in the Bihor-Hajdu Bihar Euroregion and which will be used to analyze the financial health of the economic entities in the Euroregion of Hajdu-Bihar- Bihor. The first chapter of the paper will introduce the research and also will present the literature review and the methodological framework: by establishing a common set of indicators for the financial analysis of the companies located in the Bihor-Hajdu Bihar Euroregion. Seven of these indicators considered to be highly important will also briefly described and defined. Some of these indicators are used for the first time in a trans-national analysis over companies located in the Romanian-Hungarian cross border area. In the second chapter the research will be focused over establishing a common ground for usage of the financial reporting documents as basis for the analysis. Several characteristics which differentiate the financial reporting documents from Romania and Hungary will be identified and measures for correction of the values of the indicators will be proposed. This comparative study can be considered an innovation, as well, in the cross-border area since in the past no other studies of this types were performed between Romania and Hungary. The third chapter will be focused over the application of seven identified common indicators to companies based

  20. THEORETICAL AND METHODOLOGICAL PRINCIPLES OF THE STRATEGIC FINANCIAL ANALYSIS OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Olha KHUDYK

    2016-07-01

    Full Text Available The article is devoted to the theoretical and methodological principles of strategic financial analysis of capital. The necessity of strategic financial analysis of capital as a methodological basis for study strategies is proved in modern conditions of a high level of dynamism, uncertainty and risk. The methodological elements of the strategic financial analysis of capital (the object of investigation, the indicators, the factors, the methods of study, the subjects of analysis, the sources of incoming and outgoing information are justified in the system of financial management, allowing to improve its theoretical foundations. It is proved that the strategic financial analysis of capital is a continuous process, carried out in an appropriate sequence at each stage of capital circulation. The system of indexes is substantiated, based on the needs of the strategic financial analysis. The classification of factors determining the size and structure of company’s capital is grounded. The economic nature of capital of the company is clarified. We consider that capital is a stock of economic resources in the form of cash, tangible and intangible assets accumulated by savings, which is used by its owner as a factor of production and investment resource in the economic process in order to obtain profit, to ensure the growth of owners’ prosperity and to achieve social effect.

  1. Analysis of Financial Ratio to Distinguish Indonesia Joint Venture General Insurance Company Performance using Discriminant Analysis

    Directory of Open Access Journals (Sweden)

    Subiakto Soekarno

    2012-01-01

    Full Text Available Insurance industry stands as a service business that plays a significant role in Indonesiaeconomical condition. The development of insurance industry in Indonesia, both of generalinsurance and life insurance, has increased very fast. The general insurance industry itselfdivided into two major players which are local private company and Joint Venture Company.Lately, the use of statistical techniques and financial ratios models to asses financial institutionsuch as insurance company have been used as one of the appropriate combination inpredicting the performance of an industry. This research aims to distinguish between JointVenture General Insurance Companies that have a good performance and those who are lessperforming well using Discriminant Analysis. Further, the findings led that DiscriminantAnalysis is able to distinguish Joint Venture General Insurance Companies that have a goodperformance and those who are not performing well. There are also six ratios which are RBC,Technical Reserve to Investment Ratio, Debt Ratio, Return on Equity, Loss Ratio, and ExpenseRatio that stand as the most influential ratios to distinguish the performance of joint venturegeneral insurance companies. In addition, the result suggest business people to be concernedtoward those six ratios, to increase their companies’ performance.Key words: general insurance, financial ratio, discriminant analysis

  2. Analysis of Financial Ratio to Distinguish Indonesia Joint Venture General Insurance Company Performance using Discriminant Analysis

    Directory of Open Access Journals (Sweden)

    Subiakto Soekarno

    2012-01-01

    Full Text Available Insurance industry stands as a service business that plays a significant role in Indonesiaeconomical condition. The development of insurance industry in Indonesia, both of generalinsurance and life insurance, has increased very fast. The general insurance industry itselfdivided into two major players which are local private company and Joint Venture Company.Lately, the use of statistical techniques and financial ratios models to asses financial institutionsuch as insurance company have been used as one of the appropriate combination inpredicting the performance of an industry. This research aims to distinguish between JointVenture General Insurance Companies that have a good performance and those who are lessperforming well using Discriminant Analysis. Further, the findings led that DiscriminantAnalysis is able to distinguish Joint Venture General Insurance Companies that have a goodperformance and those who are not performing well. There are also six ratios which are RBC,Technical Reserve to Investment Ratio, Debt Ratio, Return on Equity, Loss Ratio, and ExpenseRatio that stand as the most influential ratios to distinguish the performance of joint venturegeneral insurance companies. In addition, the result suggest business people to be concernedtoward those six ratios, to increase their companies’ performance.Key words: general insurance, financial ratio, discriminant analysis

  3. Analysis of Financial Performance in the Banking System in Kosovo - the Period 2006 - 2012

    Directory of Open Access Journals (Sweden)

    Skender Ahmeti

    2014-04-01

    Full Text Available Through this paper we analyse the performance indicators of banks in Kosovo Banking System. According to the works of different authors worldwide, more accurate measurement of bank performance based on accounting data, in the application of coefficients leading financial banks are: Return on assets - ROA, return on equity - ROE and Cost Report to revenue - C / I. This paper describes the analysis of financial indicators for the period 2006 – 2007 – 2008 – 2009 -2010 - 2011 and 2012. The paper is organized as follows: - Section 2 provides literature review on the performance of banks in other countries; - Section 3 provides an analysis of the banking sector in Kosovo and macroeconomic indicators during the period analysed; - Section 4 presents the results of analysing the financial coefficients. While section 5 presents financial analysis and provides key conclusions.

  4. Finanční analýza účetní jednotky ABC/Financial Analysis of Company ABC

    OpenAIRE

    Kaprálová, Aneta

    2009-01-01

    This thesis is focused on financial analysis of company ABC that works in rubber industry. First part is aimed at theoretical interpretation of financial analysis, its goals, history, users and sources. Attention is paid to sources of information especially financial statements. Further basic methods are defined, which financial analysis uses. Ratios are described in this thesis above all. At the close there is practical display of financial analysis based on data from financial statements of...

  5. Tier 1 MFIs Financial Performance: Cash-flow statement analysis

    OpenAIRE

    Dumont, Gautier; Schmit, Mathias

    2013-01-01

    When assessing the financial performance of Microfinance institutions, the current literature commonly uses balance sheets and income statements. In order to assess sources of cash generated, if any, we analyse the cash flow statements of the 30 largest MFIs that display audited reports between 2006 and 2010. We find that all the MFIs of the sample had cumulated negative free cash flow over the period and positive cash flow from operations. We propose classification of MFIs based on their inv...

  6. Systemic Risk Analysis on Reconstructed Economic and Financial Networks

    Science.gov (United States)

    Cimini, Giulio; Squartini, Tiziano; Garlaschelli, Diego; Gabrielli, Andrea

    2015-10-01

    We address a fundamental problem that is systematically encountered when modeling real-world complex systems of societal relevance: the limitedness of the information available. In the case of economic and financial networks, privacy issues severely limit the information that can be accessed and, as a consequence, the possibility of correctly estimating the resilience of these systems to events such as financial shocks, crises and cascade failures. Here we present an innovative method to reconstruct the structure of such partially-accessible systems, based on the knowledge of intrinsic node-specific properties and of the number of connections of only a limited subset of nodes. This information is used to calibrate an inference procedure based on fundamental concepts derived from statistical physics, which allows to generate ensembles of directed weighted networks intended to represent the real system—so that the real network properties can be estimated as their average values within the ensemble. We test the method both on synthetic and empirical networks, focusing on the properties that are commonly used to measure systemic risk. Indeed, the method shows a remarkable robustness with respect to the limitedness of the information available, thus representing a valuable tool for gaining insights on privacy-protected economic and financial systems.

  7. The cost of cancer: a retrospective analysis of the financial impact of cancer on young adults.

    Science.gov (United States)

    Landwehr, Michelle S; Watson, Samantha E; Macpherson, Catherine F; Novak, Katherine A; Johnson, Rebecca H

    2016-05-01

    Young adult cancer survivors (YAs) are confronted with immense financial challenges in the wake of their treatment. Medical bills and loss of savings may cause YAs to forgo recommended medications or follow-up appointments. Young survivors with financial concerns also report depression, stress and anxiety. The Samfund is a national nonprofit organization that provides financial support to YAs post-treatment. To quantify the financial burden of cancer in YAs, a retrospective analysis was performed of data collected from Samfund grant applications of 334 YA cancer survivors. Grants were awarded between 2007 and 2013 and grant recipients were consented electronically in 2014 for retrospective data analysis. Recipients ranged from 19 to 39 years of age at the time of their grant applications. Descriptive statistics were calculated and compared to the Medical Expenditure Panel Survey (MEPS) and U.S. census data on age-matched peers. Financial indicators of YA cancer survivors are worse in many domains than those of age-matched controls. Furthermore, YA survivors in their 30s report more perilous prefunding financial situations than younger grant recipients. Cancer has a devastating and age-specific impact on the finances of YAs. Philanthropic grants from the cancer support community, in conjunction with healthcare policy reforms, have the potential to break the cycle of financial need and help YAs move forward with their lives after cancer treatment.

  8. Information Base of Financial Analysis of Educational Institutions of Higher Education

    Directory of Open Access Journals (Sweden)

    Alexander A. Galushkin

    2015-12-01

    Full Text Available In this article author analyzes issues related to the formation of information base analysis of the financial condition of educational institutions of higher education. Author notes that are significantly different principles of financial (accounting statements of non-governmental and government (budget of educational institutions of higher professional education. In conclusion, author notes that when analyzing the financial condition of the group of higher professional education institutions, they can be classified into subgroups, depending on the benefits of a species (subspecies of funding and revenue.

  9. The Impact of Financial Development on Economic Growth in Nigeria: An ARDL Analysis

    Directory of Open Access Journals (Sweden)

    Eugene Iheanacho

    2016-11-01

    Full Text Available This study empirically examines the relationship between financial intermediary development and economic growth in Nigeria over the period 1981–2011 using the auto-regressive distributed lag (ARDL approach to co-integration analysis. The results show that the relationship between financial development and economic growth in Nigeria is not significantly different from what has been observed generally in oil-dependent economies. The relationship between financial intermediary development and economic growth in Nigeria is found to be insignificantly negative in the long-run and significantly negative in the short-run. The results highlight the dominant role of the oil sector in economic activities in Nigeria.

  10. The Application of Improved Financial Ratios in Financial Statements Analysis%改进财务比率在财务报表分析中的运用

    Institute of Scientific and Technical Information of China (English)

    张蓓

    2012-01-01

    Financial ratio analysis is one of the important financial statements analysis methods.Along with the changing of enterprise business environments and business scopes,some traditional financial ratios can not accurately reflect the enterprise financial situation.This paper based on Vanke 2011 annual report data,use 2 improved financial ratios (core profit rate, business asset turnover rate) to briefly analyze the financial statements,in order to do some useful exploration in financial statements analysis.%财务比率分析法是财务报表分析中重要的分析方法之一.随着企业经营环境、经营范围的不断变化,一些传统财务比率已不能较准确反映企业财务状况.本文根据万科2011年年报数据,运用2个经过改进的财务比率(核心利润率、营业性资产周转率)对财务报表进行简要分析,以期在报表分析方面做一些有益的探索.

  11. Financial Analysis of Biosimilar Development Candidates: A Case Study on the US Biosimilar Business

    OpenAIRE

    Gutierrez, Bryan J.

    2015-01-01

    This case study investigates the US biosimilar business and the approach that should be implemented when financially analyzing biosimilar development candidates. To challenge the theory that the biosimilar business will be best suited for biologics experiencing the largest sales figures, this case study applied a financial analysis towards two biosimilar development candidates with contrasting sales. Using Soliris (eculizumab) and Remicade (infliximab) biosimilars as a test case, this case st...

  12. EQUILIBRIUM ANALYSIS OF FINANCIAL COMPANY BASED ON INFORMATION PROVIDED BY THE BALANCE SHEET

    Directory of Open Access Journals (Sweden)

    Ștefăniță ȘUȘU

    2014-06-01

    Full Text Available This article highlights the importance of indicators (as net working capital, working capital requirements and net cash by means of which it is considered in the context of financial balances capitalization information released by the balance sheet of an entity tourist profile. Theoretical concepts presented in a logical sequence are combined with the practical example transposed Turism Covasna company. The results of the analysis are interpreted while trying to formulate solutions to the economic and financial viability of the entity.

  13. Analysis of Financial Performance in the Banking System in Kosovo - the Period 2006 - 2012

    OpenAIRE

    Skender Ahmeti; Arta Hoti; Sevdie Alshiqi – Bekteshi

    2014-01-01

    Through this paper we analyse the performance indicators of banks in Kosovo Banking System. According to the works of different authors worldwide, more accurate measurement of bank performance based on accounting data, in the application of coefficients leading financial banks are: Return on assets - ROA, return on equity - ROE and Cost Report to revenue - C / I. This paper describes the analysis of financial indicators for the period 2006 – 2007 – 2008 – 2009 -2010 - 2011 and 2012. The paper...

  14. Econometric Analysis of Bulk Shipping: implications for investment strategies and financial decision-making

    NARCIS (Netherlands)

    S. Tsolakis

    2005-01-01

    textabstractThis thesis provides an econometric analysis of the bulk shipping markets and the implications for shipping investment and financial decision making. Chapter 1 sets the scene by providing a historic analysis of bulk shipping markets over the last 55 years. From this analysis, four shipp

  15. Econometric Analysis of Bulk Shipping: implications for investment strategies and financial decision-making

    NARCIS (Netherlands)

    S. Tsolakis

    2005-01-01

    textabstractThis thesis provides an econometric analysis of the bulk shipping markets and the implications for shipping investment and financial decision making. Chapter 1 sets the scene by providing a historic analysis of bulk shipping markets over the last 55 years. From this analysis, four

  16. Econometric Analysis of Bulk Shipping: implications for investment strategies and financial decision-making

    NARCIS (Netherlands)

    S. Tsolakis

    2005-01-01

    textabstractThis thesis provides an econometric analysis of the bulk shipping markets and the implications for shipping investment and financial decision making. Chapter 1 sets the scene by providing a historic analysis of bulk shipping markets over the last 55 years. From this analysis, four shipp

  17. Langevin dynamics of financial systems: A second-order analysis

    Science.gov (United States)

    Canessa, E.

    2001-07-01

    We address the issue of stock market fluctuations within Langevin Dynamics (LD) and the thermodynamics definitions of multifractality in order to study its second-order characterization given by the analogous specific heat Cq, where q is an analogous temperature relating the moments of the generating partition function for the financial data signals. Due to non-linear and additive noise terms within the LD, we found that Cq can display a shoulder to the right of its main peak as also found in the S&P500 historical data which may resemble a classical phase transition at a critical point.

  18. Research Challenges in Financial Data Modeling and Analysis.

    Science.gov (United States)

    Alexander, Lewis; Das, Sanjiv R; Ives, Zachary; Jagadish, H V; Monteleoni, Claire

    2017-09-01

    Significant research challenges must be addressed in the cleaning, transformation, integration, modeling, and analytics of Big Data sources for finance. This article surveys the progress made so far in this direction and obstacles yet to be overcome. These are issues that are of interest to data-driven financial institutions in both corporate finance and consumer finance. These challenges are also of interest to the legal profession as well as to regulators. The discussion is relevant to technology firms that support the growing field of FinTech.

  19. Multiscale multifractal multiproperty analysis of financial time series based on Rényi entropy

    Science.gov (United States)

    Yujun, Yang; Jianping, Li; Yimei, Yang

    This paper introduces a multiscale multifractal multiproperty analysis based on Rényi entropy (3MPAR) method to analyze short-range and long-range characteristics of financial time series, and then applies this method to the five time series of five properties in four stock indices. Combining the two analysis techniques of Rényi entropy and multifractal detrended fluctuation analysis (MFDFA), the 3MPAR method focuses on the curves of Rényi entropy and generalized Hurst exponent of five properties of four stock time series, which allows us to study more universal and subtle fluctuation characteristics of financial time series. By analyzing the curves of the Rényi entropy and the profiles of the logarithm distribution of MFDFA of five properties of four stock indices, the 3MPAR method shows some fluctuation characteristics of the financial time series and the stock markets. Then, it also shows a richer information of the financial time series by comparing the profile of five properties of four stock indices. In this paper, we not only focus on the multifractality of time series but also the fluctuation characteristics of the financial time series and subtle differences in the time series of different properties. We find that financial time series is far more complex than reported in some research works using one property of time series.

  20. Application of Factor Analysis on the Financial Ratios of Indian Cement Industry and Validation of the Results by Cluster Analysis

    Science.gov (United States)

    De, Anupam; Bandyopadhyay, Gautam; Chakraborty, B. N.

    2010-10-01

    Financial ratio analysis is an important and commonly used tool in analyzing financial health of a firm. Quite a large number of financial ratios, which can be categorized in different groups, are used for this analysis. However, to reduce number of ratios to be used for financial analysis and regrouping them into different groups on basis of empirical evidence, Factor Analysis technique is being used successfully by different researches during the last three decades. In this study Factor Analysis has been applied over audited financial data of Indian cement companies for a period of 10 years. The sample companies are listed on the Stock Exchange India (BSE and NSE). Factor Analysis, conducted over 44 variables (financial ratios) grouped in 7 categories, resulted in 11 underlying categories (factors). Each factor is named in an appropriate manner considering the factor loads and constituent variables (ratios). Representative ratios are identified for each such factor. To validate the results of Factor Analysis and to reach final conclusion regarding the representative ratios, Cluster Analysis had been performed.

  1. Financial time series analysis based on effective phase transfer entropy

    Science.gov (United States)

    Yang, Pengbo; Shang, Pengjian; Lin, Aijing

    2017-02-01

    Transfer entropy is a powerful technique which is able to quantify the impact of one dynamic system on another system. In this paper, we propose the effective phase transfer entropy method based on the transfer entropy method. We use simulated data to test the performance of this method, and the experimental results confirm that the proposed approach is capable of detecting the information transfer between the systems. We also explore the relationship between effective phase transfer entropy and some variables, such as data size, coupling strength and noise. The effective phase transfer entropy is positively correlated with the data size and the coupling strength. Even in the presence of a large amount of noise, it can detect the information transfer between systems, and it is very robust to noise. Moreover, this measure is indeed able to accurately estimate the information flow between systems compared with phase transfer entropy. In order to reflect the application of this method in practice, we apply this method to financial time series and gain new insight into the interactions between systems. It is demonstrated that the effective phase transfer entropy can be used to detect some economic fluctuations in the financial market. To summarize, the effective phase transfer entropy method is a very efficient tool to estimate the information flow between systems.

  2. ANALYSIS OF FINANCIAL DUE DILIGENCE UNSUCCESSFUL BUSINESS COMPANIES IN SERBIA

    Directory of Open Access Journals (Sweden)

    JELENA Toskovic

    2015-06-01

    Full Text Available In conditions of extreme financial and corporate scandals, in order to achieve a good position in the market and thus maximize profit, modern companies and their top managers must make continual innovation and change, as an adaptation of one of the basic imperatives of modern business. This means that today's modern enterprises are facing numerous challenges, including the need to find a way to survival, growth and development. The global economic crisis that occurred in 2007 passed the downfall of many companies and put into focus the creative application of financial resources in the process of bankruptcy. Each company during its life cycle comes to a situation that is found in some form of crisis, but if it fails to overcome the crisis inevitably is to declare bankruptcy, which is a recognition that the company failed to meet its objectives. The causes of business failure are different, so the task of the financial due diligence to do the recording of enterprises, carefully, systematically and thoroughly investigate, examine and analyze them information company that filed for bankruptcy. The point of introduction of due diligence is in providing input as soon as possible, in order to take advantage of information in the right way and made the right decisions and strategies of the business. So due diligence serves as a tool or vehicle for designing business decisions, which is in the territory of the Republic of Serbia still minimal use. The reorganization process is applied rather than the liquidation process, precisely in order to use all the resources that the company has, and thus protect shareholders, creditors and suppliers. This process is strictly controlled and regularized to avoid possible abuse by management that led the company to bankruptcy. The legislation allows considerable benefits company in the reorganization process, just to fit in a healthy leg, changed unsuccessful business and financial structure of the successful and

  3. Considerations related to the Analysis of the Financial Balance of the Trading Company Interlink Group SRL

    Directory of Open Access Journals (Sweden)

    Anton C.

    2009-12-01

    Full Text Available The analysis of the financial balance in the company’s activity implies the amortization of the resources with the needs, reflected as the functional balance sheet. The information transmitted by means of the accounting balance sheet as a synthesis document, is processed and grouped so that the view on the company appears from the functional point of view and the functional presentation of the balance sheet highlights financial, structural aspects that best respond to the requirements of the company managers. According to the functional point of view, the company is the economic entity whose essential objective is the production of goods and services, its activity implying the exertion of the production, trade, investments and financing functions. The paper aims at establishing a financial diagnosis allowing the appreciation of the conditions in which financial balance is made for the continuity of INTERLINK GROUP SRL company’s activity and attaining the proposed intend.

  4. The impact of financial balance indicators on the companies - Analysis on economic sectors

    Directory of Open Access Journals (Sweden)

    Iustin Dalea

    2012-12-01

    Full Text Available The paper presents the result of a financial balance analysis of some companies, which are grouped in three economic sectors: manufacturing, construction and tourism. The main focus consists in the impact of the three financial balance indicators have (floating capital, necessary working capital, net treasury on the activities that underline each economic sector. The applicative part of this paper is materialized in a scientific approach that includes a number of 27 companies, grouped after the domain, from Timis County, Romania, which has in view to obtain useful and perspective information concerning the financial balance, based on the specific behavior of the activity they perform, aiming also the possibility of taking useful and correct decisions. This approach represents our own vision about the differences of achieving a financial balance state within each economic sector analyzed.

  5. NRT Rotor Structural / Aeroelastic Analysis for the Preliminary Design Review

    Energy Technology Data Exchange (ETDEWEB)

    Ennis, Brandon Lee [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Paquette, Joshua A. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2015-10-01

    This document describes the initial structural design for the National Rotor Testbed blade as presented during the preliminary design review at Sandia National Laboratories on October 28- 29, 2015. The document summarizes the structural and aeroelastic requirements placed on the NRT rotor for satisfactory deployment at the DOE/SNL SWiFT experimental facility to produce high-quality datasets for wind turbine model validation. The method and result of the NRT blade structural optimization is also presented within this report, along with analysis of its satisfaction of the design requirements.

  6. Preliminary Analysis of ULPC Light Curves Using Fourier Decomposition Technique

    CERN Document Server

    Ngeow, Chow-Choong; Kanbur, Shashi; Barrett, Brittany; Lin, Bin

    2013-01-01

    Recent work on Ultra Long Period Cepheids (ULPCs) has suggested their usefulness as a distance indicator, but has not commented on their relationship as compared with other types of variable stars. In this work, we use Fourier analysis to quantify the structure of ULPC light curves and compare them to Classical Cepheids and Mira variables. Our preliminary results suggest that the low order Fourier parameters of ULPCs show a continuous trend defined by Classical Cepheids after the resonance around 10 days. However their Fourier parameters also overlapped with those from Miras, which make the classification of long period variable stars difficult based on the light curves information alone.

  7. THEORETICAL AND METHODOLOGICAL PRINCIPLES OF THE STRATEGIC FINANCIAL ANALYSIS OF CAPITAL

    Directory of Open Access Journals (Sweden)

    Olha KHUDYK

    2016-07-01

    Full Text Available The article is devoted to the theoretical and methodological principles of strategic financial analysis of capital. The necessity of strategic financial analysis of capital as a methodological basis for study strategies is proved in modern conditions of a high level of dynamism, uncertainty and risk. The methodological elements of the strategic indicators, the factors, the methods of study, the subjects of analysis, the sources of incoming and outgoing information are justified in the system of financial management, allowing to improve its theoretical foundations. It is proved that the strategic financial analysis of capital is a continuous process, carried out in an appropriate sequence at each stage of capital circulation. The system of indexes is substantiated, based on the needs of the strategic financial analysis. The classification of factors determining the size and structure of company’s capital is grounded. The economic nature of capital of the company is clarified. We consider that capital is a stock of economic resources in the form of cash, tangible and intangible assets accumulated by savings, which is used by its owner as a factor of production and investment resource in the economic process in order to obtain profit, to ensure the growth of owners’ prosperity and to achieve social effect.

  8. Research on application of principal component statistical analysis in the financial early-warning

    Directory of Open Access Journals (Sweden)

    Lan Yang

    2017-06-01

    Full Text Available Under the background of market economy, the environment of enterprises is changing rapidly, so the management layer urgently needs to know the financial situation in advance, in order to take measures to resolve risks. Based on 25 domestic listed companies, this paper uses SPSS software and statistical method of principal component analysis to establish the financial early warning model that is suitable for the listed companies in China. Taking Maotai Company as an example, this paper conducts prediction analysis, and obtains the conclusion that it has some practical guidance, and proposes a suggestion that the combination with qualitative and quantitative analysis can predict risks more comprehensively and accurately.

  9. Asymmetric correlation matrices: an analysis of financial data

    Science.gov (United States)

    Livan, G.; Rebecchi, L.

    2012-06-01

    We analyse the spectral properties of correlation matrices between distinct statistical systems. Such matrices are intrinsically non-symmetric, and lend themselves to extend the spectral analyses usually performed on standard Pearson correlation matrices to the realm of complex eigenvalues. We employ some recent random matrix theory results on the average eigenvalue density of this type of matrix to distinguish between noise and non-trivial correlation structures, and we focus on financial data as a case study. Namely, we employ daily prices of stocks belonging to the American and British stock exchanges, and look for the emergence of correlations between two such markets in the eigenvalue spectrum of their non-symmetric correlation matrix. We find several non trivial results when considering time-lagged correlations over short lags, and we corroborate our findings by additionally studying the asymmetric correlation matrix of the principal components of our datasets.

  10. Systemic risk analysis in reconstructed economic and financial networks

    CERN Document Server

    Cimini, Giulio; Gabrielli, Andrea; Garlaschelli, Diego

    2014-01-01

    The assessment of fundamental properties for economic and financial systems, such as systemic risk, is systematically hindered by privacy issues$-$that put severe limitations on the available information. Here we introduce a novel method to reconstruct partially-accessible networked systems of this kind. The method is based on the knowledge of the fitnesses, $i.e.$, intrinsic node-specific properties, and of the number of connections of only a limited subset of nodes. Such information is used to calibrate a directed configuration model which can generate ensembles of networks intended to represent the real system, so that the real network properties can be estimated within the generated ensemble in terms of mean values of the observables. Here we focus on estimating those properties that are commonly used to measure the network resilience to shock and crashes. Tests on both artificial and empirical networks shows that the method is remarkably robust with respect to the limitedness of the information available...

  11. Analysis of GARCH modeling in financial markets: an approach based on technical analysis strategies

    Directory of Open Access Journals (Sweden)

    Mircea Cristian Gherman

    2011-08-01

    Full Text Available In this paper we performed an analysis in order the make an evidence of GARCH modeling on the performances of trading rules applied for a stock market index. Our study relays on the overlap between econometrical modeling, technical analysis and a simulation computing technique. The non-linear structures presented in the daily returns of the analyzed index and also in other financial series, together with the phenomenon of volatility clustering are premises for applying a GARCH model. In our approach the standardized GARCH innovations are resampled using the bootstrap method. On the simulated data are then applied technical analysis trading strategies. For all the simulated paths the “p-values” are computed in order to verify that the hypothesis concerning the goodness of fit for GARCH model on the BET index is accepted. The processed data with trading rules are showing evidence that GARCH model is a good choice for econometrical modeling of financial time series including the romanian exchange trade index.

  12. CONTENT ANALYSIS, DISCOURSE ANALYSIS, AND CONVERSATION ANALYSIS: PRELIMINARY STUDY ON CONCEPTUAL AND THEORETICAL METHODOLOGICAL DIFFERENCES

    Directory of Open Access Journals (Sweden)

    Anderson Tiago Peixoto Gonçalves

    2016-08-01

    Full Text Available This theoretical essay aims to reflect on three models of text interpretation used in qualitative research, which is often confused in its concepts and methodologies (Content Analysis, Discourse Analysis, and Conversation Analysis. After the presentation of the concepts, the essay proposes a preliminary discussion on conceptual and theoretical methodological differences perceived between them. A review of the literature was performed to support the conceptual and theoretical methodological discussion. It could be verified that the models have differences related to the type of strategy used in the treatment of texts, the type of approach, and the appropriate theoretical position.

  13. An Application Of Optimization Based Expert System: Analysis Of Financial Ratios

    Science.gov (United States)

    Narasimhamurthi, N.; Dechen, R.

    1988-03-01

    This paper describes an application of rule-based expert system to the financial analysis of companies. The system was implemented on the Opine/Rubex system which uses ideas from optimization theory to drawing inferences. The paper provides a description of the expert system and the nature of the rule base. Typical analysis of two corporations is also presented.

  14. ANALYSIS OF COMPANY SIZE, FINANCIAL LEVERAGE, AND PROFITABILITY AND ITS EFFECT TO CSR DISCLOSURE

    Directory of Open Access Journals (Sweden)

    Suskim Riantani

    2015-09-01

    Full Text Available This study aims to analyze and recognize the effect of financial performance measured through company size, financial leverage and profitability to Corporate Social Responsibility Disclosure (CSRD. The research was done in Tobacco Company listed in Indonesia Stock Exchange during period of 2007-2011. Descriptive analysis and verification method was used as the research method. The purposive sampling method was used to obtain the sample and there are three cigarette companies as the sample. Multiple linear regression and correlation analysis using t test and F test were applied as a technique of analysis. The test of the classical assumption such as the normality, multicollinearity, heteroscedasticity, and autocorrelation applied before the multiple linear regression. The result shows that the company size had positive and significant effect to the CSR disclosure, financial leverage does not show significant effect to the CSR disclosure, profitability does not have significant effect to the CSR disclosure during the investigation.

  15. Financial Inclusion, Financial Regulation, and Financial Education in Thailand

    OpenAIRE

    Tambunlertchai, Kanittha

    2015-01-01

    This paper addresses the issue of financial inclusion in Thailand through the lens of an institutional analysis, which takes into consideration the desired outcomes, the service providers and enabling agencies, and the regulatory context that shape the existing provision of financial inclusion in Thailand. In discussing the achievement of the desired outcomes in terms of financial inclusion, the issues of financial education and financial regulation, which provide the contexts within which th...

  16. Enhanced Accident Tolerant Fuels for LWRS - A Preliminary Systems Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Gilles Youinou; R. Sonat Sen

    2013-09-01

    The severe accident at Fukushima Daiichi nuclear plants illustrates the need for continuous improvements through developing and implementing technologies that contribute to safe, reliable and cost-effective operation of the nuclear fleet. Development of enhanced accident tolerant fuel contributes to this effort. These fuels, in comparison with the standard zircaloy – UO2 system currently used by the LWR industry, should be designed such that they tolerate loss of active cooling in the core for a longer time period (depending on the LWR system and accident scenario) while maintaining or improving the fuel performance during normal operations, operational transients, and design-basis events. This report presents a preliminary systems analysis related to most of these concepts. The potential impacts of these innovative LWR fuels on the front-end of the fuel cycle, on the reactor operation and on the back-end of the fuel cycle are succinctly described without having the pretension of being exhaustive. Since the design of these various concepts is still a work in progress, this analysis can only be preliminary and could be updated as the designs converge on their respective final version.

  17. Electronic Warfare M-on-N Digital Simulation Logging Requirements and HDF5: A Preliminary Analysis

    Science.gov (United States)

    2017-04-12

    E. Jarvis Electronic Warfare M-on- N Digital Simulation Logging Requirements and HDF5: A Preliminary Analysis Advanced Techniques Branch Tactical...12-04-2017 NRL Memorandum Report Electronic Warfare M-on- N Digital Simulation Logging Requirements and HDF5: A Preliminary Analysis Donald E...ELECTRONIC WARFARE M-ON- N DIGITAL SIMULATION LOGGING REQUIREMENTS AND HDF5: A PRELIMINARY ANALYSIS 1. INTRODUCTION HDF5 technology [Folk] has been

  18. FIRMS' FINANCIAL AND CORPORATE GOVERNANCE CHARACTERISTICS ASSOCIATION WITH EARNING MANAGEMENT PRACTICES: A META-ANALYSIS APPROACH

    Directory of Open Access Journals (Sweden)

    Fatima Abdul Hamid

    2014-11-01

    Full Text Available This paper aims to investigate the association between firm’s corporate governance and financial attributes (namely, board of directors’ size, board of directors’ independence, chief executive officer (CEO duality, ownership structure , audit type, firm’s size, firm’s return and leverage with earnings management practices. The study applies a comprehensive meta - analysis of the findings of 25 journal articles published between 2003 and 2013. The analysis permits this research to accumulate and assimilate the results of previous literature, and their generalization to a wider range of settings. The results showed that all corporate governance and financial characteristics variables have a significant association with earnings management practices.

  19. Case Study on Analysis of Financial Statements at a Furniture Manufacturer

    Directory of Open Access Journals (Sweden)

    Calotă Traian-Ovidiu

    2013-10-01

    Full Text Available Analysis of the financial statements of a company is an important means to obtain information about how the company operated in the previous period. Interpretation of the evolution of financial indicators does not always prove to be easy, requiring multiple calculations and combined approaches, while the knowledge and understanding of type of business reviewed are essential in the proper interpretation of the results. Thus, the conclusions of the analysis carried out in a professional manner will be able to correctly describe the evolution of the company and to substantiate the user’s decisions.

  20. Health Equity and Financial Protection Streamlined Analysis with ADePT Software

    CERN Document Server

    Bank, World

    2011-01-01

    Two key policy goals in the health sector are equity and financial protection. New methods, data and powerful computers have led to a surge of interest in quantitative analysis that permits monitoring progress toward these objectives, and comparisons across countries. ADePT is a new computer program that streamlines and automates such work, ensuring that results are genuinely comparable and allowing them to be produced with a minimum of programming skills. This book provides a step-by-step guide to the use of ADePT for quantitative analysis of equity and financial protection in the health sect

  1. Preliminary hazards analysis of thermal scrap stabilization system. Revision 1

    Energy Technology Data Exchange (ETDEWEB)

    Lewis, W.S.

    1994-08-23

    This preliminary analysis examined the HA-21I glovebox and its supporting systems for potential process hazards. Upon further analysis, the thermal stabilization system has been installed in gloveboxes HC-21A and HC-21C. The use of HC-21C and HC-21A simplified the initial safety analysis. In addition, these gloveboxes were cleaner and required less modification for operation than glovebox HA-21I. While this document refers to glovebox HA-21I for the hazards analysis performed, glovebox HC-21C is sufficiently similar that the following analysis is also valid for HC-21C. This hazards analysis document is being re-released as revision 1 to include the updated flowsheet document (Appendix C) and the updated design basis (Appendix D). The revised Process Flow Schematic has also been included (Appendix E). This Current revision incorporates the recommendations provided from the original hazards analysis as well. The System Design Description (SDD) has also been appended (Appendix H) to document the bases for Safety Classification of thermal stabilization equipment.

  2. Analysis preliminary phytochemical raw extract of leaves Nephrolepis pectinata

    Directory of Open Access Journals (Sweden)

    Natally Marreiros Gomes

    2017-06-01

    Full Text Available The Nephrolepis pectinata popularly known as paulista fern, ladder-heaven, cat tail, belongs to the family Davalliaceae. For the beauty of the arrangements of their leaves ferns are quite commercialized in Brazil, however, have not been described in the literature studies on their pharmacological potential. Thus, the objective of this research was to analyze the phytochemical properties of the crude extract of the leaves of Nephrolepis pectinata. To perform the phytochemical analysis were initially made the collection of the vegetable, preparation of voucher specimen, washing, drying and grinding. Then, extraction by percolation method and end the phytochemical analysis. Preliminary results phytochemicals the crude extract of the leaves of Nephrolepis pectinata tested positive for reducing sugars, phenols/tannins (catechins tannins and catechins.

  3. Regime switching model for financial data: Empirical risk analysis

    Science.gov (United States)

    Salhi, Khaled; Deaconu, Madalina; Lejay, Antoine; Champagnat, Nicolas; Navet, Nicolas

    2016-11-01

    This paper constructs a regime switching model for the univariate Value-at-Risk estimation. Extreme value theory (EVT) and hidden Markov models (HMM) are combined to estimate a hybrid model that takes volatility clustering into account. In the first stage, HMM is used to classify data in crisis and steady periods, while in the second stage, EVT is applied to the previously classified data to rub out the delay between regime switching and their detection. This new model is applied to prices of numerous stocks exchanged on NYSE Euronext Paris over the period 2001-2011. We focus on daily returns for which calibration has to be done on a small dataset. The relative performance of the regime switching model is benchmarked against other well-known modeling techniques, such as stable, power laws and GARCH models. The empirical results show that the regime switching model increases predictive performance of financial forecasting according to the number of violations and tail-loss tests. This suggests that the regime switching model is a robust forecasting variant of power laws model while remaining practical to implement the VaR measurement.

  4. City of Hoboken Energy Surety Analysis: Preliminary Design Summary

    Energy Technology Data Exchange (ETDEWEB)

    Stamp, Jason Edwin [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Military and Energy Systems Analysis Dept.; Baca, Michael J. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Military and Energy Systems Analysis Dept.; Munoz-Ramos, Karina [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Military and Energy Systems Analysis Dept.; Schenkman, Benjamin L. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Military and Energy Systems Analysis Dept.; Eddy, John P. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Systems Readiness and Sustainment Technology Dept.; Smith, Mark A. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Systems Readiness and Sustainment Technology Dept.; Guttromson, Ross [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Electric Power Systems Research Dept.; Henry, Jordan M. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Critical Infrastructure Systems Dept.; Jensen, Richard Pearson [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Geomechanics Dept.

    2014-09-01

    In 2012, Hurricane Sandy devastated much of the U.S. northeast coastal areas. Among those hardest hit was the small community of Hoboken, New Jersey, located on the banks of the Hudson River across from Manhattan. This report describes a city-wide electrical infrastructure design that uses microgrids and other infrastructure to ensure the city retains functionality should such an event occur in the future. The designs ensure that up to 55 critical buildings will retain power during blackout or flooded conditions and include analysis for microgrid architectures, performance parameters, system control, renewable energy integration, and financial opportunities (while grid connected). The results presented here are not binding and are subject to change based on input from the Hoboken stakeholders, the integrator selected to manage and implement the microgrid, or other subject matter experts during the detailed (final) phase of the design effort.

  5. The Impact of 2008 Global Financial Crisis on the Performance of Selected Indonesian Stocks: A Preliminary Study

    Directory of Open Access Journals (Sweden)

    Edwin Suparman

    2014-08-01

    Full Text Available This research is a preliminary study that analyzes the impact of the US financial markets on Indonesian financial markets during the 2008 global financial crisis. It specifically investigates the occurrence of contagion effect in the Indonesian IHSG index and selected LQ45 stocks with the US S&P500 index by the measurement of correlation using simple correlation, EWMA, OGARCH, and DCC GARCH. It also attempts to discuss on the decoupling of Indonesian market and provide recommendations on dealing with future similar events.

  6. Econometric Analysis of Bulk Shipping: implications for investment strategies and financial decision-making

    OpenAIRE

    Tsolakis, S.

    2005-01-01

    textabstractThis thesis provides an econometric analysis of the bulk shipping markets and the implications for shipping investment and financial decision making. Chapter 1 sets the scene by providing a historic analysis of bulk shipping markets over the last 55 years. From this analysis, four shipping markets (freight, newbuilding, second-hand and demolition) are distinguished as well as a fifth one (ship finance) that acts as a facilitator to the other four. Also, with the help of correlatio...

  7. Financial incentives for exercise adherence in adults: systematic review and meta-analysis.

    Science.gov (United States)

    Mitchell, Marc S; Goodman, Jack M; Alter, David A; John, Leslie K; Oh, Paul I; Pakosh, Maureen T; Faulkner, Guy E

    2013-11-01

    Less than 5% of U.S. adults accumulate the required dose of exercise to maintain health. Behavioral economics has stimulated renewed interest in economic-based, population-level health interventions to address this issue. Despite widespread implementation of financial incentive-based public health and workplace wellness policies, the effects of financial incentives on exercise initiation and maintenance in adults remain unclear. A systematic search of 15 electronic databases for RCTs reporting the impact of financial incentives on exercise-related behaviors and outcomes was conducted in June 2012. A meta-analysis of exercise session attendance among included studies was conducted in April 2013. A qualitative analysis was conducted in February 2013 and structured along eight features of financial incentive design. Eleven studies were included (N=1453; ages 18-85 years and 50% female). Pooled results favored the incentive condition (z=3.81, pIncentives also exhibited significant, positive effects on exercise in eight of the 11 included studies. One study determined that incentives can sustain exercise for longer periods (>1 year), and two studies found exercise adherence persisted after the incentive was withdrawn. Promising incentive design feature attributes were noted. Assured, or "sure thing," incentives and objective behavioral assessment in particular appear to moderate incentive effectiveness. Previously sedentary adults responded favorably to incentives 100% of the time (n=4). The effect estimate from the meta-analysis suggests that financial incentives increase exercise session attendance for interventions up to 6 months in duration. Similarly, a simple count of positive (n=8) and null (n=3) effect studies suggests that financial incentives can increase exercise adherence in adults in the short term (<6 months). © 2013 American Journal of Preventive Medicine.

  8. Solar Stirling power generation - Systems analysis and preliminary tests

    Science.gov (United States)

    Selcuk, M. K.; Wu, Y.-C.; Moynihan, P. I.; Day, F. D., III

    1977-01-01

    The feasibility of an electric power generation system utilizing a sun-tracking parabolic concentrator and a Stirling engine/linear alternator is being evaluated. Performance predictions and cost analysis of a proposed large distributed system are discussed. Design details and preliminary test results are presented for a 9.5 ft diameter parabolic dish at the Jet Propulsion Laboratory (Caltech) Table Mountain Test Facility. Low temperature calorimetric measurements were conducted to evaluate the concentrator performance, and a helium flow system is being used to test the solar receiver at anticipated working fluid temperatures (up to 650 or 1200 C) to evaluate the receiver thermal performance. The receiver body is designed to adapt to a free-piston Stirling engine which powers a linear alternator assembly for direct electric power generation. During the next phase of the program, experiments with an engine and receiver integrated into the concentrator assembly are planned.

  9. Primate phylogeny studied by comparative determinant analysis. A preliminary report.

    Science.gov (United States)

    Bauer, K

    1993-01-01

    In this preliminary report the divergence times for the major primate groups are given, calculated from a study by comparative determinant analysis of 69 proteins (equaling 0.1% of the whole genetic information). With an origin of the primate order set at 80 million years before present, the ages of the last common ancestors (LCAs) of man and the major primate groups obtained this way are as follows: Pan troglodytes 5.2; Gorilla gorilla 7.4; Pongo pygmaeus 19.2; Hylobates lar 20.3; Old World monkeys 31.4; Lagothrix lagotricha 46.0; Cebus albifrons 59.5; three lemur species 67.0, and Galago crassicaudatus 73.3 million years. The LCA results and the approach are shortly discussed. A full account of this extended investigation including results on nonprimate mammals and on the determinant structures and the immunologically derived evolutionary rates of the proteins analyzed will be published elsewhere.

  10. PRELIMINARY PHYTOCHEMICAL ANALYSIS OF ACTINIOPTERIS RADIATA (SWARTZ LINK.

    Directory of Open Access Journals (Sweden)

    R. Manonmani

    2013-06-01

    Full Text Available The objective of the present study was to find out the presence of preliminary phytochemicals in six different solvent extracts of Actiniopteris radiata (Swartz link. by qualitative screening methods. The solvent used for the extraction of leaf and rhizome powder were ethanol, petroleum ether, chloroform, acetone, DMSO and aqueous. The secondary metabolites such as steroids, triterpenoids, reducing sugars, sugars, alkaloids, phenolic compounds, catechins, flavonoids, saponins, tannins, anthroquinones and amino acids were screened by using standard methods. The phytochemical analysis of the ethanolic extract of both (leaf & rhizome revealed the presence of most active constituents than the other solvents. The ethanolic rhizome extracts of Actiniopteris radiata showed higher amount of phytochemicals when compared with the ethanolic leaf extracts.

  11. Long-Term Impact of the Farm Financial Analysis Training Curriculum on FSA Borrowers in Pennsylvania

    Science.gov (United States)

    Balliet, Kenneth L.; Douglass, Mark B.; Hanson, Gregory

    2010-01-01

    The Farm Financial Analysis Training (FFAT) course covers fundamental skills and concepts in liquidity, profitability, solvency, and efficiency. The research reported here identifies and measures the impacts of FFAT on participants including: 1) perceived gains in knowledge, 2) changes in management behavior, 3) changes in specific farm assets and…

  12. Financial analysis of brucellosis control for small-scale goat farming in the Bajio Region, Mexico

    NARCIS (Netherlands)

    Oseguera Montiel, D.; Bruce, M.; Frankena, K.; Udo, H.M.J.; Zijpp, van der A.J.; Rushton, J.

    2015-01-01

    Brucellosis is an endemic disease in small-scale goat husbandry systems in Mexico. It is a zoonosis and the economic consequences can be large, although estimates are not available for the Mexican goat sector. Our objective was to conduct a financial analysis of brucellosis control in a prominent da

  13. Financial and Staffing Ratio Analysis: Predicting Fiscal Distress in School Districts.

    Science.gov (United States)

    Lee, Robert Alan

    1983-01-01

    From analysis of data from 579 school districts it is concluded that financial ratios have the ability to forecast fiscal distress a year in advance. Liquidity ratios and salary and fringe benefit ratios were found to be strong forecasters, while per pupil expenditure data had little predictive value. (MJL)

  14. Expanded Capabilities for the Hydrogen Financial Analysis Scenario Tool (H2FAST)

    Energy Technology Data Exchange (ETDEWEB)

    Bush, Brian; Melaina, Marc; Penev, Michael

    2016-06-08

    This presentation describes how NREL expanded the capabilities for the Hydrogen Financial Analysis Scenario Tool (H2FAST) in FY16. It was presented at the U.S. Department of Energy Hydrogen and Fuel Cells Program 2016 Annual Merit Review and Peer Evaluation Meeting on June 8, 2016, in Washington, D.C.

  15. Long-Term Impact of the Farm Financial Analysis Training Curriculum on FSA Borrowers in Pennsylvania

    Science.gov (United States)

    Balliet, Kenneth L.; Douglass, Mark B.; Hanson, Gregory

    2010-01-01

    The Farm Financial Analysis Training (FFAT) course covers fundamental skills and concepts in liquidity, profitability, solvency, and efficiency. The research reported here identifies and measures the impacts of FFAT on participants including: 1) perceived gains in knowledge, 2) changes in management behavior, 3) changes in specific farm assets and…

  16. The Financial Impact of the Internet on the Analysis of Commercial Banking

    Institute of Scientific and Technical Information of China (English)

    刘诺涯

    2014-01-01

    As we all know, the development of Internet-based financial model of commercial banks have impacted the traditional banking business, but this much impact in the end, whether commercial banks caused a fatal impact, this article will focus on the analysis.

  17. Overview of the Hydrogen Financial Analysis Scenario Tool (H2FAST); NREL (National Renewable Energy Laboratory)

    Energy Technology Data Exchange (ETDEWEB)

    Melaina, Marc; Bush, Brian; Penev, Michael

    2015-05-12

    This presentation provides an introduction to the Hydrogen Financial Analysis Scenario Tool (H2FAST) and includes an overview of each of the three versions of H2FAST: the Web tool, the Excel spreadsheet version, and the beta version of the H2FAST Business Case Scenario tool.

  18. Hydrogen Financial Analysis Scenario Tool (H2FAST); NREL (National Renewable Energy Laboratory)

    Energy Technology Data Exchange (ETDEWEB)

    Melaina, Marc

    2015-04-21

    This presentation describes the Hydrogen Financial Analysis Scenario Tool, H2FAST, and provides an overview of each of the three H2FAST formats: the H2FAST web tool, the H2FAST Excel spreadsheet, and the H2FAST Business Case Scenario (BCS) tool. Examples are presented to illustrate the types of questions that H2FAST can help answer.

  19. CUSUM control charts based on likelihood ratio for preliminary analysis

    Institute of Scientific and Technical Information of China (English)

    Yi DAI; Zhao-jun WANG; Chang-liang ZOU

    2007-01-01

    To detect and estimate a shift in either the mean and the deviation or both for the preliminary analysis, the statistical process control (SPC) tool, the control chart based on the likelihood ratio test (LRT), is the most popular method.Sullivan and woodall pointed out the test statistic lrt (n1, n2) is approximately distributed as x2 (2) as the sample size n, n1 and n2 are very large, and the value of n1 = 2, 3,..., n- 2 and that of n2 = n- n1.So it is inevitable that n1 or n2 is not large. In this paper the limit distribution of lrt(n1, n2) for fixed n1 or n2 is figured out, and the exactly analytic formulae for evaluating the expectation and the variance of the limit distribution are also obtained.In addition, the properties of the standardized likelihood ratio statistic slr(n1,n) are discussed in this paper. Although slr(n1, n) contains the most important information, slr(i, n)(i ≠ n1) also contains lots of information. The cumulative sum (CUSUM) control chart can obtain more information in this condition. So we propose two CUSUM control charts based on the likelihood ratio statistics for the preliminary analysis on the individual observations. One focuses on detecting the shifts in location in the historical data and the other is more general in detecting a shift in either the location and the scale or both.Moreover, the simulated results show that the proposed two control charts are, respectively, superior to their competitors not only in the detection of the sustained shifts but also in the detection of some other out-of-control situations considered in this paper.

  20. CUSUM control charts based on likelihood ratio for preliminary analysis

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    To detect and estimate a shift in either the mean and the deviation or both for the preliminary analysis, the statistical process control (SPC) tool, the control chart based on the likelihood ratio test (LRT), is the most popular method. Sullivan and woodall pointed out the test statistic lrt(n1, n2) is approximately distributed as x2(2) as the sample size n,n1 and n2 are very large, and the value of n1 = 2,3,..., n - 2 and that of n2 = n - n1. So it is inevitable that n1 or n2 is not large. In this paper the limit distribution of lrt(n1, n2) for fixed n1 or n2 is figured out, and the exactly analytic formulae for evaluating the expectation and the variance of the limit distribution are also obtained. In addition, the properties of the standardized likelihood ratio statistic slr(n1, n) are discussed in this paper. Although slr(n1, n) contains the most important information, slr(i, n)(i≠n1) also contains lots of information. The cumulative sum (CUSUM) control chart can obtain more information in this condition. So we propose two CUSUM control charts based on the likelihood ratio statistics for the preliminary analysis on the individual observations. One focuses on detecting the shifts in location in the historical data and the other is more general in detecting a shift in either the location and the scale or both. Moreover, the simulated results show that the proposed two control charts are, respectively, superior to their competitors not only in the detection of the sustained shifts but also in the detection of some other out-of-control situations considered in this paper.

  1. METHODS OF DETERMINING THE ENTITY’S RATING IN THE FINANCIAL STABILITY ANALYSIS

    Directory of Open Access Journals (Sweden)

    Neli MUNTEAN

    2016-09-01

    Full Text Available Financial stability analysis cannot provide a complete exercise without identifying the possibilities for quantitative measurement of this phenomenon. In the present article, we intended to present the methods of determining the rating of the entities that can be used to measure the financial stability, emphasizing at the same time the limits of each of these methods. This approach has helped us to demonstrate that there is no „best practice” for evaluation of the stability, but rather a complementarity of these techniques.

  2. The Government Finance Database: A Common Resource for Quantitative Research in Public Financial Analysis.

    Science.gov (United States)

    Pierson, Kawika; Hand, Michael L; Thompson, Fred

    2015-01-01

    Quantitative public financial management research focused on local governments is limited by the absence of a common database for empirical analysis. While the U.S. Census Bureau distributes government finance data that some scholars have utilized, the arduous process of collecting, interpreting, and organizing the data has led its adoption to be prohibitive and inconsistent. In this article we offer a single, coherent resource that contains all of the government financial data from 1967-2012, uses easy to understand natural-language variable names, and will be extended when new data is available.

  3. PREDICTIVE ANALYSIS SOFTWARE FOR MODELING THE ALTMAN Z-SCORE FINANCIAL DISTRESS STATUS OF COMPANIES

    Directory of Open Access Journals (Sweden)

    ILIE RĂSCOLEAN

    2012-10-01

    Full Text Available Literature shows some bankruptcy methods for determining the financial distress status of companies and based on this information we chosen Altman statistical model because it has been used a lot in the past and like that it has become a benchmark for other methods. Based on this financial analysis flowchart, programming software was developed that allows the calculation and determination of the bankruptcy probability for a certain rate of failure Z-score, corresponding to a given interval that is equal to the ratio of the number of bankrupt companies and the total number of companies (bankrupt and healthy interval.

  4. Nonlinear multi-analysis of agent-based financial market dynamics by epidemic system

    Science.gov (United States)

    Lu, Yunfan; Wang, Jun; Niu, Hongli

    2015-10-01

    Based on the epidemic dynamical system, we construct a new agent-based financial time series model. In order to check and testify its rationality, we compare the statistical properties of the time series model with the real stock market indices, Shanghai Stock Exchange Composite Index and Shenzhen Stock Exchange Component Index. For analyzing the statistical properties, we combine the multi-parameter analysis with the tail distribution analysis, the modified rescaled range analysis, and the multifractal detrended fluctuation analysis. For a better perspective, the three-dimensional diagrams are used to present the analysis results. The empirical research in this paper indicates that the long-range dependence property and the multifractal phenomenon exist in the real returns and the proposed model. Therefore, the new agent-based financial model can recurrence some important features of real stock markets.

  5. Nonlinear multi-analysis of agent-based financial market dynamics by epidemic system.

    Science.gov (United States)

    Lu, Yunfan; Wang, Jun; Niu, Hongli

    2015-10-01

    Based on the epidemic dynamical system, we construct a new agent-based financial time series model. In order to check and testify its rationality, we compare the statistical properties of the time series model with the real stock market indices, Shanghai Stock Exchange Composite Index and Shenzhen Stock Exchange Component Index. For analyzing the statistical properties, we combine the multi-parameter analysis with the tail distribution analysis, the modified rescaled range analysis, and the multifractal detrended fluctuation analysis. For a better perspective, the three-dimensional diagrams are used to present the analysis results. The empirical research in this paper indicates that the long-range dependence property and the multifractal phenomenon exist in the real returns and the proposed model. Therefore, the new agent-based financial model can recurrence some important features of real stock markets.

  6. Regional Financial Development and Regional Economic Growth: An Empirical Analysis of Suzhou City, China

    Institute of Scientific and Technical Information of China (English)

    LIU Yong; LI Weiping

    2010-01-01

    There are many defects in researches on the relationship of the regional financial development(FD)and economic growth of China,such as simply assuming the causality direction,not highlighting financial institution,us-ing incomplete financial indicator,etc.This article,taking Suzhou City of Jiangsu Province,China as a case,builds a simple model to study the level of FD from three aspects of financial scale,structure and institution.Three original in-dicators of PRIVY(private investment/aggregate investment),DEPTH(aggregate loan/GDP)and FDIVG(FDI/GDP)are used to construct the FD economic indicator through Principal Component Analysis approach.Then we use Granger method to analyze the relationship between the FD and the economic growth of Suzhou.Empirical test results show that the FD of Suzhou is the Granger reason of economic growth,while economic growth is not the reason for FD,because the relationship between the FD and the economic growth of Suzhou is just in the"supply-leading"period.In terms of Suzhou experiences,the local government should strengthen the protection of private investment,improve the institutional environment,and establish the reasonable financial structure.So we can concluded that FD could play a great role in promoting economic growth at the economy takeoff stage.

  7. The high order dispersion analysis based on first-passage-time probability in financial markets

    Science.gov (United States)

    Liu, Chenggong; Shang, Pengjian; Feng, Guochen

    2017-04-01

    The study of first-passage-time (FPT) event about financial time series has gained broad research recently, which can provide reference for risk management and investment. In this paper, a new measurement-high order dispersion (HOD)-is developed based on FPT probability to explore financial time series. The tick-by-tick data of three Chinese stock markets and three American stock markets are investigated. We classify the financial markets successfully through analyzing the scaling properties of FPT probabilities of six stock markets and employing HOD method to compare the differences of FPT decay curves. It can be concluded that long-range correlation, fat-tailed broad probability density function and its coupling with nonlinearity mainly lead to the multifractality of financial time series by applying HOD method. Furthermore, we take the fluctuation function of multifractal detrended fluctuation analysis (MF-DFA) to distinguish markets and get consistent results with HOD method, whereas the HOD method is capable of fractionizing the stock markets effectively in the same region. We convince that such explorations are relevant for a better understanding of the financial market mechanisms.

  8. Risks Analysis of Logistics Financial Business Based on Evidential Bayesian Network

    Directory of Open Access Journals (Sweden)

    Ying Yan

    2013-01-01

    Full Text Available Risks in logistics financial business are identified and classified. Making the failure of the business as the root node, a Bayesian network is constructed to measure the risk levels in the business. Three importance indexes are calculated to find the most important risks in the business. And more, considering the epistemic uncertainties in the risks, evidence theory associate with Bayesian network is used as an evidential network in the risk analysis of logistics finance. To find how much uncertainty in root node is produced by each risk, a new index, epistemic importance, is defined. Numerical examples show that the proposed methods could provide a lot of useful information. With the information, effective approaches could be found to control and avoid these sensitive risks, thus keep logistics financial business working more reliable. The proposed method also gives a quantitative measure of risk levels in logistics financial business, which provides guidance for the selection of financing solutions.

  9. Towards „intelligent” financial analysis in the management of small and medium-sized enterprises

    Directory of Open Access Journals (Sweden)

    Bartłomiej Nita

    2015-12-01

    Full Text Available The aim of the paper is to present the possibilities of extending the „intelligence” of financial analysissystems designed for managers of small and medium-sized enterprises (SMEs. The paper first presentsthe question of obtaining analytical information which is essential for supporting managerial decisions,particularly with regard to SMEs. Next, the nature and use of ontologies as well as eye-tracking in modelingmanagerial knowledge in respect of financial analysis are discussed. In the last section the authorsdepict a research experiment that was conducted using eye-tracking, focusing on technical terms, contentand knowledge that can be obtained thanks to this study. In the research experimental methodology wasapplied based on actual financial data, using the Bilander’s BINOCLE and eye-tracking software TobiiStudioTM by Tobii.

  10. Financial analysis of experimental releases conducted at Glen Canyon Dam during water years 2006 through 2010.

    Energy Technology Data Exchange (ETDEWEB)

    Poch, L. A.; Veselka, T. D.; Palmer, C. S.; Loftin, S.; Osiek, B. (Decision and Information Sciences); (Western Area Power Administration, Colorado River Storage Project Management Center)

    2011-08-22

    Because of concerns about the impact that Glen Canyon Dam (GCD) operations were having on downstream ecosystems and endangered species, the Bureau of Reclamation (Reclamation) conducted an Environmental Impact Statement (EIS) on dam operations (DOE 1996). New operating rules and management goals for GCD that had been specified in the Record of Decision (ROD) (Reclamation 1996) were adopted in February 1997. In addition to issuing new operating criteria, the ROD mandated experimental releases for the purpose of conducting scientific studies. A report released in January 2011 examined the financial implications of the experimental flows that were conducted at the GCD from 1997 to 2005. This report continues the analysis and examines the financial implications of the experimental flows conducted at the GCD from 2006 to 2010. An experimental release may have either a positive or negative impact on the financial value of energy production. This study estimates the financial costs of experimental releases, identifies the main factors that contribute to these costs, and compares the interdependencies among these factors. An integrated set of tools was used to compute the financial impacts of the experimental releases by simulating the operation of the GCD under two scenarios, namely, (1) a baseline scenario that assumes both that operations comply with the ROD operating criteria and the experimental releases that actually took place during the study period, and (2) a 'without experiments' scenario that is identical to the baseline scenario of operations that comply with the GCD ROD, except it assumes that experimental releases did not occur. The Generation and Transmission Maximization (GTMax) model was the main simulation tool used to dispatch GCD and other hydropower plants that comprise the Salt Lake City Area Integrated Projects (SLCA/IP). Extensive data sets and historical information on SLCA/IP powerplant characteristics, hydrologic conditions, and Western

  11. Accounting and Financial Data Analysis Data Mining Tools

    Directory of Open Access Journals (Sweden)

    Diana Elena Codreanu

    2011-05-01

    Full Text Available Computerized accounting systems in recent years have seen an increase in complexity due to thecompetitive economic environment but with the help of data analysis solutions such as OLAP and DataMining can be a multidimensional data analysis, can detect the fraud and can discover knowledge hidden indata, ensuring such information is useful for decision making within the organization. In the literature thereare many definitions for data mining but all boils down to same idea: the process takes place to extract newinformation from large data collections, information without the aid of data mining tools would be verydifficult to obtain. Information obtained by data mining process has the advantage that only respond to thequestion of what happens but at the same time argue and show why certain things are happening. In this paperwe wish to present advanced techniques for analysis and exploitation of data stored in a multidimensionaldatabase.

  12. EU Funded Projects: from Financial to Economic Analysis

    Directory of Open Access Journals (Sweden)

    Andreea Lorena RADU

    2011-06-01

    Full Text Available Investment projects represent the basis of economic and social development of our country. The investment is a cost that will most influence the future, but it is necessary that this influence should be not only positive, but also should exceed the investment efforts. There could be different sources of financing the investment, but lately, European grants are more and more accessed by various economic agents or institutions. To obtain European financing, the project must fulfill certain conditions and must follow certain economic, social and environmental indicators. Also, for some financing lines, is required the economic analysis preparation, in order to demonstrate that the project benefits to society are important and cover the investments efforts. Thus, economic analysis studies the project influence on macro-economic or regional level, and evaluates its contribution to the welfare of the region or local community. The present paper aims to analyze the most important and available theoretical resources and to provide practical examples for carrying out the economic analysis. In conclusion, economic analysis is an useful tool for each project evaluation, but the biggest barriers to its development are the lack of valid data and the reduced Romanian experience. Under these conditions, input data can be incorrectly estimated, resulting illusory and subjective project data. For a proper projects selection based on indicators of economic assessment, it must be developed a national, complete and complex guide.

  13. Financial incentives research and lending market impact analysis

    Energy Technology Data Exchange (ETDEWEB)

    Smith, R.F.; Bryant, P.S.; Cour, E.E.; Kouchoukos, P.C.

    1977-11-01

    The U.S. Energy Research and Development Administration has been authorized by recent legislation to enter into loan guaranty and interest assistance agreements related to specific energy programs. These loan guaranty programs are designed to encourage the private sector to participate in the development of alternative energy sources and the conservation of energy. Two programs are currently authorized: one dealing with geothermal energy; the other dealing with electric and hybrid vehicles. A third program currently under consideration by the Congress addresses the conversion of organic waste products into alternative fuels. An introductory overview provides a brief summary of: energy legislation, ERDA loan guaranty programs, basis of and purpose for the investigation, and scope. Subsequent sections of this report address related background information; methodology employed; data collection and analysis of the information obtained; and specific recommendations based upon the results of the analysis. Supporting information and reference data are included as appendices. (MCW)

  14. Multifractal diffusion entropy analysis on stock volatility in financial markets

    Science.gov (United States)

    Huang, Jingjing; Shang, Pengjian; Zhao, Xiaojun

    2012-11-01

    This paper introduces a generalized diffusion entropy analysis method to analyze long-range correlation then applies this method to stock volatility series. The method uses the techniques of the diffusion process and Rényi entropy to focus on the scaling behaviors of regular volatility and extreme volatility respectively in developed and emerging markets. It successfully distinguishes their differences where regular volatility exhibits long-range persistence while extreme volatility reveals anti-persistence.

  15. Utilizing the Composite Financial Index as Strategic Financial Analysis for Measuring Financial Health and Student Success Rates among Iowa Community Colleges

    Science.gov (United States)

    Humburg, Dawn Ann

    2012-01-01

    The phrase "survival of the fittest" is coming to fruition in higher education today. Less than strategic financial moves have no place in post-secondary education. Facing the realities of our current economy is dictating major changes in how colleges are "doing business." These changes present enormous challenges to community…

  16. Dominating clasp of the financial sector revealed by partial correlation analysis of the stock market.

    Directory of Open Access Journals (Sweden)

    Dror Y Kenett

    Full Text Available What are the dominant stocks which drive the correlations present among stocks traded in a stock market? Can a correlation analysis provide an answer to this question? In the past, correlation based networks have been proposed as a tool to uncover the underlying backbone of the market. Correlation based networks represent the stocks and their relationships, which are then investigated using different network theory methodologies. Here we introduce a new concept to tackle the above question--the partial correlation network. Partial correlation is a measure of how the correlation between two variables, e.g., stock returns, is affected by a third variable. By using it we define a proxy of stock influence, which is then used to construct partial correlation networks. The empirical part of this study is performed on a specific financial system, namely the set of 300 highly capitalized stocks traded at the New York Stock Exchange, in the time period 2001-2003. By constructing the partial correlation network, unlike the case of standard correlation based networks, we find that stocks belonging to the financial sector and, in particular, to the investment services sub-sector, are the most influential stocks affecting the correlation profile of the system. Using a moving window analysis, we find that the strong influence of the financial stocks is conserved across time for the investigated trading period. Our findings shed a new light on the underlying mechanisms and driving forces controlling the correlation profile observed in a financial market.

  17. Dominating clasp of the financial sector revealed by partial correlation analysis of the stock market.

    Science.gov (United States)

    Kenett, Dror Y; Tumminello, Michele; Madi, Asaf; Gur-Gershgoren, Gitit; Mantegna, Rosario N; Ben-Jacob, Eshel

    2010-12-20

    What are the dominant stocks which drive the correlations present among stocks traded in a stock market? Can a correlation analysis provide an answer to this question? In the past, correlation based networks have been proposed as a tool to uncover the underlying backbone of the market. Correlation based networks represent the stocks and their relationships, which are then investigated using different network theory methodologies. Here we introduce a new concept to tackle the above question--the partial correlation network. Partial correlation is a measure of how the correlation between two variables, e.g., stock returns, is affected by a third variable. By using it we define a proxy of stock influence, which is then used to construct partial correlation networks. The empirical part of this study is performed on a specific financial system, namely the set of 300 highly capitalized stocks traded at the New York Stock Exchange, in the time period 2001-2003. By constructing the partial correlation network, unlike the case of standard correlation based networks, we find that stocks belonging to the financial sector and, in particular, to the investment services sub-sector, are the most influential stocks affecting the correlation profile of the system. Using a moving window analysis, we find that the strong influence of the financial stocks is conserved across time for the investigated trading period. Our findings shed a new light on the underlying mechanisms and driving forces controlling the correlation profile observed in a financial market.

  18. The Accounting Reform in the Brussels-capital Region: New Tool for Financial Analysis

    Institute of Scientific and Technical Information of China (English)

    2014-01-01

    In the last 20 years, public administrations in Belgium have completely reformed their accounting systems. The new system consists in combining double-entry general accounting with budgetary accounting, which is traditional in the public sector. The accounting reform of 2003 marks a turning point in the history of accounting of the federal State and federated entities (regions and communities). The Brussels-capital region is the first federated entity to embark on the adventure and implement the new accounting system in 2006. The aim of this article is to introduce the legislative framework and the different implementation steps of the accounting reform in the Brussels-capital region and to provide a financial analysis of the region. The objective is to see if the region has a good financial situation. To do this, this paper analyses the data from the balance sheet and the income statements from 2008 to 2011. On one hand, it analyzes the evolution of the region's different results; and on the other hand, it presents different financial ratios. It also analyzes the evolution of the regional debt. This paper concludes that, although expenses and the debt are increasing, the situation of the region is not worrying, because of good budgetary performances, sophisticated financial management, and law loans rates. Even if the results of the analysis don't have to be interpreted as the same way as for a private company, the annual accounts provide interesting information that can be used to improve public finance.

  19. The Study of Location Strategy for Bank through the Analysis of Inter-regional Financial Transaction Network

    National Research Council Canada - National Science Library

    Hong Jae Weon; Hong Won Eui; Kwak Yoon Sik

    2010-01-01

    ... a bank’s branch network from the angle of the network analysis. For this purpose, authors studied location strategy for bank through the analysis of inter-regional network using financial transaction data in Korea...

  20. Preliminary analysis of distributed in situ soil moisture measurements

    Directory of Open Access Journals (Sweden)

    L. Brocca

    2005-01-01

    Full Text Available Surface soil moisture content is highly variable in both space and time. Remote sensing can provide an effective methodology for mapping surface moisture content over large areas but ground based measurements are required to test its reliability and to calibrate retrieval algorithms. Recently, we had the opportunity to design and perform an experiment aimed at jointly acquiring measurements of surface soil water content at various locations and remotely sensed hyperspectral data. The area selected for the experiment is located in central Umbria and it extends for 90km2. For the area, detailed lithological and multi-temporal landslide inventory maps were available. We identified eight plots where measurements of soil water content were made using a Time Domain Reflectometer (TDR. The plots range in size from 100m2 to 600m2, and cover a variety of topographic and morphological settings. The TDR measurements were conducted during four days, on 5 April, 15 April, 2 May and 3 May 2004. On 3 May the NERC airborne CASI 2 acquired the hyperspectral data. Preliminary analysis concerning the matching between the landslides and the soil moisture were reported. Statistical and geostatistical analysis investigating the spatial-temporal soil moisture distribution were performed. These results will be compared with the data of surface temperature obtained from the remotely sensed hyperspectral sensor.

  1. Nonlinear scaling analysis approach of agent-based Potts financial dynamical model.

    Science.gov (United States)

    Hong, Weijia; Wang, Jun

    2014-12-01

    A financial agent-based price model is developed and investigated by one of statistical physics dynamic systems-the Potts model. Potts model, a generalization of the Ising model to more than two components, is a model of interacting spins on a crystalline lattice which describes the interaction strength among the agents. In this work, we investigate and analyze the correlation behavior of normalized returns of the proposed financial model by the power law classification scheme analysis and the empirical mode decomposition analysis. Moreover, the daily returns of Shanghai Composite Index and Shenzhen Component Index are considered, and the comparison nonlinear analysis of statistical behaviors of returns between the actual data and the simulation data is exhibited.

  2. ECONOMIC AND FINANCIAL ANALYSIS OF PEANUT PRODUCTION IN BULGARIA

    Directory of Open Access Journals (Sweden)

    Nelly BENCHEVA

    2008-11-01

    Full Text Available Peanut is not listed as one of the major crops in the Bulgarian agricultural sector, but its economic and fi nancial viability is promising, but unknown. We use enterprise budgets, capital budgeting techniques, risk analysis and logistic regression models to examine the fi nancial and economic structure of peanut farms and to evaluate the factors infl uencing short and long-term profi tability. The results show that peanut production is a profi table venture for most peanut farmers in Bulgaria. Long-run analyses show that peanut production may be economically feasible and producers engaged in production for a period of seven years, and at a discount rate of 13%, may generate internal rates of return (IRR that vary from -20.57% to 67.39%. About 70% of the farms studied had IRRs greater than the discount rate. Sensitivity analyses show that profi tability of peanut production was infl uenced by yield and variable costs. There were risks at the village level associated with peanut production.

  3. 17 CFR 229.303 - (Item 303) Management's discussion and analysis of financial condition and results of operations.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false (Item 303) Management's... 1975-REGULATION S-K Financial Information § 229.303 (Item 303) Management's discussion and analysis of..., changes in financial condition and results of operations. Discussions of liquidity and capital resources...

  4. Financial planning for major initiatives: a framework for success.

    Science.gov (United States)

    Harris, John M

    2007-11-01

    A solid framework for assessing a major strategic initiative consists of four broad steps: Initial considerations, including level of analysis required and resources that will be brought to bear. Preliminary financial estimates for board approval to further assess the initiative. Assessment of potential partners' interest in the project. Feasibility analysis for board green light.

  5. Financialization and financial profit

    Directory of Open Access Journals (Sweden)

    Arturo Guillén

    2014-09-01

    Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.

  6. METHODOLOGICAL ASPECTS OF CONTENT ANALYSIS OF CONVERGENCE BETWEEN UKRAINIAN GAAP AND INTERNATIONAL FINANCIAL REPORTING STANDARDS

    Directory of Open Access Journals (Sweden)

    R. Kuzina

    2015-06-01

    Full Text Available The objective conditions of Ukraine’s integration into the global business environment the need to strengthen the accounting and financial re-porting. At the stage of attracting investment in the country there is a need in the preparation of financial statements generally accepted basic prin-ciples of which are based on common international financial reporting standards (IFRS . Relevant is the assessment of convergence of national standards and International Financial Reporting Standards. However, before you conduct content analysis necessary to determine compliance with standards of methodological approaches to the selection of key indicators for the assessment of convergence. The article is to define the methodo-logical approaches to the selection and development of indicators IFRSs list of key elements for further evaluation convergence of national and international standards. To assess the convergence was allocated 187 basic key elements measuring the level of convergence to IFRS. Sampling was carried out based on the professional judgment of the author, the key indicators of the standard, based on the evaluation of the usefulness of accounting information. These figures make it possible to calculate the specific level of convergence of international and national standards and determine how statements prepared by domestic standards corresponding to IFRS. In other words, can with some certainty assert that Ukraine has made (“good practices in IFRS implementation” or not? This calculation will assess the regulatory efforts of government agencies (Ministry of Finance on the approximation of Ukrainian standards and IFRS.

  7. Operational Practices and Financial Performance: an Empirical Analysis of Brazilian Manufacturing Companies

    Directory of Open Access Journals (Sweden)

    André Luís de Castro Moura Duarte

    2011-10-01

    Full Text Available In the operations management field, operational practices like total quality management or just in time have been seen as a way to improve operational performance and ultimately financial performance. Empirical support for this effect of operational practices in financial performance has been, however, limited due to research design and the inherent difficulties of using performance as a dependent variable. In this paper, we tested the relationship between selected operational practices (quality management, just in time, ISO certification and services outsourcing in financial performance outcomes of profitability and growth. A sample of 1200 firms, operating in São Paulo, Brazil, was used. Analysis using multiple regression explored the direct effect of practices and their interaction with industry dummies. Results did not support the existence of a positive relationship with financial performance. A negative relationship of outsourcing with both profitability and growth was found, supporting some critical views of the outsourcing practice. A weaker negative relationship between ISO certification and growth was also found. Some interactions between practices and industries were also significant, with mixed results, indicating that the effect of practices on performance might be context dependent.

  8. Financial Risk Factor Analysis for Facility Gas Leakages of H2 and NG

    Directory of Open Access Journals (Sweden)

    In-Bok Lee

    2016-09-01

    Full Text Available Fuel cells may be the key to a more environmentally-friendly future because they emit low carbon dioxide per unit of energy supplied. However, little work has investigated the potential financial risks pertaining to fuel cell systems. Often used in the analysis of the safety of systems involving flammable or hazardous materials, risk factor analysis has recently been used to analyze the potential financial losses that may occur from industrial hazards. Therefore, this work undertakes a financial risk factor analysis to determine the costs of leakages of hydrogen and natural gas, which are used in fuel cell systems. Total leakage was calculated from an analysis of several leakage rates and modes. The impact of applying appropriate detection and prevention systems was also investigated. The findings were then used to analyze the consequences for various sections of the system and to calculate the overall cost based on facility outage or damage, and the cost of taking safety precautions. This provides a basis for comparison among proposed potential reactionary measures.

  9. Grid-connected ICES: preliminary feasibility analysis and evaluation. Volume 2. Final report

    Energy Technology Data Exchange (ETDEWEB)

    1977-06-30

    The HEAL Complex in New Orleans will serve as a Demonstration Community for which the ICES Demonstration System will be designed. The complex is a group of hospitals, clinics, research facilities, and medical educational facilities. The five tasks reported on are: preliminary energy analysis; preliminary institutional assessment; conceptual design; firming-up of commitments; and detailed work management plan.

  10. Purification, crystallization and preliminary X-ray analysis of struthiocalcin 1 from ostrich (Struthio camelus) eggshell

    Energy Technology Data Exchange (ETDEWEB)

    Reyes-Grajeda, Juan Pablo [Unidad de Proteómica Médica, Instituto Nacional de Medicina Genómica, Mexico City (Mexico); Marín-García, Liliana [Instituto de Química, Universidad Nacional Autónoma de México (Mexico); Stojanoff, Vivian [Brookhaven National Laboratories, NSLS, Upton, New York (United States); Moreno, Abel, E-mail: carcamo@servidor.unam.mx [Instituto de Química, Universidad Nacional Autónoma de México (Mexico); Unidad de Proteómica Médica, Instituto Nacional de Medicina Genómica, Mexico City (Mexico)

    2007-11-01

    The purification, crystallization and preliminary X-ray diffraction data of the protein struthiocalcin 1 isolated from ostrich eggshell are reported. The purification, crystallization and preliminary X-ray analysis of struthiocalcin 1 (SCA-1), a protein obtained from the intramineral part of ostrich (Struthio camelus) eggshell, is reported.

  11. Investigation of Sorption and Diffusion Mechanisms, and Preliminary Economic Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Bhave, Ramesh R. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Jubin, Robert Thomas [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Spencer, Barry B. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Nair, Sankar [Georgia Inst. of Technology, Atlanta, GA (United States)

    2017-02-01

    This report describes the synthesis and evaluation of molecular sieve zeolite membranes to separate and concentrate tritiated water (HTO) from dilute HTO-bearing aqueous streams. Several monovalent and divalent cation exchanged silico alumino phosphate (SAPO-34) molecular sieve zeolite membranes were synthesized on disk supports and characterized with gas and vapor permeation measurements. The pervaporation process performance was evaluated for the separation and concentration of tritiated water. Experiments were performed using tritiated water feed solution containing tritium at the high end of the range (1 mCi/mL) anticipated in a nuclear fuel processing system that includes both acid and water streams recycling. The tritium concentration was about 0.1 ppm. The permeate was recovered under vacuum. The HTO/H2O selectivity and separation factor calculated from the measured tritium concentrations ranged from 0.99 to 1.23, and 0.83-0.98, respectively. Although the membrane performance for HTO separation was lower than expected, several encouraging observations including molecular sieving and high vapor permeance are reported. Additionally, several new approaches are proposed, such as tuning the sorption and diffusion properties offered by small pore LTA zeolite materials, and cation exchanged aluminosilicates with high metal loading. It is hypothesized that substantially improved preferential transport of tritium (HTO) resulting in a more concentrated permeate can be achieved. Preliminary economic analysis for the membrane-based process to concentrate tritiated water is also discussed.

  12. Crystallization and preliminary crystallographic analysis of recombinant human galectin-1

    Energy Technology Data Exchange (ETDEWEB)

    Scott, Stacy A. [Institute for Glycomics, Gold Coast Campus, Griffith University, Queensland 4222 (Australia); Scott, Ken [School of Biological Sciences, University of Auckland, Auckland (New Zealand); Blanchard, Helen, E-mail: h.blanchard@griffith.edu.au [Institute for Glycomics, Gold Coast Campus, Griffith University, Queensland 4222 (Australia)

    2007-11-01

    Human galectin-1 has been cloned, expressed in E. coli, purified and crystallized in the presence of both lactose (ligand) and β-mercaptoethanol under six different conditions. The X-ray diffraction data obtained have enabled the assignment of unit-cell parameters for two novel crystal forms of human galectin-1. Galectin-1 is considered to be a regulator protein as it is ubiquitously expressed throughout the adult body and is responsible for a broad range of cellular regulatory functions. Interest in galectin-1 from a drug-design perspective is founded on evidence of its overexpression by many cancers and its immunomodulatory properties. The development of galectin-1-specific inhibitors is a rational approach to the fight against cancer because although galectin-1 induces a plethora of effects, null mice appear normal. X-ray crystallographic structure determination will aid the structure-based design of galectin-1 inhibitors. Here, the crystallization and preliminary diffraction analysis of human galectin-1 crystals generated under six different conditions is reported. X-ray diffraction data enabled the assignment of unit-cell parameters for crystals grown under two conditions, one belongs to a tetragonal crystal system and the other was determined as monoclinic P2{sub 1}, representing two new crystal forms of human galectin-1.

  13. Preliminary radiation criteria and nuclear analysis for ETF

    Energy Technology Data Exchange (ETDEWEB)

    Engholm, B.A.

    1980-09-01

    Preliminary biological and materials radiation dose criteria for the Engineering Test Facility are described and tabulated. In keeping with the ETF Mission Statement, a key biological dose criterion is a 24-hour shutdown dose rate of 2 mrem/hr on the surface of the outboard bulk shield. Materials dose criteria, which primarily govern the inboard shield design, include 10/sup 9/ rads exposure limit to epoxy insulation, 3 x 10/sup -4/ dpa damage to the TF coil copper stabilizer, and a total nuclear heating rate of 5 kW in the inboard TF coils. Nuclear analysis performed during FY 80 was directed primarily at the inboard and outboard bulk shielding, and at radiation streaming in the neutral beam drift ducts. Inboard and outboard shield thicknesses to achieve the biological and materials radiation criteria are 75 cm inboard and 125 cm outboard, the configuration consisting of alternating layers of stainless steel and borated water. The outboard shield also includes a 5 cm layer of lead. NBI duct streaming analyses performed by ORNL and LASL will play a key role in the design of the duct and NBI shielding in FY 81. The NBI aluminum cryopanel nuclear heating rate during the heating cycle is about 1 milliwatt/cm/sup 3/, which is far less than the permissible limit.

  14. Preliminary analysis of aerial hyperspectral data on shallow lacustrine waters

    Science.gov (United States)

    Bianchi, Remo; Castagnoli, A.; Cavalli, Rosa M.; Marino, Carlo M.; Pignatti, Stefano; Zilioli, Eugenio

    1995-11-01

    The availability of MIVIS hyperspectral data, deriving from an aerial survey recently performed over a test-site in Lake Garda, Italy, gave the possibility of a preliminary new insight in the field of specific applications of remote sensing to shallow water analysis. The spectroradiometers in the visible and in the thermal infrared were explored in particular, accessing to helpful information for the detection of bio-physical indicators of water quality, either related to the surface/sub-surface of waters or to the bottom of the lake, since the study area presents very shallow waters, never exceeding a 6-meter depth in any case. Primary interest was the detection of man-induced activities along the margins, like sewage effect and sedimentary structure in the bottom or algal bloom. Secondly, a correlation between absorbivity coefficients in the visible bands and bathimetric contour lines in the proximity of the marginal zone of the lake was accomplished, by means of two indicative spectroradiometric transects.

  15. THE INSUFFICIENCY OF FINANCIAL ANALYSIS FOR THE PERFORMANCE OF NON-PROFIT ORGANIZATIONS

    Directory of Open Access Journals (Sweden)

    Delia Corina MIHĂLŢAN

    2015-07-01

    Full Text Available The paper work is based on the hypothesis that the financial analysis is insufficient when it comes to reflecting the performance of nonprofit organizations. Our main argument is the social purpose of non-profit organization, which is the reason why the analyst has to find optimal solutions for analyzing their performance while taking into account their social impact. Our research focused on the conceptualizations of the performance of non-profit organizations and the adequacy of the existing models for analyzing it. The research results refer to the limits of financial analysis regarding the performance of non-profit organizations because it can only offer relevant information regarding its effectiveness.

  16. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems.

    Science.gov (United States)

    Yang, Ge; Wang, Jun; Fang, Wen

    2015-04-01

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  17. Analysis of the financial factors governing the profitability of lunar helium-3

    Science.gov (United States)

    Kulcinski, G. L.; Thompson, H.; Ott, S.

    1989-01-01

    Financial factors influencing the profitability of the mining and utilization of lunar helium-3 are examined. The analysis addressed the following questions: (1) which financial factors have the greatest leverage on the profitability of He-3; (2) over what range can these factors be varied to keep the He-3 option profitable; and (3) what ultimate effect could this energy source have on the price of electricity for U.S. consumers. Two complementary methods of analysis were used in the assessment: rate of return on incremental investment required and reduction revenue requirements (total cost to customers) achieved. Some of the factors addressed include energy demand, power generation costs with and without fusion, profitability for D-He(3) fusion, annual capital and operating costs, launch mass and costs, He-3 price, and government funding. Specific conclusions are made with respect to each of the companies considered: utilities, lunar mining company, and integrated energy company.

  18. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

    Energy Technology Data Exchange (ETDEWEB)

    Yang, Ge; Wang, Jun [School of Science, Beijing Jiaotong University, Beijing 100044 (China); Fang, Wen, E-mail: fangwen@bjtu.edu.cn [School of Economics and Management, Beijing Jiaotong University, Beijing 100044 (China)

    2015-04-15

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  19. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

    Science.gov (United States)

    Yang, Ge; Wang, Jun; Fang, Wen

    2015-04-01

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  20. Essays on financial liberalization

    OpenAIRE

    Bumann, Silke

    2015-01-01

    This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that financial liberalization has a positive, albeit weak effect on growth. Chapter 3 presents a theoretical model to study the relationship between financial liberalization and income inequality. The mode...

  1. Empirical Analysis on Effect of Agricultural Financial Investment on Increase of Farmers’ Income

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    On the basis of economic data from 1978 to 2006,the co-integration theory is applied to discuss the relation between agricultural financial investment and farmers’ income.The statistic AR model is obtained.Then,it makes pulse response analysis in combination with principle of pulse response analysis.The regression results show that support in agricultural production,various agricultural operating expenses and three types of costs for agricultural science and technology are favorable to farmers’ income,while expenditure in agricultural capital construction and rural relief costs hinder increase of farmers’ income.The results of pulse response analysis indicate that the change in support of agricultural production and various agricultural operating expenses have positive impact on farmers’ net income,and the impact is greater and greater from the second year;the response of expenditure in agricultural capital construction and rural relief cost is positive in the beginning and starts to fluctuate from the third year;the pulse response of three types of costs for agricultural science and technology is negative,lasts about five periods,and then turns to positive impact.Finally,combining characteristics of China’s financial support for agriculture,it concludes that the scale,proportion and structure of financial support for agriculture are quite improper.

  2. Conversion Preliminary Safety Analysis Report for the NIST Research Reactor

    Energy Technology Data Exchange (ETDEWEB)

    Diamond, D. J. [Brookhaven National Lab. (BNL), Upton, NY (United States); Baek, J. S. [Brookhaven National Lab. (BNL), Upton, NY (United States); Hanson, A. L. [Brookhaven National Lab. (BNL), Upton, NY (United States); Cheng, L-Y [Brookhaven National Lab. (BNL), Upton, NY (United States); Brown, N. [Brookhaven National Lab. (BNL), Upton, NY (United States); Cuadra, A. [Brookhaven National Lab. (BNL), Upton, NY (United States)

    2015-01-30

    The NIST Center for Neutron Research (NCNR) is a reactor-laboratory complex providing the National Institute of Standards and Technology (NIST) and the nation with a world-class facility for the performance of neutron-based research. The heart of this facility is the NIST research reactor (aka NBSR); a heavy water moderated and cooled reactor operating at 20 MW. It is fueled with high-enriched uranium (HEU) fuel elements. A Global Threat Reduction Initiative (GTRI) program is underway to convert the reactor to low-enriched uranium (LEU) fuel. This program includes the qualification of the proposed fuel, uranium and molybdenum alloy foil clad in an aluminum alloy, and the development of the fabrication techniques. This report is a preliminary version of the Safety Analysis Report (SAR) that would be submitted to the U.S. Nuclear Regulatory Commission (NRC) for approval prior to conversion. The report follows the recommended format and content from the NRC codified in NUREG-1537, “Guidelines for Preparing and Reviewing Applications for the Licensing of Non-power Reactors,” Chapter 18, “Highly Enriched to Low-Enriched Uranium Conversions.” The emphasis in any conversion SAR is to explain the differences between the LEU and HEU cores and to show the acceptability of the new design; there is no need to repeat information regarding the current reactor that will not change upon conversion. Hence, as seen in the report, the bulk of the SAR is devoted to Chapter 4, Reactor Description, and Chapter 13, Safety Analysis.

  3. The analysis of the influence of the intellectual capital on the results of the commercial activity of financial institutions

    Science.gov (United States)

    Shkolik, Oleg; Chirkova, Larisa; Chirkova, Polina

    2016-08-01

    Developing (underdeveloped) countries are territories of slow economic growth (catch-up growth). Perspectives of their economic growth largely depend on developing and introducing financial and technological innovations in the sphere of the financial markets. The level and quality of those innovations should enable provision of faster growth of the financial sector of the national economy by rising stability and effectiveness of the financial institutions. Powerful and stable financial sector is the basic element for attracting investments and upsurge of liquidity in the economic system of a developing country that aims to have developed economy. Intellectual capital is the most important of the fundamental factors of production in the financial sphere. It is a catalytic element of the process of the economic development. From this position, the researchers' collective develops and presents a mathematical model which characterizes the connection between the intellectual capital and financial results of the commercial activity of financial institutions. The model is applied in the analysis of the activity of financial institutions that are part of the EEU.

  4. Preliminary Analysis of Remote Monitoring & Robotic Concepts for Performance Confirmation

    Energy Technology Data Exchange (ETDEWEB)

    D.A. McAffee

    1997-02-18

    ) Identify and discuss the main Performance Confirmation monitoring needs and requirements during the post-emplacement preclosure period. This includes radiological, non-radiological, host rock, and infrastructure performance monitoring needs. It also includes monitoring for possible off-normal events. (Presented in Section 7.3). (3) Identify general approaches and methods for obtaining performance information from within the emplacement drifts for Performance Confirmation. (Presented in Section 7.4) (4)Review and discuss available technologies and design strategies that may permit the use of remotely operated systems within the hostile thermal and radiation environment expected within the emplacement drifts. (Presented in Section 7.5). (5) Based on Performance Confirmation monitoring needs and available technologies, identify potential application areas for remote systems and robotics for post-emplacement preclosure Performance Confirmation activities (Presented in Section 7.6). (6) Develop preliminary remote monitoring and robotic concepts for post-emplacement, preclosure Performance Confirmation activities. (Presented in Section 7.7) This analysis is being performed very early in the systems engineering cycle, even as issues related to the Performance Confirmation program planning phase are being formulated and while the associated needs, constraints and objectives are yet to be fully determined and defined. This analysis is part of an issue formulation effort and is primarily concerned with identification and description of key issues related to remotely monitoring repository performance for Performance Confirmation. One of the purposes of this analysis is to provide an early investigation of potential design challenges that may have a high impact on future design concepts. This analysis can be used to guide future concept development and help access what is feasible and achievable by application of remote systems technology. Future design and systems engineering

  5. From Principle to Action. An Analysis of the Financial Sector's Approach to Addressing Climate Change

    Energy Technology Data Exchange (ETDEWEB)

    Mudde, P.; Abadie, A. [Sustainable Finance, Shrewsbury, Shropshire (United Kingdom)

    2008-05-15

    The Ministry of the Housing, Spatial Planning and the Environment of the Netherlands (VROM), has taken the initiative to commission a study to determine best practice approaches within the financial sector regarding climate change. This study focuses on the indirect climate change footprint of the financial sector, i.e. the impact of the financial sector's clients on climate change. The study sets out to further the body of knowledge relating to the financial sector's approach to understanding and managing the effects of climate change on their clients' business. Specifically, it offers recommendations and potential next steps for both the financial sector and the Dutch government to enable a more focused and definitive approach to understanding, addressing and incorporating climate change considerations into decision-making procedures and policy development. The paper comprises the following analysis: Chapter 1 is an introduction describing why climate change is relevant to the financial sector, and introduces 18 financial institutions which were selected as the basis for the study. Chapter 2 elaborates on challenges for the financial sector regarding the incorporation of climate change considerations into enhanced risk analysis and decision making. Chapter 3 provides a comprehensive overview of the main international business initiatives regarding climate change and sustainability. It can be seen as a summary of Annex I to this report, which identifies which initiatives the 18 financial institutions are involved in. Chapter 4 highlights selected best practices amongst the 18 financial institutions assessed. Chapter 5 provides the main conclusions of the study and puts forward general and specific recommendations and potential next steps for the Dutch government and the financial sector. The Annexes contain fact sheets containing information about the climate change strategy and main activities of these organisations.

  6. 77 FR 16894 - Financial Research Advisory Committee

    Science.gov (United States)

    2012-03-22

    ... recognized experts in the fields of economics, financial institutions and markets, statistical analysis, financial markets analysis, econometrics, applied sciences, risk management, data, information standards... Financial Research Advisory Committee AGENCY: Office of Financial Research, Treasury. ACTION: Notice...

  7. A Preliminary Tsunami vulnerability analysis for Bakirkoy district in Istanbul

    Science.gov (United States)

    Tufekci, Duygu; Lutfi Suzen, M.; Cevdet Yalciner, Ahmet; Zaytsev, Andrey

    2016-04-01

    Resilience of coastal utilities after earthquakes and tsunamis has major importance for efficient and proper rescue and recovery operations soon after the disasters. Vulnerability assessment of coastal areas under extreme events has major importance for preparedness and development of mitigation strategies. The Sea of Marmara has experienced numerous earthquakes as well as associated tsunamis. There are variety of coastal facilities such as ports, small craft harbors, and terminals for maritime transportation, water front roads and business centers mainly at North Coast of Marmara Sea in megacity Istanbul. A detailed vulnerability analysis for Yenikapi region and a detailed resilience analysis for Haydarpasa port in Istanbul have been studied in previously by Cankaya et al., (2015) and Aytore et al., (2015) in SATREPS project. In this study, the methodology of vulnerability analysis under tsunami attack given in Cankaya et al., (2015) is modified and applied to Bakirkoy district of Istanbul. Bakirkoy district is located at western part of Istanbul and faces to the North Coast of Marmara Sea from 28.77oE to 28.89oE. High resolution spatial dataset of Istanbul Metropolitan Municipality (IMM) is used and analyzed. The bathymetry and topography database and the spatial dataset containing all buildings/structures/infrastructures in the district are collated and utilized for tsunami numerical modeling and following vulnerability analysis. The tsunami parameters from deterministically defined worst case scenarios are computed from the simulations using tsunami numerical model NAMI DANCE. The vulnerability assessment parameters in the district according to vulnerability and resilience are defined; and scored by implementation of a GIS based TVA with appropriate MCDA methods. The risk level is computed using tsunami intensity (level of flow depth from simulations) and TVA results at every location in Bakirkoy district. The preliminary results are presented and discussed

  8. Nonlinear Analysis on Cross-Correlation of Financial Time Series by Continuum Percolation System

    Science.gov (United States)

    Niu, Hongli; Wang, Jun

    We establish a financial price process by continuum percolation system, in which we attribute price fluctuations to the investors’ attitudes towards the financial market, and consider the clusters in continuum percolation as the investors share the same investment opinion. We investigate the cross-correlations in two return time series, and analyze the multifractal behaviors in this relationship. Further, we study the corresponding behaviors for the real stock indexes of SSE and HSI as well as the liquid stocks pair of SPD and PAB by comparison. To quantify the multifractality in cross-correlation relationship, we employ multifractal detrended cross-correlation analysis method to perform an empirical research for the simulation data and the real markets data.

  9. Spreadsheets in Financial Departments: An Automated Analysis of 65,000 Spreadsheets using the Luminous Technology

    CERN Document Server

    McDaid, Kevin; Clynch, Neil; Logue, Kevin; Clancy, Cian; Hayes, Shane

    2011-01-01

    Spreadsheet technology is a cornerstone of IT systems in most organisations. It is often the glue that binds more structured transaction-based systems together. Financial operations are a case in point where spreadsheets fill the gaps left by dedicated accounting systems, particularly covering reporting and business process operations. However, little is understood as to the nature of spreadsheet usage in organisations and the contents and structure of these spreadsheets as they relate to key business functions with few, if any, comprehensive analyses of spreadsheet repositories in real organisations. As such this paper represents an important attempt at profiling real and substantial spreadsheet repositories. Using the Luminous technology an analysis of 65,000 spreadsheets for the financial departments of both a government and a private commercial organisation was conducted. This provides an important insight into the nature and structure of these spreadsheets, the links between them, the existence and natur...

  10. Preliminary Core Analysis of a Micro Modular Reactor

    Energy Technology Data Exchange (ETDEWEB)

    Jo, Chang Keun; Chang, Jongwa [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of); Venneri, Francesco [Ultra Safe Nuclear Corporation, Los Alamos (United States); Hawari, Ayman [NC State Univ., Raleigh (United States)

    2014-05-15

    The Micro Modular Reactor (MMR) will be 'melt-down proof'(MDP) under all circumstances, including the complete loss of coolant, and will be easily transportable and retrievable, and suitable for use with very little site preparation and Balance of Plant (BOP) requirements for a variety of applications, from power generation and process heat applications in remote areas to grid-unattached locations, including ship propulsion. The Micro Modular Reactor design proposed in this paper has 3 meter diameter core (2 meter active core) which is suitable for 'factory manufactured' and has few tens year of service life for remote deployment. We confirmed the feasibility of long term service life by a preliminary neutronic analysis in terms of the excess reactivity, the temperature feedback coefficient, and the control margins. We are able to achieve a reasonably long core life time of 5 ∼ 10 years under typical thermal hydraulic condition of a helium cooled reactor. However, on a situation where longer service period and safety is important, we can reduce the power density to the level of typical pebble bed reactor. In this case we can design 10 MWt MMR with core diameter for 10 ∼ 40 years core life time without much loss in the economics. Several burnable poisons are studied and it is found that erbia mixed in the compact matrix seems reasonably good poison. The temperature feedback coefficients were remaining negative during lifetime. Drum type control rods at reflector region and few control rods inside core region are sufficient to control the reactivity during operation and to achieve safe cold shutdown state.

  11. Long memory in international financial markets trends and short movements during 2008 financial crisis based on variational mode decomposition and detrended fluctuation analysis

    Science.gov (United States)

    Lahmiri, Salim

    2015-11-01

    The purpose of this study is to investigate long-range dependence in trend and short variation of stock market price and return series before, during, and after 2008 financial crisis. Variational mode decomposition (VMD), a newly introduced technique for signal processing, is adopted to decompose stock market data into a finite set of modes so as to obtain long term trends and short term movements of stock market data. Then, the detrended fluctuation analysis (DFA) and range scale (R/S) analysis are used to estimate Hurst exponent in each variational mode obtained from VMD. For both price and return series, the empirical results from twelve international stock markets show evidence that long term trends are persistent, whilst short term variations are anti-persistent before, during, and after 2008 financial crisis.

  12. Preliminary evaluation of diabatic heating distribution from FGGE level 3b analysis data

    Science.gov (United States)

    Kasahara, A.; Mizzi, A. P.

    1985-01-01

    A method is presented for calculating the global distribution of diabatic heating rate. Preliminary results of global heating rate evaluated from the European center for Medium Range Weather Forecasts Level IIIb analysis data is also presented.

  13. Econometric analysis of realized covariation: high frequency based covariance, regression, and correlation in financial economics

    DEFF Research Database (Denmark)

    Barndorff-Nielsen, Ole Eiler; Shephard, N.

    2004-01-01

    This paper analyses multivariate high frequency financial data using realized covariation. We provide a new asymptotic distribution theory for standard methods such as regression, correlation analysis, and covariance. It will be based on a fixed interval of time (e.g., a day or week), allowing...... the number of high frequency returns during this period to go to infinity. Our analysis allows us to study how high frequency correlations, regressions, and covariances change through time. In particular we provide confidence intervals for each of these quantities....

  14. The Organic Food Market and Marketing Initiatives in Europe: a Preliminary Analysis

    DEFF Research Database (Denmark)

    Kristensen, Niels Heine; Nielsen, Thorkild; Bruselius-Jensen, Maria Louisa

    2003-01-01

    Kristensen NH, Nielsen T, Bruselius-Jensen M, Scheperlen-Bøgh P, Beckie M, Foster C, Midmore P, Padel S (2002): The Organic Food Market and Marketing Initiatives in Europe: a Preliminary Analysis. Final Report to the EU Commission......Kristensen NH, Nielsen T, Bruselius-Jensen M, Scheperlen-Bøgh P, Beckie M, Foster C, Midmore P, Padel S (2002): The Organic Food Market and Marketing Initiatives in Europe: a Preliminary Analysis. Final Report to the EU Commission...

  15. Improvement of Financial Analysis System from the Perspective of Non-financial Information Analysis%从非财务信息分析看财务分析体系的完善

    Institute of Scientific and Technical Information of China (English)

    徐芳奕

    2012-01-01

    In the information era,information is more and more valuable.Financial analysis is becoming a bridge to help accounting information seekers to gain an access to business information,and is also a means to help them make decisions.However,most of the existing system of financial analysis attaches weight to make use of financial information to analyze,and little attention is given to the non-financial information analysis.So the financial analysis result is not comprehensive enough and can not meet the requirements of a variety of information seekers.Therefore,the financial analysis system needs improvement.%在信息时代,信息的价值越来越大,财务分析是帮助会计信息的需求者获得企业信息的桥梁,是帮助其做出正确决策的手段。然而现有财务分析体系大多注重运用财务信息进行分析,对非财务信息的分析不足,这就使得财务分析结果不够全面,无法满足各种信息需求者的要求,因此亟待完善。

  16. Acceptability of financial incentives for breastfeeding: thematic analysis of readers' comments to UK online news reports.

    Science.gov (United States)

    Giles, Emma L; Holmes, Matthew; McColl, Elaine; Sniehotta, Falko F; Adams, Jean M

    2015-05-16

    Whilst it is recommended that babies are breastfed exclusively for the first six months, many mothers do not maintain breastfeeding for this length of time. Previous research confirms that women and midwives value financial incentives for breastfeeding, but limited research has explored the wider acceptability of these interventions to the general public. This paper examines opinion towards financial incentives for breastfeeding using reader responses to UK on-line media coverage of a study undertaken in this area. This study used netnography to undertake a thematic analysis of 3,373 reader comments posted in response to thirteen articles, published in November 2013, which reported findings from a feasibility study of financial incentives for breastfeeding. All articles were published on one of six UK news websites that achieved a monthly audience of at least five million viewers across laptop and desktop computers and mobile devices during April-May 2013. Nine analytical themes were identified, with a majority view that financial incentives for breastfeeding are unacceptable. These themes cover a range of opinions: from negligent parents unable to take responsibility for their own actions; through to psychologically vulnerable members of society who should be protected from coercion and manipulation; to capable and responsible women who can, and should be allowed to, make their own decisions. Many views focused on the immediate costs of the intervention, concluding that this was something that was currently unaffordable to fund (e.g. by the NHS). Others contrasted the value of the incentive against other 'costs' of breastfeeding. There was some consideration of the issue of cost-effectiveness and cost-saving, where the potential future benefit from initial investment was identified. Many commenters identified that financial incentives do not address the many structural and cultural barriers to breastfeeding. Overall, those commenting on the on-line UK news

  17. Analysis of Possibilities of Detectnig the Manipulation of Financial Statements in Terms of the IFRS and Czech Accounting Standards

    Directory of Open Access Journals (Sweden)

    Zita Drábková

    2015-01-01

    Full Text Available The main objective of financial statements is to give information. The diversity of interests and objectives of individual groups of users and creators of financial statements presents the risk of manipulation of financial statements in the context of true and fair view as defined in the national accounting legislation. The paper is concerned with the different possibilities of detecting the manipulation of financial statements in terms of the Czech Accounting Standards and IFRS. The paper analyzes the selected risk detection models of the manipulation of financial statements using creative accounting methods, off-balance sheet financing methods and accounting frauds in specific case studies of selected accounting unit in terms of Czech accounting standards. Based on the analysis and comparison of the results thereof, the paper presents and evaluates the alternatives of users of financial statements to evaluate the risk of manipulation of financial statements beyond the scope of a fair and true view. The evaluation further includes a comparison of uses of these models with respect to the International Financial Reporting Standards.

  18. Preliminary study on washability and composition analysis of highsulfur coal in some mining areas in Guizhou

    Institute of Scientific and Technical Information of China (English)

    QIU Yue-qin; MAO Song; ZHANG Qin; TIAN Ye; LIU Zhi-hong

    2011-01-01

    Preliminary sink-float experiments on high-sulfur coal was done in some mining areas and carried on elementary analysis, industrial analysis, and ashcontent analysis. Through the experiments, definite middlings, and gangue, the phase analysis of sulfur was carried on, by which a good understanding of sulfur characters in raw coal was achieved.

  19. Multivariate analysis of attitudes on financial and other aspects of business ethics of future managers

    Directory of Open Access Journals (Sweden)

    Blaženka Knežević

    2017-01-01

    Full Text Available Business ethics is a set of rules by which individuals and institutions behave and conduct business in a responsible manner. It involves appropriate constraints on the pursuit of self-interest and profits, particularly when actions affect other stakeholders. Research on financial and other aspects of business ethics includes an examination of personal attitudes which give insight into ways in which people tend to behave as employees, managers, taxpayers and consumers. In this research, the standard ATBEQ questionnaire was extended with five variables covering corporate social responsibility and applied to a sample of business administration students in Croatia. The aim of the research was to identify groups of future managers based on an evaluation of their attitudes on business ethics and corporate social responsibility. The analysis was divided into two parts. In the first part, factor analysis was performed on 35 variables (attitudes relating to business ethics and corporate social responsibility. Six factors were extracted and factor scores were calculated. In the second part, hierarchical and non-hierarchical cluster analyses were conducted. Factor scores were used as input data for the cluster analysis. Firstly, the hierarchical cluster analysis was run on the calculated factor scores. According to the dendrogram, a three-cluster solution was chosen. The non-hierarchical cluster analysis was then used to improve the results of the hierarchical cluster solution. Finally, these clusters (groups of future managers were characterised according to their attitudes on financial and other aspects of business ethics and corporate social responsibility.

  20. A multifractal detrended fluctuation analysis of financial market efficiency: Comparison using Dow Jones sector ETF indices

    Science.gov (United States)

    Tiwari, Aviral Kumar; Albulescu, Claudiu Tiberiu; Yoon, Seong-Min

    2017-10-01

    This study challenges the efficient market hypothesis, relying on the Dow Jones sector Exchange-Traded Fund (ETF) indices. For this purpose, we use the generalized Hurst exponent and multifractal detrended fluctuation analysis (MF-DFA) methods, using daily data over the timespan from 2000 to 2015. We compare the sector ETF indices in terms of market efficiency between short- and long-run horizons, small and large fluctuations, and before and after the global financial crisis (GFC). Our findings can be summarized as follows. First, there is clear evidence that the sector ETF markets are multifractal in nature. We also find a crossover in the multifractality of sector ETF market dynamics. Second, the utilities and consumer goods sector ETF markets are more efficient compared with the financial and telecommunications sector ETF markets, in terms of price prediction. Third, there are noteworthy discrepancies in terms of market efficiency, between the short- and long-term horizons. Fourth, the ETF market efficiency is considerably diminished after the global financial crisis.

  1. ECO PROFIT - A NEW DIMENSION OF SUSTAINABLE DEVELOPMENT IN ECONOMIC AND FINANCIAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Crecană Cornel Dumitru

    2012-12-01

    Full Text Available The paper begins with a review of theoretical concepts including a conceptual delimitation of the term "sustainable development" from the first definition given in 1987 to concrete implementation of EU law and develop a strategy in this regard. Aim of the work is to emphasize the importance of the transition from an economy focused on obtaining maximum profits in a responsible economy, which does not exclude profit, but prioritizes basic maintenance of ecological balance. The innovative character of such a theoretical-methodological approach is limited only by the practicality of implementing the macroeconomic and microeconomic level. It is noteworthy, however, increasing research activities in this field of sustainable development literature study clearly reflects a new direction in the economy, the paradigm shift is expected by all professionals, but was seriously hampered by the financial crisis. Serious impetus was given to research done by the German company Puma, launched in 2010 through the development and publication of a profit and loss "green", taking into account the impact of the natural environment over activities, impact measured clear and published in financial statements of the company. Starting from these considerations, I propose in this paper, introducing the term ECOPROFIT or profit obtained under maintaining fundamental ecological balances, justifying the need for, and practical possibilities to implement this concept in economic and financial analysis, accounting and fiscal management economic entities by developing a model of differential taxation of profits, depending on the impact the entity's economic activities on the ecological balance.

  2. Analysis of the effects of the global financial crisis on the Turkish economy, using hierarchical methods

    Science.gov (United States)

    Kantar, Ersin; Keskin, Mustafa; Deviren, Bayram

    2012-04-01

    We have analyzed the topology of 50 important Turkish companies for the period 2006-2010 using the concept of hierarchical methods (the minimal spanning tree (MST) and hierarchical tree (HT)). We investigated the statistical reliability of links between companies in the MST by using the bootstrap technique. We also used the average linkage cluster analysis (ALCA) technique to observe the cluster structures much better. The MST and HT are known as useful tools to perceive and detect global structure, taxonomy, and hierarchy in financial data. We obtained four clusters of companies according to their proximity. We also observed that the Banks and Holdings cluster always forms in the centre of the MSTs for the periods 2006-2007, 2008, and 2009-2010. The clusters match nicely with their common production activities or their strong interrelationship. The effects of the Automobile sector increased after the global financial crisis due to the temporary incentives provided by the Turkish government. We find that Turkish companies were not very affected by the global financial crisis.

  3. Cusum charts for preliminary analysis of individual observations

    NARCIS (Netherlands)

    A.J. Koning (Alex); R.J.M.M. Does (Ronald)

    1997-01-01

    textabstractA preliminary Cusum chart based on individual observations is developed from the uniformly most powerful test for the detection of linear trends. This Cusum chart is compared with several of its competitors which are based on the likelihood ratio test and on transformations of standardiz

  4. AN EMPIRICAL ANALYSIS OF RUSSIAN BANKING AND NON-FINANCIAL SECTORS' VULNERABILITY TO POSSIBLE EXTERNAL FINANCIAL SHOCK

    Directory of Open Access Journals (Sweden)

    Егор Николаевич Поляков

    2013-08-01

    Full Text Available The article explains to what extent currency mismatch in banking and non-financial sectors determine vulnerability of Russian economy with respect to possible external shock. The authors explain how Central Bank of Russia exchange rate policy depends on currency mismatches and to what extent currency mismatches determined the slowdown of Russian economy during the financial crisis. The article shows the dynamics of currency mismatch from 2004 to 2012 year. The authors offer the model of the relationship between capital flight and external debt of private sector. The authors present the results of stress test of Russian economy. The stress test implies external shock similar to external shock of the end of 2008. According to stress test as of end of 2012 both banking and private sectors are less vulnerable to possible external shock. Meanwhile authors made a conclusion that vulnerability of a private sector remains unacceptably high. The authors recommend 2 ways how to decelerate the currency mismatch of a private sector. DOI: http://dx.doi.org/10.12731/2218-7405-2013-6-8

  5. Financial Support for Rural Cooperative Economy in China Based on Grey Correlation Analysis

    Institute of Scientific and Technical Information of China (English)

    Fuchang; XU; Chuandong; WANG

    2015-01-01

    This paper firstly analyzed current situations of financial support for rural cooperative economy in China and tested the correlation between rural finance and rural cooperative economy using the grey correlation analysis method. Results indicate that there is a close relationship between amount,structure and efficiency of rural finance and development of rural cooperative economy. The amount of rural finance has the largest promotion function to development of rural cooperative economy,the next is rural finance structure,and the least is efficiency of rural finance. Based on research conclusions,it came up with pertinent policy recommendations.

  6. A systemic approach for managing extreme risk events-dynamic financial analysis

    Directory of Open Access Journals (Sweden)

    Ph.D.Student Rodica Ianole

    2011-12-01

    Full Text Available Following the Black Swan logic, it often happens that what we do not know becomes more relevant that what we (believe to know. The management of extreme risks falls under this paradigm in the sense that it cannot be limited to a static approach based only on objective and easily quantifiable variables. Making appeal to the operational tools developed primarily for the insurance industry, the present paper aims to investigate how dynamic financial analysis (DFA can be used within the framework of extreme risk events.

  7. Improving financial performance by modeling and analysis of radiology procedure scheduling at a large community hospital.

    Science.gov (United States)

    Lu, Lingbo; Li, Jingshan; Gisler, Paula

    2011-06-01

    Radiology tests, such as MRI, CT-scan, X-ray and ultrasound, are cost intensive and insurance pre-approvals are necessary to get reimbursement. In some cases, tests may be denied for payments by insurance companies due to lack of pre-approvals, inaccurate or missing necessary information. This can lead to substantial revenue losses for the hospital. In this paper, we present a simulation study of a centralized scheduling process for outpatient radiology tests at a large community hospital (Central Baptist Hospital in Lexington, Kentucky). Based on analysis of the central scheduling process, a simulation model of information flow in the process has been developed. Using such a model, the root causes of financial losses associated with errors and omissions in this process were identified and analyzed, and their impacts were quantified. In addition, "what-if" analysis was conducted to identify potential process improvement strategies in the form of recommendations to the hospital leadership. Such a model provides a quantitative tool for continuous improvement and process control in radiology outpatient test scheduling process to reduce financial losses associated with process error. This method of analysis is also applicable to other departments in the hospital.

  8. A System of Indicators for Financial Analysis of the Municipal Real Property

    Directory of Open Access Journals (Sweden)

    Daniela Feschiyan

    2013-08-01

    Full Text Available The paper presents a system of financial indicators for the efficiency of use of municipal real property. Such a system must provide for meeting the information needs of a number of internal and external consumers and is of primary significance in the analysis of municipalities’ overall financial condition. The following may be pointed out as the major aspects of the practical analysis: i the analysis of the municipality’s provision with immoveable property; ii the analysis of the efficient use of certain categories of municipal real property. The paper aims at clarifying the major moments in the analysis of the structure, composition, and effective use of municipal real property, and the determination of definite indicators to be applied to this analysis oriented towards its implementation. The wide variety of parameters is reduced to a system of 16 indicators: reporting value, depreciation, ratio of replacement, ratio of cost efficiency, ratio of revenue efficiency, return on total assets, return on revenues, return on expenses, ratio of the fitness, ratio of the repair, ratio of real energy provision, ratio of workload, present value of a series of regular cash flows, equivalent yield model, return on investment, return on investment. The paper presents the structure and content of the indicators of the analysis of the municipal real property, as well as the input of these indicators. The estimation (values necessary to determine the indicators, the indicators themselves and their meaning make it possible to study the effectiveness of the operations (functioning of the municipal real property in terms of description of its physical condition, structure, content, purpose and functions, which generates revenues or brings expenditures to the municipality. The system of indicators provides for decision making with a view to boosting the efficiency of public sector management and more specifically – the management of municipal real property.

  9. Current Mooring Design in Partner WECs and Candidates for Preliminary Analysis

    DEFF Research Database (Denmark)

    Thomsen, Jonas Bjerg; Ferri, Francesco; Kofoed, Jens Peter

    This report is the combined report of Commercial Milestone "CM1: Design and Cost of Current Mooring Solutions of Partner WECs" and Milestone "M3: Mooring Solutions for Preliminary Analysis" of the EUDP project "Mooring Solutions for Large Wave Energy Converters". The report covers a description...... of the current mooring design of the partner Wave Energy Converter (WEC) developers in the project, together with a preliminary cost estimate of the systems....

  10. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

    This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

  11. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

    This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

  12. Analysis of Risks and Factors of Formation of the Structure of Financial Capital of Subject of Entrepreneurship

    Directory of Open Access Journals (Sweden)

    Rubaha Mariya V.

    2013-11-01

    Full Text Available The article is devoted to analysis of the structure of sources of financing economic subjects, study of commercial and financial risks of formation of the structure of financial capital of subjects of entrepreneurship. The article pays significant attention to calculation of the weighted average cost of capital, degrees of financial and operational leverages and also to assessment of their mutual influence upon results of financial and economic activity of an enterprise. It studies impact of factors of external environment on the structure of sources of financing subjects of entrepreneurship, these factors include specific features of operational activity, quality and liquidity of assets, concentration of own capital, stages of the life cycle, level of profitability of operational activity, credit history of a borrower and a necessity to ensure the prospective repayment capacity, and financial mentality of owners and managers of an enterprise. The article also analyses factors of external environment of an enterprise (cost of attraction of financing from different sources, commodity and financial markets situations, state regulation and control over business processes, level of taxation of profit of enterprises and also income of physical persons and legal entities – investors from owning securities that influence the possibilities to attract financial capital and, consequently, prospects of efficient functioning of a subject of entrepreneurship in a long-term prospect.

  13. Preliminary Dynamic Siol-Structure-Interaction Analysis for the Waste Handling Building

    Energy Technology Data Exchange (ETDEWEB)

    G. Wagenblast

    2000-05-01

    The objective of this analysis package is to document a preliminary dynamic seismic evaluation of a simplified design concept of the Wade Handling Building (WHB). Preliminary seismic ground motions and soil data will be used. Loading criteria of the WHB System Design Description will be used. Detail design of structural members will not be performed.. The results of the analysis will be used to determine preliminary sizes of structural concrete and steel members and to determine whether the seismic response of the structure is within an acceptable level for future License Application design of safety related facilities. In order to complete this preliminary dynamic evaluation to meet the Site Recommendation (SR) schedule, the building configuration was ''frozen in time'' as the conceptual design existed in October 1999. Modular design features and dry or wet waste storage features were intentionally excluded from this preliminary dynamic seismic evaluation. The document was prepared in accordance with the Development Plan for the ''Preliminary/Dynamic Soil Structure Interaction Analysis for the Waste Handling Building'' (CRWMS M&O 2000b), which was completed, in accordance with AP-2.13Q, ''Technical Product Development Planning''.

  14. Essays on financial liberalization

    NARCIS (Netherlands)

    Bumann, Silke

    2015-01-01

    This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that fin

  15. Essays on financial liberalization

    NARCIS (Netherlands)

    Bumann, Silke

    2015-01-01

    This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that

  16. Thermal Hydraulic Analysis of K-DEMO Single Blanket Module for Preliminary Accident Analysis using MELCOR

    Energy Technology Data Exchange (ETDEWEB)

    Moon, Sung Bo; Bang, In Cheol [UNIST, Ulsan (Korea, Republic of)

    2016-05-15

    To develop the Korean fusion commercial reactor, preliminary design concept for K-DEMO (Korean fusion demonstration reactor) has been announced by NFRI (National Fusion Research Institute). This pre-conceptual study of K-DEMO has been introduced to identify technical details of a fusion power plant for the future commercialization of fusion reactor in Korea. Before this consideration, to build the K-DEMO, accident analysis is essential. Since the Fukushima accident, which is severe accident from unexpected disaster, safety analysis of nuclear power plant has become important. The safety analysis of both fission and fusion reactors is deemed crucial in demonstrating the low radiological effect of these reactors on the environment, during severe accidents. A risk analysis of K-DEMO should be performed, as a prerequisite for the construction of a fusion reactor. In this research, thermal-hydraulic analysis of single blanket module of K-DEMO is conducted for preliminary accident analysis for K-DEMO. Further study about effect of flow distributer is conducted. The normal K-DEMO operation condition is applied to the boundary condition and simulated to verify the material temperature limit using MELCOR. MELCOR is fully integrated, relatively fast-running code developed by Sandia National Laboratories. MELCOR had been used for Light Water Reactors and fusion reactor version of MELCOR was developed for ITER accident analysis. This study shows the result of thermal-hydraulic simulation of single blanket module with MELCOR which is severe accident code for nuclear fusion safety analysis. The difference of mass flow rate for each coolant channel with or without flow distributer is presented. With flow distributer, advantage of broadening temperature gradient in the K-DEMO blanket module and increase mass flow toward first wall is obtained. This can enhance the safety of K-DEMO blanket module. Most 13 .deg. C temperature difference in blanket module is obtained.

  17. Indicators Non-Financial Performance Assessment: Content Analysis of Telecommunications Companies of Management Reports

    Directory of Open Access Journals (Sweden)

    Sandra Belloli De Vargas

    2016-04-01

    Full Text Available Traditionally, business activities adopt performance evaluation as a tool for the efficiency and effectiveness estimation. This article aims to identify the non-financial measures for performance evaluation disclosed by companies in the telecommunication sector listed on the BOVESPA. The use and disclosure of non-financial indicators emerged from the gap left by traditional accounting to explain special issues such as the difference between the book value and the market value of companies. The government regulates the telecommunications sector that also has to meet the appropriate corporative enforcement. The regulatory agencies exercise this control, on behalf of the public services granting carried out by private companies. The study selected the data samples from the telecommunications sector; fixed, and mobile telephony lists using the content analysis of the management annual reports published at the companies' sites, and interpreted using the descriptive statistical analysis. The content analyses find nonfinancial indicators in all reports. The results highlight human resources, followed by the environmental issues number of indicators disclosure. All analyzed companies use the services customer satisfaction and the number of complaints. The results difference maybe because of service and not industry sector sample selection as presented in previous studies.

  18. Analysis on the Spatial-Temporal Dynamics of Financial Agglomeration with Markov Chain Approach in China

    Directory of Open Access Journals (Sweden)

    Weimin Chen

    2014-01-01

    Full Text Available The standard approach to studying financial industrial agglomeration is to construct measures of the degree of agglomeration within financial industry. But such measures often fail to exploit the convergence or divergence of financial agglomeration. In this paper, we apply Markov chain approach to diagnose the convergence of financial agglomeration in China based on the location quotient coefficients across the provincial regions over 1993–2011. The estimation of Markov transition probability matrix offers more detailed insights into the mechanics of financial agglomeration evolution process in China during the research period. The results show that the spatial evolution of financial agglomeration changes faster in the period of 2003–2011 than that in the period of 1993–2002. Furthermore, there exists a very uneven financial development patterns, but there is regional convergence for financial agglomeration in China.

  19. PREFACE: 7th International Conference on Applications of Physics in Financial Analysis

    Science.gov (United States)

    Takayasu, M.; Watanabe, T.; Ikeda, Y.; Takayasu, H.

    2010-04-01

    This volume contains contributed papers from the 7th international conference on 'Applications of Physics in Financial Analysis (APFA)' held at Tokyo on 1-5 March 2009. The conference was organized jointly by Tokyo Institute of Technology and Hitotsubashi University with support from the Research Institute of Economy, Trade, and Industry (RIETI), Physical Society of Japan, Japanese Economic Association, Information Processing Society of Japan, Japanese Society for Artificial Intelligence, and Japan Association for Evolutionary Economics. The first APFA conference (APFA1) was held in 1999 at Dublin, followed by APFA2 at Liege in 2000, APFA3 at London in 2001, APFA4 at Warsaw in 2003, APFA5 at Torino in 2006, and APFA6 at Lisbon in 2007. The 7th APFA conference, which is the first meeting held outside Europe, was attended by 223 researchers in physics and economics from 23 countries world-wide. In keeping with past APFA conferences, we paid special attention to issues in financial markets, which turned out to be very timely. The conference was held in March 2009, in the middle of the global financial crisis that originally started in the US and spread quickly to every corner of the world. The topic of the conference is 'New Approaches to the Analysis of Large Scale Business and Economic data'. The rapid development of information and communication technology has enabled financial/non-financial firms to keep detailed records of their business activities in the form of, for example, tick-by-tick data in financial markets, point-of-sale (POS) data on individual household's purchasing activity, and interfirm network data describing relationships among firms in terms of suppliers/customers transactions and ownerships. This growth in the scope and amount of business data available to researchers has led to a far-reaching expansion in research possibilities. Researchers not only in social sciences but also in physics, mathematics, and information sciences have recently

  20. ASPECTS OF THE FINANCIAL RISK IN THE ROMANIAN ECONOMY VERSUS THE FRENCH ECONOMY - COMPARATIVE PERSPECTIVE AND ANALYSIS

    Directory of Open Access Journals (Sweden)

    Marinela BARBULESCU

    2016-05-01

    Full Text Available Financial risk is characterizing the variability of outcome indicators within the subject of the company's financial structure. A firm's capital structure is: equity and borrowed capital. In the first part of the paper we presented the types of risks that surround us in contemporary economic life, followed by the detailing and analyzing financial risk at the Romanian enterprise level, and in the last part we applied practically the fundamental financial analysis of risk on the French model. The aim of this paper was to present and analyze the most important situations in which the risk is presented in the economy and to offer suggestions and methods by which it’s unwanted effects can be avoided, minimized or controlled, so as to improve human performance.

  1. CONTEMPORARY APPROACHES OF COMPANY PERFORMANCE ANALYSIS BASED ON RELEVANT FINANCIAL INFORMATION

    Directory of Open Access Journals (Sweden)

    Sziki Klara

    2012-12-01

    Full Text Available In this paper we chose to present two components of the financial statements: the profit and loss account and the cash flow statement. These summary documents and different indicators calculated based on them allow us to formulate assessments on the performance and profitability on various functions and levels of the company’s activity. This paper aims to support the hypothesis that the accounting information presented in the profit and loss account and in the cash flow statement is an appropriate source for assessing company performance. The purpose of this research is to answer the question linked to the main hypothesis: Is it the profit and loss statement or the cash flow account that reflects better the performance of a business? Based on the literature of specialty studied we tried a conceptual, analytical and practical approach of the term performance, overviewing some terminological acceptations of the term performance as well as the main indicators of performance analysis on the basis of the profit and loss account and of the cash flow statement: aggregated indicators, also known as intermediary balances of administration, economic rate of return, rate of financial profitability, rate of return through cash flows, operating cash flow rate, rate of generating operating cash out of gross operating result. At the same time we had a comparative approach of the profit and loss account and cash flow statement, outlining the main advantages and disadvantages of these documents. In order to demonstrate the above theoretical assessments, we chose to analyze these indicators based on information from the financial statements of SC Sinteza SA, a company in Bihor county, listed on the Bucharest Stock Exchange.

  2. Cusum charts for preliminary analysis of individual observations

    OpenAIRE

    1997-01-01

    textabstractA preliminary Cusum chart based on individual observations is developed from the uniformly most powerful test for the detection of linear trends. This Cusum chart is compared with several of its competitors which are based on the likelihood ratio test and on transformations of standardized recursive residuals on which for instance the Q-chart methodology is based. It turns out that the new proposed Cusum chart is not only superior in the detection of linear trend out-of-control co...

  3. Fairness of Financial Contribution in Iranian Health System: Trend Analysis of National Household Income and Expenditure, 2003-2010.

    Science.gov (United States)

    Fazaeli, Amir Abbas; Seyedin, Hesam; Vosoogh Moghaddam, Abbas; Delavari, Alireza; Salimzadeh, H; Varmazyar, Hasan; Fazaeli, Ali Akbar

    2015-03-18

    Social systems are dealing with the challenge of achieving fairness in the distribution of financial burden and protecting the risk of financial loss. The purpose of this paper is to present a trend analysis for the indicators related to fairness in healthcare's financial burden in rural and urban population of Iran during the eight years period of 2003 to 2010. We used the information gathered by statistical center of Iran through sampling processes for the household income and expenditures. The indicators of fairness in financial contribution of healthcare were calculated based on the WHO recommended methodology. The indices trend analysis of eight-year period for the rural, urban areas and the country level were computed. This study shows that in Iran the fairness of financial contribution index during the eight-year period has been decreased from 0.841 in 2003 to above 0.827 in 2010 and The percentage of people with catastrophic health expenditures has been increased from 2.3% to above 3.1%. The ratio of total treatment costs to the household overall capacity to pay has been increased from 0.055 to 0.068 and from 0.072 to 0.0818 in urban and rural areas respectively. There is a decline in fairness of financial contribution index during the study period. While, a trend stability of the proportion of households who suffered catastrophic health expenditures was found.

  4. Analysis of Financial Crisis Warning Mechanism%财务危机预警机制浅析

    Institute of Scientific and Technical Information of China (English)

    汪筱

    2012-01-01

    With the constantly change of the world economic environment, enterprises should set up the system of financial crisis warning mechanism which could prevent the risk effectively. This paper explains the meaning of financial crisis and related ones, at the same time, it analyses the factors leading to the financial crisis.On the basis of these factors,the paper brings up the establishment of financial crisis warning mechanism of the combination of qualitative analysis basing on non-financial indicators and quantitative analysis basing on financial indicators.%世界经济环境不断更新变化,企业也需建立财务危机预警机制,有效防范风险.本文论述了财务危机及其相关概念,从影响因素方面分析了引起财务危机的原因,在原因分析的基础之上,提出非财务指标的定性分析和基于财务指标的定量分析相结合的财务危机预警机制的建立.

  5. Grid-connected ICES preliminary feasibility analysis and evaluation. Final report. Volume I. Executive summary

    Energy Technology Data Exchange (ETDEWEB)

    1977-06-30

    A group of hospitals, clinics, research facilities, and medical education facilities, known as the HEAL Complex, was chosen as the site (in New Orleans) for the demonstration of a Grid-Connected Integrated Community Energy System (ICES). The contract work included a preliminary energy supply/demand assessment of the Demonstration Community, a preliminary feasibility analysis and conceptual design of a candidate Demonstration System, preliminary assessment of institutional factors, preparation of a detailed work management plan for subsequent phases of the demonstration program, firming-up of commitments from participating parties, and reporting thereon. This Phase I study has indicated that a central ICES plant producing steam, chilled water, and by-product electricity to serve the HEAL Complex is technically and economically feasible to the extent that Phase II, Detailed Feasibility and Preliminary Design, should be implemented. (MCW)

  6. Financial management, bargaining and efficiency within the household; An empirical analysis

    NARCIS (Netherlands)

    Dobbelsteen, S; Kooreman, P

    1997-01-01

    This paper analyzes data from the British Household Panel Survey on households' financial management and financial decision-making. Direct subjective information was collected by asking questions like 'Who has the final say in big financial decisions?'. All questions were answered separately by both

  7. ANALYSIS OF THE IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS BY COUNTRIES WITH ECONOMIES IN TRANSITION

    Directory of Open Access Journals (Sweden)

    B. Zasadnyi

    2013-08-01

    Full Text Available The article deals with experience of application of international financial reporting standards in different countries with economies in transition. The main advantages and disadvantages of the implementation of international financial reporting standards for financial reporting for Ukrainian companies are based on this experience.

  8. STANDING'S PLACE AND ROLE IN THE FINANCIAL ANALYSIS OF THE ECONOMIC ENTITY

    Directory of Open Access Journals (Sweden)

    Csegedi Sandor

    2011-12-01

    Full Text Available In this paper, the authors present the methods of determining the company's financial standing, based on its financial reporting. Hence, in the debate are included concepts commonly used in financial literature and banking practice such as credit worthiness, credit rating and standing.

  9. Competitiveness analysis on the grounds of information from the annual financial statements of the enterprise

    Directory of Open Access Journals (Sweden)

    Ivanova Rositsa

    2010-01-01

    Full Text Available Competitiveness is a category which is innate in every economic subject. It shows itself in the conditions of market competition. Between competition and competitiveness objectively exist mutual relations and dependence. The presence of competition is a prerequisite for rise of competitiveness and for its manifestation in the real business. In the scientific literature, there is no synonymous definition of the nature of competitiveness. This paper represents an attempt at systematization of the views on this scientific issue. The methodology and the methods of competitiveness analysis should be based on a system of methods. The purpose of this paper is to present possibilities for use of information from the annual financial statements of the enterprises for analysis of their competitiveness by taking into consideration the legislative decisions and the specific business conditions in the Republic of Bulgaria. .

  10. 浅谈医院财务分析方法和其指标体系%Discussion on Hospital Financial Analysis Methods and Its Indicators

    Institute of Scientific and Technical Information of China (English)

    吴轶凡

    2013-01-01

    Hospital financial analysis is important on the analysis and evaluation of hospital operating results, financial condition and reasons for changes. This paper discussed the significance of financial analysis from the hospital, the hospital financial analysis methods and index system of financial analysis. Through financial analysis, promoting hospitals economy.%医院财务分析,对分析和评价医院经营成果、财务状况及其变动原因具有重要意义,本文从医院财务分析的意义,方法及医院财务分析指标体系主要内容几个方面进行初步探讨,通过科学的财务分析,促进医院经济健康运行。

  11. Turbine Fuels from Tar Sands Bitumen and Heavy Oil. Phase I. Preliminary Process Analysis.

    Science.gov (United States)

    1985-04-09

    Process Analysis A. F. Talbot. V. Elanchenny, L. H. Finkel, A. Macris and 3. P. Schwedock Sun Tech, Inc., A Subsidiary of Sun Co. P. 0. Box 1135 Marcus Hook...investigation be carried out in three discrete phases, as described below: Phase I - Preliminary process analysis includes an eval- uation of the potential of

  12. A Preliminary Study on Gender Differences in Studying Systems Analysis and Design

    Science.gov (United States)

    Lee, Fion S. L.; Wong, Kelvin C. K.

    2017-01-01

    Systems analysis and design is a crucial task in system development and is included in a typical information systems programme as a core course. This paper presented a preliminary study on gender differences in studying a systems analysis and design course of an undergraduate programme. Results indicated that male students outperformed female…

  13. BREEDER: a microcomputer program for financial analysis of a large-scale prototype breeder reactor

    Energy Technology Data Exchange (ETDEWEB)

    Giese, R.F.

    1984-04-01

    This report describes a microcomputer-based, single-project financial analysis program: BREEDER. BREEDER is a user-friendly model designed to facilitate frequent and rapid analyses of the financial implications associated with alternative design and financing strategies for electric generating plants and large-scale prototype breeder (LSPB) reactors in particular. The model has proved to be a useful tool in establishing cost goals for LSPB reactors. The program is available on floppy disks for use on an IBM personal computer (or IBM look-a-like) running under PC-DOS or a Kaypro II transportable computer running under CP/M (and many other CP/M machines). The report documents version 1.5 of BREEDER and contains a user's guide. The report also includes a general overview of BREEDER, a summary of hardware requirements, a definition of all required program inputs, a description of all algorithms used in performing the construction-period and operation-period analyses, and a summary of all available reports. The appendixes contain a complete source-code listing, a cross-reference table, a sample interactive session, several sample runs, and additional documentation of the net-equity program option.

  14. Analysis of the impact of financial system elements of Ukraine at objects of innovation activity

    Directory of Open Access Journals (Sweden)

    Iryna Fedyshyn

    2015-11-01

    Full Text Available The article considers the influence of the elements of the financial system at objects of innovation activity in Ukraine. The definition of the financing system of innovative activity and characteristics of its basic elements: financing facilities, government institutions and funds at national, regional and local significance and non-state agents are given. The forms of public funding of innovation activities (direct and indirect methods of financial incentives are analyzed. In the article the features of functioning of joint investment institutions and the effectiveness of investments of venture capital funds into innovative activities in Ukraine are viewed. It was found that venture capital is not a basic or sufficient to stimulate high-tech development in Ukraine, since venture capital funds tend to invest in construction, recycling of agricultural production, food processing, retail trade. The analysis of the proportion of funding sources of innovation for 2013-2014 years is made. Proposals for improvement of methods application and means of financing of innovative activity in Ukraine are given.

  15. Balanced scorecard of effectiveness analysis of the “Balanced scorecard method of analysis” and risk analysis of financial instability (of a bankrupt) of an enterprise (firm)

    OpenAIRE

    2015-01-01

    The significance and essence of balanced scorecard of effectiveness analysis of the “Balanced scorecard method of analysis” and its application for analyzing the risk of financial instability of an enterprise have been considered.

  16. Analysis on Reform of Practical Teaching Strategies for Financial Management Major in Higher Vocational School

    Institute of Scientific and Technical Information of China (English)

    Hou Shangfa

    2016-01-01

    Financial management major put emphasis on professional practice, and it set aim on train professional financial management person from higher vocational education; continue to expand the field of practice. And it has become an important part of teaching. This thesis analyze professional practice teaching principle and the necessity of the hand from the construction of financial management into the higher vocational education, pay attention to the problem of the practical teaching of financial management specialty in higher vocational education, and put forward the reform strategy to improve financial management professional students' practical ability.

  17. Financial Stability and Financial Inclusion

    OpenAIRE

    Morgan, Peter J; Pontines, Victor

    2014-01-01

    Developing economies are seeking to promote financial inclusion, i.e., greater access to financial services for low-income households and firms, as part of their overall strategies for economic and financial development. This raises the question of whether financial stability and financial inclusion are, broadly speaking, substitutes or complements. In other words, does the move toward greater financial inclusion tend to increase or decrease financial stability? A number of studies have sugge...

  18. Feasibility study for biomass power plants in Thailand. Volume 2. appendix: Detailed financial analysis results. Export trade information

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-06-01

    This study, conducted by Black & Veatch, was funded by the U.S. Trade and Development Agency. The report presents a technical and commercial analysis for the development of three nearly identical electricity generating facilities (biomass steam power plants) in the towns of Chachgoengsao, Suphan Buri, and Pichit in Thailand. Volume 2 of the study contains the following appendix: Detailed Financial Analysis Results.

  19. THE ANALYSIS AS FUNCTION OF MANAGEMENT OF FINANCIAL RESULTS OF ACTIVITY OF THE ORGANIZATIONS IN THE AGRARIAN SPHERE

    Directory of Open Access Journals (Sweden)

    Prudnikov A. G.

    2016-05-01

    Full Text Available In the article, we consider methodical basics of the factorial analysis of financial results of activity and financial results of product sales, the factorial analysis of profitability of sales. Materials of the factorial analysis of financial results of activity and profit on realization of main types of products of plant growing of JSC Agroobjedineniye Kuban of the Ust-Labinsky area are presented. We have revealed factors of reduction and reserves of profit increasing, increases of profitability of economic activity of the organization due to grain realization, sunflower seeds, soy and beetroot. Methodical methods of definition of quantitative measure of influence of the profit created by the studied factor on dynamics of sales are offered

  20. The impact on chinese economic growth and energy consumption of the Global Financial Crisis: An input-output analysis

    Energy Technology Data Exchange (ETDEWEB)

    Yuan, Chaoqing; Liu, Sifeng; Xie, Naiming [Economics and Management College, Nanjing University of Aeronautics and Astronautics, Nanjing, 210016 (China)

    2010-04-15

    The dependence on foreign trade increased sharply in China, and therefore Chinese economy is obviously export-oriented. The Global Financial Crisis will impact the Chinese economic growth violently. Chinese government has recently adopted some effective measures to fight against the Global Financial Crisis. The most important measure is the 4 trillion Yuan ($586 billion) stimulus plan which was announced on November 9, 2008. This paper discusses the influence on energy consumption and economic growth of Global Financial Crisis and the stimulus plan against it by input-output analysis. The results show that the fall of exports caused by the Global Financial Crisis will lead to a decrease of 7.33% in GDP (Gross Domestic Production) and a reduction of 9.21% in energy consumption; the stimulus plan against the Global Financial Crisis will lead to an increase of 4.43% in economic growth and an increase of 1.83% in energy consumption; In the Global Financial Crisis, energy consumption per unit GDP will fall in China. (author)

  1. Econometric analysis on the impact of macroeconomic variables toward financial performance: A case of Malaysian public listed logistics companies

    Science.gov (United States)

    Zakariah, Sahidah; Pyeman, Jaafar; Ghazali, Rahmat; Rahman, Ibrahim A.; Rashid, Ahmad Husni Mohd; Shamsuddin, Sofian

    2014-12-01

    The primary concern of this study is to analyse the impact against macroeconomic variables upon the financial performance, particularly in the case of public listed logistics companies in Malaysia. This study incorporated five macroeconomic variables and four proxies of financial performance. The macroeconomic variables selected are gross domestic product (GDP), total trade (XM), foreign direct investment (FDI), inflation rate (INF), and interest rate (INT). This study is extended to the usage of ratio analysis to predict financial performance in relation to the changes upon macroeconomic variables. As such, this study selected four (4) ratios as proxies to financial performance, which is Operating Profit Margin (OPM), Net Profit Margin (NPM), Return on Asset (ROA), Return on Equity (ROE). The findings of this study may appear non-controversial to some, but it resulted in the following important consensus; (1) GDP is found to be highly impacting NPM and least of ROA, (2) XM has high positive impact on OPM and least on ROE, (3) FDI appear to have insignificant impact towards NPM, and (4) INF and INT show similar negative impact on financial performance, precisely highly negative on OPM and least on ROA. Such findings also conform to the local logistic industry settings, specifically in regards to public listed logistics companies in relation to its financial performance.

  2. Financial Analysis of Incentive Mechanisms to Promote Energy Efficiency: Case Study of a Prototypical Southwest Utility

    Energy Technology Data Exchange (ETDEWEB)

    Cappers, Peter; Goldman, Charles; Chait, Michele; Edgar, George; Schlegel, Jeff; Shirley, Wayne

    2009-03-04

    alternative incentive approaches on utility shareholders and customers if energy efficiency is implemented under various utility operating, cost, and supply conditions.We used and adapted a spreadsheet-based financial model (the Benefits Calculator) which was developed originally as a tool to support the National Action Plan for Energy Efficiency (NAPEE). The major steps in our analysis are displayed graphically in Figure ES- 1. Two main inputs are required: (1) characterization of the utility which includes its initial financial and physical market position, a forecast of the utility?s future sales, peak demand, and resource strategy to meet projected growth; and (2) characterization of the Demand-Side Resource (DSR) portfolio ? projected electricity and demand savings, costs and economic lifetime of a portfolio of energy efficiency (and/or demand response) programs that the utility is planning or considering implementing during the analysis period. The Benefits Calculator also estimates total resource costs and benefits of the DSR portfolio using a forecast of avoided capacity and energy costs. The Benefits Calculator then uses inputs provided in the Utility Characterization to produce a ?business-as usual? base case as well as alternative scenarios that include energy efficiency resources, including the corresponding utility financial budgets required in each case. If a decoupling and/or a shareholder incentive mechanism are instituted, the Benefits Calculator model readjusts the utility?s revenue requirement and retail rates accordingly. Finally, for each scenario, the Benefits Calculator produces several metrics that provides insights on how energy efficiency resources, decoupling and/or a shareholder incentive mechanism impacts utility shareholders (e.g. overall earnings, return on equity), ratepayers (e.g., average customer bills and rates) and society (e.g. net resource benefits).

  3. The Discriminant Analysis: an Exploratory Study Concerning the Degree of Financial Autonomy of Companies in the Context of the Romanian Business Environment

    Directory of Open Access Journals (Sweden)

    Marinela Mironiuc

    2010-12-01

    Full Text Available This study aims at analyzing the evolution of financial autonomy on a sample of 80 companies quoted in the Bucharest Stock Exchange, between 2006-2008. Classically, financial autonomy is measured using the global and day-to-day rates of financial autonomy. However, this study has tested the dependency between the global rate of financial autonomy (Own Capital/ Total debts and a series of economic and financial indicators, with the purpose of obtaining both a score function that would help making a classification of the companies subject to our analysis, in performance groups (companies with a high financial autonomy, companies with a medium financial autonomy, companies with a low financial autonomy, and companies with no financial autonomy, and quantifying the influence of the relative variations of these economic and financial indicators on the relative variation of financial autonomy. In order to calculate the results, the statistic instrument SPSS 15.0 was used, and the work method was the discriminant analysis and the regression and multiple correlation analysis.

  4. A novel application of grey principal component analysis to determine stockholder’s approach towards financial ratios

    Directory of Open Access Journals (Sweden)

    Amin Babaei Falah

    2015-04-01

    Full Text Available In this paper, we try to determine the stockholder’s desire approach to financial ratios using a combination of principal component analysis and grey theory.Grey Principal Component Analysis (GPCAhandles poor information reduces dimensions of variables and gives an appropriate score to each company. Here we employ GPCA to identify more appropriate strategies of normalizing data curves to reduce the discrepancy between the GPCA-ranking and return-ranking, hence determining the approaches of stockholders of listed pharmaceutical firms of Tehran Stock Exchange (TSE regarding financial ratios.

  5. Financial planning and analysis techniques of mining firms: a note on Canadian practice

    Energy Technology Data Exchange (ETDEWEB)

    Blanco, H.; Zanibbi, L.R. (Laurentian University, Sudbury, ON (Canada). School of Commerce and Administration)

    1992-06-01

    This paper reports on the results of a survey of the financial planning and analysis techniques in use in the mining industry in Canada. The study was undertaken to determine the current status of these practices within mining firms in Canada and to investigate the extent to which the techniques are grouped together within individual firms. In addition, tests were performed on the relationship between these groups of techniques and both organizational size and price volatility of end product. The results show that a few techniques are widely utilized in this industry but that the techniques used most frequently are not as sophisticated as reported in previous, more broadly based surveys. The results also show that firms tend to use 'bundles' of techniques and that the relative use of some of these groups of techniques is weakly associated with both organizational size and type of end product. 19 refs., 7 tabs.

  6. Quality assurance of the Teaching – Learning Process in the Financial Economic Analysis

    Directory of Open Access Journals (Sweden)

    R.F. Creţu

    2013-06-01

    Full Text Available In the current context of economic development, human resources capable of long-life training and adaptable to economic change are essential elements of a model of growth based on competitiveness, efficiency and quality. In this paper we propose to identify strategies to improve the quality of the teaching learning process of Financial Economic Analysis in the Bucharest Academy of Economic Studies to the students in the first cycle of education - graduates cycle, the final year of study. Classroom observation is the qualitative method used to monitor the quality of the teaching learning process. As a complex process of instruments, classroom observation may take different forms and can play several roles.

  7. Is CO2 emission a side effect of financial development? An empirical analysis for China.

    Science.gov (United States)

    Hao, Yu; Zhang, Zong-Yong; Liao, Hua; Wei, Yi-Ming; Wang, Shuo

    2016-10-01

    Based on panel data for 29 Chinese provinces from 1995 to 2012, this paper explores the relationship between financial development and environmental quality in China. A comprehensive framework is utilized to estimate both the direct and indirect effects of financial development on CO2 emissions in China using a carefully designed two-stage regression model. The first-difference and orthogonal-deviation Generalized Method of Moments (GMM) methods are used to control for potential endogeneity and introduce dynamics. To ensure the robustness of the estimations, two indicators measuring financial development-financial depth and financial efficiency-are used. The empirical results indicate that the direct effects of financial depth and financial efficiency on environmental quality are positive and negative, respectively. The indirect effects of both indicators are U shaped and dominate the shape of the total effects. These findings suggest that the influences of the financial development on environment depend on the level of economic development. At the early stage of economic growth, financial development is environmentally friendly. When the economy is highly developed, a higher level of financial development is harmful to the environmental quality.

  8. Breckinridge Project, initial effort. Report X. Economic analysis and financial plan

    Energy Technology Data Exchange (ETDEWEB)

    None

    1982-01-01

    The economic evaluation presented in this volume is based upon the cost estimates developed in the Phase Zero effort and an evaluation of product market values developed by the PACE Company Engineers and Consultants, Inc. All costs and revenues have been adjusted to reflect the impact of inflation, consistent with the forecast shown in Table 2.1, Page 2-19. Tax treatment reflects expert interpretation of the tax law in effect January 1981. The Marketing Analysis section is an abstract of a detailed report prepared by the PACE Company for the Breckinridge Project. It provides the reader with an understanding of the methodology used to establish product values, and identifies and interprets the effects of key variables that impact market prices. The base case economic scenario, considered the most likely to occur, anticipates that the world economic growth, as well as that of the United States, will be substantially less than that experienced during the previous twenty years. Under the scenario, major disruptions in crude oil supply will not occur. Therefore, prices in real terms at the end of this century are projected to be slightly higher than the peak price of 1981. Domestic natural gas supplies are expected to expand as a result of deregulation and increased importation of LNG. Two alternate economic scenarios are also considered. Sensitivity analysis of both alternate economic scenarios and key project variables clearly point to the market price of crude oil as the dominant economic factor determining this project's soundness. The base case forecast is considered to be not only the most likely case but one not likely to be proven optimistic. The Financial Plan section outlines provisions and presents a plan for financial management of the project.

  9. Thick Concrete Specimen Construction, Testing, and Preliminary Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Clayton, Dwight A. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hoegh, Kyle [Univ. of Minnesota, Minneapolis, MN (United States); Khazanovich, Lev [Univ. of Minnesota, Minneapolis, MN (United States)

    2015-03-01

    The purpose of the U.S. Department of Energy Office of Nuclear Energy’s Light Water Reactor Sustainability (LWRS) Program is to develop technologies and other solutions that can improve the reliability, sustain the safety, and extend the operating lifetimes of nuclear power plants (NPPs) beyond 60 years. Since many important safety structures in an NPP are constructed of concrete, inspection techniques must be developed and tested to evaluate the internal condition. In-service containment structures generally do not allow for the destructive measures necessary to validate the accuracy of these inspection techniques. This creates a need for comparative testing of the various nondestructive evaluation (NDE) measurement techniques on concrete specimens with known material properties, voids, internal microstructure flaws, and reinforcement locations. A preliminary report detailed some of the challenges associated with thick reinforced concrete sections and prioritized conceptual designs of specimens that could be fabricated to represent NPP concrete structures for using in NDE evaluation comparisons. This led to the construction of the concrete specimen presented in this report, which has sufficient reinforcement density and cross-sectional size to represent an NPP containment wall. Details on how a suitably thick concrete specimen was constructed are presented, including the construction materials, final nominal design schematic, as well as formwork and rigging required to safely meet the desired dimensions of the concrete structure. The report also details the type and methods of forming the concrete specimen as well as information on how the rebar and simulated defects were embedded. Details on how the resulting specimen was transported, safely anchored, and marked to allow access for systematic comparative NDE testing of defects in a representative NPP containment wall concrete specimen are also given. Data collection using the MIRA Ultrasonic NDE equipment and

  10. Tank waste remediation system retrieval and disposal mission phase 1 financial analysis

    Energy Technology Data Exchange (ETDEWEB)

    Wells, M.W.

    1998-01-09

    The purpose of the Tank Waste Remediation System (TWRS) Retrieval and Disposal Mission Phase 1 Financial Analysis is to provide a quantitative and qualitative cost and schedule risk analysis of HNF-1946, Tank Waste Remediation System Retrieval and Disposal Mission Initial Updated Baseline (Swita et al. 1998). The Updated Baseline (Section 3.0) is compared to the current TWRS Project Multi-Year Work Plan (MYWP) for fiscal year (FY) 1998 and target budgets for FY 1999 through FY 2011 (Section 4.1). The analysis then evaluates the executability of HNF-1946 (Sections 4.2 through 4.5) and recommends a path forward for risk mitigation (Sections 4.6, 4.7, and 5.0). A sound systems engineering approach was applied to understand and analyze the Phase 1B Retrieval and Disposal mission. Program and Level 1 Logics were decomposed to Level 8 of the Work Breakdown Structure (WBS) where logic was detailed, scope was defined, detail durations and estimates prepared, and resource loaded schedules developed. Technical Basis Review (TBR) packages were prepared which include this information and, in addition, defined the enabling assumptions for each task, and the risks associated with performance. This process is discussed in Section 2.1. Detailed reviews at the subactivity within the Level 1 Logic TBR levels were conducted to provide the recommended solution to the Phase 1B Retrieval and Disposal Mission. Independent cost analysis and risk assessments were performed by members of the Lockheed Martin Hanford Corporation (LMHC) Business Management and Chief Financial Officer organization along with specialists in risk analysis from TRW, Inc. and Lockheed Martin Energy Systems. The process evaluated technical, schedule, and cost risk by category (program specific fixed and variable, integrated program, and programmatic) based on risk certainly from high probability well defined to very low probability that is not bounded or priceable as discussed in Section 2.2. The results have been

  11. Prevalence of Financial Fraud and Scams Among Older Adults in the United States: A Systematic Review and Meta-Analysis.

    Science.gov (United States)

    Burnes, David; Henderson, Charles R; Sheppard, Christine; Zhao, Rebecca; Pillemer, Karl; Lachs, Mark S

    2017-08-01

    The financial exploitation of older adults was recently recognized by the Centers for Disease Control and Prevention as a serious public health problem. Knowledge of the prevalence of elder financial exploitation is mostly limited to the category of financial abuse, which occurs in relationships involving an expectation of trust. Little is known about the other major category of elder financial exploitation-elder financial fraud and scams, which is perpetrated by strangers. A valid estimate of elder financial fraud-scam prevalence is necessary as a foundation for research and prevention efforts. To estimate the prevalence of elder financial fraud-scam victimization in the United States based on a systematic review and meta-analysis. Multiple investigators independently screened titles and abstracts and reviewed relevant full-text records from PubMed, Medline, PsycINFO, Criminal Justice Abstracts, Social Work Abstracts, and AgeLine databases. To maximize the validity and generalizability of prevalence estimation, we restricted eligibility to general population-based studies (English speaking, 1990 onward) using state- or national-level probability sampling and collecting data directly from older adults. Information on elder financial fraud-scam prevalence and study-level characteristics was extracted independently by 2 investigators. Meta-analysis of elder financial fraud-scam prevalence used generalized mixed models with individual studies as levels of a random classification factor. We included 12 studies involving a total of 41 711 individuals in the meta-analysis. Overall pooled elder financial fraud-scam prevalence (up to 5-year period) across studies was 5.6% (95% confidence interval [CI] = 4.0%, 7.8%), with a 1-year period prevalence of 5.4% (95% CI = 3.2%, 7.6%). Studies using a series of questions describing specific fraud-scam events to measure victimization found a significantly higher prevalence (7.1%; 95% CI = 4.8%, 9.4%) than studies

  12. Analysis of Informationization Construction of Business Financial Management under the Network Economy

    Science.gov (United States)

    Dong, Yahui; Zhang, Pengwei; Li, Wei

    To strengthen the informationization construction of the financial management has great significance to the achievement of business management informationization, and under the network economic environment, it is an important task of the financial management that how to conduct informationization construction of traditional financial management to provide true, reliable and complete financial information system for the business managers. This paper thoroughly researches the problem of financial information orientation management (FIOM) by taking the method of combining theory with practice. This paper puts forward the thinking method of financial information management, makes the new contents of E-finance. At last, this paper rebuilds the system of finance internal control from four aspects such as control of organization and management, system development control and safety control of network system.

  13. Analysis and Assessment of Financial Indicators of Banks in the Context of Ensuring Functioning of the Banking System

    Directory of Open Access Journals (Sweden)

    Samorodov Borys V.

    2013-12-01

    Full Text Available The article studies methods of analysis and assessment of financial indicators of activity of banks, which characterise their solvency, keeping which at a relevant level for each bank ensures functioning of the banking system in general. It offers a number of financial indicators, which should be assessed when determining the credit rating of competitor banks. It demonstrates an approach to identification of the degree of influence of indicators upon the solvency level. It reveals a necessity of comparing when conducting analysis of values of financial indicators of bank activity, which are rated, with relevant values by the group of banks and the whole banking system. In the result of application of the proposed methods it seems possible to assess positive and negative sides of activity of a specific bank compared to its competitors. Moreover, rather high values of analysed financial indicators, compared to other studied banks, could be used as weighty information when conducting PR campaigns carried out by the bank. The bank management should pay attention to low values of financial indicators, which are determined through comparison with competitor banks, and build up a relevant strategy of measures on improvement of the bank activity.

  14. THE MEASUREMENT BASES AND THE ANALYSIS OFTHOSE FOR QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS

    OpenAIRE

    Hikmet Ulusan

    2008-01-01

    The measurement bases of assets and liabilities for financial reporting are basically included: historical cost, replacement cost, net realizable value, value in use, deprival value and fair value. The first part of this study deals with the measurement bases of assets and liabilities for financial reporting. In the second part, the measurement bases for the qualitative characteristics that determine the usefulness of information provided in financial statements areanalyzed.

  15. A Financial Analysis of Retirement Plan Investment Options for Military Personnel

    Science.gov (United States)

    2004-06-01

    36 Brigham , Eugene F., Ehrhardt and Michael C., Financial Management Theory and Practice, 10th ed., p 285. 37 Ibid, 287. 22...reference for analyzing retirement planning options, the textbook Financial Management Theory and Practice, 10th Ed, by Eugene F. Brigham and Michael C...Why Stock Return Volatility Really Matters”, Strategic Investor Relations, Spring 2001. 26. Brigham , Eugene F. and Ehrhardt , Michael C., Financial

  16. Preliminary Analysis of Species Partitioning in the DWPF Melter

    Energy Technology Data Exchange (ETDEWEB)

    Choi, A. [Savannah River Site (SRS), Aiken, SC (United States). Savannah River National Lab. (SRNL); Kesterson, M. [Savannah River Site (SRS), Aiken, SC (United States). Savannah River National Lab. (SRNL); Johnson, F. [Savannah River Site (SRS), Aiken, SC (United States). Savannah River National Lab. (SRNL); McCabe, D. [Savannah River Site (SRS), Aiken, SC (United States). Savannah River National Lab. (SRNL)

    2015-07-15

    The work described in this report is preliminary in nature since its goal was to demonstrate the feasibility of estimating the off-gas entrainment rates from the Defense Waste Processing Facility (DWPF) melter based on a simple mass balance using measured feed and glass pour stream compositions and timeaveraged melter operating data over the duration of one canister-filling cycle. The only case considered in this study involved the SB6 pour stream sample taken while Canister #3472 was being filled over a 20-hour period on 12/20/2010, approximately three months after the bubblers were installed. The analytical results for that pour stream sample provided the necessary glass composition data for the mass balance calculations. To estimate the “matching” feed composition, which is not necessarily the same as that of the Melter Feed Tank (MFT) batch being fed at the time of pour stream sampling, a mixing model was developed involving three preceding MFT batches as well as the one being fed at that time based on the assumption of perfect mixing in the glass pool but with an induction period to account for the process delays involved in the calcination/fusion step in the cold cap and the melter turnover.

  17. Preliminary Coupling of MATRA Code for Multi-physics Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Seongjin; Choi, Jinyoung; Yang, Yongsik; Kwon, Hyouk; Hwang, Daehyun [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

    2014-05-15

    The boundary conditions such as the inlet temperature, mass flux, averaged heat flux, power distributions of the rods, and core geometry is given by constant values or functions of time. These conditions are separately calculated and provided by other codes, such as a neutronics or a system codes, into the MATRA code. In addition, the coupling of several codes in the different physics field is focused and embodied. In this study, multiphysics coupling methods were developed for a subchannel code (MATRA) with neutronics codes (MASTER, DeCART) and a fuel performance code (FRAPCON-3). Preliminary evaluation results for representative sample cases are presented. The MASTER and DeCART codes provide the power distribution of the rods in the core to the MATRA code. In case of the FRAPCON-3 code, the variation of the rod diameter induced by the thermal expansion is yielded and provided. The MATRA code transfers the thermal-hydraulic conditions that each code needs. Moreover, the coupling method with each code is described.

  18. Laboratory Investigations on Estuary Salinity Mixing: Preliminary Analysis

    Directory of Open Access Journals (Sweden)

    F. H. Nuryazmeen

    2014-05-01

    Full Text Available Estuaries are bodies of water along the coasts that are formed when fresh water from rivers flows into and mixes with salt water from the ocean. The estuaries serve as a habitat to some aquatic lives, including mangroves. Human-induced activities such as dredging of shipping lanes along the bottom estuarine, the disposal of industrial wastes into the water system and shoreline development influence estuarine dynamics which include mixing process. These activities might contribute to salinity changes and further adversely affect the estuarine ecosystem. In order to study at the characteristics of the mixing between salt water (estuary and freshwater (river, a preliminary investigation had been done in the laboratory. Fresh water was released from one end of the flume and overflowing at weir at the other end. Meanwhile, salt water was represented by the red dye tracer released through a weir and intruded upstream as a gravity current. The isohalines are plotted to see the salinity patterns. Besides, to examine the spatial and temporal salinity profiles along the laboratory investigations, the plotted graphs have been made. The results show that the changes in salinity level along the flume due to mixing between fresh water and salt water. This showed typical salt-wedge estuary characteristics.

  19. Switching Regime Beta Analysis of Global Financial Crisis: Evidence from International Public Real Estate Markets

    National Research Council Canada - National Science Library

    Kim Hiang Liow; Qing Ye

    2017-01-01

    .... Employing univariate and multivariate switching regime beta models, our results suggest that the public real estate markets examined responded significantly to the financial crisis with a significant...

  20. Financial crisis and exchange rates in emerging economies: An empirical analysis using PPP-UIP-Framework

    Directory of Open Access Journals (Sweden)

    Abdul Rashid

    2014-01-01

    Full Text Available This paper empirically investigates the effects of 2008 financial crisis on exchange rate determination in PPP-UIP framework for four emerging countries, using monthly date over the period 1981-2012. The results suggest that the recent financial crisis led to change the role of exchange rate determinants in exchange rate determination. The findings also reveal that the effects of financial crisis on the exchange rate are different in all the four emerging economies. The findings of the study are of significant for policy makers in designing effective policies in order to reduce the effects of financial crisis on exchange rates.

  1. Financial Literacy and Credit Card Behaviors: A Cross-Sectional Analysis by Age

    OpenAIRE

    Sam Allgood; William Walstad

    2013-01-01

    In this study, we use a measure of financial literacy that includes both a test score of actual financial literacy and a self-rating of perceived financial literacy to investigate how financial literacy affects five credit card behaviors: (1) always paying a credit card balance in full; (2) carrying over a credit card balance and being charged interest; (3) making only a minimum payment on a credit card balance; (4) being charged a fee for a late payment; and (5) being charged a fee for excee...

  2. Fukushima Daiichi unit 1 uncertainty analysis--Preliminary selection of uncertain parameters and analysis methodology

    Energy Technology Data Exchange (ETDEWEB)

    Cardoni, Jeffrey N.; Kalinich, Donald A.

    2014-02-01

    Sandia National Laboratories (SNL) plans to conduct uncertainty analyses (UA) on the Fukushima Daiichi unit (1F1) plant with the MELCOR code. The model to be used was developed for a previous accident reconstruction investigation jointly sponsored by the US Department of Energy (DOE) and Nuclear Regulatory Commission (NRC). However, that study only examined a handful of various model inputs and boundary conditions, and the predictions yielded only fair agreement with plant data and current release estimates. The goal of this uncertainty study is to perform a focused evaluation of uncertainty in core melt progression behavior and its effect on key figures-of-merit (e.g., hydrogen production, vessel lower head failure, etc.). In preparation for the SNL Fukushima UA work, a scoping study has been completed to identify important core melt progression parameters for the uncertainty analysis. The study also lays out a preliminary UA methodology.

  3. Preliminary Analysis of a Novel SAR Based Emergency System for Earth Orbit Satellites using Galileo

    NARCIS (Netherlands)

    Gill, E.K.A.; Helderweirt, A.

    2010-01-01

    This paper presents a preliminary analysis of a novel Search and Rescue (SAR) based emergency system for Low Earth Orbit (LEO) satellites using the Galileo Global Navigation Satellite System (GNSS). It starts with a description of the space user SAR system including a concept description, mission ar

  4. ANSI/ASHRAE/IES Standard 90.1-2013 Preliminary Determination: Quantitative Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Halverson, Mark A.; Rosenberg, Michael I.; Wang, Weimin; Zhang, Jian; Mendon, Vrushali V.; Athalye, Rahul A.; Xie, YuLong; Hart, Reid; Goel, Supriya

    2014-03-01

    This report provides a preliminary quantitative analysis to assess whether buildings constructed according to the requirements of ANSI/ASHRAE/IES Standard 90.1-2013 would result in energy savings compared with buildings constructed to ANSI/ASHRAE/IES Standard 90.1-2010.

  5. Financial incentives and psychiatric services in Australia: an empirical analysis of three policy changes.

    Science.gov (United States)

    Doessel, D P; Scheurer, Roman W; Chant, David C; Whiteford, Harvey

    2007-01-01

    Australia has a national, compulsory and universal health insurance scheme, called Medicare. In 1996 the Government changed the Medicare Benefit Schedule Book in such a way as to create different financial incentives for consumers or producers of out-of-hospital private psychiatric services, once an individual consumer had received 50 such services in a 12-month period. The Australian Government introduced a new Item (319) to cover some special cases that were affected by the policy change. At the same time, the Commonwealth introduced a 'fee-freeze' for all medical services. The purpose of this study is two-fold. First, it is necessary to describe the three policy interventions (the constraints on utilization, the operation of the new Item and the general 'fee-freeze'.) The new Item policy was essentially a mechanism to 'dampen' the effect of the 'constraint' policy, and these two policy changes will be consequently analysed as a single intervention. The second objective is to evaluate the policy intervention in terms of the (stated) Australian purpose of reducing utilization of psychiatric services, and thus reducing financial outlays. Thus, it is important to separate out the different effects of the three policies that were introduced at much the same time in November 1996 and January 1997. The econometric results indicate that the composite policy change (constraining services and the new 319 Item) had a statistically significant effect. The analysis of the Medicare Benefit (in constant prices) indicates that the 'fee-freeze' policy also had a statistically significant effect. This enables separate determination of the several policy changes. In fact, the empirical results indicate that the Commonwealth Government underestimated the 'savings' that would arise from the 'constraint' policy.

  6. The rise of non-financial performance measures in annual reports. An analysis of ATX-listed companies

    Directory of Open Access Journals (Sweden)

    Juergen Muehlbacher

    2016-05-01

    Full Text Available Purpose of the article: In the past, annual reports only include financial measures. More recently, this shareholder value approach has been criticized of leading to a strategic short-term orientation. Consequently, the use of strategic performance measurement systems (SPMSs, namely the Balanced Scorecard (BSC, is proposed to communicate non-financial measures to investors and stakeholders. Besides the distribution of critical information, the disclosure of non-financial measures should strengthen the employee's commitment to the long-term strategy. The purpose of the article is thus to reveal whether Austrian companies disclose their strategic performance measures in their annual reports. Methodology/methods: Two observation points, 2002 and 2012, were chosen to analyse the annual reports of companies listed on the ATX. This period of time allows to observe changes as well as new trends. The annual reports have been downloaded from the company’s homepage or received via email or post. A document and content analysis, followed by a frequency analysis, has been applied to identify several non-financial measures with regard to the following BSC derived perspectives: Customer perspective, internal business perspective and innovation and learning perspective. Scientific aim: The scientific aim of the following study is to examine the extent, to which non-financial performance measures are displayed in annual reports. Findings: The analysis of the annual reports showed a tremendous increase of non-financial measures in the time period between 2002 and 2012, which solely arose from the augmented disclosure activities of the innovation and learning perspective. On the other hand, the customer and internal perspective decreased in importance. Moreover, the top ten measures in 2002 have changed and are dominated by diversity and environmental issues in the year 2012. Conclusions: Similar findings in the literature as well as the influence of legal

  7. The Financial Analysis of the Hungarian Automotive Industry Based on Profitability and Capital Structure Ratios

    Directory of Open Access Journals (Sweden)

    Gabor Szucs

    2015-03-01

    Full Text Available The present study aims to investigate the economic processes taking place in the Hungarian automotive industry primarily by means of descriptive and multivariate statistical models. The purpose of the analysis is to present the performance of the sector via the ratios describing the operation. First the database and the applied methods – which are the factor and cluster analysis – will be described. Statement of the results begins with a descriptive statistical analysis of the financial ratios, where besides market share we get a whole picture of the operation of the determinative companies of the branch and the factors influencing the last six years. The capital structure ratios are examined in a separate chapter, where the changes of the last 10 years can be followed. The multivariate statistical models try to present a complex picture of the characteristics of the economic field and the underlying boundaries by means of the different ratios. On the basis of these findings, the study concludes that the automotive industry, which is named as a driving force of the economy, maintains its unbroken momentum predominantly due to the foreign-owned segment. Despite the given circumstances, the role of the liabilities is not of great importance.

  8. Tank waste remediation system retrieval and disposal mission -- Phase 1: Financial analysis

    Energy Technology Data Exchange (ETDEWEB)

    Bickford, J.C.

    1998-01-06

    In Section 1.0, an overview of the Financial Analysis was provided and summarized in Table 1 for both the Retrieval and Disposal program and the TWRS project life cycle. A table recaps the pre-Phase 1B analysis budget requirements as discussed in previous sections. Another table in this section shows a similar build-up of costs and the impact of proposed offsets and increases to the pre-Phase 1B analysis. The issues concerning the increased requirements in FY 1998/1999 and the recommended adjustments were discussed. The Phase 1B Program as recommended is achievable. Specific recommendations are as follows: (a) Adopt the revised project baseline as presented in the cited tables; (b) Incorporate the $248.5 million in allowances for risk into the baseline; (c) Develop detailed action plans to realize the costs reduction opportunities; (d) Incorporate site indirect and benefits reduction rates into baseline; (e) Delay non-critical path scope which can be moved beyond FY 1999, as indicated: and (f) Renegotiate the Tri-Party Agreement milestones associated with the current compliance unfunded list for FY 1998.

  9. Preliminary Analysis of the Oklahoma Wavefields Demonstration Dataset

    Science.gov (United States)

    Anderson, K. R.; Sweet, J. R.; Woodward, R.; Karplus, M. S.; DeShon, H. R.; Magnani, M. B.; Hayward, C.; Langston, C. A.

    2016-12-01

    In June 2016, a field crew of 50 students, faculty, industry personnel and IRIS staff deployed a total of 390 stations as part of a community seismic experiment above an active seismic lineament in north-central Oklahoma. The goals of the experiment were to test new instrumentation and deployment strategies that record the full wavefield, and to advance understanding of earthquake source processes and regional lithospheric structure. The crew deployed 363 3C 4.5Hz Generation 2 Fairfield Z-Land nodes along three seismic lines and in a seven-layer nested gradiometer array. The seismic lines spanned a region 13 km long by 5 km wide. The nested gradiometer was designed to measure the full seismic wavefield using standard frequency-wavenumber techniques and spatial wave gradients. A broadband, 18 station "Golay 3x6" array was deployed around the gradiometer and seismic lines with an aperture of approximately 5 km to collect waveform data from local and regional events. In addition, 9 infrasound stations were deployed in order to capture and identify acoustic events that might be recorded by the seismic arrays and to quantify the wind acoustic noise effect on co-located broadband stations. The variety of instrumentation used in this deployment was chosen to capture the full seismic wavefield generated by the local and regional seismicity beneath the array and the surrounding region. We present preliminary results from the data collected during the experiment. We analyze the level of signal coherence observed across the nested gradiometer and Golay array as well as array design fidelity. We report on data quality, including completeness and noise levels, for the various types of instrumentation. We also examine the performance of co-located surface and buried nodes to determine the benefits of each installation type. Finally, we present performance comparisons between co-located nodes and broadband stations and compare these results to prior wavefield/large-N deployments

  10. Preliminary analysis techniques for ring and stringer stiffened cylindrical shells

    Science.gov (United States)

    Graham, J.

    1993-03-01

    This report outlines methods of analysis for the buckling of thin-walled circumferentially and longitudinally stiffened cylindrical shells. Methods of analysis for the various failure modes are presented in one cohesive package. Where applicable, more than one method of analysis for a failure mode is presented along with standard practices. The results of this report are primarily intended for use in launch vehicle design in the elastic range. A Microsoft Excel worksheet with accompanying macros has been developed to automate the analysis procedures.

  11. Smartphones in the Tactical Environment: A Framework for Financial Analysis of U.S. Marine Corps Options

    Science.gov (United States)

    2014-04-30

    President Maritime Sector, Siemens PLM Software Smartphones in the Tactical Environment: A Framework for Financial Analysis of U.S. Marine Corps Options...that envisages a somewhat old- fashioned /traditional company COC that is composed of a few Humvees occupied by the company’s command staff, with all of

  12. Financial feasibility analysis of the Reuse of Human Waste Business Model in the Cape Coast metropolis in Ghana.

    NARCIS (Netherlands)

    Aboah, J.; Gebrezgabher, S.A.; Gielen-Meuwissen, M.P.M.

    2014-01-01

    The financial viability of waste management schemes in Ghana have been reported to be rare. Hence prior to upscaling the pilot reuse of human waste business model to a commercial phase, analysis of the viability of the up scaled business model is essential. Thus this study seeks to analyse the finan

  13. 科研预算方法及财务管理分析%Research Budgeting and Financial Management Analysis

    Institute of Scientific and Technical Information of China (English)

    周勇

    2014-01-01

    根据国家针对科技经费投入、预算和科研财务管理制定的政策,从科研经费的使用效果和财务管理分析入手,运用趋势分析法和对比分析法,分析了科研预算、财务管理实践中的主要问题和不足,并在此基础上,提出了创新科研预算方法、构建财务管理体系的措施。%According to the national policy for science and technology funding, budgeting and financial management of the development of scientific research, from the use of research funding and financial management analysis start using trend analysis and comparative analysis, analysis of the research budget, financial management practices of the main problems and deficiencies, and on this basis, the proposed budget for innovative research methods, building measures in the financial management system.

  14. The impact of removing financial incentives from clinical quality indicators : longitudinal analysis of four Kaiser Permanente indicators

    NARCIS (Netherlands)

    Lester, H.; Schmittdiel, J.; Selby, J.; Fireman, B.; Campbell, S.M.; Lee, J.; Whippy, A.; Madvig, P.

    2010-01-01

    OBJECTIVE: To evaluate the effect of financial incentives on four clinical quality indicators common to pay for performance plans in the United Kingdom and at Kaiser Permanente in California. DESIGN: Longitudinal analysis. SETTING: 35 medical facilities of Kaiser Permanente Northern California, 1997

  15. MODERN ROLE OF THE REPORT ON FINANCIAL RESULTS AND THE FEATURES OF ITS EXTERNAL AND INTERNAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Babackov A. N.

    2014-09-01

    Full Text Available This article examines the significance of the statement of financial performance in the current conditions. Factor analysis of earnings is studied in detail. The basic principles and steps of constructing a report for RAS and IAS have been revealed

  16. Global financial crisis and weak-form efficiency of Islamic sectoral stock markets: An MF-DFA analysis

    Science.gov (United States)

    Mensi, Walid; Tiwari, Aviral Kumar; Yoon, Seong-Min

    2017-04-01

    This paper estimates the weak-form efficiency of Islamic stock markets using 10 sectoral stock indices (basic materials, consumer services, consumer goods, energy, financials, health care, industrials, technology, telecommunication, and utilities). The results based on the multifractal detrended fluctuation analysis (MF-DFA) approach show time-varying efficiency for the sectoral stock markets. Moreover, we find that they tend to show high efficiency in the long term but moderate efficiency in the short term, and that these markets become less efficient after the onset of the global financial crisis. These results have several significant implications in terms of asset allocation for investors dealing with Islamic markets.

  17. 农村金融生态环境与新型农村金融机构脆弱性%The Fragility of Rural Financial Ecological Environment and New-type Rural Financial Institutions' Based on SEM Analysis

    Institute of Scientific and Technical Information of China (English)

    何颖媛

    2013-01-01

    农村金融生态环境是新型农村金融机构生存和发展的环境基础.为了深入揭示农村金融生态环境对新型农村金融机构脆弱性的影响程度,在分析农村金融生态环境属性构成基础上,构建了农村金融生态环境与新型农村金融机构脆弱性的关系模型,并在问卷调查基础上运用结构方程模型进行实证检验,研究结果表明:除了农村法律环境的影响假设未得到支持外,农村经济环境、农村金融环境、农村政策环境和农村信用环境在降低新型农村金融机构脆弱性方面有显著正向影响.%Rural financial ecological environment provides the basis for the existence and development of new-type rural financial institutions. In order to reveal how much the rural financial ecological environment has influenced the fragility of new-type rural financial institutions this paper, based on an analysis of the components of rural financial ecological environment, constructs a relation model between the rural financial ecological environment and the new-type rural financial Institutions' fragility. SEM is used to analyze the questionnaires. The result proves that rural financial ecological environment consists of five parts: except rural legal environment, rural economic environment, rural financial environment, rural policy environment, rural legal environment and rural credit environment all have a significant positive effect on New-type rural financial Institutions' fragility.

  18. Financial abuse in elderly Korean immigrants: mixed analysis of the role of culture on perception and help-seeking intention.

    Science.gov (United States)

    Lee, Hee Yun; Eaton, Charissa K

    2009-07-01

    This study aims to evaluate how elderly Korean immigrants perceive and respond to a hypothetical incident of financial abuse on the basis of their cultural background. By using a quota sampling strategy, 124 elderly Korean immigrants were recruited. A mixed-method approach was employed to explore the role of culture on elderly immigrants' view of financial abuse and the construct of independent and interdependent self-construal was adopted to theoretically guide the study. Mixed-method analysis confirmed considerable influence of culture, particularly in responding to the abusive situation. Although the vast majority of the elders (92%) perceived financial abuse as elder mistreatment, only two-thirds (64%) intended to seek help. Five major themes for not seeking help were produced. These are: (a) issues related to family problems, (b) tolerance of the abuse, (c) shame, (d) victim blame, and (e) mistrust toward third party intervention. A series of binary logistic regressions revealed (a) a lower likelihood of seeking formal types of help with those who had higher level of adherence to traditional values and (b) the profile of vulnerable elderly Koreans who are at higher risk of being financially abused: male and less educated. This article also discusses implications for social work practice and elder mistreatment policy, particularly focusing on how to work with elderly Korean immigrants who are vulnerable to this problem and who tend to use collectivistic cultural values in responding to financial abuse.

  19. Personal financial incentives for changing habitual health-related behaviors: A systematic review and meta-analysis.

    Science.gov (United States)

    Mantzari, Eleni; Vogt, Florian; Shemilt, Ian; Wei, Yinghui; Higgins, Julian P T; Marteau, Theresa M

    2015-06-01

    Uncertainty remains about whether personal financial incentives could achieve sustained changes in health-related behaviors that would reduce the fast-growing global non-communicable disease burden. This review aims to estimate whether: i. financial incentives achieve sustained changes in smoking, eating, alcohol consumption and physical activity; ii. effectiveness is modified by (a) the target behavior, (b) incentive value and attainment certainty, (c) recipients' deprivation level. Multiple sources were searched for trials offering adults financial incentives and assessing outcomes relating to pre-specified behaviors at a minimum of six months from baseline. Analyses included random-effects meta-analyses and meta-regressions grouped by timed endpoints. Of 24,265 unique identified articles, 34 were included in the analysis. Financial incentives increased behavior-change, with effects sustained until 18months from baseline (OR: 1.53, 95% CI 1.05-2.23) and three months post-incentive removal (OR: 2.11, 95% CI 1.21-3.67). High deprivation increased incentive effects (OR: 2.17; 95% CI 1.22-3.85), but only at >6-12months from baseline. Other assessed variables did not independently modify effects at any time-point. Personal financial incentives can change habitual health-related behaviors and help reduce health inequalities. However, their role in reducing disease burden is potentially limited given current evidence that effects dissipate beyond three months post-incentive removal. Copyright © 2015. Published by Elsevier Inc.

  20. ANALYSIS OF INFLUENCE OF FINANCIAL SOCIAL LEARNING OPPORTUNITIES ON LOAN REPAYMENT BEHAVIOUR OF COOPERATOR BORROWERS IN ABIA STATE, NIGERIA

    Directory of Open Access Journals (Sweden)

    Christopher Ogbonna EMEROLE

    2014-12-01

    Full Text Available This study on analysis of influence of financial social learning opportunities on loan repayment behavior of cooperator borrowers was carried out in Abia State, Nigeria. It was the objectives of the study to relate social learning financial opportunities in cooperative societies and member borrowers budgeting and timely repayment of loans; and determine demographic, social learning and financial factors that influenced loan repayment by cooperator borrowers. Two-stage random sampling technique was used in selecting first, two of the three agricultural zones; and second two registered farmers’ multi-purpose agricultural cooperative societies. This was followed by purposive selection from registers of the chosen cooperative societies sixty cooperators who currently were repaying loans borrowed. Descriptive and inferential statistical techniques were used in analyzing the gathered cross sectional data. Results suggest important relationships between financial social learning opportunities in cooperative societies and borrowers’ budgeting and timely loan repayment behaviours. Attendance to meetings, discussions with fellow cooperators and meaningful observation on financial behaviour of members of cooperative societies had significant positive influences on conduct and performance loan beneficiaries. The number of times beneficiaries attended meeting since after loan(s were received; number of times they discussed loan matters with members before loan(s were received; and number of times they discussed loan repayment strategies with other cooperators after loans were received had positive influences on loan repayment behaviour of cooperator borrowers. Cooperator(s should participate in all union activities to truly belong and reap the benefits of being a member

  1. 集团公司财务控制分析%Financial Control Analysis of Group Companies

    Institute of Scientific and Technical Information of China (English)

    韩阳

    2011-01-01

    集团公司的财务控制是集团控制的基本手段,有效的财务控制是保证集团公司财务信息质量,提高整个集团经营决策的正确性最直接、最有效的方式之一.本文分析了集团公司财务控制存在的问题和成因,并提出加强集团公司财务控制的对策.%Financial control is an important means for group to control its members. Efficient financial control is the best means to insure the quality of group information, to improve the correctness of group decision-making, and it is also a necessary tool for group keeping financial risk away. This paper analysis the problem in group financial control and why these problems exist, and how to strengthen group financial control.

  2. Experts’ analysis of the improvement spaces of the first phase of reform in health system financial management: A qualitative study

    Directory of Open Access Journals (Sweden)

    P. Bastani

    2016-04-01

    Full Text Available Background: Health financial reforms began in 2005 through four phases in order to achieve the maximum efficiency and effectiveness in this sector. The first phase was accrual accounting implementation instead of cash method. Objective: The aim of this study was to determine the most important improvement spaces of the first phase of reform in financial management (accrual accounting in the viewpoints of financial experts employed in middle and operational levels of Universities of Medical Sciences. Methods: This qualitative study was conducted in Universities of Medical Sciences in 2013 using non-probability sampling method (snowball. Saturation was achieved only after 25 semi-structured interviews. Data were analyzed using content analysis by Kruger model. Findings: Seven areas of improvement including staffs, managers, information system, organizational culture, structure, process, and financial were identified as main themes. Each theme contained several sub-themes. Conclusion: Attempts and planning should be considered by decision makers in order to improve modifiable determinants through practical mechanisms in the first phase of health system financial management.

  3. HEAL G-C ICES, Phase II: detailed feasibility analysis and preliminary design. Final report, Stage 1

    Energy Technology Data Exchange (ETDEWEB)

    1978-03-22

    In this preliminary report for Phase II of Health Education Authority of Louisiana's (HEAL) ICES program, specific elements of the basic intitutional issues were readdressed, as requested by the U.S. Department of Energy. The draft environmental assessment was reassessed and updated. Thermal energy demand profiles for the major community sectors, i.e., the five institutions comprising the HEAL Complex, were refined on a month-by-month basis and resulted in establishing ICES plant systems design capacities of 121,500 pounds per hour demand and 418,175,000 pounds per year for steam; 10,000 tons demand and 38,885,000 ton-hours per year for cooling. From these values the concept of the plant was developed. The Phase I capital cost estimate was updated. Total capital cost is now indicated as $29,960,500. The Phase I operating cost estimate was updated, with that figure now $8,468,479. The Phase I financial analysis was updated, producing an estimated annual revenue level of $9,907,062.

  4. Financial Management of New York's Charter Schools: A Normative, Descriptive, and Prescriptive Analysis

    Science.gov (United States)

    Brent, Brian O.; Finnigan, Kara S.

    2009-01-01

    Surprisingly little is known about the financial management practices of charter schools. The literature offer policymakers only anecdotal answers to the following important questions: Who manages charter school finances and what educational and previous employment experiences do they bring to their positions? What do audited financial statements…

  5. Complexity theory and financial regulation: economic policy needs interdisciplinary network analysis and behavioral modeling

    NARCIS (Netherlands)

    Battiston, S.; Farmer, J.D.; Flache, A.; Garlaschelli, D.; Haldane, A.G.; Heesterbeek, H.; Hommes, C.; Jaeger, C.; May, R.; Scheffer, M.

    2016-01-01

    Traditional economic theory could not explain, much less predict, the near collapse of the financial system and its long-lasting effects on the global economy. Since the 2008 crisis, there has been increasing interest in using ideas from complexity theory to make sense of economic and financial

  6. Country and consumer segmentation : Multi-level latent class analysis of financial product ownership

    NARCIS (Netherlands)

    Bijmolt, THA; Paas, LJ; Vermunt, JK

    2004-01-01

    The financial services sector has internationalized over the last few decades. Important differences and similarities in financial behavior can be anticipated between both consumers within a particular country and those living in different countries. For companies in this market, the appropriate cho

  7. Country and Consumer Segmentation : Multi-Level Latent Class Analysis of Financial Product Ownership

    NARCIS (Netherlands)

    Bijmolt, T.H.A.; Paas, L.J.; Vermunt, J.K.

    2003-01-01

    The financial services sector has internationalized over the last few decades.Important differences and similarities in financial behavior can be anticipated between both consumers within a particular country and those living in different countries.For companies in this market, the appropriate choic

  8. Financial Management of New York's Charter Schools: A Normative, Descriptive, and Prescriptive Analysis

    Science.gov (United States)

    Brent, Brian O.; Finnigan, Kara S.

    2009-01-01

    Surprisingly little is known about the financial management practices of charter schools. The literature offer policymakers only anecdotal answers to the following important questions: Who manages charter school finances and what educational and previous employment experiences do they bring to their positions? What do audited financial statements…

  9. Financial Aid Tipping Points: An Analysis of Aid and Academic Achievement at a California Community College

    Science.gov (United States)

    Coria, Elizabeth; Hoffman, John L.

    2016-01-01

    The purpose of this study was to explore relationships between financial aid awards and measures of student academic achievement. Financial aid and academic records for 11,956 students attending an urban California community college were examined and analyzed using simultaneous linear regression and two-way factorial ANOVAs. Findings revealed a…

  10. Country and Consumer Segmentation : Multi-Level Latent Class Analysis of Financial Product Ownership

    NARCIS (Netherlands)

    Bijmolt, T.H.A.; Paas, L.J.; Vermunt, J.K.

    2003-01-01

    The financial services sector has internationalized over the last few decades.Important differences and similarities in financial behavior can be anticipated between both consumers within a particular country and those living in different countries.For companies in this market, the appropriate

  11. Country and consumer segmentation : Multi-level latent class analysis of financial product ownership

    NARCIS (Netherlands)

    Bijmolt, THA; Paas, LJ; Vermunt, JK

    2004-01-01

    The financial services sector has internationalized over the last few decades. Important differences and similarities in financial behavior can be anticipated between both consumers within a particular country and those living in different countries. For companies in this market, the appropriate

  12. Complexity theory and financial regulation: economic policy needs interdisciplinary network analysis and behavioral modeling

    NARCIS (Netherlands)

    Battiston, S.; Farmer, J.D.; Flache, A.; Garlaschelli, D.; Haldane, A.G.; Heesterbeek, H.; Hommes, C.; Jaeger, C.; May, R.; Scheffer, M.

    2016-01-01

    Traditional economic theory could not explain, much less predict, the near collapse of the financial system and its long-lasting effects on the global economy. Since the 2008 crisis, there has been increasing interest in using ideas from complexity theory to make sense of economic and financial mark

  13. Preliminary Design and Analysis of ITER In-Wall Shielding

    Institute of Scientific and Technical Information of China (English)

    LIU Changle; YU Jie; WU Songtao; CAI Yingxiang; PAN Wanjiang

    2007-01-01

    ITER in-wall shielding (IIS) is situated between the doubled shells of the ITER Vacuum Vessel (IVV). Its main functions are applied in shielding neutron, gamma-ray and toroidal field ripple reduction. The structure of IIS has been modelled according to the IVV design criteria which has been updated by the ITER team (IT). Static analysis and thermal expansion analysis were performed for the structure. Thermal-hydraulic analysis verified the heat removal capability and resulting temperature, pressure, and velocity changes in the coolant flow. Consequently, our design work is possibly suitable as a reference for IT's updated or final design in its next step.

  14. Preliminary Technical Risk Analysis for the Geothermal Technologies Program

    Energy Technology Data Exchange (ETDEWEB)

    None

    2009-01-18

    This report explains the goals, methods, and results of a probabilistic analysis of technical risk for a portfolio of R&D projects in the DOE Geothermal Technologies Program (The Program). The analysis is a task by Princeton Energy Resources International, LLC, in support of the National Renewable Energy Laboratory on behalf of the Program. The main challenge in the analysis lies in translating R&D results to a quantitative reflection of technical risk for a key Program metric: levelized cost of energy (LCOE).

  15. First fungal genome sequence from Africa: A preliminary analysis

    Directory of Open Access Journals (Sweden)

    Rene Sutherland

    2012-01-01

    Full Text Available Some of the most significant breakthroughs in the biological sciences this century will emerge from the development of next generation sequencing technologies. The ease of availability of DNA sequence made possible through these new technologies has given researchers opportunities to study organisms in a manner that was not possible with Sanger sequencing. Scientists will, therefore, need to embrace genomics, as well as develop and nurture the human capacity to sequence genomes and utilise the ’tsunami‘ of data that emerge from genome sequencing. In response to these challenges, we sequenced the genome of Fusarium circinatum, a fungal pathogen of pine that causes pitch canker, a disease of great concern to the South African forestry industry. The sequencing work was conducted in South Africa, making F. circinatum the first eukaryotic organism for which the complete genome has been sequenced locally. Here we report on the process that was followed to sequence, assemble and perform a preliminary characterisation of the genome. Furthermore, details of the computer annotation and manual curation of this genome are presented. The F. circinatum genome was found to be nearly 44 million bases in size, which is similar to that of four other Fusarium genomes that have been sequenced elsewhere. The genome contains just over 15 000 open reading frames, which is less than that of the related species, Fusarium oxysporum, but more than that for Fusarium verticillioides. Amongst the various putative gene clusters identified in F. circinatum, those encoding the secondary metabolites fumosin and fusarin appeared to harbour evidence of gene translocation. It is anticipated that similar comparisons of other loci will provide insights into the genetic basis for pathogenicity of the pitch canker pathogen. Perhaps more importantly, this project has engaged a relatively large group of scientists

  16. The importance of management in the university spin-offs development. Organizational and financial analysis

    Directory of Open Access Journals (Sweden)

    David Rodeiro Pazos

    2012-02-01

    Full Text Available The number of university spin offs in the Spanish University System have increased in the last years. However, these companies still have to face financial and organizational problems, like the lack of management abilities of their founder members. Based on a panel of 72 spin offs created in Spain in the last decade, this paper analyzes the main problems of these companies, and proposes financial and organizational tools to solve some of them. As a result of this previous research, we describe, on the one hand, a series of applied initiatives in organizational design and human resources policies. On the other hand, from a financial perspective, we propose the use of venture capital resource as potential financial instrument. This paper contributes to increase the data frame of university spin offs in Spain, and proposes new approaches to support the management abilities of entrepreneurs, through the proposal of applied organizational and financial tools.

  17. A comparative financial analysis of multi-institutional organizations by ownership type.

    Science.gov (United States)

    Coyne, J S

    1985-01-01

    Concern about future directions in healthcare exists, with corporate consolidation seen as likely and necessary. To understand this transformation, the author examines the financial growth trends among the nation's leading corporate providers. Investor-owned (IO) and not-for-profit (NFP) firms are compared using audited data on four financial accounts (assets, debt, equity and income) and three financial ratios (liquidity, leverage, and profitability). The author analyzes financial trends from 1978 to 1982 and looks beyond the significant differences in the balance sheet and income statement accounts to a significant similarity in ratio trends between the NFP and the IO firms' financial conditions. The implications of these findings are discussed in terms of future forms of corporate providers.

  18. Performance analysis tool (PATO): Development and preliminary validation

    National Research Council Canada - National Science Library

    Fernando Martins; Filipe Clemente; Frutuoso Silva

    2017-01-01

    .... The Performance Analysis Tool (PATO) software was built with the aim to quickly codify relationships between players and built the adjacency matrices that can be used to test the network measures...

  19. Preliminary Technical Risk Analysis for the Geothermal Technologies Program

    Energy Technology Data Exchange (ETDEWEB)

    McVeigh, J.; Cohen, J.; Vorum, M.; Porro, G.; Nix, G.

    2007-03-01

    This report explains the goals, methods, and results of a probabilistic analysis of technical risk for a portfolio of R&D projects in the DOE Geothermal Technologies Program ('the Program'). The analysis is a task by Princeton Energy Resources International, LLC (PERI), in support of the National Renewable Energy Laboratory (NREL) on behalf of the Program. The main challenge in the analysis lies in translating R&D results to a quantitative reflection of technical risk for a key Program metric: levelized cost of energy (LCOE). This requires both computational development (i.e., creating a spreadsheet-based analysis tool) and a synthesis of judgments by a panel of researchers and experts of the expected results of the Program's R&D.

  20. Integrated transcriptome and methylome analysis in youth at high risk for bipolar disorder: a preliminary analysis.

    Science.gov (United States)

    Fries, G R; Quevedo, J; Zeni, C P; Kazimi, I F; Zunta-Soares, G; Spiker, D E; Bowden, C L; Walss-Bass, C; Soares, J C

    2017-03-14

    First-degree relatives of patients with bipolar disorder (BD), particularly their offspring, have a higher risk of developing BD and other mental illnesses than the general population. However, the biological mechanisms underlying this increased risk are still unknown, particularly because most of the studies so far have been conducted in chronically ill adults and not in unaffected youth at high risk. In this preliminary study we analyzed genome-wide expression and methylation levels in peripheral blood mononuclear cells from children and adolescents from three matched groups: BD patients, unaffected offspring of bipolar parents (high risk) and controls (low risk). By integrating gene expression and DNA methylation and comparing the lists of differentially expressed genes and differentially methylated probes between groups, we were able to identify 43 risk genes that discriminate patients and high-risk youth from controls. Pathway analysis showed an enrichment of the glucocorticoid receptor (GR) pathway with the genes MED1, HSPA1L, GTF2A1 and TAF15, which might underlie the previously reported role of stress response in the risk for BD in vulnerable populations. Cell-based assays indicate a GR hyporesponsiveness in cells from adult BD patients compared to controls and suggest that these GR-related genes can be modulated by DNA methylation, which poses the theoretical possibility of manipulating their expression as a means to counteract the familial risk presented by those subjects. Although preliminary, our results suggest the utility of peripheral measures in the identification of biomarkers of risk in high-risk populations and further emphasize the potential role of stress and DNA methylation in the risk for BD in youth.

  1. ANALYSIS OF DISCLOSURE OF THE FEDERATIVE RIGHTS IN THE FINANCIAL STATEMENTS OF BRAZILIAN FOOTBALL CLUBS

    Directory of Open Access Journals (Sweden)

    Ricardo dos Santos Custodio

    2012-09-01

    Full Text Available The purpose of this survey is to check whether the publishing of financial statements by the Brazilian football clubs adopt uniform accounting criteria for similar events that involve federative rights after publication of NBC 10.13. This survey has as contribution the development of a discussion on the comparability and the level of transparency in the dissemination of accounting information carried out by clubs, as well as how these actions can assist the decision making of possible investors and other stakeholders, such as fans, government, and other agents of society. Data analysis was undertaken by means of analysis of the accounting reporting documentation, published in the periods of 2006 and 2007, encompassing eleven clubs in the Brazilian Premier League 2007. The main results showed that there is adoption of very different accounting criteria among clubs. For example: expenditures with contracting, renewal of contracts of athletes who are recorded as fixed assets or accounted as expenditures during the period. It is highlighted that there are clubs that have not been complying to what is set forth in provisions of the NBC 10.13, therefore, they do no provide to their users with information recommended by the standard. It stands out, among implications, that there is a significant decrease in the comparability and transparency level between accounting reporting published by the Brazilian clubs.

  2. Intellectual Capital (IC Analysis and The Effect to Financial Performance in PT Kalasuba Indonesia (KSI

    Directory of Open Access Journals (Sweden)

    Dwi Ermayanti Susilo

    2016-10-01

    Full Text Available Financial Performance (FP is one of the important things for a company to know the development of the company. One important thing that influences FP is the Intellectual Capital (IC. Research was conducted to get the best IC analysis in order to get success and fulfill the daily human needs which always increases. Therefore, it had research problem ‘how was the components of IC affecting the FP of PT Kalasuba Indonesia (KSI, and the objective is to explore the IC components in affecting the FP. It was interesting to be explored because it had unique characteristics, which consist of spiritual knowledge, attitude, discipline, management knowledge and managerial experience, as well as skill and capabilities, in which the first three points were different from the rest. It used qualitative analysis method as the instrument. It was done by collecting the data through observation and was analyzed using the Robbins theory. It can be concluded that those five IC has important effect in increasing FP of PT KSI and keeping it stable.

  3. A cluster analysis study based on profitability and financial indicators in the Italian gas retail market

    Energy Technology Data Exchange (ETDEWEB)

    Capece, Guendalina; Di Pillo, Francesca; Levialdi, Nathan [Dipartimento di Ingegneria dell' Impresa, Universita di Roma ' Tor Vergata' , Via del Politecnico 1, 00133 Roma (Italy); Cricelli, Livio [Dipartimento di Meccanica, Strutture, Ambiente e Territorio, Universita di Cassino, Via G. Di Biasio 43, 03043 Cassino (Italy)

    2010-07-15

    In the European Union, the natural gas market is increasingly being liberalized. The liberalization process is aimed at leading to lower prices and higher volumes, and hence higher consumer welfare. This paper focuses on the changes in performance in the natural gas retail market by analyzing the profit and financial position of the companies concerned over the first three years following the market liberalization. The balance sheets of 105 Italian companies in this sector are analyzed, after which a cluster analysis is performed employing the most significant performance indexes. The companies are then analyzed within each cluster with respect to age, size, geographical location and business diversification. The results of our analysis show that the majority of companies attained a high level of performance, although this positive outcome was mitigated by the gradual decrease of the average values of performance indicators during the period concerned. The companies that achieve the best performances belong to longstanding business groups, are medium-large sized and are located in the north of the country. Regarding business diversification, in the first two years, the specialised companies outperformed the diversified companies. (author)

  4. Preliminary Study on Solving Joseph Needham Puzzle From New Financial Perspective%金融新视角求解“李约瑟之谜”初探

    Institute of Scientific and Technical Information of China (English)

    杨德平; 鲍国良; 张俊岩

    2014-01-01

    金融革命对工业革命具有重要意义,英、法、德等国早期的金融革命促进了工业革命的形成。因为工业比较利益未充分显现,以及金融剩余虽然存在但被购置土地或进行奢侈性消费等渠道“消耗”,导致中国传统农贷制度不可能实现农村金融与城市金融的二元分野及那个历史环节所需要的“金融革命”,从而也无法承担由农村向城市、由农业向工业转移金融剩余的功能,限制了中国传统一元经济向二元经济的突破。%Financial revolution is of great significance to the industrial revolution , as the early financial revolu-tion in countries such as Britain , France and Germany promoted the formation of the industrial revolution.Due to industrial comparative advantage not fully revealed , and the financial surplus existed although consumed through channels as land or extravagant consumption , the traditional agricultural credit system of China cannot realize binary division of rural and urban finance and the “financial revolution” needed by historical link , thus unable to under-take the function of transferring financial surplus from countryside to city or from agriculture to industry , restricting to realize the breakthrough --from traditional unitary economic to the dual economic.

  5. Financial Regulatory Reform: Analysis of the Consumer Financial Protection Agency (CFPA) as Proposed by the Obama Administration and H.R. 3126

    Science.gov (United States)

    2009-07-17

    to which banks are subject.52 It is still unclear how (or if) Congress will propose to change the prudential regulation of financial institutions ...the past several decades, banks and other financial institutions have expanded the scale and scope of their consumer lending programs. Partly driven...prudential standards for financial firms; and increased federal oversight of institutions that are unregulated or only lightly regulated under current

  6. Bioelectrical impedance analysis for bovine milk: Preliminary results

    Science.gov (United States)

    Bertemes-Filho, P.; Valicheski, R.; Pereira, R. M.; Paterno, A. S.

    2010-04-01

    This work reports the investigation and analysis of bovine milk quality by using biological impedance measurements using electrical impedance spectroscopy (EIS). The samples were distinguished by a first chemical analysis using Fourier transform midinfrared spectroscopy (FTIR) and flow citometry. A set of milk samples (100ml each) obtained from 17 different cows in lactation with and without mastitis were analyzed with the proposed technique using EIS. The samples were adulterated by adding distilled water and hydrogen peroxide in a controlled manner. FTIR spectroscopy and flow cytometry were performed, and impedance measurements were made in a frequency range from 500Hz up to 1MHz with an implemented EIS system. The system's phase shift was compensated by measuring saline solutions. It was possible to show that the results obtained with the Bioelectrical Impedance Analysis (BIA) technique may detect changes in the milk caused by mastitis and the presence of water and hydrogen peroxide in the bovine milk.

  7. The effect of the late 2000s financial crisis on suicides in Spain: an interrupted time-series analysis.

    Science.gov (United States)

    Lopez Bernal, James A; Gasparrini, Antonio; Artundo, Carlos M; McKee, Martin

    2013-10-01

    The current financial crisis is having a major impact on European economies, especially that of Spain. Past evidence suggests that adverse macro-economic conditions exacerbate mental illness, but evidence from the current crisis is limited. This study analyses the association between the financial crisis and suicide rates in Spain. An interrupted time-series analysis of national suicides data between 2005 and 2010 was used to establish whether there has been any deviation in the underlying trend in suicide rates associated with the financial crisis. Segmented regression with a seasonally adjusted quasi-Poisson model was used for the analysis. Stratified analyses were performed to establish whether the effect of the crisis on suicides varied by region, sex and age group. The mean monthly suicide rate in Spain during the study period was 0.61 per 100 000 with an underlying trend of a 0.3% decrease per month. We found an 8.0% increase in the suicide rate above this underlying trend since the financial crisis (95% CI: 1.009-1.156; P = 0.03); this was robust to sensitivity analysis. A control analysis showed no change in deaths from accidental falls associated with the crisis. Stratified analyses suggested that the association between the crisis and suicide rates is greatest in the Mediterranean and Northern areas, in males and amongst those of working age. The financial crisis in Spain has been associated with a relative increase in suicides. Males and those of working age may be at particular risk of suicide associated with the crisis and may benefit from targeted interventions.

  8. Biotechnological approach to the analysis and prognostication of the financial stability of the enterprise

    Directory of Open Access Journals (Sweden)

    Petr Ivanovich Ogorodnikov

    2011-06-01

    Full Text Available This paper reviews an alternative methodological approach to assessment and conseptual foresight of financial sustainability of an enterprise. Any socio-economic system is a complex bio-technical system consisting of: a human - the decision maker, a technical object - machinery, equipment, buildings and structures, and a biological object - animals, plants, soil etc., operating in a consolidated informational field. An important place among the factors shaping financial sustainability of the economic entity is reserved for a human (the decision maker, since a human is a subject that purposefully forces all system's functions to interact. Socio-economic systems are characterized by financial dualism: on the one hand, they generate income, and on the other one, they generate costs. Financial result of a socio-economic system activity is expressed in the difference between revenues and expenditures, and the predominance of revenue over incurred costs speaks about the effectiveness. One of the most important characteristics of financial result is its resistance to various internal and external perturbations. Financial sustainability of the enterprise is reviewed from the perspective of bio-technical approach that includes the HME elements system (human, machine and environment and allows to determine the contribution of each system element into the final result and the stability of these elements. This approach will allow to improve the adequacy of financial stability assessment results a of company in various states of the economy.

  9. A spillover analysis of shocks from US, UK and China on African financial markets

    Directory of Open Access Journals (Sweden)

    Giorgia Giovannetti

    2013-07-01

    Full Text Available Emerging African financial markets have been recently put forward as an interesting and profitable alternative to diversify risk for international investors. At the same time, they became more integrated with developed financial markets, so that, despite claims that Africa would be sheltered by outside shocks because at the margin of the globalization process, they have been hit by the 2008–09 crisis. This paper analyses the relationships among mature financial markets (US and UK, China, some South Saharan African emerging markets (Botswana, Kenya, Nigeria and South Africa and two North African countries (Egypt and Tunisia over the period 2005–2012, focusing on the role of financial markets’ volatility. We study, with the help of a Multiplicative Error fully inter-dependent model (MEM, the dynamics of the financial market volatility (risk, and the interactions with other markets. We present impulse-response functions with a time dependent profile to describe how a volatility shock from one market may propagate to other markets, increasing the fragility of African infant financial markets. Finally, we summarise the role of different markets in propagating risk in the area using a synthetic index (Volatility Spillover Balance that distinguishes between volatility “creators” and “absorbers”. Our results show that South Africa and US shocks significantly affect African financial markets, and China has recently become more interconnected. Furthermore, while US, Kenya and Tunisia are “net creators” of volatility spillovers, South Africa and China turn out to be net “absorbers”.

  10. Analysis of the Threshold Effect of Financial Development on China’s Carbon Intensity

    Directory of Open Access Journals (Sweden)

    Xiongfeng Pan

    2016-03-01

    Full Text Available Using panel data on 30 provinces in China from 2005 to 2012, this paper conducts an empirical test on the threshold effect of the relationship between financial development and carbon emission intensity from the perspectives of financial scale and financial efficiency. The results show that at a low level of per capita GDP, the expansion of the financial scale and the enhancement of financial efficiency will increase carbon intensity. When the per capita GDP is greater than the threshold value (RMB 37,410, the expansion of the financial scale will also increase carbon intensity, but the potency of this effect will be weaker. At the same time, the improvement of financial efficiency will help reduce carbon intensity. Most provinces with per capita GDP greater than the threshold value (RMB 37,410 are located in the eastern coastal areas of China, whereas most provinces with per capita GDP less than the threshold value are located in the central and western areas of China. Both raising the level of openness and improving the industrial structure will have significantly positive effects on carbon intensity.

  11. A Preliminary Analysis of a Behavioral Classrooms Needs Assessment

    Science.gov (United States)

    Leaf, Justin B.; Leaf, Ronald; McCray, Cynthia; Lamkins, Carol; Taubman, Mitchell; McEachin, John; Cihon, Joseph H.

    2016-01-01

    Today many special education classrooms implement procedures based upon the principles of Applied Behavior Analysis (ABA) to establish educationally relevant skills and decrease aberrant behaviors. However, it is difficult for school staff and consultants to evaluate the implementation of various components of ABA and general classroom set up. In…

  12. A Preliminary MANPRINT Evaluation of the All Source Analysis (ASAS)

    Science.gov (United States)

    1988-11-01

    Rear (CEWI) FSIC ............................ 2 CEWI ( TCAE ) AIM(6) ........................... 2 DTOC AIM(6...Sensors and the Ml Battalion TCAE ..... ............... . 13 2. Ratings of Understanding of Tasks Required at the Completion of Training and at the...for transmission to the sensors and jammers. CEWI Tactical Control and Analysis Element ( TCAE ) AIM(6) The AIM module consists of a VAX 750R computer

  13. The impact of financial development on carbon emissions: An empirical analysis in China

    Energy Technology Data Exchange (ETDEWEB)

    Zhang Yuejun, E-mail: zyjmis@126.co [School of Management and Economics, Beijing Institute of Technology, Beijing 100081 (China) and Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing 100081 (China)

    2011-04-15

    Given the complexity between China's financial development and carbon emissions, this paper uses some econometric techniques, including cointegration theory, Granger causality test, variance decomposition, etc., to explore the influence of financial development on carbon emissions. Results indicate that, first, China's financial development acts as an important driver for carbon emissions increase, which should be taken into account when carbon emissions demand is projected. Second, the influence of financial intermediation scale on carbon emissions outweighs that of other financial development indicators but its efficiency's influence appears by far weaker although it may cause the change of carbon emissions statistically. Third, China's stock market scale has relatively larger influence on carbon emissions but the influence of its efficiency is very limited. This to some extent reflects the relatively lower liquidity in China's stock markets. Finally, among financial development indicators, China's FDI exerts the least influence on the change of carbon emissions, due to its relatively smaller volume compared with GDP; but it is mainly utilized in carbon intensive sectors now, therefore, with the increase of China's FDI in the future, many efforts should be made to adapt its utilizing directions and play its positive role in promoting low-carbon development. - Research Highlights: {yields} This paper explores the influence of financial development on carbon emissions. {yields} China's financial development appears to be an important driver for carbon emissions increase. {yields} The influence of financial intermediation scale on carbon emissions outweighs that of other indicators. {yields} China's stock market scale has relatively larger influence on carbon emissions but the influence of its efficiency is very limited. {yields} China's FDI exerts the least influence on carbon emissions change, due to its relatively

  14. Financial statements in selected business corporation

    OpenAIRE

    2016-01-01

    The master thesis solvesissuesof the financial statements as a procedure where both compilation of statements and problems of preliminary and other actions, related with financial statements and final accounts are analysed. The thesis includes the theoretical basis and analytical part. The mainaim of the projectis evaluating the financial statements procedure in a chosen business corporation. The theoretical basis characterizes basic information about the financial statements, concerning t...

  15. THE ANALYSIS OF FINANCIAL AND NON-FINANCIAL SUPPORT TO THE SECTOR OF SMALL AND MEDIUM ENTERPRISES IN THE REPUBLIC OF SRPSKA

    Directory of Open Access Journals (Sweden)

    Boban Sašić

    2015-06-01

    Full Text Available The aim of this paper is to analize the role and importance of financial and non-financial instruments of supporting the sector of small and medium enterprises (SMEs in the Republic of Srpska (RS. For that purpose, in late 2013 and early 2014, there was conducted a quantitative research on a sample of 110 respondents on the whole territory of RS, with the aim of finding the answers to the following question: What is the reason that a large number of SMEs in RS fail to provide adequate financial and non-financial support to their business activity and what measures should be taken in order to improve the current situation? In order to specify the research problem, we ask ourselves if the existing instruments of financial and non-financial support to the sector of SMEs in the RS are sufficiently developed and accessible, as to contribute to the successful growth and development of the said enterprises? We found that the above mentioned instruments of support to the SME sector in RS are not sufficiently developed. Respondents were acquainted with the sole instruments and models of financial and non-financial support that exist in RS. According to the results of the empirical research, we conclude that creating and mastering the models and instruments of financial and non-financial support to SME sector in the RS and providing the adequate business climate for their successful functioning, will increase the availability of favourable financial means for SMEs, as well as the possibility of using the positive aspects of clusters, guarantee funds, factorings and other forms of entrepreneurship infrastructure.

  16. Portfolio Risk Analysis using ARCH and GARCH Models in the Context of the Global Financial Crisis

    Directory of Open Access Journals (Sweden)

    Oana Mădălina PREDESCU

    2011-02-01

    Full Text Available This paper examines both the benefits of choosing an internationally diversified portfolio and the evolution of the portfolio risk in the context of the current global financial crisis. The portfolio is comprised of three benchmark indexes from Romania, UK and USA. Study results show that on the background of a global economic climate eroded strongly by the effects of the current financial crisis, international diversification does not reduce risk. Moreover, using ARCH and GARCH models shows that the evolution of portfolio volatility is influenced by the effects of the current global financial crisis.

  17. THE CAUSALITY RELATION BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN ANALYSIS FOR EMERGING ECONOMIES

    Directory of Open Access Journals (Sweden)

    Şeref BOZOKLU

    2013-12-01

    Full Text Available This study examines the relationship between financial development and economicgrowth employing panel Granger causality test developed by Dumitrescu ve Hurlin (2012for Brazil, Chile, China, Egypt, Hungry, India, Indonesia, Malaysia, Mexico, Peru,Philippines, South Korea, Thailand and Turkey. We used yearly data over the period 1988-2011. Domestic credits to Gross Domestic Product (GDP ratio and real GDP per capitaare used as indicators for financial development and economic growth respectively. Theempirical results strongly indicate that financial development Granger-causes economicgrowth and that these countries can accelerate their growth rates by improving theirfinancial systems. 

  18. Electric utilities in the 1970's: financial practices and performance. Analysis report

    Energy Technology Data Exchange (ETDEWEB)

    Connor, E.G.

    1980-12-01

    Characteristics of financial factors that are controlled by regulatory bodies and which have a significant impact upon the financial condition of investor-owned electric utilities are explained. Specifically, the report emphasizes matters affecting a utility's cost of service such as: the composition of operating costs; normalization versus flow-through accounting (particularly where depreciation and the investment tax credit are concerned); the rate base; and construction work in progress and the related allowance for funds used during construction. Also reviewed is aggregate investor-owned utility financial data for the 1970 to 1977 period. A selected bibliography of 22 items is appended. 3 tables.

  19. Preliminary shielding analysis for the CSNS target station monolith

    Institute of Scientific and Technical Information of China (English)

    张斌; 陈义学; 杨寿海; 吴军; 殷雯; 梁天骄; 贾学军

    2010-01-01

    The construction of the China Spallation Neutron Source (CSNS) has been initiated at Dongguan,Guangdong,China.In spallation neutron sources the target station monolith is contaminated by a large number of fast neutrons whose energies can be as large as those of the protons of the proton beam directed towards the tungsten target.A detailed radiation transport analysis of the target station monolith is important for the construction of the CSNS.The analysis is performed using the coupled Monte Carlo and multi-dimensional discrete ordinates method.Successful elimination of the primary ray effects via the two-dimensional uncollided flux and first collision source methodology is also illustrated.The dose at the edge of the monolith is calculated.The results demonstrate that the doses received by the hall staff members are below the required standard limit.

  20. Preliminary analysis of productivity of fruiting fungi on Strzeleckie meadows

    Directory of Open Access Journals (Sweden)

    Barbara Sadowska

    2014-11-01

    Full Text Available Analysis demonstrated that the fresh ahd dry weight as well as the ash content of fungal fruit bodies collected on a forest-surrounded unmown meadow (Stellario-Deschampsietum Freitag 1957 and Caricetum elatae W.Koch 1926 were lower than the same values for a plot of exploited mown meadow and higher than on an exploited unmown meadow (Arrhenatheretum medioeuropaeum (Br.-Bl. Oberd. 1952.

  1. Preliminary analysis of knee stress in Full Extension Landing

    Directory of Open Access Journals (Sweden)

    Majid Davoodi Makinejad

    2013-09-01

    Full Text Available OBJECTIVE: This study provides an experimental and finite element analysis of knee-joint structure during extended-knee landing based on the extracted impact force, and it numerically identifies the contact pressure, stress distribution and possibility of bone-to-bone contact when a subject lands from a safe height. METHODS: The impact time and loads were measured via inverse dynamic analysis of free landing without knee flexion from three different heights (25, 50 and 75 cm, using five subjects with an average body mass index of 18.8. Three-dimensional data were developed from computed tomography scans and were reprocessed with modeling software before being imported and analyzed by finite element analysis software. The whole leg was considered to be a fixed middle-hinged structure, while impact loads were applied to the femur in an upward direction. RESULTS: Straight landing exerted an enormous amount of pressure on the knee joint as a result of the body's inability to utilize the lower extremity muscles, thereby maximizing the threat of injury when the load exceeds the height-safety threshold. CONCLUSIONS: The researchers conclude that extended-knee landing results in serious deformation of the meniscus and cartilage and increases the risk of bone-to-bone contact and serious knee injury when the load exceeds the threshold safety height. This risk is considerably greater than the risk of injury associated with walking downhill or flexion landing activities.

  2. Valuation Bases and Accounting System Entries in Financial Analysis of the Municipal Real Property

    Directory of Open Access Journals (Sweden)

    Daniela Feschiyan

    2013-08-01

    Full Text Available The paper introduces a conceptual framework for an accounting of the municipal real property, and defines a respective system of indicators. The development of this framework is seen as an important prerequisite for the efficient property management. It aims to overcome the lack or poor accessibility of the information, and thus to ensure the successful municipal real property management in a strategic context. The developing of the applied approach implies that accounting indicators are divided into three main groups – values, revenues, and costs. Beside the above mentioned classification, the municipal revenues and costs are classified also as existing and proposed. The existing indicators are defined by International Accounting Standards in public sector, and some of them are considered as being appropriate for the inclusion in the financial analysis as accounting system entries. The proposed indicators are perceived as appropriate to carry out a detailed analysis of the municipal property at a lower level of desegregations. The first two paragraphs explain the main bases for the municipal property valuation - historical cost, current price, market value, present value, with a special emphasis on the use of the historical value, and the types of valuation respectively. The next three paragraphs are concentrated mainly on the accounting indicators for the municipal property assessment. The sixth paragraph represents several major accounting bases - an accounting value, a carrying value, a market value, an accumulated depreciation, revenues from the sale of assets and services, costs by economic elements, revenues from future periods and costs for future periods, and revenues from other events and costs for other events. The seventh section presents a brief comparative analysis of accounting systems of 6 municipalities in South-Eastern Europe and the last paragraph highlights the identified “good practices”.

  3. Financial incentives for lumbar surgery: a critical analysis of physician reimbursement for decompression and fusion procedures.

    Science.gov (United States)

    Whang, Peter G; Lim, Moe R; Sasso, Rick C; Skelton, Alta; Brown, Zoe B; Greg Anderson, David; Albert, Todd J; Hilibrand, Alan S; Vaccaro, Alexander R

    2008-08-01

    Retrospective case-control study/economic analysis. To determine the treatment times required for isolated lumbar decompressions and for combined decompression and instrumented fusion procedures to compare the relative reimbursements for each type of operation as a function of time expenditure by the surgeon. Under current Medicare fee schedules, the payment for a fusion procedure is higher than of an isolated decompression. It has been recently suggested in the lay press that the greater reimbursement for a lumbar arthrodesis may inappropriately influence the manner in which surgeons elect to treat lumbar degenerative conditions, resulting in what they believe to be a substantial number of unnecessary spinal fusions. A consecutive series of 50 single-level decompression cases performed by single surgeon were retrospectively analyzed and compared with an equivalent cohort of subjects who underwent single-level decompression and instrumented posterolateral fusion with autogenous iliac crest bone grafting. The operative reports, office charts, and billing records were reviewed to determine the total clinical time invested by the surgeon and the Medicare reimbursement for each surgery. Relative to the corresponding values of the decompression group, combined decompression and fusion procedures were associated with a longer mean surgical time (134.6 min vs. 47.3 min, Pundue financial incentive to recommend a combined decompression and instrumented fusion procedure over an isolated decompression to patients with symptomatic lumbar degeneration, especially when considering the greater time, effort, and risk characteristic of this more complex operation.

  4. Financial incentives to encourage healthy behaviour: an analysis of U.K. media coverage.

    Science.gov (United States)

    Parke, Hannah; Ashcroft, Richard; Brown, Rebecca; Marteau, Theresa M; Seale, Clive

    2013-09-01

    Policies to use financial incentives to encourage healthy behaviour are controversial. Much of this controversy is played out in the mass media, both reflecting and shaping public opinion. To describe U.K. mass media coverage of incentive schemes, comparing schemes targeted at different client groups and assessing the relative prominence of the views of different interest groups. Thematic content analysis. National and local news coverage in newspapers, news media targeted at health-care providers and popular websites between January 2005 and February 2010. U.K. mass media. The study included 210 articles. Fifteen separate arguments favourable towards schemes, and 19 unfavourable, were identified. Overall, coverage was more favourable than unfavourable, although most articles reported a mix of views. Arguments about the prevalence and seriousness of the health problems targeted by incentive schemes were uncontested. Moral and ethical objections to such schemes were common, focused in particular on recipients such as drug users or the overweight who were already stereotyped as morally deficient, and these arguments were largely uncontested. Arguments about the effectiveness of schemes and their potential for benefit or harm were areas of greater contestation. Government, public health and other health-care provider interests dominated favourable coverage; opposition came from rival politicians, taxpayers' representatives, certain charities and from some journalists themselves. Those promoting incentive schemes for people who might be regarded as 'undeserving' should plan a media strategy that anticipates their public reception. © 2011 John Wiley & Sons Ltd.

  5. CORPORATE FINANCIAL DISTRESS AND BANKRUPTCY: A COMPARATIVE ANALYSIS IN FRANCE, ITALY AND SPAIN

    Directory of Open Access Journals (Sweden)

    Alessandra Amendola

    2013-11-01

    Full Text Available The paper presents a competing-risks approach for investigating the determinants of corporate financial distress. In particular a comparative analysis of three European markets-France, Italy and Spain–is performed in order to find out the similarities and the differences in the determinants of distress.By using the AMADEUS dataset, two possible causes of exit from the market are considered:bankruptcy and liquidation. For identifying the variables that influence the risk of leaving the market,a competing-risks model for each country is estimated and is compared with a pooled model including all the three countries. In addition, the performance of the competing-risks approach is evaluated versus the single-risk model, in which all states are considered without any distinctions.The reached results show that the competing risks approach leads to a saving in the number of selected variables that becomes more significant when the model is estimated for each country separately. Moreover, the selected variables for each country enable to identify similarities between the different exit routes across the markets. Some of the differences between Spain and the other two countries may be related to the dissimilar definition of the distress states.

  6. The Changing Financial Landscape of Renal Transplant Practice: A National Cohort Analysis.

    Science.gov (United States)

    Axelrod, D A; Schnitzler, M A; Xiao, H; Naik, A S; Segev, D L; Dharnidharka, V R; Brennan, D C; Lentine, K L

    2017-02-01

    Kidney transplantation has become more resource intensive as recipient complexity has increased and average donor quality has diminished over time. A national retrospective cohort study was performed to assess the impact of kidney donor and recipient characteristics on transplant center cost (exclusive of organ acquisition) and Medicare reimbursement. Data from the national transplant registry, University HealthSystem Consortium hospital costs, and Medicare payments for deceased donor (N = 53 862) and living donor (N = 36 715) transplants from 2002 to 2013 were linked and analyzed using multivariate linear regression modeling. Deceased donor kidney transplant costs were correlated with recipient (Expected Post Transplant Survival Score, degree of allosensitization, obesity, cause of renal failure), donor (age, cause of death, donation after cardiac death, terminal creatinine), and transplant (histocompatibility matching) characteristics. Living donor costs rose sharply with higher degrees of allosensitization, and were also associated with obesity, cause of renal failure, recipient work status, and 0-ABDR mismatching. Analysis of Medicare payments for a subsample of 24 809 transplants demonstrated minimal correlation with patient and donor characteristics. In conclusion, the complexity in the landscape of kidney transplantation increases center costs, posing financial disincentives that may reduce organ utilization and limit access for higher-risk populations.

  7. Environmental responsibility and financial performance nexus in South Africa: panel Granger causality analysis

    Directory of Open Access Journals (Sweden)

    Thomas Adomah Worae

    2017-08-01

    Full Text Available The authors examined environmental responsibility and financial performance nexus of Johannesburg Stock Exchange’s socially responsible investing manufacturing and mining firms during the period of 2008-2014. The study employs annual panel dataset of fourteen manufacturing and mining companies on the index, and Granger causality analysis using Gcause2 Baum’s version. The paper found unidirectional causal relationship between environmental responsibility, measured by emissions intensity and equity returns, and bidirectional causal relationship between emissions intensity and market value of equity deflated by sales at 1% significant levels. Impliedly, improvements in ‘energy efficient technologies’ to reduce fossil energy consumption (prevention activities seem to exhibit value destroying tendencies, while improvements in ‘end-of-pipe’ activities seem to estimate a drive market value of equity deflated by sales and equity returns. The Pesaran CD and Breusch-Pagan LM tests confirmed existence of cross-sectional dependence amongst panel members. The authors tend to support institutional and stakeholder theories.

  8. Preliminary analysis of the mitochondrial genome evolutionary pattern in primates

    Institute of Scientific and Technical Information of China (English)

    Liang ZHAO; Xingtao ZHANG; Xingkui TAO; Weiwei WANG; Ming LI

    2012-01-01

    Since the birth of molecular evolutionary analysis,primates have been a central focus of study and mitochondrial DNA is well suited to these endeavors because of its unique features.Surprisingly,to date no comprehensive evaluation of the nucleotide substitution patterns has been conducted on the mitochondrial genome of primates.Here,we analyzed the evolutionary patterns and evaluated selection and recombination in the mitochondrial genomes of 44 Primates species downloaded from GenBank.The results revealed that a strong rate heterogeneity occurred among sites and genes in all comparisons.Likewise,an obvious decline in primate nucleotide diversity was noted in the subunit rRNAs and tRNAs as compared to the protein-coding genes.Within 13 protein-coding genes,the pattern of nonsynonymous divergence was similar to that of overall nucleotide divergence,while synonymous changes differed only for individual genes,indicating that the rate heterogeneity may result from the rate of change at nonsynonymous sites.Codon usage analysis revealed that there was intermediate codon usage bias in primate protein-coding genes,and supported the idea that GC mutation pressure might determine codon usage and that positive selection is not the driving force for the codon usage bias.Neutrality tests using site-specific positive selection from a Bayesian framework indicated no sites were under positive selection for any gene,consistent with near neutrality.Recombination tests based on the pairwise homoplasy test statistic supported complete linkage even for much older divergent primate species.Thus,with the exception of rate heterogeneity among mitochondrial genes,evaluating the validity assumed complete linkage and selective neutrality in primates prior to phylogenetic or phylogeographic analysis seems unnecessary.

  9. Preliminary analysis of the mitochondrial genome evolutionary pattern in primates.

    Science.gov (United States)

    Zhao, Liang; Zhang, Xingtao; Tao, Xingkui; Wang, Weiwei; Li, Ming

    2012-08-01

    Since the birth of molecular evolutionary analysis, primates have been a central focus of study and mitochondrial DNA is well suited to these endeavors because of its unique features. Surprisingly, to date no comprehensive evaluation of the nucleotide substitution patterns has been conducted on the mitochondrial genome of primates. Here, we analyzed the evolutionary patterns and evaluated selection and recombination in the mitochondrial genomes of 44 Primates species downloaded from GenBank. The results revealed that a strong rate heterogeneity occurred among sites and genes in all comparisons. Likewise, an obvious decline in primate nucleotide diversity was noted in the subunit rRNAs and tRNAs as compared to the protein-coding genes. Within 13 protein-coding genes, the pattern of nonsynonymous divergence was similar to that of overall nucleotide divergence, while synonymous changes differed only for individual genes, indicating that the rate heterogeneity may result from the rate of change at nonsynonymous sites. Codon usage analysis revealed that there was intermediate codon usage bias in primate protein-coding genes, and supported the idea that GC mutation pressure might determine codon usage and that positive selection is not the driving force for the codon usage bias. Neutrality tests using site-specific positive selection from a Bayesian framework indicated no sites were under positive selection for any gene, consistent with near neutrality. Recombination tests based on the pairwise homoplasy test statistic supported complete linkage even for much older divergent primate species. Thus, with the exception of rate heterogeneity among mitochondrial genes, evaluating the validity assumed complete linkage and selective neutrality in primates prior to phylogenetic or phylogeographic analysis seems unnecessary.

  10. Preliminary safety analysis for key design features of KALIMER-600

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Y. B.; Chang, W. P.; Suk, S. D.; Ha, K. S.; Jeong, H. Y.; Heo, S

    2004-03-01

    KAERI is developing the conceptual design of a Liquid Metal Reactor, KALIMER-600 (Korea Advanced LIquid MEtal Reactor) under the Long-term Nuclear R and D Program. KALIMER-600 addresses key issues regarding future nuclear power plants such as plant safety, economics, proliferation, and waste. In this report, key safety design features are described and safety analyses results for typical ATWS accidents in the KALIMER design with breakeven core are presented. First, the basic approach to achieve the safety goal is introduced in Chapter 1, and the event categorization and acceptance criteria for the KALIMER-600 safety analysis are described in Chapter 2. In Chapter 3, results of inherent safety evaluations for the KALIMER-600 conceptual design are presented. The KALIMER-600 core and plant system are designed to assure benign performance during a selected set of events without either reactor control or protection system intervention. Safety analyses for the postulated Anticipated Transient Without Scram (ATWS) have been performed using the SSC-K code to investigate the KALIMER-600 system response to the events. They are categorized as Bounding Events (BEs) because of their low probability of occurrence. In Chapter 4, the analysis of flow blockage for KALIMER-600 with the MATRA-LMR-FB code, which has been developed for the internal flow blockage in a LMR subassembly. The cases with a blockage of 6-subchannel, 24-subchannel, and 54-subchannel are analyzed.The performance analysis of the KALIMER-600 containment and some evaluations for the behaviors during HCDA will be performed later.

  11. Preliminary safety analysis for key design features of KALIMER

    Energy Technology Data Exchange (ETDEWEB)

    Hahn, D. H.; Kwon, Y. M.; Chang, W. P.; Suk, S. D.; Lee, S. O.; Lee, Y. B.; Jeong, K. S

    2000-07-01

    KAERI is currently developing the conceptual design of a liquid metal reactor, KALIMER(Korea Advanced Liquid Metal Reactor) under the long-term nuclear R and D program. In this report, descriptions of the KALIMER safety design features and safety analyses results for selected ATWS accidents are presented. First, the basic approach to achieve the safety goal is introduced in chapter 1, and the safety evaluation procedure for the KALIMER design is described in chapter 2. It includes event selection, event categorization, description of design basis events, and beyond design basis events. In chapter 3, results of inherent safety evaluations for the KALIMER conceptual design are presented. The KALIMER core and plant system are designed to assure design performance during a selected set of events without either reactor control or protection system intervention. Safety analyses for the postulated anticipated transient without scram(ATWS) have been performed to investigate the KALIMER system response to the events. They are categorized as bounding events(BEs) because of their low probability of occurrence. In chapter 4, the design of the KALIMER containment dome and the results of its performance analysis are presented. The designs of the existing LMR containment and the KALIMER containment dome have been compared in this chapter. Procedure of the containment performance analysis and the analysis results are described along with the accident scenario and source terms. Finally, a simple methodology is introduced to investigate the core kinetics and hydraulic behavior during HCDA in chapter 5. Mathematical formulations have been developed in the framework of the modified bethe-tait method, and scoping analyses have been performed for the KALIMER core behavior during super-prompt critical excursions.

  12. Preliminary RAMI analysis of DFLL TBS for ITER

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Dagui [Key Laboratory of Neutronics and Radiation Safety, Institute of Nuclear Energy Safety Technology, Chinese Academy of Sciences, Hefei, Anhui, 230031 (China); University of Science and Technology of China, Hefei, Anhui, 230031 (China); Yuan, Run [Key Laboratory of Neutronics and Radiation Safety, Institute of Nuclear Energy Safety Technology, Chinese Academy of Sciences, Hefei, Anhui, 230031 (China); Wang, Jiaqun, E-mail: jiaqun.wang@fds.org.cn [Key Laboratory of Neutronics and Radiation Safety, Institute of Nuclear Energy Safety Technology, Chinese Academy of Sciences, Hefei, Anhui, 230031 (China); Wang, Fang; Wang, Jin [Key Laboratory of Neutronics and Radiation Safety, Institute of Nuclear Energy Safety Technology, Chinese Academy of Sciences, Hefei, Anhui, 230031 (China)

    2016-11-15

    Highlights: • We performed the functional analysis of the DFLL TBS. • We performed a failure mode analysis of the DFLL TBS. • We estimated the reliability and availability of the DFLL TBS. • The ITER RAMI approach was applied to the DFLL TBS for technical risk control in the design phase. - Abstract: ITER is the first fusion machine fully designed to prove the physics and technological basis for next fusion power plants. Among the main technical objectives of ITER is to test and validate design concepts of tritium breeding blankets relevant to the fusion power plants. To achieve this goal, China has proposed the dual functional lithium-lead test blanket module (DFLL TBM) concept design. The DFLL TBM and its associated ancillary system were called DFLL TBS. The DFLL TBS play a key role in next fusion reactor. In order to ensure reliable and available of DFLL TBS, the risk control project of DFLL TBS has been put on the schedule. As the stage of the ITER technical risk control policy, the RAMI (Reliability, Availability, Maintainability, Inspectability) approach was used to control the technical risk of ITER. In this paper, the RAMI approach was performed on the conceptual design of DFLL TBS. A functional breakdown was prepared on DFLL TBS, and the system was divided into 3 main functions and 72 basic functions. Based on the result of functional breakdown of DFLL TBS, the reliability block diagrams were prepared to estimate the reliability and availability of each function under the stipulated operating conditions. The inherent availability of the DFLL TBS expected after implementation of mitigation actions was calculated to be 98.57% over 2 years based on the ITER reliability database. A Failure Modes Effects and Criticality Analysis (FMECA) was performed with criticality charts highlighting the risk level of the different failure modes with regard to their probability of occurrence and their effects on the availability.

  13. Macroalgae as a Biomass Feedstock: A Preliminary Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Roesijadi, Guritno; Jones, Susanne B.; Snowden-Swan, Lesley J.; Zhu, Yunhua

    2010-09-26

    A thorough of macroalgae analysis as a biofuels feedstock is warranted due to the size of this biomass resource and the need to consider all potential sources of feedstock to meet current biomass production goals. Understanding how to harness this untapped biomass resource will require additional research and development. A detailed assessment of environmental resources, cultivation and harvesting technology, conversion to fuels, connectivity with existing energy supply chains, and the associated economic and life cycle analyses will facilitate evaluation of this potentially important biomass resource.

  14. Statistical Analysis of Time Series Data (STATS). Users Manual (Preliminary)

    Science.gov (United States)

    1987-05-01

    15, 30. 60, 90, 120, andL -!/14:X.... 183 days are presently used. auto Page 1 of 10 wrpy *VtsE0> J1 record (continued) Field Variab Vlue D 2 NPRDS ...each event. 6 JEND + Order number of last period in time series to ( NPRDS ) select for analysis. If blank, the last period is assumed. 7 JPPF Plotting...values. 2 NPRDS + Actual number of periods for the event following on ’INO records until the next ID, BF, or LI record. IN record - T:E SERIES DATA

  15. Justification of Financial Safety Analysis Approach in Cargo-and-Passenger Ferry Operations Management

    National Research Council Canada - National Science Library

    Yelena V. Kirillova; Yekaterina S. Meleshenko

    2014-01-01

    .... At the same time, when managing the production activity of the ferry operators and, in particular, when analysing the ferry operation the indicator of its financial safety factor is of great importance...

  16. Board Composition and Financial Performance: Empirical Analysis of Companies Listed at the Nairobi Securities Exchange

    National Research Council Canada - National Science Library

    Vincent O Ongore; Peter O K; Martin Ogutu; Eric M Bosire

    2015-01-01

    .... Independent members, gender diversity and board size are some of the key attributes of boards that have been linked to financial performance of companies in industrialized countries, but which...

  17. Does CSR Improve Organization Financial Performance? Evidence from Nigeria Using Triangulation Analysis

    National Research Council Canada - National Science Library

    Taiwo Adewale MURITALA

    2013-01-01

    The study examines the impact of corporate social responsibility (CSR) on organizational financial performance of some selected banks in Nigeria using time series of annual data of ten banks over the period of 1990 to 2010...

  18. A Loophole In Financial Accounting: A Detailed Analysis Of Repo 105

    National Research Council Canada - National Science Library

    Chun-Chia (Amy Chang; Joanne Duke; Su-Jane Hsieh

    2011-01-01

    .... Since the Repo 105 maneuver of Lehman provides a good example on how regulatory deficiencies can induce companies to obscure financial reporting and the importance of ethics in deterring these abuses...

  19. China's Financial Development and Economic Growth: A Positivist Analysis

    Institute of Scientific and Technical Information of China (English)

    ChenLiuqin; ZengQingjiu,; ZhuShida; DavidKelly

    2004-01-01

    China's financial reform lags behind economic growth. Econometric modelling shows that the higher the proportion of the non-state-owned sector, the faster economic growth. The role of advanced banking in stimulating economic growth is not,

  20. Analysis of the Dynamic Relationship among Financial Fund for Agriculture, Agricultural Output Value and Farmers’ income

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    By using the methods of co-integration, impulse response function and variance decomposition, I conduct the empirical research on the dynamic relationship among China’s financial fund for agriculture, agricultural output value, and farmers’ income from the year 1978 to the year 2009. The results indicate that the government’s financial fund for agriculture plays the significant role in promoting agricultural output value and farmers’ income in the long run, but this role of promoting is not prominent in the short run; in the mean time, agricultural output value plays insignificant role in promoting farmers’ income and the government’s financial fund for agriculture; farmers’ income plays the significant role in promoting agricultural output value and the government’s financial fund for agriculture.

  1. The Construction and Empirical Analysis of Financial Risk Early Warning System in Colleges and Universities

    Directory of Open Access Journals (Sweden)

    Dai Jiaxu

    2017-03-01

    Full Text Available In recent years, China's higher education into the period of rapid development, high growth will inevitably bring high demand for financial support, but the government investment can not keep up with the pace of development of colleges and universities, so many colleges and universities choose bank loans, blind expansion will be out of control Resulting in college financial crisis. This paper proposes a method to construct the financial risk evaluation model of colleges and universities. The model is based on the specific risk index system, and uses the analytic hierarchy process and Delphi expert scoring method as the theoretical basis. The model can calculate the type and level of financial risk in colleges and universities, and provide support for the system decision-making.

  2. Dynamic Conditional Correlation Analysis of Stock Market Contagion: Evidence from the 2007-2010 Financial Crises

    National Research Council Canada - National Science Library

    Zouheir Mighri; Faysal Mansouri

    2013-01-01

    .... We use a dynamic conditional correlation (DCC) multivariate GARCH model in order to capture potential contagion effects between US and major developed and emerging stock markets during the 2007-2010 major financial crisis...

  3. Financial Development and Economic Growth in European Countries: Bootstrap Causality Analysis

    Directory of Open Access Journals (Sweden)

    Fuat Lebe

    2016-01-01

    Full Text Available In the present study, it was investigated whether there was a causality relationship between financial development and economic growth for sixteen European countries. Data from the period of 1988-2012 was analyzed using the bootstrap panel causality test, which takes cross-section dependence and heterogeneity into account. The results of the test showed that there was a strong causality relationship between financial development and economic growth in European countries. In European countries, there was a causality relationship from economic growth to financial development and from financial development to economic growth. These results support both the supply-leading and the demand-following hypotheses. Therefore, it can be said that the feedback hypothesis is valid for European countries.

  4. A Preliminary Genetic Analysis of Complement 3 Gene and Schizophrenia.

    Directory of Open Access Journals (Sweden)

    Jianliang Ni

    Full Text Available Complement pathway activation was found to occur frequently in schizophrenia, and complement 3 (C3 plays a major role in this process. Previous studies have provided evidence for the possible role of C3 in the development of schizophrenia. In this study, we hypothesized that the gene encoding C3 (C3 may confer susceptibility to schizophrenia in Han Chinese. We analyzed 7 common single nucleotide polymorphisms (SNPs of C3 in 647 schizophrenia patients and 687 healthy controls. Peripheral C3 mRNA expression level was measured in 23 drug-naïve patients with schizophrenia and 24 controls. Two SNPs (rs1047286 and rs2250656 that deviated from Hardy-Weinberg equilibrium were excluded for further analysis. Among the remaining 5 SNPs, there was no significant difference in allele and genotype frequencies between the patient and control groups. Logistic regression analysis showed no significant SNP-gender interaction in either dominant model or recessive model. There was no significant difference in the level of peripheral C3 expression between the drug-naïve schizophrenia patients and healthy controls. In conclusion, the results of this study do not support C3 as a major genetic susceptibility factor in schizophrenia. Other factors in AP may have critical roles in schizophrenia and be worthy of further investigation.

  5. Proposal for Standard Index and Analysis of Financial Performance in 2014 of Brazilian Soccer Clubs of Serie A

    Directory of Open Access Journals (Sweden)

    Rafael da Costa Jahara

    2017-02-01

    Full Text Available This study aims to develop a standard index for analysis of the financial performance of the football clubs of Brazil who participated in the series in the year 2014. To prepare the standard index are used economic and financial indicators of liquidity, profitability and debt, as well solvency analysis of the clubs by using the Kanitz model. Based on studies on standard indices to compare the performance of companies were selected for the analysis of balance sheets and statements of income twenty clubs. This study is classified as a descriptive exploratory research, multicases and quantitative approach because the document analysis, on the information that was extracted from financial reports, published on the websites of the respective soccer clubs. As a result, you can see that the clubs generally have poor performance when individually analyzed in both the analysis of liquidity indicators, indebtedness, profitability and solvency. However, such a result can not explain the competitive performance of the teams in that league.

  6. A CROSS-COUNTRY ANALYSIS OF THE BANKS’ FINANCIAL SOUNDNESS: THE CASE OF THE CEE-3 COUNTRIES

    Directory of Open Access Journals (Sweden)

    Sargu Alina Camelia

    2013-07-01

    Full Text Available The European integration process has a direct impact on all the components of the macroeconomic environment. The existence of a well functioning and sound banking sector becomes of great importance for the integration process as the European Union economy is financed especially through this channel. The banking sectors of the new EU member countries have undergone through tremendous changes in the last decade, both from an ownership and also from a business strategy point of view, these changes having a direct impact on their financial soundness. Thus, the aim of our research is to empirically examine the financial soundness of the banks operating in Bulgaria, Czech Republic and Romania, three EU members countries from Central and Eastern Europe (CEE-3. In order to achieve this we have employed a combine quantitative analysis based on the CAMELS framework (namely Capital Adequacy, Asset quality, Management soundness, Earnings, Liquidity, Sensitivity to market risk and the Z-score, thus being able to underline simultaneously the financial soundness and the possibility of default for the banks from our sample. The analysed period is 2004-2011 providing us with an evaluation of the impact that the EU ascension and also the global financial crisis had on the financial soundness of the analysed banks. Our sample is composed from 40 commercial banks that operate in Bulgaria, the Czech Republic and Romania, that overall own over 75% of the total banking assets, making this study one of the most comprehensive undertaken to this date. The data that we have employed in our research is obtained from the Bureau Van Dijk Bankscope database and the annual financial statements of the banks from our sample. The paper through its original dual approach contributes to the academic debate by providing not only insight into the financial soundness of the banks operating in the CEE-3 countries but also underling their financial strength through the usage of the Z

  7. Indicators Non-Financial Performance Assessment: Content Analysis of Telecommunications Companies of Management Reports

    OpenAIRE

    Sandra Belloli De Vargas; Carlos Alberto Diehl; Paulo Roberto Reichelt Ayres; Alexandre Fernandes Monteiro

    2016-01-01

    Traditionally, business activities adopt performance evaluation as a tool for the efficiency and effectiveness estimation. This article aims to identify the non-financial measures for performance evaluation disclosed by companies in the telecommunication sector listed on the BOVESPA. The use and disclosure of non-financial indicators emerged from the gap left by traditional accounting to explain special issues such as the difference between the book value and the market value of companies. Th...

  8. ANALYSIS OF THE CURRENT STATE OF MANAGEMENT OF FINANCIAL RESOURCES VIA THE TREASURY SYSTEM

    OpenAIRE

    Курганська, Е. І.

    2016-01-01

    The article analyzes modern financial management through the category of treasury. The attention is paid to the specifics of treasury control and complexity of its structure and financial management system.  The basic problem in the management of budgetary resource is functioning of treasury system, especially in political crisis. It was revealed that the economic crisis significantly influences budgetary institutions that have accumulated budgetary funds. The treasure system is considered as...

  9. Financial risk analysis in the synthesis and design of processing networks: Balancing risk and return

    DEFF Research Database (Denmark)

    Quaglia, Alberto; Sin, Gürkan; Gani, Rafiqul

    2014-01-01

    The construction of a processing network is a corporate investment, that processing companies make with the goal of creating the conditions to increase their value. In a previous work, a computer-aided framework supporting the design of processing network under uncertainty has been presented (Qua...... and financial risk models. Through the solution of a small benchmark problem, the impact of financial factors on the optimal network configuration is presented and discussed....

  10. ANALYSIS OF FINANCIAL AUTONOMY AND INDEBTEDNESS OF MEDICAL DIAGNOSTIC CONSULTATIVE CENTERS IN VARNA

    Directory of Open Access Journals (Sweden)

    Lyubomira Koeva-Dimitrova

    2016-06-01

    Full Text Available In the study are calculated and compared indicators of autonomy and indebtedness, and the relative shares of equity, liabilities and funding in the total capital of the studied hospitals for the analyzed periods. The following important conclusions have been made: 1 half of the analyzed municipal DCCs, 3 out of total 6 (DCC 3, 4 and 5 can be classified as financially independent (the share of attracted capital is around or below 30%, with low level of indebtedness (on average less than 0.6, which indicates a good financial stability of these hospitals. Financially stable is one private DCC, encoded under number 8; 2 two municipal DCC's, analyzed under number 1 and 2, and DCC 7 (a subsidiary of state-run hospital have a relative share of the borrowed capital around and slightly over 60%, and high level of indebtedness - over 1.4 (calculated by method 1 and over 3 (calculated by method 2, suggesting that these hospitals are not financially stable and are dependent on creditors; 3 The analyzed indicators of the municipal DCC, encoded under number 6, and private DCC, encoded under number 9 show that these hospitals are highly financially dependent on creditors with impaired solvency and there is a real risk of insolvency; 4 The amount of the allowances that are associated with the obligations may affect the value of financial ratios of the DCCs, as is the case of DCC 7; 5 when analyzing the capital structure and long-term solvency should be taken into consideration the impact of funding to reduce the financial risk 6 The creation of an online database comprising of average indicators of the financial and property status of Bulgarian companies is essential and necessary condition for improving their competitiveness by providing reliable, accurate and usable information for comparison.

  11. The Experimental Analysis of Household's Choice of Financial Assets%居民家庭金融资产选择的实证研究

    Institute of Scientific and Technical Information of China (English)

    史代敏; 宋艳

    2005-01-01

    Residents' financial assets are main components of a nation's savings. In the one hand, they are the source of capital for the expanding reproduction, and in the other hand, they are essential factors to decide residents' living standard. The thesis gives theoretical analysis from micro point of view to the causes that help forming the residents' financial assets, and the factors that affects the volume and structure of a family's financial portfolio;and then constructs the econometrical model of volume and components of a family's financial assets. In the case of Sichuan province, the thesis conducts empirical research, and reached some conclusions.

  12. Preliminary Rock Physics Analysis on Lodgepole Formation in Manitoba, Canada

    Science.gov (United States)

    Kim, N.; Keehm, Y.

    2012-12-01

    We present rock physics analysis results of Lodgepole Formation, a carbonate reservoir in Daly Field, Manitoba, Canada. We confirmed that the Lodgepole Formation can be divided into six units in the study area: Basal Limestone, Cromer Shale, Cruickshank Crinoidal, Cruickshank Shale, Daly member and Flossie Lake member from the bottom, using eight well log data and previous works. We then performed rock physics analyses on four carbonate units (Basal Limestone, Cruickshank Crinoidal, Daly and Flossie Lake), such as Vp-porosity, AI-porosity, DEM (differential effective medium) modeling, and fluid substitution analysis. In Vp-porosity domain, the top unit, Flossie Lake member has lower porosity and higher velocity, while the other units show similar porosity and velocity. We think that this results from the diagenesis of Flossie Lake member since it bounds with unconformity. However, the four units show very similar trend in Vp-porosity domain, and we can report one Vp-porosity relation for all carbonate units of the Lodgepole formation. We also found that the acoustic impedance varies more than 10% from low porosity zone (3-6%) to high porosity zone (9-12%) from AI-porosity analysis. Thus one can delineate high porosity zone from seismic impedance data. DEM modeling showed that Flossie Lake would have relatively low aspect ratio of pores than the others, which implies that the top unit has been influenced by diagenesis. To determine fluid sensitivity of carbonate units, we conducted fluid substitution on four units from 100% water to 100% oil. The top unit, Flossie Lake, showed slight increase of Vp, which seems to be density effect. The others showed small decrease of Vp, but not significant. If we observe Vp/Vs rather than Vp, the sensitivity increases. However, fluid discrimination would be difficult because of high stiffness of rock frame. In summary, three lower carbonate units of Lodgepole Formation would be prospective and high porosity zone can be delineated

  13. An analysis of the early-warning system in emerging markets for reducing the financial crisis

    Science.gov (United States)

    Shen, Xiangguang; Song, Xiaozhong

    2009-07-01

    The large number of financial crises in emerging markets over the past ten years has left many observers, both from academia and financial institutions, puzzled by an apparent lack of homogenous causal relations between endogenous economic variables and the bursting of large financial shocks. The frequency of financial crises in the last 20 years can be attributed to the lack of a comprehensive theory of financial regulation to guide policy makers. Existing theories fail to define the range of regulatory models, the causes of regulatory failure, and how to measure and prevent it. Faulty design of regulatory models, and the lack of ongoing performance monitoring incorporating early warning systems, is disrupting economic and social development. The main aim of this article is to propose an early warning system (EWS) which purposes issuing warning signal against the possible financial crisis in the emerging market, and makes the emerging market survived the first wave of the crisis be able to continue their operation in the following years.

  14. The Usage of Time Series Control Charts for Financial Process Analysis

    Directory of Open Access Journals (Sweden)

    Kovářík Martin

    2012-09-01

    Full Text Available We will deal with financial proceedings of the company using methods of SPC (Statistical Process Control, specifically through time series control charts. The paper will outline the intersection of two disciplines which are econometrics and statistical process control. The theoretical part will discuss the methodology of time series control charts and in the research part there will be this methodology demonstrated in three case studies. The first study will focus on the regulation of simulated financial flows for a company by CUSUM control chart. The second study will involve the regulation of financial flows for a heteroskedastic financial process by EWMA control chart. The last case study of our paper will be devoted to applications of ARIMA, EWMA and CUSUM control charts in the financial data that are sensitive to the mean shifting while calculating the autocorrelation in the data. In this paper, we highlight the versatility of control charts not only in manufacturing but also in managing the financial stability of cash flows.

  15. Design and Analysis of Financial Condition Local Government Java and Bali (2013-2014

    Directory of Open Access Journals (Sweden)

    Natrini Nur Dewi

    2017-01-01

    Full Text Available This research aims to identify financial condition of local government in Java and Bali year 2013-2014. It is due to government financial condition, according to several researchers, provides an image on the ability of a government in fulfilling their obligations whether in the form of debt or service fulfillment in timely manner. According to assessment upon financial condition, local government is able to identify how to fulfill public needs, how to utilize resources and how to proceed resources so that it can be more productive. As for the measurement method of financial condition itself, the standard method cannot be determined. Therefore, indicator used for measuring local government financial condition is Brown's (1993[2] indicator development adjusted to Indonesian government. In order to develop the indicator, this research employs qualitative method by comparing GASB No.34, SAP Government Regulation (“Peraturan Pemerintah” - PP 71 Year 2010, SAP PP 24 year 2005 and literature studies and expert validation. In order to obtain a balanced comparison, this research also employs clusters developed by Baidori (2015[1] for government in Java and Bali. Results of this research showed that among 7 analyzed clusters, there are variations of results, even though each cluster has similar socioeconomic condition to each other. This variation upon Indonesian local government financial condition is caused by regional autonomy.

  16. Quantitative Analysis of Uncertainty in Financial Risk Assessment of Road Transportation of Wood in Uruguay

    Directory of Open Access Journals (Sweden)

    Danilo Simões

    2016-06-01

    Full Text Available The uncertainty in road transportation of wood is inherent to its operational costs, to the amount of transported wood, to the traveled distance, to its revenue, and more. Although it is not possible to measure this uncertainty fully, it can be quantified by the investment risk, which is the probability and degree of financial loss. The objective of this study is to quantify the financial risk of the investment in wood transportation through Monte Carlo simulation, which uses realistic situations to estimate the operational cost of vehicles used for road transportation of wood. We quantify these uncertainties by assessing financial risk and building pseudorandom scenarios with the Monte Carlo simulation method, in addition to the Net Present Value techniques, the Modified Internal Rate of Return, and the Profitability Index, all commonly used in financial investment projects. The results show that the estimated operational costs are equivalent to the actual ones, along with the evidence that the cost of fuel, the driver’s manpower, and tires are components that mainly increase the degree of financial risk for an investment project in road transportation of wood. In contrast, optimizing the amount of transported wood and maximizing wood transportation cost have a significant and positive correlation with the volume of transported wood and the average price of wood transportation, leading to a reduction in the degree of financial risk.

  17. Brain hemisphere dominance and vocational preference: a preliminary analysis.

    Science.gov (United States)

    Szirony, Gary Michael; Pearson, L Carolyn; Burgin, John S; Murray, Gerald C; Elrod, Lisa Marie

    2007-01-01

    Recent developments in split-brain theory add support to the concept of specialization within brain hemispheres. Holland's vocational personality theory may overlap with Human Information Processing (HIP) characteristics. Holland's six RIASEC codes were developed to identify vocational personality characteristics, and HIP scales were designed to measure hemispheric laterality. Relationships between the two scales were evaluated through canonical correlation with some significant results, however not all Holland scale scores correlated with left, right, or integrated hemispheric preference. Additional findings related to participants self-perception of music and math ability were also correlated. Findings on this added analysis revealed a high correlation between perception of musical ability and right brain function but not between mathematical concept and left brain alone. Implications regarding vocational choice and work are discussed.

  18. Analysis of organochlorine pesticides in human milk: preliminary results.

    Science.gov (United States)

    Campoy, C; Jiménez, M; Olea-Serrano, M F; Moreno-Frías, M; Cañabate, F; Olea, N; Bayés, R; Molina-Font, J A

    2001-11-01

    In the face of evidence of human milk contamination by organochlorine pesticides, an analysis was performed on samples of milk obtained from healthy lactating women in the provinces of Granada and Almeria in Southern Spain. The samples were obtained by the Neonate Section of the Department of Pediatrics of Granada University Hospital (Neonatology Division) and by the Neonatal Service of Poniente Hospital in El Ejido, Almería. A liquid-liquid extraction procedure was performed. The cleaning of the sample before gas chromatography-mass spectrometry (GC-MS) used silica Sep-Pak. Among other pesticides, aldrin, dieldrin, DDT and its metabolites, lindane, methoxychlor and endosulfan were identified. The presence of these products was confirmed by mass spectrometry. The identification and quantification of these organochlorine molecules is important because they have estrogenic effects.

  19. Preliminary Analysis of a Fully Solid State Magnetocaloric Refrigeration

    Energy Technology Data Exchange (ETDEWEB)

    Abdelaziz, Omar [ORNL

    2016-01-01

    Magnetocaloric refrigeration is an alternative refrigeration technology with significant potential energy savings compared to conventional vapor compression refrigeration technology. Most of the reported active magnetic regenerator (AMR) systems that operate based on the magnetocaloric effect use heat transfer fluid to exchange heat, which results in complicated mechanical subsystems and components such as rotating valves and hydraulic pumps. In this paper, we propose an alternative mechanism for heat transfer between the AMR and the heat source/sink. High-conductivity moving rods/sheets (e.g. copper, brass, iron, graphite, aluminum or composite structures from these) are utilized instead of heat transfer fluid significantly enhancing the heat transfer rate hence cooling/heating capacity. A one-dimensional model is developed to study the solid state AMR. In this model, the heat exchange between the solid-solid interfaces is modeled via a contact conductance, which depends on the interface apparent pressure, material hardness, thermal conductivity, surface roughness, surface slope between the interfaces, and material filled in the gap between the interfaces. Due to the tremendous impact of the heat exchange on the AMR cycle performance, a sensitivity analysis is conducted employing a response surface method, in which the apparent pressure, effective surface roughness and grease thermal conductivity are the uncertainty factors. COP and refrigeration capacity are presented as the response in the sensitivity analysis to reveal the important factors influencing the fully solid state AMR and optimize the solid state AMR efficiency. The performances of fully solid state AMR and traditional AMR are also compared and discussed in present work. The results of this study will provide general guidelines for designing high performance solid state AMR systems.

  20. Preliminary analysis of cerebrospinal fluid proteome in patients with neurocysticercosis

    Institute of Scientific and Technical Information of China (English)

    TIAN Xiao-jun; LI Jing-yi; HUANG Yong; XUE Yan-ping

    2009-01-01

    Background Neurocysticercosis is the infection of the nervous system by the larvae of Taenia solium (T. solium). Despite continuous effort, the experimental diagnosis of neurocysticercosis remains unresolved. Since the cerebrospinal fluid (CSF) contacts with the brain, dynamic information about pathological processes of the brain is likely to be reflected in CSF. Therefore, CSF may serve as a rich source of putative biomarkers related to neurocysticercosis. Comparative proteomic analysis of CSF of neurocysticercosis patients and control subjects may find differentially expressed proteins. Methods Two-dimensional difference in gel electrophoresis (2D-DIGE) was used to investigate differentially expressed proteins in CSF of patients with neurocysticercosis by comparing the protein profile of CSF from neurocysticercosis patients with that from control subjects. The differentially expressed spots/proteins were recognized with matrix-assisted laser desorption/ionization-time of flight-time of flight (MALDI-TOF-TOF) mass spectrometry. Results Forty-four enzyme digested peptides were obtained from 4 neurocysticercotic patients. Twenty-three were identified through search of the NCBI protein database with Mascot software, showing 19 up-expressed and 4 down-expressed. Of these proteins, 26S proteosome related to ATP- and ubiquitin-dependent degradation of proteins and lipocalin type prostaglandin D synthase involved in PGD2-synthesis and extracellular transporter activities were up-expressed, while transferrin related to iron metabolism within the brain was down-expressed. Conclusions This study established the proteomic profile of pooled CSF from 4 patients with neurocysticercosis, suggesting the potential value of proteomic analysis for the study of candidate biomarkers involved in the diagnosis or pathogenesis of neurocysticercosis.

  1. Preliminary Design and Analysis of the GIFTS Instrument Pointing System

    Science.gov (United States)

    Zomkowski, Paul P.

    2003-01-01

    The Geosynchronous Imaging Fourier Transform Spectrometer (GIFTS) Instrument is the next generation spectrometer for remote sensing weather satellites. The GIFTS instrument will be used to perform scans of the Earth s atmosphere by assembling a series of field-of- views (FOV) into a larger pattern. Realization of this process is achieved by step scanning the instrument FOV in a contiguous fashion across any desired portion of the visible Earth. A 2.3 arc second pointing stability, with respect to the scanning instrument, must be maintained for the duration of the FOV scan. A star tracker producing attitude data at 100 Hz rate will be used by the autonomous pointing algorithm to precisely track target FOV s on the surface of the Earth. The main objective is to validate the pointing algorithm in the presence of spacecraft disturbances and determine acceptable disturbance limits from expected noise sources. Proof of concept validation of the pointing system algorithm is carried out with a full system simulation developed using Matlab Simulink. Models for the following components function within the full system simulation: inertial reference unit (IRU), attitude control system (ACS), reaction wheels, star tracker, and mirror controller. With the spacecraft orbital position and attitude maintained to within specified limits the pointing algorithm receives quaternion, ephemeris, and initialization data that are used to construct the required mirror pointing commands at a 100 Hz rate. This comprehensive simulation will also aid in obtaining a thorough understanding of spacecraft disturbances and other sources of pointing system errors. Parameter sensitivity studies and disturbance analysis will be used to obtain limits of operability for the GIFTS instrument. The culmination of this simulation development and analysis will be used to validate the specified performance requirements outlined for this instrument.

  2. 金融危机背景下基于财务分析的物流金融风险控制%Study on Control of Logistics Financial Risks in Financial Crises:A Financial Analysis Perspective

    Institute of Scientific and Technical Information of China (English)

    肖刚

    2014-01-01

    深入剖析了金融危机背景下各项财务指标对物流金融风险控制的影响,有针对性的提出了具有可执行性的物流金融风险控制策略。%In this paper, we analyzed in-depth the influence of the various financial indicators on the control of the logistics financial risks in financial crises, and then correspondingly, proposed the practical strategies for the control of logistics financial risks.

  3. Uluslararası Finansal Raporlama Standartlarının Finansal Analize Etkisi: İMKB’ye Yönelik Bir Araştırma = The Impact of International Financial Reporting Standards on Financial Analysis: A Study on IMKB (Istanbul Stock Exhange

    Directory of Open Access Journals (Sweden)

    Ali İhsan AKGÜN

    2013-01-01

    Full Text Available The information in financial statements should be correct, comprehensible and comparable enough, in terms of financial analysis, to fulfill the needs of financial information users. When different purposes of financial statement users are taken into consideration, Turkish Accounting Standards (TAS and Turkish Financial Reporting Standards (TFRS applications have important impacts on financial statements of enterprises and the analysis of these statements. In the actual study, the impact of International Financial Reporting Standards (IFRS on the financial statement analysis of enterprises registered in Istanbul Stock Exchange (IMKB was examined. The study, the effect of IFRS on the enterprises registered in IMKB was examined thorough a questionnaire. Factor analysis was made on the SPSS 19 statistics program.

  4. Preliminary analysis of the use of smartwatches for longitudinal health monitoring.

    Science.gov (United States)

    Jovanov, Emil

    2015-08-01

    New generations of smartwatches feature continuous measurement of physiological parameters, such as heart rate, galvanic skin resistance (GSR), and temperature. In this paper we present the results of preliminary analysis of the use of Basis Peak smartwatch for longitudinal health monitoring during a 4 month period. Physiological measurements during sleep are validated using Zephyr Bioharness 3 monitor and SOMNOscreen+ polysomnographic monitoring system from SOMNOmedics. Average duration of sequences with no missed data was 49.9 minutes, with maximum length of 17 hours, and they represent 88.88% of recording time. Average duration of the charging event was 221.9 min, and average time between charges was 54 hours, with maximum duration of the charging event of 16.3 hours. Preliminary results indicate that the physiological monitoring performance of existing smartwatches provides sufficient performance for longitudinal monitoring of health status and analysis of health and wellness trends.

  5. Relative risk analysis in regulating the use of radiation-emitting medical devices. A preliminary application

    Energy Technology Data Exchange (ETDEWEB)

    Jones, E.D.; Banks, W.W.; Altenbach, T.J.; Fischer, L.E. [Lawrence Livermore National Lab., CA (United States)

    1995-09-01

    This report describes a preliminary application of an analysis approach for assessing relative risks in the use of radiation- emitting medical devices. Results are presented on human-initiated actions and failure modes that are most likely to occur in the use of the Gamma Knife, a gamma irradiation therapy device. This effort represents an initial step in a US Nuclear Regulatory Commission (NRC) plan to evaluate the potential role of risk analysis in regulating the use of nuclear medical devices. For this preliminary application of risk assessment, the focus was to develop a basic process using existing techniques for identifying the most likely risk contributors and their relative importance. The approach taken developed relative risk rankings and profiles that incorporated the type and quality of data available and could present results in an easily understood form. This work was performed by the Lawrence Livermore National Laboratory for the NRC.

  6. Subjects of Financial Planning at an Enterprise

    OpenAIRE

    Оверчук, Алла Василівна

    2016-01-01

    Subjects of financial planning have been considered, users of financial planned information have been determined as well as the analysis of information support of financial planning at an enterprise has been carried out.

  7. Policy Analysis Implications of a Model to Improve the Delivery of Financial Aid to Disadvantaged Students. AIR 1983 Annual Forum Paper.

    Science.gov (United States)

    Fenske, Robert H.; Porter, John D.

    The role of institutional research in policy analysis regarding the operation of a computer model for delivery of financial aid to disadvantaged students is considered. A student financial aid model at Arizona State University is designed to develop a profile of late appliers for aid funds and also those who file inaccurate or incomplete…

  8. A Preliminary Tsunami Vulnerability Analysis for Yenikapi Region in Istanbul

    Science.gov (United States)

    Ceren Cankaya, Zeynep; Suzen, Lutfi; Cevdet Yalciner, Ahmet; Kolat, Cagil; Aytore, Betul; Zaytsev, Andrey

    2015-04-01

    One of the main requirements during post disaster recovery operations is to maintain proper transportation and fluent communication at the disaster areas. Ports and harbors are the main transportation hubs which must work with proper performance at all times especially after the disasters. Resilience of coastal utilities after earthquakes and tsunamis have major importance for efficient and proper rescue and recovery operations soon after the disasters. Istanbul is a mega city with its various coastal utilities located at the north coast of the Sea of Marmara. At Yenikapi region of Istanbul, there are critical coastal utilities and vulnerable coastal structures and critical activities occur daily. Fishery ports, commercial ports, small craft harbors, passenger terminals of intercity maritime transportation, water front commercial and/or recreational structures are some of the examples of coastal utilization which are vulnerable against marine disasters. Therefore their vulnerability under tsunami or any other marine hazard to Yenikapi region of Istanbul is an important issue. In this study, a methodology of vulnerability analysis under tsunami attack is proposed with the applications to Yenikapi region. In the study, high resolution (1m) GIS database of Istanbul Metropolitan Municipality (IMM) is used and analyzed by using GIS implementation. The bathymetry and topography database and the vector dataset containing all buildings/structures/infrastructures in the study area are obtained for tsunami numerical modeling for the study area. GIS based tsunami vulnerability assessment is conducted by applying the Multi-criteria Decision Making Analysis (MCDA). The tsunami parameters from deterministically defined worst case scenarios are computed from the simulations using tsunami numerical model NAMI DANCE. The vulnerability parameters in the region due to two different classifications i) vulnerability of buildings/structures and ii) vulnerability of (human) evacuation

  9. Sammon mapping for preliminary analysis in Hyperspectral Imagery

    Directory of Open Access Journals (Sweden)

    Nicolae APOSTOLESCU

    2016-03-01

    Full Text Available The main goal of this paper is to present the implementation of the Sammon algorithm developed for finding N points in a lower m-dimensional subspace, where the original points are from a high n-dimensional space. This mapping is done so interpoints Euclidian distances in m-space correspond to the distances measured in the n-dimensional space. This method known as non-linear projection method or multidimensional scaling (MDS aims to preserve the global properties of points. The method is based on the idea of transforming the original, n-dimensional input space into a reduced, m-dimensional one, where mAnalysis (PCA may be applied as a pre-processing procedure for starting, in order to obtain the N points in the lower subspace. The algorithm was tested on hyperspectral data with spectra of various lengths. Depending of the size of the input data (number of points, the number of learning iterations and computational facilities available, Sammon mapping might be computationally expensive.

  10. A simplified procedure of linear regression in a preliminary analysis

    Directory of Open Access Journals (Sweden)

    Silvia Facchinetti

    2013-05-01

    Full Text Available The analysis of a statistical large data-set can be led by the study of a particularly interesting variable Y – regressed – and an explicative variable X, chosen among the remained variables, conjointly observed. The study gives a simplified procedure to obtain the functional link of the variables y=y(x by a partition of the data-set into m subsets, in which the observations are synthesized by location indices (mean or median of X and Y. Polynomial models for y(x of order r are considered to verify the characteristics of the given procedure, in particular we assume r= 1 and 2. The distributions of the parameter estimators are obtained by simulation, when the fitting is done for m= r + 1. Comparisons of the results, in terms of distribution and efficiency, are made with the results obtained by the ordinary least square methods. The study also gives some considerations on the consistency of the estimated parameters obtained by the given procedure.

  11. Preliminary Analysis of Slope Stability in Kuok and Surrounding Areas

    Directory of Open Access Journals (Sweden)

    Dewandra Bagus Eka Putra

    2016-12-01

    Full Text Available The level of slope influenced by the condition of the rocks beneath the surface. On high level of slopes, amount of surface runoff and water transport energy is also enlarged. This caused by greater gravity, in line with the surface tilt from the horizontal plane. In other words, topsoil eroded more and more. When the slope becomes twice as steep, then the amount of erosion per unit area be 2.0 - 2.5 times more. Kuok and surrounding area is the road access between the West Sumatra and Riau which plays an important role economies of both provinces. The purpose of this study is to map the locations that have fairly steep slopes and potential mode of landslides. Based on SRTM data obtained,  the roads in Kuok area has a minimum elevation of + 33 m and a maximum  + 217.329 m. Rugged road conditions with slope ranging from 24.08 ° to 44.68 ° causing this area having frequent landslides. The result of slope stability analysis in a slope near the Water Power Plant Koto Panjang, indicated that mode of active failure is toppling failure or rock fall and the potential zone of failure is in the center part of the slope.

  12. Social network analysis in identifying influential webloggers: A preliminary study

    Science.gov (United States)

    Hasmuni, Noraini; Sulaiman, Nor Intan Saniah; Zaibidi, Nerda Zura

    2014-12-01

    In recent years, second generation of internet-based services such as weblog has become an effective communication tool to publish information on the Web. Weblogs have unique characteristics that deserve users' attention. Some of webloggers have seen weblogs as appropriate medium to initiate and expand business. These webloggers or also known as direct profit-oriented webloggers (DPOWs) communicate and share knowledge with each other through social interaction. However, survivability is the main issue among DPOW. Frequent communication with influential webloggers is one of the way to keep survive as DPOW. This paper aims to understand the network structure and identify influential webloggers within the network. Proper understanding of the network structure can assist us in knowing how the information is exchanged among members and enhance survivability among DPOW. 30 DPOW were involved in this study. Degree centrality and betweenness centrality measurement in Social Network Analysis (SNA) were used to examine the strength relation and identify influential webloggers within the network. Thus, webloggers with the highest value of these measurements are considered as the most influential webloggers in the network.

  13. SLUDGE TREATMENT PROJECT ENGINEERED CONTAINER RETRIEVAL AND TRANSFER SYSTEM PRELIMINARY DESIGN HAZARD ANALYSIS SUPPLEMENT 1

    Energy Technology Data Exchange (ETDEWEB)

    FRANZ GR; MEICHLE RH

    2011-07-18

    This 'What/If' Hazards Analysis addresses hazards affecting the Sludge Treatment Project Engineered Container Retrieval and Transfer System (ECRTS) NPH and external events at the preliminary design stage. In addition, the hazards of the operation sequence steps for the mechanical handling operations in preparation of Sludge Transport and Storage Container (STSC), disconnect STSC and prepare STSC and Sludge Transport System (STS) for shipping are addressed.

  14. Preliminary Failure Modes and Effects Analysis of the US Massive Gas Injection Disruption Mitigation System Design

    Energy Technology Data Exchange (ETDEWEB)

    Lee C. Cadwallader

    2013-10-01

    This report presents the results of a preliminary failure modes and effects analysis (FMEA) of a candidate design for the ITER Disruption Mitigation System. This candidate is the Massive Gas Injection System that provides machine protection in a plasma disruption event. The FMEA was quantified with “generic” component failure rate data as well as some data calculated from operating facilities, and the failure events were ranked for their criticality to system operation.

  15. Preliminary Failure Modes and Effects Analysis of the US DCLL Test Blanket Module

    Energy Technology Data Exchange (ETDEWEB)

    Lee C. Cadwallader

    2007-08-01

    This report presents the results of a preliminary failure modes and effects analysis (FMEA) of a small tritium-breeding test blanket module design for the International Thermonuclear Experimental Reactor. The FMEA was quantified with “generic” component failure rate data, and the failure events are binned into postulated initiating event families and frequency categories for safety assessment. An appendix to this report contains repair time data to support an occupational radiation exposure assessment for test blanket module maintenance.

  16. Preliminary Failure Modes and Effects Analysis of the US DCLL Test Blanket Module

    Energy Technology Data Exchange (ETDEWEB)

    Lee C. Cadwallader

    2010-06-01

    This report presents the results of a preliminary failure modes and effects analysis (FMEA) of a small tritium-breeding test blanket module design for the International Thermonuclear Experimental Reactor. The FMEA was quantified with “generic” component failure rate data, and the failure events are binned into postulated initiating event families and frequency categories for safety assessment. An appendix to this report contains repair time data to support an occupational radiation exposure assessment for test blanket module maintenance.

  17. ANALYSIS OF THE CONSTITUENTS’ PARTICIPATION IN THE DEVELOPMENT OF THE 1ST PHASE OF IFRS 9 “FINANCIAL INSTRUMENTS”

    Directory of Open Access Journals (Sweden)

    HUIAN MARIA CARMEN

    2013-02-01

    Full Text Available The paper examines the level of involvement of all major stakeholder groups in the development of IFRS 9 “Financial Instruments” – Phase 1 through the submission of comment letters on the ED/2009/7 and also their level of support/opposition for the aforementioned ED. In addition, it keeps track of the degree in which the respondents’ concerns and complaints were integrated in the final standard. The findings confirmed the ever-growing interest in the subject of accounting for financial instruments. The huge number of comment letters submitted by all stakeholder interest groups from all over the world highlighted that fact. Europeans, financial institutions and their trade associations (users reacted the most by sending the largest number of letters. Content analysis of the comment letters analyzed in this paper revealed split views over the ED between supporters and opponents. All respondents disapproved the proposals to a certain extent (with higher level of disagreement from financial institutions and Europeans, but they also displayed strong and widespread support for certain proposals/questions. Moreover, there was a satisfactory level of integration of the respondents’ opinions and positions in the final version of IFRS 9.

  18. Financial performance monitoring of the technical efficiency of critical access hospitals: a data envelopment analysis and logistic regression modeling approach.

    Science.gov (United States)

    Wilson, Asa B; Kerr, Bernard J; Bastian, Nathaniel D; Fulton, Lawrence V

    2012-01-01

    From 1980 to 1999, rural designated hospitals closed at a disproportionally high rate. In response to this emergent threat to healthcare access in rural settings, the Balanced Budget Act of 1997 made provisions for the creation of a new rural hospital--the critical access hospital (CAH). The conversion to CAH and the associated cost-based reimbursement scheme significantly slowed the closure rate of rural hospitals. This work investigates which methods can ensure the long-term viability of small hospitals. This article uses a two-step design to focus on a hypothesized relationship between technical efficiency of CAHs and a recently developed set of financial monitors for these entities. The goal is to identify the financial performance measures associated with efficiency. The first step uses data envelopment analysis (DEA) to differentiate efficient from inefficient facilities within a data set of 183 CAHs. Determining DEA efficiency is an a priori categorization of hospitals in the data set as efficient or inefficient. In the second step, DEA efficiency is the categorical dependent variable (efficient = 0, inefficient = 1) in the subsequent binary logistic regression (LR) model. A set of six financial monitors selected from the array of 20 measures were the LR independent variables. We use a binary LR to test the null hypothesis that recently developed CAH financial indicators had no predictive value for categorizing a CAH as efficient or inefficient, (i.e., there is no relationship between DEA efficiency and fiscal performance).

  19. PRELIMINARY PHYTOCHEMICAL ANALYSIS AND ACUTE ORAL TOXICITY STUDY OF CLITORIA TERNATEA LINN. ROOTS IN ALBINO MICE

    Directory of Open Access Journals (Sweden)

    Deka Manalisha

    2011-12-01

    Full Text Available Clitoria ternatea has been using since the ancient times for its medicinal values. Almost all the parts of the plant have medicinal property. The root of the plant is reported to have anti diarrheal, Anti histamic, cholinergic activity etc. Traditionally the root has been using for the treatment of many diseases like leucorrhoea, diarrhea, urinary problems, diuretic, impotency, stomach trouble etc. The present study was designed to investigate the preliminary phytochemical analysis and acute oral toxicity of the root of the plant. The shed dried materials were grinded and used in the study. The preliminary phytochemical analysis was done by following standard protocols. For acute oral toxicity study, methanolic extract of the root was used. The extract was prepared by standard protocol. The preliminary phytochemical analysis showed the presence of proteins, carbohydrates, glycosides, resins, saponin, flavonoid, alkaloids, steroids and phenol. The acute oral toxicity study showed no mortality up to a dose of 3000 mg per kg body weight. The presence of plant chemicals revealed the medicinal values and the non toxic property of the plant indicated the value of the plant as medicine. Thus we can conclude that, the root of the plant can be used as a safe drug against many diseases.

  20. PRELIMINARY PHYTOCHEMICAL ANALYSIS AND ACUTE ORAL TOXICITY STUDY OF MUCUNA PRURIENS LINN. IN ALBINO MICE

    Directory of Open Access Journals (Sweden)

    Deka Manalisha

    2012-02-01

    Full Text Available Mucuna Pruriens Linn. is an annual, climbing shrub which has an important place among aphrodisiac herbs in India since the ancient times. The plant has been using traditionally for many medicinal purposes such as Infertility, Parkinson’s disease, Loss of libido, Antioxidant, Anti venom, Anti microbial etc. The present study was carried out to investigate the preliminary phytochemical analysis and acute oral toxicity of the seeds of M.pruriens on albino mice. Matured seeds of M.pruriens were dried in shed and grinded in a mechanical grinder. The preliminary phytochemical analysis was done by following standard protocols. For acute oral toxicity study, methanolic extract of the seeds were used. The extract was prepared in a Soxlet apparatus. The preliminary phytochemical analysis showed the presence of protein, carbohydrates, glycosides, alkaloids, steroids, flavonoids, phenols and tannins. The acute oral toxicity study showed no mortality up to a dose of 4000 mg per kg body weight. The presence of plant chemicals revealed the medicinal values and the non toxic property of the plant indicated the value of the plant as medicine. Thus, we can conclude that, the seed of the plant can be used as a safe drug against many diseases.

  1. 企业会计确认探讨%Analysis of Enterprise Financial Accounting Recognition

    Institute of Scientific and Technical Information of China (English)

    杜悦诚; 刘超宇

    2013-01-01

    Enterprise accounting recognition consists of two aspects:enterprise financial accounting recognition and tax financial account-ing recognition. The role of financial accounting recognition is to provide high-quality financial accounting statements for enterprises;that of tax financial accounting recognition is to confirm exactly enterprise activities concerning tax based on relative taxation law. Measures for improving both enterprise and tax financial accounting recognition are accelerating the transfer of financial accounting basis, standardizing processing procedure of accounting books, making accrual basis the important approach for confirming the receipts and disbursement of an enterprise. In addition, specific items should be confirmed by tax accounting based on accrual basis and supplemented by a cash system of accounting.%企业会计确认主要包括企业财务会计确认和税务财务确认两个方面内容。财务会计确认的主要作用在于为企业提供高质量财务会计报表;税务会计确认的主要作用是以相关税法为基准对企业涉税活动予以准确确认。完善企业财务会计与税务会计确认的有效途径是:加快财务会计基础的转换,规范会计账薄处理程序,以权责发生制做为确认企业收支的重要手段;税务会计则应以权责发生制为确认基础,以收付实现制为辅对特定事项予以确认。

  2. Applying big data technologies in the financial sector – using sentiment analysis to identify correlations in the stock market

    Directory of Open Access Journals (Sweden)

    Eszter Katalin Bognár

    2016-06-01

    Full Text Available The aim of this article is to introduce a system that is capable of collecting and analyzing different types of financial data to support traders in their decision - making. Oracle’s Big Data platform Oracle Advanced Analytics was utilized, which extends the Oracle Database with Oracle R, thus providing the opportunity to run embedded R scripts on the database server to speed up data processing. The extract, transform and load (ETL process was combined with a dictionary - based sentiment analysis module to examine cross - correlation and causality between numerical and textual financial data for a 10 week period. A notable correlation (0.42 was found between daily news sentiment scores and daily stock returns. By applying cross - correlation analysis and Granger causality testing, the results show that the news’ impact is incorporated into stock prices rapidly, having the highest correlation on the first day, while the returns’ impact on market sentiment is seen only after a few days.

  3. Financial information processing and development of emerging financial markets

    Institute of Scientific and Technical Information of China (English)

    Shuo BAI; Shouyang WANG; Lean YU; Aoying ZHOU

    2010-01-01

    @@ With the rapid development and globalization of financial markets (especially emerging financial markets), financial information processing has become a hot research area due to its immense practical applications. Such applications include stock market analysis, foreign exchange rate forecasting, option pricing, bank failure prediction, financial risk management, credit rating and scoring, bank loan management, customer relationship management, and antimoney laundering. Accordingly, there has been an increasing demand in using financial information processing techniques for many core financial tasks. Nevertheless, as a new cross-disciplinary field, the existing financial information processing methods are far from practical for scenarios in the global financial market; it is currently not clear how the information processing techniques, which are rapidly emerging, can be used to improve the quality of financial information processing.

  4. Financial biological balance and China financial liberalization mode analysis%金融生态平衡与我国的金融自由化模式分析

    Institute of Scientific and Technical Information of China (English)

    王玉珏

    2012-01-01

    政府与市场的矛盾仍然是造成我国金融压抑的主要原因,转变金融自由化模式意义重大。本文从金融生态平衡的视角,理论分析了我国金融自由化改革的一般模式及其作用机制,研究表明金融生态平衡模式能够通过政府行为内生化、市场机制基础化和提供地位判断标准三个途径有效地协调政府行为和市场效率的矛盾,提高金融结构秩序合理性、金融自调节能力柔韧性和金融与经济的匹配性,是推动我国金融自由化改革的有效模式。%Government behavior is still the dominant factor in the development of our finance,so it has an special meaning to change the model of financial liberalization.From the perspective of financial ecology balance,the paper makes a theoretical analysis on the usual model and its mechanism of financial liberalization reform.The results show that the model of financial ecology balance is effective on prompting financial liberalization reform because its third mechanism,government endogenous,market mechanism foundation and status Judgment standard.By the mechanism it can resolve the contradiction of government behavior and market efficiency effectively,making a good performance of financial structure rationality,Financial self-adjustment ability flexibility and Financial-economic adaptability.

  5. Persistence and financial markets

    Science.gov (United States)

    Jain, S.

    2007-09-01

    The persistence phenomenon is studied in a financial context by using a novel mapping of the time evolution of the values of shares in a portfolio onto Ising spins. The method is applied to historical data from the London Financial Times Stock Exchange 100 index (FTSE 100) over an arbitrarily chosen period. By following the time dependence of the spins, we find evidence for a power law decay of the proportion of shares that remain either above or below their ‘starting’ values. As a result, we estimate a persistence exponent for the underlying financial market to be ≈0.5. Preliminary results from computer simulations on persistence in the economic dynamics of a toy model appear to reproduce the behaviour observed in real markets.

  6. An Analysis of Evolution of Lending Patterns of IFAD China’s Rural Financial Project

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    This paper tells us briefly the background and aims of the fundation of IFAD.It points out that IFAD plays an important part in helping the development of agriculture and food production in developing countries,and in reducing the poverty conditions in the poorest countries.It tells us that IFAD has offered donation to China for 8 times,with a total amount reaching to 56.839 million dollars.With the development of the economy of China,IFAD has changed its lending financial policies to China from a highly beneficial policy to a moderate lending policy.The operation of the loan projects have greatly improved the living conditions and of the local and the conditions of agricultural production,promoting the improvement of economy,social stability,and enviroment.It discusses several lending patterns of IFAD China’s rural financial projects.The government-leading model,which is represented by the IFAD financial lending loan.Market-oriented model of formal financial institutions,which is represented by IFAD Rural Credit Cooperatives,with market oriented.Government supporting as secondary model,which are dominated by IFAD Women’s lending patterns and Village Development Fund lending model.In this paper,advantages and disadvantages of lending patterns are analyzed and evaluated.It discusses the development trend of IFAD financial lending patterns in terms of Rural Credit Cooperatives and a pattern which is community-oriented and farmers-benefited.

  7. Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis.

    Science.gov (United States)

    Noman, Abu Hanifa Md; Gee, Chan Sok; Isa, Che Ruhana

    2017-01-01

    This study examines the influence of competition on the financial stability of the commercial banks of Association of Southeast Asian Nation (ASEAN) over the 1990 to 2014 period. Panzar-Rosse H-statistic, Lerner index and Herfindahl-Hirschman Index (HHI) are used as measures of competition, while Z-score, non-performing loan (NPL) ratio and equity ratio are used as measures of financial stability. Two-step system Generalized Method of Moments (GMM) estimates demonstrate that competition measured by H-statistic is positively related to Z-score and equity ratio, and negatively related to non-performing loan ratio. Conversely, market power measured by Lerner index is negatively related to Z-score and equity ratio and positively related to NPL ratio. These results strongly support the competition-stability view for ASEAN banks. We also capture the non-linear relationship between competition and financial stability by incorporating a quadratic term of competition in our models. The results show that the coefficient of the quadratic term of H-statistic is negative for the Z-score model given a positive coefficient of the linear term in the same model. These results support the non-linear relationship between competition and financial stability of the banking sector. The study contains significant policy implications for improving the financial stability of the commercial banks.

  8. Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis

    Science.gov (United States)

    Gee, Chan Sok; Isa, Che Ruhana

    2017-01-01

    This study examines the influence of competition on the financial stability of the commercial banks of Association of Southeast Asian Nation (ASEAN) over the 1990 to 2014 period. Panzar-Rosse H-statistic, Lerner index and Herfindahl-Hirschman Index (HHI) are used as measures of competition, while Z-score, non-performing loan (NPL) ratio and equity ratio are used as measures of financial stability. Two-step system Generalized Method of Moments (GMM) estimates demonstrate that competition measured by H-statistic is positively related to Z-score and equity ratio, and negatively related to non-performing loan ratio. Conversely, market power measured by Lerner index is negatively related to Z-score and equity ratio and positively related to NPL ratio. These results strongly support the competition-stability view for ASEAN banks. We also capture the non-linear relationship between competition and financial stability by incorporating a quadratic term of competition in our models. The results show that the coefficient of the quadratic term of H-statistic is negative for the Z-score model given a positive coefficient of the linear term in the same model. These results support the non-linear relationship between competition and financial stability of the banking sector. The study contains significant policy implications for improving the financial stability of the commercial banks. PMID:28486548

  9. Financial Education

    OpenAIRE

    Udo Reifner; Anne Schelhowe

    2010-01-01

    New, more or better financial education and financial literacy programmes should lead to improved financial capability, knowledge and outcomes. Yet we do not even know which terminology is most suitable for those projects who all intend to give an answer to a question which is less than clear. What is meant by the term “financial education”? Why did the “demand” for financial education suddenly increase? Have the numerous tasks which consumers in a modern society have to fulfill created this ...

  10. Preliminary CFD Analysis for HVAC System Design of a Containment Building

    Energy Technology Data Exchange (ETDEWEB)

    Son, Sung Man; Choi, Choengryul [ELSOLTEC, Yongin (Korea, Republic of); Choo, Jae Ho; Hong, Moonpyo; Kim, Hyungseok [KEPCO Engineering and Construction, Gimcheon (Korea, Republic of)

    2016-10-15

    HVAC (Heating, Ventilation, Air Conditioning) system has been mainly designed based on overall heat balance and averaging concepts, which is simple and useful for designing overall system. However, such a method has the disadvantage that cannot predict the local flow and temperature distributions in a containment building. In this study, a CFD (Computational Fluid Dynamics) preliminary analysis is carried out to obtain detailed flow and temperature distributions in a containment building and to ensure that such information can be obtained via CFD analysis. This approach can be useful for hydrogen analysis in an accident related to hydrogen released into a containment building. In this study, CFD preliminary analysis has been performed to obtain the detailed information of the reactor containment building by using the CFD analysis techniques and to ensure that such information can be obtained via CFD analysis. We confirmed that CFD analysis can offer enough detailed information about flow patterns and temperature field and that CFD technique is a useful tool for HVAC design of nuclear power plants.

  11. Organizational resilience: a comparative study between innovative and non-innovative companies based on the financial performance analysis

    Directory of Open Access Journals (Sweden)

    Antonio Oliveira de Carvalho

    2016-04-01

    Full Text Available Organizational resilience is defined as the ability and capacity of an organization to withstand unexpected changes, discontinuities and environmental risks. Innovation contributes to achieve resilience as it enables organizations to renew over time. Our aim in this article is to analyze the relationship between innovation and resilience from the financial performance analysis with EBITDA, ROE and ROA indicators. We investigated a total of 10 companies divided into two groups, where the first was a group of 5 open-capital companies listed in the ranking of the 50 most innovative companies in Brazil, and the second being a group of 5 open-capital companies not listed in the ranking. We performed an analysis in two stages: the first consisted in calculating the indexes selected in the four fiscal years - 2011, 2012, 2013 and 2014 - chosen by coinciding with a period after the 2008-2009 crisis; in the second stage, we compared the indexes of the two groups of companies in the four established periods. The results indicate that innovative companies are able to sustain higher financial results than those non-innovative companies. As a main contribution, our study provides a longitudinal comparative analysis, thus providing evidence on the financial performance of innovative enterprises.

  12. Analysis of Multiple Structural Changes in Financial Contagion Based on the Largest Lyapunov Exponents

    Directory of Open Access Journals (Sweden)

    Rui Wang

    2014-01-01

    Full Text Available A modified multiple structural changes model is built to test structural breaks of the financial system based on calculating the largest Lyapunov exponents of the financial time series. Afterwards, the Lorenz system is used as a simulation example to inspect the new model. As the Lorenz system has strong nonlinearity, the verification results show that the new model has good capability in both finding the breakpoint and revealing the changes in nonlinear characteristics of the time series. The empirical study based on the model used daily data from the S&P 500 stock index during the global financial crisis from 2005 to 2012. The results provide four breakpoints of the period, which divide the contagion into four stages: stationary, local outbreak, global outbreak, and recovery period. An additional significant result is the obvious chaos characteristic difference in the largest Lyapunov exponents and the standard deviation at various stages, particularly at the local outbreak stage.

  13. Item response theory analysis of the Lichtenberg Financial Decision Screening Scale.

    Science.gov (United States)

    Teresi, Jeanne A; Ocepek-Welikson, Katja; Lichtenberg, Peter A

    2017-06-07

    The focus of these analyses was to examine the psychometric properties of the Lichtenberg Financial Decision Screening Scale (LFDSS). The purpose of the screen was to evaluate the decisional abilities and vulnerability to exploitation of older adults. Adults aged 60 and over were interviewed by social, legal, financial, or health services professionals who underwent in-person training on the administration and scoring of the scale. Professionals provided a rating of the decision-making abilities of the older adult. The analytic sample included 213 individuals with an average age of 76.9 (SD = 10.1). The majority (57%) were female. Data were analyzed using item response theory (IRT) methodology. The results supported the unidimensionality of the item set. Several IRT models were tested. Ten ordinal and binary items evidenced a slightly higher reliability estimate (0.85) than other versions and better coverage in terms of the range of reliable measurement across the continuum of financial incapacity.

  14. Chaotic dynamic behavior analysis and control for a financial risk system

    Institute of Scientific and Technical Information of China (English)

    Zhang Xiao-Dan; Liu Xiang-Dong; Zheng Yuan; Liu Cheng

    2013-01-01

    According to the risk management process of financial markets,a financial risk dynamic system is constructed in this paper.Through analyzing the basic dynamic properties,we obtain the conditions for stability and bifurcation of the system based on Hopf bifurcation theory of nonlinear dynamic systems.In order to make the system's chaos disappear,we select the feedback gain matrix to design a class of chaotic controller.Numerical simulations are performed to reveal the change process of financial market risk.It is shown that,when the parameter of risk transmission rate changes,the system gradually comes into chaos from the asymptotically stable state through bifurcation.The controller can then control the chaos effectively.

  15. Implications of the Global Financial Crisis for China: A Dynamic CGE Analysis to 2020

    Directory of Open Access Journals (Sweden)

    Anna Strutt

    2011-01-01

    Full Text Available The global financial crisis resulted in a significant downturn in the global economy, with impacts felt throughout the world. In this paper, we use a dynamic global general equilibrium model to explore the longer-term impacts of the financial crisis, with a particular focus on China. The economies of most countries suffered to some extent, with the extent of declines in the long run likely to depend on the extent to which investment declines. Our results suggest that overall the financial crisis leads to international trade falling by approximately 14 percent from the 2020 baseline level. Within this, the composition of trade changes, particularly reflecting changes in demand for construction of investment goods and increasing longer-term demand from economies like China. We also briefly consider the impact of a more protracted recovery from the crisis, which has even more significant impacts on the global economy.

  16. GC-MS analysis, preliminary phytochemical screening, physicochemical analysis and anti-diabetic activity of ethanol extract of Jasminum cuspidatum leaves

    National Research Council Canada - National Science Library

    Singumsetty Vinay; Shaik Karimulla; Devarajan Saravanan

    2014-01-01

    The purpose of the present study was investigating the GC-MS analysis, preliminary phytochemical screening, physicochemical analysis and anti-diabetic activity of ethanol extract of the leaves of Jasminum cuspidatum...

  17. ANSI/ASHRAE/IESNA Standard 90.1-2010 Preliminary Determination Quantitative Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Halverson, Mark A.; Liu, Bing; Rosenberg, Michael I.

    2010-11-01

    The United States (U.S.) Department of Energy (DOE) conducted a preliminary quantitative analysis to assess whether buildings constructed according to the requirements of the American National Standards Institute (ANSI)/American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE)/Illuminating Engineering Society of North America (IESNA) Standard 90.1-2010 (ASHRAE Standard 90.1-2010, Standard 90.1-2010, or 2010 edition) would result in energy savings compared with buildings constructed to ANSI/ASHRAE/IESNA Standard 90.1-2007(ASHRAE Standard 90.1-2007, Standard 90.1-2007, or 2007 edition). The preliminary analysis considered each of the 109 addenda to ASHRAE Standard 90.1-2007 that were included in ASHRAE Standard 90.1-2010. All 109 addenda processed by ASHRAE in the creation of Standard 90.1-2010 from Standard 90.1-2007 were reviewed by DOE, and their combined impact on a suite of 16 building prototype models in 15 ASHRAE climate zones was considered. Most addenda were deemed to have little quantifiable impact on building efficiency for the purpose of DOE’s preliminary determination. However, out of the 109 addenda, 34 were preliminarily determined to have measureable and quantifiable impact.

  18. Wall Street's assessment of plastic surgery--related technology: a clinical and financial analysis.

    Science.gov (United States)

    Krieger, L M; Shaw, W W

    2000-02-01

    Many plastic surgeons develop technologies that are manufactured by Wall Street-financed companies. Others participate in the stock market as investors. This study examines the bioengineered skin industry to determine whether it integrates clinical and financial information as Wall Street tenets would predict, and to see whether the financial performance of these companies provides any lessons for practicing plastic surgeons. In efficient markets, the assumptions on which independent financial analysts base their company sales and earnings projections are clinically reasonable, the volatility of a company's stock price does not irrationally differ from that of its industry sector, and the buy/sell recommendations of analysts are roughly congruent. For the companies in this study, these key financial parameters were compared with a benchmark index of 69 biotech companies of similar age and annual revenues (Student's t test). Five bioengineered skin companies were included in the study. Analysts estimated that each company would sell its product to between 24 and 45 percent of its target clinical population. The average stock price volatility was significantly higher for study companies than for those in the benchmark index (p cycle of poor clinical correlation when assigning sales projections, which in turn leads to price volatility and discordance of buy/sell recommendations. This study's findings have implications for plastic surgeons who develop new technology or who participate in the equities markets as investors. Plastic surgeons who develop new medical devices or technology cannot universally depend on the market to drive clinically reasonable financial performance. Although inflated sales estimates have benefits in the short term, failure to meet projections exacts severe financial penalties. Plastic surgeons who invest in the stock market, because of their unique clinical experience, may sometimes be in the position to evaluate new technologies and

  19. Preliminary phytochemical analysis and DPPH free radical scavenging activity of Trewia nudiflora Linn. roots and leaves.

    Science.gov (United States)

    Balakrishnan, N; Srivastava, Mayank; Tiwari, Pallavi

    2013-11-01

    Oxidative stress is one of the major causative factors of many chronic and degenerative diseases. Plants have been used in traditional medicine in different parts of world for thousands of years and continue to provide new remedies for human kind. The present study was to investigate the preliminary phytochemical analysis of various extracts of roots and leaves of Trewia nudiflora (Euphorbiaceae) and antioxidant activity by 1,1,diphenyl-2-picryl hydrazyl (DPPH) radical scavenging method. The preliminary phytochemical screening showed the presence of several phytochemicals including alkaloids, glycosides, flavonoids, steroids, phenolic compounds and tannins. The ethanol and aqueous extracts of roots and leaves of Trewia nudiflora showed significant antioxidant activity compared to standard drug ascorbic acid.

  20. Improvement of the financial planning on a railway transport

    OpenAIRE

    Bogomolova, N.; Kravchenko, O.

    2011-01-01

    In the article are considered approaches to the determination of financial planning, are chose defects of ukrainian financial planning system, is conducted analysis of financial planning and budgeting, are offered directions to improvement of financial planning in railroad transport.